Ameriprise Financial, Inc. (NYSE:AMP):
Earnings Per Diluted Share
Return on Equity, ex AOCI (1)
Q2
2024
Q2
2024
GAAP
$8.02
GAAP
45.9%
Adjusted Operating
$8.53
Adjusted Operating
48.9%
Adjusted Operating, excluding severance
expense
$8.72
- Second quarter adjusted operating earnings per diluted share
was $8.53. Adjusted operating EPS grew 17 percent to $8.72
excluding $0.19 of severance expense associated with the company’s
initiatives to enhance operational efficiency and
effectiveness.
Perspective from Jim Cracchiolo,
Chairman and Chief Executive Officer
“Ameriprise delivered another good quarter
and a strong first half of the year.
Our financial results were excellent,
reflecting robust revenue growth, ongoing expense discipline and
effective capital management.
Client activity and flows into fee-based
investment advisory accounts were up nicely as clients begin to put
money back to work.
Ameriprise has a powerful and
differentiated financial foundation. Our business generates
significant free cash flow that we consistently invest in our
capabilities, solutions, and people and return to shareholders. In
the quarter, we committed $693 million to share repurchases and
dividends, which is consistent with our plans, while still
maintaining a strong excess capital position.
We’re positioned well as we move through
the second half of the year, and I feel very good about our focus
and how we’re executing. I’d highlight that Ameriprise celebrated
our 130-year anniversary in June, joining a select number of firms
with this legacy of success. It provided the opportunity for us to
both reflect on our history of serving clients’ most important
financial needs and our significant opportunity ahead.”
- Second quarter GAAP net income per diluted share was $8.02
compared to $8.21 a year ago, primarily from market impacts on the
valuation of derivatives and market risk benefits.
- Assets under management and administration reached $1.4
trillion, up 12 percent from strong client net inflows and market
appreciation.
- Adjusted operating net revenues increased 9 percent from
organic growth, strong equity markets and higher spread
revenues.
- General and administrative expenses were flat to a year ago
demonstrating our continued focus on operational efficiency and
effectiveness.
- Pretax adjusted operating margin was 26.8 percent and adjusted
operating return on equity was 48.9 percent.
- The company returned $693 million of capital to shareholders in
the quarter, demonstrating its balance sheet strength and strong
free cash flow generation.
(1) Return on equity excluding AOCI is calculated on a trailing
12-month basis.
Ameriprise Financial,
Inc.
Second Quarter Summary
Quarter Ended June
30,
% Better/
(Worse)
Year-to-date June
30,
% Better/
(Worse)
(in millions, except per share amounts,
unaudited)
2024
2023
2024
2023
GAAP net income
$
829
$
890
(7
)%
$
1,819
$
1,307
39
%
Adjusted operating earnings
$
882
$
807
9
%
$
1,760
$
1,605
10
%
GAAP net income per diluted share
$
8.02
$
8.21
(2
)%
$
17.49
$
11.97
46
%
Adjusted operating earnings per diluted
share
$
8.53
$
7.44
15
%
$
16.92
$
14.70
15
%
GAAP Return on Equity, ex. AOCI
45.9
%
48.6
%
45.9
%
48.6
%
Adjusted Operating Return on Equity, ex.
AOCI
48.9
%
50.9
%
48.9
%
50.9
%
GAAP Equity, ex. AOCI
$
6,986
$
6,429
9
%
$
6,986
$
6,429
9
%
Available Capital for Capital Adequacy
(see reconciliation on p. 26)
$
5,245
$
5,011
5
%
$
5,245
$
5,011
5
%
Weighted average common shares
outstanding:
Basic
101.6
106.4
102.2
107.1
Diluted
103.4
108.4
104.0
109.2
Second quarter 2024 GAAP results included unfavorable market
impacts on the valuation of derivatives and market risk benefits,
while the prior year quarter included favorable market impacts on
the valuation of derivatives and market risk benefits.
In addition, adjusted operating after-tax results included
severance expense of $20 million in the second quarter of 2024 and
$24 million in the first half of 2024. These actions were
associated with the company’s initiatives to enhance operational
efficiency and effectiveness that are expected to drive future
profitability.
Ameriprise Financial,
Inc.
Advice & Wealth Management
Segment Adjusted Operating Results
Quarter Ended June 30,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
Adjusted operating net revenues
$
2,644
$
2,343
13
%
Distribution expenses
1,403
1,196
(17
)%
Interest and debt expense
10
6
(67
)%
General and administrative expenses
409
410
—
%
Adjusted operating expenses
1,822
1,612
(13
)%
Pretax adjusted operating earnings
$
822
$
731
12
%
Pretax adjusted operating margin
31.1
%
31.2
%
(10) bps
Quarter Ended June 30,
% Better/
(Worse)
(in billions, unless otherwise noted)
2024
2023
Total client assets
$
972
$
833
17
%
Total client net flows
$
6.6
$
9.4
(30
)%
Wrap net flows
$
7.5
$
5.6
34
%
AWM cash balances
$
40.6
$
42.0
(3
)%
Adjusted operating net revenue per advisor
(TTM in thousands)
$
968
$
874
11
%
Advice & Wealth Management continued to demonstrate
consistent profitable organic growth with pretax adjusted operating
earnings reaching a new high of $822 million and margins remaining
above 31 percent driven by strong core wealth management and
banking performance.
Adjusted operating net revenues increased 13 percent to $2.6
billion from growth in client assets in both wrap and brokerage
accounts, increased transactional activity and 11 percent growth in
bank net investment income.
Adjusted operating expenses increased 13 percent to $1.8 billion
compared to a year ago, with general and administrative expense
very well managed and flat to a year ago at $409 million.
Clients and advisors remained engaged and focused on positioning
portfolios to meet financial planning goals across market
cycles.
- Total client assets grew 17 percent to $972 billion, with wrap
assets up 18 percent to $535 billion.
- Wrap flows improved in the quarter to $7.5 billion or a 6
percent annualized flow rate, an early indication of client
preferences returning to advisory products.
- Transactional activity increased 19 percent with strong growth
across all product areas.
- Total client cash including third-party money market funds and
brokered CDs was $81.9 billion, up $12.2 billion from a year ago,
as clients remain heavily concentrated in yield-oriented
products.
- Cash balances were $40.6 billion. Underlying cash sweep
excluding normal seasonal tax payments and cash related to the
recent partnership with Comerica transitioning into other products
was stable and consistent with expectations.
- Adjusted operating net revenue per advisor on a trailing
12-month basis was $968,000, up 11 percent from enhanced
productivity, business growth and market appreciation.
- Advisor headcount increased to 10,392, which reflects the
addition of 52 experienced advisors in the quarter and continued
strong advisor retention.
Ameriprise Financial,
Inc.
Asset Management Segment
Adjusted Operating Results
Quarter Ended June 30,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
Adjusted operating net revenues
$
848
$
808
5
%
Distribution expenses
244
233
(5
)%
Amortization of deferred acquisition
costs
1
2
50
%
Interest and debt expense
1
1
—
%
General and administrative expenses
384
410
6
%
Adjusted operating expenses
630
646
2
%
Pretax adjusted operating earnings
$
218
$
162
35
%
Net pretax adjusted operating margin
(1)
37.6
%
29.8
%
Quarter Ended June 30,
% Better/
(Worse)
(in billions)
2024
2023
Total segment AUM
$
642
$
617
4
%
Net Flows
Global Retail net flows, ex. legacy
insurance partners flows
$
(3.2
)
$
(4.7
)
32
%
Global Institutional net flows, ex. legacy
insurance partners flows
0.3
0.8
(71
)%
Legacy insurance partners flows (2)
(9.1
)
(1.4
)
NM
Total segment net flows (2)
$
(12.0
)
$
(5.3
)
NM
Model delivery AUA Flows (3)
$
0.9
$
0.5
89
%
(1) See reconciliation on page 13.
(2) In Q2 2024, total segment net outflows
were $4.0 billion and legacy insurance partner outflows were $1.1
billion, excluding the $8.0 billion previously announced asset
transfer related to a legacy insurance partner.
(3) Estimated based on the
period-to-period change in assets less calculated performance based
on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or
greater than 100%
Asset Management adjusted operating net revenues grew 5
percent to $848 million and pretax adjusted operating earnings
increased 35 percent to $218 million. Financial results reflected
equity market appreciation and the positive impact from expense
management actions, which more than offset the cumulative impact of
net outflows. Net pretax adjusted operating margin was 38 percent
and above our targeted range, reflecting strong market appreciation
and expense discipline.
Adjusted operating expenses decreased 2 percent, with general
and administrative expenses down 6 percent from a year ago,
reflecting the ongoing benefits from the company’s initiatives to
enhance operational efficiency and effectiveness.
Total assets under management increased 4 percent to $642
billion as equity market appreciation more than offset net
outflows. The underlying fee rate remained stable at 46 basis
points.
Net outflows would have been $4.0 billion excluding an $8.0
billion previously announced asset transfer related to a legacy
insurance partner, which was a $1.3 billion improvement from a year
ago.
- Retail net outflows were $3.2 billion, representing a $1.5
billion improvement from the prior year from stronger gross sales
globally and lower redemptions in the US.
- Global institutional inflows were $0.3 billion.
Ameriprise Financial,
Inc.
Retirement & Protection
Solutions Segment Adjusted Operating Results
Quarter Ended June 30,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
Adjusted operating net revenues
$
928
$
858
8
%
Adjusted operating expenses
732
669
(9
)%
Pretax adjusted operating earnings
$
196
$
189
4
%
Retirement & Protection Solutions pretax adjusted
operating earnings increased 4 percent to $196 million, reflecting
the benefit of stronger interest earnings and higher equity markets
partially offset by higher distribution expenses associated with
continued strong sales levels. These high-quality books of business
continued to generate strong free cash flow and return on capital
with a differentiated risk profile.
Retirement & Protection Solutions sales increased 40 percent
to $1.5 billion primarily from strong sales growth in structured
variable annuities similar to the industry. Protection sales grew
21 percent to $93 million with the majority of sales in higher
margin accumulation VUL products.
Ameriprise Financial,
Inc.
Corporate & Other Segment
Adjusted Operating Results
Quarter Ended June 30,
% Better/
(Worse)
(in millions, unaudited)
2024
2023
Corporate & Other, excluding Closed
Blocks
$
(123
)
$
(56
)
NM
Closed Blocks (1)
4
(4
)
NM
Pretax adjusted operating earnings /
(loss)
$
(119
)
$
(60
)
(98
)%
Long Term Care
$
12
$
1
NM
Fixed Annuities
(8
)
(5
)
(60
)%
Closed Blocks pretax adjusted operating
earnings / (loss)
$
4
$
(4
)
NM
(1) Long Term Care and Fixed
Annuities.
NM Not Meaningful - variance equal to or
greater than 100%
Total Corporate & Other Excluding Closed Blocks
pretax adjusted operating loss was $123 million, which included $25
million of severance expense, as well as $8 million of severance
program expenses, both of which were associated with the company’s
initiatives to enhance operational efficiency and
effectiveness.
Long Term Care pretax adjusted operating earnings
increased to $12 million from improved investment yields and claims
performance.
Fixed Annuities pretax adjusted operating loss was
consistent with expectations at $8 million.
Taxes
The operating effective tax rate was 21.0 percent. The operating
effective tax rate is expected to be approximately 21 percent for
full year 2024.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel
confident about their financial future for 130 years. With
extensive investment advice, global asset management capabilities
and insurance solutions, and a nationwide network of more than
10,000 financial advisors, we have the strength and expertise to
serve the full range of individual and institutional investors'
financial needs.
Ameriprise Financial Services, LLC offers financial planning
services, investments, insurance and annuity products. Columbia
Funds are distributed by Columbia Management Investment
Distributors, Inc., member FINRA and managed by Columbia Management
Investment Advisers, LLC. Threadneedle International Limited,
Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle
(EM) Investments Limited, and Pyrford International Ltd, are SEC-
and FCA-registered investment adviser affiliates of Columbia
Management Investment Advisers, LLC based in the U.K. RiverSource
insurance and annuity products are issued by RiverSource Life
Insurance Company, and in New York only by RiverSource Life
Insurance Co. of New York, Albany, New York. Only RiverSource Life
Insurance Co. of New York is authorized to sell insurance and
annuity products in the state of New York. These companies are part
of Ameriprise Financial, Inc. CA License #0684538. RiverSource
Distributors, Inc. (Distributor), Member FINRA.
Non-GAAP Financial Measures
The company believes the presentation of adjusted operating
measures, available capital for capital adequacy and other non-GAAP
financial measures, and the corresponding ratios, best represents
the underlying performance of our core operations and facilitates a
more meaningful trend analysis without the distortion of various
adjustment items. Management uses non-GAAP financial measures to
evaluate our financial performance on a basis comparable to that
used by some securities analysts and investors and to provide a
valuable perspective for investors. These non-GAAP financial
measures are taken into consideration, to varying degrees, for
purposes of business planning and analysis and for certain
compensation-related matters. Non-GAAP financial measures are
intended to supplement investors’ understanding of our performance
and should not be considered alternatives for financial measures
presented in accordance with GAAP. These measures are discussed in
more detail below and may not be comparable to other companies’
similarly titled non-GAAP financial measures. Non-GAAP financial
measure reconciliations can be found on the subsequent pages.
Forward-Looking Statements
This news release contains forward-looking statements that
reflect management’s plans, estimates and beliefs. Actual results
could differ materially from those described in these
forward-looking statements. Examples of such forward-looking
statements include:
- 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 reengineering
initiatives;
- statements estimating the expected full year 2024 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, 2023 available at
ir.ameriprise.com. Management undertakes no obligation to update
publicly or revise any forward-looking statements.
The financial results discussed in this news release represent
past performance only, which may not be used to predict or project
future results. The financial results and values presented in this
news release are based upon asset valuations that represent
estimates as of the date of this news release and may be revised in
the company’s Form 10-Q for the period ended June 30, 2024.
Ameriprise Financial announces financial and other information
to investors through the company’s investor relations website at
ir.ameriprise.com, as well as SEC filings, press releases, public
conference calls and webcasts. Investors and others interested in
the company are encouraged to visit the investor relations website
from time to time, as information is updated and new information is
posted. The website also allows users to sign up for automatic
notifications in the event new materials are posted. The
information found on the website is not incorporated by reference
into this release or in any other report or document the company
furnishes or files with the SEC.
Ameriprise Financial,
Inc.
Consolidated GAAP
Results
(in millions, except per share amounts,
unaudited)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees
$
2,456
$
2,199
12
%
$
2,399
2
%
Distribution fees
505
482
5
%
506
—
%
Net investment income
921
811
14
%
901
2
%
Premiums, policy and contract charges
381
383
(1
)%
390
(2
)%
Other revenues
129
132
(2
)%
129
—
%
Total revenues
4,392
4,007
10
%
4,325
2
%
Banking and deposit interest expense
172
131
(31
)%
179
4
%
Total net revenues
4,220
3,876
9
%
4,146
2
%
Expenses
Distribution expenses
1,450
1,248
(16
)%
1,419
(2
)%
Interest credited to fixed accounts
185
161
(15
)%
132
(40
)%
Benefits, claims, losses and settlement
expenses
331
327
(1
)%
295
(12
)%
Remeasurement (gains) losses of future
policy benefit reserves
(8
)
—
—
%
(4
)
NM
Change in fair value of market risk
benefits
110
(99
)
NM
(18
)
NM
Amortization of deferred acquisition
costs
61
61
—
%
61
—
%
Interest and debt expense
83
84
1
%
82
(1
)%
General and administrative expense
957
967
1
%
960
—
%
Total expenses
3,169
2,749
(15
)%
2,927
(8
)%
Pretax income
1,051
1,127
(7
)%
1,219
(14
)%
Income tax provision
222
237
(6
)%
229
(3
)%
Net income
$
829
$
890
(7
)%
$
990
(16
)%
Earnings per share
Basic earnings per share
$
8.16
$
8.36
$
9.63
Earnings per diluted share
$
8.02
$
8.21
$
9.46
Weighted average common shares
outstanding
Basic
101.6
106.4
102.8
Diluted
103.4
108.4
104.6
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Consolidated Highlights and
Capital Summary
(in millions unless otherwise noted,
unaudited)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Assets Under Management and
Administration
Advice & Wealth Management AUM
$
531,268
$
451,249
18
%
$
518,080
3
%
Asset Management AUM
641,880
616,598
4
%
652,077
(2
)%
Corporate AUM
490
297
65
%
429
14
%
Eliminations
(44,136
)
(39,308
)
(12
)%
(43,181
)
(2
)%
Total Assets Under Management
1,129,502
1,028,836
10
%
1,127,405
—
%
Total Assets Under
Administration
298,468
247,952
20
%
297,457
—
%
Total AUM and AUA
$
1,427,970
$
1,276,788
12
%
$
1,424,862
—
%
S&P 500
Daily average
5,253
4,207
25
%
4,996
5
%
Period end
5,460
4,450
23
%
5,254
4
%
Weighted Equity Index (WEI) (1)
Daily average
3,358
2,769
21
%
3,218
4
%
Period end
3,456
2,900
19
%
3,379
2
%
Common shares
Beginning balance
99.6
104.4
(5
)%
100.2
(1
)%
Repurchases
(1.3
)
(1.6
)
19
%
(1.2
)
(8
)%
Issuances
0.1
—
—
%
1.2
(92
)%
Other
—
—
—
%
(0.6
)
NM
Total common shares outstanding
98.4
102.8
(4
)%
99.6
(1
)%
Restricted stock units
2.6
2.7
(4
)%
2.6
—
%
Total basic common shares
outstanding
101.0
105.5
(4
)%
102.2
(1
)%
Total potentially dilutive shares
1.8
2.1
(14
)%
1.8
—
%
Total diluted shares
102.8
107.6
(4
)%
104.0
(1
)%
Capital Returned to
Shareholders
Dividends paid
$
151
$
146
3
%
$
143
6
%
Common stock share repurchases
542
492
10
%
507
7
%
Total Capital Returned to
Shareholders
$
693
$
638
9
%
$
650
7
%
(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)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees:
Advisory fees
$
1,361
$
1,154
18
%
$
1,303
4
%
Financial planning fees
110
104
6
%
112
(2
)%
Transaction and other fees
100
96
4
%
94
6
%
Total management and financial advice
fees
1,571
1,354
16
%
1,509
4
%
Distribution fees:
Mutual funds
199
179
11
%
196
2
%
Insurance and annuity
260
222
17
%
247
5
%
Off-Balance sheet brokerage cash
40
84
(52
)%
50
(20
)%
Other products
109
84
30
%
105
4
%
Total distribution fees
608
569
7
%
598
2
%
Net investment income
560
483
16
%
560
—
%
Other revenues
77
68
13
%
72
7
%
Total revenues
2,816
2,474
14
%
2,739
3
%
Banking and deposit interest expense
172
131
(31
)%
179
4
%
Adjusted operating total net
revenues
2,644
2,343
13
%
2,560
3
%
Expenses
Distribution expenses
1,403
1,196
(17
)%
1,369
(2
)%
Interest and debt expense
10
6
(67
)%
9
(11
)%
General and administrative expense
409
410
—
%
420
3
%
Adjusted operating expenses
1,822
1,612
(13
)%
1,798
(1
)%
Pretax adjusted operating
earnings
$
822
$
731
12
%
$
762
8
%
Pretax adjusted operating
margin
31.1
%
31.2
%
29.8
%
Ameriprise Financial,
Inc.
Advice & Wealth Management
Segment Operating Metrics
(in millions unless otherwise noted,
unaudited)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
AWM Total Client Assets
$
972,135
$
833,347
17
%
$
953,769
2
%
Total Client Flows
$
6,604
$
9,408
(30
)%
$
8,501
(22
)%
Total Wrap Accounts
Beginning assets
$
521,722
$
434,674
20
%
$
488,200
7
%
Net flows
7,521
5,610
34
%
6,518
15
%
Market appreciation (depreciation) and
other
5,747
14,405
(60
)%
27,004
(79
)%
Total wrap ending assets
$
534,990
$
454,689
18
%
$
521,722
3
%
Advisory wrap account assets ending
balance (1)
$
529,642
$
449,857
18
%
$
516,469
3
%
Brokerage Cash & Certificates
Balances
On-balance sheet (Net Investment
Income)
On-balance sheet - broker dealer
$
2,279
$
2,605
(13
)%
$
2,477
(8
)%
On-balance sheet - bank
21,466
20,933
3
%
21,329
1
%
On-balance sheet - certificate
12,526
12,069
4
%
13,211
(5
)%
Total on-balance sheet
$
36,271
$
35,607
2
%
$
37,017
(2
)%
Off-balance sheet (Distribution
Fees)
Off-balance sheet - broker dealer
$
4,359
$
6,413
(32
)%
$
6,242
(30
)%
Total brokerage cash & certificates
balances
$
40,630
$
42,020
(3
)%
$
43,259
(6
)%
Gross Fee Yield
On-balance sheet - broker dealer
5.34
%
4.72
%
5.12
%
On-balance sheet - bank
5.15
%
4.76
%
5.06
%
On-balance sheet - certificates
5.66
%
5.20
%
5.69
%
Off-balance sheet - broker dealer
3.08
%
4.14
%
2.95
%
Financial Advisors
Employee advisors
2,236
2,108
6
%
2,227
—
%
Franchisee advisors
8,156
8,166
—
%
8,137
—
%
Total financial advisors
10,392
10,274
1
%
10,364
—
%
Advisor Retention
Employee
93.2
%
92.0
%
92.8
%
Franchisee
92.6
%
93.0
%
92.3
%
(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.
Ameriprise Financial,
Inc.
Asset Management Segment
Adjusted Operating Results
(in millions, unaudited)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail
$
522
$
490
7
%
$
530
(2
)%
Institutional
161
157
3
%
159
1
%
Transaction and other fees
52
48
8
%
50
4
%
Revenue from other sources (1)
3
4
(25
)%
3
—
%
Total management and financial advice
fees
738
699
6
%
742
(1
)%
Distribution fees:
Mutual funds
56
51
10
%
56
—
%
Insurance and annuity
40
39
3
%
39
3
%
Total distribution fees
96
90
7
%
95
1
%
Net investment income
12
10
20
%
11
9
%
Other revenues
2
9
(78
)%
7
(71
)%
Total revenues
848
808
5
%
855
(1
)%
Banking and deposit interest expense
—
—
—
%
—
—
%
Adjusted operating total net
revenues
848
808
5
%
855
(1
)%
Expenses
Distribution expenses
244
233
(5
)%
242
(1
)%
Amortization of deferred acquisition
costs
1
2
50
%
2
50
%
Interest and debt expense
1
1
—
%
2
50
%
General and administrative expense
384
410
6
%
403
5
%
Adjusted operating expenses
630
646
2
%
649
3
%
Pretax adjusted operating
earnings
$
218
$
162
35
%
$
206
6
%
Net Pretax Adjusted Operating Margin
Reconciliation
Adjusted operating total net revenues
$
848
$
808
5
%
$
855
(1
)%
Distribution pass through revenues
(192
)
(183
)
(5
)%
(192
)
—
%
Subadvisory and other pass through
revenues
(98
)
(95
)
(3
)%
(96
)
(2
)%
Net adjusted operating revenues
$
558
$
530
5
%
$
567
(2
)%
Pretax adjusted operating earnings
$
218
$
162
35
%
$
206
6
%
Adjusted operating net investment
income
(12
)
(10
)
(20
)%
(11
)
(9
)%
Amortization of intangibles
4
6
(33
)%
3
33
%
Net adjusted operating earnings
$
210
$
158
33
%
$
198
6
%
Pretax adjusted operating margin
25.7
%
20.0
%
24.1
%
Net pretax adjusted operating margin
(2)
37.6
%
29.8
%
34.9
%
Performance fees (3)
Performance fees
$
2
$
1
NM
$
17
(88
)%
General and administrative expense related
to performance fees
1
1
—
%
11
91
%
Net performance fees
$
1
$
—
—
%
$
6
(83
)%
(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)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets
$
349,567
$
321,391
9
%
$
334,860
4
%
Inflows
12,536
11,547
9
%
14,047
(11
)%
Outflows
(18,658
)
(16,323
)
(14
)%
(16,308
)
(14
)%
Net VP/VIT fund flows
(1,607
)
(1,270
)
(27
)%
(1,560
)
(3
)%
Net new flows
(7,729
)
(6,046
)
(28
)%
(3,821
)
NM
Reinvested dividends
1,758
1,265
39
%
1,010
74
%
Net flows
(5,971
)
(4,781
)
(25
)%
(2,811
)
NM
Distributions
(2,099
)
(1,544
)
(36
)%
(1,206
)
(74
)%
Market appreciation (depreciation) and
other
5,889
9,885
(40
)%
19,407
(70
)%
Foreign currency translation (1)
74
2,469
(97
)%
(683
)
NM
Total ending assets
347,460
327,420
6
%
349,567
(1
)%
% of total retail assets sub-advised
16.0
%
15.9
%
15.6
%
Global Institutional
Beginning assets
302,510
286,288
6
%
302,076
—
%
Inflows (2)
10,273
11,708
(12
)%
9,352
10
%
Outflows (2)
(16,360
)
(12,180
)
(34
)%
(12,219
)
(34
)%
Net flows
(6,087
)
(472
)
NM
(2,867
)
NM
Market appreciation (depreciation) and
other (3)(4)
(2,117
)
(1,852
)
(14
)%
4,786
NM
Foreign currency translation (1)
114
5,214
(98
)%
(1,485
)
NM
Total ending assets
294,420
289,178
2
%
302,510
(3
)%
Total managed assets
$
641,880
$
616,598
4
%
$
652,077
(2
)%
Total net flows
$
(12,058
)
$
(5,253
)
NM
$
(5,678
)
NM
Legacy insurance partners flows
$
(9,104
)
$
(1,377
)
NM
$
(779
)
NM
Total Assets Under Advisement
(5)
$
31,980
$
25,282
26
%
$
28,669
12
%
Model delivery AUA flows (6)
$
923
$
488
89
%
$
243
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) Q2 2024 Market depreciation primarily
reflects the impact of rising UK gilt yields on the Liability
Driven Investing portfolio.
(5) Assets are presented on a one-quarter
lag.
(6) 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)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Total Managed Assets by Type
Equity
$
340,206
$
316,092
8
%
$
341,406
—
%
Fixed income
226,655
225,520
1
%
236,588
(4
)%
Money market
22,759
22,439
1
%
22,164
3
%
Alternative
33,187
35,088
(5
)%
33,002
1
%
Hybrid and other
19,073
17,459
9
%
18,917
1
%
Total managed assets by type
$
641,880
$
616,598
4
%
$
652,077
(2
)%
Average Managed Assets by Type
(1)
Equity
$
336,469
$
309,576
9
%
$
330,281
2
%
Fixed income
228,662
223,766
2
%
235,529
(3
)%
Money market
22,540
22,945
(2
)%
22,607
—
%
Alternative
33,014
34,888
(5
)%
33,237
(1
)%
Hybrid and other
18,759
17,152
9
%
18,476
2
%
Total average managed assets by
type
$
639,444
$
608,327
5
%
$
640,130
—
%
(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
2 Qtr 2024
Retail Fund Rankings in Top 2 Quartiles
or Above Index Benchmark - Asset Weighted
1 year
3 year
5 year
10 year
Equity
60
%
69
%
78
%
90
%
Fixed Income
74
%
66
%
81
%
90
%
Asset Allocation
89
%
60
%
87
%
90
%
4- or 5-star Morningstar rated
funds
Overall
3 year
5 year
10 year
Number of Rated Funds
114
71
84
102
Retail Fund performance rankings for each
fund are measured on a consistent basis against the most
appropriate peer group or index. Peer groupings of Columbia funds
are defined by Lipper category and are based on the Primary Share
Class (i.e., Institutional if available, otherwise Advisor or
Institutional 3 share class), net of fees. Peer groupings of
Threadneedle funds are defined by either IA or Morningstar index
and are based on Primary Share Class. Comparisons to Index are
measured Gross of Fees.
To calculate asset weighted performance,
the sum of the total assets of the funds with above median ranking
are divided by total assets of all funds. Funds with more assets
will receive a greater share of the total percentage above or below
median.
Aggregated Asset Allocation Funds may
include funds that invest in other Columbia or Threadneedle branded
mutual funds included in both equity and fixed income.
Morningstar as of 06/30/24. Columbia funds
are available for purchase by U.S. customers. Out of 89 Columbia
funds rated (based on primary share class), 4 received a 5-star
Overall Rating and 40 received a 4-star Overall Rating. Out of 139
Threadneedle funds rated (based on highest-rated share class), 20
received a 5-star Overall Rating and 50 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)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees
$
189
$
185
2
%
$
189
—
%
Distribution fees
104
100
4
%
104
—
%
Net investment income
266
203
31
%
243
9
%
Premiums, policy and contract charges
367
368
—
%
374
(2
)%
Other revenues
2
2
—
%
2
—
%
Total revenues
928
858
8
%
912
2
%
Banking and deposit interest expense
—
—
—
%
—
—
%
Adjusted operating total net
revenues
928
858
8
%
912
2
%
Expenses
Distribution expenses
129
120
(8
)%
124
(4
)%
Interest credited to fixed accounts
93
94
1
%
91
(2
)%
Benefits, claims, losses and settlement
expenses
226
188
(20
)%
224
(1
)%
Remeasurement (gains) losses of future
policy benefit reserves
(5
)
(4
)
25
%
(2
)
NM
Change in fair value of market risk
benefits
142
123
(15
)%
129
(10
)%
Amortization of deferred acquisition
costs
57
57
—
%
57
—
%
Interest and debt expense
12
12
—
%
12
—
%
General and administrative expense
78
79
1
%
78
—
%
Adjusted operating expenses
732
669
(9
)%
713
(3
)%
Pretax adjusted operating
earnings
$
196
$
189
4
%
$
199
(2
)%
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Retirement & Protection
Solutions Segment Operating Metrics
(in millions, unaudited)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Variable Annuities Rollforwards
Beginning balance
$
84,042
$
76,809
9
%
$
80,754
4
%
Deposits
1,364
940
45
%
1,158
18
%
Withdrawals and terminations
(2,127
)
(1,712
)
(24
)%
(2,067
)
(3
)%
Net flows
(763
)
(772
)
1
%
(909
)
16
%
Investment performance and interest
credited
1,255
2,512
(50
)%
4,197
(70
)%
Total ending balance - contract
accumulation values
$
84,534
$
78,549
8
%
$
84,042
1
%
Variable annuities fixed
sub-accounts
$
3,935
$
4,524
(13
)%
$
4,067
(3
)%
Life Insurance In Force
$
198,340
$
198,686
—
%
$
198,550
—
%
Net Amount at Risk (Life)
$
38,203
$
37,708
1
%
$
38,240
—
%
Net Policyholder Reserves
VUL/UL
$
15,475
$
14,170
9
%
$
15,305
1
%
Term and whole life
174
188
(7
)%
180
(3
)%
Disability insurance
505
539
(6
)%
521
(3
)%
Other insurance
524
548
(4
)%
528
(1
)%
Total net policyholder reserves
$
16,678
$
15,445
8
%
$
16,534
1
%
DAC Ending Balances
Variable Annuities DAC
$
1,692
$
1,722
(2
)%
$
1,697
—
%
Life and Health DAC
$
956
$
964
(1
)%
$
957
—
%
Ameriprise Financial,
Inc.
Corporate Segment Adjusted
Operating Results and Metrics
(in millions, unaudited)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 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
)
24
NM
—
—
%
Premiums, policy and contract charges
—
—
—
%
—
—
%
Other revenues
3
—
—
%
1
NM
Total revenues
(6
)
24
NM
1
NM
Banking and deposit interest expense
7
3
NM
8
13
%
Adjusted operating total net
revenues
(13
)
21
NM
(7
)
(86
)%
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
24
27
11
%
23
(4
)%
General and administrative expense
86
50
(72
)%
69
(25
)%
Adjusted operating expenses
110
77
(43
)%
92
(20
)%
Pretax adjusted operating earnings
(loss)
$
(123
)
$
(56
)
NM
$
(99
)
(24
)%
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Corporate Segment Adjusted
Operating Results and Metrics
(in millions, unaudited)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Long Term Care Adjusted Operating
Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—
%
$
—
—
%
Distribution fees
—
—
—
%
—
—
%
Net investment income
48
44
9
%
49
(2
)%
Premiums, policy and contract charges
22
23
(4
)%
23
(4
)%
Other revenues
—
—
—
%
—
—
%
Total revenues
70
67
4
%
72
(3
)%
Banking and deposit interest expense
—
—
—
%
—
—
%
Adjusted operating total net
revenues
70
67
4
%
72
(3
)%
Expenses
Distribution expenses
(2
)
(2
)
—
%
(3
)
(33
)%
Interest credited to fixed accounts
—
—
—
%
—
—
%
Benefits, claims, losses and settlement
expenses
56
58
3
%
53
(6
)%
Remeasurement (gains) losses of future
policy benefit reserves
(3
)
4
NM
(2
)
50
%
Change in fair value of market risk
benefits
—
—
—
%
—
—
%
Amortization of deferred acquisition
costs
—
—
—
%
—
—
%
Interest and debt expense
1
1
—
%
2
50
%
General and administrative expense
6
5
(20
)%
6
—
%
Adjusted operating expenses
58
66
12
%
56
(4
)%
Pretax adjusted operating earnings
(loss)
$
12
$
1
NM
$
16
(25
)%
Long Term Care Policyholder Reserves,
net of reinsurance
$
2,557
$
2,616
(2
)%
$
2,615
(2
)%
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Corporate Segment Adjusted
Operating Results and Metrics
(in millions, unaudited)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Fixed Annuities Adjusted Operating
Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—
%
$
—
—
%
Distribution fees
—
—
—
%
—
—
%
Net investment income
8
8
—
%
9
(11
)%
Premiums, policy and contract charges
1
—
—
%
—
—
%
Other revenues
45
52
(13
)%
47
(4
)%
Total revenues
54
60
(10
)%
56
(4
)%
Banking and deposit interest expense
—
—
—
%
—
—
%
Adjusted operating total net
revenues
54
60
(10
)%
56
(4
)%
Expenses
Distribution expenses
—
—
—
%
1
NM
Interest credited to fixed accounts
54
57
5
%
55
2
%
Benefits, claims, losses and settlement
expenses
1
—
—
%
—
—
%
Remeasurement (gains) losses of future
policy benefit reserves
—
—
—
%
—
—
%
Change in fair value of market risk
benefits
—
—
—
%
—
—
%
Amortization of deferred acquisition
costs
3
2
(50
)%
2
(50
)%
Interest and debt expense
1
1
—
%
—
—
%
General and administrative expense
3
5
40
%
4
25
%
Adjusted operating expenses
62
65
5
%
62
—
%
Pretax adjusted operating earnings
(loss)
$
(8
)
$
(5
)
(60
)%
$
(6
)
(33
)%
NM Not Meaningful - variance equal to or
greater than 100%
Ameriprise Financial,
Inc.
Eliminations (1) Adjusted
Operating Results
(in millions, unaudited)
2 Qtr 2024
2 Qtr 2023
% Better/
(Worse)
1 Qtr 2024
% Better/
(Worse)
Revenues
Management and financial advice fees
$
(41
)
$
(37
)
(11
)%
$
(39
)
(5
)%
Distribution fees
(303
)
(277
)
(9
)%
(291
)
(4
)%
Net investment income
(15
)
(12
)
(25
)%
(17
)
12
%
Premiums, policy and contract charges
(8
)
(8
)
—
%
(9
)
11
%
Other revenues
—
—
—
%
—
—
%
Total revenues
(367
)
(334
)
(10
)%
(356
)
(3
)%
Banking and deposit interest expense
(7
)
(3
)
NM
(8
)
(13
)%
Adjusted operating total net
revenues
(360
)
(331
)
(9
)%
(348
)
(3
)%
Expenses
Distribution expenses
(324
)
(299
)
8
%
(314
)
3
%
Interest credited to fixed accounts
—
—
—
%
—
—
%
Benefits, claims, losses and settlement
expenses
(5
)
(5
)
—
%
(5
)
—
%
Remeasurement (gains) losses of future
policy benefit reserves
—
—
—
%
—
—
%
Change in fair value of market risk
benefits
—
—
—
%
—
—
%
Amortization of deferred acquisition
costs
—
—
—
%
—
—
%
Interest and debt expense
(9
)
(9
)
—
%
(8
)
13
%
General and administrative expense
(22
)
(18
)
22
%
(21
)
5
%
Adjusted operating expenses
(360
)
(331
)
9
%
(348
)
3
%
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)
June 30, 2024
June 30, 2023
March 31, 2024
Long-term Debt Summary
Senior notes
$
3,400
$
3,550
$
3,400
Finance lease liabilities
15
23
17
Other (1)
(19
)
(16
)
(19
)
Total Ameriprise Financial long-term
debt
3,396
3,557
3,398
Non-recourse debt of consolidated
investment entities
2,386
2,264
2,119
Total long-term debt
$
5,782
$
5,821
$
5,517
Total Ameriprise Financial long-term
debt
$
3,396
$
3,557
$
3,398
Finance lease liabilities
(15
)
(23
)
(17
)
Other (1)
19
16
19
Total Ameriprise Financial long-term
debt excluding finance lease liabilities and other
$
3,400
$
3,550
$
3,400
Total equity (2)
$
4,993
$
4,080
$
4,879
Equity of consolidated investment
entities
(1
)
(10
)
(1
)
Total equity excluding CIEs
$
4,992
$
4,070
$
4,878
Total Ameriprise Financial capital
$
8,389
$
7,637
$
8,277
Total Ameriprise Financial capital
excluding finance lease liabilities, other and equity of CIEs
$
8,392
$
7,620
$
8,278
Debt to capital
Total Ameriprise Financial long-term debt
to total Ameriprise Financial capital
40.5
%
46.6
%
41.1
%
Total Ameriprise Financial long-term debt
to total Ameriprise Financial capital excluding finance lease
liabilities, other and equity of CIEs (2)
40.5
%
46.6
%
41.1
%
Available Capital for Capital
Adequacy
$
5,245
$
5,011
$
5,135
(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)
June 30, 2024
December 31,
2023
Assets
Cash and cash equivalents
$
7,517
$
7,477
Cash of consolidated investment
entities
351
87
Investments
55,865
55,489
Investments of consolidated investment
entities
2,275
2,099
Market risk benefits
2,082
1,427
Separate account assets
79,098
77,457
Receivables
14,823
15,078
Receivables of consolidated investment
entities
30
28
Deferred acquisition costs
2,694
2,713
Restricted and segregated cash and
investments
1,373
1,635
Other assets
13,592
11,700
Other assets of consolidated investment
entities
—
1
Total Assets
$
179,700
$
175,191
Liabilities
Policyholder account balances, future
policy benefits and claims
$
39,742
$
37,545
Market risk benefits
1,252
1,762
Separate account liabilities
79,098
77,457
Customer deposits
36,237
37,321
Short-term borrowings
201
201
Long-term debt
3,396
3,399
Debt of consolidated investment
entities
2,386
2,155
Accounts payable and accrued expenses
2,386
2,603
Other liabilities
9,768
7,974
Other liabilities of consolidated
investment entities
241
45
Total Liabilities
174,707
170,462
Equity
Ameriprise Financial
Common shares ($.01 par)
3
3
Additional paid-in capital
9,987
9,824
Retained earnings
23,430
21,905
Treasury stock
(26,434
)
(25,237
)
Accumulated other comprehensive income,
net of tax
(1,993
)
(1,766
)
Total Equity
4,993
4,729
Total Liabilities and Equity
$
179,700
$
175,191
Supplemental Non-GAAP Information:
Available Capital for Capital
Adequacy
$
5,245
$
5,418
Ameriprise Financial,
Inc.
Reconciliation Table:
Earnings
Quarter Ended June 30,
% Better/
(Worse)
Per Diluted Share
Quarter Ended June 30,
% Better/
(Worse)
(in millions, except per share amounts,
unaudited)
2024
2023
2024
2023
Net income
$
829
$
890
(7
)%
$
8.02
$
8.21
(2
)%
Adjustments:
Net realized investment gains (losses)
(1)
(3
)
3
(0.03
)
0.03
Market impact on non-traditional
long-duration products (1)
(60
)
127
(0.58
)
1.17
Integration/restructuring charges (1)
—
(25
)
—
(0.23
)
Net income (loss) attributable to
consolidated investment entities
(3
)
—
(0.03
)
—
Tax effect of adjustments (2)
13
(22
)
0.13
(0.20
)
Adjusted operating earnings
$
882
$
807
9
%
$
8.53
$
7.44
15
%
Pretax impact of severance expense
(25
)
(1
)
(0.24
)
(0.01
)
Tax effect of severance expense
5
—
0.05
—
Adjusted operating earnings excluding
severance expense
$
902
$
808
12
%
$
8.72
$
7.45
17
%
Weighted average common shares
outstanding:
Basic
101.6
106.4
Diluted
103.4
108.4
(1) Pretax adjusted operating
adjustment.
(2) Calculated using the statutory tax
rate of 21%.
Ameriprise Financial,
Inc.
Reconciliation Table:
Earnings
Year-to-date June
30,
Per Diluted Share
Year-to-date June 30,
% Better/
(Worse)
(in millions, except per share amounts,
unaudited)
2024
2023
2024
2023
Net income
$
1,819
$
1,307
$
17.49
$
11.97
46
%
Adjustments:
Net realized investment gains (losses)
(1)
(3
)
6
(0.03
)
0.05
Market impact on non-traditional
long-duration products (1)
80
(348
)
0.77
(3.19
)
Integration/restructuring charges (1)
—
(35
)
—
(0.32
)
Net income (loss) attributable to
consolidated investment entities
(2
)
—
(0.02
)
—
Tax effect of adjustments (2)
(16
)
79
(0.15
)
0.73
Adjusted operating earnings
$
1,760
$
1,605
$
16.92
$
14.70
15
%
Weighted average common shares
outstanding:
Basic
102.2
107.1
Diluted
104.0
109.2
(1) Pretax adjusted operating
adjustment.
(2) Calculated using the statutory tax
rate of 21%.
Ameriprise Financial,
Inc.
Reconciliation Table: Pretax
Adjusted Operating Earnings
Quarter Ended June 30,
(in millions, unaudited)
2024
2023
Total net revenues
$
4,220
$
3,876
Adjustments:
Net realized investment gains (losses)
(3
)
3
Market impact on non-traditional
long-duration products
(1
)
1
CIEs revenue
53
46
Adjusted operating total net
revenues
$
4,171
$
3,826
Total expenses
$
3,169
$
2,749
Adjustments:
CIEs expenses
56
46
Integration/restructuring charges
—
25
Market impact on non-traditional
long-duration products
59
(126
)
Adjusted operating expenses
$
3,054
$
2,804
Pretax income
$
1,051
$
1,127
Pretax adjusted operating earnings
$
1,117
$
1,022
Pretax income margin
24.9
%
29.1
%
Pretax adjusted operating margin
26.8
%
26.7
%
Ameriprise Financial,
Inc.
Reconciliation Table:
Available Capital for Capital Adequacy
(in millions, unaudited)
June 30, 2024
June 30, 2023
March 31, 2024
Ameriprise Financial GAAP
Equity
$
4,993
$
4,080
$
4,879
Less: AOCI
(1,993
)
(2,349
)
(1,930
)
Ameriprise Financial GAAP Equity, excl
AOCI
6,986
6,429
6,809
Less: RiverSource Life Insurance Co. GAAP
Equity, excluding AOCI
2,012
1,855
2,017
Add: RiverSource Life Insurance Co.
statutory total adjusted capital
2,598
2,653
2,637
Less: Goodwill and intangibles
2,595
2,525
2,603
Add: Other adjustments
268
309
309
Available Capital for Capital
Adequacy
$
5,245
$
5,011
$
5,135
Ameriprise Financial,
Inc.
Reconciliation Table:
Effective Tax Rate
Quarter Ended June 30,
2023
(in millions, unaudited)
GAAP
Adjusted Operating
Pretax income
$
1,127
$
1,022
Income tax provision
$
237
$
215
Effective tax rate
21.1
%
21.0
%
Ameriprise Financial,
Inc.
Reconciliation Table:
Effective Tax Rate
Quarter Ended June 30,
2024
(in millions, unaudited)
GAAP
Adjusted Operating
Pretax income
$
1,051
$
1,117
Income tax provision
$
222
$
235
Effective tax rate
21.1
%
21.0
%
Ameriprise Financial,
Inc.
Reconciliation Table: Return
on Equity (ROE) Excluding Accumulated Other Comprehensive
Income “AOCI”
Twelve Months Ended
June 30,
(in millions, unaudited)
2024
2023
Net income
$
3,068
$
3,017
Less: Adjustments (1)
(198
)
(143
)
Adjusted operating earnings
$
3,266
$
3,160
Total Ameriprise Financial, Inc.
shareholders’ equity
$
4,501
$
3,943
Less: Accumulated other comprehensive
income, net of tax
(2,176
)
(2,259
)
Total Ameriprise Financial, Inc.
shareholders’ equity excluding AOCI
6,677
6,202
Less: Equity impacts attributable to the
consolidated investment entities
(4
)
(2
)
Adjusted operating equity
$
6,681
$
6,204
Return on equity excluding AOCI
45.9
%
48.6
%
Adjusted operating return on equity
excluding AOCI (2)
48.9
%
50.9
%
(1) Adjustments reflect the sum of
after-tax net realized investment gains/losses, net of the
reinsurance accrual; the market impact on non-traditional
long-duration products (including variable and fixed deferred
annuity contracts and UL insurance contracts), net of hedges and
related reinsurance accrual; mean reversion related impacts; block
transfer reinsurance transaction impacts; the market impact of
hedges to offset interest rate and currency changes on unrealized
gains or losses for certain investments; gain or loss on disposal
of a business that is not considered discontinued operations;
integration and restructuring charges; income (loss) from
discontinued operations; and net income (loss) from consolidated
investment entities. After-tax is calculated using the statutory
tax rate of 21%.
(2) Adjusted operating return on equity,
excluding AOCI is calculated using adjusted operating earnings in
the numerator, and Ameriprise Financial shareholders’ equity,
excluding AOCI and the impact of consolidating investment entities
using a five-point average of quarter-end equity in the
denominator. After-tax is calculated using the statutory tax rate
of 21%.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724321975/en/
Investor Relations:
Alicia A. Charity Ameriprise Financial, Inc. (612) 671-2080
alicia.a.charity@ampf.com
Stephanie M. Rabe Ameriprise Financial, Inc. (612) 671-4085
stephanie.m.rabe@ampf.com
Media Relations:
John Brine Ameriprise Financial, Inc. (212) 437-8655
john.brine@ampf.com
Ameriprise Financial (NYSE:AMP)
過去 株価チャート
から 6 2024 まで 7 2024
Ameriprise Financial (NYSE:AMP)
過去 株価チャート
から 7 2023 まで 7 2024
