Ameriprise 2005 Annual Report Download - page 58

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Consolidated Statements of Income
Ameriprise Financial, Inc.
Years Ended December 31, 2005 2004 2003
(in millions, except per share amounts)
Revenues
Management, financial advice and service fees $2,578 $2,248 $1,703
Distribution fees 1,150 1,101 1,015
Net investment income 2,241 2,137 2,069
Premiums 979 1,023 895
Other revenues 536 518 473
Total revenues 7,484 7,027 6,155
Expenses
Compensation and benefits 2,650 2,288 1,833
Interest credited to account values 1,310 1,268 1,384
Benefits, claims, losses and settlement expenses 880 828 740
Amortization of deferred acquisition costs 431 437 480
Interest and debt expense 73 52 45
Separation costs 293 ––
Other expenses 1,102 1,042 800
Total expenses 6,739 5,915 5,282
Income before income tax provision, discontinued operations and accounting change 745 1,112 873
Income tax provision 187 287 179
Income before discontinued operations and accounting change 558 825 694
Discontinued operations, net of tax 16 40 44
Cumulative effect of accounting change, net of tax –(71) (13)
Net income $ 574 $ 794 $ 725
Earnings per Common Share—Basic and Diluted
Income before discontinued operations and accounting change $ 2.26 $ 3.35 $ 2.82
Discontinued operations, net of tax 0.06 0.16 0.18
Cumulative effect of accounting change, net of tax –(0.29) (0.05)
Net income $ 2.32 $ 3.22 $ 2.95
Weighted average common shares outstanding for earnings per common share
(as adjusted for September 2005 stock split):
Basic 247.1 246.2 246.2
Diluted 247.2 246.2 246.2
See Notes to Consolidated Financial Statements.
56 |Ameriprise Financial, Inc.