Ameriprise Financial September 2021
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Ameriprise Financial September 2021
Forward-looking statements
The forward-looking statements in this presentation reflect management’s expectations about future
events, plans and performance. These forward-looking statements and the many assumptions upon which
they are based involve risks and uncertainties. A list of factors that could cause actual results to be
materially different from those expressed or implied by any of these forward-looking statements is detailed
under the headings “Forward-Looking Statements” and “Risk Factors”, and elsewhere, in our Annual
Report on Form 10-K for the year ended December 31, 2020. These forward-looking statements speak
only as of today's date and we undertake no obligation to update publicly or revise them for any reason.
For information about Ameriprise Financial, please refer to ir.ameriprise.com.
Non-GAAP Financial Measures
This presentation contains certain non-GAAP financial measures that our management feels best reflect
the underlying performance of our operations. Reconciliations of such non-GAAP financial measures to the
most directly comparable GAAP financial measure have been provided along with the presentation.
2A diversified and differentiated
financial services leader
with a record of outperformance –
well-positioned to capture future growth
3Ameriprise – diversified and fully integrated
Advice & Wealth
Management
Industry-leading
wealth manager with
Strong investment differentiated advice Important solutions
performance; value proposition meeting clients’
client-focused approach evolving needs
$1.2T Tripled EPS ~90% free cash Over $17B $2.0B 37.5% adjusted
in AUM/A since 20121 flow generation returned excess capital operating ROE,
to shareholders ex. AOCI
Data as of 6-30-21.
1. Excludes unlocking. since 2012 4One dynamic firm delivering significant value
Wealth Global Asset Benefits
Management Management Wealth management drives ~85%
of the firm’s revenue1
Columbia Deep, long-term client relationships
Threadneedle
Investments Captures assets and fees across
Advice market cycles
& Wealth
Management Strong asset persistency
Retirement &
Protection
Solutions
Benefits from critical expertise and
capabilities across AMP
Substantial free cash flow to reinvest
for growth and return to shareholders
1. Represents AWM’s advisor network. 5Ameriprise continues to shift its business mix
Pretax Adjusted Operating Earnings1
44% 28%
2012 2021
25% 48%
$1.7B $3.1B
31% 24%
Advice & Wealth Management Asset Management Retirement & Protection Solutions
2021 represents trailing 12-months through 6-30-21.
1. Excludes Corporate & Other segment and unlocking. 2012 includes SOP market impact. 6Advice & Wealth Management is delivering
sustained profitable growth
A longstanding leader in 10,047
financial planning and advice financial advisors
(Top 5 branded)
Excellent client $731K trailing 12-month
satisfaction adjusted operating
net revenue per advisor
Continue to grow 90%+ fee-based
Ameriprise Bank, FSB revenue
Strong branded value $807B in client assets, incl.
proposition $430B in wrap assets
Respected brand with
deep client relationships
Data as of 6-30-21. 7Recognized for our premium client experience
and for managing our business responsibly
Ameriprise has been
A TOP recognized by J.D.
PERFORMER™
designation for
Power for providing “An
Outstanding Customer
96% of clients say
their advisor provided 4.9/5
“Unbiased, puts my Service Experience” for advice that addressed client
interests first” phone support for their needs satisfaction
advisors
8
See source information in appendix.Attractive and fast-growing market
Households Financial assets Financial assets
(in millions) ($ in trillions) CAGR 2016 – 2021E
$5M+ 1.9M $23.1 6.0% U.S. household
financial assets
$500k – $4.999M 14.5M $20.5 3.1%
projected
to grow
4 – 6%
$100k – $499K 24.7M $5.8 0.3% annually going
forwardWithin the opportunity, we are focused on the
Responsible Mindset
Who they are What they want
$500K–$5M: Advice and anytime access
Our primary target market
$17 trillion in financial assets
70%
Prefer
Want advice
beyond
60%
Consider a state-of-the-art
comprehensive investments digital experience
advice very important
Attractive growth trajectory
A personal relationship
66% male, 34% female
Want to work with
24% under age 45
a firm and advisor
they trust
80% 8 out of 10
Prefer quarterly
Consider it essential
to work face-to-face contact
Source: Ameriprise Financial Market Segmentation, February 2019. 10Through our Client Experience, we will deliver
advice to our full client base and generate
significant value and client satisfaction
Comprehensive
advice
relationships
generate:1
4 elements
of the Client
Experience 7.4x
greater
net flows
4.1x
What clients 1:1 financial A personalized Anytime access Regular meetings greater
can expect advice based on plan and to your investments to review your goals,
recommendations and digital tools to progress and
GDC
your goals and
for the diversified help you stay on investments
needs
portfolio to meet track
your goals
1. 2019 Ameriprise Information Management (AIM) Value of Planning Study. 11Multiple affiliation options to serve more clients
and advisors
Ameriprise Ameriprise Ameriprise Ameriprise Financial
Franchise Group Advisor Group Advisor Center Institutions Group
AFFILIATION AFFILIATION AFFILIATION AFFILIATION
Independent Employee Employee Employee
DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION
Full-service advisors Full-service advisors Nationally licensed Full-service advisors
financial teams that
that are franchisees that are employees consistently deliver client based in banks and
of the firm of the firm experience remotely credit unions
7,943 1,798 141 165
Data as of 6-30-21. 12Our bank capabilities complement our advice
value proposition and allow us to help clients
with both sides of their balance sheet
Many wealth
Ameriprise Bank, FSB managers generate
OPPORTUNITY
• Over $8B sweep deposits shifted to date; opportunity to a substantial
grow portion of earnings
• Over 63K clients with Ameriprise Visa credit cards from banking
• Ameriprise Home Lending program, referred $296M in
loans for 2021 of which $6M purchased for FSB
• Ameriprise Preferred Line of Credit (Pledge Lending) in
partnership with Goldman Sachs, $349M in loan balance
on the FSB balance sheet with excellent credit quality
Data as of 6-30-21. 13Strong financial performance compared to peers
Ameriprise is generating 20%+ margins, nearly twice the level of Regionals/Independents
Margin Expansion 2015 – 2021 (bps)
AWM 320
Regionals / Independents 163
Wirehouses 161
Data represents trailing 12-months through 6-30-21.
Source: Company filings and S&P Cap IQ. Regionals / Independents represents median of LPL and Raymond James PCG. Wirehouses represents median of Morgan Stanley and Bank of America Wealth Management segments. 14Advice & Wealth delivers excellent organic growth
across all measures Total Client Flows ($B)
$9.7 $9.3 $9.5
Total Client AUM ($B)
$6.2 $6.1
$807
$732 $762
$667 $377
$630 $362
$352
$312 $327 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
$400 $430
$340
$380 Wrap Flows ($B)
$318 $10.4 $10.0
$9.0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Wrap AUM Brokerage AUM $5.6 $5.7
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
15We have strong underlying momentum amidst
interest rate headwinds
Advice and Wealth Management PTI
Grow our client base and ($ in millions)
move further up market
$1,484
Increase advisor productivity
16%
Deepen client relationships CAGR
Ameriprise Bank will drive $434
substantial future growth
Attract more advisors 2012 2021
2021 represents trailing 12-months through 6-30-21. 16Retirement & Protection Solutions: continue to
reposition business to reflect interest rate environment
and our conservative risk appetite
Important solutions for our
Confident Retirement® approach
~$115B $ Strategically managing our
client AUM1 books of business
Strong returns Top 15 VUL insurance
with a lower provider and Top 15 VA
risk profile carrier
Excellent 100% affiliated distribution
ratings for life, health and
variable annuities
Data as of 6-30-21. See source information in appendix.
1. Client AUM includes variable annuities, fixed annuities, payout annuities reserve balance + VUL / UL policyholder balance. 17Retirement & Protection Solutions continues to
generate good free cash flow with lower risk
Unlocking value with additional reinsurance
Maintaining strong risk/return discipline through product feature and pricing changes
Shifting variable annuity product mix to non-living benefit and structured products,
driving 65% of sales in 2021
Maintain steady profitability with strong 497% RBC ratio
Continue to manage LTC exposure with premium rate actions and benefit reduction outreach
Data as of 6-30-21.
18We are a leading global asset manager with
greatly improved flow dynamics
Global presence Retail net inflows
and capabilities of $18.6 billion
Top 15
$593B in AUM $ long-term mutual
funds in the U.S.
Strong institutional Top 10 retail ranking
presence in the UK
110 four- and five-star Competitive margins and
Morningstar-rated funds $ earnings growth
Data as of 6-30-21. Retail net flows represent trailing 12 months through 6-30-21. See source information in appendix. 19Our investment engine is a foundation for client
success and sets us apart
✓ Proprietary, differentiated
research approach delivers
global perspective
✓ Global investment teams in North
America, UK/Europe and APAC
Long-term Global approach Scalable
✓ Macro view: Global asset consistent turns information across a wide
allocation with local insight into replicable range of client
returns
insights needs and
✓ Micro view: Sector-based teams, for clients
product types
in-depth security research,
proprietary company ratings
✓ 5P investment oversight
20Our investment approach spans a broad spectrum
of strategies and has delivered consistently
competitive investment performance
Asset-weighted performance
Sample of leading strategies
Columbia Threadneedle funds
Corporate Limited Duration Fixed Income
Mortgage Opportunities
64% 84% 89% 88% U.S. Fixed Income Strategic Municipal Income
U.S. Government Mortgage
US High Yield
1 year 3 years 5 years 10 year European High Yield
International Global Investment Grade
Fixed Income European Investment Grade
110 funds out of 184* earned an Overall Rating of 4 or 5 stars: Dividend Income
- 38 funds received 5-star Overall Rating Contrarian Core
- 72 funds received 4-star Overall Rating
U.S. Equity Small Cap Growth
U.S. Equity (Core Plus)
Asset-Weighted % in Top Two Quartiles or Above Index Select Global Equity
Benchmark as of June 30, 2021 Emerging Markets Opportunity
1-Year 3-Year 5-Year 10-Year
Global Technology Growth
Global Equity Seligman Global Technology
Results Results Results Results
Global Small Cap Equities
Equity 61% 87% 87% 88% Overseas Value
Fixed Income 87% 73% 91% 90% UK Equities
European Equities
Asset Allocation 39% 88% 95% 89% Regional Equity Europe ex. UK Small Cap
Greater China
Total Performance 64% 84% 89% 88% Pacific-Asia
Data as of 6-30-2021. Past performance does not guarantee future returns. U.S performance measured using Columbia Class Inst share (formerly known as Class Z) vs. full universe of funds. Asset weighted rankings include assets in funds with above Lipper
median performance. EMEA/APAC performance measured on a consistent basis against the most appropriate benchmark – a peer group of similar funds or an index. Counts the assets in funds with above median ranking (if measured against peer group) or above 21
index performance (if measured against an index). * Morningstar Star Ratings are based on performance of Inst’l Class for Columbia branded mutual funds & highest available for a share class within the fund for Threadneedle branded funds.Broad global distribution capability
U.S. EMEA APAC
11 locations 13 locations 4 Locations
• $306B U.S. Retail Product AUM • $53B EMEA Retail Product AUM • Retail and private bank / GSR distribution
operations in Singapore and Hong Kong
• 5 unique intermediary sales channels: • Key countries / regions include:
1. Broker Dealer - UK • Malaysia, Thailand, Philippines (regional fly-in
2. Independent Advisors - Europe (especially Italy, Germany, Spain, Benelux, model)
3. Ameriprise Switzerland)
4. Private Client Advisory (PCA): RIA and Bank of - Middle East • Exploring China retail via inorganic /
America Private Bank partnership
5. Defined Contribution Investment Only (DCIO) • 200+ key local institutions and retail
intermediaries
• 800 retail intermediaries with >50,000
advisors
Global Institutional
$234B Institutional AUM and full product line, including multi-asset strategies
- Broad geographic coverage of major client types
- Global approach with regional variances by client type and investment requirements
- Evolving to client-led, Solutions-based approach
Anchor Clients
Data as of 6-30-2021. 22Gaining traction and improving net flows
Retail net flows
✓ Increased market share with $ in billions
our focus broker-dealers $7.8
✓ Improved segmentation and $3.1
$4.6 $4.2
$2.0
targeting
✓ Growing model business Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
✓ Managing Brexit effectively Net flows (excluding legacy insurance partners)
$ in billions
✓ Growing Institutional distribution $8.3 $8.1
momentum
$6.2
✓ Opportunity for further growth $3.9 $3.51
with acquisition of BMO’s EMEA
acquisition
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
1. Excluding a low fee institutional redemption in the quarter. 23Generating strong margins
47.1% 45.7%
43.2% 43.2%
41.2% 39.7%
36.7%
Represents trailing 12-months through 6-30-21. Adjusted operating margin for BLK, AMP, IVZ, JHG, BEN. 24Ameriprise is a unique shareholder value
creation opportunity
• Strong and growing Wealth and Asset Management
businesses
• Continuous free cash flow generation of
approximately 90%
• Returned over $9 billion to shareholders since 2016
while maintaining substantial excess capital
Data as of 6-30-2021. 25Diversified free cash flow generation and return
to shareholders with strong excess capital
Excess Capital
$ in billions Significant growth in earnings and free cash
flow from Wealth Management
$2.0 $2.01
Growing contribution from Asset Management
Returned $9.3 billion
of capital to shareholders Consistent distributable earnings from RPS
and reduced share
count by 25%
Generating ROE of ~30%
37.5%
2016 2021
Free Cash Flow Announced a fixed annuity reinsurance
~90% ~100%2 transaction that will generate $700 million of
Generation
capital and will substantially offset the cost of the
2021 represents trailing 12-months through 6-30-21.
1. Excess position does not include proceeds from recently announced fixed annuity reinsurance transaction.
BMO EMEA Asset Management acquisition
2. Excludes unlocking. 26We have returned over $17 billion of capital to
shareholders since 2012
Capital Returned to Shareholders
$ in billions
$2.4
$2.1 $2.2 $2.1 $2.0
$1.9 $1.8 $1.8 $1.8
2013 2014 2015 2016 2017 2018 2019 2020 2021
Dividends Share Repurchase
2021 represents trailing 12-months through 6-30-21. 27Increasing and diversified sources of free cash
flow as business mix shift accelerates with
upcoming acquisition
Pretax Adjusted Operating Earnings1
24%
25% 2021 Continued
2012
44% $3.1 48% Growth &
$1.7 billion Mix Shift
billion
31% 28%
Advice and Wealth Management Asset Management Retirement & Protection Solutions
2021 represents trailing 12-months through 6-30-21.
1. Excludes Corporate & Other segment and unlocking. 28Continue to meet and exceed client needs across our businesses as we
return to office
Significant opportunity to further grow as a wealth management
and advice leader focused on deep client relationships
Substantial improvement in client flows in our global asset management
business to meet the growing client need for active management
Managing well-developed books of business focused on retirement
asset accumulation solutions that generate strong, continuous cash flow
Continued focus on profitable growth, a sound balance sheet and
generating high returns for shareholders
29Appendix
30Appendix: Sources
Certified as of December 2020. J.D. Power 2020 Certified Customer Service ProgramSM recognition is based on successful completion of an evaluation and exceeding a customer satisfaction benchmark through a survey of
recent servicing interactions. Our advisors evaluated our performance in these factors: satisfaction with the IVR routing process, and the customer service representative which includes knowledge, courtesy, concern, call
duration/transfers/hold time, and timeliness of resolution in addition to overall satisfaction. Ameriprise engaged J.D. Power to be independently evaluated through this program and cite the results. For more information, visit
www.jdpower.com/ccc.
Source: Ameriprise Financial Goal-Based Advice Survey. Results from July 2018 through August 2020, reflecting 3,889 client responses. The percentages cited reflect those who agree or strongly agree with the statement (on a
5-point scale). Client may complete a survey via the secure site after their goals are published online.
Source & Disclosure: Wants & Pricing Report (April 2021, the most recent report) from the Hearts & Wallets Investor QuantitativeTM Database. In this annual syndicated survey respondents are asked to rate their financial
services providers in a variety of areas on a scale of 0 (not at all satisfied) to 10 (extremely satisfied). 5,920 respondents provided 10,163 sets of ratings. The report designates Hearts & Wallets Top Performers in areas where
customer ratings for one or more providers are “distinctively higher than customer ratings of other providers.” For each area there may be several Top Performers or none. The analysis does not seek to designate any provider as
“first” or rank Top Performers. This rating is not indicative of future performance and may not be representative of any one client’s experience, as the rating is an average of a sample of client experiences. Ameriprise paid a fee to
Hearts & Wallets to cite the results of the survey.
4.9/5 client satisfaction - Disclosure: Clients can respond to an internal Ameriprise survey and rate an advisor or practice based on their satisfaction with the team or practice, on a scale of 1 to 5 (1 = extremely dissatisfied to 5 =
extremely satisfied). Client experiences may vary and working with any Ameriprise Financial practice is not a guarantee of future financial results. Investors should not consider this rating a substitute for their own research and
evaluation of a financial practice's qualifications. Only clients with access to the Ameriprise Secure Client Site may submit a rating. Ratings reflect an average of all client responses received over a rolling two-year period as of
12/31/2020.
Top 15 VUL insurance provider – : Individual Disability Income Sales Survey, Q1 2021, LIMRA International
Top 15 VA carrier – LIMRA U.S. Individual Annuity Industry Sales Report – Q1 2021
Top 10 retail ranking in the UK – Source: The Investment Association, data as of Feb. 2021
Top 15 long-term mutual funds in the U.S. – ICI Complex Assets report, through Q1 2021.
110 4- and 5-star Morningstar-rated funds. Past performance is no guarantee of future results. © 2019 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.
For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM used to rank the fund against other funds in the same category. It is calculated based on a Morningstar Risk-Adjusted Return
measure that accounts for variation in a fund's monthly excess performance, without any adjustments for loads (front-end, deferred, or redemption fees), placing more emphasis on downward variations and rewarding consistent
performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next
35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the
distribution percentages).
31Reconciliation Tables
Adjusted operating earnings per diluted share
Per Diluted Share
Full Year TTM
2012 Q2 2021
Reported EPS $ 4.61 $ 9.00
Less: Impact of operating adjustments (0.96) (8.09)
Adjusted operating EPS $ 5.57 $ 16.87
Less: Impact of annual unlocking/loss recognition (0.22) (2.88)
Adjusted operating EPS ex. annual unlocking/loss recognition $ 5.79 $ 19.75
Less: Impact of Auto & Home core results 0.07 -
Adjusted operating EPS ex. annual unlocking/loss recognition and Auto & Home $ 5.72 $ 19.75 345%
32Reconciliation Tables
Mix Shift
($ in millions) Full Year TTM
2012 Q2 2021
Advice & Wealth Management pretax adjusted operating earnings $ 434 $ 1,484
Less: Unlocking - -
Pretax adjusted operating earnings excluding unlocking $ 434 $ 1,484
Asset Management pretax adjusted operating earnings $ 535 $ 880
Less: Unlocking - -
Pretax adjusted operating earnings excluding unlocking $ 535 $ 880
Retirement & Protection Solutions pretax adjusted operating earnings $ 687 $ 456
Less: Unlocking (84) (295)
Pretax adjusted operating earnings excluding unlocking $ 771 $ 751
Total Pretax adjusted operating earnings excluding unlocking $ 1,740 $ 3,115
Percent pretax adjusted operating earnings from Advice & Wealth Management excluding unlocking 25% 48%
Percent pretax adjusted operating earnings from Asset Management excluding unlocking 31% 28%
Percent pretax adjusted operating earnings from Retirement & Protection Solutions excluding unlocking 44% 24%
Excludes Corporate & Other Segment
33Reconciliation Tables
Advice & Wealth Management net pretax adjusted operating margin
($ in millions) Full Year TTM
2015 Q2 2021
Adjusted operating total net revenues $ 5,013 $ 7,302
Pretax adjusted operating earnings $ 859 $ 1,484
Pretax adjusted operating margin 17.1% 20.3% 320 bps
34Reconciliation Tables
Asset Management net pretax adjusted operating margin
($ in millions) TTM
Q2 2021
Adjusted operating total net revenues $ 3,244
Less: Distribution pass through revenues 842
Less: Subadvisory and other pass through revenues 347
Net adjusted operating revenues $ 2,055
Pretax adjusted operating earnings $ 880
Less: Adjusted operating net investment income 5
Add: Amortization of intangibles 13
Net adjusted operating earnings $ 888
Pretax adjusted operating margin 27.1%
Net pretax adjusted operating margin 43.2%
35Reconciliation Tables
Adjusted operating return on equity
($ in millions) Twelve Months Ended
June 31,
2021
Net income $ 1,065
Less: Adjustments (1) (980)
Adjusted operating earnings $ 2,045
Total Ameriprise Financial, Inc. shareholders' equity $ 5,924
Less: Accumulated other comprehensive income, net of tax 463
Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI 5,461
Less: Equity impacts attributable to the consolidated investment entities 1
Adjusted operating equity $ 5,460
(2)
Adjusted operating return on equity, excluding AOCI and Unlocking 37.5%
(1) Adjustments reflect the trailing twelve months' sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs ("DSIC") and deferred acquisition
costs ("DAC") amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC
amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; gain on disposal of business; the market impact of hedges to offset
interest rate and currency changes on unrealized gains or losses for certain investments; integration/restructuring charges; and the impact of consolidating certain investment
entities. After-tax is calculated using the statutory tax rate of 21%.
(2) Adjusted operating return on equity excluding accumulated other comprehensive income (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax
net realized investment gains/losses, net of DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-
duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; gain on the disposal of
business; the market impact of hedges to offset interest rate and currency 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%.
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