Ameriprise Financial, Inc. · NYSE:AMP
Ameriprise Financial — Q2 2024 Earnings Presentation
18 slides from Ameriprise Financial's earnings presentation, Jul 25, 2024
Slide 1: Second Quarter 2024 Conference Call
Ameriprise Financial Second Quarter 2024 Conference Call July 25, 2024 © 2024 Ameriprise Financial, Inc. All rights reserved.
Slide 2: Forward-looking statements
Forward-looking statements Some of the statements made in our July 24, 2024 earnings release and/or in this July 25, 2024 presentation constitute forward- looking statements. These statements reflect management's estimates, plans, beliefs and expectations, and speak only as of July 25, 2024. These f
Slide 3: Consolidated Second Quarter 2024 Results
Consolidated Second Quarter 2024 Results Quarter-Ended June 30, Year-To-Date June 30, GAAP 2024 2023 Better/(Worse) 2024 2023 Better/(Worse) Net Revenues ($M) $4,220 $3,876 9% $8,366 $7,618 10% Expenses ($M) $3,169 $2,749 (15)% $6,096 $5,995 (2)% Net Income ($M) $829 $890 (7)% $1,819 $1,307 39% Dilu
Slide 4: Q2 2024 Business & Financial Results
Q2 2024 Business & Financial Results Walter Berman Chief Financial Officer © 2024 Ameriprise Financial, Inc. All rights reserved. 4
Slide 5: Strong EPS growth of 17% demonstrates the strength of our business model
(1) Strong EPS growth of 17% demonstrates the strength of our business model AUM/A Adjusted Operating • Solid operating fundamentals across our business (1) $ in trillions Earnings Per Diluted Share – AUM/A increased 12% to $1.4 trillion 12% – Strong 9% revenue growth from organic growth, 17% strong
Slide 6: Wealth Management delivered strong 31% margin
Wealth Management delivered strong 31% margin • Total client assets increased 17% to $972 billion from Adjusted Operating Pretax Adjusted strong flows and market appreciation Total Net Revenue Operating Earnings $ in millions $ in millions • Revenue increased 13% to $2.6 billion with strong core wea
Slide 7: Asset Management delivered strong financial results
Asset Management delivered strong financial results Adjusted Operating Pretax Adjusted • Assets Under Management increased 4% to Total Net Revenue Operating Earnings $642 billion from market appreciation $ in millions $ in millions • Net outflows improved $1.3 billion from a year ago 5% $218 excludi
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 increased 4% reflecting higher markets and interest Operating Earnings earnings partially offset by distribution expense growth from strong sales $ in millions • Favorable sales tre
Slide 9: 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 increased to $1.7 billion Over Trailing 12 Months Through 6-30-24 – Holding company availa
Slide 10: Ameriprise consistently delivers strong operating performance through multiple market cycles
Ameriprise consistently delivers strong operating performance through multiple market cycles One Year Performance +90 bps $2.6 billion +10% +15% Increase in Capital Revenue EPS Return on Returned to Growth(1) Growth(1) Equity ex. Shareholders AOCI(1) Five Year Performance +1,260 bps $11.9 billion +7
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 June 30, June 30, % Better/ % Better/ (in millions, except per share amounts, unaudited) 2024 2023 (Worse) 2024 2023 (Worse) Net income $ 829 $ 890 (7)% $ 8.02 $ 8.21 (2)% Adjustments: N
Slide 13: Reconciliation tables
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Per Diluted Share Year-to-date Year-to-date June 30, June 30, % Better/ % Better/ (in millions, except per share amounts, unaudited) 2024 2023 (Worse) 2024 2023 (Worse) Net income $ 1,819 $ 1,307 39% $ 17.49 $ 11.97 46% Adjustments:
Slide 14: Reconciliation tables
Reconciliation tables Pretax Adjusted Operating Earnings Quarter Ended June 30, % Better/ (in millions, unaudited) 2024 2023 (Worse) Total net revenues $ 4,220 $ 3,876 9% Adjustments: Net realized investment gains (losses) (3) 3 Market impact on non-traditional long-duration products (1) 1 CIEs reve
Slide 15: Adjusted Operating Earnings Per Diluted Share
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Trailing Twelve Months ending Per Diluted Share Trailing June 30, Twelve Months June 30, (in millions, except per share amounts, unaudited) 2024 2023 CAGR 2024 2023 CAGR Total net revenues $ 16,283 $ 14,765 Adjustments: Net realized
Slide 16: Adjusted Operating Earnings Per Diluted Share
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Trailing Twelve Months ending Per Diluted Share Trailing June 30, Twelve Months June 30, (in millions, except per share amounts, unaudited) 2024 2019 CAGR 2024 2019 CAGR Total net revenues $ 16,283 $ 12,834 Adjustments: Net realized
Slide 17: Reconciliation tables
Reconciliation tables Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI” Twelve Months Ended June 30, (in millions, unaudited) 2024 2023 2019 Net income $ 3,068 $ 3,017 $ 1,929 Less: Adjustments (1) (198) (143) (229) Adjusted operating earnings 3,266 3,160 2,158 Less: Ann
Slide 18: Reconciliation tables
Reconciliation tables Ameriprise General and Administrative Expense Quarter Ended June 30, % Better/ (in millions, unaudited) 2024 2023 (Worse) Total G&A Expense $ 944 $ 941 —% Less: Severance 25 1 Total Normalized G&A Expense $ 919 $ 940 2% Asset Management Net Pretax Adjusted Operating Margin (in