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| 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 | |
|---|---|---|---|---|---|---|---|---|
| -5.95 | -1.19% | 493.08 | 497.1916 | 489.63 | 496.90 | 436,169 | 00:00:00 |
From Sep 2024 to Mar 2025
Ameriprise Financial, Inc. (NYSE: AMP):
Earnings Per Diluted Share
Return on Equity, ex AOCI (1)
Q3 2024
Q3 2024
GAAP
$
5.00
GAAP
40.1
%
Adjusted Operating
$
8.10
Adjusted Operating
49.6
%
Adjusted Operating, excluding unlocking and severance expense
$
9.02
Adjusted Operating, excluding unlocking
50.7
%
Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
“Ameriprise delivered another very good quarter further demonstrating the strength of our client and advisor value propositions, complementary businesses, and strategic focus.
"We’re generating strong revenue and earnings growth across our business. With the positive market environment and our planning expertise, clients are investing more broadly. Flows into fee-based investment advisory accounts increased significantly, transactional activity remained strong and advisor productivity reached another new high.
"Across the firm, we continue to drive operating efficiencies while investing for growth. Our financial strength and free cash flow generation remain key differentiators and provide flexibility as we navigate market cycles and consistently generate strong results and return capital to shareholders.”
(1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.
(2) Excludes unlocking and severance.
(3) Excludes unlocking. Unlocking impacts reflect the company’s annual review of insurance and annuity valuation assumptions and model changes.
Ameriprise Financial, Inc.
Third Quarter Summary
Quarter Ended
September 30,
% Better/ (Worse)
Year-to-date
September 30,
% Better/ (Worse)
(in millions, except per share amounts, unaudited)
2024
2023
2024
2023
GAAP net income
$
511
$
872
(41
)%
$
2,330
$
2,179
7
%
Adjusted operating earnings
$
828
$
745
11
%
$
2,588
$
2,350
10
%
Adjusted operating earnings excluding unlocking (see reconciliation on p. 24 & 25)
$
902
$
823
10
%
$
2,662
$
2,428
10
%
Adjusted operating earnings excluding unlocking and severance expense (see reconciliation on p. 24 & 25)
$
921
$
829
11
%
$
2,705
$
2,434
11
%
GAAP net income per diluted share
$
5.00
$
8.14
(39
)%
$
22.53
$
20.08
12
%
Adjusted operating earnings per diluted share
$
8.10
$
6.96
16
%
$
25.03
$
21.66
16
%
Adjusted operating earnings per diluted share excluding unlocking (see reconciliation on p. 24 & 25)
$
8.83
$
7.68
15
%
$
25.74
$
22.38
15
%
Adjusted operating earnings per diluted share excluding unlocking and severance expense (see reconciliation on p. 24 & 25)
$
9.02
$
7.74
17
%
$
26.15
$
22.43
17
%
GAAP Return on Equity, ex. AOCI
40.1
%
44.4
%
40.1
%
44.4
%
Adjusted Operating Return on Equity, ex. AOCI
49.6
%
48.4
%
49.6
%
48.4
%
Adjusted Operating Return on Equity, ex. AOCI and unlocking (see reconciliation on p. 29)
50.7
%
49.6
%
50.7
%
49.6
%
GAAP Equity, ex. AOCI
$
6,816
$
6,665
2
%
$
6,816
$
6,665
2
%
Available Capital for Capital Adequacy (see reconciliation on p. 27)
$
5,523
$
5,247
5
%
$
5,523
$
5,247
5
%
Weighted average common shares outstanding:
Basic
100.4
104.9
101.6
106.4
Diluted
102.2
107.1
103.4
108.5
Third 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.
The company completed its annual actuarial assumption update in the quarter, which resulted in an unfavorable after-tax impact of $74 million or $0.73 per share. This was primarily related to updated persistency assumptions for variable annuities.
In addition, adjusted operating after-tax results included severance expenses of $19 million in the third quarter of 2024 and $43 million on a year-to-date basis. Severance was related to the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.
Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
Quarter Ended September 30,
% Better/ (Worse)
(in millions, unaudited)
2024
2023
Adjusted operating net revenues
$
2,742
$
2,407
14
%
Distribution expenses
1,488
1,253
(19
)%
Interest and debt expense
9
6
(50
)%
General and administrative expenses
419
419
—
%
Adjusted operating expenses
1,916
1,678
(14
)%
Pretax adjusted operating earnings
$
826
$
729
13
%
Pretax adjusted operating margin
30.1
%
30.3
%
(20) bps
Quarter Ended September 30,
% Better/ (Worse)
(in billions, unless otherwise noted)
2024
2023
Total client assets
$
1,024
$
816
26
%
Total client net flows
$
8.6
$
8.9
(3
)%
Wrap net flows
$
8.0
$
5.4
48
%
AWM cash balances
$
40.1
$
40.5
(1
)%
Adjusted operating net revenue per advisor (TTM in thousands)
$
997
$
901
11
%
Advice & Wealth Management continued to demonstrate profitable organic growth with record high pretax adjusted operating earnings of $826 million and margins exceeded 30 percent driven by core business growth, as well as higher sustainable net investment income at the bank.
Adjusted operating net revenues increased 14 percent to $2.7 billion from growth in client assets, increased transactional activity and 6 percent growth in net investment income at the bank.
Adjusted operating expenses increased 14 percent to $1.9 billion compared to a year ago. General and administrative expenses were unchanged at $419 million. Excluding the $20 million regulatory accrual a year ago, general and administrative expenses grew 5 percent, primarily from volume-related expenses due to business growth.
Clients and advisors remained engaged and focused on positioning portfolios to meet financial planning goals across market cycles.
Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
Quarter Ended September 30,
% Better/ (Worse)
(in millions, unaudited)
2024
2023
Adjusted operating net revenues
$
882
$
826
7
%
Distribution expenses
250
234
(7
)%
Amortization of deferred acquisition costs
2
1
NM
Interest and debt expense
2
2
—
%
General and administrative expenses
383
390
2
%
Adjusted operating expenses
637
627
(2
)%
Pretax adjusted operating earnings
$
245
$
199
23
%
Net pretax adjusted operating margin (1)
40.9
%
35.7
%
Quarter Ended September 30,
% Better/ (Worse)
(in billions)
2024
2023
Total segment AUM
$
672
$
587
14
%
Net Flows
Global Retail net AUM flows, ex. legacy insurance partners
$
(2.7
)
$
(3.8
)
29
%
Model delivery AUA flows (2)
1.2
0.2
NM
Total retail net AUM flows and model delivery AUA flows (2)
(1.5
)
(3.6
)
58
%
Global Institutional net AUM flows, ex. legacy insurance partners
—
0.5
NM
Legacy insurance partners AUM flows
(0.9
)
(0.9
)
—
%
Total Net AUM and AUA flows (2)
$
(2.4
)
$
(4.0
)
40
%
(1) See reconciliation on page 13.
(2) Model Delivery Assets Under Advisement flows are 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 $882 million and pretax adjusted operating earnings increased 23 percent to $245 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 41 percent and above the company’s targeted range.
Adjusted operating expenses increased 2 percent. General and administrative expenses improved 2 percent from a year ago, reflecting initial benefits from the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.
Total assets under management increased 14 percent to $672 billion. The underlying fee rate remained stable.
Total net outflows improved 40 percent to $2.4 billion and included $0.9 billion of outflows related to legacy insurance partners. Retail and model delivery net outflows were $1.5 billion, representing a $2.1 billion improvement from the prior year from stronger gross sales in both North America and EMEA, as well as strong model delivery net inflows.
Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
Quarter Ended September 30,
% Better/ (Worse)
(in millions, unaudited)
2024
2023
Adjusted operating net revenues
$
973
$
876
11
%
Adjusted operating expenses
855
776
(10
)%
Pretax adjusted operating earnings (including unlocking)
$
118
$
100
18
%
Unlocking
(90
)
(104
)
13
%
Pretax adjusted operating earnings excluding unlocking
$
208
$
204
2
%
Retirement & Protection Solutions pretax adjusted operating earnings excluding unlocking increased 2 percent to $208 million or $603 million on a year-to-date basis. The strong and consistent performance of the business reflects the benefit from stronger interest earnings and higher equity markets partially offset by higher distribution expenses associated with continued strong sales 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 15 percent to $1.4 billion fueled by Advice & Wealth Management client demand for structured variable annuities and variable universal life products.
Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
Quarter Ended September 30,
% Better/ (Worse)
(in millions, unaudited)
2024
2023
Corporate & Other
$
(145
)
$
(74
)
(96
)%
Closed Blocks (1)
2
2
—
%
Pretax adjusted operating earnings
$
(143
)
$
(72
)
(99
)%
Unlocking
(4
)
5
NM
Pretax adjusted operating earnings excluding unlocking
$
(139
)
$
(77
)
(81
)%
Long Term Care excluding unlocking
$
13
$
5
NM
Fixed Annuities excluding unlocking
(7
)
(8
)
13
%
Pretax adjusted operating earnings excluding unlocking
$
6
$
(3
)
NM
(1) Long Term Care and Fixed Annuities.
NM Not Meaningful - variance equal to or greater than 100%
Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was $145 million, of which $56 million was related to $34 million of severance and severance program expenses, as well as $22 million of expenses to accelerate the firm’s transition to cloud-based technology platforms, higher compensation accruals related to strong performance and mark-to-market impacts on share-based compensation.
Long Term Care pretax adjusted operating earnings excluding unlocking were $13 million, or $41 million year-to-date, a continuation of an improved performance trend.
Fixed Annuities pretax adjusted operating loss excluding unlocking was in line with expectations at $7 million.
Taxes
The operating effective tax rate decreased to 20.8 percent for the third quarter and 20.1 percent on a year-to-date basis. The effective tax rate is expected to be in the 20 to 21 percent range for the full year.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.
Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited, Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle (EM) Investments Limited, and Pyrford International Ltd, are SEC- and FCA-registered investment adviser affiliates of Columbia Management Investment Advisers, LLC based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA.
Non-GAAP Financial Measures
The company believes the presentation of adjusted operating measures, 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 September 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)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Revenues
Management and financial advice fees
$
2,573
$
2,287
13
%
$
2,456
5
%
Distribution fees
513
463
11
%
505
2
%
Net investment income
934
809
15
%
921
1
%
Premiums, policy and contract charges
409
390
5
%
381
7
%
Other revenues
131
127
3
%
129
2
%
Total revenues
4,560
4,076
12
%
4,392
4
%
Banking and deposit interest expense
163
151
(8
)%
172
5
%
Total net revenues
4,397
3,925
12
%
4,220
4
%
Expenses
Distribution expenses
1,539
1,297
(19
)%
1,450
(6
)%
Interest credited to fixed accounts
118
139
15
%
185
36
%
Benefits, claims, losses and settlement expenses
430
120
NM
331
(30
)%
Remeasurement (gains) losses of future policy benefit reserves
(22
)
(12
)
83
%
(8
)
NM
Change in fair value of market risk benefits
566
168
NM
110
NM
Amortization of deferred acquisition costs
59
62
5
%
61
3
%
Interest and debt expense
87
84
(4
)%
83
(5
)%
General and administrative expense
975
950
(3
)%
957
(2
)%
Total expenses
3,752
2,808
(34
)%
3,169
(18
)%
Pretax income
645
1,117
(42
)%
1,051
(39
)%
Income tax provision
134
245
(45
)%
222
(40
)%
Net income
$
511
$
872
(41
)%
$
829
(38
)%
Earnings per share
Basic earnings per share
$
5.09
$
8.31
$
8.16
Earnings per diluted share
$
5.00
$
8.14
$
8.02
Weighted average common shares outstanding
Basic
100.4
104.9
101.6
Diluted
102.2
107.1
103.4
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Assets Under Management and Administration
Advice & Wealth Management AUM
$
565,152
$
440,703
28
%
$
531,268
6
%
Asset Management AUM
672,110
587,171
14
%
641,880
5
%
Corporate AUM
523
349
50
%
490
7
%
Eliminations
(45,839
)
(37,795
)
(21
)%
(44,136
)
(4
)%
Total Assets Under Management
1,191,946
990,428
20
%
1,129,502
6
%
Total Assets Under Administration
314,173
242,336
30
%
298,468
5
%
Total AUM and AUA
$
1,506,119
$
1,232,764
22
%
$
1,427,970
5
%
S&P 500
Daily average
5,546
4,456
24
%
5,253
6
%
Period end
5,762
4,288
34
%
5,460
6
%
Weighted Equity Index (WEI) (1)
Daily average
3,528
2,903
22
%
3,358
5
%
Period end
3,664
2,788
31
%
3,456
6
%
Common shares
Beginning balance
98.4
102.8
(4
)%
99.6
(1
)%
Repurchases
(1.3
)
(1.5
)
13
%
(1.3
)
—
%
Issuances
0.2
0.3
(33
)%
0.1
NM
Other
(0.1
)
(0.2
)
50
%
—
—
%
Total common shares outstanding
97.2
101.4
(4
)%
98.4
(1
)%
Restricted stock units
2.5
2.6
(4
)%
2.6
(4
)%
Total basic common shares outstanding
99.7
104.0
(4
)%
101.0
(1
)%
Total potentially dilutive shares
1.9
2.2
(14
)%
1.8
6
%
Total diluted shares
101.6
106.2
(4
)%
102.8
(1
)%
Capital Returned to Shareholders
Dividends paid
$
150
$
143
5
%
$
151
(1
)%
Common stock share repurchases
563
520
8
%
542
4
%
Total Capital Returned to Shareholders
$
713
$
663
8
%
$
693
3
%
(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)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Revenues
Management and financial advice fees:
Advisory fees
$
1,451
$
1,228
18
%
$
1,361
7
%
Financial planning fees
111
102
9
%
110
1
%
Transaction and other fees
97
94
3
%
100
(3
)%
Total management and financial advice fees
1,659
1,424
17
%
1,571
6
%
Distribution fees:
Mutual funds
209
184
14
%
199
5
%
Insurance and annuity
266
226
18
%
260
2
%
Off-Balance sheet brokerage cash
32
58
(45
)%
40
(20
)%
Other products
107
84
27
%
109
(2
)%
Total distribution fees
614
552
11
%
608
1
%
Net investment income
554
517
7
%
560
(1
)%
Other revenues
78
65
20
%
77
1
%
Total revenues
2,905
2,558
14
%
2,816
3
%
Banking and deposit interest expense
163
151
(8
)%
172
5
%
Adjusted operating total net revenues
2,742
2,407
14
%
2,644
4
%
Expenses
Distribution expenses
1,488
1,253
(19
)%
1,403
(6
)%
Interest and debt expense
9
6
(50
)%
10
10
%
General and administrative expense
419
419
—
%
409
(2
)%
Adjusted operating expenses
1,916
1,678
(14
)%
1,822
(5
)%
Pretax adjusted operating earnings
$
826
$
729
13
%
$
822
—
%
Pretax adjusted operating margin
30.1
%
30.3
%
31.1
%
Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
AWM Total Client Assets
$
1,024,467
$
816,019
26
%
$
972,135
5
%
Total Client Flows
$
8,613
$
8,901
(3
)%
$
6,604
30
%
Total Wrap Accounts
Beginning assets
$
534,990
$
454,689
18
%
$
521,722
3
%
Net flows
7,992
5,391
48
%
7,521
6
%
Market appreciation (depreciation) and other
26,072
(16,019
)
NM
5,747
NM
Total wrap ending assets
$
569,054
$
444,061
28
%
$
534,990
6
%
Advisory wrap account assets ending balance (1)
$
563,438
$
439,341
28
%
$
529,642
6
%
Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer
$
2,633
$
2,554
3
%
$
2,279
16
%
On-balance sheet - bank
21,731
20,970
4
%
21,466
1
%
On-balance sheet - certificate
11,998
12,612
(5
)%
12,526
(4
)%
Total on-balance sheet
$
36,362
$
36,136
1
%
$
36,271
—
%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer
$
3,714
$
4,347
(15
)%
$
4,359
(15
)%
Total brokerage cash & certificates balances
$
40,076
$
40,483
(1
)%
$
40,630
(1
)%
Gross Fee Yield
On-balance sheet - broker dealer
5.27
%
5.30
%
5.34
%
On-balance sheet - bank
5.02
%
4.97
%
5.15
%
On-balance sheet - certificates
5.63
%
5.40
%
5.66
%
Off-balance sheet - broker dealer
3.28
%
4.28
%
3.08
%
Financial Advisors
Employee advisors
2,212
2,104
5
%
2,236
(1
)%
Franchisee advisors
8,156
8,154
—
%
8,156
—
%
Total financial advisors
10,368
10,258
1
%
10,392
—
%
Advisor Retention
Employee
92.5
%
92.2
%
93.2
%
Franchisee
92.5
%
92.8
%
92.6
%
(1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail
$
540
$
499
8
%
$
522
3
%
Institutional
143
148
(3
)%
140
2
%
Model delivery (1)
21
17
24
%
21
—
%
Transaction and other fees
52
50
4
%
52
—
%
Revenue from other sources (2)
4
3
33
%
3
33
%
Total management and financial advice fees
760
717
6
%
738
3
%
Distribution fees:
Mutual funds
57
53
8
%
56
2
%
Insurance and annuity
41
39
5
%
40
3
%
Total distribution fees
98
92
7
%
96
2
%
Net investment income
17
10
70
%
12
42
%
Other revenues
7
7
—
%
2
NM
Total revenues
882
826
7
%
848
4
%
Banking and deposit interest expense
—
—
—
%
—
—
%
Adjusted operating total net revenues
882
826
7
%
848
4
%
Expenses
Distribution expenses
250
234
(7
)%
244
(2
)%
Amortization of deferred acquisition costs
2
1
NM
1
NM
Interest and debt expense
2
2
—
%
1
NM
General and administrative expense
383
390
2
%
384
—
%
Adjusted operating expenses
637
627
(2
)%
630
(1
)%
Pretax adjusted operating earnings
$
245
$
199
23
%
$
218
12
%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues
$
882
$
826
7
%
$
848
4
%
Distribution pass through revenues
(198
)
(186
)
(6
)%
(192
)
(3
)%
Subadvisory and other pass through revenues
(104
)
(96
)
(8
)%
(98
)
(6
)%
Net adjusted operating revenues
$
580
$
544
7
%
$
558
4
%
Pretax adjusted operating earnings
$
245
$
199
23
%
$
218
12
%
Adjusted operating net investment income
(17
)
(10
)
(70
)%
(12
)
(42
)%
Amortization of intangibles
9
5
80
%
4
NM
Net adjusted operating earnings
$
237
$
194
22
%
$
210
13
%
Pretax adjusted operating margin
27.8
%
24.1
%
25.7
%
Net pretax adjusted operating margin (3)
40.9
%
35.7
%
37.6
%
Total Performance fees (4)
Performance fees
$
—
$
7
NM
$
2
NM
General and administrative expense related to performance fees
—
1
NM
1
NM
Net performance fees
$
—
$
6
NM
$
1
NM
(1) Prior period amounts have been reclassified from Institutional to conform to current year presentation.
(2) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.
(3) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
(4) Performance fees do not include CLO incentive fees.
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets
$
347,460
$
327,420
6
%
$
349,567
(1
)%
Inflows
13,129
11,223
17
%
12,536
5
%
Outflows
(15,724
)
(15,166
)
(4
)%
(18,658
)
16
%
Net VP/VIT fund flows
(1,741
)
(1,216
)
(43
)%
(1,607
)
(8
)%
Net new flows
(4,336
)
(5,159
)
16
%
(7,729
)
44
%
Reinvested dividends
1,579
1,320
20
%
1,758
(10
)%
Net flows
(2,757
)
(3,839
)
28
%
(5,971
)
54
%
Distributions
(1,770
)
(1,514
)
(17
)%
(2,099
)
16
%
Market appreciation (depreciation) and other
15,521
(8,478
)
NM
5,889
NM
Foreign currency translation (1)
3,965
(3,419
)
NM
74
NM
Total ending assets
362,419
310,170
17
%
347,460
4
%
% of total retail assets sub-advised
16.2
%
16.0
%
16.0
%
Global Institutional
Beginning assets
294,420
289,178
2
%
302,510
(3
)%
Inflows (2)
8,168
8,404
(3
)%
10,273
(20
)%
Outflows (2)
(8,989
)
(8,809
)
(2
)%
(16,360
)
45
%
Net flows
(821
)
(405
)
NM
(6,087
)
87
%
Market appreciation (depreciation) and other (3)
7,840
(4,607
)
NM
(2,117
)
NM
Foreign currency translation (1)
8,252
(7,165
)
NM
114
NM
Total ending assets
309,691
277,001
12
%
294,420
5
%
Total managed assets
$
672,110
$
587,171
14
%
$
641,880
5
%
Total AUM net flows
$
(3,578
)
$
(4,244
)
16
%
$
(12,058
)
70
%
Legacy insurance partners flows
$
(869
)
$
(950
)
9
%
$
(9,104
)
90
%
Total Assets Under Advisement (4)
$
33,297
$
26,756
24
%
$
31,980
4
%
Model delivery AUA flows (5)
$
1,212
$
213
NM
$
923
31
%
Total AUM and AUA Flows (5)
(2,366
)
(4,031
)
41
%
(11,135
)
79
%
(1) Amounts represent local currency to US dollar translation for reporting purposes.
(2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.
(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB.
(4) Assets are presented on a one-quarter lag.
(5) AUA flows are estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Total Managed Assets by Type
Equity
$
353,812
$
299,078
18
%
$
340,206
4
%
Fixed income
243,533
214,839
13
%
226,655
7
%
Money market
21,672
22,719
(5
)%
22,759
(5
)%
Alternative
33,303
33,602
(1
)%
33,187
—
%
Hybrid and other
19,790
16,933
17
%
19,073
4
%
Total managed assets by type
$
672,110
$
587,171
14
%
$
641,880
5
%
Average Managed Assets by Type (1)
Equity
$
347,466
$
313,909
11
%
$
336,469
3
%
Fixed income
235,845
222,745
6
%
228,662
3
%
Money market
22,213
22,583
(2
)%
22,540
(1
)%
Alternative
33,388
34,797
(4
)%
33,014
1
%
Hybrid and other
19,457
17,533
11
%
18,759
4
%
Total average managed assets by type
$
658,369
$
611,567
8
%
$
639,444
3
%
(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
3 Qtr 2024
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted
1 year
3 year
5 year
10 year
Equity
40
%
69
%
78
%
86
%
Fixed Income
88
%
71
%
81
%
95
%
Asset Allocation
90
%
57
%
89
%
90
%
4- or 5-star Morningstar rated funds
Overall
3 year
5 year
10 year
Number of Rated Funds
118
73
87
103
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 09/30/24. 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 42 received a 4-star Overall Rating. Out of 139 Threadneedle funds rated (based on highest-rated share class), 21 received a 5-star Overall Rating and 51 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)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Revenues
Management and financial advice fees
$
196
$
186
5
%
$
189
NM
Distribution fees
106
101
5
%
104
NM
Net investment income
281
215
31
%
266
NM
Premiums, policy and contract charges
388
372
4
%
367
NM
Other revenues
2
2
—
%
2
—
%
Total revenues
973
876
11
%
928
NM
Banking and deposit interest expense
—
—
—
%
—
—
%
Adjusted operating total net revenues
973
876
11
%
928
NM
Expenses
Distribution expenses
131
117
(12
)%
129
(2
)%
Interest credited to fixed accounts
92
94
2
%
93
1
%
Benefits, claims, losses and settlement expenses
253
168
(51
)%
226
(12
)%
Remeasurement (gains) losses of future policy benefit reserves
(25
)
(10
)
NM
(5
)
NM
Change in fair value of market risk benefits
257
259
1
%
142
(81
)%
Amortization of deferred acquisition costs
57
57
—
%
57
—
%
Interest and debt expense
11
12
8
%
12
8
%
General and administrative expense
79
79
—
%
78
(1
)%
Adjusted operating expenses
855
776
(10
)%
732
(17
)%
Pretax adjusted operating earnings
$
118
$
100
18
%
$
196
NM
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Variable Annuities Rollforwards
Beginning balance
$
84,534
$
78,549
8
%
$
84,042
1
%
Deposits
1,231
1,087
13
%
1,364
(10
)%
Withdrawals and terminations
(2,190
)
(1,736
)
(26
)%
(2,127
)
(3
)%
Net flows
(959
)
(649
)
(48
)%
(763
)
(26
)%
Investment performance and interest credited
4,078
(2,816
)
NM
1,255
NM
Total ending balance - contract accumulation values
$
87,653
$
75,084
17
%
$
84,534
4
%
Variable annuities fixed sub-accounts
$
3,837
$
4,395
(13
)%
$
3,935
(2
)%
Life Insurance In Force
$
198,198
$
198,527
—
%
$
198,340
—
%
Net Amount at Risk (Life)
$
37,895
$
37,917
—
%
$
38,203
(1
)%
Net Policyholder Reserves
VUL/UL
$
15,984
$
13,814
16
%
$
15,475
3
%
Term and whole life
182
175
4
%
174
5
%
Disability insurance
503
500
1
%
505
—
%
Other insurance
513
542
(5
)%
524
(2
)%
Total net policyholder reserves
$
17,182
$
15,031
14
%
$
16,678
3
%
DAC Ending Balances
Variable Annuities DAC
$
1,684
$
1,713
(2
)%
$
1,692
—
%
Life and Health DAC
$
955
$
963
(1
)%
$
956
—
%
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 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
(4
)
17
NM
(9
)
56
%
Premiums, policy and contract charges
—
—
—
%
—
—
%
Other revenues
1
2
(50
)%
3
(67
)%
Total revenues
(3
)
19
NM
(6
)
50
%
Banking and deposit interest expense
7
6
(17
)%
7
—
%
Adjusted operating total net revenues
(10
)
13
NM
(13
)
23
%
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
30
27
(11
)%
24
(25
)%
General and administrative expense
105
60
(75
)%
86
(22
)%
Adjusted operating expenses
135
87
(55
)%
110
(23
)%
Pretax adjusted operating earnings (loss)
$
(145
)
$
(74
)
(96
)%
$
(123
)
(18
)%
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—
%
$
—
—
%
Distribution fees
—
—
—
%
—
—
%
Net investment income
49
46
7
%
48
2
%
Premiums, policy and contract charges
24
25
(4
)%
22
9
%
Other revenues
—
—
—
%
—
—
%
Total revenues
73
71
3
%
70
4
%
Banking and deposit interest expense
1
—
—
%
—
—
%
Adjusted operating total net revenues
72
71
1
%
70
3
%
Expenses
Distribution expenses
(4
)
(3
)
33
%
(2
)
NM
Interest credited to fixed accounts
—
—
—
%
—
—
%
Benefits, claims, losses and settlement expenses
56
58
3
%
56
—
%
Remeasurement (gains) losses of future policy benefit reserves
3
(2
)
NM
(3
)
NM
Change in fair value of market risk benefits
—
—
—
%
—
—
%
Amortization of deferred acquisition costs
—
—
—
%
—
—
%
Interest and debt expense
2
1
NM
1
NM
General and administrative expense
6
7
14
%
6
—
%
Adjusted operating expenses
63
61
(3
)%
58
(9
)%
Pretax adjusted operating earnings (loss)
$
9
$
10
(10
)%
$
12
(25
)%
Long Term Care Policyholder Reserves, net of reinsurance
$
2,702
$
2,456
10
%
$
2,557
6
%
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—
%
$
—
—
%
Distribution fees
—
1
NM
—
—
%
Net investment income
8
8
—
%
8
—
%
Premiums, policy and contract charges
—
—
—
%
1
NM
Other revenues
44
50
(12
)%
45
(2
)%
Total revenues
52
59
(12
)%
54
(4
)%
Banking and deposit interest expense
(1
)
—
—
%
—
—
%
Adjusted operating total net revenues
53
59
(10
)%
54
(2
)%
Expenses
Distribution expenses
1
—
—
%
—
—
%
Interest credited to fixed accounts
55
59
7
%
54
(2
)%
Benefits, claims, losses and settlement expenses
—
1
NM
1
NM
Remeasurement (gains) losses of future policy benefit reserves
—
—
—
%
—
—
%
Change in fair value of market risk benefits
—
—
—
%
—
—
%
Amortization of deferred acquisition costs
—
4
NM
3
NM
Interest and debt expense
—
—
—
%
1
NM
General and administrative expense
4
3
(33
)%
3
(33
)%
Adjusted operating expenses
60
67
10
%
62
3
%
Pretax adjusted operating earnings (loss)
$
(7
)
$
(8
)
13
%
$
(8
)
13
%
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Eliminations (1) Adjusted Operating Results
(in millions, unaudited)
3 Qtr 2024
3 Qtr 2023
% Better/ (Worse)
2 Qtr 2024
% Better/ (Worse)
Revenues
Management and financial advice fees
$
(40
)
$
(38
)
(5
)%
$
(41
)
2
%
Distribution fees
(305
)
(283
)
(8
)%
(303
)
(1
)%
Net investment income
(21
)
(14
)
(50
)%
(15
)
(40
)%
Premiums, policy and contract charges
(9
)
(8
)
(13
)%
(8
)
(13
)%
Other revenues
1
—
—
%
—
—
%
Total revenues
(374
)
(343
)
(9
)%
(367
)
(2
)%
Banking and deposit interest expense
(7
)
(6
)
17
%
(7
)
—
%
Adjusted operating total net revenues
(367
)
(337
)
(9
)%
(360
)
(2
)%
Expenses
Distribution expenses
(327
)
(304
)
8
%
(324
)
1
%
Interest credited to fixed accounts
—
—
—
%
—
—
%
Benefits, claims, losses and settlement expenses
(5
)
(4
)
25
%
(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
(14
)
(9
)
56
%
(9
)
56
%
General and administrative expense
(21
)
(20
)
5
%
(22
)
(5
)%
Adjusted operating expenses
(367
)
(337
)
9
%
(360
)
2
%
Pretax adjusted operating earnings (loss)
$
—
$
—
—
%
$
—
—
%
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.
Ameriprise Financial, Inc.
Capital Information
(in millions, unaudited)
September 30, 2024
September 30, 2023
June 30, 2024
Long-term Debt Summary
Senior notes
$
3,400
$
3,550
$
3,400
Finance lease liabilities
11
22
15
Other (1)
(17
)
(15
)
(19
)
Total Ameriprise Financial long-term debt
3,394
3,557
3,396
Non-recourse debt of consolidated investment entities
2,271
2,222
2,386
Total long-term debt
$
5,665
$
5,779
$
5,782
Total Ameriprise Financial long-term debt
$
3,394
$
3,557
$
3,396
Finance lease liabilities
(11
)
(22
)
(15
)
Other (1)
17
15
19
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other
$
3,400
$
3,550
$
3,400
Total equity (2)
$
5,715
$
3,825
$
4,993
Equity of consolidated investment entities
(1
)
(10
)
(1
)
Total equity excluding CIEs
$
5,714
$
3,815
$
4,992
Total Ameriprise Financial capital
$
9,109
$
7,382
$
8,389
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs
$
9,114
$
7,365
$
8,392
Debt to capital
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital
37.3
%
48.2
%
40.5
%
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)
37.3
%
48.2
%
40.5
%
Available Capital for Capital Adequacy
$
5,523
$
5,247
$
5,245
(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)
September 30, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
10,575
$
7,477
Cash of consolidated investment entities
124
87
Investments
56,703
55,489
Investments of consolidated investment entities
2,243
2,099
Market risk benefits
1,809
1,427
Separate account assets
81,409
77,457
Receivables
14,768
15,078
Receivables of consolidated investment entities
18
28
Deferred acquisition costs
2,686
2,713
Restricted and segregated cash and investments
1,261
1,635
Other assets
14,372
11,700
Other assets of consolidated investment entities
1
1
Total Assets
$
185,969
$
175,191
Liabilities
Policyholder account balances, future policy benefits and claims
$
41,332
$
37,545
Market risk benefits
1,579
1,762
Separate account liabilities
81,409
77,457
Customer deposits
36,332
37,321
Short-term borrowings
201
201
Long-term debt
3,394
3,399
Debt of consolidated investment entities
2,271
2,155
Accounts payable and accrued expenses
2,581
2,603
Other liabilities
11,072
7,974
Other liabilities of consolidated investment entities
83
45
Total Liabilities
180,254
170,462
Equity
Ameriprise Financial
Common shares ($.01 par)
3
3
Additional paid-in capital
10,050
9,824
Retained earnings
23,791
21,905
Treasury stock
(27,028
)
(25,237
)
Accumulated other comprehensive income, net of tax
(1,101
)
(1,766
)
Total Equity
5,715
4,729
Total Liabilities and Equity
$
185,969
$
175,191
Supplemental Non-GAAP Information:
Available Capital for Capital Adequacy
$
5,523
$
5,418
Ameriprise Financial, Inc.
Reconciliation Table: Earnings
Quarter Ended September 30,
% Better/ (Worse)
Per Diluted Share Quarter Ended September 30,
% Better/ (Worse)
(in millions, except per share amounts, unaudited)
2024
2023
2024
2023
Net income
$
511
$
872
(41
)%
$
5.00
$
8.14
(39
)%
Adjustments:
Net realized investment gains (losses) (1)
(6
)
(38
)
(0.06
)
(0.35
)
Market impact on non-traditional long-duration products (1)
(402
)
211
(3.93
)
1.96
Mean reversion-related impacts (1)
1
—
0.01
—
Integration/restructuring charges (1)
—
(12
)
—
(0.11
)
Net income (loss) attributable to consolidated investment entities
5
—
0.05
—
Tax effect of adjustments (2)
85
(34
)
0.83
(0.32
)
Adjusted operating earnings
$
828
$
745
11
%
$
8.10
$
6.96
16
%
Pretax impact of annual unlocking
(94
)
(99
)
(0.92
)
(0.92
)
Tax effect of annual unlocking (2)
20
21
0.19
0.20
Adjusted operating earnings excluding unlocking
$
902
$
823
10
%
$
8.83
$
7.68
15
%
Pretax impact of severance expense
(24
)
(7
)
(0.24
)
(0.07
)
Tax effect of severance expense
5
1
0.05
0.01
Adjusted operating earnings excluding unlocking and severance expense
$
921
$
829
11
%
$
9.02
$
7.74
17
%
Weighted average common shares outstanding:
Basic
100.4
104.9
Diluted
102.2
107.1
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.
Ameriprise Financial, Inc.
Reconciliation Table: Earnings
Year-to-date September 30,
% Better/ (Worse)
Per Diluted Share Year-to-date September 30,
% Better/ (Worse)
(in millions, except per share amounts, unaudited)
2024
2023
2024
2023
Net income
$
2,330
$
2,179
7
%
$
22.53
$
20.08
12
%
Adjustments:
Net realized investment gains (losses) (1)
(9
)
(32
)
(0.09
)
(0.29
)
Market impact on non-traditional long-duration products (1)
(322
)
(137
)
(3.11
)
(1.27
)
Mean reversion-related impacts (1)
1
—
0.01
—
Integration/restructuring charges (1)
—
(47
)
—
(0.43
)
Net income (loss) attributable to consolidated investment entities
3
—
0.03
—
Tax effect of adjustments (2)
69
45
0.66
0.41
Adjusted operating earnings
$
2,588
$
2,350
10
%
$
25.03
$
21.66
16
%
Pretax impact of annual unlocking
(94
)
(99
)
(0.91
)
(0.91
)
Tax effect of annual unlocking (2)
20
21
0.20
0.19
Adjusted operating earnings excluding unlocking
$
2,662
$
2,428
10
%
$
25.74
$
22.38
15
%
Pretax impact of severance expense
(54
)
(7
)
(0.52
)
(0.06
)
Tax effect of severance expense (2)
11
1
0.11
0.01
Adjusted operating earnings excluding unlocking and severance expense
$
2,705
$
2,434
11
%
$
26.15
$
22.43
17
%
Weighted average common shares outstanding:
Basic
101.6
106.4
Diluted
103.4
108.5
(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 September 30,
(in millions, unaudited)
2024
2023
Total net revenues
$
4,397
$
3,925
Adjustments:
Net realized investment gains (losses)
(6
)
(38
)
Market impact on non-traditional long-duration products
5
3
CIEs revenue
53
45
Adjusted operating total net revenues
$
4,345
$
3,915
Annual unlocking
(5
)
1
Adjusted operating total net revenues excluding unlocking
$
4,350
$
3,914
Total expenses
$
3,752
$
2,808
Adjustments:
CIEs expenses
47
45
Integration/restructuring charges
—
12
Market impact on non-traditional long-duration products
407
(208
)
Mean reversion-related impacts
(1
)
—
Adjusted operating expenses
$
3,299
$
2,959
Annual unlocking
89
100
Adjusted operating total net expenses excluding unlocking
$
3,210
$
2,859
Severance expense
24
7
Adjusted operating total net expenses excluding unlocking and severance expense
$
3,186
$
2,852
Pretax income
$
645
$
1,117
Pretax adjusted operating earnings
$
1,046
$
956
Pretax adjusted operating earnings excluding unlocking and severance expense
$
1,164
$
1,062
Pretax income margin
14.7
%
28.5
%
Pretax adjusted operating margin
24.1
%
24.4
%
Pretax adjusted operating margin excluding unlocking and severance expense
26.8
%
27.1
%
Ameriprise Financial, Inc.
Reconciliation Table: Available Capital for Capital Adequacy
(in millions, unaudited)
September 30, 2024
September 30, 2023
June 30, 2024
Ameriprise Financial GAAP Equity
$
5,715
$
3,825
$
4,993
Less: AOCI
(1,101
)
(2,840
)
(1,993
)
Ameriprise Financial GAAP Equity, excl AOCI
6,816
6,665
6,986
Less: RiverSource Life Insurance Co. GAAP Equity, excluding AOCI
1,658
2,084
2,012
Add: RiverSource Life Insurance Co. statutory total adjusted capital
2,721
2,842
2,598
Less: Goodwill and intangibles
2,626
2,487
2,595
Add: Other adjustments
270
311
268
Available Capital for Capital Adequacy
$
5,523
$
5,247
$
5,245
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended September 30, 2023
(in millions, unaudited)
GAAP
Adjusted Operating
Pretax income
$
1,117
$
956
Income tax provision
$
245
$
211
Effective tax rate
21.8
%
22.1
%
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended September 30, 2024
(in millions, unaudited)
GAAP
Adjusted Operating
Pretax income
$
645
$
1,046
Income tax provision
$
134
$
218
Effective tax rate
20.7
%
20.8
%
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Year-to-date September 30, 2024
(in millions, unaudited)
GAAP
Adjusted Operating
Pretax income
$
2,915
$
3,241
Income tax provision
$
585
$
653
Effective tax rate
20.0
%
20.1
%
Ameriprise Financial, Inc.
Reconciliation Table: Advice & Wealth Management General and Administrative Expense
Quarter Ended September 30,
% Better/ (Worse)
(in millions, unaudited)
2024
2023
AWM general and administrative expense
$
419
$
419
—
%
Less: Regulatory accrual
—
20
AWM general and administrative expense excluding accrual for regulatory matter
$
419
$
399
(5
)%
Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated
Other Comprehensive Income “AOCI”
Twelve Months Ended September 30,
(in millions, unaudited)
2024
2023
Net income
$
2,707
$
2,828
Less: Adjustments (1)
(642
)
(254
)
Adjusted operating earnings
3,349
3,082
Less: Annual unlocking (2)
(74
)
(78
)
Adjusted operating earnings excluding unlocking
$
3,423
$
3,160
Total Ameriprise Financial, Inc. shareholders’ equity
$
4,828
$
3,894
Less: Accumulated other comprehensive income, net of tax
(1,926
)
(2,477
)
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI
6,754
6,371
Less: Equity impacts attributable to the consolidated investment entities
(3
)
(3
)
Adjusted operating equity
$
6,757
$
6,374
Return on equity excluding AOCI
40.1
%
44.4
%
Adjusted operating return on equity excluding AOCI (3)
49.6
%
48.4
%
Adjusted operating return on equity excluding AOCI and unlocking (3)
50.7
%
49.6
%
(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) After-tax is calculated using the statutory tax rate of 21%.
(3) 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/20241023254099/en/
Investor Relations: Alicia A. Charity Ameriprise Financial (612) 671-2080 alicia.a.charity@ampf.com Stephanie M. Rabe Ameriprise Financial (612) 671-4085 stephanie.m.rabe@ampf.com Media Relations: Paul W. Johnson Ameriprise Financial (612) 671-0625 paul.w.johnson@ampf.com
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