Ameriprise Financial, Inc. · NYSE:AMP

Ameriprise Financial — Q1 2025 Earnings Presentation

19 slides from Ameriprise Financial's earnings presentation, Apr 24, 2025

1. Slide 1: Ameriprise Financial First Quarter 2025 Conference Call

   Ameriprise Financial First Quarter 2025 Conference Call April 24, 2025 © 2025 Ameriprise Financial, Inc. All rights reserved.

2. Slide 2: Forward-looking statements

   Forward-looking statements Some of the statements made in our April 24, 2025 earnings release and/or in this presentation constitute forward-looking statements. These statements reflect management's estimates, plans, beliefs and expectations, and speak only as of April 24, 2025. These forward-lookin

3. Slide 3: Consolidated Results

   Consolidated Results GAAP Q1 2025 Q1 2024 Better/(Worse) Net Revenues ($M) $4,354 $4,146 5% Expenses ($M) $3,667 $2,927 (25)% Net Income ($M) $583 $990 (41)% Diluted EPS $5.83 $9.46 (38)% Return on Equity, ex. AOCI (1) 43.2% 48.1% (490) bps Adjusted Operating Q1 2025 Q1 2024 Better/(Worse) Net Reven

4. Slide 4: Q1 2025 Business & Financial Results

   Q1 2025 Business & Financial Results Walter Berman Chief Financial Officer © 2025 Ameriprise Financial, Inc. All rights reserved. 4

5. Slide 5: Continued solid performance with exceptional balance sheet strength and flexibility

   Ameriprise delivered continued solid performance with exceptional balance sheet strength and flexibility to be opportunistic • Strong underlying performance across our diversified businesses with adjusted operating earnings per diluted share up 13% – Underlying Wealth Management earnings growth rema

6. Slide 6: Strong EPS growth of 13% demonstrates strength and leverage in our business

   Strong EPS growth of 13% demonstrates the strength and leverage within our business • Solid operating fundamentals coupled with an excellent balance Total Assets Under Adjusted Operating sheet will enable us to navigate potential continued elevated Management, Administration Earnings Per volatility

7. Slide 7: Consistent growth metrics are driving Wealth Management profitability

   Consistent growth metrics are driving Wealth Management profitability Total Client Assets Total Wrap Flows TTM Revenue Per Advisor $ in billions $ in billions $ in thousands $1,023 $8.7 $1,056 12% $954 7% $450 $942 34% $432 $6.5 $573 $522 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Wrap Assets N

8. Slide 8: Wealth Management delivered strong profitable growth with a 29% margin

   Wealth Management delivered strong profitable growth with a 29% margin Pretax Adjusted • Revenue increased 9% to $2.8 billion even with fewer fee and trading days Adjusted Operating – Revenue growth from higher client assets and increased Total Net Revenue Operating Earnings transactional activity $

9. Slide 9: Asset Management delivered strong financial results with a 43% margin

   Asset Management delivered strong financial results with a 43% margin Adjusted Operating Pretax Adjusted • Total Assets Under Management and Advisement Total Net Revenue Operating Earnings decreased to $657 billion $ in millions $ in millions • Net outflows were elevated at $18.3 billion, reflecting

10. Slide 10: Retirement & Protection Solutions: consistent earnings and free cash flow generation

    Retirement & Protection Solutions: consistent earnings and free cash flow generation Pretax Adjusted • Retirement & Protection Solutions pretax adjusted operating earnings Operating Earnings increased 8% to $215 million $ in millions – The strong and consistent performance of the business reflects 8

11. Slide 11: 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 – Holding company available liquidity of $2.5 billion Over Trailing 12 Months Through 3-31-25 – Excess capital position of

12. Slide 12: Continues to outperform financial targets with a proven track record

    Ameriprise continues to outperform financial targets and has a proven track record of navigating through challenging market environments over the longer term One Year Performance (TTM Q1 2025 vs TTM Q1 2024) +280 bps $2.9 billion +10% +16% Increase in Capital Revenue EPS Return on Returned to Growth

13. Slide 13: Reconciliation Tables

    Reconciliation Tables © 2025 Ameriprise Financial, Inc. All rights reserved. 13

14. Slide 14: Adjusted Operating Earnings Per Diluted Share

    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) 2025 2024 (Worse) 2025 2024 (Worse) Net income $ 583 $ 990 (41)% $ 5.83 $ 9.46 (38)% Adjustment

15. Slide 15: Pretax Adjusted Operating Earnings

    Reconciliation tables Pretax Adjusted Operating Earnings Quarter Ended March 31, % Better/ (in millions, unaudited) 2025 2024 (Worse) Total net revenues $ 4,354 $ 4,146 5% Adjustments: Net realized investment gains (losses) (2) — Market impact on non-traditional long-duration products 5 2 CIEs reven

16. Slide 16: Asset Management Net Pretax Adjusted Operating Margin

    Reconciliation tables Asset Management Net Pretax Adjusted Operating Margin Quarter Ended March 31, (in millions, unaudited) 1 Qtr 2025 1 Qtr 2024 Adjusted operating total net revenues $ 846 $ 855 Distribution pass through revenues (195) (192) Subadvisory and other pass through revenues (91) (96) Ne

17. Slide 17: Adjusted Operating Earnings Per Diluted Share

    Reconciliation tables Adjusted Operating Earnings Per Diluted Share Trailing Twelve Months Per Diluted Share Trailing ending March 31, % Better/ Twelve Months March 31, % Better/ (in millions, except per share amounts, unaudited) 2025 2024 (Worse) 2025 2024 (Worse) Total net revenues $ 17,472 $ 15,9

18. Slide 18: Adjusted Operating Earnings Per Diluted Share

    Reconciliation tables Adjusted Operating Earnings Per Diluted Share Trailing Twelve Months Per Diluted Share Trailing ending March 31, Twelve Months March 31, (in millions, except per share amounts, unaudited) 2025 2020 CAGR 2025 2020 CAGR Total net revenues $ 17,472 $ 12,850 Adjustments: Net realiz

19. Slide 19: Return on Equity Excluding AOCI

    Reconciliation tables Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI” Twelve Months Ended March 31, (in millions, unaudited) 2025 2024 2020 Net income $ 2,994 $ 3,129 $ 3,534 Less: Adjustments (1) (613) (62) 1,175 Adjusted operating earnings 3,607 3,191 2,359 Less: Ann

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