Ameriprise 2011 Annual Report Download - page 86
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Consolidated Results of Operations
Year Ended December 31, 2010 Compared to Year Ended December 31, 2009
The following table presents our consolidated results of operations:
Years Ended December 31,
2010 2009
Less: Less:
GAAP Adjustments(1) Operating GAAP Adjustments(1) Operating Operating Change
(in millions)
Revenues
Management and financial advice
fees $ 3,784 $ (38) $ 3,822 $ 2,558 $ (2) $ 2,560 $ 1,262 49%
Distribution fees 1,447 — 1,447 1,182 — 1,182 265 22
Net investment income 2,309 308 2,001 1,998 55 1,943 58 3
Premiums 1,179 — 1,179 1,098 — 1,098 81 7
Other revenues 863 125 738 702 28 674 64 9
Total revenues 9,582 395 9,187 7,538 81 7,457 1,730 23
Banking and deposit interest
expense 70 — 70 141 6 135 (65) (48)
Total net revenues 9,512 395 9,117 7,397 75 7,322 1,795 25
Expenses
Distribution expenses 2,065 — 2,065 1,462 — 1,462 603 41
Interest credited to fixed accounts 909 — 909 903 — 903 6 1
Benefits, claims, losses and
settlement expenses 1,750 9 1,741 1,334 154 1,180 561 48
Amortization of deferred acquisition
costs 127 16 111 217 (93) 310 (199) (64)
Interest and debt expense 290 181 109 127 — 127 (18) (14)
General and administrative expense 2,737 129 2,608 2,434 105 2,329 279 12
Total expenses 7,878 335 7,543 6,477 166 6,311 1,232 20
Income from continuing operations
before income tax provision 1,634 60 1,574 920 (91) 1,011 563 56
Income tax provision 350 (36) 386 184 (37) 221 165 75
Income from continuing operations 1,284 96 1,188 736 (54) 790 398 50
Income (loss) from discontinued
operations, net of tax (24) (24) — 1 1 — — —
Net income 1,260 72 1,188 737 (53) 790 398 50
Less: Net income attributable to
noncontrolling interests 163 163 — 15 15 — — —
Net income attributable to
Ameriprise Financial $ 1,097 $ (91) $ 1,188 $ 722 $ (68) $ 790 $ 398 50%
(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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