Ameriprise 2011 Annual Report Download - page 67

Consolidated Results of Operations
Year Ended December 31, 2011 Compared to Year Ended December 31, 2010
Management believes that operating measures, which exclude net realized gains or losses; the market impact on variable
annuity guaranteed living benefits, net of hedges, DSIC and DAC amortization; integration and restructuring charges;
income (loss) from discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance
of our core operations and facilitate a more meaningful trend analysis. See our discussion on the use of these non-GAAP
measures in the Overview section above.
The following table presents our consolidated results of operations:
Years Ended December 31,
2011 2010
Less: Less:
GAAP Adjustments(1) Operating GAAP Adjustments(1) Operating Operating Change
(in millions)
Revenues
Management and financial
advice fees $ 4,537 $ (49) $ 4,586 $ 3,784 $ (38) $ 3,822 $ 764 20%
Distribution fees 1,573 — 1,573 1,447 — 1,447 126 9
Net investment income 2,046 97 1,949 2,309 308 2,001 (52) (3)
Premiums 1,220 — 1,220 1,179 — 1,179 41 3
Other revenues 863 94 769 863 125 738 31 4
Total revenues 10,239 142 10,097 9,582 395 9,187 910 10
Banking and deposit interest
expense 47 — 47 70 — 70 (23) (33)
Total net revenues 10,192 142 10,050 9,512 395 9,117 933 10
Expenses
Distribution expenses 2,497 — 2,497 2,065 — 2,065 432 21
Interest credited to fixed
accounts 853 — 853 909 — 909 (56) (6)
Benefits, claims, losses and
settlement expenses 1,557 67 1,490 1,750 9 1,741 (251) (14)
Amortization of deferred
acquisition costs 618 (8) 626 127 16 111 515 NM
Interest and debt expense 317 221 96 290 181 109 (13) (12)
General and administrative
expense 2,965 116 2,849 2,737 129 2,608 241 9
Total expenses 8,807 396 8,411 7,878 335 7,543 868 12
Income from continuing
operations before income
tax provision 1,385 (254) 1,639 1,634 60 1,574 65 4
Income tax provision 355 (52) 407 350 (36) 386 21 5
Income from continuing
operations 1,030 (202) 1,232 1,284 96 1,188 44 4
Loss from discontinued
operations, net of tax (60) (60) — (24) (24) — — —
Net income 970 (262) 1,232 1,260 72 1,188 44 4
Less: Net income (loss)
attributable to non-
controlling interests (106) (106) — 163 163 — — —
Net income attributable to
Ameriprise Financial $ 1,076 $ (156) $ 1,232 $ 1,097 $ (91) $ 1,188 $ 44 4%
NM Not Meaningful.
(1) Includes the elimination of management fees we earn for services provided to the CIEs and the related expense; revenues and
expenses of the CIEs; net realized gains or losses; the market impact on variable annuity living benefits, net of hedges, DSIC and DAC
amortization; integration and restructuring charges; and income (loss) from discontinued operations. Income tax provision is
calculated using the statutory tax rate of 35% on applicable adjustments.
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