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Ameriprise compass

Annual Report 2014

2014 Ameriprise Financial Consolidated Highlights

(in millions, except per share and as noted)
GAAP 2014 2013 2012
Net Revenues $12,268 $11,199 $10,217
Net income from continuing operations attributable to Ameriprise Financial $1,621 $1,337 $1,031
Earnings from continuing operations per diluted share attributable to Ameriprise Financial common shareholders $8.31 $6.46 $4.63
Return on equity from continuing operations excluding accumulated other comprehensive income, net of tax 21.5% 17.2% 12.8%
Shareholders' equity $8,124 $8,192 $9,092
Shareholders' equity excluding accumulated other comprehensive income, net of tax $7,462 $7,597 $7,898
Operating 2014 2013 2012
Net Revenues $11,591 $10,857 $10,143
Earnings $1,662 $1,460 $1,245
Earnings per diluted share $8.52 $7.05 $5.59
Return on equity excluding accumulated other comprehensive income, net of tax 23.0% 19.7% 16.2%
2014 2013 2012
Assets under management and administration (in billions) $806 $771 $681
Weighted average common shares outstanding — diluted 195.0 207.1 222.8
Cash dividends paid per common share $2.26 $2.01 $1.43
Common stock shares repurchased 11.8 17.8 24.6

This Annual Report to Shareholders contains certain non-GAAP financial measures that management believes best reflect the underlying performance of our operations. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are on page 14.

Dear fellow shareholders,

In 2014, Ameriprise Financial marked it its 120th anniversary. Our longevity and legacy of success come from our clarity of focus on who we serve — our clients. Later this year, we will recognize another important milestone, our 10th anniversary as an independent, public company. We have made incredible progress and Ameriprise has never been stronger. As always, we remain true to our mission to help people feel confident about their financial future.

We take pride in the position we've earned and progress we've made, and I feel confident about our ability to further our growth. Our consistent strategy to advise, manage and protect assets and income for individual and institutional clients is working. We do this through a powerful, diversified business model firmly centered on serving our clients' needs. As I will share in this letter, Ameriprise is performing well. And in many ways, we are outperforming.

JAMES M. CRACCHIOLO
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER

Ameriprise compass

A recognized leader

One of the most trusted investment firms

No. 1 customer experience — investment firm category

Highest forgiveness rating in the investment industry

Financial planning leader

No. 1 provider of quality investment advice

No. 2 most influential brokerage in social media

No. 2 mutual fund advisory program in assets

No. 5 preferred rollover IRA destination

Top 30 global asset manager

No. 11 long-term mutual fund manager in the U.S.

Top 10 variable universal life insurance provider

Strong financial strength ratings

(See source information)

A year of record performance

From financials to business performance, Ameriprise delivered record results across many dimensions. Aided by continued improvement in consumer sentiment and appreciating equity markets in the U.S., we grew assets across the firm while managing continued headwinds from low interest rates.

We completed the year with $806 billion of assets under management and administration. In terms of our financials, we've consistently demonstrated our ability to grow. With solid revenue growth and continued expense management, operating earnings reached a record $1.7 billion — a 14% increase for the year — and operating earnings per diluted share increased 21% to $8.52.

As a result of good business growth and effective capital management, we continue to expand our return on equity, an important measure of how efficiently we use the equity our shareholders entrust to us. At the conclusion of 2014, operating ROE reached a new high of 23%, which we've more than doubled over the last five years. Few financial services companies generate this level and growth of return.

Investors have noticed. The total return of Ameriprise common stock was 17% for the year, continuing our record of outperforming relevant indices. Since becoming an independent, public company in 2005, total shareholder return at the end of 2014 was 337%, ranking Ameriprise second overall in the S&P 500 Financials Index.

Significant growth opportunity

There continues to be a tremendous need for advice to help consumers prepare for and live in retirement. Ameriprise remains at the heart of this large opportunity. Whether it's individuals searching for reliable income sources or institutions looking to achieve their own goals, we have the expertise and capabilities they need.

We serve clients through our primary growth engines: Advice & Wealth Management and Asset Management, complemented by our Protection and Annuity businesses. This combination provides multiple revenue streams, strong asset persistency and lower volatility than many of our peers.

While other companies in financial services compete either as a manufacturer or distributor, we offer an integrated business. Our approach allows us to offer an excellent client experience and results in deep, long-lasting client relationships.

There's a tremendous consumer need for advice to help prepare for and live in retirement. Ameriprise remains at the heart of this large opportunity. Whether it's individuals needing a reliable income stream or institutions looking to achieve their own goals, we have the expertise and capabilities to serve them well.

We serve clients through our primary growth engines: Advice & Wealth Management and Asset Management, complemented by our Insurance and Annuity businesses. This combination of businesses provides multiple revenue streams, strong asset persistency and lower volatility than many of our peers.

While other companies in the industry compete as a manufacturer or distributor — we offer an integrated business. Our approach allows us to offer an excellent client experience and results in deep, long-lasting client relationships.

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Growth in Assets

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A powerful wealth manager

We're striving to be an unparalleled provider of retail financial services. And the key is the relationship our advisors have with clients, centered on comprehensive financial planning and advice. These relationships are developed and strengthened over many decades. We proudly serve multiple generations of families because they appreciate the value and peace of mind Ameriprise can provide over a lifetime.

Our growth strategy is simple yet powerful: serve more clients who are accumulating wealth and transitioning to retirement; deepen relationships with existing clients through our comprehensive advice and solutions; and further enhance our advisor value proposition to continue to build a highly productive and growing advisor force. Our strategy is consistent — the results we're generating reflect years of effective execution and steady investment to bring it to life.

Ameriprise is the leader in financial planning and we've long held that position. Our high client satisfaction and referral rates are essential to our growth. In fact, Forrester Research named us a "client-obsessed firm," and also rated Ameriprise no. 1 in customer experience across investment firms.

Our offering appeals to mass affluent and affluent consumers alike. Many of our clients have experienced our Confident Retirement® approach — they feel more confident and believe the advice addresses their needs. Our approach simplifies the challenges of saving for retirement, making it easier for clients to understand and take action, as well as for advisors to increase their productivity. Building on this success, we're expanding our Confident Retirement approach beyond those transitioning to retirement to the many consumers who are at an earlier life stage and are more focused on growing their wealth.

In 2014, we formally introduced Confident Retirement to the marketplace through our "Real Questions. Real Answers." advertising campaign. It includes digital advertising, social media, the 3-Minute Confident RetirementSM check and the opportunity to engage in a conversation with an Ameriprise financial advisor. At the end of 2014, our brand awareness was at an all-time high.

In addition to our investment in the Ameriprise brand, we're also investing in leading technology and systems. We're working with our advisors to run highly productive and efficient practices. In 2014, we completed a major upgrade to our infrastructure. Today, our capabilities are stronger and even more secure. Tools such as Paperless Office are saving resources and increasing efficiency. We launched Total View, an account aggregation tool clients use to view their accounts held at Ameriprise as well as assets held at more than 10,000 financial institutions. In 2015, we'll introduce our new Money Movement System as well as expand advisor mobile capabilities to serve clients when, where and how they want.

We believe delivering an exceptional experience to our clients and advisors differentiates Ameriprise. With our strong reputation, consistent investment and support, our advisor force is strong and motivated to grow. Advisor satisfaction and retention rates remain high. Advisors in the industry are taking notice. In 2014, 284 experienced, productive advisors moved their practices to Ameriprise, bringing the total to more than 1,300 experienced advisors who have joined us over the past four years.

Because of the experience we deliver and the support we provide advisors, clients are entrusting record levels of assets to Ameriprise. During the year, clients added more than $14 billion of net inflows into investment advisory accounts, up 9%, helping to increase total wrap assets under management by 14% to $175 billion.

Total client assets increased substantially to $444 billion. In fact, over the last five years, we've averaged 10% annual growth in client assets.

This strong growth trend is also reflected in the productivity of our advisors. In 2014, operating net revenue per financial advisor increased to $496,000 — a record high. We're working with our advisors to fully benefit from the resources we invest in, enabling them to deliver a terrific client experience and to continue to increase their productivity.

With strong asset and productivity growth, Advice & Wealth Management pretax operating earnings topped $790 million — up a robust 34% — and our operating margin grew substantially to an attractive 16.5%.

These are excellent results. We feel confident that with the value and experience we offer, Ameriprise is well positioned for further growth.

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Delivering results with the Confident Retirement approach

  • 93% feel more confident about retirement
  • 96% feel the advice addresses their needs

Source: Company reports

Protection and Annuities — central to our diversified model

Our RiverSource insurance and annuity businesses help clients protect what matters most, offer important tax benefits and generate reliable sources of retirement income. We've built high-quality businesses with products and solutions that we stand behind and not only contribute to our high client satisfaction, but also deliver appropriate shareholder returns.

These businesses are differentiated through our distribution, product design and effective risk management. Our products are central to our Confident Retirement approach. They help clients protect their assets and income and provide the company with additional asset gathering opportunities. We offer our life and health insurance and annuities products largely to Ameriprise clients through an advice relationship, not as transactional sales. And we benefit from our deep understanding of our clients' goals and behavior.

We continue to focus on educating clients and advisors about the role insurance and annuity products play in a comprehensive financial plan. And consistent with our priority to make it easy to conduct business, we simplified our sales processes and enabled our advisors to submit new business more efficiently.

In 2014, variable annuity balances grew to $77 billion, as we benefited from equity market growth. Assets in fixed annuities declined due to low sales given that interest rates remain at historically low levels. As we work with clients to help ensure their retirement lifestyle through tax management and protection, we're selling more variable annuities without living benefits. This complements sales with living benefits as a way for clients to cover lifestyle expenses in retirement.

In life and health insurance, we remain focused on permanent cash value insurance and other fixed, indexed and variable solutions, and we recently launched our next generation multi-index universal life product. In addition, we generated solid sales of universal life policies as a result of our new RiverSource TrioSourceSM insurance product, which includes a tax-qualified long-term care rider that fits well within our comprehensive approach.

In addition, we have a good Auto & Home insurance business in a highly competitive industry. We've consistently grown our policy count, focusing on affinity channels, and have earned a strong reputation for service and satisfaction. More recently, we increased reserves related to prior-year auto liability claims. We are taking the right steps to strengthen the business and believe we can profitably grow and continue to serve more clients as we move forward.

In terms of financials, Annuity and Protection pretax operating earnings were $879 million in 2014, reflecting higher non-cash expenses, as well as the impact of low interest rates. That said, the underlying performance of our annuity, life and health businesses was in line with our expectations.

The Protection and Annuities businesses are key contributors to Ameriprise. While we expect a slower growth rate over time than Advice & Wealth Management and Asset Management, they are important to our diversified model and client experience. We'll continue to work with clients and advisors to educate them on the benefits these products can provide.

Strong global asset manager

$506 billion in AUM

Locations in 18 countries

118 four- and five-star funds

11th largest manager of long-term funds in the U.S.

Fifth largest retail manager in the U.K.

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(Data as of 12-31-14, see source information)

Building a global asset manager

Asset management industry AUM is projected to grow considerably in the U.S. and U.K.-Europe, where Columbia Management and Threadneedle Investments operate from positions of strength, and at even higher rates in Asia-Pacific, Latin America and the Middle East, where we are establishing a strong foothold.

Over the years, we've built a competitive business through both organic growth and acquisitions. Our talented teams at Columbia and Threadneedle have been working for more than two years to bring together

the best of our capabilities on a global basis for the benefit of our clients. We're expanding our product offering, delivering client-focused solutions and generating good investment performance. We have the size, scale, investment track records and capabilities to serve individuals, institutions and corporate clients around the world.

We are a $500+ billion player with more than 450 investment professionals and a presence in 18 countries. We're transforming the business to take an even greater share of the global opportunity.

We have grown AUM and earnings consistently while remaining focused on moving to net inflows over time. In 2014, we continued to experience outflow pressure, including from former parent relationships from our previous acquisitions and, like other active managers, in certain equity asset classes. We helped offset that pressure with solid sales, including winning an important $5.6 billion mandate from a leading U.K. wealth manager, and benefited from equity market growth.

Our asset management growth strategy is consistent — increase our higher fee retail and institutional AUM while maintaining strategic relationships that provide a solid asset and fee base.

We've also taken an important strategic step, announcing a new global brand for the business — Columbia Threadneedle InvestmentsSM — that we will introduce in the first half of 2015. Our new name builds on the brand equity we've earned over many years as separate businesses and strengthens our positioning around the world under a single brand.

We continue to see product opportunities in three areas: traditional products, where we have 118 four- and five-star Morningstar-rated funds; global products; and multi-asset strategies and solutions.

Our work centers on helping our clients achieve the outcomes they need and enables us to drive profitable net flows.

We introduced a number of new products in 2014, including the Columbia Diversified Real Return Fund, the Threadneedle Global Multi Asset Income Fund and four locally managed Asian equity and fixed income funds for investors in Asia.* We also built on the successful launch of the Columbia Adaptive Risk Allocation Fund, a key fund within our solutions business that's gaining interest from individual and institutional investors alike. In fact, Chief Investment Officer Magazine recently recognized the team with an innovation award for its work.

In terms of distribution, the retail business at Threadneedle continues to perform well, even as we experienced higher market volatility in the second half of the year. Investment performance remains quite strong overall. We're building on the traction we have in the U.K. and Europe and expanding in Asia-Pacific. As investor confidence improves, we expect to accelerate sales in 2015.

At Columbia, we made a number of moves to strengthen the U.S. intermediary business. We enhanced our leadership team; better aligned our product and distribution efforts; and reinforced our business intelligence capabilities. Our team is engaged and motivated. The right people, strategy and tools are in place. We remain focused on driving value to advisors and intermediary clients and earning a greater share of flows in equity, fixed income and multi-asset products.

Our retail business is complemented by a strong and growing traditional third-party institutional business. We manage it globally — across sales, consultant relations and client service. We're earning important equity and fixed income mandates in the U.S., Europe and Asia. We've generated several quarters of positive flows and have a solid new business pipeline.

Financially, Asset Management delivered a record year. Operating net revenues grew 5% to $3.3 billion, pretax operating earnings were up 14% to $788 million and our adjusted net pretax operating margin was a competitive 40%.

In Asset Management, we're focused on our clients and are channeling resources to the areas where we see the best growth opportunities. We're moving in a positive direction, and I feel good about the opportunities before us.

* All asset management products are not available in all jurisdictions.

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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 transformed our business mix with the majority of our pretax operating earnings driven by our less capital-demanding advisory and asset management businesses.

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blue dot Advice & Wealth Management and Asset Management

green dot Annuities & Protection

(data excludes Corporate & Other segment results)
Source: Company reports

Transforming our business mix and deploying capital

The effective execution of our growth strategy is transforming our business mix and reinforcing our ability to deliver shareholder value consistently.

Advice & Wealth Management and Asset Management generated 64% of 2014 pretax operating earnings, up from 45% in 2010. The strong growth in these fee-based, higher P/E businesses is complemented by the strength, stability and differentiation of our Protection and Annuity businesses.

Our financial strength and capital position differentiate Ameriprise. Our diversified model generates significant free cash flow. As we've grown, we've prudently reduced overall capital requirements — a combination that has allowed us to continue to invest in the business while returning capital to shareholders at one of the highest rates in financial services.

During the year, we raised our quarterly dividend again, increasing it 12% — the seventh increase over the past five years. We also announced a new $2.5 billion share repurchase authorization, which we've put to work. In 2014, we returned $1.8 billion to shareholders, marking the fourth consecutive year we returned more than 100% of our operating earnings to shareholders, while continuing to hold more than $2 billion in excess capital and maintaining our strong ratings.

As I look forward, our goal is to continue to return a large majority of our earnings to shareholders annually. I believe that as we execute our strategy, the contributions from Advice & Wealth Management and Asset Management will continue to expand.

Four
consecutive years of returning more than
100%
of operating earnings to shareholders

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green dot Dividends paid
blue dot Common stock share repurchases

A Culture
    of Giving Back

Our culture of giving back is integral to who we are at Ameriprise. Our employees and financial advisors gave more than ever in 2014. We support them in their giving of time and money through volunteer programs, company gift matching and our Annual Giving Campaign. We're proud of the collective difference we make through 6,000 nonprofits across the globe.

  • 66,000 volunteer hours
  • $12 million in grants, individual giving and matching funds
  • We continue to set the bar on corporate giving campaigns with 80 percent of corporate employees giving through our Annual Giving Campaign.
Respect for individuals and for the communities in which we live and work

One in six Americans continue to struggle with hunger. We're working to change that. In 2014, Ameriprise, our employees and financial advisors donated more than 10 million meals. Since beginning our partnership with Feeding America® in 2009, we have donated more than 40 million meals and 130,000 volunteer hours to support hunger relief.

In 2014, Ameriprise held its fifth annual National Day of Service with more than 12,000 Ameriprise employees, financial advisors and clients volunteering at Feeding America food banks and other hunger relief organizations across all 50 states, Washington, D.C., and in the U.K.

Thank you

We had an excellent year in 2014. The results we achieved are the continuation of the decisions and steps we've taken to further strengthen our position as a financial services leader. We remain sharply focused on serving our clients' needs and capturing growth opportunities.

A company is only as strong as the people behind it. Earning trust for the way we work with our clients is paramount to all of us at Ameriprise. In fact, we were ranked the second-most trusted among all investment firms in 2014.

Our engagement with employees is industry leading and an important differentiator. We have a talented and committed team that has executed our plans well.

From our commitment to clients to our opportunity to serve more clients with strong products and solutions supported by our leading capabilities and resources, we have everything we need to continue our success.

To our clients, thank you for placing your trust in Ameriprise. We value you and your business and will continue to work on your behalf.

To our more than 19,000 employees and advisors, thank you for all that you do for our clients and the dedication you bring to your work.

To my fellow members of the Ameriprise Financial Board of Directors, thank you for your counsel and support.

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

Sincerely,

James M. Cracchiolo signature

James M. Cracchiolo
Chairman and Chief Executive Officer

ameriprise logo

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, Marketing, Corporate
Communications and Community Relations

Colin Moore
Executive Vice President, Global Chief Investment 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 Estée Lauder Companies Inc.

Lon R. Greenberg
Chairman and Former
Chief Executive Officer
UGI Corporation

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 30170
College Station, TX 77842
866.337.4999
(U.S. and Canada only)
781.575.3223 (International)

Email:
web.queries@computershare.com
Website:
computershare.com/ameriprise

Annual Meeting

The 2015 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 29, 2015, 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 February 13, 2015, there were 16,440 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 2015. 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, 2014.

Shareholder and Investor Inquiries

Written shareholder inquiries may be sent to:

Computershare Shareholder Services
P.O. Box 30170
College Station, TX 77842

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 marks of Ameriprise Financial, Inc. and its affiliates appear in this report:

Ameriprise Financial®

Confident Retirement®

3-Minute Confident RetirementSM check

RiverSource TrioSourceSM

Columbia Threadneedle InvestmentsSM

Ameriprise Financial, Inc.

2014 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, 2014.

For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The Morningstar RatingTM is for class Z shares only; other classes may have different performance characteristics and may have different ratings.

($ in millions) 2014 2013 2012
Total net revenues $12,268 $11,199 $10,217
Less: Revenues attributable to the CIEs 651 345 71
Less: Net realized gains 37 7 7
Less: Market impact on indexed universal life benefits (11) (10)
Less: Integration/restructuring charges (4)
Operating total net revenues $11,591 $10,857 $10,143
($ in millions) 2014
Asset Management operating total net revenues $3,320
Less: Distribution pass through revenues 929
Less: Subadvisory and other pass through revenues 400
Asset Management adjusted operating revenues $1,991
Asset Management pretax operating earnings $788
Less: Operating net investment income 30
Add: Amortization of intangibles 34
Asset Management adjusted operating earnings $792
Asset Management adjusted net pretax operating margin 39.80%

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.

Sources: #1 Customer Experience — Investment firm category ("The Customer Experience Index, 2014" Forrester Research, Inc.); #2 Most Trusted Firm — Investment firm category (2014 Temkin Ratings); Highest Forgiveness Rating — Investment firm category (2014 Temkin Ratings); Recognized as "customer-obsessed" firm — Investment firm category (Forrester Customer Advocacy: How US Consumers Rate Their Financial Services Firms, November 2013); #1 provider of quality financial advice (Cogent Reports — Investor Brandscape, Dec. 2014); Social media (wealthmanagement.com — 2015); #2 mutual fund advisory AUM — Cerulli Edge Managed Accounts through 3Q14; #5 IRA roll-over destination — Cogent Reports, Feb 2015; #30 Global Asset Manager — Pensions & Investments — Nov. 10, 2014; #11 LT MF manager — ICI data through 3Q14; #5 retail AUM in UK - investmentuk.org; top 10 VUL provider — LIMRA through 3Q14; see ir.ameriprise.com for current financial strength ratings.

Ameriprise helped pioneer the financial planning process more than 30 years ago. We have more financial planning clients and more CERTIFIED FINANCIAL PLANNER professionals than any other company in the U.S. based on data filed at adviserinfo.sec.gov and documented by the CFP Board of Standards, as of 12-31-13.

($ in millions) 2014 2013 2012 2009
Net income attributable to Ameriprise Financial $1,619 $1,334 $1,029 $634
Less: Income (loss) from discontinued operations, net of tax (2) (3) (2) 1
Net income from continuing operations attributable to Ameriprise Financial 1,621 1,337 1,031 633
Less: Adjustments(1) (41) (123) (214) (88)
Operating earnings $1,662 $1,460 $1,245 $721
Ameriprise Financial shareholders’ equity(2) $8,270 $8,582 $9,071 $6,431
Less: Assets and liabilities held for sale(2) 100
Less: Accumulated other comprehensive income (loss), net of tax "AOCI"(2) 734 821 1,001 (436)
Ameriprise Financial shareholders’ equity from continuing operations excluding AOCI(2) 7,536 7,761 8,070 6,767
Less: Equity impacts attributable to the consolidated investment entities(2) 311 333 397
Operating equity(2) $7,225 $7,428 $7,673 $6,767
Return on equity from continuing operations, excluding AOCI 21.50% 17.20% 12.80% 9.40%
Operating return on equity, excluding AOCI(3) 23.00% 19.70% 16.20% 10.70%

(1) Adjustments reflect the trailing twelve 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) 2014 2013 2012 2014 2013 2012
Net income attributable to Ameriprise Financial $1,619 $1,334 $1,029 $8.30 $6.44 $4.62
Less: Income (loss) from discontinued operations, net of tax (2) (3) (2) (0.01) (0.02) (0.01)
Net income from continuing operations attributable to Ameriprise Financial 1,621 1,337 1,031 8 6 4.63
Less: Net realized gains, net of tax(1) 24 5 5 0.12 0.02 0.02
Add: Integration/restructuring charges, net of tax(1) 9 46 0.04 0.21
Add: Market impact on variable annuity guaranteed benefits, net of tax(1) 61 111 173 0.31 0.53 0.77
Add: Market impact on indexed universal life benefits, net of tax(1) 4 8 0.02 0.04
Operating earnings $1,662 $1,460 $1,245 $8.52 $7.05 $5.59