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Ameriprise Financial Overview

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Ameriprise Financial Overview Ameriprise Financial September 2020 Forward-looking statements The forward-looking statements in this presentation reflect management’s expectations about future events, plans and performance. These forward-looking statements and the many assumptions upon which they are based involve risks and uncertainties. A list of factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is detailed under the headings “Forward-Looking Statements” and “Risk Factors”, and elsewhere, in our Annual Report on Form 10-K for the year ended December 31, 2019 and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. These forward-looking statements speak only as of today's date and we undertake no obligation to update publicly or revise them for any reason. For information about Ameriprise Financial, please refer to the Second Quarter 2020 Statistical Supplement available at ir.ameriprise.com. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures that our management feels best reflect the underlying performance of our operations. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measure have been provided along with the presentation. 2 Update regarding developments from COVID 19 Ameriprise was well prepared to manage through the pandemic and its associated impacts Business continuity program supporting ongoing business activities with ~95% of employees working from home • Quick mobilization to ensure advisors had the tools necessary to meet and exceed client needs • Technology enabled advisors to work with clients and solutions during extreme market volatility Strong response in the pandemic positions Ameriprise to capture future opportunities • Demonstrated value from financial planning and advice for clients • Effective recruiting strategy that has led to an increase in engagement with potential advisors by 4 times • Global asset management wholesaler effectiveness and engagement strong in the first half of 2020, continuing improved trends though 2019 • Strong expense management and reengineering while remaining committed to work force 4 Strong business metrics and earnings with positive underlying trends in the first half of 2020 Wealth management clients flows remained strong through year to date 2020 • Wrap flows of $11.0 billion • Client flows of $10.5 billion • Brokerage cash balances increased to $32.7 billion as expected in March; started seeing money put back to work in the second quarter Asset Management flows continued to improve with net inflows in second quarter • Retail gross sales momentum continued, with flow rate improvement relative to peers • Positive institutional flows Adjusted operating earnings per diluted share was up 5%1 year to date to $8.07, reflecting challenging markets offset by strong underlying business performance 1. Excluding Auto & Home 5 Balance sheet fundamentals and ERM process demonstrated into and coming out of COVID-19 are a competitive advantage Fundamental Proof Points as of 6/30/20 Success Drivers Parent Company $2.7 billion Liquidity Outcome of strong fundamentals: Excess Capital $1.9 billion • Increased quarterly dividend by 7% • Resumed share repurchase Manageable Earnings Hedge effectiveness of 95% program in May after brief, prudent Volatility pause Effective Operational Seamless work from home capabilities Risk Management • $2.1B net unrealized gain position(1) Underlying Asset • Only 3% below investment grade Quality • Average Rating of AA- 1. As of 6-30-20 6 Ameriprise Overview A diversified and differentiated financial services leader with a record of outperformance – well-positioned to capture future growth 8 Ameriprise – diversified and fully integrated Advice & Wealth Management Industry-leading wealth manager with Strong investment differentiated advice Important solutions performance; value proposition meeting clients’ client-focused approach evolving needs $947B More than ~100% $15B+ returned ~$1.9B in AUM/A tripled EPS free cash flow to shareholders excess capital since 2012 generation since 2012 Data as of 6-30-20. 9 One dynamic firm delivering significant value Wealth Global Asset Benefits Management Management Wealth management drives ~85% of the firm’s revenue1 Columbia Deep, long-term client relationships Threadneedle Investments Captures assets and fees across Advice market cycles & Wealth Management Strong asset persistency Insurance & Annuities Benefits from critical expertise and capabilities across AMP Substantial free cash flow to reinvest for growth and return to shareholders 1. Represents AWM’s advisor network, excluding Auto & Home that was sold on 10-1-19. 10 Ameriprise is performing very well 18% EPS CAGR ~100% free cash flow since 2012 Adjusted operating $15B+ returned to ROE of 36%1 shareholders since 2012 Pretax Adjusted Operating Earnings2 23% 49% Advice & 2012 2020 Wealth Management 23% 50% $1.9B $2.8B Asset Management Insurance & Annuities 27% 28% 2020 represents trailing 12-months through 6-30-20. 1. Excludes unlocking. 2. Excludes Corporate & Other segment and unlocking. 2012 includes SOP market impact. 11 Advice & Wealth Management is delivering sustained profitable growth A longstanding leader in 9,894 financial planning and advice financial advisors (Top 5 branded) Excellent client $669K trailing 12-month satisfaction adjusted operating net revenue per advisor Launched new 90%+ fee-based Bank capabilities revenue $630B in client assets, incl. Strong branded $318B in wrap assets value proposition Respected brand with deep client relationships Data as of 6-30-20. 12 Recognized for our superior client satisfaction A leader among A TOP Recognized for full service firms in PERFORMER™ providing an likelihood to in customer ratings, outstanding recommend to including “unbiased customer service friends and and puts clients’ best experience for colleagues interests first” phone support for advisors 96% of clients say their advisor provided advice that 4.9/5 addressed their client needs satisfaction See source information in appendix. 13 Attractive and fast-growing market Households Financial assets Financial assets (in millions) ($ in trillions) CAGR 2013 – 2019E $5M+ 1.6M $20.3 11.8% U.S. household financial assets projected $500k – $4.999M 13.4M $19.0 5.3% to grow 4 – 6% $100k – $499K 23.9M $5.7 1.2% annually going forward <$100K 89.8M $1.5 0.7% Source: Federal Reserve Survey of Consumer Finances – 1998-2016; Federal Reserve; SBD Projections. 14 Within the opportunity, we are focused on the Responsible Mindset Who they are What they want $500K–$5M: Advice and anytime access Our primary target market $17 trillion in financial assets 70% Want advice 60% Prefer beyond Consider a state-of-the-art comprehensive investments digital experience Attractive growth trajectory advice very important A personal relationship 66% male, 34% female Want to work with under age 45 a firm and advisor 80% 8 out of 10 24% they trust Consider it essential Prefer quarterly to work face-to-face contact Source: Ameriprise Financial Market Segmentation, February 2019. 15 Through our Client Experience, we will deliver advice to our full client base and generate significant value and client satisfaction Comprehensive advice relationships generate:1 4 elements of the Client Experience 5.7x greater net flows 4.0x What clients 1:1 financial A personalized Anytime access Regular meetings greater can expect advice based on plan and to your investments to review your goals, GDC your goals and recommendations and digital tools to progress and for the diversified needs help you stay on investments portfolio to meet track your goals 1. 2018 Ameriprise Information Management (AIM) Value of Planning Study. 16 Multiple affiliation options to serve more clients and advisors Ameriprise Ameriprise Ameriprise Ameriprise Financial Franchise Group Advisor Group Advisor Center Institutions Group AFFILIATION AFFILIATION AFFILIATION AFFILIATION Independent Employee Employee Employee DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION Full-service advisors Full-service advisors Nationally licensed Full-service advisors financial teams that that are franchisees that are employees consistently deliver client based in banks and of the firm of the firm experience remotely credit unions 7,778 1,817 127 172 Data as of 6-30-20. 17 Adding banking to serve an important client need and capture significant growth opportunity Many wealth managers generate a Ameriprise Bank, FSB substantial portion of earnings from banking Launched in 2019: OPPORTUNITY • $5.3B+ sweep deposits Initial target: ~10% of • 59+K clients with Ameriprise Visa credit cards earningsfrom Coming in 2020: banking by 2024 • Pledge loans • Savings deposits (piloted in January, launch in 2021) Data as of 6-30-20. 18 Strong financial performance compared to peers Ameriprise is generating substantial increases in both revenue and assets per advisor Adjusted Pretax Operating Margin Revenue Per Advisor vs. Peers 2012 to 2019 CAGR AWM 23% AWM 8% Regionals / Regionals / 12% 3% Independents Independents Wirehouses 28% Wirehouses 3% (Includes banking activity) Data as of 12-31-19. Source: Company filings and S&P Cap IQ. Ameriprise 2012 Revenue Per Advisor includes 12b-1 fees. Regionals / Independents represents median of LPL, Raymond James PCG and Edward Jones. Wirehouses represents median of Morgan Stanley and Bank of America Wealth Management segments. 19 We have strong
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