Ameriprise Financial Renames Insurance Companies Under the RiverSource(SM) Brand.Five subsidiary insurance companies consolidated and renamed RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of MINNEAPOLIS -- Ameriprise Financial Ameriprise Financial, Inc. (NYSE: AMP) is a company offering financial advice and products. It is the successor to American Express Financial Advisors (AEFA), which was a subsidiary of the American Express Company. , Inc. (NYSE NYSE See: New York Stock Exchange :AMP) announced today that is has merged and renamed its five life insurance subsidiaries into two RiverSource branded entities, effective December 31,2006. American Partners Life Insurance Company and American Enterprise Life Insurance Company have merged into IDS Life Insurance Company, which has been renamed RiverSource Life Insurance Company. American Centurion Life Assurance Company has merged into IDS Life Insurance Company of New York, which has been renamed RiverSource Life Insurance Co. of New York. These mergers are not expected to have a material effect on the consolidated financial condition or results of operations of Ameriprise Financial, Inc. Re-branding under the RiverSource brand allows the company to better align its product offerings and leverage a growing brand. By operating two life insurance companies rather than five, Ameriprise Financial benefits from increased scale in each entity, aiming for greater capital efficiencies and reduced administrative cost administrative cost Managed care A cost incurred by the 'business' end of a health care facility or university–eg, staffing and personnel costs, nursing home and hospital administration, insurance, and overhead expenses. Cf Indirect costs. . Mark Schwarzmann, president of Insurance, Annuities and Product Distribution at Ameriprise Financial, said, "Our goal is to create a more efficient and streamlined structure for our life insurance and annuity operations, which in turn targets cost-savings for the business and shareholders. It also is expected to free up capital that we can re-invest into the company." The RiverSource name reflects the depth, power and long-term focus of the company's asset management, annuity and insurance businesses. RiverSource annuities are distributed through the 10,000 financial advisors affiliated with Ameriprise Financial and through outside distributors, including unaffiliated banks and independent broker-dealers. RiverSource insurance products, which include variable and fixed universal life, term, whole life and disability income insurance, are solely distributed through the personal financial advisors at Ameriprise Financial. RiverSource Life Insurance Company, together with RiverSource Life Insurance Co. of New York, is one of the fastest growing variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. providers and is now among the Top 10 variable annuity providers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. VARDS.1 "At RiverSource, our commitment is to develop innovative products that address the needs of our clients," said Schwarzmann. "Increased longevity means retirement assets have to last for 20 to 30 years or even longer, so the company is focused on helping clients meet their need for income in retirement with the potential for investment growth." RiverSource Life Insurance Company is maintaining its leadership position in the variable universal life industry. For all of 2005 and for the first three quarters of 2006, RiverSource Life Insurance Company was the leader for variable universal life sales, including premium sales, face amount and policy count, according to Tillinghast. 2 "We have seen a tremendous amount of positive change and momentum since we became an independent public company," added Schwarzmann. "We see the consolidation and re-branding of our life insurance companies as an opportunity to help drive further growth in our advisor and outside distribution channels, strengthening our leadership position in the industry." RiverSource Distributors, Inc. (Distributor), Member NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). . Insurance and annuity products are issued by RiverSource Life Insurance Company and in New York, by RiverSource Life Insurance Co. of New York, Albany, New York For other uses, see Albany. Albany is the capital of the State of New York and the county seat of Albany County. Albany lies 136 miles (219 km) north of New York City, and slightly to the south of the juncture of the Mohawk and Hudson Rivers. . Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuities in New York. Ameriprise Financial, Inc. is a leading financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against and services company with more than 12,000 financial advisors and registered representatives that provides solutions for clients' asset accumulation, income management and insurance protection needs. The Company's financial advisors deliver tailored solutions to clients through a comprehensive and personalized financial planning approach built on a long-term relationship with a knowledgeable advisor. The Company specializes in meeting the retirement-related financial needs of the mass affluent Mass affluent and emerging affluent are marketing terms used to refer to the growing high end of the mass market. It is most commonly used by the financial services industry to refer to individuals with US$100,000 to US$1,000,000 of liquid financial assets,[1] . Financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal and investments are available through Ameriprise Financial Services Inc. Member NASD and SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . For more information, visit ameriprise.com. Ameriprise Financial is no longer owned by American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Company. 1 Variable Annuity Research and Data Service (VARDS). Based on variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. sales reported to VARDS for third quarter 2006. 95% of all companies selling annuities report sales data to VARDS. 2 Tillinghast Towers Perrin Towers Perrin is a global professional services firm. It was established 1 March 1934 as Towers, Perrin, Forster & Crosby. The umbrella name of Towers Perrin was adopted in 1987. Value(TM) Survey of 2005, and Q3 2006 Variable Life Premium Sales, Variable Life Face amount and Variable Life Policy Count. Variable annuities are insurance products that are long-term complex investment vehicles. Before investing, be sure to review the variable annuity's features, benefits, risks, and fees, and whether the annuity is appropriate for you, based upon your financial situation and objectives. Variable products are subject to risk, including loss of principal. You should consider the investment objectives, risks, charges and expenses of variable annuities carefully before investing. For a free prospectus, which contains this and other important information about variable annuities, call 800-333-3437. Read the prospectus carefully before investing. Forward Looking Statements This news release contains forward-looking statements that reflect the Company's plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. The Company has made various forward-looking statements in this news release. Examples of such forward-looking statements include: * statements of plans, intentions, expectations, objectives or goals, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc cost and capital structure, product distribution, competitive environment, and the establishment of and consolidation under the Company's new brands; and * statements of assumptions underlying such statements. The words "believe," "expect," "anticipate," "optimistic," "intend," "plan," "aim," "target," "will," "may," "should," "could," "would," "likely" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update publicly or revise any forward-looking statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements, and should be read in conjunction with the description of certain of these risks and uncertainties set forth in the "Risk Factors" discussion included as Part 1, Item 1A of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC on March 8, 2006. [c] 2007 Ameriprise Financial, Inc. All rights reserved |
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