Ameriprise Financial, Inc. · NYSE:AMP
Ameriprise Financial — Q1 2024 Earnings Presentation
18 slides from Ameriprise Financial's earnings presentation, Apr 23, 2024
Slide 1: Ameriprise Financial First Quarter 2024 Conference Call
Ameriprise Financial First Quarter 2024 Conference Call April 23, 2024 © 2024 Ameriprise Financial, Inc. All rights reserved.
Slide 2: Forward-looking statements
Forward-looking statements Some of the statements made in our April 22, 2024 earnings release and/or in this April 23, 2024 presentation constitute forward-looking statements. These statements reflect management's estimates, plans, beliefs and expectations, and speak only as of April 23, 2024. These
Slide 3: Consolidated First Quarter 2024 Results
Consolidated First Quarter 2024 Results GAAP Q1 2024 Q1 2023 Better/(Worse) Net Revenues ($M) $4,146 $3,742 11% Expenses ($M) $2,927 $3,246 10% Net Income ($M) $990 $417 NM Diluted EPS $9.46 $3.79 NM Return on Equity, ex. AOCI (1) 48.1% 45.2% 290 bps Adjusted Operating Q1 2024 Q1 2023 Better/(Worse)
Slide 4: Q1 2024 Business & Financial Results
Q1 2024 Business & Financial Results Walter Berman Chief Financial Officer © 2024 Ameriprise Financial, Inc. All rights reserved. 4
Slide 5: Strong EPS growth of 16% demonstrates the strength of our business model
Strong EPS growth of 16% demonstrates the strength of our business model AUM/A Adjusted Operating • Solid operating fundamentals across our business $ in trillions Earnings Per Diluted Share – AUM/A increased 15% to $1.4 trillion 15% – Strong 11% revenue growth from higher 16% management fees and ne
Slide 6: Wealth Management: maintained strong 30% margin
Wealth Management: maintained strong 30% margin • Total client assets increased 19% to $954 billion from Adjusted Operating Pretax Adjusted strong flows and market appreciation Operating Earnings – Client flows of $8.5 billion Total Net Revenue $ in millions $ in millions – Wrap flows of $6.5 billio
Slide 7: Asset Management: strong financial results
Asset Management: strong financial results Adjusted Operating Pretax Adjusted • Assets Under Management increased 7% to Total Net Revenue Operating Earnings $652 billion primarily from market appreciation $ in millions $ in millions • Net outflows of $5.7 billion 7% $855 $206 25% • Revenues grew 7%
Slide 8: Retirement & Protection Solutions: consistent earnings and free cash flow generation
Retirement & Protection Solutions: consistent earnings and free cash flow generation Pretax Adjusted • Pretax earnings reflected strong markets and higher interest rates Operating Earnings partially offset by strong sales which elevated distribution expense $ in millions • Improved sales trends simi
Slide 9: Ameriprise consistently delivers strong operating performance through multiple market cycles
Ameriprise consistently delivers strong operating performance through multiple market cycles One Year Performance +10% +19% +240 bps Revenue EPS Return on Growth(1) Growth(1) Equity ex. AOCI(1) Five Year Performance +1,290 bps +7% +15% Return on Revenue EPS Equity ex. CAGR(2) CAGR(2) AOCI(2) Data on
Slide 10: Created significant shareholder value through differentiated capital return
Created significant shareholder value through differentiated capital return • Strong balance sheet fundamentals and capital management Returned ~80% of Earnings to Shareholders – Strong excess capital position of $1.5 billion Over Trailing 12 Months Through 3-31-24 – Holding company available liquid
Slide 11: Reconciliation Tables
Reconciliation Tables © 2024 Ameriprise Financial, Inc. All rights reserved. 11
Slide 12: Reconciliation tables
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Per Diluted Share Quarter Ended Quarter Ended March 31, March 31, % Better/ % Better/ (in millions, except per share amounts, unaudited) 2024 2023 (Worse) 2024 2023 (Worse) Net income $ 990 $ 417 NM $ 9.46 $ 3.79 NM Adjustments: Net
Slide 13: Reconciliation tables
Reconciliation tables Pretax Adjusted Operating Earnings Quarter Ended March 31, % Better/ (in millions, unaudited) 2024 2023 (Worse) Total net revenues $ 4,146 $ 3,742 11% Adjustments: Net realized investment gains (losses) — 3 Market impact on non-traditional long-duration products 2 — CIEs revenu
Slide 14: Reconciliation tables
Reconciliation tables Ameriprise General and Administrative Expense Quarter Ended March 31, % Better/ (in millions, unaudited) 2024 2023 (Worse) Total G&A Expense $ 959 $ 926 (4)% Less: Mark-to-market impact on share-based compensation expense 10 6 Less: Foreign exchange impacts 4 — Less: Performanc
Slide 15: Adjusted Operating Earnings Per Diluted Share
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Trailing Twelve Months ending Per Diluted Share Trailing March 31, Twelve Months March 31, (in millions, except per share amounts, unaudited) 2024 2023 CAGR 2024 2023 CAGR Total net revenues $ 15,939 $ 14,375 Adjustments: Net realiz
Slide 16: Adjusted Operating Earnings Per Diluted Share
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Trailing Twelve Months ending Per Diluted Share Trailing March 31, Twelve Months March 31, (in millions, except per share amounts, unaudited) 2024 2019 CAGR 2024 2019 CAGR Total net revenues $ 15,939 $ 12,785 Adjustments: Net realiz
Slide 17: Reconciliation tables
Reconciliation tables Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI” Twelve Months Ended March 31, (in millions, unaudited) 2024 2023 2019 Net income $ 3,129 $ 2,741 $ 1,899 Less: Adjustments (1) (62) (266) (229) Adjusted operating earnings 3,191 3,007 2,128 Less: Ann
Slide 18: Reconciliation tables
Reconciliation tables Asset Management Net Pretax Adjusted Operating Margin (in millions, unaudited) 1 Qtr 2024 Adjusted operating total net revenues $ 855 Distribution pass through revenues (192) Subadvisory and other pass through revenues (96) Net adjusted operating revenues $ 567 Pretax adjusted