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Form 8-K AMERIPRISE FINANCIAL For: Apr 25

April 25, 2022 4:14 PM EDT
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Ameriprise Financial, Inc.
Minneapolis, MN
NYSE: AMP
April 25, 2022


Ameriprise Financial Reports
First Quarter 2022 Results

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

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

First quarter adjusted operating earnings per diluted share was $5.98, up 10 percent from $5.43 in the prior year reflecting strong business performance.
Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
“Ameriprise delivered another good quarter during a period of heightened market volatility and geopolitical uncertainty. We remain focused on providing an exceptional experience and strong solutions to our clients to help them achieve their goals.

Assets under management and administration were up 17% to $1.3 trillion, with net inflows of more than $10 billion in Wealth Management. This led to double-digit revenue growth, and strong margins and returns during a more challenging operating environment.

In terms of our capital strength, our diversified business generates significant free cash flow that we are disciplined in deploying to drive business growth and shareholder value. In fact, today we announced an 11% increase in our regular quarterly dividend, our 18th increase since becoming public in 2005. We plan to return approximately 90% of capital to shareholders this year.

As I look ahead, we are well positioned to continue to drive organic growth and will benefit from the rising rate environment in the U.S.”
First quarter GAAP net income per diluted share was $6.55, versus $3.58 a year ago, driven by strong business performance and lower market impact on derivatives.
Assets under management and administration increased 17 percent to $1.3 trillion in the quarter.
Adjusted operating net revenue was $3.6 billion, a 10 percent increase from strong business growth and year-over-year market appreciation, as well as the impact of market volatility in the quarter.
Wealth and Asset Management generated strong profitability with pretax adjusted operating earnings up 18 percent. These businesses represented nearly 80 percent of pretax operating earnings in the quarter.
Investment performance at Columbia Threadneedle Investments remains excellent with 129 funds with 4- and 5-star Morningstar ratings with more than 80% of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods.
The company returned $562 million of capital to shareholders in the quarter and announced an 11 percent increase in its quarterly dividend to $1.25 per share.








(1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.
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Ameriprise Financial, Inc.
First Quarter Summary
Quarter Ended
March 31,
% Over/
(Under)
(in millions, except per share amounts, unaudited)20222021
GAAP net income$761 $437 74%
Adjusted operating earnings
(see reconciliation on p. 24)
$695 $663 5%
GAAP net income per diluted share$6.55 $3.58 83%
Adjusted operating earnings per diluted share
(see reconciliation on p. 24)
$5.98 $5.43 10%
GAAP Return on Equity, ex. AOCI55.9 %(1.1)%
Adjusted Operating Return on Equity, ex. AOCI49.9 %29.9 %
Weighted average common shares outstanding:
  Basic113.7119.8
  Diluted116.2122.2

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

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

2


Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
Quarter Ended
March 31,
% Over/
(Under)
(in millions, unaudited)20222021
Net revenues$2,042 $1,879 9%
Distribution expenses1,232 1,135 (9)%
G&A / other expense370 355 (4)%
Pretax adjusted operating earnings$440 $389 13%
Pretax adjusted operating margin21.5 %20.7 %80 bps
Quarter Ended
March 31,
% Over/
(Under)
(in billions, unless otherwise noted)20222021
Total client assets$823 $762 8%
Total client net flows (1)
$10.4 $9.3 12%
Wrap net flows (1)
$8.7 $10.4 (17)%
AWM cash balance$45.7 $40.4 13%
Average gross yield on cash balances (in bps)69 65 
Adjusted operating net revenue per advisor (TTM in thousands)$810 $689 18%
(1) See definition on page 12.

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

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

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

Adjusted operating net revenue per advisor on a trailing 12-month basis was $810,000, up 18 percent, from enhanced productivity and business growth. Total advisors increased 1 percent to 10,149, reflecting excellent advisor retention, as well as the addition of 80 highly productive experienced advisors in the quarter.
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Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
Quarter Ended
March 31,
% Over/
(Under)
(in millions, unaudited)20222021
Net revenues$1,017 $828 23%
Distribution expenses277 268 (3)%
G&A / other expenses455 332 (37)%
Pretax adjusted operating earnings$285 $228 25%
Net pretax adjusted operating margin (1)
41.5 %43.9 %
Quarter Ended
March 31,
% Over/
(Under)
(in billions)20222021
Total segment AUM$699 $564 24%
Net Flows
Global Retail net flows$(1.9)$4.6 NM
Global Institutional net flows, ex. legacy insurance partners flows1.9 1.6 19%
Legacy insurance partners flows(0.7)(1.3)47%
   Total segment net flows$(0.7)$4.9 NM
Model delivery AUA Flows (2)
$4.8 $0.3 NM
(1) See reconciliation on page 13.
(2) Estimated based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%

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

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

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

In the quarter, net outflows were $0.7 billion and included $0.7 billion of outflows related to legacy insurance partners. Institutional flows remained strong, offset by industry headwinds in retail.
Retail net outflows were $1.9 billion. North America outflows in equity and fixed income strategies were consistent with the industry and were influenced by market volatility. In EMEA, investor sentiment is risk off as a result of higher interest rates and geopolitical strain, which drove net outflows. These were partially offset by inflows related to U.S. clients that elected to transfer assets as part of an arrangement with BMO.
Global institutional net inflows were $1.9 billion.
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Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
Quarter Ended
March 31,
% Over/
(Under)
(in millions, unaudited)20222021
Net revenues$772 $787 (2)%
Expenses581 604 4%
Pretax adjusted operating earnings$191 $183 4%

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

Retirement & Protection Solutions sales decreased 25 percent to $1.1 billion.
Protection sales increased 22 percent to $72 million, reflecting a continued shift of sales to higher-margin accumulation VUL products.
Variable annuity sales decreased 27 percent to $1.0 billion reflecting the industry slowdown due to market dislocation in the quarter, as well as the discontinuation of sales with living benefit riders announced at year-end.






















5


Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
Quarter Ended
March 31,
% Over/
(Under)
(in millions, unaudited)20222021
Corporate & Other, excluding Closed Blocks$(72)$(63)(14)%
Closed Blocks (1)
(4)42 NM
Pretax adjusted operating earnings$(76)$(21)NM
Long Term Care $$46 (98)%
Fixed Annuities(5)(4)(25)%
Closed Blocks pretax adjusted operating earnings$(4)$42 NM
(1) Long Term Care and Fixed Annuities.
NM Not Meaningful - variance equal to or greater than 100%

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

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

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

Fixed Annuities pretax adjusted operating loss was $5 million.

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

Contacts

Investor Relations: Media Relations:

Alicia A. Charity Paul W. Johnson
Ameriprise Financial Ameriprise Financial
(612) 671-2080 (612) 671-0625
alicia.a.charity@ampf.com paul.w.johnson@ampf.com

Stephanie M. Rabe
Ameriprise Financial
(612) 671-4085
stephanie.m.rabe@ampf.com
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About Ameriprise Financial

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

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

Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

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

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

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





8


Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Revenues
Management and financial advice fees$2,459 $2,102 17%$2,555 (4)%
Distribution fees446 458 (3)%462 (3)%
Net investment income261 377 (31)%255 2%
Premiums, policy and contract charges368 347 6%367  -
Other revenues123 71 73%123  -
Total revenues3,657 3,355 9%3,762 (3)%
Banking and deposit interest expense60% -
Total net revenues3,655 3,350 9%3,760 (3)%
Expenses
Distribution expenses1,297 1,175 (10)%1,322 2%
Interest credited to fixed accounts141 159 11%145 3%
Benefits, claims, losses and settlement expenses211 653 68%378 44%
Amortization of deferred acquisition costs96 NM47 NM
Interest and debt expense40 42 5%42 5%
General and administrative expense947 823 (15)%960 1%
Total expenses2,732 2,857 4%2,894 6%
Pretax income923 493 87%866 7%
Income tax provision162 56 NM165 2%
Net income$761 $437 74%$701 9%
Earnings per share
Basic earnings per share$6.69 $3.65 $6.12 
Earnings per diluted share$6.55 $3.58 $5.96 
Weighted average common shares outstanding
Basic113.7 119.8 114.6 
Diluted116.2 122.2 117.6 
NM Not Meaningful - variance equal to or greater than 100%















9


Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Assets Under Management and Administration
Advice & Wealth Management AUM$443,521 $396,533 12%$460,935 (4)%
Asset Management AUM698,607 564,131 24%754,056 (7)%
Corporate AUM146 97 51%136 7%
Eliminations(42,032)(39,655)(6)%(44,160)5%
Total Assets Under Management1,100,242 921,106 19%1,170,967 (6)%
Total Assets Under Administration238,879 222,887 7%246,891 (3)%
Total AUM and AUA$1,339,121 $1,143,993 17%$1,417,858 (6)%
S&P 500
Daily average4,467 3,861 16%4,600 (3)%
Period end4,530 3,973 14%4,766 (5)%
Weighted Equity Index (WEI) (1)
Daily average2,953 2,662 11%3,068 (4)%
Period end2,979 2,725 9%3,152 (5)%
Common shares
Beginning balance110.9 116.8 (5)%112.4 (1)%
Repurchases(1.4)(1.7)18%(1.6)13%
Issuances1.2 1.8 (33)%0.4 NM
Other(0.6)(0.9)33%(0.3)NM
Total common shares outstanding110.1 116.0 (5)%110.9 (1)%
Restricted stock units2.9 3.0 (3)%3.0 (3)%
Total basic common shares outstanding113.0 119.0 (5)%113.9 (1)%
Total potentially dilutive shares2.3 2.5 (8)%2.9 (21)%
Total diluted shares115.3 121.5 (5)%116.8 (1)%
Capital Returned to Shareholders
Dividends paid$133 $128 4%$131 2%
Common stock share repurchases429 363 18%499 (14)%
Total Capital Returned to Shareholders$562 $491 14%$630 (11)%
(1) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.
NM Not Meaningful - variance equal to or greater than 100%



10


Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Revenues
Management and financial advice fees:
Advisory fees$1,191 $1,028 16%$1,209 (1)%
Financial planning fees97 88 10%114 (15)%
Transaction and other fees92 89 3%96 (4)%
Total management and financial advice fees1,380 1,205 15%1,419 (3)%
Distribution fees:
Mutual funds204 207 (1)%220 (7)%
Insurance and annuity221 240 (8)%256 (14)%
Off-Balance sheet brokerage cash (1)
16 16  - 14 14%
Other products88 96 (8)%81 9%
Total distribution fees529 559 (5)%571 (7)%
Net investment income78 64 22%68 15%
Other revenues57 56 2%58 (2)%
Total revenues2,044 1,884 8%2,116 (3)%
Banking and deposit interest expense60% -
Adjusted operating total net revenues2,042 1,879 9%2,114 (3)%
Expenses
Distribution expenses1,232 1,135 (9)%1,275 3%
Interest and debt expense33% -
General and administrative expense368 352 (5)%365 (1)%
Adjusted operating expenses1,602 1,490 (8)%1,642 2%
Pretax adjusted operating earnings$440 $389 13%$472 (7)%
Pretax adjusted operating margin21.5 %20.7 %22.3 %
Pretax adjusted operating earnings by product
Certificates and Banking - Combined$34 $19 79%$21 62%
Wealth Management & Distribution406 370 10%451 (10)%
Pretax adjusted operating earnings$440 $389 13%$472 (7)%
(1) Prior to Q1 2022, Off-Balance sheet brokerage cash was included in Other products. Prior periods have been restated.















11


Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
AWM Total Client Assets$823,367 $761,566 8%$857,584 (4)%
Total Client Flows (1)
$10,405 $9,305 12%$12,542 (17)%
Total Wrap Accounts
Beginning assets$464,688 $380,013 22%$435,375 7%
Net flows8,677 10,413 (17)%10,541 (18)%
Market appreciation (depreciation) and other(26,319)9,391 NM18,772 NM
Total wrap ending assets$447,046 $399,817 12%$464,688 (4)%
Advisory wrap account assets ending balance (2)
$442,145 $395,299 12%$459,499 (4)%
Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer$3,633 $3,385 7%$3,513 3%
On-balance sheet - bank13,220 7,985 66%11,419 16%
On-balance sheet - certificate5,197 6,258 (17)%5,300 (2)%
Total on-balance sheet$22,050 $17,628 25%$20,232 9%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer$23,625 $22,733 4%$23,593  -
Total brokerage cash & certificates balances$45,675 $40,361 13%$43,825 4%
Gross Fee Yield
On-balance sheet - broker dealer0.06 %0.10 %0.06 %
On-balance sheet - bank (3)
1.40 %1.34 %1.27 %
On-balance sheet - certificates1.05 %1.22 %0.94 %
Off-balance sheet - broker dealer0.28 %0.28 %0.26 %
Weighted Average Gross Fee Yield (3)
0.69 %0.65 %0.62 %
Financial Advisors
Employee advisors2,0882,107(1)%2,128(2)%
Franchisee advisors8,0617,9242%7,9881%
Total financial advisors10,14910,0311%10,116 -
Advisor Retention
Employee92.0 %92.0 %92.0 %
Franchisee94.1 %94.4 %94.2 %
(1) Total client flows represent inflows of client cash and securities less client outflows. Inflows include dividends and interest; outflows include fees. Excludes short-term and long-term capital gain distributions.
(2) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
(3) As of Q4 2021, the Gross Fee Yield for prior periods have been restated.
NM Not Meaningful - variance equal to or greater than 100%

12


Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Revenues
Management and financial advice fees:
Asset management fees:
Retail$644 $531 21%$624 3%
Institutional195 123 59%248 (21)%
Transaction and other fees55 52 6%58 (5)%
Revenue from other sources (1)
(43)%(43)%
Total management and financial advice fees898 713 26%937 (4)%
Distribution fees:
Mutual funds65 67 (3)%70 (7)%
Insurance and annuity46 47 (2)%49 (6)%
Total distribution fees111 114 (3)%119 (7)%
Net investment incomeNMNM
Other revenues— -NM
Total revenues1,017 828 23%1,060 (4)%
Banking and deposit interest expense— — -— -
Adjusted operating total net revenues1,017 828 23%1,060 (4)%
Expenses
Distribution expenses277 268 (3)%294 6%
Amortization of deferred acquisition costs -  -
Interest and debt expense - 50%
General and administrative expense451 328 (38)%431 (5)%
Adjusted operating expenses732 600 (22)%730  -
Pretax adjusted operating earnings$285 $228 25%$330 (14)%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues$1,017 $828 23%$1,060 (4)%
Distribution pass thru revenues(221)(217)(2)%(234)6%
Subadvisory and other pass thru revenues(104)(87)(20)%(97)(7)%
Net adjusted operating revenues $692 $524 32%$729 (5)%
Pretax adjusted operating earnings$285 $228 25%$330 (14)%
Adjusted operating net investment income(4)(1)NM(2)NM
Amortization of intangiblesNM20%
Net adjusted operating earnings$287 $230 25%$333 (14)%
Pretax adjusted operating margin28.0 %27.5 %31.1 %
Net pretax adjusted operating margin (2)
41.5 %43.9 %45.7 %
Performance fees (3)
Performance fees$54 $NM$90 (40)%
General and administrative expense related to performance fees33 — -55 40%
Net performance fees$21 $NM$35 (40)%
(1) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.
(2) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
(3) Performance fees do not include CLO incentive fees.
NM Not Meaningful - variance equal to or greater than 100%.
13


Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Managed Assets Rollforward (1)
Global Retail Funds
Beginning assets$409,369 $323,483 27%$355,719 15%
Inflows21,788 22,549 (3)%20,084 8%
Outflows(23,237)(17,637)(32)%(18,568)(25)%
Net VP/VIT fund flows(1,079)(1,019)(6)%(1,093)1%
Net new flows (2)
(2,528)3,893 NM423 NM
Reinvested dividends663 717 (8)%13,414 (95)%
Net flows(1,865)4,610 NM13,837 NM
Distributions(839)(858)2%(15,093)94%
Acquired assets (3)
— — -36,980 NM
Market appreciation (depreciation) and other(25,818)13,187 NM18,478 NM
Foreign currency translation (4)
(862)(152)NM(552)(56)%
Total ending assets379,985 340,270 12%409,369 (7)%
% of total retail assets sub-advised (10)
14.6 %16.4 %14.7 %
Global Institutional
Beginning assets344,687 223,130 54%227,679 51%
Inflows (5)
12,739 7,741 65%24,449 (48)%
Outflows (5)
(11,560)(7,462)(55)%(10,817)(7)%
Net flows (2)
1,179 279 NM13,632 (91)%
Acquired assets (3)
— — -99,236 NM
Market appreciation (depreciation) and other (6)
(21,642)176 NM5,244 NM
Foreign currency translation (4)
(5,602)276 NM(1,104)NM
Total ending assets318,622 223,861 42%344,687 (8)%
Total managed assets$698,607 $564,131 24%$754,056 (7)%
Total net flows$(686)$4,889 NM$27,469 NM
Legacy insurance partners flows$(672)$(1,262)47%$(920)27%
Total Assets Under Advisement (7)
$27,367 $16,036 71%$20,194 36%
Model delivery AUA flows (8) (9)
$4,816 $294 NM$820 NM
(1) Q4 2021 rollforwards were restated for a reclass between retail and institutional. Total AUM remained unchanged.
(2) Included in net flows are the amounts from the US asset transfer from the BMO acquisition of $2,649 ($2,550 retail and $99 institutional) from Q1 2022 and $16,948 ($2,922 retail and $14,026 institutional) from Q4 2021.
(3) Reflects the acquisition of BMO’s EMEA Asset Management business that closed on November 8, 2021.
(4) Amounts represent local currency to US dollar translation for reporting purposes.
(5) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.
(6) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB.
(7) Assets are presented on a one-quarter lag.
(8) Estimated flows based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.
(9) Included in model delivery AUA flows are $4,447 in Q1 2022 from the BMO US asset transfer.
(10) Q4 2021 percent of total retail assets sub-advised has been restated.
NM Not Meaningful - variance equal to or greater than 100%.
14


Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Total Managed Assets by Type (1)
Equity$367,083 $319,446 15%$402,841 (9)%
Fixed income256,513 194,343 32%277,039 (7)%
Money market12,902 5,766 NM10,084 28%
Alternative40,221 22,876 76%39,872 1%
Hybrid and other21,888 21,700 1%24,220 (10)%
Total managed assets by type$698,607 $564,131 24%$754,056 (7)%
Average Managed Assets by Type (1) (2)
Equity$379,614 $308,816 23%$372,152 2%
Fixed income267,154 195,198 37%251,533 6%
Money market11,818 5,921 100%8,258 43%
Alternative40,079 22,705 77%33,939 18%
Hybrid and other22,528 20,908 8%23,686 (5)%
Total average managed assets by type$721,193 $553,548 30%$689,568 5%
(1) In Q4 2021, the definition of Alternative AUM was changed to now include real estate, CLOs, private equity, hedge funds (direct and funds of funds), infrastructure and commodities. Prior periods have been restated to reflect this change.
(2) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Asset Management Segment Performance Metrics
1 Qtr 2022
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted1 year3 year5 year10 year
Equity28%81%85%88%
Fixed Income53%90%94%91%
Asset Allocation45%80%86%91%
4- or 5-star Morningstar rated fundsOverall3 year5 year10 year
Number of Rated Funds129108104104
Percent of Rated Assets69%62%62%72%
Retail Fund performance rankings for each fund is measured on a consistent basis against the most appropriate peer group or index. Peer Groupings are defined by either Lipper, IA, or Morningstar and based primarily on the Institutional Share Class, Net of Fees. Comparisons to Index are measured Gross of Fees.
To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.
Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.
Morningstar as of 03/31/22. Columbia funds are available for purchase by U.S. customers. Out of 95 Columbia funds (Inst. shares) rated, 13 received a 5-star Overall Rating and 39 received a 4-star Overall Rating. Out of 92 Threadneedle funds (highest rated share class) rated, 18 received a 5-star Overall Rating and 32 received a 4-star Overall Rating. Out of 63 BMO funds (highest rated share class) rated, 6 received a 5-star Overall Rating and 21 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms.

© 2022 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
15


Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Revenues
Management and financial advice fees$218 $222 (2)%$237 (8)%
Distribution fees112 116 (3)%124 (10)%
Net investment income114 126 (10)%113 1%
Premiums, policy and contract charges325 323 1%337 (4)%
Other revenues— -(25)%
Total revenues772 787 (2)%815 (5)%
Banking and deposit interest expense— — -— -
Adjusted operating total net revenues772 787 (2)%815 (5)%
Expenses
Distribution expenses119 129 8%134 11%
Interest credited to fixed accounts96 96  - 96  -
Benefits, claims, losses and settlement expenses230 234 2%244 6%
Amortization of deferred acquisition costs53 63 16%70 24%
Interest and debt expense10 10% -
General and administrative expense74 72 (3)%79 6%
Adjusted operating expenses581 604 4%632 8%
Pretax adjusted operating earnings$191 $183 4%$183 4%
























16


Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Variable Annuities Rollforwards
Beginning balance$92,292 $85,774 8%$89,635 3%
Deposit1,046 1,428 (27)%1,530 (32)%
Withdrawals and terminations(1,678)(1,984)15%(2,011)17%
Net flows(632)(556)(14)%(481)(31)%
Investment performance and interest credited(5,901)1,746 NM3,138 NM
Total ending balance - contract accumulation values$85,759 $86,964 (1)%$92,292 (7)%
Variable annuities fixed sub-accounts$4,951 $5,075 (2)%$4,990 (1)%
Life Insurance In Force$198,674 $196,164 1%$198,553  -
Net Amount at Risk (Life)$38,290 $37,636 2%$37,652 2%
Net Policyholder Reserves
VUL/UL$14,419 $14,106 2%$15,049 (4)%
Term and whole life163 172 (5)%167 (2)%
Disability insurance478 503 (5)%483 (1)%
Other insurance596 637 (6)%608 (2)%
Total net policyholder reserves$15,656 $15,418 2%$16,307 (4)%
DAC Ending Balances
Variable Annuities DAC$1,914 $1,792 7%$1,876 2%
Life and Health DAC$955 $839 14%$847 13%
NM Not Meaningful - variance equal to or greater than 100%


17


Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees$— $— -$— -
Distribution fees— — -— -
Net investment income(11)(1)NM(12)8%
Premiums, policy and contract charges— — -(1)NM
Other revenuesNM(50)%
Total revenues(9)— -(9) -
Banking and deposit interest expense— — -NM
Adjusted operating total net revenues(9)— -(10)10%
Expenses
Distribution expenses— — -— -
Interest credited to fixed accounts— — -— -
Benefits, claims, losses and settlement expenses— — -(1)NM
Amortization of deferred acquisition costs— — -(1)NM
Interest and debt expense13 (86)%13  -
General and administrative expense50 56 11%67 25%
Adjusted operating expenses63 63  - 78 19%
Pretax adjusted operating earnings (loss)$(72)$(63)(14)%$(88)18%
NM Not Meaningful - variance equal to or greater than 100%
























18


Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees$— $— -$— -
Distribution fees— — -— -
Net investment income36 38 (5)%37 (3)%
Premiums, policy and contract charges23 24 (4)%25 (8)%
Other revenues— — -— -
Total revenues59 62 (5)%62 (5)%
Banking and deposit interest expense— — -— -
Adjusted operating total net revenues59 62 (5)%62 (5)%
Expenses
Distribution expenses(2)(3)(33)%(3)(33)%
Interest credited to fixed accounts— — -— -
Benefits, claims, losses and settlement expenses52 11 NM53 2%
Amortization of deferred acquisition costs— — -— -
Interest and debt expense - (50)%
General and administrative expense - 17%
Adjusted operating expenses58 16 NM58  -
Pretax adjusted operating earnings (loss)$$46 (98)%$(75)%
Long Term Care Policyholder Reserves, net of reinsurance (1)
Active Life Reserves$2,291 $2,431 (6)%$2,487 (8)%
Disabled Life Reserves578 540 7%565 2%
Total long term care policyholder reserves, net of reinsurance$2,869 $2,971 (3)%$3,052 (6)%
(1) SFAS 115 requires GAAP reserves to include all unrealized gains on available for sale securities in the portfolio to be reported as if they were realized on the last day of the accounting period with all financial impacts flowing through other comprehensive income.
NM Not Meaningful - variance equal to or greater than 100%

















19


Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees$— $— -$— -
Distribution fees— — -NM
Net investment income63 (87)%14%
Premiums, policy and contract charges— - -
Other revenues57 14 NM55 4%
Total revenues66 77 (14)%64 3%
Banking and deposit interest expense— — -— -
Adjusted operating total net revenues66 77 (14)%64 3%
Expenses
Distribution expenses - — -
Interest credited to fixed accounts61 61  - 63 3%
Benefits, claims, losses and settlement expenses - NM
Amortization of deferred acquisition costs25% -
Interest and debt expense— NM— -
General and administrative expense50% -
Adjusted operating expenses71 81 12%71  -
Pretax adjusted operating earnings (loss)$(5)$(4)(25)%$(7)29%
NM Not Meaningful - variance equal to or greater than 100%


20


Ameriprise Financial, Inc.
Eliminations (1) Adjusted Operating Results
(in millions, unaudited)1 Qtr 20221 Qtr 2021% Over/
(Under)
4 Qtr 2021% Over/
(Under)
Revenues
Management and financial advice fees$(35)$(36)3%$(37)5%
Distribution fees(306)(331)8%(353)13%
Net investment income(3)(4)25%(4)25%
Premiums, policy and contract charges(8)(8) - (8) -
Other revenues— — -NM
Total revenues(352)(379)7%(401)12%
Banking and deposit interest expense— — -(1)NM
Adjusted operating total net revenues(352)(379)7%(400)12%
Expenses
Distribution expenses(330)(355)(7)%(378)(13)%
Interest credited to fixed accounts— — -— -
Benefits, claims, losses and settlement expenses(4)(4) - (8)(50)%
Amortization of deferred acquisition costs— — -— -
Interest and debt expense(2)(3)(33)%(3)(33)%
General and administrative expense(16)(17)(6)%(11)45%
Adjusted operating expenses(352)(379)(7)%(400)(12)%
Pretax adjusted operating earnings (loss)$— $— -$— -
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.
NM Not Meaningful - variance equal to or greater than 100%



21


Ameriprise Financial, Inc.
Capital Information
(in millions, unaudited)March 31,
2022
March 31,
2021
December 31,
2021
Long-term Debt Summary
Senior notes$2,300 $2,800 $2,800 
Finance lease liabilities37 46 40 
Other (1)
(7)(12)(8)
Total Ameriprise Financial long-term debt2,330 2,834 2,832 
Non-recourse debt of consolidated investment entities2,157 2,671 2,164 
Total long-term debt$4,487 $5,505 $4,996 
Total Ameriprise Financial long-term debt$2,330 $2,834 $2,832 
Finance lease liabilities(37)(46)(40)
Other (1)
12 
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other$2,300 $2,800 $2,800 
Total equity (2)
$5,010 $5,502 $5,685 
Equity of consolidated investment entities(1)(3)
Total equity excluding CIEs$5,011 $5,501 $5,682 
Total Ameriprise Financial capital$7,340 $8,336 $8,517 
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs$7,311 $8,301 $8,482 
Debt to capital
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital31.7 %34.0 %33.3 %
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)
31.5 %33.7 %33.0 %
(1) Includes adjustments for fair value of hedges, unamortized discount, debt issuance costs and other lease obligations.
(2) Includes accumulated other comprehensive income, net of tax.














22


Ameriprise Financial, Inc.
Consolidated Balance Sheets
(in millions, unaudited)March 31,
2022
December 31,
2021
Assets
Cash and cash equivalents$6,623 $7,127 
Cash of consolidated investment entities119 121 
Investments36,040 35,810 
Investments of consolidated investment entities2,177 2,184 
Separate account assets89,669 97,491 
Receivables16,193 16,205 
Receivables of consolidated investment entities22 17 
Deferred acquisition costs2,928 2,782 
Restricted and segregated cash and investments2,668 2,795 
Other assets11,084 11,444 
Other assets of consolidated investment entities
Total Assets$167,525 $175,979 
Liabilities
Policyholder account balances, future policy benefits and claims$35,225 $35,750 
Separate account liabilities89,669 97,491 
Customer deposits22,048 20,227 
Short-term borrowings200 200 
Long-term debt2,330 2,832 
Debt of consolidated investment entities2,156 2,164 
Accounts payable and accrued expenses2,050 2,527 
Other liabilities8,691 8,966 
Other liabilities of consolidated investment entities146 137 
Total Liabilities162,515 170,294 
Equity
Ameriprise Financial
Common shares ($.01 par)
Additional paid-in capital9,348 9,220 
Retained earnings18,153 17,525 
Treasury stock(21,599)(21,066)
Accumulated other comprehensive income, net of tax(895)
Total Equity5,010 5,685 
Total Liabilities and Equity$167,525 $175,979 




23


Ameriprise Financial, Inc.
Reconciliation Table: Earnings
Quarter Ended
March 31,
% Over/
(Under)
Per Diluted Share
Quarter Ended
March 31,
% Over/
(Under)
(in millions, except per share amounts, unaudited)2022202120222021
Net income$761 $437 74%$6.55 $3.58 83%
Less: Net realized investment gains (losses) (1)
16 55 0.14 0.45 
Add: Market impact on non-traditional long-duration products (1)
(134)396 (1.15)3.24 
Add: Mean reversion-related impacts (1)
59 (56)0.51 (0.46)
Add: Integration/restructuring charges (1)
10 — 0.09 — 
Less: Net income (loss) attributable to consolidated investment entities(1)0.02 (0.01)
Add: Tax effect of adjustments (2)
17 (60)0.14 (0.49)
Adjusted operating earnings695 663 5%5.98 5.43 10%
Less: Long term care impact46 0.01 0.38 
Less: Tax effect of long term care impact (2)
— (10)— (0.08)
Adjusted operating earnings excluding long term care impact$694 $627 11%$5.97 $5.13 16%
Weighted average common shares outstanding:
Basic113.7 119.8 
Diluted116.2 122.2 
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.


24


Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings and Pretax Adjusted Operating Margin
Quarter Ended
March 31,
(in millions, unaudited)20222021
Total net revenues$3,655 $3,350 
Less: Net realized investment gains (losses)17 57 
Less: Market impact on non-traditional long-duration products26 
Less: Mean reversion-related impacts— — 
Less: Integration/restructuring charges— — 
Less: CIEs revenue17 34 
Adjusted operating total net revenues$3,595 $3,254 
Total expenses$2,732 $2,857 
Less: CIEs expenses15 35 
Less: Integration/restructuring charges10 — 
Less: Market impact on non-traditional long-duration products(108)401 
Less: Mean reversion-related impacts59 (56)
Less: DAC/DSIC offset to net realized investment gains (losses)
Adjusted operating expenses$2,755 $2,475 
Pretax income$923 $493 
Pretax adjusted operating earnings$840 $779 
Pretax income margin25.3 %14.7 %
Pretax adjusted operating margin23.4 %23.9 %











25


Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended
March 31, 2021
(in millions, unaudited)GAAPAdjusted Operating
Pretax income$493 $779 
Income tax provision$56 $116 
Effective tax rate11.3 %14.9 %

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended
March 31, 2022
(in millions, unaudited)GAAPAdjusted Operating
Pretax income$923 $840 
Income tax provision$162 $145 
Effective tax rate17.6 %17.3 %



Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift
Quarter Ended
March 31,
(in millions, unaudited)20222021
Advice & Wealth Management$440 $389 
Asset Management285 228 
RPS191 183 
Pretax adjusted operating earnings ex Corporate$916 $800 
Advice & Wealth Management48 %49 %
Asset Management31 %28 %
RPS21 %23 %
Subtotal pretax adjusted operating earnings100 %100 %
AWM & AM79 %77 %

26


Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated
Other Comprehensive Income “AOCI”
Twelve Months Ended
 March 31,
(in millions, unaudited)20222021
Net income$3,084 $(65)
Less: Adjustments (1)
328 (1,804)
Adjusted operating earnings$2,756 $1,739 
Total Ameriprise Financial, Inc. shareholders’ equity$5,518 $6,126 
Less: Accumulated other comprehensive income, net of tax(3)312 
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI5,521 5,814 
Less: Equity impacts attributable to the consolidated investment entities
Adjusted operating equity$5,520 $5,813 
Return on equity excluding AOCI55.9 %(1.1)%
Adjusted operating return on equity excluding AOCI (2)
49.9 %29.9 %
(1) Adjustments reflect the trailing twelve months' sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs ("DSIC") and deferred acquisition costs ("DAC") amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on disposal of business; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations. After-tax is calculated using the statutory tax rate of 21%.
(2) Adjusted operating return on equity excluding accumulated other comprehensive income (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on the disposal of business; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations in the numerator, and Ameriprise Financial shareholders' equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.



27


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