Ameriprise Financial, Inc. (NYSE:AMP):

Earnings Per Diluted Share		Return on Equity, ex AOCI ⁽¹⁾
	Q1 2022		Q1 2022
GAAP	$6.55	GAAP	55.9%
Adjusted Operating	$5.98	Adjusted Operating	49.9%

Ameriprise increased its quarterly dividend 11 percent to $1.25 per share

First quarter adjusted operating earnings per diluted share was $5.98, up 10 percent from $5.43 in the prior year reflecting strong business performance.		Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
		"Ameriprise delivered another good quarter during a period of heightened market volatility and geopolitical uncertainty. We remain focused on providing an exceptional experience and strong solutions to our clients to help them achieve their goals. Assets under management and administration were up 17% to $1.3 trillion, with net inflows of more than $10 billion in Wealth Management. This led to double-digit revenue growth, and strong margins and returns during a more challenging operating environment. In terms of our capital strength, our diversified business generates significant free cash flow that we are disciplined in deploying to drive business growth and shareholder value. In fact, today we announced an 11% increase in our regular quarterly dividend, our 18^th increase since becoming public in 2005. We plan to return approximately 90% of capital to shareholders this year. As I look ahead, we are well positioned to continue to drive organic growth and will benefit from the rising rate environment in the U.S."
First quarter GAAP net income per diluted share was $6.55, versus $3.58 a year ago, driven by strong business performance and lower market impact on derivatives.
Assets under management and administration increased 17 percent to $1.3 trillion in the quarter.
Adjusted operating net revenue was $3.6 billion, a 10 percent increase from strong business growth and year-over-year market appreciation, as well as the impact of market volatility in the quarter.
Wealth and Asset Management generated strong profitability with pretax adjusted operating earnings up 18 percent. These businesses represented nearly 80 percent of pretax operating earnings in the quarter.
Investment performance at Columbia Threadneedle Investments remains excellent with 129 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 $562 million of capital to shareholders in the quarter and announced an 11 percent increase in its quarterly dividend to $1.25 per share.

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

Ameriprise Financial, Inc.
First Quarter Summary
	Quarter Ended March 31,						% Over/ (Under)
(in millions, except per share amounts, unaudited)	2022			2021			% Over/ (Under)
GAAP net income	$	761		$	437		74	%
Adjusted operating earnings (see reconciliation on p. 24)	$	695		$	663		5	%

GAAP net income per diluted share	$	6.55		$	3.58		83	%
Adjusted operating earnings per diluted share (see reconciliation on p. 24)	$	5.98		$	5.43		10	%

GAAP Return on Equity, ex. AOCI		55.9	%		(1.1	)%
Adjusted Operating Return on Equity, ex. AOCI		49.9	%		29.9	%

Weighted average common shares outstanding:
Basic		113.7			119.8
Diluted		116.2			122.2

Current year GAAP results included $10 million of integration costs from the acquisition of BMO EMEA. Prior year GAAP results were negatively impacted by market changes that affected the valuation of derivatives.

Adjusted operating results in the prior year included $36 million after tax from favorable long term care results, primarily from COVID-related mortality and terminations. Excluding long term care favorability in the prior year, adjusted operating results increased 11 percent and adjusted operating EPS grew 16 percent. In addition, adjusted operating earnings in the current quarter included a higher effective tax rate of 17.3 percent compared to a year ago of 14.9 percent.

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
	Quarter Ended March 31,						% Over/ (Under)
(in millions, unaudited)	2022			2021			% Over/ (Under)
Net revenues	$	2,042		$	1,879		9	%
Distribution expenses		1,232			1,135		(9	)%
G&A / other expense		370			355		(4	)%
Pretax adjusted operating earnings	$	440		$	389		13	%

Pretax adjusted operating margin		21.5	%		20.7	%	80 bps

	Quarter Ended March 31,				% Over/ (Under)
(in billions, unless otherwise noted)	2022		2021		% Over/ (Under)
Total client assets	$	823	$	762	8	%
Total client net flows ⁽¹⁾	$	10.4	$	9.3	12	%
Wrap net flows ⁽¹⁾	$	8.7	$	10.4	(17	)%
AWM cash balance	$	45.7	$	40.4	13	%
Average gross yield on cash balances (in bps)		69		65
Adjusted operating net revenue per advisor (TTM in thousands)	$	810	$	689	18	%

⁽¹⁾ See definition on page 11.

Advice & Wealth Management financial results reflected robust client net flows, market appreciation, increased bank profitability and disciplined expense management. Adjusted operating net revenues grew 9 percent to $2.0 billion and pretax adjusted operating earnings increased 13 percent to $440 million. Pretax adjusted operating margin was 21.5 percent, up 80 basis points, reflecting our strategic focus on profitable growth.

Distribution expenses were up 9 percent associated with robust organic growth. General and administrative and other expense increased 4 percent, primarily from higher volume-related expense and business growth over the past year.

Total client assets grew 8 percent to $823 billion. Total client flows were $10.4 billion in the quarter from substantial organic growth across our advisor network, including increased new client acquisition and deeper client relationships from existing clients, as well as experienced advisor recruiting. Greater market volatility in the quarter contributed to 6 percent lower transactional activity and higher cash balances. Cash balances increased $5.3 billion to $45.7 billion, contrary to normal seasonal patterns in the first quarter, with an opportunity for clients to put cash back to work in the future as volatility subsides.

Adjusted operating net revenue per advisor on a trailing 12-month basis was $810,000, up 18 percent, from enhanced productivity and business growth. Total advisors increased 1 percent to 10,149, reflecting excellent advisor retention, as well as the addition of 80 highly productive experienced advisors in the quarter.

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
	Quarter Ended March 31,						% Over/ (Under)
(in millions, unaudited)	2022			2021			% Over/ (Under)
Net revenues	$	1,017		$	828		23	%
Distribution expenses		277			268		(3	)%
G&A / other expenses		455			332		(37	)%
Pretax adjusted operating earnings	$	285		$	228		25	%

Net pretax adjusted operating margin ⁽¹⁾		41.5	%		43.9	%


	Quarter Ended March 31,						% Over/ (Under)
(in billions)	2022			2021			% Over/ (Under)
Total segment AUM	$	699		$	564		24	%

Net Flows
Global Retail net flows	$	(1.9	)	$	4.6		NM
Global Institutional net flows, ex. legacy insurance partners flows		1.9			1.6		19	%
Legacy insurance partners flows		(0.7	)		(1.3	)	47	%
Total segment net flows	$	(0.7	)	$	4.9		NM

Model delivery AUA Flows ⁽²⁾	$	4.8		$	0.3		NM

⁽¹⁾ See reconciliation on page 13.
⁽²⁾ Estimated based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%

Asset Management financial results reflected the cumulative benefit of net inflows and business growth, strong performance fees, the BMO EMEA acquisition and market appreciation. Adjusted operating revenues grew to $1.0 billion, up 23 percent and pretax adjusted operating earnings increased 25 percent to $285 million. Net pretax adjusted operating margin was 41.5 percent.

Distribution expense increased 3 percent primarily from equity market appreciation. General and administrative and other expense grew 37 percent, driven by the addition of the recently acquired business from BMO and elevated performance fee compensation.

Total assets under management increased 24 percent to $699 billion reflecting the cumulative benefit of net inflows and the acquisition of BMO EMEA. Long term investment performance remained strong with more than 80% of funds above median on an asset-weighted basis over 3-, 5- and 10-year time periods across equity, fixed income and asset allocation strategies.

In the quarter, net outflows were $0.7 billion and included $0.7 billion of outflows related to legacy insurance partners. Institutional flows remained strong, offset by industry headwinds in retail.

Retail net outflows were $1.9 billion. North America outflows in equity and fixed income strategies were consistent with the industry and were influenced by market volatility. In EMEA, investor sentiment is risk off as a result of higher interest rates and geopolitical strain, which drove net outflows. These were partially offset by inflows related to U.S. clients that elected to transfer assets as part of an arrangement with BMO.
Global institutional net inflows were $1.9 billion.

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
	Quarter Ended March 31,				% Over/ (Under)
(in millions, unaudited)	2022		2021		% Over/ (Under)
Net revenues	$	772	$	787	(2	)%
Expenses		581		604	4	%
Pretax adjusted operating earnings	$	191	$	183	4	%

Retirement & Protection Solutions pretax adjusted operating earnings were $191 million, up 4 percent from last year due to market appreciation and lower distribution expenses. Overall claims remain within expected ranges.

Retirement & Protection Solutions sales decreased 25 percent to $1.1 billion.

Protection sales increased 22 percent to $72 million, reflecting a continued shift of sales to higher-margin accumulation VUL products.
Variable annuity sales decreased 27 percent to $1.0 billion reflecting the industry slowdown due to market dislocation in the quarter, as well as the discontinuation of sales with living benefit riders announced at year-end.

Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
	Quarter Ended March 31,						% Over/ (Under)
(in millions, unaudited)	2022			2021			% Over/ (Under)
Corporate & Other, excluding Closed Blocks	$	(72	)	$	(63	)	(14	)%
Closed Blocks ⁽¹⁾		(4	)		42		NM
Pretax adjusted operating earnings	$	(76	)	$	(21	)	NM

Long Term Care	$	1		$	46		(98	)%
Fixed Annuities		(5	)		(4	)	(25	)%
Closed Blocks pretax adjusted operating earnings	$	(4	)	$	42		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 $76 million.

Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was in line with expectations at $72 million. Results in the prior year period included a $15 million gain on a strategic investment.

Long Term Care pretax adjusted operating earnings were $1 million. Pretax adjusted operating earnings in the prior year period were $46 million reflecting higher terminations, primarily related to COVID-19.

Fixed Annuities pretax adjusted operating loss was $5 million.

Taxes

The operating effective tax rate was 17.3 percent for the first quarter reflecting favorable share based accounting benefits and we expect the full year operating effective tax rate to be above 19 percent. In the prior year, the operating effective tax rate was 14.9 percent in quarter and 17.6 percent for the full year.

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;
statements estimating the expected full year operating effective tax rate 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, 2021 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.

The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company's Form 10-Q for the period ended March 31, 2022.

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 amounts, unaudited)	1 Qtr 2022		1 Qtr 2021		% Over/ (Under)		4 Qtr 2021		% Over/ (Under)
Revenues
Management and financial advice fees	$	2,459	$	2,102	17	%	$	2,555	(4	)%
Distribution fees		446		458	(3	)%		462	(3	)%
Net investment income		261		377	(31	)%		255	2	%
Premiums, policy and contract charges		368		347	6	%		367	-
Other revenues		123		71	73	%		123	-
Total revenues		3,657		3,355	9	%		3,762	(3	)%
Banking and deposit interest expense		2		5	60	%		2	-
Total net revenues		3,655		3,350	9	%		3,760	(3	)%
Expenses
Distribution expenses		1,297		1,175	(10	)%		1,322	2	%
Interest credited to fixed accounts		141		159	11	%		145	3	%
Benefits, claims, losses and settlement expenses		211		653	68	%		378	44	%
Amortization of deferred acquisition costs		96		5	NM			47	NM
Interest and debt expense		40		42	5	%		42	5	%
General and administrative expense		947		823	(15	)%		960	1	%
Total expenses		2,732		2,857	4	%		2,894	6	%
Pretax income		923		493	87	%		866	7	%
Income tax provision		162		56	NM			165	2	%
Net income	$	761	$	437	74	%	$	701	9	%

Earnings per share
Basic earnings per share	$	6.69	$	3.65			$	6.12
Earnings per diluted share	$	6.55	$	3.58			$	5.96

Weighted average common shares outstanding
Basic		113.7		119.8				114.6
Diluted		116.2		122.2				117.6

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

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)	1 Qtr 2022			1 Qtr 2021			% Over/ (Under)		4 Qtr 2021			% Over/ (Under)

Assets Under Management and Administration
Advice & Wealth Management AUM	$	443,521		$	396,533		12	%	$	460,935		(4	)%
Asset Management AUM		698,607			564,131		24	%		754,056		(7	)%
Corporate AUM		146			97		51	%		136		7	%
Eliminations		(42,032	)		(39,655	)	(6	)%		(44,160	)	5	%
Total Assets Under Management		1,100,242			921,106		19	%		1,170,967		(6	)%
Total Assets Under Administration		238,879			222,887		7	%		246,891		(3	)%
Total AUM and AUA	$	1,339,121		$	1,143,993		17	%	$	1,417,858		(6	)%

S&P 500
Daily average		4,467			3,861		16	%		4,600		(3	)%
Period end		4,530			3,973		14	%		4,766		(5	)%

Weighted Equity Index (WEI) ⁽¹⁾
Daily average		2,953			2,662		11	%		3,068		(4	)%
Period end		2,979			2,725		9	%		3,152		(5	)%

Common shares
Beginning balance		110.9			116.8		(5	)%		112.4		(1	)%
Repurchases		(1.4	)		(1.7	)	18	%		(1.6	)	13	%
Issuances		1.2			1.8		(33	)%		0.4		NM
Other		(0.6	)		(0.9	)	33	%		(0.3	)	NM
Total common shares outstanding		110.1			116.0		(5	)%		110.9		(1	)%
Restricted stock units		2.9			3.0		(3	)%		3.0		(3	)%
Total basic common shares outstanding		113.0			119.0		(5	)%		113.9		(1	)%
Total potentially dilutive shares		2.3			2.5		(8	)%		2.9		(21	)%
Total diluted shares		115.3			121.5		(5	)%		116.8		(1	)%

Capital Returned to Shareholders
Dividends paid	$	133		$	128		4	%	$	131		2	%
Common stock share repurchases		429			363		18	%		499		(14	)%
Total Capital Returned to Shareholders	$	562		$	491		14	%	$	630		(11	)%

⁽¹⁾ Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)	1 Qtr 2022			1 Qtr 2021			% Over/ (Under)		4 Qtr 2021			% Over/ (Under)

Revenues
Management and financial advice fees:
Advisory fees	$	1,191		$	1,028		16	%	$	1,209		(1	)%
Financial planning fees		97			88		10	%		114		(15	)%
Transaction and other fees		92			89		3	%		96		(4	)%
Total management and financial advice fees		1,380			1,205		15	%		1,419		(3	)%
Distribution fees:
Mutual funds		204			207		(1	)%		220		(7	)%
Insurance and annuity		221			240		(8	)%		256		(14	)%
Off-Balance sheet brokerage cash⁽¹⁾		16			16		-			14		14	%
Other products		88			96		(8	)%		81		9	%
Total distribution fees		529			559		(5	)%		571		(7	)%
Net investment income		78			64		22	%		68		15	%
Other revenues		57			56		2	%		58		(2	)%
Total revenues		2,044			1,884		8	%		2,116		(3	)%
Banking and deposit interest expense		2			5		60	%		2		-
Adjusted operating total net revenues		2,042			1,879		9	%		2,114		(3	)%

Expenses
Distribution expenses		1,232			1,135		(9	)%		1,275		3	%
Interest and debt expense		2			3		33	%		2		-
General and administrative expense		368			352		(5	)%		365		(1	)%
Adjusted operating expenses		1,602			1,490		(8	)%		1,642		2	%
Pretax adjusted operating earnings	$	440		$	389		13	%	$	472		(7	)%

Pretax adjusted operating margin		21.5	%		20.7	%				22.3	%

Pretax adjusted operating earnings by product
Certificates and Banking - Combined	$	34		$	19		79	%	$	21		62	%
Wealth Management & Distribution		406			370		10	%		451		(10	)%
Pretax adjusted operating earnings	$	440		$	389		13	%	$	472		(7	)%

⁽¹⁾ Prior to Q1 2022, Off-Balance sheet brokerage cash was included in Other products. Prior periods have been restated.

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)	1 Qtr 2022			1 Qtr 2021			% Over/ (Under)		4 Qtr 2021			% Over/ (Under)

AWM Total Client Assets	$	823,367		$	761,566		8	%	$	857,584		(4	)%

Total Client Flows ⁽¹⁾	$	10,405		$	9,305		12	%	$	12,542		(17	)%

Total Wrap Accounts
Beginning assets	$	464,688		$	380,013		22	%	$	435,375		7	%
Net flows		8,677			10,413		(17	)%		10,541		(18	)%
Market appreciation (depreciation) and other		(26,319	)		9,391		NM			18,772		NM
Total wrap ending assets	$	447,046		$	399,817		12	%	$	464,688		(4	)%

Advisory wrap account assets ending balance ⁽²⁾	$	442,145		$	395,299		12	%	$	459,499		(4	)%

Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer	$	3,633		$	3,385		7	%	$	3,513		3	%
On-balance sheet - bank		13,220			7,985		66	%		11,419		16	%
On-balance sheet - certificate		5,197			6,258		(17	)%		5,300		(2	)%
Total on-balance sheet	$	22,050		$	17,628		25	%	$	20,232		9	%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer	$	23,625		$	22,733		4	%	$	23,593		-
Total brokerage cash & certificates balances	$	45,675		$	40,361		13	%	$	43,825		4	%

Gross Fee Yield
On-balance sheet - broker dealer		0.06	%		0.10	%				0.06	%
On-balance sheet - bank ⁽³⁾		1.40	%		1.34	%				1.27	%
On-balance sheet - certificates		1.05	%		1.22	%				0.94	%
Off-balance sheet - broker dealer		0.28	%		0.28	%				0.26	%

Weighted Average Gross Fee Yield⁽³⁾		0.69	%		0.65	%				0.62	%

Financial Advisors
Employee advisors		2,088			2,107		(1	)%		2,128		(2	)%
Franchisee advisors		8,061			7,924		2	%		7,988		1	%
Total financial advisors		10,149			10,031		1	%		10,116		-

Advisor Retention
Employee		92.0	%		92.0	%				92.0	%
Franchisee		94.1	%		94.4	%				94.2	%

⁽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⁾ 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.
⁽³⁾ As of Q4 2021, 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)	1 Qtr 2022			1 Qtr 2021			% Over/ (Under)		4 Qtr 2021			% Over/ (Under)

Revenues
Management and financial advice fees:
Asset management fees:
Retail	$	644		$	531		21	%	$	624		3	%
Institutional		195			123		59	%		248		(21	)%
Transaction and other fees		55			52		6	%		58		(5	)%
Revenue from other sources ⁽¹⁾		4			7		(43	)%		7		(43	)%
Total management and financial advice fees		898			713		26	%		937		(4	)%
Distribution fees:
Mutual funds		65			67		(3	)%		70		(7	)%
Insurance and annuity		46			47		(2	)%		49		(6	)%
Total distribution fees		111			114		(3	)%		119		(7	)%
Net investment income		4			1		NM			2		NM
Other revenues		4			—		-			2		NM
Total revenues		1,017			828		23	%		1,060		(4	)%
Banking and deposit interest expense		—			—		-			—		-
Adjusted operating total net revenues		1,017			828		23	%		1,060		(4	)%

Expenses
Distribution expenses		277			268		(3	)%		294		6	%
Amortization of deferred acquisition costs		3			3		-			3		-
Interest and debt expense		1			1		-			2		50	%
General and administrative expense		451			328		(38	)%		431		(5	)%
Adjusted operating expenses		732			600		(22	)%		730		-
Pretax adjusted operating earnings	$	285		$	228		25	%	$	330		(14	)%

Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues	$	1,017		$	828		23	%	$	1,060		(4	)%
Distribution pass thru revenues		(221	)		(217	)	(2	)%		(234	)	6	%
Subadvisory and other pass thru revenues		(104	)		(87	)	(20	)%		(97	)	(7	)%
Net adjusted operating revenues	$	692		$	524		32	%	$	729		(5	)%

Pretax adjusted operating earnings	$	285		$	228		25	%	$	330		(14	)%
Adjusted operating net investment income		(4	)		(1	)	NM			(2	)	NM
Amortization of intangibles		6			3		NM			5		20	%
Net adjusted operating earnings	$	287		$	230		25	%	$	333		(14	)%

Pretax adjusted operating margin		28.0	%		27.5	%				31.1	%
Net pretax adjusted operating margin ⁽²⁾

Ameriprise Financial Reports First Quarter 2022 Results