Ameriprise 2005 Annual Report Download - page 101

Consolidated Five-Year Summary of Selected Financial Data
The following table sets forth selected consolidated financial information from our audited consolidated financial statements as of
December 31, 2005, 2004 and 2003 and for the four-year period ended December 31, 2005, and unaudited consolidated financial
statements as of December 31, 2002 and 2001 and for the year ended December 31, 2001. Our consolidated financial statements
include various adjustments to amounts in our consolidated financial statements as a subsidiary of American Express Company.
The selected financial data presented below should be read in conjunction with our consolidated financial statements and the
accompanying notes included elsewhere in this report and “Management’s Discussion and Analysis.”
Our consolidated financial information may not be indicative of our future performance and does not necessarily reflect what our
consolidated results of operations and financial condition would have been had we operated as a separate, stand-alone entity dur-
ing the periods presented, including many changes that have or will occur in the operations and capitalization of our company as a
result of the Separation and Distribution from American Express Company.
Years Ended December 31,
2005(a)(e) 2004(b)(e) 2003(c)(e) 2002(e) 2001(d)(f)
(in millions)
Income Statement Data:
Revenues $7,484 $7,027 $6,155 $5,575 $4,744
Expenses 6,739 5,915 5,282 4,714 4,709
Income before discontinued operations
and accounting change 558 825 694 632 91
Net income 574 794 725 674 87
Cash Dividends:
American Express Company 53 1,325 334 377 170
Shareholders 27 ––––
As of December 31,
2005(e) 2004(b)(e) 2003(c)(e) 2002(f) 2001(d)(f)
(in millions)
Balance Sheet Data:
Investments $39,100 $40,232 $38,534 $34,683 $30,555
Separate account assets 41,561 35,901 30,809 21,981 27,334
Total assets(g) 93,121 93,113 85,384 74,448 71,718
Future policy benefits and claims 32,731 33,253 32,235 28,959 24,810
Investment certificate reserves 5,649 5,831 4,784 4,493 4,162
Payable to American Express 52 1,751 1,447 1,261 732
Debt 1,833 385 445 120 120
Separate account liabilities 41,561 35,901 30,809 21,981 27,334
Total liabilities(h) 85,434 86,411 78,096 67,998 66,098
Shareholders’ equity 7,687 6,702 7,288 6,450 5,620
(a) During 2005, we recorded significant non-recurring separation costs as a result of the separation from American Express. During the year ended
December 31, 2005, $293 million ($191 million after-tax) of such costs were incurred. Separation costs generally consisted of expenses related to
advisor and employee retention program costs, costs associated with establishing the Ameriprise Financial brand and costs to separate and reestablish
our technology platforms. See Note 1 to our consolidated financial statements.
(b) Effective January 1, 2004, we adopted SOP 03-1, which resulted in a cumulative effect of accounting change that reduced first quarter 2004 results by
$71 million ($109 million pretax). See Note 2 to our consolidated financial statements.
(c) The consolidation of FIN 46-related entities in December 2003 resulted in a cumulative effect of accounting change that reduced 2003 net income
through a non-cash charge of $13 million ($20 million pretax). See Note 2 to our consolidated financial statements.
(d) In 2001, we recorded aggregate restructuring charges of $70 million ($107 million pretax). The aggregate restructuring charges consisted of $36 mil-
lion for severance relating to the original plans to eliminate approximately 1,300 jobs (including off-shore outsourcing of certain client service positions
related to advisor field office closings and headquarters re-engineering efforts) and $71 million of exit and asset impairment charges primarily relating
to the consolidation of headquarters and advisor field office facilities.
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