Ameriprise 2013 Annual Report Download - page 177

by the Company’s life insurance subsidiaries were on deposit with various states as required by law. Statutory capital and
surplus for RiverSource Life was $2.7 billion, $3.1 billion and $2.7 billion for the years ended December 31, 2013, 2012
and 2011, respectively. Statutory net income (loss) for RiverSource Life was $1.3 billion, $2.0 billion and $(599) million
for the years ended December 31, 2013, 2012 and 2011, respectively.
Ameriprise Certificate Company (‘‘ACC’’) is registered as an investment company under the Investment Company Act of
1940 (the ‘‘1940 Act’’). ACC markets and sells investment certificates to clients. ACC is subject to various capital
requirements under the 1940 Act, laws of the State of Minnesota and understandings with the Securities and Exchange
Commission (‘‘SEC’’) and the Minnesota Department of Commerce. The terms of the investment certificates issued by ACC
and the provisions of the 1940 Act also require the maintenance by ACC of qualified assets. Under the provisions of its
certificates and the 1940 Act, ACC was required to have qualified assets (as that term is defined in Section 28(b) of the
1940 Act) in the amount of $4.0 billion and $3.5 billion at December 31, 2013 and 2012, respectively. ACC had
qualified assets of $4.2 billion and $3.7 billion at December 31, 2013 and 2012, respectively. Ameriprise Financial and
ACC entered into a Capital Support Agreement on March 2, 2009, pursuant to which Ameriprise Financial agrees to
commit such capital to ACC as is necessary to satisfy applicable minimum capital requirements, up to a maximum
commitment of $115 million. For the years ended December 31, 2013 and 2012, ACC did not draw upon the Capital
Support Agreement and had met all applicable capital requirements.
Threadneedle’s required capital is predominantly based on the requirements specified by its regulator, the Financial
Services Authority (‘‘FSA’’), under its Capital Adequacy Requirements for asset managers.
The Company has four broker-dealer subsidiaries, American Enterprise Investment Services Inc., Ameriprise Financial
Services, Inc., RiverSource Distributors, Inc. and Columbia Management Investment Distributors, Inc. The broker-dealers
are subject to the net capital requirements of the Financial Industry Regulatory Authority (‘‘FINRA’’) and the Uniform Net
Capital requirements of the SEC under Rule 15c3-1 of the Securities Exchange Act of 1934.
Ameriprise Trust Company is subject to capital adequacy requirements under the laws of the State of Minnesota as
enforced by the Minnesota Department of Commerce.
In 2012, Ameriprise Bank requested regulatory approval to convert from a federal savings bank to a limited powers
national trust bank. Conditional approval for this conversion was received in December 2012, and the conversion to a
limited powers national trust bank, as well as the renaming of the entity as Ameriprise National Trust Bank, was completed
in January 2013. Prior to this conversion, Ameriprise Bank, FSB was subject to regulation by both the Comptroller of
Currency (‘‘OCC’’), as a federal savings bank, and by the Federal Deposit Insurance Corporation (‘‘FDIC’’) in its role as
insurer of its deposits. Following the conversion, Ameriprise National Trust Bank remains subject to regulation by the OCC
and, to a limited extent, by the FDIC. As a limited powers national association, Ameriprise National Trust Bank remains
subject to supervision under various laws and regulations enforced by the OCC, including those related to capital adequacy,
liquidity and conflicts of interest.
21. Income Taxes
The components of income tax provision attributable to continuing operations were as follows:
Years Ended December 31,
2013 2012 2011
(in millions)
Current income tax
Federal $ 549 $ 229 $ 250
State and local 24 25 21
Foreign 37 31 23
Total current income tax 610 285 294
Deferred income tax
Federal (102) 37 90
State and local (10) 15 1
Foreign (6) (2) (8)
Total deferred income tax (118) 50 83
Total income tax provision $ 492 $ 335 $ 377
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