Summary
Ameriprise Financial, Inc. (AMP) filed an 8-K on February 1, 2017, to announce its fourth-quarter 2016 financial results. The filing incorporates by reference a press release (Exhibit 99.1) and a statistical supplement (Exhibit 99.2) detailing these results. A significant aspect of this report is the Company's use of non-GAAP financial measures. AMP explicitly states its rationale for providing these adjusted figures, which exclude items such as consolidating certain investment entities (CIEs), integration/restructuring charges, the impact of annual assumption reviews ('unlocking'), market impacts on variable annuity and indexed universal life benefits, hedging impacts, net realized investment gains/losses, and discontinued operations. Management believes these non-GAAP metrics offer a clearer view of the underlying performance of its core operations and facilitate better trend analysis for investors.
Key Highlights
- 1Ameriprise Financial announced its Q4 2016 financial results via an 8-K filing on February 1, 2017.
- 2The report includes both a press release and a statistical supplement detailing financial performance for the quarter ended December 31, 2016.
- 3The company extensively utilizes and presents non-GAAP financial measures to highlight core operational performance.
- 4Excluded items from GAAP to arrive at non-GAAP figures include consolidating investment entities (CIEs), restructuring charges, and assumption updates ('unlocking').
- 5Non-GAAP measures also exclude market impacts on guarantees, hedging, investment gains/losses, and discontinued operations.
- 6Management asserts that these non-GAAP presentations provide a more meaningful analysis of trends and underlying business performance.
- 7The filing also details non-GAAP adjustments to debt, capital, and equity measures to better reflect the company's capital structure.