Ameriprise Financial, Inc. (NYSE:AMP):

Earnings Per Diluted Share		Return on Equity, ex AOCI ⁽¹⁾
	Q3 2021		Q3 2021
GAAP	$8.65	GAAP	41.7%
Adjusted Operating	$5.86	Adjusted Operating	47.8%
Adjusted Operating Ex. Unlocking⁽²⁾	$5.91	Adjusted Operating Ex. Unlocking⁽²⁾	47.9%

Third quarter adjusted operating earnings per diluted share excluding unlocking was $5.91, up 38 percent from last year due to strong organic growth and market appreciation.		Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
		"Ameriprise achieved another record quarter for client assets, revenue and earnings. We are executing our strategy well, driving organic growth and generating substantial shareholder value across market cycles. "Consistent with our plans, our growth businesses of wealth and asset management delivered 80 percent of our adjusted operating earnings for the quarter. At the same time, our retirement and protection business is differentiated and generates significant free cash flow and earnings. "2021 is proving to be a very strong year for Ameriprise. We are focused on maintaining our business momentum and strong performance through the remainder of the year into 2022."
Third quarter GAAP net income per diluted share was $8.65, compared to a loss of $1.14 in the prior year period, driven by the fixed annuity reinsurance transaction that closed in the quarter and market impacts.
The company continues to generate strong organic growth, with approximately $14 billion of net inflows from Advice & Wealth Management and Asset Management, up substantially from a year ago.
Adjusted operating net revenue was $3.5 billion, an 18 percent increase from strong organic growth in Wealth and Asset Management and market appreciation.
Ameriprise generated strong profitability with pretax adjusted operating earnings excluding unlocking up 28 percent to $858 million, driven by 44 percent growth in Wealth and Asset Management. These businesses represented 80 percent of Ameriprise operating earnings in the quarter.
Assets under management and administration was $1.2 trillion, up 21 percent from strong client flows in Wealth and Asset Management, as well as market appreciation.
The company generated considerable free cash and returned $666 million of capital to shareholders in the quarter, which was 95 percent of adjusted operating earnings.
Excess capital was strong at $2.7 billion with a strong adjusted operating return on equity excluding unlocking of 47.9 percent.

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

⁽²⁾ Unlocking impacts reflect the company's annual review of insurance and annuity valuation assumptions and model changes, and the Long Term Care (LTC) gross premium valuation.

Ameriprise Financial, Inc.
Third Quarter Summary
	Quarter Ended September 30,							% Over/ (Under)	Year-to-date September 30,						% Over/ (Under)
(in millions, except per share amounts, unaudited)	2021			2020				% Over/ (Under)	2021			2020			% Over/ (Under)
GAAP net income	$	1,031		$	(140	)		NM	$	2,059		$	1,357		52%
Adjusted operating earnings	$	699		$	184			NM	$	2,001		$	1,211		65%
Adjusted operating earnings excluding unlocking (see reconciliation on p. 25 and p. 26)	$	705		$	533			32%	$	2,007		$	1,560		29%

GAAP net income per diluted share	$	8.65		$	(1.14	)		NM	$	17.03		$	10.73		59%
Adjusted operating earnings per diluted share	$	5.86		$	1.47			NM	$	16.55		$	9.57		73%
Adjusted operating earnings per diluted share excluding unlocking (see reconciliation on p. 25 and p. 26)	$	5.91		$	4.27			38%	$	16.60		$	12.33		35%

GAAP Return on Equity, ex. AOCI	41.7		%	30.6			%		41.7		%	30.6		%
Adjusted Operating Return on Equity, ex. AOCI	47.8		%	29.6			%		47.8		%	29.6		%
Adjusted Operating Return on Equity, ex. AOCI and unlocking	47.9		%	35.5			%		47.9		%	35.5		%

Weighted average common shares outstanding:
Basic	116.4			123.0					118.2			124.8
Diluted	119.2			124.9					120.9			126.5

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

Third quarter 2021 GAAP results were positively impacted by the net realized gains on investments transferred as part of the fixed annuity reinsurance transaction that closed in the quarter, as well as market changes that affected credit spreads and the valuation of derivatives.


Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
	Quarter Ended September 30,						% Over/ (Under)
(in millions, unaudited)	2021			2020			% Over/ (Under)
Net revenues	$	2,048		$	1,667		23%
Distribution expenses	1,238			998			(24)%
G&A / other expense	351			349			(1)%
Pretax adjusted operating earnings	$	459		$	320		43%

Pretax adjusted operating margin	22.4		%	19.2		%	320 bps

	Quarter Ended September 30,				% Over/ (Under)
(in billions, unless otherwise noted)	2021		2020		% Over/ (Under)
Total client assets	$	811	$	667	22%
Total client net flows ⁽¹⁾	$	10.0	$	6.1	64%
Wrap net flows ⁽¹⁾	$	9.4	$	5.7	65%
AWM cash balance	$	40.1	$	39.4	2%
Average gross yield on cash balances (in bps)	65		71
Adjusted operating net revenue per advisor (TTM in thousands)	$	766	$	668	15%
Adjusted for interest rates ⁽²⁾	$	766	$	651	18%

⁽¹⁾ See definition on page 12.
⁽²⁾ Adjusted for impact from interest rates. See reconciliation on page 29

Advice & Wealth Management pretax adjusted operating earnings increased 43 percent to $459 million driven by robust client net flows, higher transactional activity, market appreciation and disciplined expense management. Pretax adjusted operating margin was 22.4 percent, up 320 basis points, and continues to demonstrate our strategy to deliver profitable growth. On a sequential basis, pretax operating earnings increased 9 percent and pretax adjusted operating margin expanded 100 basis points.

Adjusted operating net revenues grew 23 percent to $2.0 billion, reflecting strong client net flows and market appreciation.

Total expenses were $1.6 billion, reflecting higher distribution expense associated with robust organic growth. General and administrative expense was up 1 percent from the prior year, as higher activity-based expense and performance-based compensation were partially offset by expense discipline.

Total client assets grew 22 percent to $811 billion. The substantial organic growth was driven primarily by our advisor base with deeper client relationships from existing clients, as well as increased new client acquisition. Total client flows were a robust $10.0 billion in the quarter, representing a 65 percent increase in investment advisory flows and a 16 percent increase in transactional activity. Wrap net flows were $9.4 billion, representing the fourth consecutive quarter at or above $9.0 billion. Cash balances remain elevated at $40.1 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 $766,000. Excluding the decline in short-term interest rates, adjusted net revenue per advisor increased 18 percent. The advisor count increased 2 percent to 10,073, with excellent advisor retention and the addition of 104 experienced advisors in the quarter.

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
	Quarter Ended September 30,								% Over/ (Under)
(in millions, unaudited)	2021				2020				% Over/ (Under)
Net revenues	$	915			$	739			24%
Distribution expenses	288				240				(20)%
G&A / other expenses	342				301				(14)%
Pretax adjusted operating earnings	$	285			$	198			44%

Net pretax adjusted operating margin ⁽¹⁾	48.9			%	43.9			%


	Quarter Ended September 30,								% Over/ (Under)
(in billions)	2021				2020				% Over/ (Under)
Total segment AUM	$	583			$	498			17%

Net Flows
Global Retail net flows	$	1.8			$	2.0			(8)%
Global Institutional net flows, ex. legacy insurance partners flows	3.5				(2.0		)		NM
Legacy insurance partners flows	(1.4		)		(1.6		)		10%
Total segment net flows	$	3.9			$	(1.6	)		NM

Model delivery AUA Flows ⁽²⁾	$	0.5			$	0.3			72%

⁽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 pretax adjusted operating earnings increased 44 percent to $285 million reflecting the cumulative benefit of net inflows, higher performance fees and market appreciation. Net pretax adjusted operating margin was 48.9 percent. On a sequential basis, pretax operating earnings increased 13 percent and pretax adjusted operating margin expanded 350 basis points.

Adjusted operating revenues increased 24 percent to $915 million from the cumulative benefit of inflows, as well as higher performance fees and equity markets. The fee rate remained strong at 53 basis points. On a sequential basis, revenues increased 4 percent.

Adjusted operating expenses increased 16 percent. General and administrative expense grew 14 percent driven primarily from strong business performance that drove higher compensation expense and other volume-related costs, as well as foreign exchange translation.

Total assets under management increased 17 percent to $583 billion reflecting 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 $3.9 billion, an improvement of $5.5 billion from a year ago. Net inflows were $5.3 billion, excluding legacy insurance partners outflows, reflecting a continuation of positive flow trends across multiple distribution channels and strategies.

Retail net inflows were $1.8 billion. Net inflows in North America were $2.2 billion with notable inflows in the broker-dealer channel that were partially offset by outflows in EMEA.
Global institutional net inflows were $3.5 billion, with gross sales across multiple strategies.

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
	Quarter Ended September 30,						% Over/ (Under)
(in millions, unaudited)	2021			2020			% Over/ (Under)
Net revenues	$	834		$	781		7%
Expenses	647			870			26%
Pretax adjusted operating earnings	$	187		$	(89	)	NM
Unlocking	(5		)	(295		)	98%
Pretax adjusted operating earnings excluding unlocking	$	192		$	206		(7)%

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

Retirement & Protection Solutions pretax adjusted operating earnings excluding unlocking was $192 million versus $206 million last year, with continued strong free cash flow generation and high return on capital. Unlocking was an unfavorable $5 million, reflecting strong performance of the blocks that was consistent with expectations.

During the quarter, we continued to focus sales on non-guarantee retirement solutions and accumulation products, including variable annuities without living benefit riders, structured annuities and variable universal life. Retirement sales increased 28 percent to $1.4 billion in the quarter, with 72 percent in products without living benefit riders compared to 56 percent in the prior year quarter. Sales of higher-margin accumulation VUL products increased 167 percent and sales of indexed UL products declined 63 percent as expected given pricing changes made to reflect low interest rates.

We maintain a differentiated book of business with strong returns and free cash flow generation, with a very limited risk profile as evidenced by variable annuity net amount at risk as a percent of account value of 0.4 percent for living benefits and 0.1 percent for death benefits, which we believe is well below the industry.

Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
	Quarter Ended September 30,						% Over/ (Under)
(in millions, unaudited)	2021			2020			% Over/ (Under)
Corporate & Other	$	(73	)	$	(58	)	(26)%
Closed Blocks ⁽¹⁾	(8		)	(144		)	94%
Pretax adjusted operating earnings	$	(81	)	$	(202	)	60%
Unlocking/loss recognition	(3		)	(147		)	98%
Pretax adjusted operating earnings excluding unlocking/loss recognition	$	(78	)	$	(55	)	(42)%

Long term care excluding unlocking/loss recognition	$	2		$	6		(67)%
Fixed Annuities excluding unlocking	(7		)	(3		)	NM
Pretax adjusted operating earnings excluding unlocking	$	(5	)	$	3		NM

⁽¹⁾ Long Term Care and Fixed Annuities.
NM Not Meaningful - variance equal to or greater than 100%

Corporate & Other pretax adjusted operating loss was in line within expectations at $73 million.

Closed Blocks of long term care and fixed annuities had a pretax adjusted operating loss of $5 million excluding unlocking. Our closed long term care block continued to perform in line with our expectations, with pretax adjusted operating earnings of $2 million. Results included a favorable $8 million from an adjustment to our long term care claim reserves.

Fixed annuities pretax adjusted operating loss excluding unlocking was $7 million, reflecting the amortization of the reinsurance ceding commission. In July, the company closed its fixed annuity reinsurance transaction for RiverSource Life Insurance Company with Global Atlantic's subsidiary, Commonwealth Annuity and Life Insurance Company.

Taxes

The third quarter adjusted operating effective tax rate was 17.8 percent. On a year-to-date basis, the adjusted operating effective tax rate was 17.0 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 is an SEC- and FCA-registered investment adviser affiliate 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 away from products with living benefit guarantees and resulting expected impact to the business;
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-Q for the quarter ended September 30, 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)	3 Qtr 2021			3 Qtr 2020			% Over/ (Under)	2 Qtr 2021		% Over/ (Under)
Revenues
Management and financial advice fees	$	2,367		$	1,893		25%	$	2,251	5%
Distribution fees	458			400			15%	452		1%
Net investment income	773			300			NM	278		NM
Premiums, policy and contract charges	(805		)	352			NM	364		NM
Other revenues	113			68			66%	75		51%
Total revenues	2,906			3,013			(4)%	3,420		(15)%
Banking and deposit interest expense	3			10			70%	2		(50)%
Total net revenues	2,903			3,003			(3)%	3,418		(15)%
Expenses
Distribution expenses	1,285			1,028			(25)%	1,233		(4)%
Interest credited to fixed accounts	172			170			(1)%	124		(39)%
Benefits, claims, losses and settlement expenses	(719		)	1,104			NM	404		NM
Amortization of deferred acquisition costs	9			85			89%	63		86%
Interest and debt expense	64			37			(73)%	43		(49)%
General and administrative expense	822			763			(8)%	830		1%
Total expenses	1,633			3,187			49%	2,697		39%
Pretax income	1,270			(184		)	NM	721		76%
Income tax provision	239			(44		)	NM	130		(84)%
Net income	$	1,031		$	(140	)	NM	$	591	74%

Earnings per share
Basic earnings per share	$	8.86		$	(1.14	)		$	4.99
Earnings per diluted share	$	8.65		$	(1.14	)		$	4.88

Weighted average common shares outstanding
Basic	116.4			123.0				118.4
Diluted	119.2			124.9				121.2

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

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)	3 Qtr 2021			3 Qtr 2020			% Over/ (Under)	2 Qtr 2021			% Over/ (Under)

Assets Under Management and Administration
Advice & Wealth Management AUM	$	431,861		$	336,966		28%	$	426,500		1%
Asset Management AUM	583,398			498,004			17%	593,366			(2)%
Corporate AUM	104			65			60%	100			4%
Eliminations	(42,022		)	(34,128		)	(23)%	(42,025		)	-
Total Assets Under Management	973,341			800,907			22%	977,941			-
Total Assets Under Administration	232,934			197,699			18%	233,334			-
Total AUM and AUA	$	1,206,275		$	998,606		21%	$	1,211,275		-

S&P 500
Daily average	4,425			3,316			33%	4,182			6%
Period end	4,308			3,363			28%	4,298			-

Weighted Equity Index (WEI) ⁽¹⁾
Daily average	2,983			2,234			34%	2,858			4%
Period end	2,909			2,255			29%	2,921			(0.4)%

Common shares
Beginning balance	114.3			120.6			(5)%	116.0			(1)%
Repurchases	(2.1		)	(2.1		)	-	(1.7		)	(24)%
Issuances	0.4			0.3			33%	0.2			NM
Other	(0.2		)	(0.2		)	-	(0.2		)	-
Total common shares outstanding	112.4			118.6			(5)%	114.3			(2)%
Restricted stock units	3.0			3.2			(6)%	3.1			(3)%
Total basic common shares outstanding	115.4			121.8			(5)%	117.4			(2)%
Total potentially dilutive shares	2.9			1.9			53%	2.7			7%
Total diluted shares	118.3			123.7			(4)%	120.1			(1)%

Capital Returned to Shareholders
Dividends paid	$	133		$	129		3%	$	135		(1)%
Common stock share repurchases	533			319			67%	450			18%
Total Capital Returned to Shareholders	$	666		$	448		49%	$	585		14%

⁽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)	3 Qtr 2021			3 Qtr 2020			% Over/ (Under)	2 Qtr 2021			% Over/ (Under)

Revenues
Management and financial advice fees:
Advisory fees	$	1,189		$	907		31%	$	1,113		7%
Financial planning fees	91			81			12%	93			(2)%
Transaction and other fees	94			89			6%	93			1%
Total management and financial advice fees	1,374			1,077			28%	1,299			6%
Distribution fees:
Mutual funds	219			186			18%	212			3%
Insurance and annuity	246			202			22%	252			(2)%
Other products	96			91			5%	98			(2)%
Total distribution fees	561			479			17%	562			-
Net investment income	62			70			(11)%	63			(2)%
Other revenues	54			51			6%	58			(7)%
Total revenues	2,051			1,677			22%	1,982			3%
Banking and deposit interest expense	3			10			70%	2			(50)%
Adjusted operating total net revenues	2,048			1,667			23%	1,980			3%

Expenses
Distribution expenses	1,238			998			(24)%	1,194			(4)%
Interest and debt expense	3			3			-	2			(50)%
General and administrative expense	348			346			(1)%	361			4%
Adjusted operating expenses	1,589			1,347			(18)%	1,557			(2)%
Pretax adjusted operating earnings	$	459		$	320		43%	$	423		9%

Pretax adjusted operating margin	22.4		%	19.2		%		21.4		%

Pretax adjusted operating earnings by product
Certificates and Banking - Combined	$	17		$	17		-	$	18		(6)%
Wealth Management & Distribution	442			303			46%	405			9%
Pretax adjusted operating earnings	$	459		$	320		43%	$	423		9%

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)	3 Qtr 2021				3 Qtr 2020			% Over/ (Under)	2 Qtr 2021			% Over/ (Under)

AWM Total Client Assets	$	811,189			$	666,800		22%	$	807,335		-

Total Client Flows ⁽¹⁾	$	10,043			$	6,130		64%	$	9,530		5%

Total Wrap Accounts
Beginning assets	$	430,003			$	317,615		35%	$	399,817		8%
Net flows ⁽²⁾	9,404				5,701			65%	10,024			(6)%
Market appreciation (depreciation) and other ⁽²⁾	(4,032		)		16,634			NM	20,162			NM
Total wrap ending assets	$	435,375			$	339,950		28%	$	430,003		1%

Advisory wrap account assets ending balance ⁽³⁾	$	430,546			$	335,980		28%	$	425,200		1%

Brokerage Cash & Certificates Balances
On-balance sheet (Net Investment Income)
On-balance sheet - broker dealer	$	3,441			$	3,345		3%	$	3,383		2%
On-balance sheet - bank	9,815				6,320			55%	8,671			13%
On-balance sheet - certificate	5,442				7,165			(24)%	5,749			(5)%
Total on-balance sheet	$	18,698			$	16,830		11%	$	17,803		5%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer	$	21,374			$	22,591		(5)%	$	21,391		-
Total brokerage cash & certificates balances	$	40,072			$	39,421		2%	$	39,194		2%

Gross Fee Yield
On-balance sheet - broker dealer	0.06			%	0.11		%		0.05		%
On-balance sheet - bank	1.44			%	1.53		%		1.32		%
On-balance sheet - certificates	1.06			%	1.45		%		1.13		%
Off-balance sheet - broker dealer	0.28			%	0.29		%		0.27		%

Weighted Average Gross Fee Yield	0.65			%	0.71		%		0.63		%

Financial Advisors
Employee advisors	2,112				2,123			(1)%	2,104			-
Franchisee advisors	7,961				7,782			2%	7,943			-
Total financial advisors	10,073				9,905			2%	10,047			-

Advisor Retention
Employee	91.7			%	91.9		%		91.4		%
Franchisee	94.3			%	93.6		%		94.1		%

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

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)	3 Qtr 2021				3 Qtr 2020				% Over/ (Under)	2 Qtr 2021				% Over/ (Under)

Revenues
Management and financial advice fees:
Asset management fees:
Retail	$	587			$	466			26%	$	567			4%
Institutional	143				122				17%	131				9%
Transaction and other fees	57				47				21%	56				2%
Revenue from other sources ⁽¹⁾	7				6				17%	4				75%
Total management and financial advice fees	794				641				24%	758				5%
Distribution fees:
Mutual funds	70				59				19%	69				1%
Insurance and annuity	50				45				11%	49				2%
Total distribution fees	120				104				15%	118				2%
Net investment income	1				(6		)		NM	2				(50)%
Other revenues	—				—				-	1				NM
Total revenues	915				739				24%	879				4%
Banking and deposit interest expense	—				—				-	—				-
Adjusted operating total net revenues	915				739				24%	879				4%

Expenses
Distribution expenses	288				240				(20)%	282				(2)%
Amortization of deferred acquisition costs	3				2				(50)%	3				-
Interest and debt expense	1				2				50%	1				-
General and administrative expense	338				297				(14)%	340				1%
Adjusted operating expenses	630				541				(16)%	626				(1)%
Pretax adjusted operating earnings	$	285			$	198			44%	$	253			13%

Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues	$	915			$	739			24%	$	879			4%
Distribution pass thru revenues	(231		)		(193		)		(20)%	(225		)		(3)%
Subadvisory and other pass thru revenues	(97		)		(74		)		(31)%	(94		)		(3)%
Net adjusted operating revenues	$	587			$	472			24%	$	560			5%

Pretax adjusted operating earnings	$	285			$	198			44%	$	253			13%
Adjusted operating net investment income	(1		)		6				NM	(2		)		50%
Amortization of intangibles	3				3				-	3				-
Net adjusted operating earnings	$	287			$	207			39%	$	254			13%

Pretax adjusted operating margin	31.1			%	26.8			%		28.8			%
Net pretax adjusted operating margin ⁽²⁾	48.9			%	43.9			%		45.4			%

Performance fees ⁽³⁾
Performance fees	$	13			$	—			-	$	3			NM
Performance fee related to general and administrative expense	—				—				-	—				-
Net performance fees	$	13			$	—			-	$	3			NM

⁽¹⁾ Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.
⁽²⁾ Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
⁽³⁾ Performance fees do not include CLO incentive fees.
NM Not Meaningful - variance equal to or greater than 100%.

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)	3 Qtr 2021				3 Qtr 2020				% Over/ (Under)	2 Qtr 2021				% Over/ (Under)

Total Managed Assets by Type
Equity	$	332,715			$	264,840			26%	$	339,032			(2)%
Fixed income	199,253				188,844				6%	203,101				(2)%
Money market	5,752				5,076				13%	5,484				5%
Alternative	3,829				3,465				11%	3,839				-
Hybrid and other	41,849				35,779				17%	41,910				-
Total managed assets by type	$	583,398			$	498,004			17%	$	593,366			(2)%

Average Managed Assets by Type ⁽¹⁾
Equity	$	340,804			$	264,206			29%	$	330,801			3%
Fixed income	200,712				187,171				7%	200,246				-
Money market	5,831				5,100				14%	5,823				-
Alternative	3,828				3,340				15%	3,812				-
Hybrid and other	42,098				35,422				19%	41,148				2%
Total average managed assets by type	$	593,273			$	495,239			20%	$	581,830			2%

Managed Assets Rollforward
Global Retail Funds
Beginning assets	$	359,476			$	274,136			31%	$	340,270			6%
Inflows	16,442				14,498				13%	19,371				(15)%
Outflows	(15,509		)		(13,192		)		(18)%	(17,075		)		9%
Net VP/VIT fund flows	(1,101		)		(691		)		(59)%	(967		)		(14)%
Net new flows	(168		)		615				NM	1,329				NM
Reinvested dividends	2,001				1,375				46%	2,874				(30)%
Net flows	1,833				1,990				(8)%	4,203				(56)%
Distributions	(2,151		)		(1,540		)		(40)%	(3,375		)		36%
Market appreciation (depreciation) and other	(2,282		)		13,848				NM	18,113				NM
Foreign currency translation ⁽²⁾	(1,157		)		1,488				NM	265				NM
Total ending assets	355,719				289,922				23%	359,476				(1)%
% of total retail assets sub-advised	16.0			%	18.1			%		15.9			%

Global Institutional
Beginning assets	233,890				201,985				16%	223,861				4%
Inflows ⁽³⁾	9,428				7,021				34%	9,320				1%
Outflows ⁽³⁾	(7,356		)		(10,562		)		30%	(6,853		)		(7)%
Net flows	2,072				(3,541		)		NM	2,467				(16)%
Market appreciation (depreciation) and other ⁽⁴⁾	(5,895		)		6,546				NM	7,125				NM
Foreign currency translation ⁽²⁾	(2,388		)		3,092				NM	437				NM
Total ending assets	227,679				208,082				9%	233,890				(3)%

Total managed assets	$	583,398			$	498,004			17%	$	593,366			(2)%

Total net flows	$	3,905			$	(1,551	)		NM	$	6,670			(41)%

Legacy insurance partners flows	$	(1,402	)		$	(1,555	)		10%	$	(1,353	)		(4)%

Total Assets Under Advisement ⁽⁵⁾	$	19,742			$	12,714			55%	$	18,036			9%
Model delivery AUA flows⁽⁶⁾	$	514			$	299			72%	$	912			(44)%

⁽¹⁾ Average ending balances are calculated using the average of the prior period's ending balance and all months in the current period.
⁽²⁾ Amounts represent local currency to US dollar translation for reporting purposes.
⁽³⁾ Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.
⁽⁴⁾ Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.
⁽⁵⁾ Assets are presented on a one-quarter lag.
⁽⁶⁾ Estimated flows based on the period to period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%.

Ameriprise Financial, Inc.
Asset Management Segment Performance Metrics
	3 Qtr 2021

Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted	1 year	3 year	5 year	10 year
Equity	46%	86%	85%	88%
Fixed Income	85%	88%	94%	91%
Asset Allocation	41%	87%	95%	89%

4- or 5-star Morningstar rated funds	Overall	3 year	5 year	10 year
Number of Rated Funds	105	91	91	84
Percent of Rated Assets	66%	61%	57%	67%

Retail Fund performance rankings for each fund is measured on a consistent basis against the most appropriate peer group or index. Peer Groupings are defined by either Lipper, IA, or Morningstar and based primarily on the Institutional Share Class, Net of Fees. Comparisons to Index are measured Gross of Fees.

To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.

Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.

Morningstar as of 09/30/21. Columbia funds are available for purchase by U.S. customers. Out of 90 Columbia funds (Inst. shares) rated, 16 received a 5-star Overall Rating and 36 received a 4-star Overall Rating. Out of 94 Threadneedle funds (highest rated share class) rated, 19 received a 5-star Overall Rating and 34 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms. © 2021 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment⁽¹⁾ Adjusted Operating Results
(in millions, unaudited)	3 Qtr 2021		3 Qtr 2020			% Over/ (Under)	2 Qtr 2021		% Over/ (Under)

Revenues
Management and financial advice fees	$	239	$	213		12%	$	234	2%
Distribution fees	125		111			13%	122		2%
Net investment income	114		121			(6)%	127		(10)%
Premiums, policy and contract charges	353		333			6%	325		9%
Other revenues	3		3			-	—		-
Total revenues	834		781			7%	808		3%
Banking and deposit interest expense	—		—			-	—		-
Adjusted operating total net revenues	834		781			7%	808		3%

Expenses
Distribution expenses	134		110			(22)%	134		-
Interest credited to fixed accounts	99		100			1%	98		(1)%
Benefits, claims, losses and settlement expenses	323		421			23%	241		(34)%
Amortization of deferred acquisition costs	5		157			97%	70		93%
Interest and debt expense	9		8			(13)%	9		-
General and administrative expense	77		74			(4)%	74		(4)%
Adjusted operating expenses	647		870			26%	626		(3)%
Pretax adjusted operating earnings	$	187	$	(89	)	NM	$	182	3%

⁽¹⁾ Retirement & Protection Solutions segment includes Retirement Solutions (Variable Annuities and Payout Annuities) and Protection Solutions (Life and Disability Insurance). Fixed Annuities moved to the Corporate & Other segment in Q3 2020 as a closed block. Prior periods have been restated.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)	3 Qtr 2021			3 Qtr 2020			% Over/ (Under)	2 Qtr 2021			% Over/ (Under)

Variable Annuities Rollforwards
Beginning balance	$	90,494		$	77,481		17%	$	86,964		4%
Deposit	1,421			1,109			28%	1,597			(11)%
Withdrawals and terminations	(1,900		)	(1,567		)	(21)%	(1,946		)	2%
Net flows	(479		)	(458		)	(5)%	(349		)	(37)%
Investment performance and interest credited	(380		)	2,823			NM	3,879			NM
Other	—			—			-	—			-
Total ending balance - contract accumulation values	$	89,635		$	79,846		12%	$	90,494		(1)%

Variable annuities fixed sub-accounts	$	5,020		$	5,107		(2)%	$	5,052		(1)%

Life Insurance In Force	$	197,523

Ameriprise Financial Reports Third Quarter 2021 Results