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  • Ameriprise Financial Reports Fourth Quarter and Full Year 2024 Results

    February 4, 2025 by Ameriprise Financial, Inc.

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

    Earnings Per Diluted Share

     

    Return on Equity, ex AOCI (1)

     

    Q4 2024

     

    FY 2024

     

     

    Q4 2024

    GAAP

    $

    10.58

     

    $

    33.05

     

    GAAP

    49.7

    %

    Adjusted Operating, excluding unlocking

    $

    9.36

     

    $

    35.07

     

    Adjusted Operating, excluding unlocking

    52.7

    %

     

     

     

     

     

     

     

           
    • Fourth quarter adjusted operating earnings per diluted share increased 23 percent to $9.54 excluding severance expense, mark-to-market impact on share-based compensation, and a prior year regulatory accrual.
    • Full year 2024 adjusted operating earnings per diluted share increased 17 percent to $35.79 excluding unlocking and the items noted above.
    • Fourth quarter GAAP net income per diluted share was $10.58 compared to $3.57 a year ago. Full year 2024 GAAP net income per diluted share was $33.05 compared to $23.71 in 2023.
    • Assets under management, administration, and advisement grew to $1.5 trillion, up 10 percent, including strong client net inflows of $35 billion over the past 12 months.
    • Adjusted operating net revenues increased 13 percent from strong asset growth and higher transactional activity.
    • Pretax adjusted operating margin was 27 percent and adjusted operating return on equity was 53 percent.(1)(2)
    • The company returned $768 million of capital to shareholders in the quarter and $2.8 billion for the full year, demonstrating its balance sheet strength and strong free cash flow generation.
    • During the quarter, Ameriprise Financial was recognized by Forbes as one of “America’s Best Companies” for 2025.
       

    Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

     

    “Ameriprise delivered a record year in 2024, including a strong fourth quarter.

     

    We generated double-digit revenue growth with excellent earnings growth, reflecting the strength of the business and our client and advisor value propositions.

     

    Client activity and engagement were robust. Client inflows into fee-based investment advisory accounts grew to an all-time high. And with strong wealth management flows and positive markets, total client assets reached record levels.

     

    We continue to demonstrate our unique ability to navigate shifting market environments while delivering a differentiated client experience and maintaining rock-solid balance sheet fundamentals. Ameriprise consistently generates significant free cash flow, which we invest in the business and return to shareholders at a differentiated rate.”

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

    (2) Excludes unlocking. Unlocking impacts reflect the company’s annual review of insurance and annuity valuation assumptions and model changes.

     

    Ameriprise Financial, Inc.

    Fourth Quarter Summary

     

    Quarter Ended
    December 31,

    %
    Better/
    (Worse)

     

    Year-to-date
    December 31,

    %
    Better/
    (Worse)

    (in millions, except per share amounts, unaudited)

    2024

     

    2023

     

     

    2024

     

    2023

     

    GAAP net income

    $

    1,071

     

    $

    377

     

    NM

     

     

    $

    3,401

     

    $

    2,556

     

    33

    %

    Adjusted operating earnings

    $

    947

     

    $

    761

     

    24

    %

     

    $

    3,535

     

    $

    3,111

     

    14

    %

    Adjusted operating earnings excluding unlocking (see reconciliation on p. 24 & 25)

    $

    947

     

    $

    761

     

    24

    %

     

    $

    3,609

     

    $

    3,189

     

    13

    %

    Adjusted operating earnings excluding unlocking and other items (1) (see reconciliation on p. 24 & 25)

    $

    965

     

    $

    820

     

    18

    %

     

    $

    3,684

     

    $

    3,284

     

    12

    %

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP net income per diluted share

    $

    10.58

     

    $

    3.57

     

    NM

     

     

    $

    33.05

     

    $

    23.71

     

    39

    %

    Adjusted operating earnings per diluted share

    $

    9.36

     

    $

    7.20

     

    30

    %

     

    $

    34.35

     

    $

    28.86

     

    19

    %

    Adjusted operating earnings per diluted share excluding unlocking (see reconciliation on p. 24 & 25)

    $

    9.36

     

    $

    7.20

     

    30

    %

     

    $

    35.07

     

    $

    29.58

     

    19

    %

    Adjusted operating earnings per diluted share excluding unlocking and other items (1)

    (see reconciliation on p. 24 & 25)

    $

    9.54

     

    $

    7.75

     

    23

    %

     

    $

    35.79

     

    $

    30.46

     

    17

    %

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP Return on Equity, ex. AOCI

     

    49.7

    %

     

    39.9

    %

     

     

     

    49.7

    %

     

    39.9

    %

     

    Adjusted Operating Return on Equity, ex. AOCI

     

    51.6

    %

     

    48.5

    %

     

     

     

    51.6

    %

     

    48.5

    %

     

    Adjusted Operating Return on Equity, ex. AOCI and unlocking (see reconciliation on p. 29)

     

    52.7

    %

     

    49.7

    %

     

     

     

    52.7

    %

     

    49.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    99.2

     

     

    103.5

     

     

     

     

    101.0

     

     

    105.7

     

     

    Diluted

     

    101.2

     

     

    105.7

     

     

     

     

    102.9

     

     

    107.8

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Other items include severance and mark-to-market impact on share-based compensation expense in both periods, as well as a regulatory accrual in 2023.

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

    Fourth quarter 2024 GAAP results included favorable market impacts on the valuation of derivatives and market risk benefits from higher interest rates, while the prior year quarter included unfavorable market impacts on the valuation of derivatives and market risk benefits from lower interest rates.

    In addition, adjusted operating after-tax results included severance expenses of $46 million for full year 2024 and $21 million for full year 2023 related to the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.

    Ameriprise Financial, Inc.

    Advice & Wealth Management Segment Adjusted Operating Results

     

    Quarter Ended December 31,

    %
    Better/
    (Worse)

    (in millions, unaudited)

    2024

     

    2023

     

    Adjusted operating net revenues

    $

    2,834

     

    $

    2,403

     

    18

    %

     

     

     

     

     

     

    Distribution expenses

     

    1,563

     

     

    1,266

     

    (23

    )%

    Interest and debt expense

     

    10

     

     

    8

     

    (25

    )%

    General and administrative expenses

     

    438

     

     

    431

     

    (2

    )%

    Adjusted operating expenses

     

    2,011

     

     

    1,705

     

    (18

    )%

    Pretax adjusted operating earnings

    $

    823

     

    $

    698

     

    18

    %

     

     

     

     

     

     

    Pretax adjusted operating margin

     

    29.0

    %

     

    29.0

    %

    — bps

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarter Ended December 31,

    %
    Better/
    (Worse)

    (in billions, unless otherwise noted)

    2024

     

    2023

    Total client assets

    $

    1,029

     

    $

    901

    14

    %

    Total client net flows (1)

    $

    11.3

     

    $

    22.7

    (50

    )%

    Wrap net flows (1)

    $

    11.1

     

    $

    7.0

    59

    %

    AWM cash balances (1)

    $

    41.6

     

    $

    44.5

    (7

    )%

    Adjusted operating net revenue per advisor (TTM in thousands)

    $

    1,037

     

    $

    916

    13

    %

     

     

     

     

     

    (1) Q4 2023 includes the addition of $14.7 billion of total client flows from the company’s partnership with Comerica, including $2.0 billion of wrap flows and $2.5 billion of cash sweep into off-balance sheet – broker dealer.

    Advice & Wealth Management delivered strong organic growth generating pretax adjusted operating earnings of $823 million, up 18 percent, with a margin of 29 percent driven by core business growth and equity market appreciation, which more than offset lower interest revenue from the more than 60 bps reduction in average federal funds effective rate year-over-year and sequentially.

    Adjusted operating net revenues increased 18 percent to $2.8 billion from strong growth in client assets and increased transactional activity.

    Adjusted operating expenses increased 18 percent to $2.0 billion compared to a year ago primarily driven by strong revenue growth. General and administrative expenses were $438 million in the quarter and increased 5 percent(1) to $1.7 billion for the full year, reflecting growth investments and volume-related expenses due to business growth.

    Strong growth in metrics was driven by client and advisor engagement and focus on positioning portfolios to meet financial planning goals across market cycles.

    • Total client assets grew 14 percent to $1.0 trillion, with strong client flows of $11.3 billion.
    • Wrap assets increased 18 percent to $574 billion. Wrap flow trends continued to improve with $11.1 billion of net inflows in the quarter, representing an 8 percent annualized flow rate.
    • Transactional activity increased 17 percent with strong growth across all product areas.
    • Total client cash was $85.4 billion, up $3.9 billion from a year ago and up $2.4 billion sequentially.
      • Cash sweep balances were $29.8 billion, up $2.3 billion sequentially.
      • Bank assets grew 4 percent to $23.6 billion, providing sustainable net investment income in the forecasted lower interest rate environment.
      • Certificate balances declined $0.8 billion sequentially, as expected in this rate environment.
      • Growth in third-party money market funds was partially offset by a decline in brokered CDs.
    • Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.0 million, up 13 percent from enhanced productivity, business growth and market appreciation.
    • Advisor headcount increased to 10,427, which reflects the addition of 91 experienced advisors in the quarter and continued strong advisor retention.

    (1) Excluding $50 million regulatory accrual in 2023. 

    Ameriprise Financial, Inc.

    Asset Management Segment Adjusted Operating Results

     

    Quarter Ended
    December 31,

    %
    Better/
    (Worse)

    (in millions, unaudited)

    2024

     

    2023

     

    Adjusted operating net revenues

    $

    930

     

     

    $

    845

     

     

    10

    %

     

     

     

     

     

     

    Distribution expenses

     

    253

     

     

     

    228

     

     

    (11

    )%

    Amortization of deferred acquisition costs

     

    2

     

     

     

    2

     

     

    %

    Interest and debt expense

     

    2

     

     

     

    2

     

     

    %

    General and administrative expenses

     

    422

     

     

     

    419

     

     

    (1

    )%

    Adjusted operating expenses

     

    679

     

     

     

    651

     

     

    (4

    )%

    Pretax adjusted operating earnings

    $

    251

     

     

    $

    194

     

     

    29

    %

     

     

     

     

     

     

    Net pretax adjusted operating margin (1)

     

    39.0

    %

     

     

    32.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Quarter Ended
    December 31,

    %
    Better/
    (Worse)

    (in billions)

    2024

     

    2023

     

    Assets Under Management and Advisement (2)

    $

    681

     

     

    $

    663

     

     

    3

    %

     

     

     

     

     

     

    Net Flows

     

     

     

     

     

    Global Retail net AUM flows, ex. legacy insurance partners

    $

    5.7

     

     

    $

    (0.9

    )

     

    NM

     

    Model delivery AUA flows (2)

     

    0.4

     

     

     

    0.3

     

     

    33

    %

    Total retail net AUM flows and model delivery AUA flows (2)

     

    6.1

     

     

     

    (0.6

    )

     

    NM

     

     

     

     

     

     

     

    Global Institutional net AUM flows, ex. legacy insurance partners

     

    (3.9

    )

     

     

    (3.1

    )

     

    (26

    )%

     

     

     

     

     

     

    Legacy insurance partners AUM flows

     

    (0.9

    )

     

     

    (1.2

    )

     

    25

    %

     

     

     

     

     

     

    Total Net AUM and AUA flows (2)

    $

    1.3

     

     

    $

    (4.9

    )

     

    NM

     

     

     

     

     

     

     

    (1) See reconciliation on page 13.

     

     

     

     

     

    (2) Model Delivery Assets Under Advisement are presented on a one-quarter lag. Flows are estimated based on the period-to-period change in assets less calculated performance based on strategy returns.

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

    Asset Management adjusted operating net revenues grew 10 percent to $930 million. Pretax adjusted operating earnings increased 29 percent to $251 million, reflecting equity market appreciation and the positive impact from expense management actions, which more than offset the cumulative impact of net outflows. Results in the quarter included continued strong performance fees. Net pretax adjusted operating margin was 39 percent. The underlying fee rate remained stable.

    Adjusted operating expenses increased 4 percent. Excluding performance fee compensation, general and administrative expenses improved 2 percent from a year ago, reflecting benefits from the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.

    Total net inflows improved $6.2 billion to $1.3 billion.

    • Retail and model delivery net inflows were $6.1 billion, reflecting a $6.7 billion improvement from the prior year from stronger gross sales in North America and EMEA, as well as higher reinvested dividends.
    • Institutional net outflows were $3.9 billion, which reflected slower fundings and $0.9 billion of expected Lionstone outflows. Outflows related to legacy insurance partners were $0.9 billion.

       

    Ameriprise Financial, Inc.

    Retirement & Protection Solutions Segment Adjusted Operating Results

     

    Quarter Ended
    December 31,

    % Better/
    (Worse)

    (in millions, unaudited)

     

    2024

     

     

    2023

    Adjusted operating net revenues

    $

    960

     

    $

    918

    5

    %

    Adjusted operating expenses

     

    747

     

     

    716

    (4

    )%

    Pretax adjusted operating earnings

    $

    213

     

    $

    202

    5

    %

     

     

     

     

     

    Retirement & Protection Solutions pretax adjusted operating earnings increased 5 percent to $213 million or $816 million for the full year excluding unlocking. The strong and consistent performance of the business reflects the benefit from stronger interest earnings and higher equity markets, partially offset by higher distribution expenses associated with continued strong sales trends.

    Retirement & Protection Solutions sales increased 13 percent to $1.4 billion fueled by client demand for structured variable annuities and variable universal life products.

    These high-quality books of business continued to generate strong free cash flow with excellent risk-adjusted returns.

    Ameriprise Financial, Inc.

    Corporate & Other Segment Adjusted Operating Results

     

    Quarter Ended
    December 31,

    % Better/
    (Worse)

    (in millions, unaudited)

     

    2024

     

     

     

    2023

     

    Corporate & Other

    $

    (106

    )

     

    $

    (117

    )

    9

    %

    Closed Blocks (1)

     

    14

     

     

     

    3

     

    NM

     

    Pretax adjusted operating earnings

    $

    (92

    )

     

    $

    (114

    )

    19

    %

     

     

     

     

     

    Long Term Care

    $

    21

     

     

    $

    10

     

    NM

     

    Fixed Annuities

     

    (7

    )

     

     

    (7

    )

    %

    Pretax adjusted operating earnings

    $

    14

     

     

    $

    3

     

    NM

     

     

     

     

     

     

    (1) Long Term Care and Fixed Annuities.

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

    Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was $106 million, of which $28 million was related to severance and severance program expenses, expenses to accelerate the firm’s transition to cloud-based technology platforms and mark-to-market impacts on share-based compensation.

    Long Term Care pretax adjusted operating earnings were $21 million, or $62 million for the full year excluding unlocking, a continuation of an improved performance trend. Results in the quarter reflected higher closed claims and new premium rate increases.

    Fixed Annuities pretax adjusted operating loss was in line with expectations at $7 million.

    Taxes

    The operating effective tax rate was 20.8 percent for the fourth quarter and 20.3 percent for the full year.

    About Ameriprise Financial

    At Ameriprise Financial, we have been helping people feel confident about their financial future for 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors’ financial needs.

    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 measures 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, 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 estimating the financial impacts and future profitability arising from the company’s initiatives to enhance operational efficiency and effectiveness;
    • statements about higher sustainable net investment income at the bank and the forecast for a lower rate environment;
    • statements about continued improved performance of long term care operating earnings; 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, 2023 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-K for the period ended December 31, 2024.

    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)

    4 Qtr 2024

     

    4 Qtr 2023

    %
    Better/
    (Worse)

    3 Qtr 2024

    %
    Better/
    (Worse)

    Revenues

     

     

     

     

     

     

    Management and financial advice fees

    $

    2,715

     

     

    $

    2,284

     

    19

    %

    $

    2,573

     

    6

    %

    Distribution fees

     

    536

     

     

     

    469

     

    14

    %

     

    513

     

    4

    %

    Net investment income

     

    892

     

     

     

    888

     

    %

     

    934

     

    (4

    )%

    Premiums, policy and contract charges

     

    379

     

     

     

    404

     

    (6

    )%

     

    409

     

    (7

    )%

    Other revenues

     

    127

     

     

     

    123

     

    3

    %

     

    131

     

    (3

    )%

    Total revenues

     

    4,649

     

     

     

    4,168

     

    12

    %

     

    4,560

     

    2

    %

    Banking and deposit interest expense

     

    148

     

     

     

    176

     

    16

    %

     

    163

     

    9

    %

    Total net revenues

     

    4,501

     

     

     

    3,992

     

    13

    %

     

    4,397

     

    2

    %

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

    Distribution expenses

     

    1,616

     

     

     

    1,307

     

    (24

    )%

     

    1,539

     

    (5

    )%

    Interest credited to fixed accounts

     

    181

     

     

     

    190

     

    5

    %

     

    118

     

    (53

    )%

    Benefits, claims, losses and settlement expenses

     

    243

     

     

     

    602

     

    60

    %

     

    430

     

    43

    %

    Remeasurement (gains) losses of future policy benefit reserves

     

    (10

    )

     

     

    (3

    )

    NM

     

     

    (22

    )

    (55

    )%

    Change in fair value of market risk benefits

     

    (30

    )

     

     

    240

     

    NM

     

     

    566

     

    NM

     

    Amortization of deferred acquisition costs

     

    61

     

     

     

    61

     

    %

     

    59

     

    (3

    )%

    Interest and debt expense

     

    77

     

     

     

    84

     

    8

    %

     

    87

     

    11

    %

    General and administrative expense

     

    1,011

     

     

     

    1,017

     

    1

    %

     

    975

     

    (4

    )%

    Total expenses

     

    3,149

     

     

     

    3,498

     

    10

    %

     

    3,752

     

    16

    %

    Pretax income

     

    1,352

     

     

     

    494

     

    NM

     

     

    645

     

    NM

     

    Income tax provision

     

    281

     

     

     

    117

     

    NM

     

     

    134

     

    NM

     

    Net income

    $

    1,071

     

     

    $

    377

     

    NM

     

    $

    511

     

    NM

     

     

     

     

     

     

     

     

    Earnings per share

     

     

     

     

     

     

    Basic earnings per share

    $

    10.80

     

     

    $

    3.64

     

     

    $

    5.09

     

     

    Earnings per diluted share

    $

    10.58

     

     

    $

    3.57

     

     

    $

    5.00

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding

     

     

     

     

     

     

    Basic

     

    99.2

     

     

     

    103.5

     

     

     

    100.4

     

     

    Diluted

     

    101.2

     

     

     

    105.7

     

     

     

    102.2

     

     

     

     

     

     

     

     

     

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

    Ameriprise Financial, Inc.

    Consolidated Highlights and Capital Summary

    (in millions unless otherwise noted, unaudited)

    4 Qtr 2024

     

    4 Qtr 2023

    %
    Better/
    (Worse)

    3 Qtr 2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

    Assets Under Management, Administration, and Advisement

     

     

     

     

     

     

    Advice & Wealth Management AUM

    $

    570,064

     

     

    $

    484,825

     

    18

    %

    $

    565,152

     

    1

    %

    Asset Management AUM

     

    644,913

     

     

     

    636,936

     

    1

    %

     

    672,110

     

    (4

    )%

    Corporate AUM

     

    568

     

     

     

    395

     

    44

    %

     

    523

     

    9

    %

    Eliminations

     

    (44,769

    )

     

     

    (41,093

    )

    (9

    )%

     

    (45,839

    )

    2

    %

    Assets Under Management

     

    1,170,776

     

     

     

    1,081,063

     

    8

    %

     

    1,191,946

     

    (2

    )%

    Assets Under Administration

     

    317,160

     

     

     

    279,549

     

    13

    %

     

    314,173

     

    1

    %

    Assets Under Advisement (net of eliminations) (1)

     

    34,017

     

     

     

    25,414

     

    34

    %

     

    31,864

     

    7

    %

    Total Assets Under Management, Administration, and Advisement

    $

    1,521,953

     

     

    $

    1,386,026

     

    10

    %

    $

    1,537,983

     

    (1

    )%

     

     

     

     

     

     

     

    S&P 500

     

     

     

     

     

     

    Daily average

     

    5,911

     

     

     

    4,472

     

    32

    %

     

    5,546

     

    7

    %

    Period end

     

    5,882

     

     

     

    4,770

     

    23

    %

     

    5,762

     

    2

    %

     

     

     

     

     

     

     

    Weighted Equity Index (WEI) (2)

     

     

     

     

     

     

    Daily average

     

    3,718

     

     

     

    2,892

     

    29

    %

     

    3,528

     

    5

    %

    Period end

     

    3,676

     

     

     

    3,102

     

    19

    %

     

    3,664

     

    %

     

     

     

     

     

     

     

    Common shares

     

     

     

     

     

     

    Beginning balance

     

    97.2

     

     

     

    101.4

     

    (4

    )%

     

    98.4

     

    (1

    )%

    Repurchases

     

    (1.1

    )

     

     

    (1.2

    )

    8

    %

     

    (1.3

    )

    15

    %

    Issuances

     

    0.2

     

     

     

    0.1

     

    NM

     

     

    0.2

     

    %

    Other

     

    (0.1

    )

     

     

    (0.1

    )

    %

     

    (0.1

    )

    %

    Total common shares outstanding

     

    96.2

     

     

     

    100.2

     

    (4

    )%

     

    97.2

     

    (1

    )%

    Restricted stock units

     

    2.5

     

     

     

    2.7

     

    (7

    )%

     

    2.5

     

    %

    Total basic common shares outstanding

     

    98.7

     

     

     

    102.9

     

    (4

    )%

     

    99.7

     

    (1

    )%

    Total potentially dilutive shares

     

    1.9

     

     

     

    2.2

     

    (14

    )%

     

    1.9

     

    %

    Total diluted shares

     

    100.6

     

     

     

    105.1

     

    (4

    )%

     

    101.6

     

    (1

    )%

     

     

     

     

     

     

     

    Capital Returned to Shareholders

     

     

     

     

     

     

    Dividends paid

    $

    149

     

     

    $

    142

     

    5

    %

    $

    150

     

    (1

    )%

    Common stock share repurchases

     

    619

     

     

     

    445

     

    39

    %

     

    563

     

    10

    %

    Total Capital Returned to Shareholders

    $

    768

     

     

    $

    587

     

    31

    %

    $

    713

     

    8

    %

     

     

     

     

     

     

     

    (1) Assets reported on a one quarter lag.

    (2) 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)

    4 Qtr 2024

    4 Qtr 2023

    %
    Better/
    (Worse)

    3 Qtr 2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

    Management and financial advice fees:

     

     

     

     

     

     

     

     

    Advisory fees

    $

    1,519

     

    $

    1,196

     

    27

    %

    $

    1,451

     

    5

    %

    Financial planning fees

     

    137

     

     

    119

     

    15

    %

     

    111

     

    23

    %

    Transaction and other fees

     

    97

     

     

    93

     

    4

    %

     

    97

     

    %

    Total management and financial advice fees

     

    1,753

     

     

    1,408

     

    25

    %

     

    1,659

     

    6

    %

    Distribution fees:

     

     

     

     

     

     

     

     

    Mutual funds

     

    217

     

     

    185

     

    17

    %

     

    209

     

    4

    %

    Insurance and annuity

     

    264

     

     

    236

     

    12

    %

     

    266

     

    (1

    )%

    Off-Balance sheet brokerage cash

     

    32

     

     

    48

     

    (33

    )%

     

    32

     

    %

    Other products

     

    120

     

     

    90

     

    33

    %

     

    107

     

    12

    %

    Total distribution fees

     

    633

     

     

    559

     

    13

    %

     

    614

     

    3

    %

    Net investment income

     

    521

     

     

    547

     

    (5

    )%

     

    554

     

    (6

    )%

    Other revenues

     

    75

     

     

    65

     

    15

    %

     

    78

     

    (4

    )%

    Total revenues

     

    2,982

     

     

    2,579

     

    16

    %

     

    2,905

     

    3

    %

    Banking and deposit interest expense

     

    148

     

     

    176

     

    16

    %

     

    163

     

    9

    %

    Adjusted operating total net revenues

     

    2,834

     

     

    2,403

     

    18

    %

     

    2,742

     

    3

    %

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

    Distribution expenses

     

    1,563

     

     

    1,266

     

    (23

    )%

     

    1,488

     

    (5

    )%

    Interest and debt expense

     

    10

     

     

    8

     

    (25

    )%

     

    9

     

    (11

    )%

    General and administrative expense

     

    438

     

     

    431

     

    (2

    )%

     

    419

     

    (5

    )%

    Adjusted operating expenses

     

    2,011

     

     

    1,705

     

    (18

    )%

     

    1,916

     

    (5

    )%

    Pretax adjusted operating earnings

    $

    823

     

    $

    698

     

    18

    %

    $

    826

     

    %

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating margin

     

    29.0

    %

     

    29.0

    %

     

     

    30.1

    %

     

     

     

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Advice & Wealth Management Segment Operating Metrics

    (in millions unless otherwise noted, unaudited)

    4 Qtr 2024

    4 Qtr 2023

    %
    Better/
    (Worse)

    3 Qtr 2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

     

     

    AWM Total Client Assets

    $

    1,028,943

     

     

    $

    900,502

     

    14

    %

    $

    1,024,467

     

    %

     

     

     

     

     

     

     

     

     

    Total Client Flows (1)

    $

    11,261

     

     

    $

    22,710

     

    (50

    )%

    $

    8,613

     

    31

    %

     

     

     

     

     

     

     

     

     

    Total Wrap Accounts

     

     

     

     

     

     

     

     

    Beginning assets

    $

    569,054

     

     

    $

    444,061

     

    28

    %

    $

    534,990

     

    6

    %

    Net flows (1)

     

    11,073

     

     

     

    6,961

     

    59

    %

     

    7,992

     

    39

    %

    Market appreciation (depreciation) and other

     

    (6,246

    )

     

     

    37,178

     

    NM

     

     

    26,072

     

    NM

     

    Total wrap ending assets

    $

    573,881

     

     

    $

    488,200

     

    18

    %

    $

    569,054

     

    1

    %

     

     

     

     

     

     

     

     

     

    Advisory wrap account assets ending balance (2)

    $

    568,348

     

     

    $

    483,315

     

    18

    %

    $

    563,438

     

    1

    %

     

     

     

     

     

     

     

     

     

    Brokerage Cash & Certificates Balances

     

     

     

     

     

     

     

     

    On-balance sheet (Net Investment Income)

     

     

     

     

     

     

     

     

    On-balance sheet – broker dealer

    $

    2,334

     

     

    $

    2,388

     

    (2

    )%

    $

    2,633

     

    (11

    )%

    On-balance sheet – bank

     

    22,307

     

     

     

    21,498

     

    4

    %

     

    21,731

     

    3

    %

    On-balance sheet – certificate

     

    11,213

     

     

     

    13,471

     

    (17

    )%

     

    11,998

     

    (7

    )%

    Total on-balance sheet

    $

    35,854

     

     

    $

    37,357

     

    (4

    )%

    $

    36,362

     

    (1

    )%

    Off-balance sheet (Distribution Fees)

     

     

     

     

     

     

     

     

    Off-balance sheet – broker dealer (1)

    $

    5,793

     

     

    $

    7,103

     

    (18

    )%

    $

    3,714

     

    56

    %

    Total brokerage cash & certificates balances

    $

    41,647

     

     

    $

    44,460

     

    (6

    )%

    $

    40,076

     

    4

    %

     

     

     

     

     

     

     

     

     

    Gross Fee Yield

     

     

     

     

     

     

     

     

    On-balance sheet – broker dealer

     

    4.80

    %

     

     

    5.53

    %

     

     

    5.27

    %

     

    On-balance sheet – bank

     

    4.77

    %

     

     

    5.07

    %

     

     

    5.02

    %

     

    On-balance sheet – certificates

     

    5.33

    %

     

     

    5.51

    %

     

     

    5.63

    %

     

    Off-balance sheet – broker dealer

     

    2.86

    %

     

     

    3.49

    %

     

     

    3.28

    %

     

     

     

     

     

     

     

     

     

     

    Financial Advisors

     

     

     

     

     

     

     

     

    Employee advisors

     

    2,256

     

     

     

    2,228

     

    1

    %

     

    2,212

     

    2

    %

    Franchisee advisors

     

    8,171

     

     

     

    8,139

     

    %

     

    8,156

     

    %

    Total financial advisors

     

    10,427

     

     

     

    10,367

     

    1

    %

     

    10,368

     

    1

    %

     

     

     

     

     

     

     

     

     

    Advisor Retention

     

     

     

     

     

     

     

     

    Employee

     

    92.2

    %

     

     

    92.5

    %

     

     

    92.5

    %

     

    Franchisee

     

    92.8

    %

     

     

    92.5

    %

     

     

    92.5

    %

     

     

     

     

     

     

     

     

     

     

    (1) Q4 2023 includes the addition of $14.7 billion of total client flows from the company’s partnership with Comerica, including $2.0 billion of wrap flows and $2.5 billion of cash sweep into off-balance sheet – broker dealer.

    (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)

    4 Qtr 2024

    4 Qtr 2023

    %
    Better/
    (Worse)

    3 Qtr 2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

    Management and financial advice fees:

     

     

     

     

     

     

     

     

    Asset management fees:

     

     

     

     

     

     

     

     

    Retail

    $

    540

     

     

    $

    479

     

     

    13

    %

    $

    540

     

     

    %

    Institutional

     

    194

     

     

     

    187

     

     

    4

    %

     

    143

     

     

    36

    %

    Model delivery (1)

     

    22

     

     

     

    16

     

     

    38

    %

     

    21

     

     

    5

    %

    Transaction and other fees

     

    53

     

     

     

    49

     

     

    8

    %

     

    52

     

     

    2

    %

    Revenue from other sources (2)

     

    2

     

     

     

    3

     

     

    (33

    )%

     

    4

     

     

    (50

    )%

    Total management and financial advice fees

     

    811

     

     

     

    734

     

     

    10

    %

     

    760

     

     

    7

    %

    Distribution fees:

     

     

     

     

     

     

     

     

    Mutual funds

     

    59

     

     

     

    53

     

     

    11

    %

     

    57

     

     

    4

    %

    Insurance and annuity

     

    40

     

     

     

    38

     

     

    5

    %

     

    41

     

     

    (2

    )%

    Total distribution fees

     

    99

     

     

     

    91

     

     

    9

    %

     

    98

     

     

    1

    %

    Net investment income

     

    15

     

     

     

    15

     

     

    %

     

    17

     

     

    (12

    )%

    Other revenues

     

    5

     

     

     

    5

     

     

    %

     

    7

     

     

    (29

    )%

    Total revenues

     

    930

     

     

     

    845

     

     

    10

    %

     

    882

     

     

    5

    %

    Banking and deposit interest expense

     

     

     

     

     

     

    %

     

     

     

    %

    Adjusted operating total net revenues

     

    930

     

     

     

    845

     

     

    10

    %

     

    882

     

     

    5

    %

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

    Distribution expenses

     

    253

     

     

     

    228

     

     

    (11

    )%

     

    250

     

     

    (1

    )%

    Amortization of deferred acquisition costs

     

    2

     

     

     

    2

     

     

    %

     

    2

     

     

    %

    Interest and debt expense

     

    2

     

     

     

    2

     

     

    %

     

    2

     

     

    %

    General and administrative expense

     

    422

     

     

     

    419

     

     

    (1

    )%

     

    383

     

     

    (10

    )%

    Adjusted operating expenses

     

    679

     

     

     

    651

     

     

    (4

    )%

     

    637

     

     

    (7

    )%

    Pretax adjusted operating earnings

    $

    251

     

     

    $

    194

     

     

    29

    %

    $

    245

     

     

    2

    %

     

     

     

     

     

     

     

     

     

    Net Pretax Adjusted Operating Margin Reconciliation

     

     

     

     

     

     

     

    Adjusted operating total net revenues

    $

    930

     

     

    $

    845

     

     

    10

    %

    $

    882

     

     

    5

    %

    Distribution pass through revenues

     

    (201

    )

     

     

    (180

    )

     

    (12

    )%

     

    (198

    )

     

    (2

    )%

    Subadvisory and other pass through revenues

     

    (104

    )

     

     

    (100

    )

     

    (4

    )%

     

    (104

    )

     

    %

    Net adjusted operating revenues

    $

    625

     

     

    $

    565

     

     

    11

    %

    $

    580

     

     

    8

    %

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating earnings

    $

    251

     

     

    $

    194

     

     

    29

    %

    $

    245

     

     

    2

    %

    Adjusted operating net investment income

     

    (15

    )

     

     

    (15

    )

     

    %

     

    (17

    )

     

    12

    %

    Amortization of intangibles

     

    8

     

     

     

    4

     

     

    NM

     

     

    9

     

     

    (11

    )%

    Net adjusted operating earnings

    $

    244

     

     

    $

    183

     

     

    33

    %

    $

    237

     

     

    3

    %

     

     

     

     

     

     

     

     

     

    Pretax adjusted operating margin

     

    27.0

    %

     

     

    23.0

    %

     

     

     

    27.8

    %

     

     

    Net pretax adjusted operating margin (3)

     

    39.0

    %

     

     

    32.4

    %

     

     

     

    40.9

     

     

     

     

     

     

     

     

     

     

     

    Total Performance fees (4)

     

     

     

     

     

     

     

     

    Performance fees

    $

    51

     

     

    $

    44

     

     

    16

    %

    $

     

     

    %

    General and administrative expense related to performance fees

     

    32

     

     

     

    23

     

     

    (39

    )%

     

     

     

    %

    Net performance fees

    $

    19

     

     

    $

    21

     

     

    (10

    )%

    $

     

     

    %

     

     

     

     

     

     

     

     

     

    (1) Prior period amounts have been reclassified from Institutional to conform to current year presentation.

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

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

    (4) 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)

    4 Qtr 2024

    4 Qtr 2023

    %
    Better/
    (Worse)

    3 Qtr 2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

     

     

    Managed Assets Rollforward

     

     

     

     

     

     

     

     

    Global Retail Funds

     

     

     

     

     

     

     

     

    Beginning assets

    $

    362,419

     

     

    $

    310,170

     

     

    17

    %

    $

    347,460

     

     

    4

    %

    Inflows

     

    15,227

     

     

     

    13,029

     

     

    17

    %

     

    13,129

     

     

    16

    %

    Outflows

     

    (17,807

    )

     

     

    (17,324

    )

     

    (3

    )%

     

    (15,724

    )

     

    (13

    )%

    Net VP/VIT fund flows

     

    (1,730

    )

     

     

    (1,389

    )

     

    (25

    )%

     

    (1,741

    )

     

    1

    %

    Net new flows

     

    (4,310

    )

     

     

    (5,684

    )

     

    24

    %

     

    (4,336

    )

     

    1

    %

    Reinvested dividends

     

    9,956

     

     

     

    4,692

     

     

    NM

     

     

    1,579

     

     

    NM

     

    Net flows

     

    5,646

     

     

     

    (992

    )

     

    NM

     

     

    (2,757

    )

     

    NM

     

    Distributions

     

    (11,086

    )

     

     

    (5,367

    )

     

    NM

     

     

    (1,770

    )

     

    NM

     

    Market appreciation (depreciation) and other

     

    436

     

     

     

    27,647

     

     

    (98

    )%

     

    15,521

     

     

    (97

    )%

    Foreign currency translation (1)

     

    (4,678

    )

     

     

    3,402

     

     

    NM

     

     

    3,965

     

     

    NM

     

    Total ending assets

     

    352,737

     

     

     

    334,860

     

     

    5

    %

     

    362,419

     

     

    (3

    )%

    % of total retail assets sub-advised

     

    15.8

    %

     

     

    15.6

    %

     

     

     

    16.2

    %

     

     

     

     

     

     

     

     

     

     

     

    Global Institutional

     

     

     

     

     

     

     

     

    Beginning assets

     

    309,691

     

     

     

    277,001

     

     

    12

    %

     

    294,420

     

     

    5

    %

    Inflows (2)

     

    7,992

     

     

     

    9,810

     

     

    (19

    )%

     

    8,168

     

     

    (2

    )%

    Outflows (2)

     

    (12,727

    )

     

     

    (14,021

    )

     

    9

    %

     

    (8,989

    )

     

    (42

    )%

    Net flows

     

    (4,735

    )

     

     

    (4,211

    )

     

    (12

    )%

     

    (821

    )

     

    NM

     

    Market appreciation (depreciation) and other (3)

     

    (3,145

    )

     

     

    22,028

     

     

    NM

     

     

    7,840

     

     

    NM

     

    Foreign currency translation (1)

     

    (9,635

    )

     

     

    7,258

     

     

    NM

     

     

    8,252

     

     

    NM

     

    Total ending assets

     

    292,176

     

     

     

    302,076

     

     

    (3

    )%

     

    309,691

     

     

    (6

    )%

     

     

     

     

     

     

     

     

     

    Total managed assets

    $

    644,913

     

     

    $

    636,936

     

     

    1

    %

    $

    672,110

     

     

    (4

    )%

     

     

     

     

     

     

     

     

     

    Total Assets Under Advisement (4)

     

    35,616

     

     

     

    26,160

     

     

    36

    %

     

    33,297

     

     

    7

    %

    Total Assets Under Management & Advisement

    $

    680,529

     

     

    $

    663,096

     

     

    3

    %

    $

    705,407

     

     

    (4

    )%

     

     

     

     

     

     

     

     

     

    Total AUM net flows

    $

    911

     

     

    $

    (5,203

    )

     

    NM

     

    $

    (3,578

    )

     

    NM

     

    Model delivery AUA flows (5)

     

    412

     

     

     

    308

     

     

    34

    %

     

    1,212

     

     

    (66

    )%

    Total AUM and AUA Flows (5)

    $

    1,323

     

     

    $

    (4,895

    )

     

    NM

     

    $

    (2,366

    )

     

    NM

     

     

     

     

     

     

     

     

     

     

    Legacy insurance partners flows

    $

    (950

    )

     

    $

    (1,212

    )

     

    22

    %

    $

    (869

    )

     

    (9

    )%

     

     

     

     

     

     

     

     

     

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

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

    (3) 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.

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

    (5) AUA flows are estimated flows 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%

    Ameriprise Financial, Inc.

    Asset Management Segment Operating Metrics

    (in millions, unaudited)

    4 Qtr 2024

    4 Qtr 2023

    %
    Better/
    (Worse)

    3 Qtr 2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

     

     

    Total Managed Assets by Type

     

     

     

     

     

     

     

     

    Equity

    $

    342,963

     

    $

    323,043

     

    6

    %

    $

    353,812

     

    (3

    )%

    Fixed income

     

    231,551

     

     

    238,353

     

    (3

    )%

     

    243,533

     

    (5

    )%

    Money market

     

    20,305

     

     

    23,833

     

    (15

    )%

     

    21,672

     

    (6

    )%

    Alternative

     

    30,872

     

     

    33,476

     

    (8

    )%

     

    33,303

     

    (7

    )%

    Hybrid and other

     

    19,222

     

     

    18,231

     

    5

    %

     

    19,790

     

    (3

    )%

    Total managed assets by type

    $

    644,913

     

    $

    636,936

     

    1

    %

    $

    672,110

     

    (4

    )%

     

     

     

     

     

     

     

     

     

    Average Managed Assets by Type (1)

     

     

     

     

     

     

     

     

    Equity

    $

    349,847

     

    $

    304,353

     

    15

    %

    $

    347,466

     

    1

    %

    Fixed income

     

    238,137

     

     

    222,304

     

    7

    %

     

    235,845

     

    1

    %

    Money market

     

    20,535

     

     

    22,753

     

    (10

    )%

     

    22,213

     

    (8

    )%

    Alternative

     

    31,706

     

     

    33,503

     

    (5

    )%

     

    33,388

     

    (5

    )%

    Hybrid and other

     

    19,501

     

     

    17,329

     

    13

    %

     

    19,457

     

    %

    Total average managed assets by type

    $

    659,726

     

    $

    600,242

     

    10

    %

    $

    658,369

     

    %

     

     

     

     

     

     

     

     

     

    (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

     

    4 Qtr 2024

     

     

     

     

     

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

    1 year

    3 year

    5 year

    10 year

    Equity

    68%

    69%

    79%

    87%

    Fixed Income

    69%

    69%

    80%

    93%

    Asset Allocation

    89%

    67%

    82%

    91%

     

     

     

     

     

    4- or 5-star Morningstar rated funds

    Overall

    3 year

    5 year

    10 year

    Number of Rated Funds

    108

    73

    79

    99

     

     

     

     

     

    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 Institutional 3 share class), net of fees. Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and are based on 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 12/31/24. Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 5 received a 5-star Overall Rating and 35 received a 4-star Overall Rating. Out of 137 Threadneedle funds rated (based on highest-rated share class), 20 received a 5-star Overall Rating and 48 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.

     

    © 2024 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)

    4 Qtr
    2024

     

    4 Qtr
    2023

    %
    Better/
    (Worse)

    3 Qtr
    2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

    Management and financial advice fees

    $

    194

     

     

    $

    181

     

    7

    %

    $

    196

     

    (1

    )%

    Distribution fees

     

    108

     

     

     

    100

     

    8

    %

     

    106

     

    2

    %

    Net investment income

     

    290

     

     

     

    245

     

    18

    %

     

    281

     

    3

    %

    Premiums, policy and contract charges

     

    367

     

     

     

    389

     

    (6

    )%

     

    388

     

    (5

    )%

    Other revenues

     

    1

     

     

     

    3

     

    (67

    )%

     

    2

     

    (50

    )%

    Total revenues

     

    960

     

     

     

    918

     

    5

    %

     

    973

     

    (1

    )%

    Banking and deposit interest expense

     

     

     

     

     

    %

     

     

    %

    Adjusted operating total net revenues

     

    960

     

     

     

    918

     

    5

    %

     

    973

     

    (1

    )%

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

    Distribution expenses

     

    131

     

     

     

    117

     

    (12

    )%

     

    131

     

    %

    Interest credited to fixed accounts

     

    91

     

     

     

    93

     

    2

    %

     

    92

     

    1

    %

    Benefits, claims, losses and settlement expenses

     

    224

     

     

     

    226

     

    1

    %

     

    253

     

    11

    %

    Remeasurement (gains) losses of future policy benefit reserves

     

    (4

    )

     

     

    (2

    )

    NM

     

     

    (25

    )

    (84

    )%

    Change in fair value of market risk benefits

     

    156

     

     

     

    131

     

    (19

    )%

     

    257

     

    39

    %

    Amortization of deferred acquisition costs

     

    56

     

     

     

    57

     

    2

    %

     

    57

     

    2

    %

    Interest and debt expense

     

    10

     

     

     

    14

     

    29

    %

     

    11

     

    9

    %

    General and administrative expense

     

    83

     

     

     

    80

     

    (4

    )%

     

    79

     

    (5

    )%

    Adjusted operating expenses

     

    747

     

     

     

    716

     

    (4

    )%

     

    855

     

    13

    %

    Pretax adjusted operating earnings

    $

    213

     

     

    $

    202

     

    5

    %

    $

    118

     

    (81

    )%

     

     

     

     

     

     

     

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

    Ameriprise Financial, Inc.

    Retirement & Protection Solutions Segment Operating Metrics

    (in millions, unaudited)

    4 Qtr
    2024

     

    4 Qtr
    2023

    %
    Better/
    (Worse)

    3 Qtr
    2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

    Variable Annuities Rollforwards

     

     

     

     

     

     

    Beginning balance

    $

    87,653

     

     

    $

    75,084

     

    17

    %

    $

    84,534

     

    4

    %

    Deposits

     

    1,237

     

     

     

    1,073

     

    15

    %

     

    1,231

     

    %

    Withdrawals and terminations

     

    (2,315

    )

     

     

    (1,922

    )

    (20

    )%

     

    (2,190

    )

    (6

    )%

    Net flows

     

    (1,078

    )

     

     

    (849

    )

    (27

    )%

     

    (959

    )

    (12

    )%

    Investment performance and interest credited

     

    (828

    )

     

     

    6,519

     

    NM

     

     

    4,078

     

    NM

     

    Total ending balance – contract accumulation values

    $

    85,747

     

     

    $

    80,754

     

    6

    %

    $

    87,653

     

    (2

    )%

     

     

     

     

     

     

     

    Variable annuities fixed sub-accounts

    $

    3,727

     

     

    $

    4,215

     

    (12

    )%

    $

    3,837

     

    (3

    )%

     

     

     

     

     

     

     

    Life Insurance In Force

    $

    198,123

     

     

    $

    198,775

     

    %

    $

    198,198

     

    %

     

     

     

     

     

     

     

    Net Amount at Risk (Life)

    $

    38,025

     

     

    $

    38,406

     

    (1

    )%

    $

    37,895

     

    %

     

     

     

     

     

     

     

    Net Policyholder Reserves

     

     

     

     

     

     

    VUL/UL

    $

    15,951

     

     

    $

    14,715

     

    8

    %

    $

    15,984

     

    %

    Term and whole life

     

    169

     

     

     

    187

     

    (10

    )%

     

    182

     

    (7

    )%

    Disability insurance

     

    472

     

     

     

    536

     

    (12

    )%

     

    503

     

    (6

    )%

    Other insurance

     

    505

     

     

     

    537

     

    (6

    )%

     

    513

     

    (2

    )%

    Total net policyholder reserves

    $

    17,097

     

     

    $

    15,975

     

    7

    %

    $

    17,182

     

    %

     

     

     

     

     

     

     

    DAC Ending Balances

     

     

     

     

     

     

    Variable Annuities DAC

    $

    1,677

     

     

    $

    1,704

     

    (2

    )%

    $

    1,684

     

    %

    Life and Health DAC

    $

    955

     

     

    $

    961

     

    (1

    )%

    $

    955

     

    %

     

     

     

     

     

     

     

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

    Ameriprise Financial, Inc.

    Corporate Segment Adjusted Operating Results and Metrics

    (in millions, unaudited)

    4 Qtr
    2024

     

    4 Qtr
    2023

    %
    Better/
    (Worse)

    3 Qtr
    2024

    %
    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

     

    (9

    )

     

     

    (8

    )

    (13

    )%

     

    (4

    )

    NM

     

    Premiums, policy and contract charges

     

     

     

     

     

    %

     

     

    %

    Other revenues

     

    3

     

     

     

    1

     

    NM

     

     

    1

     

    NM

     

    Total revenues

     

    (6

    )

     

     

    (7

    )

    14

    %

     

    (3

    )

    NM

     

    Banking and deposit interest expense

     

    8

     

     

     

    7

     

    (14

    )%

     

    7

     

    (14

    )%

    Adjusted operating total net revenues

     

    (14

    )

     

     

    (14

    )

    %

     

    (10

    )

    (40

    )%

     

     

     

     

     

     

     

    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

     

    23

     

     

     

    20

     

    (15

    )%

     

    30

     

    23

    %

    General and administrative expense

     

    69

     

     

     

    83

     

    17

    %

     

    105

     

    34

    %

    Adjusted operating expenses

     

    92

     

     

     

    103

     

    11

    %

     

    135

     

    32

    %

    Pretax adjusted operating earnings (loss)

    $

    (106

    )

     

    $

    (117

    )

    9

    %

    $

    (145

    )

    27

    %

     

     

     

     

     

     

     

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

    Ameriprise Financial, Inc.

    Corporate Segment Adjusted Operating Results and Metrics

    (in millions, unaudited)

    4 Qtr
    2024

     

    4 Qtr
    2023

    %
    Better/
    (Worse)

    3 Qtr
    2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

    Long Term Care Adjusted Operating Income Statements

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

    Management and financial advice fees

    $

     

     

    $

     

    %

    $

     

    %

    Distribution fees

     

     

     

     

     

    %

     

     

    %

    Net investment income

     

    46

     

     

     

    48

     

    (4

    )%

     

    49

     

    (6

    )%

    Premiums, policy and contract charges

     

    24

     

     

     

    24

     

    %

     

    24

     

    %

    Other revenues

     

     

     

     

     

    %

     

     

    %

    Total revenues

     

    70

     

     

     

    72

     

    (3

    )%

     

    73

     

    (4

    )%

    Banking and deposit interest expense

     

    (1

    )

     

     

     

    %

     

    1

     

    NM

     

    Adjusted operating total net revenues

     

    71

     

     

     

    72

     

    (1

    )%

     

    72

     

    (1

    )%

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

    Distribution expenses

     

    (3

    )

     

     

    (4

    )

    (25

    )%

     

    (4

    )

    (25

    )%

    Interest credited to fixed accounts

     

     

     

     

     

    %

     

     

    %

    Benefits, claims, losses and settlement expenses

     

    52

     

     

     

    60

     

    13

    %

     

    56

     

    7

    %

    Remeasurement (gains) losses of future policy benefit reserves

     

    (6

    )

     

     

    (1

    )

    NM

     

     

    3

     

    NM

     

    Change in fair value of market risk benefits

     

     

     

     

     

    %

     

     

    %

    Amortization of deferred acquisition costs

     

     

     

     

     

    %

     

     

    %

    Interest and debt expense

     

    1

     

     

     

    2

     

    50

    %

     

    2

     

    50

    %

    General and administrative expense

     

    6

     

     

     

    5

     

    (20

    )%

     

    6

     

    %

    Adjusted operating expenses

     

    50

     

     

     

    62

     

    19

    %

     

    63

     

    21

    %

    Pretax adjusted operating earnings (loss)

    $

    21

     

     

    $

    10

     

    NM

     

    $

    9

     

    NM

     

     

     

     

     

     

     

     

    Long Term Care Policyholder Reserves, net of reinsurance

    $

    2,539

     

     

    $

    2,677

     

    (5

    )%

    $

    2,702

     

    (6

    )%

     

     

     

     

     

     

     

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

    Ameriprise Financial, Inc.

    Corporate Segment Adjusted Operating Results and Metrics

    (in millions, unaudited)

    4 Qtr
    2024

    4 Qtr
    2023

    %
    Better/
    (Worse)

    3 Qtr
    2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

     

     

    Fixed Annuities Adjusted Operating Income Statements

     

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

     

     

    Management and financial advice fees

    $

     

     

    $

     

     

    %

    $

     

     

    %

    Distribution fees

     

    1

     

     

     

     

     

    %

     

     

     

    %

    Net investment income

     

    8

     

     

     

    9

     

     

    (11

    )%

     

    8

     

     

    %

    Premiums, policy and contract charges

     

     

     

     

     

     

    %

     

     

     

    %

    Other revenues

     

    42

     

     

     

    49

     

     

    (14

    )%

     

    44

     

     

    (5

    )%

    Total revenues

     

    51

     

     

     

    58

     

     

    (12

    )%

     

    52

     

     

    (2

    )%

    Banking and deposit interest expense

     

    1

     

     

     

     

     

    %

     

    (1

    )

     

    NM

     

    Adjusted operating total net revenues

     

    50

     

     

     

    58

     

     

    (14

    )%

     

    53

     

     

    (6

    )%

     

     

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

     

     

    Distribution expenses

     

     

     

     

    1

     

     

    NM

     

     

    1

     

     

    NM

     

    Interest credited to fixed accounts

     

    52

     

     

     

    57

     

     

    9

    %

     

    55

     

     

    5

    %

    Benefits, claims, losses and settlement expenses

     

    (1

    )

     

     

    1

     

     

    NM

     

     

     

     

    %

    Remeasurement (gains) losses of future policy benefit reserves

     

     

     

     

     

     

    %

     

     

     

    %

    Change in fair value of market risk benefits

     

     

     

     

     

     

    %

     

     

     

    %

    Amortization of deferred acquisition costs

     

    3

     

     

     

    2

     

     

    (50

    )%

     

     

     

    %

    Interest and debt expense

     

    1

     

     

     

     

     

    %

     

     

     

    %

    General and administrative expense

     

    2

     

     

     

    4

     

     

    50

    %

     

    4

     

     

    50

    %

    Adjusted operating expenses

     

    57

     

     

     

    65

     

     

    12

    %

     

    60

     

     

    5

    %

    Pretax adjusted operating earnings (loss)

    $

    (7

    )

     

    $

    (7

    )

     

    %

    $

    (7

    )

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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

    Ameriprise Financial, Inc.

    Eliminations (1) Adjusted Operating Results

    (in millions, unaudited)

    4 Qtr
    2024

     

    4 Qtr
    2023

    %
    Better/
    (Worse)

    3 Qtr
    2024

    %
    Better/
    (Worse)

     

     

     

     

     

     

     

    Revenues

     

     

     

     

     

     

    Management and financial advice fees

    $

    (41

    )

     

    $

    (37

    )

    (11

    )%

    $

    (40

    )

    (3

    )%

    Distribution fees

     

    (305

    )

     

     

    (280

    )

    (9

    )%

     

    (305

    )

    %

    Net investment income

     

    (21

    )

     

     

    (16

    )

    (31

    )%

     

    (21

    )

    %

    Premiums, policy and contract charges

     

    (8

    )

     

     

    (8

    )

    %

     

    (9

    )

    11

    %

    Other revenues

     

    (1

    )

     

     

     

    %

     

    1

     

    NM

     

    Total revenues

     

    (376

    )

     

     

    (341

    )

    (10

    )%

     

    (374

    )

    (1

    )%

    Banking and deposit interest expense

     

    (8

    )

     

     

    (7

    )

    14

    %

     

    (7

    )

    14

    %

    Adjusted operating total net revenues

     

    (368

    )

     

     

    (334

    )

    (10

    )%

     

    (367

    )

    %

     

     

     

     

     

     

     

    Expenses

     

     

     

     

     

     

    Distribution expenses

     

    (328

    )

     

     

    (301

    )

    9

    %

     

    (327

    )

    %

    Interest credited to fixed accounts

     

     

     

     

     

    %

     

     

    %

    Benefits, claims, losses and settlement expenses

     

    (8

    )

     

     

    (5

    )

    60

    %

     

    (5

    )

    60

    %

    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

     

    (12

    )

     

     

    (7

    )

    71

    %

     

    (14

    )

    (14

    )%

    General and administrative expense

     

    (20

    )

     

     

    (21

    )

    (5

    )%

     

    (21

    )

    (5

    )%

    Adjusted operating expenses

     

    (368

    )

     

     

    (334

    )

    10

    %

     

    (367

    )

    %

    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)

    December 31,
    2024

     

    December 31,
    2023

     

    September 30,
    2024

     

     

     

     

     

     

    Long-term Debt Summary

     

     

     

     

     

    Senior notes

    $

    2,850

     

     

    $

    3,400

     

     

    $

    3,400

     

    Finance lease liabilities

     

    9

     

     

     

    20

     

     

     

    11

     

    Other (1)

     

    (17

    )

     

     

    (21

    )

     

     

    (17

    )

    Total Ameriprise Financial long-term debt

     

    2,842

     

     

     

    3,399

     

     

     

    3,394

     

    Non-recourse debt of consolidated investment entities

     

    2,429

     

     

     

    2,155

     

     

     

    2,271

     

    Total long-term debt

    $

    5,271

     

     

    $

    5,554

     

     

    $

    5,665

     

     

     

     

     

     

     

    Total Ameriprise Financial long-term debt

    $

    2,842

     

     

    $

    3,399

     

     

    $

    3,394

     

    Finance lease liabilities

     

    (9

    )

     

     

    (20

    )

     

     

    (11

    )

    Other (1)

     

    17

     

     

     

    21

     

     

     

    17

     

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

    $

    2,850

     

     

    $

    3,400

     

     

    $

    3,400

     

     

     

     

     

     

     

    Total equity (2)

    $

    5,228

     

     

    $

    4,729

     

     

    $

    5,715

     

    Equity of consolidated investment entities

     

    (1

    )

     

     

    (1

    )

     

     

    (1

    )

    Total equity excluding CIEs

    $

    5,227

     

     

    $

    4,728

     

     

    $

    5,714

     

     

     

     

     

     

     

    Total Ameriprise Financial capital

    $

    8,070

     

     

    $

    8,128

     

     

    $

    9,109

     

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

    $

    8,077

     

     

    $

    8,128

     

     

    $

    9,114

     

     

     

     

     

     

     

    Debt to capital

     

     

     

     

     

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

     

    35.2

    %

     

     

    41.8

    %

     

     

    37.3

    %

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

     

    35.3

    %

     

     

    41.8

    %

     

     

    37.3

    %

     

     

     

     

     

     

    (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)

    December 31,
    2024

     

    December 31,
    2023

     

     

     

     

     

     

    Assets

     

     

     

     

    Cash and cash equivalents

    $

    8,149

     

     

    $

    7,477

     

     

    Cash of consolidated investment entities

     

    373

     

     

     

    87

     

     

    Investments

     

    56,423

     

     

     

    55,489

     

     

    Investments of consolidated investment entities

     

    2,387

     

     

     

    2,099

     

     

    Market risk benefits

     

    2,182

     

     

     

    1,427

     

     

    Separate account assets

     

    78,114

     

     

     

    77,457

     

     

    Receivables

     

    14,472

     

     

     

    15,078

     

     

    Receivables of consolidated investment entities

     

    31

     

     

     

    28

     

     

    Deferred acquisition costs

     

    2,677

     

     

     

    2,713

     

     

    Restricted and segregated cash and investments

     

    1,444

     

     

     

    1,635

     

     

    Other assets

     

    15,149

     

     

     

    11,700

     

     

    Other assets of consolidated investment entities

     

    2

     

     

     

    1

     

     

    Total Assets

    $

    181,403

     

     

    $

    175,191

     

     

     

     

     

     

     

    Liabilities

     

     

     

     

    Policyholder account balances, future policy benefits and claims

    $

    41,873

     

     

    $

    37,545

     

     

    Market risk benefits

     

    1,263

     

     

     

    1,762

     

     

    Separate account liabilities

     

    78,114

     

     

     

    77,457

     

     

    Customer deposits

     

    35,826

     

     

     

    37,321

     

     

    Short-term borrowings

     

    201

     

     

     

    201

     

     

    Long-term debt

     

    2,842

     

     

     

    3,399

     

     

    Debt of consolidated investment entities

     

    2,429

     

     

     

    2,155

     

     

    Accounts payable and accrued expenses

     

    2,704

     

     

     

    2,603

     

     

    Other liabilities

     

    10,609

     

     

     

    7,974

     

     

    Other liabilities of consolidated investment entities

     

    314

     

     

     

    45

     

     

    Total Liabilities

     

    176,175

     

     

     

    170,462

     

     

     

     

     

     

     

    Equity

     

     

     

     

    Ameriprise Financial

     

     

     

     

    Common shares ($.01 par)

     

    3

     

     

     

    3

     

     

    Additional paid-in capital

     

    10,141

     

     

     

    9,824

     

     

    Retained earnings

     

    24,713

     

     

     

    21,905

     

     

    Treasury stock

     

    (27,721

    )

     

     

    (25,237

    )

     

    Accumulated other comprehensive income, net of tax

     

    (1,908

    )

     

     

    (1,766

    )

     

    Total Equity

     

    5,228

     

     

     

    4,729

     

     

    Total Liabilities and Equity

    $

    181,403

     

     

    $

    175,191

     

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Earnings

     

    Quarter Ended
    December 31,

     

    %
    Better/
    (Worse)

     

    Per Diluted
    Share
    Quarter Ended
    December 31,

     

    %
    Better/
    (Worse)

    (in millions, except per share amounts, unaudited)

     

    2024

     

     

     

    2023

     

     

     

     

    2024

     

     

     

    2023

     

     

    Net income

    $

    1,071

     

     

    $

    377

     

     

    NM

     

     

    $

    10.58

     

     

    $

    3.57

     

     

    NM

     

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Net realized investment gains (losses) (1)

     

    (12

    )

     

     

     

     

     

     

     

    (0.12

    )

     

     

     

     

     

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

     

    169

     

     

     

    (471

    )

     

     

     

     

    1.67

     

     

     

    (4.45

    )

     

     

    Integration/restructuring charges (1)

     

     

     

     

    (15

    )

     

     

     

     

     

     

     

    (0.14

    )

     

     

    Tax effect of adjustments (2)

     

    (33

    )

     

     

    102

     

     

     

     

     

    (0.33

    )

     

     

    0.96

     

     

     

    Adjusted operating earnings

    $

    947

     

     

    $

    761

     

     

    24

    %

     

    $

    9.36

     

     

    $

    7.20

     

     

    30

    %

    Pretax impact of regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (3)

     

     

    (20

    )

     

     

    (63

    )

     

     

     

     

    (0.20

    )

     

     

    (0.59

    )

     

     

    Tax effect of regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (4)

     

    2

     

     

     

    4

     

     

     

     

     

    0.02

     

     

     

    0.04

     

     

     

    Adjusted operating earnings excluding regulatory accrual, severance, and mark-to-market impact on share-based compensation expense

    $

    965

     

     

    $

    820

     

     

    18

    %

     

    $

    9.54

     

     

    $

    7.75

     

     

    23

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    99.2

     

     

     

    103.5

     

     

     

     

     

     

     

     

     

    Diluted

     

    101.2

     

     

     

    105.7

     

     

     

     

     

     

     

     

     

    (1) Pretax adjusted operating adjustment.

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

    (3) 2024 includes mark-to-market impact on share-based compensation expense and severance expense. 2023 includes a regulatory accrual, severance expense and mark-to-market impact on share-based compensation expense.

    (4) Calculated using a tax rate of 0%, 21%, and 5%, respectively.

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

    Ameriprise Financial, Inc.

    Reconciliation Table: Earnings

     

    Year-to-date
    December 31,

     

    %
    Better/
    (Worse)

     

    Per Diluted
    Share
    Year-to-date
    December 31,

     

    %
    Better/
    (Worse)

    (in millions, except per share amounts, unaudited)

     

    2024

     

     

     

    2023

     

     

     

     

    2024

     

     

     

    2023

     

     

    Net income

    $

    3,401

     

     

    $

    2,556

     

     

    33

    %

     

    $

    33.05

     

     

    $

    23.71

     

     

    39

    %

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

    Net realized investment gains (losses) (1)

     

    (21

    )

     

     

    (32

    )

     

     

     

     

    (0.20

    )

     

     

    (0.30

    )

     

     

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

     

    (153

    )

     

     

    (608

    )

     

     

     

     

    (1.49

    )

     

     

    (5.63

    )

     

     

    Mean reversion-related impacts (1)

     

    1

     

     

     

     

     

     

     

     

    0.01

     

     

     

     

     

     

    Integration/restructuring charges (1)

     

     

     

     

    (62

    )

     

     

     

     

     

     

     

    (0.58

    )

     

     

    Net income (loss) attributable to consolidated investment entities

     

    3

     

     

     

     

     

     

     

     

    0.03

     

     

     

     

     

     

    Tax effect of adjustments (2)

     

    36

     

     

     

    147

     

     

     

     

     

    0.35

     

     

     

    1.36

     

     

     

    Adjusted operating earnings

    $

    3,535

     

     

    $

    3,111

     

     

    14

    %

     

    $

    34.35

     

     

    $

    28.86

     

     

    19

    %

    Pretax impact of annual unlocking

     

    (94

    )

     

     

    (99

    )

     

     

     

     

    (0.91

    )

     

     

    (0.91

    )

     

     

    Tax effect of annual unlocking (2)

     

    20

     

     

     

    21

     

     

     

     

     

    0.19

     

     

     

    0.19

     

     

     

    Adjusted operating earnings excluding unlocking

    $

    3,609

     

     

    $

    3,189

     

     

    13

    %

     

    $

    35.07

     

     

    $

    29.58

     

     

    19

    %

    Pretax impact of regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (3)

     

    (89

    )

     

     

    (101

    )

     

     

     

     

    (0.86

    )

     

     

    (0.94

    )

     

     

    Tax effect of regulatory accrual, severance, and mark-to-market on share-based compensation expense (4)

     

    14

     

     

     

    6

     

     

     

     

     

    0.14

     

     

     

    0.06

     

     

     

    Adjusted operating earnings excluding unlocking regulatory accrual, severance, and mark-to-market impact on share-based compensation expense

    $

    3,684

     

     

    $

    3,284

     

     

    12

    %

     

    $

    35.79

     

     

    $

    30.46

     

     

    17

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    101.0

     

     

     

    105.7

     

     

     

     

     

     

     

     

     

    Diluted

     

    102.9

     

     

     

    107.8

     

     

     

     

     

     

     

     

     

    (1) Pretax adjusted operating adjustment.

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

    (3) 2024 includes mark-to-market impact on share-based compensation expense and severance expense. 2023 includes a regulatory accrual, severance expense and mark-to-market impact on share-based compensation expense.

    (4) Calculated using a tax rate of 0%, 21%, and 5% respectively.

    Ameriprise Financial, Inc.

    Reconciliation Table: Pretax Adjusted Operating Earnings

     

    Quarter Ended December 31,

     

    (in millions, unaudited)

     

    2024

     

     

     

    2023

     

     

    Total net revenues

    $

    4,501

     

     

    $

    3,992

     

     

    Adjustments:

     

     

     

     

    Net realized investment gains (losses)

     

    (12

    )

     

     

     

     

    Market impact on non-traditional long-duration products

     

    (3

    )

     

     

    (2

    )

     

    CIEs revenue

     

    53

     

     

     

    46

     

     

    Adjusted operating total net revenues

    $

    4,463

     

     

    $

    3,948

     

     

     

     

     

     

     

    Total expenses

    $

    3,149

     

     

    $

    3,498

     

     

    Adjustments:

     

     

     

     

    CIEs expenses

     

    53

     

     

     

    46

     

     

    Integration/restructuring charges

     

     

     

     

    15

     

     

    Market impact on non-traditional long-duration products

     

    (172

    )

     

     

    469

     

     

    Mean reversion-related impacts

     

     

     

     

     

     

    Adjusted operating expenses

    $

    3,268

     

     

    $

    2,968

     

     

     

     

     

     

     

    Pretax income

    $

    1,352

     

     

    $

    494

     

     

    Pretax adjusted operating earnings

    $

    1,195

     

     

    $

    980

     

     

     

     

     

     

     

    Pretax income margin

     

    30.0

    %

     

     

    12.4

    %

     

    Pretax adjusted operating margin

     

    26.8

    %

     

     

    24.8

    %

     

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Effective Tax Rate

     

    Quarter Ended

    December 31, 2023

     

    (in millions, unaudited)

    GAAP

     

    Adjusted Operating

    Pretax income

    $

    494

     

    $

    980

     

    Income tax provision

    $

    117

     

    $

    219

     

     

     

     

     

     

    Effective tax rate

     

    23.8

    %

     

    22.3

    %

     

     

     

     

     

    Ameriprise Financial, Inc.

    Reconciliation Table: Effective Tax Rate

     

    Quarter Ended

    December 31, 2024

     

    (in millions, unaudited)

    GAAP

     

    Adjusted Operating

    Pretax income

    $

    1,352

     

    $

    1,195

     

    Income tax provision

    $

    281

     

    $

    248

     

     

     

     

     

     

    Effective tax rate

     

    20.8

    %