![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ameriprise Financial Inc | NYSE:AMP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 441.67 | 0 | 09:00:00 |
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%
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.”
(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.
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.
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:
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
1 Year Ameriprise Financial Chart |
1 Month Ameriprise Financial Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions