Ameriprise 2010 Annual Report Download - page 89
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Net investment income increased $340 million to $297 million for the year ended December 31, 2009. Net realized
investment losses were $15 million in 2009 compared to $333 million in the prior year due to lower impairments
recorded on Available-for-Sale securities. Operating net investment income, which excludes net realized gains or losses,
increased $22 million, or 8%, to $312 million for the year ended December 31, 2009, due to higher investment income
on fixed maturity securities driven by higher invested asset levels primarily from spread product net inflows, partially offset
by a decline in short term interest rates.
Banking and deposit interest expense decreased $45 million, or 25%, to $133 million for the year ended December 31,
2009, primarily due to lower crediting rates on certificates and banking deposit products.
Expenses
Total expenses decreased $9 million to $3.3 billion for the year ended December 31, 2009. Operating expenses, which
exclude integration charges, decreased $61 million, or 2%, to $3.2 billion for the year ended December 31, 2009, due to
a decrease in distribution expenses partially offset by an increase in general and administrative expense.
Distribution expenses decreased $153 million, or 7%, to $2.0 billion for the year ended December 31, 2009, reflecting
lower equity markets and client activity levels, partially offset by expenses resulting from our 2008 acquisitions.
General and administrative expense increased $144 million, or 13%, to $1.3 billion for the year ended December 31,
2009. Integration charges were $64 million for the year ended December 31, 2009 compared to $12 million for the prior
year. Operating general and administrative expense, which excludes integration charges, increased $92 million, or 8%,
compared to the prior year primarily due to ongoing expenses from our acquisition of H&R Block Financial Advisors, Inc. in
the fourth quarter of 2008, as well as higher performance compensation accruals and legal expenses.
Asset Management
The total domestic assets and number of funds managed by our RiverSource family of mutual funds as of December 31,
2009 was $76.9 billion and 132 funds, respectively.
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