Ameriprise 2009 Annual Report Download - page 106
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Consolidated Statements of Operations
Ameriprise Financial, Inc.
Years Ended December 31,
2009 2008 2007
(in millions, except per share amounts)
Revenues
Management and financial advice fees $ 2,704 $ 2,899 $ 3,238
Distribution fees 1,420 1,565 1,762
Net investment income 2,002 817 2,014
Premiums 1,098 1,048 1,017
Other revenues 722 766 724
Total revenues 7,946 7,095 8,755
Banking and deposit interest expense 141 179 249
Total net revenues 7,805 6,916 8,506
Expenses
Distribution expenses $ 1,782 $ 1,912 $ 2,011
Interest credited to fixed accounts 903 790 847
Benefits, claims, losses and settlement expenses 1,342 1,125 1,179
Amortization of deferred acquisition costs 217 933 551
Interest and debt expense 127 109 112
Separation costs — — 236
General and administrative expense 2,514 2,472 2,562
Total expenses 6,885 7,341 7,498
Pretax income (loss) 920 (425) 1,008
Income tax provision (benefit) 183 (333) 202
Net income (loss) 737 (92) 806
Less: Net income (loss) attributable to noncontrolling interests 15 (54) (8)
Net income (loss) attributable to Ameriprise Financial $ 722 $ (38) $ 814
Earnings (loss) per share attributable to Ameriprise Financial
common shareholders
Basic $ 2.98 $ (0.17) $ 3.45
Diluted 2.95 (0.17) (1) 3.39
Weighted average common shares outstanding
Basic 242.2 222.3 236.2
Diluted 244.4 224.9 239.9
Cash dividends paid per common share $ 0.68 $ 0.64 $ 0.56
Supplemental Disclosures:
Net investment income:
Net investment income before impairment losses on securities $ 2,095
Total other-than-temporary impairment losses on securities (83)
Portion of loss recognized in other comprehensive income (10)
Net impairment losses recognized in net investment income (93)
Net investment income $ 2,002
(1) Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in anti-dilution.
See Notes to Consolidated Financial Statements.
ANNUAL REPORT 2009 91