Ameriprise 2012 Annual Report Download - page 120

On January 1, 2012, the Company retrospectively adopted the new accounting standard for DAC for insurance and annuity
products. See Note 2 and Note 3 for further information on the new accounting standard and the resulting changes in the
Company’s accounting policies on the deferral of acquisition costs. The following tables present the effect of the change
on affected financial statement line items for prior periods retrospectively adjusted:
Year Ended December 31, 2011
Previously Effect of
Reported Change As Adjusted
(in millions)
Revenues
Total net revenues $ 10,192 $ — $ 10,192
Expenses
Distribution expenses 2,497 62 2,559
Interest credited to fixed accounts 853 3 856
Benefits, claims, losses and settlement expenses 1,557 — 1,557
Amortization of deferred acquisition costs 618 (221) 397
Interest and debt expense 317 — 317
General and administrative expense 2,965 94 3,059
Total expenses 8,807 (62) 8,745
Income from continuing operations before income tax provision 1,385 62 1,447
Income tax provision 355 22 377
Income from continuing operations 1,030 40 1,070
Loss from discontinued operations, net of tax (60) — (60)
Net income 970 40 1,010
Less: Net loss attributable to noncontrolling interests (106) — (106)
Net income attributable to Ameriprise Financial $ 1,076 $ 40 $ 1,116
Earnings per share attributable to
Ameriprise Financial, Inc. common shareholders
Basic
Income from continuing operations $ 4.71 $ 0.16 $ 4.87
Loss from discontinued operations (0.25) — (0.25)
Net income $ 4.46 $ 0.16 $ 4.62
Diluted
Income from continuing operations $ 4.61 $ 0.16 $ 4.77
Loss from discontinued operations (0.24) — (0.24)
Net income $ 4.37 $ 0.16 $ 4.53
Year Ended December 31, 2010
Previously Effect of
Reported Change As Adjusted
(in millions)
Revenues
Total net revenues $ 9,512 $ — $ 9,512
Expenses
Distribution expenses 2,065 70 2,135
Interest credited to fixed accounts 909 — 909
Benefits, claims, losses and settlement expenses 1,750 — 1,750
Amortization of deferred acquisition costs 127 (13) 114
Interest and debt expense 290 — 290
General and administrative expense 2,737 108 2,845
Total expenses 7,878 165 8,043
Income from continuing operations before income tax provision 1,634 (165) 1,469
Income tax provision 350 (57) 293
Income from continuing operations 1,284 (108) 1,176
Loss from discontinued operations, net of tax (24) — (24)
Net income 1,260 (108) 1,152
Less: Net income attributable to noncontrolling interests 163 — 163
Net income attributable to Ameriprise Financial $ 1,097 $ (108) $ 989
Earnings per share attributable to
Ameriprise Financial, Inc. common shareholders
Basic
Income from continuing operations $ 4.36 $ (0.42) $ 3.94
Loss from discontinued operations (0.10) — (0.10)
Net income $ 4.26 $ (0.42) $ 3.84
Diluted
Income from continuing operations $ 4.27 $ (0.41) $ 3.86
Loss from discontinued operations (0.09) — (0.09)
Net income $ 4.18 $ (0.41) $ 3.77
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