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A year of growth: annual report

2013 Consolidated Highlights

(in millions, except per share amounts and as noted)
GAAP 2013 2012 2011 Operating 2013 2012 2011
Net revenues $11,199 $10,217 $10,192 Net revenues $10,857 $10,143 $10,050
Net income from continuing operations attributable to Ameriprise Financial $1,337 $1,031 $1,176 Earnings $1,460 $1,245 $1,274
Earnings from continuing operations per diluted share attributable to Ameriprise Financial common shareholders $6.46 $4.63 $4.77 Earnings per diluted share $7.05 $5.59 $5.17
Return on equity from continuing operations excluding accumulated other comprehensive income, net of tax 17.2% 12.8% 13.9% Return on equity excluding accumulated other comprehensive income, net of tax 19.7% 16.2% 16.0%
Shareholders' equity from continuing operations $8,192 $9,092 $8,988
Shareholders' equity excluding accumulated other comprehensive income, net of tax $7,597 $7,898 $8,237

This Annual Report to Shareholders contains certain non-GAAP financial measures that management believes best reflect the underlying performance of our operations. See sources for reconciliations of non-GAAP measures to the most directly comparable GAAP measure.

Dear fellow shareholders,

2013 was a year of growth for Ameriprise Financial. From our overall client offerings to assets under management and financial returns, we delivered record results.

Ameriprise is powered by the strength of our wealth management, asset management and insurance businesses — through which we advise, manage and protect our clients' assets and income. Each is a market leader on its own. However, it is the combination of our businesses, the long-term relationships we develop with our clients, and the strength of our financial foundation that creates a powerful and resilient financial services franchise.

We have made tremendous progress over the past several years guided by our vision to be the most respected and referred financial services firm. The compelling results we're achieving today are the outcome of the strategic priorities, executional discipline and leadership principles that define our firm.

Our strategy remains consistent and effective. We've proven that by meeting the needs of our clients and advisors, executing our strategy and maintaining our financial strength, we can consistently deliver shareholder value and capture opportunities in the marketplace.

A year of growth

Ameriprise, like the industry, benefited from strong U.S. and European equity markets in 2013, as well as increased investor confidence. While equity markets provided steady tailwinds throughout the year, interest rates remained stubbornly low as the U.S. Federal Reserve continued its unprecedented bond buying program.

In this environment, we drove strong growth and profitability across our businesses. Our results and progress demonstrate that we're executing our strategy well and building on our solid foundation.

We grew assets under management and administration to a record $771 billion at the end of 2013, up 13 percent. Operating net revenues grew by 7 percent to $10.9 billion. Through our combination of business growth and capital management, we drove a 26 percent increase in operating earnings per diluted share and generated a 19.7 percent operating return on equity, excl. AOCI — one of the strongest in the industry — up significantly from 16.2 percent a year ago.

Investors demonstrated their support for Ameriprise. In 2013, the total return of Ameriprise common stock was 88 percent, far outpacing the S&P 500 Index and the S&P Financials Index. In fact, of the 81 companies that comprise the S&P Financials Index, Ameriprise delivered the fifth-highest total shareholder return last year.

Just as our strategy remains consistent, so too has our strong share performance. As of year end, the five-year total return for Ameriprise common stock was 449 percent, well in excess of many of our industry peers. And since becoming an independent, public company in 2005, Ameriprise delivered the second-highest total return of any firm in the S&P Financials Index.

Delivering shareholder value

Our capital strength and flexibility differentiate Ameriprise. As we execute our strategy and evolve our earnings mix, we are returning significant amounts of capital to shareholders and delivering shareholder value.

a chart a chart a chart
Realizing our wealth management opportunity

2013 was an excellent year for our Advice & Wealth Management business. We continued to build on our reputation as the company with the right expertise to help clients feel confident about their financial futures — as well as the place where productive, experienced advisors can grow even stronger practices. This attractive value proposition is built on providing personalized financial advice, a broad set of products and solutions, as well as excellent service. In fact, Forrester Research recognized Ameriprise as offering the leading customer experience for investment firms in its 2014 Customer Experience Index Report.

Ameriprise is the leader in financial planning in the United States. Retirement is one of consumers' leading concerns, and we developed our new Confident Retirement® approach to simplify the conversations our advisors have with clients and prospects about how to pursue a secure and confident retirement. Our approach makes complex topics easier to discuss and act upon. Its simplicity and effectiveness is resonating with clients and advisors alike. It is helping to attract new clients to Ameriprise, deepen existing relationships and increase advisor productivity.

From delivering the type of service clients want, to providing the right resources to help our advisors grow their practices, we strive to make doing business with Ameriprise easy and productive. Technology plays a critical role, and we've made significant investments in our digital and online capabilities. Advisors can now submit new business online as we move to a more "paperless office" — one that is both efficient and secure. And clients can increasingly transact online. In fact, our online consumer experience was recently rated third by Heardable.

We've also transformed our brokerage platform, providing an easier and better way for clients and advisors to conduct business — earning the #2 ranking for full-service firm websites in a 2012 Corporate Insight Brokerage Website Audit study. In addition, we're continually enhancing our product portfolio, including adding to our managed account platform and other products to meet the needs of our mass affluent and affluent client base.

Importantly, we continue to develop the Ameriprise Financial brand, making it increasingly recognizable. Building on our work in 2013, this February we launched the next stage of our brand advertising with award-winning actor, Tommy Lee Jones. Our Real Questions, Real Answers campaign brings to life important questions people have about retirement and how Ameriprise can help answer them through our exclusive Confident Retirement approach.

We have a tenured and experienced advisor force, and we're focused on ensuring they have the capabilities they need to serve clients well and increase their productivity. These investments in service, technology and brand awareness contribute to our strong advisor productivity growth, as well as excellent advisor retention and satisfaction rates in both our franchise and employee channels. They also benefit our experienced advisor recruiting, where we have established a firm foothold.

We continue to attract experienced advisors who value our culture, leadership and what we do to support advisor growth. More than 1,000 experienced advisors have moved their practices to Ameriprise over the past few years, and the advisors who have joined us are increasingly productive, bringing with them thousands of new client relationships and billions of dollars in assets that complement our organic client growth.

Our efforts are translating into excellent financial results and metrics in our advisory business. Revenues, earnings, client assets and advisor productivity grew by double digits. And client net inflows in our fee-based advisory businesses climbed to more than $13 billion — a record year for this investment platform.

Segment pretax operating earnings increased substantially — up 35 percent in 2013 to $598 million. And as we grow the business, we're managing expenses prudently, which is resulting in profitability increases consistent with our plans. Pretax operating margin in Advice & Wealth Management increased from 11.4 percent to a competitive 13.9 percent in 2013, overcoming interest rate headwinds and our decision to end certain banking operations in 2012.

These are strong results, and I feel confident that we can continue to improve profitability in this important growth business.

a chart a chart a chart
Our Confident Retirement approach

Our exclusive Confident Retirement approach brings together our capabilities to help address a critical consumer need — planning and preparing for retirement. It links together dreams, goals, recommendations, product solutions and action steps in a way that's easy for people to understand. Using the approach, clients work with our advisors to address four key retirement needs: covering essentials, ensuring lifestyle, preparing for the unexpected and leaving a legacy.

confident retirement triangle
A recognized leader
  • Leading financial planning company in the U.S.
  • #1 customer experience — investment firm category
  • #3 full-service investment online brand
  • #2 mutual fund advisory program in assets
  • #8 IRA provider
  • #8 long-term mutual fund assets in the U.S.
  • #5 VUL/IUL provider
  • Strong financial strength ratings
See sources
Benefiting from our annuities and insurance businesses

To retire on their terms, consumers need to understand both their financial position and the lifestyle they want to live. A key component of our wealth management business and our Confident Retirement approach is our ability to help protect assets and income through annuities and insurance.

We have built strongly rated businesses that provide excellent product capabilities. Our financial planning model, legacy of maintaining prudent product features, and financial strength help to ensure that these businesses can continue to deliver for our clients and shareholders. In an extended period of low interest rates, our protection and annuity businesses are performing well with good sales growth in our channel, strong risk characteristics and solid returns.

We've taken a number of steps over the past few years to further optimize the risk profile of our variable annuity products, including ending new third-party sales and adding investment options designed to help manage volatility. We are adding business where we want and experienced a good pick up in variable annuity sales in 2013. We're also focused on offering clients variable annuities without guaranteed benefit riders, as they look to generate taxdeferred savings and income for retirement. While we're growing our variable business, fixed annuity sales remained low given the current interest rate environment. That said, we have an attractive fixed annuity book and as rates rise, we anticipate having an opportunity to add to it.

With regard to life insurance, with $194 billion in life insurance in force, we have a sizable business, and I feel very good about its earnings and risk profile. In 2013, we generated strong growth in sales of indexed universal life and variable universal life, important solutions for clients' protection and long-term asset accumulation needs. And with health care concerns increasingly on the minds of those in retirement, we introduced RiverSource TrioSourceSM — an innovative universal life insurance product with long-term care benefits that fits well with our financial planning approach.

In addition, we've steadily grown our Auto & Home policyholder base — up 11 percent in 2013. We, like others in the industry, were impacted by weather-related losses last year. However, we are being recognized for high customer satisfaction and remain focused on targeted growth opportunities in both the direct and affinity channels.

As we serve more clients and deepen existing relationships, we believe we can continue to grow our protection and annuity businesses prudently. We are deriving strong returns while ensuring we deliver on the commitment we make to our clients to be here for them for decades to come.

Building a global asset manager

Today, in our Asset Management segment, Ameriprise manages $501 billion in assets for retail, institutional and high-net-worth clients from offices in the U.S., U.K. and Asia. Through our acquisitions and steady investment, we've transformed our business and significantly expanded our distribution reach to compete both locally and globally.

Last year, we grew AUM by 10 percent and delivered strong financial results, generating $715 million in pretax operating earnings, up 28 percent from a year ago, and expanding our adjusted net pretax operating margin from 34.6 percent to a competitive 37.8 percent.

Through Columbia Management and Threadneedle Investments, we hold top-10 positions in our home markets of the U.S. and U.K., respectively. We are generating competitive investment performance and earned numerous awards in 2013 in multiple countries. Together, we have 117 four- and five-star Morningstarrated funds.

Our teams at Columbia and Threadneedle are collaborating across multiple areas of the business for the benefit of our clients. Investors now have access to an even broader range of our equity, fixed income and risk management capabilities, including in key global asset classes such as emerging market equity and debt, global bonds and global asset allocation. In addition to our investment and research sharing, we are now running our institutional business globally, enabling us to promote our full product portfolio.

The global investment management opportunity is attractive. It's projected that global categories could represent nearly $2 trillion of net flows through 2017, and we feel very good about our ability to compete for a solid share. It's a core focus and a complement to our local strength as we aim to move the business to net inflows over time.

Our U.K. and European retail business is performing quite well with strong net inflows in 2013. And we're making some progress on key intermediary platforms in the U.S., where we continue to focus on adding value for advisors and distribution partners and earning a higher share. In addition, our third-party institutional business had a strong year. We're earning key equity and fixed income mandates in the U.S., Europe and Asia, our win rate is strong, and we continue to build our new business pipeline.

As I reflect on our progress in Asset Management, I feel very good about the investments we've made, the capabilities we've built and the opportunity before us. The drivers of net outflows we experienced in 2013 reflected the unique dynamics of our acquisitions, industry pressures and our proactive decision to improve the economics in the registered investment advisor channel. They are largely from formerparent, closed books or lower-fee portfolios that we're working to offset with higher-fee intermediary and institutional flows. We have more work to do to generate net inflows consistently, and I'm confident we will get there.

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Evolving our business mix

Each of our diversified businesses delivers for clients, advisors and shareholders. As we've grown, we've orchestrated a transformation of our business mix with the majority of our operating earnings now driven by our less capital-demanding advisory and asset management businesses.

Pretax operating earnings and mix shift
a chart
Evolving our business mix and deploying capital

As we grow our earnings over time, I believe we can consistently generate more than 60 percent of our operating earnings from Advice & Wealth Management and Asset Management while prudently growing our Annuity and Protection businesses. In 2008, 30 percent of our operating earnings came from our higher P/E, less capital-demanding businesses. That number grew to 45 percent in 2010, and last year, we raised it to 56 percent.

Our mix of businesses generates significant free cash flow that we use to invest and return to shareholders. And as we free up capital, we are returning a large percentage through share repurchases and dividends. Last year we devoted nearly $2 billion to share repurchases and dividends, including raising our regular quarterly dividend 16 percent, which represented the sixth increase since 2010. In fact, 2013 marked the third consecutive year we returned more of our capital to shareholders than we earned while continuing to hold appropriate excess capital and maintain our strong ratings.

Serving our communities and earning a strong reputation

At Ameriprise, our business is a relationship business, and our clients are served by some of the most talented and committed individuals in the industry. I feel very good about our people and the values they demonstrate. We consistently achieve some of the highest scores for employee engagement in the industry and our advisor engagement and satisfaction are near record highs.

Our terrific engagement is also reflected in our giving programs and volunteerism, including our national partnership with Feeding America. Ameriprise and our employees, advisors and clients are making a difference. More than 10,000 people in the United States, including our clients, participated in the Ameriprise Financial National Day of Service. We're also being recognized for the work we do and for our community involvement. Ameriprise was recognized again as a member of The Civic 50 — a list of the top civic-minded companies.

The actions we take every day and the decisions we make shape our corporate reputation. While trust in financial services has been low in recent years, we're doing everything we can to earn and reward the trust our clients, advisors and shareholders place in us.

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A culture of giving back

At Ameriprise Financial, giving back is deeply rooted in our culture. For 120 years, we have been committed to our communities. In recognition of our commitment, Ameriprise was again named to The Civic 50 as one of the country's most civic-minded companies. We also received the Charities@Work Corporate Excellence Award in recognition of employee engagement, corporate social responsibility and giving campaign management.

In 2013, we supported a diverse group of over 5,000 nonprofits through:

  • Grant Making — Ameriprise supported 163 nonprofits that help individuals and families in our communities.
  • Annual Giving Campaign and Gift Matching — Through our industry-leading workplace giving campaign, we raised $6.6 million through individual donations, gift matching and special events.
  • Volunteerism — Employees and advisors donated more than 55,000 hours to volunteer causes.
  • National Day of Service — In November, 10,000 Ameriprise advisors, employees and clients volunteered in all 50 states helping hunger relief agencies prepare for the Thanksgiving holiday.
the civic 50 charities at work
volunteers

Ameriprise volunteers worked with the St. Bernard Project in New Orleans.

a map
Thank you

2013 was a year of growth for Ameriprise — our strongest on record. Yet we have more work to do. Over the past eight years as Ameriprise, we have transformed our company consistent with our plans and supported our clients and advisors through some of the toughest economic times. We are focused on what we can control and executing with excellence the actions that will drive value for all our constituents.

To our clients, thank you for entrusting your assets to Ameriprise. We greatly value your business.

To our more than 19,000 employees and advisors, thank you for your commitment, energy and enthusiasm. We appreciate all you do.

To my fellow members of the Ameriprise Financial Board of Directors, thank you for your counsel and support. We all benefit from your perspective.

And finally, to you, our shareholders, thank you for your trust and confidence in Ameriprise. We will continue to do all we can to reward it.

Sincerely,

signature of james cracchiolo

James M. Cracchiolo
Chairman and Chief Executive Officer

Our values

Client focus, integrity, excellence, and respect for individuals and communities in which we live and work

Executive Leadership Team

  • James M. Cracchiolo

    Chairman and

    Chief Executive Officer

  • Walter S. Berman

    Executive Vice President and

    Chief Financial Officer

  • Donald E. Froude

    President,

    The Personal Advisors Group

  • Kelli A. Hunter

    Executive Vice President,

    Human Resources

  • John C. Junek

    Executive Vice President and General Counsel

  • Randy C. Kupper

    Executive Vice President

    and Chief Information Officer

  • Neal Maglaque

    President, Advice & Wealth Management

    Business Development

    and Chief Operating Officer

  • Deirdre D. McGraw

    Executive Vice President, Corporate Communications

    and Community Relations

  • Colin Moore

    Executive Vice President,

    Global Chief Investment Officer

  • Kim M. Sharan

    President, Financial Planning

    and Wealth Strategies

    and Chief Marketing Officer

  • Joseph E. Sweeney

    President,

    Advice & Wealth Management

    Products and Service Delivery

  • William F. Truscott

    Chief Executive Officer,

    Global Asset Management

  • John R. Woerner

    President, Insurance & Annuities and Chief Strategy Officer

Board of Directors

  • James M. Cracchiolo

    Chairman and

    Chief Executive Officer

    Ameriprise Financial, Inc.

  • Dianne Neal Blixt

    Former Executive Vice President

    and Chief Financial Officer

    Reynolds American, Inc.

  • Amy DiGeso

    Former Executive Vice President

    Global Human Resources

    The Estee Lauder Companies Inc.

  • Lon R. Greenberg

    Chairman and Former

    Chief Executive Officer

    UGI Corporation

  • W. Walker Lewis

    Chairman

    Devon Value Advisers

  • Siri S. Marshall

    Former Senior Vice President

    and General Counsel

    General Mills, Inc.

  • Jeffrey Noddle

    Former Chairman

    SUPERVALU INC.

  • H. Jay Sarles

    Private Investor

    Former Vice Chairman

    Bank of America

  • Robert F. Sharpe, Jr.

    Former President

    Commercial Foods and

    Chief Administrative Officer

    ConAgra Foods, Inc.

  • William H. Turner

    Former Dean

    Montclair State University

    Former Chairman

    PNC Bank, NA, New Jersey

General Information

Executive Offices

Ameriprise Financial Center
707 2nd Avenue South
Minneapolis, MN 55474
612.671.3131

7 World Trade Center
250 Greenwich Street, Suite 3900
New York, NY 10007

 

Information Available to Shareholders

Copies of our company's Annual Report on Form 10-K, proxy statement, press releases and other documents, as well as information on financial results and products and services, are available through the Ameriprise Financial website at ameriprise.com. Written copies of these materials are available without charge, upon written request to the corporate secretary's office.

Stock Exchange Listing

New York Stock Exchange
Symbol: AMP

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
225 South 6th Street, Suite 1400
Minneapolis, MN 55402

Transfer Agent

Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940
866.337.4999
(U.S. and Canada only)
781.575.3223 (International)

Email:
web.queries@computershare.com

Website:
computershare.com/investor

Annual Meeting

The 2014 Annual Meeting of Shareholders of Ameriprise Financial will be held at our Minneapolis headquarters at 707 2nd Avenue South, Minneapolis, MN 55474, on Wednesday, April 30, 2014, at 11 a.m. Central time. A written or audio transcript of the meeting will be available upon written request to the corporate secretary's office. There will be a modest charge to defray production and mailing costs.

Shareholders

As of Feb. 14, 2014, there were 16,877 shareholders of record. Copies of the Ameriprise Financial Corporate Governance Guidelines, as well as the charters of the four standing committees of the Board of Directors and the Ameriprise Financial Company Code of Conduct, are available on the company's website at ir.ameriprise.com. Our website also provides important information about how and when we grant share-based compensation such as stock options and restricted stock, including the schedule of grant dates for 2014. We provide a copy of our Long-Term Incentive Awards Policy on our website and explain our policy for the approval of grants on a date when the Compensation and Benefits Committee of the Board of Directors or our chairman and chief executive officer is aware of material, nonpublic information about our company or its securities. Copies of these materials are available without charge, upon written request to the corporate secretary's office.

We filed the Certifications of our chief executive officer and chief financial officer with the Securities and Exchange Commission pursuant to section 302 of the Sarbanes-Oxley Act of 2002 as exhibits 31.1 and 31.2 respectively, to our Annual Report on Form 10-K for the year ended Dec. 31, 2013.

Shareholder and Investor Inquiries

Written shareholder inquiries may be sent to:
Computershare Shareholder Services
P.O. Box 43078
Providence, RI 02940

or to:
Corporate Secretary's Office
1098 Ameriprise Financial Center
Minneapolis, MN 55474

Written inquiries from the investment community should be sent to:
Investor Relations
243 Ameriprise Financial Center
Minneapolis, MN 55474

Trademarks

The following trademarks and service mark of Ameriprise Financial, Inc. and its affiliates appear in this report:

Ameriprise Financial®

Confident Retirement®

RiverSource TrioSourceSM

Ameriprise Financial, Inc.

2013 Annual Report & Form 10-K

VIEW THE COMPLETE ANNUAL REPORT (PDF VERSION)

This report is not a solicitation for any of the products or services mentioned. Investment products, including shares of mutual funds, are not FDIC or otherwise federally insured, are not deposits or obligations, or guaranteed by any financial institution, and involve investment risks, including possible loss of principal and fluctuation in value.

Past performance does not guarantee future results. Actual results may vary materially from our plans, estimates and beliefs. Please review carefully the discussion captioned "Forward-Looking Statements" contained in Part II, Item 7 in our Annual Report on Form 10-K for the year ended Dec. 31, 2013.

Morningstar ratings as of Dec. 31, 2013. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. © 2014 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The following describes the principal subsidiaries that conduct the financial planning, asset accumulation and income, and protection business of Ameriprise Financial, Inc. Columbia Mutual Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited is an FCA- and an SEC-registered investment adviser and an affiliate of Columbia Management Investment Advisers, LLC, based in the U.K.

RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company and, in New York, by RiverSource Life Insurance Co. of New York, Albany, NY, and distributed by RiverSource Distributors, Inc. Auto and home insurance is underwritten by IDS Property Casualty Insurance Company, or in certain states, Ameriprise Insurance Company. Personal trust services are offered through Ameriprise National Trust Bank. Ameriprise Financial Services, Inc. Member FINRA and SIPC. Investment advisory services and products are made available through Ameriprise Financial Services, Inc., a registered investment adviser.

Ranking data as of 12-31-13: No. 8 long-term mutual fund assets in the U.S.: ICI Complex Assets. No. 4 retail fund assets in U.K.: investmentuk.org. Leading financial planning company in U.S. — Ameriprise helped pioneer the financial planning process more than 30 years ago. We have more financial planning clients and more CERTIFIED FINANCIAL PLANNERTM professionals than any other company in the U.S. based on data filed at adviserinfo.sec.gov and documented by the Certified Financial Planner Board of Standards, Inc., as of Dec. 31, 2013. #2 mf advisory program — Cerrulli Edge Managed Accounts Edition, as of 3Q13. #8 IRA — Cerrulli Edge Retirement Edition, as of 3Q'13. #5 VUL/IUL — LIMRA, 3Q13. Strength ratings — see current ratings at ir.ameriprise.com. #1 customer experience — investment firm category — Forrester Research — The Customer Experience Index, 2014. #3 full-service brand online — 2012 Online Brand Health Benchmark Report — Heardable.

(in millions) 2011 2012 2013
Total net revenues $10,192 $10,217 $11,199
Less: Revenues attributable to the CIEs 136 71 345
Less: Net realized gains 6 7 7
Less: Market impact on indexed universal life benefits (10)
Less: Integration/restructuring charges (4)
Operating total net revenues $10,050 $10,143 $10,857
(in millions) 2012 2013
Asset Management operating total net revenues $2,891 $3,169
Less: Distribution pass through revenues 822 892
Less: Subadvisory and other pass through revenues 399 430
Asset Management adjusted operating revenues $1,670 $1,847
Asset Management pretax operating earnings $557 $715
Less: Operating net investment income 19 54
Add: Amortization of intangibles 40 38
Asset Management adjusted operating earnings $578 $699
Asset Management adjusted net pretax operating margin 34.6% 37.8%
(in millions) 2009 2010 2011 2012 2013
Net income attributable to Ameriprise Financial $634 $989 $1,116 $1,029 $1,334
Less: Income (loss) from discontinued operations, net of tax 1 (24) (60) (2) (3)
Net income from continuing operations attributable to Ameriprise Financial 633 1,013 1,176 1,031 1,337
Less: Adjustments(1) (88) (63) (98) (214) (123)
Operating earnings $721 $1,076 $1,274 $1,245 $1,460
Ameriprise Financial shareholders' equity(2) $6,431 $9,043 $9,169 $9,071 $8,582
Less: Assets and liabilities held for sale(2) 100 102 30
Less: Accumulated other comprehensive income (loss), net of tax "AOCI"(2) (436) 621 701 1,001 821
Ameriprise Financial shareholders' equity from continuing operations excluding AOCI(2) 6,767 8,320 8,438 8,070 7,761
Less: Equity impacts attributable to the consolidated investment entities(2) 455 478 397 333
Operating equity(2) $6,767 $7,865 $7,960 $7,673 $7,428
Return on equity from continuing operations, excluding AOCI 9.4% 12.2% 13.9% 12.8% 17.2%
Operating return on equity, excluding AOCI(3) 10.7% 13.7% 16.0% 16.2% 19.7%

(1) Adjustments reflect the trailing 12 months' sum of after-tax net realized gains/losses; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; and integration/ restructuring charges. After-tax is calculated using the statutory tax rate of 35%. (2) Amounts represent the five-point average of quarter-end balances, except for 2009. Amounts for 2009 represent a two-point average of beginning of year and end of year balances. (3) Operating return on equity excluding accumulated other comprehensive income/loss (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized gains/losses; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; integration/restructuring charges; and discontinued operations in the numerator, and Ameriprise Financial shareholders' equity excluding AOCI; the impact of consolidating investment entities; and the assets and liabilities held for sale using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 35%.

(in millions, except per share amounts) 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
Net income attributable to Ameriprise Financial $634 $989 $1,116 $1,029 $1,334 $2.59 $3.77 $4.53 $4.62 $6.44
Less: Income (loss) from discontinued operations, net of tax 1 (24) (60) (2) (3) - (0.09) (0.24) (0.01) (0.02)
Net income from continuing operations attributable to Ameriprise Financial 633 1,013 1,176 1,031 1,337 2.59 3.86 4.77 4.63 6.46
Less: Net realized gains, net of tax(1) 34 22 4 5 5 0.14 0.08 0.01 0.02 0.02
Add: Integration/restructuring charges, net of tax(1) 64 73 62 46 9 0.26 0.28 0.25 0.21 0.04
Add: Market impact on variable annuity guaranteed benefits, net of tax(1) 58 12 40 173 111 0.24 0.04 0.16 0.77 0.53
Add: Market impact on indexed universal life benefits, net of tax(1) - - 8 - - - 0.04
Operating earnings $721 $1,076 $1,274 $1,245 $1,460 $2.95 $4.10 $5.17 $5.59 $7.05

Per Diluted Share

(1) Calculated using the statutory tax rate of 35%.