Ameriprise Financial Reports Second Quarter 2024 Results

Rhea-AI Summary

Ameriprise Financial (NYSE:AMP) reported strong Q2 2024 results, with adjusted operating earnings per diluted share of $8.53, up 17% to $8.72 excluding severance expenses. The company's assets under management and administration reached $1.4 trillion, a 12% increase driven by client net inflows and market appreciation. Adjusted operating net revenues grew 9% due to organic growth, strong equity markets, and higher spread revenues. Ameriprise demonstrated its financial strength by returning $693 million to shareholders through share repurchases and dividends. The company's pretax adjusted operating margin was 26.8%, with an adjusted operating return on equity of 48.9%. Ameriprise's Advice & Wealth Management segment saw pretax adjusted operating earnings reach a new high of $822 million, while the Asset Management segment's pretax adjusted operating earnings increased 35% to $218 million.

Positive

• Adjusted operating EPS grew 17% to $8.72 excluding severance expenses
• Assets under management and administration increased 12% to $1.4 trillion
• Adjusted operating net revenues grew 9%
• Returned $693 million to shareholders through share repurchases and dividends
• Pretax adjusted operating margin of 26.8% and adjusted operating ROE of 48.9%
• Advice & Wealth Management segment reached new high of $822 million in pretax adjusted operating earnings
• Asset Management segment's pretax adjusted operating earnings increased 35% to $218 million

Negative

• GAAP net income per diluted share decreased from $8.21 to $8.02 year-over-year
• Total segment net outflows of $12.0 billion in Asset Management segment
• Corporate & Other segment pretax adjusted operating loss increased to $123 million

Insights

Financial Analyst

Ameriprise Financial's Q2 2024 results demonstrate robust financial performance and effective capital management. The company reported adjusted operating earnings per diluted share of $8.53, with a 17% growth to $8.72 excluding severance expenses. This indicates strong underlying business performance and operational efficiency.

Key highlights include:

• Assets under management and administration reached $1.4 trillion, up 12% year-over-year
• Adjusted operating net revenues increased 9%
• Pretax adjusted operating margin was 26.8%
• Adjusted operating return on equity was an impressive 48.9%
• $693 million returned to shareholders through share repurchases and dividends

The Advice & Wealth Management segment showed particularly strong results, with pretax adjusted operating earnings reaching a new high of $822 million and margins remaining above 31%. This segment's performance underscores Ameriprise's strength in wealth management services.

While the Asset Management segment faced some headwinds with net outflows, it still managed to grow adjusted operating net revenues by 5% and increase pretax adjusted operating earnings by 35%. This demonstrates the company's ability to manage expenses effectively and capitalize on market appreciation.

Overall, Ameriprise's Q2 results reflect a well-managed, diversified financial services company with strong fundamentals and effective capital allocation strategies. The company's ability to maintain high returns on equity and significant shareholder returns while investing in growth initiatives positions it well for future success in the competitive financial services landscape.

Market Research Analyst

Ameriprise's Q2 2024 results offer valuable insights into current market trends and consumer behavior in the financial services sector. The company's performance indicates several key market dynamics:

• Shift towards fee-based advisory accounts: Wrap flows improved to $7.5 billion, suggesting a return of client preferences to advisory products. This trend aligns with the broader industry shift towards fee-based models.
• Increased client engagement: Transactional activity increased by 19% across all product areas, indicating heightened client interest in portfolio adjustments and financial planning.
• Focus on yield-oriented products: Total client cash, including third-party money market funds and brokered CDs, increased by $12.2 billion year-over-year, reflecting clients' continued preference for yield in the current interest rate environment.
• Strong demand for structured variable annuities: Sales in the Retirement & Protection Solutions segment increased by 40%, primarily driven by structured variable annuities, aligning with industry trends.
• Advisor productivity growth: Adjusted operating net revenue per advisor reached $968,000 on a trailing 12-month basis, up 11%, indicating strong advisor performance and client engagement.

These trends suggest a market environment where clients are actively seeking professional financial advice, focusing on yield-generating products and showing increased interest in fee-based advisory services and structured products. Ameriprise's ability to capitalize on these trends demonstrates its strong market positioning and adaptability to changing consumer preferences in the financial services industry.

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

Earnings Per Diluted Share			Return on Equity, ex AOCI (1)
	Q2 2024			Q2 2024
GAAP	$8.02		GAAP	45.9%
Adjusted Operating	$8.53		Adjusted Operating	48.9%
Adjusted Operating, excluding severance expense	$8.72

Second quarter adjusted operating earnings per diluted share was $8.53. Adjusted operating EPS grew 17 percent to $8.72 excluding $0.19 of severance expense associated with the company’s initiatives to enhance operational efficiency and effectiveness.		Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
		“Ameriprise delivered another good quarter and a strong first half of the year.   Our financial results were excellent, reflecting robust revenue growth, ongoing expense discipline and effective capital management.   Client activity and flows into fee-based investment advisory accounts were up nicely as clients begin to put money back to work.   Ameriprise has a powerful and differentiated financial foundation. Our business generates significant free cash flow that we consistently invest in our capabilities, solutions, and people and return to shareholders. In the quarter, we committed $693 million to share repurchases and dividends, which is consistent with our plans, while still maintaining a strong excess capital position.   We’re positioned well as we move through the second half of the year, and I feel very good about our focus and how we’re executing. I’d highlight that Ameriprise celebrated our 130-year anniversary in June, joining a select number of firms with this legacy of success. It provided the opportunity for us to both reflect on our history of serving clients’ most important financial needs and our significant opportunity ahead.”
Second quarter GAAP net income per diluted share was $8.02 compared to $8.21 a year ago, primarily from market impacts on the valuation of derivatives and market risk benefits.
Assets under management and administration reached $1.4 trillion, up 12 percent from strong client net inflows and market appreciation.
Adjusted operating net revenues increased 9 percent from organic growth, strong equity markets and higher spread revenues.
General and administrative expenses were flat to a year ago demonstrating our continued focus on operational efficiency and effectiveness.
Pretax adjusted operating margin was 26.8 percent and adjusted operating return on equity was 48.9 percent.
The company returned $693 million of capital to shareholders in the quarter, demonstrating its balance sheet strength and strong free cash flow generation.

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

Ameriprise Financial, Inc.
Second Quarter Summary
		Quarter Ended June 30,								% Better/ (Worse)			Year-to-date June 30,								% Better/ (Worse)
(in millions, except per share amounts, unaudited)		2024				2023							2024				2023
GAAP net income		$	829			$	890			(7	)%		$	1,819			$	1,307			39	%
Adjusted operating earnings		$	882			$	807			9	%		$	1,760			$	1,605			10	%
GAAP net income per diluted share		$	8.02			$	8.21			(2	)%		$	17.49			$	11.97			46	%
Adjusted operating earnings per diluted share		$	8.53			$	7.44			15	%		$	16.92			$	14.70			15	%
GAAP Return on Equity, ex. AOCI			45.9	%			48.6	%						45.9	%			48.6	%
Adjusted Operating Return on Equity, ex. AOCI			48.9	%			50.9	%						48.9	%			50.9	%
GAAP Equity, ex. AOCI		$	6,986			$	6,429			9	%		$	6,986			$	6,429			9	%
Available Capital for Capital Adequacy (see reconciliation on p. 26)		$	5,245			$	5,011			5	%		$	5,245			$	5,011			5	%
Weighted average common shares outstanding:
Basic			101.6				106.4							102.2				107.1
Diluted			103.4				108.4							104.0				109.2

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

In addition, adjusted operating after-tax results included severance expense of $20 million in the second quarter of 2024 and $24 million in the first half of 2024. These actions were associated with the company’s initiatives to enhance operational efficiency and effectiveness that are expected to drive future profitability.

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
		Quarter Ended June 30,						% Better/ (Worse)
(in millions, unaudited)		2024			2023
Adjusted operating net revenues		$	2,644		$	2,343		13	%
Distribution expenses			1,403			1,196		(17	)%
Interest and debt expense			10			6		(67	)%
General and administrative expenses			409			410		—	%
Adjusted operating expenses			1,822			1,612		(13	)%
Pretax adjusted operating earnings		$	822		$	731		12	%
Pretax adjusted operating margin			31.1	%		31.2	%	(10) bps

		Quarter Ended June 30,					% Better/ (Worse)
(in billions, unless otherwise noted)			2024			2023
Total client assets		$	972		$	833	17	%
Total client net flows		$	6.6		$	9.4	(30	)%
Wrap net flows		$	7.5		$	5.6	34	%
AWM cash balances		$	40.6		$	42.0	(3	)%
Adjusted operating net revenue per advisor (TTM in thousands)		$	968		$	874	11	%

Advice & Wealth Management continued to demonstrate consistent profitable organic growth with pretax adjusted operating earnings reaching a new high of $822 million and margins remaining above 31 percent driven by strong core wealth management and banking performance.

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 11 percent growth in bank net investment income.

Adjusted operating expenses increased 13 percent to $1.8 billion compared to a year ago, with general and administrative expense very well managed and flat to a year ago at $409 million.

Clients and advisors remained engaged and focused on positioning portfolios to meet financial planning goals across market cycles.

• Total client assets grew 17 percent to $972 billion, with wrap assets up 18 percent to $535 billion.

• Wrap flows improved in the quarter to $7.5 billion or a 6 percent annualized flow rate, an early indication of client preferences returning to advisory products.

• Transactional activity increased 19 percent with strong growth across all product areas.

• Total client cash including third-party money market funds and brokered CDs was $81.9 billion, up $12.2 billion from a year ago, as clients remain heavily concentrated in yield-oriented products.

• Cash balances were $40.6 billion. Underlying cash sweep excluding normal seasonal tax payments and cash related to the recent partnership with Comerica transitioning into other products was stable and consistent with expectations.

• Adjusted operating net revenue per advisor on a trailing 12-month basis was $968,000, up 11 percent from enhanced productivity, business growth and market appreciation.

• Advisor headcount increased to 10,392, which reflects the addition of 52 experienced advisors in the quarter and continued strong advisor retention.

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
		Quarter Ended June 30,								% Better/ (Worse)
(in millions, unaudited)		2024				2023
Adjusted operating net revenues		$	848			$	808			5	%
Distribution expenses			244				233			(5	)%
Amortization of deferred acquisition costs			1				2			50	%
Interest and debt expense			1				1			—	%
General and administrative expenses			384				410			6	%
Adjusted operating expenses			630				646			2	%
Pretax adjusted operating earnings		$	218			$	162			35	%
Net pretax adjusted operating margin (1)			37.6		%		29.8		%
		Quarter Ended June 30,								% Better/ (Worse)
(in billions)		2024				2023
Total segment AUM		$	642			$	617			4	%
Net Flows
Global Retail net flows, ex. legacy insurance partners flows		$	(3.2	)		$	(4.7	)		32	%
Global Institutional net flows, ex. legacy insurance partners flows			0.3				0.8			(71	)%
Legacy insurance partners flows (2)			(9.1	)			(1.4	)		NM
Total segment net flows (2)		$	(12.0	)		$	(5.3	)		NM
Model delivery AUA Flows (3)		$	0.9			$	0.5			89	%
(1) See reconciliation on page 13.
(2) In Q2 2024, total segment net outflows were $4.0 billion and legacy insurance partner outflows were $1.1 billion, excluding the $8.0 billion previously announced asset transfer related to a legacy insurance partner.
(3) 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 5 percent to $848 million and pretax adjusted operating earnings increased 35 percent to $218 million. Financial results reflected equity market appreciation and the positive impact from expense management actions, which more than offset the cumulative impact of net outflows. Net pretax adjusted operating margin was 38 percent and above our targeted range, reflecting strong market appreciation and expense discipline.

Adjusted operating expenses decreased 2 percent, with general and administrative expenses down 6 percent from a year ago, reflecting the ongoing benefits from the company’s initiatives to enhance operational efficiency and effectiveness.

Total assets under management increased 4 percent to $642 billion as equity market appreciation more than offset net outflows. The underlying fee rate remained stable at 46 basis points.

Net outflows would have been $4.0 billion excluding an $8.0 billion previously announced asset transfer related to a legacy insurance partner, which was a $1.3 billion improvement from a year ago.

• Retail net outflows were $3.2 billion, representing a $1.5 billion improvement from the prior year from stronger gross sales globally and lower redemptions in the US.

• Global institutional inflows were $0.3 billion.

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
	Quarter Ended June 30,					% Better/ (Worse)
(in millions, unaudited)	2024			2023
Adjusted operating net revenues	$	928		$	858	8	%
Adjusted operating expenses		732			669	(9	)%
Pretax adjusted operating earnings	$	196		$	189	4	%

Retirement & Protection Solutions pretax adjusted operating earnings increased 4 percent to $196 million, reflecting the benefit of stronger interest earnings and higher equity markets partially offset by higher distribution expenses associated with continued strong 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 40 percent to $1.5 billion primarily from strong sales growth in structured variable annuities similar to the industry. Protection sales grew 21 percent to $93 million with the majority of sales in higher margin accumulation VUL products.

Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
	Quarter Ended June 30,							% Better/ (Worse)
(in millions, unaudited)	2024				2023
Corporate & Other, excluding Closed Blocks	$	(123	)		$	(56	)	NM
Closed Blocks (1)		4				(4	)	NM
Pretax adjusted operating earnings / (loss)	$	(119	)		$	(60	)	(98	)%
Long Term Care	$	12			$	1		NM
Fixed Annuities		(8	)			(5	)	(60	)%
Closed Blocks pretax adjusted operating earnings / (loss)	$	4			$	(4	)	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 $123 million, which included $25 million of severance expense, as well as $8 million of severance program expenses, both of which were associated with the company’s initiatives to enhance operational efficiency and effectiveness.

Long Term Care pretax adjusted operating earnings increased to $12 million from improved investment yields and claims performance.

Fixed Annuities pretax adjusted operating loss was consistent with expectations at $8 million.

Taxes

The operating effective tax rate was 21.0 percent. 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 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.

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

Non-GAAP Financial Measures

The company believes the presentation of adjusted operating measures, 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, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;

• other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets;

• statements estimating the financial impacts and future profitability arising from the company’s reengineering initiatives;

• 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 June 30, 2024.

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

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)			1 Qtr 2024				% Better/ (Worse)
Revenues
Management and financial advice fees		$	2,456			$	2,199			12	%		$	2,399			2	%
Distribution fees			505				482			5	%			506			—	%
Net investment income			921				811			14	%			901			2	%
Premiums, policy and contract charges			381				383			(1	)%			390			(2	)%
Other revenues			129				132			(2	)%			129			—	%
Total revenues			4,392				4,007			10	%			4,325			2	%
Banking and deposit interest expense			172				131			(31	)%			179			4	%
Total net revenues			4,220				3,876			9	%			4,146			2	%
Expenses
Distribution expenses			1,450				1,248			(16	)%			1,419			(2	)%
Interest credited to fixed accounts			185				161			(15	)%			132			(40	)%
Benefits, claims, losses and settlement expenses			331				327			(1	)%			295			(12	)%
Remeasurement (gains) losses of future policy benefit reserves			(8	)			—			—	%			(4	)		NM
Change in fair value of market risk benefits			110				(99	)		NM				(18	)		NM
Amortization of deferred acquisition costs			61				61			—	%			61			—	%
Interest and debt expense			83				84			1	%			82			(1	)%
General and administrative expense			957				967			1	%			960			—	%
Total expenses			3,169				2,749			(15	)%			2,927			(8	)%
Pretax income			1,051				1,127			(7	)%			1,219			(14	)%
Income tax provision			222				237			(6	)%			229			(3	)%
Net income		$	829			$	890			(7	)%		$	990			(16	)%
Earnings per share
Basic earnings per share		$	8.16			$	8.36						$	9.63
Earnings per diluted share		$	8.02			$	8.21						$	9.46
Weighted average common shares outstanding
Basic			101.6				106.4							102.8
Diluted			103.4				108.4							104.6
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)			1 Qtr 2024				% Better/ (Worse)
Assets Under Management and Administration
Advice & Wealth Management AUM		$	531,268			$	451,249			18	%		$	518,080			3	%
Asset Management AUM			641,880				616,598			4	%			652,077			(2	)%
Corporate AUM			490				297			65	%			429			14	%
Eliminations			(44,136	)			(39,308	)		(12	)%			(43,181	)		(2	)%
Total Assets Under Management			1,129,502				1,028,836			10	%			1,127,405			—	%
Total Assets Under Administration			298,468				247,952			20	%			297,457			—	%
Total AUM and AUA		$	1,427,970			$	1,276,788			12	%		$	1,424,862			—	%
S&P 500
Daily average			5,253				4,207			25	%			4,996			5	%
Period end			5,460				4,450			23	%			5,254			4	%
Weighted Equity Index (WEI) (1)
Daily average			3,358				2,769			21	%			3,218			4	%
Period end			3,456				2,900			19	%			3,379			2	%
Common shares
Beginning balance			99.6				104.4			(5	)%			100.2			(1	)%
Repurchases			(1.3	)			(1.6	)		19	%			(1.2	)		(8	)%
Issuances			0.1				—			—	%			1.2			(92	)%
Other			—				—			—	%			(0.6	)		NM
Total common shares outstanding			98.4				102.8			(4	)%			99.6			(1	)%
Restricted stock units			2.6				2.7			(4	)%			2.6			—	%
Total basic common shares outstanding			101.0				105.5			(4	)%			102.2			(1	)%
Total potentially dilutive shares			1.8				2.1			(14	)%			1.8			—	%
Total diluted shares			102.8				107.6			(4	)%			104.0			(1	)%
Capital Returned to Shareholders
Dividends paid		$	151			$	146			3	%		$	143			6	%
Common stock share repurchases			542				492			10	%			507			7	%
Total Capital Returned to Shareholders		$	693			$	638			9	%		$	650			7	%
(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)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)			1 Qtr 2024				% Better/ (Worse)
Revenues
Management and financial advice fees:
Advisory fees		$	1,361			$	1,154			18	%		$	1,303			4	%
Financial planning fees			110				104			6	%			112			(2	)%
Transaction and other fees			100				96			4	%			94			6	%
Total management and financial advice fees			1,571				1,354			16	%			1,509			4	%
Distribution fees:
Mutual funds			199				179			11	%			196			2	%
Insurance and annuity			260				222			17	%			247			5	%
Off-Balance sheet brokerage cash			40				84			(52	)%			50			(20	)%
Other products			109				84			30	%			105			4	%
Total distribution fees			608				569			7	%			598			2	%
Net investment income			560				483			16	%			560			—	%
Other revenues			77				68			13	%			72			7	%
Total revenues			2,816				2,474			14	%			2,739			3	%
Banking and deposit interest expense			172				131			(31	)%			179			4	%
Adjusted operating total net revenues			2,644				2,343			13	%			2,560			3	%
Expenses
Distribution expenses			1,403				1,196			(17	)%			1,369			(2	)%
Interest and debt expense			10				6			(67	)%			9			(11	)%
General and administrative expense			409				410			—	%			420			3	%
Adjusted operating expenses			1,822				1,612			(13	)%			1,798			(1	)%
Pretax adjusted operating earnings		$	822			$	731			12	%		$	762			8	%
Pretax adjusted operating margin			31.1	%			31.2	%						29.8	%

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)			1 Qtr 2024				% Better/ (Worse)
AWM Total Client Assets		$	972,135			$	833,347			17	%		$	953,769			2	%
Total Client Flows		$	6,604			$	9,408			(30	)%		$	8,501			(22	)%
Total Wrap Accounts
Beginning assets		$	521,722			$	434,674			20	%		$	488,200			7	%
Net flows			7,521				5,610			34	%			6,518			15	%
Market appreciation (depreciation) and other			5,747				14,405			(60	)%			27,004			(79	)%
Total wrap ending assets		$	534,990			$	454,689			18	%		$	521,722			3	%
Advisory wrap account assets ending balance (1)		$	529,642			$	449,857			18	%		$	516,469			3	%
Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer		$	2,279			$	2,605			(13	)%		$	2,477			(8	)%
On-balance sheet - bank			21,466				20,933			3	%			21,329			1	%
On-balance sheet - certificate			12,526				12,069			4	%			13,211			(5	)%
Total on-balance sheet		$	36,271			$	35,607			2	%		$	37,017			(2	)%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer		$	4,359			$	6,413			(32	)%		$	6,242			(30	)%
Total brokerage cash & certificates balances		$	40,630			$	42,020			(3	)%		$	43,259			(6	)%
Gross Fee Yield
On-balance sheet - broker dealer			5.34	%			4.72	%						5.12	%
On-balance sheet - bank			5.15	%			4.76	%						5.06	%
On-balance sheet - certificates			5.66	%			5.20	%						5.69	%
Off-balance sheet - broker dealer			3.08	%			4.14	%						2.95	%
Financial Advisors
Employee advisors			2,236				2,108			6	%			2,227			—	%
Franchisee advisors			8,156				8,166			—	%			8,137			—	%
Total financial advisors			10,392				10,274			1	%			10,364			—	%
Advisor Retention
Employee			93.2	%			92.0	%						92.8	%
Franchisee			92.6	%			93.0	%						92.3	%
(1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)		2 Qtr 2024					2 Qtr 2023					% Better/ (Worse)			1 Qtr 2024					% Better/ (Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail		$	522				$	490				7	%		$	530				(2	)%
Institutional			161					157				3	%			159				1	%
Transaction and other fees			52					48				8	%			50				4	%
Revenue from other sources (1)			3					4				(25	)%			3				—	%
Total management and financial advice fees			738					699				6	%			742				(1	)%
Distribution fees:
Mutual funds			56					51				10	%			56				—	%
Insurance and annuity			40					39				3	%			39				3	%
Total distribution fees			96					90				7	%			95				1	%
Net investment income			12					10				20	%			11				9	%
Other revenues			2					9				(78	)%			7				(71	)%
Total revenues			848					808				5	%			855				(1	)%
Banking and deposit interest expense			—					—				—	%			—				—	%
Adjusted operating total net revenues			848					808				5	%			855				(1	)%
Expenses
Distribution expenses			244					233				(5	)%			242				(1	)%
Amortization of deferred acquisition costs			1					2				50	%			2				50	%
Interest and debt expense			1					1				—	%			2				50	%
General and administrative expense			384					410				6	%			403				5	%
Adjusted operating expenses			630					646				2	%			649				3	%
Pretax adjusted operating earnings		$	218				$	162				35	%		$	206				6	%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues		$	848				$	808				5	%		$	855				(1	)%
Distribution pass through revenues			(192	)				(183	)			(5	)%			(192	)			—	%
Subadvisory and other pass through revenues			(98	)				(95	)			(3	)%			(96	)			(2	)%
Net adjusted operating revenues		$	558				$	530				5	%		$	567				(2	)%
Pretax adjusted operating earnings		$	218				$	162				35	%		$	206				6	%
Adjusted operating net investment income			(12	)				(10	)			(20	)%			(11	)			(9	)%
Amortization of intangibles			4					6				(33	)%			3				33	%
Net adjusted operating earnings		$	210				$	158				33	%		$	198				6	%
Pretax adjusted operating margin			25.7		%			20.0		%						24.1		%
Net pretax adjusted operating margin (2)			37.6		%			29.8		%						34.9		%
Performance fees (3)
Performance fees		$	2				$	1				NM			$	17				(88	)%
General and administrative expense related to performance fees			1					1				—	%			11				91	%
Net performance fees		$	1				$	—				—	%		$	6				(83	)%
(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)		2 Qtr 2024					2 Qtr 2023					% Better/ (Worse)			1 Qtr 2024					% Better/ (Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets		$	349,567				$	321,391				9	%		$	334,860				4	%
Inflows			12,536					11,547				9	%			14,047				(11	)%
Outflows			(18,658	)				(16,323	)			(14	)%			(16,308	)			(14	)%
Net VP/VIT fund flows			(1,607	)				(1,270	)			(27	)%			(1,560	)			(3	)%
Net new flows			(7,729	)				(6,046	)			(28	)%			(3,821	)			NM
Reinvested dividends			1,758					1,265				39	%			1,010				74	%
Net flows			(5,971	)				(4,781	)			(25	)%			(2,811	)			NM
Distributions			(2,099	)				(1,544	)			(36	)%			(1,206	)			(74	)%
Market appreciation (depreciation) and other			5,889					9,885				(40	)%			19,407				(70	)%
Foreign currency translation (1)			74					2,469				(97	)%			(683	)			NM
Total ending assets			347,460					327,420				6	%			349,567				(1	)%
% of total retail assets sub-advised			16.0		%			15.9		%						15.6		%
Global Institutional
Beginning assets			302,510					286,288				6	%			302,076				—	%
Inflows (2)			10,273					11,708				(12	)%			9,352				10	%
Outflows (2)			(16,360	)				(12,180	)			(34	)%			(12,219	)			(34	)%
Net flows			(6,087	)				(472	)			NM				(2,867	)			NM
Market appreciation (depreciation) and other (3)(4)			(2,117	)				(1,852	)			(14	)%			4,786				NM
Foreign currency translation (1)			114					5,214				(98	)%			(1,485	)			NM
Total ending assets			294,420					289,178				2	%			302,510				(3	)%
Total managed assets		$	641,880				$	616,598				4	%		$	652,077				(2	)%
Total net flows		$	(12,058	)			$	(5,253	)			NM			$	(5,678	)			NM
Legacy insurance partners flows		$	(9,104	)			$	(1,377	)			NM			$	(779	)			NM
Total Assets Under Advisement (5)		$	31,980				$	25,282				26	%		$	28,669				12	%
Model delivery AUA flows (6)		$	923				$	488				89	%		$	243				NM
(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) Q2 2024 Market depreciation primarily reflects the impact of rising UK gilt yields on the Liability Driven Investing portfolio.
(5) Assets are presented on a one-quarter lag.
(6) Estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)		2 Qtr 2024			2 Qtr 2023			% Better/ (Worse)			1 Qtr 2024			% Better/ (Worse)
Total Managed Assets by Type
Equity		$	340,206		$	316,092		8	%		$	341,406		—	%
Fixed income			226,655			225,520		1	%			236,588		(4	)%
Money market			22,759			22,439		1	%			22,164		3	%
Alternative			33,187			35,088		(5	)%			33,002		1	%
Hybrid and other			19,073			17,459		9	%			18,917		1	%
Total managed assets by type		$	641,880		$	616,598		4	%		$	652,077		(2	)%
Average Managed Assets by Type (1)
Equity		$	336,469		$	309,576		9	%		$	330,281		2	%
Fixed income			228,662			223,766		2	%			235,529		(3	)%
Money market			22,540			22,945		(2	)%			22,607		—	%
Alternative			33,014			34,888		(5	)%			33,237		(1	)%
Hybrid and other			18,759			17,152		9	%			18,476		2	%
Total average managed assets by type		$	639,444		$	608,327		5	%		$	640,130		—	%
(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
	2 Qtr 2024
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted	1 year		3 year		5 year		10 year
Equity	60	%	69	%	78	%	90	%
Fixed Income	74	%	66	%	81	%	90	%
Asset Allocation	89	%	60	%	87	%	90	%
4- or 5-star Morningstar rated funds	Overall		3 year		5 year		10 year
Number of Rated Funds	114		71		84		102
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 06/30/24. Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 4 received a 5-star Overall Rating and 40 received a 4-star Overall Rating. Out of 139 Threadneedle funds rated (based on highest-rated share class), 20 received a 5-star Overall Rating and 50 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)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)			1 Qtr 2024				% Better/ (Worse)
Revenues
Management and financial advice fees		$	189			$	185			2	%		$	189			—	%
Distribution fees			104				100			4	%			104			—	%
Net investment income			266				203			31	%			243			9	%
Premiums, policy and contract charges			367				368			—	%			374			(2	)%
Other revenues			2				2			—	%			2			—	%
Total revenues			928				858			8	%			912			2	%
Banking and deposit interest expense			—				—			—	%			—			—	%
Adjusted operating total net revenues			928				858			8	%			912			2	%
Expenses
Distribution expenses			129				120			(8	)%			124			(4	)%
Interest credited to fixed accounts			93				94			1	%			91			(2	)%
Benefits, claims, losses and settlement expenses			226				188			(20	)%			224			(1	)%
Remeasurement (gains) losses of future policy benefit reserves			(5	)			(4	)		25	%			(2	)		NM
Change in fair value of market risk benefits			142				123			(15	)%			129			(10	)%
Amortization of deferred acquisition costs			57				57			—	%			57			—	%
Interest and debt expense			12				12			—	%			12			—	%
General and administrative expense			78				79			1	%			78			—	%
Adjusted operating expenses			732				669			(9	)%			713			(3	)%
Pretax adjusted operating earnings		$	196			$	189			4	%		$	199			(2	)%
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)			1 Qtr 2024				% Better/ (Worse)
Variable Annuities Rollforwards
Beginning balance		$	84,042			$	76,809			9	%		$	80,754			4	%
Deposits			1,364				940			45	%			1,158			18	%
Withdrawals and terminations			(2,127	)			(1,712	)		(24	)%			(2,067	)		(3	)%
Net flows			(763	)			(772	)		1	%			(909	)		16	%
Investment performance and interest credited			1,255				2,512			(50	)%			4,197			(70	)%
Total ending balance - contract accumulation values		$	84,534			$	78,549			8	%		$	84,042			1	%
Variable annuities fixed sub-accounts		$	3,935			$	4,524			(13	)%		$	4,067			(3	)%
Life Insurance In Force		$	198,340			$	198,686			—	%		$	198,550			—	%
Net Amount at Risk (Life)		$	38,203			$	37,708			1	%		$	38,240			—	%
Net Policyholder Reserves
VUL/UL		$	15,475			$	14,170			9	%		$	15,305			1	%
Term and whole life			174				188			(7	)%			180			(3	)%
Disability insurance			505				539			(6	)%			521			(3	)%
Other insurance			524				548			(4	)%			528			(1	)%
Total net policyholder reserves		$	16,678			$	15,445			8	%		$	16,534			1	%
DAC Ending Balances
Variable Annuities DAC		$	1,692			$	1,722			(2	)%		$	1,697			—	%
Life and Health DAC		$	956			$	964			(1	)%		$	957			—	%

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)			1 Qtr 2024				% Better/ (Worse)
Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees		$	—			$	—			—	%		$	—			—	%
Distribution fees			—				—			—	%			—			—	%
Net investment income			(9	)			24			NM				—			—	%
Premiums, policy and contract charges			—				—			—	%			—			—	%
Other revenues			3				—			—	%			1			NM
Total revenues			(6	)			24			NM				1			NM
Banking and deposit interest expense			7				3			NM				8			13	%
Adjusted operating total net revenues			(13	)			21			NM				(7	)		(86	)%
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			24				27			11	%			23			(4	)%
General and administrative expense			86				50			(72	)%			69			(25	)%
Adjusted operating expenses			110				77			(43	)%			92			(20	)%
Pretax adjusted operating earnings (loss)		$	(123	)		$	(56	)		NM			$	(99	)		(24	)%
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)			1 Qtr 2024				% Better/ (Worse)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees		$	—			$	—			—	%		$	—			—	%
Distribution fees			—				—			—	%			—			—	%
Net investment income			48				44			9	%			49			(2	)%
Premiums, policy and contract charges			22				23			(4	)%			23			(4	)%
Other revenues			—				—			—	%			—			—	%
Total revenues			70				67			4	%			72			(3	)%
Banking and deposit interest expense			—				—			—	%			—			—	%
Adjusted operating total net revenues			70				67			4	%			72			(3	)%
Expenses
Distribution expenses			(2	)			(2	)		—	%			(3	)		(33	)%
Interest credited to fixed accounts			—				—			—	%			—			—	%
Benefits, claims, losses and settlement expenses			56				58			3	%			53			(6	)%
Remeasurement (gains) losses of future policy benefit reserves			(3	)			4			NM				(2	)		50	%
Change in fair value of market risk benefits			—				—			—	%			—			—	%
Amortization of deferred acquisition costs			—				—			—	%			—			—	%
Interest and debt expense			1				1			—	%			2			50	%
General and administrative expense			6				5			(20	)%			6			—	%
Adjusted operating expenses			58				66			12	%			56			(4	)%
Pretax adjusted operating earnings (loss)		$	12			$	1			NM			$	16			(25	)%
Long Term Care Policyholder Reserves, net of reinsurance		$	2,557			$	2,616			(2	)%		$	2,615			(2	)%
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)		1 Qtr 2024				% Better/ (Worse)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees		$	—			$	—			—	%	$	—			—	%
Distribution fees			—				—			—	%		—			—	%
Net investment income			8				8			—	%		9			(11	)%
Premiums, policy and contract charges			1				—			—	%		—			—	%
Other revenues			45				52			(13	)%		47			(4	)%
Total revenues			54				60			(10	)%		56			(4	)%
Banking and deposit interest expense			—				—			—	%		—			—	%
Adjusted operating total net revenues			54				60			(10	)%		56			(4	)%
Expenses
Distribution expenses			—				—			—	%		1			NM
Interest credited to fixed accounts			54				57			5	%		55			2	%
Benefits, claims, losses and settlement expenses			1				—			—	%		—			—	%
Remeasurement (gains) losses of future policy benefit reserves			—				—			—	%		—			—	%
Change in fair value of market risk benefits			—				—			—	%		—			—	%
Amortization of deferred acquisition costs			3				2			(50	)%		2			(50	)%
Interest and debt expense			1				1			—	%		—			—	%
General and administrative expense			3				5			40	%		4			25	%
Adjusted operating expenses			62				65			5	%		62			—	%
Pretax adjusted operating earnings (loss)		$	(8	)		$	(5	)		(60	)%	$	(6	)		(33	)%
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Eliminations (1) Adjusted Operating Results
(in millions, unaudited)		2 Qtr 2024				2 Qtr 2023				% Better/ (Worse)			1 Qtr 2024				% Better/ (Worse)
Revenues
Management and financial advice fees		$	(41	)		$	(37	)		(11	)%		$	(39	)		(5	)%
Distribution fees			(303	)			(277	)		(9	)%			(291	)		(4	)%
Net investment income			(15	)			(12	)		(25	)%			(17	)		12	%
Premiums, policy and contract charges			(8	)			(8	)		—	%			(9	)		11	%
Other revenues			—				—			—	%			—			—	%
Total revenues			(367	)			(334	)		(10	)%			(356	)		(3	)%
Banking and deposit interest expense			(7	)			(3	)		NM				(8	)		(13	)%
Adjusted operating total net revenues			(360	)			(331	)		(9	)%			(348	)		(3	)%
Expenses
Distribution expenses			(324	)			(299	)		8	%			(314	)		3	%
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			(9	)			(9	)		—	%			(8	)		13	%
General and administrative expense			(22	)			(18	)		22	%			(21	)		5	%
Adjusted operating expenses			(360	)			(331	)		9	%			(348	)		3	%
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)		June 30, 2024					June 30, 2023					March 31, 2024
Long-term Debt Summary
Senior notes		$	3,400				$	3,550				$	3,400
Finance lease liabilities			15					23					17
Other (1)			(19	)				(16	)				(19	)
Total Ameriprise Financial long-term debt			3,396					3,557					3,398
Non-recourse debt of consolidated investment entities			2,386					2,264					2,119
Total long-term debt		$	5,782				$	5,821				$	5,517
Total Ameriprise Financial long-term debt		$	3,396				$	3,557				$	3,398
Finance lease liabilities			(15	)				(23	)				(17	)
Other (1)			19					16					19
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other		$	3,400				$	3,550				$	3,400
Total equity (2)		$	4,993				$	4,080				$	4,879
Equity of consolidated investment entities			(1	)				(10	)				(1	)
Total equity excluding CIEs		$	4,992				$	4,070				$	4,878
Total Ameriprise Financial capital		$	8,389				$	7,637				$	8,277
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs		$	8,392				$	7,620				$	8,278
Debt to capital
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital			40.5		%			46.6		%			41.1		%
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)			40.5		%			46.6		%			41.1		%
Available Capital for Capital Adequacy		$	5,245				$	5,011				$	5,135
(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)		June 30, 2024				December 31, 2023
Assets
Cash and cash equivalents		$	7,517			$	7,477
Cash of consolidated investment entities			351				87
Investments			55,865				55,489
Investments of consolidated investment entities			2,275				2,099
Market risk benefits			2,082				1,427
Separate account assets			79,098				77,457
Receivables			14,823				15,078
Receivables of consolidated investment entities			30				28
Deferred acquisition costs			2,694				2,713
Restricted and segregated cash and investments			1,373				1,635
Other assets			13,592				11,700
Other assets of consolidated investment entities			—				1
Total Assets		$	179,700			$	175,191
Liabilities
Policyholder account balances, future policy benefits and claims		$	39,742			$	37,545
Market risk benefits			1,252				1,762
Separate account liabilities			79,098				77,457
Customer deposits			36,237				37,321
Short-term borrowings			201				201
Long-term debt			3,396				3,399
Debt of consolidated investment entities			2,386				2,155
Accounts payable and accrued expenses			2,386				2,603
Other liabilities			9,768				7,974
Other liabilities of consolidated investment entities			241				45
Total Liabilities			174,707				170,462
Equity
Ameriprise Financial
Common shares ($.01 par)			3				3
Additional paid-in capital			9,987				9,824
Retained earnings			23,430				21,905
Treasury stock			(26,434	)			(25,237	)
Accumulated other comprehensive income, net of tax			(1,993	)			(1,766	)
Total Equity			4,993				4,729
Total Liabilities and Equity		$	179,700			$	175,191
Supplemental Non-GAAP Information:
Available Capital for Capital Adequacy		$	5,245			$	5,418

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
		Quarter Ended June 30,								% Better/ (Worse)			Per Diluted Share Quarter Ended June 30,								% Better/ (Worse)
(in millions, except per share amounts, unaudited)		2024				2023							2024				2023
Net income		$	829			$	890			(7	)%		$	8.02			$	8.21			(2	)%
Adjustments:
Net realized investment gains (losses) (1)			(3	)			3							(0.03	)			0.03
Market impact on non-traditional long-duration products (1)			(60	)			127							(0.58	)			1.17
Integration/restructuring charges (1)			—				(25	)						—				(0.23	)
Net income (loss) attributable to consolidated investment entities			(3	)			—							(0.03	)			—
Tax effect of adjustments (2)			13				(22	)						0.13				(0.20	)
Adjusted operating earnings		$	882			$	807			9	%		$	8.53			$	7.44			15	%
Pretax impact of severance expense			(25	)			(1	)						(0.24	)			(0.01	)
Tax effect of severance expense			5				—							0.05				—
Adjusted operating earnings excluding severance expense		$	902			$	808			12	%		$	8.72			$	7.45			17	%
Weighted average common shares outstanding:
Basic			101.6				106.4
Diluted			103.4				108.4
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
		Year-to-date June 30,								Per Diluted Share Year-to-date June 30,								% Better/ (Worse)
(in millions, except per share amounts, unaudited)		2024				2023				2024				2023
Net income		$	1,819			$	1,307			$	17.49			$	11.97			46	%
Adjustments:
Net realized investment gains (losses) (1)			(3	)			6				(0.03	)			0.05
Market impact on non-traditional long-duration products (1)			80				(348	)			0.77				(3.19	)
Integration/restructuring charges (1)			—				(35	)			—				(0.32	)
Net income (loss) attributable to consolidated investment entities			(2	)			—				(0.02	)			—
Tax effect of adjustments (2)			(16	)			79				(0.15	)			0.73
Adjusted operating earnings		$	1,760			$	1,605			$	16.92			$	14.70			15	%
Weighted average common shares outstanding:
Basic			102.2				107.1
Diluted			104.0				109.2
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.

Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings
		Quarter Ended June 30,
(in millions, unaudited)		2024				2023
Total net revenues		$	4,220			$	3,876
Adjustments:
Net realized investment gains (losses)			(3	)			3
Market impact on non-traditional long-duration products			(1	)			1
CIEs revenue			53				46
Adjusted operating total net revenues		$	4,171			$	3,826
Total expenses		$	3,169			$	2,749
Adjustments:
CIEs expenses			56				46
Integration/restructuring charges			—				25
Market impact on non-traditional long-duration products			59				(126	)
Adjusted operating expenses		$	3,054			$	2,804
Pretax income		$	1,051			$	1,127
Pretax adjusted operating earnings		$	1,117			$	1,022
Pretax income margin			24.9		%		29.1		%
Pretax adjusted operating margin			26.8		%		26.7		%

Ameriprise Financial, Inc.
Reconciliation Table: Available Capital for Capital Adequacy
(in millions, unaudited)		June 30, 2024				June 30, 2023				March 31, 2024
Ameriprise Financial GAAP Equity		$	4,993			$	4,080			$	4,879
Less: AOCI			(1,993	)			(2,349	)			(1,930	)
Ameriprise Financial GAAP Equity, excl AOCI			6,986				6,429				6,809
Less: RiverSource Life Insurance Co. GAAP Equity, excluding AOCI			2,012				1,855				2,017
Add: RiverSource Life Insurance Co. statutory total adjusted capital			2,598				2,653				2,637
Less: Goodwill and intangibles			2,595				2,525				2,603
Add: Other adjustments			268				309				309
Available Capital for Capital Adequacy		$	5,245			$	5,011			$	5,135

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
		Quarter Ended June 30, 2023
(in millions, unaudited)		GAAP				Adjusted Operating
Pretax income		$	1,127			$	1,022
Income tax provision		$	237			$	215
Effective tax rate			21.1	%			21.0	%

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
		Quarter Ended June 30, 2024
(in millions, unaudited)		GAAP				Adjusted Operating
Pretax income		$	1,051			$	1,117
Income tax provision		$	222			$	235
Effective tax rate			21.1	%			21.0	%

Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI”
		Twelve Months Ended June 30,
(in millions, unaudited)		2024				2023
Net income		$	3,068			$	3,017
Less: Adjustments (1)			(198	)			(143	)
Adjusted operating earnings		$	3,266			$	3,160
Total Ameriprise Financial, Inc. shareholders’ equity		$	4,501			$	3,943
Less: Accumulated other comprehensive income, net of tax			(2,176	)			(2,259	)
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI			6,677				6,202
Less: Equity impacts attributable to the consolidated investment entities			(4	)			(2	)
Adjusted operating equity		$	6,681			$	6,204
Return on equity excluding AOCI			45.9		%		48.6		%
Adjusted operating return on equity excluding AOCI (2)			48.9		%		50.9		%
(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/20240724321975/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:

John Brine

Ameriprise Financial, Inc.

(212) 437-8655 

john.brine@ampf.com

Source: Ameriprise Financial, Inc.

FAQ

What was Ameriprise Financial's (AMP) adjusted operating EPS in Q2 2024?

Ameriprise Financial's adjusted operating earnings per diluted share was $8.53 in Q2 2024, and $8.72 excluding severance expenses.

How much capital did Ameriprise Financial (AMP) return to shareholders in Q2 2024?

Ameriprise Financial returned $693 million to shareholders through share repurchases and dividends in Q2 2024.

What was Ameriprise Financial's (AMP) assets under management and administration in Q2 2024?

Ameriprise Financial's assets under management and administration reached $1.4 trillion in Q2 2024, up 12% from the previous year.

How did Ameriprise Financial's (AMP) Advice & Wealth Management segment perform in Q2 2024?

Ameriprise Financial's Advice & Wealth Management segment reached a new high of $822 million in pretax adjusted operating earnings in Q2 2024.