Annual Report 2022

Adjusted Operating 1,2202220212020
Net revenues$14,264$13,861$11,829
Earnings$2,724$2,724$1,770
Earnings per diluted share$23.96$22.70$14.08
Return on equity excluding accumulated other comprehensive income, net of tax45.9%50.6%30.2%
Adjusted Operating Before Annual Unlocking202220212020
Earnings$2,858$2,730$2,119
Earnings per diluted share$25.14$22.75$16.86
Return on equity excluding accumulated other comprehensive income, net of tax48.1%50.7%36.1%
GAAP202220212020
Net revenues$14,271$13,431$11,899
Net income (earnings)$2,559$2,760$1,534
Earnings per diluted share$22.51$23.00$12.20
Return on equity excluding accumulated other comprehensive income, net of tax43.1%51.2%26.1%
202220212020
Assets under management and administration (in billions)$1,178$1,418$1,102
Percent of Adjusted Operating Earnings Before Annual Unlocking from Wealth and Asset Management357%49%47%
Weighted average common shares outstanding — diluted113.7120.0125.7
Cash dividends paid per common share$4.88$4.43$4.09
Common stock shares repurchased6.67.18.4
Adjusted operating net revenues ($ in millions)202220212020
Total net revenues$14,271$13,431$11,899
Less: Revenues attributable to the CIEs9910771
Less: Net realized investment gains (losses)(107)90(11)
Less: Market impact on non-traditional long-duration products163810
Less: Mean reversion related impacts(1)1—
Less: Block transfer reinsurance transaction impacts—(644)—
Less: Integration/restructuring charges———
Less: Market impact of hedges on investments—(22)—
Adjusted operating total net revenues$14,264$13,861$11,829
Less: Unlocking119(1)
Adjusted operating total net revenues excluding unlocking$14,263$13,842$11,830
Adjusted operating earnings per diluted share ($ in millions, except per share amounts)202220212020
Net income$2,559$2,760$1,534
Less: Net income (loss) attributable to the CIEs(4)(3)3
Add: Integration/restructuring charges150324
Add: Market impact on non-traditional long-duration products1(211)656375
Add: Mean reversion related impacts1268(152)(87)
Add: Market impact of hedges on investments1—22—
Less: Net realized investment gains (losses)1(97)87(10)
Less: Block transfer reinsurance transaction impacts1—521—
Add: Tax effect of adjustments2(43)11(63)
Adjusted operating earnings$2,724$2,724$1,770
Less: Unlocking(169)(8)(442)
Add: Tax effect of unlocking2(35)(2)(93)
Adjusted operating earnings excluding annual unlocking$2,858$2,730$2,119
Weighted average common shares outstanding:
Basic111.3117.3123.8
Diluted113.7120.0125.7

1

Pretax adjusted operating adjustment.

2

Calculated using the statutory tax rate of 21%.

Per Diluted Share
Per Diluted Share202220212020
Net income$22.51$23.00$12.20
Less: Net income (loss) attributable to the CIEs(0.04)(0.03)0.02
Add: Integration/restructuring charges10.440.270.03
Add: Market impact on non-traditional long-duration products1(1.86)5.472.98
Add: Mean reversion related impacts12.36(1.27)(0.69)
Add: Market impact of hedges on investments1—0.18—
Less: Net realized investment gains (losses)1(0.85)0.73(0.08)
Less: Block transfer reinsurance transaction impacts1—4.34—
Tax effect of adjustments2(0.38)0.09(0.50)
Adjusted operating earnings1$23.96$22.70$14.08
Less: Unlocking(1.49)(0.07)(3.52)
Add: Tax effect of unlocking2(0.31)(0.02)(0.74)
Adjusted operating earnings excluding annual unlocking$25.14$22.75$16.86
Adjusted operating return on equity ($ in millions)202220212020
Net income$2,559$2,760$1,534
Less: Adjustments1(165)36(236)
Adjusted operating earnings$2,724$2,724$1,770
Less: unlocking(134)(6)(349)
Adjusted operating earnings excluding unlocking$2,858$2,730$2,119
Total Ameriprise Financial, Inc. shareholders’ equity2$4,453$5,944$6,378
Less: Accumulated other comprehensive income, net of tax2(1,487)556508
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI5,9405,3885,870
Less: Equity impacts attributable to the consolidated investment entities—21
Adjusted operating equity$5,940$5,386$5,869
Return on equity, excluding AOCI43.1%51.2%26.1%
Adjusted operating return on equity, excluding AOCI345.9%50.6%30.2%
Adjusted operating return on equity, excluding AOCI and unlocking348.1%50.7%36.1%

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 and currency 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

The company revised prior period Consolidated Financial Statements to correct shadow unearned revenue liability balances associated with universal life insurance products.

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; 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%.

Mix Shift ($ in millions)202220212020
Advice & Wealth Management pretax adjusted operating earnings$2,192$1,743$1,321
Less: Unlocking———
Pretax adjusted operating earnings excluding unlocking$2,192$1,743$1,321
Asset Management pretax adjusted operating earnings$844$1,096$697
Less: Unlocking———
Pretax adjusted operating earnings excluding unlocking$844$1,096$697
Retirement & Protection Solutions pretax adjusted operating earnings$630$735$480
Less: Unlocking(172)(5)(295)
Pretax adjusted operating earnings excluding unlocking$802$740$775
Percent pretax adjusted operating earnings from Advice & Wealth Management excluding unlocking57%49%47%
Percent pretax adjusted operating earnings from Asset Management excluding unlocking22%31%25%
Percent pretax adjusted operating earnings from Retirement & Protection Solutions excluding unlocking21%20%28%

Excludes Corporate & Other Segment.

© 2023 Ameriprise Financial, Inc. All rights reserved.

Visit ameriprise.com