Ameriprise Financial Reports First Quarter 2022 Results

Rhea-AI Summary

Ameriprise Financial reported Q1 2022 results with GAAP net income of $761 million and an adjusted operating EPS of $5.98, up 10% year-over-year. The company announced an 11% dividend increase to $1.25, marking its 18th increase since going public. Assets under management rose 17% to $1.3 trillion, with net inflows exceeding $10 billion in Wealth Management. However, the Retirement & Protection Solutions segment showed a 25% sales decline. The overall adjusted operating earnings increased by 5% to $695 million, reflecting strong performance despite market volatility.

Positive

• GAAP net income increased 74% year-over-year to $761 million.
• Adjusted EPS rose 10% from $5.43 to $5.98.
• Assets under management increased 17% to $1.3 trillion.
• Wealth Management net inflows over $10 billion.
• Quarterly dividend raised by 11% to $1.25.

Negative

• Retirement & Protection Solutions sales down 25% to $1.1 billion.
• Variable annuity sales decreased 27% due to market dislocation.

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

Earnings Per Diluted Share			Return on Equity, ex AOCI (1)
	Q1 2022			Q1 2022
GAAP	$6.55		GAAP	55.9%
Adjusted Operating	$5.98		Adjusted Operating	49.9%

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

First quarter adjusted operating earnings per diluted share was $5.98, up 10 percent from $5.43 in the prior year reflecting strong business performance.		Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
		“Ameriprise delivered another good quarter during a period of heightened market volatility and geopolitical uncertainty. We remain focused on providing an exceptional experience and strong solutions to our clients to help them achieve their goals.   Assets under management and administration were up 17% to $1.3 trillion, with net inflows of more than $10 billion in Wealth Management. This led to double-digit revenue growth, and strong margins and returns during a more challenging operating environment.   In terms of our capital strength, our diversified business generates significant free cash flow that we are disciplined in deploying to drive business growth and shareholder value. In fact, today we announced an 11% increase in our regular quarterly dividend, our 18th increase since becoming public in 2005. We plan to return approximately 90% of capital to shareholders this year.   As I look ahead, we are well positioned to continue to drive organic growth and will benefit from the rising rate environment in the U.S.”
First quarter GAAP net income per diluted share was $6.55, versus $3.58 a year ago, driven by strong business performance and lower market impact on derivatives.
Assets under management and administration increased 17 percent to $1.3 trillion in the quarter.
Adjusted operating net revenue was $3.6 billion, a 10 percent increase from strong business growth and year-over-year market appreciation, as well as the impact of market volatility in the quarter.
Wealth and Asset Management generated strong profitability with pretax adjusted operating earnings up 18 percent. These businesses represented nearly 80 percent of pretax operating earnings in the quarter.
Investment performance at Columbia Threadneedle Investments remains excellent with 129 funds with 4- and 5-star Morningstar ratings with more than 80% of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods.
The company returned $562 million of capital to shareholders in the quarter and announced an 11 percent increase in its quarterly dividend to $1.25 per share.
(1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.

Ameriprise Financial, Inc.
First Quarter Summary
	Quarter Ended March 31,							% Over/ (Under)
(in millions, except per share amounts, unaudited)	2022				2021
GAAP net income	$	761			$	437		74	%
Adjusted operating earnings (see reconciliation on p. 24)	$	695			$	663		5	%
GAAP net income per diluted share	$	6.55			$	3.58		83	%
Adjusted operating earnings per diluted share (see reconciliation on p. 24)	$	5.98			$	5.43		10	%
GAAP Return on Equity, ex. AOCI		55.9	%			(1.1	)%
Adjusted Operating Return on Equity, ex. AOCI		49.9	%			29.9	%
Weighted average common shares outstanding:
Basic		113.7				119.8
Diluted		116.2				122.2

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

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

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
	Quarter Ended March 31,							% Over/ (Under)
(in millions, unaudited)	2022				2021
Net revenues	$	2,042			$	1,879		9	%
Distribution expenses		1,232				1,135		(9	)%
G&A / other expense		370				355		(4	)%
Pretax adjusted operating earnings	$	440			$	389		13	%
Pretax adjusted operating margin		21.5	%			20.7	%	80 bps

	Quarter Ended March 31,							% Over/ (Under)
(in billions, unless otherwise noted)	2022				2021
Total client assets	$	823			$	762		8	%
Total client net flows (1)	$	10.4			$	9.3		12	%
Wrap net flows (1)	$	8.7			$	10.4		(17	)%
AWM cash balance	$	45.7			$	40.4		13	%
Average gross yield on cash balances (in bps)		69				65
Adjusted operating net revenue per advisor (TTM in thousands)	$	810			$	689		18	%
(1) See definition on page 11.

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

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

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

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

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
	Quarter Ended March 31,							% Over/ (Under)
(in millions, unaudited)	2022				2021
Net revenues	$	1,017			$	828		23	%
Distribution expenses		277				268		(3	)%
G&A / other expenses		455				332		(37	)%
Pretax adjusted operating earnings	$	285			$	228		25	%
Net pretax adjusted operating margin (1)		41.5	%			43.9	%
	Quarter Ended March 31,							% Over/ (Under)
(in billions)	2022				2021
Total segment AUM	$	699			$	564		24	%
Net Flows
Global Retail net flows	$	(1.9	)		$	4.6		NM
Global Institutional net flows, ex. legacy insurance partners flows		1.9				1.6		19	%
Legacy insurance partners flows		(0.7	)			(1.3	)	47	%
Total segment net flows	$	(0.7	)		$	4.9		NM
Model delivery AUA Flows (2)	$	4.8			$	0.3		NM
(1) See reconciliation on page 13.
(2) Estimated based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%

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

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

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

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

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

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
	Quarter Ended March 31,							% Over/ (Under)
(in millions, unaudited)	2022				2021
Net revenues	$	772			$	787		(2	)%
Expenses		581				604		4	%
Pretax adjusted operating earnings	$	191			$	183		4	%

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

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

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

Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
	Quarter Ended March 31,							% Over/ (Under)
(in millions, unaudited)	2022				2021
Corporate & Other, excluding Closed Blocks	$	(72	)		$	(63	)	(14	)%
Closed Blocks (1)		(4	)			42		NM
Pretax adjusted operating earnings	$	(76	)		$	(21	)	NM
Long Term Care	$	1			$	46		(98	)%
Fixed Annuities		(5	)			(4	)	(25	)%
Closed Blocks pretax adjusted operating earnings	$	(4	)		$	42		NM
(1) Long Term Care and Fixed Annuities.
NM Not Meaningful - variance equal to or greater than 100%

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

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

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

Fixed Annuities pretax adjusted operating loss was $5 million.

Taxes

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

About Ameriprise Financial

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

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

Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” ”continue,” “able to remain”, “resume,” “deliver,” “develop,” “evolve,” “drive,” ”enable,” “flexibility,” “scenario,” “case,” “appear,” “expands” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2021 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.

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

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

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)		1 Qtr 2022			1 Qtr 2021			% Over/ (Under)			4 Qtr 2021			% Over/ (Under)
Revenues
Management and financial advice fees		$	2,459		$	2,102		17	%		$	2,555		(4	)%
Distribution fees			446			458		(3	)%			462		(3	)%
Net investment income			261			377		(31	)%			255		2	%
Premiums, policy and contract charges			368			347		6	%			367		-
Other revenues			123			71		73	%			123		-
Total revenues			3,657			3,355		9	%			3,762		(3	)%
Banking and deposit interest expense			2			5		60	%			2		-
Total net revenues			3,655			3,350		9	%			3,760		(3	)%
Expenses
Distribution expenses			1,297			1,175		(10	)%			1,322		2	%
Interest credited to fixed accounts			141			159		11	%			145		3	%
Benefits, claims, losses and settlement expenses			211			653		68	%			378		44	%
Amortization of deferred acquisition costs			96			5		NM				47		NM
Interest and debt expense			40			42		5	%			42		5	%
General and administrative expense			947			823		(15	)%			960		1	%
Total expenses			2,732			2,857		4	%			2,894		6	%
Pretax income			923			493		87	%			866		7	%
Income tax provision			162			56		NM				165		2	%
Net income		$	761		$	437		74	%		$	701		9	%
Earnings per share
Basic earnings per share		$	6.69		$	3.65					$	6.12
Earnings per diluted share		$	6.55		$	3.58					$	5.96
Weighted average common shares outstanding
Basic			113.7			119.8						114.6
Diluted			116.2			122.2						117.6
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Assets Under Management and Administration
Advice & Wealth Management AUM		$	443,521			$	396,533			12	%		$	460,935			(4	)%
Asset Management AUM			698,607				564,131			24	%			754,056			(7	)%
Corporate AUM			146				97			51	%			136			7	%
Eliminations			(42,032	)			(39,655	)		(6	)%			(44,160	)		5	%
Total Assets Under Management			1,100,242				921,106			19	%			1,170,967			(6	)%
Total Assets Under Administration			238,879				222,887			7	%			246,891			(3	)%
Total AUM and AUA		$	1,339,121			$	1,143,993			17	%		$	1,417,858			(6	)%
S&P 500
Daily average			4,467				3,861			16	%			4,600			(3	)%
Period end			4,530				3,973			14	%			4,766			(5	)%
Weighted Equity Index (WEI) (1)
Daily average			2,953				2,662			11	%			3,068			(4	)%
Period end			2,979				2,725			9	%			3,152			(5	)%
Common shares
Beginning balance			110.9				116.8			(5	)%			112.4			(1	)%
Repurchases			(1.4	)			(1.7	)		18	%			(1.6	)		13	%
Issuances			1.2				1.8			(33	)%			0.4			NM
Other			(0.6	)			(0.9	)		33	%			(0.3	)		NM
Total common shares outstanding			110.1				116.0			(5	)%			110.9			(1	)%
Restricted stock units			2.9				3.0			(3	)%			3.0			(3	)%
Total basic common shares outstanding			113.0				119.0			(5	)%			113.9			(1	)%
Total potentially dilutive shares			2.3				2.5			(8	)%			2.9			(21	)%
Total diluted shares			115.3				121.5			(5	)%			116.8			(1	)%
Capital Returned to Shareholders
Dividends paid		$	133			$	128			4	%		$	131			2	%
Common stock share repurchases			429				363			18	%			499			(14	)%
Total Capital Returned to Shareholders		$	562			$	491			14	%		$	630			(11	)%
(1) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Revenues
Management and financial advice fees:
Advisory fees		$	1,191			$	1,028			16	%		$	1,209			(1	)%
Financial planning fees			97				88			10	%			114			(15	)%
Transaction and other fees			92				89			3	%			96			(4	)%
Total management and financial advice fees			1,380				1,205			15	%			1,419			(3	)%
Distribution fees:
Mutual funds			204				207			(1	)%			220			(7	)%
Insurance and annuity			221				240			(8	)%			256			(14	)%
Off-Balance sheet brokerage cash (1)			16				16			-				14			14	%
Other products			88				96			(8	)%			81			9	%
Total distribution fees			529				559			(5	)%			571			(7	)%
Net investment income			78				64			22	%			68			15	%
Other revenues			57				56			2	%			58			(2	)%
Total revenues			2,044				1,884			8	%			2,116			(3	)%
Banking and deposit interest expense			2				5			60	%			2			-
Adjusted operating total net revenues			2,042				1,879			9	%			2,114			(3	)%
Expenses
Distribution expenses			1,232				1,135			(9	)%			1,275			3	%
Interest and debt expense			2				3			33	%			2			-
General and administrative expense			368				352			(5	)%			365			(1	)%
Adjusted operating expenses			1,602				1,490			(8	)%			1,642			2	%
Pretax adjusted operating earnings		$	440			$	389			13	%		$	472			(7	)%
Pretax adjusted operating margin			21.5	%			20.7	%						22.3	%
Pretax adjusted operating earnings by product
Certificates and Banking - Combined		$	34			$	19			79	%		$	21			62	%
Wealth Management & Distribution			406				370			10	%			451			(10	)%
Pretax adjusted operating earnings		$	440			$	389			13	%		$	472			(7	)%
(1) Prior to Q1 2022, Off-Balance sheet brokerage cash was included in Other products. Prior periods have been restated.

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
AWM Total Client Assets		$	823,367			$	761,566			8	%		$	857,584			(4	)%
Total Client Flows (1)		$	10,405			$	9,305			12	%		$	12,542			(17	)%
Total Wrap Accounts
Beginning assets		$	464,688			$	380,013			22	%		$	435,375			7	%
Net flows			8,677				10,413			(17	)%			10,541			(18	)%
Market appreciation (depreciation) and other			(26,319	)			9,391			NM				18,772			NM
Total wrap ending assets		$	447,046			$	399,817			12	%		$	464,688			(4	)%
Advisory wrap account assets ending balance (2)		$	442,145			$	395,299			12	%		$	459,499			(4	)%
Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer		$	3,633			$	3,385			7	%		$	3,513			3	%
On-balance sheet - bank			13,220				7,985			66	%			11,419			16	%
On-balance sheet - certificate			5,197				6,258			(17	)%			5,300			(2	)%
Total on-balance sheet		$	22,050			$	17,628			25	%		$	20,232			9	%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer		$	23,625			$	22,733			4	%		$	23,593			-
Total brokerage cash & certificates balances		$	45,675			$	40,361			13	%		$	43,825			4	%
Gross Fee Yield
On-balance sheet - broker dealer			0.06	%			0.10	%						0.06	%
On-balance sheet - bank (3)			1.40	%			1.34	%						1.27	%
On-balance sheet - certificates			1.05	%			1.22	%						0.94	%
Off-balance sheet - broker dealer			0.28	%			0.28	%						0.26	%
Weighted Average Gross Fee Yield (3)			0.69	%			0.65	%						0.62	%
Financial Advisors
Employee advisors			2,088				2,107			(1	)%			2,128			(2	)%
Franchisee advisors			8,061				7,924			2	%			7,988			1	%
Total financial advisors			10,149				10,031			1	%			10,116			-
Advisor Retention
Employee			92.0	%			92.0	%						92.0	%
Franchisee			94.1	%			94.4	%						94.2	%
(1) Total client flows represent inflows of client cash and securities less client outflows. Inflows include dividends and interest; outflows include fees. Excludes short-term and long-term capital gain distributions.
(2) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
(3) As of Q4 2021, the Gross Fee Yield for prior periods have been restated.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Revenues
Management and financial advice fees:
Asset management fees:
Retail		$	644			$	531			21	%		$	624			3	%
Institutional			195				123			59	%			248			(21	)%
Transaction and other fees			55				52			6	%			58			(5	)%
Revenue from other sources (1)			4				7			(43	)%			7			(43	)%
Total management and financial advice fees			898				713			26	%			937			(4	)%
Distribution fees:
Mutual funds			65				67			(3	)%			70			(7	)%
Insurance and annuity			46				47			(2	)%			49			(6	)%
Total distribution fees			111				114			(3	)%			119			(7	)%
Net investment income			4				1			NM				2			NM
Other revenues			4				—			-				2			NM
Total revenues			1,017				828			23	%			1,060			(4	)%
Banking and deposit interest expense			—				—			-				—			-
Adjusted operating total net revenues			1,017				828			23	%			1,060			(4	)%
Expenses
Distribution expenses			277				268			(3	)%			294			6	%
Amortization of deferred acquisition costs			3				3			-				3			-
Interest and debt expense			1				1			-				2			50	%
General and administrative expense			451				328			(38	)%			431			(5	)%
Adjusted operating expenses			732				600			(22	)%			730			-
Pretax adjusted operating earnings		$	285			$	228			25	%		$	330			(14	)%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues		$	1,017			$	828			23	%		$	1,060			(4	)%
Distribution pass thru revenues			(221	)			(217	)		(2	)%			(234	)		6	%
Subadvisory and other pass thru revenues			(104	)			(87	)		(20	)%			(97	)		(7	)%
Net adjusted operating revenues		$	692			$	524			32	%		$	729			(5	)%
Pretax adjusted operating earnings		$	285			$	228			25	%		$	330			(14	)%
Adjusted operating net investment income			(4	)			(1	)		NM				(2	)		NM
Amortization of intangibles			6				3			NM				5			20	%
Net adjusted operating earnings		$	287			$	230			25	%		$	333			(14	)%
Pretax adjusted operating margin			28.0	%			27.5	%						31.1	%
Net pretax adjusted operating margin (2)			41.5	%			43.9	%						45.7	%
Performance fees (3)
Performance fees		$	54			$	1			NM			$	90			(40	)%
General and administrative expense related to performance fees			33				—			-				55			40	%
Net performance fees		$	21			$	1			NM			$	35			(40	)%
(1) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.
(2) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
(3) Performance fees do not include CLO incentive fees.
NM Not Meaningful - variance equal to or greater than 100%.

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Managed Assets Rollforward (1)
Global Retail Funds
Beginning assets		$	409,369			$	323,483			27	%		$	355,719			15	%
Inflows			21,788				22,549			(3	)%			20,084			8	%
Outflows			(23,237	)			(17,637	)		(32	)%			(18,568	)		(25	)%
Net VP/VIT fund flows			(1,079	)			(1,019	)		(6	)%			(1,093	)		1	%
Net new flows (2)			(2,528	)			3,893			NM				423			NM
Reinvested dividends			663				717			(8	)%			13,414			(95	)%
Net flows			(1,865	)			4,610			NM				13,837			NM
Distributions			(839	)			(858	)		2	%			(15,093	)		94	%
Acquired assets (3)			—				—			-				36,980			NM
Market appreciation (depreciation) and other			(25,818	)			13,187			NM				18,478			NM
Foreign currency translation (4)			(862	)			(152	)		NM				(552	)		(56	)%
Total ending assets			379,985				340,270			12	%			409,369			(7	)%
% of total retail assets sub-advised (10)			14.6	%			16.4	%						14.7	%
Global Institutional
Beginning assets			344,687				223,130			54	%			227,679			51	%
Inflows (5)			12,739				7,741			65	%			24,449			(48	)%
Outflows (5)			(11,560	)			(7,462	)		(55	)%			(10,817	)		(7	)%
Net flows (2)			1,179				279			NM				13,632			(91	)%
Acquired assets (3)			—				—			-				99,236			NM
Market appreciation (depreciation) and other (6)			(21,642	)			176			NM				5,244			NM
Foreign currency translation (4)			(5,602	)			276			NM				(1,104	)		NM
Total ending assets			318,622				223,861			42	%			344,687			(8	)%
Total managed assets		$	698,607			$	564,131			24	%		$	754,056			(7	)%
Total net flows		$	(686	)		$	4,889			NM			$	27,469			NM
Legacy insurance partners flows		$	(672	)		$	(1,262	)		47	%		$	(920	)		27	%
Total Assets Under Advisement (7)		$	27,367			$	16,036			71	%		$	20,194			36	%
Model delivery AUA flows (8) (9)		$	4,816			$	294			NM			$	820			NM
(1) Q4 2021 rollforwards were restated for a reclass between retail and institutional. Total AUM remained unchanged.
(2) Included in net flows are the amounts from the US asset transfer from the BMO acquisition of $2,649 ($2,550 retail and $99 institutional) from Q1 2022 and $16,948 ($2,922 retail and $14,026 institutional) from Q4 2021.
(3) Reflects the acquisition of BMO’s EMEA Asset Management business that closed on November 8, 2021.
(4) Amounts represent local currency to US dollar translation for reporting purposes.
(5) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.
(6) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB.
(7) Assets are presented on a one-quarter lag.
(8) Estimated flows based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.
(9) Included in model delivery AUA flows are $4,447 in Q1 2022 from the BMO US asset transfer.
(10) Q4 2021 percent of total retail assets sub-advised has been restated.
NM Not Meaningful - variance equal to or greater than 100%.

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Total Managed Assets by Type (1)
Equity		$	367,083			$	319,446			15	%		$	402,841			(9	)%
Fixed income			256,513				194,343			32	%			277,039			(7	)%
Money market			12,902				5,766			NM				10,084			28	%
Alternative			40,221				22,876			76	%			39,872			1	%
Hybrid and other			21,888				21,700			1	%			24,220			(10	)%
Total managed assets by type		$	698,607			$	564,131			24	%		$	754,056			(7	)%
Average Managed Assets by Type (1) (2)
Equity		$	379,614			$	308,816			23	%		$	372,152			2	%
Fixed income			267,154				195,198			37	%			251,533			6	%
Money market			11,818				5,921			100	%			8,258			43	%
Alternative			40,079				22,705			77	%			33,939			18	%
Hybrid and other			22,528				20,908			8	%			23,686			(5	)%
Total average managed assets by type		$	721,193			$	553,548			30	%		$	689,568			5	%
(1) In Q4 2021, the definition of Alternative AUM was changed to now include real estate, CLOs, private equity, hedge funds (direct and funds of funds), infrastructure and commodities. Prior periods have been restated to reflect this change.
(2) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Asset Management Segment Performance Metrics
		1 Qtr 2022
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted		1 year			3 year			5 year			10 year
Equity		28	%		81	%		85	%		88	%
Fixed Income		53	%		90	%		94	%		91	%
Asset Allocation		45	%		80	%		86	%		91	%
4- or 5-star Morningstar rated funds		Overall			3 year			5 year			10 year
Number of Rated Funds		129			108			104			104
Percent of Rated Assets		69	%		62	%		62	%		72	%
Retail Fund performance rankings for each fund is measured on a consistent basis against the most appropriate peer group or index. Peer Groupings are defined by either Lipper, IA, or Morningstar and based primarily on the Institutional Share Class, Net of Fees. Comparisons to Index are measured Gross of Fees.
To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.
Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.
Morningstar as of 03/31/22. Columbia funds are available for purchase by U.S. customers. Out of 95 Columbia funds (Inst. shares) rated, 13 received a 5-star Overall Rating and 39 received a 4-star Overall Rating. Out of 92 Threadneedle funds (highest rated share class) rated, 18 received a 5-star Overall Rating and 32 received a 4-star Overall Rating. Out of 63 BMO funds (highest rated share class) rated, 6 received a 5-star Overall Rating and 21 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms.   © 2022 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
(in millions, unaudited)		1 Qtr 2022			1 Qtr 2021			% Over/ (Under)			4 Qtr 2021			% Over/ (Under)
Revenues
Management and financial advice fees		$	218		$	222		(2	)%		$	237		(8	)%
Distribution fees			112			116		(3	)%			124		(10	)%
Net investment income			114			126		(10	)%			113		1	%
Premiums, policy and contract charges			325			323		1	%			337		(4	)%
Other revenues			3			—		-				4		(25	)%
Total revenues			772			787		(2	)%			815		(5	)%
Banking and deposit interest expense			—			—		-				—		-
Adjusted operating total net revenues			772			787		(2	)%			815		(5	)%
Expenses
Distribution expenses			119			129		8	%			134		11	%
Interest credited to fixed accounts			96			96		-				96		-
Benefits, claims, losses and settlement expenses			230			234		2	%			244		6	%
Amortization of deferred acquisition costs			53			63		16	%			70		24	%
Interest and debt expense			9			10		10	%			9		-
General and administrative expense			74			72		(3	)%			79		6	%
Adjusted operating expenses			581			604		4	%			632		8	%
Pretax adjusted operating earnings		$	191		$	183		4	%		$	183		4	%

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Variable Annuities Rollforwards
Beginning balance		$	92,292			$	85,774			8	%		$	89,635			3	%
Deposit			1,046				1,428			(27	)%			1,530			(32	)%
Withdrawals and terminations			(1,678	)			(1,984	)		15	%			(2,011	)		17	%
Net flows			(632	)			(556	)		(14	)%			(481	)		(31	)%
Investment performance and interest credited			(5,901	)			1,746			NM				3,138			NM
Total ending balance - contract accumulation values		$	85,759			$	86,964			(1	)%		$	92,292			(7	)%
Variable annuities fixed sub-accounts		$	4,951			$	5,075			(2	)%		$	4,990			(1	)%
Life Insurance In Force		$	198,674			$	196,164			1	%		$	198,553			-
Net Amount at Risk (Life)		$	38,290			$	37,636			2	%		$	37,652			2	%
Net Policyholder Reserves
VUL/UL		$	14,419			$	14,106			2	%		$	15,049			(4	)%
Term and whole life			163				172			(5	)%			167			(2	)%
Disability insurance			478				503			(5	)%			483			(1	)%
Other insurance			596				637			(6	)%			608			(2	)%
Total net policyholder reserves		$	15,656			$	15,418			2	%		$	16,307			(4	)%
DAC Ending Balances
Variable Annuities DAC		$	1,914			$	1,792			7	%		$	1,876			2	%
Life and Health DAC		$	955			$	839			14	%		$	847			13	%
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees		$	—			$	—			-			$	—			-
Distribution fees			—				—			-				—			-
Net investment income			(11	)			(1	)		NM				(12	)		8	%
Premiums, policy and contract charges			—				—			-				(1	)		NM
Other revenues			2				1			NM				4			(50	)%
Total revenues			(9	)			—			-				(9	)		-
Banking and deposit interest expense			—				—			-				1			NM
Adjusted operating total net revenues			(9	)			—			-				(10	)		10	%
Expenses
Distribution expenses			—				—			-				—			-
Interest credited to fixed accounts			—				—			-				—			-
Benefits, claims, losses and settlement expenses			—				—			-				(1	)		NM
Amortization of deferred acquisition costs			—				—			-				(1	)		NM
Interest and debt expense			13				7			(86	)%			13			-
General and administrative expense			50				56			11	%			67			25	%
Adjusted operating expenses			63				63			-				78			19	%
Pretax adjusted operating earnings (loss)		$	(72	)		$	(63	)		(14	)%		$	(88	)		18	%
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees		$	—			$	—			-			$	—			-
Distribution fees			—				—			-				—			-
Net investment income			36				38			(5	)%			37			(3	)%
Premiums, policy and contract charges			23				24			(4	)%			25			(8	)%
Other revenues			—				—			-				—			-
Total revenues			59				62			(5	)%			62			(5	)%
Banking and deposit interest expense			—				—			-				—			-
Adjusted operating total net revenues			59				62			(5	)%			62			(5	)%
Expenses
Distribution expenses			(2	)			(3	)		(33	)%			(3	)		(33	)%
Interest credited to fixed accounts			—				—			-				—			-
Benefits, claims, losses and settlement expenses			52				11			NM				53			2	%
Amortization of deferred acquisition costs			—				—			-				—			-
Interest and debt expense			3				3			-				2			(50	)%
General and administrative expense			5				5			-				6			17	%
Adjusted operating expenses			58				16			NM				58			-
Pretax adjusted operating earnings (loss)		$	1			$	46			(98	)%		$	4			(75	)%
Long Term Care Policyholder Reserves, net of reinsurance (1)
Active Life Reserves		$	2,291			$	2,431			(6	)%		$	2,487			(8	)%
Disabled Life Reserves			578				540			7	%			565			2	%
Total long term care policyholder reserves, net of reinsurance		$	2,869			$	2,971			(3	)%		$	3,052			(6	)%
(1) SFAS 115 requires GAAP reserves to include all unrealized gains on available for sale securities in the portfolio to be reported as if they were realized on the last day of the accounting period with all financial impacts flowing through other comprehensive income.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees		$	—			$	—			-			$	—			-
Distribution fees			—				—			-				1			NM
Net investment income			8				63			(87	)%			7			14	%
Premiums, policy and contract charges			1				—			-				1			-
Other revenues			57				14			NM				55			4	%
Total revenues			66				77			(14	)%			64			3	%
Banking and deposit interest expense			—				—			-				—			-
Adjusted operating total net revenues			66				77			(14	)%			64			3	%
Expenses
Distribution expenses			1				1			-				—			-
Interest credited to fixed accounts			61				61			-				63			3	%
Benefits, claims, losses and settlement expenses			2				2			-				1			NM
Amortization of deferred acquisition costs			3				4			25	%			3			-
Interest and debt expense			—				5			NM				—			-
General and administrative expense			4				8			50	%			4			-
Adjusted operating expenses			71				81			12	%			71			-
Pretax adjusted operating earnings (loss)		$	(5	)		$	(4	)		(25	)%		$	(7	)		29	%
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Eliminations (1) Adjusted Operating Results
(in millions, unaudited)		1 Qtr 2022				1 Qtr 2021				% Over/ (Under)			4 Qtr 2021				% Over/ (Under)
Revenues
Management and financial advice fees		$	(35	)		$	(36	)		3	%		$	(37	)		5	%
Distribution fees			(306	)			(331	)		8	%			(353	)		13	%
Net investment income			(3	)			(4	)		25	%			(4	)		25	%
Premiums, policy and contract charges			(8	)			(8	)		-				(8	)		-
Other revenues			—				—			-				1			NM
Total revenues			(352	)			(379	)		7	%			(401	)		12	%
Banking and deposit interest expense			—				—			-				(1	)		NM
Adjusted operating total net revenues			(352	)			(379	)		7	%			(400	)		12	%
Expenses
Distribution expenses			(330	)			(355	)		(7	)%			(378	)		(13	)%
Interest credited to fixed accounts			—				—			-				—			-
Benefits, claims, losses and settlement expenses			(4	)			(4	)		-				(8	)		(50	)%
Amortization of deferred acquisition costs			—				—			-				—			-
Interest and debt expense			(2	)			(3	)		(33	)%			(3	)		(33	)%
General and administrative expense			(16	)			(17	)		(6	)%			(11	)		45	%
Adjusted operating expenses			(352	)			(379	)		(7	)%			(400	)		(12	)%
Pretax adjusted operating earnings (loss)		$	—			$	—			-			$	—			-
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Capital Information
(in millions, unaudited)		March 31, 2022				March 31, 2021				December 31, 2021
Long-term Debt Summary
Senior notes		$	2,300			$	2,800			$	2,800
Finance lease liabilities			37				46				40
Other (1)			(7	)			(12	)			(8	)
Total Ameriprise Financial long-term debt			2,330				2,834				2,832
Non-recourse debt of consolidated investment entities			2,157				2,671				2,164
Total long-term debt		$	4,487			$	5,505			$	4,996
Total Ameriprise Financial long-term debt		$	2,330			$	2,834			$	2,832
Finance lease liabilities			(37	)			(46	)			(40	)
Other (1)			7				12				8
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other		$	2,300			$	2,800			$	2,800
Total equity (2)		$	5,010			$	5,502			$	5,685
Equity of consolidated investment entities			1				(1	)			(3	)
Total equity excluding CIEs		$	5,011			$	5,501			$	5,682
Total Ameriprise Financial capital		$	7,340			$	8,336			$	8,517
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs		$	7,311			$	8,301			$	8,482
Debt to capital
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital			31.7	%			34.0	%			33.3	%
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)			31.5	%			33.7	%			33.0	%
(1) Includes adjustments for fair value of hedges, unamortized discount, debt issuance costs and other lease obligations.
(2) Includes accumulated other comprehensive income, net of tax.

Ameriprise Financial, Inc.
Consolidated Balance Sheets
(in millions, unaudited)		March 31, 2022				December 31, 2021
Assets
Cash and cash equivalents		$	6,623			$	7,127
Cash of consolidated investment entities			119				121
Investments			36,040				35,810
Investments of consolidated investment entities			2,177				2,184
Separate account assets			89,669				97,491
Receivables			16,193				16,205
Receivables of consolidated investment entities			22				17
Deferred acquisition costs			2,928				2,782
Restricted and segregated cash and investments			2,668				2,795
Other assets			11,084				11,444
Other assets of consolidated investment entities			2				3
Total Assets		$	167,525			$	175,979
Liabilities
Policyholder account balances, future policy benefits and claims		$	35,225			$	35,750
Separate account liabilities			89,669				97,491
Customer deposits			22,048				20,227
Short-term borrowings			200				200
Long-term debt			2,330				2,832
Debt of consolidated investment entities			2,156				2,164
Accounts payable and accrued expenses			2,050				2,527
Other liabilities			8,691				8,966
Other liabilities of consolidated investment entities			146				137
Total Liabilities			162,515				170,294
Equity
Ameriprise Financial
Common shares ($.01 par)			3				3
Additional paid-in capital			9,348				9,220
Retained earnings			18,153				17,525
Treasury stock			(21,599	)			(21,066	)
Accumulated other comprehensive income, net of tax			(895	)			3
Total Equity			5,010				5,685
Total Liabilities and Equity		$	167,525			$	175,979

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
		Quarter Ended March 31,								% Over/ (Under)			Per Diluted Share Quarter Ended March 31,								% Over/ (Under)
(in millions, except per share amounts, unaudited)		2022				2021							2022				2021
Net income		$	761			$	437			74	%		$	6.55			$	3.58			83	%
Less: Net realized investment gains (losses) (1)			16				55							0.14				0.45
Add: Market impact on non-traditional long-duration products (1)			(134	)			396							(1.15	)			3.24
Add: Mean reversion-related impacts (1)			59				(56	)						0.51				(0.46	)
Add: Integration/restructuring charges (1)			10				—							0.09				—
Less: Net income (loss) attributable to consolidated investment entities			2				(1	)						0.02				(0.01	)
Add: Tax effect of adjustments (2)			17				(60	)						0.14				(0.49	)
Adjusted operating earnings			695				663			5	%			5.98				5.43			10	%
Less: Long term care impact			1				46							0.01				0.38
Less: Tax effect of long term care impact (2)			—				(10	)						—				(0.08	)
Adjusted operating earnings excluding long term care impact		$	694			$	627			11	%		$	5.97			$	5.13			16	%
Weighted average common shares outstanding:
Basic			113.7				119.8
Diluted			116.2				122.2
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.

Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings and Pretax Adjusted Operating Margin
		Quarter Ended March 31,
(in millions, unaudited)		2022				2021
Total net revenues		$	3,655			$	3,350
Less: Net realized investment gains (losses)			17				57
Less: Market impact on non-traditional long-duration products			26				5
Less: Mean reversion-related impacts			—				—
Less: Integration/restructuring charges			—				—
Less: CIEs revenue			17				34
Adjusted operating total net revenues		$	3,595			$	3,254
Total expenses		$	2,732			$	2,857
Less: CIEs expenses			15				35
Less: Integration/restructuring charges			10				—
Less: Market impact on non-traditional long-duration products			(108	)			401
Less: Mean reversion-related impacts			59				(56	)
Less: DAC/DSIC offset to net realized investment gains (losses)			1				2
Adjusted operating expenses		$	2,755			$	2,475
Pretax income		$	923			$	493
Pretax adjusted operating earnings		$	840			$	779
Pretax income margin			25.3	%			14.7	%
Pretax adjusted operating margin			23.4	%			23.9	%

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
	Quarter Ended March 31, 2021
(in millions, unaudited)	GAAP			Adjusted Operating
Pretax income	$	493		$	779
Income tax provision	$	56		$	116
Effective tax rate		11.3	%		14.9	%

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
	Quarter Ended March 31, 2022
(in millions, unaudited)	GAAP			Adjusted Operating
Pretax income	$	923		$	840
Income tax provision	$	162		$	145
Effective tax rate		17.6	%		17.3	%

Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift
	Quarter Ended March 31,
(in millions, unaudited)	2022			2021
Advice & Wealth Management	$	440		$	389
Asset Management		285			228
RPS		191			183
Pretax adjusted operating earnings ex Corporate	$	916		$	800
Advice & Wealth Management		48	%		49	%
Asset Management		31	%		28	%
RPS		21	%		23	%
Subtotal pretax adjusted operating earnings		100	%		100	%
AWM & AM		79	%		77	%

Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI”
		Twelve Months Ended March 31,
(in millions, unaudited)		2022				2021
Net income		$	3,084			$	(65	)
Less: Adjustments (1)			328				(1,804	)
Adjusted operating earnings		$	2,756			$	1,739
Total Ameriprise Financial, Inc. shareholders’ equity		$	5,518			$	6,126
Less: Accumulated other comprehensive income, net of tax			(3	)			312
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI			5,521				5,814
Less: Equity impacts attributable to the consolidated investment entities			1				1
Adjusted operating equity		$	5,520			$	5,813
Return on equity excluding AOCI			55.9	%			(1.1	)%
Adjusted operating return on equity excluding AOCI (2)			49.9	%			29.9	%
(1) Adjustments reflect the trailing twelve months' sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs ("DSIC") and deferred acquisition costs ("DAC") amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on disposal of business; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations. After-tax is calculated using the statutory tax rate of 21%.
(2) Adjusted operating return on equity excluding accumulated other comprehensive income (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on the disposal of business; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations in the numerator, and Ameriprise Financial shareholders' equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.

 

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Investor Relations:

Alicia A. Charity

Ameriprise Financial

(612) 671-2080

alicia.a.charity@ampf.com

Stephanie M. Rabe

Ameriprise Financial

(612) 671-4085

stephanie.m.rabe@ampf.com

Media Relations:

Paul W. Johnson

Ameriprise Financial

(612) 671-0625

paul.w.johnson@ampf.com

Source: Ameriprise Financial, Inc.

FAQ

What are the earnings results for Ameriprise Financial in Q1 2022?

Ameriprise Financial reported GAAP net income of $761 million and an adjusted EPS of $5.98 in Q1 2022.

How much was the dividend increase announced by Ameriprise?

Ameriprise announced an 11% increase in its quarterly dividend to $1.25 per share.

What was the growth in assets under management for Ameriprise in Q1 2022?

Assets under management increased 17% to $1.3 trillion.

What were the challenges faced by Ameriprise in the Retirement & Protection Solutions segment?

The Retirement & Protection Solutions segment experienced a 25% decline in sales.

What drove the adjusted operating earnings increase for Ameriprise in Q1 2022?

Adjusted operating earnings increased 5% to $695 million, driven by strong business performance.