Ameriprise Financial, Inc. (NYSE: AMP):
Earnings Per Diluted Share
Return on Equity, ex AOCI (1)
Q4 2024
FY 2024
Q4 2024
GAAP
$
10.58
$
33.05
GAAP
49.7
%
Adjusted Operating, excluding
unlocking
$
9.36
$
35.07
Adjusted Operating, excluding
unlocking
52.7
%
- Fourth quarter adjusted operating earnings per diluted share
increased 23 percent to $9.54 excluding severance expense,
mark-to-market impact on share-based compensation, and a prior year
regulatory accrual.
- Full year 2024 adjusted operating earnings per diluted share
increased 17 percent to $35.79 excluding unlocking and the items
noted above.
- Fourth quarter GAAP net income per diluted share was $10.58
compared to $3.57 a year ago. Full year 2024 GAAP net income per
diluted share was $33.05 compared to $23.71 in 2023.
- Assets under management, administration, and advisement grew to
$1.5 trillion, up 10 percent, including strong client net inflows
of $35 billion over the past 12 months.
- Adjusted operating net revenues increased 13 percent from
strong asset growth and higher transactional activity.
- Pretax adjusted operating margin was 27 percent and adjusted
operating return on equity was 53 percent.(1)(2)
- The company returned $768 million of capital to shareholders in
the quarter and $2.8 billion for the full year, demonstrating its
balance sheet strength and strong free cash flow generation.
- During the quarter, Ameriprise Financial was recognized by
Forbes as one of “America’s Best Companies” for 2025.
Perspective from Jim Cracchiolo,
Chairman and Chief Executive Officer
“Ameriprise delivered a record year in
2024, including a strong fourth quarter.
We generated double-digit revenue growth
with excellent earnings growth, reflecting the strength of the
business and our client and advisor value propositions.
Client activity and engagement were
robust. Client inflows into fee-based investment advisory accounts
grew to an all-time high. And with strong wealth management flows
and positive markets, total client assets reached record
levels.
We continue to demonstrate our unique
ability to navigate shifting market environments while delivering a
differentiated client experience and maintaining rock-solid balance
sheet fundamentals. Ameriprise consistently generates significant
free cash flow, which we invest in the business and return to
shareholders at a differentiated rate.”
(1) Return on equity excluding AOCI is
calculated on a trailing 12-month basis.
(2) Excludes unlocking. Unlocking impacts
reflect the company’s annual review of insurance and annuity
valuation assumptions and model changes.
Ameriprise Financial,
Inc.
Fourth Quarter Summary
Quarter Ended December
31,
% Better/
(Worse)
Year-to-date December
31,
% Better/
(Worse)
(in millions, except per share amounts,
unaudited)
2024
2023
2024
2023
GAAP net income
$
1,071
$
377
NM
$
3,401
$
2,556
33
%
Adjusted operating earnings
$
947
$
761
24
%
$
3,535
$
3,111
14
%
Adjusted operating earnings excluding
unlocking (see reconciliation on p. 24 & 25)
$
947
$
761
24
%
$
3,609
$
3,189
13
%
Adjusted operating earnings excluding
unlocking and other items (1) (see reconciliation on p. 24 &
25)
$
965
$
820
18
%
$
3,684
$
3,284
12
%
GAAP net income per diluted share
$
10.58
$
3.57
NM
$
33.05
$
23.71
39
%
Adjusted operating earnings per diluted
share
$
9.36
$
7.20
30
%
$
34.35
$
28.86
19
%
Adjusted operating earnings per diluted
share excluding unlocking (see reconciliation on p. 24 &
25)
$
9.36
$
7.20
30
%
$
35.07
$
29.58
19
%
Adjusted operating earnings per diluted
share excluding unlocking and other items (1)
(see reconciliation on p. 24 & 25)
$
9.54
$
7.75
23
%
$
35.79
$
30.46
17
%
GAAP Return on Equity, ex. AOCI
49.7
%
39.9
%
49.7
%
39.9
%
Adjusted Operating Return on Equity, ex.
AOCI
51.6
%
48.5
%
51.6
%
48.5
%
Adjusted Operating Return on Equity, ex.
AOCI and unlocking (see reconciliation on p. 29)
52.7
%
49.7
%
52.7
%
49.7
%
Weighted average common shares
outstanding:
Basic
99.2
103.5
101.0
105.7
Diluted
101.2
105.7
102.9
107.8
(1) Other items include severance and
mark-to-market impact on share-based compensation expense in both
periods, as well as a regulatory accrual in 2023.
NM Not Meaningful - variance equal to or
greater than 100%
Fourth quarter 2024 GAAP results included favorable market
impacts on the valuation of derivatives and market risk benefits
from higher interest rates, while the prior year quarter included
unfavorable market impacts on the valuation of derivatives and
market risk benefits from lower interest rates.
In addition, adjusted operating after-tax results included
severance expenses of $46 million for full year 2024 and $21
million for full year 2023 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 December
31,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
Adjusted operating net revenues
$
2,834
$
2,403
18
%
Distribution expenses
1,563
1,266
(23
)%
Interest and debt expense
10
8
(25
)%
General and administrative expenses
438
431
(2
)%
Adjusted operating expenses
2,011
1,705
(18
)%
Pretax adjusted operating earnings
$
823
$
698
18
%
Pretax adjusted operating margin
29.0
%
29.0
%
— bps
Quarter Ended December
31,
% Better/ (Worse)
(in billions, unless otherwise noted)
2024
2023
Total client assets
$
1,029
$
901
14
%
Total client net flows (1)
$
11.3
$
22.7
(50
)%
Wrap net flows (1)
$
11.1
$
7.0
59
%
AWM cash balances (1)
$
41.6
$
44.5
(7
)%
Adjusted operating net revenue per advisor
(TTM in thousands)
$
1,037
$
916
13
%
(1) Q4 2023 includes the addition of $14.7
billion of total client flows from the company's partnership with
Comerica, including $2.0 billion of wrap flows and $2.5 billion of
cash sweep into off-balance sheet - broker dealer.
Advice & Wealth Management delivered strong organic
growth generating pretax adjusted operating earnings of $823
million, up 18 percent, with a margin of 29 percent driven by core
business growth and equity market appreciation, which more than
offset lower interest revenue from the more than 60 bps reduction
in average federal funds effective rate year-over-year and
sequentially.
Adjusted operating net revenues increased 18 percent to $2.8
billion from strong growth in client assets and increased
transactional activity.
Adjusted operating expenses increased 18 percent to $2.0 billion
compared to a year ago primarily driven by strong revenue growth.
General and administrative expenses were $438 million in the
quarter and increased 5 percent(1) to $1.7 billion for the full
year, reflecting growth investments and volume-related expenses due
to business growth.
Strong growth in metrics was driven by client and advisor
engagement and focus on positioning portfolios to meet financial
planning goals across market cycles.
- Total client assets grew 14 percent to $1.0 trillion, with
strong client flows of $11.3 billion.
- Wrap assets increased 18 percent to $574 billion. Wrap flow
trends continued to improve with $11.1 billion of net inflows in
the quarter, representing an 8 percent annualized flow rate.
- Transactional activity increased 17 percent with strong growth
across all product areas.
- Total client cash was $85.4 billion, up $3.9 billion from a
year ago and up $2.4 billion sequentially.
- Cash sweep balances were $29.8 billion, up $2.3 billion
sequentially.
- Bank assets grew 4 percent to $23.6 billion, providing
sustainable net investment income in the forecasted lower interest
rate environment.
- Certificate balances declined $0.8 billion sequentially, as
expected in this rate environment.
- Growth in third-party money market funds was partially offset
by a decline in brokered CDs.
- Adjusted operating net revenue per advisor on a trailing
12-month basis reached a new high of $1.0 million, up 13 percent
from enhanced productivity, business growth and market
appreciation.
- Advisor headcount increased to 10,427, which reflects the
addition of 91 experienced advisors in the quarter and continued
strong advisor retention.
(1) Excluding $50 million regulatory
accrual in 2023.
Ameriprise Financial,
Inc.
Asset Management Segment
Adjusted Operating Results
Quarter Ended December
31,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
Adjusted operating net revenues
$
930
$
845
10
%
Distribution expenses
253
228
(11
)%
Amortization of deferred acquisition
costs
2
2
—
%
Interest and debt expense
2
2
—
%
General and administrative expenses
422
419
(1
)%
Adjusted operating expenses
679
651
(4
)%
Pretax adjusted operating earnings
$
251
$
194
29
%
Net pretax adjusted operating margin
(1)
39.0
%
32.4
%
Quarter Ended December
31,
% Better/
(Worse)
(in billions)
2024
2023
Assets Under Management and Advisement
(2)
$
681
$
663
3
%
Net Flows
Global Retail net AUM flows, ex. legacy
insurance partners
$
5.7
$
(0.9
)
NM
Model delivery AUA flows (2)
0.4
0.3
33
%
Total retail net AUM flows and
model delivery AUA flows (2)
6.1
(0.6
)
NM
Global Institutional net AUM flows, ex.
legacy insurance partners
(3.9
)
(3.1
)
(26
)%
Legacy insurance partners AUM flows
(0.9
)
(1.2
)
25
%
Total Net AUM and AUA flows (2)
$
1.3
$
(4.9
)
NM
(1) See reconciliation on page 13.
(2) Model Delivery Assets Under Advisement
are presented on a one-quarter lag. Flows are estimated based on
the period-to-period change in assets less calculated performance
based on strategy returns.
NM Not Meaningful - variance equal to or
greater than 100%
Asset Management adjusted operating net revenues grew 10
percent to $930 million. Pretax adjusted operating earnings
increased 29 percent to $251 million, reflecting equity market
appreciation and the positive impact from expense management
actions, which more than offset the cumulative impact of net
outflows. Results in the quarter included continued strong
performance fees. Net pretax adjusted operating margin was 39
percent. The underlying fee rate remained stable.
Adjusted operating expenses increased 4 percent. Excluding
performance fee compensation, general and administrative expenses
improved 2 percent from a year ago, reflecting benefits from the
company’s initiatives to enhance operational efficiency and
effectiveness to further strengthen the client experience and
future profitability.
Total net inflows improved $6.2 billion to $1.3 billion.
- Retail and model delivery net inflows were $6.1 billion,
reflecting a $6.7 billion improvement from the prior year from
stronger gross sales in North America and EMEA, as well as higher
reinvested dividends.
- Institutional net outflows were $3.9 billion, which reflected
slower fundings and $0.9 billion of expected Lionstone outflows.
Outflows related to legacy insurance partners were $0.9 billion.
Ameriprise Financial,
Inc.
Retirement & Protection
Solutions Segment Adjusted Operating Results
Quarter Ended December
31,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
Adjusted operating net revenues
$
960
$
918
5
%
Adjusted operating expenses
747
716
(4
)%
Pretax adjusted operating earnings
$
213
$
202
5
%
Retirement & Protection Solutions pretax adjusted
operating earnings increased 5 percent to $213 million or $816
million for the full year excluding unlocking. 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 trends.
Retirement & Protection Solutions sales increased 13 percent
to $1.4 billion fueled by client demand for structured variable
annuities and variable universal life products.
These high-quality books of business continued to generate
strong free cash flow with excellent risk-adjusted returns.
Ameriprise Financial,
Inc.
Corporate & Other Segment
Adjusted Operating Results
Quarter Ended December
31,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
Corporate & Other
$
(106
)
$
(117
)
9
%
Closed Blocks (1)
14
3
NM
Pretax adjusted operating earnings
$
(92
)
$
(114
)
19
%
Long Term Care
$
21
$
10
NM
Fixed Annuities
(7
)
(7
)
—
%
Pretax adjusted operating earnings
$
14
$
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 $106 million, of which $28 million was
related to severance and severance program expenses, expenses to
accelerate the firm’s transition to cloud-based technology
platforms and mark-to-market impacts on share-based
compensation.
Long Term Care pretax adjusted operating earnings were
$21 million, or $62 million for the full year excluding unlocking,
a continuation of an improved performance trend. Results in the
quarter reflected higher closed claims and new premium rate
increases.
Fixed Annuities pretax adjusted operating loss was in
line with expectations at $7 million.
Taxes
The operating effective tax rate was 20.8 percent for the fourth
quarter and 20.3 percent 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 and other non-GAAP financial measures, and the
corresponding ratios, best represents the underlying performance of
our core operations and facilitates a more meaningful trend
analysis without the distortion of various adjustment items.
Management uses non-GAAP financial measures to evaluate our
financial performance on a basis comparable to that used by some
securities analysts and investors and to provide a valuable
perspective for investors. These non-GAAP financial measures are
taken into consideration, to varying degrees, for purposes of
business planning and analysis and for certain compensation-related
matters. Non-GAAP financial measures are intended to supplement
investors’ understanding of our performance and should not be
considered alternatives for financial measures presented in
accordance with GAAP. These measures are discussed in more detail
below and may not be comparable to other companies’ similarly
titled non-GAAP financial measures. Non-GAAP financial measure
reconciliations can be found on the subsequent pages.
Forward-Looking Statements
This news release contains forward-looking statements that
reflect management’s plans, estimates and beliefs. Actual results
could differ materially from those described in these
forward-looking statements. Examples of such forward-looking
statements include:
- statements of the company’s plans, intentions, positioning,
expectations, objectives or goals, including those relating to
asset flows, mass affluent and affluent client acquisition
strategy, client retention and growth of our client base, financial
advisor productivity, retention, recruiting and enrollments, the
introduction, cessation, terms or pricing of new or existing
products and services, general and administrative costs, net pretax
adjusted operating margin, consolidated tax rate, return of capital
to shareholders, and excess capital position and financial
flexibility to capture additional growth opportunities;
- other statements about future economic performance, the
performance of equity markets and interest rate variations and the
economic performance of the United States and of global
markets;
- statements estimating the financial impacts and future
profitability arising from the company’s initiatives to enhance
operational efficiency and effectiveness;
- statements about higher sustainable net investment income at
the bank and the forecast for a lower rate environment;
- statements about continued improved performance of long term
care operating earnings; and
- statements of assumptions underlying such statements.
The words “believe,” “expect,” “anticipate,” “optimistic,”
“intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,”
“likely,” “forecast,” “on track,” “project,” ”continue,” “able to
remain”, “resume,” “deliver,” “develop,” “evolve,” “drive,”
”enable,” “flexibility,” “commitment,” “scenario,” “case,”
“appear,” “expands” and similar expressions are intended to
identify forward-looking statements but are not the exclusive means
of identifying such statements. Forward-looking statements are
subject to risks and uncertainties, which could cause actual
results to differ materially from such statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. Management cautions readers to carefully
consider the risks described in the “Risk Factors” discussion under
Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K
for the year ended December 31, 2023 available at
ir.ameriprise.com. Management undertakes no obligation to update
publicly or revise any forward-looking statements.
The financial results discussed in this news release represent
past performance only, which may not be used to predict or project
future results. The financial results and values presented in this
news release are based upon asset valuations that represent
estimates as of the date of this news release and may be revised in
the company’s Form 10-K for the period ended December 31, 2024.
Ameriprise Financial announces financial and other information
to investors through the company’s investor relations website at
ir.ameriprise.com, as well as SEC filings, press releases, public
conference calls and webcasts. Investors and others interested in
the company are encouraged to visit the investor relations website
from time to time, as information is updated and new information is
posted. The website also allows users to sign up for automatic
notifications in the event new materials are posted. The
information found on the website is not incorporated by reference
into this release or in any other report or document the company
furnishes or files with the SEC.
Ameriprise Financial,
Inc.
Consolidated GAAP
Results
(in millions, except per share amounts,
unaudited)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees
$
2,715
$
2,284
19
%
$
2,573
6
%
Distribution fees
536
469
14
%
513
4
%
Net investment income
892
888
—
%
934
(4
)%
Premiums, policy and contract charges
379
404
(6
)%
409
(7
)%
Other revenues
127
123
3
%
131
(3
)%
Total revenues
4,649
4,168
12
%
4,560
2
%
Banking and deposit interest expense
148
176
16
%
163
9
%
Total net revenues
4,501
3,992
13
%
4,397
2
%
Expenses
Distribution expenses
1,616
1,307
(24
)%
1,539
(5
)%
Interest credited to fixed accounts
181
190
5
%
118
(53
)%
Benefits, claims, losses and settlement
expenses
243
602
60
%
430
43
%
Remeasurement (gains) losses of future
policy benefit reserves
(10
)
(3
)
NM
(22
)
(55
)%
Change in fair value of market risk
benefits
(30
)
240
NM
566
NM
Amortization of deferred acquisition
costs
61
61
—
%
59
(3
)%
Interest and debt expense
77
84
8
%
87
11
%
General and administrative expense
1,011
1,017
1
%
975
(4
)%
Total expenses
3,149
3,498
10
%
3,752
16
%
Pretax income
1,352
494
NM
645
NM
Income tax provision
281
117
NM
134
NM
Net income
$
1,071
$
377
NM
$
511
NM
Earnings per share
Basic earnings per share
$
10.80
$
3.64
$
5.09
Earnings per diluted share
$
10.58
$
3.57
$
5.00
Weighted average common shares
outstanding
Basic
99.2
103.5
100.4
Diluted
101.2
105.7
102.2
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Consolidated Highlights and
Capital Summary
(in millions unless otherwise noted,
unaudited)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Assets Under Management,
Administration, and Advisement
Advice & Wealth Management AUM
$
570,064
$
484,825
18
%
$
565,152
1
%
Asset Management AUM
644,913
636,936
1
%
672,110
(4
)%
Corporate AUM
568
395
44
%
523
9
%
Eliminations
(44,769
)
(41,093
)
(9
)%
(45,839
)
2
%
Assets Under Management
1,170,776
1,081,063
8
%
1,191,946
(2
)%
Assets Under Administration
317,160
279,549
13
%
314,173
1
%
Assets Under Advisement (net of
eliminations) (1)
34,017
25,414
34
%
31,864
7
%
Total Assets Under Management,
Administration, and Advisement
$
1,521,953
$
1,386,026
10
%
$
1,537,983
(1
)%
S&P 500
Daily average
5,911
4,472
32
%
5,546
7
%
Period end
5,882
4,770
23
%
5,762
2
%
Weighted Equity Index (WEI) (2)
Daily average
3,718
2,892
29
%
3,528
5
%
Period end
3,676
3,102
19
%
3,664
—
%
Common shares
Beginning balance
97.2
101.4
(4
)%
98.4
(1
)%
Repurchases
(1.1
)
(1.2
)
8
%
(1.3
)
15
%
Issuances
0.2
0.1
NM
0.2
—
%
Other
(0.1
)
(0.1
)
—
%
(0.1
)
—
%
Total common shares outstanding
96.2
100.2
(4
)%
97.2
(1
)%
Restricted stock units
2.5
2.7
(7
)%
2.5
—
%
Total basic common shares
outstanding
98.7
102.9
(4
)%
99.7
(1
)%
Total potentially dilutive shares
1.9
2.2
(14
)%
1.9
—
%
Total diluted shares
100.6
105.1
(4
)%
101.6
(1
)%
Capital Returned to
Shareholders
Dividends paid
$
149
$
142
5
%
$
150
(1
)%
Common stock share repurchases
619
445
39
%
563
10
%
Total Capital Returned to
Shareholders
$
768
$
587
31
%
$
713
8
%
(1) Assets reported on a one quarter
lag.
(2) 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)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees:
Advisory fees
$
1,519
$
1,196
27
%
$
1,451
5
%
Financial planning fees
137
119
15
%
111
23
%
Transaction and other fees
97
93
4
%
97
—
%
Total management and financial advice
fees
1,753
1,408
25
%
1,659
6
%
Distribution fees:
Mutual funds
217
185
17
%
209
4
%
Insurance and annuity
264
236
12
%
266
(1
)%
Off-Balance sheet brokerage cash
32
48
(33
)%
32
—
%
Other products
120
90
33
%
107
12
%
Total distribution fees
633
559
13
%
614
3
%
Net investment income
521
547
(5
)%
554
(6
)%
Other revenues
75
65
15
%
78
(4
)%
Total revenues
2,982
2,579
16
%
2,905
3
%
Banking and deposit interest expense
148
176
16
%
163
9
%
Adjusted operating total net
revenues
2,834
2,403
18
%
2,742
3
%
Expenses
Distribution expenses
1,563
1,266
(23
)%
1,488
(5
)%
Interest and debt expense
10
8
(25
)%
9
(11
)%
General and administrative expense
438
431
(2
)%
419
(5
)%
Adjusted operating expenses
2,011
1,705
(18
)%
1,916
(5
)%
Pretax adjusted operating
earnings
$
823
$
698
18
%
$
826
—
%
Pretax adjusted operating
margin
29.0
%
29.0
%
30.1
%
Ameriprise Financial,
Inc.
Advice & Wealth Management
Segment Operating Metrics
(in millions unless otherwise noted,
unaudited)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
AWM Total Client Assets
$
1,028,943
$
900,502
14
%
$
1,024,467
—
%
Total Client Flows (1)
$
11,261
$
22,710
(50
)%
$
8,613
31
%
Total Wrap Accounts
Beginning assets
$
569,054
$
444,061
28
%
$
534,990
6
%
Net flows (1)
11,073
6,961
59
%
7,992
39
%
Market appreciation (depreciation) and
other
(6,246
)
37,178
NM
26,072
NM
Total wrap ending assets
$
573,881
$
488,200
18
%
$
569,054
1
%
Advisory wrap account assets ending
balance (2)
$
568,348
$
483,315
18
%
$
563,438
1
%
Brokerage Cash & Certificates
Balances
On-balance sheet (Net Investment
Income)
On-balance sheet - broker dealer
$
2,334
$
2,388
(2
)%
$
2,633
(11
)%
On-balance sheet - bank
22,307
21,498
4
%
21,731
3
%
On-balance sheet - certificate
11,213
13,471
(17
)%
11,998
(7
)%
Total on-balance sheet
$
35,854
$
37,357
(4
)%
$
36,362
(1
)%
Off-balance sheet (Distribution
Fees)
Off-balance sheet - broker dealer (1)
$
5,793
$
7,103
(18
)%
$
3,714
56
%
Total brokerage cash & certificates
balances
$
41,647
$
44,460
(6
)%
$
40,076
4
%
Gross Fee Yield
On-balance sheet - broker dealer
4.80
%
5.53
%
5.27
%
On-balance sheet - bank
4.77
%
5.07
%
5.02
%
On-balance sheet - certificates
5.33
%
5.51
%
5.63
%
Off-balance sheet - broker dealer
2.86
%
3.49
%
3.28
%
Financial Advisors
Employee advisors
2,256
2,228
1
%
2,212
2
%
Franchisee advisors
8,171
8,139
—
%
8,156
—
%
Total financial advisors
10,427
10,367
1
%
10,368
1
%
Advisor Retention
Employee
92.2
%
92.5
%
92.5
%
Franchisee
92.8
%
92.5
%
92.5
%
(1) Q4 2023 includes the addition of $14.7
billion of total client flows from the company's partnership with
Comerica, including $2.0 billion of wrap flows and $2.5 billion of
cash sweep into off-balance sheet - broker dealer.
(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)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail
$
540
$
479
13
%
$
540
—
%
Institutional
194
187
4
%
143
36
%
Model delivery (1)
22
16
38
%
21
5
%
Transaction and other fees
53
49
8
%
52
2
%
Revenue from other sources (2)
2
3
(33
)%
4
(50
)%
Total management and financial advice
fees
811
734
10
%
760
7
%
Distribution fees:
Mutual funds
59
53
11
%
57
4
%
Insurance and annuity
40
38
5
%
41
(2
)%
Total distribution fees
99
91
9
%
98
1
%
Net investment income
15
15
—
%
17
(12
)%
Other revenues
5
5
—
%
7
(29
)%
Total revenues
930
845
10
%
882
5
%
Banking and deposit interest expense
—
—
—
%
—
—
%
Adjusted operating total net
revenues
930
845
10
%
882
5
%
Expenses
Distribution expenses
253
228
(11
)%
250
(1
)%
Amortization of deferred acquisition
costs
2
2
—
%
2
—
%
Interest and debt expense
2
2
—
%
2
—
%
General and administrative expense
422
419
(1
)%
383
(10
)%
Adjusted operating expenses
679
651
(4
)%
637
(7
)%
Pretax adjusted operating
earnings
$
251
$
194
29
%
$
245
2
%
Net Pretax Adjusted Operating Margin
Reconciliation
Adjusted operating total net revenues
$
930
$
845
10
%
$
882
5
%
Distribution pass through revenues
(201
)
(180
)
(12
)%
(198
)
(2
)%
Subadvisory and other pass through
revenues
(104
)
(100
)
(4
)%
(104
)
—
%
Net adjusted operating revenues
$
625
$
565
11
%
$
580
8
%
Pretax adjusted operating earnings
$
251
$
194
29
%
$
245
2
%
Adjusted operating net investment
income
(15
)
(15
)
—
%
(17
)
12
%
Amortization of intangibles
8
4
NM
9
(11
)%
Net adjusted operating earnings
$
244
$
183
33
%
$
237
3
%
Pretax adjusted operating margin
27.0
%
23.0
%
27.8
%
Net pretax adjusted operating margin
(3)
39.0
%
32.4
%
40.9
%
Total Performance fees (4)
Performance fees
$
51
$
44
16
%
$
—
—
%
General and administrative expense related
to performance fees
32
23
(39
)%
—
—
%
Net performance fees
$
19
$
21
(10
)%
$
—
—
%
(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)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets
$
362,419
$
310,170
17
%
$
347,460
4
%
Inflows
15,227
13,029
17
%
13,129
16
%
Outflows
(17,807
)
(17,324
)
(3
)%
(15,724
)
(13
)%
Net VP/VIT fund flows
(1,730
)
(1,389
)
(25
)%
(1,741
)
1
%
Net new flows
(4,310
)
(5,684
)
24
%
(4,336
)
1
%
Reinvested dividends
9,956
4,692
NM
1,579
NM
Net flows
5,646
(992
)
NM
(2,757
)
NM
Distributions
(11,086
)
(5,367
)
NM
(1,770
)
NM
Market appreciation (depreciation) and
other
436
27,647
(98
)%
15,521
(97
)%
Foreign currency translation (1)
(4,678
)
3,402
NM
3,965
NM
Total ending assets
352,737
334,860
5
%
362,419
(3
)%
% of total retail assets sub-advised
15.8
%
15.6
%
16.2
%
Global Institutional
Beginning assets
309,691
277,001
12
%
294,420
5
%
Inflows (2)
7,992
9,810
(19
)%
8,168
(2
)%
Outflows (2)
(12,727
)
(14,021
)
9
%
(8,989
)
(42
)%
Net flows
(4,735
)
(4,211
)
(12
)%
(821
)
NM
Market appreciation (depreciation) and
other (3)
(3,145
)
22,028
NM
7,840
NM
Foreign currency translation (1)
(9,635
)
7,258
NM
8,252
NM
Total ending assets
292,176
302,076
(3
)%
309,691
(6
)%
Total managed assets
$
644,913
$
636,936
1
%
$
672,110
(4
)%
Total Assets Under Advisement
(4)
35,616
26,160
36
%
33,297
7
%
Total Assets Under Management &
Advisement
$
680,529
$
663,096
3
%
$
705,407
(4
)%
Total AUM net flows
$
911
$
(5,203
)
NM
$
(3,578
)
NM
Model delivery AUA flows (5)
412
308
34
%
1,212
(66
)%
Total AUM and AUA Flows (5)
$
1,323
$
(4,895
)
NM
$
(2,366
)
NM
Legacy insurance partners flows
$
(950
)
$
(1,212
)
22
%
$
(869
)
(9
)%
(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)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Total Managed Assets by Type
Equity
$
342,963
$
323,043
6
%
$
353,812
(3
)%
Fixed income
231,551
238,353
(3
)%
243,533
(5
)%
Money market
20,305
23,833
(15
)%
21,672
(6
)%
Alternative
30,872
33,476
(8
)%
33,303
(7
)%
Hybrid and other
19,222
18,231
5
%
19,790
(3
)%
Total managed assets by type
$
644,913
$
636,936
1
%
$
672,110
(4
)%
Average Managed Assets by Type
(1)
Equity
$
349,847
$
304,353
15
%
$
347,466
1
%
Fixed income
238,137
222,304
7
%
235,845
1
%
Money market
20,535
22,753
(10
)%
22,213
(8
)%
Alternative
31,706
33,503
(5
)%
33,388
(5
)%
Hybrid and other
19,501
17,329
13
%
19,457
—
%
Total average managed assets by
type
$
659,726
$
600,242
10
%
$
658,369
—
%
(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
4 Qtr 2024
Retail Fund Rankings in Top 2 Quartiles
or Above Index Benchmark - Asset Weighted
1 year
3 year
5 year
10 year
Equity
68%
69%
79%
87%
Fixed Income
69%
69%
80%
93%
Asset Allocation
89%
67%
82%
91%
4- or 5-star Morningstar rated
funds
Overall
3 year
5 year
10 year
Number of Rated Funds
108
73
79
99
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 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 12/31/24. Columbia funds
are available for purchase by U.S. customers. Out of 89 Columbia
funds rated (based on primary share class), 5 received a 5-star
Overall Rating and 35 received a 4-star Overall Rating. Out of 137
Threadneedle funds rated (based on highest-rated share class), 20
received a 5-star Overall Rating and 48 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)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees
$
194
$
181
7
%
$
196
(1
)%
Distribution fees
108
100
8
%
106
2
%
Net investment income
290
245
18
%
281
3
%
Premiums, policy and contract charges
367
389
(6
)%
388
(5
)%
Other revenues
1
3
(67
)%
2
(50
)%
Total revenues
960
918
5
%
973
(1
)%
Banking and deposit interest expense
—
—
—
%
—
—
%
Adjusted operating total net
revenues
960
918
5
%
973
(1
)%
Expenses
Distribution expenses
131
117
(12
)%
131
—
%
Interest credited to fixed accounts
91
93
2
%
92
1
%
Benefits, claims, losses and settlement
expenses
224
226
1
%
253
11
%
Remeasurement (gains) losses of future
policy benefit reserves
(4
)
(2
)
NM
(25
)
(84
)%
Change in fair value of market risk
benefits
156
131
(19
)%
257
39
%
Amortization of deferred acquisition
costs
56
57
2
%
57
2
%
Interest and debt expense
10
14
29
%
11
9
%
General and administrative expense
83
80
(4
)%
79
(5
)%
Adjusted operating expenses
747
716
(4
)%
855
13
%
Pretax adjusted operating
earnings
$
213
$
202
5
%
$
118
(81
)%
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Retirement & Protection
Solutions Segment Operating Metrics
(in millions, unaudited)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Variable Annuities Rollforwards
Beginning balance
$
87,653
$
75,084
17
%
$
84,534
4
%
Deposits
1,237
1,073
15
%
1,231
—
%
Withdrawals and terminations
(2,315
)
(1,922
)
(20
)%
(2,190
)
(6
)%
Net flows
(1,078
)
(849
)
(27
)%
(959
)
(12
)%
Investment performance and interest
credited
(828
)
6,519
NM
4,078
NM
Total ending balance - contract
accumulation values
$
85,747
$
80,754
6
%
$
87,653
(2
)%
Variable annuities fixed
sub-accounts
$
3,727
$
4,215
(12
)%
$
3,837
(3
)%
Life Insurance In Force
$
198,123
$
198,775
—
%
$
198,198
—
%
Net Amount at Risk (Life)
$
38,025
$
38,406
(1
)%
$
37,895
—
%
Net Policyholder Reserves
VUL/UL
$
15,951
$
14,715
8
%
$
15,984
—
%
Term and whole life
169
187
(10
)%
182
(7
)%
Disability insurance
472
536
(12
)%
503
(6
)%
Other insurance
505
537
(6
)%
513
(2
)%
Total net policyholder reserves
$
17,097
$
15,975
7
%
$
17,182
—
%
DAC Ending Balances
Variable Annuities DAC
$
1,677
$
1,704
(2
)%
$
1,684
—
%
Life and Health DAC
$
955
$
961
(1
)%
$
955
—
%
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Corporate Segment Adjusted
Operating Results and Metrics
(in millions, unaudited)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Corporate Excluding Long Term Care and
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—
%
$
—
—
%
Distribution fees
—
—
—
%
—
—
%
Net investment income
(9
)
(8
)
(13
)%
(4
)
NM
Premiums, policy and contract charges
—
—
—
%
—
—
%
Other revenues
3
1
NM
1
NM
Total revenues
(6
)
(7
)
14
%
(3
)
NM
Banking and deposit interest expense
8
7
(14
)%
7
(14
)%
Adjusted operating total net
revenues
(14
)
(14
)
—
%
(10
)
(40
)%
Expenses
Distribution expenses
—
—
—
%
—
—
%
Interest credited to fixed accounts
—
—
—
%
—
—
%
Benefits, claims, losses and settlement
expenses
—
—
—
%
—
—
%
Remeasurement (gains) losses of future
policy benefit reserves
—
—
—
%
—
—
%
Change in fair value of market risk
benefits
—
—
—
%
—
—
%
Amortization of deferred acquisition
costs
—
—
—
%
—
—
%
Interest and debt expense
23
20
(15
)%
30
23
%
General and administrative expense
69
83
17
%
105
34
%
Adjusted operating expenses
92
103
11
%
135
32
%
Pretax adjusted operating earnings
(loss)
$
(106
)
$
(117
)
9
%
$
(145
)
27
%
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Corporate Segment Adjusted
Operating Results and Metrics
(in millions, unaudited)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Long Term Care Adjusted Operating
Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—
%
$
—
—
%
Distribution fees
—
—
—
%
—
—
%
Net investment income
46
48
(4
)%
49
(6
)%
Premiums, policy and contract charges
24
24
—
%
24
—
%
Other revenues
—
—
—
%
—
—
%
Total revenues
70
72
(3
)%
73
(4
)%
Banking and deposit interest expense
(1
)
—
—
%
1
NM
Adjusted operating total net
revenues
71
72
(1
)%
72
(1
)%
Expenses
Distribution expenses
(3
)
(4
)
(25
)%
(4
)
(25
)%
Interest credited to fixed accounts
—
—
—
%
—
—
%
Benefits, claims, losses and settlement
expenses
52
60
13
%
56
7
%
Remeasurement (gains) losses of future
policy benefit reserves
(6
)
(1
)
NM
3
NM
Change in fair value of market risk
benefits
—
—
—
%
—
—
%
Amortization of deferred acquisition
costs
—
—
—
%
—
—
%
Interest and debt expense
1
2
50
%
2
50
%
General and administrative expense
6
5
(20
)%
6
—
%
Adjusted operating expenses
50
62
19
%
63
21
%
Pretax adjusted operating earnings
(loss)
$
21
$
10
NM
$
9
NM
Long Term Care Policyholder Reserves,
net of reinsurance
$
2,539
$
2,677
(5
)%
$
2,702
(6
)%
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Corporate Segment Adjusted
Operating Results and Metrics
(in millions, unaudited)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Fixed Annuities Adjusted Operating
Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—
%
$
—
—
%
Distribution fees
1
—
—
%
—
—
%
Net investment income
8
9
(11
)%
8
—
%
Premiums, policy and contract charges
—
—
—
%
—
—
%
Other revenues
42
49
(14
)%
44
(5
)%
Total revenues
51
58
(12
)%
52
(2
)%
Banking and deposit interest expense
1
—
—
%
(1
)
NM
Adjusted operating total net
revenues
50
58
(14
)%
53
(6
)%
Expenses
Distribution expenses
—
1
NM
1
NM
Interest credited to fixed accounts
52
57
9
%
55
5
%
Benefits, claims, losses and settlement
expenses
(1
)
1
NM
—
—
%
Remeasurement (gains) losses of future
policy benefit reserves
—
—
—
%
—
—
%
Change in fair value of market risk
benefits
—
—
—
%
—
—
%
Amortization of deferred acquisition
costs
3
2
(50
)%
—
—
%
Interest and debt expense
1
—
—
%
—
—
%
General and administrative expense
2
4
50
%
4
50
%
Adjusted operating expenses
57
65
12
%
60
5
%
Pretax adjusted operating earnings
(loss)
$
(7
)
$
(7
)
—
%
$
(7
)
—
%
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Eliminations (1) Adjusted
Operating Results
(in millions, unaudited)
4 Qtr 2024
4 Qtr 2023
% Better/
(Worse)
3 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees
$
(41
)
$
(37
)
(11
)%
$
(40
)
(3
)%
Distribution fees
(305
)
(280
)
(9
)%
(305
)
—
%
Net investment income
(21
)
(16
)
(31
)%
(21
)
—
%
Premiums, policy and contract charges
(8
)
(8
)
—
%
(9
)
11
%
Other revenues
(1
)
—
—
%
1
NM
Total revenues
(376
)
(341
)
(10
)%
(374
)
(1
)%
Banking and deposit interest expense
(8
)
(7
)
14
%
(7
)
14
%
Adjusted operating total net
revenues
(368
)
(334
)
(10
)%
(367
)
—
%
Expenses
Distribution expenses
(328
)
(301
)
9
%
(327
)
—
%
Interest credited to fixed accounts
—
—
—
%
—
—
%
Benefits, claims, losses and settlement
expenses
(8
)
(5
)
60
%
(5
)
60
%
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
(12
)
(7
)
71
%
(14
)
(14
)%
General and administrative expense
(20
)
(21
)
(5
)%
(21
)
(5
)%
Adjusted operating expenses
(368
)
(334
)
10
%
(367
)
—
%
Pretax adjusted operating earnings
(loss)
$
—
$
—
—
%
$
—
—
%
(1) The majority of the amounts represent
the impact of inter-segment transfer pricing for both revenues and
expenses.
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Capital Information
(in millions, unaudited)
December 31,
2024
December 31,
2023
September 30,
2024
Long-term Debt Summary
Senior notes
$
2,850
$
3,400
$
3,400
Finance lease liabilities
9
20
11
Other (1)
(17
)
(21
)
(17
)
Total Ameriprise Financial long-term
debt
2,842
3,399
3,394
Non-recourse debt of consolidated
investment entities
2,429
2,155
2,271
Total long-term debt
$
5,271
$
5,554
$
5,665
Total Ameriprise Financial long-term
debt
$
2,842
$
3,399
$
3,394
Finance lease liabilities
(9
)
(20
)
(11
)
Other (1)
17
21
17
Total Ameriprise Financial long-term
debt excluding finance lease liabilities and other
$
2,850
$
3,400
$
3,400
Total equity (2)
$
5,228
$
4,729
$
5,715
Equity of consolidated investment
entities
(1
)
(1
)
(1
)
Total equity excluding CIEs
$
5,227
$
4,728
$
5,714
Total Ameriprise Financial capital
$
8,070
$
8,128
$
9,109
Total Ameriprise Financial capital
excluding finance lease liabilities, other and equity of CIEs
$
8,077
$
8,128
$
9,114
Debt to capital
Total Ameriprise Financial long-term debt
to total Ameriprise Financial capital
35.2
%
41.8
%
37.3
%
Total Ameriprise Financial long-term debt
to total Ameriprise Financial capital excluding finance lease
liabilities, other and equity of CIEs (2)
35.3
%
41.8
%
37.3
%
(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)
December 31,
2024
December 31,
2023
Assets
Cash and cash equivalents
$
8,149
$
7,477
Cash of consolidated investment
entities
373
87
Investments
56,423
55,489
Investments of consolidated investment
entities
2,387
2,099
Market risk benefits
2,182
1,427
Separate account assets
78,114
77,457
Receivables
14,472
15,078
Receivables of consolidated investment
entities
31
28
Deferred acquisition costs
2,677
2,713
Restricted and segregated cash and
investments
1,444
1,635
Other assets
15,149
11,700
Other assets of consolidated investment
entities
2
1
Total Assets
$
181,403
$
175,191
Liabilities
Policyholder account balances, future
policy benefits and claims
$
41,873
$
37,545
Market risk benefits
1,263
1,762
Separate account liabilities
78,114
77,457
Customer deposits
35,826
37,321
Short-term borrowings
201
201
Long-term debt
2,842
3,399
Debt of consolidated investment
entities
2,429
2,155
Accounts payable and accrued expenses
2,704
2,603
Other liabilities
10,609
7,974
Other liabilities of consolidated
investment entities
314
45
Total Liabilities
176,175
170,462
Equity
Ameriprise Financial
Common shares ($.01 par)
3
3
Additional paid-in capital
10,141
9,824
Retained earnings
24,713
21,905
Treasury stock
(27,721
)
(25,237
)
Accumulated other comprehensive income,
net of tax
(1,908
)
(1,766
)
Total Equity
5,228
4,729
Total Liabilities and Equity
$
181,403
$
175,191
Ameriprise Financial,
Inc.
Reconciliation Table:
Earnings
Quarter Ended December
31,
% Better/
(Worse)
Per Diluted Share
Quarter Ended December 31,
% Better/
(Worse)
(in millions, except per share amounts,
unaudited)
2024
2023
2024
2023
Net income
$
1,071
$
377
NM
$
10.58
$
3.57
NM
Adjustments:
Net realized investment gains (losses)
(1)
(12
)
—
(0.12
)
—
Market impact on non-traditional
long-duration products (1)
169
(471
)
1.67
(4.45
)
Integration/restructuring charges (1)
—
(15
)
—
(0.14
)
Tax effect of adjustments (2)
(33
)
102
(0.33
)
0.96
Adjusted operating earnings
$
947
$
761
24
%
$
9.36
$
7.20
30
%
Pretax impact of regulatory accrual,
severance, and mark-to-market impact on share-based compensation
expense (3)
(20
)
(63
)
(0.20
)
(0.59
)
Tax effect of regulatory accrual,
severance, and mark-to-market impact on share-based compensation
expense (4)
2
4
0.02
0.04
Adjusted operating earnings excluding
regulatory accrual, severance, and mark-to-market impact on
share-based compensation expense
$
965
$
820
18
%
$
9.54
$
7.75
23
%
Weighted average common shares
outstanding:
Basic
99.2
103.5
Diluted
101.2
105.7
(1) Pretax adjusted operating
adjustment.
(2) Calculated using the statutory tax
rate of 21%.
(3) 2024 includes mark-to-market impact on
share-based compensation expense and severance expense. 2023
includes a regulatory accrual, severance expense and mark-to-market
impact on share-based compensation expense.
(4) Calculated using a tax rate of 0%,
21%, and 5%, respectively.
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Reconciliation Table:
Earnings
Year-to-date December
31,
% Better/
(Worse)
Per Diluted Share
Year-to-date December 31,
% Better/
(Worse)
(in millions, except per share amounts,
unaudited)
2024
2023
2024
2023
Net income
$
3,401
$
2,556
33
%
$
33.05
$
23.71
39
%
Adjustments:
Net realized investment gains (losses)
(1)
(21
)
(32
)
(0.20
)
(0.30
)
Market impact on non-traditional
long-duration products (1)
(153
)
(608
)
(1.49
)
(5.63
)
Mean reversion-related impacts (1)
1
—
0.01
—
Integration/restructuring charges (1)
—
(62
)
—
(0.58
)
Net income (loss) attributable to
consolidated investment entities
3
—
0.03
—
Tax effect of adjustments (2)
36
147
0.35
1.36
Adjusted operating earnings
$
3,535
$
3,111
14
%
$
34.35
$
28.86
19
%
Pretax impact of annual unlocking
(94
)
(99
)
(0.91
)
(0.91
)
Tax effect of annual unlocking (2)
20
21
0.19
0.19
Adjusted operating earnings excluding
unlocking
$
3,609
$
3,189
13
%
$
35.07
$
29.58
19
%
Pretax impact of regulatory accrual,
severance, and mark-to-market impact on share-based compensation
expense (3)
(89
)
(101
)
(0.86
)
(0.94
)
Tax effect of regulatory accrual,
severance, and mark-to-market on share-based compensation expense
(4)
14
6
0.14
0.06
Adjusted operating earnings excluding
unlocking regulatory accrual, severance, and mark-to-market impact
on share-based compensation expense
$
3,684
$
3,284
12
%
$
35.79
$
30.46
17
%
Weighted average common shares
outstanding:
Basic
101.0
105.7
Diluted
102.9
107.8
(1) Pretax adjusted operating
adjustment.
(2) Calculated using the statutory tax
rate of 21%.
(3) 2024 includes mark-to-market impact on
share-based compensation expense and severance expense. 2023
includes a regulatory accrual, severance expense and mark-to-market
impact on share-based compensation expense.
(4) Calculated using a tax rate of 0%,
21%, and 5% respectively.
Ameriprise Financial,
Inc.
Reconciliation Table: Pretax
Adjusted Operating Earnings
Quarter Ended December
31,
(in millions, unaudited)
2024
2023
Total net revenues
$
4,501
$
3,992
Adjustments:
Net realized investment gains (losses)
(12
)
—
Market impact on non-traditional
long-duration products
(3
)
(2
)
CIEs revenue
53
46
Adjusted operating total net
revenues
$
4,463
$
3,948
Total expenses
$
3,149
$
3,498
Adjustments:
CIEs expenses
53
46
Integration/restructuring charges
—
15
Market impact on non-traditional
long-duration products
(172
)
469
Mean reversion-related impacts
—
—
Adjusted operating expenses
$
3,268
$
2,968
Pretax income
$
1,352
$
494
Pretax adjusted operating earnings
$
1,195
$
980
Pretax income margin
30.0
%
12.4
%
Pretax adjusted operating margin
26.8
%
24.8
%
Ameriprise Financial,
Inc.
Reconciliation Table:
Effective Tax Rate
Quarter Ended
December 31, 2023
(in millions, unaudited)
GAAP
Adjusted Operating
Pretax income
$
494
$
980
Income tax provision
$
117
$
219
Effective tax rate
23.8
%
22.3
%
Ameriprise Financial,
Inc.
Reconciliation Table:
Effective Tax Rate
Quarter Ended
December 31, 2024
(in millions, unaudited)
GAAP
Adjusted Operating
Pretax income
$
1,352
$
1,195
Income tax provision
$
281
$
248
Effective tax rate
20.8
%
20.8
%
Ameriprise Financial,
Inc.
Reconciliation Table:
Effective Tax Rate
Year-to-date
December 31, 2024
(in millions, unaudited)
GAAP
Adjusted Operating
Pretax income
$
4,267
$
4,436
Income tax provision
$
866
$
901
Effective tax rate
20.3
%
20.3
%
Ameriprise Financial,
Inc.
Reconciliation Table: Advice
& Wealth Management General and Administrative Expense
Year-to-date
December 31,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
AWM general and administrative expense
$
1,686
$
1,652
(2
)%
Less: Regulatory accrual
—
50
AWM general and administrative expense
excluding accrual for regulatory matter
$
1,686
$
1,602
(5
)%
Ameriprise Financial,
Inc.
Reconciliation Table: Asset
Management General and Administrative Expense
Quarter Ended December
31,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
Asset Management general and
administrative expense
$
422
$
419
(1
)%
Less: Impact of performance fee
compensation
32
23
Asset Management general and
administrative expense excluding impact of performance fee
compensation
$
390
$
396
2
%
Ameriprise Financial,
Inc.
Reconciliation Table:
Retirement & Protection Solutions and LTC Adjusted Operating
Earnings
Year-to-date
December 31, 2024
(in millions, unaudited)
RPS Segment
LTC
Pretax adjusted operating earnings
$
726
$
58
Unlocking
(90
)
(4
)
Pretax adjusted operating earnings
excluding unlocking
$
816
$
62
Ameriprise Financial,
Inc.
Reconciliation Table: Return
on Equity (ROE) Excluding Accumulated
Other Comprehensive Income
“AOCI”
Twelve Months Ended
December 31,
(in millions, unaudited)
2024
2023
Net income
$
3,401
$
2,556
Less: Adjustments (1)
(134
)
(555
)
Adjusted operating earnings
3,535
3,111
Less: Annual unlocking (2)
(74
)
(78
)
Adjusted operating earnings excluding
unlocking
$
3,609
$
3,189
Total Ameriprise Financial, Inc.
shareholders’ equity
$
5,109
$
4,116
Less: Accumulated other comprehensive
income, net of tax
(1,739
)
(2,297
)
Total Ameriprise Financial, Inc.
shareholders’ equity excluding AOCI
6,848
6,413
Less: Equity impacts attributable to the
consolidated investment entities
(3
)
(4
)
Adjusted operating equity
$
6,851
$
6,417
Return on equity excluding AOCI
49.7
%
39.9
%
Adjusted operating return on equity
excluding AOCI (3)
51.6
%
48.5
%
Adjusted operating return on equity
excluding AOCI and unlocking (3)
52.7
%
49.7
%
(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/20250129700635/en/
Investor Relations:
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
Grafico Azioni Ameriprise Financial (NYSE:AMP)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Ameriprise Financial (NYSE:AMP)
Storico
Da Feb 2024 a Feb 2025
