13 unchanged sentences
In estimating the values of variable annuities, indexed annuities, indexed universal life (“IUL”) insurance and the associated hedging instruments, we assume no change in implied market volatility despite the 10% drop in equity prices.
−Removed: The following tables present our estimate of the impact on pretax income from the above defined hypothetical market movements as of June 30, 2024:
+Added: The following tables present our estimate of the impact on pretax income from the above defined hypothetical market movements as of September 30, 2024:
Equity Price Decline 10% Equity Price Exposure to Pretax Income
26 unchanged sentences
(2) Represents the net impact to pretax income.
−Removed: The estimated net impact to pretax adjusted operating income is $(336) million as of June 30, 2024.
+Added: The estimated net impact to pretax adjusted operating income is $(353) million as of September 30, 2024.
AMERIPRISE FINANCIAL, INC.
18 unchanged sentences
This dynamic would result in widening spreads under a modestly rising rate scenario given the current relationship between the current level of interest rates and the underlying GMIRs on the business.
−Removed: Of the $39.7 billion in Policyholder account balances, future policy benefits and claims as of June 30, 2024, $16.3 billion is related to liabilities created by these products.
+Added: Of the $41.3 billion in Policyholder account balances, future policy benefits and claims as of September 30, 2024, $16.2 billion is related to liabilities created by these products.
We do not hedge this exposure.
1 unchanged sentence
We would expect the recent decline in our portfolio income yields to slow and begin to stabilize in future periods under the current environment.
−Removed: The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through June 30, 2026 due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were $5.2 billion and 5.1%, respectively, as of June 30, 2024.
−Removed: In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled $21.8 billion and had a weighted average yield of 4.6% as of June 30, 2024.
+Added: The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through September 30, 2026 due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were $4.8 billion and 5.0%, respectively, as of September 30, 2024.
+Added: In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled $23.0 billion and had a weighted average yield of 4.6% as of September 30, 2024.
While these amounts represent investments that could be subject to reinvestment risk, it is also possible that these investments will be used to fund liabilities or may not be prepaid and will remain invested at their current yields.
1 unchanged sentence
Furthermore, reinvestment activities and the associated investment yield may also be impacted by corporate strategies implemented at management’s discretion.
−Removed: The average yield for investment purchases during the six months ended June 30, 2024 was approximately 5.7%.
+Added: The average yield for investment purchases during the nine months ended September 30, 2024 was approximately 5.4%.
The reinvestment of proceeds from maturities, calls and prepayments at rates near the current portfolio yield will have a limited impact to future operating results.
1 unchanged sentence
In addition, we may update the crediting rates on our fixed products when warranted, subject to guaranteed minimums.
−Removed: See Note 8 for more information on the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of GMIRs and the range of the difference between rates credited to policyholders and contractholders as of June 30, 2024 and December 31, 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.
+Added: See Note 8 for more information on the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of GMIRs and the range of the difference between rates credited to policyholders and contractholders as of September 30, 2024 and December 31, 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.
+Added: AMERIPRISE FINANCIAL, INC.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.