Ameriprise Financial Announces Estimated Impact of Unlocking and Loss Recognition for Third Quarter 2020
The change in interest rate assumptions will have no impact on excess capital as it is determined on a statutory basis.
For the full year, the company continues to estimate that its operating effective tax rate will be in the 16 percent to 18 percent range. The company estimates its operating effective tax rate in the third quarter of 2020 will be elevated as a result of the unlocking, as well as the impact of hedging.
This news release contains certain forward-looking statements that reflect management’s plans, estimates and beliefs regarding our annual review of insurance and annuity valuation assumptions and models, excess capital and certain tax matters, including statements about the company’s third quarter 2020 adjusted operating earnings, excess capital, and the company’s effective tax rate for the third quarter and full year. The words “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” “may,” “should”, “could”, “would,” “likely,” “forecast,” “project” or similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements. The plans, estimates and beliefs are also based on currently available information, as well as our current interpretations, assumptions and expectations relating to these matters, and are subject to change, possibly materially, as the Company completes its financial statements. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this document, which speak only as of the date hereof. We undertake no obligation to update publicly or revise such forward-looking statements. For a discussion of some of the risks and uncertainties that could affect our future results and financial conditions, please see the “Risk Factors” discussion under Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2019 and Part II, Item 1A in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, available at ir.ameriprise.com.
At Ameriprise Financial, we have been helping people feel confident about their financial future for 120 years. With a nationwide network of 10,000 financial advisors and extensive asset management, advisory and insurance capabilities, we have the strength and expertise to serve the full range of individual and institutional investors’ financial needs. For more information, visit ameriprise.com.
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