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  • Ameriprise Financial Reports First Quarter 2022 Results

    April 26, 2022 by Ameriprise Financial Inc

    MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP):

    Earnings Per Diluted Share

     

    Return on Equity, ex AOCI (1)

     

    Q1 2022

     

     

    Q1 2022

    GAAP

    $6.55

     

    GAAP

    55.9%

    Adjusted Operating

    $5.98

     

    Adjusted Operating

    49.9%

    Ameriprise increased its quarterly dividend 11 percent to $1.25 per share

    • First quarter adjusted operating earnings per diluted share was $5.98, up 10 percent from $5.43 in the prior year reflecting strong business performance.

     

    Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

     

    “Ameriprise delivered another good quarter during a period of heightened market volatility and geopolitical uncertainty. We remain focused on providing an exceptional experience and strong solutions to our clients to help them achieve their goals.

     

    Assets under management and administration were up 17% to $1.3 trillion, with net inflows of more than $10 billion in Wealth Management. This led to double-digit revenue growth, and strong margins and returns during a more challenging operating environment.

     

    In terms of our capital strength, our diversified business generates significant free cash flow that we are disciplined in deploying to drive business growth and shareholder value. In fact, today we announced an 11% increase in our regular quarterly dividend, our 18th increase since becoming public in 2005. We plan to return approximately 90% of capital to shareholders this year.

     

    As I look ahead, we are well positioned to continue to drive organic growth and will benefit from the rising rate environment in the U.S.”

    • First quarter GAAP net income per diluted share was $6.55, versus $3.58 a year ago, driven by strong business performance and lower market impact on derivatives.

     

    • Assets under management and administration increased 17 percent to $1.3 trillion in the quarter.

     

    • Adjusted operating net revenue was $3.6 billion, a 10 percent increase from strong business growth and year-over-year market appreciation, as well as the impact of market volatility in the quarter.

     

    • Wealth and Asset Management generated strong profitability with pretax adjusted operating earnings up 18 percent. These businesses represented nearly 80 percent of pretax operating earnings in the quarter.

     

    • Investment performance at Columbia Threadneedle Investments remains excellent with 129 funds with 4- and 5-star Morningstar ratings with more than 80% of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods.

     

    • The company returned $562 million of capital to shareholders in the quarter and announced an 11 percent increase in its quarterly dividend to $1.25 per share.

     

     

     

    (1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.

    Ameriprise Financial, Inc.

    First Quarter Summary

     

    Quarter Ended
    March 31,

    % Over/
    (Under)

    (in millions, except per share amounts, unaudited)

    2022

     

    2021

    GAAP net income

    $

    761

     

     

    $

    437

     

    74

    %

    Adjusted operating earnings
    (see reconciliation on p. 24)

    $

    695

     

     

    $

    663

     

    5

    %

     

     

     

     

     

    GAAP net income per diluted share

    $

    6.55

     

     

    $

    3.58

     

    83

    %

    Adjusted operating earnings per diluted share
    (see reconciliation on p. 24)

    $

    5.98

     

     

    $

    5.43

     

    10

    %

     

     

     

     

     

    GAAP Return on Equity, ex. AOCI

     

    55.9

    %

     

     

    (1.1

    )%

     

    Adjusted Operating Return on Equity, ex. AOCI

     

    49.9

    %

     

     

    29.9

    %

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

    Basic

     

    113.7

     

     

     

    119.8

     

     

    Diluted

     

    116.2

     

     

     

    122.2

     

     

     

     

     

     

     

    Current year GAAP results included $10 million of integration costs from the acquisition of BMO EMEA. Prior year GAAP results were negatively impacted by market changes that affected the valuation of derivatives.

    Adjusted operating results in the prior year included $36 million after tax from favorable long term care results, primarily from COVID-related mortality and terminations. Excluding long term care favorability in the prior year, adjusted operating results increased 11 percent and adjusted operating EPS grew 16 percent. In addition, adjusted operating earnings in the current quarter included a higher effective tax rate of 17.3 percent compared to a year ago of 14.9 percent.

    Ameriprise Financial, Inc.

    Advice & Wealth Management Segment Adjusted Operating Results

     

    Quarter Ended
    March 31,

    % Over/
    (Under)

    (in millions, unaudited)

    2022

     

    2021

    Net revenues

    $

    2,042

     

     

    $

    1,879

     

    9

    %

    Distribution expenses

     

    1,232

     

     

     

    1,135

     

    (9

    )%

    G&A / other expense

     

    370

     

     

     

    355

     

    (4

    )%

    Pretax adjusted operating earnings

    $

    440

     

     

    $

    389

     

    13

    %

     

     

     

     

     

    Pretax adjusted operating margin

     

    21.5

    %

     

     

    20.7

    %

    80 bps

     

     

     

     

     

     

    Quarter Ended
    March 31,

    % Over/
    (Under)

    (in billions, unless otherwise noted)

    2022

     

    2021

    Total client assets

    $

    823

       

    $

    762

     

    8

    %

    Total client net flows (1)

    $

    10.4

     

     

    $

    9.3

     

    12

    %

    Wrap net flows (1)

    $

    8.7

     

     

    $

    10.4

     

    (17

    )%

    AWM cash balance

    $

    45.7

     

     

    $

    40.4

     

    13

    %

    Average gross yield on cash balances (in bps)

     

    69

     

     

     

    65

     

     

    Adjusted operating net revenue per advisor (TTM in thousands)

    $

    810

     

     

    $

    689

     

    18

    %

     

     

     

     

     

    (1) See definition on page 11.

    Advice & Wealth Management financial results reflected robust client net flows, market appreciation, increased bank profitability and disciplined expense management. Adjusted operating net revenues grew 9 percent to $2.0 billion and pretax adjusted operating earnings increased 13 percent to $440 million. Pretax adjusted operating margin was 21.5 percent, up 80 basis points, reflecting our strategic focus on profitable growth.

    Distribution expenses were up 9 percent associated with robust organic growth. General and administrative and other expense increased 4 percent, primarily from higher volume-related expense and business growth over the past year.

    Total client assets grew 8 percent to $823 billion. Total client flows were $10.4 billion in the quarter from substantial organic growth across our advisor network, including increased new client acquisition and deeper client relationships from existing clients, as well as experienced advisor recruiting. Greater market volatility in the quarter contributed to 6 percent lower transactional activity and higher cash balances. Cash balances increased $5.3 billion to $45.7 billion, contrary to normal seasonal patterns in the first quarter, with an opportunity for clients to put cash back to work in the future as volatility subsides.

    Adjusted operating net revenue per advisor on a trailing 12-month basis was $810,000, up 18 percent, from enhanced productivity and business growth. Total advisors increased 1 percent to 10,149, reflecting excellent advisor retention, as well as the addition of 80 highly productive experienced advisors in the quarter.

    Ameriprise Financial, Inc.

    Asset Management Segment Adjusted Operating Results

     

    Quarter Ended
    March 31,

    % Over/
    (Under)

    (in millions, unaudited)

    2022

     

    2021

    Net revenues

    $

    1,017

     

     

    $

    828

     

    23

    %

    Distribution expenses

     

    277

     

     

     

    268

     

    (3

    )%

    G&A / other expenses

     

    455

     

     

     

    332

     

    (37

    )%

    Pretax adjusted operating earnings

    $

    285

     

     

    $

    228

     

    25

    %

     

     

     

     

     

    Net pretax adjusted operating margin (1)

     

    41.5

    %

     

     

    43.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Quarter Ended
    March 31,

    % Over/
    (Under)

    (in billions)

    2022

     

    2021

    Total segment AUM

    $

    699

     

     

    $

    564

     

    24

    %

     

     

     

     

     

    Net Flows

     

     

     

     

    Global Retail net flows

    $

    (1.9

    )

     

    $

    4.6

     

    NM

     

    Global Institutional net flows, ex. legacy insurance partners flows

     

    1.9

     

     

     

    1.6

     

    19

    %

    Legacy insurance partners flows

     

    (0.7

    )

     

     

    (1.3

    )

    47

    %

    Total segment net flows

    $

    (0.7

    )

     

    $

    4.9

     

    NM

     

     

     

     

     

     

    Model delivery AUA Flows (2)

    $

    4.8

     

     

    $

    0.3

     

    NM

     

     

     

     

     

     

    (1) See reconciliation on page 13.

     

     

     

     

    (2) Estimated based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.

    NM Not Meaningful – variance equal to or greater than 100%

    Asset Management financial results reflected the cumulative benefit of net inflows and business growth, strong performance fees, the BMO EMEA acquisition and market appreciation. Adjusted operating revenues grew to $1.0 billion, up 23 percent and pretax adjusted operating earnings increased 25 percent to $285 million. Net pretax adjusted operating margin was 41.5 percent.

    Distribution expense increased 3 percent primarily from equity market appreciation. General and administrative and other expense grew 37 percent, driven by the addition of the recently acquired business from BMO and elevated performance fee compensation.

    Total assets under management increased 24 percent to $699 billion reflecting the cumulative benefit of net inflows and the acquisition of BMO EMEA. Long term investment performance remained strong with more than 80% of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods across equity, fixed income and asset allocation strategies.

    In the quarter, net outflows were $0.7 billion and included $0.7 billion of outflows related to legacy insurance partners. Institutional flows remained strong, offset by industry headwinds in retail.

    • Retail net outflows were $1.9 billion. North America outflows in equity and fixed income strategies were consistent with the industry and were influenced by market volatility. In EMEA, investor sentiment is risk off as a result of higher interest rates and geopolitical strain, which drove net outflows. These were partially offset by inflows related to U.S. clients that elected to transfer assets as part of an arrangement with BMO.
    • Global institutional net inflows were $1.9 billion.

    Ameriprise Financial, Inc.

    Retirement & Protection Solutions Segment Adjusted Operating Results

     

    Quarter Ended
    March 31,

    % Over/
    (Under)

    (in millions, unaudited)

    2022

     

    2021

    Net revenues

    $

    772

     

     

    $

    787

     

    (2

    )%

    Expenses

     

    581

     

     

     

    604

     

    4

    %

    Pretax adjusted operating earnings

    $

    191

     

     

    $

    183

     

    4

    %

     

     

     

     

     

    Retirement & Protection Solutions pretax adjusted operating earnings were $191 million, up 4 percent from last year due to market appreciation and lower distribution expenses. Overall claims remain within expected ranges.

    Retirement & Protection Solutions sales decreased 25 percent to $1.1 billion.

    • Protection sales increased 22 percent to $72 million, reflecting a continued shift of sales to higher-margin accumulation VUL products.
    • Variable annuity sales decreased 27 percent to $1.0 billion reflecting the industry slowdown due to market dislocation in the quarter, as well as the discontinuation of sales with living benefit riders announced at year-end.

    Ameriprise Financial, Inc.

    Corporate & Other Segment Adjusted Operating Results

     

    Quarter Ended
    March 31,

    % Over/
    (Under)

    (in millions, unaudited)

    2022

     

    2021

    Corporate & Other, excluding Closed Blocks

    $

    (72

    )

     

    $

    (63

    )

    (14

    )%

    Closed Blocks (1)

     

    (4

    )

     

     

    42

     

    NM

     

    Pretax adjusted operating earnings

    $

    (76

    )

     

    $

    (21

    )

    NM

     

     

     

     

     

     

    Long Term Care

    $

    1

     

     

    $

    46

     

    (98

    )%

    Fixed Annuities

     

    (5

    )

     

     

    (4

    )

    (25

    )%

    Closed Blocks pretax adjusted operating earnings

    $

    (4

    )

     

    $

    42

     

    NM

     

     

     

     

     

     

    (1) Long Term Care and Fixed Annuities.

    NM Not Meaningful – variance equal to or greater than 100%

    Total Corporate & Other pretax adjusted operating loss was $76 million.

    Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was in line with expectations at $72 million. Results in the prior year period included a $15 million gain on a strategic investment.

    Long Term Care pretax adjusted operating earnings were $1 million. Pretax adjusted operating earnings in the prior year period were $46 million reflecting higher terminations, primarily related to COVID-19.

    Fixed Annuities pretax adjusted operating loss was $5 million.

    Taxes

    The operating effective tax rate was 17.3 percent for the first quarter reflecting favorable share based accounting benefits and we expect the full year operating effective tax rate to be above 19 percent. In the prior year, the operating effective tax rate was 14.9 percent in quarter and 17.6 percent for the full year.

    About Ameriprise Financial

    At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive advisory, asset management and insurance capabilities and a nationwide network of over 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors’ financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.

    Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited, BMO Asset Management Limited, LGM Investments Limited, and Pyrford International Ltd, are SEC- and FCA-registered investment adviser affiliates of Columbia Management Investment Advisers, LLC based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are all part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA.

    Non-GAAP Financial Measures

    The company believes the presentation of adjusted operating earnings and other non-GAAP financial measures, and the corresponding ratios, best represents the underlying performance of our core operations and facilitates a more meaningful trend analysis without the distortion of various adjustment items. Management uses non-GAAP financial measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors and to provide a valuable perspective for investors. These non-GAAP financial measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures. Non-GAAP financial measure reconciliations can be found on the subsequent pages.

    Forward-Looking Statements

    This news release contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:

    • statements of the company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, acquisition integration, general and administrative costs, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;
    • statements about the expected trend in the shift to lower-risk products, including the exit from variable annuities with living benefit riders;
    • other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets;
    • statements estimating the expected full year operating effective tax rate and
    • statements of assumptions underlying such statements.

    The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” ”continue,” “able to remain”, “resume,” “deliver,” “develop,” “evolve,” “drive,” ”enable,” “flexibility,” “scenario,” “case,” “appear,” “expands” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from 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. Management cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2021 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.

    The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Form 10-Q for the period ended March 31, 2022.

    Ameriprise Financial announces financial and other information to investors through the company’s investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this release or in any other report or document the company furnishes or files with the SEC.

    Ameriprise Financial, Inc.

    Consolidated GAAP Results

    (in millions, except per share amounts, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

    2,459

     

    $

    2,102

     

    17

    %

     

    $

    2,555

     

    (4

    )%

    Distribution fees

     

     

    446

     

     

    458

     

    (3

    )%

     

     

    462

     

    (3

    )%

    Net investment income

     

     

    261

     

     

    377

     

    (31

    )%

     

     

    255

     

    2

    %

    Premiums, policy and contract charges

     

     

    368

     

     

    347

     

    6

    %

     

     

    367

     

     

    Other revenues

     

     

    123

     

     

    71

     

    73

    %

     

     

    123

     

     

    Total revenues

     

     

    3,657

     

     

    3,355

     

    9

    %

     

     

    3,762

     

    (3

    )%

    Banking and deposit interest expense

     

     

    2

     

     

    5

     

    60

    %

     

     

    2

     

     

    Total net revenues

     

     

    3,655

     

     

    3,350

     

    9

    %

     

     

    3,760

     

    (3

    )%

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    1,297

     

     

    1,175

     

    (10

    )%

     

     

    1,322

     

    2

    %

    Interest credited to fixed accounts

     

     

    141

     

     

    159

     

    11

    %

     

     

    145

     

    3

    %

    Benefits, claims, losses and settlement expenses

     

     

    211

     

     

    653

     

    68

    %

     

     

    378

     

    44

    %

    Amortization of deferred acquisition costs

     

     

    96

     

     

    5

     

    NM

     

     

     

    47

     

    NM

     

    Interest and debt expense

     

     

    40

     

     

    42

     

    5

    %

     

     

    42

     

    5

    %

    General and administrative expense

     

     

    947

     

     

    823

     

    (15

    )%

     

     

    960

     

    1

    %

    Total expenses

     

     

    2,732

     

     

    2,857

     

    4

    %

     

     

    2,894

     

    6

    %

    Pretax income

     

     

    923

     

     

    493

     

    87

    %

     

     

    866

     

    7

    %

    Income tax provision

     

     

    162

     

     

    56

     

    NM

     

     

     

    165

     

    2

    %

    Net income

     

    $

    761

     

    $

    437

     

    74

    %

     

    $

    701

     

    9

    %

     

     

     

     

     

     

     

     

     

     

     

    Earnings per share

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share

     

    $

    6.69

     

    $

    3.65

     

     

     

    $

    6.12

     

     

    Earnings per diluted share

     

    $

    6.55

     

    $

    3.58

     

     

     

    $

    5.96

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    113.7

     

     

    119.8

     

     

     

     

    114.6

     

     

    Diluted

     

     

    116.2

     

     

    122.2

     

     

     

     

    117.6

     

     

     

     

     

     

     

     

     

     

     

     

     

    NM Not Meaningful – variance equal to or greater than 100%

    Ameriprise Financial, Inc.

    Consolidated Highlights and Capital Summary

    (in millions unless otherwise noted, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Assets Under Management and Administration

     

     

     

     

     

     

     

     

     

     

     

     

    Advice & Wealth Management AUM

     

    $

    443,521

     

     

    $

    396,533

     

     

    12

    %

     

    $

    460,935

     

     

    (4

    )%

    Asset Management AUM

     

     

    698,607

     

     

     

    564,131

     

     

    24

    %

     

     

    754,056

     

     

    (7

    )%

    Corporate AUM

     

     

    146

     

     

     

    97

     

     

    51

    %

     

     

    136

     

     

    7

    %

    Eliminations

     

     

    (42,032

    )

     

     

    (39,655

    )

     

    (6

    )%

     

     

    (44,160

    )

     

    5

    %

    Total Assets Under Management

     

     

    1,100,242

     

     

     

    921,106

     

     

    19

    %

     

     

    1,170,967

     

     

    (6

    )%

    Total Assets Under Administration

     

     

    238,879

     

     

     

    222,887

     

     

    7

    %

     

     

    246,891

     

     

    (3

    )%

    Total AUM and AUA

     

    $

    1,339,121

     

     

    $

    1,143,993

     

     

    17

    %

     

    $

    1,417,858

     

     

    (6

    )%

     

     

     

     

     

     

     

     

     

     

     

    S&P 500

     

     

     

     

     

     

     

     

     

     

    Daily average

     

     

    4,467

     

     

     

    3,861

     

     

    16

    %

     

     

    4,600

     

     

    (3

    )%

    Period end

     

     

    4,530

     

     

     

    3,973

     

     

    14

    %

     

     

    4,766

     

     

    (5

    )%

     

     

     

     

     

     

     

     

     

     

     

    Weighted Equity Index (WEI) (1)

     

     

     

     

     

     

     

     

     

     

    Daily average

     

     

    2,953

     

     

     

    2,662

     

     

    11

    %

     

     

    3,068

     

     

    (4

    )%

    Period end

     

     

    2,979

     

     

     

    2,725

     

     

    9

    %

     

     

    3,152

     

     

    (5

    )%

     

     

     

     

     

     

     

     

     

     

     

    Common shares

     

     

     

     

     

     

     

     

     

     

    Beginning balance

     

     

    110.9

     

     

     

    116.8

     

     

    (5

    )%

     

     

    112.4

     

     

    (1

    )%

    Repurchases

     

     

    (1.4

    )

     

     

    (1.7

    )

     

    18

    %

     

     

    (1.6

    )

     

    13

    %

    Issuances

     

     

    1.2

     

     

     

    1.8

     

     

    (33

    )%

     

     

    0.4

     

     

    NM

     

    Other

     

     

    (0.6

    )

     

     

    (0.9

    )

     

    33

    %

     

     

    (0.3

    )

     

    NM

     

    Total common shares outstanding

     

     

    110.1

     

     

     

    116.0

     

     

    (5

    )%

     

     

    110.9

     

     

    (1

    )%

    Restricted stock units

     

     

    2.9

     

     

     

    3.0

     

     

    (3

    )%

     

     

    3.0

     

     

    (3

    )%

    Total basic common shares outstanding

     

     

    113.0

     

     

     

    119.0

     

     

    (5

    )%

     

     

    113.9

     

     

    (1

    )%

    Total potentially dilutive shares

     

     

    2.3

     

     

     

    2.5

     

     

    (8

    )%

     

     

    2.9

     

     

    (21

    )%

    Total diluted shares

     

     

    115.3

     

     

     

    121.5

     

     

    (5

    )%

     

     

    116.8

     

     

    (1

    )%

     

     

     

     

     

     

     

     

     

     

     

    Capital Returned to Shareholders

     

     

     

     

     

     

     

     

     

     

    Dividends paid

     

    $

    133

     

     

    $

    128

     

     

    4

    %

     

    $

    131

     

     

    2

    %

    Common stock share repurchases

     

     

    429

     

     

     

    363

     

     

    18

    %

     

     

    499

     

     

    (14

    )%

    Total Capital Returned to Shareholders

     

    $

    562

     

     

    $

    491

     

     

    14

    %

     

    $

    630

     

     

    (11

    )%

     

     

     

     

     

     

     

     

     

     

     

    (1) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.

    NM Not Meaningful – variance equal to or greater than 100%

    Ameriprise Financial, Inc.

    Advice & Wealth Management Segment Adjusted Operating Results

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees:

     

     

     

     

     

     

     

     

     

     

    Advisory fees

     

    $

    1,191

     

     

    $

    1,028

     

     

    16

    %

     

    $

    1,209

     

     

    (1

    )%

    Financial planning fees

     

     

    97

     

     

     

    88

     

     

    10

    %

     

     

    114

     

     

    (15

    )%

    Transaction and other fees

     

     

    92

     

     

     

    89

     

     

    3

    %

     

     

    96

     

     

    (4

    )%

    Total management and financial advice fees

     

     

    1,380

     

     

     

    1,205

     

     

    15

    %

     

     

    1,419

     

     

    (3

    )%

    Distribution fees:

     

     

     

     

     

     

     

     

     

     

    Mutual funds

     

     

    204

     

     

     

    207

     

     

    (1

    )%

     

     

    220

     

     

    (7

    )%

    Insurance and annuity

     

     

    221

     

     

     

    240

     

     

    (8

    )%

     

     

    256

     

     

    (14

    )%

    Off-Balance sheet brokerage cash (1)

     

     

    16

     

     

     

    16

     

     

     

     

     

    14

     

     

    14

    %

    Other products

     

     

    88

     

     

     

    96

     

     

    (8

    )%

     

     

    81

     

     

    9

    %

    Total distribution fees

     

     

    529

     

     

     

    559

     

     

    (5

    )%

     

     

    571

     

     

    (7

    )%

    Net investment income

     

     

    78

     

     

     

    64

     

     

    22

    %

     

     

    68

     

     

    15

    %

    Other revenues

     

     

    57

     

     

     

    56

     

     

    2

    %

     

     

    58

     

     

    (2

    )%

    Total revenues

     

     

    2,044

     

     

     

    1,884

     

     

    8

    %

     

     

    2,116

     

     

    (3

    )%

    Banking and deposit interest expense

     

     

    2

     

     

     

    5

     

     

    60

    %

     

     

    2

     

     

     

    Adjusted operating total net revenues

     

     

    2,042

     

     

     

    1,879

     

     

    9

    %

     

     

    2,114

     

     

    (3

    )%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    1,232

     

     

     

    1,135

     

     

    (9

    )%

     

     

    1,275

     

     

    3

    %

    Interest and debt expense

     

     

    2

     

     

     

    3

     

     

    33

    %

     

     

    2

     

     

     

    General and administrative expense

     

     

    368

     

     

     

    352

     

     

    (5

    )%

     

     

    365

     

     

    (1

    )%

    Adjusted operating expenses

     

     

    1,602

     

     

     

    1,490

     

     

    (8

    )%

     

     

    1,642

     

     

    2

    %

    Pretax adjusted operating earnings

     

    $

    440

     

     

    $

    389

     

     

    13

    %

     

    $

    472

     

     

    (7

    )%

     

     

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating margin

     

     

    21.5

    %

     

     

    20.7

    %

     

     

     

     

    22.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating earnings by product

     

     

     

     

     

     

     

     

     

     

    Certificates and Banking – Combined

     

    $

    34

     

     

    $

    19

     

     

    79

    %

     

    $

    21

     

     

    62

    %

    Wealth Management & Distribution

     

     

    406

     

     

     

    370

     

     

    10

    %

     

     

    451

     

     

    (10

    )%

    Pretax adjusted operating earnings

     

    $

    440

     

     

    $

    389

     

     

    13

    %

     

    $

    472

     

     

    (7

    )%

     

     

     

     

     

     

     

     

     

     

     

    (1) Prior to Q1 2022, Off-Balance sheet brokerage cash was included in Other products. Prior periods have been restated.

    Ameriprise Financial, Inc.

    Advice & Wealth Management Segment Operating Metrics

    (in millions unless otherwise noted, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    AWM Total Client Assets

     

    $

    823,367

     

     

    $

    761,566

     

     

    8

    %

     

    $

    857,584

     

     

    (4

    )%

     

     

     

     

     

     

     

     

     

     

     

    Total Client Flows (1)

     

    $

    10,405

     

     

    $

    9,305

     

     

    12

    %

     

    $

    12,542

     

     

    (17

    )%

     

     

     

     

     

     

     

     

     

     

     

    Total Wrap Accounts

     

     

     

     

     

     

     

     

     

     

    Beginning assets

     

    $

    464,688

     

     

    $

    380,013

     

     

    22

    %

     

    $

    435,375

     

     

    7

    %

    Net flows

     

     

    8,677

     

     

     

    10,413

     

     

    (17

    )%

     

     

    10,541

     

     

    (18

    )%

    Market appreciation (depreciation) and other

     

     

    (26,319

    )

     

     

    9,391

     

     

    NM

     

     

     

    18,772

     

     

    NM

     

    Total wrap ending assets

     

    $

    447,046

     

     

    $

    399,817

     

     

    12

    %

     

    $

    464,688

     

     

    (4

    )%

     

     

     

     

     

     

     

     

     

     

     

    Advisory wrap account assets ending balance (2)

     

    $

    442,145

     

     

    $

    395,299

     

     

    12

    %

     

    $

    459,499

     

     

    (4

    )%

     

     

     

     

     

     

     

     

     

     

     

    Brokerage Cash & Certificates Balances

     

     

     

     

     

     

     

     

     

     

    On-balance sheet (Net Investment Income)

     

     

     

     

     

     

     

     

     

     

    On-balance sheet – broker dealer

     

    $

    3,633

     

     

    $

    3,385

     

     

    7

    %

     

    $

    3,513

     

     

    3

    %

    On-balance sheet – bank

     

     

    13,220

     

     

     

    7,985

     

     

    66

    %

     

     

    11,419

     

     

    16

    %

    On-balance sheet – certificate

     

     

    5,197

     

     

     

    6,258

     

     

    (17

    )%

     

     

    5,300

     

     

    (2

    )%

    Total on-balance sheet

     

    $

    22,050

     

     

    $

    17,628

     

     

    25

    %

     

    $

    20,232

     

     

    9

    %

    Off-balance sheet (Distribution Fees)

     

     

     

     

     

     

     

     

     

     

    Off-balance sheet – broker dealer

     

    $

    23,625

     

     

    $

    22,733

     

     

    4

    %

     

    $

    23,593

     

     

     

    Total brokerage cash & certificates balances

     

    $

    45,675

     

     

    $

    40,361

     

     

    13

    %

     

    $

    43,825

     

     

    4

    %

     

     

     

     

     

     

     

     

     

     

     

    Gross Fee Yield

     

     

     

     

     

     

     

     

     

     

    On-balance sheet – broker dealer

     

     

    0.06

    %

     

     

    0.10

    %

     

     

     

     

    0.06

    %

     

     

    On-balance sheet – bank (3)

     

     

    1.40

    %

     

     

    1.34

    %

     

     

     

     

    1.27

    %

     

     

    On-balance sheet – certificates

     

     

    1.05

    %

     

     

    1.22

    %

     

     

     

     

    0.94

    %

     

     

    Off-balance sheet – broker dealer

     

     

    0.28

    %

     

     

    0.28

    %

     

     

     

     

    0.26

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted Average Gross Fee Yield (3)

     

     

    0.69

    %

     

     

    0.65

    %

     

     

     

     

    0.62

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Financial Advisors

     

     

     

     

     

     

     

     

     

     

    Employee advisors

     

     

    2,088

     

     

     

    2,107

     

     

    (1

    )%

     

     

    2,128

     

     

    (2

    )%

    Franchisee advisors

     

     

    8,061

     

     

     

    7,924

     

     

    2

    %

     

     

    7,988

     

     

    1

    %

    Total financial advisors

     

     

    10,149

     

     

     

    10,031

     

     

    1

    %

     

     

    10,116

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Advisor Retention

     

     

     

     

     

     

     

     

     

     

    Employee

     

     

    92.0

    %

     

     

    92.0

    %

     

     

     

     

    92.0

    %

     

     

    Franchisee

     

     

    94.1

    %

     

     

    94.4

    %

     

     

     

     

    94.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Total client flows represent inflows of client cash and securities less client outflows. Inflows include dividends and interest; outflows include fees. Excludes short-term and long-term capital gain distributions.

    (2) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

    (3) As of Q4 2021, the Gross Fee Yield for prior periods have been restated.

    NM Not Meaningful – variance equal to or greater than 100%

    Ameriprise Financial, Inc.

    Asset Management Segment Adjusted Operating Results

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees:

     

     

     

     

     

     

     

     

     

     

    Asset management fees:

     

     

     

     

     

     

     

     

     

     

    Retail

     

    $

    644

     

     

    $

    531

     

     

    21

    %

     

    $

    624

     

     

    3

    %

    Institutional

     

     

    195

     

     

     

    123

     

     

    59

    %

     

     

    248

     

     

    (21

    )%

    Transaction and other fees

     

     

    55

     

     

     

    52

     

     

    6

    %

     

     

    58

     

     

    (5

    )%

    Revenue from other sources (1)

     

     

    4

     

     

     

    7

     

     

    (43

    )%

     

     

    7

     

     

    (43

    )%

    Total management and financial advice fees

     

     

    898

     

     

     

    713

     

     

    26

    %

     

     

    937

     

     

    (4

    )%

    Distribution fees:

     

     

     

     

     

     

     

     

     

     

    Mutual funds

     

     

    65

     

     

     

    67

     

     

    (3

    )%

     

     

    70

     

     

    (7

    )%

    Insurance and annuity

     

     

    46

     

     

     

    47

     

     

    (2

    )%

     

     

    49

     

     

    (6

    )%

    Total distribution fees

     

     

    111

     

     

     

    114

     

     

    (3

    )%

     

     

    119

     

     

    (7

    )%

    Net investment income

     

     

    4

     

     

     

    1

     

     

    NM

     

     

     

    2

     

     

    NM

     

    Other revenues

     

     

    4

     

     

     

     

     

     

     

     

    2

     

     

    NM

     

    Total revenues

     

     

    1,017

     

     

     

    828

     

     

    23

    %

     

     

    1,060

     

     

    (4

    )%

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

     

    1,017

     

     

     

    828

     

     

    23

    %

     

     

    1,060

     

     

    (4

    )%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    277

     

     

     

    268

     

     

    (3

    )%

     

     

    294

     

     

    6

    %

    Amortization of deferred acquisition costs

     

     

    3

     

     

     

    3

     

     

     

     

     

    3

     

     

     

    Interest and debt expense

     

     

    1

     

     

     

    1

     

     

     

     

     

    2

     

     

    50

    %

    General and administrative expense

     

     

    451

     

     

     

    328

     

     

    (38

    )%

     

     

    431

     

     

    (5

    )%

    Adjusted operating expenses

     

     

    732

     

     

     

    600

     

     

    (22

    )%

     

     

    730

     

     

     

    Pretax adjusted operating earnings

     

    $

    285

     

     

    $

    228

     

     

    25

    %

     

    $

    330

     

     

    (14

    )%

     

     

     

     

     

     

     

     

     

     

     

    Net Pretax Adjusted Operating Margin Reconciliation

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

    $

    1,017

     

     

    $

    828

     

     

    23

    %

     

    $

    1,060

     

     

    (4

    )%

    Distribution pass thru revenues

     

     

    (221

    )

     

     

    (217

    )

     

    (2

    )%

     

     

    (234

    )

     

    6

    %

    Subadvisory and other pass thru revenues

     

     

    (104

    )

     

     

    (87

    )

     

    (20

    )%

     

     

    (97

    )

     

    (7

    )%

    Net adjusted operating revenues

     

    $

    692

     

     

    $

    524

     

     

    32

    %

     

    $

    729

     

     

    (5

    )%

     

     

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating earnings

     

    $

    285

     

     

    $

    228

     

     

    25

    %

     

    $

    330

     

     

    (14

    )%

    Adjusted operating net investment income

     

     

    (4

    )

     

     

    (1

    )

     

    NM

     

     

     

    (2

    )

     

    NM

     

    Amortization of intangibles

     

     

    6

     

     

     

    3

     

     

    NM

     

     

     

    5

     

     

    20

    %

    Net adjusted operating earnings

     

    $

    287

     

     

    $

    230

     

     

    25

    %

     

    $

    333

     

     

    (14

    )%

     

     

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating margin

     

     

    28.0

    %

     

     

    27.5

    %

     

     

     

     

    31.1

    %

     

     

    Net pretax adjusted operating margin (2)

     

     

    41.5

    %

     

     

    43.9

    %

     

     

     

     

    45.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Performance fees (3)

     

     

     

     

     

     

     

     

     

     

    Performance fees

     

    $

    54

     

     

    $

    1

     

     

    NM

     

     

    $

    90

     

     

    (40

    )%

    General and administrative expense related to performance fees

     

     

    33

     

     

     

     

     

     

     

     

    55

     

     

    40

    %

    Net performance fees

     

    $

    21

     

     

    $

    1

     

     

    NM

     

     

    $

    35

     

     

    (40

    )%

     

     

     

     

     

     

     

     

     

     

     

    (1) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.

    (2) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.

    (3) Performance fees do not include CLO incentive fees.

    NM Not Meaningful – variance equal to or greater than 100%.

    Ameriprise Financial, Inc.

    Asset Management Segment Operating Metrics

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Managed Assets Rollforward (1)

     

     

     

     

     

     

     

     

     

     

    Global Retail Funds

     

     

     

     

     

     

     

     

     

     

    Beginning assets

     

    $

    409,369

     

     

    $

    323,483

     

     

    27

    %

     

    $

    355,719

     

     

    15

    %

    Inflows

     

     

    21,788

     

     

     

    22,549

     

     

    (3

    )%

     

     

    20,084

     

     

    8

    %

    Outflows

     

     

    (23,237

    )

     

     

    (17,637

    )

     

    (32

    )%

     

     

    (18,568

    )

     

    (25

    )%

    Net VP/VIT fund flows

     

     

    (1,079

    )

     

     

    (1,019

    )

     

    (6

    )%

     

     

    (1,093

    )

     

    1

    %

    Net new flows (2)

     

     

    (2,528

    )

     

     

    3,893

     

     

    NM

     

     

     

    423

     

     

    NM

     

    Reinvested dividends

     

     

    663

     

     

     

    717

     

     

    (8

    )%

     

     

    13,414

     

     

    (95

    )%

    Net flows

     

     

    (1,865

    )

     

     

    4,610

     

     

    NM

     

     

     

    13,837

     

     

    NM

     

    Distributions

     

     

    (839

    )

     

     

    (858

    )

     

    2

    %

     

     

    (15,093

    )

     

    94

    %

    Acquired assets (3)

     

     

     

     

     

     

     

     

     

     

    36,980

     

     

    NM

     

    Market appreciation (depreciation) and other

     

     

    (25,818

    )

     

     

    13,187

     

     

    NM

     

     

     

    18,478

     

     

    NM

     

    Foreign currency translation (4)

     

     

    (862

    )

     

     

    (152

    )

     

    NM

     

     

     

    (552

    )

     

    (56

    )%

    Total ending assets

     

     

    379,985

     

     

     

    340,270

     

     

    12

    %

     

     

    409,369

     

     

    (7

    )%

    % of total retail assets sub-advised (10)

     

     

    14.6

    %

     

     

    16.4

    %

     

     

     

     

    14.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global Institutional

     

     

     

     

     

     

     

     

     

     

    Beginning assets

     

     

    344,687

     

     

     

    223,130

     

     

    54

    %

     

     

    227,679

     

     

    51

    %

    Inflows (5)

     

     

    12,739

     

     

     

    7,741

     

     

    65

    %

     

     

    24,449

     

     

    (48

    )%

    Outflows (5)

     

     

    (11,560

    )

     

     

    (7,462

    )

     

    (55

    )%

     

     

    (10,817

    )

     

    (7

    )%

    Net flows (2)

     

     

    1,179

     

     

     

    279

     

     

    NM

     

     

     

    13,632

     

     

    (91

    )%

    Acquired assets (3)

     

     

     

     

     

     

     

     

     

     

    99,236

     

     

    NM

     

    Market appreciation (depreciation) and other (6)

     

     

    (21,642

    )

     

     

    176

     

     

    NM

     

     

     

    5,244

     

     

    NM

     

    Foreign currency translation (4)

     

     

    (5,602

    )

     

     

    276

     

     

    NM

     

     

     

    (1,104

    )

     

    NM

     

    Total ending assets

     

     

    318,622

     

     

     

    223,861

     

     

    42

    %

     

     

    344,687

     

     

    (8

    )%

     

     

     

     

     

     

     

     

     

     

     

    Total managed assets

     

    $

    698,607

     

     

    $

    564,131

     

     

    24

    %

     

    $

    754,056

     

     

    (7

    )%

     

     

     

     

     

     

     

     

     

     

     

    Total net flows

     

    $

    (686

    )

     

    $

    4,889

     

     

    NM

     

     

    $

    27,469

     

     

    NM

     

     

     

     

     

     

     

     

     

     

     

     

    Legacy insurance partners flows

     

    $

    (672

    )

     

    $

    (1,262

    )

     

    47

    %

     

    $

    (920

    )

     

    27

    %

     

     

     

     

     

     

     

     

     

     

     

    Total Assets Under Advisement (7)

     

    $

    27,367

     

     

    $

    16,036

     

     

    71

    %

     

    $

    20,194

     

     

    36

    %

    Model delivery AUA flows (8) (9)

     

    $

    4,816

     

     

    $

    294

     

     

    NM

     

     

    $

    820

     

     

    NM

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Q4 2021 rollforwards were restated for a reclass between retail and institutional. Total AUM remained unchanged.

    (2) Included in net flows are the amounts from the US asset transfer from the BMO acquisition of $2,649 ($2,550 retail and $99 institutional) from Q1 2022 and $16,948 ($2,922 retail and $14,026 institutional) from Q4 2021.

    (3) Reflects the acquisition of BMO’s EMEA Asset Management business that closed on November 8, 2021.

    (4) Amounts represent local currency to US dollar translation for reporting purposes.

    (5) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.

    (6) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB.

    (7) Assets are presented on a one-quarter lag.

    (8) Estimated flows based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.

    (9) Included in model delivery AUA flows are $4,447 in Q1 2022 from the BMO US asset transfer.

    (10) Q4 2021 percent of total retail assets sub-advised has been restated.

    NM Not Meaningful – variance equal to or greater than 100%.

    Ameriprise Financial, Inc.

    Asset Management Segment Operating Metrics

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Total Managed Assets by Type (1)

     

     

     

     

     

     

     

     

     

     

    Equity

     

    $

    367,083

       

    $

    319,446

       

    15

    %

     

    $

    402,841

       

    (9

    )%

    Fixed income

     

     

    256,513

     

     

     

    194,343

     

     

    32

    %

     

     

    277,039

     

     

    (7

    )%

    Money market

     

     

    12,902

     

     

     

    5,766

     

     

    NM

     

     

     

    10,084

     

     

    28

    %

    Alternative

     

     

    40,221

     

     

     

    22,876

     

     

    76

    %

     

     

    39,872

     

     

    1

    %

    Hybrid and other

     

     

    21,888

     

     

     

    21,700

     

     

    1

    %

     

     

    24,220

     

     

    (10

    )%

    Total managed assets by type

     

    $

    698,607

     

     

    $

    564,131

     

     

    24

    %

     

    $

    754,056

     

     

    (7

    )%

     

     

     

     

     

     

     

     

     

     

     

    Average Managed Assets by Type (1) (2)

     

     

     

     

     

     

     

     

     

     

    Equity

     

    $

    379,614

     

     

    $

    308,816

     

     

    23

    %

     

    $

    372,152

     

     

    2

    %

    Fixed income

     

     

    267,154

     

     

     

    195,198

     

     

    37

    %

     

     

    251,533

     

     

    6

    %

    Money market

     

     

    11,818

     

     

     

    5,921

     

     

    100

    %

     

     

    8,258

     

     

    43

    %

    Alternative

     

     

    40,079

     

     

     

    22,705

     

     

    77

    %

     

     

    33,939

     

     

    18

    %

    Hybrid and other

     

     

    22,528

     

     

     

    20,908

     

     

    8

    %

     

     

    23,686

     

     

    (5

    )%

    Total average managed assets by type

     

    $

    721,193

     

     

    $

    553,548

     

     

    30

    %

     

    $

    689,568

     

     

    5

    %

     

     

     

     

     

     

     

     

     

     

     

    (1) In Q4 2021, the definition of Alternative AUM was changed to now include real estate, CLOs, private equity, hedge funds (direct and funds of funds), infrastructure and commodities. Prior periods have been restated to reflect this change.

    (2) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.

    NM Not Meaningful – variance equal to or greater than 100%

     

     

     

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Asset Management Segment Performance Metrics

     

     

    1 Qtr 2022

     

     

     

     

     

     

     

     

     

    Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark – Asset Weighted

     

    1 year

     

    3 year

     

    5 year

     

    10 year

    Equity

     

    28

    %

     

    81

    %

     

    85

    %

     

    88

    %

    Fixed Income

     

    53

    %

     

    90

    %

     

    94

    %

     

    91

    %

    Asset Allocation

     

    45

    %

     

    80

    %

     

    86

    %

     

    91

    %

     

     

     

     

     

     

     

     

     

    4- or 5-star Morningstar rated funds

     

    Overall

     

    3 year

     

    5 year

     

    10 year

    Number of Rated Funds

     

    129

     

     

    108

     

     

    104

     

     

    104

     

    Percent of Rated Assets

     

    69

    %

     

    62

    %

     

    62

    %

     

    72

    %

     

     

     

     

     

     

     

     

     

    Retail Fund performance rankings for each fund is measured on a consistent basis against the most appropriate peer group or index. Peer Groupings are defined by either Lipper, IA, or Morningstar and based primarily on the Institutional Share Class, Net of Fees. Comparisons to Index are measured Gross of Fees.

     

     

     

     

     

     

     

     

     

    To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.

     

     

     

     

     

     

     

     

     

    Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.

     

     

     

     

     

     

     

     

     

    Morningstar as of 03/31/22. Columbia funds are available for purchase by U.S. customers. Out of 95 Columbia funds (Inst. shares) rated, 13 received a 5-star Overall Rating and 39 received a 4-star Overall Rating. Out of 92 Threadneedle funds (highest rated share class) rated, 18 received a 5-star Overall Rating and 32 received a 4-star Overall Rating. Out of 63 BMO funds (highest rated share class) rated, 6 received a 5-star Overall Rating and 21 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms.

     

    © 2022 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

     

     

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Retirement & Protection Solutions Segment Adjusted Operating Results

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

    218

     

    $

    222

     

    (2

    )%

     

    $

    237

     

    (8

    )%

    Distribution fees

     

     

    112

     

     

    116

     

    (3

    )%

     

     

    124

     

    (10

    )%

    Net investment income

     

     

    114

     

     

    126

     

    (10

    )%

     

     

    113

     

    1

    %

    Premiums, policy and contract charges

     

     

    325

     

     

    323

     

    1

    %

     

     

    337

     

    (4

    )%

    Other revenues

     

     

    3

     

     

     

     

     

     

    4

     

    (25

    )%

    Total revenues

     

     

    772

     

     

    787

     

    (2

    )%

     

     

    815

     

    (5

    )%

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

     

    772

     

     

    787

     

    (2

    )%

     

     

    815

     

    (5

    )%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    119

     

     

    129

     

    8

    %

     

     

    134

     

    11

    %

    Interest credited to fixed accounts

     

     

    96

     

     

    96

     

     

     

     

    96

     

     

    Benefits, claims, losses and settlement expenses

     

     

    230

     

     

    234

     

    2

    %

     

     

    244

     

    6

    %

    Amortization of deferred acquisition costs

     

     

    53

     

     

    63

     

    16

    %

     

     

    70

     

    24

    %

    Interest and debt expense

     

     

    9

     

     

    10

     

    10

    %

     

     

    9

     

     

    General and administrative expense

     

     

    74

     

     

    72

     

    (3

    )%

     

     

    79

     

    6

    %

    Adjusted operating expenses

     

     

    581

     

     

    604

     

    4

    %

     

     

    632

     

    8

    %

    Pretax adjusted operating earnings

     

    $

    191

     

    $

    183

     

    4

    %

     

    $

    183

     

    4

    %

     

     

     

     

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Retirement & Protection Solutions Segment Operating Metrics

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Variable Annuities Rollforwards

     

     

     

     

     

     

     

     

     

     

    Beginning balance

     

    $

    92,292

     

     

    $

    85,774

     

     

    8

    %

     

    $

    89,635

     

     

    3

    %

    Deposit

     

     

    1,046

     

     

     

    1,428

     

     

    (27

    )%

     

     

    1,530

     

     

    (32

    )%

    Withdrawals and terminations

     

     

    (1,678

    )

     

     

    (1,984

    )

     

    15

    %

     

     

    (2,011

    )

     

    17

    %

    Net flows

     

     

    (632

    )

     

     

    (556

    )

     

    (14

    )%

     

     

    (481

    )

     

    (31

    )%

    Investment performance and interest credited

     

     

    (5,901

    )

     

     

    1,746

     

     

    NM

     

     

     

    3,138

     

     

    NM

     

    Total ending balance – contract accumulation values

     

    $

    85,759

     

     

    $

    86,964

     

     

    (1

    )%

     

    $

    92,292

     

     

    (7

    )%

     

     

     

     

     

     

     

     

     

     

     

    Variable annuities fixed sub-accounts

     

    $

    4,951

     

     

    $

    5,075

     

     

    (2

    )%

     

    $

    4,990

     

     

    (1

    )%

     

     

     

     

     

     

     

     

     

     

     

    Life Insurance In Force

     

    $

    198,674

     

     

    $

    196,164

     

     

    1

    %

     

    $

    198,553

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Amount at Risk (Life)

     

    $

    38,290

     

     

    $

    37,636

     

     

    2

    %

     

    $

    37,652

     

     

    2

    %

     

     

     

     

     

     

     

     

     

     

     

    Net Policyholder Reserves

     

     

     

     

     

     

     

     

     

     

    VUL/UL

     

    $

    14,419

     

     

    $

    14,106

     

     

    2

    %

     

    $

    15,049

     

     

    (4

    )%

    Term and whole life

     

     

    163

     

     

     

    172

     

     

    (5

    )%

     

     

    167

     

     

    (2

    )%

    Disability insurance

     

     

    478

     

     

     

    503

     

     

    (5

    )%

     

     

    483

     

     

    (1

    )%

    Other insurance

     

     

    596

     

     

     

    637

     

     

    (6

    )%

     

     

    608

     

     

    (2

    )%

    Total net policyholder reserves

     

    $

    15,656

     

     

    $

    15,418

     

     

    2

    %

     

    $

    16,307

     

     

    (4

    )%

     

     

     

     

     

     

     

     

     

     

     

    DAC Ending Balances

     

     

     

     

     

     

     

     

     

     

    Variable Annuities DAC

     

    $

    1,914

     

     

    $

    1,792

     

     

    7

    %

     

    $

    1,876

     

     

    2

    %

    Life and Health DAC

     

    $

    955

     

     

    $

    839

     

     

    14

    %

     

    $

    847

     

     

    13

    %

     

     

     

     

     

     

     

     

     

     

     

    NM Not Meaningful – variance equal to or greater than 100%

    Ameriprise Financial, Inc.

    Corporate Segment Adjusted Operating Results and Metrics

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

     

     

    $

     

     

     

     

    $

     

     

     

    Distribution fees

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net investment income

     

     

    (11

    )

     

     

    (1

    )

     

    NM

     

     

     

    (12

    )

     

    8

    %

    Premiums, policy and contract charges

     

     

     

     

     

     

     

     

     

     

    (1

    )

     

    NM

     

    Other revenues

     

     

    2

     

     

     

    1

     

     

    NM

     

     

     

    4

     

     

    (50

    )%

    Total revenues

     

     

    (9

    )

     

     

     

     

     

     

     

    (9

    )

     

     

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

    1

     

     

    NM

     

    Adjusted operating total net revenues

     

     

    (9

    )

     

     

     

     

     

     

     

    (10

    )

     

    10

    %

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest credited to fixed accounts

     

     

     

     

     

     

     

     

     

     

     

     

     

    Benefits, claims, losses and settlement expenses

     

     

     

     

     

     

     

     

     

     

    (1

    )

     

    NM

     

    Amortization of deferred acquisition costs

     

     

     

     

     

     

     

     

     

     

    (1

    )

     

    NM

     

    Interest and debt expense

     

     

    13

     

     

     

    7

     

     

    (86

    )%

     

     

    13

     

     

     

    General and administrative expense

     

     

    50

     

     

     

    56

     

     

    11

    %

     

     

    67

     

     

    25

    %

    Adjusted operating expenses

     

     

    63

     

     

     

    63

     

     

     

     

     

    78

     

     

    19

    %

    Pretax adjusted operating earnings (loss)

     

    $

    (72

    )

     

    $

    (63

    )

     

    (14

    )%

     

    $

    (88

    )

     

    18

    %

     

     

     

     

     

     

     

     

     

     

     

    NM Not Meaningful – variance equal to or greater than 100%

     

     

     

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Corporate Segment Adjusted Operating Results and Metrics

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Long Term Care Adjusted Operating Income Statements

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

     

     

    $

     

     

     

     

    $

     

     

     

    Distribution fees

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net investment income

     

     

    36

     

     

     

    38

     

     

    (5

    )%

     

     

    37

     

     

    (3

    )%

    Premiums, policy and contract charges

     

     

    23

     

     

     

    24

     

     

    (4

    )%

     

     

    25

     

     

    (8

    )%

    Other revenues

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenues

     

     

    59

     

     

     

    62

     

     

    (5

    )%

     

     

    62

     

     

    (5

    )%

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

     

    59

     

     

     

    62

     

     

    (5

    )%

     

     

    62

     

     

    (5

    )%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    (2

    )

     

     

    (3

    )

     

    (33

    )%

     

     

    (3

    )

     

    (33

    )%

    Interest credited to fixed accounts

     

     

     

     

     

     

     

     

     

     

     

     

     

    Benefits, claims, losses and settlement expenses

     

     

    52

     

     

     

    11

     

     

    NM

     

     

     

    53

     

     

    2

    %

    Amortization of deferred acquisition costs

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest and debt expense

     

     

    3

     

     

     

    3

     

     

     

     

     

    2

     

     

    (50

    )%

    General and administrative expense

     

     

    5

     

     

     

    5

     

     

     

     

     

    6

     

     

    17

    %

    Adjusted operating expenses

     

     

    58

     

     

     

    16

     

     

    NM

     

     

     

    58

     

     

     

    Pretax adjusted operating earnings (loss)

     

    $

    1

     

     

    $

    46

     

     

    (98

    )%

     

    $

    4

     

     

    (75

    )%

     

     

     

     

     

     

     

     

     

     

     

    Long Term Care Policyholder Reserves, net of reinsurance (1)

     

     

     

     

     

     

     

     

     

     

    Active Life Reserves

     

    $

    2,291

     

     

    $

    2,431

     

     

    (6

    )%

     

    $

    2,487

     

     

    (8

    )%

    Disabled Life Reserves

     

     

    578

     

     

     

    540

     

     

    7

    %

     

     

    565

     

     

    2

    %

    Total long term care policyholder reserves, net of reinsurance

     

    $

    2,869

     

     

    $

    2,971

     

     

    (3

    )%

     

    $

    3,052

     

     

    (6

    )%

     

     

     

     

     

     

     

     

     

     

     

    (1) SFAS 115 requires GAAP reserves to include all unrealized gains on available for sale securities in the portfolio to be reported as if they were realized on the last day of the accounting period with all financial impacts flowing through other comprehensive income.

    NM Not Meaningful – variance equal to or greater than 100%

    Ameriprise Financial, Inc.

    Corporate Segment Adjusted Operating Results and Metrics

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Fixed Annuities Adjusted Operating Income Statements

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

     

     

    $

     

     

     

     

    $

     

     

     

    Distribution fees

     

     

     

     

     

     

     

     

     

     

    1

     

     

    NM

     

    Net investment income

     

     

    8

     

     

     

    63

     

     

    (87

    )%

     

     

    7

     

     

    14

    %

    Premiums, policy and contract charges

     

     

    1

     

     

     

     

     

     

     

     

    1

     

     

     

    Other revenues

     

     

    57

     

     

     

    14

     

     

    NM

     

     

     

    55

     

     

    4

    %

    Total revenues

     

     

    66

     

     

     

    77

     

     

    (14

    )%

     

     

    64

     

     

    3

    %

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

     

    66

     

     

     

    77

     

     

    (14

    )%

     

     

    64

     

     

    3

    %

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    1

     

     

     

    1

     

     

     

     

     

     

     

     

    Interest credited to fixed accounts

     

     

    61

     

     

     

    61

     

     

     

     

     

    63

     

     

    3

    %

    Benefits, claims, losses and settlement expenses

     

     

    2

     

     

     

    2

     

     

     

     

     

    1

     

     

    NM

     

    Amortization of deferred acquisition costs

     

     

    3

     

     

     

    4

     

     

    25

    %

     

     

    3

     

     

     

    Interest and debt expense

     

     

     

     

     

    5

     

     

    NM

     

     

     

     

     

     

    General and administrative expense

     

     

    4

     

     

     

    8

     

     

    50

    %

     

     

    4

     

     

     

    Adjusted operating expenses

     

     

    71

     

     

     

    81

     

     

    12

    %

     

     

    71

     

     

     

    Pretax adjusted operating earnings (loss)

     

    $

    (5

    )

     

    $

    (4

    )

     

    (25

    )%

     

    $

    (7

    )

     

    29

    %

     

     

     

     

     

     

     

     

     

     

     

    NM Not Meaningful – variance equal to or greater than 100%

    Ameriprise Financial, Inc.

    Eliminations (1) Adjusted Operating Results

    (in millions, unaudited)

     

    1 Qtr 2022

     

    1 Qtr 2021

     

    % Over/
    (Under)

     

    4 Qtr 2021

     

    % Over/
    (Under)

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

    (35

    )

     

    $

    (36

    )

     

    3

    %

     

    $

    (37

    )

     

    5

    %

    Distribution fees

     

     

    (306

    )

     

     

    (331

    )

     

    8

    %

     

     

    (353

    )

     

    13

    %

    Net investment income

     

     

    (3

    )

     

     

    (4

    )

     

    25

    %

     

     

    (4

    )

     

    25

    %

    Premiums, policy and contract charges

     

     

    (8

    )

     

     

    (8

    )

     

     

     

     

    (8

    )

     

     

    Other revenues

     

     

     

     

     

     

     

     

     

     

    1

     

     

    NM

     

    Total revenues

     

     

    (352

    )

     

     

    (379

    )

     

    7

    %

     

     

    (401

    )

     

    12

    %

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

    (1

    )

     

    NM

     

    Adjusted operating total net revenues

     

     

    (352

    )

     

     

    (379

    )

     

    7

    %

     

     

    (400

    )

     

    12

    %

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    (330

    )

     

     

    (355

    )

     

    (7

    )%

     

     

    (378

    )

     

    (13

    )%

    Interest credited to fixed accounts

     

     

     

     

     

     

     

     

     

     

     

     

     

    Benefits, claims, losses and settlement expenses

     

     

    (4

    )

     

     

    (4

    )

     

     

     

     

    (8

    )

     

    (50

    )%

    Amortization of deferred acquisition costs

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest and debt expense

     

     

    (2

    )

     

     

    (3

    )

     

    (33

    )%

     

     

    (3

    )

     

    (33

    )%

    General and administrative expense

     

     

    (16

    )

     

     

    (17

    )

     

    (6

    )%

     

     

    (11

    )

     

    45

    %

    Adjusted operating expenses

     

     

    (352

    )

     

     

    (379

    )

     

    (7

    )%

     

     

    (400

    )

     

    (12

    )%

    Pretax adjusted operating earnings (loss)

     

    $

     

     

    $

     

     

     

     

    $

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.

    NM Not Meaningful – variance equal to or greater than 100%

    Ameriprise Financial, Inc.

    Capital Information

    (in millions, unaudited)

     

    March 31,
    2022

     

    March 31,
    2021

     

    December 31,
    2021

     

     

     

     

     

     

     

    Long-term Debt Summary

     

     

     

     

     

     

    Senior notes

     

    $

    2,300

     

     

    $

    2,800

     

     

    $

    2,800

     

    Finance lease liabilities

     

     

    37

     

     

     

    46

     

     

     

    40

     

    Other (1)

     

     

    (7

    )

     

     

    (12

    )

     

     

    (8

    )

    Total Ameriprise Financial long-term debt

     

     

    2,330

     

     

     

    2,834

     

     

     

    2,832

     

    Non-recourse debt of consolidated investment entities

     

     

    2,157

     

     

     

    2,671

     

     

     

    2,164

     

    Total long-term debt

     

    $

    4,487

     

     

    $

    5,505

     

     

    $

    4,996

     

     

     

     

     

     

     

     

    Total Ameriprise Financial long-term debt

     

    $

    2,330

     

     

    $

    2,834

     

     

    $

    2,832

     

    Finance lease liabilities

     

     

    (37

    )

     

     

    (46

    )

     

     

    (40

    )

    Other (1)

     

     

    7

     

     

     

    12

     

     

     

    8

     

    Total Ameriprise Financial long-term debt excluding finance lease liabilities and other

     

    $

    2,300

     

     

    $

    2,800

     

     

    $

    2,800

     

     

     

     

     

     

     

     

    Total equity (2)

     

    $

    5,010

     

     

    $

    5,502

     

     

    $

    5,685

     

    Equity of consolidated investment entities

     

     

    1

     

     

     

    (1

    )

     

     

    (3

    )

    Total equity excluding CIEs

     

    $

    5,011

     

     

    $

    5,501

     

     

    $

    5,682

     

     

     

     

     

     

     

     

    Total Ameriprise Financial capital

     

    $

    7,340

     

     

    $

    8,336

     

     

    $

    8,517

     

    Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs

     

    $

    7,311

     

     

    $

    8,301

     

     

    $

    8,482

     

     

     

     

     

     

     

     

    Debt to capital

     

     

     

     

     

     

    Total Ameriprise Financial long-term debt to total Ameriprise Financial capital

     

     

    31.7

    %

     

     

    34.0

    %

     

     

    33.3

    %

    Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)

     

     

    31.5

    %

     

     

    33.7

    %

     

     

    33.0

    %

     

     

     

     

     

     

     

    (1) Includes adjustments for fair value of hedges, unamortized discount, debt issuance costs and other lease obligations.

    (2) Includes accumulated other comprehensive income, net of tax.

    Ameriprise Financial, Inc.

    Consolidated Balance Sheets

    (in millions, unaudited)

     

    March 31,
    2022

     

    December 31,
    2021

     

     

     

     

     

    Assets

     

     

     

     

    Cash and cash equivalents

     

    $

    6,623

     

     

    $

    7,127

     

    Cash of consolidated investment entities

     

     

    119

     

     

     

    121

     

    Investments

     

     

    36,040

     

     

     

    35,810

     

    Investments of consolidated investment entities

     

     

    2,177

     

     

     

    2,184

     

    Separate account assets

     

     

    89,669

     

     

     

    97,491

     

    Receivables

     

     

    16,193

     

     

     

    16,205

     

    Receivables of consolidated investment entities

     

     

    22

     

     

     

    17

     

    Deferred acquisition costs

     

     

    2,928

     

     

     

    2,782

     

    Restricted and segregated cash and investments

     

     

    2,668

     

     

     

    2,795

     

    Other assets

     

     

    11,084

     

     

     

    11,444

     

    Other assets of consolidated investment entities

     

     

    2

     

     

     

    3

     

    Total Assets

     

    $

    167,525

     

     

    $

    175,979

     

     

     

     

     

     

    Liabilities

     

     

     

     

    Policyholder account balances, future policy benefits and claims

     

    $

    35,225

     

     

    $

    35,750

     

    Separate account liabilities

     

     

    89,669

     

     

     

    97,491

     

    Customer deposits

     

     

    22,048

     

     

     

    20,227

     

    Short-term borrowings

     

     

    200

     

     

     

    200

     

    Long-term debt

     

     

    2,330

     

     

     

    2,832

     

    Debt of consolidated investment entities

     

     

    2,156

     

     

     

    2,164

     

    Accounts payable and accrued expenses

     

     

    2,050

     

     

     

    2,527

     

    Other liabilities

     

     

    8,691

     

     

     

    8,966

     

    Other liabilities of consolidated investment entities

     

     

    146

     

     

     

    137

     

    Total Liabilities

     

     

    162,515

     

     

     

    170,294

     

     

     

     

     

     

    Equity

     

     

     

     

    Ameriprise Financial

     

     

     

     

    Common shares ($.01 par)

     

     

    3

     

     

     

    3

     

    Additional paid-in capital

     

     

    9,348

     

     

     

    9,220

     

    Retained earnings

     

     

    18,153

     

     

     

    17,525

     

    Treasury stock

     

     

    (21,599

    )

     

     

    (21,066

    )

    Accumulated other comprehensive income, net of tax

     

     

    (895

    )

     

     

    3

     

    Total Equity

     

     

    5,010

     

     

     

    5,685

     

    Total Liabilities and Equity

     

    $

    167,525

     

     

    $

    175,979

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Earnings

     

     

    Quarter Ended
    March 31,

     

    % Over/
    (Under)

     

    Per Diluted Share
    Quarter Ended
    March 31,

     

    % Over/
    (Under)

    (in millions, except per share amounts, unaudited)

     

    2022

     

    2021

     

     

    2022

     

    2021

     

    Net income

     

    $

    761

     

     

    $

    437

     

     

    74

    %

     

    $

    6.55

     

     

    $

    3.58

     

     

    83

    %

    Less: Net realized investment gains (losses) (1)

     

     

    16

     

     

     

    55

     

     

     

     

     

    0.14

     

     

     

    0.45

     

     

     

    Add: Market impact on non-traditional long-duration products (1)

     

     

    (134

    )

     

     

    396

     

     

     

     

     

    (1.15

    )

     

     

    3.24

     

     

     

    Add: Mean reversion-related impacts (1)

     

     

    59

     

     

     

    (56

    )

     

     

     

     

    0.51

     

     

     

    (0.46

    )

     

     

    Add: Integration/restructuring charges (1)

     

     

    10

     

     

     

     

     

     

     

     

    0.09

     

     

     

     

     

     

    Less: Net income (loss) attributable to consolidated investment entities

     

     

    2

     

     

     

    (1

    )

     

     

     

     

    0.02

     

     

     

    (0.01

    )

     

     

    Add: Tax effect of adjustments (2)

     

     

    17

     

     

     

    (60

    )

     

     

     

     

    0.14

     

     

     

    (0.49

    )

     

     

    Adjusted operating earnings

     

     

    695

     

     

     

    663

     

     

    5

    %

     

     

    5.98

     

     

     

    5.43

     

     

    10

    %

    Less: Long term care impact

     

     

    1

     

     

     

    46

     

     

     

     

     

    0.01

     

     

     

    0.38

     

     

     

    Less: Tax effect of long term care impact (2)

     

     

     

     

     

    (10

    )

     

     

     

     

     

     

     

    (0.08

    )

     

     

    Adjusted operating earnings excluding long term care impact

     

    $

    694

     

     

    $

    627

     

     

    11

    %

     

    $

    5.97

     

     

    $

    5.13

     

     

    16

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    113.7

     

     

     

    119.8

     

     

     

     

     

     

     

     

     

    Diluted

     

     

    116.2

     

     

     

    122.2

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Pretax adjusted operating adjustment.

     

     

     

     

     

     

     

     

     

     

     

     

    (2) Calculated using the statutory tax rate of 21%.

    Ameriprise Financial, Inc.

    Reconciliation Table: Pretax Adjusted Operating Earnings and Pretax Adjusted Operating Margin

     

     

    Quarter Ended
    March 31,

    (in millions, unaudited)

     

    2022

     

    2021

    Total net revenues

     

    $

    3,655

     

     

    $

    3,350

     

    Less: Net realized investment gains (losses)

     

     

    17

     

     

     

    57

     

    Less: Market impact on non-traditional long-duration products

     

     

    26

     

     

     

    5

     

    Less: Mean reversion-related impacts

     

     

     

     

     

     

    Less: Integration/restructuring charges

     

     

     

     

     

     

    Less: CIEs revenue

     

     

    17

     

     

     

    34

     

    Adjusted operating total net revenues

     

    $

    3,595

     

     

    $

    3,254

     

     

     

     

     

     

    Total expenses

     

    $

    2,732

     

     

    $

    2,857

     

    Less: CIEs expenses

     

     

    15

     

     

     

    35

     

    Less: Integration/restructuring charges

     

     

    10

     

     

     

     

    Less: Market impact on non-traditional long-duration products

     

     

    (108

    )

     

     

    401

     

    Less: Mean reversion-related impacts

     

     

    59

     

     

     

    (56

    )

    Less: DAC/DSIC offset to net realized investment gains (losses)

     

     

    1

     

     

     

    2

     

    Adjusted operating expenses

     

    $

    2,755

     

     

    $

    2,475

     

     

     

     

     

     

    Pretax income

     

    $

    923

     

     

    $

    493

     

    Pretax adjusted operating earnings

     

    $

    840

     

     

    $

    779

     

     

     

     

     

     

    Pretax income margin

     

     

    25.3

    %

     

     

    14.7

    %

    Pretax adjusted operating margin

     

     

    23.4

    %

     

     

    23.9

    %

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Effective Tax Rate

     

    Quarter Ended
    March 31, 2021

     

    (in millions, unaudited)

    GAAP

    Adjusted
    Operating

    Pretax income

    $

    493

     

    $

    779

     

    Income tax provision

    $

    56

     

    $

    116

     

     

     

     

     

    Effective tax rate

     

    11.3

    %

     

    14.9

    %

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Effective Tax Rate

     

    Quarter Ended
    March 31, 2022

     

    (in millions, unaudited)

    GAAP

     

    Adjusted
    Operating

    Pretax income

    $

    923

     

    $

    840

     

    Income tax provision

    $

    162

     

    $

    145

     

     

     

     

     

     

    Effective tax rate

     

    17.6

    %

     

    17.3

    %

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift

     

    Quarter Ended
    March 31,

     

    (in millions, unaudited)

    2022

    2021

     

     

    Advice & Wealth Management

    $

    440

     

    $

    389

     

    Asset Management

     

    285

     

     

    228

     

    RPS

     

    191

     

     

    183

     

    Pretax adjusted operating earnings ex Corporate

    $

    916

     

    $

    800

     

     

     

     

     

     

    Advice & Wealth Management

     

    48

    %

     

    49

    %

    Asset Management

     

    31

    %

     

    28

    %

    RPS

     

    21

    %

     

    23

    %

    Subtotal pretax adjusted operating earnings

     

    100

    %

     

    100

    %

    AWM & AM

     

    79

    %

     

    77

    %

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Return on Equity (ROE) Excluding Accumulated

    Other Comprehensive Income “AOCI”

     

     

    Twelve Months Ended
    March 31,

    (in millions, unaudited)

     

    2022

     

    2021

    Net income

     

    $

    3,084

     

     

    $

    (65

    )

    Less: Adjustments (1)

     

     

    328

     

     

     

    (1,804

    )

    Adjusted operating earnings

     

    $

    2,756

     

     

    $

    1,739

     

     

     

     

     

     

    Total Ameriprise Financial, Inc. shareholders’ equity

     

    $

    5,518

     

     

    $

    6,126

     

    Less: Accumulated other comprehensive income, net of tax

     

     

    (3

    )

     

     

    312

     

    Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI

     

     

    5,521

     

     

     

    5,814

     

    Less: Equity impacts attributable to the consolidated investment entities

     

     

    1

     

     

     

    1

     

    Adjusted operating equity

     

    $

    5,520

     

     

    $

    5,813

     

     

     

     

     

     

    Return on equity excluding AOCI

     

     

    55.9

    %

     

     

    (1.1

    )%

    Adjusted operating return on equity excluding AOCI (2)

     

     

    49.9

    %

     

     

    29.9

    %

     

     

     

     

     

    (1) Adjustments reflect the trailing twelve months’ sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs (“DSIC”) and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on disposal of business; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations. After-tax is calculated using the statutory tax rate of 21%.

    (2) Adjusted operating return on equity excluding accumulated other comprehensive income (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on the disposal of business; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations in the numerator, and Ameriprise Financial shareholders’ equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.

     

    Contacts

    Investor Relations:

    Alicia A. Charity
    Ameriprise Financial
    (612) 671-2080
    alicia.a.charity@ampf.com

    Stephanie M. Rabe
    Ameriprise Financial
    (612) 671-4085
    stephanie.m.rabe@ampf.com

    Media Relations:

    Paul W. Johnson
    Ameriprise Financial
    (612) 671-0625
    paul.w.johnson@ampf.com

    Originally Posted at BusinessWire on April 25, 2022 by Ameriprise Financial Inc.

    Categories: Industry Articles
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