Ameriprise Financial, Inc. (NYSE:AMP):

Earnings Per Diluted Share		Return on Equity, ex AOCI ⁽¹⁾
	Q2 2023		Q2 2023
GAAP	$8.21	GAAP	48.6%
Adjusted Operating	$7.44	Adjusted Operating	50.9%

Second quarter adjusted operating earnings per diluted share was $7.44, up 30 percent from the prior year driven by strong business performance in Wealth Management.		Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
		"Ameriprise delivered another strong quarter overall, led by continued growth of our Wealth Management business. We're benefiting from our broad investment capabilities, extensive technology and high-quality service that are core to the Ameriprise client experience and represent strategic advantages. We're serving more affluent clients and had another strong quarter of experienced advisor recruiting. And with the growth of Ameriprise Bank, we're driving excellent results across Wealth Management with revenue and profitability at record levels. Our diversified business generates a mix of both fee-and spread-based revenue and strong free cash flow. We continue to invest for growth and return capital to shareholders at attractive levels, while managing expenses well. Overall, Ameriprise delivered a strong first half of 2023, and we remain focused on executing our priorities and managing environmental uncertainties."
Second quarter GAAP net income per diluted share was $8.21 compared to $5.37 a year ago, primarily reflecting the market impact on the valuation of derivatives and market risk benefits.
Assets under management and administration reached $1.3 trillion, up 9 percent, from strong client net inflows and market appreciation.
Wealth Management delivered a record high pretax adjusted operating margin of 31 percent from strong business growth. Adjusted operating net revenue increased 14 percent and pretax adjusted operating earnings grew 49 percent. Total client flows increased 10 percent to $9.4 billion, and Ameriprise Bank and Certificate Company assets reached $34.7 billion.
The Asset Management net pretax adjusted operating margin was 30 percent. Net flow trends were in line with the industry as the environment remains challenging.
Retirement & Protection Solutions pretax adjusted operating earnings increased 13 percent. These high-returning books of business generate substantial free cash flow.
The company returned $638 million of capital to shareholders in the quarter, which was 79 percent of adjusted operating earnings. In addition, the company announced a new share repurchase authorization of $3.5 billion through September 30, 2025. Excess capital remained strong at $1.3 billion and adjusted operating ROE was 51 percent.

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


Ameriprise Financial, Inc.
Second Quarter Summary
	Quarter Ended June 30,						% Better/ (Worse)
(in millions, except per share amounts, unaudited)	2023			2022			% Better/ (Worse)
GAAP net income	$	890		$	614		45	%
Adjusted operating earnings (reconciliation on p. 24)	$	807		$	654		23	%

GAAP net income per diluted share	$	8.21		$	5.37		53	%
Adjusted operating earnings per diluted share (reconciliation on p. 24)	$	7.44		$	5.72		30	%

GAAP Return on Equity, ex. AOCI		48.6	%		55.5	%
Adjusted Operating Return on Equity, ex. AOCI (reconciliation on p. 26)		50.9	%		48.1	%

GAAP Equity, ex. AOCI	$	6,429		$	5,818		11	%
Available Capital for Capital Adequacy (reconciliation on p. 25)	$	5,011		$	5,294		(5	)%

Weighted average common shares outstanding:
Basic		106.4			112.3
Diluted		108.4			114.4

Second quarter 2023 GAAP results were positively impacted by market changes that affected the valuation of derivatives and market risk benefits. The current quarter also included $20 million of after-tax integration costs related to the acquisition of BMO EMEA, a portion of which was related to the consolidation of the majority of our London-based teams into a single location at the end of June.


Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
	Quarter Ended June 30,						% Better/ (Worse)
(in millions, unaudited)	2023			2022			% Better/ (Worse)
Adjusted operating net revenues	$	2,343		$	2,056		14	%

Distribution expenses		1,196			1,185		(1	)%
Interest and debt expense		6			3		NM
General and administrative expenses		410			376		(9	)%
Adjusted operating expenses		1,612			1,564		(3	)%
Pretax adjusted operating earnings	$	731		$	492		49	%

Pretax adjusted operating margin		31.2	%		23.9	%	730 bps

	Quarter Ended June 30,				% Better/ (Worse)
(in billions, unless otherwise noted)	2023		2022		% Better/ (Worse)
Total client assets	$	833	$	735	13	%
Total client net flows	$	9.4	$	8.6	10	%
Wrap net flows	$	5.6	$	6.2	(9	)%
AWM cash balances	$	42.0	$	47.4	(11	)%
Adjusted operating net revenue per advisor (TTM in thousands)	$	874	$	814	7	%

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

Advice & Wealth Management pretax adjusted operating earnings increased 49 percent and pretax adjusted operating margin reached a record high of 31.2 percent. Spread revenues increased year-over-year and are expected to remain a sustainable driver of revenue going forward.

Net revenues increased 14 percent to $2.3 billion from strong client flows, higher investment income from continued growth in the bank and certificate companies, as well as from higher short term rates on off balance sheet cash.

Adjusted operating expenses increased 3 percent to $1.6 billion compared to a year ago. Distribution expenses increased 1 percent. General and administrative expense was $410 million, reflecting continued expense discipline while investing for business growth and higher business volume. In the first half of 2022, general and administrative expense was muted as a result of the pandemic.

The Wealth Management business continued to deliver robust organic growth. Clients and advisors remained engaged and focused on positioning portfolios to meet financial planning goals through the market cycle.

Total client net flows increased 10 percent to $9.4 billion, with $5.6 billion of flows into wrap accounts and $3.8 billion into other products.
AWM cash balances were $42.0 billion, down 5 percent sequentially primarily related to a normal seasonal draw down on cash associated with tax payments with limited cash sorting.
Ameriprise Bank and Ameriprise Certificate Company assets grew 53 percent year-over-year.
Total advisors increased to 10,274 from excellent advisor retention coupled with the addition of 99 experienced advisors in the quarter.
Adjusted operating net revenue per advisor on a trailing 12-month basis was $874,000, up 7 percent from enhanced productivity, business growth and market impacts.


Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
	Quarter Ended June 30,						% Better/ (Worse)
(in millions, unaudited)	2023			2022			% Better/ (Worse)
Adjusted operating net revenues	$	808		$	881		(8	)%

Distribution expenses		233			252		8	%
Amortization of deferred acquisition costs		2			3		33	%
Interest and debt expense		1			1		-
General and administrative expenses		410			403		(2	)%
Adjusted operating expenses		646			659		2	%
Pretax adjusted operating earnings	$	162		$	222		(27	)%

Net pretax adjusted operating margin ⁽¹⁾		29.8	%		38.5	%


	Quarter Ended June 30,						% Better/ (Worse)
(in billions)	2023			2022			% Better/ (Worse)
Total segment AUM	$	617		$	598		3	%

Net Flows
Global Retail net flows, ex. legacy insurance partners flows	$	(4.7	)	$	(5.8	)	17	%
Global Institutional net flows, ex. legacy insurance partners flows		0.8			3.9		NM
Legacy insurance partners flows		(1.4	)		(1.2	)	(14	)%
Total segment net flows	$	(5.3	)	$	(3.1	)	(72	)%

Model delivery AUA Flows ⁽²⁾	$	0.4		$	0.4		(9	)%

⁽¹⁾ See reconciliation on page 12.
⁽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 adjusted operating net revenues and pretax adjusted operating earnings were $808 million and $162 million, respectively. Financial results reflect the cumulative impact of net outflows, a decline in fixed income markets and lower performance fees, which were partially offset by improved equity markets. Net pretax adjusted operating margin was 30 percent.

Adjusted operating expenses decreased 2 percent. G&A expenses increased 2 percent primarily from the mark-to-market of share-based compensation expense. Distribution expenses decreased 8 percent reflecting lower average assets under management.

Total assets under management increased 3 percent to $617 billion as equity market appreciation was partially offset by fixed income market depreciation as well as net outflows. Long term investment performance remained strong with 115 funds with 4- and 5-star Morningstar ratings.

In the quarter, net outflows were $5.3 billion and included $1.4 billion of outflows related to legacy insurance partners.

Retail net outflows were $4.7 billion as gross sales remained pressured while redemptions slowed versus the prior year. In addition, reinvested dividends were $2 billion lower than the year ago quarter.
Global institutional had strong inflows into high yield and property mandates that more than offset outflows in liability driven investing strategies (LDI) leading to net inflows of $0.8 billion.


Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
	Quarter Ended June 30,				% Better/ (Worse)
(in millions, unaudited)	2023		2022		% Better/ (Worse)
Adjusted operating net revenues	$	858	$	760	13	%
Adjusted operating expenses		669		592	(13	)%
Pretax adjusted operating earnings	$	189	$	168	13	%

Retirement & Protection Solutions pretax adjusted operating earnings increased 13 percent to $189 million primarily from rising interest rates and prior period investment portfolio repositioning. Results in the quarter included $7 million of unfavorable unusual and timing-related items. These high-quality books of business continued to generate strong free cash flow and return on capital with a differentiated risk profile.

Retirement & Protection Solutions sales declined 10 percent, primarily from a decline in variable annuity sales as a result of the discontinuation of the sale of living benefit riders. Protection sales improved 18 percent to $77 million with the majority of sales in higher margin accumulation VUL products.


Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
	Quarter Ended June 30,						% Better/ (Worse)
(in millions, unaudited)	2023			2022			% Better/ (Worse)
Corporate & Other, excluding Closed Blocks	$	(56	)	$	(48	)	(17	)%
Closed Blocks ⁽¹⁾		(4	)		(11	)	64	%
Pretax adjusted operating earnings / (loss)	$	(60	)	$	(59	)	(2	)%

Long Term Care	$	1		$	(6	)	NM
Fixed Annuities		(5	)		(5	)	-
Closed Blocks pretax adjusted operating earnings / (loss)	$	(4	)	$	(11	)	64	%

⁽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 $60 million, which included a net $8 million favorable impact from a benefit related to a low income housing partnership investment partially offset by an unfavorable mark-to-market share-based compensation expense.

Long Term Care pretax adjusted operating earnings improved to $1 million as a result of higher investment yields from rising interest rates and prior period investment portfolio repositioning.

Fixed Annuities pretax adjusted operating loss was consistent with expectations at $5 million.

Taxes

The operating effective tax rate was 21.0 percent in the quarter. The operating effective tax rate is expected to be in the 20 to 21 percent range for the second half and full year of 2023.

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive investment advice, 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, Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle (EM) 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 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, available capital for capital adequacy 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, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;
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 about spread revenues being a sustainable driver going forward;
statements estimating the expected second half and full year 2023 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," "commitment," "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, 2022 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 June 30, 2023.

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)	2 Qtr 2023			2 Qtr 2022			% Better/ (Worse)		1 Qtr 2023			% Better/ (Worse)
Revenues
Management and financial advice fees	$	2,199		$	2,277		(3	)%	$	2,137		3	%
Distribution fees		482			459		5	%		517		(7	)%
Net investment income		811			287		NM			698		16	%
Premiums, policy and contract charges		383			342		12	%		362		6	%
Other revenues		132			124		6	%		131		1	%
Total revenues		4,007			3,489		15	%		3,845		4	%
Banking and deposit interest expense		131			3		NM			103		(27	)%
Total net revenues		3,876			3,486		11	%		3,742		4	%

Expenses
Distribution expenses		1,248			1,239		(1	)%		1,226		(2	)%
Interest credited to fixed accounts		161			145		(11	)%		164		2	%
Benefits, claims, losses and settlement expenses		327			(196	)	NM			301		(9	)%
Remeasurement (gains) losses of future policy benefit reserves		—			1		NM			(5	)	NM
Change in fair value of market risk benefits		(99	)		519		NM			489		NM
Amortization of deferred acquisition costs		61			67		9	%		62		2	%
Interest and debt expense		84			44		(91	)%		72		(17	)%
General and administrative expense		967			894		(8	)%		937		(3	)%
Total expenses		2,749			2,713		(1	)%		3,246		15	%
Pretax income		1,127			773		46	%		496		NM
Income tax provision		237			159		(49	)%		79		NM
Net income	$	890		$	614		45	%	$	417		NM

Earnings per share
Basic earnings per share	$	8.36		$	5.47				$	3.86
Earnings per diluted share	$	8.21		$	5.37				$	3.79

Weighted average common shares outstanding
Basic		106.4			112.3					107.9
Diluted		108.4			114.4					110.0

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


Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)	2 Qtr 2023			2 Qtr 2022			% Better/ (Worse)		1 Qtr 2023			% Better/ (Worse)

Assets Under Management and Administration
Advice & Wealth Management AUM	$	451,249		$	396,303		14	%	$	431,438		5	%
Asset Management AUM		616,598			598,150		3	%		607,679		1	%
Corporate AUM		297			165		80	%		243		22	%
Eliminations		(39,308	)		(37,453	)	(5	)%		(38,091	)	(3	)%
Total Assets Under Management		1,028,836			957,165		7	%		1,001,269		3	%
Total Assets Under Administration		247,952			212,944		16	%		234,339		6	%
Total AUM and AUA	$	1,276,788		$	1,170,109		9	%	$	1,235,608		3	%

S&P 500
Daily average		4,207			4,110		2	%		3,998		5	%
Period end		4,450			3,785		18	%		4,109		8	%

Weighted Equity Index (WEI) ⁽¹⁾
Daily average		2,769			2,707		2	%		2,664		4	%
Period end		2,900			2,491		16	%		2,718		7	%

Common shares
Beginning balance		104.4			110.1		(5	)%		105.3		(1	)%
Repurchases		(1.6	)		(1.8	)	11	%		(1.6	)	-
Issuances		—			0.1		NM			1.1		NM
Other		—			—		-			(0.4	)	NM
Total common shares outstanding		102.8			108.4		(5	)%		104.4		(2	)%
Restricted stock units		2.7			2.8		(4	)%		2.6		4	%
Total basic common shares outstanding		105.5			111.2		(5	)%		107.0		(1	)%
Total potentially dilutive shares		2.1			2.1		-			2.0		5	%
Total diluted shares		107.6			113.3		(5	)%		109.0		(1	)%

Capital Returned to Shareholders
Dividends paid	$	146		$	142		3	%	$	138		6	%
Common stock share repurchases		492			458		7	%		506		(3	)%
Total Capital Returned to Shareholders	$	638		$	600		6	%	$	644		(1	)%

⁽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)	2 Qtr 2023			2 Qtr 2022			% Better/ (Worse)		1 Qtr 2023			% Better/ (Worse)

Revenues
Management and financial advice fees:
Advisory fees	$	1,154		$	1,144		1	%	$	1,109		4	%
Financial planning fees		104			99		5	%		101		3	%
Transaction and other fees		96			97		(1	)%		89		8	%
Total management and financial advice fees		1,354			1,340		1	%		1,299		4	%
Distribution fees:
Mutual funds		179			186		(4	)%		175		2	%
Insurance and annuity		222			216		3	%		211		5	%
Off-Balance sheet brokerage cash		84			54		56	%		126		(33	)%
Other products		84			86		(2	)%		81		4	%
Total distribution fees		569			542		5	%		593		(4	)%
Net investment income		483			120		NM			409		18	%
Other revenues		68			57		19	%		67		1	%
Total revenues		2,474			2,059		20	%		2,368		4	%
Banking and deposit interest expense		131			3		NM			103		(27	)%
Adjusted operating total net revenues		2,343			2,056		14	%		2,265		3	%

Expenses
Distribution expenses		1,196			1,185		(1	)%		1,173		(2	)%
Interest and debt expense		6			3		NM			7		14	%
General and administrative expense		410			376		(9	)%		392		(5	)%
Adjusted operating expenses		1,612			1,564		(3	)%		1,572		(3	)%
Pretax adjusted operating earnings	$	731		$	492		49	%	$	693		5	%

Pretax adjusted operating margin		31.2	%		23.9	%				30.6	%

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


Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)	2 Qtr 2023			2 Qtr 2022			% Better/ (Worse)		1 Qtr 2023			% Better/ (Worse)

AWM Total Client Assets	$	833,347		$	735,462		13	%	$	798,724		4	%

Total Client Flows	$	9,408		$	8,572		10	%	$	12,261		(23	)%

Total Wrap Accounts
Beginning assets	$	434,674		$	447,046		(3	)%	$	412,096		5	%
Net flows		5,610			6,159		(9	)%		6,240		(10	)%
Market appreciation (depreciation) and other		14,405			(53,918	)	NM			16,338		(12	)%
Total wrap ending assets	$	454,689		$	399,287		14	%	$	434,674		5	%

Advisory wrap account assets ending balance ⁽¹⁾	$	449,857		$	395,054		14	%	$	430,088		5	%

Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer	$	2,605		$	3,542		(26	)%	$	2,854		(9	)%
On-balance sheet - bank		20,933			15,520		35	%		20,008		5	%
On-balance sheet - certificate		12,069			5,284		NM			11,102		9	%
Total on-balance sheet	$	35,607		$	24,346		46	%	$	33,964		5	%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer	$	6,413		$	23,102		(72	)%	$	10,350		(38	)%
Total brokerage cash & certificates balances	$	42,020		$	47,448		(11	)%	$	44,314		(5	)%

Gross Fee Yield
On-balance sheet - broker dealer		4.72	%		0.49	%				4.27	%
On-balance sheet - bank		4.76	%		2.00	%				4.46	%
On-balance sheet - certificates		5.20	%		1.53	%				4.86	%
Off-balance sheet - broker dealer		4.14	%		0.90	%				3.86	%

Financial Advisors
Employee advisors		2,108			2,096		1	%		2,099		-
Franchisee advisors		8,166			8,149		-			8,160		-
Total financial advisors		10,274			10,245		-			10,259		-

Advisor Retention
Employee		92.0	%		92.3	%				92.8	%
Franchisee		93.0	%		94.4	%				93.6	%

⁽¹⁾ Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
NM Not Meaningful - variance equal to or greater than 100%


Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)	2 Qtr 2023			2 Qtr 2022			% Better/ (Worse)		1 Qtr 2023			% Better/ (Worse)

Revenues
Management and financial advice fees:
Asset management fees:
Retail	$	490		$	543		(10	)%	$	491		-
Institutional		157			173		(9	)%		152		3	%
Transaction and other fees		48			54		(11	)%		48		-
Revenue from other sources ⁽¹⁾		4			7		(43	)%		3		33	%
Total management and financial advice fees		699			777		(10	)%		694		1	%
Distribution fees:
Mutual funds		51			58		(12	)%		52		(2	)%
Insurance and annuity		39			42		(7	)%		38		3	%
Total distribution fees		90			100		(10	)%		90		-
Net investment income		10			—		-			9		11	%
Other revenues		9			4		NM			6		50	%
Total revenues		808			881		(8	)%		799		1	%
Banking and deposit interest expense		—			—		-			—		-
Adjusted operating total net revenues		808			881		(8	)%		799		1	%

Expenses
Distribution expenses		233			252		8	%		230		(1	)%
Amortization of deferred acquisition costs		2			3		33	%		1		NM
Interest and debt expense		1			1		-			2		50	%
General and administrative expense		410			403		(2	)%		401		(2	)%
Adjusted operating expenses		646			659		2	%		634		(2	)%
Pretax adjusted operating earnings	$	162		$	222		(27	)%	$	165		(2	)%

Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues	$	808		$	881		(8	)%	$	799		1	%
Distribution pass through revenues		(183	)		(200	)	9	%		(182	)	(1	)%
Subadvisory and other pass through revenues		(95	)		(91	)	(4	)%		(95	)	-
Net adjusted operating revenues	$	530		$	590		(10	)%	$	522		2	%

Pretax adjusted operating earnings	$	162		$	222		(27	)%	$	165		(2	)%
Adjusted operating net investment income		(10	)		—		-			(9	)	(11	)%
Amortization of intangibles		6			5		20	%		6		-
Net adjusted operating earnings	$	158		$	227		(30	)%	$	162		(2	)%

Pretax adjusted operating margin		20.0	%		25.2	%				20.7	%
Net pretax adjusted operating margin ⁽²⁾		29.8	%		38.5	%				31.0	%

Performance fees ⁽³⁾
Performance fees	$	1		$	5		(80	)%	$	5		(80	)%
General and administrative expense related to performance fees		1			2

Ameriprise Financial Reports Second Quarter 2023 Results