Ameriprise Financial Reports First Quarter 2024 Results, Raises Quarterly Dividend 10 Percent

Rhea-AI Summary

Ameriprise Financial reported strong first-quarter 2024 results with adjusted operating earnings per diluted share up 16% to $8.39. GAAP net income per diluted share was $9.46, compared to $3.79 a year ago. The company raised its quarterly dividend by 10%. Assets under management and administration reached $1.4 trillion, up 15% driven by client net inflows and market appreciation. Ameriprise returned $650 million to shareholders in the quarter. The Wealth Management segment saw adjusted operating net revenues increase by 13% to $2.6 billion, with total client assets growing to $954 billion. Asset Management segment's adjusted operating net revenues grew 7% to $855 million, with total segment AUM reaching $652 billion. Retirement & Protection Solutions' pretax adjusted operating earnings increased by 3% to $199 million, driven by higher interest rates and equity markets. The Corporate & Other segment reported a pretax adjusted operating loss of $99 million, including unfavorable mark-to-market impacts.

Positive

• Adjusted operating earnings per diluted share rose by 16% to $8.39.
• GAAP net income per diluted share was $9.46, compared to $3.79 in the prior year.
• Assets under management and administration reached $1.4 trillion, up 15%.
• Quarterly dividend increased by 10%.
• Wealth Management segment's adjusted operating net revenues grew by 13% to $2.6 billion.
• Total client assets in the Wealth Management segment reached $954 billion.
• Asset Management segment's adjusted operating net revenues increased by 7% to $855 million.
• Total segment assets under management for Asset Management reached $652 billion.
• Retirement & Protection Solutions' pretax adjusted operating earnings rose by 3% to $199 million.
• Corporate & Other segment reported a pretax adjusted operating loss of $99 million.

Negative

• - The General and administrative expenses increased by 14% to $1.8 billion in the Wealth Management segment.
• - Total net outflows of $5.7 billion were reported in the Asset Management segment.
• - The Corporate & Other segment had a pretax adjusted operating loss of $99 million.

Insights

Financial Analyst

Ameriprise Financial's recent earnings release indicating a significant increase in GAAP net income per diluted share from $3.79 to $9.46 suggests a robust fiscal quarter, likely driven by favorable market conditions impacting derivatives and market risk benefits. The adjusted operating earnings per diluted share also saw a healthy year-over-year increase of 16%. Moreover, the company's decision to raise its quarterly dividend by 10% is a testament to its strong free cash flow and commitment to shareholder returns, a factor that can appeal to dividend-focused investors. It's also essential to note the reported assets under management and administration growth to $1.4 trillion, a 15% bump, likely reflecting both client net inflows and market appreciation. Such financial soundness and growth indicators are typically influential on investment decisions as they reflect a company's potential for sustained profitability.

Market Research Analyst

From a market perspective, the diversified business contributions mentioned, particularly Wealth Management as a growth driver, suggest that Ameriprise Financial is successfully capitalizing on broader market trends. The consistency in the capital position and the strategic allocation of capital towards growth and shareholder returns imply a forward-looking management approach. This can be particularly attractive for long-term investors who look for stability and growth potential. However, the noted mid-single-digit growth expectation in general and administrative expenses could mean the company anticipates ongoing investments in operational efficiency, which could marginally impact profit margins short-term but may be positive for long-term operational leverage.

Investment Advisor

Looking at Ameriprise Financial's results through the lens of an advisor, the company's improved GAAP Return on Equity and the increased dividend suggest management's confidence in the company's financial health and outlook. For retail investors, this portrays a picture of a potentially stable investment with prospects for income through dividends, as well as capital appreciation. However, it's important for investors to also consider the overall market conditions, as the results were, in part, buoyed by positive market impacts — a factor that can quickly shift with market volatility. Balancing this earnings report would involve considering both the company's individual performance metrics and external market forces.

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

Earnings Per Diluted Share			Return on Equity, ex AOCI (1)
	Q1 2024			Q1 2024
GAAP	$9.46		GAAP	48.1%
Adjusted Operating	$8.39		Adjusted Operating	49.0%

First quarter adjusted operating earnings per diluted share was $8.39, up 16 percent from strong growth across the company.		Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
		“Ameriprise delivered another good quarter with contributions across our diversified business.   Wealth Management continues to be our primary growth driver with firm-wide assets under management and administration increasing to a new high of $1.4 trillion aided by positive markets. The combination of our businesses and capabilities provides important strength, allowing us to serve clients’ needs well in a dynamic operating environment.   Our capital position is a consistent differentiator. Ameriprise generates significant free cash flow that we invest for growth and return to shareholders, including today’s announcement of another increase in our dividend, up 10 percent.”
First quarter GAAP net income per diluted share was $9.46 compared to $3.79 a year ago, primarily from market impacts on the valuation of derivatives and market risk benefits.
Adjusted operating net revenues increased 11 percent from organic growth, strong equity markets and higher spread revenues.
Assets under management and administration reached $1.4 trillion, up 15 percent from strong client net inflows and market appreciation.
General and administrative expenses remained well managed with a continued focus on enhancing operational efficiency and effectiveness.
Pretax adjusted operating margin was 26.3 percent and adjusted operating return on equity was 49.0 percent.
The company returned $650 million of capital to shareholders in the quarter, demonstrating its balance sheet strength and strong free cash flow generation.
During the quarter, Columbia Threadneedle Investments ranked in the top 10 of Barron's annual ranking of the Best Fund Families.(2)

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

(2) See page 8 for related information.

Ameriprise Financial, Inc.
First Quarter Summary
	Quarter Ended March 31,								% Better/ (Worse)
(in millions, except per share amounts, unaudited)		2024				2023
GAAP net income	$	990			$	417			NM
Adjusted operating earnings (reconciliation on p. 24)	$	878			$	798			10%
GAAP net income per diluted share	$	9.46			$	3.79			NM
Adjusted operating earnings per diluted share (reconciliation on p. 24)	$	8.39			$	7.25			16%
GAAP Return on Equity, ex. AOCI		48.1	%			45.2	%
Adjusted Operating Return on Equity, ex. AOCI (reconciliation on p. 27)		49.0	%			49.5	%
GAAP Equity, ex. AOCI	$	6,809			$	6,129			11%
Available Capital for Capital Adequacy (reconciliation on p. 25)	$	5,135			$	5,377			(5)%
Weighted average common shares outstanding:
Basic		102.8				107.9
Diluted		104.6				110.0
NM Not Meaningful - variance equal to or greater than 100%

First quarter 2024 GAAP results included favorable market impacts on the valuation of derivatives and market risk benefits, while the prior year quarter included unfavorable market impacts on the valuation of derivatives and market risk benefits.

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
	Quarter Ended March 31,								% Better/ (Worse)
(in millions, unaudited)		2024				2023
Adjusted operating net revenues	$	2,560			$	2,265			13%
Distribution expenses		1,369				1,173			(17)%
Interest and debt expense		9				7			(29)%
General and administrative expenses		420				392			(7)%
Adjusted operating expenses		1,798				1,572			(14)%
Pretax adjusted operating earnings	$	762			$	693			10%
Pretax adjusted operating margin		29.8	%			30.6	%		(80) bps

	Quarter Ended March 31,								% Better/ (Worse)
(in billions, unless otherwise noted)		2024				2023
Total client assets	$	954			$	799			19%
Total client net flows	$	8.5			$	12.3			(31)%
Wrap net flows	$	6.5			$	6.2			4%
AWM cash balances	$	43.3			$	44.3			(2)%
Adjusted operating net revenue per advisor (TTM in thousands)	$	942			$	847			11%

Advice & Wealth Management pretax adjusted operating earnings and margin were strong at $762 million and 29.8 percent, respectively.

Adjusted operating net revenues increased 13 percent to $2.6 billion from growth in client assets in both wrap and brokerage accounts, increased transactional activity and a 30 percent increase in bank net investment income.

Adjusted operating expenses increased 14 percent to $1.8 billion compared to a year ago. Distribution expenses increased 17 percent. General and administrative expense was $420 million, up 7 percent. The company expects mid-single digit growth in general and administrative expenses for the full year.

The Wealth Management business continued to deliver profitable organic growth. Clients and advisors remained engaged and focused on positioning portfolios to meet financial planning goals through the market cycle.

• Total client assets grew 19 percent to $954 billion, with wrap assets up 20 percent to $522 billion. In the quarter, total client net flows were $8.5 billion, including wrap flows of $6.5 billion.
• Transactional activity increased 17 percent with strong growth in structured annuities and brokerage, an initial sign that clients are leveraging the company’s planning model to put money back to work.
• Cash balances were fairly stable at $43.3 billion, with cash sweep down only $1.0 billion in the quarter reflecting normal seasonal patterns.
• Total client cash including third-party money market funds and brokered CDs increased $0.9 billion sequentially to $82.4 billion, as clients remain heavily concentrated in yield-oriented products.
• The advisor network and advisor productivity grew from a year ago. Adjusted operating net revenue per advisor on a trailing 12-month basis was $942,000, up 11 percent from enhanced productivity, business growth and market appreciation, and the company added 64 experienced advisors in the quarter.

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
	Quarter Ended March 31,								% Better/ (Worse)
(in millions, unaudited)		2024				2023
Adjusted operating net revenues	$	855			$	799			7%
Distribution expenses		242				230			(5)%
Amortization of deferred acquisition costs		2				1			NM
Interest and debt expense		2				2			-
General and administrative expenses		403				401			-
Adjusted operating expenses		649				634			(2)%
Pretax adjusted operating earnings	$	206			$	165			25%
Net pretax adjusted operating margin (1)		34.9	%			31.0	%
	Quarter Ended March 31,								% Better/ (Worse)
(in billions)		2024				2023
Total segment AUM	$	652			$	608			7%
Net Flows
Global Retail net flows, ex. legacy insurance partners flows	$	(2.7	)		$	(4.5	)		39%
Global Institutional net flows, ex. legacy insurance partners flows		(2.2	)			2.8			NM
Legacy insurance partners flows		(0.8	)			(0.8	)		3%
Total segment net flows	$	(5.7	)		$	(2.5	)		NM
Model delivery AUA Flows (2)	$	0.2			$	(0.2	)		NM
(1) See reconciliation on page 13.
(2) Estimated based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%

Asset Management adjusted operating net revenues grew 7 percent to $855 million and pretax adjusted operating earnings increased 25 percent to $206 million. Financial results reflected equity market appreciation and disciplined expense management, which more than offset the cumulative impact of net outflows. Net pretax adjusted operating margin was 35 percent, consistent with the company’s targeted range of 31 to 35 percent.

Adjusted operating expenses increased 2 percent, with general and administrative expenses flat from a year ago. Adjusted for foreign exchange and higher performance fee compensation, general and administrative expense was 3 percent lower than last year reflecting the benefits from comprehensive expense management initiatives taken since 2023.

Total assets under management increased 7 percent to $652 billion as equity market appreciation more than offset net outflows. The underlying fee rate remained stable at 46 basis points.

In the quarter, net outflows were $5.7 billion. Flows included $0.8 billion of outflows related to legacy insurance partners.

• Retail net outflows were $2.7 billion, consistent with other active managers. Gross sales improved in North America and EMEA year-over-year and sequentially, while redemptions remained stable.
• Global institutional outflows were $2.2 billion, primarily from a slowdown in the funding of new mandates, as well as redemptions in lower fee mandates and $0.4 billion of outflows from the previously announced proactive portfolio manager actions related to expense management initiatives.

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
	Quarter Ended March 31,								% Better/ (Worse)
(in millions, unaudited)		2024				2023
Adjusted operating net revenues	$	912			$	824			11%
Adjusted operating expenses		713				630			(13)%
Pretax adjusted operating earnings	$	199			$	194			3%

Retirement & Protection Solutions pretax adjusted operating earnings increased 3 percent to $199 million, reflecting the benefit of higher interest rates and equity markets offset by higher distribution expenses associated with strong structured annuity sales levels. These high-quality books of business continued to generate strong free cash flow and return on capital with a differentiated risk profile.

Retirement & Protection Solutions sales increased 33 percent to $1.3 billion primarily from strong sales growth in structured variable annuities similar to the industry. Protection sales grew 8 percent to $65 million with the majority of sales in higher margin accumulation VUL products.

Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
	Quarter Ended March 31,								% Better/ (Worse)
(in millions, unaudited)		2024				2023
Corporate & Other, excluding Closed Blocks	$	(99	)		$	(73	)		(36)%
Closed Blocks (1)		10				(1	)		NM
Pretax adjusted operating earnings / (loss)	$	(89	)		$	(74	)		(20)%
Long Term Care	$	16			$	8			NM
Fixed Annuities		(6	)			(9	)		33%
Closed Blocks pretax adjusted operating earnings / (loss)	$	10			$	(1	)		NM
(1) Long Term Care and Fixed Annuities.
NM Not Meaningful - variance equal to or greater than 100%

Total Corporate & Other Excluding Closed Blocks pretax adjusted operating loss was $99 million, which included $16 million of unfavorable mark-to-market impacts on share-based compensation expense, severance expense and a lease write-down.

Long Term Care pretax adjusted operating earnings increased to $16 million, showing continued improvement in financial performance from higher investment yields.

Fixed Annuities pretax adjusted operating loss was consistent with expectations at $6 million.

Taxes

The operating effective tax rate was 18.6 percent, reflecting favorable share-based accounting tax benefits in the quarter. The operating effective tax rate is expected to be approximately 21 percent for full year 2024.

About Ameriprise Financial

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

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

Non-GAAP Financial Measures

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

Forward-Looking Statements

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

• statements of the company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, acquisition integration, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;
• other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets;
• statements estimating Advice & Wealth Management general and administrative expenses for full year 2024;
• statements estimating the expected full year 2024 operating effective tax rate; and
• statements of assumptions underlying such statements.

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

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 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-Q for the period ended March 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.

Barron’s Best Fund Families of 2023 - February 29, 2024: Columbia Threadneedle Investments ranked as follows: One-year (8 out of 49); Five-year (11 out of 47); Ten-year (4 out of 46).

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)	1 Qtr 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Revenues
Management and financial advice fees	$	2,399			$	2,137			12%		$	2,284			5%
Distribution fees		506				517			(2)%			469			8%
Net investment income		901				698			29%			888			1%
Premiums, policy and contract charges		390				362			8%			404			(3)%
Other revenues		129				131			(2)%			123			5%
Total revenues		4,325				3,845			12%			4,168			4%
Banking and deposit interest expense		179				103			(74)%			176			(2)%
Total net revenues		4,146				3,742			11%			3,992			4%
Expenses
Distribution expenses		1,419				1,226			(16)%			1,307			(9)%
Interest credited to fixed accounts		132				164			20%			190			31%
Benefits, claims, losses and settlement expenses		295				301			2%			602			51%
Remeasurement (gains) losses of future policy benefit reserves		(4	)			(5	)		(20)%			(3	)		33%
Change in fair value of market risk benefits		(18	)			489			NM			240			NM
Amortization of deferred acquisition costs		61				62			2%			61			-
Interest and debt expense		82				72			(14)%			84			2%
General and administrative expense		960				937			(2)%			1,017			6%
Total expenses		2,927				3,246			10%			3,498			16%
Pretax income		1,219				496			NM			494			NM
Income tax provision		229				79			NM			117			(96)%
Net income	$	990			$	417			NM		$	377			NM
Earnings per share
Basic earnings per share	$	9.63			$	3.86					$	3.64
Earnings per diluted share	$	9.46			$	3.79					$	3.57
Weighted average common shares outstanding
Basic		102.8				107.9						103.5
Diluted		104.6				110.0						105.7
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 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Assets Under Management and Administration
Advice & Wealth Management AUM	$	518,080			$	431,438			20%		$	484,825			7%
Asset Management AUM		652,077				607,679			7%			636,936			2%
Corporate AUM		429				243			77%			395			9%
Eliminations		(43,181	)			(38,091	)		(13)%			(41,093	)		(5)%
Total Assets Under Management		1,127,405				1,001,269			13%			1,081,063			4%
Total Assets Under Administration		297,457				234,339			27%			279,549			6%
Total AUM and AUA	$	1,424,862			$	1,235,608			15%		$	1,360,612			5%
S&P 500
Daily average		4,996				3,998			25%			4,472			12%
Period end		5,254				4,109			28%			4,770			10%
Weighted Equity Index (WEI) (1)
Daily average		3,218				2,664			21%			2,892			11%
Period end		3,379				2,718			24%			3,102			9%
Common shares
Beginning balance		100.2				105.3			(5)%			101.4			(1)%
Repurchases		(1.2	)			(1.6	)		25%			(1.2	)		-
Issuances		1.2				1.1			9%			0.1			NM
Other		(0.6	)			(0.4	)		(50)%			(0.1	)		NM
Total common shares outstanding		99.6				104.4			(5)%			100.2			(1)%
Restricted stock units		2.6				2.6			-			2.7			(4)%
Total basic common shares outstanding		102.2				107.0			(4)%			102.9			(1)%
Total potentially dilutive shares		1.8				2.0			(10)%			2.2			(18)%
Total diluted shares		104.0				109.0			(5)%			105.1			(1)%
Capital Returned to Shareholders
Dividends paid	$	143			$	138			4%		$	142			1%
Common stock share repurchases		507				506			-			445			14%
Total Capital Returned to Shareholders	$	650			$	644			1%		$	587			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 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Revenues
Management and financial advice fees:
Advisory fees	$	1,303			$	1,109			17%		$	1,196			9%
Financial planning fees		112				101			11%			119			(6)%
Transaction and other fees		94				89			6%			93			1%
Total management and financial advice fees		1,509				1,299			16%			1,408			7%
Distribution fees:
Mutual funds		196				175			12%			185			6%
Insurance and annuity		247				211			17%			236			5%
Off-Balance sheet brokerage cash		50				126			(60)%			48			4%
Other products		105				81			30%			90			17%
Total distribution fees		598				593			1%			559			7%
Net investment income		560				409			37%			547			2%
Other revenues		72				67			7%			65			11%
Total revenues		2,739				2,368			16%			2,579			6%
Banking and deposit interest expense		179				103			(74)%			176			(2)%
Adjusted operating total net revenues		2,560				2,265			13%			2,403			7%
Expenses
Distribution expenses		1,369				1,173			(17)%			1,266			(8)%
Interest and debt expense		9				7			(29)%			8			(13)%
General and administrative expense		420				392			(7)%			431			3%
Adjusted operating expenses		1,798				1,572			(14)%			1,705			(5)%
Pretax adjusted operating earnings	$	762			$	693			10%		$	698			9%
Pretax adjusted operating margin		29.8	%			30.6	%					29.0	%

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)	1 Qtr 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
AWM Total Client Assets	$	953,769			$	798,724			19%		$	900,502			6%
Total Client Flows (1)	$	8,501			$	12,261			(31)%		$	22,710			(63)%
Total Wrap Accounts
Beginning assets	$	488,200			$	412,096			18%		$	444,061			10%
Net flows (1)		6,518				6,240			4%			6,961			(6)%
Market appreciation (depreciation) and other		27,004				16,338			65%			37,178			(27)%
Total wrap ending assets	$	521,722			$	434,674			20%		$	488,200			7%
Advisory wrap account assets ending balance (2)	$	516,469			$	430,088			20%		$	483,315			7%
Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer	$	2,477			$	2,854			(13)%		$	2,388			4%
On-balance sheet - bank		21,329				20,008			7%			21,498			(1)%
On-balance sheet - certificate		13,211				11,102			19%			13,471			(2)%
Total on-balance sheet	$	37,017			$	33,964			9%		$	37,357			(1)%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer (1)	$	6,242			$	10,350			(40)%		$	7,103			(12)%
Total brokerage cash & certificates balances	$	43,259			$	44,314			(2)%		$	44,460			(3)%
Gross Fee Yield
On-balance sheet - broker dealer		5.12	%			4.27	%					5.53	%
On-balance sheet - bank		5.06	%			4.46	%					5.07	%
On-balance sheet - certificates		5.69	%			4.86	%					5.51	%
Off-balance sheet - broker dealer		2.95	%			3.86	%					3.49	%
Financial Advisors
Employee advisors		2,227				2,099			6%			2,228			-
Franchisee advisors		8,137				8,160			-			8,139			-
Total financial advisors		10,364				10,259			1%			10,367			-
Advisor Retention
Employee		92.8	%			92.8	%					92.5	%
Franchisee		92.3	%			93.6	%					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.
(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.

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)	1 Qtr 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail	$	530			$	491			8%		$	479			11%
Institutional		159				152			5%			203			(22)%
Transaction and other fees		50				48			4%			49			2%
Revenue from other sources (1)		3				3			-			3			-
Total management and financial advice fees		742				694			7%			734			1%
Distribution fees:
Mutual funds		56				52			8%			53			6%
Insurance and annuity		39				38			3%			38			3%
Total distribution fees		95				90			6%			91			4%
Net investment income		11				9			22%			15			(27)%
Other revenues		7				6			17%			5			40%
Total revenues		855				799			7%			845			1%
Banking and deposit interest expense		—				—			-			—			-
Adjusted operating total net revenues		855				799			7%			845			1%
Expenses
Distribution expenses		242				230			(5)%			228			(6)%
Amortization of deferred acquisition costs		2				1			NM			2			-
Interest and debt expense		2				2			-			2			-
General and administrative expense		403				401			-			419			4%
Adjusted operating expenses		649				634			(2)%			651			-
Pretax adjusted operating earnings	$	206			$	165			25%		$	194			6%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues	$	855			$	799			7%		$	845			1%
Distribution pass through revenues		(192	)			(182	)		(5)%			(180	)		(7)%
Subadvisory and other pass through revenues		(96	)			(95	)		(1)%			(100	)		4%
Net adjusted operating revenues	$	567			$	522			9%		$	565			-
Pretax adjusted operating earnings	$	206			$	165			25%		$	194			6%
Adjusted operating net investment income		(11	)			(9	)		(22)%			(15	)		27%
Amortization of intangibles		3				6			(50)%			4			(25)%
Net adjusted operating earnings	$	198			$	162			22%		$	183			8%
Pretax adjusted operating margin		24.1	%			20.7	%					23.0	%
Net pretax adjusted operating margin (2)		34.9	%			31.0	%					32.4	%
Performance fees (3)
Performance fees	$	17			$	5			NM		$	44			(61)%
General and administrative expense related to performance fees		11				2			NM			23			52%
Net performance fees	$	6			$	3			NM		$	21			(71)%
(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 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets	$	334,860			$	309,293			8%		$	310,170			8%
Inflows		14,047				12,096			16%			13,029			8%
Outflows		(16,308	)			(16,394	)		1%			(17,324	)		6%
Net VP/VIT fund flows		(1,560	)			(1,187	)		(31)%			(1,389	)		(12)%
Net new flows		(3,821	)			(5,485	)		30%			(5,684	)		33%
Reinvested dividends		1,010				842			20%			4,692			(78)%
Net flows		(2,811	)			(4,643	)		39%			(992	)		NM
Distributions		(1,206	)			(1,008	)		(20)%			(5,367	)		78%
Market appreciation (depreciation) and other		19,407				16,074			21%			27,647			(30)%
Foreign currency translation (1)		(683	)			1,675			NM			3,402			NM
Total ending assets		349,567				321,391			9%			334,860			4%
% of total retail assets sub-advised		15.6	%			15.7	%					15.6	%
Global Institutional
Beginning assets		302,076				274,736			10%			277,001			9%
Inflows (2)		9,352				12,759			(27)%			9,810			(5)%
Outflows (2)		(12,219	)			(10,645	)		(15)%			(14,021	)		13%
Net flows		(2,867	)			2,114			NM			(4,211	)		32%
Market appreciation (depreciation) and other (3)		4,786				6,322			(24)%			22,028			(78)%
Foreign currency translation (1)		(1,485	)			3,116			NM			7,258			NM
Total ending assets		302,510				286,288			6%			302,076			-
Total managed assets	$	652,077			$	607,679			7%		$	636,936			2%
Total net flows	$	(5,678	)		$	(2,529	)		NM		$	(5,203	)		(9)%
Legacy insurance partners flows	$	(779	)		$	(799	)		3%		$	(1,212	)		36%
Total Assets Under Advisement (4)	$	28,669			$	24,343			18%		$	26,160			10%
Model delivery AUA flows (5)	$	243			$	(244	)		NM		$	308			(21)%
(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) 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)	1 Qtr 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Total Managed Assets by Type
Equity	$	341,406			$	308,968			10%		$	323,043			6%
Fixed income		236,588				224,666			5%			238,353			(1)%
Money market		22,164				22,218			-			23,833			(7)%
Alternative		33,002				34,724			(5)%			33,476			(1)%
Hybrid and other		18,917				17,103			11%			18,231			4%
Total managed assets by type	$	652,077			$	607,679			7%		$	636,936			2%
Average Managed Assets by Type (1)
Equity	$	330,281			$	308,576			7%		$	304,353			9%
Fixed income		235,529				217,792			8%			222,304			6%
Money market		22,607				22,083			2%			22,753			(1)%
Alternative		33,237				34,668			(4)%			33,503			(1)%
Hybrid and other		18,476				16,945			9%			17,329			7%
Total average managed assets by type	$	640,130			$	600,064			7%		$	600,242			7%
(1) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.

Ameriprise Financial, Inc.
Asset Management Segment Performance Metrics
	1 Qtr 2024
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted	1 year	3 year	5 year	10 year
Equity	61%	66%	80%	89%
Fixed Income	74%	53%	75%	85%
Asset Allocation	87%	59%	82%	90%
4- or 5-star Morningstar rated funds	Overall	3 year	5 year	10 year
Number of Rated Funds	117	71	93	104
Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e., Institutional if available, otherwise Advisor or 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 03/31/24. Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 3 received a 5-star Overall Rating and 38 received a 4-star Overall Rating. Out of 145 Threadneedle funds rated (based on highest-rated share class), 22 received a 5-star Overall Rating and 54 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)	1 Qtr 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Revenues
Management and financial advice fees	$	189			$	183			3%		$	181			4%
Distribution fees		104				97			7%			100			4%
Net investment income		243				195			25%			245			(1)%
Premiums, policy and contract charges		374				346			8%			389			(4)%
Other revenues		2				3			(33)%			3			(33)%
Total revenues		912				824			11%			918			(1)%
Banking and deposit interest expense		—				—			-			—			-
Adjusted operating total net revenues		912				824			11%			918			(1)%
Expenses
Distribution expenses		124				110			(13)%			117			(6)%
Interest credited to fixed accounts		91				88			(3)%			93			2%
Benefits, claims, losses and settlement expenses		224				162			(38)%			226			1%
Remeasurement (gains) losses of future policy benefit reserves		(2	)			(3	)		(33)%			(2	)		-
Change in fair value of market risk benefits		129				115			(12)%			131			2%
Amortization of deferred acquisition costs		57				58			2%			57			-
Interest and debt expense		12				13			8%			14			14%
General and administrative expense		78				87			10%			80			3%
Adjusted operating expenses		713				630			(13)%			716			-
Pretax adjusted operating earnings	$	199			$	194			3%		$	202			(1)%

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)	1 Qtr 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Variable Annuities Rollforwards
Beginning balance	$	80,754			$	74,385			9%		$	75,084			8%
Deposit		1,158				874			32%			1,073			8%
Withdrawals and terminations		(2,067	)			(1,623	)		(27)%			(1,922	)		(8)%
Net flows		(909	)			(749	)		(21)%			(849	)		(7)%
Investment performance and interest credited		4,197				3,173			32%			6,519			(36)%
Total ending balance - contract accumulation values	$	84,042			$	76,809			9%		$	80,754			4%
Variable annuities fixed sub-accounts	$	4,067			$	4,644			(12)%		$	4,215			(4)%
Life Insurance In Force	$	198,550			$	198,707			-		$	198,775			-
Net Amount at Risk (Life)	$	38,240			$	38,120			-		$	38,406			-
Net Policyholder Reserves
VUL/UL	$	15,305			$	13,783			11%		$	14,715			4%
Term and whole life		180				195			(8)%			187			(4)%
Disability insurance		521				552			(6)%			536			(3)%
Other insurance		528				552			(4)%			537			(2)%
Total net policyholder reserves	$	16,534			$	15,082			10%		$	15,975			3%
DAC Ending Balances
Variable Annuities DAC	$	1,697			$	1,733			(2)%		$	1,704			-
Life and Health DAC	$	957			$	967			(1)%		$	961			-

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)	1 Qtr 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees	$	—			$	—			-		$	—			-
Distribution fees		—				—			-			—			-
Net investment income		—				(1	)		NM			(8	)		NM
Premiums, policy and contract charges		—				—			-			—			-
Other revenues		1				2			(50)%			1			-
Total revenues		1				1			-			(7	)		NM
Banking and deposit interest expense		8				4			NM			7			(14)%
Adjusted operating total net revenues		(7	)			(3	)		NM			(14	)		50%
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				16			(44)%			20			(15)%
General and administrative expense		69				54			(28)%			83			17%
Adjusted operating expenses		92				70			(31)%			103			11%
Pretax adjusted operating earnings (loss)	$	(99	)		$	(73	)		(36)%		$	(117	)		15%
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 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees	$	—			$	—			-		$	—			-
Distribution fees		—				—			-			—			-
Net investment income		49				44			11%			48			2%
Premiums, policy and contract charges		23				23			-			24			(4)%
Other revenues		—				—			-			—			-
Total revenues		72				67			7%			72			-
Banking and deposit interest expense		—				—			-			—			-
Adjusted operating total net revenues		72				67			7%			72			-
Expenses
Distribution expenses		(3	)			(3	)		-			(4	)		(25)%
Interest credited to fixed accounts		—				—			-			—			-
Benefits, claims, losses and settlement expenses		53				56			5%			60			12%
Remeasurement (gains) losses of future policy benefit reserves		(2	)			(2	)		-			(1	)		NM
Change in fair value of market risk benefits		—				—			-			—			-
Amortization of deferred acquisition costs		—				—			-			—			-
Interest and debt expense		2				2			-			2			-
General and administrative expense		6				6			-			5			(20)%
Adjusted operating expenses		56				59			5%			62			10%
Pretax adjusted operating earnings (loss)	$	16			$	8			NM		$	10			60%
Long Term Care Policyholder Reserves, net of reinsurance	$	2,615			$	2,659			(2)%		$	2,677			(2)%
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 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees	$	—			$	—			-		$	—			-
Distribution fees		—				—			-			—			-
Net investment income		9				8			13%			9			-
Premiums, policy and contract charges		—				1			NM			—			-
Other revenues		47				53			(11)%			49			(4)%
Total revenues		56				62			(10)%			58			(3)%
Banking and deposit interest expense		—				—			-			—			-
Adjusted operating total net revenues		56				62			(10)%			58			(3)%
Expenses
Distribution expenses		1				1			-			1			-
Interest credited to fixed accounts		55				61			10%			57			4%
Benefits, claims, losses and settlement expenses		—				2			NM			1			NM
Remeasurement (gains) losses of future policy benefit reserves		—				—			-			—			-
Change in fair value of market risk benefits		—				—			-			—			-
Amortization of deferred acquisition costs		2				3			33%			2			-
Interest and debt expense		—				—			-			—			-
General and administrative expense		4				4			-			4			-
Adjusted operating expenses		62				71			13%			65			5%
Pretax adjusted operating earnings (loss)	$	(6	)		$	(9	)		33%		$	(7	)		14%
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Eliminations (1) Adjusted Operating Results
(in millions, unaudited)	1 Qtr 2024				1 Qtr 2023				% Better/ (Worse)		4 Qtr 2023				% Better/ (Worse)
Revenues
Management and financial advice fees	$	(39	)		$	(37	)		(5)%		$	(37	)		(5)%
Distribution fees		(291	)			(263	)		(11)%			(280	)		(4)%
Net investment income		(17	)			(12	)		(42)%			(16	)		(6)%
Premiums, policy and contract charges		(9	)			(8	)		(13)%			(8	)		(13)%
Other revenues		—				—			-			—			-
Total revenues		(356	)			(320	)		(11)%			(341	)		(4)%
Banking and deposit interest expense		(8	)			(4	)		NM			(7	)		14%
Adjusted operating total net revenues		(348	)			(316	)		(10)%			(334	)		(4)%
Expenses
Distribution expenses		(314	)			(285	)		10%			(301	)		4%
Interest credited to fixed accounts		—				—			-			—			-
Benefits, claims, losses and settlement expenses		(5	)			(5	)		-			(5	)		-
Remeasurement (gains) losses of future policy benefit reserves		—				—			-			—			-
Change in fair value of market risk benefits		—				—			-			—			-
Amortization of deferred acquisition costs		—				—			-			—			-
Interest and debt expense		(8	)			(8	)		-			(7	)		14%
General and administrative expense		(21	)			(18	)		17%			(21	)		-
Adjusted operating expenses		(348	)			(316	)		10%			(334	)		4%
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, 2024				March 31, 2023				December 31, 2023
Long-term Debt Summary
Senior notes	$	3,400			$	3,550			$	3,400
Finance lease liabilities		17				28				20
Other (1)		(19	)			(18	)			(21	)
Total Ameriprise Financial long-term debt		3,398				3,560				3,399
Non-recourse debt of consolidated investment entities		2,119				2,367				2,155
Total long-term debt	$	5,517			$	5,927			$	5,554
Total Ameriprise Financial long-term debt	$	3,398			$	3,560			$	3,399
Finance lease liabilities		(17	)			(28	)			(20	)
Other (1)		19				18				21
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other	$	3,400			$	3,550			$	3,400
Total equity (2)	$	4,879			$	4,144			$	4,729
Equity of consolidated investment entities		(1	)			(8	)			(1	)
Total equity excluding CIEs	$	4,878			$	4,136			$	4,728
Total Ameriprise Financial capital	$	8,277			$	7,704			$	8,128
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs	$	8,278			$	7,686			$	8,128
Debt to capital
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital		41.1	%			46.2	%			41.8	%
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)		41.1	%			46.2	%			41.8	%
Available Capital for Capital Adequacy	$	5,135			$	5,377			$	5,418
(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
(2) Includes accumulated other comprehensive income, net of tax.

Ameriprise Financial, Inc.
Consolidated Balance Sheets
(in millions, unaudited)	March 31, 2024				December 31, 2023
Assets
Cash and cash equivalents	$	7,071			$	7,477
Cash of consolidated investment entities		135				87
Investments		56,249				55,489
Investments of consolidated investment entities		2,028				2,099
Market risk benefits		1,964				1,427
Separate account assets		79,753				77,457
Receivables		14,911				15,078
Receivables of consolidated investment entities		25				28
Deferred acquisition costs		2,701				2,713
Restricted and segregated cash and investments		1,591				1,635
Other assets		13,403				11,700
Other assets of consolidated investment entities		—				1
Total Assets	$	179,831			$	175,191
Liabilities
Policyholder account balances, future policy benefits and claims	$	38,667			$	37,545
Market risk benefits		1,335				1,762
Separate account liabilities		79,753				77,457
Customer deposits		36,982				37,321
Short-term borrowings		201				201
Long-term debt		3,398				3,399
Debt of consolidated investment entities		2,119				2,155
Accounts payable and accrued expenses		2,166				2,603
Other liabilities		10,275				7,974
Other liabilities of consolidated investment entities		56				45
Total Liabilities		174,952				170,462
Equity
Ameriprise Financial
Common shares ($.01 par)		3				3
Additional paid-in capital		9,924				9,824
Retained earnings		22,752				21,905
Treasury stock		(25,870	)			(25,237	)
Accumulated other comprehensive income, net of tax		(1,930	)			(1,766	)
Total Equity		4,879				4,729
Total Liabilities and Equity	$	179,831			$	175,191
Supplemental Non-GAAP Information:
Available Capital for Capital Adequacy	$	5,135			$	5,418

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
	Quarter Ended March 31,								% Better/ (Worse)		Per Diluted Share Quarter Ended March 31,								% Better/ (Worse)
(in millions, except per share amounts, unaudited)		2024				2023						2024				2023
Net income	$	990			$	417			NM		$	9.46			$	3.79			NM
Adjustments:
Net realized investment gains (losses) (1)		—				3						—				0.03
Market impact on non-traditional long-duration products (1)		140				(475	)					1.34				(4.32	)
Integration/restructuring charges (1)		—				(10	)					—				(0.09	)
Net income (loss) attributable to consolidated investment entities		1				—						0.01				—
Tax effect of adjustments (2)		(29	)			101						(0.28	)			0.92
Adjusted operating earnings	$	878			$	798			10%		$	8.39			$	7.25			16%
Weighted average common shares outstanding:
Basic		102.8				107.9
Diluted		104.6				110.0
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings
	Quarter Ended March 31,
(in millions, unaudited)		2024				2023
Total net revenues	$	4,146			$	3,742
Adjustments:
Net realized investment gains (losses)		—				3
Market impact on non-traditional long-duration products		2				—
CIEs revenue		44				41
Adjusted operating total net revenues	$	4,100			$	3,698
Total expenses	$	2,927			$	3,246
Adjustments:
CIEs expenses		43				41
Integration/restructuring charges		—				10
Market impact on non-traditional long-duration products		(138	)			475
Adjusted operating expenses	$	3,022			$	2,720
Pretax income	$	1,219			$	496
Pretax adjusted operating earnings	$	1,078			$	978
Pretax income margin		29.4	%			13.3	%
Pretax adjusted operating margin		26.3	%			26.4	%

Ameriprise Financial, Inc.
Reconciliation Table: Available Capital for Capital Adequacy
(in millions, unaudited)	March 31, 2024				March 31, 2023				December 31, 2023
Ameriprise Financial GAAP Equity	$	4,879			$	4,144			$	4,729
Less: AOCI		(1,930	)			(1,985	)			(1,766	)
Ameriprise Financial GAAP Equity, excl AOCI		6,809				6,129				6,495
Less: RiverSource Life Insurance Co. GAAP Equity, excluding AOCI		2,017				1,667				1,851
Add: RiverSource Life Insurance Co. statutory total adjusted capital		2,637				3,108				3,093
Less: Goodwill and intangibles		2,603				2,497				2,622
Add: Other adjustments		309				304				303
Available Capital for Capital Adequacy	$	5,135			$	5,377			$	5,418

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
	Quarter Ended March 31, 2023
(in millions, unaudited)	GAAP				Adjusted Operating
Pretax income	$	496			$	978
Income tax provision	$	79			$	180
Effective tax rate		15.9	%			18.4	%

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
	Quarter Ended March 31, 2024
(in millions, unaudited)	GAAP				Adjusted Operating
Pretax income	$	1,219			$	1,078
Income tax provision	$	229			$	200
Effective tax rate		18.8	%			18.6	%

Ameriprise Financial, Inc.
Reconciliation Table: Asset Management General and Administrative Expense
	Quarter Ended March 31,								% Better/ (Worse)
(in millions, unaudited)		2024				2023
Total G&A Expense	$	403			$	401			-
Less: Impact of performance fee compensation		11				2
Less: Impact of foreign exchange translation		4				—
Total G&A Expense excluding impact of performance fee compensation and foreign exchange translation	$	388			$	399			3%

Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI”
	Twelve Months Ended March 31,
(in millions, unaudited)		2024				2023
Net income	$	3,129			$	2,741
Less: Adjustments (1)		(62	)			(266	)
Adjusted operating earnings	$	3,191			$	3,007
Total Ameriprise Financial, Inc. shareholders’ equity	$	4,331			$	4,032
Less: Accumulated other comprehensive income, net of tax		(2,174	)			(2,037	)
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI		6,505				6,069
Less: Equity impacts attributable to the consolidated investment entities		(4	)			(1	)
Adjusted operating equity	$	6,509			$	6,070
Return on equity excluding AOCI		48.1	%			45.2	%
Adjusted operating return on equity excluding AOCI (2)		49.0	%			49.5	%
(1) Adjustments reflect the sum of after-tax net realized investment gains/losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%.
(2) Adjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240422898108/en/

Investor Relations:

Alicia A. Charity

Ameriprise Financial, Inc.

(612) 671-2080

alicia.a.charity@ampf.com

Stephanie M. Rabe

Ameriprise Financial, Inc.

(612) 671-4085

stephanie.m.rabe@ampf.com

Media Relations:

Paul W. Johnson

Ameriprise Financial, Inc.

(612) 671-0625

paul.w.johnson@ampf.com

Source: Ameriprise Financial, Inc.

FAQ

What was Ameriprise Financial's adjusted operating earnings per diluted share for the first quarter of 2024?

Ameriprise Financial's adjusted operating earnings per diluted share for Q1 2024 was $8.39.

How much did GAAP net income per diluted share increase in comparison to the prior year's first quarter?

GAAP net income per diluted share for the first quarter of 2024 was $9.46, compared to $3.79 in the prior year.

What was the percentage increase in assets under management and administration for Ameriprise Financial?

Assets under management and administration for Ameriprise Financial increased by 15%.

By what percentage did Ameriprise Financial raise its quarterly dividend?

Ameriprise Financial raised its quarterly dividend by 10%.

How much did the Wealth Management segment's adjusted operating net revenues grow by?

The Wealth Management segment's adjusted operating net revenues increased by 13%.

What was the total client assets in the Wealth Management segment?

Total client assets in the Wealth Management segment reached $954 billion.

What was the percentage increase in Asset Management segment's adjusted operating net revenues?

The Asset Management segment's adjusted operating net revenues grew by 7%.

What was the total segment assets under management for the Asset Management segment?

Total segment assets under management for Asset Management reached $652 billion.

By what percentage did Retirement & Protection Solutions' pretax adjusted operating earnings increase?

Retirement & Protection Solutions' pretax adjusted operating earnings rose by 3%.

What was the pretax adjusted operating loss reported by the Corporate & Other segment?

The Corporate & Other segment reported a pretax adjusted operating loss of $99 million.