Financial News

Ameriprise Financial Reports Third Quarter 2022 Results

Ameriprise Financial, Inc. (NYSE: AMP):

 

Earnings Per Diluted Share

 

Return on Equity, ex AOCI (1)

 

Q3 2022

 

 

Q3 2022

GAAP

$4.86

 

GAAP

47.1%

Adjusted Operating

$5.24

 

Adjusted Operating

45.6%

Adjusted Operating Ex. Unlocking (2)

$6.43

 

Adjusted Operating Ex. Unlocking (2)

47.9%

 
  • Third quarter adjusted operating earnings per diluted share excluding unlocking was $6.43, up 9 percent from the prior year period driven by strong business performance in Wealth Management and stable financial performance in Retirement & Protection Solutions. The benefit of higher interest rates was offset by market depreciation and unfavorable foreign exchange translation.

 

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

 

“Ameriprise delivered another good quarter demonstrating the strength of our business and ability to navigate periods of heightened volatility and market dislocation.

 

“Our advice value proposition and deep client relationships differentiate Ameriprise. In the quarter, total client net flows were up significantly to more than $11 billion, and we continue to generate good growth in advisor productivity. In addition, growth in our cash business and Bank drove higher spread income in Wealth Management that more than offset equity market depreciation in our businesses.

 

“The business consistently generates strong free cash flow from contributions across our diversified firm that we invest in the business and return to shareholders. Our balance sheet remains a core strength, and in the quarter, we returned $632 million to shareholders and remain on track to return 90% of our adjusted operating earnings to shareholders this year, building on our long record of attractive shareholder returns.”

  • Third quarter GAAP net income per diluted share was $4.86 compared to $8.65 a year ago, primarily reflecting the net realized gains on investments related to the fixed annuity reinsurance transaction in the prior year period.

 

  • Adjusted operating net revenue was $3.5 billion, a 1 percent increase driven by strong Wealth Management growth, partially offset by lower revenue from Asset Management due to market depreciation.

 

  • Assets under management and administration were $1.1 trillion, down 9 percent, as significant market depreciation more than offset $64 billion of cumulative net inflows over the past twelve months.

 

  • Ameriprise Bank approximately doubled in size from a year ago to $18.6 billion. The Bank represents a significant opportunity to capture sustainable benefits from widening spreads and rising rates. The gross fee yield increased nearly 100 basis points sequentially.

 

  • Long-term investment performance at Columbia Threadneedle Investments remains excellent with 130 funds with 4- and 5-star Morningstar ratings and more than 70 percent of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods.

 

  • The company returned $632 million of capital to shareholders in the quarter and remains on track to return 90 percent of operating earnings to shareholders during the year.

 

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

(2) Unlocking impacts reflect the company’s annual review of insurance and annuity valuation assumptions and model changes, and the Long Term Care (LTC) gross premium valuation.

 

Ameriprise Financial, Inc.

Third Quarter Summary

 

Quarter Ended

September 30,

% Over/

(Under)

 

Year-to-date

September 30,

% Over/

(Under)

(in millions, except per share amounts, unaudited)

2022

 

2021

 

2022

2021

GAAP net income

$

548

 

$

1,031

 

(47

)%

 

$

2,065

 

$

2,059

 

-

 

Adjusted operating earnings

$

591

 

$

699

 

(15

)%

 

$

1,951

 

$

2,001

 

(2

)%

Adjusted operating earnings excluding unlocking (see reconciliation starting on p. 25)

$

725

 

$

705

 

3

%

 

$

2,085

 

$

2,007

 

4

%

 

 

 

 

 

 

 

 

 

 

GAAP net income per diluted share

$

4.86

 

$

8.65

 

(44

)%

 

$

18.05

 

$

17.03

 

6

%

Adjusted operating earnings per diluted share

$

5.24

 

$

5.86

 

(11

)%

 

$

17.05

 

$

16.55

 

3

%

Adjusted operating earnings per diluted share excluding unlocking (see reconciliation starting on p. 25)

$

6.43

 

$

5.91

 

9

%

 

$

18.23

 

$

16.60

 

10

%

 

 

 

 

 

 

 

 

 

 

GAAP Return on Equity, ex. AOCI

 

47.1

%

 

41.7

%

 

 

 

47.1

%

 

41.7

%

 

Adjusted Operating Return on Equity, ex. AOCI

 

45.6

%

 

47.8

%

 

 

 

45.6

%

 

47.8

%

 

Adjusted Operating Return on Equity, ex. AOCI and unlocking

 

47.9

%

 

47.9

%

 

 

 

47.9

%

 

47.9

%

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

110.5

 

 

116.4

 

 

 

 

112.1

 

 

118.2

 

 

Diluted

 

112.7

 

 

119.2

 

 

 

 

114.4

 

 

120.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current quarter GAAP results after tax included $9 million of integration costs from the acquisition of BMO EMEA and net realized investment losses of $73 million primarily from portfolio repositioning to capture the benefit of higher interest rates. GAAP results in the prior year quarter were positively impacted by net realized gains on investments that transferred as part of the fixed annuity reinsurance transaction that closed in that period.

The company completed its annual actuarial assumption update in the quarter, which resulted in an unfavorable $134 million, or $1.19 per share, impact on operating results.

 

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

 

Quarter Ended September 30,

% Over/

(Under)

(in millions, unaudited)

2022

2021

Adjusted operating net revenues

$

2,137

 

$

2,048

 

4

%

 

 

 

 

 

 

Distribution expenses

 

1,149

 

 

1,238

 

7

%

G&A / other expense

 

393

 

 

351

 

(12

)%

Adjusted operating expenses

 

1,542

 

 

1,589

 

3

%

Pretax adjusted operating earnings

$

595

 

$

459

 

30

%

 

 

 

 

 

 

Pretax adjusted operating margin

 

27.8

%

 

22.4

%

540 bps

 

 

 

 

 

 

 

 

Quarter Ended September 30,

% Over/

(Under)

(in billions, unless otherwise noted)

2022

2021

Total client assets

$

711

$

811

(12

)%

Total client net flows (1)

$

11.2

$

10.0

11

%

Wrap net flows (1)

$

6.4

$

9.4

(31

)%

AWM cash balance

$

46.3

$

40.1

16

%

Average gross yield on cash balances (in bps)

 

251

 

64

 

Adjusted operating net revenue per advisor (TTM in thousands)

$

819

$

766

7

%

 

 

 

 

(1) See definition on page 11.

Advice & Wealth Management pretax adjusted operating earnings increased 30 percent driven by client net inflows and higher interest rates, partially offset by continued market dislocation and lower activity levels. Pretax adjusted operating margin was 27.8 percent, up 540 basis points.

Net revenues grew 4 percent as strong client flows, bank growth and higher interest rates more than offset the impact of market depreciation on fee-based revenues and lower activity levels consistent with the industry.

Adjusted operating expenses of $1.5 billion were 3 percent lower than the year ago quarter. Distribution expenses declined 7 percent, while G&A and other expenses were $393 million, reflecting investments for business growth and higher volume-related activity from continued cumulative net flows. In addition, G&A expenses a year ago were unusually low as a result of the timing of expenses, lower staffing levels and limited T&E expense. On year-to-date basis, G&A expenses increased 7 percent, which was in line with management expectations.

The Wealth Management business delivered strong fundamental growth in the quarter with total client net flows up 11 percent to $11.2 billion in the face of volatile markets. Clients and advisors remained engaged and focused on defensively positioning portfolios to help meet financial planning goals.

  • Total client net flows included $6.4 billion of flows into wrap accounts and $4.8 billion into non-advisory accounts, a mix shift that reflects the current market environment.
  • Cash balances increased 16 percent from the prior year to $46.3 billion and decreased 2 percent on a sequential basis.
  • Ameriprise Bank grew to $18.6 billion, up $8.8 billion from a year ago. The Bank provides important flexibility to enhance earnings in a rising interest rate environment.
  • Adjusted operating net revenue per advisor on a trailing 12-month basis was $819,000, up 7 percent from enhanced productivity and business growth.
  • Total advisors increased 2 percent to 10,282, reflecting excellent advisor retention, as well as the addition of 89 experienced advisors in the quarter.
 

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

 

Quarter Ended September 30,

% Over/

(Under)

(in millions, unaudited)

2022

2021

Adjusted operating net revenues

$

823

 

$

915

 

(10

)%

 

 

 

 

Distribution expenses

 

238

 

 

288

 

17

%

G&A / other expenses

 

394

 

 

342

 

(15

)%

Adjusted operating expenses

$

632

 

$

630

 

-

 

Pretax adjusted operating earnings

$

191

 

$

285

 

(33

)%

 

 

 

 

Net pretax adjusted operating margin (1)

 

35.6

%

 

48.9

%

 

 

 

 

 

 

 

 

 

 

Quarter Ended September 30,

% Over/

(Under)

(in billions)

2022

2021

Total segment AUM

$

546

 

$

583

 

(6

)%

 

 

 

 

Net Flows

 

 

 

Global Retail net flows

$

(5.3

)

$

1.8

 

NM

 

Global Institutional net flows, ex. legacy insurance partners flows

 

3.9

 

 

3.5

 

13

%

Legacy insurance partners flows

 

(1.0

)

 

(1.4

)

25

%

Total segment net flows

$

(2.4

)

$

3.9

 

NM

 

 

 

 

 

Model delivery AUA Flows (2)

$

(0.5

)

$

0.5

 

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 pretax adjusted operating earnings declined 33 percent to $191 million primarily from equity and bond market depreciation, unfavorable FX translation and net outflows. Adjusted operating net revenues declined 10 percent to $823 million. Net pretax adjusted operating margin was 35.6 percent, above our targeted range of 31 percent to 35 percent.

Normalized for the BMO business, adjusted operating expenses declined 13 percent and G&A declined 7 percent from continued expense discipline and a benefit from foreign exchange. Distribution expenses decreased 17 percent primarily from market depreciation and lower sales.

Total assets under management decreased 6 percent to $546 billion as market depreciation and foreign exchange translation more than offset the addition of the BMO business. Long term investment performance remained strong with more than 70 percent 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 $2.4 billion and included $1.0 billion of outflows related to legacy insurance partners. Institutional inflows continued to partially offset elevated retail outflows.

  • Retail net outflows were $5.3 billion. In North America, there were outflows in equity and fixed income strategies from market volatility. In EMEA, outflows persisted as investor sentiment remained weak from higher interest rates and geopolitical strain.
  • Global institutional net inflows were $3.9 billion primarily from fixed income and liability-driven investing mandates.
 

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

 

Quarter Ended September 30,

% Over/

(Under)

(in millions, unaudited)

2022

2021

Adjusted operating net revenues

$

786

 

$

834

 

(6

)%

Adjusted operating expenses

 

755

 

 

647

 

(17

)%

Pretax adjusted operating earnings (including unlocking)

$

31

 

$

187

 

(83

)%

Unlocking

 

(172

)

 

(5

)

NM

 

Pretax adjusted operating earnings excluding unlocking

$

203

 

$

192

 

6

%

��

 

 

 

NM Not Meaningful - variance equal to or greater than 100%

 

Retirement & Protection Solutions pretax adjusted operating earnings excluding unlocking were $203 million versus $192 million last year, a strong and stable result in this market environment. The business continued to generate strong free cash flow and a high return on capital.

Retirement & Protection Solutions sales continued to reflect muted overall industry sales levels due to market volatility, as well as management actions to optimize our business mix. Protection sales decreased 29 percent to $65 million primarily related to market volatility. The majority of sales remain in higher margin accumulation VUL products. Variable annuity sales decreased 35 percent to $948 million, reflecting the discontinuation of sales with living benefit riders that was completed in June, as well as industry slowdown due to market dislocation.

 

Ameriprise Financial, Inc.

Corporate & Other Segment Adjusted Operating Results

 

Quarter Ended September 30,

% Over/

(Under)

(in millions, unaudited)

2022

2021

Corporate & Other

$

(73

)

 

$

(73

)

-

 

Closed Blocks (1)

 

(6

)

 

 

(8

)

25

%

Pretax adjusted operating earnings

$

(79

)

 

$

(81

)

2

%

Unlocking/loss recognition

 

3

 

 

 

(3

)

NM

 

Pretax adjusted operating earnings excluding unlocking/loss recognition

$

(82

)

 

$

(78

)

(5

)%

 

 

 

 

 

Long term care excluding unlocking/loss recognition

$

(3

)

 

$

2

 

NM

 

Fixed Annuities excluding unlocking

 

(6

)

 

 

(7

)

14

%

Pretax adjusted operating earnings excluding unlocking

$

(9

)

 

$

(5

)

(80

)%

 

 

 

 

 

(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 $79 million.

Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was $73 million, in line with the prior year period.

Long Term Care pretax adjusted operating loss was in line with expectations at $3 million.

Fixed Annuities pretax adjusted operating loss excluding unlocking was in line with expectations at $6 million.

Taxes

The operating effective tax rate increased to 19.9 percent for the third quarter and 19.3 percent on a year-to-date basis. The effective tax rate is expected to be approximately 20 percent for the full year.

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, 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 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, 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 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,” “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, 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 September 30, 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.

 

Ameriprise Financial, Inc.

Consolidated GAAP Results

(in millions, except per share amounts, unaudited)

3 Qtr 2022

 

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

Revenues

 

 

 

 

 

 

Management and financial advice fees

$

2,172

 

$

2,367

 

(8

)%

$

2,277

(5

)%

Distribution fees

 

506

 

 

458

 

10

%

 

458

10

%

Net investment income

 

349

 

 

773

 

(55

)%

 

287

22

%

Premiums, policy and contract charges

 

361

 

 

(805

)

NM

 

 

365

(1

)%

Other revenues

 

118

 

 

113

 

4

%

 

124

(5

)%

Total revenues

 

3,506

 

 

2,906

 

21

%

 

3,511

-

 

Banking and deposit interest expense

 

15

 

 

3

 

NM

 

 

3

NM

 

Total net revenues

 

3,491

 

 

2,903

 

20

%

 

3,508

-

 

Expenses

 

 

 

 

 

 

Distribution expenses

 

1,195

 

 

1,285

 

7

%

 

1,236

3

%

Interest credited to fixed accounts

 

157

 

 

172

 

9

%

 

145

(8

)%

Benefits, claims, losses and settlement expenses

 

370

 

 

(719

)

NM

 

 

82

NM

 

Amortization of deferred acquisition costs

 

107

 

 

9

 

NM

 

 

152

30

%

Interest and debt expense

 

52

 

 

64

 

19

%

 

44

(18

)%

General and administrative expense

 

925

 

 

822

 

(13

)%

 

894

(3

)%

Total expenses

 

2,806

 

 

1,633

 

(72

)%

 

2,553

(10

)%

Pretax income

 

685

 

 

1,270

 

(46

)%

 

955

(28

)%

Income tax provision

 

137

 

 

239

 

43

%

 

199

31

%

Net income

$

548

 

$

1,031

 

(47

)%

$

756

(28

)%

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

Basic earnings per share

$

4.96

 

$

8.86

 

 

$

6.73

 

Earnings per diluted share

$

4.86

 

$

8.65

 

 

$

6.61

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

Basic

 

110.5

 

 

116.4

 

 

 

112.3

 

Diluted

 

112.7

 

 

119.2

 

 

 

114.4

 

 

 

 

 

 

 

 

NM Not Meaningful - variance equal to or greater than 100%

 

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless otherwise noted, unaudited)

3 Qtr 2022

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

Assets Under Management and Administration

 

 

 

 

Advice & Wealth Management AUM

$

382,364

 

$

431,861

 

(11

)%

$

396,303

 

(4

)%

Asset Management AUM

 

546,493

 

 

583,398

 

(6

)%

 

598,150

 

(9

)%

Corporate AUM

 

170

 

 

104

 

63

%

 

165

 

3

%

Eliminations

 

(35,494

)

 

(42,022

)

16

%

 

(37,453

)

5

%

Total Assets Under Management

 

893,533

 

 

973,341

 

(8

)%

 

957,165

 

(7

)%

Total Assets Under Administration

 

207,965

 

 

232,934

 

(11

)%

 

212,944

 

(2

)%

Total AUM and AUA

$

1,101,498

 

$

1,206,275

 

(9

)%

$

1,170,109

 

(6

)%

 

 

 

 

 

 

S&P 500

 

 

 

 

 

Daily average

 

3,983

 

 

4,425

 

(10

)%

 

4,110

 

(3

)%

Period end

 

3,586

 

 

4,308

 

(17

)%

 

3,785

 

(5

)%

 

 

 

 

 

 

Weighted Equity Index (WEI) (1)

 

 

 

 

 

Daily average

 

2,606

 

 

2,983

 

(13

)%

 

2,707

 

(4

)%

Period end

 

2,347

 

 

2,909

 

(19

)%

 

2,491

 

(6

)%

 

 

 

 

 

 

Common shares

 

 

 

 

 

Beginning balance

 

108.4

 

 

114.3

 

(5

)%

 

110.1

 

(2

)%

Repurchases

 

(1.8

)

 

(2.1

)

14

%

 

(1.8

)

-

 

Issuances

 

0.1

 

 

0.4

 

(75

)%

 

0.1

 

-

 

Other

 

 

 

(0.2

)

NM

 

 

 

-

 

Total common shares outstanding

 

106.7

 

 

112.4

 

(5

)%

 

108.4

 

(2

)%

Restricted stock units

 

2.8

 

 

3.0

 

(7

)%

 

2.8

 

-

 

Total basic common shares outstanding

 

109.5

 

 

115.4

 

(5

)%

 

111.2

 

(2

)%

Total potentially dilutive shares

 

2.3

 

 

2.9

 

(21

)%

 

2.1

 

10

%

Total diluted shares

 

111.8

 

 

118.3

 

(5

)%

 

113.3

 

(1

)%

 

 

 

 

 

 

Capital Returned to Shareholders

 

 

 

 

 

Dividends paid

$

140

 

$

133

 

5

%

$

142

 

(1

)%

Common stock share repurchases

 

492

 

 

533

 

(8

)%

 

458

 

7

%

Total Capital Returned to Shareholders

$

632

 

$

666

 

(5

)%

$

600

 

5

%

 

 

 

 

 

 

(1) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.

NM Not Meaningful - variance equal to or greater than 100%

 

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2022

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees:

 

 

 

 

 

Advisory fees

$

1,107

 

$

1,189

 

(7

)%

$

1,144

 

(3

)%

Financial planning fees

 

97

 

 

91

 

7

%

 

99

 

(2

)%

Transaction and other fees

 

93

 

 

94

 

(1

)%

 

97

 

(4

)%

Total management and financial advice fees

 

1,297

 

 

1,374

 

(6

)%

 

1,340

 

(3

)%

Distribution fees:

 

 

 

 

 

Mutual funds

 

180

 

 

219

 

(18

)%

 

186

 

(3

)%

Insurance and annuity

 

205

 

 

246

 

(17

)%

 

216

 

(5

)%

Off-Balance sheet brokerage cash (1)

 

110

 

 

15

 

NM

 

 

54

 

NM

 

Other products

 

84

 

 

81

 

4

%

 

86

 

(2

)%

Total distribution fees

 

579

 

 

561

 

3

%

 

542

 

7

%

Net investment income

 

219

 

 

62

 

NM

 

 

120

 

83

%

Other revenues

 

57

 

 

54

 

6

%

 

57

 

-

 

Total revenues

 

2,152

 

 

2,051

 

5

%

 

2,059

 

5

%

Banking and deposit interest expense

 

15

 

 

3

 

NM

 

 

3

 

NM

 

Adjusted operating total net revenues

 

2,137

 

 

2,048

 

4

%

 

2,056

 

4

%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

1,149

 

 

1,238

 

7

%

 

1,185

 

3

%

Interest and debt expense

 

3

 

 

3

 

-

 

 

3

 

-

 

General and administrative expense

 

390

 

 

348

 

(12

)%

 

376

 

(4

)%

Adjusted operating expenses

 

1,542

 

 

1,589

 

3

%

 

1,564

 

1

%

Pretax adjusted operating earnings

$

595

 

$

459

 

30

%

$

492

 

21

%

 

 

 

 

 

 

Pretax adjusted operating margin

 

27.8

%

 

22.4

%

 

 

23.9

%

 

 

 

 

 

 

 

(1) Prior to Q1 2022, Off-Balance sheet brokerage cash was included in Other products. Prior periods have been restated.

NM Not Meaningful - variance equal to or greater than 100%

 

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless otherwise noted, unaudited)

3 Qtr 2022

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

AWM Total Client Assets

$

711,428

 

$

811,189

 

(12

)%

$

735,462

 

(3

)%

 

 

 

 

 

 

Total Client Flows (1)

$

11,164

 

$

10,043

 

11

%

$

8,572

 

30

%

 

 

 

 

 

 

Total Wrap Accounts

 

 

 

 

 

Beginning assets

$

399,287

 

$

430,003

 

(7

)%

$

447,046

 

(11

)%

Net flows

 

6,449

 

 

9,404

 

(31

)%

 

6,159

 

5

%

Market appreciation (depreciation) and other

 

(20,526

)

 

(4,032

)

NM

 

 

(53,918

)

62

%

Total wrap ending assets

$

385,210

 

$

435,375

 

(12

)%

$

399,287

 

(4

)%

 

 

 

 

 

 

Advisory wrap account assets ending balance (2)

$

381,136

 

$

430,546

 

(11

)%

$

395,054

 

(4

)%

 

 

 

 

 

 

Brokerage Cash & Certificates Balances

 

 

 

 

 

On-balance sheet (Net Investment Income)

 

 

 

 

 

On-balance sheet - broker dealer

$

3,345

 

$

3,441

 

(3

)%

$

3,542

 

(6

)%

On-balance sheet - bank

 

18,594

 

 

9,815

 

89

%

 

15,520

 

20

%

On-balance sheet - certificate

 

6,202

 

 

5,442

 

14

%

 

5,284

 

17

%

Total on-balance sheet

$

28,141

 

$

18,698

 

51

%

$

24,346

 

16

%

Off-balance sheet (Distribution Fees)

 

 

 

 

 

Off-balance sheet - broker dealer

$

18,155

 

$

21,374

 

(15

)%

$

23,102

 

(21

)%

Total brokerage cash & certificates balances

$

46,296

 

$

40,072

 

16

%

$

47,448

 

(2

)%

 

 

 

 

 

 

Gross Fee Yield

 

 

 

 

 

On-balance sheet - broker dealer

 

1.74

%

 

0.06

%

 

 

0.49

%

 

On-balance sheet - bank (3)

 

2.98

%

 

1.27

%

 

 

2.00

%

 

On-balance sheet - certificates

 

2.75

%

 

1.06

%

 

 

1.53

%

 

Off-balance sheet - broker dealer

 

2.13

%

 

0.28

%

 

 

0.90

%

 

 

 

 

 

 

 

Weighted Average Gross Fee Yield (3)

 

2.51

%

 

0.64

%

 

 

1.30

%

 

 

 

 

 

 

 

Financial Advisors

 

 

 

 

 

Employee advisors

 

2,089

 

 

2,112

 

(1

)%

 

2,096

 

-

 

Franchisee advisors

 

8,193

 

 

7,961

 

3

%

 

8,149

 

1

%

Total financial advisors

 

10,282

 

 

10,073

 

2

%

 

10,245

 

-

 

 

 

 

 

 

 

Advisor Retention

 

 

 

 

 

Employee

 

91.9

%

 

91.7

%

 

 

92.3

%

 

Franchisee

 

94.4

%

 

94.3

%

 

 

94.4

%

 

 

 

 

 

 

 

(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%

 

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2022

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees:

 

 

 

 

 

Asset management fees:

 

 

 

 

 

Retail

$

509

 

$

587

 

(13

)%

$

543

 

(6

)%

Institutional

 

159

 

 

143

 

11

%

 

173

 

(8

)%

Transaction and other fees

 

51

 

 

57

 

(11

)%

 

54

 

(6

)%

Revenue from other sources (1)

 

4

 

 

7

 

(43

)%

 

7

 

(43

)%

Total management and financial advice fees

 

723

 

 

794

 

(9

)%

 

777

 

(7

)%

Distribution fees:

 

 

 

 

 

Mutual funds

 

56

 

 

70

 

(20

)%

 

58

 

(3

)%

Insurance and annuity

 

40

 

 

50

 

(20

)%

 

42

 

(5

)%

Total distribution fees

 

96

 

 

120

 

(20

)%

 

100

 

(4

)%

Net investment income

 

2

 

 

1

 

NM

 

 

 

-

 

Other revenues

 

2

 

 

 

-

 

 

4

 

(50

)%

Total revenues

 

823

 

 

915

 

(10

)%

 

881

 

(7

)%

Banking and deposit interest expense

 

 

 

 

-

 

 

 

-

 

Adjusted operating total net revenues

 

823

 

 

915

 

(10

)%

 

881

 

(7

)%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

238

 

 

288

 

17

%

 

252

 

6

%

Amortization of deferred acquisition costs

 

2

 

 

3

 

33

%

 

3

 

33

%

Interest and debt expense

 

1

 

 

1

 

-

 

 

1

 

-

 

General and administrative expense

 

391

 

 

338

 

(16

)%

 

403

 

3

%

Adjusted operating expenses

 

632

 

 

630

 

-

 

 

659

 

4

%

Pretax adjusted operating earnings

$

191

 

$

285

 

(33

)%

$

222

 

(14

)%

 

 

 

 

 

 

Net Pretax Adjusted Operating Margin Reconciliation

 

 

 

 

Adjusted operating total net revenues

$

823

 

$

915

 

(10

)%

$

881

 

(7

)%

Distribution pass thru revenues

 

(187

)

 

(231

)

19

%

 

(200

)

7

%

Subadvisory and other pass thru revenues

 

(91

)

 

(97

)

6

%

 

(91

)

-

 

Net adjusted operating revenues

$

545

 

$

587

 

(7

)%

$

590

 

(8

)%

 

 

 

 

 

 

Pretax adjusted operating earnings

$

191

 

$

285

 

(33

)%

$

222

 

(14

)%

Adjusted operating net investment income

 

(2

)

 

(1

)

NM

 

 

 

-

 

Amortization of intangibles

 

5

 

 

3

 

67

%

 

5

 

-

 

Net adjusted operating earnings

$

194

 

$

287

 

(32

)%

$

227

 

(15

)%

 

 

 

 

 

 

Pretax adjusted operating margin

 

23.2

%

 

31.1

%

 

 

25.2

%

 

Net pretax adjusted operating margin (2)

 

35.6

%

 

48.9

%

 

 

38.5

%

 

 

 

 

 

 

 

Performance fees (3)

 

 

 

 

 

Performance fees

$

1

 

$

13

 

(92

)%

$

5

 

(80

)%

General and administrative expense related to performance fees

 

 

 

 

-

 

 

2

 

NM

 

Net performance fees

$

1

 

$

13

 

(92

)%

$

3

 

(67

)%

 

 

 

 

 

 

(1) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.

(2) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.

(3) Performance fees do not include CLO incentive fees.

NM Not Meaningful - variance equal to or greater than 100%

 
 

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited)

3 Qtr 2022

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

Managed Assets Rollforward

 

 

 

 

 

Global Retail Funds

 

 

 

 

 

Beginning assets

$

322,938

 

$

359,476

 

(10

)%

$

379,985

 

(15

)%

Inflows

 

11,715

 

 

16,442

 

(29

)%

 

15,572

 

(25

)%

Outflows

 

(17,642

)

 

(15,509

)

(14

)%

 

(23,725

)

26

%

Net VP/VIT fund flows

 

(999

)

 

(1,101

)

9

%

 

(1,043

)

4

%

Net new flows

 

(6,926

)

 

(168

)

NM

 

 

(9,196

)

25

%

Reinvested dividends

 

1,647

 

 

2,001

 

(18

)%

 

3,403

 

(52

)%

Net flows

 

(5,279

)

 

1,833

 

NM

 

 

(5,793

)

9

%

Distributions

 

(1,861

)

 

(2,151

)

13

%

 

(3,812

)

51

%

Market appreciation (depreciation) and other

 

(15,281

)

 

(2,282

)

NM

 

 

(43,104

)

65

%

Foreign currency translation (1)

 

(4,314

)

 

(1,157

)

NM

 

 

(4,338

)

1

%

Total ending assets

 

296,203

 

 

355,719

 

(17

)%

 

322,938

 

(8

)%

% of total retail assets sub-advised

 

15.7

%

 

16.0

%

 

 

14.9

%

 

 

 

 

 

 

 

Global Institutional

 

 

 

 

 

Beginning assets

 

275,212

 

 

233,890

 

18

%

 

318,622

 

(14

)%

Inflows (2)

 

14,932

 

 

9,428

 

58

%

 

16,108

 

(7

)%

Outflows (2)

 

(12,056

)

 

(7,356

)

(64

)%

 

(13,365

)

10

%

Net flows

 

2,876

 

 

2,072

 

39

%

 

2,743

 

5

%

Market appreciation (depreciation) and other (3)

 

(17,785

)

 

(5,895

)

NM

 

 

(36,473

)

51

%

Foreign currency translation (1)

 

(10,013

)

 

(2,388

)

NM

 

 

(9,680

)

(3

)%

Total ending assets

 

250,290

 

 

227,679

 

10

%

 

275,212

 

(9

)%

 

 

 

 

 

 

Total managed assets

$

546,493

 

$

583,398

 

(6

)%

$

598,150

 

(9

)%

 

 

 

 

 

 

Total net flows

$

(2,403

)

$

3,905

 

NM

 

$

(3,050

)

21

%

 

 

 

 

 

 

Legacy insurance partners flows

$

(1,053

)

$

(1,402

)

25

%

$

(1,212

)

13

%

 

 

 

 

 

 

Total Assets Under Advisement (4)

$

22,313

 

$

19,742

 

13

%

$

26,481

 

(16

)%

Model delivery AUA flows (5)

$

(542

)

$

514

 

NM

 

$

441

 

NM

 

 

 

 

 

 

 

(1) Amounts represent local currency to US dollar translation for reporting purposes.

(2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.

(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB

(4) Assets are presented on a one-quarter lag.

(5) Estimated flows based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.

NM Not Meaningful - variance equal to or greater than 100%

 
 

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited)

3 Qtr 2022

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

Total Managed Assets by Type (1)

 

 

 

 

 

Equity

$

278,446

$

332,715

(16

)%

$

306,044

(9

)%

Fixed income

 

194,643

 

198,696

(2

)%

 

216,445

(10

)%

Money market

 

21,261

 

5,752

NM

 

 

19,334

10

%

Alternative

 

35,238

 

23,389

51

%

 

38,370

(8

)%

Hybrid and other

 

16,905

 

22,846

(26

)%

 

17,957

(6

)%

Total managed assets by type

$

546,493

$

583,398

(6

)%

$

598,150

(9

)%

 

 

 

 

 

 

Average Managed Assets by Type (1) (2)

 

 

 

 

 

Equity

$

305,078

$

340,804

(10

)%

$

336,754

(9

)%

Fixed income

 

214,305

 

200,106

7

%

 

235,580

(9

)%

Money market

 

18,499

 

5,831

NM

 

 

16,489

12

%

Alternative

 

36,962

 

23,360

58

%

 

39,395

(6

)%

Hybrid and other

 

18,417

 

23,172

(21

)%

 

19,476

(5

)%

Total average managed assets by type

$

593,261

$

593,273

-

 

$

647,694

(8

)%

 

 

 

 

 

 

(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

 

3 Qtr 2022

 

 

 

 

 

Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted

1 year

3 year

5 year

10 year

Equity

61

%

83

%

74

%

87

%

Fixed Income

38

%

71

%

62

%

86

%

Asset Allocation

56

%

62

%

68

%

90

%

 

 

 

 

 

4- or 5-star Morningstar rated funds

Overall

3 year

5 year

10 year

Number of Rated Funds

130

 

102

 

91

 

100

 

Percent of Rated Assets

56

%

51

%

47

%

60

%

 

 

 

 

 

Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e., Institutional if available, otherwise Advisor or Instl3 share class), net of fees. Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and are measured gross of fees.

 

 

 

 

 

To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.

 

 

 

 

 

Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.

 

 

 

 

 

Morningstar as of 09/30/22. Columbia funds are available for purchase by U.S. customers. Out of 104 Columbia funds rated (based on primary share class), 19 received a 5-star Overall Rating and 30 received a 4-star Overall Rating. Out of 155 Threadneedle funds rated (based on highest-rated share class), 24 received a 5-star Overall Rating and 57 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.

 

 

 

 

 

 

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2022

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees

$

189

$

239

(21

)%

$

197

(4

)%

Distribution fees

 

101

 

125

(19

)%

 

106

(5

)%

Net investment income

 

151

 

114

32

%

 

124

22

%

Premiums, policy and contract charges

 

342

 

353

(3

)%

 

329

4

%

Other revenues

 

3

 

3

-

 

 

4

(25

)%

Total revenues

 

786

 

834

(6

)%

 

760

3

%

Banking and deposit interest expense

 

 

-

 

 

-

 

Adjusted operating total net revenues

 

786

 

834

(6

)%

 

760

3

%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

103

 

134

23

%

 

115

10

%

Interest credited to fixed accounts

 

97

 

99

2

%

 

96

(1

)%

Benefits, claims, losses and settlement expenses

 

414

 

323

(28

)%

 

233

(78

)%

Amortization of deferred acquisition costs

 

49

 

5

NM

 

 

54

9

%

Interest and debt expense

 

10

 

9

(11

)%

 

9

(11

)%

General and administrative expense

 

82

 

77

(6

)%

 

74

(11

)%

Adjusted operating expenses

 

755

 

647

(17

)%

 

581

(30

)%

Pretax adjusted operating earnings

$

31

$

187

(83

)%

$

179

(83

)%

 

 

 

 

 

 

NM Not Meaningful - variance equal to or greater than 100%

 

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Operating Metrics

(in millions, unaudited)

3 Qtr 2022

 

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

 

Variable Annuities Rollforwards

 

 

 

 

 

 

Beginning balance

$

75,687

 

 

$

90,494

 

(16

)%

$

85,759

 

(12

)%

Deposit

 

923

 

 

 

1,421

 

(35

)%

 

1,126

 

(18

)%

Withdrawals and terminations

 

(1,419

)

 

 

(1,900

)

25

%

 

(1,514

)

6

%

Net flows

 

(496

)

 

 

(479

)

(4

)%

 

(388

)

(28

)%

Investment performance and interest credited

 

(3,929

)

 

 

(380

)

NM

 

 

(9,684

)

59

%

Total ending balance - contract accumulation values

$

71,262

 

 

$

89,635

 

(20

)%

$

75,687

 

(6

)%

 

 

 

 

 

 

 

Variable annuities fixed sub-accounts

$

4,887

 

 

$

5,020

 

(3

)%

$

4,931

 

(1

)%

 

 

 

 

 

 

 

Life Insurance In Force

$

198,510

 

 

$

197,523

 

-

 

$

198,546

 

-

 

 

 

 

 

 

 

 

Net Amount at Risk (Life)

$

39,432

 

 

$

37,766

 

4

%

$

39,017

 

1

%

 

 

 

 

 

 

 

Net Policyholder Reserves

 

 

 

 

 

 

VUL/UL

$

12,718

 

 

$

14,565

 

(13

)%

$

13,140

 

(3

)%

Term and whole life

 

161

 

 

 

168

 

(4

)%

 

162

 

(1

)%

Disability insurance

 

469

 

 

 

488

 

(4

)%

 

476

 

(1

)%

Other insurance

 

573

 

 

 

623

 

(8

)%

 

584

 

(2

)%

Total net policyholder reserves

$

13,921

 

 

$

15,844

 

(12

)%

$

14,362

 

(3

)%

 

 

 

 

 

 

 

DAC Ending Balances

 

 

 

 

 

 

Variable Annuities DAC

$

1,808

 

 

$

1,840

 

(2

)%

$

1,864

 

(3

)%

Life and Health DAC

$

1,137

 

 

$

834

 

36

%

$

1,055

 

8

%

 

 

 

 

 

 

 

NM Not Meaningful - variance equal to or greater than 100%

 

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

3 Qtr 2022

 

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% 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

)

 

 

(17

)

35

%

 

(6

)

(83

)%

Premiums, policy and contract charges

 

 

 

 

 

-

 

 

 

-

 

Other revenues

 

2

 

 

 

1

 

NM

 

 

(1

)

NM

 

Total revenues

 

(9

)

 

 

(16

)

44

%

 

(7

)

(29

)%

Banking and deposit interest expense

 

2

 

 

 

 

-

 

 

 

-

 

Adjusted operating total net revenues

 

(11

)

 

 

(16

)

31

%

 

(7

)

(57

)%

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

Distribution expenses

 

 

 

 

 

-

 

 

 

-

 

Interest credited to fixed accounts

 

 

 

 

 

-

 

 

 

-

 

Benefits, claims, losses and settlement expenses

 

 

 

 

 

-

 

 

 

-

 

Amortization of deferred acquisition costs

 

 

 

 

 

-

 

 

 

-

 

Interest and debt expense

 

14

 

 

 

13

 

(8

)%

 

13

 

(8

)%

General and administrative expense

 

48

 

 

 

44

 

(9

)%

 

28

 

(71

)%

Adjusted operating expenses

 

62

 

 

 

57

 

(9

)%

 

41

 

(51

)%

Pretax adjusted operating earnings (loss)

$

(73

)

 

$

(73

)

-

 

$

(48

)

(52

)%

 

 

 

 

 

 

 

NM Not Meaningful - variance equal to or greater than 100%

 

 

 

 

 

 

 

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

3 Qtr 2022

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

Long Term Care Adjusted Operating Income Statements

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees

$

 

$

 

-

 

$

 

-

 

Distribution fees

 

 

 

 

-

 

 

 

-

 

Net investment income

 

38

 

 

36

 

6

%

 

37

 

3

%

Premiums, policy and contract charges

 

25

 

 

26

 

(4

)%

 

24

 

4

%

Other revenues

 

 

 

 

-

 

 

 

-

 

Total revenues

 

63

 

 

62

 

2

%

 

61

 

3

%

Banking and deposit interest expense

 

 

 

 

-

 

 

 

-

 

Adjusted operating total net revenues

 

63

 

 

62

 

2

%

 

61

 

3

%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

(3

)

 

(3

)

-

 

 

(4

)

(25

)%

Interest credited to fixed accounts

 

 

 

 

-

 

 

 

-

 

Benefits, claims, losses and settlement expenses

 

62

 

 

58

 

(7

)%

 

57

 

(9

)%

Amortization of deferred acquisition costs

 

 

 

 

-

 

 

 

-

 

Interest and debt expense

 

3

 

 

3

 

-

 

 

2

 

(50

)%

General and administrative expense

 

4

 

 

5

 

20

%

 

7

 

43

%

Adjusted operating expenses

 

66

 

 

63

 

(5

)%

 

62

 

(6

)%

Pretax adjusted operating earnings (loss)

$

(3

)

$

(1

)

NM

 

$

(1

)

NM

 

 

 

 

 

 

 

Long Term Care Policyholder Reserves, net of reinsurance (1)

 

 

 

 

 

Active Life Reserves

$

1,949

 

$

2,501

 

(22

)%

$

2,122

 

(8

)%

Disabled Life Reserves

 

606

 

 

558

 

9

%

 

593

 

2

%

Total long term care policyholder reserves, net of reinsurance

$

2,555

 

$

3,059

 

(16

)%

$

2,715

 

(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%

 

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

3 Qtr 2022

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

 

 

 

Fixed Annuities Adjusted Operating Income Statements

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

Management and financial advice fees

$

 

 

$

 

 

-

 

$

 

 

-

 

Distribution fees

 

 

 

 

 

 

-

 

 

 

 

-

 

Net investment income

 

8

 

 

 

12

 

 

(33

)%

 

8

 

 

-

 

Premiums, policy and contract charges

 

 

 

 

 

 

-

 

 

 

 

-

 

Other revenues

 

55

 

 

 

55

 

 

-

 

 

57

 

 

(4

)%

Total revenues

 

63

 

 

 

67

 

 

(6

)%

 

65

 

 

(3

)%

Banking and deposit interest expense

 

 

 

 

 

 

-

 

 

 

 

-

 

Adjusted operating total net revenues

 

63

 

 

 

67

 

 

(6

)%

 

65

 

 

(3

)%

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Distribution expenses

 

1

 

 

 

1

 

 

-

 

 

1

 

 

-

 

Interest credited to fixed accounts

 

61

 

 

 

64

 

 

5

%

 

60

 

 

(2

)%

Benefits, claims, losses and settlement expenses

 

2

 

 

 

1

 

 

NM

 

 

2

 

 

-

 

Amortization of deferred acquisition costs

 

(2

)

 

 

1

 

 

NM

 

 

 

 

-

 

Interest and debt expense

 

 

 

 

 

 

-

 

 

 

 

-

 

General and administrative expense

 

4

 

 

 

7

 

 

43

%

 

6

 

 

33

%

Adjusted operating expenses

 

66

 

 

 

74

 

 

11

%

 

69

 

 

4

%

Pretax adjusted operating earnings (loss)

$

(3

)

 

$

(7

)

 

57

%

$

(4

)

 

25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NM Not Meaningful - variance equal to or greater than 100%

 

Ameriprise Financial, Inc.

Eliminations (1) Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2022

 

3 Qtr 2021

% Over/

(Under)

2 Qtr 2022

% Over/

(Under)

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

Management and financial advice fees

$

(35

)

 

$

(38

)

8

%

$

(36

)

3

%

Distribution fees

 

(270

)

 

 

(348

)

22

%

 

(290

)

7

%

Net investment income

 

(5

)

 

 

(1

)

NM

 

 

(3

)

(67

)%

Premiums, policy and contract charges

 

(8

)

 

 

(8

)

-

 

 

(8

)

-

 

Other revenues

 

 

 

 

 

-

 

 

 

-

 

Total revenues

 

(318

)

 

 

(395

)

19

%

 

(337

)

6

%

Banking and deposit interest expense

 

(2

)

 

 

 

-

 

 

 

-

 

Adjusted operating total net revenues

 

(316

)

 

 

(395

)

20

%

 

(337

)

6

%

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

Distribution expenses

 

(293

)

 

 

(373

)

(21

)%

 

(313

)

(6

)%

Interest credited to fixed accounts

 

 

 

 

 

-

 

 

 

-

 

Benefits, claims, losses and settlement expenses

 

(5

)

 

 

(6

)

(17

)%

 

(5

)

-

 

Amortization of deferred acquisition costs

 

 

 

 

 

-

 

 

 

-

 

Interest and debt expense

 

(3

)

 

 

(3

)

-

 

 

(3

)

-

 

General and administrative expense

 

(15

)

 

 

(13

)

15

%

 

(16

)

(6

)%

Adjusted operating expenses

 

(316

)

 

 

(395

)

(20

)%

 

(337

)

(6

)%

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)

September 30,

2022

September 30,

2021

June 30,

2022

 

 

 

 

Long-term Debt Summary

 

 

 

Senior notes

$

2,800

 

$

2,800

 

$

2,800

 

Finance lease liabilities

 

33

 

 

41

 

 

35

 

Other (1)

 

(11

)

 

(10

)

 

(11

)

Total Ameriprise Financial long-term debt

 

2,822

 

 

2,831

 

 

2,824

 

Non-recourse debt of consolidated investment entities

 

2,401

 

 

2,163

 

 

2,078

 

Total long-term debt

$

5,223

 

$

4,994

 

$

4,902

 

 

 

 

 

Total Ameriprise Financial long-term debt

$

2,822

 

$

2,831

 

$

2,824

 

Finance lease liabilities

 

(33

)

 

(41

)

 

(35

)

Other (1)

 

11

 

 

10

 

 

11

 

Total Ameriprise Financial long-term debt excluding finance lease liabilities and other

$

2,800

 

$

2,800

 

$

2,800

 

 

 

 

 

Total equity (2)

$

3,257

 

$

5,707

 

$

4,304

 

Equity of consolidated investment entities

 

(6

)

 

(5

)

 

(6

)

Total equity excluding CIEs

$

3,251

 

$

5,702

 

$

4,298

 

 

 

 

 

Total Ameriprise Financial capital

$

6,079

 

$

8,538

 

$

7,128

 

Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs

$

6,051

 

$

8,502

 

$

7,098

 

 

 

 

 

Debt to capital

 

 

 

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital

 

46.4

%

 

33.2

%

 

39.6

%

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)

 

46.3

%

 

32.9

%

 

39.4

%

 

 

 

 

(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.

(2) Includes accumulated other comprehensive income, net of tax.

 

Ameriprise Financial, Inc.

Consolidated Balance Sheets

(in millions, unaudited)

September 30,

2022

 

December 31,

2021

 

 

 

 

 

 

Assets

 

 

 

 

Cash and cash equivalents

$

7,819

 

 

$

7,127

 

 

Cash of consolidated investment entities

 

174

 

 

 

121

 

 

Investments

 

40,072

 

 

 

35,810

 

 

Investments of consolidated investment entities

 

2,378

 

 

 

2,184

 

 

Separate account assets

 

71,722

 

 

 

97,491

 

 

Receivables

 

16,008

 

 

 

16,205

 

 

Receivables of consolidated investment entities

 

38

 

 

 

17

 

 

Deferred acquisition costs

 

2,998

 

 

 

2,782

 

 

Restricted and segregated cash and investments

 

2,343

 

 

 

2,795

 

 

Other assets

 

9,800

 

 

 

11,444

 

 

Other assets of consolidated investment entities

 

2

 

 

 

3

 

 

Total Assets

$

153,354

 

 

$

175,979

 

 

 

 

 

 

 

Liabilities

 

 

 

 

Policyholder account balances, future policy benefits and claims

$

35,482

 

 

$

35,750

 

 

Separate account liabilities

 

71,722

 

 

 

97,491

 

 

Customer deposits

 

28,137

 

 

 

20,227

 

 

Short-term borrowings

 

201

 

 

 

200

 

 

Long-term debt

 

2,822

 

 

 

2,832

 

 

Debt of consolidated investment entities

 

2,401

 

 

 

2,164

 

 

Accounts payable and accrued expenses

 

2,058

 

 

 

2,527

 

 

Other liabilities

 

7,113

 

 

 

8,966

 

 

Other liabilities of consolidated investment entities

 

161

 

 

 

137

 

 

Total Liabilities

 

150,097

 

 

 

170,294

 

 

 

 

 

 

 

Equity

 

 

 

 

Ameriprise Financial

 

 

 

 

Common shares ($.01 par)

 

3

 

 

 

3

 

 

Additional paid-in capital

 

9,434

 

 

 

9,220

 

 

Retained earnings

 

19,174

 

 

 

17,525

 

 

Treasury stock

 

(22,560

)

 

 

(21,066

)

 

Accumulated other comprehensive income, net of tax

 

(2,794

)

 

 

3

 

 

Total Equity

 

3,257

 

 

 

5,685

 

 

Total Liabilities and Equity

$

153,354

 

 

$

175,979

 

 

 

 

 

 

 

 
 

Ameriprise Financial, Inc.

 

Disclosed Items - Included in Adjusted Operating Earnings

 

(in millions, unaudited)

 

3 Qtr 2022

 

 

 

 

 

 

 

 

 

RPS

 

Corporate

 

 

 

Valuation

Assumption &

Model Changes (1)

 

Valuation

Assumption &

Model Changes (1)

 

Revenues

 

 

 

 

 

Management and financial advice fees

 

$

 

 

$

 

 

Distribution fees

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

Premiums, policy and contract charges

 

 

3

 

 

 

(2

)

 

Other revenues

 

 

 

 

 

 

 

Total revenues

 

 

3

 

 

 

(2

)

 

Banking and deposit interest expense

 

 

 

 

 

 

 

Adjusted operating total net revenues

 

 

3

 

 

 

(2

)

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

 

 

 

 

 

 

Interest credited to fixed accounts

 

 

 

 

 

 

 

Benefits, claims, losses and settlement expenses

 

 

180

 

 

 

(1

)

 

Amortization of deferred acquisition costs

 

 

(5

)

 

 

(4

)

 

Interest and debt expense

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

Adjusted operating expenses

 

 

175

 

 

 

(5

)

 

Pretax adjusted operating earnings (loss)

 

$

(172

)

 

$

3

 

 

 

 

 

 

 

 

(1) Net pretax impact of model changes and the annual review/updating of valuation assumptions, including the annual long term care review.

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

 

Quarter Ended

September 30,

 

Per Diluted Share

Quarter Ended

September 30,

 

% Over/

(Under)

(in millions, except per share amounts, unaudited)

2022

 

2021

 

2022

 

2021

 

Net income

$

548

 

 

$

1,031

 

 

$

4.86

 

 

$

8.65

 

 

(44

)%

Less: Net realized investment gains (losses) (1)

 

(92

)

 

 

12

 

 

 

(0.82

)

 

 

0.10

 

 

 

Add: Market impact on non-traditional long-duration products (1)

 

(132

)

 

 

94

 

 

 

(1.18

)

 

 

0.79

 

 

 

Add: Mean reversion-related impacts (1)

 

79

 

 

 

(9

)

 

 

0.70

 

 

 

(0.08

)

 

 

Add: Market impact of hedges on investments (1)

 

 

 

 

23

 

 

 

 

 

 

0.19

 

 

 

Less: Block transfer reinsurance transaction impacts (1)

 

 

 

 

521

 

 

 

 

 

 

4.37

 

 

 

Add: Integration/restructuring charges (1)

 

11

 

 

 

7

 

 

 

0.10

 

 

 

0.06

 

 

 

Less: Net income (loss) attributable to consolidated investment entities

 

(3

)

 

 

2

 

 

 

(0.03

)

 

 

0.02

 

 

 

Add: Tax effect of adjustments (2)

 

(10

)

 

 

88

 

 

 

(0.09

)

 

 

0.74

 

 

 

Adjusted operating earnings

$

591

 

 

$

699

 

 

$

5.24

 

 

$

5.86

 

 

(11

)%

Less: Pretax impact of annual unlocking/loss recognition

 

(169

)

 

 

(8

)

 

 

(1.50

)

 

 

(0.07

)

 

 

Less: Tax effect of annual unlocking/loss recognition

 

35

 

 

 

2

 

 

 

0.31

 

 

 

0.02

 

 

 

Adjusted operating earnings excluding Unlocking

$

725

 

 

$

705

 

 

$

6.43

 

 

$

5.91

 

 

9

%

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

110.5

 

 

 

116.4

 

 

 

 

 

 

 

Diluted

 

112.7

 

 

 

119.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Pretax adjusted operating adjustment.

 

 

 

 

 

 

 

 

 

(2) Calculated using the statutory tax rate of 21%.

 

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

 

Year-to-date

September 30,

 

Per Diluted Share

Year-to-date

September 30,

 

% Over/

(Under)

(in millions, except per share amounts, unaudited)

2022

 

2021

 

2022

 

2021

 

Net income

$

2,065

 

 

$

2,059

 

 

$

18.05

 

 

$

17.03

 

 

6

%

Add: Basic to diluted share conversion

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net realized investment gains (losses) (1)

 

(90

)

 

 

78

 

 

 

(0.79

)

 

 

0.65

 

 

 

Add: Market impact on non-traditional long-duration products (1)

 

(571

)

 

 

577

 

 

 

(5.00

)

 

 

4.78

 

 

 

Add: Mean reversion-related impacts (1)

 

299

 

 

 

(107

)

 

 

2.61

 

 

 

(0.89

)

 

 

Add: Market impact of hedges on investments (1)

 

 

 

 

40

 

 

 

 

 

 

0.33

 

 

 

Less: Block transfer reinsurance transaction impacts (1)

 

 

 

 

521

 

 

 

 

 

 

4.31

 

 

 

Add: Integration/restructuring charges (1)

 

35

 

 

 

14

 

 

 

0.31

 

 

 

0.12

 

 

 

Less: Net income (loss) attributable to consolidated investment entities

 

(2

)

 

 

(1

)

 

 

(0.02

)

 

 

(0.01

)

 

 

Add: Tax effect of adjustments (2)

 

31

 

 

 

16

 

 

 

0.27

 

 

 

0.13

 

 

 

Adjusted operating earnings

$

1,951

 

 

$

2,001

 

 

$

17.05

 

 

$

16.55

 

 

3

%

Less: Pretax impact of annual unlocking/loss recognition

 

(169

)

 

 

(8

)

 

 

(1.49

)

 

 

(0.07

)

 

 

Less: Tax effect of annual unlocking/loss recognition

 

35

 

 

 

2

 

 

 

0.31

 

 

 

0.02

 

 

 

Adjusted operating earnings excluding Unlocking

$

2,085

 

 

$

2,007

 

 

$

18.23

 

 

$

16.60

 

 

10

%

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

112.1

 

 

 

118.2

 

 

 

 

 

 

 

Diluted

 

114.4

 

 

 

120.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Pretax adjusted operating adjustment.

 

 

 

 

 

 

 

 

 

(2) Calculated using the statutory tax rate of 21%.

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings and Pretax Adjusted Operating Margin

 

Quarter Ended September 30,

(in millions, unaudited)

2022

2021

Total net revenues

$

3,491

 

$

2,903

 

Less: Net realized investment gains (losses)

 

(100

)

 

14

 

Less: Market impact on non-traditional long-duration products

 

15

 

 

(1

)

Less: Mean Reversion related impacts

 

 

 

 

Less: Market impact of hedges on investments

 

 

 

(23

)

Less: Block transfer reinsurance transaction impacts

 

 

 

(644

)

Less: Integration/restructuring charges

 

 

 

 

Less: CIEs revenue

 

31

 

 

42

 

Adjusted operating total net revenues

$

3,545

 

$

3,515

 

Less: Annual unlocking/loss recognition

 

1

 

 

19

 

Adjusted operating total net revenues excluding Unlocking

$

3,544

 

$

3,496

 

 

 

 

Total expenses

$

2,806

 

$

1,633

 

Less: CIEs expenses

 

34

 

 

40

 

Less: Integration/restructuring charges

 

11

 

 

7

 

Less: Market impact on non-traditional long-duration products

 

(117

)

 

93

 

Less: Mean reversion-related impacts

 

79

 

 

(9

)

Less: Block transfer reinsurance transaction impacts

 

 

 

(1,165

)

Less: DAC/DSIC offset to net realized investment gains (losses)

 

(8

)

 

2

 

Adjusted operating expenses

$

2,807

 

$

2,665

 

Less: Annual unlocking/loss recognition

 

170

 

 

27

 

Adjusted operating total net expenses excluding Unlocking

$

2,637

 

$

2,638

 

 

 

 

Pretax income

$

685

 

$

1,270

 

Pretax adjusted operating earnings

$

738

 

$

850

 

Pretax adjusted operating earnings excluding Unlocking

$

907

 

$

858

 

 

 

 

Pretax income margin

 

19.6

%

 

43.7

%

Pretax adjusted operating margin

 

20.8

%

 

24.2

%

Pretax adjusted operating margin excluding Unlocking

 

25.6

%

 

24.5

%

 

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

 

Quarter Ended

September 30, 2021

 

(in millions, unaudited)

GAAP

 

Adjusted

Operating

Pretax income

$

1,270

 

$

850

 

Income tax provision

$

239

 

$

151

 

 

 

 

 

 

Effective tax rate

 

18.8

%

 

17.8

%

 

 

 

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

 

Quarter Ended September 30, 2022

 

(in millions, unaudited)

GAAP

 

Adjusted

Operating

Pretax income

$

685

 

$

738

 

Income tax provision

$

137

 

$

147

 

 

 

 

 

 

Effective tax rate

 

20.0

%

 

19.9

%

 

 

 

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

 

Year-to-date

September 30, 2022

 

(in millions, unaudited)

GAAP

 

Adjusted

Operating

Pretax income

$

2,563

 

$

2,418

 

Income tax provision

$

498

 

$

467

 

 

 

 

 

 

Effective tax rate

 

19.4

%

 

19.3

%

 

 

 

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Advice & Wealth Management General and Administrative Expense

 

Year-to-date

September 30,

 

% Over/

(under)

(in millions, unaudited)

2022

 

2021

 

 

 

 

 

 

 

Total G&A expenses

$

1,134

 

$

1,061

 

7

%

 

 

 

 

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Asset Management Operating Expense

 

Quarter Ended September 30,

 

% Over/

(under)

(in millions, unaudited)

2022

 

2021

 

 

 

 

 

 

 

Total operating expenses

$

632

 

$

630

 

%

BMO operating expenses

 

81

 

 

 

 

Total operating expenses excluding BMO

$

551

 

$

630

 

(13

)%

 

 

 

 

 

 

Total G&A expenses

$

391

 

$

338

 

16

%

BMO G&A expenses

 

75

 

 

 

 

Total G&A expenses excluding BMO

$

316

 

$

338

 

(7

)%

 

 

 

 

 

 

 
 

Ameriprise Financial, Inc.

Reconciliation Table: Return on Equity (ROE) Excluding Accumulated

Other Comprehensive Income “AOCI”

 

Twelve Months Ended

September 30,

(in millions, unaudited)

2022

2021

Net income

$

2,766

 

$

2,236

 

Less: Adjustments (1)

 

92

 

 

(324

)

Adjusted operating earnings

 

2,674

 

 

2,560

 

Less: Annual unlocking/loss recognition, net of tax (2)

 

(134

)

 

(6

)

Adjusted operating earnings excluding Unlocking

$

2,808

 

$

2,566

 

 

 

 

Total Ameriprise Financial, Inc. shareholders’ equity

$

4,793

 

$

5,766

 

Less: Accumulated other comprehensive income, net of tax

 

(1,076

)

 

404

 

Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI

 

5,869

 

 

5,362

 

Less: Equity impacts attributable to the consolidated investment entities

 

1

 

 

3

 

Adjusted operating equity

$

5,868

 

$

5,359

 

 

 

 

Return on equity excluding AOCI

 

47.1

%

 

41.7

%

Adjusted operating return on equity excluding AOCI (3)

 

45.6

%

 

47.8

%

Adjusted operating return on equity excluding AOCI and Unlocking (3)

 

47.9

%

 

47.9

%

 

 

 

(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 changes on unrealized gains or losses for certain investments; integration/restructuring charges; and the impact of consolidating certain 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 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 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%.

 

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