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  • Ameriprise Financial Reports First Quarter 2023 Results, Raises Quarterly Dividend 8 Percent

    April 25, 2023 by Ameriprise Financial

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

    Earnings Per Diluted Share

     

    Return on Equity, ex AOCI (1)

     

    Q1 2023

     

     

    Q1 2023

    GAAP

    $3.79

     

    GAAP

    45.2%

    Adjusted Operating

    $7.25

     

    Adjusted Operating

    49.5%

     

     

     

     

     

    • First quarter adjusted operating earnings per diluted share was $7.25, up 25 percent from the prior year driven by strong business performance in Wealth Management.

     

    Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

     

     

    “Ameriprise delivered an excellent first quarter and a strong start to the year.

     

    In a period of significant market dislocation, we remained focused on providing an exceptional client experience and further demonstrated the benefits of our diversified business model. Our leadership in financial planning and advice and extensive wealth management capabilities led to another quarter of strong client engagement, double-digit growth in client flows and significant asset growth in the bank and certificate companies.

     

    The combination of our businesses enables Ameriprise to consistently generate a range of fee- and spread-based revenue streams and strong free cash flow. This, complemented by our strong risk, expense and capital management, underpins our ability to successfully navigate market pressures.

     

    Our capital strength is a clear differentiator for Ameriprise. We have a well-established track record of consistently returning capital to shareholders at attractive levels and today announced our 19th dividend increase since becoming a public company in 2005, raising our quarterly dividend another 8 percent.”

     

    • First quarter GAAP net income per diluted share was $3.79 compared to $7.10 a year ago, primarily reflecting the market impact on the valuation of derivatives and market risk benefits, which was unfavorable in the current year and favorable in the prior year.

     

    • Assets under management and administration were $1.2 trillion, down 8 percent, reflecting strong client net inflows that were more than offset by market depreciation and unfavorable foreign exchange translation.

     

    • In Wealth Management, adjusted operating net revenue increased 11 percent. Pretax adjusted operating earnings grew 58 percent, resulting in a new record high operating margin of 31 percent. Total client flows increased 18 percent to $12.3 billion, and Ameriprise Bank and Certificate Company assets reached $32.9 billion.

     

    • Asset Management delivered a 31 percent net pretax adjusted operating margin, which was within our target range. Net new flow trends improved in line with the industry and reflected the challenging environment.

     

    • Retirement & Protection Solutions earnings increased 11 percent, and all periods reflect the adoption of long duration targeted improvements (LDTI). These high-returning books of business continued to generate substantial free cash flow.

     

    • In the quarter, the Company announced a partnership with Comerica as its new Investment Program Provider, which will add approximately 100 financial advisors and $18 billion of assets and is expected to close by year end.

     

    • The company returned $641 million of capital to shareholders in the quarter and announced an increase in its quarterly dividend to $1.35 per diluted share. Excess capital remained strong at $1.3 billion.

     

         

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

    Ameriprise Financial, Inc.

    First Quarter Summary

     

    Quarter Ended March 31,

     

    % Better/

    (Worse)

     

    (in millions, except per share amounts, unaudited)

    2023

     

    2022

     

     

    GAAP net income

    $

    417

     

     

    $

    825

     

     

    (49)%

     

    Adjusted operating earnings

    (reconciliation on p. 24)

    $

    798

     

     

    $

    676

     

     

    18%

     

     

     

     

     

     

     

     

    GAAP net income per diluted share

    $

    3.79

     

     

    $

    7.10

     

     

    (47)%

     

    Adjusted operating earnings per diluted share

    (reconciliation on p. 24)

    $

    7.25

     

     

    $

    5.82

     

     

    25%

     

     

     

     

     

     

     

     

    GAAP Return on Equity, ex. AOCI

     

    45.2

    %

     

     

    51.8

    %

     

     

     

    Adjusted Operating Return on Equity, ex. AOCI

    (reconciliation on p. 26)

     

    49.5

    %

     

     

    48.7

    %

     

     

     

     

     

     

     

     

     

     

    GAAP Equity, ex. AOCI

    $

    6,129

     

     

    $

    5,766

     

     

    6%

     

    Available Capital for Capital Adequacy
    (reconciliation on p. 25)

    $

    5,377

       

    $

    5,200

       

    3%

     
     

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

    Basic

     

    107.9

     

     

     

    113.7

     

     

     

     

    Diluted

     

    110.0

     

     

     

    116.2

     

     

     

     

     

     

     

     

     

     

     

    First quarter 2023 GAAP results were negatively impacted by market changes that affected the valuation of derivatives and market risk benefits, and included $8 million of after tax integration costs from the acquisition of BMO EMEA. GAAP results in the prior year quarter benefited from market changes that impacted the valuation of derivatives.

    The company introduced a new non-GAAP measure of available capital for capital adequacy, which reflects management’s view of the underlying performance of our operations. Available capital for capital adequacy utilizes a GAAP basis for our non-insurance businesses, net of goodwill, intangibles and other adjustments, and a statutory basis for RiverSource Life. A reconciliation of this non-GAAP measure can be found on page 25.

    Ameriprise Financial, Inc.

    Advice & Wealth Management Segment Adjusted Operating Results

     

    Quarter Ended March 31,

     

    % Better/

    (Worse)

    (in millions, unaudited)

    2023

     

    2022

     

    Adjusted operating net revenues

    $

    2,265

     

     

    $

    2,042

     

     

    11%

     

     

     

     

     

     

     

     

    Distribution expenses

     

    1,173

     

     

     

    1,232

     

     

    5%

    Interest and debt expense

     

    7

     

     

     

    2

     

     

    NM

    General and administrative expenses

     

    392

     

     

     

    368

     

     

    (7)%

    Adjusted operating expenses

     

    1,572

     

     

     

    1,602

     

     

    2%

    Pretax adjusted operating earnings

    $

    693

     

     

    $

    440

     

     

    58%

     

     

     

     

     

     

     

     

    Pretax adjusted operating margin

     

    30.6

    %

     

     

    21.5

    %

     

    910 bps

     

     

     

     

     

     

     

     

     

     

    Quarter Ended March 31,

     

    % Better/

    (Worse)

    (in billions, unless otherwise noted)

    2023

     

    2022

     

    Total client assets

    $

    799

     

    $

    823

     

    (3)%

    Total client net flows

    $

    12.3

     

    $

    10.4

     

    18%

    Wrap net flows

    $

    6.2

     

    $

    8.7

     

    (28)%

    AWM cash balances

    $

    44.3

     

    $

    45.7

     

    (3)%

    Adjusted operating net revenue per advisor (TTM in thousands)

    $

    847

     

    $

    810

     

    5%

     

     

     

     

     

     

     

    Advice & Wealth Management pretax adjusted operating earnings increased 58 percent and pretax adjusted operating margin reached a record high of 30.6 percent. Advisors remained highly engaged with clients throughout the market dislocation in the quarter, driving deep relationships and a referable experience. Spread revenues are expected to drive sustainable financial benefits going forward.

    Net revenues increased 11 percent to $2.3 billion as strong client flows and higher investment income from continued bank and certificate growth and rising interest rates more than offset market depreciation on fee-based revenues.

    Adjusted operating expenses declined 2 percent to $1.6 billion compared to a year ago. Distribution expenses declined 5 percent primarily from lower markets. General and administrative expense was in line with expectations at $392 million, reflecting continued expense discipline while investing for business growth and higher business volume.

    The Wealth Management business delivered robust organic growth. Clients and advisors remained engaged and focused on positioning portfolios to meet financial planning goals in the face of a challenging market environment.

    • Total client net flows increased 18 percent to $12.3 billion, with $6.2 billion of flows into wrap accounts and $6.1 billion into other products, reflecting higher interest rates and more volatile equity markets.
    • AWM cash balances were $44.3 billion, down only 3 percent year-over-year.
    • Ameriprise Bank and Ameriprise Certificate Company assets grew 67 percent year-over-year to $32.9 billion.
    • Total advisors increased 1 percent to 10,259, with excellent advisor retention, as well as the addition of 83 experienced advisors in the quarter.
    • Adjusted operating net revenue per advisor on a trailing 12-month basis was $847,000, up 5 percent from enhanced productivity, business growth and market impacts.

    Ameriprise Financial, Inc.

    Asset Management Segment Adjusted Operating Results

     

    Quarter Ended March 31,

     

    % Better/

    (Worse)

    (in millions, unaudited)

    2023

     

    2022

     

    Adjusted operating net revenues

    $

    799

     

     

    $

    1,017

     

     

    (21)%

     

     

     

     

     

     

    Distribution expenses

     

    230

     

     

     

    277

     

     

    17%

    Amortization of deferred acquisition costs

     

    1

     

     

     

    3

     

     

    67%

    Interest and debt expense

     

    2

     

     

     

    1

     

     

    NM

    General and administrative expenses

     

    401

     

     

     

    451

     

     

    11%

    Adjusted operating expenses

    $

    634

     

     

    $

    732

     

     

    13%

    Pretax adjusted operating earnings

    $

    165

     

     

    $

    285

     

     

    (42)%

     

     

     

     

     

     

    Net pretax adjusted operating margin (1)

     

    31.0

    %

     

     

    41.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarter Ended March 31,

     

    % Better/

    (Worse)

    (in billions)

    2023

     

    2022

     

    Total segment AUM

    $

    608

     

     

    $

    699

     

     

    (13)%

     

     

     

     

     

     

    Net Flows

     

     

     

     

     

    Global Retail net flows, ex. legacy insurance partners flows

    $

    (4.5

    )

     

    $

    (1.9

    )

     

    NM

    Global Institutional net flows, ex. legacy insurance partners flows

     

    2.8

     

     

     

    1.9

     

     

    14%

    Legacy insurance partners flows

     

    (0.8

    )

     

     

    (0.7

    )

     

    (19)%

    Total segment net flows

    $

    (2.5

    )

     

    $

    (0.7

    )

     

    NM

     

     

     

     

     

     

    Model delivery AUA Flows (2)

    $

    (0.2

    )

     

    $

    4.8

     

     

    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 adjusted operating net revenues and pretax adjusted operating earnings declined to $799 million and $165 million, respectively, primarily from equity and fixed income market depreciation, unfavorable foreign exchange translation and net outflows, as well as lower performance fees. Net pretax adjusted operating margin remained in our target range at 31 percent.

    Adjusted operating expenses decreased 13 percent. G&A expenses were down 11 percent from lower performance fee compensation, foreign exchange translation and disciplined expense management. Distribution expenses decreased 17 percent primarily from market depreciation and lower gross sales.

    Total assets under management decreased 13 percent to $608 billion from market depreciation, net outflows and negative foreign exchange translation. Long term investment performance remained strong with 118 funds with 4- and 5-star Morningstar ratings.

    In the quarter, net outflows were $2.5 billion and included $0.8 billion of outflows related to legacy insurance partners.

    • Retail net outflows were $4.5 billion. In North America, redemptions improved sequentially, but gross sales remained pressured from continued market volatility. In EMEA, net outflows improved as gross sales increased sequentially and more than offset elevated redemptions.
    • Global institutional net inflows were $2.8 billion primarily from fixed income, liability-driven investing and real estate mandates.

    Ameriprise Financial, Inc.

    Retirement & Protection Solutions Segment Adjusted Operating Results

     

    Quarter Ended March 31,

     

    % Better/

    (Worse)

    (in millions, unaudited)

    2023

     

    2022

     

    Adjusted operating net revenues

    $

    824

     

    $

    768

     

    7%

    Adjusted operating expenses

     

    630

     

     

    593

     

    (6)%

    Pretax adjusted operating earnings

    $

    194

     

    $

    175

     

    11%

     

     

     

     

     

     

    Retirement & Protection Solutions pretax adjusted operating earnings increased 11 percent to $194 million. Results reflected the negative impact from the new LDTI accounting change that was effective January 1, 2023 and prior periods have been recast. Free cash flow and return on capital remained strong.

    Adjusted operating net revenues increased 7 percent from higher net investment income as a result of investment portfolio repositioning and increased structured variable annuity balances that more than offset lower equity markets.

    General and administrative expenses grew $13 million, primarily related to several one-time expense adjustments, including an accrual for an anticipated guarantee fund assessment that will impact the industry.

    Retirement & Protection Solutions sales declined, reflecting market volatility consistent with the industry, as well as management actions to optimize our business mix. Protection sales decreased 17 percent to $60 million with the majority of sales in higher margin accumulation VUL products. Variable annuity sales decreased 16 percent to $0.9 billion, primarily reflecting the discontinuation of sales with living benefit riders.

    Ameriprise Financial, Inc.

    Corporate & Other Segment Adjusted Operating Results

     

    Quarter Ended March 31,

     

    % Better/

    (Worse)

    (in millions, unaudited)

    2023

     

    2022

     

    Corporate & Other, excluding Closed Blocks

    $

    (73

    )

     

    $

    (72

    )

     

    (1)%

    Closed Blocks (1)

     

    (1

    )

     

     

    (10

    )

     

    90%

    Pretax adjusted operating earnings / (loss)

    $

    (74

    )

     

    $

    (82

    )

     

    10%

     

     

     

     

     

     

    Long Term Care

    $

    8

     

     

    $

    (5

    )

     

    NM

    Fixed Annuities

     

    (9

    )

     

     

    (5

    )

     

    (80)%

    Closed Blocks pretax adjusted operating earnings / (loss)

    $

    (1

    )

     

    $

    (10

    )

     

    90%

     

     

     

     

     

     

    (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 $74 million.

    Long Term Care pretax adjusted operating earnings improved to $8 million as a result of higher investment yields from rising interest rates and investment portfolio repositioning, as well as improved claims. Results reflect the new LDTI accounting change that was effective January 1, 2023 and prior periods have been recast.

    Fixed Annuities pretax adjusted operating loss was $9 million. Results reflect the new LDTI accounting change that was effective January 1, 2023 and prior periods have been recast.

    Taxes

    The operating effective tax rate was 18.4 percent, reflecting favorable share based accounting benefits in the quarter. The operating effective tax rate is expected to be approximately 21 percent for full year 2023.

    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, Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle (EM) 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 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, available capital for capital adequacy 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, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;
    • 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 about the expected benefits from and closing date of the partnership with Comerica as its new Investment Program Provider;
    • statements about spread revenues driving sustainable financial benefits going forward;
    • 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,” “commitment,” “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, 2022 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, 2023.

    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 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

    2,137

     

     

    $

    2,459

     

     

    (13)%

     

    $

    2,125

     

    1%

    Distribution fees

     

     

    517

     

     

     

    446

     

     

    16%

     

     

    528

     

    (2)%

    Net investment income

     

     

    698

     

     

     

    261

     

     

    NM

     

     

    577

     

    21%

    Premiums, policy and contract charges

     

     

    362

     

     

     

    338

     

     

    7%

     

     

    363

     

    Other revenues

     

     

    131

     

     

     

    123

     

     

    7%

     

     

    126

     

    4%

    Total revenues

     

     

    3,845

     

     

     

    3,627

     

     

    6%

     

     

    3,719

     

    3%

    Banking and deposit interest expense

     

     

    103

     

     

     

    2

     

     

    NM

     

     

    56

     

    (84)%

    Total net revenues

     

     

    3,742

     

     

     

    3,625

     

     

    3%

     

     

    3,663

     

    2%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    1,226

     

     

     

    1,300

     

     

    6%

     

     

    1,198

     

    (2)%

    Interest credited to fixed accounts

     

     

    164

     

     

     

    141

     

     

    (16)%

     

     

    222

     

    26%

    Benefits, claims, losses and settlement expenses

     

     

    301

     

     

     

    32

     

     

    NM

     

     

    325

     

    7%

    Remeasurement gains (losses) of future policy benefit reserves

     

     

    (5

    )

     

     

    (6

    )

     

    (17)%

     

     

    7

     

    NM

    Change in fair value of market risk benefits

     

     

    489

     

     

     

    100

     

     

    NM

     

     

    13

     

    NM

    Amortization of deferred acquisition costs

     

     

    62

     

     

     

    65

     

     

    5%

     

     

    62

     

    Interest and debt expense

     

     

    72

     

     

     

    40

     

     

    (80)%

     

     

    62

     

    (16)%

    General and administrative expense

     

     

    937

     

     

     

    947

     

     

    1%

     

     

    957

     

    2%

    Total expenses

     

     

    3,246

     

     

     

    2,619

     

     

    (24)%

     

     

    2,846

     

    (14)%

    Pretax income

     

     

    496

     

     

     

    1,006

     

     

    (51)%

     

     

    817

     

    (39)%

    Income tax provision

     

     

    79

     

     

     

    181

     

     

    56%

     

     

    168

     

    53%

    Net income

     

    $

    417

     

     

    $

    825

     

     

    (49)%

     

    $

    649

     

    (36)%

     

     

     

     

     

     

     

     

     

     

     

    Earnings per share

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share

     

    $

    3.86

     

     

    $

    7.26

     

     

     

     

    $

    5.96

     

     

    Earnings per diluted share

     

    $

    3.79

     

     

    $

    7.10

     

     

     

     

    $

    5.83

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    107.9

     

     

     

    113.7

     

     

     

     

     

    108.9

     

     

    Diluted

     

     

    110.0

     

     

     

    116.2

     

     

     

     

     

    111.4

     

     

     

     

     

     

     

     

     

     

     

     

     

    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 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    Assets Under Management and Administration

         

     

     

     

     

     

     

     

    Advice & Wealth Management AUM

     

    $

    431,438

     

     

    $

    443,521

     

     

    (3)%

     

    $

    409,027

     

     

    5%

    Asset Management AUM

     

     

    607,679

     

     

     

    698,607

     

     

    (13)%

     

     

    584,029

     

     

    4%

    Corporate AUM

     

     

    243

     

     

     

    146

     

     

    66%

     

     

    212

     

     

    15%

    Eliminations

     

     

    (38,091

    )

     

     

    (42,032

    )

     

    9%

     

     

    (36,945

    )

     

    (3)%

    Total Assets Under Management

     

     

    1,001,269

     

     

     

    1,100,242

     

     

    (9)%

     

     

    956,323

     

     

    5%

    Total Assets Under Administration

     

     

    234,339

     

     

     

    238,879

     

     

    (2)%

     

     

    222,011

     

     

    6%

    Total AUM and AUA

     

    $

    1,235,608

     

     

    $

    1,339,121

     

     

    (8)%

     

    $

    1,178,334

     

     

    5%

     

     

     

     

     

     

     

     

     

     

     

    S&P 500

     

     

     

     

     

     

     

     

     

     

    Daily average

     

     

    3,998

     

     

     

    4,467

     

     

    (10)%

     

     

    3,850

     

     

    4%

    Period end

     

     

    4,109

     

     

     

    4,530

     

     

    (9)%

     

     

    3,840

     

     

    7%

     

     

     

     

     

     

     

     

     

     

     

    Weighted Equity Index (WEI) (1)

     

     

     

     

     

     

     

     

     

     

    Daily average

     

     

    2,664

     

     

     

    2,953

     

     

    (10)%

     

     

    2,536

     

     

    5%

    Period end

     

     

    2,718

     

     

     

    2,979

     

     

    (9)%

     

     

    2,549

     

     

    7%

     

     

     

     

     

     

     

     

     

     

     

    Common shares

     

     

     

     

     

     

     

     

     

     

    Beginning balance

     

     

    105.3

     

     

     

    110.9

     

     

    (5)%

     

     

    106.7

     

     

    (1)%

    Repurchases

     

     

    (1.6

    )

     

     

    (1.4

    )

     

    (14)%

     

     

    (1.6

    )

     

    Issuances

     

     

    1.1

     

     

     

    1.2

     

     

    (8)%

     

     

    0.3

     

     

    NM

    Other

     

     

    (0.4

    )

     

     

    (0.6

    )

     

    33%

     

     

    (0.1

    )

     

    NM

    Total common shares outstanding

     

     

    104.4

     

     

     

    110.1

     

     

    (5)%

     

     

    105.3

     

     

    (1)%

    Restricted stock units

     

     

    2.6

     

     

     

    2.9

     

     

    (10)%

     

     

    2.8

     

     

    (7)%

    Total basic common shares outstanding

     

     

    107.0

     

     

     

    113.0

     

     

    (5)%

     

     

    108.1

     

     

    (1)%

    Total potentially dilutive shares

     

     

    2.0

     

     

     

    2.3

     

     

    (13)%

     

     

    2.5

     

     

    (20)%

    Total diluted shares

     

     

    109.0

     

     

     

    115.3

     

     

    (5)%

     

     

    110.6

     

     

    (1)%

     

     

     

     

     

     

     

     

     

     

     

    Capital Returned to Shareholders

     

     

     

     

     

     

     

     

     

     

    Dividends paid

     

    $

    138

     

     

    $

    133

     

     

    4%

     

    $

    138

     

     

    Common stock share repurchases

     

     

    503

     

     

     

    429

     

     

    17%

     

     

    472

     

     

    7%

    Total Capital Returned to Shareholders

     

    $

    641

     

     

    $

    562

     

     

    14%

     

    $

    610

     

     

    5%

     

     

     

     

     

     

     

     

     

     

     

    (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 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees:

     

     

     

     

     

     

     

     

     

     

    Advisory fees

     

    $

    1,109

     

     

    $

    1,191

     

     

    (7)%

     

    $

    1,084

     

     

    2%

    Financial planning fees

     

     

    101

     

     

     

    97

     

     

    4%

     

     

    117

     

     

    (14)%

    Transaction and other fees

     

     

    89

     

     

     

    92

     

     

    (3)%

     

     

    90

     

     

    (1)%

    Total management and financial advice fees

     

     

    1,299

     

     

     

    1,380

     

     

    (6)%

     

     

    1,291

     

     

    1%

    Distribution fees:

     

     

     

     

     

     

     

     

     

     

    Mutual funds

     

     

    175

     

     

     

    204

     

     

    (14)%

     

     

    171

     

     

    2%

    Insurance and annuity

     

     

    211

     

     

     

    221

     

     

    (5)%

     

     

    203

     

     

    4%

    Off-Balance sheet brokerage cash

     

     

    126

     

     

     

    16

     

     

    NM

     

     

    144

     

     

    (13)%

    Other products

     

     

    81

     

     

     

    88

     

     

    (8)%

     

     

    81

     

     

    Total distribution fees

     

     

    593

     

     

     

    529

     

     

    12%

     

     

    599

     

     

    (1)%

    Net investment income

     

     

    409

     

     

     

    78

     

     

    NM

     

     

    331

     

     

    24%

    Other revenues

     

     

    67

     

     

     

    57

     

     

    18%

     

     

    61

     

     

    10%

    Total revenues

     

     

    2,368

     

     

     

    2,044

     

     

    16%

     

     

    2,282

     

     

    4%

    Banking and deposit interest expense

     

     

    103

     

     

     

    2

     

     

    NM

     

     

    56

     

     

    (84)%

    Adjusted operating total net revenues

     

     

    2,265

     

     

     

    2,042

     

     

    11%

     

     

    2,226

     

     

    2%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    1,173

     

     

     

    1,232

     

     

    5%

     

     

    1,153

     

     

    (2)%

    Interest and debt expense

     

     

    7

     

     

     

    2

     

     

    NM

     

     

    2

     

     

    NM

    General and administrative expense

     

     

    392

     

     

     

    368

     

     

    (7)%

     

     

    406

     

     

    3%

    Adjusted operating expenses

     

     

    1,572

     

     

     

    1,602

     

     

    2%

     

     

    1,561

     

     

    (1)%

    Pretax adjusted operating earnings

     

    $

    693

     

     

    $

    440

     

     

    58%

     

    $

    665

     

     

    4%

     

     

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating margin

     

     

    30.6

    %

     

     

    21.5

    %

     

     

     

     

    29.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

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

    Ameriprise Financial, Inc.

    Advice & Wealth Management Segment Operating Metrics

    (in millions unless otherwise noted, unaudited)

     

    1 Qtr 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    AWM Total Client Assets

     

    $

    798,724

     

     

    $

    823,367

     

     

    (3)%

     

    $

    758,156

     

     

    5%

     

     

     

     

     

     

     

     

     

     

     

    Total Client Flows

     

    $

    12,261

     

     

    $

    10,405

     

     

    18%

     

    $

    12,381

     

     

    (1)%

     

     

     

     

     

     

     

     

     

     

     

    Total Wrap Accounts

     

     

     

     

     

     

     

     

     

     

    Beginning assets

     

    $

    412,096

     

     

    $

    464,688

     

     

    (11)%

     

    $

    385,210

     

     

    7%

    Net flows

     

     

    6,240

     

     

     

    8,677

     

     

    (28)%

     

     

    6,212

     

     

    Market appreciation (depreciation) and other

     

     

    16,338

     

     

     

    (26,319

    )

     

    NM

     

     

    20,674

     

     

    (21)%

    Total wrap ending assets

     

    $

    434,674

     

     

    $

    447,046

     

     

    (3)%

     

    $

    412,096

     

     

    5%

     

     

     

     

     

     

     

     

     

     

     

    Advisory wrap account assets ending balance (1)

     

    $

    430,088

     

     

    $

    442,145

     

     

    (3)%

     

    $

    407,759

     

     

    5%

     

     

     

     

     

     

     

     

     

     

     

    Brokerage Cash & Certificates Balances

     

     

     

     

     

     

     

     

     

     

    On-balance sheet (Net Investment Income)

     

     

     

     

     

     

     

     

     

     

    On-balance sheet – broker dealer

     

    $

    2,854

     

     

    $

    3,633

     

     

    (21)%

     

    $

    3,168

     

     

    (10)%

    On-balance sheet – bank

     

     

    20,008

     

     

     

    13,220

     

     

    51%

     

     

    18,305

     

     

    9%

    On-balance sheet – certificate

     

     

    11,102

     

     

     

    5,197

     

     

    NM

     

     

    9,313

     

     

    19%

    Total on-balance sheet

     

    $

    33,964

     

     

    $

    22,050

     

     

    54%

     

    $

    30,786

     

     

    10%

    Off-balance sheet (Distribution Fees)

     

     

     

     

     

     

     

     

     

     

    Off-balance sheet – broker dealer

     

    $

    10,350

     

     

    $

    23,625

     

     

    (56)%

     

    $

    16,425

     

     

    (37)%

    Total brokerage cash & certificates balances

     

    $

    44,314

     

     

    $

    45,675

     

     

    (3)%

     

    $

    47,211

     

     

    (6)%

     

     

     

     

     

     

     

     

     

     

     

    Gross Fee Yield

     

     

     

     

     

     

     

     

     

     

    On-balance sheet – broker dealer

     

     

    4.27

    %

     

     

    0.06

    %

     

     

     

     

    3.14

    %

     

     

    On-balance sheet – bank

     

     

    4.46

    %

     

     

    1.40

    %

     

     

     

     

    4.08

    %

     

     

    On-balance sheet – certificates

     

     

    4.86

    %

     

     

    1.05

    %

     

     

     

     

    3.98

    %

     

     

    Off-balance sheet – broker dealer

     

     

    3.86

    %

     

     

    0.28

    %

     

     

     

     

    3.31

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Financial Advisors

     

     

     

     

     

     

     

     

     

     

    Employee advisors

     

     

    2,099

     

     

     

    2,088

     

     

    1%

     

     

    2,096

     

     

    Franchisee advisors

     

     

    8,160

     

     

     

    8,061

     

     

    1%

     

     

    8,173

     

     

    Total financial advisors

     

     

    10,259

     

     

     

    10,149

     

     

    1%

     

     

    10,269

     

     

     

     

     

     

     

     

     

     

     

     

     

    Advisor Retention

     

     

     

     

     

     

     

     

     

     

    Employee

     

     

    92.8

    %

     

     

    92.0

    %

     

     

     

     

    92.1

    %

     

     

    Franchisee

     

     

    93.6

    %

     

     

    94.1

    %

     

     

     

     

    94.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) 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.

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

    Ameriprise Financial, Inc.

    Asset Management Segment Adjusted Operating Results

    (in millions, unaudited)

     

    1 Qtr 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees:

     

     

     

     

     

     

     

     

     

     

    Asset management fees:

     

     

     

     

     

     

     

     

     

     

    Retail

     

    $

    491

     

     

    $

    644

     

     

    (24)%

     

    $

    483

     

     

    2%

    Institutional

     

     

    152

     

     

     

    195

     

     

    (22)%

     

     

    151

     

     

    1%

    Transaction and other fees

     

     

    48

     

     

     

    55

     

     

    (13)%

     

     

    50

     

     

    (4)%

    Revenue from other sources (1)

     

     

    3

     

     

     

    4

     

     

    (25)%

     

     

    4

     

     

    (25)%

    Total management and financial advice fees

     

     

    694

     

     

     

    898

     

     

    (23)%

     

     

    688

     

     

    1%

    Distribution fees:

     

     

     

     

     

     

     

     

     

     

    Mutual funds

     

     

    52

     

     

     

    65

     

     

    (20)%

     

     

    52

     

     

    Insurance and annuity

     

     

    38

     

     

     

    46

     

     

    (17)%

     

     

    38

     

     

    Total distribution fees

     

     

    90

     

     

     

    111

     

     

    (19)%

     

     

    90

     

     

    Net investment income

     

     

    9

     

     

     

    4

     

     

    NM

     

     

    3

     

     

    NM

    Other revenues

     

     

    6

     

     

     

    4

     

     

    50%

     

     

    4

     

     

    50%

    Total revenues

     

     

    799

     

     

     

    1,017

     

     

    (21)%

     

     

    785

     

     

    2%

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

     

    799

     

     

     

    1,017

     

     

    (21)%

     

     

    785

     

     

    2%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    230

     

     

     

    277

     

     

    17%

     

     

    228

     

     

    (1)%

    Amortization of deferred acquisition costs

     

     

    1

     

     

     

    3

     

     

    67%

     

     

    1

     

     

    Interest and debt expense

     

     

    2

     

     

     

    1

     

     

    NM

     

     

    2

     

     

    General and administrative expense

     

     

    401

     

     

     

    451

     

     

    11%

     

     

    408

     

     

    2%

    Adjusted operating expenses

     

     

    634

     

     

     

    732

     

     

    13%

     

     

    639

     

     

    1%

    Pretax adjusted operating earnings

     

    $

    165

     

     

    $

    285

     

     

    (42)%

     

    $

    146

     

     

    13%

     

     

     

     

     

     

     

     

     

     

     

    Net Pretax Adjusted Operating Margin Reconciliation

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

    $

    799

     

     

    $

    1,017

     

     

    (21)%

     

    $

    785

     

     

    2%

    Distribution pass through revenues

     

     

    (182

    )

     

     

    (221

    )

     

    18%

     

     

    (179

    )

     

    (2)%

    Subadvisory and other pass through revenues

     

     

    (95

    )

     

     

    (104

    )

     

    9%

     

     

    (88

    )

     

    (8)%

    Net adjusted operating revenues

     

    $

    522

     

     

    $

    692

     

     

    (25)%

     

    $

    518

     

     

    1%

     

     

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating earnings

     

    $

    165

     

     

    $

    285

     

     

    (42)%

     

    $

    146

     

     

    13%

    Adjusted operating net investment income

     

     

    (9

    )

     

     

    (4

    )

     

    NM

     

     

    (3

    )

     

    NM

    Amortization of intangibles

     

     

    6

     

     

     

    6

     

     

     

     

    5

     

     

    20%

    Net adjusted operating earnings

     

    $

    162

     

     

    $

    287

     

     

    (44)%

     

    $

    148

     

     

    9%

     

     

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating margin

     

     

    20.7

    %

     

     

    28.0

    %

     

     

     

     

    18.6

    %

     

     

    Net pretax adjusted operating margin (2)

     

     

    31.0

    %

     

     

    41.5

    %

     

     

     

     

    28.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Performance fees (3)

     

     

     

     

     

     

     

     

     

     

    Performance fees

     

    $

    5

     

     

    $

    54

     

     

    (91)%

     

    $

    8

     

     

    (38)%

    General and administrative expense related to performance fees

     

     

    2

     

     

     

    33

     

     

    94%

     

     

    3

     

     

    33%

    Net performance fees

     

    $

    3

     

     

    $

    21

     

     

    (86)%

     

    $

    5

     

     

    (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 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    Managed Assets Rollforward

     

     

     

     

     

     

     

     

     

     

    Global Retail Funds

     

     

     

     

     

     

     

     

     

     

    Beginning assets

     

    $

    309,293

     

     

    $

    409,369

     

     

    (24)%

     

    $

    296,203

     

     

    4%

    Inflows

     

     

    12,096

     

     

     

    21,788

     

     

    (44)%

     

     

    11,836

     

     

    2%

    Outflows

     

     

    (16,394

    )

     

     

    (23,237

    )

     

    29%

     

     

    (20,128

    )

     

    19%

    Net VP/VIT fund flows

     

     

    (1,187

    )

     

     

    (1,079

    )

     

    (10)%

     

     

    (1,133

    )

     

    (5)%

    Net new flows (1)

     

     

    (5,485

    )

     

     

    (2,528

    )

     

    NM

     

     

    (9,425

    )

     

    42%

    Reinvested dividends

     

     

    842

     

     

     

    663

     

     

    27%

     

     

    5,676

     

     

    (85)%

    Net flows

     

     

    (4,643

    )

     

     

    (1,865

    )

     

    NM

     

     

    (3,749

    )

     

    (24)%

    Distributions

     

     

    (1,008

    )

     

     

    (839

    )

     

    (20)%

     

     

    (6,357

    )

     

    84%

    Market appreciation (depreciation) and other

     

     

    16,074

     

     

     

    (25,818

    )

     

    NM

     

     

    18,606

     

     

    (14)%

    Foreign currency translation (2)

     

     

    1,675

     

     

     

    (862

    )

     

    NM

     

     

    4,590

     

     

    (64)%

    Total ending assets

     

     

    321,391

     

     

     

    379,985

     

     

    (15)%

     

     

    309,293

     

     

    4%

    % of total retail assets sub-advised

     

     

    15.7

    %

     

     

    14.6

    %

     

     

     

     

    16.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global Institutional

     

     

     

     

     

     

     

     

     

     

    Beginning assets

     

     

    274,736

     

     

     

    344,687

     

     

    (20)%

     

     

    250,290

     

     

    10%

    Inflows (3)

     

     

    12,759

     

     

     

    12,739

     

     

     

     

    15,374

     

     

    (17)%

    Outflows (3)

     

     

    (10,645

    )

     

     

    (11,560

    )

     

    8%

     

     

    (12,042

    )

     

    12%

    Net flows (1)

     

     

    2,114

     

     

     

    1,179

     

     

    79%

     

     

    3,332

     

     

    (37)%

    Market appreciation (depreciation) and other (4)

     

     

    6,322

     

     

     

    (21,642

    )

     

    NM

     

     

    10,952

     

     

    (42)%

    Foreign currency translation (2)

     

     

    3,116

     

     

     

    (5,602

    )

     

    NM

     

     

    10,162

     

     

    (69)%

    Total ending assets

     

     

    286,288

     

     

     

    318,622

     

     

    (10)%

     

     

    274,736

     

     

    4%

     

     

     

     

     

     

     

     

     

     

     

    Total managed assets

     

    $

    607,679

     

     

    $

    698,607

     

     

    (13)%

     

    $

    584,029

     

     

    4%

     

     

     

     

     

     

     

     

     

     

     

    Total net flows

     

    $

    (2,529

    )

     

    $

    (686

    )

     

    NM

     

    $

    (417

    )

     

    NM

     

     

     

     

     

     

     

     

     

     

     

    Legacy insurance partners flows

     

    $

    (799

    )

     

    $

    (672

    )

     

    (19)%

     

    $

    (1,663

    )

     

    52%

     

     

     

     

     

     

     

     

     

     

     

    Total Assets Under Advisement (5)

     

    $

    24,343

     

     

    $

    27,367

     

     

    (11)%

     

    $

    22,163

     

     

    10%

    Model delivery AUA flows (6) (7)

     

    $

    (244

    )

     

    $

    4,816

     

     

    NM

     

    $

    1,146

     

     

    NM

     

     

     

     

     

     

     

     

     

     

     

    (1) 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.

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

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

    (4) 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.

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

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

    (7) Q1 2022 model delivery AUA flows included $4,447 from the BMO US asset transfer.

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

    Ameriprise Financial, Inc.

    Asset Management Segment Operating Metrics

    (in millions, unaudited)

     

    1 Qtr 2023

    1 Qtr 2022

    % Better/

    (Worse)

     

    4 Qtr 2022

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    Total Managed Assets by Type

     

     

     

     

     

     

     

     

     

     

    Equity

     

    $

    308,968

     

    $

    367,083

     

    (16)%

     

    $

    301,223

     

    3%

    Fixed income

     

     

    224,666

     

     

    256,513

     

    (12)%

     

     

    209,997

     

    7%

    Money market

     

     

    22,218

     

     

    12,902

     

    72%

     

     

    21,936

     

    1%

    Alternative

     

     

    34,724

     

     

    40,221

     

    (14)%

     

     

    33,697

     

    3%

    Hybrid and other

     

     

    17,103

     

     

    21,888

     

    (22)%

     

     

    17,176

     

    Total managed assets by type

     

    $

    607,679

     

    $

    698,607

     

    (13)%

     

    $

    584,029

     

    4%

     

     

     

     

     

     

     

     

     

     

     

    Average Managed Assets by Type (1)

     

     

     

     

     

     

     

     

     

     

    Equity

     

    $

    308,576

     

    $

    379,614

     

    (19)%

     

    $

    298,195

     

    3%

    Fixed income

     

     

    217,792

     

     

    267,154

     

    (18)%

     

     

    204,680

     

    6%

    Money market

     

     

    22,083

     

     

    11,818

     

    87%

     

     

    21,876

     

    1%

    Alternative

     

     

    34,668

     

     

    40,079

     

    (14)%

     

     

    34,510

     

    Hybrid and other

     

     

    16,945

     

     

    22,528

     

    (25)%

     

     

    17,133

     

    (1)%

    Total average managed assets by type

     

    $

    600,064

     

    $

    721,193

     

    (17)%

     

    $

    576,394

     

    4%

     

     

     

     

     

     

     

     

     

     

     

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

    Ameriprise Financial, Inc.

    Asset Management Segment Performance Metrics

     

    1 Qtr 2023

     

     

     

     

     

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

    1 year

    3 year

    5 year

    10 year

    Equity

    61%

    49%

    83%

    87%

    Fixed Income

    35%

    74%

    58%

    91%

    Asset Allocation

    28%

    29%

    69%

    90%

     

     

     

     

     

    4- or 5-star Morningstar rated funds

    Overall

    3 year

    5 year

    10 year

    Number of Rated Funds

    118

    82

    93

    103

    Percent of Rated Assets

    63%

    27%

    48%

    66%

     

     

     

     

     

    Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e., Institutional if available, otherwise Advisor or Instl3 share class), net of fees. Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and are based on the Primary Share Class. 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 03/31/23. Columbia funds are available for purchase by U.S. customers. Out of 104 Columbia funds rated (based on primary share class), 4 received a 5-star Overall Rating and 39 received a 4-star Overall Rating. Out of 153 Threadneedle funds rated (based on highest-rated share class), 19 received a 5-star Overall Rating and 56 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.

     

    © 2023 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 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

    183

     

     

    $

    218

     

     

    (16)%

     

    $

    184

     

    (1)%

    Distribution fees

     

     

    97

     

     

     

    112

     

     

    (13)%

     

     

    98

     

    (1)%

    Net investment income

     

     

    195

     

     

     

    114

     

     

    71%

     

     

    180

     

    8%

    Premiums, policy and contract charges

     

     

    346

     

     

     

    321

     

     

    8%

     

     

    349

     

    (1)%

    Other revenues

     

     

    3

     

     

     

    3

     

     

     

     

    2

     

    50%

    Total revenues

     

     

    824

     

     

     

    768

     

     

    7%

     

     

    813

     

    1%

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

     

    824

     

     

     

    768

     

     

    7%

     

     

    813

     

    1%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    110

     

     

     

    122

     

     

    10%

     

     

    102

     

    (8)%

    Interest credited to fixed accounts

     

     

    88

     

     

     

    96

     

     

    8%

     

     

    97

     

    9%

    Benefits, claims, losses and settlement expenses

     

     

    162

     

     

     

    109

     

     

    (49)%

     

     

    139

     

    (17)%

    Remeasurement gains (losses) of future policy benefit reserves

     

     

    (3

    )

     

     

    (7

    )

     

    (57)%

     

     

    6

     

    NM

    Change in fair value of market risk benefits

     

     

    115

     

     

     

    131

     

     

    12%

     

     

    123

     

    7%

    Amortization of deferred acquisition costs

     

     

    58

     

     

     

    59

     

     

    2%

     

     

    57

     

    (2)%

    Interest and debt expense

     

     

    13

     

     

     

    9

     

     

    (44)%

     

     

    11

     

    (18)%

    General and administrative expense

     

     

    87

     

     

     

    74

     

     

    (18)%

     

     

    79

     

    (10)%

    Adjusted operating expenses

     

     

    630

     

     

     

    593

     

     

    (6)%

     

     

    614

     

    (3)%

    Pretax adjusted operating earnings

     

    $

    194

     

     

    $

    175

     

     

    11%

     

    $

    199

     

    (3)%

     

     

     

     

     

     

     

     

     

     

     

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

    Ameriprise Financial, Inc.

    Retirement & Protection Solutions Segment Operating Metrics

    (in millions, unaudited)

     

    1 Qtr 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    Variable Annuities Rollforwards

     

     

     

     

     

     

     

     

     

     

    Beginning balance

     

    $

    74,385

     

     

    $

    92,292

     

     

    (19)%

     

    $

    71,262

     

     

    4%

    Deposit

     

     

    874

     

     

     

    1,046

     

     

    (16)%

     

     

    930

     

     

    (6)%

    Withdrawals and terminations

     

     

    (1,623

    )

     

     

    (1,678

    )

     

    3%

     

     

    (1,543

    )

     

    (5)%

    Net flows

     

     

    (749

    )

     

     

    (632

    )

     

    (19)%

     

     

    (613

    )

     

    (22)%

    Investment performance and interest credited

     

     

    3,173

     

     

     

    (5,901

    )

     

    NM

     

     

    3,736

     

     

    (15)%

    Total ending balance – contract accumulation values

     

    $

    76,809

     

     

    $

    85,759

     

     

    (10)%

     

    $

    74,385

     

     

    3%

     

     

     

     

     

     

     

     

     

     

     

    Variable annuities fixed sub-accounts

     

    $

    4,644

     

     

    $

    4,951

     

     

    (6)%

     

    $

    4,779

     

     

    (3)%

     

     

     

     

     

     

     

     

     

     

     

    Life Insurance In Force

     

    $

    198,707

     

     

    $

    198,674

     

     

     

    $

    198,859

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Amount at Risk (Life)

     

    $

    38,120

     

     

    $

    38,219

     

     

     

    $

    38,601

     

     

    (1)%

     

     

     

     

     

     

     

     

     

     

     

    Net Policyholder Reserves

     

     

     

     

     

     

     

     

     

     

    VUL/UL

     

    $

    13,783

     

     

    $

    14,419

     

     

    (4)%

     

    $

    13,357

     

     

    3%

    Term and whole life

     

     

    195

     

     

     

    233

     

     

    (16)%

     

     

    194

     

     

    1%

    Disability insurance

     

     

    552

     

     

     

    633

     

     

    (13)%

     

     

    543

     

     

    2%

    Other insurance

     

     

    552

     

     

     

    589

     

     

    (6)%

     

     

    557

     

     

    (1)%

    Total net policyholder reserves

     

    $

    15,082

     

     

    $

    15,874

     

     

    (5)%

     

    $

    14,651

     

     

    3%

     

     

     

     

     

     

     

     

     

     

     

    DAC Ending Balances

     

     

     

     

     

     

     

     

     

     

    Variable Annuities DAC

     

    $

    1,733

     

     

    $

    1,778

     

     

    (3)%

     

    $

    1,747

     

     

    (1)%

    Life and Health DAC

     

    $

    967

     

     

    $

    988

     

     

    (2)%

     

    $

    975

     

     

    (1)%

     

     

     

     

     

     

     

     

     

     

     

    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 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

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

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

     

     

    $

     

     

     

    $

     

     

    Distribution fees

     

     

     

     

     

     

     

     

     

     

     

    Net investment income

     

     

    (1

    )

     

     

    (11

    )

     

    91%

     

     

    (3

    )

     

    67%

    Premiums, policy and contract charges

     

     

     

     

     

     

     

     

     

     

     

    Other revenues

     

     

    2

     

     

     

    2

     

     

     

     

    3

     

     

    (33)%

    Total revenues

     

     

    1

     

     

     

    (9

    )

     

    NM

     

     

     

     

    Banking and deposit interest expense

     

     

    4

     

     

     

     

     

     

     

    3

     

     

    (33)%

    Adjusted operating total net revenues

     

     

    (3

    )

     

     

    (9

    )

     

    67%

     

     

    (3

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

     

     

     

     

     

     

     

     

     

    Interest credited to fixed accounts

     

     

     

     

     

     

     

     

     

     

     

    Benefits, claims, losses and settlement expenses

     

     

     

     

     

     

     

     

     

     

     

    Remeasurement gains (losses) of future policy benefit reserves

     

     

     

     

     

     

     

     

     

     

     

    Change in fair value of market risk benefits

     

     

     

     

     

     

     

     

     

     

     

    Amortization of deferred acquisition costs

     

     

     

     

     

     

     

     

     

     

     

    Interest and debt expense

     

     

    16

     

     

     

    13

     

     

    (23)%

     

     

    19

     

     

    16%

    General and administrative expense

     

     

    54

     

     

     

    50

     

     

    (8)%

     

     

    59

     

     

    8%

    Adjusted operating expenses

     

     

    70

     

     

     

    63

     

     

    (11)%

     

     

    78

     

     

    10%

    Pretax adjusted operating earnings (loss)

     

    $

    (73

    )

     

    $

    (72

    )

     

    (1)%

     

    $

    (81

    )

     

    10%

     

     

     

     

     

     

     

     

     

     

     

    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 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    Long Term Care Adjusted Operating Income Statements

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

     

     

    $

     

     

     

    $

     

     

    Distribution fees

     

     

     

     

     

     

     

     

     

     

     

    Net investment income

     

     

    44

     

     

     

    36

     

     

    22%

     

     

    42

     

     

    5%

    Premiums, policy and contract charges

     

     

    23

     

     

     

    23

     

     

     

     

    26

     

     

    (12)%

    Other revenues

     

     

     

     

     

     

     

     

     

     

     

    Total revenues

     

     

    67

     

     

     

    59

     

     

    14%

     

     

    68

     

     

    (1)%

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

     

    67

     

     

     

    59

     

     

    14%

     

     

    68

     

     

    (1)%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    (3

    )

     

     

    (2

    )

     

    50%

     

     

    (4

    )

     

    (25)%

    Interest credited to fixed accounts

     

     

     

     

     

     

     

     

     

     

     

    Benefits, claims, losses and settlement expenses

     

     

    56

     

     

     

    57

     

     

    2%

     

     

    60

     

     

    7%

    Remeasurement gains (losses) of future policy benefit reserves

     

     

    (2

    )

     

     

    1

     

     

    NM

     

     

    1

     

     

    NM

    Change in fair value of market risk benefits

     

     

     

     

     

     

     

     

     

     

     

    Amortization of deferred acquisition costs

     

     

     

     

     

     

     

     

     

     

     

    Interest and debt expense

     

     

    2

     

     

     

    3

     

     

    33%

     

     

    3

     

     

    33%

    General and administrative expense

     

     

    6

     

     

     

    5

     

     

    (20)%

     

     

    7

     

     

    14%

    Adjusted operating expenses

     

     

    59

     

     

     

    64

     

     

    8%

     

     

    67

     

     

    12%

    Pretax adjusted operating earnings (loss)

     

    $

    8

     

     

    $

    (5

    )

     

    NM

     

    $

    1

     

     

    NM

     

     

     

     

     

     

     

     

     

     

     

    Long Term Care Policyholder Reserves, net of reinsurance

     

    $

    2,659

     

     

    $

    3,024

     

     

    (12)%

     

    $

    2,583

     

     

    3%

     

     

     

     

     

     

     

     

     

     

     

    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 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    Fixed Annuities Adjusted Operating Income Statements

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

     

     

    $

     

     

     

    $

     

     

    Distribution fees

     

     

     

     

     

     

     

     

     

     

     

    Net investment income

     

     

    8

     

     

     

    8

     

     

     

     

    9

     

     

    (11)%

    Premiums, policy and contract charges

     

     

    1

     

     

     

    1

     

     

     

     

     

     

    Other revenues

     

     

    53

     

     

     

    57

     

     

    (7)%

     

     

    55

     

     

    (4)%

    Total revenues

     

     

    62

     

     

     

    66

     

     

    (6)%

     

     

    64

     

     

    (3)%

    Banking and deposit interest expense

     

     

     

     

     

     

     

     

     

     

     

    Adjusted operating total net revenues

     

     

    62

     

     

     

    66

     

     

    (6)%

     

     

    64

     

     

    (3)%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    1

     

     

     

    1

     

     

     

     

     

     

    Interest credited to fixed accounts

     

     

    61

     

     

     

    61

     

     

     

     

    60

     

     

    (2)%

    Benefits, claims, losses and settlement expenses

     

     

    2

     

     

     

    2

     

     

     

     

    3

     

     

    33%

    Remeasurement gains (losses) of future policy benefit reserves

     

     

     

     

     

     

     

     

     

     

     

    Change in fair value of market risk benefits

     

     

     

     

     

     

     

     

     

     

     

    Amortization of deferred acquisition costs

     

     

    3

     

     

     

    3

     

     

     

     

    4

     

     

    25%

    Interest and debt expense

     

     

     

     

     

     

     

     

     

     

     

    General and administrative expense

     

     

    4

     

     

     

    4

     

     

     

     

    4

     

     

    Adjusted operating expenses

     

     

    71

     

     

     

    71

     

     

     

     

    71

     

     

    Pretax adjusted operating earnings (loss)

     

    $

    (9

    )

     

    $

    (5

    )

     

    (80)%

     

    $

    (7

    )

     

    (29)%

     

     

     

     

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Eliminations (1) Adjusted Operating Results

    (in millions, unaudited)

     

    1 Qtr 2023

     

    1 Qtr 2022

     

    % Better/

    (Worse)

     

    4 Qtr 2022

     

    % Better/

    (Worse)

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

     

     

    Management and financial advice fees

     

    $

    (37

    )

     

    $

    (35

    )

     

    (6)%

     

    $

    (36

    )

     

    (3)%

    Distribution fees

     

     

    (263

    )

     

     

    (306

    )

     

    14%

     

     

    (259

    )

     

    (2)%

    Net investment income

     

     

    (12

    )

     

     

    (3

    )

     

    NM

     

     

    (11

    )

     

    (9)%

    Premiums, policy and contract charges

     

     

    (8

    )

     

     

    (8

    )

     

     

     

    (8

    )

     

    Other revenues

     

     

     

     

     

     

     

     

     

     

     

    Total revenues

     

     

    (320

    )

     

     

    (352

    )

     

    9%

     

     

    (314

    )

     

    (2)%

    Banking and deposit interest expense

     

     

    (4

    )

     

     

     

     

     

     

    (3

    )

     

    33%

    Adjusted operating total net revenues

     

     

    (316

    )

     

     

    (352

    )

     

    10%

     

     

    (311

    )

     

    (2)%

     

     

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

    (285

    )

     

     

    (330

    )

     

    (14)%

     

     

    (281

    )

     

    1%

    Interest credited to fixed accounts

     

     

     

     

     

     

     

     

     

     

     

    Benefits, claims, losses and settlement expenses

     

     

    (5

    )

     

     

    (4

    )

     

    25%

     

     

     

     

    Remeasurement gains (losses) of future policy benefit reserves

     

     

     

     

     

     

     

     

     

     

     

    Change in fair value of market risk benefits

     

     

     

     

     

     

     

     

     

     

     

    Amortization of deferred acquisition costs

     

     

     

     

     

     

     

     

     

     

     

    Interest and debt expense

     

     

    (8

    )

     

     

    (2

    )

     

    NM

     

     

    (8

    )

     

    General and administrative expense

     

     

    (18

    )

     

     

    (16

    )

     

    13%

     

     

    (22

    )

     

    (18)%

    Adjusted operating expenses

     

     

    (316

    )

     

     

    (352

    )

     

    (10)%

     

     

    (311

    )

     

    2%

    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,
    2023

     

    March 31,
    2022

     

    December 31,
    2022

     

     

     

     

     

     

     

     

     

    Long-term Debt Summary

     

     

     

     

     

     

     

    Senior notes

     

    $

    3,550

     

     

    $

    2,300

     

     

    $

    2,800

     

     

    Finance lease liabilities

     

     

    28

     

     

     

    37

     

     

     

    30

     

     

    Other (1)

     

     

    (18

    )

     

     

    (7

    )

     

     

    (9

    )

     

    Total Ameriprise Financial long-term debt

     

     

    3,560

     

     

     

    2,330

     

     

     

    2,821

     

     

    Non-recourse debt of consolidated investment entities

     

     

    2,367

     

     

     

    2,157

     

     

     

    2,363

     

     

    Total long-term debt

     

    $

    5,927

     

     

    $

    4,487

     

     

    $

    5,184

     

     

     

     

     

     

     

     

     

     

    Total Ameriprise Financial long-term debt

     

    $

    3,560

     

     

    $

    2,330

     

     

    $

    2,821

     

     

    Finance lease liabilities

     

     

    (28

    )

     

     

    (37

    )

     

     

    (30

    )

     

    Other (1)

     

     

    18

     

     

     

    7

     

     

     

    9

     

     

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

     

    $

    3,550

     

     

    $

    2,300

     

     

    $

    2,800

     

     

     

     

     

     

     

     

     

     

    Total equity (2)

     

    $

    4,144

     

     

    $

    4,524

     

     

    $

    3,803

     

     

    Equity of consolidated investment entities

     

     

    (8

    )

     

     

    1

     

     

     

    (7

    )

     

    Total equity excluding CIEs

     

    $

    4,136

     

     

    $

    4,525

     

     

    $

    3,796

     

     

     

     

     

     

     

     

     

     

    Total Ameriprise Financial capital

     

    $

    7,704

     

     

    $

    6,854

     

     

    $

    6,624

     

     

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

     

    $

    7,686

     

     

    $

    6,825

     

     

    $

    6,596

     

     

     

     

     

     

     

     

     

     

    Debt to capital

     

     

     

     

     

     

     

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

     

     

    46.2

    %

     

     

    34.0

    %

     

     

    42.6

    %

     

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

     

     

    46.2

    %

     

     

    33.7

    %

     

     

    42.4

    %

     

     

     

     

     

     

     

     

     

    Available Capital for Capital Adequacy

     

    $

    5,377

     

     

    $

    5,200

     

     

    $

    5,209

     

     

     

     

     

     

     

     

     

     

    (1) Includes adjustments for net unamortized discounts, 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,
    2023

     

    December 31,
    2022

     

     

     

     

     

     

    Assets

     

     

     

     

    Cash and cash equivalents

    $

    8,386

     

     

    $

    6,964

     

     

    Cash of consolidated investment entities

     

    162

     

     

     

    133

     

     

    Investments

     

    48,608

     

     

     

    44,524

     

     

    Investments of consolidated investment entities

     

    2,294

     

     

     

    2,354

     

     

    Market risk benefits

     

    990

     

     

     

    1,015

     

     

    Separate account assets

     

    75,941

     

     

     

    73,962

     

     

    Receivables

     

    15,378

     

     

     

    15,595

     

     

    Receivables of consolidated investment entities

     

    23

     

     

     

    20

     

     

    Deferred acquisition costs

     

    2,754

     

     

     

    2,777

     

     

    Restricted and segregated cash and investments

     

    1,984

     

     

     

    2,229

     

     

    Other assets

     

    10,119

     

     

     

    9,277

     

     

    Other assets of consolidated investment entities

     

    1

     

     

     

    2

     

     

    Total Assets

    $

    166,640

     

     

    $

    158,852

     

     

     

     

     

     

     

    Liabilities

     

     

     

     

    Policyholder account balances, future policy benefits and claims

    $

    34,932

     

     

    $

    34,132

     

     

    Market risk benefits

     

    2,123

     

     

     

    2,118

     

     

    Separate account liabilities

     

    75,941

     

     

     

    73,962

     

     

    Customer deposits

     

    33,944

     

     

     

    30,775

     

     

    Short-term borrowings

     

    201

     

     

     

    201

     

     

    Long-term debt

     

    3,560

     

     

     

    2,821

     

     

    Debt of consolidated investment entities

     

    2,367

     

     

     

    2,363

     

     

    Accounts payable and accrued expenses

     

    2,027

     

     

     

    2,242

     

     

    Other liabilities

     

    7,315

     

     

     

    6,316

     

     

    Other liabilities of consolidated investment entities

     

    86

     

     

     

    119

     

     

    Total Liabilities

     

    162,496

     

     

     

    155,049

     

     

     

     

     

     

     

    Equity

     

     

     

     

    Ameriprise Financial

     

     

     

     

    Common shares ($.01 par)

     

    3

     

     

     

    3

     

     

    Additional paid-in capital

     

    9,612

     

     

     

    9,517

     

     

    Retained earnings

     

    20,197

     

     

     

    19,918

     

     

    Treasury stock

     

    (23,683

    )

     

     

    (23,089

    )

     

    Accumulated other comprehensive income, net of tax

     

    (1,985

    )

     

     

    (2,546

    )

     

    Total Equity

     

    4,144

     

     

     

    3,803

     

     

    Total Liabilities and Equity

    $

    166,640

     

     

    $

    158,852

     

     

     

     

     

     

     

    Supplemental Non-GAAP Information:

     

     

     

     

    Available Capital for Capital Adequacy

    $

    5,377

     

     

    $

    5,209

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Earnings

     

    Quarter Ended March 31,

     

    % Better/

    (Worse)

     

    Per Diluted Share

    Quarter Ended

    March 31,

     

    % Better/

    (Worse)

    (in millions, except per share amounts, unaudited)

    2023

     

    2022

     

     

    2023

     

    2022

     

    Net income

    $

    417

     

     

    $

    825

     

     

    (49)%

     

    $

    3.79

     

     

    $

    7.10

     

     

    (47)%

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

     

    3

     

     

     

    16

     

     

     

     

     

    0.03

     

     

     

    0.14

     

     

     

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

     

    475

     

     

     

    (180

    )

     

     

     

     

    4.32

     

     

     

    (1.55

    )

     

     

    Add: Integration/restructuring charges (1)

     

    10

     

     

     

    10

     

     

     

     

     

    0.09

     

     

     

    0.09

     

     

     

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

     

     

     

     

    2

     

     

     

     

     

     

     

     

    0.02

     

     

     

    Add: Tax effect of adjustments (2)

     

    (101

    )

     

     

    39

     

     

     

     

     

    (0.92

    )

     

     

    0.34

     

     

     

    Adjusted operating earnings

    $

    798

     

     

    $

    676

     

     

    18%

     

    $

    7.25

     

     

    $

    5.82

     

     

    25%

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    107.9

     

     

     

    113.7

     

     

     

     

     

     

     

     

     

    Diluted

     

    110.0

     

     

     

    116.2

     

     

     

     

     

     

     

     

     

     

    (1) Pretax adjusted operating adjustment.

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

    Ameriprise Financial, Inc.

    Reconciliation Table: Pretax Adjusted Operating Earnings

     

    Quarter Ended March 31,

     

    (in millions, unaudited)

    2023

     

    2022

     

    Total net revenues

    $

    3,742

     

    $

    3,625

     

     

    Less: Net realized investment gains (losses)

     

    3

     

     

    16

     

     

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

     

     

     

    1

     

     

    Less: CIEs revenue

     

    41

     

     

    17

     

     

    Adjusted operating total net revenues

    $

    3,698

     

    $

    3,591

     

     

     

     

     

     

     

    Total expenses

    $

    3,246

     

    $

    2,619

     

     

    Less: CIEs expenses

     

    41

     

     

    15

     

     

    Less: Integration/restructuring charges

     

    10

     

     

    10

     

     

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

     

    475

     

     

    (179

    )

     

    Adjusted operating expenses

    $

    2,720

     

    $

    2,773

     

     

     

     

     

     

     

    Pretax income

    $

    496

     

    $

    1,006

     

     

    Pretax adjusted operating earnings

    $

    978

     

    $

    818

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Available Capital for Capital Adequacy

    (in millions, unaudited)

    March 31,
    2023

     

    March 31,
    2022

     

    December 31,
    2022

     

    Ameriprise Financial GAAP Equity

    $

    4,144

     

     

    $

    4,524

     

     

    $

    3,803

     

     

    Less: AOCI

     

    (1,985

    )

     

     

    (1,242

    )

     

     

    (2,546

    )

     

    Ameriprise Financial GAAP Equity, excl AOCI

     

    6,129

     

     

     

    5,766

     

     

     

    6,349

     

     

    Less: RiverSource Life Insurance Co. GAAP Equity, excluding AOCI

     

    1,667

     

     

     

    1,433

     

     

     

    2,057

     

     

    Add: RiverSource Life Insurance Co. statutory total adjusted capital

     

    3,108

     

     

     

    3,131

     

     

     

    3,103

     

     

    Less: Goodwill and intangibles

     

    2,497

     

     

     

    2,532

     

     

     

    2,485

     

     

    Add: Other adjustments

     

    304

     

     

     

    268

     

     

     

    299

     

     

    Available Capital for Capital Adequacy

    $

    5,377

     

     

    $

    5,200

     

     

    $

    5,209

     

     

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Effective Tax Rate

     

    Quarter Ended

    March 31, 2022

     

    (in millions, unaudited)

    GAAP

     

     

    Adjusted Operating

    Pretax income

    $

    1,006

     

     

    $

    818

     

    Income tax provision

    $

    181

     

     

    $

    142

     

     

     

     

     

     

     

    Effective tax rate

     

    18.0

    %

     

     

    17.4

    %

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Effective Tax Rate

     

    Quarter Ended

    March 31, 2023

     

    (in millions, unaudited)

    GAAP

     

     

    Adjusted Operating

    Pretax income

    $

    496

     

     

    $

    978

     

    Income tax provision

    $

    79

     

     

    $

    180

     

     

     

     

     

     

     

    Effective tax rate

     

    15.9

    %

     

     

    18.4

    %

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Return on Equity (ROE) Excluding Accumulated

    Other Comprehensive Income “AOCI”

     

    Twelve Months Ended

    March 31,

     

    (in millions, unaudited)

    2023

     

    2022

    Net income

    $

    2,741

     

     

    $

    2,807

     

     

    Less: Adjustments (1)

     

    (266

    )

     

     

    167

     

     

    Adjusted operating earnings

    $

    3,007

     

     

    $

    2,640

     

     

             

     

     

     

     

     

    Total Ameriprise Financial, Inc. shareholders’ equity

    $

    4,032

     

     

    $

    4,862

     

     

    Less: Accumulated other comprehensive income, net of tax

     

    (2,037

    )

     

     

    (559

    )

     

    Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI

     

    6,069

     

     

     

    5,421

     

     

    Less: Equity impacts attributable to the consolidated investment entities

     

    (1

    )

     

     

    2

     

     

    Adjusted operating equity

    $

    6,070

     

     

    $

    5,419

     

     

     

     

     

     

     

    Return on equity excluding AOCI

     

    45.2

    %

     

     

    51.8

    %

     

    Adjusted operating return on equity excluding AOCI (2)

     

    49.5

    %

     

     

    48.7

    %

     

     

     

     

     

     

    (1) Adjustments reflect the sum of after-tax net realized investment gains/losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%.

    (2) Adjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings 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, Inc.
    (612) 671-2080
    alicia.a.charity@ampf.com

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

    Media Relations:
    Paul W. Johnson
    Ameriprise Financial, Inc.
    (612) 671-0625
    paul.w.johnson@ampf.com

    Originally Posted at Business Wire on April 24, 2023 by Ameriprise Financial.

    Categories: Industry Articles
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