Ameriprise Financial, Inc. · NYSE:AMP

Ameriprise Financial — Q4 2023 Earnings Presentation

24 slides from Ameriprise Financial's earnings presentation, Jan 25, 2024

1. Slide 1: Ameriprise Financial Fourth Quarter 2023 Conference Call

   Ameriprise Financial Fourth Quarter 2023 Conference Call January 25, 2024 © 2024 Ameriprise Financial, Inc. All rights reserved.

2. Slide 2: Forward-looking statements

   Forward-looking statements Some of the statements made in our January 24, 2024 earnings release and/or in this January 25, 2024 presentation constitute forward-looking statements. These statements reflect management's estimates, plans, beliefs and expectations, and speak only as of January 25, 2024.

3. Slide 3: Consolidated Fourth Quarter 2023 Results

   Consolidated Fourth Quarter 2023 Results GAAP Q4 2023 Q4 2022 Better/(Worse) Net Revenues ($M) $3,992 $3,663 9% Expenses ($M) $3,498 $2,846 (23)% Net Income ($M) $377 $649 (42)% Diluted EPS $3.57 $5.83 (39)% Return on Equity, ex. AOCI (1) 39.9% 53.0% (1,310) bps Adjusted Operating Q4 2023 Q4 2022 Be

4. Slide 4: Q4 2023 Business & Financial Results

   Q4 2023 Business & Financial Results Walter Berman Chief Financial Officer © 2024 Ameriprise Financial, Inc. All rights reserved. 4

5. Slide 5: Strong EPS growth of 14% in the quarter and 24% in the year

   (1) (1) Strong EPS growth of 14% in the quarter and 24% in the year demonstrating the strength of our business model • Solid operating fundamentals across our business in the quarter – Assets under management and administration reached $1.4 trillion, up 15% – Consistent revenue growth throughout the

6. Slide 6: Business momentum across the firm

   Business $136 momentum across the firm ~ ~ AUM/A Adjusted Operating Pretax Adjusted Pretax Adjusted $ in trillions Net Revenues Operating Earnings(1) Operating Margin(1) $ in millions $ in millions 15% 8% 10% 40bps $1.4 26.4% 26.0% $1,043 $1.2 $3,948 $946 $3,642 ~ ~ Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q

7. Slide 7: Wealth Management: Strong metrics driving growth over the quarter and year

   Wealth Management: Strong metrics driving growth over the quarter and year Total Client Assets TTM Total Client Flows(1) TTM Revenue Per Advisor $ in billions $ in billions $ in thousands $901 11% $916 19% $53.3 25% $827 $758 $42.5 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 (1) Includes $14.7 b

8. Slide 8: Wealth Management earnings increased 9%

   Wealth Management earnings increased 9% (1) • Solid revenue and pretax earnings growth Adjusted Operating Pretax Adjusted – Continued client net inflows and improved (1) transactional activity Total Net Revenue Operating $ in millions $ in millions – Stable and sustainable interest earnings – Equity

9. Slide 9: Asset Management: strong financial results in a continued challenging environment

   Asset Management: strong financial results in a continued challenging environment Pretax Adjusted • Assets Under Management increased 9% to Adjusted Operating $637 billion from market appreciation and FX Total Net Revenue Operating Earnings $ in millions $ in millions • Net outflows of $5.2 billion

10. Slide 10: Retirement & Protection Solutions delivered good earnings and strong free cash flow

    Retirement & Protection Solutions delivered good earnings and strong free cash flow Pretax Adjusted Operating Earnings • Pretax earnings were $202 million, reflecting continued solid performance $ in millions with a differentiated risk profile • Sales trends improved in the quarter $202 – Protection

11. Slide 11: Consistently delivering strong operating performance through multiple market cycles

    Consistently delivering strong operating performance through multiple market cycles 2023 vs. 2022 +8% +21% +290 bps Revenue EPS Return on Growth(1) Growth(1) Equity ex. AOCI(1) 2023 vs. 2018 +1,170 bps +6% +15% Return on Revenue EPS Equity ex. CAGR(2) CAGR(2) AOCI(2) (1) Results exclude unlocking im

12. Slide 12: Wealth Management was a major contributor to successful AMP performance

    Wealth Management was a major contributor to successful AMP performance Two-thirds of AMP 2023 pretax adjusted operating earnings were from Advice & Wealth Management Adjusted Operating Net Pretax Adjusted Pretax Adjusted Revenue Per Advisor Operating Earnings(1) Operating Margin(1) $ in thousands $

13. Slide 13: Created significant shareholder value through differentiated capital return

    Created significant shareholder value through differentiated capital return • Strong balance sheet fundamentals and capital management – Strong excess capital position of $1.5 billion Returned ~80% of Earnings to Shareholders in 2023 – Holding company available liquidity of $1.8 billion ($ in billio

14. Slide 14: Reconciliation Tables

    Reconciliation Tables © 2024 Ameriprise Financial, Inc. All rights reserved. 14

15. Slide 15: Reconciliation tables: Adjusted Operating Earnings Per Diluted Share

    Reconciliation tables Adjusted Operating Earnings Per Diluted Share Per Diluted Share Quarter Ended Quarter Ended December 31, December 31, % Better/ % Better/ (in millions, except per share amounts, unaudited) 2023 2022 (Worse) 2023 2022 (Worse) Net income $ 377 $ 649 (42)% $ 3.57 $ 5.83 (39)% Adju

16. Slide 16: Adjusted Operating Earnings Per Diluted Share

    Reconciliation tables Adjusted Operating Earnings Per Diluted Share Per Diluted Share Year-to-date Year-to-date December 31, December 31, % Better/ % Better/ (in millions, except per share amounts, unaudited) 2023 2022 (Worse) 2023 2022 (Worse) Net income $ 2,556 $ 3,149 (19)% $ 23.71 $ 27.70 (14)%

17. Slide 17: Reconciliation tables: Pretax Adjusted Operating Earnings

    Reconciliation tables Pretax Adjusted Operating Earnings Quarter Ended December 31, % Better/ (in millions, unaudited) 2023 2022 (Worse) Total net revenues $ 3,992 $ 3,663 9% Adjustments: Net realized investment gains (losses) — (7) Market impact on non-traditional long-duration products (2) (3) Mea

18. Slide 18: Reconciliation tables: Return on Equity Excluding AOCI

    Reconciliation tables Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI” Twelve Months Ended December 31, (in millions, unaudited) 2023 2022 2018 Net income $ 2,556 $ 3,149 $ 2,098 Less: Adjustments (1) (555) 264 (63) Adjusted operating earnings 3,111 2,885 2,161 Less: An

19. Slide 19: Reconciliation tables: G&A Expense and Adjusted Operating Revenue

    Reconciliation tables Ameriprise General and Administrative Expense Quarter Ended December 31, % Better/ (in millions, unaudited) 2023 2022 (Worse) Total G&A Expense $ 1,001 $ 941 (6)% Less: Regulatory accrual, severance, and mark-to-market impact on share-based compensation expense (1) 63 23 Total

20. Slide 20: Reconciliation tables: Advice & Wealth Management Operating Margin

    Reconciliation tables Advice & Wealth Management Operating Margin Quarter Ended December 31, % Better/ (in millions, unaudited) 2023 2022 (Worse) Adjusted operating net revenues $ 2,403 $ 2,226 8% Adjusted operating expenses 1,705 1,561 (9)% Less: Regulatory accrual 30 — Adjusted operating expenses

21. Slide 21: Reconciliation tables: Asset Management Net Pretax Adjusted Operating Margin

    Reconciliation tables Asset Management Net Pretax Adjusted Operating Margin (in millions, unaudited) 4 Qtr 2023 Adjusted operating total net revenues $ 845 Distribution pass through revenues (180) Subadvisory and other pass through revenues (100) Net adjusted operating revenues $ 565 Pretax adjusted

22. Slide 22: Adjusted Operating Earnings Per Diluted Share

    Reconciliation tables Adjusted Operating Earnings Per Diluted Share Per Diluted Share Year-to-date Year-to-date December 31, December 31, (in millions, except per share amounts, unaudited) 2023 2018 CAGR 2023 2018 CAGR Total net revenues $ 15,535 $ 12,835 4% Adjustments: Net realized investment gain

23. Slide 23: Reconciliation tables: Advice & Wealth Management Operating Margin

    Reconciliation tables Advice & Wealth Management Operating Margin Year-to-date December 31, (in millions, unaudited) 2023 2018 CAGR Adjusted operating net revenues $ 9,418 $ 6,189 9% Adjusted operating expenses 6,567 4,800 Less: Regulatory accrual 50 — Adjusted operating expenses excluding accrual f

24. Slide 24: Reconciliation tables: Pretax Adjusted Operating Earnings Mix Shift

    Reconciliation tables Pretax Adjusted Operating Earnings Mix Shift Year-to-date December 31, (in millions, unaudited) 2023 Advice & Wealth Management $ 2,851 Asset Management 720 RPS 685 Subtotal pretax adjusted operating earnings $ 4,256 Advice & Wealth Management 67 % Asset Management 17 % RPS 16

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