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.


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		% Over/ (Under)	2021		2020		% Over/ (Under)
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.
Advice & Wealth Management Segment Adjusted Operating Results
	Quarter Ended December 31,						% Over/ (Under)
(in millions, unaudited)	2021			2020			% Over/ (Under)
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		% Over/ (Under)
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 thousands)	$	796		$	674	18		%
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				% Over/ (Under)
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				% Over/ (Under)
Total segment AUM	$	754			$	547			38	%

Net Flows
Global Retail net flows	$	13.6			$	7.8			74	%
Global Institutional net flows, ex. legacy insurance partners flows		14.8				0.6			NM
Legacy insurance partners flows		(0.9	)			(1.4	)		32	%
Total segment net flows	$	27.5			$	7.0			NM

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

⁽¹⁾ See reconciliation on page 144.
⁽²⁾ Estimated based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%

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		% Over/ (Under)
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		% Over/ (Under)
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 amounts, unaudited)	4 Qtr 2021		4 Qtr 2020			% Over/ (Under)		3 Qtr 2021			% Over/ (Under)
Revenues
Management and financial advice fees	$	2,555	$	2,003		28	%	$	2,367		8	%
Distribution fees		462		422		9	%		458		1	%
Net investment income		255		318		(20	)%		773		(67	)%
Premiums, policy and contract charges		367		375		(2	)%		(805	)	NM
Other revenues		123		71		73	%		113		9	%
Total revenues		3,762		3,189		18	%		2,906		29	%
Banking and deposit interest expense		2		6		67	%		3		33	%
Total net revenues		3,760		3,183		18	%		2,903		30	%

Expenses
Distribution expenses		1,322		1,096		(21	)%		1,285		(3	)%
Interest credited to fixed accounts		145		121		(20	)%		172		16	%
Benefits, claims, losses and settlement expenses		378		982		62	%		(719	)	NM
Amortization of deferred acquisition costs		47		(72	)	NM			9		NM
Interest and debt expense		42		38		(11	)%		64		34	%
General and administrative expense		960		828		(16	)%		822		(17	)%
Total expenses		2,894		2,993		3	%		1,633		(77	)%
Pretax income		866		190		NM			1,270		(32	)%
Income tax provision		165		13		NM			239		31	%
Net income	$	701	$	177		NM		$	1,031		(32	)%

Earnings per share
Basic earnings per share	$	6.12	$	1.46				$	8.86
Earnings per diluted share	$	5.96	$	1.43				$	8.65

Weighted average common shares outstanding
Basic		114.6		120.9					116.4
Diluted		117.6		123.4					119.2

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


Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)	4 Qtr 2021			4 Qtr 2020			% Over/ (Under)		3 Qtr 2021			% Over/ (Under)

Assets Under Management and Administration
Advice & Wealth Management AUM	$	460,935		$	376,811		22	%	$	431,861		7	%
Asset Management AUM		754,056			546,613		38	%		583,398		29	%
Corporate AUM		136			82		66	%		104		31	%
Eliminations		(44,160	)		(37,483	)	(18	)%		(42,022	)	(5	)%
Total Assets Under Management		1,170,967			886,023		32	%		973,341		20	%
Total Assets Under Administration		246,891			216,066		14	%		232,934		6	%
Total AUM and AUA	$	1,417,858		$	1,102,089		29	%	$	1,206,275		18	%

S&P 500
Daily average		4,600			3,555		29	%		4,425		4	%
Period end		4,766			3,756		27	%		4,308		11	%

Weighted Equity Index (WEI) ⁽¹⁾
Daily average		3,068			2,414		27	%		2,983		3	%
Period end		3,152			2,573		23	%		2,909		8	%

Common shares
Beginning balance		112.4			118.6		(5	)%		114.3		(2	)%
Repurchases		(1.6	)		(2.1	)	24	%		(2.1	)	24	%
Issuances		0.4			1.0		(60	)%		0.4		-
Other		(0.3	)		(0.7	)	57	%		(0.2	)	(50	)%
Total common shares outstanding		110.9			116.8		(5	)%		112.4		(1	)%
Restricted stock units		3.0			3.2		(6	)%		3.0		-
Total basic common shares outstanding		113.9			120.0		(5	)%		115.4		(1	)%
Total potentially dilutive shares		2.9			2.5		16	%		2.9		-
Total diluted shares		116.8			122.5		(5	)%		118.3		(1	)%

Capital Returned to Shareholders
Dividends paid	$	131		$	126		4	%	$	133		(2	)%
Common stock share repurchases		499			376		33	%		533		(6	)%
Total Capital Returned to Shareholders	$	630		$	502		25	%	$	666		(5	)%

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


Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)	4 Qtr 2021			4 Qtr 2020			% Over/ (Under)		3 Qtr 2021			% Over/ (Under)

Revenues
Management and financial advice fees:
Advisory fees	$	1,209		$	953		27	%	$	1,189		2	%
Financial planning fees		114			100		14	%		91		25	%
Transaction and other fees		96			88		9	%		94		2	%
Total management and financial advice fees		1,419			1,141		24	%		1,374		3	%
Distribution fees:
Mutual funds		220			197		12	%		219		-
Insurance and annuity		256			229		12	%		246		4	%
Other products		95			96		(1	)%		96		(1	)%
Total distribution fees		571			522		9	%		561		2	%
Net investment income		68			66		3	%		62		10	%
Other revenues		58			53		9	%		54		7	%
Total revenues		2,116			1,782		19	%		2,051		3	%
Banking and deposit interest expense		2			6		67	%		3		33	%
Adjusted operating total net revenues		2,114			1,776		19	%		2,048		3	%

Expenses
Distribution expenses		1,275			1,065		(20	)%		1,238		(3	)%
Interest and debt expense		2			2		-			3		33	%
General and administrative expense		365			357		(2	)%		348		(5	)%
Adjusted operating expenses		1,642			1,424		(15	)%		1,589		(3	)%
Pretax adjusted operating earnings	$	472		$	352		34	%	$	459		3	%

Pretax adjusted operating margin		22.3	%		19.8	%				22.4	%

Pretax adjusted operating earnings by product
Certificates and Banking - Combined	$	21		$	21		-		$	17		24	%
Wealth Management & Distribution		451			331		36	%		442		2	%
Pretax adjusted operating earnings	$	472		$	352		34	%	$	459		3	%


Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)	4 Qtr 2021			4 Qtr 2020			% Over/ (Under)		3 Qtr 2021				% Over/ (Under)

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

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

Total Wrap Accounts
Beginning assets	$	435,375		$	339,950		28	%	$	430,003			1	%
Net flows ⁽²⁾		10,541			8,999		17	%		9,404			12	%
Market appreciation (depreciation) and other ⁽²⁾		18,772			31,064		(40	)%		(4,032	)		NM
Total wrap ending assets	$	464,688		$	380,013		22	%	$	435,375			7	%

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

Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer	$	3,513		$	3,487		1	%	$	3,441			2	%
On-balance sheet - bank		11,419			7,405		54	%		9,815			16	%
On-balance sheet - certificate		5,300			6,760		(22	)%		5,442			(3	)%
Total on-balance sheet	$	20,232		$	17,652		15	%	$	18,698			8	%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer	$	23,593		$	23,842		(1	)%	$	21,374			10	%
Total brokerage cash & certificates balances	$	43,825		$	41,494		6	%	$	40,072			9	%

Gross Fee Yield
On-balance sheet - broker dealer		0.06	%		0.11	%				0.06		%
On-balance sheet - bank ⁽⁴⁾		1.27	%		1.44	%				1.27		%
On-balance sheet - certificates		0.94	%		1.32	%				1.06		%
Off-balance sheet - broker dealer		0.26	%		0.29	%				0.28		%

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

Financial Advisors
Employee advisors		2,128			2,117		1	%		2,112			1	%
Franchisee advisors		7,988			7,805		2	%		7,961			-
Total financial advisors		10,116			9,922		2	%		10,073			-

Advisor Retention
Employee		92.0	%		92.1	%				91.7		%
Franchisee		94.2	%		94.0	%				94.3		%

⁽¹⁾ Total client flows represent inflows of client cash and securities less client outflows. Inflows include dividends and interest; outflows include fees. Excludes short-term and long-term capital gain distributions.
⁽²⁾ Beginning in Q1 2021, wrap net flows is calculated including dividends and interest less fees, which were previously recorded in market appreciation (depreciation) and other. Net flows excludes short-term and long-term capital gain distributions. Prior periods have been restated.
⁽³⁾ Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
⁽⁴⁾ The Gross Fee Yield for prior periods have been restated.
NM Not Meaningful - variance equal to or greater than 100%


Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)	4 Qtr 2021		4 Qtr 2020		% Over/ (Under)		3 Qtr 2021		% Over/ (Under)

Revenues
Management and financial advice fees:
Asset management fees:
Retail	$	624	$	492	27	%	$	587	6	%
Institutional		248		134	85	%		143	73	%
Transaction and other fees		58		51	14	%		57	2	%
Revenue from other sources ⁽¹⁾		7		4	75	%		7	-
Total management and financial advice fees		937		681	38	%		794	18	%
Distribution fees:
Mutual funds		70		63	11	%		70	-
Insurance and annuity		49		45	9	%		50	(2	)%
Total distribution fees		119		108	10	%		120	(1	)%
Net investment income		2		8	(75	)%		1	NM
Other revenues		2		1	NM			—	-
Total revenues		1,060		798	33	%		915	16	%
Banking and deposit interest expense		—		—	-			—	-
Adjusted operating total net revenues		1,060		798	33	%		915	16	%

Expenses
Distribution expenses		294		254	(16	)%		288	(2	)%
Amortization of deferred acquisition costs		3		3	-			3	-
Interest and debt expense		2		1	NM			1	NM
General and administrative expense		431		339	(27	)%		338

Ameriprise Financial Reports Fourth Quarter 2021 Results