Business Wire | Jan 26, 2022 04:05PM EST

Ameriprise Financial Reports Fourth Quarter 2021 Results

Jan. 26, 2022

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 26, 2022--Ameriprise Financial, Inc. (NYSE: AMP):

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

Q4 2021 Q4 2021

GAAP $5.96 GAAP 51.2%

Adjusted Operating $6.15 Adjusted Operating 50.6%

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

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

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

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

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

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

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

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

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

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

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

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

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

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

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

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

* Fourth quarter adjusted operating earnings per diluted Perspective from Jim Cracchiolo, share was a record $6.15, up 36 Chairman and Chief Executive Officer percent from the prior year reflecting strong business growth. Full year adjusted operating earnings per diluted share excluding unlocking increased 35 percent to $22.75.

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

* Assets under management and administration increased to a record high of $1.4 trillion. BMO's EMEA Asset Management business (BMO EMEA) added $136 billion of acquired assets. "Ameriprise delivered another very * Net flows from Advice & Wealth strong quarter and a record year for Management and Asset Management client flows, assets and financial were over $40 billion, including results. a net $15 billion of BMO-related flows primarily from the U.S. asset transfers in North America mainly in December. "This significant organic growth was complemented by strategic actions, * Adjusted operating net revenue including our acquisition of BMO EMEA. was $3.7 billion, an 18 percent In the quarter, we drove more than $40 increase from strong organic billion in client net inflows. growth. * Ameriprise generated strong profitability with pretax "Wealth and Asset Management generated adjusted operating earnings up 80% of our 2021 adjusted operating 33 percent to $894 million, earnings, and we continued to deliver driven by 45 percent earnings consistently strong results in our growth from Wealth and Asset high-quality insurance and annuity Management. These businesses business. This allows us to generate a represented 81 percent of differentiated level of capital return operating earnings in the to shareholders, while investing in the quarter. business and maintaining our balance sheet discipline. * Investment performance at Columbia Threadneedle Investments remains excellent with 133 funds with 4- and "Ameriprise is well positioned to 5-star Morningstar ratings with continue navigating the current more than 80% of funds above environment successfully, and rising median on an asset-weighted interest rates would be another basis over 3-, 5- and 10-year positive. We remain focused on serving time periods. our clients well and are energized about the opportunity before us." * The company returned $630 million of capital to shareholders in the quarter for a total of $2.4 billion for the full year, which was nearly 90 percent of adjusted operating earnings.

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

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



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

Ameriprise Financial, Inc.

Fourth Quarter Summary

Quarter Ended December 31,

% Over/ (Under)

Year-to-date December 31,

% Over/ (Under)

(in millions, except per share amounts, unaudited)

2021

2020

2021

2020

GAAP net income

$ 701

$ 177

NM

$ 2,760

$ 1,534

80%

Adjusted operating earnings

$ 723

$ 559

29%

$ 2,724

$ 1,770

54%

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

$ 723

$ 559

29%

$ 2,730

$ 2,119

29%

GAAP net income per diluted share

$ 5.96

$ 1.43

NM

$ 23.00

$ 12.20

89%

Adjusted operating earnings per diluted share

$ 6.15

$ 4.53

36%

$ 22.70

$ 14.08

61%

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

$ 6.15

$ 4.53

36%

$ 22.75

$ 16.86

35%

GAAP Return on Equity, ex. AOCI

51.2

%

26.1

%

51.2

%

26.1

%

Adjusted Operating Return on Equity, ex. AOCI

50.6

%

30.2

%

50.6

%

30.2

%

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

50.7

%

36.1

%

50.7

%

36.1

%

Weighted average common shares outstanding:

Basic

114.6

120.9

117.3

123.8

Diluted

117.6

123.4

120.0

125.7

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

Fourth quarter 2021 GAAP results were modestly impacted by the market changes that negatively affected credit spreads and the valuation of derivatives, as well as integration costs from the acquisition of BMO EMEA. The prior year quarter also included significant negative impacts from market changes that affected credit spreads and valuation of derivatives.

Ameriprise Financial, Inc.

Fourth Quarter Summary

Quarter Ended Year-to-date December 31, % Over/ December 31, % Over/ (Under) (Under)(in millions, except per 2021 2020 2021 2020share amounts, unaudited)

GAAP net income $ 701 $ 177 NM $ $ 80% 2,760 1,534

Adjusted operating earnings $ 723 $ 559 29% $ $ 54% 2,724 1,770

Adjusted operating earningsexcluding Q3 unlocking (see $ 723 $ 559 29% $ $ 29%reconciliation starting on p. 2,730 2,11925)



GAAP net income per diluted $ $ NM $ $ 89%share 5.96 1.43 23.00 12.20

Adjusted operating earnings $ $ 36% $ $ 61%per diluted share 6.15 4.53 22.70 14.08

Adjusted operating earningsper diluted share excluding $ $ $ $Q3 unlocking (see 6.15 4.53 36% 22.75 16.86 35%reconciliation starting on p.255)



GAAP Return on Equity, ex. 51.2 % 26.1 % 51.2 % 26.1 % AOCI

Adjusted Operating Return on 50.6 % 30.2 % 50.6 % 30.2 % Equity, ex. AOCI

Adjusted Operating Return onEquity, ex. AOCI and Q3 50.7 % 36.1 % 50.7 % 36.1 % unlocking



Weighted average common shares outstanding:

Basic 114.6 120.9 117.3 123.8

Diluted 117.6 123.4 120.0 125.7



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

Fourth quarter 2021 GAAP results were modestly impacted by the market changes that negatively affected credit spreads and the valuation of derivatives, as well as integration costs from the acquisition of BMO EMEA. The prior year quarter also included significant negative impacts from market changes that affected credit spreads and valuation of derivatives.

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

Quarter Ended December 31, % Over/ (Under)(in millions, unaudited) 2021 2020

Net revenues $ 2,114 $ 1,776 19 %

Distribution expenses 1,275 1,065 (20 )%

G&A / other expense 367 359 (2 )%

Pretax adjusted operating earnings $ 472 $ 352 34 %



Pretax adjusted operating margin 22.3 % 19.8 % 250 bps





Quarter Ended December 31, % Over/ (Under)(in billions, unless otherwise noted) 2021 2020

Total client assets $ 858 $ 732 17 %

Total client net flows ^(1) $ 12.5 $ 9.7 29 %

Wrap net flows ^(1) $ 10.5 $ 9.0 17 %

AWM cash balance $ 43.8 $ 41.5 6 %

Average gross yield on cash balances (in bps) 62 69

Adjusted operating net revenue per advisor (TTM in $ 674 18 %thousands) $ 796

Adjusted for interest rates ^(2) $ 796 $ 666 20 %



^(1) See definition on page 133.

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

Advice & Wealth Management pretax adjusted operating earnings increased 34 percent to a record $472 million driven by robust client net flows, higher transactional activity, market appreciation, increased bank profitability and disciplined expense management. Pretax adjusted operating margin was 22.3 percent, up 250 basis points, which demonstrated our strategic focus on profitable growth.

Adjusted operating net revenues grew 19 percent to $2.1 billion, reflecting strong client net flows and transactional activity levels, as well as market appreciation.

Distribution expenses were up 20 percent associated with robust organic growth. General and administrative expense increased 2 percent, as higher activity-based expense and performance-based compensation were partially offset by expense discipline.

Total client assets grew 17 percent to $858 billion. Substantial organic growth across our advisor network was driven primarily by increased new client acquisition, deeper client relationships from existing clients, as well as experienced advisor recruiting. Total client flows reached a new high of $12.5 billion in the quarter, with a 17 percent increase in wrap flows and an 8 percent increase in transactional activity. Wrap net flows were $10.5 billion, representing the fifth consecutive quarter at or above $9.0 billion. Cash balances increased to $43.8 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 $796,000. Excluding the decline in short-term interest rates, adjusted operating net revenue per advisor increased 20 percent. Total advisors increased 2 percent to 10,116, with excellent advisor retention, as well as the addition of 86 experienced advisors in the quarter.

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

Quarter Ended December 31, % Over/ (Under)(in millions, unaudited) 2021 2020

Net revenues $ 1,060 $ 798 33 %

Distribution expenses 294 254 (16 )%

G&A / other expenses 436 343 (27 )%

Pretax adjusted operating earnings $ 330 $ 201 64 %



Net pretax adjusted operating margin ^(1) 45.7 % 39.5 %





Quarter Ended December 31, % Over/ (Under)(in billions) 2021 2020

Total segment AUM $ 754 $ 547 38 %



Net Flows

Global Retail net flows $ 13.6 $ 7.8 74 %

Global Institutional net flows, ex. legacy 14.8 0.6 NMinsurance partners flows

Legacy insurance partners flows (0.9 ) (1.4 ) 32 %

Total segment net flows $ 27.5 $ 7.0 NM



Model delivery AUA Flows ^(2) $ 0.8 $ 0.2 NM



^(1) See reconciliation on page 144.

^(2) Estimated based on the period to period change in assets less 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 64 percent to $330 million reflecting the cumulative benefit of net inflows, higher performance fees and market appreciation. Net pretax adjusted operating margin was 45.7 percent. The net pretax adjusted operating margin excluding the BMO EMEA acquisition was 48.6 percent.

Adjusted operating revenues grew to $1.1 billion, up 33 percent from strong performance fees, the addition of the recently acquired EMEA Asset Management business from BMO, the cumulative benefit of inflows, as well as higher equity markets. Excluding BMO EMEA, revenue increased 25 percent.

Distribution expense increased 16 percent from strong equity market appreciation. General and administrative expense grew 27 percent driven by the BMO EMEA acquisition and higher performance fee compensation. Excluding BMO EMEA, G&A was well managed and up 12 percent.

Total assets under management increased 38 percent to $754 billion reflecting the acquisition of BMO EMEA, 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 $27.5 billion, which included a net $15.0 billion related to BMO. In the U.S., $16.9 billion of inflows were related to clients that elected to transfer retail and institutional assetsto us resulting from the transition of investment advisory services as part of an arrangement with BMO. BMO EMEA had $1.9 billion of outflows, of which approximately 40 percent was associated with the acquisition.

* Retail net inflows were $13.6 billion, which included reinvested dividends, $2.6 billion of BMO-related net inflows in the U.S. and EMEA, and $2.4 billion of underlying outflows.

* Global institutional net inflows were $14.8 billion, which included $14.0 billion of inflows from U.S. BMO asset management clients, BMO EMEA outflows of $1.6 billion, and underlying $2.4 billion of net inflows across multiple strategies and geographies.

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

Quarter Ended December 31, % Over/ (Under)(in millions, unaudited) 2021 2020

Net revenues $ 815 $ 799 2 %

Expenses 632 619 (2 )%

Pretax adjusted operating earnings $ 183 $ 180 2 %



Retirement & Protection Solutions pretax adjusted operating earnings were $183 million as market appreciation was largely offset by higher sales expense, net outflows in retirement products and lower portfolio yields. Overall claims remain within expected ranges.

The company continues its ongoing shift to lower-risk products. In December, the company announced that it discontinued sales of substantially all variable annuities with living benefit riders at year end, with a full exit of new sales by mid-2022. In addition, the company discontinued sales of universal life with secondary guarantees and universal life/LTC combo products in the quarter.

Retirement & Protection Solutions sales increased to $1.6 billion. Variable annuity sales increased 15 percent to $1.5 billion, with 67 percent of sales in products without living benefit guarantees. Protection sales increased 41 percent to $97 million, reflecting a significant shift of sales to higher-margin accumulation VUL products.

Ameriprise Financial, Inc.

Corporate & Other Segment Adjusted Operating Results

Quarter Ended December 31, % Over/ (Under)(in millions, unaudited) 2021 2020

Corporate & Other, excluding Closed Blocks $ (88 ) $ (79 ) (11 )%

Closed Blocks ^(1) (3 ) 19 NM

Pretax adjusted operating earnings $ (91 ) $ (60 ) (52 )%



Long Term Care $ 4 $ 21 (81 )%

Fixed Annuities (7 ) (2 ) NM

Closed Blocks pretax adjusted operating earnings $ (3 ) $ 19 NM



^(1) Long Term Care and Fixed Annuities.

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

Total Corporate & Other pretax adjusted operating loss was $91 million.

Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was $88 million. Results in the quarter included a $12 million impact from share price appreciation on compensation related expense.

Long Term Care pretax adjusted operating earnings were $4 million, down from last year as terminations and claim activity returned to pre-COVID levels in the quarter.

Fixed Annuities pretax adjusted operating loss was $7 million.

Taxes

The operating effective tax rate was 19.1 percent for the fourth quarter. The full year operating effective tax rate was 17.6 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, BMO Asset Management Limited, LGM Investments Limited, and Pyrford International Ltd, are SEC- and FCA-registered investment adviser affiliates 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 to lower-risk products, including the exit from variable annuities with living benefit riders;

* 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-K for the year ended December 31, 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 4 Qtr 4 Qtr % Over/ 3 Qtr % Over/amounts, unaudited) 2021 2020 (Under) 2021 (Under)

Revenues

Management and financial advice $ 2,555 $ 2,003 28 % $ 2,367 8 %fees

Distribution fees 462 422 9 % 458 1 %

Net investment income 255 318 (20 )% 773 (67 )%

Premiums, policy and contract 367 375 (2 )% (805 ) NMcharges

Other revenues 123 71 73 % 113 9 %

Total revenues 3,762 3,189 18 % 2,906 29 %

Banking and deposit interest 2 6 67 % 3 33 %expense

Total net revenues 3,760 3,183 18 % 2,903 30 %

Expenses

Distribution expenses 1,322 1,096 (21 )% 1,285 (3 )%

Interest credited to fixed 145 121 (20 )% 172 16 %accounts

Benefits, claims, losses and 378 982 62 % (719 ) NMsettlement expenses

Amortization of deferred 47 (72 ) NM 9 NMacquisition costs

Interest and debt expense 42 38 (11 )% 64 34 %

General and administrative 960 828 (16 )% 822 (17 )%expense

Total expenses 2,894 2,993 3 % 1,633 (77 )%

Pretax income 866 190 NM 1,270 (32 )%

Income tax provision 165 13 NM 239 31 %

Net income $ 701 $ 177 NM $ 1,031 (32 )%



Earnings per share

Basic earnings per share $ 6.12 $ 1.46 $ 8.86

Earnings per diluted share $ 5.96 $ 1.43 $ 8.65



Weighted average common shares outstanding

Basic 114.6 120.9 116.4

Diluted 117.6 123.4 119.2



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

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless otherwise noted, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Assets Under Management and Administration

Advice & Wealth Management AUM

$

460,935

$

376,811

22

%

$

431,861

7

%

Asset Management AUM

754,056

546,613

38

%

583,398

29

%

Corporate AUM

136

82

66

%

104

31

%

Eliminations

(44,160

)

(37,483

)

(18

)%

(42,022

)

(5

)%

Total Assets Under Management

1,170,967

886,023

32

%

973,341

20

%

Total Assets Under Administration

246,891

216,066

14

%

232,934

6

%

Total AUM and AUA

$

1,417,858

$

1,102,089

29

%

$

1,206,275

18

%

S&P 500

Daily average

4,600

3,555

29

%

4,425

4

%

Period end

4,766

3,756

27

%

4,308

11

%

Weighted Equity Index (WEI) (1)

Daily average

3,068

2,414

27

%

2,983

3

%

Period end

3,152

2,573

23

%

2,909

8

%

Common shares

Beginning balance

112.4

118.6

(5

)%

114.3

(2

)%

Repurchases

(1.6

)

(2.1

)

24

%

(2.1

)

24

%

Issuances

0.4

1.0

(60

)%

0.4

-

Other

(0.3

)

(0.7

)

57

%

(0.2

)

(50

)%

Total common shares outstanding

110.9

116.8

(5

)%

112.4

(1

)%

Restricted stock units

3.0

3.2

(6

)%

3.0

-

Total basic common shares outstanding

113.9

120.0

(5

)%

115.4

(1

)%

Total potentially dilutive shares

2.9

2.5

16

%

2.9

-

Total diluted shares

116.8

122.5

(5

)%

118.3

(1

)%

Capital Returned to Shareholders

Dividends paid

$

131

$

126

4

%

$

133

(2

)%

Common stock share repurchases

499

376

33

%

533

(6

)%

Total Capital Returned to Shareholders

$

630

$

502

25

%

$

666

(5

)%

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

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless % Over/ % Over/otherwise noted, 4 Qtr 2021 4 Qtr 2020 (Under) 3 Qtr 2021 (Under)unaudited)



Assets Under Management and Administration

Advice & Wealth $ 460,935 $ 376,811 22 % $ 431,861 7 %Management AUM

Asset Management AUM 754,056 546,613 38 % 583,398 29 %

Corporate AUM 136 82 66 % 104 31 %

Eliminations (44,160 ) (37,483 ) (18 )% (42,022 ) (5 )%

Total Assets Under 1,170,967 886,023 32 % 973,341 20 %Management

Total Assets Under 246,891 216,066 14 % 232,934 6 %Administration

Total AUM and AUA $ 1,417,858 $ 1,102,089 29 % $ 1,206,275 18 %



S&P 500

Daily average 4,600 3,555 29 % 4,425 4 %

Period end 4,766 3,756 27 % 4,308 11 %



Weighted Equity Index (WEI) ^(1)

Daily average 3,068 2,414 27 % 2,983 3 %

Period end 3,152 2,573 23 % 2,909 8 %



Common shares

Beginning balance 112.4 118.6 (5 )% 114.3 (2 )%

Repurchases (1.6 ) (2.1 ) 24 % (2.1 ) 24 %

Issuances 0.4 1.0 (60 )% 0.4 -

Other (0.3 ) (0.7 ) 57 % (0.2 ) (50 )%

Total common shares 110.9 116.8 (5 )% 112.4 (1 )%outstanding

Restricted stock 3.0 3.2 (6 )% 3.0 - units

Total basic common 113.9 120.0 (5 )% 115.4 (1 )%shares outstanding

Total potentially 2.9 2.5 16 % 2.9 - dilutive shares

Total diluted shares 116.8 122.5 (5 )% 118.3 (1 )%



Capital Returned to Shareholders

Dividends paid $ 131 $ 126 4 % $ 133 (2 )%

Common stock share 499 376 33 % 533 (6 )%repurchases

Total CapitalReturned to $ 630 $ 502 25 % $ 666 (5 )%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.



Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Revenues

Management and financial advice fees:

Advisory fees

$

1,209

$

953

27

%

$

1,189

2

%

Financial planning fees

114

100

14

%

91

25

%

Transaction and other fees

96

88

9

%

94

2

%

Total management and financial advice fees

1,419

1,141

24

%

1,374

3

%

Distribution fees:

Mutual funds

220

197

12

%

219

-

Insurance and annuity

256

229

12

%

246

4

%

Other products

95

96

(1

)%

96

(1

)%

Total distribution fees

571

522

9

%

561

2

%

Net investment income

68

66

3

%

62

10

%

Other revenues

58

53

9

%

54

7

%

Total revenues

2,116

1,782

19

%

2,051

3

%

Banking and deposit interest expense

2

6

67

%

3

33

%

Adjusted operating total net revenues

2,114

1,776

19

%

2,048

3

%

Expenses

Distribution expenses

1,275

1,065

(20

)%

1,238

(3

)%

Interest and debt expense

2

2

-

3

33

%

General and administrative expense

365

357

(2

)%

348

(5

)%

Adjusted operating expenses

1,642

1,424

(15

)%

1,589

(3

)%

Pretax adjusted operating earnings

$

472

$

352

34

%

$

459

3

%

Pretax adjusted operating margin

22.3

%

19.8

%

22.4

%

Pretax adjusted operating earnings by product

Certificates and Banking - Combined

$

21

$

21

-

$

17

24

%

Wealth Management & Distribution

451

331

36

%

442

2

%

Pretax adjusted operating earnings

$

472

$

352

34

%

$

459

3

%

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

(in millions, unaudited) 4 Qtr 4 Qtr % Over/ 3 Qtr % Over/ 2021 2020 (Under) 2021 (Under)



Revenues

Management and financial advice fees:

Advisory fees $ 1,209 $ 953 27 % $ 1,189 2 %

Financial planning fees 114 100 14 % 91 25 %

Transaction and other fees 96 88 9 % 94 2 %

Total management and financial 1,419 1,141 24 % 1,374 3 %advice fees

Distribution fees:

Mutual funds 220 197 12 % 219 -

Insurance and annuity 256 229 12 % 246 4 %

Other products 95 96 (1 )% 96 (1 )%

Total distribution fees 571 522 9 % 561 2 %

Net investment income 68 66 3 % 62 10 %

Other revenues 58 53 9 % 54 7 %

Total revenues 2,116 1,782 19 % 2,051 3 %

Banking and deposit interest 2 6 67 % 3 33 %expense

Adjusted operating total net 2,114 1,776 19 % 2,048 3 %revenues



Expenses

Distribution expenses 1,275 1,065 (20 )% 1,238 (3 )%

Interest and debt expense 2 2 - 3 33 %

General and administrative expense 365 357 (2 )% 348 (5 )%

Adjusted operating expenses 1,642 1,424 (15 )% 1,589 (3 )%

Pretax adjusted operating earnings $ 472 $ 352 34 % $ 459 3 %



Pretax adjusted operating margin 22.3 % 19.8 % 22.4 %



Pretax adjusted operating earnings by product

Certificates and Banking - Combined $ 21 $ 21 - $ 17 24 %

Wealth Management & Distribution 451 331 36 % 442 2 %

Pretax adjusted operating earnings $ 472 $ 352 34 % $ 459 3 %



Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless otherwise noted, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

AWM Total Client Assets

$

857,584

$

732,171

17

%

$

811,189

6

%

Total Client Flows (1)

$

12,542

$

9,697

29

%

$

10,043

25

%

Total Wrap Accounts

Beginning assets

$

435,375

$

339,950

28

%

$

430,003

1

%

Net flows (2)

10,541

8,999

17

%

9,404

12

%

Market appreciation (depreciation) and other (2)

18,772

31,064

(40

)%

(4,032

)

NM

Total wrap ending assets

$

464,688

$

380,013

22

%

$

435,375

7

%

Advisory wrap account assets ending balance (3)

$

459,499

$

375,657

22

%

$

430,546

7

%

Brokerage Cash & Certificates Balances

On-balance sheet (Net Investment Income)

On-balance sheet - broker dealer

$

3,513

$

3,487

1

%

$

3,441

2

%

On-balance sheet - bank

11,419

7,405

54

%

9,815

16

%

On-balance sheet - certificate

5,300

6,760

(22

)%

5,442

(3

)%

Total on-balance sheet

$

20,232

$

17,652

15

%

$

18,698

8

%

Off-balance sheet (Distribution Fees)

Off-balance sheet - broker dealer

$

23,593

$

23,842

(1

)%

$

21,374

10

%

Total brokerage cash & certificates balances

$

43,825

$

41,494

6

%

$

40,072

9

%

Gross Fee Yield

On-balance sheet - broker dealer

0.06

%

0.11

%

0.06

%

On-balance sheet - bank (4)

1.27

%

1.44

%

1.27

%

On-balance sheet - certificates

0.94

%

1.32

%

1.06

%

Off-balance sheet - broker dealer

0.26

%

0.29

%

0.28

%

Weighted Average Gross Fee Yield (4)

0.62

%

0.69

%

0.64

%

Financial Advisors

Employee advisors

2,128

2,117

1

%

2,112

1

%

Franchisee advisors

7,988

7,805

2

%

7,961

-

Total financial advisors

10,116

9,922

2

%

10,073

-

Advisor Retention

Employee

92.0

%

92.1

%

91.7

%

Franchisee

94.2

%

94.0

%

94.3

%

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

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

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

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

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

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless % Over/ % Over/otherwise noted, 4 Qtr 2021 4 Qtr 2020 (Under) 3 Qtr 2021 (Under)unaudited)



AWM Total Client Assets $ 857,584 $ 732,171 17 % $ 811,189 6 %



Total Client Flows ^(1) $ 12,542 $ 9,697 29 % $ 10,043 25 %



Total Wrap Accounts

Beginning assets $ 435,375 $ 339,950 28 % $ 430,003 1 %

Net flows ^(2) 10,541 8,999 17 % 9,404 12 %

Market appreciation(depreciation) and other 18,772 31,064 (40 )% (4,032 ) NM ^(2)

Total wrap ending assets $ 464,688 $ 380,013 22 % $ 435,375 7 %



Advisory wrap accountassets ending balance ^ $ 459,499 $ 375,657 22 % $ 430,546 7 %(3)



Brokerage Cash & Certificates Balances

On-balance sheet (Net Investment Income)

On-balance sheet - broker $ 3,513 $ 3,487 1 % $ 3,441 2 %dealer

On-balance sheet - bank 11,419 7,405 54 % 9,815 16 %

On-balance sheet - 5,300 6,760 (22 )% 5,442 (3 )%certificate

Total on-balance sheet $ 20,232 $ 17,652 15 % $ 18,698 8 %

Off-balance sheet (Distribution Fees)

Off-balance sheet - $ 23,593 $ 23,842 (1 )% $ 21,374 10 %broker dealer

Total brokerage cash & $ 43,825 $ 41,494 6 % $ 40,072 9 %certificates balances



Gross Fee Yield

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

On-balance sheet - bank ^ 1.27 % 1.44 % 1.27 % (4)

On-balance sheet - 0.94 % 1.32 % 1.06 % certificates

Off-balance sheet - 0.26 % 0.29 % 0.28 % broker dealer



Weighted Average Gross 0.62 % 0.69 % 0.64 % Fee Yield^ (4)



Financial Advisors

Employee advisors 2,128 2,117 1 % 2,112 1 %

Franchisee advisors 7,988 7,805 2 % 7,961 -

Total financial advisors 10,116 9,922 2 % 10,073 -



Advisor Retention

Employee 92.0 % 92.1 % 91.7 %

Franchisee 94.2 % 94.0 % 94.3 %



^(1) Total client flows represent inflows of client cash and securities 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.

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

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

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Revenues

Management and financial advice fees:

Asset management fees:

Retail

$

624

$

492

27

%

$

587

6

%

Institutional

248

134

85

%

143

73

%

Transaction and other fees

58

51

14

%

57

2

%

Revenue from other sources (1)

7

4

75

%

7

-

Total management and financial advice fees

937

681

38

%

794

18

%

Distribution fees:

Mutual funds

70

63

11

%

70

-

Insurance and annuity

49

45

9

%

50

(2

)%

Total distribution fees

119

108

10

%

120

(1

)%

Net investment income

2

8

(75

)%

1

NM

Other revenues

2

1

NM

-

-

Total revenues

1,060

798

33

%

915

16

%

Banking and deposit interest expense

-

-

-

-

-

Adjusted operating total net revenues

1,060

798

33

%

915

16

%

Expenses

Distribution expenses

294

254

(16

)%

288

(2

)%

Amortization of deferred acquisition costs

3

3

-

3

-

Interest and debt expense

2

1

NM

1

NM

General and administrative expense

431

339

(27

)%

338

(28

)%

Adjusted operating expenses

730

597

(22

)%

630

(16

)%

Pretax adjusted operating earnings

$

330

$

201

64

%

$

285

16

%

Net Pretax Adjusted Operating Margin Reconciliation

Adjusted operating total net revenues

$

1,060

$

798

33

%

$

915

16

%

Distribution pass thru revenues

(234

)

(205

)

(14

)%

(231

)

(1

)%

Subadvisory and other pass thru revenues

(97

)

(94

)

(3

)%

(97

)

-

Net adjusted operating revenues

$

729

$

499

46

%

$

587

24

%

Pretax adjusted operating earnings

$

330

$

201

64

%

$

285

16

%

Adjusted operating net investment income

(2

)

(8

)

75

%

(1

)

NM

Amortization of intangibles

5

4

25

%

3

67

%

Net adjusted operating earnings

$

333

$

197

69

%

$

287

16

%

Pretax adjusted operating margin

31.1

%

25.2

%

31.1

%

Net pretax adjusted operating margin (2)

45.7

%

39.5

%

48.9

%

Performance fees (3)

Performance fees

$

90

$

17

NM

$

13

NM

Performance fee related to general and administrative expense

55

4

NM

-

-

Net performance fees

$

35

$

13

NM

$

13

NM

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

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

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

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

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

(in millions, unaudited) 4 Qtr 2021 4 Qtr 2020 % Over/ 3 Qtr 2021 % Over/ (Under) (Under)



Revenues

Management and financial advice fees:

Asset management fees:

Retail $ 624 $ 492 27 % $ 587 6 %

Institutional 248 134 85 % 143 73 %

Transaction and other fees 58 51 14 % 57 2 %

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

Total management and 937 681 38 % 794 18 %financial advice fees

Distribution fees:

Mutual funds 70 63 11 % 70 -

Insurance and annuity 49 45 9 % 50 (2 )%

Total distribution fees 119 108 10 % 120 (1 )%

Net investment income 2 8 (75 )% 1 NM

Other revenues 2 1 NM - -

Total revenues 1,060 798 33 % 915 16 %

Banking and deposit interest - - - - - expense

Adjusted operating total net 1,060 798 33 % 915 16 %revenues



Expenses

Distribution expenses 294 254 (16 )% 288 (2 )%

Amortization of deferred 3 3 - 3 - acquisition costs

Interest and debt expense 2 1 NM 1 NM

General and administrative 431 339 (27 )% 338 (28 )%expense

Adjusted operating expenses 730 597 (22 )% 630 (16 )%

Pretax adjusted operating $ 330 $ 201 64 % $ 285 16 %earnings



Net Pretax Adjusted Operating Margin Reconciliation

Adjusted operating total net $ 1,060 $ 798 33 % $ 915 16 %revenues

Distribution pass thru (234 ) (205 ) (14 )% (231 ) (1 )%revenues

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

Net adjusted operating $ 729 $ 499 46 % $ 587 24 %revenues



Pretax adjusted operating $ 330 $ 201 64 % $ 285 16 %earnings

Adjusted operating net (2 ) (8 ) 75 % (1 ) NMinvestment income

Amortization of intangibles 5 4 25 % 3 67 %

Net adjusted operating $ 333 $ 197 69 % $ 287 16 %earnings



Pretax adjusted operating 31.1 % 25.2 % 31.1 % margin

Net pretax adjusted operating 45.7 % 39.5 % 48.9 % margin ^(2)



Performance fees ^(3)

Performance fees $ 90 $ 17 NM $ 13 NM

Performance fee related togeneral and administrative 55 4 NM - - expense

Net performance fees $ 35 $ 13 NM $ 13 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)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Managed Assets Rollforward

Global Retail Funds

Beginning assets

$

355,719

$

289,922

23

%

$

359,476

(1

)%

Inflows

20,358

16,922

20

%

16,442

24

%

Outflows

(19,111

)

(14,518

)

(32

)%

(15,509

)

(23

)%

Net VP/VIT fund flows

(1,093

)

(840

)

(30

)%

(1,101

)

1

%

Net new flows

154

1,564

(90

)%

(168

)

NM

Reinvested dividends

13,414

6,219

NM

2,001

NM

Net flows

13,568

7,783

74

%

1,833

NM

Distributions

(15,093

)

(7,088

)

NM

(2,151

)

NM

Acquired assets (1)

46,091

-

-

-

-

Market appreciation (depreciation) and other

18,676

30,847

(39

)%

(2,282

)

NM

Foreign currency translation (2)

(717

)

2,019

NM

(1,157

)

38

%

Total ending assets

418,244

323,483

29

%

355,719

18

%

% of total retail assets sub-advised

15.4

%

17.7

%

16.0

%

Global Institutional

Beginning assets

227,679

208,082

9

%

233,890

(3

)%

Inflows (3)

24,175

5,378

NM

9,428

NM

Outflows (3)

(10,274

)

(6,177

)

(66

)%

(7,356

)

(40

)%

Net flows

13,901

(799

)

NM

2,072

NM

Acquired assets (1)

90,125

-

-

-

-

Market appreciation (depreciation) and other (4)

5,046

11,388

(56

)%

(5,895

)

NM

Foreign currency translation (2)

(939

)

4,459

NM

(2,388

)

61

%

Total ending assets

335,812

223,130

51

%

227,679

47

%

Total managed assets

$

754,056

$

546,613

38

%

$

583,398

29

%

Total net flows

$

27,469

$

6,984

NM

$

3,905

NM

Legacy insurance partners flows

$

(920

)

$

(1,350

)

32

%

$

(1,402

)

34

%

Total Assets Under Advisement (5)

$

20,194

$

13,929

45

%

$

19,742

2

%

Model delivery AUA flows (6)

$

820

$

226

NM

$

514

60

%

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

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

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

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

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

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

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

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, 4 Qtr 2021 4 Qtr 2020 % Over/ 3 Qtr 2021 % Over/unaudited) (Under) (Under)



Managed Assets Rollforward

Global Retail Funds

Beginning assets $ 355,719 $ 289,922 23 % $ 359,476 (1 )%

Inflows 20,358 16,922 20 % 16,442 24 %

Outflows (19,111 ) (14,518 ) (32 )% (15,509 ) (23 )%

Net VP/VIT fund flows (1,093 ) (840 ) (30 )% (1,101 ) 1 %

Net new flows 154 1,564 (90 )% (168 ) NM

Reinvested dividends 13,414 6,219 NM 2,001 NM

Net flows 13,568 7,783 74 % 1,833 NM

Distributions (15,093 ) (7,088 ) NM (2,151 ) NM

Acquired assets ^(1) 46,091 - - - -

Market appreciation(depreciation) and 18,676 30,847 (39 )% (2,282 ) NMother

Foreign currency (717 ) 2,019 NM (1,157 ) 38 %translation ^(2)

Total ending assets 418,244 323,483 29 % 355,719 18 %

% of total retail 15.4 % 17.7 % 16.0 % assets sub-advised



Global Institutional

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

Inflows ^(3) 24,175 5,378 NM 9,428 NM

Outflows ^(3) (10,274 ) (6,177 ) (66 )% (7,356 ) (40 )%

Net flows 13,901 (799 ) NM 2,072 NM

Acquired assets ^(1) 90,125 - - - -

Market appreciation(depreciation) and 5,046 11,388 (56 )% (5,895 ) NMother ^(4)

Foreign currency (939 ) 4,459 NM (2,388 ) 61 %translation ^(2)

Total ending assets 335,812 223,130 51 % 227,679 47 %



Total managed assets $ 754,056 $ 546,613 38 % $ 583,398 29 %



Total net flows $ 27,469 $ 6,984 NM $ 3,905 NM



Legacy insurance $ (920 ) $ (1,350 ) 32 % $ (1,402 ) 34 %partners flows



Total Assets Under $ 20,194 $ 13,929 45 % $ 19,742 2 %Advisement ^(5)

Model delivery AUA $ 820 $ 226 NM $ 514 60 %flows^ (6)



^(1) Reflects the acquisition of BMO's EMEA Asset Management business thatclosed on November 8, 2021.

^(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 Operating Metrics

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Total Managed Assets by Type (1)

Equity

$

402,841

$

302,563

33

%

$

332,715

21

%

Fixed income

277,039

195,971

41

%

198,696

39

%

Money market

10,084

5,899

71

%

5,752

75

%

Alternative

39,872

22,456

78

%

23,389

70

%

Hybrid and other

24,220

19,724

23

%

22,846

6

%

Total managed assets by type

$

754,056

$

546,613

38

%

$

583,398

29

%

Average Managed Assets by Type (1) (2)

Equity

$

372,152

$

279,128

33

%

$

340,804

9

%

Fixed income

251,533

191,679

31

%

200,106

26

%

Money market

8,258

5,397

53

%

5,831

42

%

Alternative

33,939

21,986

54

%

23,360

45

%

Hybrid and other

23,686

18,791

26

%

23,172

2

%

Total average managed assets by type

$

689,568

$

516,981

33

%

$

593,273

16

%

(1) In Q4 2021, the definition of Alternative AUM was changed to now include real estate, CLOs, private equity, hedge funds (direct and funds of funds), infrastructure and commodities. Prior periods have been restated to reflect this change.

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

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited) 4 Qtr 2021 4 Qtr 2020 % Over/ 3 Qtr 2021 % Over/ (Under) (Under)



Total Managed Assets by Type ^(1)

Equity $ 402,841 $ 302,563 33 % $ 332,715 21 %

Fixed income 277,039 195,971 41 % 198,696 39 %

Money market 10,084 5,899 71 % 5,752 75 %

Alternative 39,872 22,456 78 % 23,389 70 %

Hybrid and other 24,220 19,724 23 % 22,846 6 %

Total managed assets by $ 754,056 $ 546,613 38 % $ 583,398 29 %type



Average Managed Assets by Type ^(1) (2)

Equity $ 372,152 $ 279,128 33 % $ 340,804 9 %

Fixed income 251,533 191,679 31 % 200,106 26 %

Money market 8,258 5,397 53 % 5,831 42 %

Alternative 33,939 21,986 54 % 23,360 45 %

Hybrid and other 23,686 18,791 26 % 23,172 2 %

Total average managed $ 689,568 $ 516,981 33 % $ 593,273 16 %assets by type



^(1) In Q4 2021, the definition of Alternative AUM was changed to now includereal estate, CLOs, private equity, hedge funds (direct and funds of funds),infrastructure and commodities. Prior periods have been restated to reflectthis change.

^(2) Average ending balances are calculated using the average of the priorperiod's ending balance and all months in the current period.

Ameriprise Financial, Inc.

Asset Management Segment Performance Metrics

4 Qtr 2021

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

1 year

3 year

5 year

10 year

Equity

61%

86%

82%

88%

Fixed Income

77%

96%

96%

92%

Asset Allocation

60%

83%

86%

90%

4- or 5-star Morningstar rated funds

Overall

3 year

5 year

10 year

Number of Rated Funds

133

114

111

102

Percent of Rated Assets

70%

64%

60%

71%

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 12/31/21. Columbia funds are available for purchase by U.S. customers. Out of 91 Columbia funds (Inst. shares) rated, 16 received a 5-star Overall Rating and 37 received a 4-star Overall Rating. Out of 92 Threadneedle funds (highest rated share class) rated, 19 received a 5-star Overall Rating and 35 received a 4-star Overall Rating. Out of 62 BMO funds (highest rated share class) rated, 8 received a 5-star Overall Rating and 18 received a 4-star Over 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

4 Qtr 2021



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

Equity 61% 86% 82% 88%

Fixed Income 77% 96% 96% 92%

Asset Allocation 60% 83% 86% 90%



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

Number of Rated Funds 133 114 111 102

Percent of Rated Assets 70% 64% 60% 71%



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 12/31/21. Columbia funds are available for purchase by U.S.customers. Out of 91 Columbia funds (Inst. shares) rated, 16 received a 5-starOverall Rating and 37 received a 4-star Overall Rating. Out of 92 Threadneedlefunds (highest rated share class) rated, 19 received a 5-star Overall Ratingand 35 received a 4-star Overall Rating. Out of 62 BMO funds (highest ratedshare class) rated, 8 received a 5-star Overall Rating and 18 received a 4-starOver Rating. The Overall Morningstar Rating is derived from a weighted averageof the performance figures associated with its 3-, 5- and 10-year (ifapplicable) Morningstar Rating metrics. Not all funds are available in alljurisdictions, 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 Adjusted Operating Results

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Revenues

Management and financial advice fees

$

237

$

219

8

%

$

239

(1

)%

Distribution fees

124

115

8

%

125

(1

)%

Net investment income

113

128

(12

)%

114

(1

)%

Premiums, policy and contract charges

337

337

-

353

(5

)%

Other revenues

4

-

-

3

33

%

Total revenues

815

799

2

%

834

(2

)%

Banking and deposit interest expense

-

-

-

-

-

Adjusted operating total net revenues

815

799

2

%

834

(2

)%

Expenses

Distribution expenses

134

124

(8

)%

134

-

Interest credited to fixed accounts

96

97

1

%

99

3

%

Benefits, claims, losses and settlement expenses

244

253

4

%

323

24

%

Amortization of deferred acquisition costs

70

59

(19

)%

5

NM

Interest and debt expense

9

11

18

%

9

-

General and administrative expense

79

75

(5

)%

77

(3

)%

Adjusted operating expenses

632

619

(2

)%

647

2

%

Pretax adjusted operating earnings

$

183

$

180

2

%

$

187

(2

)%

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

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

(in millions, unaudited) 4 Qtr 4 Qtr % Over/ 3 Qtr % Over/ 2021 2020 (Under) 2021 (Under)



Revenues

Management and financial advice fees $ 237 $ 219 8 % $ 239 (1 )%

Distribution fees 124 115 8 % 125 (1 )%

Net investment income 113 128 (12 )% 114 (1 )%

Premiums, policy and contract 337 337 - 353 (5 )%charges

Other revenues 4 - - 3 33 %

Total revenues 815 799 2 % 834 (2 )%

Banking and deposit interest expense - - - - -

Adjusted operating total net 815 799 2 % 834 (2 )%revenues



Expenses

Distribution expenses 134 124 (8 )% 134 -

Interest credited to fixed accounts 96 97 1 % 99 3 %

Benefits, claims, losses and 244 253 4 % 323 24 %settlement expenses

Amortization of deferred acquisition 70 59 (19 )% 5 NM costs

Interest and debt expense 9 11 18 % 9 -

General and administrative expense 79 75 (5 )% 77 (3 )%

Adjusted operating expenses 632 619 (2 )% 647 2 %

Pretax adjusted operating earnings $ 183 $ 180 2 % $ 187 (2 )%



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

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Operating Metrics

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Variable Annuities Rollforwards

Beginning balance

$

89,635

$

79,846

12

%

$

90,494

(1

)%

Deposit

1,530

1,327

15

%

1,421

8

%

Withdrawals and terminations

(2,011

)

(1,786

)

(13

)%

(1,900

)

(6

)%

Net flows

(481

)

(459

)

(5

)%

(479

)

-

Investment performance and interest credited

3,138

6,387

(51

)%

(380

)

NM

Total ending balance - contract accumulation values

$

92,292

$

85,774

8

%

$

89,635

3

%

Variable annuities fixed sub-accounts

$

4,990

$

5,104

(2

)%

$

5,020

(1

)%

Life Insurance In Force

$

198,553

$

195,750

1

%

$

197,523

1

%

Net Amount at Risk (Life)

$

37,652

$

37,817

-

$

37,766

-

Net Policyholder Reserves

VUL/UL

$

15,049

$

13,738

10

%

$

14,565

3

%

Term and whole life

167

174

(4

)%

168

(1

)%

Disability insurance

483

504

(4

)%

488

(1

)%

Other insurance

608

643

(5

)%

623

(2

)%

Total net policyholder reserves

$

16,307

$

15,059

8

%

$

15,844

3

%

DAC Ending Balances

Variable Annuities DAC

$

1,876

$

1,711

10

%

$

1,840

2

%

Life and Health DAC

$

847

$

766

11

%

$

834

2

%

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

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Operating Metrics

(in millions, unaudited) 4 Qtr 2021 4 Qtr 2020 % Over/ 3 Qtr 2021 % Over/ (Under) (Under)



Variable Annuities Rollforwards

Beginning balance $ 89,635 $ 79,846 12 % $ 90,494 (1 )%

Deposit 1,530 1,327 15 % 1,421 8 %

Withdrawals and (2,011 ) (1,786 ) (13 )% (1,900 ) (6 )%terminations

Net flows (481 ) (459 ) (5 )% (479 ) -

Investment performance 3,138 6,387 (51 )% (380 ) NM and interest credited

Total ending balance -contract accumulation $ 92,292 $ 85,774 8 % $ 89,635 3 %values



Variable annuities fixed $ 4,990 $ 5,104 (2 )% $ 5,020 (1 )%sub-accounts



Life Insurance In Force $ 198,553 $ 195,750 1 % $ 197,523 1 %



Net Amount at Risk (Life) $ 37,652 $ 37,817 - $ 37,766 -



Net Policyholder Reserves

VUL/UL $ 15,049 $ 13,738 10 % $ 14,565 3 %

Term and whole life 167 174 (4 )% 168 (1 )%

Disability insurance 483 504 (4 )% 488 (1 )%

Other insurance 608 643 (5 )% 623 (2 )%

Total net policyholder $ 16,307 $ 15,059 8 % $ 15,844 3 %reserves



DAC Ending Balances

Variable Annuities DAC $ 1,876 $ 1,711 10 % $ 1,840 2 %

Life and Health DAC $ 847 $ 766 11 % $ 834 2 %



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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 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

(12

)

(13

)

8

%

(17

)

29

%

Premiums, policy and contract charges

(1

)

-

-

-

-

Other revenues

4

2

NM

1

NM

Total revenues

(9

)

(11

)

18

%

(16

)

44

%

Banking and deposit interest expense

1

1

-

-

-

Adjusted operating total net revenues

(10

)

(12

)

17

%

(16

)

38

%

Expenses

Distribution expenses

-

-

-

-

-

Interest credited to fixed accounts

-

-

-

-

-

Benefits, claims, losses and settlement expenses

(1

)

(1

)

-

-

-

Amortization of deferred acquisition costs

(1

)

-

-

-

-

Interest and debt expense

13

10

(30

)%

13

-

General and administrative expense

67

58

(16

)%

44

(52

)%

Adjusted operating expenses

78

67

(16

)%

57

(37

)%

Pretax adjusted operating earnings (loss)

$

(88

)

$

(79

)

(11

)%

$

(73

)

(21

)%

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited) 4 Qtr 4 Qtr % Over/ 3 Qtr % Over/ 2021 2020 (Under) 2021 (Under)



Corporate Excluding Long Term Careand Fixed Annuities Adjusted Operating Income Statements

Revenues

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

Distribution fees - - - - -

Net investment income (12 ) (13 ) 8 % (17 ) 29 %

Premiums, policy and contract charges (1 ) - - - -

Other revenues 4 2 NM 1 NM

Total revenues (9 ) (11 ) 18 % (16 ) 44 %

Banking and deposit interest expense 1 1 - - -

Adjusted operating total net revenues (10 ) (12 ) 17 % (16 ) 38 %



Expenses

Distribution expenses - - - - -

Interest credited to fixed accounts - - - - -

Benefits, claims, losses and (1 ) (1 ) - - - settlement expenses

Amortization of deferred acquisition (1 ) - - - - costs

Interest and debt expense 13 10 (30 )% 13 -

General and administrative expense 67 58 (16 )% 44 (52 )%

Adjusted operating expenses 78 67 (16 )% 57 (37 )%

Pretax adjusted operating earnings $ (88 ) $ (79 ) (11 )% $ (73 ) (21 )%(loss)



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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Long Term Care Adjusted Operating Income Statements

Revenues

Management and financial advice fees

$

-

$

-

-

$

-

-

Distribution fees

-

-

-

-

-

Net investment income

37

38

(3

)%

36

3

%

Premiums, policy and contract charges

25

26

(4

)%

26

(4

)%

Other revenues

-

-

-

-

-

Total revenues

62

64

(3

)%

62

-

Banking and deposit interest expense

-

-

-

-

-

Adjusted operating total net revenues

62

64

(3

)%

62

-

Expenses

Distribution expenses

(3

)

(3

)

-

(3

)

-

Interest credited to fixed accounts

-

-

-

-

-

Benefits, claims, losses and settlement expenses

53

39

(36

)%

58

9

%

Amortization of deferred acquisition costs

-

-

-

-

-

Interest and debt expense

2

1

NM

3

33

%

General and administrative expense

6

6

-

5

(20

)%

Adjusted operating expenses

58

43

(35

)%

63

8

%

Pretax adjusted operating earnings (loss)

$

4

$

21

(81

)%

$

(1

)

NM

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

Active Life Reserves

$

2,487

$

2,539

(2

)%

$

2,501

(1

)%

Disabled Life Reserves

565

564

-

558

1

%

Total long term care policyholder reserves, net of reinsurance

$

3,052

$

3,103

(2

)%

$

3,059

-

(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

(in millions, unaudited) 4 Qtr 4 Qtr % Over/ 3 Qtr % Over/ 2021 2020 (Under) 2021 (Under)



Long Term Care Adjusted Operating Income Statements

Revenues

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

Distribution fees - - - - -

Net investment income 37 38 (3 )% 36 3 %

Premiums, policy and contract 25 26 (4 )% 26 (4 )%charges

Other revenues - - - - -

Total revenues 62 64 (3 )% 62 -

Banking and deposit interest - - - - - expense

Adjusted operating total net 62 64 (3 )% 62 - revenues



Expenses

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

Interest credited to fixed - - - - - accounts

Benefits, claims, losses and 53 39 (36 )% 58 9 %settlement expenses

Amortization of deferred - - - - - acquisition costs

Interest and debt expense 2 1 NM 3 33 %

General and administrative 6 6 - 5 (20 )%expense

Adjusted operating expenses 58 43 (35 )% 63 8 %

Pretax adjusted operating $ 4 $ 21 (81 )% $ (1 ) NMearnings (loss)



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

Active Life Reserves $ 2,487 $ 2,539 (2 )% $ 2,501 (1 )%

Disabled Life Reserves 565 564 - 558 1 %

Total long term carepolicyholder reserves, net of $ 3,052 $ 3,103 (2 )% $ 3,059 - 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)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Fixed Annuities Adjusted Operating Income Statements

Revenues

Management and financial advice fees

$

-

$

-

-

$

-

-

Distribution fees

1

-

-

-

-

Net investment income

7

67

(90

)%

12

(42

)%

Premiums, policy and contract charges

1

-

-

-

-

Other revenues

55

15

NM

55

-

Total revenues

64

82

(22

)%

67

(4

)%

Banking and deposit interest expense

-

-

-

-

-

Adjusted operating total net revenues

64

82

(22

)%

67

(4

)%

Expenses

Distribution expenses

-

1

NM

1

NM

Interest credited to fixed accounts

63

65

3

%

64

2

%

Benefits, claims, losses and settlement expenses

1

1

-

1

-

Amortization of deferred acquisition costs

3

3

-

1

NM

Interest and debt expense

-

5

NM

-

-

General and administrative expense

4

9

56

%

7

43

%

Adjusted operating expenses

71

84

15

%

74

4

%

Pretax adjusted operating earnings (loss)

$

(7

)

$

(2

)

NM

$

(7

)

-

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited) 4 Qtr 4 Qtr % Over/ 3 Qtr % Over/ 2021 2020 (Under) 2021 (Under)



Fixed Annuities Adjusted Operating Income Statements

Revenues

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

Distribution fees 1 - - - -

Net investment income 7 67 (90 )% 12 (42 )%

Premiums, policy and contract 1 - - - - charges

Other revenues 55 15 NM 55 -

Total revenues 64 82 (22 )% 67 (4 )%

Banking and deposit interest expense - - - - -

Adjusted operating total net 64 82 (22 )% 67 (4 )%revenues



Expenses

Distribution expenses - 1 NM 1 NM

Interest credited to fixed accounts 63 65 3 % 64 2 %

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

Amortization of deferred acquisition 3 3 - 1 NMcosts

Interest and debt expense - 5 NM - -

General and administrative expense 4 9 56 % 7 43 %

Adjusted operating expenses 71 84 15 % 74 4 %

Pretax adjusted operating earnings $ (7 ) $ (2 ) NM $ (7 ) - (loss)





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

Ameriprise Financial, Inc.

Eliminations (1) Adjusted Operating Results

(in millions, unaudited)

4 Qtr 2021

4 Qtr 2020

% Over/ (Under)

3 Qtr 2021

% Over/ (Under)

Revenues

Management and financial advice fees

$

(37

)

$

(36

)

(3

)%

$

(38

)

3

%

Distribution fees

(353

)

(323

)

(9

)%

(348

)

(1

)%

Net investment income

(4

)

(5

)

20

%

(1

)

NM

Premiums, policy and contract charges

(8

)

(8

)

-

(8

)

-

Other revenues

1

-

-

-

-

Total revenues

(401

)

(372

)

(8

)%

(395

)

(2

)%

Banking and deposit interest expense

(1

)

(1

)

-

-

-

Adjusted operating total net revenues

(400

)

(371

)

(8

)%

(395

)

(1

)%

Expenses

Distribution expenses

(378

)

(345

)

10

%

(373

)

1

%

Interest credited to fixed accounts

-

-

-

-

-

Benefits, claims, losses and settlement expenses

(8

)

(5

)

60

%

(6

)

33

%

Amortization of deferred acquisition costs

-

-

-

-

-

Interest and debt expense

(3

)

(4

)

(25

)%

(3

)

-

General and administrative expense

(11

)

(17

)

(35

)%

(13

)

(15

)%

Adjusted operating expenses

(400

)

(371

)

8

%

(395

)

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

(in millions, unaudited) 4 Qtr 4 Qtr % Over/ 3 Qtr % Over/ 2021 2020 (Under) 2021 (Under)



Revenues

Management and financial advice $ (37 ) $ (36 ) (3 )% $ (38 ) 3 %fees

Distribution fees (353 ) (323 ) (9 )% (348 ) (1 )%

Net investment income (4 ) (5 ) 20 % (1 ) NM

Premiums, policy and contract (8 ) (8 ) - (8 ) - charges

Other revenues 1 - - - -

Total revenues (401 ) (372 ) (8 )% (395 ) (2 )%

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

Adjusted operating total net (400 ) (371 ) (8 )% (395 ) (1 )%revenues



Expenses

Distribution expenses (378 ) (345 ) 10 % (373 ) 1 %

Interest credited to fixed - - - - - accounts

Benefits, claims, losses and (8 ) (5 ) 60 % (6 ) 33 %settlement expenses

Amortization of deferred - - - - - acquisition costs

Interest and debt expense (3 ) (4 ) (25 )% (3 ) -

General and administrative expense (11 ) (17 ) (35 )% (13 ) (15 )%

Adjusted operating expenses (400 ) (371 ) 8 % (395 ) 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)

December 31,2021

December 31,2020

September 30,2021

Long-term Debt Summary

Senior notes

$

2,800

$

2,800

$

2,800

Finance lease liabilities

40

44

41

Other (1)

(8

)

(13

)

(10

)

Total Ameriprise Financial long-term debt

2,832

2,831

2,831

Non-recourse debt of consolidated investment entities

2,164

1,913

2,163

Total long-term debt

$

4,996

$

4,744

$

4,994

Total Ameriprise Financial long-term debt

$

2,832

$

2,831

$

2,831

Finance lease liabilities

(40

)

(44

)

(41

)

Other (1)

8

13

10

Total Ameriprise Financial long-term debt excluding finance lease liabilities and other

$

2,800

$

2,800

$

2,800

Total equity (2)

$

5,685

$

5,867

$

5,707

Equity of consolidated investment entities

(3

)

(3

)

(5

)

Total equity excluding CIEs

$

5,682

$

5,864

$

5,702

Total Ameriprise Financial capital

$

8,517

$

8,698

$

8,538

Total Ameriprise Financial capital finance lease liabilities, other and equity of CIEs

$

8,482

$

8,664

$

8,502

Debt to capital

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

33.3

%

32.5

%

33.2

%

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)

33.0

%

32.3

%

32.9

%

(1) Includes adjustments for fair value of hedges, unamortized discount, debt issuance costs and other lease obligations.

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

Ameriprise Financial, Inc.

Capital Information

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



Long-term Debt Summary

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

Finance lease liabilities 40 44 41

Other ^(1) (8 ) (13 ) (10 )

Total Ameriprise Financial long-term debt 2,832 2,831 2,831

Non-recourse debt of consolidated 2,164 1,913 2,163 investment entities

Total long-term debt $ 4,996 $ 4,744 $ 4,994



Total Ameriprise Financial long-term debt $ 2,832 $ 2,831 $ 2,831

Finance lease liabilities (40 ) (44 ) (41 )

Other ^(1) 8 13 10

Total Ameriprise Financial long-term debtexcluding finance lease liabilities and $ 2,800 $ 2,800 $ 2,800 other



Total equity ^(2) $ 5,685 $ 5,867 $ 5,707

Equity of consolidated investment entities (3 ) (3 ) (5 )

Total equity excluding CIEs $ 5,682 $ 5,864 $ 5,702



Total Ameriprise Financial capital $ 8,517 $ 8,698 $ 8,538

Total Ameriprise Financial capital finance $ 8,482 $ 8,664 $ 8,502 lease liabilities, other and equity of CIEs



Debt to capital

Total Ameriprise Financial long-term debt 33.3 % 32.5 % 33.2 %to total Ameriprise Financial capital

Total Ameriprise Financial long-term debtto total Ameriprise Financial capital 33.0 % 32.3 % 32.9 %excluding finance lease liabilities, otherand equity of CIEs ^(2)



^(1) Includes adjustments for fair value of hedges, unamortized discount, debt issuance costs and other lease obligations.

^(2) Includes accumulated other comprehensive income, net of tax.

Ameriprise Financial, Inc.

Consolidated Balance Sheets

(in millions, unaudited)

December 31,2021

December 31,2020

Assets

Cash and cash equivalents

$

7,127

$

6,751

Cash of consolidated investment entities

121

94

Investments

35,810

41,031

Investments of consolidated investment entities

2,184

1,918

Separate account assets

97,491

92,611

Receivables

16,205

7,819

Receivables of consolidated investment entities

17

16

Deferred acquisition costs

2,782

2,532

Restricted and segregated cash and investments

2,795

2,558

Other assets

11,444

10,551

Other assets of consolidated investment entities

3

2

Total Assets

$

175,979

$

165,883

Liabilities

Policyholder account balances, future policy benefits and claims

$

35,750

$

33,992

Separate account liabilities

97,491

92,611

Customer deposits

20,227

17,641

Short-term borrowings

200

200

Long-term debt

2,832

2,831

Debt of consolidated investment entities

2,164

1,913

Accounts payable and accrued expenses

2,527

1,998

Other liabilities

8,966

8,761

Other liabilities of consolidated investment entities

137

69

Total Liabilities

170,294

160,016

Equity

Ameriprise Financial

Common shares ($.01 par)

3

3

Additional paid-in capital

9,220

8,822

Retained earnings

17,525

15,292

Treasury stock

(21,066

)

(18,879

)

Accumulated other comprehensive income, net of tax

3

629

Total Equity

5,685

5,867

Total Liabilities and Equity

$

175,979

$

165,883

Ameriprise Financial, Inc.

Consolidated Balance Sheets

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



Assets

Cash and cash equivalents $ 7,127 $ 6,751

Cash of consolidated investment entities 121 94

Investments 35,810 41,031

Investments of consolidated investment entities 2,184 1,918

Separate account assets 97,491 92,611

Receivables 16,205 7,819

Receivables of consolidated investment entities 17 16

Deferred acquisition costs 2,782 2,532

Restricted and segregated cash and investments 2,795 2,558

Other assets 11,444 10,551

Other assets of consolidated investment entities 3 2

Total Assets $ 175,979 $ 165,883



Liabilities

Policyholder account balances, future policy $ 35,750 $ 33,992 benefits and claims

Separate account liabilities 97,491 92,611

Customer deposits 20,227 17,641

Short-term borrowings 200 200

Long-term debt 2,832 2,831

Debt of consolidated investment entities 2,164 1,913

Accounts payable and accrued expenses 2,527 1,998

Other liabilities 8,966 8,761

Other liabilities of consolidated investment 137 69 entities

Total Liabilities 170,294 160,016



Equity

Ameriprise Financial

Common shares ($.01 par) 3 3

Additional paid-in capital 9,220 8,822

Retained earnings 17,525 15,292

Treasury stock (21,066 ) (18,879 )

Accumulated other comprehensive income, net of tax 3 629

Total Equity 5,685 5,867

Total Liabilities and Equity $ 175,979 $ 165,883



Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Quarter Ended December 31,

Per Diluted Share Quarter Ended December 31,

% Over/ (Under)

(in millions, except per share amounts, unaudited)

2021

2020

2021

2020

Net income

$

701

$

177

$

5.96

$

1.43

NM

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

9

8

0.08

0.06

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

79

614

0.67

4.98

Add: Mean reversion-related impacts (1)

(45

)

(117

)

(0.38

)

(0.95

)

Add: Market impact of hedges on investments (1)

(18

)

-

(0.15

)

-

Add: Integration/restructuring charges (1)

18

-

0.15

-

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

(2

)

5

(0.02

)

0.04

Add: Tax effect of adjustments (2)

(5

)

(102

)

(0.04

)

(0.83

)

Adjusted operating earnings

$

723

$

559

$

6.15

$

4.53

36

%

Weighted average common shares outstanding:

Basic

114.6

120.9

Diluted

117.6

123.4

(1) Pretax adjusted operating adjustment.

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

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

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Quarter Ended Per Diluted Share December 31, Quarter Ended December 31, % Over/ (Under)(in millions, exceptper share amounts, 2021 2020 2021 2020 unaudited)

Net income $ 701 $ 177 $ 5.96 $ 1.43 NM

Less: Net realizedinvestment gains 9 8 0.08 0.06 (losses) ^(1)

Add: Market impact onnon-traditional 79 614 0.67 4.98 long-duration products^(1)

Add: Meanreversion-related (45 ) (117 ) (0.38 ) (0.95 ) impacts ^(1)

Add: Market impact ofhedges on investments^ (18 ) - (0.15 ) - (1)

Add: Integration/restructuring charges ^ 18 - 0.15 - (1)

Less: Net income (loss)attributable to (2 ) 5 (0.02 ) 0.04 consolidated investmententities

Add: Tax effect of (5 ) (102 ) (0.04 ) (0.83 ) adjustments ^(2)

Adjusted operating $ 723 $ 559 $ 6.15 $ 4.53 36 %earnings



Weighted average common shares outstanding:

Basic 114.6 120.9

Diluted 117.6 123.4



^(1) Pretax adjusted operating adjustment.

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

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

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Year-to-date December 31,

Per Diluted Share Year-to-date December 31,

% Over/ (Under)

(in millions, except per share amounts, unaudited)

2021

2020

2021

2020

Net income

$

2,760

$

1,534

$

23.00

$

12.20

89

%

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

87

(10

)

0.73

(0.08

)

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

656

375

5.47

2.98

Add: Mean reversion-related impacts (1)

(152

)

(87

)

(1.27

)

(0.69

)

Add: Market impact of hedges on investments (1)

22

-

0.18

-

Less: Block transfer reinsurance transaction impacts (1)

521

-

4.34

-

Add: Integration/restructuring charges (1)

32

4

0.27

0.03

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

(3

)

3

(0.03

)

0.02

Add: Tax effect of adjustments (2)

11

(63

)

0.09

(0.50

)

Adjusted operating earnings

$

2,724

$

1,770

$

22.70

$

14.08

61

%

Less: Pretax impact of annual unlocking/loss recognition

(8

)

(442

)

(0.07

)

(3.52

)

Less: Tax effect of annual unlocking/loss recognition

2

93

0.02

0.74

Adjusted operating earnings excluding Unlocking

$

2,730

$

2,119

$

22.75

$

16.86

35

%

Weighted average common shares outstanding:

Basic

117.3

123.8

Diluted

120.0

125.7

(1) Pretax adjusted operating adjustment.

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

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Year-to-date Per Diluted Share December 31, Year-to-date December 31, % Over/ (Under)(in millions, exceptper share amounts, 2021 2020 2021 2020 unaudited)

Net income $ 2,760 $ 1,534 $ 23.00 $ 12.20 89 %

Less: Net realizedinvestment gains 87 (10 ) 0.73 (0.08 ) (losses) ^(1)

Add: Market impact onnon-traditional 656 375 5.47 2.98 long-duration products^(1)

Add: Meanreversion-related (152 ) (87 ) (1.27 ) (0.69 ) impacts ^(1)

Add: Market impact ofhedges on investments^ 22 - 0.18 - (1)

Less: Block transferreinsurance transaction 521 - 4.34 - impacts ^(1)

Add: Integration/restructuring charges ^ 32 4 0.27 0.03 (1)

Less: Net income (loss)attributable to (3 ) 3 (0.03 ) 0.02 consolidated investmententities

Add: Tax effect of 11 (63 ) 0.09 (0.50 ) adjustments ^(2)

Adjusted operating $ 2,724 $ 1,770 $ 22.70 $ 14.08 61 %earnings

Less: Pretax impact ofannual unlocking/loss (8 ) (442 ) (0.07 ) (3.52 ) recognition

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

Adjusted operatingearnings excluding $ 2,730 $ 2,119 $ 22.75 $ 16.86 35 %Unlocking



Weighted average common shares outstanding:

Basic 117.3 123.8

Diluted 120.0 125.7



^(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 December 31,

(in millions, unaudited)

2021

2020

Total net revenues

$

3,760

$

3,183

Less: Net realized investment gains (losses)

9

8

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

13

20

Less: Market impact of hedges on investments

18

-

Less: CIEs revenue

15

19

Adjusted operating total net revenues

$

3,705

$

3,136

Total expenses

$

2,894

$

2,993

Less: CIEs expenses

18

13

Less: Integration/restructuring charges

18

-

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

92

634

Less: Mean reversion-related impacts

(45

)

(117

)

Adjusted operating expenses

$

2,811

$

2,463

Pretax income

$

866

$

190

Pretax adjusted operating earnings

$

894

$

673

Pretax income margin

23.0

%

6.0

%

Pretax adjusted operating margin

24.1

%

21.5

%

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings and Pretax AdjustedOperating Margin

Quarter Ended December 31,

(in millions, unaudited) 2021 2020

Total net revenues $ 3,760 $ 3,183

Less: Net realized investment gains (losses) 9 8

Less: Market impact on non-traditional long-duration 13 20 products

Less: Market impact of hedges on investments 18 -

Less: CIEs revenue 15 19

Adjusted operating total net revenues $ 3,705 $ 3,136



Total expenses $ 2,894 $ 2,993

Less: CIEs expenses 18 13

Less: Integration/restructuring charges 18 -

Less: Market impact on non-traditional long-duration 92 634 products

Less: Mean reversion-related impacts (45 ) (117 )

Adjusted operating expenses $ 2,811 $ 2,463



Pretax income $ 866 $ 190

Pretax adjusted operating earnings $ 894 $ 673



Pretax income margin 23.0 % 6.0 %

Pretax adjusted operating margin 24.1 % 21.5 %



Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

Quarter Ended December 31, 2020

(in millions, unaudited)

GAAP

Adjusted Operating

Pretax income

$

190

$

673

Income tax provision

$

13

$

114

Effective tax rate

6.5

%

16.9

%

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

Quarter Ended December 31, 2020 (in millions, unaudited) GAAP Adjusted Operating

Pretax income $ 190 $ 673

Income tax provision $ 13 $ 114



Effective tax rate 6.5 % 16.9 %



Quarter Ended December 31, 2021

(in millions, unaudited)

GAAP

Adjusted Operating

Pretax income

$

866

$

894

Income tax provision

$

165

$

171

Effective tax rate

19.0

%

19.1

%

Quarter Ended December 31, 2021 (in millions, unaudited) GAAP Adjusted Operating

Pretax income $ 866 $ 894

Income tax provision $ 165 $ 171



Effective tax rate 19.0 % 19.1 %



Year-to-date December 31, 2021

(in millions, unaudited)

GAAP

Adjusted Operating

Pretax income

$

3,350

$

3,304

Income tax provision

$

590

$

580

Effective tax rate

17.6

%

17.6

%

Year-to-date December 31, 2021 (in millions, unaudited) GAAP Adjusted Operating

Pretax income $ 3,350 $ 3,304

Income tax provision $ 590 $ 580



Effective tax rate 17.6 % 17.6 %



Ameriprise Financial, Inc.

Reconciliation Table: Advice & Wealth Management Adjusted Revenue Per Advisor

(unaudited)

1Q 2020

2Q 2020

3Q 2020

4Q 2020

1Q 2021

2Q 2021

3Q 2021

4Q 2021

% Over/Under

Total Net Revenue ($ in M)

$

1,695

$

1,537

$

1,667

$

1,776

$

1,879

$

1,980

$

2,048

$

2,114

Interest Revenue ($ in M)

$

(78

)

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Advisor Count

9,878

9,894

9,905

9,922

10,031

10,047

10,073

10,116

Revenue Per Advisor ($ in K)

$

172

$

155

$

168

$

179

$

187

$

197

$

203

$

209

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

$

164

$

155

$

168

$

179

$

187

$

197

$

203

$

209

Revenue Per Advisor TTM ($ in K)

$

674

$

796

18

%

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

$

666

$

796

20

%

Ameriprise Financial, Inc.

Reconciliation Table: Advice & Wealth Management Adjusted Revenue Per Advisor

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

Total NetRevenue ($ $ 1,695 $ 1,537 $ 1,667 $ 1,776 $ 1,879 $ 1,980 $ 2,048 $ 2,114 in M)

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



Advisor 9,878 9,894 9,905 9,922 10,031 10,047 10,073 10,116 Count



Revenue PerAdvisor ($ $ 172 $ 155 $ 168 $ 179 $ 187 $ 197 $ 203 $ 209 in K)

Revenue PerAdvisorexcludingshort-term $ 164 $ 155 $ 168 $ 179 $ 187 $ 197 $ 203 $ 209 interestrate impact($ in K)



Revenue PerAdvisor TTM $ 674 $ 796 18 %($ in K)

Revenue PerAdvisorexcludingshort-term $ 666 $ 796 20 %interestrate impactTTM ($ inK)



Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift

Quarter Ended December 31,

(in millions, unaudited)

2021

2020

Advice & Wealth Management

$

472

$

352

Asset Management

330

201

RPS

183

180

Pretax adjusted operating earnings ex Corporate

$

985

$

733

Advice & Wealth Management

48

%

48

%

Asset Management

33

%

27

%

RPS

19

%

25

%

Subtotal pretax adjusted operating earnings

100

%

100

%

AWM & AM

81

%

75

%

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift

Quarter Ended December 31,

(in millions, unaudited) 2021 2020



Advice & Wealth Management $ 472 $ 352

Asset Management 330 201

RPS 183 180

Pretax adjusted operating earnings ex Corporate $ 985 $ 733



Advice & Wealth Management 48 % 48 %

Asset Management 33 % 27 %

RPS 19 % 25 %

Subtotal pretax adjusted operating earnings 100 % 100 %

AWM & AM 81 % 75 %



Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift

Year-to-date December 31, 2021

(in millions, unaudited)

Advice & Wealth Management

$

1,743

Asset Management

1,096

RPS

735

Pretax adjusted operating earnings ex Corporate

$

3,574

Advice & Wealth Management

49

%

Asset Management

31

%

RPS

20

%

Subtotal pretax adjusted operating earnings

100

%

AWM & AM

80

%

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings Mix Shift

Year-to-date December (in millions, unaudited) 31, 2021



Advice & Wealth Management $ 1,743

Asset Management 1,096

RPS 735

Pretax adjusted operating earnings ex Corporate $ 3,574



Advice & Wealth Management 49 %

Asset Management 31 %

RPS 20 %

Subtotal pretax adjusted operating earnings 100 %

AWM & AM 80 %



Ameriprise Financial, Inc.

Reconciliation Table: Asset Management Net Pretax Adjusted Operating Margin

Quarter Ended December 31, 2021

(in millions, unaudited)

Asset Mgmt

BMO (2)

Asset Mgmt ex BMO

Adjusted operating total net revenues

$

1,060

$

59

$

1,001

Distribution, Subadvisory and other pass thru revenues

(331

)

(1

)

(330

)

Net adjusted operating revenues

$

729

$

58

$

671

Pretax adjusted operating earnings

$

330

$

4

$

326

Operating net investment income and amortization of intangibles

3

3

-

Net adjusted operating earnings

$

333

$

7

$

326

Pretax adjusted operating margin

31.1

%

6.8

%

32.6

%

Net pretax adjusted operating margin (1)

45.7

%

12.1

%

48.6

%

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

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

Ameriprise Financial, Inc.

Reconciliation Table: Asset Management Net Pretax Adjusted Operating Margin

Quarter Ended December 31, 2021

Asset Asset (in millions, unaudited) Mgmt BMO ^(2) Mgmt ex BMO



Adjusted operating total net revenues $ 1,060 $ 59 $ 1,001

Distribution, Subadvisory and other pass (331 ) (1 ) (330 ) thru revenues

Net adjusted operating revenues $ 729 $ 58 $ 671



Pretax adjusted operating earnings $ 330 $ 4 $ 326

Operating net investment income and 3 3 - amortization of intangibles

Net adjusted operating earnings $ 333 $ 7 $ 326



Pretax adjusted operating margin 31.1 % 6.8 % 32.6 %

Net pretax adjusted operating margin^ (1) 45.7 % 12.1 % 48.6 %



^(1) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.

^(2) Reflects the acquisition of BMO's EMEA Asset Management business that closed on November 8, 2021.



Ameriprise Financial, Inc.

Reconciliation Table: Asset Management Segment Operating Results

Quarter Ended December 31,

% Over/ (under)

(in millions, unaudited)

2021

2020

Total net revenues

$

1,060

$

798

33

%

BMO revenues

59

-

Total net revenues excluding BMO

$

1,001

$

798

25

%

Total G&A expenses

$

431

$

339

27

%

BMO G&A expenses

52

-

Total G&A expenses excluding BMO

$

379

$

339

12

%

Ameriprise Financial, Inc.

Reconciliation Table: Asset Management Segment Operating Results

Quarter Ended December 31, % Over/ (under)(in millions, unaudited) 2021 2020



Total net revenues $ 1,060 $ 798 33 %

BMO revenues 59 -

Total net revenues excluding BMO $ 1,001 $ 798 25 %



Total G&A expenses $ 431 $ 339 27 %

BMO G&A expenses 52 -

Total G&A expenses excluding BMO $ 379 $ 339 12 %



Ameriprise Financial, Inc.

Reconciliation Table: Return on Equity (ROE) Excluding Accumulated

Other Comprehensive Income "AOCI"

Twelve Months Ended December 31,

(in millions, unaudited)

2021

2020

Net income

$

2,760

$

1,534

Less: Adjustments (1)

36

(236

)

Adjusted operating earnings

2,724

1,770

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

(6

)

(349

)

Adjusted operating earnings excluding Unlocking

$

2,730

$

2,119

Total Ameriprise Financial, Inc. shareholders' equity

$

5,689

$

6,171

Less: Accumulated other comprehensive income, net of tax

301

301

Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI

5,388

5,870

Less: Equity impacts attributable to the consolidated investment entities

2

1

Adjusted operating equity

$

5,386

$

5,869

Return on equity excluding AOCI

51.2

%

26.1

%

Adjusted operating return on equity excluding AOCI (3)

50.6

%

30.2

%

Adjusted operating return on equity excluding AOCI and Unlocking

50.7

%

36.1

%

(1) Adjustments reflect the trailing twelve months' sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs ("DSIC") and deferred acquisition costs ("DAC") amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; gain on disposal of business; the market impact of hedges to offset interest rate 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/20220126005601/en/

CONTACT: Investor Relations: Alicia A. Charity Ameriprise Financial (612) 671-2080 alicia.a.charity@ampf.com Stephanie M. Rabe Ameriprise Financial (612) 671-4085 stephanie.m.rabe@ampf.com Media Relations: Paul W. Johnson Ameriprise Financial (612) 671-0625 paul.w.johnson@ampf.com