What is LDTI and why is Ameriprise adopting it?

LDTI stands for Long-Duration Targeted Improvements, a new accounting standard (ASU 2018-12) for insurance contracts. Ameriprise is adopting it to enhance the transparency and comparability of its financial statements related to long-duration insurance and annuity products, aligning with industry-wide accounting changes.

Does this 8-K filing change Ameriprise's previously reported financial results for 2021 and 2022?

No, this filing does not restate or change previously issued financial results. The company is voluntarily updating its 'Tables Supplement' to show how the adoption of LDTI would have impacted historical data for comparative purposes, but the official reported results remain as previously disclosed.

What is the significance of the 'Tables Supplement' being furnished and not 'filed'?

Information that is 'furnished' in an 8-K is generally for disclosure purposes and does not carry the same legal implications under Section 18 of the Exchange Act as information that is 'filed.' This means the updated data, while informative for analysis, is not considered part of a formal filing that could lead to liability for misstatements under that specific section.

Where can I find the updated financial data reflecting the LDTI adoption?

The updated financial data is provided in Exhibit 99.1, referred to as the 'Tables Supplement (Recast for January 1, 2023 LDTI Adoption)', which is attached to this 8-K filing.

AMP 8-K: Regulation FD — Apr 13, 2023

Summary

Ameriprise Financial, Inc. (AMP) has filed a Current Report (8-K) on April 13, 2023, primarily to disclose updates to its financial reporting following the adoption of new accounting standards. The company is voluntarily reflecting the impact of the Financial Accounting Standards Board's Accounting Standard Update 2018-12, known as LDTI (Long-Duration Targeted Improvements), on certain 2021 and 2022 data within its Tables Supplement. This adoption, effective January 1, 2023, with a transition date of January 1, 2021, aims to enhance comparability and transparency in financial statements for insurance contracts. Investors should note that this filing is for informational and comparative purposes only and does not represent a restatement of previously issued financial statements. The company is furnishing an updated Tables Supplement (Exhibit 99.1) to reflect these LDTI impacts. While this information is furnished and not deemed "filed" under the Exchange Act, it provides insight into how the company is adjusting its disclosures to align with new accounting regulations, which could be relevant for understanding historical financial trends and future reporting consistency.

Key Highlights

1Ameriprise Financial is updating its financial data for 2021 and 2022 to reflect the adoption of LDTI accounting standards.
2The adoption of LDTI (ASU 2018-12 and subsequent amendments) is effective as of January 1, 2023, with a voluntary transition date of January 1, 2021.
3The company is providing an updated 'Tables Supplement' (Exhibit 99.1) to show the impact of LDTI adoption on historical data.
4This filing is furnished for comparative purposes and does not constitute a restatement of previously issued financial reports.
5The information furnished is not deemed 'filed' under Section 18 of the Securities Exchange Act of 1934, limiting its legal implications for past filings.
6The Chief Financial Officer, Walter Berman, signed the report, indicating executive oversight of this financial disclosure update.

AMERIPRISE FINANCIAL INC 8-K Report, Regulation FD Disclosure (Apr 13, 2023)

Summary

Key Highlights

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