Ameriprise 2008 Annual Report Download - page 73
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$22.0 billion related to the acquisition of H&R Block Financial Advisors, Inc. in the fourth quarter of 2008, partially offset by
market depreciation.
The following table presents detail regarding our owned, managed and administered assets:
Years Ended December 31,
2008 2007 Change
(in billions, except percentages)
Owned Assets $ 31.7 $ 39.6 (20)%
Managed Assets(1):
RiverSource 127.9 156.3 (18)
Threadneedle 74.2 134.4 (45)
Wrap account assets 72.8 93.9 (22)
Eliminations(2) (10.0) (15.4) (35)
Total Managed Assets 264.9 369.2 (28)
Administered Assets 75.5 71.0 6
Total Owned, Managed and Administered Assets $ 372.1 $ 479.8 (22)%
(1) Includes managed external client assets and managed owned assets.
(2) Includes eliminations for RiverSource mutual fund assets included in wrap account assets and RiverSource assets sub-advised by
Threadneedle.
Consolidated Results of Operations
Year Ended December 31, 2008 Compared to Year Ended December 31, 2007
The following table presents our consolidated results of operations for the years ended December 31, 2008 and 2007.
Years Ended December 31,
2008 2007 Change
(in millions, except percentages)
Revenues
Management and financial advice fees $ 2,899 $ 3,238 $ (339) (10)%
Distribution fees 1,565 1,762 (197) (11)
Net investment income 828 2,018 (1,190) (59)
Premiums 1,091 1,063 28 3
Other revenues 766 724 42 6
Total revenues 7,149 8,805 (1,656) (19)
Banking and deposit interest expense 179 249 (70) (28)
Total net revenues 6,970 8,556 (1,586) (19)
Expenses
Distribution expenses 1,948 2,057 (109) (5)
Interest credited to fixed accounts 790 847 (57) (7)
Benefits, claims, losses and settlement
expenses 1,125 1,179 (54) (5)
Amortization of deferred acquisition
costs 933 551 382 69
Interest and debt expense 109 112 (3) (3)
Separation costs — 236 (236) NM
General and administrative expense 2,436 2,558 (122) (5)
Total expenses 7,341 7,540 (199) (3)
Pretax income (loss) (371) 1,016 (1,387) NM
Income tax provision (benefit) (333) 202 (535) NM
Net income (loss) $ (38) $ 814 $ (852) NM
NM Not Meaningful.
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