0000820027false00008200272025-01-292025-01-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 29, 2025
AMERIPRISE FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 001-3252513-3180631
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
1099 Ameriprise Financial CenterMinneapolisMinnesota55474
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code612671-3131
Former name or former address, if changed since last report:
Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol Name of each exchange on which registered
Common Stock (par value $.01 per share)
AMP
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐




Item 2.02      Results of Operations and Financial Condition.
 
Ameriprise Financial, Inc. furnishes herewith, on Exhibit 99.1, a press release issued January 29, 2025 announcing its financial results for the fourth quarter of 2024.

 
Item 9.01      Financial Statements and Exhibits.
 
(d)         Exhibits.
 
Exhibit No. Description
   
 Press Release dated January 29, 2025 announcing financial results for the fourth quarter of 2024
Exhibit 104
Cover page Interactive Data File (embedded within the Inline eXtensible Business Reporting Language)


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 AMERIPRISE FINANCIAL, INC.
 (Registrant)
   
   
Date:January 29, 2025By:/s/ Walter S. Berman
  Walter S. Berman
  Executive Vice President and
  Chief Financial Officer


ameriprise_bluexlogoxregul.jpg
Ameriprise Financial, Inc.
Minneapolis, MN
NYSE: AMP
January 29, 2025

Ameriprise Financial Reports
Fourth Quarter and Full Year 2024 Results

Earnings Per Diluted Share
Return on Equity, ex AOCI (1)
Q4 2024
FY 2024
Q4 2024
GAAP$10.58$33.05GAAP49.7%
Adjusted Operating, excluding unlocking
$9.36$35.07
Adjusted Operating, excluding unlocking
52.7%


•Fourth quarter adjusted operating earnings per diluted share increased 23 percent to $9.54 excluding severance expense, mark-to-market impact on share-based compensation, and a prior year regulatory accrual.
•Full year 2024 adjusted operating earnings per diluted share increased 17 percent to $35.79 excluding unlocking and the items noted above.
•Fourth quarter GAAP net income per diluted share was
$10.58 compared to $3.57 a year ago. Full year 2024 GAAP net income per diluted share was $33.05 compared to $23.71 in 2023.
•Assets under management, administration, and advisement grew to $1.5 trillion, up 10 percent, including strong client net inflows of $35 billion over the past 12 months.
•Adjusted operating net revenues increased 13 percent from strong asset growth and higher transactional activity.
•Pretax adjusted operating margin was 27 percent and adjusted operating return on equity was 53 percent.(1)(2)
•The company returned $768 million of capital to shareholders in the quarter and $2.8 billion for the full year, demonstrating its balance sheet strength and strong free cash flow generation.
•During the quarter, Ameriprise Financial was recognized by Forbes as one of “America’s Best Companies” for 2025.

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
“Ameriprise delivered a record year in 2024, including a strong fourth quarter.

We generated double-digit revenue growth with excellent earnings growth, reflecting the strength of the business and our client and advisor value propositions.

Client activity and engagement were robust. Client inflows into fee-based investment advisory accounts grew to an all-time high. And with strong wealth management flows and positive markets, total client assets reached record levels.

We continue to demonstrate our unique ability to navigate shifting market environments while delivering a differentiated client experience and maintaining rock-solid balance sheet fundamentals. Ameriprise consistently generates significant free cash flow, which we invest in the business and return to shareholders at a differentiated rate.”










(1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.
(2) Excludes unlocking. Unlocking impacts reflect the company’s annual review of insurance and annuity valuation assumptions and model changes.

1

Ameriprise Financial, Inc.
Fourth Quarter Summary
Quarter Ended
December 31,
% Better/
(Worse)		Year-to-date
December 31,		% Better/
(Worse)
(in millions, except per share amounts, unaudited)2024202320242023
GAAP net income$1,071 $377 NM$3,401 $2,556 33%
Adjusted operating earnings$947 $761 24%$3,535 $3,111 14%
Adjusted operating earnings excluding unlocking (see reconciliation on p. 24 & 25)
$947 $761 24%$3,609 $3,189 13%
Adjusted operating earnings excluding unlocking and other items (1) (see reconciliation on p. 24 & 25)
$965 $820 18%$3,684 $3,284 12%
GAAP net income per diluted share$10.58 $3.57 NM$33.05 $23.71 39%
Adjusted operating earnings per diluted share$9.36 $7.20 30%$34.35 $28.86 19%
Adjusted operating earnings per diluted share excluding unlocking (see reconciliation on p. 24 & 25)
$9.36 $7.20 30%$35.07 $29.58 19%
Adjusted operating earnings per diluted share excluding unlocking and other items (1)
 (see reconciliation on p. 24 & 25)
$9.54 $7.75 23%$35.79 $30.46 17%
GAAP Return on Equity, ex. AOCI49.7 %39.9 %49.7 %39.9 %
Adjusted Operating Return on Equity, ex. AOCI51.6 %48.5 %51.6 %48.5 %
Adjusted Operating Return on Equity, ex. AOCI and unlocking (see reconciliation on p. 29)
52.7 %49.7 %52.7 %49.7 %
Weighted average common shares outstanding:
  Basic99.2103.5101.0105.7
  Diluted101.2105.7102.9107.8
(1) Other items include severance and mark-to-market impact on share-based compensation expense in both periods, as well as a regulatory accrual in 2023.
NM Not Meaningful - variance equal to or greater than 100%

Fourth quarter 2024 GAAP results included favorable market impacts on the valuation of derivatives and market risk benefits from higher interest rates, while the prior year quarter included unfavorable market impacts on the valuation of derivatives and market risk benefits from lower interest rates.

In addition, adjusted operating after-tax results included severance expenses of $46 million for full year 2024 and $21 million for full year 2023 related to the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.

2

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
Quarter Ended December 31,% Better/
(Worse)
(in millions, unaudited)20242023
Adjusted operating net revenues$2,834 $2,403 18%
Distribution expenses1,563 1,266 (23)%
Interest and debt expense10 8 (25)%
General and administrative expenses438 431 (2)%
Adjusted operating expenses
2,011 1,705 (18)%
Pretax adjusted operating earnings
$823 $698 18%
Pretax adjusted operating margin29.0 %29.0 %— bps
Quarter Ended December 31,% Better/
(Worse)
(in billions, unless otherwise noted)20242023
Total client assets$1,029 $901 14%
Total client net flows (1)
$11.3 $22.7 (50)%
Wrap net flows (1)
$11.1 $7.0 59%
AWM cash balances (1)
$41.6 $44.5 (7)%
Adjusted operating net revenue per advisor (TTM in thousands)$1,037 $916 13%
(1) Q4 2023 includes the addition of $14.7 billion of total client flows from the company's partnership with Comerica, including $2.0 billion of wrap flows and $2.5 billion of cash sweep into off-balance sheet - broker dealer.

Advice & Wealth Management delivered strong organic growth generating pretax adjusted operating earnings of $823 million, up 18 percent, with a margin of 29 percent driven by core business growth and equity market appreciation, which more than offset lower interest revenue from the more than 60 bps reduction in average federal funds effective rate year-over-year and sequentially.

Adjusted operating net revenues increased 18 percent to $2.8 billion from strong growth in client assets and increased transactional activity.

Adjusted operating expenses increased 18 percent to $2.0 billion compared to a year ago primarily driven by strong revenue growth. General and administrative expenses were $438 million in the quarter and increased 5 percent(1) to $1.7 billion for the full year, reflecting growth investments and volume-related expenses due to business growth.

Strong growth in metrics was driven by client and advisor engagement and focus on positioning portfolios to meet financial planning goals across market cycles.
•Total client assets grew 14 percent to $1.0 trillion, with strong client flows of $11.3 billion.
•Wrap assets increased 18 percent to $574 billion. Wrap flow trends continued to improve with $11.1 billion of net inflows in the quarter, representing an 8 percent annualized flow rate.
•Transactional activity increased 17 percent with strong growth across all product areas.
•Total client cash was $85.4 billion, up $3.9 billion from a year ago and up $2.4 billion sequentially.
◦Cash sweep balances were $29.8 billion, up $2.3 billion sequentially.
◦Bank assets grew 4 percent to $23.6 billion, providing sustainable net investment income in the forecasted lower interest rate environment.
◦Certificate balances declined $0.8 billion sequentially, as expected in this rate environment.
◦Growth in third-party money market funds was partially offset by a decline in brokered CDs.
•Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.0 million, up 13 percent from enhanced productivity, business growth and market appreciation.
•Advisor headcount increased to 10,427, which reflects the addition of 91 experienced advisors in the quarter and continued strong advisor retention.
(1) Excluding $50 million regulatory accrual in 2023.
3

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
Quarter Ended December 31,% Better/
(Worse)
(in millions, unaudited)20242023
Adjusted operating net revenues$930 $845 10%
Distribution expenses253 228 (11)%
Amortization of deferred acquisition costs2 2 —%
Interest and debt expense2 2 —%
General and administrative expenses422 419 (1)%
Adjusted operating expenses679 651 (4)%
Pretax adjusted operating earnings$251 $194 29%
Net pretax adjusted operating margin (1)
39.0 %32.4 %
Quarter Ended December 31,% Better/
(Worse)
(in billions)20242023
Assets Under Management and Advisement (2)
$681 $663 3%
Net Flows
Global Retail net AUM flows, ex. legacy insurance partners
$5.7 $(0.9)NM
Model delivery AUA flows (2)
0.4 0.3 33%
   Total retail net AUM flows and model delivery AUA flows (2)
6.1 (0.6)NM
Global Institutional net AUM flows, ex. legacy insurance partners
(3.9)(3.1)(26)%
Legacy insurance partners AUM flows
(0.9)(1.2)25%
Total Net AUM and AUA flows (2)
$1.3 $(4.9)NM
(1) See reconciliation on page 13.
(2) Model Delivery Assets Under Advisement are presented on a one-quarter lag. Flows are estimated based on the period-to-period change in assets less calculated performance based on strategy returns.
NM Not Meaningful - variance equal to or greater than 100%

Asset Management adjusted operating net revenues grew 10 percent to $930 million. Pretax adjusted operating earnings increased 29 percent to $251 million, reflecting equity market appreciation and the positive impact from expense management actions, which more than offset the cumulative impact of net outflows. Results in the quarter included continued strong performance fees. Net pretax adjusted operating margin was 39 percent. The underlying fee rate remained stable.

Adjusted operating expenses increased 4 percent. Excluding performance fee compensation, general and administrative expenses improved 2 percent from a year ago, reflecting benefits from the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.

Total net inflows improved $6.2 billion to $1.3 billion.
•Retail and model delivery net inflows were $6.1 billion, reflecting a $6.7 billion improvement from the prior year from stronger gross sales in North America and EMEA, as well as higher reinvested dividends.
•Institutional net outflows were $3.9 billion, which reflected slower fundings and $0.9 billion of expected Lionstone outflows. Outflows related to legacy insurance partners were $0.9 billion.
4

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
Quarter Ended December 31,% Better/
(Worse)
(in millions, unaudited)20242023
Adjusted operating net revenues$960 $918 5%
Adjusted operating expenses747 716 (4)%
Pretax adjusted operating earnings$213 $202 5%

Retirement & Protection Solutions pretax adjusted operating earnings increased 5 percent to $213 million or $816 million for the full year excluding unlocking. The strong and consistent performance of the business reflects the benefit from stronger interest earnings and higher equity markets, partially offset by higher distribution expenses associated with continued strong sales trends.

Retirement & Protection Solutions sales increased 13 percent to $1.4 billion fueled by client demand for structured variable annuities and variable universal life products.

These high-quality books of business continued to generate strong free cash flow with excellent risk-adjusted returns.




















5

Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
Quarter Ended December 31,% Better/
(Worse)
(in millions, unaudited)20242023
Corporate & Other$(106)$(117)9%
Closed Blocks (1)
14 3 NM
Pretax adjusted operating earnings$(92)$(114)19%
Long Term Care $21 $10 NM
Fixed Annuities (7)(7)—%
Pretax adjusted operating earnings$14 $3 NM
(1) Long Term Care and Fixed Annuities.
NM Not Meaningful - variance equal to or greater than 100%

Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was $106 million, of which $28 million was related to severance and severance program expenses, expenses to accelerate the firm’s transition to cloud-based technology platforms and mark-to-market impacts on share-based compensation.

Long Term Care pretax adjusted operating earnings were $21 million, or $62 million for the full year excluding unlocking, a continuation of an improved performance trend. Results in the quarter reflected higher closed claims and new premium rate increases.

Fixed Annuities pretax adjusted operating loss was in line with expectations at $7 million.

Taxes
The operating effective tax rate was 20.8 percent for the fourth quarter and 20.3 percent for the full year.

Contacts

Investor Relations: Media Relations:

Stephanie M. Rabe Paul W. Johnson
Ameriprise Financial Ameriprise Financial
(612) 671-4085 (612) 671-0625
stephanie.m.rabe@ampf.com paul.w.johnson@ampf.com
6

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.

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

Non-GAAP Financial Measures

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

Forward-Looking Statements

This news release contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:
•statements of the company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;
•other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets;
•statements estimating the financial impacts and future profitability arising from the company’s initiatives to enhance operational efficiency and effectiveness;
7

•statements about higher sustainable net investment income at the bank and the forecast for a lower rate environment;
•statements about continued improved performance of long term care operating earnings; and
•statements of assumptions underlying such statements.

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

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2023 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.

The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Form 10-K for the period ended December 31, 2024.

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



8

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Revenues
Management and financial advice fees$2,715 $2,284 19%$2,573 6%
Distribution fees536 469 14%513 4%
Net investment income892 888 —%934 (4)%
Premiums, policy and contract charges379 404 (6)%409 (7)%
Other revenues127 123 3%131 (3)%
Total revenues4,649 4,168 12%4,560 2%
Banking and deposit interest expense148 176 16%163 9%
Total net revenues4,501 3,992 13%4,397 2%
Expenses
Distribution expenses1,616 1,307 (24)%1,539 (5)%
Interest credited to fixed accounts181 190 5%118 (53)%
Benefits, claims, losses and settlement expenses243 602 60%430 43%
Remeasurement (gains) losses of future policy benefit reserves(10)(3)NM(22)(55)%
Change in fair value of market risk benefits(30)240 NM566 NM
Amortization of deferred acquisition costs61 61 —%59 (3)%
Interest and debt expense77 84 8%87 11%
General and administrative expense1,011 1,017 1%975 (4)%
Total expenses3,149 3,498 10%3,752 16%
Pretax income1,352 494 NM645 NM
Income tax provision281 117 NM134 NM
Net income$1,071 $377 NM$511 NM
Earnings per share
Basic earnings per share$10.80 $3.64 $5.09 
Earnings per diluted share$10.58 $3.57 $5.00 
Weighted average common shares outstanding
Basic99.2 103.5 100.4 
Diluted101.2 105.7 102.2 
NM Not Meaningful - variance equal to or greater than 100%











9

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Assets Under Management, Administration, and Advisement
Advice & Wealth Management AUM$570,064 $484,825 18%$565,152 1%
Asset Management AUM644,913 636,936 1%672,110 (4)%
Corporate AUM568 395 44%523 9%
Eliminations(44,769)(41,093)(9)%(45,839)2%
Assets Under Management1,170,776 1,081,063 8%1,191,946 (2)%
Assets Under Administration317,160 279,549 13%314,173 1%
Assets Under Advisement (net of eliminations) (1)
34,017 25,414 34%31,864 7%
Total Assets Under Management, Administration, and Advisement$1,521,953 $1,386,026 10%$1,537,983 (1)%
S&P 500
Daily average5,911 4,472 32%5,546 7%
Period end5,882 4,770 23%5,762 2%
Weighted Equity Index (WEI) (2)
Daily average3,718 2,892 29%3,528 5%
Period end3,676 3,102 19%3,664 —%
Common shares
Beginning balance97.2 101.4 (4)%98.4 (1)%
Repurchases(1.1)(1.2)8%(1.3)15%
Issuances0.2 0.1 NM0.2 —%
Other(0.1)(0.1)—%(0.1)—%
Total common shares outstanding96.2 100.2 (4)%97.2 (1)%
Restricted stock units2.5 2.7 (7)%2.5 —%
Total basic common shares outstanding98.7 102.9 (4)%99.7 (1)%
Total potentially dilutive shares1.9 2.2 (14)%1.9 —%
Total diluted shares100.6 105.1 (4)%101.6 (1)%
Capital Returned to Shareholders
Dividends paid$149 $142 5%$150 (1)%
Common stock share repurchases619 445 39%563 10%
Total Capital Returned to Shareholders$768 $587 31%$713 8%
(1) Assets reported on a one quarter lag.
(2) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.
NM Not Meaningful - variance equal to or greater than 100%



10

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Revenues
Management and financial advice fees:
Advisory fees$1,519 $1,196 27%$1,451 5%
Financial planning fees137 119 15%111 23%
Transaction and other fees97 93 4%97 —%
Total management and financial advice fees1,753 1,408 25%1,659 6%
Distribution fees:
Mutual funds217 185 17%209 4%
Insurance and annuity264 236 12%266 (1)%
Off-Balance sheet brokerage cash32 48 (33)%32 —%
Other products120 90 33%107 12%
Total distribution fees633 559 13%614 3%
Net investment income521 547 (5)%554 (6)%
Other revenues75 65 15%78 (4)%
Total revenues2,982 2,579 16%2,905 3%
Banking and deposit interest expense148 176 16%163 9%
Adjusted operating total net revenues2,834 2,403 18%2,742 3%
Expenses
Distribution expenses1,563 1,266 (23)%1,488 (5)%
Interest and debt expense10 8 (25)%9 (11)%
General and administrative expense438 431 (2)%419 (5)%
Adjusted operating expenses2,011 1,705 (18)%1,916 (5)%
Pretax adjusted operating earnings$823 $698 18%$826 —%
Pretax adjusted operating margin29.0 %29.0 %30.1 %















11

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
AWM Total Client Assets$1,028,943 $900,502 14%$1,024,467 —%
Total Client Flows (1)
$11,261 $22,710 (50)%$8,613 31%
Total Wrap Accounts
Beginning assets$569,054 $444,061 28%$534,990 6%
Net flows (1)
11,073 6,961 59%7,992 39%
Market appreciation (depreciation) and other(6,246)37,178 NM26,072 NM
Total wrap ending assets$573,881 $488,200 18%$569,054 1%
Advisory wrap account assets ending balance (2)
$568,348 $483,315 18%$563,438 1%
Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer$2,334 $2,388 (2)%$2,633 (11)%
On-balance sheet - bank22,307 21,498 4%21,731 3%
On-balance sheet - certificate11,213 13,471 (17)%11,998 (7)%
Total on-balance sheet$35,854 $37,357 (4)%$36,362 (1)%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer (1)
$5,793 $7,103 (18)%$3,714 56%
Total brokerage cash & certificates balances$41,647 $44,460 (6)%$40,076 4%
Gross Fee Yield
On-balance sheet - broker dealer4.80 %5.53 %5.27 %
On-balance sheet - bank4.77 %5.07 %5.02 %
On-balance sheet - certificates5.33 %5.51 %5.63 %
Off-balance sheet - broker dealer2.86 %3.49 %3.28 %
Financial Advisors
Employee advisors2,2562,2281%2,2122%
Franchisee advisors8,1718,139—%8,156—%
Total financial advisors10,42710,3671%10,3681%
Advisor Retention
Employee92.2 %92.5 %92.5 %
Franchisee92.8 %92.5 %92.5 %
(1) Q4 2023 includes the addition of $14.7 billion of total client flows from the company's partnership with Comerica, including $2.0 billion of wrap flows and $2.5 billion of cash sweep into off-balance sheet - broker dealer.
(1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
NM Not Meaningful - variance equal to or greater than 100%

12

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail$540 $479 13%$540 —%
Institutional194 187 4%143 36%
Model delivery (1)
22 16 38%21 5%
Transaction and other fees53 49 8%52 2%
Revenue from other sources (2)
2 3 (33)%4 (50)%
Total management and financial advice fees811 734 10%760 7%
Distribution fees:
Mutual funds59 53 11%57 4%
Insurance and annuity40 38 5%41 (2)%
Total distribution fees99 91 9%98 1%
Net investment income15 15 —%17 (12)%
Other revenues5 5 —%7 (29)%
Total revenues930 845 10%882 5%
Banking and deposit interest expense— — —%— —%
Adjusted operating total net revenues930 845 10%882 5%
Expenses
Distribution expenses253 228 (11)%250 (1)%
Amortization of deferred acquisition costs2 2 —%2 —%
Interest and debt expense2 2 —%2 —%
General and administrative expense422 419 (1)%383 (10)%
Adjusted operating expenses679 651 (4)%637 (7)%
Pretax adjusted operating earnings$251 $194 29%$245 2%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues$930 $845 10%$882 5%
Distribution pass through revenues(201)(180)(12)%(198)(2)%
Subadvisory and other pass through revenues(104)(100)(4)%(104)—%
Net adjusted operating revenues$625 $565 11%$580 8%
Pretax adjusted operating earnings$251 $194 29%$245 2%
Adjusted operating net investment income(15)(15)—%(17)12%
Amortization of intangibles8 4 NM9 (11)%
Net adjusted operating earnings$244 $183 33%$237 3%
Pretax adjusted operating margin27.0 %23.0 %27.8 %
Net pretax adjusted operating margin (3)
39.0 %32.4 %40.9 %
Total Performance fees (4)
Performance fees$51 $44 16%$— —%
General and administrative expense related to performance fees32 23 (39)%— —%
Net performance fees$19 $21 (10)%$— —%
(1) Prior period amounts have been reclassified from Institutional to conform to current year presentation.
(2) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.
(3) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
(4) Performance fees do not include CLO incentive fees.
NM Not Meaningful - variance equal to or greater than 100%
13

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets$362,419 $310,170 17%$347,460 4%
Inflows15,227 13,029 17%13,129 16%
Outflows(17,807)(17,324)(3)%(15,724)(13)%
Net VP/VIT fund flows(1,730)(1,389)(25)%(1,741)1%
Net new flows(4,310)(5,684)24%(4,336)1%
Reinvested dividends9,956 4,692 NM1,579 NM
Net flows5,646 (992)NM(2,757)NM
Distributions(11,086)(5,367)NM(1,770)NM
Market appreciation (depreciation) and other436 27,647 (98)%15,521 (97)%
Foreign currency translation (1)
(4,678)3,402 NM3,965 NM
Total ending assets352,737 334,860 5%362,419 (3)%
% of total retail assets sub-advised
15.8 %15.6 %16.2 %
Global Institutional
Beginning assets309,691 277,001 12%294,420 5%
Inflows (2)
7,992 9,810 (19)%8,168 (2)%
Outflows (2)
(12,727)(14,021)9%(8,989)(42)%
Net flows(4,735)(4,211)(12)%(821)NM
Market appreciation (depreciation) and other (3)
(3,145)22,028 NM7,840 NM
Foreign currency translation (1)
(9,635)7,258 NM8,252 NM
Total ending assets292,176 302,076 (3)%309,691 (6)%
Total managed assets$644,913 $636,936 1%$672,110 (4)%
Total Assets Under Advisement (4)
35,616 26,160 36%33,297 7%
Total Assets Under Management & Advisement$680,529 $663,096 3%$705,407 (4)%
Total AUM net flows
$911 $(5,203)NM$(3,578)NM
Model delivery AUA flows (5)
412 308 34%1,212 (66)%
Total AUM and AUA Flows (5)
$1,323 $(4,895)NM$(2,366)NM
Legacy insurance partners flows$(950)$(1,212)22%$(869)(9)%
(1) Amounts represent local currency to US dollar translation for reporting purposes.
(2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.
(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB.
(4) Assets are presented on a one-quarter lag.
(5) AUA flows are estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%
14

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Total Managed Assets by Type
Equity$342,963 $323,043 6%$353,812 (3)%
Fixed income231,551 238,353 (3)%243,533 (5)%
Money market20,305 23,833 (15)%21,672 (6)%
Alternative30,872 33,476 (8)%33,303 (7)%
Hybrid and other19,222 18,231 5%19,790 (3)%
Total managed assets by type$644,913 $636,936 1%$672,110 (4)%
Average Managed Assets by Type (1)
Equity$349,847 $304,353 15%$347,466 1%
Fixed income238,137 222,304 7%235,845 1%
Money market20,535 22,753 (10)%22,213 (8)%
Alternative31,706 33,503 (5)%33,388 (5)%
Hybrid and other19,501 17,329 13%19,457 —%
Total average managed assets by type$659,726 $600,242 10%$658,369 —%
(1) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.

Ameriprise Financial, Inc.
Asset Management Segment Performance Metrics
4 Qtr 2024
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted1 year3 year5 year10 year
Equity68%69%79%87%
Fixed Income69%69%80%93%
Asset Allocation89%67%82%91%
4- or 5-star Morningstar rated fundsOverall3 year5 year10 year
Number of Rated Funds108737999
Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e., Institutional if available, otherwise Institutional 3 share class), net of fees. Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and are based on Primary Share Class. Comparisons to Index are measured Gross of Fees.
To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.
Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.
Morningstar as of 12/31/24. Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 5 received a 5-star Overall Rating and 35 received a 4-star Overall Rating. Out of 137 Threadneedle funds rated (based on highest-rated share class), 20 received a 5-star Overall Rating and 48 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms.

© 2024 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
15

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Revenues
Management and financial advice fees$194 $181 7%$196 (1)%
Distribution fees108 100 8%106 2%
Net investment income290 245 18%281 3%
Premiums, policy and contract charges367 389 (6)%388 (5)%
Other revenues1 3 (67)%2 (50)%
Total revenues960 918 5%973 (1)%
Banking and deposit interest expense— — —%— —%
Adjusted operating total net revenues960 918 5%973 (1)%
Expenses
Distribution expenses131 117 (12)%131 —%
Interest credited to fixed accounts91 93 2%92 1%
Benefits, claims, losses and settlement expenses224 226 1%253 11%
Remeasurement (gains) losses of future policy benefit reserves(4)(2)NM(25)(84)%
Change in fair value of market risk benefits156 131 (19)%257 39%
Amortization of deferred acquisition costs56 57 2%57 2%
Interest and debt expense10 14 29%11 9%
General and administrative expense83 80 (4)%79 (5)%
Adjusted operating expenses747 716 (4)%855 13%
Pretax adjusted operating earnings$213 $202 5%$118 (81)%
NM Not Meaningful - variance equal to or greater than 100%



















16

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Variable Annuities Rollforwards
Beginning balance$87,653 $75,084 17%$84,534 4%
Deposits1,237 1,073 15%1,231 —%
Withdrawals and terminations(2,315)(1,922)(20)%(2,190)(6)%
Net flows(1,078)(849)(27)%(959)(12)%
Investment performance and interest credited(828)6,519 NM4,078 NM
Total ending balance - contract accumulation values$85,747 $80,754 6%$87,653 (2)%
Variable annuities fixed sub-accounts$3,727 $4,215 (12)%$3,837 (3)%
Life Insurance In Force$198,123 $198,775 —%$198,198 —%
Net Amount at Risk (Life)$38,025 $38,406 (1)%$37,895 —%
Net Policyholder Reserves
VUL/UL$15,951 $14,715 8%$15,984 —%
Term and whole life169 187 (10)%182 (7)%
Disability insurance472 536 (12)%503 (6)%
Other insurance505 537 (6)%513 (2)%
Total net policyholder reserves$17,097 $15,975 7%$17,182 —%
DAC Ending Balances
Variable Annuities DAC$1,677 $1,704 (2)%$1,684 —%
Life and Health DAC$955 $961 (1)%$955 —%
NM Not Meaningful - variance equal to or greater than 100%


17

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees$— $— —%$— —%
Distribution fees— — —%— —%
Net investment income(9)(8)(13)%(4)NM
Premiums, policy and contract charges— — —%— —%
Other revenues3 1 NM1 NM
Total revenues(6)(7)14%(3)NM
Banking and deposit interest expense8 7 (14)%7 (14)%
Adjusted operating total net revenues(14)(14)—%(10)(40)%
Expenses
Distribution expenses— — —%— —%
Interest credited to fixed accounts— — —%— —%
Benefits, claims, losses and settlement expenses— — —%— —%
Remeasurement (gains) losses of future policy benefit reserves— — —%— —%
Change in fair value of market risk benefits— — —%— —%
Amortization of deferred acquisition costs— — —%— —%
Interest and debt expense23 20 (15)%30 23%
General and administrative expense69 83 17%105 34%
Adjusted operating expenses92 103 11%135 32%
Pretax adjusted operating earnings (loss)$(106)$(117)9%$(145)27%
NM Not Meaningful - variance equal to or greater than 100%






















18

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees$— $— —%$— —%
Distribution fees— — —%— —%
Net investment income46 48 (4)%49 (6)%
Premiums, policy and contract charges24 24 —%24 —%
Other revenues— — —%— —%
Total revenues70 72 (3)%73 (4)%
Banking and deposit interest expense(1)— —%1 NM
Adjusted operating total net revenues71 72 (1)%72 (1)%
Expenses
Distribution expenses(3)(4)(25)%(4)(25)%
Interest credited to fixed accounts— — —%— —%
Benefits, claims, losses and settlement expenses52 60 13%56 7%
Remeasurement (gains) losses of future policy benefit reserves(6)(1)NM3 NM
Change in fair value of market risk benefits— — —%— —%
Amortization of deferred acquisition costs— — —%— —%
Interest and debt expense1 2 50%2 50%
General and administrative expense6 5 (20)%6 —%
Adjusted operating expenses50 62 19%63 21%
Pretax adjusted operating earnings (loss)$21 $10 NM$9 NM
Long Term Care Policyholder Reserves, net of reinsurance$2,539 $2,677 (5)%$2,702 (6)%
NM Not Meaningful - variance equal to or greater than 100%

















19

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees$— $— —%$— —%
Distribution fees1 — —%— —%
Net investment income8 9 (11)%8 —%
Premiums, policy and contract charges— — —%— —%
Other revenues42 49 (14)%44 (5)%
Total revenues51 58 (12)%52 (2)%
Banking and deposit interest expense1 — —%(1)NM
Adjusted operating total net revenues50 58 (14)%53 (6)%
Expenses
Distribution expenses— 1 NM1 NM
Interest credited to fixed accounts52 57 9%55 5%
Benefits, claims, losses and settlement expenses(1)1 NM— —%
Remeasurement (gains) losses of future policy benefit reserves— — —%— —%
Change in fair value of market risk benefits— — —%— —%
Amortization of deferred acquisition costs3 2 (50)%— —%
Interest and debt expense1 — —%— —%
General and administrative expense2 4 50%4 50%
Adjusted operating expenses57 65 12%60 5%
Pretax adjusted operating earnings (loss)$(7)$(7)—%$(7)—%
NM Not Meaningful - variance equal to or greater than 100%


20

Ameriprise Financial, Inc.
Eliminations (1) Adjusted Operating Results
(in millions, unaudited)4 Qtr 20244 Qtr 2023% Better/
(Worse)		3 Qtr 2024% Better/
(Worse)
Revenues
Management and financial advice fees$(41)$(37)(11)%$(40)(3)%
Distribution fees(305)(280)(9)%(305)—%
Net investment income(21)(16)(31)%(21)—%
Premiums, policy and contract charges(8)(8)—%(9)11%
Other revenues(1)— —%1 NM
Total revenues(376)(341)(10)%(374)(1)%
Banking and deposit interest expense(8)(7)14%(7)14%
Adjusted operating total net revenues(368)(334)(10)%(367)—%
Expenses
Distribution expenses(328)(301)9%(327)—%
Interest credited to fixed accounts— — —%— —%
Benefits, claims, losses and settlement expenses(8)(5)60%(5)60%
Remeasurement (gains) losses of future policy benefit reserves— — —%— —%
Change in fair value of market risk benefits— — —%— —%
Amortization of deferred acquisition costs— — —%— —%
Interest and debt expense(12)(7)71%(14)(14)%
General and administrative expense(20)(21)(5)%(21)(5)%
Adjusted operating expenses(368)(334)10%(367)—%
Pretax adjusted operating earnings (loss)$— $— —%$— —%
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.
NM Not Meaningful - variance equal to or greater than 100%



21

Ameriprise Financial, Inc.
Capital Information
(in millions, unaudited)December 31,
2024		December 31,
2023		September 30,
2024
Long-term Debt Summary
Senior notes$2,850 $3,400 $3,400 
Finance lease liabilities9 20 11 
Other (1)
(17)(21)(17)
Total Ameriprise Financial long-term debt2,842 3,399 3,394 
Non-recourse debt of consolidated investment entities2,429 2,155 2,271 
Total long-term debt$5,271 $5,554 $5,665 
Total Ameriprise Financial long-term debt$2,842 $3,399 $3,394 
Finance lease liabilities(9)(20)(11)
Other (1)
17 21 17 
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other$2,850 $3,400 $3,400 
Total equity (2)
$5,228 $4,729 $5,715 
Equity of consolidated investment entities(1)(1)(1)
Total equity excluding CIEs$5,227 $4,728 $5,714 
Total Ameriprise Financial capital$8,070 $8,128 $9,109 
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs$8,077 $8,128 $9,114 
Debt to capital
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital35.2 %41.8 %37.3 %
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)
35.3 %41.8 %37.3 %
(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
(2) Includes accumulated other comprehensive income, net of tax.






22

Ameriprise Financial, Inc.
Consolidated Balance Sheets
(in millions, unaudited)December 31,
2024		December 31,
2023
Assets
Cash and cash equivalents$8,149 $7,477 
Cash of consolidated investment entities373 87 
Investments56,423 55,489 
Investments of consolidated investment entities2,387 2,099 
Market risk benefits2,182 1,427 
Separate account assets78,114 77,457 
Receivables14,472 15,078 
Receivables of consolidated investment entities31 28 
Deferred acquisition costs2,677 2,713 
Restricted and segregated cash and investments1,444 1,635 
Other assets15,149 11,700 
Other assets of consolidated investment entities2 1 
Total Assets$181,403 $175,191 
Liabilities
Policyholder account balances, future policy benefits and claims$41,873 $37,545 
Market risk benefits1,263 1,762 
Separate account liabilities78,114 77,457 
Customer deposits35,826 37,321 
Short-term borrowings201 201 
Long-term debt2,842 3,399 
Debt of consolidated investment entities2,429 2,155 
Accounts payable and accrued expenses2,704 2,603 
Other liabilities10,609 7,974 
Other liabilities of consolidated investment entities314 45 
Total Liabilities176,175 170,462 
Equity
Ameriprise Financial
Common shares ($.01 par)3 3 
Additional paid-in capital10,141 9,824 
Retained earnings24,713 21,905 
Treasury stock(27,721)(25,237)
Accumulated other comprehensive income, net of tax(1,908)(1,766)
Total Equity5,228 4,729 
Total Liabilities and Equity$181,403 $175,191 




23

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
Quarter Ended December 31,% Better/
(Worse)		Per Diluted Share
Quarter Ended
December 31,		% Better/
(Worse)
(in millions, except per share amounts, unaudited)2024202320242023
Net income$1,071 $377 NM$10.58 $3.57 NM
Adjustments:
Net realized investment gains (losses) (1)
(12)— (0.12)— 
Market impact on non-traditional long-duration products (1)
169 (471)1.67 (4.45)
Integration/restructuring charges (1)
— (15)— (0.14)
Tax effect of adjustments (2)
(33)102 (0.33)0.96 
Adjusted operating earnings$947 $761 24%$9.36 $7.20 30%
Pretax impact of regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (3)
(20)(63)(0.20)(0.59)
Tax effect of regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (4)
2 4 0.02 0.04 
Adjusted operating earnings excluding regulatory accrual, severance, and mark-to-market impact on share-based compensation expense$965 $820 18%$9.54 $7.75 23%
Weighted average common shares outstanding:
Basic99.2 103.5 
Diluted101.2 105.7 
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.
(3) 2024 includes mark-to-market impact on share-based compensation expense and severance expense. 2023 includes a regulatory accrual, severance expense and mark-to-market impact on share-based compensation expense.
(4) Calculated using a tax rate of 0%, 21%, and 5%, respectively.
NM Not Meaningful - variance equal to or greater than 100%


24

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
Year-to-date
December 31,		% Better/
(Worse)		Per Diluted Share
Year-to-date
December 31,		% Better/
(Worse)
(in millions, except per share amounts, unaudited)2024202320242023
Net income$3,401 $2,556 33%$33.05 $23.71 39%
Adjustments:
Net realized investment gains (losses) (1)
(21)(32)(0.20)(0.30)
Market impact on non-traditional long-duration products (1)
(153)(608)(1.49)(5.63)
Mean reversion-related impacts (1)
1 — 0.01 — 
Integration/restructuring charges (1)
— (62)— (0.58)
Net income (loss) attributable to consolidated investment entities3 — 0.03 — 
Tax effect of adjustments (2)
36 147 0.35 1.36 
Adjusted operating earnings$3,535 $3,111 14%$34.35 $28.86 19%
Pretax impact of annual unlocking(94)(99)(0.91)(0.91)
Tax effect of annual unlocking (2)
20 21 0.19 0.19 
Adjusted operating earnings excluding unlocking$3,609 $3,189 13%$35.07 $29.58 19%
Pretax impact of regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (3)
(89)(101)(0.86)(0.94)
Tax effect of regulatory accrual, severance, and mark-to-market on share-based compensation expense (4)
14 6 0.14 0.06 
Adjusted operating earnings excluding unlocking regulatory accrual, severance, and mark-to-market impact on share-based compensation expense$3,684 $3,284 12%$35.79 $30.46 17%
Weighted average common shares outstanding:
Basic101.0 105.7 
Diluted102.9 107.8 
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.
(3) 2024 includes mark-to-market impact on share-based compensation expense and severance expense. 2023 includes a regulatory accrual, severance expense and mark-to-market impact on share-based compensation expense.
(4) Calculated using a tax rate of 0%, 21%, and 5% respectively.


25

Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings
Quarter Ended December 31,
(in millions, unaudited)20242023
Total net revenues$4,501 $3,992 
Adjustments:
Net realized investment gains (losses)(12)— 
Market impact on non-traditional long-duration products(3)(2)
CIEs revenue53 46 
Adjusted operating total net revenues$4,463 $3,948 
Total expenses$3,149 $3,498 
Adjustments:
CIEs expenses53 46 
Integration/restructuring charges— 15 
Market impact on non-traditional long-duration products(172)469 
Mean reversion-related impacts— — 
Adjusted operating expenses$3,268 $2,968 
Pretax income$1,352 $494 
Pretax adjusted operating earnings$1,195 $980 
Pretax income margin30.0 %12.4 %
Pretax adjusted operating margin26.8 %24.8 %


Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended
December 31, 2023
(in millions, unaudited)GAAPAdjusted Operating
Pretax income$494 $980 
Income tax provision$117 $219 
Effective tax rate23.8 %22.3 %

26

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended
 December 31, 2024
(in millions, unaudited)GAAPAdjusted Operating
Pretax income$1,352 $1,195 
Income tax provision$281 $248 
Effective tax rate20.8 %20.8 %


Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Year-to-date
December 31, 2024
(in millions, unaudited)GAAPAdjusted Operating
Pretax income$4,267 $4,436 
Income tax provision$866 $901 
Effective tax rate20.3 %20.3 %





Ameriprise Financial, Inc.
 Reconciliation Table: Advice & Wealth Management General and Administrative Expense
Year-to-date
December 31,
% Better/
(Worse)
(in millions, unaudited)20242023
AWM general and administrative expense$1,686 $1,652 (2)%
Less: Regulatory accrual— 50 
AWM general and administrative expense excluding accrual for regulatory matter$1,686 $1,602 (5)%






27

Ameriprise Financial, Inc.
 Reconciliation Table: Asset Management General and Administrative Expense
Quarter Ended December 31,
% Better/
(Worse)
(in millions, unaudited)20242023
Asset Management general and administrative expense$422 $419 (1)%
Less: Impact of performance fee compensation32 23 
Asset Management general and administrative expense excluding impact of performance fee compensation$390 $396 2%



Ameriprise Financial, Inc.
Reconciliation Table: Retirement & Protection Solutions and LTC Adjusted Operating Earnings
Year-to-date
December 31, 2024
(in millions, unaudited)
RPS Segment
LTC
Pretax adjusted operating earnings$726 $58 
Unlocking(90)(4)
Pretax adjusted operating earnings excluding unlocking$816 $62 


28

Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated
Other Comprehensive Income “AOCI”
Twelve Months Ended
 December 31,
(in millions, unaudited)20242023
Net income$3,401 $2,556 
Less: Adjustments (1)
(134)(555)
Adjusted operating earnings3,535 3,111 
Less: Annual unlocking (2)
(74)(78)
Adjusted operating earnings excluding unlocking
$3,609 $3,189 
Total Ameriprise Financial, Inc. shareholders’ equity$5,109 $4,116 
Less: Accumulated other comprehensive income, net of tax(1,739)(2,297)
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI6,848 6,413 
Less: Equity impacts attributable to the consolidated investment entities(3)(4)
Adjusted operating equity$6,851 $6,417 
Return on equity excluding AOCI49.7 %39.9 %
Adjusted operating return on equity excluding AOCI (3)
51.6 %48.5 %
Adjusted operating return on equity excluding AOCI and unlocking (3)
52.7 %49.7 %
(1) Adjustments reflect the sum of after-tax net realized investment gains/losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%.
(2) After-tax is calculated using the statutory tax rate of 21%.
(3) Adjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.
29
v3.24.4
Document and Entity Information Document
Jan. 29, 2025
Document Information [Line Items]  
Document Type 8-K
Entity Incorporation, State or Country Code DE
Entity File Number 001-32525
Entity Tax Identification Number 13-3180631
Entity Address, Address Line One 1099 Ameriprise Financial Center
Entity Address, City or Town Minneapolis
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55474
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock (par value $.01 per share)
Trading Symbol AMP
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000820027
Amendment Flag false
Document Period End Date Jan. 29, 2025
Entity Registrant Name AMERIPRISE FINANCIAL, INC.
City Area Code 612
Local Phone Number 671-3131
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