Business Wire | Oct 26, 2021 04:09PM EDT

Ameriprise Financial Reports Third Quarter 2021 Results

Oct. 26, 2021

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 26, 2021--Ameriprise Financial, Inc. (NYSE: AMP):

Earnings Per Diluted Share Return on Equity, ex AOCI ^(1)

Q3 Q3 2021 2021

GAAP $8.65 GAAP 41.7%

Adjusted Operating $5.86 Adjusted Operating 47.8%

Adjusted Operating Ex. $5.91 Adjusted Operating Ex. 47.9%Unlocking^(2) Unlocking^(2)

* Third quarter adjusted operating earnings per diluted share excluding unlocking was $5.91, up 38 percent from last year due to strong organic growth and market appreciation.

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

"Ameriprise achieved another record quarter for client assets, revenue and earnings. We are executing our strategy well, driving organic growth and generating substantial shareholder value across market cycles.

"Consistent with our plans, our growth businesses of wealth and asset management delivered 80 percent of our adjusted operating earnings for the quarter. At the same time, our retirement and protection business is differentiated and generates significant free cash flow and earnings.

"2021 is proving to be a very strong year for Ameriprise. We are focused on maintaining our business momentum and strong performance through the remainder of the year into 2022."

* Third quarter GAAP net income per diluted share was $8.65, compared to a loss of $1.14 in the prior year period, driven by the fixed annuity reinsurance transaction that closed in the quarter and market impacts.

* The company continues to generate strong organic growth, with approximately $14 billion of net inflows from Advice & Wealth Management and Asset Management, up substantially from a year ago.

* Adjusted operating net revenue was $3.5 billion, an 18 percent increase from strong organic growth in Wealth and Asset Management and market appreciation.

* Ameriprise generated strong profitability with pretax adjusted operating earnings excluding unlocking up 28 percent to $858 million, driven by 44 percent growth in Wealth and Asset Management. These businesses represented 80 percent of Ameriprise operating earnings in the quarter.

* Assets under management and administration was $1.2 trillion, up 21 percent from strong client flows in Wealth and Asset Management, as well as market appreciation.

* The company generated considerable free cash and returned $666 million of capital to shareholders in the quarter, which was 95 percent of adjusted operating earnings.

* Excess capital was strong at $2.7 billion with a strong adjusted operating return on equity excluding unlocking of 47.9 percent.

* Third quarter adjusted operating Perspective from Jim Cracchiolo, earnings per diluted share Chairman and Chief Executive Officer excluding unlocking was $5.91, up 38 percent from last year due to strong organic growth and market appreciation.

* Third quarter GAAP net income per diluted share was $8.65, compared to a loss of $1.14 in the prior year period, driven by the fixed annuity reinsurance transaction that closed in the quarter and market impacts.

* The company continues to generate "Ameriprise achieved another record strong organic growth, with quarter for client assets, revenue and approximately $14 billion of net earnings. We are executing our inflows from Advice & Wealth strategy well, driving organic growth Management and Asset Management, and generating substantial shareholder up substantially from a year ago. value across market cycles.

* Adjusted operating net revenue was $3.5 billion, an 18 percent increase from strong organic "Consistent with our plans, our growth growth in Wealth and Asset businesses of wealth and asset Management and market management delivered 80 percent of our appreciation. adjusted operating earnings for the quarter. At the same time, our * Ameriprise generated strong retirement and protection business is profitability with pretax adjusted differentiated and generates operating earnings excluding significant free cash flow and unlocking up 28 percent to $858 earnings. million, driven by 44 percent growth in Wealth and Asset Management. These businesses represented 80 percent of "2021 is proving to be a very strong Ameriprise operating earnings in year for Ameriprise. We are focused on the quarter. maintaining our business momentum and strong performance through the * Assets under management and remainder of the year into 2022." administration was $1.2 trillion, up 21 percent from strong client flows in Wealth and Asset Management, as well as market appreciation.

* The company generated considerable free cash and returned $666 million of capital to shareholders in the quarter, which was 95 percent of adjusted operating earnings.

* Excess capital was strong at $2.7 billion with a strong adjusted operating return on equity excluding unlocking of 47.9 percent.

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

(2) Unlocking impacts reflect the company's annual review of insurance and annuity valuation assumptions and model changes, and the Long Term Care (LTC) gross premium valuation.

^(1) Return on equity excluding AOCI is calculated on a trailing 12-monthbasis.

^(2) Unlocking impacts reflect the company's annual review of insurance andannuity valuation assumptions and model changes, and the Long Term Care (LTC)gross premium valuation.

Ameriprise Financial, Inc.

Third Quarter Summary

Quarter Ended

September 30,

% Over/

(Under)

Year-to-date

September 30,

% Over/

(Under)

(in millions, except per share amounts, unaudited)

2021

2020

2021

2020

GAAP net income

$

1,031

$

(140

)

NM

$

2,059

$

1,357

52%

Adjusted operating earnings

$

699

$

184

NM

$

2,001

$

1,211

65%

Adjusted operating earnings excluding unlocking (see reconciliation on p. 25 and p. 26)

$

705

$

533

32%

$

2,007

$

1,560

29%

GAAP net income per diluted share

$

8.65

$

(1.14

)

NM

$

17.03

$

10.73

59%

Adjusted operating earnings per diluted share

$

5.86

$

1.47

NM

$

16.55

$

9.57

73%

Adjusted operating earnings per diluted share excluding unlocking (see reconciliation on p. 25 and p. 26)

$

5.91

$

4.27

38%

$

16.60

$

12.33

35%

GAAP Return on Equity, ex. AOCI

41.7

%

30.6

%

41.7

%

30.6

%

Adjusted Operating Return on Equity, ex. AOCI

47.8

%

29.6

%

47.8

%

29.6

%

Adjusted Operating Return on Equity, ex. AOCI and unlocking

47.9

%

35.5

%

47.9

%

35.5

%

Weighted average common shares outstanding:

Basic

116.4

123.0

118.2

124.8

Diluted

119.2

124.9

120.9

126.5

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

Third quarter 2021 GAAP results were positively impacted by the net realized gains on investments transferred as part of the fixed annuity reinsurance transaction that closed in the quarter, as well as market changes that affected credit spreads and the valuation of derivatives.

Ameriprise Financial, Inc.

Third Quarter Summary

Quarter Ended Year-to-date September 30, % Over/ September 30, % Over/

(in millions, (Under) (Under)except per 2021 2020 2021 2020share amounts,unaudited)

GAAP net $ 1,031 $ (140 ) NM $ 2,059 $ 1,357 52%income

Adjustedoperating $ 699 $ 184 NM $ 2,001 $ 1,211 65%earnings

Adjustedoperatingearningsexcluding $ 705 $ 533 32% $ 2,007 $ 1,560 29%unlocking (see reconciliationon p. 25 andp. 26)



GAAP netincome per $ 8.65 $ (1.14 ) NM $ 17.03 $ 10.73 59%diluted share

Adjustedoperating $ 5.86 $ 1.47 NM $ 16.55 $ 9.57 73%earnings per diluted share

Adjustedoperatingearnings perdiluted shareexcluding $ 5.91 $ 4.27 38% $ 16.60 $ 12.33 35%unlocking (seereconciliationon p. 25 andp. 26)



GAAP Return onEquity, ex. 41.7 % 30.6 % 41.7 % 30.6 % AOCI

AdjustedOperatingReturn on 47.8 % 29.6 % 47.8 % 29.6 % Equity, ex.AOCI

AdjustedOperatingReturn on 47.9 % 35.5 % 47.9 % 35.5 % Equity, ex. AOCI andunlocking



Weightedaverage common shares outstanding:

Basic 116.4 123.0 118.2 124.8

Diluted 119.2 124.9 120.9 126.5



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

Third quarter 2021 GAAP results were positively impacted by the net realized gains on investments transferred as part of the fixed annuity reinsurance transaction that closed in the quarter, as well as market changes that affected credit spreads and the valuation of derivatives.

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

Quarter Ended % Over/ September 30, (Under)(in millions, unaudited) 2021 2020

Net revenues $ 2,048 $ 1,667 23%

Distribution expenses 1,238 998 (24)%

G&A / other expense 351 349 (1)%

Pretax adjusted operating earnings $ 459 $ 320 43%



Pretax adjusted operating margin 22.4 % 19.2 % 320 bps





Quarter Ended

September 30,

% Over/

(Under)

(in billions, unless otherwise noted)

2021

2020

Total client assets

$

811

$

667

22%

Total client net flows (1)

$

10.0

$

6.1

64%

Wrap net flows (1)

$

9.4

$

5.7

65%

AWM cash balance

$

40.1

$

39.4

2%

Average gross yield on cash balances (in bps)

65

71

Adjusted operating net revenue per advisor (TTM in thousands)

$

766

$

668

15%

Adjusted for interest rates (2)

$

766

$

651

18%

(1) See definition on page 12.

(2) Adjusted for impact from interest rates. See reconciliation on page 29

Advice & Wealth Management pretax adjusted operating earnings increased 43 percent to $459 million driven by robust client net flows, higher transactional activity, market appreciation and disciplined expense management. Pretax adjusted operating margin was 22.4 percent, up 320 basis points, and continues to demonstrate our strategy to deliver profitable growth. On a sequential basis, pretax operating earnings increased 9 percent and pretax adjusted operating margin expanded 100 basis points.

Adjusted operating net revenues grew 23 percent to $2.0 billion, reflecting strong client net flows and market appreciation.

Total expenses were $1.6 billion, reflecting higher distribution expense associated with robust organic growth. General and administrative expense was up 1 percent from the prior year, as higher activity-based expense and performance-based compensation were partially offset by expense discipline.

Total client assets grew 22 percent to $811 billion. The substantial organic growth was driven primarily by our advisor base with deeper client relationships from existing clients, as well as increased new client acquisition. Total client flows were a robust $10.0 billion in the quarter, representing a 65 percent increase in investment advisory flows and a 16 percent increase in transactional activity. Wrap net flows were $9.4 billion, representing the fourth consecutive quarter at or above $9.0 billion. Cash balances remain elevated at $40.1 billion with an opportunity for clients to put cash back to work in the future.

Adjusted operating net revenue per advisor on a trailing 12-month basis was $766,000. Excluding the decline in short-term interest rates, adjusted net revenue per advisor increased 18 percent. The advisor count increased 2 percent to 10,073, with excellent advisor retention and the addition of 104 experienced advisors in the quarter.

Quarter Ended % Over/ September 30, (Under)(in billions, unless otherwise noted) 2021 2020

Total client assets $ 811 $ 667 22%

Total client net flows ^(1) $ 10.0 $ 6.1 64%

Wrap net flows ^(1) $ 9.4 $ 5.7 65%

AWM cash balance $ 40.1 $ 39.4 2%

Average gross yield on cash balances (in bps) 65 71

Adjusted operating net revenue per advisor (TTM in $ 766 $ 668 15%thousands)

Adjusted for interest rates ^(2) $ 766 $ 651 18%



^(1) See definition on page 12.

^(2) Adjusted for impact from interest rates. See reconciliation on page 29

Advice & Wealth Management pretax adjusted operating earnings increased 43 percent to $459 million driven by robust client net flows, higher transactional activity, market appreciation and disciplined expense management. Pretax adjusted operating margin was 22.4 percent, up 320 basis points, and continues to demonstrate our strategy to deliver profitable growth. On a sequential basis, pretax operating earnings increased 9 percent and pretax adjusted operating margin expanded 100 basis points.

Adjusted operating net revenues grew 23 percent to $2.0 billion, reflecting strong client net flows and market appreciation.

Total expenses were $1.6 billion, reflecting higher distribution expense associated with robust organic growth. General and administrative expense was up 1 percent from the prior year, as higher activity-based expense and performance-based compensation were partially offset by expense discipline.

Total client assets grew 22 percent to $811 billion. The substantial organic growth was driven primarily by our advisor base with deeper client relationships from existing clients, as well as increased new client acquisition. Total client flows were a robust $10.0 billion in the quarter, representing a 65 percent increase in investment advisory flows and a 16 percent increase in transactional activity. Wrap net flows were $9.4 billion, representing the fourth consecutive quarter at or above $9.0 billion. Cash balances remain elevated at $40.1 billion with an opportunity for clients to put cash back to work in the future.

Adjusted operating net revenue per advisor on a trailing 12-month basis was $766,000. Excluding the decline in short-term interest rates, adjusted net revenue per advisor increased 18 percent. The advisor count increased 2 percent to 10,073, with excellent advisor retention and the addition of 104 experienced advisors in the quarter.

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

Quarter Ended % Over/ September 30, (Under)(in millions, unaudited) 2021 2020

Net revenues $ 915 $ 739 24%

Distribution expenses 288 240 (20)%

G&A / other expenses 342 301 (14)%

Pretax adjusted operating earnings $ 285 $ 198 44%



Net pretax adjusted operating margin ^(1) 48.9 % 43.9 %





Quarter Ended % Over/ September 30, (Under)(in billions) 2021 2020

Total segment AUM $ 583 $ 498 17%



Net Flows

Global Retail net flows $ 1.8 $ 2.0 (8)%

Global Institutional net flows, ex. legacy 3.5 (2.0 ) NMinsurance partners flows

Legacy insurance partners flows (1.4 ) (1.6 ) 10%

Total segment net flows $ 3.9 $ (1.6 ) NM



Model delivery AUA Flows ^(2) $ 0.5 $ 0.3 72%



^(1) See reconciliation on page 13.

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

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

Asset Management pretax adjusted operating earnings increased 44 percent to $285 million reflecting the cumulative benefit of net inflows, higher performance fees and market appreciation. Net pretax adjusted operating margin was 48.9 percent. On a sequential basis, pretax operating earnings increased 13 percent and pretax adjusted operating margin expanded 350 basis points.

Adjusted operating revenues increased 24 percent to $915 million from the cumulative benefit of inflows, as well as higher performance fees and equity markets. The fee rate remained strong at 53 basis points. On a sequential basis, revenues increased 4 percent.

Adjusted operating expenses increased 16 percent. General and administrative expense grew 14 percent driven primarily from strong business performance that drove higher compensation expense and other volume-related costs, as well as foreign exchange translation.

Total assets under management increased 17 percent to $583 billion reflecting equity market appreciation and net inflows. Long term investment performance remained very strong across equity, fixed income and asset-allocation strategies.

In the quarter, net inflows were $3.9 billion, an improvement of $5.5 billion from a year ago. Net inflows were $5.3 billion, excluding legacy insurance partners outflows, reflecting a continuation of positive flow trends across multiple distribution channels and strategies.

* Retail net inflows were $1.8 billion. Net inflows in North America were $2.2 billion with notable inflows in the broker-dealer channel that were partially offset by outflows in EMEA. * Global institutional net inflows were $3.5 billion, with gross sales across multiple strategies.

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

Quarter Ended % Over/ September 30, (Under)(in millions, unaudited) 2021 2020

Net revenues $ 834 $ 781 7%

Expenses 647 870 26%

Pretax adjusted operating earnings $ 187 $ (89 ) NM

Unlocking (5 ) (295 ) 98%

Pretax adjusted operating earnings excluding $ 192 $ 206 (7)%unlocking



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

Retirement & Protection Solutions pretax adjusted operating earnings excluding unlocking was $192 million versus $206 million last year, with continued strong free cash flow generation and high return on capital. Unlocking was an unfavorable $5 million, reflecting strong performance of the blocks that was consistent with expectations.

During the quarter, we continued to focus sales on non-guarantee retirement solutions and accumulation products, including variable annuities without living benefit riders, structured annuities and variable universal life. Retirement sales increased 28 percent to $1.4 billion in the quarter, with 72 percent in products without living benefit riders compared to 56 percent in the prior year quarter. Sales of higher-margin accumulation VUL products increased 167 percent and sales of indexed UL products declined 63 percent as expected given pricing changes made to reflect low interest rates.

We maintain a differentiated book of business with strong returns and free cash flow generation, with a very limited risk profile as evidenced by variable annuity net amount at risk as a percent of account value of 0.4 percent for living benefits and 0.1 percent for death benefits, which we believe is well below the industry.

Ameriprise Financial, Inc.

Corporate & Other Segment Adjusted Operating Results

Quarter Ended % Over/ September 30, (Under)(in millions, unaudited) 2021 2020

Corporate & Other $ (73 ) $ (58 ) (26)%

Closed Blocks ^(1) (8 ) (144 ) 94%

Pretax adjusted operating earnings $ (81 ) $ (202 ) 60%

Unlocking/loss recognition (3 ) (147 ) 98%

Pretax adjusted operating earnings excluding $ (78 ) $ (55 ) (42)%unlocking/loss recognition



Long term care excluding unlocking/loss recognition $ 2 $ 6 (67)%

Fixed Annuities excluding unlocking (7 ) (3 ) NM

Pretax adjusted operating earnings excluding $ (5 ) $ 3 NMunlocking



^(1) Long Term Care and Fixed Annuities.

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

Corporate & Other pretax adjusted operating loss was in line within expectations at $73 million.

Closed Blocks of long term care and fixed annuities had a pretax adjusted operating loss of $5 million excluding unlocking. Our closed long term care block continued to perform in line with our expectations, with pretax adjusted operating earnings of $2 million. Results included a favorable $8 million from an adjustment to our long term care claim reserves.

Fixed annuities pretax adjusted operating loss excluding unlocking was $7 million, reflecting the amortization of the reinsurance ceding commission. In July, the company closed its fixed annuity reinsurance transaction for RiverSource Life Insurance Company with Global Atlantic's subsidiary, Commonwealth Annuity and Life Insurance Company.

Taxes

The third quarter adjusted operating effective tax rate was 17.8 percent. On a year-to-date basis, the adjusted operating effective tax rate was 17.0 percent.

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive advisory, asset management and insurance capabilities and a nationwide network of over 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.

Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited is an SEC- and FCA-registered investment adviser affiliate of Columbia Management Investment Advisers, LLC based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are all part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA.

Non-GAAP Financial Measures

The company believes the presentation of adjusted operating earnings and other non-GAAP financial measures, and the corresponding ratios, best represents the underlying performance of our core operations and facilitates a more meaningful trend analysis without the distortion of various adjustment items. Management uses non-GAAP financial measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors and to provide a valuable perspective for investors. These non-GAAP financial measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Non-GAAP financial measures are intended to supplement investors' understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies' similarly titled non-GAAP financial measures. Non-GAAP financial measure reconciliations can be found on the subsequent pages.

Forward-Looking Statements

This news release contains forward-looking statements that reflect management's plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:

* statements of the company's plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, acquisition integration, general and administrative costs, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities; * statements about the expected trend in the shift away from products with living benefit guarantees and resulting expected impact to the business; * other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets; and * statements of assumptions underlying such statements.

The words "believe," "expect," "anticipate," "optimistic," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "forecast," "on track," "project," "continue," "able to remain", "resume," "deliver," "develop," "evolve," "drive," "enable," "flexibility," "scenario," "case," "appear," "expands" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the "Risk Factors" discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2020 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.

The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company's Form 10-Q for the quarter ended September 30, 2021.

Ameriprise Financial announces financial and other information to investors through the company's investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this release or in any other report or document the company furnishes or files with the SEC.

Ameriprise Financial, Inc.

Consolidated GAAP Results

(in millions, except per share 3 Qtr 3 Qtr % Over/ 2 Qtr % Over/amounts, unaudited) 2021 2020 2021 (Under) (Under)

Revenues

Management and financial advice $ 2,367 $ 1,893 25% $ 2,251 5%fees

Distribution fees 458 400 15% 452 1%

Net investment income 773 300 NM 278 NM

Premiums, policy and contract (805 ) 352 NM 364 NMcharges

Other revenues 113 68 66% 75 51%

Total revenues 2,906 3,013 (4)% 3,420 (15)%

Banking and deposit interest 3 10 70% 2 (50)%expense

Total net revenues 2,903 3,003 (3)% 3,418 (15)%

Expenses

Distribution expenses 1,285 1,028 (25)% 1,233 (4)%

Interest credited to fixed 172 170 (1)% 124 (39)%accounts

Benefits, claims, losses and (719 ) 1,104 NM 404 NMsettlement expenses

Amortization of deferred 9 85 89% 63 86%acquisition costs

Interest and debt expense 64 37 (73)% 43 (49)%

General and administrative 822 763 (8)% 830 1%expense

Total expenses 1,633 3,187 49% 2,697 39%

Pretax income 1,270 (184 ) NM 721 76%

Income tax provision 239 (44 ) NM 130 (84)%

Net income $ 1,031 $ (140 ) NM $ 591 74%



Earnings per share

Basic earnings per share $ 8.86 $ (1.14 ) $ 4.99

Earnings per diluted share $ 8.65 $ (1.14 ) $ 4.88



Weighted average common shares outstanding

Basic 116.4 123.0 118.4

Diluted 119.2 124.9 121.2



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

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless otherwise noted, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Assets Under Management and Administration

Advice & Wealth Management AUM

$

431,861

$

336,966

28%

$

426,500

1%

Asset Management AUM

583,398

498,004

17%

593,366

(2)%

Corporate AUM

104

65

60%

100

4%

Eliminations

(42,022

)

(34,128

)

(23)%

(42,025

)

-

Total Assets Under Management

973,341

800,907

22%

977,941

-

Total Assets Under Administration

232,934

197,699

18%

233,334

-

Total AUM and AUA

$

1,206,275

$

998,606

21%

$

1,211,275

-

S&P 500

Daily average

4,425

3,316

33%

4,182

6%

Period end

4,308

3,363

28%

4,298

-

Weighted Equity Index (WEI) (1)

Daily average

2,983

2,234

34%

2,858

4%

Period end

2,909

2,255

29%

2,921

(0.4)%

Common shares

Beginning balance

114.3

120.6

(5)%

116.0

(1)%

Repurchases

(2.1

)

(2.1

)

-

(1.7

)

(24)%

Issuances

0.4

0.3

33%

0.2

NM

Other

(0.2

)

(0.2

)

-

(0.2

)

-

Total common shares outstanding

112.4

118.6

(5)%

114.3

(2)%

Restricted stock units

3.0

3.2

(6)%

3.1

(3)%

Total basic common shares outstanding

115.4

121.8

(5)%

117.4

(2)%

Total potentially dilutive shares

2.9

1.9

53%

2.7

7%

Total diluted shares

118.3

123.7

(4)%

120.1

(1)%

Capital Returned to Shareholders

Dividends paid

$

133

$

129

3%

$

135

(1)%

Common stock share repurchases

533

319

67%

450

18%

Total Capital Returned to Shareholders

$

666

$

448

49%

$

585

14%

(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.

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

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless % Over/ % Over/otherwise noted, 3 Qtr 2021 3 Qtr 2020 2 Qtr 2021unaudited) (Under) (Under)



Assets Under Management and Administration

Advice & Wealth $ 431,861 $ 336,966 28% $ 426,500 1%Management AUM

Asset Management AUM 583,398 498,004 17% 593,366 (2)%

Corporate AUM 104 65 60% 100 4%

Eliminations (42,022 ) (34,128 ) (23)% (42,025 ) -

Total Assets Under 973,341 800,907 22% 977,941 -Management

Total Assets Under 232,934 197,699 18% 233,334 -Administration

Total AUM and AUA $ 1,206,275 $ 998,606 21% $ 1,211,275 -



S&P 500

Daily average 4,425 3,316 33% 4,182 6%

Period end 4,308 3,363 28% 4,298 -



Weighted Equity Index (WEI) ^(1)

Daily average 2,983 2,234 34% 2,858 4%

Period end 2,909 2,255 29% 2,921 (0.4)%



Common shares

Beginning balance 114.3 120.6 (5)% 116.0 (1)%

Repurchases (2.1 ) (2.1 ) - (1.7 ) (24)%

Issuances 0.4 0.3 33% 0.2 NM

Other (0.2 ) (0.2 ) - (0.2 ) -

Total common shares 112.4 118.6 (5)% 114.3 (2)%outstanding

Restricted stock 3.0 3.2 (6)% 3.1 (3)%units

Total basic common 115.4 121.8 (5)% 117.4 (2)%shares outstanding

Total potentially 2.9 1.9 53% 2.7 7%dilutive shares

Total diluted shares 118.3 123.7 (4)% 120.1 (1)%



Capital Returned to Shareholders

Dividends paid $ 133 $ 129 3% $ 135 (1)%

Common stock share 533 319 67% 450 18%repurchases

Total CapitalReturned to $ 666 $ 448 49% $ 585 14%Shareholders



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

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



Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Revenues

Management and financial advice fees:

Advisory fees

$

1,189

$

907

31%

$

1,113

7%

Financial planning fees

91

81

12%

93

(2)%

Transaction and other fees

94

89

6%

93

1%

Total management and financial advice fees

1,374

1,077

28%

1,299

6%

Distribution fees:

Mutual funds

219

186

18%

212

3%

Insurance and annuity

246

202

22%

252

(2)%

Other products

96

91

5%

98

(2)%

Total distribution fees

561

479

17%

562

-

Net investment income

62

70

(11)%

63

(2)%

Other revenues

54

51

6%

58

(7)%

Total revenues

2,051

1,677

22%

1,982

3%

Banking and deposit interest expense

3

10

70%

2

(50)%

Adjusted operating total net revenues

2,048

1,667

23%

1,980

3%

Expenses

Distribution expenses

1,238

998

(24)%

1,194

(4)%

Interest and debt expense

3

3

-

2

(50)%

General and administrative expense

348

346

(1)%

361

4%

Adjusted operating expenses

1,589

1,347

(18)%

1,557

(2)%

Pretax adjusted operating earnings

$

459

$

320

43%

$

423

9%

Pretax adjusted operating margin

22.4

%

19.2

%

21.4

%

Pretax adjusted operating earnings by product

Certificates and Banking - Combined

$

17

$

17

-

$

18

(6)%

Wealth Management & Distribution

442

303

46%

405

9%

Pretax adjusted operating earnings

$

459

$

320

43%

$

423

9%

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

3 Qtr % Over/ % Over/(in millions, unaudited) 3 Qtr 2021 2020 2 Qtr 2021 (Under) (Under)



Revenues

Management and financial advice fees:

Advisory fees $ 1,189 $ 907 31% $ 1,113 7%

Financial planning fees 91 81 12% 93 (2)%

Transaction and other fees 94 89 6% 93 1%

Total management and 1,374 1,077 28% 1,299 6%financial advice fees

Distribution fees:

Mutual funds 219 186 18% 212 3%

Insurance and annuity 246 202 22% 252 (2)%

Other products 96 91 5% 98 (2)%

Total distribution fees 561 479 17% 562 -

Net investment income 62 70 (11)% 63 (2)%

Other revenues 54 51 6% 58 (7)%

Total revenues 2,051 1,677 22% 1,982 3%

Banking and deposit interest 3 10 70% 2 (50)%expense

Adjusted operating total net 2,048 1,667 23% 1,980 3%revenues



Expenses

Distribution expenses 1,238 998 (24)% 1,194 (4)%

Interest and debt expense 3 3 - 2 (50)%

General and administrative 348 346 (1)% 361 4%expense

Adjusted operating expenses 1,589 1,347 (18)% 1,557 (2)%

Pretax adjusted operating $ 459 $ 320 43% $ 423 9%earnings



Pretax adjusted operating 22.4 % 19.2 % 21.4 % margin



Pretax adjusted operating earnings by product

Certificates and Banking - $ 17 $ 17 - $ 18 (6)%Combined

Wealth Management & 442 303 46% 405 9%Distribution

Pretax adjusted operating $ 459 $ 320 43% $ 423 9%earnings



Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless otherwise noted, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

AWM Total Client Assets

$

811,189

$

666,800

22%

$

807,335

-

Total Client Flows (1)

$

10,043

$

6,130

64%

$

9,530

5%

Total Wrap Accounts

Beginning assets

$

430,003

$

317,615

35%

$

399,817

8%

Net flows (2)

9,404

5,701

65%

10,024

(6)%

Market appreciation (depreciation) and other (2)

(4,032

)

16,634

NM

20,162

NM

Total wrap ending assets

$

435,375

$

339,950

28%

$

430,003

1%

Advisory wrap account assets ending balance (3)

$

430,546

$

335,980

28%

$

425,200

1%

Brokerage Cash & Certificates Balances

On-balance sheet (Net Investment Income)

On-balance sheet - broker dealer

$

3,441

$

3,345

3%

$

3,383

2%

On-balance sheet - bank

9,815

6,320

55%

8,671

13%

On-balance sheet - certificate

5,442

7,165

(24)%

5,749

(5)%

Total on-balance sheet

$

18,698

$

16,830

11%

$

17,803

5%

Off-balance sheet (Distribution Fees)

Off-balance sheet - broker dealer

$

21,374

$

22,591

(5)%

$

21,391

-

Total brokerage cash & certificates balances

$

40,072

$

39,421

2%

$

39,194

2%

Gross Fee Yield

On-balance sheet - broker dealer

0.06

%

0.11

%

0.05

%

On-balance sheet - bank

1.44

%

1.53

%

1.32

%

On-balance sheet - certificates

1.06

%

1.45

%

1.13

%

Off-balance sheet - broker dealer

0.28

%

0.29

%

0.27

%

Weighted Average Gross Fee Yield

0.65

%

0.71

%

0.63

%

Financial Advisors

Employee advisors

2,112

2,123

(1)%

2,104

-

Franchisee advisors

7,961

7,782

2%

7,943

-

Total financial advisors

10,073

9,905

2%

10,047

-

Advisor Retention

Employee

91.7

%

91.9

%

91.4

%

Franchisee

94.3

%

93.6

%

94.1

%

(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.

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

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless % Over/ % Over/otherwise noted, 3 Qtr 2021 3 Qtr 2020 2 Qtr 2021unaudited) (Under) (Under)



AWM Total Client $ 811,189 $ 666,800 22% $ 807,335 -Assets



Total Client Flows ^ $ 10,043 $ 6,130 64% $ 9,530 5%(1)



Total Wrap Accounts

Beginning assets $ 430,003 $ 317,615 35% $ 399,817 8%

Net flows ^(2) 9,404 5,701 65% 10,024 (6)%

Market appreciation(depreciation) and (4,032 ) 16,634 NM 20,162 NMother ^(2)

Total wrap ending $ 435,375 $ 339,950 28% $ 430,003 1%assets



Advisory wrap accountassets ending balance $ 430,546 $ 335,980 28% $ 425,200 1%^(3)



Brokerage Cash & Certificates Balances

On-balance sheet (Net Investment Income)

On-balance sheet - $ 3,441 $ 3,345 3% $ 3,383 2%broker dealer

On-balance sheet - 9,815 6,320 55% 8,671 13%bank

On-balance sheet - 5,442 7,165 (24)% 5,749 (5)%certificate

Total on-balance $ 18,698 $ 16,830 11% $ 17,803 5%sheet

Off-balance sheet (Distribution Fees)

Off-balance sheet - $ 21,374 $ 22,591 (5)% $ 21,391 -broker dealer

Total brokerage cash& certificates $ 40,072 $ 39,421 2% $ 39,194 2%balances



Gross Fee Yield

On-balance sheet - 0.06 % 0.11 % 0.05 % broker dealer

On-balance sheet - 1.44 % 1.53 % 1.32 % bank

On-balance sheet - 1.06 % 1.45 % 1.13 % certificates

Off-balance sheet - 0.28 % 0.29 % 0.27 % broker dealer



Weighted Average 0.65 % 0.71 % 0.63 % Gross Fee Yield



Financial Advisors

Employee advisors 2,112 2,123 (1)% 2,104 -

Franchisee advisors 7,961 7,782 2% 7,943 -

Total financial 10,073 9,905 2% 10,047 -advisors



Advisor Retention

Employee 91.7 % 91.9 % 91.4 %

Franchisee 94.3 % 93.6 % 94.1 %



^(1) Total client flows represent inflows of client cash and securities lessclient 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 andinterest less fees, which were previously recorded in market appreciation(depreciation) and other. Net flows excludes short-term and long-term capitalgain distributions. Prior periods have been restated.

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

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

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Revenues

Management and financial advice fees:

Asset management fees:

Retail

$

587

$

466

26%

$

567

4%

Institutional

143

122

17%

131

9%

Transaction and other fees

57

47

21%

56

2%

Revenue from other sources (1)

7

6

17%

4

75%

Total management and financial advice fees

794

641

24%

758

5%

Distribution fees:

Mutual funds

70

59

19%

69

1%

Insurance and annuity

50

45

11%

49

2%

Total distribution fees

120

104

15%

118

2%

Net investment income

1

(6

)

NM

2

(50)%

Other revenues

-

-

-

1

NM

Total revenues

915

739

24%

879

4%

Banking and deposit interest expense

-

-

-

-

-

Adjusted operating total net revenues

915

739

24%

879

4%

Expenses

Distribution expenses

288

240

(20)%

282

(2)%

Amortization of deferred acquisition costs

3

2

(50)%

3

-

Interest and debt expense

1

2

50%

1

-

General and administrative expense

338

297

(14)%

340

1%

Adjusted operating expenses

630

541

(16)%

626

(1)%

Pretax adjusted operating earnings

$

285

$

198

44%

$

253

13%

Net Pretax Adjusted Operating Margin Reconciliation

Adjusted operating total net revenues

$

915

$

739

24%

$

879

4%

Distribution pass thru revenues

(231

)

(193

)

(20)%

(225

)

(3)%

Subadvisory and other pass thru revenues

(97

)

(74

)

(31)%

(94

)

(3)%

Net adjusted operating revenues

$

587

$

472

24%

$

560

5%

Pretax adjusted operating earnings

$

285

$

198

44%

$

253

13%

Adjusted operating net investment income

(1

)

6

NM

(2

)

50%

Amortization of intangibles

3

3

-

3

-

Net adjusted operating earnings

$

287

$

207

39%

$

254

13%

Pretax adjusted operating margin

31.1

%

26.8

%

28.8

%

Net pretax adjusted operating margin (2)

48.9

%

43.9

%

45.4

%

Performance fees (3)

Performance fees

$

13

$

-

-

$

3

NM

Performance fee related to general and administrative expense

-

-

-

-

-

Net performance fees

$

13

$

-

-

$

3

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 Adjusted Operating Results

3 Qtr 3 Qtr % Over/ 2 Qtr % Over/(in millions, unaudited) 2021 2020 2021 (Under) (Under)



Revenues

Management and financial advice fees:

Asset management fees:

Retail $ 587 $ 466 26% $ 567 4%

Institutional 143 122 17% 131 9%

Transaction and other fees 57 47 21% 56 2%

Revenue from other sources ^(1) 7 6 17% 4 75%

Total management and financial 794 641 24% 758 5%advice fees

Distribution fees:

Mutual funds 70 59 19% 69 1%

Insurance and annuity 50 45 11% 49 2%

Total distribution fees 120 104 15% 118 2%

Net investment income 1 (6 ) NM 2 (50)%

Other revenues - - - 1 NM

Total revenues 915 739 24% 879 4%

Banking and deposit interest - - - - -expense

Adjusted operating total net 915 739 24% 879 4%revenues



Expenses

Distribution expenses 288 240 (20)% 282 (2)%

Amortization of deferred 3 2 (50)% 3 -acquisition costs

Interest and debt expense 1 2 50% 1 -

General and administrative 338 297 (14)% 340 1%expense

Adjusted operating expenses 630 541 (16)% 626 (1)%

Pretax adjusted operating $ 285 $ 198 44% $ 253 13%earnings



Net Pretax Adjusted Operating Margin Reconciliation

Adjusted operating total net $ 915 $ 739 24% $ 879 4%revenues

Distribution pass thru revenues (231 ) (193 ) (20)% (225 ) (3)%

Subadvisory and other pass thru (97 ) (74 ) (31)% (94 ) (3)%revenues

Net adjusted operating revenues $ 587 $ 472 24% $ 560 5%



Pretax adjusted operating $ 285 $ 198 44% $ 253 13%earnings

Adjusted operating net investment (1 ) 6 NM (2 ) 50%income

Amortization of intangibles 3 3 - 3 -

Net adjusted operating earnings $ 287 $ 207 39% $ 254 13%



Pretax adjusted operating margin 31.1 % 26.8 % 28.8 %

Net pretax adjusted operating 48.9 % 43.9 % 45.4 % margin ^(2)



Performance fees ^(3)

Performance fees $ 13 $ - - $ 3 NM

Performance fee related togeneral and administrative - - - - -expense

Net performance fees $ 13 $ - - $ 3 NM



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

^(2) Calculated as net adjusted operating earnings as a percentage of netadjusted 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)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Total Managed Assets by Type

Equity

$

332,715

$

264,840

26%

$

339,032

(2)%

Fixed income

199,253

188,844

6%

203,101

(2)%

Money market

5,752

5,076

13%

5,484

5%

Alternative

3,829

3,465

11%

3,839

-

Hybrid and other

41,849

35,779

17%

41,910

-

Total managed assets by type

$

583,398

$

498,004

17%

$

593,366

(2)%

Average Managed Assets by Type (1)

Equity

$

340,804

$

264,206

29%

$

330,801

3%

Fixed income

200,712

187,171

7%

200,246

-

Money market

5,831

5,100

14%

5,823

-

Alternative

3,828

3,340

15%

3,812

-

Hybrid and other

42,098

35,422

19%

41,148

2%

Total average managed assets by type

$

593,273

$

495,239

20%

$

581,830

2%

Managed Assets Rollforward

Global Retail Funds

Beginning assets

$

359,476

$

274,136

31%

$

340,270

6%

Inflows

16,442

14,498

13%

19,371

(15)%

Outflows

(15,509

)

(13,192

)

(18)%

(17,075

)

9%

Net VP/VIT fund flows

(1,101

)

(691

)

(59)%

(967

)

(14)%

Net new flows

(168

)

615

NM

1,329

NM

Reinvested dividends

2,001

1,375

46%

2,874

(30)%

Net flows

1,833

1,990

(8)%

4,203

(56)%

Distributions

(2,151

)

(1,540

)

(40)%

(3,375

)

36%

Market appreciation (depreciation) and other

(2,282

)

13,848

NM

18,113

NM

Foreign currency translation (2)

(1,157

)

1,488

NM

265

NM

Total ending assets

355,719

289,922

23%

359,476

(1)%

% of total retail assets sub-advised

16.0

%

18.1

%

15.9

%

Global Institutional

Beginning assets

233,890

201,985

16%

223,861

4%

Inflows (3)

9,428

7,021

34%

9,320

1%

Outflows (3)

(7,356

)

(10,562

)

30%

(6,853

)

(7)%

Net flows

2,072

(3,541

)

NM

2,467

(16)%

Market appreciation (depreciation) and other (4)

(5,895

)

6,546

NM

7,125

NM

Foreign currency translation (2)

(2,388

)

3,092

NM

437

NM

Total ending assets

227,679

208,082

9%

233,890

(3)%

Total managed assets

$

583,398

$

498,004

17%

$

593,366

(2)%

Total net flows

$

3,905

$

(1,551

)

NM

$

6,670

(41)%

Legacy insurance partners flows

$

(1,402

)

$

(1,555

)

10%

$

(1,353

)

(4)%

Total Assets Under Advisement (5)

$

19,742

$

12,714

55%

$

18,036

9%

Model delivery AUA flows (6)

$

514

$

299

72%

$

912

(44)%

(1) Average ending balances are calculated using the average of the prior period's ending balance and all months in the current period.

(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, % Over/ % Over/unaudited) 3 Qtr 2021 3 Qtr 2020 2 Qtr 2021 (Under) (Under)



Total Managed Assets by Type

Equity $ 332,715 $ 264,840 26% $ 339,032 (2)%

Fixed income 199,253 188,844 6% 203,101 (2)%

Money market 5,752 5,076 13% 5,484 5%

Alternative 3,829 3,465 11% 3,839 -

Hybrid and other 41,849 35,779 17% 41,910 -

Total managed assets $ 583,398 $ 498,004 17% $ 593,366 (2)%by type



Average Managed Assets by Type ^(1)

Equity $ 340,804 $ 264,206 29% $ 330,801 3%

Fixed income 200,712 187,171 7% 200,246 -

Money market 5,831 5,100 14% 5,823 -

Alternative 3,828 3,340 15% 3,812 -

Hybrid and other 42,098 35,422 19% 41,148 2%

Total average managed $ 593,273 $ 495,239 20% $ 581,830 2%assets by type



Managed Assets Rollforward

Global Retail Funds

Beginning assets $ 359,476 $ 274,136 31% $ 340,270 6%

Inflows 16,442 14,498 13% 19,371 (15)%

Outflows (15,509 ) (13,192 ) (18)% (17,075 ) 9%

Net VP/VIT fund flows (1,101 ) (691 ) (59)% (967 ) (14)%

Net new flows (168 ) 615 NM 1,329 NM

Reinvested dividends 2,001 1,375 46% 2,874 (30)%

Net flows 1,833 1,990 (8)% 4,203 (56)%

Distributions (2,151 ) (1,540 ) (40)% (3,375 ) 36%

Market appreciation(depreciation) and (2,282 ) 13,848 NM 18,113 NMother

Foreign currency (1,157 ) 1,488 NM 265 NMtranslation ^(2)

Total ending assets 355,719 289,922 23% 359,476 (1)%

% of total retail 16.0 % 18.1 % 15.9 % assets sub-advised



Global Institutional

Beginning assets 233,890 201,985 16% 223,861 4%

Inflows ^(3) 9,428 7,021 34% 9,320 1%

Outflows ^(3) (7,356 ) (10,562 ) 30% (6,853 ) (7)%

Net flows 2,072 (3,541 ) NM 2,467 (16)%

Market appreciation(depreciation) and (5,895 ) 6,546 NM 7,125 NMother ^(4)

Foreign currency (2,388 ) 3,092 NM 437 NMtranslation ^(2)

Total ending assets 227,679 208,082 9% 233,890 (3)%



Total managed assets $ 583,398 $ 498,004 17% $ 593,366 (2)%



Total net flows $ 3,905 $ (1,551 ) NM $ 6,670 (41)%



Legacy insurance $ (1,402 ) $ (1,555 ) 10% $ (1,353 ) (4)%partners flows



Total Assets Under $ 19,742 $ 12,714 55% $ 18,036 9%Advisement ^(5)

Model delivery AUA $ 514 $ 299 72% $ 912 (44)%flows^ (6)



^(1) Average ending balances are calculated using the average of the priorperiod's ending balance and all months in the current period.

^(2) Amounts represent local currency to US dollar translation for reportingpurposes.

^(3) Global Institutional inflows and outflows include net flows from ourRiverSource Structured Annuity product beginning in Q1 2020 and AmeripriseBank, FSB beginning in Q1 2021.

^(4) Included in Market appreciation (depreciation) and other for GlobalInstitutional is the change in affiliated general account balance excluding netflows related to our Structured Annuity product beginning in Q1 2020 andAmeriprise 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 lesscalculated 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 Performance Metrics

3 Qtr 2021

Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted

1 year

3 year

5 year

10 year

Equity

46%

86%

85%

88%

Fixed Income

85%

88%

94%

91%

Asset Allocation

41%

87%

95%

89%

4- or 5-star Morningstar rated funds

Overall

3 year

5 year

10 year

Number of Rated Funds

105

91

91

84

Percent of Rated Assets

66%

61%

57%

67%

Retail Fund performance rankings for each fund is measured on a consistent basis against the most appropriate peer group or index. Peer Groupings are defined by either Lipper, IA, or Morningstar and based primarily on the Institutional Share Class, Net of Fees. Comparisons to Index are measured Gross of Fees.

To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.

Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.

Morningstar as of 09/30/21. Columbia funds are available for purchase by U.S. customers. Out of 90 Columbia funds (Inst. shares) rated, 16 received a 5-star Overall Rating and 36 received a 4-star Overall Rating. Out of 94 Threadneedle funds (highest rated share class) rated, 19 received a 5-star Overall Rating and 34 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms.

? 2021 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Ameriprise Financial, Inc.

Asset Management Segment Performance Metrics

3 Qtr 2021



Retail Fund Rankings in Top 2 Quartiles or Above 1 year 3 year 5 year 10 yearIndex Benchmark - Asset Weighted

Equity 46% 86% 85% 88%

Fixed Income 85% 88% 94% 91%

Asset Allocation 41% 87% 95% 89%



4- or 5-star Morningstar rated funds Overall 3 year 5 year 10 year

Number of Rated Funds 105 91 91 84

Percent of Rated Assets 66% 61% 57% 67%



Retail Fund performance rankings for each fund is measured on a consistentbasis against the most appropriate peer group or index. Peer Groupings aredefined by either Lipper, IA, or Morningstar and based primarily on theInstitutional Share Class, Net of Fees. Comparisons to Index are measured Grossof Fees.



To calculate asset weighted performance, the sum of the total assets of thefunds with above median ranking are divided by total assets of all funds. Fundswith more assets will receive a greater share of the total percentage above orbelow median.



Aggregated Asset Allocation Funds may include funds that invest in otherColumbia or Threadneedle branded mutual funds included in both equity and fixedincome.



Morningstar as of 09/30/21. Columbia funds are available for purchase by U.S.customers. Out of 90 Columbia funds (Inst. shares) rated, 16 received a 5-starOverall Rating and 36 received a 4-star Overall Rating. Out of 94 Threadneedlefunds (highest rated share class) rated, 19 received a 5-star Overall Ratingand 34 received a 4-star Overall Rating. The Overall Morningstar Rating isderived from a weighted average of the performance figures associated with its3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all fundsare available in all jurisdictions, to all investors or through all firms.



? 2021 Morningstar. All rights reserved. The Morningstar information containedherein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed; and (3) is not warranted to be accurate, completeor timely. Neither Morningstar nor its content providers are responsible forany damages or losses arising from any use of this information.



Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment(1) Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Revenues

Management and financial advice fees

$

239

$

213

12%

$

234

2%

Distribution fees

125

111

13%

122

2%

Net investment income

114

121

(6)%

127

(10)%

Premiums, policy and contract charges

353

333

6%

325

9%

Other revenues

3

3

-

-

-

Total revenues

834

781

7%

808

3%

Banking and deposit interest expense

-

-

-

-

-

Adjusted operating total net revenues

834

781

7%

808

3%

Expenses

Distribution expenses

134

110

(22)%

134

-

Interest credited to fixed accounts

99

100

1%

98

(1)%

Benefits, claims, losses and settlement expenses

323

421

23%

241

(34)%

Amortization of deferred acquisition costs

5

157

97%

70

93%

Interest and debt expense

9

8

(13)%

9

-

General and administrative expense

77

74

(4)%

74

(4)%

Adjusted operating expenses

647

870

26%

626

(3)%

Pretax adjusted operating earnings

$

187

$

(89

)

NM

$

182

3%

(1) Retirement & Protection Solutions segment includes Retirement Solutions (Variable Annuities and Payout Annuities) and Protection Solutions (Life and Disability Insurance). Fixed Annuities moved to the Corporate & Other segment in Q3 2020 as a closed block. Prior periods have been restated.NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment^(1) Adjusted Operating Results

3 Qtr 3 Qtr % Over/ 2 Qtr % Over/(in millions, unaudited) 2021 2020 2021 (Under) (Under)



Revenues

Management and financial advice fees $ 239 $ 213 12% $ 234 2%

Distribution fees 125 111 13% 122 2%

Net investment income 114 121 (6)% 127 (10)%

Premiums, policy and contract charges 353 333 6% 325 9%

Other revenues 3 3 - - -

Total revenues 834 781 7% 808 3%

Banking and deposit interest expense - - - - -

Adjusted operating total net revenues 834 781 7% 808 3%



Expenses

Distribution expenses 134 110 (22)% 134 -

Interest credited to fixed accounts 99 100 1% 98 (1)%

Benefits, claims, losses and settlement 323 421 23% 241 (34)%expenses

Amortization of deferred acquisition 5 157 97% 70 93%costs

Interest and debt expense 9 8 (13)% 9 -

General and administrative expense 77 74 (4)% 74 (4)%

Adjusted operating expenses 647 870 26% 626 (3)%

Pretax adjusted operating earnings $ 187 $ (89 ) NM $ 182 3%



^(1) Retirement & Protection Solutions segment includes Retirement Solutions(Variable Annuities and Payout Annuities) and Protection Solutions (Life andDisability Insurance). Fixed Annuities moved to the Corporate & Other segmentin Q3 2020 as a closed block. Prior periods have been restated.NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Operating Metrics

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Variable Annuities Rollforwards

Beginning balance

$

90,494

$

77,481

17%

$

86,964

4%

Deposit

1,421

1,109

28%

1,597

(11)%

Withdrawals and terminations

(1,900

)

(1,567

)

(21)%

(1,946

)

2%

Net flows

(479

)

(458

)

(5)%

(349

)

(37)%

Investment performance and interest credited

(380

)

2,823

NM

3,879

NM

Other

-

-

-

-

-

Total ending balance - contract accumulation values

$

89,635

$

79,846

12%

$

90,494

(1)%

Variable annuities fixed sub-accounts

$

5,020

$

5,107

(2)%

$

5,052

(1)%

Life Insurance In Force

$

197,523

$

195,007

1%

$

196,794

-

Net Amount at Risk (Life)

$

37,766

$

38,403

(2)%

$

37,465

1%

Net Policyholder Reserves

VUL/UL

$

14,565

$

12,836

13%

$

14,593

-

Term and whole life

168

177

(5)%

171

(2)%

Disability insurance

488

504

(3)%

494

(1)%

Other insurance

623

652

(4)%

629

(1)%

Total net policyholder reserves

$

15,844

$

14,169

12%

$

15,887

-

DAC Ending Balances

Variable Annuities DAC

$

1,840

$

1,577

17%

$

1,799

2%

Life and Health DAC

$

834

$

817

2%

$

799

4%

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

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Operating Metrics

% Over/ % Over/(in millions, unaudited) 3 Qtr 2021 3 Qtr 2020 2 Qtr 2021 (Under) (Under)



Variable Annuities Rollforwards

Beginning balance $ 90,494 $ 77,481 17% $ 86,964 4%

Deposit 1,421 1,109 28% 1,597 (11)%

Withdrawals and (1,900 ) (1,567 ) (21)% (1,946 ) 2%terminations

Net flows (479 ) (458 ) (5)% (349 ) (37)%

Investment performance (380 ) 2,823 NM 3,879 NMand interest credited

Other - - - - -

Total ending balance -contract accumulation $ 89,635 $ 79,846 12% $ 90,494 (1)%values



Variable annuities fixed $ 5,020 $ 5,107 (2)% $ 5,052 (1)%sub-accounts



Life Insurance In Force $ 197,523 $ 195,007 1% $ 196,794 -



Net Amount at Risk (Life) $ 37,766 $ 38,403 (2)% $ 37,465 1%



Net Policyholder Reserves

VUL/UL $ 14,565 $ 12,836 13% $ 14,593 -

Term and whole life 168 177 (5)% 171 (2)%

Disability insurance 488 504 (3)% 494 (1)%

Other insurance 623 652 (4)% 629 (1)%

Total net policyholder $ 15,844 $ 14,169 12% $ 15,887 -reserves



DAC Ending Balances

Variable Annuities DAC $ 1,840 $ 1,577 17% $ 1,799 2%

Life and Health DAC $ 834 $ 817 2% $ 799 4%



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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements

Revenues

Management and financial advice fees

$

-

$

-

-

$

-

-

Distribution fees

-

-

-

-

-

Net investment income

(17

)

(14

)

(21)%

(20

)

15%

Premiums, policy and contract charges

-

-

-

1

NM

Other revenues

1

3

(67)%

3

(67)%

Total revenues

(16

)

(11

)

(45)%

(16

)

-

Banking and deposit interest expense

-

-

-

1

NM

Adjusted operating total net revenues

(16

)

(11

)

(45)%

(17

)

6%

Expenses

Distribution expenses

-

-

-

-

-

Interest credited to fixed accounts

-

-

-

-

-

Benefits, claims, losses and settlement expenses

-

1

NM

-

-

Amortization of deferred acquisition costs

-

-

-

-

-

Interest and debt expense

13

6

NM

9

(44)%

General and administrative expense

44

40

(10)%

48

8%

Adjusted operating expenses

57

47

(21)%

57

-

Pretax adjusted operating earnings (loss)

$

(73

)

$

(58

)

(26)%

$

(74

)

1%

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

3 Qtr 3 Qtr % Over/ 2 Qtr % Over/(in millions, unaudited) 2021 2020 2021 (Under) (Under)



Corporate Excluding Long Term Careand Fixed Annuities Adjusted Operating Income Statements

Revenues

Management and financial advice fees $ - $ - - $ - -

Distribution fees - - - - -

Net investment income (17 ) (14 ) (21)% (20 ) 15%

Premiums, policy and contract charges - - - 1 NM

Other revenues 1 3 (67)% 3 (67)%

Total revenues (16 ) (11 ) (45)% (16 ) -

Banking and deposit interest expense - - - 1 NM

Adjusted operating total net revenues (16 ) (11 ) (45)% (17 ) 6%



Expenses

Distribution expenses - - - - -

Interest credited to fixed accounts - - - - -

Benefits, claims, losses and - 1 NM - -settlement expenses

Amortization of deferred acquisition - - - - -costs

Interest and debt expense 13 6 NM 9 (44)%

General and administrative expense 44 40 (10)% 48 8%

Adjusted operating expenses 57 47 (21)% 57 -

Pretax adjusted operating earnings $ (73 ) $ (58 ) (26)% $ (74 ) 1%(loss)



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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Long Term Care Adjusted Operating Income Statements

Revenues

Management and financial advice fees

$

-

$

-

-

$

-

-

Distribution fees

-

-

-

-

-

Net investment income

36

40

(10)%

38

(5)%

Premiums, policy and contract charges

26

26

-

24

8%

Other revenues

-

-

-

-

-

Total revenues

62

66

(6)%

62

-

Banking and deposit interest expense

-

-

-

-

-

Adjusted operating total net revenues

62

66

(6)%

62

-

Expenses

Distribution expenses

(3

)

(3

)

-

(3

)

-

Interest credited to fixed accounts

-

-

-

-

-

Benefits, claims, losses and settlement expenses

58

194

70%

52

(12)%

Amortization of deferred acquisition costs

-

-

-

-

-

Interest and debt expense

3

3

-

2

(50)%

General and administrative expense

5

7

29%

8

38%

Adjusted operating expenses

63

201

69%

59

(7)%

Pretax adjusted operating earnings (loss)

$

(1

)

$

(135

)

99%

$

3

NM

Long Term Care Policyholder Reserves, net of reinsurance (1)

Active Life Reserves

$

2,501

$

2,472

1%

$

2,514

(1)%

Disabled Life Reserves

558

568

(2)%

548

2%

Total long term care policyholder reserves, net of reinsurance

$

3,059

$

3,040

1%

$

3,062

-

(1) SFAS 115 requires GAAP reserves to include all unrealized gains on available for sale securities in the portfolio to be reported as if they were realized on the last day of the accounting period with all financial impacts flowing through other comprehensive income.

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

3 Qtr 3 Qtr % Over/ 2 Qtr % Over/(in millions, unaudited) 2021 2020 2021 (Under) (Under)



Long Term Care Adjusted Operating Income Statements

Revenues

Management and financial advice $ - $ - - $ - -fees

Distribution fees - - - - -

Net investment income 36 40 (10)% 38 (5)%

Premiums, policy and contract 26 26 - 24 8%charges

Other revenues - - - - -

Total revenues 62 66 (6)% 62 -

Banking and deposit interest - - - - -expense

Adjusted operating total net 62 66 (6)% 62 -revenues



Expenses

Distribution expenses (3 ) (3 ) - (3 ) -

Interest credited to fixed - - - - -accounts

Benefits, claims, losses and 58 194 70% 52 (12)%settlement expenses

Amortization of deferred - - - - -acquisition costs

Interest and debt expense 3 3 - 2 (50)%

General and administrative 5 7 29% 8 38%expense

Adjusted operating expenses 63 201 69% 59 (7)%

Pretax adjusted operating $ (1 ) $ (135 ) 99% $ 3 NMearnings (loss)



Long Term Care PolicyholderReserves, net of reinsurance ^ (1)

Active Life Reserves $ 2,501 $ 2,472 1% $ 2,514 (1)%

Disabled Life Reserves 558 568 (2)% 548 2%

Total long term carepolicyholder reserves, net of $ 3,059 $ 3,040 1% $ 3,062 -reinsurance



^(1) SFAS 115 requires GAAP reserves to include all unrealized gains onavailable for sale securities in the portfolio to be reported as if they wererealized on the last day of the accounting period with all financial impactsflowing through other comprehensive income.

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Fixed Annuities Adjusted Operating Income Statements

Revenues

Management and financial advice fees

$

-

$

-

-

$

-

-

Distribution fees

-

-

-

-

-

Net investment income

12

67

(82)%

61

(80)%

Premiums, policy and contract charges

-

-

-

-

-

Other revenues

55

10

NM

13

NM

Total revenues

67

77

(13)%

74

(9)%

Banking and deposit interest expense

-

-

-

-

-

Adjusted operating total net revenues

67

77

(13)%

74

(9)%

Expenses

Distribution expenses

1

1

-

1

-

Interest credited to fixed accounts

64

66

3%

62

(3)%

Benefits, claims, losses and settlement expenses

1

9

89%

2

50%

Amortization of deferred acquisition costs

1

(2

)

NM

2

50%

Interest and debt expense

-

6

NM

6

NM

General and administrative expense

7

6

(17)%

7

-

Adjusted operating expenses

74

86

14%

80

8%

Pretax adjusted operating earnings (loss)

$

(7

)

$

(9

)

22%

$

(6

)

(17)%

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

3 Qtr 3 Qtr % Over/ 2 Qtr % Over/(in millions, unaudited) 2021 2020 2021 (Under) (Under)



Fixed Annuities Adjusted Operating Income Statements

Revenues

Management and financial advice fees $ - $ - - $ - -

Distribution fees - - - - -

Net investment income 12 67 (82)% 61 (80)%

Premiums, policy and contract - - - - -charges

Other revenues 55 10 NM 13 NM

Total revenues 67 77 (13)% 74 (9)%

Banking and deposit interest expense - - - - -

Adjusted operating total net 67 77 (13)% 74 (9)%revenues



Expenses

Distribution expenses 1 1 - 1 -

Interest credited to fixed accounts 64 66 3% 62 (3)%

Benefits, claims, losses and 1 9 89% 2 50%settlement expenses

Amortization of deferred acquisition 1 (2 ) NM 2 50%costs

Interest and debt expense - 6 NM 6 NM

General and administrative expense 7 6 (17)% 7 -

Adjusted operating expenses 74 86 14% 80 8%

Pretax adjusted operating earnings $ (7 ) $ (9 ) 22% $ (6 ) (17)%(loss)



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

Ameriprise Financial, Inc.

Eliminations (1) Adjusted Operating Results

(in millions, unaudited)

3 Qtr 2021

3 Qtr 2020

% Over/

(Under)

2 Qtr 2021

% Over/

(Under)

Revenues

Management and financial advice fees

$

(38

)

$

(37

)

(3)%

$

(38

)

-

Distribution fees

(348

)

(294

)

(18)%

(350

)

1%

Net investment income

(1

)

(4

)

75%

(5

)

80%

Premiums, policy and contract charges

(8

)

(7

)

(14)%

(7

)

(14)%

Other revenues

-

-

-

-

-

Total revenues

(395

)

(342

)

(15)%

(400

)

1%

Banking and deposit interest expense

-

-

-

(1

)

NM

Adjusted operating total net revenues

(395

)

(342

)

(15)%

(399

)

1%

Expenses

Distribution expenses

(373

)

(318

)

17%

(375

)

(1)%

Interest credited to fixed accounts

-

-

-

-

-

Benefits, claims, losses and settlement expenses

(6

)

(4

)

50%

(5

)

20%

Amortization of deferred acquisition costs

-

-

-

-

-

Interest and debt expense

(3

)

(2

)

50%

(3

)

-

General and administrative expense

(13

)

(18

)

(28)%

(16

)

(19)%

Adjusted operating expenses

(395

)

(342

)

15%

(399

)

(1)%

Pretax adjusted operating earnings (loss)

$

-

$

-

-

$

-

-

(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.

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

Ameriprise Financial, Inc.

Eliminations ^(1) Adjusted Operating Results

3 Qtr 3 Qtr % Over/ 2 Qtr % Over/(in millions, unaudited) 2021 2020 2021 (Under) (Under)



Revenues

Management and financial advice fees $ (38 ) $ (37 ) (3)% $ (38 ) -

Distribution fees (348 ) (294 ) (18)% (350 ) 1%

Net investment income (1 ) (4 ) 75% (5 ) 80%

Premiums, policy and contract charges (8 ) (7 ) (14)% (7 ) (14)%

Other revenues - - - - -

Total revenues (395 ) (342 ) (15)% (400 ) 1%

Banking and deposit interest expense - - - (1 ) NM

Adjusted operating total net revenues (395 ) (342 ) (15)% (399 ) 1%



Expenses

Distribution expenses (373 ) (318 ) 17% (375 ) (1)%

Interest credited to fixed accounts - - - - -

Benefits, claims, losses and (6 ) (4 ) 50% (5 ) 20%settlement expenses

Amortization of deferred acquisition - - - - -costs

Interest and debt expense (3 ) (2 ) 50% (3 ) -

General and administrative expense (13 ) (18 ) (28)% (16 ) (19)%

Adjusted operating expenses (395 ) (342 ) 15% (399 ) (1)%

Pretax adjusted operating earnings $ - $ - - $ - -(loss)



^(1) The majority of the amounts represent the impact of inter-segment transferpricing for both revenues and expenses.

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



Ameriprise Financial, Inc.

Capital Information

(in millions, unaudited)

September 30,2021

September 30,2020

June 30,2021

Long-term Debt Summary

Senior notes

$

2,800

$

2,800

$

2,800

Finance lease liabilities

41

47

44

Fair value of hedges, unamortized discount and debt issuance costs

(10

)

(14

)

(11

)

Total Ameriprise Financial long-term debt

2,831

2,833

2,833

Non-recourse debt of consolidated investment entities

2,163

1,901

2,558

Total long-term debt

$

4,994

$

4,734

$

5,391

Total Ameriprise Financial long-term debt

$

2,831

$

2,833

$

2,833

Fair value of hedges, unamortized discount and debt issuance costs

10

14

11

Finance lease liabilities

(41

)

(47

)

(44

)

Total Ameriprise Financial long-term debt excluding fair value of hedges, unamortized discount, debt issuance costs and finance lease liabilities

$

2,800

$

2,800

$

2,800

Total equity (1)

$

5,707

$

6,067

$

5,686

Equity of consolidated investment entities

(5

)

(5

)

(6

)

Total equity excluding CIEs

$

5,702

$

6,062

$

5,680

Total Ameriprise Financial capital

$

8,538

$

8,900

$

8,519

Total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, finance lease liabilities and equity of CIEs

$

8,502

$

8,862

$

8,480

Debt to capital

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital

33.2

%

31.8

%

33.3

%

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding fair value of hedges, unamortized discount, debt issuance costs, finance lease liabilities and equity of CIEs (1)

32.9

%

31.6

%

33.0

%

(1) Includes accumulated other comprehensive income, net of tax.

Ameriprise Financial, Inc.

Capital Information

September September June 30,(in millions, unaudited) 30, 30, 2021 2021 2020



Long-term Debt Summary

Senior notes $ 2,800 $ 2,800 $ 2,800

Finance lease liabilities 41 47 44

Fair value of hedges, unamortized discount (10 ) (14 ) (11 ) and debt issuance costs

Total Ameriprise Financial long-term debt 2,831 2,833 2,833

Non-recourse debt of consolidated 2,163 1,901 2,558 investment entities

Total long-term debt $ 4,994 $ 4,734 $ 5,391



Total Ameriprise Financial long-term debt $ 2,831 $ 2,833 $ 2,833

Fair value of hedges, unamortized discount 10 14 11 and debt issuance costs

Finance lease liabilities (41 ) (47 ) (44 )

Total Ameriprise Financial long-term debtexcluding fair value of hedges, unamortized $ 2,800 $ 2,800 $ 2,800 discount, debt issuance costs and financelease liabilities



Total equity ^(1) $ 5,707 $ 6,067 $ 5,686

Equity of consolidated investment entities (5 ) (5 ) (6 )

Total equity excluding CIEs $ 5,702 $ 6,062 $ 5,680



Total Ameriprise Financial capital $ 8,538 $ 8,900 $ 8,519

Total Ameriprise Financial capitalexcluding fair value of hedges, unamortized $ 8,502 $ 8,862 $ 8,480 discount, debt issuance costs, financelease liabilities and equity of CIEs



Debt to capital

Total Ameriprise Financial long-term debt 33.2 % 31.8 % 33.3 %to total Ameriprise Financial capital

Total Ameriprise Financial long-term debtto total Ameriprise Financial capitalexcluding fair value of hedges, unamortized 32.9 % 31.6 % 33.0 %discount, debt issuance costs, financelease liabilities and equity of CIEs ^(1)



^(1) Includes accumulated other comprehensive income, net of tax.



Ameriprise Financial, Inc.

Consolidated Balance Sheets

(in millions, unaudited)

September 30,2021

December 31,2020

Assets

Cash and cash equivalents

$

7,736

$

6,751

Cash of consolidated investment entities

68

94

Investments

33,518

41,031

Investments of consolidated investment entities

2,170

1,918

Separate account assets

95,129

92,611

Receivables

15,920

7,819

Receivables of consolidated investment entities

18

16

Deferred acquisition costs

2,735

2,532

Restricted and segregated cash and investments

2,351

2,558

Other assets

11,079

10,551

Other assets of consolidated investment entities

2

2

Total Assets

$

170,726

$

165,883

Liabilities

Policyholder account balances, future policy benefits and claims

$

34,864

$

33,992

Separate account liabilities

95,129

92,611

Customer deposits

18,693

17,641

Short-term borrowings

200

200

Long-term debt

2,831

2,831

Debt of consolidated investment entities

2,163

1,913

Accounts payable and accrued expenses

2,146

1,998

Other liabilities

8,922

8,761

Other liabilities of consolidated investment entities

71

69

Total Liabilities

165,019

160,016

Equity

Ameriprise Financial

Common shares ($.01 par)

3

3

Additional paid-in capital

9,118

8,822

Retained earnings

16,955

15,292

Treasury stock

(20,468

)

(18,879

)

Accumulated other comprehensive income, net of tax

99

629

Total Equity

5,707

5,867

Total Liabilities and Equity

$

170,726

$

165,883

Ameriprise Financial, Inc.

Consolidated Balance Sheets

September December(in millions, unaudited) 30, 31, 2021 2020



Assets

Cash and cash equivalents $ 7,736 $ 6,751

Cash of consolidated investment entities 68 94

Investments 33,518 41,031

Investments of consolidated investment entities 2,170 1,918

Separate account assets 95,129 92,611

Receivables 15,920 7,819

Receivables of consolidated investment entities 18 16

Deferred acquisition costs 2,735 2,532

Restricted and segregated cash and investments 2,351 2,558

Other assets 11,079 10,551

Other assets of consolidated investment entities 2 2

Total Assets $ 170,726 $ 165,883



Liabilities

Policyholder account balances, future policy $ 34,864 $ 33,992 benefits and claims

Separate account liabilities 95,129 92,611

Customer deposits 18,693 17,641

Short-term borrowings 200 200

Long-term debt 2,831 2,831

Debt of consolidated investment entities 2,163 1,913

Accounts payable and accrued expenses 2,146 1,998

Other liabilities 8,922 8,761

Other liabilities of consolidated investment 71 69 entities

Total Liabilities 165,019 160,016



Equity

Ameriprise Financial

Common shares ($.01 par) 3 3

Additional paid-in capital 9,118 8,822

Retained earnings 16,955 15,292

Treasury stock (20,468 ) (18,879 )

Accumulated other comprehensive income, net of tax 99 629

Total Equity 5,707 5,867

Total Liabilities and Equity $ 170,726 $ 165,883



Ameriprise Financial, Inc.

Disclosed Items - Included in Adjusted Operating Earnings

(in millions, unaudited)

3 Qtr 2021

RPS

Corporate

Valuation Assumption &

Model Changes (1)

Valuation Assumption &

Model Changes (1)

Revenues

Management and financial advice fees

$

-

$

-

Distribution fees

-

-

Net investment income

19

-

Premiums, policy and contract charges

-

-

Other revenues

-

-

Total revenues

19

-

Banking and deposit interest expense

-

-

Adjusted operating total net revenues

19

-

Expenses

Distribution expenses

-

-

Interest credited to fixed accounts

-

-

Benefits, claims, losses and settlement expenses

89

3

Amortization of deferred acquisition costs

(65

)

-

Interest and debt expense

-

-

General and administrative expense

-

-

Adjusted operating expenses

24

3

Pretax adjusted operating earnings (loss)

$

(5

)

$

(3

)

(1) Net pretax impact of model changes and the annual review/updating of valuation assumptions, including the annual long term care review

Ameriprise Financial, Inc.

Disclosed Items - Included in Adjusted Operating Earnings

(in millions, unaudited) 3 Qtr 2021



RPS Corporate

Valuation Valuation Assumption & Assumption & Model Model Changes ^(1) Changes ^(1)

Revenues

Management and financial advice fees $ - $ -

Distribution fees - -

Net investment income 19 -

Premiums, policy and contract charges - -

Other revenues - -

Total revenues 19 -

Banking and deposit interest expense - -

Adjusted operating total net revenues 19 -



Expenses

Distribution expenses - -

Interest credited to fixed accounts - -

Benefits, claims, losses and settlement expenses 89 3

Amortization of deferred acquisition costs (65 ) -

Interest and debt expense - -

General and administrative expense - -

Adjusted operating expenses 24 3

Pretax adjusted operating earnings (loss) $ (5 ) $ (3 )



^(1) Net pretax impact of model changes and the annual review/updating ofvaluation assumptions, including the annual long term care review



Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Quarter Ended

September 30,

Per Diluted Share

Quarter Ended

September 30,

% Over/

(Under)

(in millions, except per share amounts, unaudited)

2021

2020

2021

2020

Net income

$

1,031

$

(140

)

$

8.65

$

(1.14

)

(3)

NM

Add: Basic to diluted share conversion

-

-

-

0.02

(4)

Less: Net realized investment gains (losses) (1)

12

4

0.10

0.03

Add: Market impact on non-traditional long-duration products (1)

94

431

0.79

3.45

Add: Mean reversion-related impacts (1)

(9

)

(17

)

(0.08

)

(0.14

)

Add: Market impact of hedges on investments (1)

23

-

0.19

-

Less: Block transfer reinsurance transaction impacts (1)

(521

)

-

(4.37

)

-

Add: Integration/restructuring charges (1)

7

1

0.06

0.01

Less: Net income (loss) attributable to consolidated investment entities

2

-

0.02

-

Add: Tax effect of adjustments (2)

88

(87

)

0.74

(0.70

)

Adjusted operating earnings

$

699

$

184

$

5.86

$

1.47

NM

Less: Pretax impact of annual unlocking/loss recognition

(8

)

(442

)

(0.07

)

(3.54

)

Less: Tax effect of annual unlocking/loss recognition

2

93

0.02

0.74

Adjusted operating earnings excluding Unlocking

$

705

$

533

$

5.91

$

4.27

38%

Weighted average common shares outstanding:

Basic

116.4

123.0

Diluted

119.2

124.9

(1) Pretax adjusted operating adjustment.

(2) Calculated using the statutory tax rate of 21%.

(3) Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in antidilution.

(4) Represents the difference of the per share amount for net loss using basic shares compared to the per share amount for net loss using diluted shares.

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

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Per Diluted Share Quarter Ended Quarter Ended September 30, % Over/ September 30, (Under)(in millions, exceptper share amounts, 2021 2020 2021 2020 unaudited)

Net income $ 1,031 $ (140 ) $ 8.65 $ (1.14 ) ^ NM (3)

Add: Basic to diluted - - - 0.02 ^ share conversion (4)

Less: Net realizedinvestment gains 12 4 0.10 0.03 (losses) ^(1)

Add: Market impact onnon-traditional 94 431 0.79 3.45 long-duration products^(1)

Add: Meanreversion-related (9 ) (17 ) (0.08 ) (0.14 ) impacts ^(1)

Add: Market impact ofhedges on investments^ 23 - 0.19 - (1)

Less: Block transferreinsurance transaction (521 ) - (4.37 ) - impacts ^(1)

Add: Integration/restructuring charges ^ 7 1 0.06 0.01 (1)

Less: Net income (loss)attributable to 2 - 0.02 - consolidated investmententities

Add: Tax effect of 88 (87 ) 0.74 (0.70 ) adjustments ^(2)

Adjusted operating $ 699 $ 184 $ 5.86 $ 1.47 NMearnings

Less: Pretax impact ofannual unlocking/loss (8 ) (442 ) (0.07 ) (3.54 ) recognition

Less: Tax effect ofannual unlocking/loss 2 93 0.02 0.74 recognition

Adjusted operatingearnings excluding $ 705 $ 533 $ 5.91 $ 4.27 38%Unlocking



Weighted average common shares outstanding:

Basic 116.4 123.0

Diluted 119.2 124.9



^(1) Pretax adjusted operating adjustment.

^(2) Calculated using the statutory tax rate of 21%.

^(3) Diluted shares used in this calculation represent basic shares due to thenet loss. Using actual diluted shares would result in antidilution.

^(4) Represents the difference of the per share amount for net loss using basicshares compared to the per share amount for net loss using diluted shares.

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

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Year-to-date

September 30,

Per Diluted Share

Year-to-date

September 30,

% Over/

(Under)

(in millions, except per share amounts, unaudited)

2021

2020

2021

2020

Net income

$

2,059

$

1,357

$

17.03

$

10.73

59%

Add: Basic to diluted share conversion

-

-

-

-

Less: Net realized investment gains (losses) (1)

78

(18

)

0.65

(0.14

)

Add: Market impact on non-traditional long-duration products (1)

577

(239

)

4.78

(1.89

)

Add: Mean reversion-related impacts (1)

(107

)

30

(0.89

)

0.24

Add: Market impact of hedges on investments (1)

40

-

0.33

-

Add: Block transfer reinsurance transaction impacts (1)

(521

)

-

(4.31

)

-

Add: Integration/restructuring charges (1)

14

4

0.12

0.03

Less: Net income (loss) attributable to consolidated investment entities

(1

)

(2

)

(0.01

)

(0.01

)

Add: Tax effect of adjustments (2)

16

39

0.13

0.31

Adjusted operating earnings

$

2,001

$

1,211

$

16.55

$

9.57

73%

Less: Pretax impact of annual unlocking/loss recognition

(8

)

(442

)

(0.07

)

(3.49

)

Less: Tax effect of annual unlocking/loss recognition

2

93

0.02

0.73

Adjusted operating earnings excluding Unlocking

$

2,007

$

1,560

$

16.60

$

12.33

35%

Weighted average common shares outstanding:

Basic

118.2

124.8

Diluted

120.9

126.5

(1) Pretax adjusted operating adjustment.

(2) Calculated using the statutory tax rate of 21%.

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Per Diluted Share Year-to-date Year-to-date September 30, % Over/ September 30, (Under)(in millions, exceptper share amounts, 2021 2020 2021 2020 unaudited)

Net income $ 2,059 $ 1,357 $ 17.03 $ 10.73 59%

Add: Basic to diluted - - - - share conversion

Less: Net realizedinvestment gains 78 (18 ) 0.65 (0.14 ) (losses) ^(1)

Add: Market impact onnon-traditional 577 (239 ) 4.78 (1.89 ) long-duration products^(1)

Add: Meanreversion-related (107 ) 30 (0.89 ) 0.24 impacts ^(1)

Add: Market impact ofhedges on investments^ 40 - 0.33 - (1)

Add: Block transferreinsurance transaction (521 ) - (4.31 ) - impacts ^(1)

Add: Integration/restructuring charges ^ 14 4 0.12 0.03 (1)

Less: Net income (loss)attributable to (1 ) (2 ) (0.01 ) (0.01 ) consolidated investmententities

Add: Tax effect of 16 39 0.13 0.31 adjustments ^(2)

Adjusted operating $ 2,001 $ 1,211 $ 16.55 $ 9.57 73%earnings

Less: Pretax impact ofannual unlocking/loss (8 ) (442 ) (0.07 ) (3.49 ) recognition

Less: Tax effect ofannual unlocking/loss 2 93 0.02 0.73 recognition

Adjusted operatingearnings excluding $ 2,007 $ 1,560 $ 16.60 $ 12.33 35%Unlocking



Weighted average common shares outstanding:

Basic 118.2 124.8

Diluted 120.9 126.5



^(1) Pretax adjusted operating adjustment.

^(2) Calculated using the statutory tax rate of 21%.

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings and Pretax Adjusted Operating Margin

Quarter Ended

September 30,

(in millions, unaudited)

2021

2020

Total net revenues

$

2,903

$

3,003

Less: Net realized investment gains (losses)

14

4

Less: Market impact on non-traditional long-duration products

(1

)

1

Less: Mean Reversion related impacts

-

-

Less: Market impact of hedges on investments

(23

)

-

Less: Block transfer reinsurance transaction impacts

(644

)

-

Less: Integration/restructuring charges

-

-

Less: CIEs revenue

42

21

Adjusted operating total net revenues

3,515

2,977

Less: Annual unlocking/loss recognition

19

(1

)

Adjusted operating total net revenues excluding Unlocking

$

3,496

$

2,978

Total expenses

$

1,633

$

3,187

Less: CIEs expenses

40

21

Less: Integration/restructuring charges

7

1

Less: Market impact on non-traditional long-duration products

93

432

Less: Mean reversion-related impacts

(9

)

(17

)

Less: Block transfer reinsurance transaction impacts

(1,165

)

-

Less: DAC/DSIC offset to net realized investment gains (losses)

2

-

Adjusted operating expenses

$

2,665

$

2,750

Less: Annual unlocking/loss recognition

27

441

Adjusted operating total net expenses excluding Unlocking

$

2,638

$

2,309

Pretax income

$

1,270

$

(184

)

Pretax adjusted operating earnings

$

850

$

227

Pretax adjusted operating earnings excluding Unlocking

$

858

$

669

Pretax income margin

43.7

%

(6.1

)

%

Pretax adjusted operating margin

24.2

%

7.6

%

Pretax adjusted operating margin excluding Unlocking

24.5

%

22.5

%

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings and Pretax AdjustedOperating Margin

Quarter Ended September 30,

(in millions, unaudited) 2021 2020

Total net revenues $ 2,903 $ 3,003

Less: Net realized investment gains (losses) 14 4

Less: Market impact on non-traditional long-duration (1 ) 1 products

Less: Mean Reversion related impacts - -

Less: Market impact of hedges on investments (23 ) -

Less: Block transfer reinsurance transaction impacts (644 ) -

Less: Integration/restructuring charges - -

Less: CIEs revenue 42 21

Adjusted operating total net revenues 3,515 2,977

Less: Annual unlocking/loss recognition 19 (1 )

Adjusted operating total net revenues excluding $ 3,496 $ 2,978 Unlocking



Total expenses $ 1,633 $ 3,187

Less: CIEs expenses 40 21

Less: Integration/restructuring charges 7 1

Less: Market impact on non-traditional long-duration 93 432 products

Less: Mean reversion-related impacts (9 ) (17 )

Less: Block transfer reinsurance transaction impacts (1,165 ) -

Less: DAC/DSIC offset to net realized investment gains 2 - (losses)

Adjusted operating expenses $ 2,665 $ 2,750

Less: Annual unlocking/loss recognition 27 441

Adjusted operating total net expenses excluding $ 2,638 $ 2,309 Unlocking



Pretax income $ 1,270 $ (184 )

Pretax adjusted operating earnings $ 850 $ 227

Pretax adjusted operating earnings excluding Unlocking $ 858 $ 669



Pretax income margin 43.7 % (6.1 ) %

Pretax adjusted operating margin 24.2 % 7.6 %

Pretax adjusted operating margin excluding Unlocking 24.5 % 22.5 %



Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

Quarter Ended

September 30, 2020

(in millions, unaudited)

GAAP

Adjusted Operating

Pretax income

$

(184

)

$

227

Income tax provision

$

(44

)

$

43

Effective tax rate

23.5

%

18.9

%

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

Quarter Ended September 30, 2020

(in millions, unaudited) GAAP Adjusted Operating

Pretax income $ (184 ) $ 227

Income tax provision $ (44 ) $ 43



Effective tax rate 23.5 % 18.9 %



Quarter Ended

September 30, 2021

(in millions, unaudited)

GAAP

Adjusted Operating

Pretax income

$

1,270

$

850

Income tax provision

$

239

$

151

Effective tax rate

18.8

%

17.8

%

Quarter Ended September 30, 2021

(in millions, unaudited) GAAP Adjusted Operating

Pretax income $ 1,270 $ 850

Income tax provision $ 239 $ 151



Effective tax rate 18.8 % 17.8 %



Year-to-date

September 30, 2021

(in millions, unaudited)

GAAP

Adjusted Operating

Pretax income

$

2,484

$

2,410

Income tax provision

$

425

$

409

Effective tax rate

17.1

%

17.0

%

Year-to-date September 30, 2021

(in millions, unaudited) GAAP Adjusted Operating

Pretax income $ 2,484 $ 2,410

Income tax provision $ 425 $ 409



Effective tax rate 17.1 % 17.0 %



Ameriprise Financial, Inc.

Reconciliation Table: Advice & Wealth Management Adjusted Revenue Per Advisor

(unaudited)

4Q

2019

1Q

2020

2Q

2020

3Q

2020

4Q

2020

1Q

2021

2Q

2021

3Q

2021

% Over/

(Under)

Total Net Revenue ($ in M)

$

1,710

$

1,695

$

1,537

$

1,667

$

1,776

$

1,879

$

1,980

$

2,048

Interest Revenue ($ in M)

$

(92

)

$

(78

)

$

-

$

-

$

-

$

-

$

-

$

-

Advisor Count

9,871

9,878

9,894

9,905

9,922

10,031

10,047

10,073

Revenue Per Advisor ($ in K)

$

173

$

172

$

155

$

168

$

179

$

187

$

197

$

203

21%

Revenue Per Advisor excluding short-term interest rate impact ($ in K)

$

164

$

164

$

155

$

168

$

179

$

187

$

197

$

203

21%

Revenue Per Advisor TTM ($ in K)

$

668

$

766

15%

Revenue Per Advisor excluding short-term interest rate impact TTM ($ in K)

$

651

$

766

18%

Ameriprise Financial, Inc.

Reconciliation Table: Advice & Wealth Management Adjusted Revenue Per Advisor

4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q % Over/(unaudited) 2019 2020 2020 2020 2020 2021 2021 2021 (Under)

Total NetRevenue ($ $ 1,710 $ 1,695 $ 1,537 $ 1,667 $ 1,776 $ 1,879 $ 1,980 $ 2,048 in M)

InterestRevenue ($ $ (92 ) $ (78 ) $ - $ - $ - $ - $ - $ - in M)



Advisor 9,871 9,878 9,894 9,905 9,922 10,031 10,047 10,073 Count



Revenue PerAdvisor ($ $ 173 $ 172 $ 155 $ 168 $ 179 $ 187 $ 197 $ 203 21%in K)

Revenue PerAdvisorexcludingshort-term $ 164 $ 164 $ 155 $ 168 $ 179 $ 187 $ 197 $ 203 21%interestrate impact($ in K)



Revenue PerAdvisor TTM $ 668 $ 766 15%($ in K)

Revenue PerAdvisorexcludingshort-term $ 651 $ 766 18%interest rate impactTTM ($ inK)



Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift

Quarter Ended

September 30,

(in millions, unaudited)

2021

2020

Advice & Wealth Management

$

459

$

320

Asset Management

285

198

RPS

187

(89

)

Pretax adjusted operating earnings

931

429

Advice & Wealth Management

49

%

75

%

Asset Management

31

%

46

%

RPS

20

%

(21

)

%

Subtotal pretax adjusted operating earnings

100

%

100

%

AWM & AM

80

%

121

%

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift

Quarter Ended September 30,

(in millions, unaudited) 2021 2020



Advice & Wealth Management $ 459 $ 320

Asset Management 285 198

RPS 187 (89 )

Pretax adjusted operating earnings 931 429



Advice & Wealth Management 49 % 75 %

Asset Management 31 % 46 %

RPS 20 % (21 ) %

Subtotal pretax adjusted operating earnings 100 % 100 %

AWM & AM 80 % 121 %



Ameriprise Financial, Inc.

Reconciliation Table: Return on Equity (ROE) Excluding Accumulated

Other Comprehensive Income "AOCI"

Twelve Months Ended

September 30,

(in millions, unaudited)

2021

2020

Net income

$

2,236

$

1,820

Less: Adjustments (1)

(324

)

58

Adjusted operating earnings

2,560

1,762

Less: Annual unlocking/loss recognition, net of tax (2)

(6

)

(349

)

Adjusted operating earnings excluding Unlocking

$

2,566

$

2,111

Total Ameriprise Financial, Inc. shareholders' equity

$

5,766

$

6,197

Less: Accumulated other comprehensive income, net of tax

404

243

Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI

5,362

5,954

Less: Equity impacts attributable to the consolidated investment entities

3

-

Adjusted operating equity

$

5,359

$

5,954

Return on equity excluding AOCI

41.7

%

30.6

%

Adjusted operating return on equity excluding AOCI (3)

47.8

%

29.6

%

Adjusted operating return on equity excluding AOCI and Unlocking

47.9

%

35.5

%

(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 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) After-tax is calculated using the statutory tax rate of 21%.

(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; block transfer reinsurance transaction 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%.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026006218/en/

CONTACT: Investor Relations:

CONTACT: Alicia A. Charity Ameriprise Financial (612) 671-2080 alicia.a.charity@ampf.com

CONTACT: Stephanie M. Rabe Ameriprise Financial (612) 671-4085 stephanie.m.rabe@ampf.com

CONTACT: Media Relations:

CONTACT: Paul W. Johnson Ameriprise Financial (612) 671-0625 paul.w.johnson@ampf.com