Ameriprise 2015 Annual Report Download - page 11
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Annual Report 2015 | 9
In Annuities, we offer our products to Ameriprise
clients — people we know well. As more
clients move to retirement, the unique benets
annuities can provide — access to lifetime
guaranteed income — are central to meeting
client needs. Variable annuity sales have been
steady with good receptivity to the launch of
our SecureSource 4® a n d SecureSource 4 Plus®
riders, as well as ongoing sales of variable
annuities without living benets. This has helped
offset some of the pressure from lower equity
markets on annuity account balances and the
outows from a closed book of variable annuities
We did experience higher life insurance claims
in 2015 that increased expenses, but the
business remains sound.
In Auto and Home, we continue to earn high
policyholder satisfaction and have strong
relationships with our afnity partners. We’ve
built a direct business and are focused
on providing an excellent experience for
policyholders while strengthening the nancial
performance of the business. Like others in the
industry, we experienced higher auto liability
expenses during the year. In addition, we also
sold through third parties. In xed annuities,
the business is performing as expected,
but new sales are low given persistently
low interest rates.
Protecting our clients’ wealth is an important
part of an advice relationship and the value
our advisors provide. We’ve built a strong
life and health insurance business and are
generating steady sales of indexed universal
life insurance — a solution that offers clients
market upside for their cash value coupled with
downside protection, which our clients are nding
increasingly attractive given market volatility.
had increased expenses related to claims for
prior periods and added to reserves. To address
this underperformance, we added resources and
are enhancing pricing, underwriting and claims
management. While we are seeing some initial
improvement, we recognize that it will take time
for the benets to be fully realized. We believe
the actions we’re taking are the right ones to get
the Auto and Home business back on track.