Exhibit 12.1
Consolidated Ratio of Earnings to Fixed Charges
Ameriprise Financial, Inc.
| | Six Months | | | | | | | | | | | |
| | Ended June 30, | | Years Ended December 31, | |
| | 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | 2008 | |
| | (dollars in millions) | |
Earnings: | | | | | | | | | | | | | |
Pretax income (loss) attributable to Ameriprise Financial, Inc. | | $ | 899 | | $ | 1,366 | | $ | 1,553 | | $ | 1,306 | | $ | 769 | | $ | (270 | ) |
Interest and debt expense(1) | | 127 | | 279 | | 320 | | 300 | | 137 | | 114 | |
Interest portion of rental expense | | 14 | | 30 | | 32 | | 34 | | 38 | | 28 | |
Amortization of capitalized interest | | 2 | | 6 | | 4 | | 4 | | 3 | | 3 | |
Undistributed loss from equity investees | | 4 | | 16 | | 41 | | 15 | | 25 | | 26 | |
Minority interest in pretax losses | | (37 | ) | (128 | ) | (129 | ) | — | | — | | (54 | ) |
Minority interest in pretax income of subsidiaries that have incurred fixed charges | | 27 | | — | | 23 | | 163 | | 15 | | — | |
Total earnings (losses) before banking and deposit interest expense and interest credited to fixed accounts(a) | | 1,036 | | 1,569 | | 1,844 | | 1,822 | | 987 | | (153 | ) |
Banking and deposit interest expense and interest credited to fixed accounts | | 413 | | 875 | | 904 | | 986 | | 1,069 | | 977 | |
Total earnings(c) | | $ | 1,449 | | $ | 2,444 | | $ | 2,748 | | $ | 2,808 | | $ | 2,056 | | $ | 824 | |
| | | | | | | | | | | | | |
Fixed charges: | | | | | | | | | | | | | |
Interest and debt expense(1) | | $ | 127 | | $ | 279 | | $ | 320 | | $ | 300 | | $ | 137 | | $ | 114 | |
Estimated amount of interest in rental expense | | 14 | | 30 | | 32 | | 34 | | 38 | | 28 | |
Capitalized interest | | 1 | | 7 | | 5 | | 3 | | 3 | | 8 | |
Total fixed charges before banking and deposit interest and interest credited to fixed accounts(b) | | 142 | | 316 | | 357 | | 337 | | 178 | | 150 | |
Banking and deposit interest expense and interest credited to fixed accounts | | 413 | | 875 | | 904 | | 986 | | 1,069 | | 977 | |
Total fixed charges(d) | | $ | 555 | | $ | 1,191 | | $ | 1,261 | | $ | 1,323 | | $ | 1,247 | | $ | 1,127 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges before banking and deposit interest expense and interest credited to fixed accounts(a/b) | | 7.3 | | 5.0 | | 5.2 | | 5.4 | | 5.5 | | NM | (2) |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges(c/d) | | 2.6 | | 2.1 | | 2.2 | | 2.1 | | 1.6 | | NM | (2) |
NM: Not meaningful.
(1) Interest on non-recourse debt of consolidated investment entities is included in interest and debt expense provided in the table above.
(2) Earnings were insufficient to cover fixed charges for the year ended December 31, 2008 by $303 million primarily due to negative market impacts on Results of Operations, including $762 million in pretax impairments on Available-for-Sale securities.
