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Ameriprise Financial Reports Third Quarter 2021 Results

Ameriprise Financial, Inc. (NYSE: AMP):

Earnings Per Diluted Share

 

Return on Equity, ex AOCI (1)

 

Q3 2021

 

 

Q3 2021

GAAP

$8.65

 

GAAP

41.7%

Adjusted Operating

$5.86

 

Adjusted Operating

47.8%

Adjusted Operating Ex. Unlocking(2)

$5.91

 

Adjusted Operating Ex. Unlocking(2)

47.9%

  • Third quarter adjusted operating earnings per diluted share excluding unlocking was $5.91, up 38 percent from last year due to strong organic growth and market appreciation.

 

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

 

“Ameriprise achieved another record quarter for client assets, revenue and earnings. We are executing our strategy well, driving organic growth and generating substantial shareholder value across market cycles.

 

“Consistent with our plans, our growth businesses of wealth and asset management delivered 80 percent of our adjusted operating earnings for the quarter. At the same time, our retirement and protection business is differentiated and generates significant free cash flow and earnings.

 

“2021 is proving to be a very strong year for Ameriprise. We are focused on maintaining our business momentum and strong performance through the remainder of the year into 2022.”

  • Third quarter GAAP net income per diluted share was $8.65, compared to a loss of $1.14 in the prior year period, driven by the fixed annuity reinsurance transaction that closed in the quarter and market impacts.

 

  • The company continues to generate strong organic growth, with approximately $14 billion of net inflows from Advice & Wealth Management and Asset Management, up substantially from a year ago.

 

  • Adjusted operating net revenue was $3.5 billion, an 18 percent increase from strong organic growth in Wealth and Asset Management and market appreciation.

 

  • Ameriprise generated strong profitability with pretax adjusted operating earnings excluding unlocking up 28 percent to $858 million, driven by 44 percent growth in Wealth and Asset Management. These businesses represented 80 percent of Ameriprise operating earnings in the quarter.

 

  • Assets under management and administration was $1.2 trillion, up 21 percent from strong client flows in Wealth and Asset Management, as well as market appreciation.

 

  • The company generated considerable free cash and returned $666 million of capital to shareholders in the quarter, which was 95 percent of adjusted operating earnings.

 

  • Excess capital was strong at $2.7 billion with a strong adjusted operating return on equity excluding unlocking of 47.9 percent.

 

 

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

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

Ameriprise Financial, Inc.

Third Quarter Summary

 

Quarter Ended

September 30,

% Over/

(Under)

 

Year-to-date

September 30,

% Over/

(Under)

(in millions, except per share amounts, unaudited)

2021

2020

 

 

2021

2020

GAAP net income

$

1,031

 

 

$

(140

)

 

NM

 

$

2,059

 

 

$

1,357

 

 

52%

Adjusted operating earnings

$

699

 

 

$

184

 

 

NM

 

$

2,001

 

 

$

1,211

 

 

65%

Adjusted operating earnings excluding unlocking (see reconciliation on p. 25 and p. 26)

$

705

 

 

$

533

 

 

32%

 

$

2,007

 

 

$

1,560

 

 

29%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income per diluted share

$

8.65

 

 

$

(1.14

)

 

NM

 

$

17.03

 

 

$

10.73

 

 

59%

Adjusted operating earnings per diluted share

$

5.86

 

 

$

1.47

 

 

NM

 

$

16.55

 

 

$

9.57

 

 

73%

Adjusted operating earnings per diluted share excluding unlocking (see reconciliation on p. 25 and p. 26)

$

5.91

 

 

$

4.27

 

 

38%

 

$

16.60

 

 

$

12.33

 

 

35%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Return on Equity, ex. AOCI

41.7

 

%

30.6

 

%

 

 

41.7

 

%

30.6

 

%

 

Adjusted Operating Return on Equity, ex. AOCI

47.8

 

%

29.6

 

%

 

 

47.8

 

%

29.6

 

%

 

Adjusted Operating Return on Equity, ex. AOCI and unlocking

47.9

 

%

35.5

 

%

 

 

47.9

 

%

35.5

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

116.4

 

 

123.0

 

 

 

 

118.2

 

 

124.8

 

 

 

Diluted

119.2

 

 

124.9

 

 

 

 

120.9

 

 

126.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Third quarter 2021 GAAP results were positively impacted by the net realized gains on investments transferred as part of the fixed annuity reinsurance transaction that closed in the quarter, as well as market changes that affected credit spreads and the valuation of derivatives.

 

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

 

Quarter Ended

September 30,

% Over/

(Under)

(in millions, unaudited)

2021

2020

Net revenues

$

2,048

 

 

$

1,667

 

 

23%

Distribution expenses

1,238

 

 

998

 

 

(24)%

G&A / other expense

351

 

 

349

 

 

(1)%

Pretax adjusted operating earnings

$

459

 

 

$

320

 

 

43%

 

 

 

 

 

 

Pretax adjusted operating margin

22.4

 

%

19.2

 

%

320 bps

 

 

 

 

 

 

 

 

Quarter Ended

September 30,

% Over/

(Under)

(in billions, unless otherwise noted)

2021

2020

Total client assets

$

811

 

 

$

667

 

22%

Total client net flows (1)

$

10.0

 

 

$

6.1

 

64%

Wrap net flows (1)

$

9.4

 

 

$

5.7

 

65%

AWM cash balance

$

40.1

 

 

$

39.4

 

2%

Average gross yield on cash balances (in bps)

65

 

 

71

 

 

Adjusted operating net revenue per advisor (TTM in thousands)

$

766

 

 

$

668

 

15%

Adjusted for interest rates (2)

$

766

 

 

$

651

 

18%

 

 

 

 

 

(1) See definition on page 12.

(2) Adjusted for impact from interest rates. See reconciliation on page 29

Advice & Wealth Management pretax adjusted operating earnings increased 43 percent to $459 million driven by robust client net flows, higher transactional activity, market appreciation and disciplined expense management. Pretax adjusted operating margin was 22.4 percent, up 320 basis points, and continues to demonstrate our strategy to deliver profitable growth. On a sequential basis, pretax operating earnings increased 9 percent and pretax adjusted operating margin expanded 100 basis points.

Adjusted operating net revenues grew 23 percent to $2.0 billion, reflecting strong client net flows and market appreciation.

Total expenses were $1.6 billion, reflecting higher distribution expense associated with robust organic growth. General and administrative expense was up 1 percent from the prior year, as higher activity-based expense and performance-based compensation were partially offset by expense discipline.

Total client assets grew 22 percent to $811 billion. The substantial organic growth was driven primarily by our advisor base with deeper client relationships from existing clients, as well as increased new client acquisition. Total client flows were a robust $10.0 billion in the quarter, representing a 65 percent increase in investment advisory flows and a 16 percent increase in transactional activity. Wrap net flows were $9.4 billion, representing the fourth consecutive quarter at or above $9.0 billion. Cash balances remain elevated at $40.1 billion with an opportunity for clients to put cash back to work in the future.

Adjusted operating net revenue per advisor on a trailing 12-month basis was $766,000. Excluding the decline in short-term interest rates, adjusted net revenue per advisor increased 18 percent. The advisor count increased 2 percent to 10,073, with excellent advisor retention and the addition of 104 experienced advisors in the quarter.

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

 

Quarter Ended

September 30,

% Over/

(Under)

(in millions, unaudited)

2021

 

2020

 

Net revenues

$

915

 

 

$

739

 

 

24%

Distribution expenses

288

 

 

240

 

 

(20)%

G&A / other expenses

342

 

 

301

 

 

(14)%

Pretax adjusted operating earnings

$

285

 

 

$

198

 

 

44%

 

 

 

 

 

 

Net pretax adjusted operating margin (1)

48.9

 

%

43.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

September 30,

% Over/

(Under)

(in billions)

2021

 

2020

 

Total segment AUM

$

583

 

 

$

498

 

 

17%

 

 

 

 

 

 

Net Flows

 

 

 

 

 

Global Retail net flows

$

1.8

 

 

$

2.0

 

 

(8)%

Global Institutional net flows, ex. legacy insurance partners flows

3.5

 

 

(2.0

)

 

NM

Legacy insurance partners flows

(1.4

)

 

(1.6

)

 

10%

Total segment net flows

$

3.9

 

 

$

(1.6

)

 

NM

 

 

 

 

 

 

Model delivery AUA Flows (2)

$

0.5

 

 

$

0.3

 

 

72%

 

 

 

 

 

 

(1) See reconciliation on page 13.

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

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

Asset Management pretax adjusted operating earnings increased 44 percent to $285 million reflecting the cumulative benefit of net inflows, higher performance fees and market appreciation. Net pretax adjusted operating margin was 48.9 percent. On a sequential basis, pretax operating earnings increased 13 percent and pretax adjusted operating margin expanded 350 basis points.

Adjusted operating revenues increased 24 percent to $915 million from the cumulative benefit of inflows, as well as higher performance fees and equity markets. The fee rate remained strong at 53 basis points. On a sequential basis, revenues increased 4 percent.

Adjusted operating expenses increased 16 percent. General and administrative expense grew 14 percent driven primarily from strong business performance that drove higher compensation expense and other volume-related costs, as well as foreign exchange translation.

Total assets under management increased 17 percent to $583 billion reflecting equity market appreciation and net inflows. Long term investment performance remained very strong across equity, fixed income and asset-allocation strategies.

In the quarter, net inflows were $3.9 billion, an improvement of $5.5 billion from a year ago. Net inflows were $5.3 billion, excluding legacy insurance partners outflows, reflecting a continuation of positive flow trends across multiple distribution channels and strategies.

  • Retail net inflows were $1.8 billion. Net inflows in North America were $2.2 billion with notable inflows in the broker-dealer channel that were partially offset by outflows in EMEA.
  • Global institutional net inflows were $3.5 billion, with gross sales across multiple strategies.

 

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

 

Quarter Ended

September 30,

% Over/

(Under)

(in millions, unaudited)

2021

 

2020

Net revenues

$

834

 

 

$

781

 

7%

Expenses

647

 

 

870

 

26%

Pretax adjusted operating earnings

$

187

 

 

$

(89

)

NM

Unlocking

(5

)

 

(295

)

98%

Pretax adjusted operating earnings excluding unlocking

$

192

 

 

$

206

 

(7)%

 

 

 

 

 

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

Retirement & Protection Solutions pretax adjusted operating earnings excluding unlocking was $192 million versus $206 million last year, with continued strong free cash flow generation and high return on capital. Unlocking was an unfavorable $5 million, reflecting strong performance of the blocks that was consistent with expectations.

During the quarter, we continued to focus sales on non-guarantee retirement solutions and accumulation products, including variable annuities without living benefit riders, structured annuities and variable universal life. Retirement sales increased 28 percent to $1.4 billion in the quarter, with 72 percent in products without living benefit riders compared to 56 percent in the prior year quarter. Sales of higher-margin accumulation VUL products increased 167 percent and sales of indexed UL products declined 63 percent as expected given pricing changes made to reflect low interest rates.

We maintain a differentiated book of business with strong returns and free cash flow generation, with a very limited risk profile as evidenced by variable annuity net amount at risk as a percent of account value of 0.4 percent for living benefits and 0.1 percent for death benefits, which we believe is well below the industry.

Ameriprise Financial, Inc.

Corporate & Other Segment Adjusted Operating Results

 

Quarter Ended

September 30,

% Over/

(Under)

(in millions, unaudited)

2021

 

2020

Corporate & Other

$

(73

)

 

$

(58

)

(26)%

Closed Blocks (1)

(8

)

 

(144

)

94%

Pretax adjusted operating earnings

$

(81

)

 

$

(202

)

60%

Unlocking/loss recognition

(3

)

 

(147

)

98%

Pretax adjusted operating earnings excluding unlocking/loss recognition

$

(78

)

 

$

(55

)

(42)%

 

 

 

 

 

Long term care excluding unlocking/loss recognition

$

2

 

 

$

6

 

(67)%

Fixed Annuities excluding unlocking

(7

)

 

(3

)

NM

Pretax adjusted operating earnings excluding unlocking

$

(5

)

 

$

3

 

NM

 

 

 

 

 

(1) Long Term Care and Fixed Annuities.

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

Corporate & Other pretax adjusted operating loss was in line within expectations at $73 million.

Closed Blocks of long term care and fixed annuities had a pretax adjusted operating loss of $5 million excluding unlocking. Our closed long term care block continued to perform in line with our expectations, with pretax adjusted operating earnings of $2 million. Results included a favorable $8 million from an adjustment to our long term care claim reserves.

Fixed annuities pretax adjusted operating loss excluding unlocking was $7 million, reflecting the amortization of the reinsurance ceding commission. In July, the company closed its fixed annuity reinsurance transaction for RiverSource Life Insurance Company with Global Atlantic’s subsidiary, Commonwealth Annuity and Life Insurance Company.

Taxes

The third quarter adjusted operating effective tax rate was 17.8 percent. On a year-to-date basis, the adjusted operating effective tax rate was 17.0 percent.

About Ameriprise Financial

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

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

Non-GAAP Financial Measures

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

Forward-Looking Statements

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

  • statements of the company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, acquisition integration, general and administrative costs, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;
  • statements about the expected trend in the shift away from products with living benefit guarantees and resulting expected impact to the business;
  • 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; and
  • statements of assumptions underlying such statements.

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

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2020 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.

The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Form 10-Q for the quarter ended September 30, 2021.

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

Ameriprise Financial, Inc.

Consolidated GAAP Results

(in millions, except per share amounts, unaudited)

3 Qtr 2021

 

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Revenues

 

 

 

 

 

 

Management and financial advice fees

$

2,367

 

 

$

1,893

 

25%

$

2,251

5%

Distribution fees

458

 

 

400

 

15%

452

1%

Net investment income

773

 

 

300

 

NM

278

NM

Premiums, policy and contract charges

(805

)

 

352

 

NM

364

NM

Other revenues

113

 

 

68

 

66%

75

51%

Total revenues

2,906

 

 

3,013

 

(4)%

3,420

(15)%

Banking and deposit interest expense

3

 

 

10

 

70%

2

(50)%

Total net revenues

2,903

 

 

3,003

 

(3)%

3,418

(15)%

Expenses

 

 

 

 

 

 

Distribution expenses

1,285

 

 

1,028

 

(25)%

1,233

(4)%

Interest credited to fixed accounts

172

 

 

170

 

(1)%

124

(39)%

Benefits, claims, losses and settlement expenses

(719

)

 

1,104

 

NM

404

NM

Amortization of deferred acquisition costs

9

 

 

85

 

89%

63

86%

Interest and debt expense

64

 

 

37

 

(73)%

43

(49)%

General and administrative expense

822

 

 

763

 

(8)%

830

1%

Total expenses

1,633

 

 

3,187

 

49%

2,697

39%

Pretax income

1,270

 

 

(184

)

NM

721

76%

Income tax provision

239

 

 

(44

)

NM

130

(84)%

Net income

$

1,031

 

 

$

(140

)

NM

$

591

74%

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

Basic earnings per share

$

8.86

 

 

$

(1.14

)

 

$

4.99

 

Earnings per diluted share

$

8.65

 

 

$

(1.14

)

 

$

4.88

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

Basic

116.4

 

 

123.0

 

 

118.4

 

Diluted

119.2

 

 

124.9

 

 

121.2

 

 

 

 

 

 

 

 

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

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless otherwise noted, unaudited)

3 Qtr 2021

 

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

Assets Under Management and Administration

 

 

 

 

 

Advice & Wealth Management AUM

$

431,861

 

 

$

336,966

 

28%

$

426,500

 

1%

Asset Management AUM

583,398

 

 

498,004

 

17%

593,366

 

(2)%

Corporate AUM

104

 

 

65

 

60%

100

 

4%

Eliminations

(42,022

)

 

(34,128

)

(23)%

(42,025

)

-

Total Assets Under Management

973,341

 

 

800,907

 

22%

977,941

 

-

Total Assets Under Administration

232,934

 

 

197,699

 

18%

233,334

 

-

Total AUM and AUA

$

1,206,275

 

 

$

998,606

 

21%

$

1,211,275

 

-

 

 

 

 

 

 

 

S&P 500

 

 

 

 

 

 

Daily average

4,425

 

 

3,316

 

33%

4,182

 

6%

Period end

4,308

 

 

3,363

 

28%

4,298

 

-

 

 

 

 

 

 

 

Weighted Equity Index (WEI) (1)

 

 

 

 

 

 

Daily average

2,983

 

 

2,234

 

34%

2,858

 

4%

Period end

2,909

 

 

2,255

 

29%

2,921

 

(0.4)%

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

Beginning balance

114.3

 

 

120.6

 

(5)%

116.0

 

(1)%

Repurchases

(2.1

)

 

(2.1

)

-

(1.7

)

(24)%

Issuances

0.4

 

 

0.3

 

33%

0.2

 

NM

Other

(0.2

)

 

(0.2

)

-

(0.2

)

-

Total common shares outstanding

112.4

 

 

118.6

 

(5)%

114.3

 

(2)%

Restricted stock units

3.0

 

 

3.2

 

(6)%

3.1

 

(3)%

Total basic common shares outstanding

115.4

 

 

121.8

 

(5)%

117.4

 

(2)%

Total potentially dilutive shares

2.9

 

 

1.9

 

53%

2.7

 

7%

Total diluted shares

118.3

 

 

123.7

 

(4)%

120.1

 

(1)%

 

 

 

 

 

 

 

Capital Returned to Shareholders

 

 

 

 

 

 

Dividends paid

$

133

 

 

$

129

 

3%

$

135

 

(1)%

Common stock share repurchases

533

 

 

319

 

67%

450

 

18%

Total Capital Returned to Shareholders

$

666

 

 

$

448

 

49%

$

585

 

14%

 

 

 

 

 

 

 

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

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

 

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

Management and financial advice fees:

 

 

 

 

 

 

 

 

Advisory fees

$

1,189

 

 

$

907

 

 

31%

$

1,113

 

 

7%

Financial planning fees

91

 

 

81

 

 

12%

93

 

 

(2)%

Transaction and other fees

94

 

 

89

 

 

6%

93

 

 

1%

Total management and financial advice fees

1,374

 

 

1,077

 

 

28%

1,299

 

 

6%

Distribution fees:

 

 

 

 

 

 

 

 

Mutual funds

219

 

 

186

 

 

18%

212

 

 

3%

Insurance and annuity

246

 

 

202

 

 

22%

252

 

 

(2)%

Other products

96

 

 

91

 

 

5%

98

 

 

(2)%

Total distribution fees

561

 

 

479

 

 

17%

562

 

 

-

Net investment income

62

 

 

70

 

 

(11)%

63

 

 

(2)%

Other revenues

54

 

 

51

 

 

6%

58

 

 

(7)%

Total revenues

2,051

 

 

1,677

 

 

22%

1,982

 

 

3%

Banking and deposit interest expense

3

 

 

10

 

 

70%

2

 

 

(50)%

Adjusted operating total net revenues

2,048

 

 

1,667

 

 

23%

1,980

 

 

3%

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Distribution expenses

1,238

 

 

998

 

 

(24)%

1,194

 

 

(4)%

Interest and debt expense

3

 

 

3

 

 

-

2

 

 

(50)%

General and administrative expense

348

 

 

346

 

 

(1)%

361

 

 

4%

Adjusted operating expenses

1,589

 

 

1,347

 

 

(18)%

1,557

 

 

(2)%

Pretax adjusted operating earnings

$

459

 

 

$

320

 

 

43%

$

423

 

 

9%

 

 

 

 

 

 

 

 

 

Pretax adjusted operating margin

22.4

 

%

19.2

 

%

 

21.4

 

%

 

 

 

 

 

 

 

 

 

 

Pretax adjusted operating earnings by product

 

 

 

 

 

 

 

 

Certificates and Banking - Combined

$

17

 

 

$

17

 

 

-

$

18

 

 

(6)%

Wealth Management & Distribution

442

 

 

303

 

 

46%

405

 

 

9%

Pretax adjusted operating earnings

$

459

 

 

$

320

 

 

43%

$

423

 

 

9%

 

 

 

 

 

 

 

 

 

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless otherwise noted, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

 

 

 

 

AWM Total Client Assets

$

811,189

 

 

$

666,800

 

 

22%

$

807,335

 

 

-

 

 

 

 

 

 

 

 

 

 

 

Total Client Flows (1)

$

10,043

 

 

$

6,130

 

 

64%

$

9,530

 

 

5%

 

 

 

 

 

 

 

 

 

 

 

Total Wrap Accounts

 

 

 

 

 

 

 

 

 

 

Beginning assets

$

430,003

 

 

$

317,615

 

 

35%

$

399,817

 

 

8%

Net flows (2)

9,404

 

 

5,701

 

 

65%

10,024

 

 

(6)%

Market appreciation (depreciation) and other (2)

(4,032

)

 

16,634

 

 

NM

20,162

 

 

NM

Total wrap ending assets

$

435,375

 

 

$

339,950

 

 

28%

$

430,003

 

 

1%

 

 

 

 

 

 

 

 

 

 

 

Advisory wrap account assets ending balance (3)

$

430,546

 

 

$

335,980

 

 

28%

$

425,200

 

 

1%

 

 

 

 

 

 

 

 

 

 

 

Brokerage Cash & Certificates Balances

 

 

 

 

 

 

 

 

 

 

On-balance sheet (Net Investment Income)

 

 

 

 

 

 

 

 

 

 

On-balance sheet - broker dealer

$

3,441

 

 

$

3,345

 

 

3%

$

3,383

 

 

2%

On-balance sheet - bank

9,815

 

 

6,320

 

 

55%

8,671

 

 

13%

On-balance sheet - certificate

5,442

 

 

7,165

 

 

(24)%

5,749

 

 

(5)%

Total on-balance sheet

$

18,698

 

 

$

16,830

 

 

11%

$

17,803

 

 

5%

Off-balance sheet (Distribution Fees)

 

 

 

 

 

 

 

 

 

 

Off-balance sheet - broker dealer

$

21,374

 

 

$

22,591

 

 

(5)%

$

21,391

 

 

-

Total brokerage cash & certificates balances

$

40,072

 

 

$

39,421

 

 

2%

$

39,194

 

 

2%

 

 

 

 

 

 

 

 

 

 

 

Gross Fee Yield

 

 

 

 

 

 

 

 

 

 

On-balance sheet - broker dealer

0.06

 

%

0.11

 

%

 

0.05

 

%

 

On-balance sheet - bank

1.44

 

%

1.53

 

%

 

1.32

 

%

 

On-balance sheet - certificates

1.06

 

%

1.45

 

%

 

1.13

 

%

 

Off-balance sheet - broker dealer

0.28

 

%

0.29

 

%

 

0.27

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Gross Fee Yield

0.65

 

%

0.71

 

%

 

0.63

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Financial Advisors

 

 

 

 

 

 

 

 

 

 

Employee advisors

2,112

 

 

2,123

 

 

(1)%

2,104

 

 

-

Franchisee advisors

7,961

 

 

7,782

 

 

2%

7,943

 

 

-

Total financial advisors

10,073

 

 

9,905

 

 

2%

10,047

 

 

-

 

 

 

 

 

 

 

 

 

 

 

Advisor Retention

 

 

 

 

 

 

 

 

 

 

Employee

91.7

 

%

91.9

 

%

 

91.4

 

%

 

Franchisee

94.3

 

%

93.6

 

%

 

94.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

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

(2) Beginning in Q1 2021, wrap net flows is calculated including dividends and interest less fees, which were previously recorded in market appreciation (depreciation) and other. Net flows excludes short-term and long-term capital gain distributions. Prior periods have been restated.

(3) 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)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

Management and financial advice fees:

 

 

 

 

 

 

 

 

Asset management fees:

 

 

 

 

 

 

 

 

Retail

$

587

 

 

$

466

 

 

26%

$

567

 

 

4%

Institutional

143

 

 

122

 

 

17%

131

 

 

9%

Transaction and other fees

57

 

 

47

 

 

21%

56

 

 

2%

Revenue from other sources (1)

7

 

 

6

 

 

17%

4

 

 

75%

Total management and financial advice fees

794

 

 

641

 

 

24%

758

 

 

5%

Distribution fees:

 

 

 

 

 

 

 

 

Mutual funds

70

 

 

59

 

 

19%

69

 

 

1%

Insurance and annuity

50

 

 

45

 

 

11%

49

 

 

2%

Total distribution fees

120

 

 

104

 

 

15%

118

 

 

2%

Net investment income

1

 

 

(6

)

 

NM

2

 

 

(50)%

Other revenues

 

 

 

 

-

1

 

 

NM

Total revenues

915

 

 

739

 

 

24%

879

 

 

4%

Banking and deposit interest expense

 

 

 

 

-

 

 

-

Adjusted operating total net revenues

915

 

 

739

 

 

24%

879

 

 

4%

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Distribution expenses

288

 

 

240

 

 

(20)%

282

 

 

(2)%

Amortization of deferred acquisition costs

3

 

 

2

 

 

(50)%

3

 

 

-

Interest and debt expense

1

 

 

2

 

 

50%

1

 

 

-

General and administrative expense

338

 

 

297

 

 

(14)%

340

 

 

1%

Adjusted operating expenses

630

 

 

541

 

 

(16)%

626

 

 

(1)%

Pretax adjusted operating earnings

$

285

 

 

$

198

 

 

44%

$

253

 

 

13%

 

 

 

 

 

 

 

 

 

Net Pretax Adjusted Operating Margin Reconciliation

 

 

 

 

 

 

 

Adjusted operating total net revenues

$

915

 

 

$

739

 

 

24%

$

879

 

 

4%

Distribution pass thru revenues

(231

)

 

(193

)

 

(20)%

(225

)

 

(3)%

Subadvisory and other pass thru revenues

(97

)

 

(74

)

 

(31)%

(94

)

 

(3)%

Net adjusted operating revenues

$

587

 

 

$

472

 

 

24%

$

560

 

 

5%

 

 

 

 

 

 

 

 

 

Pretax adjusted operating earnings

$

285

 

 

$

198

 

 

44%

$

253

 

 

13%

Adjusted operating net investment income

(1

)

 

6

 

 

NM

(2

)

 

50%

Amortization of intangibles

3

 

 

3

 

 

-

3

 

 

-

Net adjusted operating earnings

$

287

 

 

$

207

 

 

39%

$

254

 

 

13%

 

 

 

 

 

 

 

 

 

Pretax adjusted operating margin

31.1

 

%

26.8

 

%

 

28.8

 

%

 

Net pretax adjusted operating margin (2)

48.9

 

%

43.9

 

%

 

45.4

 

%

 

 

 

 

 

 

 

 

 

 

Performance fees (3)

 

 

 

 

 

 

 

 

Performance fees

$

13

 

 

$

 

 

-

$

3

 

 

NM

Performance fee related to general and administrative expense

 

 

 

 

-

 

 

-

Net performance fees

$

13

 

 

$

 

 

-

$

3

 

 

NM

 

 

 

 

 

 

 

 

 

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

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

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

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

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

 

 

Total Managed Assets by Type

 

 

 

 

 

 

 

 

Equity

$

332,715

 

 

$

264,840

 

 

26%

$

339,032

 

 

(2)%

Fixed income

199,253

 

 

188,844

 

 

6%

203,101

 

 

(2)%

Money market

5,752

 

 

5,076

 

 

13%

5,484

 

 

5%

Alternative

3,829

 

 

3,465

 

 

11%

3,839

 

 

-

Hybrid and other

41,849

 

 

35,779

 

 

17%

41,910

 

 

-

Total managed assets by type

$

583,398

 

 

$

498,004

 

 

17%

$

593,366

 

 

(2)%

 

 

 

 

 

 

 

 

 

Average Managed Assets by Type (1)

 

 

 

 

 

 

 

 

Equity

$

340,804

 

 

$

264,206

 

 

29%

$

330,801

 

 

3%

Fixed income

200,712

 

 

187,171

 

 

7%

200,246

 

 

-

Money market

5,831

 

 

5,100

 

 

14%

5,823

 

 

-

Alternative

3,828

 

 

3,340

 

 

15%

3,812

 

 

-

Hybrid and other

42,098

 

 

35,422

 

 

19%

41,148

 

 

2%

Total average managed assets by type

$

593,273

 

 

$

495,239

 

 

20%

$

581,830

 

 

2%

 

 

 

 

 

 

 

 

 

Managed Assets Rollforward

 

 

 

 

 

 

 

 

Global Retail Funds

 

 

 

 

 

 

 

 

Beginning assets

$

359,476

 

 

$

274,136

 

 

31%

$

340,270

 

 

6%

Inflows

16,442

 

 

14,498

 

 

13%

19,371

 

 

(15)%

Outflows

(15,509

)

 

(13,192

)

 

(18)%

(17,075

)

 

9%

Net VP/VIT fund flows

(1,101

)

 

(691

)

 

(59)%

(967

)

 

(14)%

Net new flows

(168

)

 

615

 

 

NM

1,329

 

 

NM

Reinvested dividends

2,001

 

 

1,375

 

 

46%

2,874

 

 

(30)%

Net flows

1,833

 

 

1,990

 

 

(8)%

4,203

 

 

(56)%

Distributions

(2,151

)

 

(1,540

)

 

(40)%

(3,375

)

 

36%

Market appreciation (depreciation) and other

(2,282

)

 

13,848

 

 

NM

18,113

 

 

NM

Foreign currency translation (2)

(1,157

)

 

1,488

 

 

NM

265

 

 

NM

Total ending assets

355,719

 

 

289,922

 

 

23%

359,476

 

 

(1)%

% of total retail assets sub-advised

16.0

 

%

18.1

 

%

 

15.9

 

%

 

 

 

 

 

 

 

 

 

 

Global Institutional

 

 

 

 

 

 

 

 

Beginning assets

233,890

 

 

201,985

 

 

16%

223,861

 

 

4%

Inflows (3)

9,428

 

 

7,021

 

 

34%

9,320

 

 

1%

Outflows (3)

(7,356

)

 

(10,562

)

 

30%

(6,853

)

 

(7)%

Net flows

2,072

 

 

(3,541

)

 

NM

2,467

 

 

(16)%

Market appreciation (depreciation) and other (4)

(5,895

)

 

6,546

 

 

NM

7,125

 

 

NM

Foreign currency translation (2)

(2,388

)

 

3,092

 

 

NM

437

 

 

NM

Total ending assets

227,679

 

 

208,082

 

 

9%

233,890

 

 

(3)%

 

 

 

 

 

 

 

 

 

Total managed assets

$

583,398

 

 

$

498,004

 

 

17%

$

593,366

 

 

(2)%

 

 

 

 

 

 

 

 

 

Total net flows

$

3,905

 

 

$

(1,551

)

 

NM

$

6,670

 

 

(41)%

 

 

 

 

 

 

 

 

 

Legacy insurance partners flows

$

(1,402

)

 

$

(1,555

)

 

10%

$

(1,353

)

 

(4)%

 

 

 

 

 

 

 

 

 

Total Assets Under Advisement (5)

$

19,742

 

 

$

12,714

 

 

55%

$

18,036

 

 

9%

Model delivery AUA flows (6)

$

514

 

 

$

299

 

 

72%

$

912

 

 

(44)%

 

 

 

 

 

 

 

 

 

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

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

(3) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.

(4) 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 beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.

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

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

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

Ameriprise Financial, Inc.

Asset Management Segment Performance Metrics

 

3 Qtr 2021

 

 

 

 

 

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

1 year

3 year

5 year

10 year

Equity

46%

86%

85%

88%

Fixed Income

85%

88%

94%

91%

Asset Allocation

41%

87%

95%

89%

 

 

 

 

 

4- or 5-star Morningstar rated funds

Overall

3 year

5 year

10 year

Number of Rated Funds

105

91

91

84

Percent of Rated Assets

66%

61%

57%

67%

 

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

Morningstar as of 09/30/21. Columbia funds are available for purchase by U.S. customers. Out of 90 Columbia funds (Inst. shares) rated, 16 received a 5-star Overall Rating and 36 received a 4-star Overall Rating. Out of 94 Threadneedle funds (highest rated share class) rated, 19 received a 5-star Overall Rating and 34 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.

 

© 2021 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(1) Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2021

 

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

Management and financial advice fees

$

239

 

$

213

 

12%

$

234

2%

Distribution fees

125

 

111

 

13%

122

2%

Net investment income

114

 

121

 

(6)%

127

(10)%

Premiums, policy and contract charges

353

 

333

 

6%

325

9%

Other revenues

3

 

3

 

-

-

Total revenues

834

 

781

 

7%

808

3%

Banking and deposit interest expense

 

 

-

-

Adjusted operating total net revenues

834

 

781

 

7%

808

3%

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

Distribution expenses

134

 

110

 

(22)%

134

-

Interest credited to fixed accounts

99

 

100

 

1%

98

(1)%

Benefits, claims, losses and settlement expenses

323

 

421

 

23%

241

(34)%

Amortization of deferred acquisition costs

5

 

157

 

97%

70

93%

Interest and debt expense

9

 

8

 

(13)%

9

-

General and administrative expense

77

 

74

 

(4)%

74

(4)%

Adjusted operating expenses

647

 

870

 

26%

626

(3)%

Pretax adjusted operating earnings

$

187

 

$

(89

)

NM

$

182

3%

 

 

 

 

 

 

 

(1) Retirement & Protection Solutions segment includes Retirement Solutions (Variable Annuities and Payout Annuities) and Protection Solutions (Life and Disability Insurance). Fixed Annuities moved to the Corporate & Other segment in Q3 2020 as a closed block. Prior periods have been restated.

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

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Operating Metrics

(in millions, unaudited)

3 Qtr 2021

 

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

Variable Annuities Rollforwards

 

 

 

 

 

 

Beginning balance

$

90,494

 

 

$

77,481

 

17%

$

86,964

 

4%

Deposit

1,421

 

 

1,109

 

28%

1,597

 

(11)%

Withdrawals and terminations

(1,900

)

 

(1,567

)

(21)%

(1,946

)

2%

Net flows

(479

)

 

(458

)

(5)%

(349

)

(37)%

Investment performance and interest credited

(380

)

 

2,823

 

NM

3,879

 

NM

Other

 

 

 

-

 

-

Total ending balance - contract accumulation values

$

89,635

 

 

$

79,846

 

12%

$

90,494

 

(1)%

 

 

 

 

 

 

 

Variable annuities fixed sub-accounts

$

5,020

 

 

$

5,107

 

(2)%

$

5,052

 

(1)%

 

 

 

 

 

 

 

Life Insurance In Force

$

197,523

 

 

$

195,007

 

1%

$

196,794

 

-

 

 

 

 

 

 

 

Net Amount at Risk (Life)

$

37,766

 

 

$

38,403

 

(2)%

$

37,465

 

1%

 

 

 

 

 

 

 

Net Policyholder Reserves

 

 

 

 

 

 

VUL/UL

$

14,565

 

 

$

12,836

 

13%

$

14,593

 

-

Term and whole life

168

 

 

177

 

(5)%

171

 

(2)%

Disability insurance

488

 

 

504

 

(3)%

494

 

(1)%

Other insurance

623

 

 

652

 

(4)%

629

 

(1)%

Total net policyholder reserves

$

15,844

 

 

$

14,169

 

12%

$

15,887

 

-

 

 

 

 

 

 

 

DAC Ending Balances

 

 

 

 

 

 

Variable Annuities DAC

$

1,840

 

 

$

1,577

 

17%

$

1,799

 

2%

Life and Health DAC

$

834

 

 

$

817

 

2%

$

799

 

4%

 

 

 

 

 

 

 

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

3 Qtr 2021

 

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

Management and financial advice fees

$

 

 

$

 

-

$

 

-

Distribution fees

 

 

 

-

 

-

Net investment income

(17

)

 

(14

)

(21)%

(20

)

15%

Premiums, policy and contract charges

 

 

 

-

1

 

NM

Other revenues

1

 

 

3

 

(67)%

3

 

(67)%

Total revenues

(16

)

 

(11

)

(45)%

(16

)

-

Banking and deposit interest expense

 

 

 

-

1

 

NM

Adjusted operating total net revenues

(16

)

 

(11

)

(45)%

(17

)

6%

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

Distribution expenses

 

 

 

-

 

-

Interest credited to fixed accounts

 

 

 

-

 

-

Benefits, claims, losses and settlement expenses

 

 

1

 

NM

 

-

Amortization of deferred acquisition costs

 

 

 

-

 

-

Interest and debt expense

13

 

 

6

 

NM

9

 

(44)%

General and administrative expense

44

 

 

40

 

(10)%

48

 

8%

Adjusted operating expenses

57

 

 

47

 

(21)%

57

 

-

Pretax adjusted operating earnings (loss)

$

(73

)

 

$

(58

)

(26)%

$

(74

)

1%

 

 

 

 

 

 

 

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

3 Qtr 2021

 

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

Long Term Care Adjusted Operating Income Statements

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

Management and financial advice fees

$

 

 

$

 

-

$

 

-

Distribution fees

 

 

 

-

 

-

Net investment income

36

 

 

40

 

(10)%

38

 

(5)%

Premiums, policy and contract charges

26

 

 

26

 

-

24

 

8%

Other revenues

 

 

 

-

 

-

Total revenues

62

 

 

66

 

(6)%

62

 

-

Banking and deposit interest expense

 

 

 

-

 

-

Adjusted operating total net revenues

62

 

 

66

 

(6)%

62

 

-

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

Distribution expenses

(3

)

 

(3

)

-

(3

)

-

Interest credited to fixed accounts

 

 

 

-

 

-

Benefits, claims, losses and settlement expenses

58

 

 

194

 

70%

52

 

(12)%

Amortization of deferred acquisition costs

 

 

 

-

 

-

Interest and debt expense

3

 

 

3

 

-

2

 

(50)%

General and administrative expense

5

 

 

7

 

29%

8

 

38%

Adjusted operating expenses

63

 

 

201

 

69%

59

 

(7)%

Pretax adjusted operating earnings (loss)

$

(1

)

 

$

(135

)

99%

$

3

 

NM

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Active Life Reserves

$

2,501

 

 

$

2,472

 

1%

$

2,514

 

(1)%

Disabled Life Reserves

558

 

 

568

 

(2)%

548

 

2%

Total long term care policyholder reserves, net of reinsurance

$

3,059

 

 

$

3,040

 

1%

$

3,062

 

-

 

 

 

 

 

 

 

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

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

 

 

Fixed Annuities Adjusted Operating Income Statements

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

Management and financial advice fees

$

 

 

$

 

 

-

$

 

 

-

Distribution fees

 

 

 

 

-

 

 

-

Net investment income

12

 

 

67

 

 

(82)%

61

 

 

(80)%

Premiums, policy and contract charges

 

 

 

 

-

 

 

-

Other revenues

55

 

 

10

 

 

NM

13

 

 

NM

Total revenues

67

 

 

77

 

 

(13)%

74

 

 

(9)%

Banking and deposit interest expense

 

 

 

 

-

 

 

-

Adjusted operating total net revenues

67

 

 

77

 

 

(13)%

74

 

 

(9)%

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Distribution expenses

1

 

 

1

 

 

-

1

 

 

-

Interest credited to fixed accounts

64

 

 

66

 

 

3%

62

 

 

(3)%

Benefits, claims, losses and settlement expenses

1

 

 

9

 

 

89%

2

 

 

50%

Amortization of deferred acquisition costs

1

 

 

(2

)

 

NM

2

 

 

50%

Interest and debt expense

 

 

6

 

 

NM

6

 

 

NM

General and administrative expense

7

 

 

6

 

 

(17)%

7

 

 

-

Adjusted operating expenses

74

 

 

86

 

 

14%

80

 

 

8%

Pretax adjusted operating earnings (loss)

$

(7

)

 

$

(9

)

 

22%

$

(6

)

 

(17)%

 

 

 

 

 

 

 

 

 

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

Ameriprise Financial, Inc.

Eliminations (1) Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2021

 

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

Management and financial advice fees

$

(38

)

 

$

(37

)

(3)%

$

(38

)

-

Distribution fees

(348

)

 

(294

)

(18)%

(350

)

1%

Net investment income

(1

)

 

(4

)

75%

(5

)

80%

Premiums, policy and contract charges

(8

)

 

(7

)

(14)%

(7

)

(14)%

Other revenues

 

 

 

-

 

-

Total revenues

(395

)

 

(342

)

(15)%

(400

)

1%

Banking and deposit interest expense

 

 

 

-

(1

)

NM

Adjusted operating total net revenues

(395

)

 

(342

)

(15)%

(399

)

1%

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

Distribution expenses

(373

)

 

(318

)

17%

(375

)

(1)%

Interest credited to fixed accounts

 

 

 

-

 

-

Benefits, claims, losses and settlement expenses

(6

)

 

(4

)

50%

(5

)

20%

Amortization of deferred acquisition costs

 

 

 

-

 

-

Interest and debt expense

(3

)

 

(2

)

50%

(3

)

-

General and administrative expense

(13

)

 

(18

)

(28)%

(16

)

(19)%

Adjusted operating expenses

(395

)

 

(342

)

15%

(399

)

(1)%

Pretax adjusted operating earnings (loss)

$

 

 

$

 

-

$

 

-

 

 

 

 

 

 

 

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

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

 

Ameriprise Financial, Inc.

 

Capital Information

 

(in millions, unaudited)

September 30,

2021

September 30,

2020

June 30,

2021

 

 

 

 

 

 

 

Long-term Debt Summary

 

 

 

 

 

 

Senior notes

$

2,800

 

 

$

2,800

 

 

$

2,800

 

 

Finance lease liabilities

41

 

 

47

 

 

44

 

 

Fair value of hedges, unamortized discount and debt issuance costs

(10

)

 

(14

)

 

(11

)

 

Total Ameriprise Financial long-term debt

2,831

 

 

2,833

 

 

2,833

 

 

Non-recourse debt of consolidated investment entities

2,163

 

 

1,901

 

 

2,558

 

 

Total long-term debt

$

4,994

 

 

$

4,734

 

 

$

5,391

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial long-term debt

$

2,831

 

 

$

2,833

 

 

$

2,833

 

 

Fair value of hedges, unamortized discount and debt issuance costs

10

 

 

14

 

 

11

 

 

Finance lease liabilities

(41

)

 

(47

)

 

(44

)

 

Total Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and finance lease liabilities

$

2,800

 

 

$

2,800

 

 

$

2,800

 

 

 

 

 

 

 

 

 

Total equity (1)

$

5,707

 

 

$

6,067

 

 

$

5,686

 

 

Equity of consolidated investment entities

(5

)

 

(5

)

 

(6

)

 

Total equity excluding CIEs

$

5,702

 

 

$

6,062

 

 

$

5,680

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial capital

$

8,538

 

 

$

8,900

 

 

$

8,519

 

 

Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, finance lease liabilities and equity of CIEs

$

8,502

 

 

$

8,862

 

 

$

8,480

 

 

 

 

 

 

 

 

 

Debt to capital

 

 

 

 

 

 

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

33.2

 

%

31.8

 

%

33.3

 

%

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, finance lease liabilities and equity of CIEs (1)

32.9

 

%

31.6

 

%

33.0

 

%

 

 

 

 

 

 

 

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

 

 

 

Ameriprise Financial, Inc.

Consolidated Balance Sheets

(in millions, unaudited)

September 30,

2021

 

December 31,

2020

 

 

 

 

 

 

Assets

 

 

 

 

Cash and cash equivalents

$

7,736

 

 

$

6,751

 

 

Cash of consolidated investment entities

68

 

 

94

 

 

Investments

33,518

 

 

41,031

 

 

Investments of consolidated investment entities

2,170

 

 

1,918

 

 

Separate account assets

95,129

 

 

92,611

 

 

Receivables

15,920

 

 

7,819

 

 

Receivables of consolidated investment entities

18

 

 

16

 

 

Deferred acquisition costs

2,735

 

 

2,532

 

 

Restricted and segregated cash and investments

2,351

 

 

2,558

 

 

Other assets

11,079

 

 

10,551

 

 

Other assets of consolidated investment entities

2

 

 

2

 

 

Total Assets

$

170,726

 

 

$

165,883

 

 

 

 

 

 

 

Liabilities

 

 

 

 

Policyholder account balances, future policy benefits and claims

$

34,864

 

 

$

33,992

 

 

Separate account liabilities

95,129

 

 

92,611

 

 

Customer deposits

18,693

 

 

17,641

 

 

Short-term borrowings

200

 

 

200

 

 

Long-term debt

2,831

 

 

2,831

 

 

Debt of consolidated investment entities

2,163

 

 

1,913

 

 

Accounts payable and accrued expenses

2,146

 

 

1,998

 

 

Other liabilities

8,922

 

 

8,761

 

 

Other liabilities of consolidated investment entities

71

 

 

69

 

 

Total Liabilities

165,019

 

 

160,016

 

 

 

 

 

 

 

Equity

 

 

 

 

Ameriprise Financial

 

 

 

 

Common shares ($.01 par)

3

 

 

3

 

 

Additional paid-in capital

9,118

 

 

8,822

 

 

Retained earnings

16,955

 

 

15,292

 

 

Treasury stock

(20,468

)

 

(18,879

)

 

Accumulated other comprehensive income, net of tax

99

 

 

629

 

 

Total Equity

5,707

 

 

5,867

 

 

Total Liabilities and Equity

$

170,726

 

 

$

165,883

 

 

 

 

 

 

 

Ameriprise Financial, Inc.

 

Disclosed Items - Included in Adjusted Operating Earnings

 

(in millions, unaudited)

 

3 Qtr 2021

 

 

 

 

 

 

 

 

 

RPS

 

Corporate

 

 

 

Valuation Assumption &

Model Changes (1)

 

Valuation Assumption &

Model Changes (1)

 

Revenues

 

 

 

 

 

Management and financial advice fees

 

$

 

 

$

 

 

Distribution fees

 

 

 

 

 

Net investment income

 

19

 

 

 

 

Premiums, policy and contract charges

 

 

 

 

 

Other revenues

 

 

 

 

 

Total revenues

 

19

 

 

 

 

Banking and deposit interest expense

 

 

 

 

 

Adjusted operating total net revenues

 

19

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

Distribution expenses

 

 

 

 

 

Interest credited to fixed accounts

 

 

 

 

 

Benefits, claims, losses and settlement expenses

 

89

 

 

3

 

 

Amortization of deferred acquisition costs

 

(65

)

 

 

 

Interest and debt expense

 

 

 

 

 

General and administrative expense

 

 

 

 

 

Adjusted operating expenses

 

24

 

 

3

 

 

Pretax adjusted operating earnings (loss)

 

$

(5

)

 

$

(3

)

 

 

 

 

 

 

 

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

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

 

Quarter Ended

September 30,

 

Per Diluted Share

Quarter Ended

September 30,

 

% Over/

(Under)

(in millions, except per share amounts, unaudited)

2021

 

2020

 

2021

 

2020

 

Net income

$

1,031

 

 

$

(140

)

 

$

8.65

 

 

$

(1.14

)

(3)

NM

Add: Basic to diluted share conversion

 

 

 

 

 

 

0.02

 

(4)

 

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

12

 

 

4

 

 

0.10

 

 

0.03

 

 

 

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

94

 

 

431

 

 

0.79

 

 

3.45

 

 

 

Add: Mean reversion-related impacts (1)

(9

)

 

(17

)

 

(0.08

)

 

(0.14

)

 

 

Add: Market impact of hedges on investments (1)

23

 

 

 

 

0.19

 

 

 

 

 

Less: Block transfer reinsurance transaction impacts (1)

(521

)

 

 

 

(4.37

)

 

 

 

 

Add: Integration/restructuring charges (1)

7

 

 

1

 

 

0.06

 

 

0.01

 

 

 

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

2

 

 

 

 

0.02

 

 

 

 

 

Add: Tax effect of adjustments (2)

88

 

 

(87

)

 

0.74

 

 

(0.70

)

 

 

Adjusted operating earnings

$

699

 

 

$

184

 

 

$

5.86

 

 

$

1.47

 

 

NM

Less: Pretax impact of annual unlocking/loss recognition

(8

)

 

(442

)

 

(0.07

)

 

(3.54

)

 

 

Less: Tax effect of annual unlocking/loss recognition

2

 

 

93

 

 

0.02

 

 

0.74

 

 

 

Adjusted operating earnings excluding Unlocking

$

705

 

 

$

533

 

 

$

5.91

 

 

$

4.27

 

 

38%

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

116.4

 

 

123.0

 

 

 

 

 

 

 

Diluted

119.2

 

 

124.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Pretax adjusted operating adjustment.

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

(3) Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in antidilution.

(4) Represents the difference of the per share amount for net loss using basic shares compared to the per share amount for net loss using diluted shares.

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

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

 

Year-to-date

September 30,

 

Per Diluted Share

Year-to-date

September 30,

 

% Over/

(Under)

(in millions, except per share amounts, unaudited)

2021

 

2020

 

2021

 

2020

 

Net income

$

2,059

 

 

$

1,357

 

 

$

17.03

 

 

$

10.73

 

 

59%

Add: Basic to diluted share conversion

 

 

 

 

 

 

 

 

 

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

78

 

 

(18

)

 

0.65

 

 

(0.14

)

 

 

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

577

 

 

(239

)

 

4.78

 

 

(1.89

)

 

 

Add: Mean reversion-related impacts (1)

(107

)

 

30

 

 

(0.89

)

 

0.24

 

 

 

Add: Market impact of hedges on investments (1)

40

 

 

 

 

0.33

 

 

 

 

 

Add: Block transfer reinsurance transaction impacts (1)

(521

)

 

 

 

(4.31

)

 

 

 

 

Add: Integration/restructuring charges (1)

14

 

 

4

 

 

0.12

 

 

0.03

 

 

 

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

(1

)

 

(2

)

 

(0.01

)

 

(0.01

)

 

 

Add: Tax effect of adjustments (2)

16

 

 

39

 

 

0.13

 

 

0.31

 

 

 

Adjusted operating earnings

$

2,001

 

 

$

1,211

 

 

$

16.55

 

 

$

9.57

 

 

73%

Less: Pretax impact of annual unlocking/loss recognition

(8

)

 

(442

)

 

(0.07

)

 

(3.49

)

 

 

Less: Tax effect of annual unlocking/loss recognition

2

 

 

93

 

 

0.02

 

 

0.73

 

 

 

Adjusted operating earnings excluding Unlocking

$

2,007

 

 

$

1,560

 

 

$

16.60

 

 

$

12.33

 

 

35%

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

118.2

 

 

124.8

 

 

 

 

 

 

 

Diluted

120.9

 

 

126.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Pretax adjusted operating adjustment.

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

Ameriprise Financial, Inc.

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

 

Quarter Ended

September 30,

 

 

(in millions, unaudited)

2021

 

2020

 

 

Total net revenues

$

2,903

 

 

$

3,003

 

 

 

Less: Net realized investment gains (losses)

14

 

 

4

 

 

 

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

(1

)

 

1

 

 

 

Less: Mean Reversion related impacts

 

 

 

 

 

Less: Market impact of hedges on investments

(23

)

 

 

 

 

Less: Block transfer reinsurance transaction impacts

(644

)

 

 

 

 

Less: Integration/restructuring charges

 

 

 

 

 

Less: CIEs revenue

42

 

 

21

 

 

 

Adjusted operating total net revenues

3,515

 

 

2,977

 

 

 

Less: Annual unlocking/loss recognition

19

 

 

(1

)

 

 

Adjusted operating total net revenues excluding Unlocking

$

3,496

 

 

$

2,978

 

 

 

 

 

 

 

 

 

Total expenses

$

1,633

 

 

$

3,187

 

 

 

Less: CIEs expenses

40

 

 

21

 

 

 

Less: Integration/restructuring charges

7

 

 

1

 

 

 

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

93

 

 

432

 

 

 

Less: Mean reversion-related impacts

(9

)

 

(17

)

 

 

Less: Block transfer reinsurance transaction impacts

(1,165

)

 

 

 

 

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

2

 

 

 

 

 

Adjusted operating expenses

$

2,665

 

 

$

2,750

 

 

 

Less: Annual unlocking/loss recognition

27

 

 

441

 

 

 

Adjusted operating total net expenses excluding Unlocking

$

2,638

 

 

$

2,309

 

 

 

 

 

 

 

 

 

Pretax income

$

1,270

 

 

$

(184

)

 

 

Pretax adjusted operating earnings

$

850

 

 

$

227

 

 

 

Pretax adjusted operating earnings excluding Unlocking

$

858

 

 

$

669

 

 

 

 

 

 

 

 

 

Pretax income margin

43.7

 

%

(6.1

)

%

 

Pretax adjusted operating margin

24.2

 

%

7.6

 

%

 

Pretax adjusted operating margin excluding Unlocking

24.5

 

%

22.5

 

%

 

 

 

 

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

 

Quarter Ended

September 30, 2020

 

(in millions, unaudited)

GAAP

 

Adjusted Operating

Pretax income

$

(184

)

 

$

227

 

 

Income tax provision

$

(44

)

 

$

43

 

 

 

 

 

 

 

Effective tax rate

23.5

 

%

18.9

 

%

 

 

 

 

 

 

Quarter Ended

September 30, 2021

 

(in millions, unaudited)

GAAP

 

Adjusted Operating

Pretax income

$

1,270

 

 

$

850

 

 

Income tax provision

$

239

 

 

$

151

 

 

 

 

 

 

 

Effective tax rate

18.8

 

%

17.8

 

%

 

 

 

 

 

 

Year-to-date

September 30, 2021

 

(in millions, unaudited)

GAAP

 

Adjusted Operating

Pretax income

$

2,484

 

 

$

2,410

 

 

Income tax provision

$

425

 

 

$

409

 

 

 

 

 

 

 

Effective tax rate

17.1

 

%

17.0

 

%

 

 

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Advice & Wealth Management Adjusted Revenue Per Advisor

(unaudited)

4Q

2019

 

1Q

2020

 

2Q

2020

 

3Q

2020

 

4Q

2020

 

1Q

2021

 

2Q

2021

 

3Q

2021

 

% Over/

(Under)

Total Net Revenue ($ in M)

$

1,710

 

 

$

1,695

 

 

$

1,537

 

$

1,667

 

$

1,776

 

$

1,879

 

$

1,980

 

$

2,048

 

 

Interest Revenue ($ in M)

$

(92

)

 

$

(78

)

 

$

 

$

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisor Count

9,871

 

 

9,878

 

 

9,894

 

9,905

 

9,922

 

10,031

 

10,047

 

10,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Per Advisor ($ in K)

$

173

 

 

$

172

 

 

$

155

 

$

168

 

$

179

 

$

187

 

$

197

 

$

203

 

21%

Revenue Per Advisor excluding short-term interest rate impact ($ in K)

$

164

 

 

$

164

 

 

$

155

 

$

168

 

$

179

 

$

187

 

$

197

 

$

203

 

21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Per Advisor TTM ($ in K)

 

 

 

 

 

 

$

668

 

 

 

 

 

 

 

$

766

 

15%

Revenue Per Advisor excluding short-term interest rate impact TTM ($ in K)

 

 

 

 

 

 

$

651

 

 

 

 

 

 

 

$

766

 

18%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift

 

Quarter Ended

September 30,

 

(in millions, unaudited)

2021

 

2020

 

 

 

Advice & Wealth Management

$

459

 

 

$

320

 

 

Asset Management

285

 

 

198

 

 

RPS

187

 

 

(89

)

 

Pretax adjusted operating earnings

931

 

 

429

 

 

 

 

 

 

 

Advice & Wealth Management

49

 

%

75

 

%

Asset Management

31

 

%

46

 

%

RPS

20

 

%

(21

)

%

Subtotal pretax adjusted operating earnings

100

 

%

100

 

%

AWM & AM

80

 

%

121

 

%

 

 

 

 

 

Ameriprise Financial, Inc.

Reconciliation Table: Return on Equity (ROE) Excluding Accumulated

Other Comprehensive Income “AOCI”

 

Twelve Months Ended

September 30,

 

(in millions, unaudited)

2021

 

2020

 

Net income

$

2,236

 

 

$

1,820

 

 

 

Less: Adjustments (1)

(324

)

 

58

 

 

 

Adjusted operating earnings

2,560

 

 

1,762

 

 

 

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

(6

)

 

(349

)

 

 

Adjusted operating earnings excluding Unlocking

$

2,566

 

 

$

2,111

 

 

 

 

 

 

 

 

 

Total Ameriprise Financial, Inc. shareholders’ equity

$

5,766

 

 

$

6,197

 

 

 

Less: Accumulated other comprehensive income, net of tax

404

 

 

243

 

 

 

Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI

5,362

 

 

5,954

 

 

 

Less: Equity impacts attributable to the consolidated investment entities

3

 

 

 

 

 

Adjusted operating equity

$

5,359

 

 

$

5,954

 

 

 

 

 

 

 

 

 

Return on equity excluding AOCI

41.7

 

%

30.6

 

%

 

Adjusted operating return on equity excluding AOCI (3)

47.8

 

%

29.6

 

%

 

Adjusted operating return on equity excluding AOCI and Unlocking

47.9

 

%

35.5

 

%

 

 

 

 

 

 

 

(1) Adjustments reflect the trailing twelve months' sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs ("DSIC") and deferred acquisition costs ("DAC") amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on disposal of business; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; and the impact of consolidating certain investment entities. After-tax is calculated using the statutory tax rate of 21%.

(2) After-tax is calculated using the statutory tax rate of 21%.

(3) Adjusted operating return on equity excluding accumulated other comprehensive income (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on the disposal of business; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations in the numerator, and Ameriprise Financial shareholders' equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.

 

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