Earnings Per Diluted Share

Return on Equity, ex AOCI (1)

Q4 2021

Q4 2021

GAAP

$5.96

GAAP

51.2%

Adjusted Operating

$6.15

Adjusted Operating

50.6%

• Fourth quarter adjusted operating earnings per diluted share was a record $6.15, up 36 percent from the prior year reflecting strong business growth. Full year adjusted operating earnings per diluted share excluding unlocking increased 35 percent to $22.75.

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

“Ameriprise delivered another very strong quarter and a record year for client flows, assets and financial results.

“This significant organic growth was complemented by strategic actions, including our acquisition of BMO EMEA. In the quarter, we drove more than $40 billion in client net inflows.

“Wealth and Asset Management generated 80% of our 2021 adjusted operating earnings, and we continued to deliver consistently strong results in our high-quality insurance and annuity business. This allows us to generate a differentiated level of capital return to shareholders, while investing in the business and maintaining our balance sheet discipline.

“Ameriprise is well positioned to continue navigating the current environment successfully, and rising interest rates would be another positive. We remain focused on serving our clients well and are energized about the opportunity before us.”

• Fourth quarter GAAP net income per diluted share was $5.96, versus $1.43 a year ago, from strong business performance and lower market impact on derivatives, with BMO integration costs in the current year period. Full year GAAP net income per diluted share increased 89 percent to $23.00.

• Assets under management and administration increased to a record high of $1.4 trillion. BMO’s EMEA Asset Management business (BMO EMEA) added $136 billion of acquired assets.

• Net flows from Advice & Wealth Management and Asset Management were over $40 billion, including a net $15 billion of BMO-related flows primarily from the U.S. asset transfers in North America mainly in December.

• Adjusted operating net revenue was $3.7 billion, an 18 percent increase from strong organic growth.

• Ameriprise generated strong profitability with pretax adjusted operating earnings up 33 percent to $894 million, driven by 45 percent earnings growth from Wealth and Asset Management. These businesses represented 81 percent of operating earnings in the quarter.

• Investment performance at Columbia Threadneedle Investments remains excellent with 133 funds with 4- and 5-star Morningstar ratings with more than 80% of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods.

• The company returned $630 million of capital to shareholders in the quarter for a total of $2.4 billion for the full year, which was nearly 90 percent of adjusted operating earnings.

• The company announced a new share repurchase authorization of $3.0 billion through March 31, 2024.

• On November 8, 2021, the company successfully closed the acquisition of BMO EMEA and recognized $18 million of integration expense on a GAAP basis in the quarter.

(1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.

Ameriprise Financial, Inc.

Fourth Quarter Summary

Quarter Ended
December 31,

% Over/
(Under)

Year-to-date
December 31,

% Over/
(Under)

(in millions, except per share amounts, unaudited)

2021

2020

2021

2020

GAAP net income

$ 701

$ 177

NM

$ 2,760

$ 1,534

80%

Adjusted operating earnings

$ 723

$ 559

29%

$ 2,724

$ 1,770

54%

Adjusted operating earnings excluding Q3 unlocking (see reconciliation starting on p. 25)

$ 723

$ 559

29%

$ 2,730

$ 2,119

29%

GAAP net income per diluted share

$ 5.96

$ 1.43

NM

$ 23.00

$ 12.20

89%

Adjusted operating earnings per diluted share

$ 6.15

$ 4.53

36%

$ 22.70

$ 14.08

61%

Adjusted operating earnings per diluted share excluding Q3 unlocking (see reconciliation starting on p. 255)

$ 6.15

$ 4.53

36%

$ 22.75

$ 16.86

35%

GAAP Return on Equity, ex. AOCI

51.2

%

26.1

%

51.2

%

26.1

%

Adjusted Operating Return on Equity, ex. AOCI

50.6

%

30.2

%

50.6

%

30.2

%

Adjusted Operating Return on Equity, ex. AOCI and Q3 unlocking

50.7

%

36.1

%

50.7

%

36.1

%

Weighted average common shares outstanding:

Basic

114.6

120.9

117.3

123.8

Diluted

117.6

123.4

120.0

125.7

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

Quarter Ended
December 31,

% Over/
(Under)

(in millions, unaudited)

2021

2020

Net revenues

$

2,114

$

1,776

19

%

Distribution expenses

1,275

1,065

(20

)%

G&A / other expense

367

359

(2

)%

Pretax adjusted operating earnings

$

472

$

352

34

%

Pretax adjusted operating margin

22.3

%

19.8

%

250 bps

Quarter Ended
December 31,

% Over/
(Under)

(in billions, unless otherwise noted)

2021

2020

Total client assets

$

732

17

%

Total client net flows (1)

$

9.7

29

%

Wrap net flows (1)

$

9.0

17

%

AWM cash balance

$

41.5

6

%

Average gross yield on cash balances (in bps)

62

69

Adjusted operating net revenue per advisor (TTM in thousands)

$

674

18

%

Adjusted for interest rates (2)

$

666

20

%

(1) See definition on page 133.

(2) Adjusted for impact from interest rates. See reconciliation on page 28.

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

Quarter Ended
December 31,

% Over/
(Under)

(in millions, unaudited)

2021

2020

Net revenues

$

1,060

$

798

33

%

Distribution expenses

294

254

(16

)%

G&A / other expenses

436

343

(27

)%

Pretax adjusted operating earnings

$

330

$

201

64

%

Net pretax adjusted operating margin (1)

45.7

%

39.5

%

Quarter Ended
December 31,

% Over/
(Under)

(in billions)

2021

2020

Total segment AUM

$

754

$

547

38

%

Net Flows

Global Retail net flows

$

13.6

$

7.8

74

%

Global Institutional net flows, ex. legacy insurance partners flows

14.8

0.6

NM

Legacy insurance partners flows

(0.9

)

(1.4

)

32

%

Total segment net flows

$

27.5

$

7.0

NM

Model delivery AUA Flows (2)

$

0.8

$

0.2

NM

(1) See reconciliation on page 144.

(2) Estimated based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

Quarter Ended
December 31,

% Over/
(Under)

(in millions, unaudited)

2021

2020

Net revenues

$

815

$

799

2

%

Expenses

632

619

(2

)%

Pretax adjusted operating earnings

$

183

$

180

2

%

Ameriprise Financial, Inc.

Corporate & Other Segment Adjusted Operating Results

Quarter Ended
December 31,

% Over/
(Under)

(in millions, unaudited)

2021

2020

Corporate & Other, excluding Closed Blocks

$

(88

)

$

(79

)

(11

)%

Closed Blocks (1)

(3

)

19

NM

Pretax adjusted operating earnings

$

(91

)

$

(60

)

(52

)%

Long Term Care

$

4

$

21

(81

)%

Fixed Annuities

(7

)

(2

)

NM

Closed Blocks pretax adjusted operating earnings

$

(3

)

$

19

NM

(1) Long Term Care and Fixed Annuities.

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Consolidated GAAP Results

(in millions, except per share amounts, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/
(Under)

3 Qtr 2021

% Over/
(Under)

Revenues

Management and financial advice fees

$

2,555

$

2,003

28

%

$

2,367

8

%

Distribution fees

462

422

9

%

458

1

%

Net investment income

255

318

(20

)%

773

(67

)%

Premiums, policy and contract charges

367

375

(2

)%

(805

)

NM

Other revenues

123

71

73

%

113

9

%

Total revenues

3,762

3,189

18

%

2,906

29

%

Banking and deposit interest expense

2

6

67

%

3

33

%

Total net revenues

3,760

3,183

18

%

2,903

30

%

Expenses

Distribution expenses

1,322

1,096

(21

)%

1,285

(3

)%

Interest credited to fixed accounts

145

121

(20

)%

172

16

%

Benefits, claims, losses and settlement expenses

378

982

62

%

(719

)

NM

Amortization of deferred acquisition costs

47

(72

)

NM

9

NM

Interest and debt expense

42

38

(11

)%

64

34

%

General and administrative expense

960

828

(16

)%

822

(17

)%

Total expenses

2,894

2,993

3

%

1,633

(77

)%

Pretax income

866

190

NM

1,270

(32

)%

Income tax provision

165

13

NM

239

31

%

Net income

$

701

$

177

NM

$

1,031

(32

)%

Earnings per share

Basic earnings per share

$

6.12

$

1.46

$

8.86

Earnings per diluted share

$

5.96

$

1.43

$

8.65

Weighted average common shares outstanding

Basic

114.6

120.9

116.4

Diluted

117.6

123.4

119.2

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless otherwise noted, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/
(Under)

3 Qtr 2021

% Over/
(Under)

Assets Under Management and Administration

Advice & Wealth Management AUM

$

460,935

$

376,811

22

%

$

431,861

7

%

Asset Management AUM

754,056

546,613

38

%

583,398

29

%

Corporate AUM

136

82

66

%

104

31

%

Eliminations

(44,160

)

(37,483

)

(18

)%

(42,022

)

(5

)%

Total Assets Under Management

1,170,967

886,023

32

%

973,341

20

%

Total Assets Under Administration

246,891

216,066

14

%

232,934

6

%

Total AUM and AUA

$

1,417,858

$

1,102,089

29

%

$

1,206,275

18

%

S&P 500

Daily average

4,600

3,555

29

%

4,425

4

%

Period end

4,766

3,756

27

%

4,308

11

%

Weighted Equity Index (WEI) (1)

Daily average

3,068

2,414

27

%

2,983

3

%

Period end

3,152

2,573

23

%

2,909

8

%

Common shares

Beginning balance

112.4

118.6

(5

)%

114.3

(2

)%

Repurchases

(1.6

)

(2.1

)

24

%

(2.1

)

24

%

Issuances

0.4

1.0

(60

)%

0.4

-

Other

(0.3

)

(0.7

)

57

%

(0.2

)

(50

)%

Total common shares outstanding

110.9

116.8

(5

)%

112.4

(1

)%

Restricted stock units

3.0

3.2

(6

)%

3.0

-

Total basic common shares outstanding

113.9

120.0

(5

)%

115.4

(1

)%

Total potentially dilutive shares

2.9

2.5

16

%

2.9

-

Total diluted shares

116.8

122.5

(5

)%

118.3

(1

)%

Capital Returned to Shareholders

Dividends paid

$

131

$

126

4

%

$

133

(2

)%

Common stock share repurchases

499

376

33

%

533

(6

)%

Total Capital Returned to Shareholders

$

630

$

502

25

%

$

666

(5

)%

(1) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/
(Under)

3 Qtr 2021

% Over/
(Under)

Revenues

Management and financial advice fees:

Advisory fees

$

1,209

$

953

27

%

$

1,189

2

%

Financial planning fees

114

100

14

%

91

25

%

Transaction and other fees

96

88

9

%

94

2

%

Total management and financial advice fees

1,419

1,141

24

%

1,374

3

%

Distribution fees:

Mutual funds

220

197

12

%

219

-

Insurance and annuity

256

229

12

%

246

4

%

Other products

95

96

(1

)%

96

(1

)%

Total distribution fees

571

522

9

%

561

2

%

Net investment income

68

66

3

%

62

10

%

Other revenues

58

53

9

%

54

7

%

Total revenues

2,116

1,782

19

%

2,051

3

%

Banking and deposit interest expense

2

6

67

%

3

33

%

Adjusted operating total net revenues

2,114

1,776

19

%

2,048

3

%

Expenses

Distribution expenses

1,275

1,065

(20

)%

1,238

(3

)%

Interest and debt expense

2

2

-

3

33

%

General and administrative expense

365

357

(2

)%

348

(5

)%

Adjusted operating expenses

1,642

1,424

(15

)%

1,589

(3

)%

Pretax adjusted operating earnings

$

472

$

352

34

%

$

459

3

%

Pretax adjusted operating margin

22.3

%

19.8

%

22.4

%

Pretax adjusted operating earnings by product

Certificates and Banking - Combined

$

21

$

21

-

$

17

24

%

Wealth Management & Distribution

451

331

36

%

442

2

%

Pretax adjusted operating earnings

$

472

$

352

34

%

$

459

3

%

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless otherwise noted, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/
(Under)

3 Qtr 2021

% Over/
(Under)

AWM Total Client Assets

$

857,584

$

732,171

17

%

$

811,189

6

%

Total Client Flows (1)

$

12,542

$

9,697

29

%

$

10,043

25

%

Total Wrap Accounts

Beginning assets

$

435,375

$

339,950

28

%

$

430,003

1

%

Net flows (2)

10,541

8,999

17

%

9,404

12

%

Market appreciation (depreciation) and other (2)

18,772

31,064

(40

)%

(4,032

)

NM

Total wrap ending assets

$

464,688

$

380,013

22

%

$

435,375

7

%

Advisory wrap account assets ending balance (3)

$

459,499

$

375,657

22

%

$

430,546

7

%

Brokerage Cash & Certificates Balances

On-balance sheet (Net Investment Income)

On-balance sheet - broker dealer

$

3,513

$

3,487

1

%

$

3,441

2

%

On-balance sheet - bank

11,419

7,405

54

%

9,815

16

%

On-balance sheet - certificate

5,300

6,760

(22

)%

5,442

(3

)%

Total on-balance sheet

$

20,232

$

17,652

15

%

$

18,698

8

%

Off-balance sheet (Distribution Fees)

Off-balance sheet - broker dealer

$

23,593

$

23,842

(1

)%

$

21,374

10

%

Total brokerage cash & certificates balances

$

43,825

$

41,494

6

%

$

40,072

9

%

Gross Fee Yield

On-balance sheet - broker dealer

0.06

%

0.11

%

0.06

%

On-balance sheet - bank (4)

1.27

%

1.44

%

1.27

%

On-balance sheet - certificates

0.94

%

1.32

%

1.06

%

Off-balance sheet - broker dealer

0.26

%

0.29

%

0.28

%

Weighted Average Gross Fee Yield (4)

0.62

%

0.69

%

0.64

%

Financial Advisors

Employee advisors

2,128

2,117

1

%

2,112

1

%

Franchisee advisors

7,988

7,805

2

%

7,961

-

Total financial advisors

10,116

9,922

2

%

10,073

-

Advisor Retention

Employee

92.0

%

92.1

%

91.7

%

Franchisee

94.2

%

94.0

%

94.3

%

(1) Total client flows represent inflows of client cash and securities less client outflows. Inflows include dividends and interest; outflows include fees. Excludes short-term and long-term capital gain distributions.

(2) Beginning in Q1 2021, wrap net flows is calculated including dividends and interest less fees, which were previously recorded in market appreciation (depreciation) and other. Net flows excludes short-term and long-term capital gain distributions. Prior periods have been restated.

(3) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

(4) The Gross Fee Yield for prior periods have been restated.

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/
(Under)

3 Qtr 2021

% Over/
(Under)

Revenues

Management and financial advice fees:

Asset management fees:

Retail

$

624

$

492

27

%

$

587

6

%

Institutional

248

134

85

%

143

73

%

Transaction and other fees

58

51

14

%

57

2

%

Revenue from other sources (1)

7

4

75

%

7

-

Total management and financial advice fees

937

681

38

%

794

18

%

Distribution fees:

Mutual funds

70

63

11

%

70

-

Insurance and annuity

49

45

9

%

50

(2

)%

Total distribution fees

119

108

10

%

120

(1

)%

Net investment income

2

8

(75

)%

1

NM

Other revenues

2

1

NM

—

-

Total revenues

1,060

798

33

%

915

16

%

Banking and deposit interest expense

—

—

-

—

-

Adjusted operating total net revenues

1,060

798

33

%

915

16

%

Expenses

Distribution expenses

294

254

(16

)%

288

(2

)%

Amortization of deferred acquisition costs

3

3

-

3

-

Interest and debt expense

2

1

NM

1

NM

General and administrative expense

431

339

(27

)%

338

(28

)%

Adjusted operating expenses

730

597

(22

)%

630

(16

)%

Pretax adjusted operating earnings

$

330

$

201

64

%

$

285

16

%

Net Pretax Adjusted Operating Margin Reconciliation

Adjusted operating total net revenues

$

1,060

$

798

33

%

$

915

16

%

Distribution pass thru revenues

(234

)

(205

)

(14

)%

(231

)

(1

)%

Subadvisory and other pass thru revenues

(97

)

(94

)

(3

)%

(97

)

-

Net adjusted operating revenues

$

729

$

499

46

%

$

587

24

%

Pretax adjusted operating earnings

$

330

$

201

64

%

$

285

16

%

Adjusted operating net investment income

(2

)

(8

)

75

%

(1

)

NM

Amortization of intangibles

5

4

25

%

3

67

%

Net adjusted operating earnings

$

333

$

197

69

%

$

287

16

%

Pretax adjusted operating margin

31.1

%

25.2

%

31.1

%

Net pretax adjusted operating margin (2)

45.7

%

39.5

%

48.9

%

Performance fees (3)

Performance fees

$

90

$

17

NM

$

13

NM

Performance fee related to general and administrative expense

55

4

NM

—

-

Net performance fees

$

35

$

13

NM

$

13

NM

(1) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.

(2) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.

(3) Performance fees do not include CLO incentive fees.

NM Not Meaningful - variance equal to or greater than 100%.

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/
(Under)

3 Qtr 2021

% Over/
(Under)

Managed Assets Rollforward

Global Retail Funds

Beginning assets

$

355,719

$

289,922

23

%

$

359,476

(1

)%

Inflows

20,358

16,922

20

%

16,442

24

%

Outflows

(19,111

)

(14,518

)

(32

)%

(15,509

)

(23

)%

Net VP/VIT fund flows

(1,093

)

(840

)

(30

)%

(1,101

)

1

%

Net new flows

154

1,564

(90

)%

(168

)

NM

Reinvested dividends

13,414

6,219

NM

2,001

NM

Net flows

13,568

7,783

74

%

1,833

NM

Distributions

(15,093

)

(7,088

)

NM

(2,151

)

NM

Acquired assets (1)

46,091

—

-

—

-

Market appreciation (depreciation) and other

18,676

30,847

(39

)%

(2,282

)

NM

Foreign currency translation (2)

(717

)

2,019

NM

(1,157

)

38

%

Total ending assets

418,244

323,483

29

%

355,719

18

%

% of total retail assets sub-advised

15.4

%

17.7

%

16.0

%

Global Institutional

Beginning assets

227,679

208,082

9

%

233,890

(3

)%

Inflows (3)

24,175

5,378

NM

9,428

NM

Outflows (3)

(10,274

)

(6,177

)

(66

)%

(7,356

)

(40

)%

Net flows

13,901

(799

)

NM

2,072

NM

Acquired assets (1)

90,125

—

-

—

-

Market appreciation (depreciation) and other (4)

5,046

11,388

(56

)%

(5,895

)

NM

Foreign currency translation (2)

(939

)

4,459

NM

(2,388

)

61

%

Total ending assets

335,812

223,130

51

%

227,679

47

%

Total managed assets

$

754,056

$

546,613

38

%

$

583,398

29

%

Total net flows

$

27,469

$

6,984

NM

$

3,905

NM

Legacy insurance partners flows

$

(920

)

$

(1,350

)

32

%

$

(1,402

)

34

%

Total Assets Under Advisement (5)

$

20,194

$

13,929

45

%

$

19,742

2

%

Model delivery AUA flows (6)

$

820

$

226

NM

$

514

60

%

(1) Reflects the acquisition of BMO’s EMEA Asset Management business that closed on November 8, 2021.

(2) Amounts represent local currency to US dollar translation for reporting purposes.

(3) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.

(4) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.

(5) Assets are presented on a one-quarter lag.

(6) Estimated flows based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.

NM Not Meaningful - variance equal to or greater than 100%.

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/
(Under)

3 Qtr 2021

% Over/
(Under)

Total Managed Assets by Type (1)

Equity

$

402,841

$

302,563

33

%

$

332,715

21

%

Fixed income

277,039

195,971

41

%

198,696