Ameriprise 2014 Annual Report Download - page 79

Results of Operations by Segment
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013
Operating earnings is the measure of segment profit or loss management uses to evaluate segment performance.
Operating earnings should not be viewed as a substitute for GAAP income from continuing operations before income tax
provision. We believe the presentation of segment operating earnings as we measure it for management purposes
enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating
a more meaningful trend analysis. See Note 25 to the Consolidated Financial Statements for further information on the
presentation of segment results and our definition of operating earnings.
The following table presents summary financial information by segment:
Years Ended
December 31,
2014 2013
(in millions)
Advice & Wealth Management
Net revenues $ 4,806 $ 4,295
Expenses 4,014 3,703
Operating earnings $ 792 $ 592
Asset Management
Net revenues $ 3,320 $ 3,169
Expenses 2,532 2,478
Operating earnings $ 788 $ 691
Annuities
Net revenues $ 2,591 $ 2,561
Expenses 1,958 1,932
Operating earnings $ 633 $ 629
Protection
Net revenues $ 2,287 $ 2,186
Expenses 2,041 1,850
Operating earnings $ 246 $ 336
Corporate & Other
Net revenues $4$15
Expenses 234 244
Operating loss $ (230) $ (229)
The following table presents the segment pretax operating impacts on our revenues and expenses attributable to unlocking:
Years Ended December 31,
2014 2013
Segment Pretax Operating Increase (Decrease) Annuities Protection Annuities Protection
(in millions)
Other revenues $ — $ (29) $ — $ (18)
Benefits, claims, losses and settlement expenses 5 1 21 (4)
Amortization of DAC 17 (9) (81) (3)
Total expenses 22 (8) (60) (7)
Total $ (22) $ (21) $ 60 $ (11)
Advice & Wealth Management
Our Advice & Wealth Management segment provides financial planning and advice, as well as full-service brokerage
services, primarily to retail clients through our advisors. These services are centered on long-term, personal relationships
between our advisors and our clients and focus on helping clients confidently achieve their financial goals. Our advisors
provide a distinctive approach to financial planning and have access to a broad selection of both affiliated and
non-affiliated products to help clients meet their financial needs. A significant portion of revenues in this segment is
fee-based, driven by the level of client assets, which is impacted by both market movements and net asset flows. We also
earn net investment income on invested assets primarily from certificate products. This segment earns revenues
(distribution fees) for distributing non-affiliated products and intersegment revenues (distribution fees) for distributing our
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