Press Release

Ameriprise Financial Reports First Quarter 2022 Results

Company Release - 4/25/2022 4:08 PM

Ameriprise Financial, Inc. (NYSE: AMP):

Earnings Per Diluted Share

 

Return on Equity, ex AOCI (1)

 

Q1 2022

 

 

Q1 2022

GAAP

$6.55

 

GAAP

55.9%

Adjusted Operating

$5.98

 

Adjusted Operating

49.9%

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

  • First quarter adjusted operating earnings per diluted share was $5.98, up 10 percent from $5.43 in the prior year reflecting strong business performance.

 

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

 

“Ameriprise delivered another good quarter during a period of heightened market volatility and geopolitical uncertainty. We remain focused on providing an exceptional experience and strong solutions to our clients to help them achieve their goals.

 

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

 

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

 

As I look ahead, we are well positioned to continue to drive organic growth and will benefit from the rising rate environment in the U.S.”

  • First quarter GAAP net income per diluted share was $6.55, versus $3.58 a year ago, driven by strong business performance and lower market impact on derivatives.

 

  • Assets under management and administration increased 17 percent to $1.3 trillion in the quarter.

 

  • Adjusted operating net revenue was $3.6 billion, a 10 percent increase from strong business growth and year-over-year market appreciation, as well as the impact of market volatility in the quarter.

 

  • Wealth and Asset Management generated strong profitability with pretax adjusted operating earnings up 18 percent. These businesses represented nearly 80 percent of pretax operating earnings in the quarter.

 

  • Investment performance at Columbia Threadneedle Investments remains excellent with 129 funds with 4- and 5-star Morningstar ratings with more than 80% of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods.

 

  • The company returned $562 million of capital to shareholders in the quarter and announced an 11 percent increase in its quarterly dividend to $1.25 per share.

 

 

 

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

Ameriprise Financial, Inc.

First Quarter Summary

 

Quarter Ended
March 31,

% Over/
(Under)

(in millions, except per share amounts, unaudited)

2022

2021

GAAP net income

$

761

 

$

437

 

74

%

Adjusted operating earnings
(see reconciliation on p. 24)

$

695

 

$

663

 

5

%

 

 

 

 

GAAP net income per diluted share

$

6.55

 

$

3.58

 

83

%

Adjusted operating earnings per diluted share
(see reconciliation on p. 24)

$

5.98

 

$

5.43

 

10

%

 

 

 

 

GAAP Return on Equity, ex. AOCI

 

55.9

%

 

(1.1

)%

 

Adjusted Operating Return on Equity, ex. AOCI

 

49.9

%

 

29.9

%

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

Basic

 

113.7

 

 

119.8

 

 

Diluted

 

116.2

 

 

122.2

 

 

 

 

 

 

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

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

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

 

Quarter Ended
March 31,

% Over/
(Under)

(in millions, unaudited)

2022

2021

Net revenues

$

2,042

 

$

1,879

 

9

%

Distribution expenses

 

1,232

 

 

1,135

 

(9

)%

G&A / other expense

 

370

 

 

355

 

(4

)%

Pretax adjusted operating earnings

$

440

 

$

389

 

13

%

 

 

 

 

Pretax adjusted operating margin

 

21.5

%

 

20.7

%

80 bps

 

 

 

 

 

Quarter Ended
March 31,

% Over/
(Under)

(in billions, unless otherwise noted)

2022

2021

Total client assets

$

823

$

762

8

%

Total client net flows (1)

$

10.4

 

$

9.3

 

12

%

Wrap net flows (1)

$

8.7

 

$

10.4

 

(17

)%

AWM cash balance

$

45.7

 

$

40.4

 

13

%

Average gross yield on cash balances (in bps)

 

69

 

 

65

 

 

Adjusted operating net revenue per advisor (TTM in thousands)

$

810

 

$

689

 

18

%

 

 

 

 

(1) See definition on page 11.

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

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

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

Adjusted operating net revenue per advisor on a trailing 12-month basis was $810,000, up 18 percent, from enhanced productivity and business growth. Total advisors increased 1 percent to 10,149, reflecting excellent advisor retention, as well as the addition of 80 highly productive experienced advisors in the quarter.

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

 

Quarter Ended
March 31,

% Over/
(Under)

(in millions, unaudited)

2022

 

2021

Net revenues

$

1,017

 

$

828

 

23

%

Distribution expenses

 

277

 

 

268

 

(3

)%

G&A / other expenses

 

455

 

 

332

 

(37

)%

Pretax adjusted operating earnings

$

285

 

$

228

 

25

%

 

 

 

 

Net pretax adjusted operating margin (1)

 

41.5

%

 

43.9

%

 

 

 

 

 

 

 

 

 

 

Quarter Ended
March 31,

% Over/
(Under)

(in billions)

2022

 

2021

Total segment AUM

$

699

 

$

564

 

24

%

 

 

 

 

Net Flows

 

 

 

Global Retail net flows

$

(1.9

)

$

4.6

 

NM

 

Global Institutional net flows, ex. legacy insurance partners flows

 

1.9

 

 

1.6

 

19

%

Legacy insurance partners flows

 

(0.7

)

 

(1.3

)

47

%

Total segment net flows

$

(0.7

)

$

4.9

 

NM

 

 

 

 

 

Model delivery AUA Flows (2)

$

4.8

 

$

0.3

 

NM

 

 

 

 

 

(1) See reconciliation on page 13.

 

 

 

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

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

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

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

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

In the quarter, net outflows were $0.7 billion and included $0.7 billion of outflows related to legacy insurance partners. Institutional flows remained strong, offset by industry headwinds in retail.

  • Retail net outflows were $1.9 billion. North America outflows in equity and fixed income strategies were consistent with the industry and were influenced by market volatility. In EMEA, investor sentiment is risk off as a result of higher interest rates and geopolitical strain, which drove net outflows. These were partially offset by inflows related to U.S. clients that elected to transfer assets as part of an arrangement with BMO.
  • Global institutional net inflows were $1.9 billion.

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

 

Quarter Ended
March 31,

% Over/
(Under)

(in millions, unaudited)

2022

 

2021

Net revenues

$

772

 

$

787

(2

)%

Expenses

 

581

 

 

 

604

 

4

%

Pretax adjusted operating earnings

$

191

 

 

$

183

 

4

%

 

 

 

 

 

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

Retirement & Protection Solutions sales decreased 25 percent to $1.1 billion.

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

Ameriprise Financial, Inc.

Corporate & Other Segment Adjusted Operating Results

 

Quarter Ended
March 31,

% Over/
(Under)

(in millions, unaudited)

2022

 

2021

Corporate & Other, excluding Closed Blocks

$

(72

)

 

$

(63

)

(14

)%

Closed Blocks (1)

 

(4

)

 

 

42

 

NM

 

Pretax adjusted operating earnings

$

(76

)

 

$

(21

)

NM

 

 

 

 

 

 

Long Term Care

$

1

 

 

$

46

 

(98

)%

Fixed Annuities

 

(5

)

 

 

(4

)

(25

)%

Closed Blocks pretax adjusted operating earnings

$

(4

)

 

$

42

 

NM

 

 

 

 

 

 

(1) Long Term Care and Fixed Annuities.

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

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

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

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

Fixed Annuities pretax adjusted operating loss was $5 million.

Taxes

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

About Ameriprise Financial

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

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

Non-GAAP Financial Measures

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

Forward-Looking Statements

This news release contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:

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

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

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

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

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

Ameriprise Financial, Inc.

Consolidated GAAP Results

(in millions, except per share amounts, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

Revenues

 

 

 

 

 

Management and financial advice fees

$

2,459

$

2,102

17

%

$

2,555

(4

)%

Distribution fees

 

446

 

458

(3

)%

 

462

(3

)%

Net investment income

 

261

 

377

(31

)%

 

255

2

%

Premiums, policy and contract charges

 

368

 

347

6

%

 

367

-

 

Other revenues

 

123

 

71

73

%

 

123

-

 

Total revenues

 

3,657

 

3,355

9

%

 

3,762

(3

)%

Banking and deposit interest expense

 

2

 

5

60

%

 

2

-

 

Total net revenues

 

3,655

 

3,350

9

%

 

3,760

(3

)%

Expenses

 

 

 

 

 

Distribution expenses

 

1,297

 

1,175

(10

)%

 

1,322

2

%

Interest credited to fixed accounts

 

141

 

159

11

%

 

145

3

%

Benefits, claims, losses and settlement expenses

 

211

 

653

68

%

 

378

44

%

Amortization of deferred acquisition costs

 

96

 

5

NM

 

 

47

NM

 

Interest and debt expense

 

40

 

42

5

%

 

42

5

%

General and administrative expense

 

947

 

823

(15

)%

 

960

1

%

Total expenses

 

2,732

 

2,857

4

%

 

2,894

6

%

Pretax income

 

923

 

493

87

%

 

866

7

%

Income tax provision

 

162

 

56

NM

 

 

165

2

%

Net income

$

761

$

437

74

%

$

701

9

%

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

Basic earnings per share

$

6.69

$

3.65

 

$

6.12

 

Earnings per diluted share

$

6.55

$

3.58

 

$

5.96

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

Basic

 

113.7

 

119.8

 

 

114.6

 

Diluted

 

116.2

 

122.2

 

 

117.6

 

 

 

 

 

 

 

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

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless otherwise noted, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Assets Under Management and Administration

 

 

 

 

 

 

 

 

Advice & Wealth Management AUM

$

443,521

 

$

396,533

 

12

%

$

460,935

 

(4

)%

Asset Management AUM

 

698,607

 

 

564,131

 

24

%

 

754,056

 

(7

)%

Corporate AUM

 

146

 

 

97

 

51

%

 

136

 

7

%

Eliminations

 

(42,032

)

 

(39,655

)

(6

)%

 

(44,160

)

5

%

Total Assets Under Management

 

1,100,242

 

 

921,106

 

19

%

 

1,170,967

 

(6

)%

Total Assets Under Administration

 

238,879

 

 

222,887

 

7

%

 

246,891

 

(3

)%

Total AUM and AUA

$

1,339,121

 

$

1,143,993

 

17

%

$

1,417,858

 

(6

)%

 

 

 

 

 

 

S&P 500

 

 

 

 

 

Daily average

 

4,467

 

 

3,861

 

16

%

 

4,600

 

(3

)%

Period end

 

4,530

 

 

3,973

 

14

%

 

4,766

 

(5

)%

 

 

 

 

 

 

Weighted Equity Index (WEI) (1)

 

 

 

 

 

Daily average

 

2,953

 

 

2,662

 

11

%

 

3,068

 

(4

)%

Period end

 

2,979

 

 

2,725

 

9

%

 

3,152

 

(5

)%

 

 

 

 

 

 

Common shares

 

 

 

 

 

Beginning balance

 

110.9

 

 

116.8

 

(5

)%

 

112.4

 

(1

)%

Repurchases

 

(1.4

)

 

(1.7

)

18

%

 

(1.6

)

13

%

Issuances

 

1.2

 

 

1.8

 

(33

)%

 

0.4

 

NM

 

Other

 

(0.6

)

 

(0.9

)

33

%

 

(0.3

)

NM

 

Total common shares outstanding

 

110.1

 

 

116.0

 

(5

)%

 

110.9

 

(1

)%

Restricted stock units

 

2.9

 

 

3.0

 

(3

)%

 

3.0

 

(3

)%

Total basic common shares outstanding

 

113.0

 

 

119.0

 

(5

)%

 

113.9

 

(1

)%

Total potentially dilutive shares

 

2.3

 

 

2.5

 

(8

)%

 

2.9

 

(21

)%

Total diluted shares

 

115.3

 

 

121.5

 

(5

)%

 

116.8

 

(1

)%

 

 

 

 

 

 

Capital Returned to Shareholders

 

 

 

 

 

Dividends paid

$

133

 

$

128

 

4

%

$

131

 

2

%

Common stock share repurchases

 

429

 

 

363

 

18

%

 

499

 

(14

)%

Total Capital Returned to Shareholders

$

562

 

$

491

 

14

%

$

630

 

(11

)%

 

 

 

 

 

 

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

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

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees:

 

 

 

 

 

Advisory fees

$

1,191

 

$

1,028

 

16

%

$

1,209

 

(1

)%

Financial planning fees

 

97

 

 

88

 

10

%

 

114

 

(15

)%

Transaction and other fees

 

92

 

 

89

 

3

%

 

96

 

(4

)%

Total management and financial advice fees

 

1,380

 

 

1,205

 

15

%

 

1,419

 

(3

)%

Distribution fees:

 

 

 

 

 

Mutual funds

 

204

 

 

207

 

(1

)%

 

220

 

(7

)%

Insurance and annuity

 

221

 

 

240

 

(8

)%

 

256

 

(14

)%

Off-Balance sheet brokerage cash (1)

 

16

 

 

16

 

-

 

 

14

 

14

%

Other products

 

88

 

 

96

 

(8

)%

 

81

 

9

%

Total distribution fees

 

529

 

 

559

 

(5

)%

 

571

 

(7

)%

Net investment income

 

78

 

 

64

 

22

%

 

68

 

15

%

Other revenues

 

57

 

 

56

 

2

%

 

58

 

(2

)%

Total revenues

 

2,044

 

 

1,884

 

8

%

 

2,116

 

(3

)%

Banking and deposit interest expense

 

2

 

 

5

 

60

%

 

2

 

-

 

Adjusted operating total net revenues

 

2,042

 

 

1,879

 

9

%

 

2,114

 

(3

)%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

1,232

 

 

1,135

 

(9

)%

 

1,275

 

3

%

Interest and debt expense

 

2

 

 

3

 

33

%

 

2

 

-

 

General and administrative expense

 

368

 

 

352

 

(5

)%

 

365

 

(1

)%

Adjusted operating expenses

 

1,602

 

 

1,490

 

(8

)%

 

1,642

 

2

%

Pretax adjusted operating earnings

$

440

 

$

389

 

13

%

$

472

 

(7

)%

 

 

 

 

 

 

Pretax adjusted operating margin

 

21.5

%

 

20.7

%

 

 

22.3

%

 

 

 

 

 

 

 

Pretax adjusted operating earnings by product

 

 

 

 

 

Certificates and Banking - Combined

$

34

 

$

19

 

79

%

$

21

 

62

%

Wealth Management & Distribution

 

406

 

 

370

 

10

%

 

451

 

(10

)%

Pretax adjusted operating earnings

$

440

 

$

389

 

13

%

$

472

 

(7

)%

 

 

 

 

 

 

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

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless otherwise noted, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

AWM Total Client Assets

$

823,367

 

$

761,566

 

8

%

$

857,584

 

(4

)%

 

 

 

 

 

 

Total Client Flows (1)

$

10,405

 

$

9,305

 

12

%

$

12,542

 

(17

)%

 

 

 

 

 

 

Total Wrap Accounts

 

 

 

 

 

Beginning assets

$

464,688

 

$

380,013

 

22

%

$

435,375

 

7

%

Net flows

 

8,677

 

 

10,413

 

(17

)%

 

10,541

 

(18

)%

Market appreciation (depreciation) and other

 

(26,319

)

 

9,391

 

NM

 

 

18,772

 

NM

 

Total wrap ending assets

$

447,046

 

$

399,817

 

12

%

$

464,688

 

(4

)%

 

 

 

 

 

 

Advisory wrap account assets ending balance (2)

$

442,145

 

$

395,299

 

12

%

$

459,499

 

(4

)%

 

 

 

 

 

 

Brokerage Cash & Certificates Balances

 

 

 

 

 

On-balance sheet (Net Investment Income)

 

 

 

 

 

On-balance sheet - broker dealer

$

3,633

 

$

3,385

 

7

%

$

3,513

 

3

%

On-balance sheet - bank

 

13,220

 

 

7,985

 

66

%

 

11,419

 

16

%

On-balance sheet - certificate

 

5,197

 

 

6,258

 

(17

)%

 

5,300

 

(2

)%

Total on-balance sheet

$

22,050

 

$

17,628

 

25

%

$

20,232

 

9

%

Off-balance sheet (Distribution Fees)

 

 

 

 

 

Off-balance sheet - broker dealer

$

23,625

 

$

22,733

 

4

%

$

23,593

 

-

 

Total brokerage cash & certificates balances

$

45,675

 

$

40,361

 

13

%

$

43,825

 

4

%

 

 

 

 

 

 

Gross Fee Yield

 

 

 

 

 

On-balance sheet - broker dealer

 

0.06

%

 

0.10

%

 

 

0.06

%

 

On-balance sheet - bank (3)

 

1.40

%

 

1.34

%

 

 

1.27

%

 

On-balance sheet - certificates

 

1.05

%

 

1.22

%

 

 

0.94

%

 

Off-balance sheet - broker dealer

 

0.28

%

 

0.28

%

 

 

0.26

%

 

 

 

 

 

 

 

Weighted Average Gross Fee Yield (3)

 

0.69

%

 

0.65

%

 

 

0.62

%

 

 

 

 

 

 

 

Financial Advisors

 

 

 

 

 

Employee advisors

 

2,088

 

 

2,107

 

(1

)%

 

2,128

 

(2

)%

Franchisee advisors

 

8,061

 

 

7,924

 

2

%

 

7,988

 

1

%

Total financial advisors

 

10,149

 

 

10,031

 

1

%

 

10,116

 

-

 

 

 

 

 

 

 

Advisor Retention

 

 

 

 

 

Employee

 

92.0

%

 

92.0

%

 

 

92.0

%

 

Franchisee

 

94.1

%

 

94.4

%

 

 

94.2

%

 

 

 

 

 

 

 

(1) Total client flows represent inflows of client cash and securities less client outflows. Inflows include dividends and interest; outflows include fees. Excludes short-term and long-term capital gain distributions.

(2) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

(3) As of Q4 2021, the Gross Fee Yield for prior periods have been restated.

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

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees:

 

 

 

 

 

Asset management fees:

 

 

 

 

 

Retail

$

644

 

$

531

 

21

%

$

624

 

3

%

Institutional

 

195

 

 

123

 

59

%

 

248

 

(21

)%

Transaction and other fees

 

55

 

 

52

 

6

%

 

58

 

(5

)%

Revenue from other sources (1)

 

4

 

 

7

 

(43

)%

 

7

 

(43

)%

Total management and financial advice fees

 

898

 

 

713

 

26

%

 

937

 

(4

)%

Distribution fees:

 

 

 

 

 

Mutual funds

 

65

 

 

67

 

(3

)%

 

70

 

(7

)%

Insurance and annuity

 

46

 

 

47

 

(2

)%

 

49

 

(6

)%

Total distribution fees

 

111

 

 

114

 

(3

)%

 

119

 

(7

)%

Net investment income

 

4

 

 

1

 

NM

 

 

2

 

NM

 

Other revenues

 

4

 

 

 

-

 

 

2

 

NM

 

Total revenues

 

1,017

 

 

828

 

23

%

 

1,060

 

(4

)%

Banking and deposit interest expense

 

 

 

 

-

 

 

 

-

 

Adjusted operating total net revenues

 

1,017

 

 

828

 

23

%

 

1,060

 

(4

)%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

277

 

 

268

 

(3

)%

 

294

 

6

%

Amortization of deferred acquisition costs

 

3

 

 

3

 

-

 

 

3

 

-

 

Interest and debt expense

 

1

 

 

1

 

-

 

 

2

 

50

%

General and administrative expense

 

451

 

 

328

 

(38

)%

 

431

 

(5

)%

Adjusted operating expenses

 

732

 

 

600

 

(22

)%

 

730

 

-

 

Pretax adjusted operating earnings

$

285

 

$

228

 

25

%

$

330

 

(14

)%

 

 

 

 

 

 

Net Pretax Adjusted Operating Margin Reconciliation

 

 

 

 

Adjusted operating total net revenues

$

1,017

 

$

828

 

23

%

$

1,060

 

(4

)%

Distribution pass thru revenues

 

(221

)

 

(217

)

(2

)%

 

(234

)

6

%

Subadvisory and other pass thru revenues

 

(104

)

 

(87

)

(20

)%

 

(97

)

(7

)%

Net adjusted operating revenues

$

692

 

$

524

 

32

%

$

729

 

(5

)%

 

 

 

 

 

 

Pretax adjusted operating earnings

$

285

 

$

228

 

25

%

$

330

 

(14

)%

Adjusted operating net investment income

 

(4

)

 

(1

)

NM

 

 

(2

)

NM

 

Amortization of intangibles

 

6

 

 

3

 

NM

 

 

5

 

20

%

Net adjusted operating earnings

$

287

 

$

230

 

25

%

$

333

 

(14

)%

 

 

 

 

 

 

Pretax adjusted operating margin

 

28.0

%

 

27.5

%

 

 

31.1

%

 

Net pretax adjusted operating margin (2)

 

41.5

%

 

43.9

%

 

 

45.7

%

 

 

 

 

 

 

 

Performance fees (3)

 

 

 

 

 

Performance fees

$

54

 

$

1

 

NM

 

$

90

 

(40

)%

General and administrative expense related to performance fees

 

33

 

 

 

-

 

 

55

 

40

%

Net performance fees

$

21

 

$

1

 

NM

 

$

35

 

(40

)%

 

 

 

 

 

 

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

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

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

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

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Managed Assets Rollforward (1)

 

 

 

 

 

Global Retail Funds

 

 

 

 

 

Beginning assets

$

409,369

 

$

323,483

 

27

%

$

355,719

 

15

%

Inflows

 

21,788

 

 

22,549

 

(3

)%

 

20,084

 

8

%

Outflows

 

(23,237

)

 

(17,637

)

(32

)%

 

(18,568

)

(25

)%

Net VP/VIT fund flows

 

(1,079

)

 

(1,019

)

(6

)%

 

(1,093

)

1

%

Net new flows (2)

 

(2,528

)

 

3,893

 

NM

 

 

423

 

NM

 

Reinvested dividends

 

663

 

 

717

 

(8

)%

 

13,414

 

(95

)%

Net flows

 

(1,865

)

 

4,610

 

NM

 

 

13,837

 

NM

 

Distributions

 

(839

)

 

(858

)

2

%

 

(15,093

)

94

%

Acquired assets (3)

 

 

 

 

-

 

 

36,980

 

NM

 

Market appreciation (depreciation) and other

 

(25,818

)

 

13,187

 

NM

 

 

18,478

 

NM

 

Foreign currency translation (4)

 

(862

)

 

(152

)

NM

 

 

(552

)

(56

)%

Total ending assets

 

379,985

 

 

340,270

 

12

%

 

409,369

 

(7

)%

% of total retail assets sub-advised (10)

 

14.6

%

 

16.4

%

 

 

14.7

%

 

 

 

 

 

 

 

Global Institutional

 

 

 

 

 

Beginning assets

 

344,687

 

 

223,130

 

54

%

 

227,679

 

51

%

Inflows (5)

 

12,739

 

 

7,741

 

65

%

 

24,449

 

(48

)%

Outflows (5)

 

(11,560

)

 

(7,462

)

(55

)%

 

(10,817

)

(7

)%

Net flows (2)

 

1,179

 

 

279

 

NM

 

 

13,632

 

(91

)%

Acquired assets (3)

 

 

 

 

-

 

 

99,236

 

NM

 

Market appreciation (depreciation) and other (6)

 

(21,642

)

 

176

 

NM

 

 

5,244

 

NM

 

Foreign currency translation (4)

 

(5,602

)

 

276

 

NM

 

 

(1,104

)

NM

 

Total ending assets

 

318,622

 

 

223,861

 

42

%

 

344,687

 

(8

)%

 

 

 

 

 

 

Total managed assets

$

698,607

 

$

564,131

 

24

%

$

754,056

 

(7

)%

 

 

 

 

 

 

Total net flows

$

(686

)

$

4,889

 

NM

 

$

27,469

 

NM

 

 

 

 

 

 

 

Legacy insurance partners flows

$

(672

)

$

(1,262

)

47

%

$

(920

)

27

%

 

 

 

 

 

 

Total Assets Under Advisement (7)

$

27,367

 

$

16,036

 

71

%

$

20,194

 

36

%

Model delivery AUA flows (8) (9)

$

4,816

 

$

294

 

NM

 

$

820

 

NM

 

 

 

 

 

 

 

(1) Q4 2021 rollforwards were restated for a reclass between retail and institutional. Total AUM remained unchanged.

(2) Included in net flows are the amounts from the US asset transfer from the BMO acquisition of $2,649 ($2,550 retail and $99 institutional) from Q1 2022 and $16,948 ($2,922 retail and $14,026 institutional) from Q4 2021.

(3) Reflects the acquisition of BMO’s EMEA Asset Management business that closed on November 8, 2021.

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

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

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

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

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

(9) Included in model delivery AUA flows are $4,447 in Q1 2022 from the BMO US asset transfer.

(10) Q4 2021 percent of total retail assets sub-advised has been restated.

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

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Total Managed Assets by Type (1)

 

 

 

 

 

Equity

$

367,083

$

319,446

15

%

$

402,841

(9

)%

Fixed income

 

256,513

 

 

194,343

 

32

%

 

277,039

 

(7

)%

Money market

 

12,902

 

 

5,766

 

NM

 

 

10,084

 

28

%

Alternative

 

40,221

 

 

22,876

 

76

%

 

39,872

 

1

%

Hybrid and other

 

21,888

 

 

21,700

 

1

%

 

24,220

 

(10

)%

Total managed assets by type

$

698,607

 

$

564,131

 

24

%

$

754,056

 

(7

)%

 

 

 

 

 

 

Average Managed Assets by Type (1) (2)

 

 

 

 

 

Equity

$

379,614

 

$

308,816

 

23

%

$

372,152

 

2

%

Fixed income

 

267,154

 

 

195,198

 

37

%

 

251,533

 

6

%

Money market

 

11,818

 

 

5,921

 

100

%

 

8,258

 

43

%

Alternative

 

40,079

 

 

22,705

 

77

%

 

33,939

 

18

%

Hybrid and other

 

22,528

 

 

20,908

 

8

%

 

23,686

 

(5

)%

Total average managed assets by type

$

721,193

 

$

553,548

 

30

%

$

689,568

 

5

%

 

 

 

 

 

 

(1) In Q4 2021, the definition of Alternative AUM was changed to now include real estate, CLOs, private equity, hedge funds (direct and funds of funds), infrastructure and commodities. Prior periods have been restated to reflect this change.

(2) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.

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

 

 

 

 

 

Ameriprise Financial, Inc.

Asset Management Segment Performance Metrics

 

1 Qtr 2022

 

 

 

 

 

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

1 year

3 year

5 year

10 year

Equity

28

%

81

%

85

%

88

%

Fixed Income

53

%

90

%

94

%

91

%

Asset Allocation

45

%

80

%

86

%

91

%

 

 

 

 

 

4- or 5-star Morningstar rated funds

Overall

3 year

5 year

10 year

Number of Rated Funds

129

 

108

 

104

 

104

 

Percent of Rated Assets

69

%

62

%

62

%

72

%

 

 

 

 

 

Retail Fund performance rankings for each fund is measured on a consistent basis against the most appropriate peer group or index. Peer Groupings are defined by either Lipper, IA, or Morningstar and based primarily on the Institutional Share Class, Net of Fees. Comparisons to Index are measured Gross of Fees.

 

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

Morningstar as of 03/31/22. Columbia funds are available for purchase by U.S. customers. Out of 95 Columbia funds (Inst. shares) rated, 13 received a 5-star Overall Rating and 39 received a 4-star Overall Rating. Out of 92 Threadneedle funds (highest rated share class) rated, 18 received a 5-star Overall Rating and 32 received a 4-star Overall Rating. Out of 63 BMO funds (highest rated share class) rated, 6 received a 5-star Overall Rating and 21 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms.

 

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

 

 

 

 

 

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees

$

218

$

222

(2

)%

$

237

(8

)%

Distribution fees

 

112

 

116

(3

)%

 

124

(10

)%

Net investment income

 

114

 

126

(10

)%

 

113

1

%

Premiums, policy and contract charges

 

325

 

323

1

%

 

337

(4

)%

Other revenues

 

3

 

-

 

 

4

(25

)%

Total revenues

 

772

 

787

(2

)%

 

815

(5

)%

Banking and deposit interest expense

 

 

-

 

 

-

 

Adjusted operating total net revenues

 

772

 

787

(2

)%

 

815

(5

)%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

119

 

129

8

%

 

134

11

%

Interest credited to fixed accounts

 

96

 

96

-

 

 

96

-

 

Benefits, claims, losses and settlement expenses

 

230

 

234

2

%

 

244

6

%

Amortization of deferred acquisition costs

 

53

 

63

16

%

 

70

24

%

Interest and debt expense

 

9

 

10

10

%

 

9

-

 

General and administrative expense

 

74

 

72

(3

)%

 

79

6

%

Adjusted operating expenses

 

581

 

604

4

%

 

632

8

%

Pretax adjusted operating earnings

$

191

$

183

4

%

$

183

4

%

 

 

 

 

 

 

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Operating Metrics

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Variable Annuities Rollforwards

 

 

 

 

 

Beginning balance

$

92,292

 

$

85,774

 

8

%

$

89,635

 

3

%

Deposit

 

1,046

 

 

1,428

 

(27

)%

 

1,530

 

(32

)%

Withdrawals and terminations

 

(1,678

)

 

(1,984

)

15

%

 

(2,011

)

17

%

Net flows

 

(632

)

 

(556

)

(14

)%

 

(481

)

(31

)%

Investment performance and interest credited

 

(5,901

)

 

1,746

 

NM

 

 

3,138

 

NM

 

Total ending balance - contract accumulation values

$

85,759

 

$

86,964

 

(1

)%

$

92,292

 

(7

)%

 

 

 

 

 

 

Variable annuities fixed sub-accounts

$

4,951

 

$

5,075

 

(2

)%

$

4,990

 

(1

)%

 

 

 

 

 

 

Life Insurance In Force

$

198,674

 

$

196,164

 

1

%

$

198,553

 

-

 

 

 

 

 

 

 

Net Amount at Risk (Life)

$

38,290

 

$

37,636

 

2

%

$

37,652

 

2

%

 

 

 

 

 

 

Net Policyholder Reserves

 

 

 

 

 

VUL/UL

$

14,419

 

$

14,106

 

2

%

$

15,049

 

(4

)%

Term and whole life

 

163

 

 

172

 

(5

)%

 

167

 

(2

)%

Disability insurance

 

478

 

 

503

 

(5

)%

 

483

 

(1

)%

Other insurance

 

596

 

 

637

 

(6

)%

 

608

 

(2

)%

Total net policyholder reserves

$

15,656

 

$

15,418

 

2

%

$

16,307

 

(4

)%

 

 

 

 

 

 

DAC Ending Balances

 

 

 

 

 

Variable Annuities DAC

$

1,914

 

$

1,792

 

7

%

$

1,876

 

2

%

Life and Health DAC

$

955

 

$

839

 

14

%

$

847

 

13

%

 

 

 

 

 

 

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees

$

 

$

 

-

 

$

 

-

 

Distribution fees

 

 

 

 

-

 

 

 

-

 

Net investment income

 

(11

)

 

(1

)

NM

 

 

(12

)

8

%

Premiums, policy and contract charges

 

 

 

 

-

 

 

(1

)

NM

 

Other revenues

 

2

 

 

1

 

NM

 

 

4

 

(50

)%

Total revenues

 

(9

)

 

 

-

 

 

(9

)

-

 

Banking and deposit interest expense

 

 

 

 

-

 

 

1

 

NM

 

Adjusted operating total net revenues

 

(9

)

 

 

-

 

 

(10

)

10

%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

 

 

 

-

 

 

 

-

 

Interest credited to fixed accounts

 

 

 

 

-

 

 

 

-

 

Benefits, claims, losses and settlement expenses

 

 

 

 

-

 

 

(1

)

NM

 

Amortization of deferred acquisition costs

 

 

 

 

-

 

 

(1

)

NM

 

Interest and debt expense

 

13

 

 

7

 

(86

)%

 

13

 

-

 

General and administrative expense

 

50

 

 

56

 

11

%

 

67

 

25

%

Adjusted operating expenses

 

63

 

 

63

 

-

 

 

78

 

19

%

Pretax adjusted operating earnings (loss)

$

(72

)

$

(63

)

(14

)%

$

(88

)

18

%

 

 

 

 

 

 

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

 

 

 

 

 

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Long Term Care Adjusted Operating Income Statements

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees

$

 

$

 

-

 

$

 

-

 

Distribution fees

 

 

 

 

-

 

 

 

-

 

Net investment income

 

36

 

 

38

 

(5

)%

 

37

 

(3

)%

Premiums, policy and contract charges

 

23

 

 

24

 

(4

)%

 

25

 

(8

)%

Other revenues

 

 

 

 

-

 

 

 

-

 

Total revenues

 

59

 

 

62

 

(5

)%

 

62

 

(5

)%

Banking and deposit interest expense

 

 

 

 

-

 

 

 

-

 

Adjusted operating total net revenues

 

59

 

 

62

 

(5

)%

 

62

 

(5

)%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

(2

)

 

(3

)

(33

)%

 

(3

)

(33

)%

Interest credited to fixed accounts

 

 

 

 

-

 

 

 

-

 

Benefits, claims, losses and settlement expenses

 

52

 

 

11

 

NM

 

 

53

 

2

%

Amortization of deferred acquisition costs

 

 

 

 

-

 

 

 

-

 

Interest and debt expense

 

3

 

 

3

 

-

 

 

2

 

(50

)%

General and administrative expense

 

5

 

 

5

 

-

 

 

6

 

17

%

Adjusted operating expenses

 

58

 

 

16

 

NM

 

 

58

 

-

 

Pretax adjusted operating earnings (loss)

$

1

 

$

46

 

(98

)%

$

4

 

(75

)%

 

 

 

 

 

 

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

 

 

 

 

 

Active Life Reserves

$

2,291

 

$

2,431

 

(6

)%

$

2,487

 

(8

)%

Disabled Life Reserves

 

578

 

 

540

 

7

%

 

565

 

2

%

Total long term care policyholder reserves, net of reinsurance

$

2,869

 

$

2,971

 

(3

)%

$

3,052

 

(6

)%

 

 

 

 

 

 

(1) SFAS 115 requires GAAP reserves to include all unrealized gains on available for sale securities in the portfolio to be reported as if they were realized on the last day of the accounting period with all financial impacts flowing through other comprehensive income.

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Fixed Annuities Adjusted Operating Income Statements

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees

$

 

$

 

-

 

$

 

-

 

Distribution fees

 

 

 

 

-

 

 

1

 

NM

 

Net investment income

 

8

 

 

63

 

(87

)%

 

7

 

14

%

Premiums, policy and contract charges

 

1

 

 

 

-

 

 

1

 

-

 

Other revenues

 

57

 

 

14

 

NM

 

 

55

 

4

%

Total revenues

 

66

 

 

77

 

(14

)%

 

64

 

3

%

Banking and deposit interest expense

 

 

 

 

-

 

 

 

-

 

Adjusted operating total net revenues

 

66

 

 

77

 

(14

)%

 

64

 

3

%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

1

 

 

1

 

-

 

 

 

-

 

Interest credited to fixed accounts

 

61

 

 

61

 

-

 

 

63

 

3

%

Benefits, claims, losses and settlement expenses

 

2

 

 

2

 

-

 

 

1

 

NM

 

Amortization of deferred acquisition costs

 

3

 

 

4

 

25

%

 

3

 

-

 

Interest and debt expense

 

 

 

5

 

NM

 

 

 

-

 

General and administrative expense

 

4

 

 

8

 

50

%

 

4

 

-

 

Adjusted operating expenses

 

71

 

 

81

 

12

%

 

71

 

-

 

Pretax adjusted operating earnings (loss)

$

(5

)

$

(4

)

(25

)%

$

(7

)

29

%

 

 

 

 

 

 

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

Ameriprise Financial, Inc.

Eliminations (1) Adjusted Operating Results

(in millions, unaudited)

1 Qtr 2022

1 Qtr 2021

% Over/
(Under)

4 Qtr 2021

% Over/
(Under)

 

 

 

 

 

 

Revenues

 

 

 

 

 

Management and financial advice fees

$

(35

)

$

(36

)

3

%

$

(37

)

5

%

Distribution fees

 

(306

)

 

(331

)

8

%

 

(353

)

13

%

Net investment income

 

(3

)

 

(4

)

25

%

 

(4

)

25

%

Premiums, policy and contract charges

 

(8

)

 

(8

)

-

 

 

(8

)

-

 

Other revenues

 

 

 

 

-

 

 

1

 

NM

 

Total revenues

 

(352

)

 

(379

)

7

%

 

(401

)

12

%

Banking and deposit interest expense

 

 

 

 

-

 

 

(1

)

NM

 

Adjusted operating total net revenues

 

(352

)

 

(379

)

7

%

 

(400

)

12

%

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

(330

)

 

(355

)

(7

)%

 

(378

)

(13

)%

Interest credited to fixed accounts

 

 

 

 

-

 

 

 

-

 

Benefits, claims, losses and settlement expenses

 

(4

)

 

(4

)

-

 

 

(8

)

(50

)%

Amortization of deferred acquisition costs

 

 

 

 

-

 

 

 

-

 

Interest and debt expense

 

(2

)

 

(3

)

(33

)%

 

(3

)

(33

)%

General and administrative expense

 

(16

)

 

(17

)

(6

)%

 

(11

)

45

%

Adjusted operating expenses

 

(352

)

 

(379

)

(7

)%

 

(400

)

(12

)%

Pretax adjusted operating earnings (loss)

$

 

$

 

-

 

$

 

-

 

 

 

 

 

 

 

(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.

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

Ameriprise Financial, Inc.

Capital Information

(in millions, unaudited)

March 31,
2022

March 31,
2021

December 31,
2021

 

 

 

 

Long-term Debt Summary

 

 

 

Senior notes

$

2,300

 

$

2,800

 

$

2,800

 

Finance lease liabilities

 

37

 

 

46

 

 

40

 

Other (1)

 

(7

)

 

(12

)

 

(8

)

Total Ameriprise Financial long-term debt

 

2,330

 

 

2,834

 

 

2,832

 

Non-recourse debt of consolidated investment entities

 

2,157

 

 

2,671

 

 

2,164

 

Total long-term debt

$

4,487

 

$

5,505

 

$

4,996

 

 

 

 

 

Total Ameriprise Financial long-term debt

$

2,330

 

$

2,834

 

$

2,832

 

Finance lease liabilities

 

(37

)

 

(46

)

 

(40

)

Other (1)

 

7

 

 

12

 

 

8

 

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

$

2,300

 

$

2,800

 

$

2,800

 

 

 

 

 

Total equity (2)

$

5,010

 

$

5,502

 

$

5,685

 

Equity of consolidated investment entities

 

1

 

 

(1

)

 

(3

)

Total equity excluding CIEs

$

5,011

 

$

5,501

 

$

5,682

 

 

 

 

 

Total Ameriprise Financial capital

$

7,340

 

$

8,336

 

$

8,517

 

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

$

7,311

 

$

8,301

 

$

8,482

 

 

 

 

 

Debt to capital

 

 

 

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

 

31.7