Ameriprise Financial Reports Fourth Quarter and Full Year 2024 Results

MINNEAPOLIS--(BUSINESS WIRE)--Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share Return on Equity, ex AOCI (1) Q4 2024 FY 2024 Q4 2024 GAAP $ 10.58 $ 33.05 GAAP 49.7 % Adjusted Operating, excluding unlocking $ 9.36 $ 35.07 Adjusted Operating, excluding unlocking 52.7 % Fourth quarter adjusted operating earnings per diluted share increased 23 percent to $9.54 excluding severance expense, mark-to-market impact on share-based compensation, and a prior year regulatory accrual. Full year 2024 adjusted operating earnings per diluted share increased 17 percent to $35.79 excluding unlocking and the items noted above. Fourth quarter GAAP net income per diluted share was $10.58 compared to $3.57 a year ago. Full year 2024 GAAP net income per diluted share was $33.05 compared to $23.71 in 2023. Assets under management, administration, and advisement grew to $1.5 trillion, up 10 percent, including strong client net inflows of $35 billion over the past 12 months. Adjusted operating net revenues increased 13 percent from strong asset growth and higher transactional activity. Pretax adjusted operating margin was 27 percent and adjusted operating return on equity was 53 percent.(1)(2) The company returned $768 million of capital to shareholders in the quarter and $2.8 billion for the full year, demonstrating its balance sheet strength and strong free cash flow generation. During the quarter, Ameriprise Financial was recognized by Forbes as one of “America’s Best Companies” for 2025. Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer “Ameriprise delivered a record year in 2024, including a strong fourth quarter. We generated double-digit revenue growth with excellent earnings growth, reflecting the strength of the business and our client and advisor value propositions. Client activity and engagement were robust. Client inflows into fee-based investment advisory accounts grew to an all-time high. And with strong wealth management flows and positive markets, total client assets reached record levels. We continue to demonstrate our unique ability to navigate shifting market environments while delivering a differentiated client experience and maintaining rock-solid balance sheet fundamentals. Ameriprise consistently generates significant free cash flow, which we invest in the business and return to shareholders at a differentiated rate.” (1) Return on equity excluding AOCI is calculated on a trailing 12-month basis. (2) Excludes unlocking. Unlocking impacts reflect the company’s annual review of insurance and annuity valuation assumptions and model changes. Ameriprise Financial, Inc. Fourth Quarter Summary Quarter Ended December 31, % Better/ (Worse) Year-to-date December 31, % Better/ (Worse) (in millions, except per share amounts, unaudited) 2024 2023 2024 2023 GAAP net income $ 1,071 $ 377 NM $ 3,401 $ 2,556 33 % Adjusted operating earnings $ 947 $ 761 24 % $ 3,535 $ 3,111 14 % Adjusted operating earnings excluding unlocking (see reconciliation on p. 24 & 25) $ 947 $ 761 24 % $ 3,609 $ 3,189 13 % Adjusted operating earnings excluding unlocking and other items (1) (see reconciliation on p. 24 & 25) $ 965 $ 820 18 % $ 3,684 $ 3,284 12 % GAAP net income per diluted share $ 10.58 $ 3.57 NM $ 33.05 $ 23.71 39 % Adjusted operating earnings per diluted share $ 9.36 $ 7.20 30 % $ 34.35 $ 28.86 19 % Adjusted operating earnings per diluted share excluding unlocking (see reconciliation on p. 24 & 25) $ 9.36 $ 7.20 30 % $ 35.07 $ 29.58 19 % Adjusted operating earnings per diluted share excluding unlocking and other items (1) (see reconciliation on p. 24 & 25) $ 9.54 $ 7.75 23 % $ 35.79 $ 30.46 17 % GAAP Return on Equity, ex. AOCI 49.7 % 39.9 % 49.7 % 39.9 % Adjusted Operating Return on Equity, ex. AOCI 51.6 % 48.5 % 51.6 % 48.5 % Adjusted Operating Return on Equity, ex. AOCI and unlocking (see reconciliation on p. 29) 52.7 % 49.7 % 52.7 % 49.7 % Weighted average common shares outstanding: Basic 99.2 103.5 101.0 105.7 Diluted 101.2 105.7 102.9 107.8 (1) Other items include severance and mark-to-market impact on share-based compensation expense in both periods, as well as a regulatory accrual in 2023. NM Not Meaningful - variance equal to or greater than 100% Fourth quarter 2024 GAAP results included favorable market impacts on the valuation of derivatives and market risk benefits from higher interest rates, while the prior year quarter included unfavorable market impacts on the valuation of derivatives and market risk benefits from lower interest rates. In addition, adjusted operating after-tax results included severance expenses of $46 million for full year 2024 and $21 million for full year 2023 related to the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability. Ameriprise Financial, Inc. Advice & Wealth Management Segment Adjusted Operating Results Quarter Ended December 31, % Better/ (Worse) (in millions, unaudited) 2024 2023 Adjusted operating net revenues $ 2,834 $ 2,403 18 % Distribution expenses 1,563 1,266 (23 )% Interest and debt expense 10 8 (25 )% General and administrative expenses 438 431 (2 )% Adjusted operating expenses 2,011 1,705 (18 )% Pretax adjusted operating earnings $ 823 $ 698 18 % Pretax adjusted operating margin 29.0 % 29.0 % — bps Quarter Ended December 31, % Better/ (Worse) (in billions, unless otherwise noted) 2024 2023 Total client assets $ 1,029 $ 901 14 % Total client net flows (1) $ 11.3 $ 22.7 (50 )% Wrap net flows (1) $ 11.1 $ 7.0 59 % AWM cash balances (1) $ 41.6 $ 44.5 (7 )% Adjusted operating net revenue per advisor (TTM in thousands) $ 1,037 $ 916 13 % (1) Q4 2023 includes the addition of $14.7 billion of total client flows from the company's partnership with Comerica, including $2.0 billion of wrap flows and $2.5 billion of cash sweep into off-balance sheet - broker dealer. Advice & Wealth Management delivered strong organic growth generating pretax adjusted operating earnings of $823 million, up 18 percent, with a margin of 29 percent driven by core business growth and equity market appreciation, which more than offset lower interest revenue from the more than 60 bps reduction in average federal funds effective rate year-over-year and sequentially. Adjusted operating net revenues increased 18 percent to $2.8 billion from strong growth in client assets and increased transactional activity. Adjusted operating expenses increased 18 percent to $2.0 billion compared to a year ago primarily driven by strong revenue growth. General and administrative expenses were $438 million in the quarter and increased 5 percent(1) to $1.7 billion for the full year, reflecting growth investments and volume-related expenses due to business growth. Strong growth in metrics was driven by client and advisor engagement and focus on positioning portfolios to meet financial planning goals across market cycles. Total client assets grew 14 percent to $1.0 trillion, with strong client flows of $11.3 billion. Wrap assets increased 18 percent to $574 billion. Wrap flow trends continued to improve with $11.1 billion of net inflows in the quarter, representing an 8 percent annualized flow rate. Transactional activity increased 17 percent with strong growth across all product areas. Total client cash was $85.4 billion, up $3.9 billion from a year ago and up $2.4 billion sequentially. Cash sweep balances were $29.8 billion, up $2.3 billion sequentially. Bank assets grew 4 percent to $23.6 billion, providing sustainable net investment income in the forecasted lower interest rate environment. Certificate balances declined $0.8 billion sequentially, as expected in this rate environment. Growth in third-party money market funds was partially offset by a decline in brokered CDs. Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.0 million, up 13 percent from enhanced productivity, business growth and market appreciation. Advisor headcount increased to 10,427, which reflects the addition of 91 experienced advisors in the quarter and continued strong advisor retention. (1) Excluding $50 million regulatory accrual in 2023. Ameriprise Financial, Inc. Asset Management Segment Adjusted Operating Results Quarter Ended December 31, % Better/ (Worse) (in millions, unaudited) 2024 2023 Adjusted operating net revenues $ 930 $ 845 10 % Distribution expenses 253 228 (11 )% Amortization of deferred acquisition costs 2 2 — % Interest and debt expense 2 2 — % General and administrative expenses 422 419 (1 )% Adjusted operating expenses 679 651 (4 )% Pretax adjusted operating earnings $ 251 $ 194 29 % Net pretax adjusted operating margin (1) 39.0 % 32.4 % Quarter Ended December 31, % Better/ (Worse) (in billions) 2024 2023 Assets Under Management and Advisement (2) $ 681 $ 663 3 % Net Flows Global Retail net AUM flows, ex. legacy insurance partners $ 5.7 $ (0.9 ) NM Model delivery AUA flows (2) 0.4 0.3 33 % Total retail net AUM flows and model delivery AUA flows (2) 6.1 (0.6 ) NM Global Institutional net AUM flows, ex. legacy insurance partners (3.9 ) (3.1 ) (26 )% Legacy insurance partners AUM flows (0.9 ) (1.2 ) 25 % Total Net AUM and AUA flows (2) $ 1.3 $ (4.9 ) NM (1) See reconciliation on page 13. (2) Model Delivery Assets Under Advisement are presented on a one-quarter lag. Flows are estimated based on the period-to-period change in assets less calculated performance based on strategy returns. NM Not Meaningful - variance equal to or greater than 100% Asset Management adjusted operating net revenues grew 10 percent to $930 million. Pretax adjusted operating earnings increased 29 percent to $251 million, reflecting equity market appreciation and the positive impact from expense management actions, which more than offset the cumulative impact of net outflows. Results in the quarter included continued strong performance fees. Net pretax adjusted operating margin was 39 percent. The underlying fee rate remained stable. Adjusted operating expenses increased 4 percent. Excluding performance fee compensation, general and administrative expenses improved 2 percent from a year ago, reflecting benefits from the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability. Total net inflows improved $6.2 billion to $1.3 billion. Retail and model delivery net inflows were $6.1 billion, reflecting a $6.7 billion improvement from the prior year from stronger gross sales in North America and EMEA, as well as higher reinvested dividends. Institutional net outflows were $3.9 billion, which reflected slower fundings and $0.9 billion of expected Lionstone outflows. Outflows related to legacy insurance partners were $0.9 billion. Ameriprise Financial, Inc. Retirement & Protection Solutions Segment Adjusted Operating Results Quarter Ended December 31, % Better/ (Worse) (in millions, unaudited) 2024 2023 Adjusted operating net revenues $ 960 $ 918 5 % Adjusted operating expenses 747 716 (4 )% Pretax adjusted operating earnings $ 213 $ 202 5 % Retirement & Protection Solutions pretax adjusted operating earnings increased 5 percent to $213 million or $816 million for the full year excluding unlocking. The strong and consistent performance of the business reflects the benefit from stronger interest earnings and higher equity markets, partially offset by higher distribution expenses associated with continued strong sales trends. Retirement & Protection Solutions sales increased 13 percent to $1.4 billion fueled by client demand for structured variable annuities and variable universal life products. These high-quality books of business continued to generate strong free cash flow with excellent risk-adjusted returns. Ameriprise Financial, Inc. Corporate & Other Segment Adjusted Operating Results Quarter Ended December 31, % Better/ (Worse) (in millions, unaudited) 2024 2023 Corporate & Other $ (106 ) $ (117 ) 9 % Closed Blocks (1) 14 3 NM Pretax adjusted operating earnings $ (92 ) $ (114 ) 19 % Long Term Care $ 21 $ 10 NM Fixed Annuities (7 ) (7 ) — % Pretax adjusted operating earnings $ 14 $ 3 NM (1) Long Term Care and Fixed Annuities. NM Not Meaningful - variance equal to or greater than 100% Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was $106 million, of which $28 million was related to severance and severance program expenses, expenses to accelerate the firm’s transition to cloud-based technology platforms and mark-to-market impacts on share-based compensation. Long Term Care pretax adjusted operating earnings were $21 million, or $62 million for the full year excluding unlocking, a continuation of an improved performance trend. Results in the quarter reflected higher closed claims and new premium rate increases. Fixed Annuities pretax adjusted operating loss was in line with expectations at $7 million. Taxes The operating effective tax rate was 20.8 percent for the fourth quarter and 20.3 percent for the full year. About Ameriprise Financial At Ameriprise Financial, we have been helping people feel confident about their financial future for 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited, Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle (EM) Investments Limited, and Pyrford International Ltd, are SEC- and FCA-registered investment adviser affiliates of Columbia Management Investment Advisers, LLC based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA. Non-GAAP Financial Measures The company believes the presentation of adjusted operating measures and other non-GAAP financial measures, and the corresponding ratios, best represents the underlying performance of our core operations and facilitates a more meaningful trend analysis without the distortion of various adjustment items. Management uses non-GAAP financial measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors and to provide a valuable perspective for investors. These non-GAAP financial measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures. Non-GAAP financial measure reconciliations can be found on the subsequent pages. Forward-Looking Statements This news release contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include: statements of the company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities; other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets; statements estimating the financial impacts and future profitability arising from the company’s initiatives to enhance operational efficiency and effectiveness; statements about higher sustainable net investment income at the bank and the forecast for a lower rate environment; statements about continued improved performance of long term care operating earnings; and statements of assumptions underlying such statements. The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” ”continue,” “able to remain”, “resume,” “deliver,” “develop,” “evolve,” “drive,” ”enable,” “flexibility,” “commitment,” “scenario,” “case,” “appear,” “expands” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2023 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements. The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Form 10-K for the period ended December 31, 2024. Ameriprise Financial announces financial and other information to investors through the company’s investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this release or in any other report or document the company furnishes or files with the SEC. Ameriprise Financial, Inc. Consolidated GAAP Results (in millions, except per share amounts, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Revenues Management and financial advice fees $ 2,715 $ 2,284 19 % $ 2,573 6 % Distribution fees 536 469 14 % 513 4 % Net investment income 892 888 — % 934 (4 )% Premiums, policy and contract charges 379 404 (6 )% 409 (7 )% Other revenues 127 123 3 % 131 (3 )% Total revenues 4,649 4,168 12 % 4,560 2 % Banking and deposit interest expense 148 176 16 % 163 9 % Total net revenues 4,501 3,992 13 % 4,397 2 % Expenses Distribution expenses 1,616 1,307 (24 )% 1,539 (5 )% Interest credited to fixed accounts 181 190 5 % 118 (53 )% Benefits, claims, losses and settlement expenses 243 602 60 % 430 43 % Remeasurement (gains) losses of future policy benefit reserves (10 ) (3 ) NM (22 ) (55 )% Change in fair value of market risk benefits (30 ) 240 NM 566 NM Amortization of deferred acquisition costs 61 61 — % 59 (3 )% Interest and debt expense 77 84 8 % 87 11 % General and administrative expense 1,011 1,017 1 % 975 (4 )% Total expenses 3,149 3,498 10 % 3,752 16 % Pretax income 1,352 494 NM 645 NM Income tax provision 281 117 NM 134 NM Net income $ 1,071 $ 377 NM $ 511 NM Earnings per share Basic earnings per share $ 10.80 $ 3.64 $ 5.09 Earnings per diluted share $ 10.58 $ 3.57 $ 5.00 Weighted average common shares outstanding Basic 99.2 103.5 100.4 Diluted 101.2 105.7 102.2 NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Consolidated Highlights and Capital Summary (in millions unless otherwise noted, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Assets Under Management, Administration, and Advisement Advice & Wealth Management AUM $ 570,064 $ 484,825 18 % $ 565,152 1 % Asset Management AUM 644,913 636,936 1 % 672,110 (4 )% Corporate AUM 568 395 44 % 523 9 % Eliminations (44,769 ) (41,093 ) (9 )% (45,839 ) 2 % Assets Under Management 1,170,776 1,081,063 8 % 1,191,946 (2 )% Assets Under Administration 317,160 279,549 13 % 314,173 1 % Assets Under Advisement (net of eliminations) (1) 34,017 25,414 34 % 31,864 7 % Total Assets Under Management, Administration, and Advisement $ 1,521,953 $ 1,386,026 10 % $ 1,537,983 (1 )% S&P 500 Daily average 5,911 4,472 32 % 5,546 7 % Period end 5,882 4,770 23 % 5,762 2 % Weighted Equity Index (WEI) (2) Daily average 3,718 2,892 29 % 3,528 5 % Period end 3,676 3,102 19 % 3,664 — % Common shares Beginning balance 97.2 101.4 (4 )% 98.4 (1 )% Repurchases (1.1 ) (1.2 ) 8 % (1.3 ) 15 % Issuances 0.2 0.1 NM 0.2 — % Other (0.1 ) (0.1 ) — % (0.1 ) — % Total common shares outstanding 96.2 100.2 (4 )% 97.2 (1 )% Restricted stock units 2.5 2.7 (7 )% 2.5 — % Total basic common shares outstanding 98.7 102.9 (4 )% 99.7 (1 )% Total potentially dilutive shares 1.9 2.2 (14 )% 1.9 — % Total diluted shares 100.6 105.1 (4 )% 101.6 (1 )% Capital Returned to Shareholders Dividends paid $ 149 $ 142 5 % $ 150 (1 )% Common stock share repurchases 619 445 39 % 563 10 % Total Capital Returned to Shareholders $ 768 $ 587 31 % $ 713 8 % (1) Assets reported on a one quarter lag. (2) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets. NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Advice & Wealth Management Segment Adjusted Operating Results (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Revenues Management and financial advice fees: Advisory fees $ 1,519 $ 1,196 27 % $ 1,451 5 % Financial planning fees 137 119 15 % 111 23 % Transaction and other fees 97 93 4 % 97 — % Total management and financial advice fees 1,753 1,408 25 % 1,659 6 % Distribution fees: Mutual funds 217 185 17 % 209 4 % Insurance and annuity 264 236 12 % 266 (1 )% Off-Balance sheet brokerage cash 32 48 (33 )% 32 — % Other products 120 90 33 % 107 12 % Total distribution fees 633 559 13 % 614 3 % Net investment income 521 547 (5 )% 554 (6 )% Other revenues 75 65 15 % 78 (4 )% Total revenues 2,982 2,579 16 % 2,905 3 % Banking and deposit interest expense 148 176 16 % 163 9 % Adjusted operating total net revenues 2,834 2,403 18 % 2,742 3 % Expenses Distribution expenses 1,563 1,266 (23 )% 1,488 (5 )% Interest and debt expense 10 8 (25 )% 9 (11 )% General and administrative expense 438 431 (2 )% 419 (5 )% Adjusted operating expenses 2,011 1,705 (18 )% 1,916 (5 )% Pretax adjusted operating earnings $ 823 $ 698 18 % $ 826 — % Pretax adjusted operating margin 29.0 % 29.0 % 30.1 % Ameriprise Financial, Inc. Advice & Wealth Management Segment Operating Metrics (in millions unless otherwise noted, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) AWM Total Client Assets $ 1,028,943 $ 900,502 14 % $ 1,024,467 — % Total Client Flows (1) $ 11,261 $ 22,710 (50 )% $ 8,613 31 % Total Wrap Accounts Beginning assets $ 569,054 $ 444,061 28 % $ 534,990 6 % Net flows (1) 11,073 6,961 59 % 7,992 39 % Market appreciation (depreciation) and other (6,246 ) 37,178 NM 26,072 NM Total wrap ending assets $ 573,881 $ 488,200 18 % $ 569,054 1 % Advisory wrap account assets ending balance (2) $ 568,348 $ 483,315 18 % $ 563,438 1 % Brokerage Cash & Certificates Balances On-balance sheet (Net Investment Income) On-balance sheet - broker dealer $ 2,334 $ 2,388 (2 )% $ 2,633 (11 )% On-balance sheet - bank 22,307 21,498 4 % 21,731 3 % On-balance sheet - certificate 11,213 13,471 (17 )% 11,998 (7 )% Total on-balance sheet $ 35,854 $ 37,357 (4 )% $ 36,362 (1 )% Off-balance sheet (Distribution Fees) Off-balance sheet - broker dealer (1) $ 5,793 $ 7,103 (18 )% $ 3,714 56 % Total brokerage cash & certificates balances $ 41,647 $ 44,460 (6 )% $ 40,076 4 % Gross Fee Yield On-balance sheet - broker dealer 4.80 % 5.53 % 5.27 % On-balance sheet - bank 4.77 % 5.07 % 5.02 % On-balance sheet - certificates 5.33 % 5.51 % 5.63 % Off-balance sheet - broker dealer 2.86 % 3.49 % 3.28 % Financial Advisors Employee advisors 2,256 2,228 1 % 2,212 2 % Franchisee advisors 8,171 8,139 — % 8,156 — % Total financial advisors 10,427 10,367 1 % 10,368 1 % Advisor Retention Employee 92.2 % 92.5 % 92.5 % Franchisee 92.8 % 92.5 % 92.5 % (1) Q4 2023 includes the addition of $14.7 billion of total client flows from the company's partnership with Comerica, including $2.0 billion of wrap flows and $2.5 billion of cash sweep into off-balance sheet - broker dealer. (1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee. NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Asset Management Segment Adjusted Operating Results (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Revenues Management and financial advice fees: Asset management fees: Retail $ 540 $ 479 13 % $ 540 — % Institutional 194 187 4 % 143 36 % Model delivery (1) 22 16 38 % 21 5 % Transaction and other fees 53 49 8 % 52 2 % Revenue from other sources (2) 2 3 (33 )% 4 (50 )% Total management and financial advice fees 811 734 10 % 760 7 % Distribution fees: Mutual funds 59 53 11 % 57 4 % Insurance and annuity 40 38 5 % 41 (2 )% Total distribution fees 99 91 9 % 98 1 % Net investment income 15 15 — % 17 (12 )% Other revenues 5 5 — % 7 (29 )% Total revenues 930 845 10 % 882 5 % Banking and deposit interest expense — — — % — — % Adjusted operating total net revenues 930 845 10 % 882 5 % Expenses Distribution expenses 253 228 (11 )% 250 (1 )% Amortization of deferred acquisition costs 2 2 — % 2 — % Interest and debt expense 2 2 — % 2 — % General and administrative expense 422 419 (1 )% 383 (10 )% Adjusted operating expenses 679 651 (4 )% 637 (7 )% Pretax adjusted operating earnings $ 251 $ 194 29 % $ 245 2 % Net Pretax Adjusted Operating Margin Reconciliation Adjusted operating total net revenues $ 930 $ 845 10 % $ 882 5 % Distribution pass through revenues (201 ) (180 ) (12 )% (198 ) (2 )% Subadvisory and other pass through revenues (104 ) (100 ) (4 )% (104 ) — % Net adjusted operating revenues $ 625 $ 565 11 % $ 580 8 % Pretax adjusted operating earnings $ 251 $ 194 29 % $ 245 2 % Adjusted operating net investment income (15 ) (15 ) — % (17 ) 12 % Amortization of intangibles 8 4 NM 9 (11 )% Net adjusted operating earnings $ 244 $ 183 33 % $ 237 3 % Pretax adjusted operating margin 27.0 % 23.0 % 27.8 % Net pretax adjusted operating margin (3) 39.0 % 32.4 % 40.9 % Total Performance fees (4) Performance fees $ 51 $ 44 16 % $ — — % General and administrative expense related to performance fees 32 23 (39 )% — — % Net performance fees $ 19 $ 21 (10 )% $ — — % (1) Prior period amounts have been reclassified from Institutional to conform to current year presentation. (2) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards. (3) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues. (4) Performance fees do not include CLO incentive fees. NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Asset Management Segment Operating Metrics (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Managed Assets Rollforward Global Retail Funds Beginning assets $ 362,419 $ 310,170 17 % $ 347,460 4 % Inflows 15,227 13,029 17 % 13,129 16 % Outflows (17,807 ) (17,324 ) (3 )% (15,724 ) (13 )% Net VP/VIT fund flows (1,730 ) (1,389 ) (25 )% (1,741 ) 1 % Net new flows (4,310 ) (5,684 ) 24 % (4,336 ) 1 % Reinvested dividends 9,956 4,692 NM 1,579 NM Net flows 5,646 (992 ) NM (2,757 ) NM Distributions (11,086 ) (5,367 ) NM (1,770 ) NM Market appreciation (depreciation) and other 436 27,647 (98 )% 15,521 (97 )% Foreign currency translation (1) (4,678 ) 3,402 NM 3,965 NM Total ending assets 352,737 334,860 5 % 362,419 (3 )% % of total retail assets sub-advised 15.8 % 15.6 % 16.2 % Global Institutional Beginning assets 309,691 277,001 12 % 294,420 5 % Inflows (2) 7,992 9,810 (19 )% 8,168 (2 )% Outflows (2) (12,727 ) (14,021 ) 9 % (8,989 ) (42 )% Net flows (4,735 ) (4,211 ) (12 )% (821 ) NM Market appreciation (depreciation) and other (3) (3,145 ) 22,028 NM 7,840 NM Foreign currency translation (1) (9,635 ) 7,258 NM 8,252 NM Total ending assets 292,176 302,076 (3 )% 309,691 (6 )% Total managed assets $ 644,913 $ 636,936 1 % $ 672,110 (4 )% Total Assets Under Advisement (4) 35,616 26,160 36 % 33,297 7 % Total Assets Under Management & Advisement $ 680,529 $ 663,096 3 % $ 705,407 (4 )% Total AUM net flows $ 911 $ (5,203 ) NM $ (3,578 ) NM Model delivery AUA flows (5) 412 308 34 % 1,212 (66 )% Total AUM and AUA Flows (5) $ 1,323 $ (4,895 ) NM $ (2,366 ) NM Legacy insurance partners flows $ (950 ) $ (1,212 ) 22 % $ (869 ) (9 )% (1) Amounts represent local currency to US dollar translation for reporting purposes. (2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB. (3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB. (4) Assets are presented on a one-quarter lag. (5) AUA flows are estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag. NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Asset Management Segment Operating Metrics (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Total Managed Assets by Type Equity $ 342,963 $ 323,043 6 % $ 353,812 (3 )% Fixed income 231,551 238,353 (3 )% 243,533 (5 )% Money market 20,305 23,833 (15 )% 21,672 (6 )% Alternative 30,872 33,476 (8 )% 33,303 (7 )% Hybrid and other 19,222 18,231 5 % 19,790 (3 )% Total managed assets by type $ 644,913 $ 636,936 1 % $ 672,110 (4 )% Average Managed Assets by Type (1) Equity $ 349,847 $ 304,353 15 % $ 347,466 1 % Fixed income 238,137 222,304 7 % 235,845 1 % Money market 20,535 22,753 (10 )% 22,213 (8 )% Alternative 31,706 33,503 (5 )% 33,388 (5 )% Hybrid and other 19,501 17,329 13 % 19,457 — % Total average managed assets by type $ 659,726 $ 600,242 10 % $ 658,369 — % (1) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period. Ameriprise Financial, Inc. Asset Management Segment Performance Metrics 4 Qtr 2024 Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted 1 year 3 year 5 year 10 year Equity 68% 69% 79% 87% Fixed Income 69% 69% 80% 93% Asset Allocation 89% 67% 82% 91% 4- or 5-star Morningstar rated funds Overall 3 year 5 year 10 year Number of Rated Funds 108 73 79 99 Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e., Institutional if available, otherwise Institutional 3 share class), net of fees. Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and are based on Primary Share Class. Comparisons to Index are measured Gross of Fees. To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median. Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income. Morningstar as of 12/31/24. Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 5 received a 5-star Overall Rating and 35 received a 4-star Overall Rating. Out of 137 Threadneedle funds rated (based on highest-rated share class), 20 received a 5-star Overall Rating and 48 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms. © 2024 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Ameriprise Financial, Inc. Retirement & Protection Solutions Segment Adjusted Operating Results (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Revenues Management and financial advice fees $ 194 $ 181 7 % $ 196 (1 )% Distribution fees 108 100 8 % 106 2 % Net investment income 290 245 18 % 281 3 % Premiums, policy and contract charges 367 389 (6 )% 388 (5 )% Other revenues 1 3 (67 )% 2 (50 )% Total revenues 960 918 5 % 973 (1 )% Banking and deposit interest expense — — — % — — % Adjusted operating total net revenues 960 918 5 % 973 (1 )% Expenses Distribution expenses 131 117 (12 )% 131 — % Interest credited to fixed accounts 91 93 2 % 92 1 % Benefits, claims, losses and settlement expenses 224 226 1 % 253 11 % Remeasurement (gains) losses of future policy benefit reserves (4 ) (2 ) NM (25 ) (84 )% Change in fair value of market risk benefits 156 131 (19 )% 257 39 % Amortization of deferred acquisition costs 56 57 2 % 57 2 % Interest and debt expense 10 14 29 % 11 9 % General and administrative expense 83 80 (4 )% 79 (5 )% Adjusted operating expenses 747 716 (4 )% 855 13 % Pretax adjusted operating earnings $ 213 $ 202 5 % $ 118 (81 )% NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Retirement & Protection Solutions Segment Operating Metrics (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Variable Annuities Rollforwards Beginning balance $ 87,653 $ 75,084 17 % $ 84,534 4 % Deposits 1,237 1,073 15 % 1,231 — % Withdrawals and terminations (2,315 ) (1,922 ) (20 )% (2,190 ) (6 )% Net flows (1,078 ) (849 ) (27 )% (959 ) (12 )% Investment performance and interest credited (828 ) 6,519 NM 4,078 NM Total ending balance - contract accumulation values $ 85,747 $ 80,754 6 % $ 87,653 (2 )% Variable annuities fixed sub-accounts $ 3,727 $ 4,215 (12 )% $ 3,837 (3 )% Life Insurance In Force $ 198,123 $ 198,775 — % $ 198,198 — % Net Amount at Risk (Life) $ 38,025 $ 38,406 (1 )% $ 37,895 — % Net Policyholder Reserves VUL/UL $ 15,951 $ 14,715 8 % $ 15,984 — % Term and whole life 169 187 (10 )% 182 (7 )% Disability insurance 472 536 (12 )% 503 (6 )% Other insurance 505 537 (6 )% 513 (2 )% Total net policyholder reserves $ 17,097 $ 15,975 7 % $ 17,182 — % DAC Ending Balances Variable Annuities DAC $ 1,677 $ 1,704 (2 )% $ 1,684 — % Life and Health DAC $ 955 $ 961 (1 )% $ 955 — % NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Corporate Segment Adjusted Operating Results and Metrics (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements Revenues Management and financial advice fees $ — $ — — % $ — — % Distribution fees — — — % — — % Net investment income (9 ) (8 ) (13 )% (4 ) NM Premiums, policy and contract charges — — — % — — % Other revenues 3 1 NM 1 NM Total revenues (6 ) (7 ) 14 % (3 ) NM Banking and deposit interest expense 8 7 (14 )% 7 (14 )% Adjusted operating total net revenues (14 ) (14 ) — % (10 ) (40 )% Expenses Distribution expenses — — — % — — % Interest credited to fixed accounts — — — % — — % Benefits, claims, losses and settlement expenses — — — % — — % Remeasurement (gains) losses of future policy benefit reserves — — — % — — % Change in fair value of market risk benefits — — — % — — % Amortization of deferred acquisition costs — — — % — — % Interest and debt expense 23 20 (15 )% 30 23 % General and administrative expense 69 83 17 % 105 34 % Adjusted operating expenses 92 103 11 % 135 32 % Pretax adjusted operating earnings (loss) $ (106 ) $ (117 ) 9 % $ (145 ) 27 % NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Corporate Segment Adjusted Operating Results and Metrics (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Long Term Care Adjusted Operating Income Statements Revenues Management and financial advice fees $ — $ — — % $ — — % Distribution fees — — — % — — % Net investment income 46 48 (4 )% 49 (6 )% Premiums, policy and contract charges 24 24 — % 24 — % Other revenues — — — % — — % Total revenues 70 72 (3 )% 73 (4 )% Banking and deposit interest expense (1 ) — — % 1 NM Adjusted operating total net revenues 71 72 (1 )% 72 (1 )% Expenses Distribution expenses (3 ) (4 ) (25 )% (4 ) (25 )% Interest credited to fixed accounts — — — % — — % Benefits, claims, losses and settlement expenses 52 60 13 % 56 7 % Remeasurement (gains) losses of future policy benefit reserves (6 ) (1 ) NM 3 NM Change in fair value of market risk benefits — — — % — — % Amortization of deferred acquisition costs — — — % — — % Interest and debt expense 1 2 50 % 2 50 % General and administrative expense 6 5 (20 )% 6 — % Adjusted operating expenses 50 62 19 % 63 21 % Pretax adjusted operating earnings (loss) $ 21 $ 10 NM $ 9 NM Long Term Care Policyholder Reserves, net of reinsurance $ 2,539 $ 2,677 (5 )% $ 2,702 (6 )% NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Corporate Segment Adjusted Operating Results and Metrics (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Fixed Annuities Adjusted Operating Income Statements Revenues Management and financial advice fees $ — $ — — % $ — — % Distribution fees 1 — — % — — % Net investment income 8 9 (11 )% 8 — % Premiums, policy and contract charges — — — % — — % Other revenues 42 49 (14 )% 44 (5 )% Total revenues 51 58 (12 )% 52 (2 )% Banking and deposit interest expense 1 — — % (1 ) NM Adjusted operating total net revenues 50 58 (14 )% 53 (6 )% Expenses Distribution expenses — 1 NM 1 NM Interest credited to fixed accounts 52 57 9 % 55 5 % Benefits, claims, losses and settlement expenses (1 ) 1 NM — — % Remeasurement (gains) losses of future policy benefit reserves — — — % — — % Change in fair value of market risk benefits — — — % — — % Amortization of deferred acquisition costs 3 2 (50 )% — — % Interest and debt expense 1 — — % — — % General and administrative expense 2 4 50 % 4 50 % Adjusted operating expenses 57 65 12 % 60 5 % Pretax adjusted operating earnings (loss) $ (7 ) $ (7 ) — % $ (7 ) — % NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Eliminations (1) Adjusted Operating Results (in millions, unaudited) 4 Qtr 2024 4 Qtr 2023 % Better/ (Worse) 3 Qtr 2024 % Better/ (Worse) Revenues Management and financial advice fees $ (41 ) $ (37 ) (11 )% $ (40 ) (3 )% Distribution fees (305 ) (280 ) (9 )% (305 ) — % Net investment income (21 ) (16 ) (31 )% (21 ) — % Premiums, policy and contract charges (8 ) (8 ) — % (9 ) 11 % Other revenues (1 ) — — % 1 NM Total revenues (376 ) (341 ) (10 )% (374 ) (1 )% Banking and deposit interest expense (8 ) (7 ) 14 % (7 ) 14 % Adjusted operating total net revenues (368 ) (334 ) (10 )% (367 ) — % Expenses Distribution expenses (328 ) (301 ) 9 % (327 ) — % Interest credited to fixed accounts — — — % — — % Benefits, claims, losses and settlement expenses (8 ) (5 ) 60 % (5 ) 60 % Remeasurement (gains) losses of future policy benefit reserves — — — % — — % Change in fair value of market risk benefits — — — % — — % Amortization of deferred acquisition costs — — — % — — % Interest and debt expense (12 ) (7 ) 71 % (14 ) (14 )% General and administrative expense (20 ) (21 ) (5 )% (21 ) (5 )% Adjusted operating expenses (368 ) (334 ) 10 % (367 ) — % Pretax adjusted operating earnings (loss) $ — $ — — % $ — — % (1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses. NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Capital Information (in millions, unaudited) December 31, 2024 December 31, 2023 September 30, 2024 Long-term Debt Summary Senior notes $ 2,850 $ 3,400 $ 3,400 Finance lease liabilities 9 20 11 Other (1) (17 ) (21 ) (17 ) Total Ameriprise Financial long-term debt 2,842 3,399 3,394 Non-recourse debt of consolidated investment entities 2,429 2,155 2,271 Total long-term debt $ 5,271 $ 5,554 $ 5,665 Total Ameriprise Financial long-term debt $ 2,842 $ 3,399 $ 3,394 Finance lease liabilities (9 ) (20 ) (11 ) Other (1) 17 21 17 Total Ameriprise Financial long-term debt excluding finance lease liabilities and other $ 2,850 $ 3,400 $ 3,400 Total equity (2) $ 5,228 $ 4,729 $ 5,715 Equity of consolidated investment entities (1 ) (1 ) (1 ) Total equity excluding CIEs $ 5,227 $ 4,728 $ 5,714 Total Ameriprise Financial capital $ 8,070 $ 8,128 $ 9,109 Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs $ 8,077 $ 8,128 $ 9,114 Debt to capital Total Ameriprise Financial long-term debt to total Ameriprise Financial capital 35.2 % 41.8 % 37.3 % Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2) 35.3 % 41.8 % 37.3 % (1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations. (2) Includes accumulated other comprehensive income, net of tax. Ameriprise Financial, Inc. Consolidated Balance Sheets (in millions, unaudited) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 8,149 $ 7,477 Cash of consolidated investment entities 373 87 Investments 56,423 55,489 Investments of consolidated investment entities 2,387 2,099 Market risk benefits 2,182 1,427 Separate account assets 78,114 77,457 Receivables 14,472 15,078 Receivables of consolidated investment entities 31 28 Deferred acquisition costs 2,677 2,713 Restricted and segregated cash and investments 1,444 1,635 Other assets 15,149 11,700 Other assets of consolidated investment entities 2 1 Total Assets $ 181,403 $ 175,191 Liabilities Policyholder account balances, future policy benefits and claims $ 41,873 $ 37,545 Market risk benefits 1,263 1,762 Separate account liabilities 78,114 77,457 Customer deposits 35,826 37,321 Short-term borrowings 201 201 Long-term debt 2,842 3,399 Debt of consolidated investment entities 2,429 2,155 Accounts payable and accrued expenses 2,704 2,603 Other liabilities 10,609 7,974 Other liabilities of consolidated investment entities 314 45 Total Liabilities 176,175 170,462 Equity Ameriprise Financial Common shares ($.01 par) 3 3 Additional paid-in capital 10,141 9,824 Retained earnings 24,713 21,905 Treasury stock (27,721 ) (25,237 ) Accumulated other comprehensive income, net of tax (1,908 ) (1,766 ) Total Equity 5,228 4,729 Total Liabilities and Equity $ 181,403 $ 175,191 Ameriprise Financial, Inc. Reconciliation Table: Earnings Quarter Ended December 31, % Better/ (Worse) Per Diluted Share Quarter Ended December 31, % Better/ (Worse) (in millions, except per share amounts, unaudited) 2024 2023 2024 2023 Net income $ 1,071 $ 377 NM $ 10.58 $ 3.57 NM Adjustments: Net realized investment gains (losses) (1) (12 ) — (0.12 ) — Market impact on non-traditional long-duration products (1) 169 (471 ) 1.67 (4.45 ) Integration/restructuring charges (1) — (15 ) — (0.14 ) Tax effect of adjustments (2) (33 ) 102 (0.33 ) 0.96 Adjusted operating earnings $ 947 $ 761 24 % $ 9.36 $ 7.20 30 % Pretax impact of regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (3) (20 ) (63 ) (0.20 ) (0.59 ) Tax effect of regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (4) 2 4 0.02 0.04 Adjusted operating earnings excluding regulatory accrual, severance, and mark-to-market impact on share-based compensation expense $ 965 $ 820 18 % $ 9.54 $ 7.75 23 % Weighted average common shares outstanding: Basic 99.2 103.5 Diluted 101.2 105.7 (1) Pretax adjusted operating adjustment. (2) Calculated using the statutory tax rate of 21%. (3) 2024 includes mark-to-market impact on share-based compensation expense and severance expense. 2023 includes a regulatory accrual, severance expense and mark-to-market impact on share-based compensation expense. (4) Calculated using a tax rate of 0%, 21%, and 5%, respectively. NM Not Meaningful - variance equal to or greater than 100% Ameriprise Financial, Inc. Reconciliation Table: Earnings Year-to-date December 31, % Better/ (Worse) Per Diluted Share Year-to-date December 31, % Better/ (Worse) (in millions, except per share amounts, unaudited) 2024 2023 2024 2023 Net income $ 3,401 $ 2,556 33 % $ 33.05 $ 23.71 39 % Adjustments: Net realized investment gains (losses) (1) (21 ) (32 ) (0.20 ) (0.30 ) Market impact on non-traditional long-duration products (1) (153 ) (608 ) (1.49 ) (5.63 ) Mean reversion-related impacts (1) 1 — 0.01 — Integration/restructuring charges (1) — (62 ) — (0.58 ) Net income (loss) attributable to consolidated investment entities 3 — 0.03 — Tax effect of adjustments (2) 36 147 0.35 1.36 Adjusted operating earnings $ 3,535 $ 3,111 14 % $ 34.35 $ 28.86 19 % Pretax impact of annual unlocking (94 ) (99 ) (0.91 ) (0.91 ) Tax effect of annual unlocking (2) 20 21 0.19 0.19 Adjusted operating earnings excluding unlocking $ 3,609 $ 3,189 13 % $ 35.07 $ 29.58 19 % Pretax impact of regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (3) (89 ) (101 ) (0.86 ) (0.94 ) Tax effect of regulatory accrual, severance, and mark-to-market on share-based compensation expense (4) 14 6 0.14 0.06 Adjusted operating earnings excluding unlocking regulatory accrual, severance, and mark-to-market impact on share-based compensation expense $ 3,684 $ 3,284 12 % $ 35.79 $ 30.46 17 % Weighted average common shares outstanding: Basic 101.0 105.7 Diluted 102.9 107.8 (1) Pretax adjusted operating adjustment. (2) Calculated using the statutory tax rate of 21%. (3) 2024 includes mark-to-market impact on share-based compensation expense and severance expense. 2023 includes a regulatory accrual, severance expense and mark-to-market impact on share-based compensation expense. (4) Calculated using a tax rate of 0%, 21%, and 5% respectively. Ameriprise Financial, Inc. Reconciliation Table: Pretax Adjusted Operating Earnings Quarter Ended December 31, (in millions, unaudited) 2024 2023 Total net revenues $ 4,501 $ 3,992 Adjustments: Net realized investment gains (losses) (12 ) — Market impact on non-traditional long-duration products (3 ) (2 ) CIEs revenue 53 46 Adjusted operating total net revenues $ 4,463 $ 3,948 Total expenses $ 3,149 $ 3,498 Adjustments: CIEs expenses 53 46 Integration/restructuring charges — 15 Market impact on non-traditional long-duration products (172 ) 469 Mean reversion-related impacts — — Adjusted operating expenses $ 3,268 $ 2,968 Pretax income $ 1,352 $ 494 Pretax adjusted operating earnings $ 1,195 $ 980 Pretax income margin 30.0 % 12.4 % Pretax adjusted operating margin 26.8 % 24.8 % Ameriprise Financial, Inc. Reconciliation Table: Effective Tax Rate Quarter Ended December 31, 2023 (in millions, unaudited) GAAP Adjusted Operating Pretax income $ 494 $ 980 Income tax provision $ 117 $ 219 Effective tax rate 23.8 % 22.3 % Ameriprise Financial, Inc. Reconciliation Table: Effective Tax Rate Quarter Ended December 31, 2024 (in millions, unaudited) GAAP Adjusted Operating Pretax income $ 1,352 $ 1,195 Income tax provision $ 281 $ 248 Effective tax rate 20.8 % 20.8 % Ameriprise Financial, Inc. Reconciliation Table: Effective Tax Rate Year-to-date December 31, 2024 (in millions, unaudited) GAAP Adjusted Operating Pretax income $ 4,267 $ 4,436 Income tax provision $ 866 $ 901 Effective tax rate 20.3 % 20.3 % Ameriprise Financial, Inc. Reconciliation Table: Advice & Wealth Management General and Administrative Expense Year-to-date December 31, % Better/ (Worse) (in millions, unaudited) 2024 2023 AWM general and administrative expense $ 1,686 $ 1,652 (2 )% Less: Regulatory accrual — 50 AWM general and administrative expense excluding accrual for regulatory matter $ 1,686 $ 1,602 (5 )% Ameriprise Financial, Inc. Reconciliation Table: Asset Management General and Administrative Expense Quarter Ended December 31, % Better/ (Worse) (in millions, unaudited) 2024 2023 Asset Management general and administrative expense $ 422 $ 419 (1 )% Less: Impact of performance fee compensation 32 23 Asset Management general and administrative expense excluding impact of performance fee compensation $ 390 $ 396 2 % Ameriprise Financial, Inc. Reconciliation Table: Retirement & Protection Solutions and LTC Adjusted Operating Earnings Year-to-date December 31, 2024 (in millions, unaudited) RPS Segment LTC Pretax adjusted operating earnings $ 726 $ 58 Unlocking (90 ) (4 ) Pretax adjusted operating earnings excluding unlocking $ 816 $ 62 Ameriprise Financial, Inc. Reconciliation Table: Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI” Twelve Months Ended December 31, (in millions, unaudited) 2024 2023 Net income $ 3,401 $ 2,556 Less: Adjustments (1) (134 ) (555 ) Adjusted operating earnings 3,535 3,111 Less: Annual unlocking (2) (74 ) (78 ) Adjusted operating earnings excluding unlocking $ 3,609 $ 3,189 Total Ameriprise Financial, Inc. shareholders’ equity $ 5,109 $ 4,116 Less: Accumulated other comprehensive income, net of tax (1,739 ) (2,297 ) Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI 6,848 6,413 Less: Equity impacts attributable to the consolidated investment entities (3 ) (4 ) Adjusted operating equity $ 6,851 $ 6,417 Return on equity excluding AOCI 49.7 % 39.9 % Adjusted operating return on equity excluding AOCI (3) 51.6 % 48.5 % Adjusted operating return on equity excluding AOCI and unlocking (3) 52.7 % 49.7 % (1) Adjustments reflect the sum of after-tax net realized investment gains/losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%. (2) After-tax is calculated using the statutory tax rate of 21%. (3) Adjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.

Ameriprise Financial Reports Fourth Quarter and Full Year 2024 Results

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