阿默普莱斯金融 2024年度报告

A N N U A L R E P O R T 2 0 2 4 Celebrating130 yearsof putting clients first 2 0 2 4 A M E R I P R I S E F I N A N C I A LConsolidated Highlights (In millions, except per share amounts and as noted) *Restated for Long-Duration Targeted Improvements (LDTI) impacts. 1This Annual Report to Shareholders contains certain non-GAAP financial measures that management believes best reflectthe underlying performance of our operations. Reconciliations of non-GAAP measures to the most directly comparable GAAPmeasure are on pages 16-17. With regard to unlocking, the impacts are non-cash in nature and reflect the company’s annualreview of market-related inputs and model changes related to our market risk benefits valuation, insurance and annuity valuationassumptions relative to current experience and management expectations. To the extent that expectations change as a result ofthis review, the company updates its assumptions and models and the impact is reflected as part of annual unlocking. 2Results exclude the non-cash impact of unlocking and Corporate & Other segment. D E A R F E L L O W S H A R E H O L D E R S , In 2024, Ameriprise Financial recognized a significantmilestone few U.S. companies have reached — our130thanniversary. We stand tall on our legacy asa differentiated financial services leader with alongstanding record of outperformance. As we’ve grown, we’ve consistently delivered strongresults and generated meaningful shareholder value.This continued in 2024, when we again posted recordbusiness and financial results and outperformedpeer indices. At Ameriprise, we serve more than 3.5 million individual,institutional and small business clients who entrust usto manage, administer and advise $1.5 trillion in assets.Our long-term client relationships are reinforced by ourpersonalized advice, informed perspective and high-performing solutions. And our stakeholders benefit fromthe firm’s stewardship, financial strength and provenability to navigate market cycles. JAMES M. CRACCHIOLOCHAIRMAN ANDCHIEF EXECUTIVE OFFICER We have earned a powerful reputation for serving clientsexceptionally well while managing the firm in alignmentwith our values-based culture. Our company is trulyunique in a competitive financial services marketplace. In the pages that follow, I’ll highlight our strong results in2024 and share my perspective on how we are positionedto continue our progress. (continued on next page) Served clients and grew in a dynamicoperating environment The operating environment continued to evolve in 2024, andAmeriprise navigated it well. After a period of higher interestrates, the U.S. Federal Reserve began lowering rates for thefirst time since 2020 as inflation moderated. While thegeopolitical backdrop resulted in periodic spikes in volatility,equity markets ended the year up significantly, with stronggrowth in the fourth quarter after the U.S. presidential election. Delivered record financial results, including19% EPS growth In 2024, Ameriprise again set new highs for revenue, earningsand EPS with continued industry-leading return on equity.On an adjusted operating basis, excluding unlocking: Earnings •Revenues grew by 11% to $17.1 billion from strongAmeriprise client net inflows, increased client activityand market appreciation. •Earnings rose sharply, up 13% to $3.6 billion, reflectingour robust business results and expense discipline. •Earnings per diluted share also increased significantly,up 19% to $35.07. •And return on equity was excellent at 52.7%, comparedto 49.7% a year ago. This strong growth in financial metrics reflects the consistencyof our management approach as we continually invest in thebusiness to innovate and best serve client needs whilegenerating shareholder value. We also further focused on driving operational efficienciesto maximize our global capabilities and redirect resourcesto growth initiatives. This not only helped us to deliver afirm-wide operating margin of 26.5%, but it also positionsus well going forward. Return on equity, ex. AOCI52.7% Importantly, we have consistently delivered this level of strongfinancial performance with greater stability of earnings thanour peer group. Results represent adjusted operating,excluding unlocking. See reconciliationson page 16. Generated shareholder valueand outperformed peers Built a powerful business supportedby a talented and dedicated team The total shareholder return of Ameriprise Financialcommon stock in 2024 reached a new all-time high.We ended the year up 42% to $532, driven by ourconsistently strong results and market positioning.In fact, Ameriprise stock has outperformed theS&P 500 Financials Index over the short term —and as importantly — the long term, whereAmeriprise has been the best performing stockfor total shareholder return in the S&P 500Financials Index since our spin-off in 2005. From a shareholder perspective, our diversifiedbusiness drives greater asset persistency andbenefits from multiple