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(1)

Ameriprise F

inancial,

Inc. Annual Repor

t 2014

Financial Planning | Retirement | Investments | Insurance

ameriprise.com

© 2015 Ameriprise Financial, Inc. All rights reserved. 400425 L (3/15)

(2)

James M. Cracchiolo

Chairman and Chief Executive Officer Walter S. Berman

Executive Vice President and Chief Financial Officer Donald E. Froude

President, The Personal Advisors Group Kelli A. Hunter

Executive Vice President, Human Resources John C. Junek

Executive Vice President and General Counsel Randy C. Kupper

Executive Vice President and Chief Information Officer Neal Maglaque

President, Advice & Wealth Management Business Development and Chief Operating Officer Deirdre D. McGraw

Executive Vice President, Marketing, Corporate Communications and Community Relations Colin Moore

Executive Vice President, Global Chief Investment Officer Joseph E. Sweeney

President, Advice & Wealth Management Products and Service Delivery

William F. Truscott

Chief Executive Officer, Global Asset Management John R. Woerner

President, Insurance & Annuities and Chief Strategy Officer

James M. Cracchiolo Chairman and Chief Executive Officer Ameriprise Financial, Inc. Dianne Neal Blixt

Former Executive Vice President and Chief Financial Officer Reynolds American, Inc. Amy DiGeso

Former Executive Vice President Global Human Resources The Estée Lauder Companies Inc. Lon R. Greenberg

Chairman and Former Chief Executive Officer UGI Corporation Siri S. Marshall

Former Senior Vice President and General Counsel

General Mills, Inc. Jeffrey Noddle Former Chairman SUPERVALU INC. H. Jay Sarles Private Investor Former Vice Chairman Bank of America Robert F. Sharpe, Jr. Former President Commercial Foods and Chief Administrative Officer ConAgra Foods, Inc. William H. Turner Former Dean

Montclair State University Former Chairman

PNC Bank, NA, New Jersey

Executive Leadership Team

Board of Directors

GAAP 2014 2013 2012

Net revenues $12,268 $11,199 $10,217

Net income from continuing operations attributable to Ameriprise Financial

$1,621 $1,337 $1,031

Earnings from continuing operations per diluted share attributable to Ameriprise Financial common shareholders

$8.31 $6.46 $4.63

Return on equity from continuing operations excluding accumulated other comprehensive income, net of tax

21.5% 17.2% 12.8%

Shareholders’ equity $8,124 $8,192 $9,092 Shareholders’ equity

excluding accumulated other comprehensive income, net of tax

$7,462 $7,597 $7,898

This Annual Report to Shareholders contains certain non-GAAP financial measures that management believes best reflect the underlying performance of our operations. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are on page 14.

2014 Ameriprise Financial Consolidated Highlights

($ in millions, except per share and as noted)

Operating 2014 2013 2012 Net revenues $11,591 $10,857 $10,143 Earnings $1,662 $1,460 $1,245 Earnings per diluted share $8.52 $7.05 $5.59 Return on equity excluding accumulated other comprehensive income, net of tax

23.0% 19.7% 16.2%

2014 2013 2012

Assets under management and administration (in billions) $806 $771 $681

Weighted average common shares outstanding — diluted 195.0 207.1 222.8

Cash dividends paid per common share $2.26 $2.01 $1.43

Common stock shares repurchased 11.8 17.8 24.6

James M. Cracchiolo

Chairman and Chief Executive Officer Walter S. Berman

Executive Vice President and Chief Financial Officer Donald E. Froude

President, The Personal Advisors Group Kelli A. Hunter

Executive Vice President, Human Resources John C. Junek

Executive Vice President and General Counsel Randy C. Kupper

Executive Vice President and Chief Information Officer Neal Maglaque

President, Advice & Wealth Management Business Development and Chief Operating Officer Deirdre D. McGraw

Executive Vice President, Marketing, Corporate Communications and Community Relations Colin Moore

Executive Vice President, Global Chief Investment Officer Joseph E. Sweeney

President, Advice & Wealth Management Products and Service Delivery

William F. Truscott

Chief Executive Officer, Global Asset Management John R. Woerner

President, Insurance & Annuities and Chief Strategy Officer

James M. Cracchiolo Chairman and Chief Executive Officer Ameriprise Financial, Inc. Dianne Neal Blixt

Former Executive Vice President and Chief Financial Officer Reynolds American, Inc. Amy DiGeso

Former Executive Vice President Global Human Resources The Estée Lauder Companies Inc. Lon R. Greenberg

Chairman and Former Chief Executive Officer UGI Corporation Siri S. Marshall

Former Senior Vice President and General Counsel

General Mills, Inc. Jeffrey Noddle Former Chairman SUPERVALU INC. H. Jay Sarles Private Investor Former Vice Chairman Bank of America Robert F. Sharpe, Jr. Former President Commercial Foods and Chief Administrative Officer ConAgra Foods, Inc. William H. Turner Former Dean

Montclair State University Former Chairman

PNC Bank, NA, New Jersey

Executive Leadership Team

Board of Directors

GAAP 2014 2013 2012

Net revenues $12,268 $11,199 $10,217

Net income from continuing operations attributable to Ameriprise Financial

$1,621 $1,337 $1,031

Earnings from continuing operations per diluted share attributable to Ameriprise Financial common shareholders

$8.31 $6.46 $4.63

Return on equity from continuing operations excluding accumulated other comprehensive income, net of tax

21.5% 17.2% 12.8%

Shareholders’ equity $8,124 $8,192 $9,092 Shareholders’ equity

excluding accumulated other comprehensive income, net of tax

$7,462 $7,597 $7,898

This Annual Report to Shareholders contains certain non-GAAP financial measures that management believes best reflect the underlying performance of our operations. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are on page 14.

2014 Ameriprise Financial Consolidated Highlights

($ in millions, except per share and as noted)

Operating 2014 2013 2012 Net revenues $11,591 $10,857 $10,143 Earnings $1,662 $1,460 $1,245 Earnings per diluted share $8.52 $7.05 $5.59 Return on equity excluding accumulated other comprehensive income, net of tax

23.0% 19.7% 16.2%

2014 2013 2012

Assets under management and administration (in billions) $806 $771 $681

Weighted average common shares outstanding — diluted 195.0 207.1 222.8

Cash dividends paid per common share $2.26 $2.01 $1.43

(3)

Dear fellow shareholders,

In 2014, Ameriprise Financial marked its 120th anniversary.

Our longevity and legacy of success come from our clarity

of focus on who we serve — our clients. Later this year,

we will recognize another important milestone, our 10th

anniversary as an independent, public company. We

have made incredible progress and Ameriprise has

never been stronger. As always, we remain true to

our mission to help people feel confident about

their financial future.

We take pride in the position we’ve earned

and progress we’ve made, and I feel confident

about our ability to further our growth. Our

consistent strategy to advise, manage and

protect assets and income for individual

and institutional clients is working. We

do this through a powerful, diversified

business model firmly centered on

serving our clients’ needs. As I will

share in this letter, Ameriprise is

performing well. And in many

ways, we are outperforming.

(continued on next page)

JAMES M. CRACCHIOLO

CHAIRMAN AND

(4)

Our values:

Client focus, integrity

always,

excellence

in all we do

and

respect

for individuals

and communities

A recognized leader

One of the most trusted

investment firms

No. 1 customer experience

— investment firm category

Highest forgiveness rating

in the investment industry

Financial planning leader

No. 1 provider of quality

investment advice

No. 2 most influential

brokerage in social media

No. 2 mutual fund advisory

program in assets

No. 5 preferred rollover

IRA destination

Top 30 global asset manager

No. 11 long-term mutual

fund manager in the U.S.

Top 10 variable universal

life insurance provider

Strong financial strength ratings

(see source information on pg. 14)

A year of record performance

From financials to business performance, Ameriprise delivered record results across

many dimensions. Aided by continued improvement in consumer sentiment and

appreciating equity markets in the U.S., we grew assets across the firm while

managing continued headwinds from low interest rates.

We completed the year with $806 billion of assets under management and

administration. In terms of our financials, we’ve consistently demonstrated our

ability to grow. With solid revenue growth and continued expense management,

operating earnings reached a record $1.7 billion — a 14% increase for the

year — and operating earnings per diluted share increased 21% to $8.52.

As a result of good business growth and effective capital management,

we continue to expand our return on equity, an important measure of

how efficiently we use the equity our shareholders entrust to us. At the

conclusion of 2014, operating ROE reached a new high of 23%, which

we’ve more than doubled over the last five years. Few financial

services companies generate this level and growth of return.

Investors have noticed. The total return of Ameriprise

common stock was 17% for the year, continuing our record

of outperforming relevant indices. Since becoming an

independent, public company in 2005, total shareholder

return at the end of 2014 was 337%, ranking Ameriprise

second overall in the S&P 500 Financials Index.

Significant growth opportunity

There continues to be a tremendous need for advice

to help consumers prepare for and live in retirement.

Ameriprise remains at the heart of this large

opportunity. Whether it’s individuals searching for

reliable income sources or institutions looking to

achieve their own goals, we have the expertise

and capabilities they need.

We serve clients through our primary

growth engines: Advice & Wealth

Management and Asset Management,

(5)

2 01 1 2 01 2 2 01 3 2 0 10 2 01 4 $5.17 $5.59 $7.05 $8.52 $4.10

Operating earnings per diluted share

One of the most trusted

investment firms

No. 1 customer experience

— investment firm category

Highest forgiveness rating

in the investment industry

Financial planning leader

No. 1 provider of quality

investment advice

No. 2 most influential

brokerage in social media

No. 2 mutual fund advisory

program in assets

No. 5 preferred rollover

IRA destination

Top 30 global asset manager

No. 11 long-term mutual

fund manager in the U.S.

Top 10 variable universal

life insurance provider

Strong financial strength ratings

(see source information on pg. 14)

A year of record performance

From financials to business performance, Ameriprise delivered record results across

many dimensions. Aided by continued improvement in consumer sentiment and

appreciating equity markets in the U.S., we grew assets across the firm while

managing continued headwinds from low interest rates.

We completed the year with $806 billion of assets under management and

administration. In terms of our financials, we’ve consistently demonstrated our

ability to grow. With solid revenue growth and continued expense management,

operating earnings reached a record $1.7 billion — a 14% increase for the

year — and operating earnings per diluted share increased 21% to $8.52.

As a result of good business growth and effective capital management,

we continue to expand our return on equity, an important measure of

how efficiently we use the equity our shareholders entrust to us. At the

conclusion of 2014, operating ROE reached a new high of 23%, which

we’ve more than doubled over the last five years. Few financial

services companies generate this level and growth of return.

Investors have noticed. The total return of Ameriprise

common stock was 17% for the year, continuing our record

of outperforming relevant indices. Since becoming an

independent, public company in 2005, total shareholder

return at the end of 2014 was 337%, ranking Ameriprise

second overall in the S&P 500 Financials Index.

Significant growth opportunity

There continues to be a tremendous need for advice

to help consumers prepare for and live in retirement.

Ameriprise remains at the heart of this large

opportunity. Whether it’s individuals searching for

reliable income sources or institutions looking to

achieve their own goals, we have the expertise

and capabilities they need.

We serve clients through our primary

growth engines: Advice & Wealth

Management and Asset Management,

(6)

Assets under management and administration $ in billions 2 01 1 2 01 2 2 01 3 2 0 10 2 01 4 $631 $681 $771 $806 $647 $444 $409 $353 $310 $304

Retail client assets $ in billions 2 01 1 2 01 2 2 01 3 2 0 10 2 01 4

Growth in assets

complemented by our Protection and Annuity businesses. This

combination provides multiple revenue streams, strong asset

persistency and lower volatility than many of our peers.

While other companies in financial services compete either as

a manufacturer or distributor, we offer an integrated business.

Our approach allows us to offer an excellent client experience

and results in deep, long-lasting client relationships.

A powerful wealth manager

We’re striving to be an unparalleled provider of retail financial

services. And the key is the relationship our advisors have with

clients, centered on comprehensive financial planning and

advice. These relationships are developed and strengthened

over many decades. We proudly serve multiple generations of

families because they appreciate the value and peace of mind

Ameriprise can provide over a lifetime.

Our growth strategy is simple yet powerful: serve more clients

who are accumulating wealth and transitioning to retirement;

deepen relationships with existing clients through our

comprehensive advice and solutions; and further enhance

our advisor value proposition to continue to build a highly

productive and growing advisor force. Our strategy is

consistent — the results we’re generating reflect years of

effective execution and steady investment to bring it to life.

Ameriprise is the leader in financial planning and we’ve long

held that position. Our high client satisfaction and referral

rates are essential to our growth. In fact, Forrester Research

named us a “client-obsessed firm,” and also rated Ameriprise

no. 1 in customer experience across investment firms.

Our offering appeals to mass affluent and affluent consumers

alike. Many of our clients have experienced our Confident

Retirement® approach — they feel more confident and believe

the advice addresses their needs. Our approach simplifies the challenges of saving

for retirement, making it easier for clients to understand and take action, as well as

for advisors to increase their productivity. Building on this success, we’re expanding

our Confident Retirement approach beyond those transitioning to retirement to the

many consumers who are at an earlier life stage and are more focused on

growing their wealth.

In 2014, we formally introduced Confident Retirement to the marketplace

through our “Real Questions. Real Answers.” advertising campaign. It includes

digital advertising, social media, the 3-Minute Confident Retirement

SM

check

and the opportunity to engage in a conversation with an Ameriprise financial

advisor. At the end of 2014, our brand awareness was at an all-time high.

In addition to our investment in the Ameriprise brand, we’re also

investing in leading technology and systems. We’re working with our

advisors to run highly productive and efficient practices. In 2014,

we completed a major upgrade to our infrastructure. Today, our

capabilities are stronger and even more secure. Tools such as

Paperless Office are saving resources and increasing efficiency.

We launched Total View, an account aggregation tool clients use

to view their accounts held at Ameriprise as well as assets

held at more than 10,000 financial institutions. In 2015, we’ll

introduce our new Money Movement System as well as

expand advisor mobile capabilities to serve clients

when, where and how they want.

We believe delivering an exceptional experience to our

clients and advisors differentiates Ameriprise. With our

strong reputation, consistent investment and support,

our advisor force is strong and motivated to grow.

Advisor satisfaction and retention rates remain high.

Advisors in the industry are taking notice. In 2014,

284 experienced, productive advisors moved

their practices to Ameriprise, bringing the total

to more than 1,300 experienced advisors who

have joined us over the past four years.

(7)

$7.3

$9.6

$13.1

$14.2

$7.6

Client net inflows into fee-based, investment advisory accounts $ in billions 2 01 1 2 01 2 2 01 3 2 0 10 2 01 4

complemented by our Protection and Annuity businesses. This

combination provides multiple revenue streams, strong asset

persistency and lower volatility than many of our peers.

While other companies in financial services compete either as

a manufacturer or distributor, we offer an integrated business.

Our approach allows us to offer an excellent client experience

and results in deep, long-lasting client relationships.

A powerful wealth manager

We’re striving to be an unparalleled provider of retail financial

services. And the key is the relationship our advisors have with

clients, centered on comprehensive financial planning and

advice. These relationships are developed and strengthened

over many decades. We proudly serve multiple generations of

families because they appreciate the value and peace of mind

Ameriprise can provide over a lifetime.

Our growth strategy is simple yet powerful: serve more clients

who are accumulating wealth and transitioning to retirement;

deepen relationships with existing clients through our

comprehensive advice and solutions; and further enhance

our advisor value proposition to continue to build a highly

productive and growing advisor force. Our strategy is

consistent — the results we’re generating reflect years of

effective execution and steady investment to bring it to life.

Ameriprise is the leader in financial planning and we’ve long

held that position. Our high client satisfaction and referral

rates are essential to our growth. In fact, Forrester Research

named us a “client-obsessed firm,” and also rated Ameriprise

no. 1 in customer experience across investment firms.

Our offering appeals to mass affluent and affluent consumers

alike. Many of our clients have experienced our Confident

Retirement® approach — they feel more confident and believe

the advice addresses their needs. Our approach simplifies the challenges of saving

for retirement, making it easier for clients to understand and take action, as well as

for advisors to increase their productivity. Building on this success, we’re expanding

our Confident Retirement approach beyond those transitioning to retirement to the

many consumers who are at an earlier life stage and are more focused on

growing their wealth.

In 2014, we formally introduced Confident Retirement to the marketplace

through our “Real Questions. Real Answers.” advertising campaign. It includes

digital advertising, social media, the 3-Minute Confident Retirement

SM

check

and the opportunity to engage in a conversation with an Ameriprise financial

advisor. At the end of 2014, our brand awareness was at an all-time high.

In addition to our investment in the Ameriprise brand, we’re also

investing in leading technology and systems. We’re working with our

advisors to run highly productive and efficient practices. In 2014,

we completed a major upgrade to our infrastructure. Today, our

capabilities are stronger and even more secure. Tools such as

Paperless Office are saving resources and increasing efficiency.

We launched Total View, an account aggregation tool clients use

to view their accounts held at Ameriprise as well as assets

held at more than 10,000 financial institutions. In 2015, we’ll

introduce our new Money Movement System as well as

expand advisor mobile capabilities to serve clients

when, where and how they want.

We believe delivering an exceptional experience to our

clients and advisors differentiates Ameriprise. With our

strong reputation, consistent investment and support,

our advisor force is strong and motivated to grow.

Advisor satisfaction and retention rates remain high.

Advisors in the industry are taking notice. In 2014,

284 experienced, productive advisors moved

their practices to Ameriprise, bringing the total

to more than 1,300 experienced advisors who

have joined us over the past four years.

(8)

Increasing advisor

productivity

Operating net revenue per advisor $ in thousands $496 l $440 $396 $384 $342 2 01 1 2 01 2 2 01 3 2 0 10 2 01 4

Because of the experience we deliver and the support we

provide advisors, clients are entrusting record levels of assets

to Ameriprise. During the year, clients added more than $14

billion of net inflows into investment advisory accounts, up 9%,

helping to increase total wrap assets under management by

14% to $175 billion.

Total client assets increased substantially to $444 billion.

In fact, over the last five years, we’ve averaged 10% annual

growth in client assets.

This strong growth trend is also reflected in the productivity

of our advisors. In 2014, operating net revenue per financial

advisor increased to $496,000 — a record high. We’re working

with our advisors to fully benefit from the resources we invest

in, enabling them to deliver a terrific client experience and to

continue to increase their productivity.

With strong asset and productivity growth, Advice & Wealth

Management pretax operating earnings topped $790 million

— up a robust 34% — and our operating margin grew

substantially to an attractive 16.5%.

These are excellent results. We feel confident that with the

value and experience we offer, Ameriprise is well positioned

for further growth.

Protection and Annuities — central to our diversified model

Our RiverSource insurance and annuity businesses help clients

protect what matters most, offer important tax benefits and

generate reliable sources of retirement income. We’ve built

high-quality businesses with products and solutions that we

stand behind and not only contribute to our high client

satisfaction, but also deliver appropriate shareholder returns.

These businesses are differentiated through our distribution,

product design and effective risk management. Our products

are central to our Confident Retirement approach. They help

clients protect their assets and income and provide the

company with additional asset gathering opportunities. We offer our life and health

insurance and annuities products largely to Ameriprise clients through an advice

relationship, not as transactional sales. And we benefit from our deep

understanding of our clients’ goals and behavior.

We continue to focus on educating clients and advisors about the role insurance

and annuity products play in a comprehensive financial plan. And consistent

with our priority to make it easy to conduct business, we simplified our

sales processes and enabled our advisors to submit new business

more efficiently.

In 2014, variable annuity balances grew to $77 billion, as we benefited

from equity market growth. Assets in fixed annuities declined due to low

sales given that interest rates remain at historically low levels. As we

work with clients to help ensure their retirement lifestyle through tax

management and protection, we’re selling more variable annuities

without living benefits. This complements sales with living benefits

as a way for clients to cover lifestyle expenses in retirement.

In life and health insurance, we remain focused on permanent

cash value insurance and other fixed, indexed and variable

solutions, and we recently launched our next generation

multi-index universal life product. In addition, we generated

solid sales of universal life policies as a result of our new

RiverSource TrioSource

SM

insurance product, which

includes a tax-qualified long-term care rider that fits well

within our comprehensive approach.

Delivering results with the

Confident Retirement approach

93%

feel

more

confident

about retirement

96%

feel the advice

addresses

their

needs

Source: Company reports

(9)

Because of the experience we deliver and the support we

provide advisors, clients are entrusting record levels of assets

to Ameriprise. During the year, clients added more than $14

billion of net inflows into investment advisory accounts, up 9%,

helping to increase total wrap assets under management by

14% to $175 billion.

Total client assets increased substantially to $444 billion.

In fact, over the last five years, we’ve averaged 10% annual

growth in client assets.

This strong growth trend is also reflected in the productivity

of our advisors. In 2014, operating net revenue per financial

advisor increased to $496,000 — a record high. We’re working

with our advisors to fully benefit from the resources we invest

in, enabling them to deliver a terrific client experience and to

continue to increase their productivity.

With strong asset and productivity growth, Advice & Wealth

Management pretax operating earnings topped $790 million

— up a robust 34% — and our operating margin grew

substantially to an attractive 16.5%.

These are excellent results. We feel confident that with the

value and experience we offer, Ameriprise is well positioned

for further growth.

Protection and Annuities — central to our diversified model

Our RiverSource insurance and annuity businesses help clients

protect what matters most, offer important tax benefits and

generate reliable sources of retirement income. We’ve built

high-quality businesses with products and solutions that we

stand behind and not only contribute to our high client

satisfaction, but also deliver appropriate shareholder returns.

These businesses are differentiated through our distribution,

product design and effective risk management. Our products

are central to our Confident Retirement approach. They help

clients protect their assets and income and provide the

company with additional asset gathering opportunities. We offer our life and health

insurance and annuities products largely to Ameriprise clients through an advice

relationship, not as transactional sales. And we benefit from our deep

understanding of our clients’ goals and behavior.

We continue to focus on educating clients and advisors about the role insurance

and annuity products play in a comprehensive financial plan. And consistent

with our priority to make it easy to conduct business, we simplified our

sales processes and enabled our advisors to submit new business

more efficiently.

In 2014, variable annuity balances grew to $77 billion, as we benefited

from equity market growth. Assets in fixed annuities declined due to low

sales given that interest rates remain at historically low levels. As we

work with clients to help ensure their retirement lifestyle through tax

management and protection, we’re selling more variable annuities

without living benefits. This complements sales with living benefits

as a way for clients to cover lifestyle expenses in retirement.

In life and health insurance, we remain focused on permanent

cash value insurance and other fixed, indexed and variable

solutions, and we recently launched our next generation

multi-index universal life product. In addition, we generated

solid sales of universal life policies as a result of our new

RiverSource TrioSource

SM

insurance product, which

includes a tax-qualified long-term care rider that fits well

within our comprehensive approach.

Delivering results with the

Confident Retirement approach

93%

feel

more

confident

about retirement

96%

feel the advice

addresses

their

needs

Source: Company reports

(10)

AUM by asset type

Equity Money market Fixed income Alternative Hybrid and other

55%

38%

2%

4%

1%

AUM by client type

Retail Alternative Institutional Owned Assets

56%

36%

7% 1%

Strong global

asset manager

$506 billion in AUM

Locations in 18 countries

118 four- and five-star funds

11th largest manager of

long-term funds in the U.S.

Fifth largest retail

manager in the U.K.

(Data as of 12-31-14, see source information on pg. 14)

In addition, we have a good Auto & Home insurance

business in a highly competitive industry. We’ve

consistently grown our policy count, focusing on affinity

channels, and have earned a strong reputation for

service and satisfaction. More recently, we increased

reserves related to prior-year auto liability claims. We are

taking the right steps to strengthen the business and

believe we can profitably grow and continue to serve

more clients as we move forward.

In terms of financials, Annuity and Protection pretax

operating earnings were $879 million in 2014, reflecting

higher non-cash expenses, as well as the impact of low

interest rates. That said, the underlying performance

of our annuity, life and health businesses was in line

with our expectations.

The Protection and Annuities businesses are key

contributors to Ameriprise. While we expect a slower

growth rate over time than Advice & Wealth Management

and Asset Management, they are important to our

diversified model and client experience. We’ll continue

to work with clients and advisors to educate them on

the benefits these products can provide.

Building a global asset manager

Asset management industry AUM is projected to grow

considerably in the U.S. and U.K.-Europe, where

Columbia Management and Threadneedle Investments

operate from positions of strength, and at even higher

rates in Asia-Pacific, Latin America and the Middle East,

where we are establishing a strong foothold.

Over the years, we’ve built a competitive business

through both organic growth and acquisitions. Our

talented teams at Columbia and Threadneedle have

been working for more than two years to bring together

the best of our capabilities on a global basis for the benefit of our clients. We’re

expanding our product offering, delivering client-focused solutions and generating

good investment performance. We have the size, scale, investment track records

and capabilities to serve individuals, institutions and corporate clients around the

world.

We are a $500+ billion player with more than 450 investment professionals

and a presence in 18 countries. We’re transforming the business to take an

even greater share of the global opportunity.

We have grown AUM and earnings consistently while remaining focused on

moving to net inflows over time. In 2014, we continued to experience

outflow pressure, including from former parent relationships from our

previous acquisitions and, like other active managers, in certain equity

asset classes. We helped offset that pressure with solid sales,

including winning an important $5.6 billion mandate from a leading

U.K. wealth manager, and benefited from equity market growth.

Our asset management growth strategy is consistent — increase

our higher fee retail and institutional AUM while maintaining

strategic relationships that provide a solid asset and fee

base.

We’ve also taken an important strategic step, announcing

a new global brand for the business — Columbia

Threadneedle Investments

SM

— that we will introduce

in the first half of 2015. Our new name builds on the

brand equity we’ve earned over many years as

separate businesses and strengthens our

positioning around the world under a single brand.

We continue to see product opportunities in

three areas: traditional products, where we have

118 four- and five-star Morningstar-rated

funds; global products; and multi-asset

strategies and solutions.

Our work centers on helping our clients

achieve the outcomes they need and

enables us to drive profitable net flows.

(11)

$436 $455

$501 $506

$457

Asset Management assets under management $ in billions 2 01 1 2 01 2 2 01 3 2 0 10 2 01 4

In addition, we have a good Auto & Home insurance

business in a highly competitive industry. We’ve

consistently grown our policy count, focusing on affinity

channels, and have earned a strong reputation for

service and satisfaction. More recently, we increased

reserves related to prior-year auto liability claims. We are

taking the right steps to strengthen the business and

believe we can profitably grow and continue to serve

more clients as we move forward.

In terms of financials, Annuity and Protection pretax

operating earnings were $879 million in 2014, reflecting

higher non-cash expenses, as well as the impact of low

interest rates. That said, the underlying performance

of our annuity, life and health businesses was in line

with our expectations.

The Protection and Annuities businesses are key

contributors to Ameriprise. While we expect a slower

growth rate over time than Advice & Wealth Management

and Asset Management, they are important to our

diversified model and client experience. We’ll continue

to work with clients and advisors to educate them on

the benefits these products can provide.

Building a global asset manager

Asset management industry AUM is projected to grow

considerably in the U.S. and U.K.-Europe, where

Columbia Management and Threadneedle Investments

operate from positions of strength, and at even higher

rates in Asia-Pacific, Latin America and the Middle East,

where we are establishing a strong foothold.

Over the years, we’ve built a competitive business

through both organic growth and acquisitions. Our

talented teams at Columbia and Threadneedle have

been working for more than two years to bring together

the best of our capabilities on a global basis for the benefit of our clients. We’re

expanding our product offering, delivering client-focused solutions and generating

good investment performance. We have the size, scale, investment track records

and capabilities to serve individuals, institutions and corporate clients around the

world.

We are a $500+ billion player with more than 450 investment professionals

and a presence in 18 countries. We’re transforming the business to take an

even greater share of the global opportunity.

We have grown AUM and earnings consistently while remaining focused on

moving to net inflows over time. In 2014, we continued to experience

outflow pressure, including from former parent relationships from our

previous acquisitions and, like other active managers, in certain equity

asset classes. We helped offset that pressure with solid sales,

including winning an important $5.6 billion mandate from a leading

U.K. wealth manager, and benefited from equity market growth.

Our asset management growth strategy is consistent — increase

our higher fee retail and institutional AUM while maintaining

strategic relationships that provide a solid asset and fee

base.

We’ve also taken an important strategic step, announcing

a new global brand for the business — Columbia

Threadneedle Investments

SM

— that we will introduce

in the first half of 2015. Our new name builds on the

brand equity we’ve earned over many years as

separate businesses and strengthens our

positioning around the world under a single brand.

We continue to see product opportunities in

three areas: traditional products, where we have

118 four- and five-star Morningstar-rated

funds; global products; and multi-asset

strategies and solutions.

Our work centers on helping our clients

achieve the outcomes they need and

enables us to drive profitable net flows.

(12)

2012: $1.9 billion

52%

2010: $1.6 billion 45%

Evolving our

business mix

Each of our diversified

businesses delivers for

clients, advisors and

shareholders. As we’ve

grown, we’ve transformed

our business mix with

the majority of our pretax

operating earnings driven by

our less capital-demanding

advisory and asset

management businesses.

Advice & Wealth Management and Asset Management Annuities & Protection

2014: $2.5 billion

64%

(data excludes Corporate & Other segment results) Source: Company reports

We introduced a number of new products in 2014,

including the Columbia Diversified Real Return Fund,

the Threadneedle Global Multi Asset Income Fund and

four locally managed Asian equity and fixed income

funds for investors in Asia.

*

We also built on the

successful launch of the Columbia Adaptive Risk

Allocation Fund, a key fund within our solutions

business that’s gaining interest from individual and

institutional investors alike. In fact, Chief Investment

Officer Magazine recently recognized the team with

an innovation award for its work.

In terms of distribution, the retail business at

Threadneedle continues to perform well, even as

we experienced higher market volatility in the second

half of the year. Investment performance remains

quite strong overall. We’re building on the traction

we have in the U.K. and Europe and expanding in

Asia-Pacific. As investor confidence improves, we

expect to accelerate sales in 2015.

At Columbia, we made a number of moves to

strengthen the U.S. intermediary business. We

enhanced our leadership team; better aligned our

product and distribution efforts; and reinforced our

business intelligence capabilities. Our team is engaged

and motivated. The right people, strategy and tools are

in place. We remain focused on driving value to

advisors and intermediary clients and earning a

greater share of flows in equity, fixed income and

multi-asset products.

Our retail business is complemented by a strong and

growing traditional third-party institutional business.

We manage it globally — across sales, consultant

relations and client service. We’re earning important

equity and fixed income mandates in the U.S., Europe and Asia. We’ve generated

several quarters of positive flows and have a solid new business pipeline.

Financially, Asset Management delivered a record year. Operating net

revenues grew 5% to $3.3 billion, pretax operating earnings were up 14%

to $788 million and our adjusted net pretax operating margin was a

competitive 40%.

In Asset Management, we’re focused on our clients and are channeling

resources to the areas where we see the best growth opportunities.

We’re moving in a positive direction, and I feel good about the

opportunities before us.

Transforming our business mix and deploying capital

The effective execution of our growth strategy is transforming our

business mix and reinforcing our ability to deliver shareholder

value consistently.

Advice & Wealth Management and Asset Management

generated 64% of 2014 pretax operating earnings, up

from 45% in 2010. The strong growth in these

fee-based, higher P/E businesses is complemented by the

strength, stability and differentiation of our Protection

and Annuity businesses.

Our financial strength and capital position

differentiate Ameriprise. Our diversified model

generates significant free cash flow. As we’ve

grown, we’ve prudently reduced overall capital

requirements — a combination that has

allowed us to continue to invest in the

business while returning capital to

shareholders at one of the highest rates

in financial services.

* All asset management products are not available in all jurisdictions.

Annual Report 2014 | 11 10 | Annual Report 2014

(13)

Dividends paid

Common stock share repurchases

2 01 1 2 01 2 2 01 3 2 0 10 2 01 4 $1,372 $435 $1,481 $411 $1,340 $314 $1,456 $212 $573 $183 Dividends/share repurchases $ in millions

We introduced a number of new products in 2014,

including the Columbia Diversified Real Return Fund,

the Threadneedle Global Multi Asset Income Fund and

four locally managed Asian equity and fixed income

funds for investors in Asia.

*

We also built on the

successful launch of the Columbia Adaptive Risk

Allocation Fund, a key fund within our solutions

business that’s gaining interest from individual and

institutional investors alike. In fact, Chief Investment

Officer Magazine recently recognized the team with

an innovation award for its work.

In terms of distribution, the retail business at

Threadneedle continues to perform well, even as

we experienced higher market volatility in the second

half of the year. Investment performance remains

quite strong overall. We’re building on the traction

we have in the U.K. and Europe and expanding in

Asia-Pacific. As investor confidence improves, we

expect to accelerate sales in 2015.

At Columbia, we made a number of moves to

strengthen the U.S. intermediary business. We

enhanced our leadership team; better aligned our

product and distribution efforts; and reinforced our

business intelligence capabilities. Our team is engaged

and motivated. The right people, strategy and tools are

in place. We remain focused on driving value to

advisors and intermediary clients and earning a

greater share of flows in equity, fixed income and

multi-asset products.

Our retail business is complemented by a strong and

growing traditional third-party institutional business.

We manage it globally — across sales, consultant

relations and client service. We’re earning important

equity and fixed income mandates in the U.S., Europe and Asia. We’ve generated

several quarters of positive flows and have a solid new business pipeline.

Financially, Asset Management delivered a record year. Operating net

revenues grew 5% to $3.3 billion, pretax operating earnings were up 14%

to $788 million and our adjusted net pretax operating margin was a

competitive 40%.

In Asset Management, we’re focused on our clients and are channeling

resources to the areas where we see the best growth opportunities.

We’re moving in a positive direction, and I feel good about the

opportunities before us.

Transforming our business mix and deploying capital

The effective execution of our growth strategy is transforming our

business mix and reinforcing our ability to deliver shareholder

value consistently.

Advice & Wealth Management and Asset Management

generated 64% of 2014 pretax operating earnings, up

from 45% in 2010. The strong growth in these

fee-based, higher P/E businesses is complemented by the

strength, stability and differentiation of our Protection

and Annuity businesses.

Our financial strength and capital position

differentiate Ameriprise. Our diversified model

generates significant free cash flow. As we’ve

grown, we’ve prudently reduced overall capital

requirements — a combination that has

allowed us to continue to invest in the

business while returning capital to

shareholders at one of the highest rates

in financial services.

Annual Report 2014 | 11 10 | Annual Report 2014

(14)

Our culture of giving back is integral to who we are

at Ameriprise. Our employees and financial advisors

gave more than ever in 2014. We support them in

their giving of time and money through volunteer

programs, company gift matching and our Annual

Giving Campaign. We’re proud of the collective

difference we make through 6,000 nonprofits

across the globe.

• 66,000 volunteer hours

• $12 million in grants, individual giving

and matching funds

• We continue to set the bar on corporate

giving campaigns with 80 percent of

corporate employees giving through our

Annual Giving Campaign.

Respect for individuals and for the

communities in which we live and work

One in six Americans continue to struggle with

hunger. We’re working to change that. In 2014,

Ameriprise, our employees and financial advisors

donated more than 10 million meals. Since beginning

our partnership with Feeding America® in 2009,

we have donated more than 40 million meals and

130,000 volunteer hours to support hunger relief.

In 2014, Ameriprise held its fifth annual

National Day of Service with more than 12,000

Ameriprise employees, financial advisors and

clients volunteering at Feeding America food banks

and other hunger relief organizations across all 50

states, Washington, D.C., and in the U.K.

Thank you

We had an excellent year in 2014. The results we achieved are the continuation of the

decisions and steps we’ve taken to further strengthen our position as a financial services

leader. We remain sharply focused on serving our clients’ needs and capturing growth

opportunities.

A company is only as strong as the people behind it. Earning trust for the way

we work with our clients is paramount to all of us at Ameriprise. In fact, we

were ranked the second-most trusted among all investment firms in 2014.

Our engagement with employees is industry leading and an important

differentiator. We have a talented and committed team that has

executed our plans well.

From our commitment to clients to our opportunity to serve more clients

with strong products and solutions supported by our leading capabilities

and resources, we have everything we need to continue our success.

To our clients, thank you for placing your trust in Ameriprise. We value

you and your business and will continue to work on your behalf.

To our more than 19,000 employees and advisors, thank you for

all that you do for our clients and the dedication you bring to

your work.

To my fellow members of the Ameriprise Financial Board

of Directors, thank you for your counsel and support.

And finally, to you, our shareholders, thank you for your

trust and confidence in Ameriprise. We will continue to

do all that we can to reward it.

Sincerely,

James M. Cracchiolo

Chairman and Chief Executive Officer

A

Culture

of

Giving Back

During the year, we raised our quarterly dividend again, increasing it 12% — the seventh

increase over the past five years. We also announced a new $2.5 billion share repurchase

authorization, which we’ve put to work. In 2014, we returned $1.8 billion to shareholders,

marking the fourth consecutive year we returned more than 100% of our operating

earnings to shareholders, while continuing to hold more than $2 billion in excess capital

and maintaining our strong ratings.

As I look forward, our goal is to continue to return a large majority of our earnings to

shareholders annually. I believe that as we execute our strategy, the contributions from

Advice & Wealth Management and Asset Management will continue to expand.

(15)

Respect for individuals and for the

communities in which we live and work

One in six Americans continue to struggle with

hunger. We’re working to change that. In 2014,

Ameriprise, our employees and financial advisors

donated more than 10 million meals. Since beginning

our partnership with Feeding America® in 2009,

we have donated more than 40 million meals and

130,000 volunteer hours to support hunger relief.

In 2014, Ameriprise held its fifth annual

National Day of Service with more than 12,000

Ameriprise employees, financial advisors and

clients volunteering at Feeding America food banks

and other hunger relief organizations across all 50

states, Washington, D.C., and in the U.K.

Thank you

We had an excellent year in 2014. The results we achieved are the continuation of the

decisions and steps we’ve taken to further strengthen our position as a financial services

leader. We remain sharply focused on serving our clients’ needs and capturing growth

opportunities.

A company is only as strong as the people behind it. Earning trust for the way

we work with our clients is paramount to all of us at Ameriprise. In fact, we

were ranked the second-most trusted among all investment firms in 2014.

Our engagement with employees is industry leading and an important

differentiator. We have a talented and committed team that has

executed our plans well.

From our commitment to clients to our opportunity to serve more clients

with strong products and solutions supported by our leading capabilities

and resources, we have everything we need to continue our success.

To our clients, thank you for placing your trust in Ameriprise. We value

you and your business and will continue to work on your behalf.

To our more than 19,000 employees and advisors, thank you for

all that you do for our clients and the dedication you bring to

your work.

To my fellow members of the Ameriprise Financial Board

of Directors, thank you for your counsel and support.

And finally, to you, our shareholders, thank you for your

trust and confidence in Ameriprise. We will continue to

do all that we can to reward it.

Sincerely,

James M. Cracchiolo

Chairman and Chief Executive Officer

During the year, we raised our quarterly dividend again, increasing it 12% — the seventh

increase over the past five years. We also announced a new $2.5 billion share repurchase

authorization, which we’ve put to work. In 2014, we returned $1.8 billion to shareholders,

marking the fourth consecutive year we returned more than 100% of our operating

earnings to shareholders, while continuing to hold more than $2 billion in excess capital

and maintaining our strong ratings.

As I look forward, our goal is to continue to return a large majority of our earnings to

shareholders annually. I believe that as we execute our strategy, the contributions from

Advice & Wealth Management and Asset Management will continue to expand.

(16)

This report is not a solicitation for any of the products or services mentioned. Investment products, including shares of mutual funds, are not FDIC or otherwise federally insured, are not deposits or obligations, or guaranteed by any financial institution, and involve investment risks, including possible loss of principal and fluctuation in value.

Past performance does not guarantee future results. Actual results may vary materially from our plans, estimates and beliefs. Please review carefully the discussion captioned “Forward-Looking Statements” contained in Part II, Item 7 in our Annual Report on Form 10-K for the year ended Dec. 31, 2014.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of

funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Morningstar Rating™ is for class Z shares only; other classes may have different performance characteristics and may have different ratings.

The following describes the principal subsidiaries that conduct the financial planning, asset accumulation and income, and protection business of Ameriprise Financial, Inc. Columbia Mutual Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited is an FCA- and an SEC-registered investment adviser and an affiliate of Columbia

Management Investment Advisers, LLC, based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company and, in New York, by RiverSource Life Insurance Co. of New York, Albany, NY, and distributed by RiverSource Distributors, Inc. Auto and home insurance is underwritten by IDS Property Casualty Insurance Company, or in certain states, Ameriprise Insurance Company. Personal trust services are offered through Ameriprise National Trust Bank. Ameriprise Financial Services, Inc. Member FINRA and SIPC. Investment advisory services and products are made available through Ameriprise Financial Services, Inc., a registered investment adviser.

Sources: #1 Customer Experience – Investment firm category (“The Customer Experience Index, 2014” Forrester Research, Inc.); #2 Most Trusted Firm – Investment firm category (2014 Temkin Ratings); Highest Forgiveness Rating – Investment firm category (2014 Temkin Ratings); Recognized as “customer-obsessed” firm – Investment firm category (Forrester Customer Advocacy: How US Consumers Rate Their Financial Services Firms, November 2013); #1 provider of quality financial advice (Cogent Reports – Investor Brandscape, Dec. 2014); Social media (wealthmanagement.com – 2015); #2 mutual fund advisory AUM – Cerulli Edge Managed Accounts through 3Q14; #5 IRA roll-over destination – Cogent Reports, Feb 2015; #30 Global Asset Manager – Pensions & Investments – Nov. 10, 2014; #11 LT MF manager – ICI data through 3Q14; #5 retail AUM in UK - investmentuk.org; top 10 VUL provider – LIMRA through 3Q14; see ir.ameriprise.com for current financial strength ratings.

Ameriprise helped pioneer the financial planning process more than 30 years ago. We have more financial planning clients and more CERTIFIED FINANCIAL PLANNER professionals than any other company in the U.S. based on data filed at adviserinfo.sec.gov and documented by the CFP Board of Standards, as of 12-31-13.

($ in millions) 2014 2013 2012

Total net revenues $12,268 $11,199 $10,217 Less: Revenues attributable to

the CIEs 651 345 71

Less: Net realized gains 37 7 7 Less: Market impact on indexed

universal life benefits (11) (10) – Less: Integration/restructuring

charges – – (4)

Operating total net revenues $11,591 $10,857 $10,143

($ in millions) 2014 2013 2012 2009 Net income attributable to Ameriprise Financial $1,619 $1,334 $1,029 $634 Less: Income (loss) from discontinued

operations, net of tax (2) (3) (2) 1 Net income from continuing operations

attributable to Ameriprise Financial 1,621 1,337 1,031 633 Less: Adjustments(1) (41) (123) (214) (88)

Operating earnings $1,662 $1,460 $1,245 $721 Ameriprise Financial shareholders’

equity(2) $8,270 $8,582 $9,071 $6,431

Less: Assets and liabilities held

for sale(2) – – – 100

Less: Accumulated other

comprehensive income (loss), net of tax "AOCI"(2)

734 821 1,001 (436) Ameriprise Financial shareholders’ equity

from continuing operations excluding AOCI(2)

7,536 7,761 8,070 6,767 Less: Equity impacts attributable

to the consolidated investment entities(2)

311 333 397 – Operating equity(2) $7,225 $7,428 $7,673 $6,767

Return on equity from continuing

operations, excluding AOCI 21.5% 17.2% 12.8% 9.4% Operating return on equity,

excluding AOCI(3) 23.0% 19.7% 16.2% 10.7%

($ in millions) 2014

Asset Management operating total net revenues $3,320 Less: Distribution pass through revenues 929 Less: Subadvisory and other pass through revenues 400 Asset Management adjusted operating revenues $1,991 Asset Management pretax operating earnings $788

Less: Operating net investment income 30 Add: Amortization of intangibles 34 Asset Management adjusted operating earnings $792 Asset Management adjusted net pretax

operating margin 39.8%

(1) Adjustments reflect the trailing twelve months’ sum of after-tax net realized gains/losses; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; and integration/ restructuring charges. After-tax is calculated using the statutory tax rate of 35%. (2) Amounts represent the five-point average of quarter-end balances, except for 2009. Amounts for 2009 represent a two-point average of beginning of year and end of year balances. (3) Operating return on equity excluding accumulated other comprehensive income/loss (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized gains/losses; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; integration/restructuring charges; and discontinued operations in the numerator, and Ameriprise Financial shareholders’ equity excluding AOCI; the impact of consolidating investment entities; and the assets and liabilities held for sale using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 35%.

($ in millions, except per share amounts) 2014 2013 2012 2014 2013 2012 Net income attributable to Ameriprise Financial $1,619 $1,334 $1,029 $8.30 $6.44 $4.62 Less: Income (loss) from discontinued operations, net of tax (2) (3) (2) (0.01) (0.02) (0.01) Net income from continuing operations attributable to Ameriprise Financial 1,621 1,337 1,031 8.31 6.46 4.63 Less: Net realized gains, net of tax(1) 24 5 5 0.12 0.02 0.02

Add: Integration/restructuring charges, net of tax(1) 9 46 0.04 0.21

Add: Market impact on variable annuity guaranteed benefits, net of tax(1) 61 111 173 0.31 0.53 0.77

Add: Market impact on indexed universal life benefits, net of tax(1) 4 8 0.02 0.04

Operating earnings $1,662 $1,460 $1,245 $8.52 $7.05 $5.59

(1) Calculated using the statutory tax rate of 35%.

(17)

Ameriprise Financial, Inc.

2014 Form 10-K

Management Investment Advisers, LLC, based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company and, in New York, by RiverSource Life Insurance Co. of New York, Albany, NY, and distributed by RiverSource Distributors, Inc. Auto and home insurance is underwritten by IDS Property Casualty Insurance Company, or in certain states, Ameriprise Insurance Company. Personal trust services are offered through Ameriprise National Trust Bank. Ameriprise Financial Services, Inc. Member FINRA and SIPC. Investment advisory services and products are made available through Ameriprise Financial Services, Inc., a registered investment adviser.

Sources: #1 Customer Experience – Investment firm category (“The Customer Experience Index, 2014” Forrester Research, Inc.); #2 Most Trusted Firm – Investment firm category (2014 Temkin Ratings); Highest Forgiveness Rating – Investment firm category (2014 Temkin Ratings); Recognized as “customer-obsessed” firm – Investment firm category (Forrester Customer Advocacy: How US Consumers Rate Their Financial Services Firms, November 2013); #1 provider of quality financial advice (Cogent Reports – Investor Brandscape, Dec. 2014); Social media (wealthmanagement.com – 2015); #2 mutual fund advisory AUM – Cerulli Edge Managed Accounts through 3Q14; #5 IRA roll-over destination – Cogent Reports, Feb 2015; #30 Global Asset Manager – Pensions & Investments – Nov. 10, 2014; #11 LT MF manager – ICI data through 3Q14; #5 retail AUM in UK - investmentuk.org; top 10 VUL provider – LIMRA through 3Q14; see ir.ameriprise.com for current financial strength ratings.

Ameriprise helped pioneer the financial planning process more than 30 years ago. We have more financial planning clients and more CERTIFIED FINANCIAL PLANNER professionals than any other company in the U.S. based on data filed at adviserinfo.sec.gov and documented by the CFP Board of Standards, as of 12-31-13.

($ in millions) 2014 2013 2012 2009 Net income attributable to Ameriprise Financial $1,619 $1,334 $1,029 $634 Less: Income (loss) from discontinued

operations, net of tax (2) (3) (2) 1 Net income from continuing operations

attributable to Ameriprise Financial 1,621 1,337 1,031 633 Less: Adjustments(1) (41) (123) (214) (88)

Operating earnings $1,662 $1,460 $1,245 $721 Ameriprise Financial shareholders’

equity(2) $8,270 $8,582 $9,071 $6,431

Less: Assets and liabilities held

for sale(2) – – – 100

Less: Accumulated other

comprehensive income (loss), net of tax "AOCI"(2)

734 821 1,001 (436) Ameriprise Financial shareholders’ equity

from continuing operations excluding AOCI(2)

7,536 7,761 8,070 6,767 Less: Equity impacts attributable

to the consolidated investment entities(2)

311 333 397 – Operating equity(2) $7,225 $7,428 $7,673 $6,767

Return on equity from continuing

operations, excluding AOCI 21.5% 17.2% 12.8% 9.4% Operating return on equity,

excluding AOCI(3) 23.0% 19.7% 16.2% 10.7%

(1) Adjustments reflect the trailing twelve months’ sum of after-tax net realized gains/losses; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; and integration/ restructuring charges. After-tax is calculated using the statutory tax rate of 35%. (2) Amounts represent the five-point average of quarter-end balances, except for 2009. Amounts for 2009 represent a two-point average of beginning of year and end of year balances. (3) Operating return on equity excluding accumulated other comprehensive income/loss (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized gains/losses; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; integration/restructuring charges; and discontinued operations in the numerator, and Ameriprise Financial shareholders’ equity excluding AOCI; the impact of consolidating investment entities; and the assets and liabilities held for sale using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 35%.

($ in millions, except per share amounts) 2014 2013 2012 2014 2013 2012 Net income attributable to Ameriprise Financial $1,619 $1,334 $1,029 $8.30 $6.44 $4.62 Less: Income (loss) from discontinued operations, net of tax (2) (3) (2) (0.01) (0.02) (0.01) Net income from continuing operations attributable to Ameriprise Financial 1,621 1,337 1,031 8.31 6.46 4.63 Less: Net realized gains, net of tax(1) 24 5 5 0.12 0.02 0.02

Add: Integration/restructuring charges, net of tax(1) 9 46 0.04 0.21

Add: Market impact on variable annuity guaranteed benefits, net of tax(1) 61 111 173 0.31 0.53 0.77

Add: Market impact on indexed universal life benefits, net of tax(1) 4 8 0.02 0.04

Operating earnings $1,662 $1,460 $1,245 $8.52 $7.05 $5.59

(1) Calculated using the statutory tax rate of 35%.

Figure

Updating...

References

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