[Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) Ameriprise Financial reported strong Q2 2024 results with adjusted operating EPS growing 17% to $8.72 (excluding severance), and adjusted operating net revenues increasing 9% [Q2 2024 Financial Highlights](index=1&type=section&id=Q2%202024%20Financial%20Highlights) Ameriprise Financial reported strong Q2 2024 results with adjusted operating EPS growing 17% to $8.72 (excluding severance), and adjusted operating net revenues increasing 9% Q2 2024 Key Financial Metrics | Metric | Q2 2024 | Q2 2024 (ex severance) | Q2 2024 (GAAP) | | :-------------------------------------- | :-------- | :--------------------- | :------------- | | Earnings Per Diluted Share (Adjusted Operating) | $8.53 | $8.72 | | | Earnings Per Diluted Share (GAAP) | | | $8.02 | | Return on Equity, ex AOCI (Adjusted Operating) | 48.9% | | | | Return on Equity, ex AOCI (GAAP) | | | 45.9% | - Second quarter adjusted operating earnings per diluted share was **$8.53**. Adjusted operating EPS grew **17 percent to $8.72** excluding $0.19 of severance expense[2](index=2&type=chunk) - Assets under management and administration reached **$1.4 trillion**, up **12 percent** from strong client net inflows and market appreciation[2](index=2&type=chunk) - Adjusted operating net revenues increased **9 percent** from organic growth, strong equity markets and higher spread revenues[2](index=2&type=chunk) [CEO Perspective](index=1&type=section&id=CEO%20Perspective) Chairman and CEO Jim Cracchiolo highlighted excellent financial results driven by robust revenue growth, expense discipline, and effective capital management - Ameriprise delivered another good quarter and a strong first half of the year, with excellent financial results reflecting robust revenue growth, ongoing expense discipline and effective capital management[2](index=2&type=chunk) - Client activity and flows into fee-based investment advisory accounts were up nicely as clients begin to put money back to work[2](index=2&type=chunk) - The company returned **$693 million** of capital to shareholders in the quarter, consistent with its plans, while still maintaining a strong excess capital position[2](index=2&type=chunk) [Consolidated Financial Performance](index=3&type=section&id=Consolidated%20Financial%20Performance) Ameriprise Financial reported a 9% increase in adjusted operating earnings to $882 million for Q2 2024, with GAAP net income decreasing 7% to $829 million due to market impacts and severance expenses [Summary of Consolidated Results](index=3&type=section&id=Summary%20of%20Consolidated%20Results) Ameriprise Financial reported a 9% increase in adjusted operating earnings to $882 million for Q2 2024, with adjusted operating EPS up 15% to $8.53 Consolidated Financial Highlights (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | GAAP net income | $829 | $890 | (7)% | | Adjusted operating earnings | $882 | $807 | 9% | | GAAP net income per diluted share | $8.02 | $8.21 | (2)% | | Adjusted operating earnings per diluted share | $8.53 | $7.44 | 15% | | GAAP Return on Equity, ex. AOCI | 45.9% | 48.6% | | | Adjusted Operating Return on Equity, ex. AOCI | 48.9% | 50.9% | | | GAAP Equity, ex. AOCI | $6,986 | $6,429 | 9% | | Available Capital for Capital Adequacy | $5,245 | $5,011 | 5% | - Second quarter 2024 GAAP results included unfavorable market impacts on the valuation of derivatives and market risk benefits, while the prior year quarter included favorable market impacts[4](index=4&type=chunk) - Adjusted operating after-tax results included severance expense of **$20 million** in the second quarter of 2024, associated with initiatives to enhance operational efficiency and effectiveness[5](index=5&type=chunk) [GAAP Consolidated Income Statement](index=10&type=section&id=GAAP%20Consolidated%20Income%20Statement) The consolidated GAAP income statement shows total net revenues increased 9% year-over-year to $4,220 million in Q2 2024, driven by growth in management and financial advice fees and net investment income Consolidated GAAP Income Statement (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Management and financial advice fees | $2,456 | $2,199 | 12% | | Distribution fees | $505 | $482 | 5% | | Net investment income | $921 | $811 | 14% | | Premiums, policy and contract charges | $381 | $383 | (1)% | | Other revenues | $129 | $132 | (2)% | | Total revenues | $4,392 | $4,007 | 10% | | Banking and deposit interest expense | $172 | $131 | (31)% | | Total net revenues | $4,220 | $3,876 | 9% | | Distribution expenses | $1,450 | $1,248 | (16)% | | Interest credited to fixed accounts | $185 | $161 | (15)% | | Benefits, claims, losses and settlement expenses | $331 | $327 | (1)% | | Remeasurement (gains) losses of future policy benefit reserves | ($8) | — | —% | | Change in fair value of market risk benefits | $110 | ($99) | NM | | Amortization of deferred acquisition costs | $61 | $61 | —% | | Interest and debt expense | $83 | $84 | 1% | | General and administrative expense | $957 | $967 | 1% | | Total expenses | $3,169 | $2,749 | (15)% | | Pretax income | $1,051 | $1,127 | (7)% | | Income tax provision | $222 | $237 | (6)% | | Net income | $829 | $890 | (7)% | | Basic earnings per share | $8.16 | $8.36 | | | Earnings per diluted share | $8.02 | $8.21 | | [Reconciliation of GAAP to Adjusted Operating Earnings](index=25&type=section&id=Reconciliation%20of%20GAAP%20to%20Adjusted%20Operating%20Earnings) The reconciliation highlights adjustments made to GAAP net income to arrive at adjusted operating earnings, primarily removing market impacts on non-traditional long-duration products and net realized investment gains/losses Reconciliation of GAAP to Adjusted Operating Earnings (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 (Earnings) | Q2 2023 (Earnings) | % Better/ (Worse) | Q2 2024 (EPS) | Q2 2023 (EPS) | | :-------------------------------------- | :----------------- | :----------------- | :---------------- | :------------ | :------------ | | Net income | $829 | $890 | (7)% | $8.02 | $8.21 | | Adjustments: | | | | | | | Net realized investment gains (losses) | ($3) | $3 | | ($0.03) | $0.03 | | Market impact on non-traditional long-duration products | ($60) | $127 | | ($0.58) | $1.17 | | Integration/restructuring charges | — | ($25) | | — | ($0.23) | | Net income (loss) attributable to consolidated investment entities | ($3) | — | | ($0.03) | — | | Tax effect of adjustments | $13 | ($22) | | $0.13 | ($0.20) | | Adjusted operating earnings | $882 | $807 | 9% | $8.53 | $7.44 | | Pretax impact of severance expense | ($25) | ($1) | | ($0.24) | ($0.01) | | Tax effect of severance expense | $5 | — | | $0.05 | — | | Adjusted operating earnings excluding severance expense | $902 | $808 | 12% | $8.72 | $7.45 | Reconciliation of GAAP to Adjusted Operating Earnings (YTD June 2024 vs YTD June 2023, in millions) | Metric | YTD 2024 (Earnings) | YTD 2023 (Earnings) | YTD 2024 (EPS) | YTD 2023 (EPS) | | :-------------------------------------- | :------------------ | :------------------ | :------------- | :------------- | | Net income | $1,819 | $1,307 | $17.49 | $11.97 | | Adjustments: | | | | | | Net realized investment gains (losses) | ($3) | $6 | ($0.03) | $0.05 | | Market impact on non-traditional long-duration products | $80 | ($348) | $0.77 | ($3.19) | | Integration/restructuring charges | — | ($35) | — | ($0.32) | | Net income (loss) attributable to consolidated investment entities | ($2) | — | ($0.02) | — | | Tax effect of adjustments | ($16) | $79 | ($0.15) | $0.73 | | Adjusted operating earnings | $1,760 | $1,605 | $16.92 | $14.70 | [Pretax Adjusted Operating Earnings Reconciliation](index=27&type=section&id=Pretax%20Adjusted%20Operating%20Earnings%20Reconciliation) This section reconciles total net revenues and total expenses from GAAP to adjusted operating figures, resulting in pretax adjusted operating earnings of $1,117 million for Q2 2024 Reconciliation of Pretax Adjusted Operating Earnings (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | | :-------------------------------------- | :---------- | :---------- | | Total net revenues | $4,220 | $3,876 | | Adjustments: | | | | Net realized investment gains (losses) | ($3) | $3 | | Market impact on non-traditional long-duration products | ($1) | $1 | | CIEs revenue | $53 | $46 | | Adjusted operating total net revenues | $4,171 | $3,826 | | Total expenses | $3,169 | $2,749 | | Adjustments: | | | | CIEs expenses | $56 | $46 | | Integration/restructuring charges | — | $25 | | Market impact on non-traditional long-duration products | $59 | ($126) | | Adjusted operating expenses | $3,054 | $2,804 | | Pretax income | $1,051 | $1,127 | | Pretax adjusted operating earnings | $1,117 | $1,022 | | Pretax income margin | 24.9% | 29.1% | | Pretax adjusted operating margin | 26.8% | 26.7% | [Effective Tax Rate](index=28&type=section&id=Effective%20Tax%20Rate) The operating effective tax rate for Q2 2024 was 21.0%, consistent with the prior year and the expected full-year 2024 rate Effective Tax Rate (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 GAAP | Q2 2024 Adjusted Operating | Q2 2023 GAAP | Q2 2023 Adjusted Operating | | :--------------------- | :----------- | :------------------------- | :----------- | :------------------------- | | Pretax income | $1,051 | $1,117 | $1,127 | $1,022 | | Income tax provision | $222 | $235 | $237 | $215 | | Effective tax rate | 21.1% | 21.0% | 21.1% | 21.0% | - The operating effective tax rate is expected to be approximately **21 percent** for full year 2024[18](index=18&type=chunk) [Return on Equity Reconciliation](index=29&type=section&id=Return%20on%20Equity%20Reconciliation) Adjusted operating return on equity, excluding AOCI, was 48.9% for the trailing twelve months ended June 30, 2024, compared to 50.9% a year ago Return on Equity Reconciliation (Trailing Twelve Months, in millions) | Metric | TTM June 2024 | TTM June 2023 | | :-------------------------------------- | :------------ | :------------ | | Net income | $3,068 | $3,017 | | Less: Adjustments | ($198) | ($143) | | Adjusted operating earnings | $3,266 | $3,160 | | Total Ameriprise Financial, Inc. shareholders' equity | $4,501 | $3,943 | | Less: Accumulated other comprehensive income, net of tax | ($2,176) | ($2,259) | | Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI | $6,677 | $6,202 | | Less: Equity impacts attributable to the consolidated investment entities | ($4) | ($2) | | Adjusted operating equity | $6,681 | $6,204 | | Return on equity excluding AOCI | 45.9% | 48.6% | | Adjusted operating return on equity excluding AOCI | 48.9% | 50.9% | [Segment Performance](index=4&type=section&id=Segment%20Performance) Ameriprise Financial's segments showed strong Q2 2024 performance, with Advice & Wealth Management and Asset Management reporting significant earnings growth, while Retirement & Protection Solutions also increased earnings, and Corporate & Other recorded a larger loss due to efficiency initiatives [Advice & Wealth Management (AWM)](index=4&type=section&id=Advice%20%26%20Wealth%20Management%20(AWM)) Advice & Wealth Management achieved record pretax adjusted operating earnings of $822 million in Q2 2024, a 12% increase year-over-year, with margins remaining above 31% [AWM Q2 2024 Segment Results Summary](index=4&type=section&id=AWM%20Q2%202024%20Segment%20Results%20Summary) Advice & Wealth Management achieved record pretax adjusted operating earnings of $822 million in Q2 2024, a 12% increase year-over-year, with margins remaining above 31% Advice & Wealth Management Segment Adjusted Operating Results (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Adjusted operating net revenues | $2,644 | $2,343 | 13% | | Distribution expenses | $1,403 | $1,196 | (17)% | | Interest and debt expense | $10 | $6 | (67)% | | General and administrative expenses | $409 | $410 | —% | | Adjusted operating expenses | $1,822 | $1,612 | (13)% | | Pretax adjusted operating earnings | $822 | $731 | 12% | | Pretax adjusted operating margin | 31.1% | 31.2% | (10) bps | - Advice & Wealth Management continued to demonstrate consistent profitable organic growth with pretax adjusted operating earnings reaching a new high of **$822 million** and margins remaining above **31 percent**[7](index=7&type=chunk) - Adjusted operating net revenues increased **13 percent to $2.6 billion** from growth in client assets in both wrap and brokerage accounts, increased transactional activity and **11 percent growth** in bank net investment income[8](index=8&type=chunk) [AWM Detailed Financial Metrics](index=12&type=section&id=AWM%20Detailed%20Financial%20Metrics) AWM's detailed financial metrics show strong growth in advisory fees (up 18% YoY to $1,361 million) and distribution fees (up 7% YoY to $608 million) Advice & Wealth Management Detailed Financial Metrics (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Advisory fees | $1,361 | $1,154 | 18% | | Financial planning fees | $110 | $104 | 6% | | Transaction and other fees | $100 | $96 | 4% | | Total management and financial advice fees | $1,571 | $1,354 | 16% | | Mutual funds (distribution fees) | $199 | $179 | 11% | | Insurance and annuity (distribution fees) | $260 | $222 | 17% | | Off-Balance sheet brokerage cash (distribution fees) | $40 | $84 | (52)% | | Other products (distribution fees) | $109 | $84 | 30% | | Total distribution fees | $608 | $569 | 7% | | Net investment income | $560 | $483 | 16% | | Other revenues | $77 | $68 | 13% | | Total revenues | $2,816 | $2,474 | 14% | | Banking and deposit interest expense | $172 | $131 | (31)% | | Adjusted operating total net revenues | $2,644 | $2,343 | 13% | | Distribution expenses | $1,403 | $1,196 | (17)% | | Interest and debt expense | $10 | $6 | (67)% | | General and administrative expense | $409 | $410 | —% | | Adjusted operating expenses | $1,822 | $1,612 | (13)% | | Pretax adjusted operating earnings | $822 | $731 | 12% | | Pretax adjusted operating margin | 31.1% | 31.2% | | [AWM Client & Advisor Metrics](index=13&type=section&id=AWM%20Client%20%26%20Advisor%20Metrics) Total client assets in AWM grew 17% to $972 billion, with wrap assets up 18% to $535 billion Advice & Wealth Management Client & Advisor Metrics (Q2 2024 vs Q2 2023) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Total client assets (in billions) | $972.1 | $833.3 | 17% | | Total client net flows (in billions) | $6.6 | $9.4 | (30)% | | Wrap net flows (in billions) | $7.5 | $5.6 | 34% | | AWM cash balances (in billions) | $40.6 | $42.0 | (3)% | | Adjusted operating net revenue per advisor (TTM in thousands) | $968 | $874 | 11% | | Total financial advisors (count) | 10,392 | 10,274 | 1% | | Employee advisor retention (%) | 93.2% | 92.0% | | | Franchisee advisor retention (%) | 92.6% | 93.0% | | - Total client assets grew **17 percent to $972 billion**, with wrap assets up **18 percent to $535 billion**[9](index=9&type=chunk) - Advisor headcount increased to **10,392**, which reflects the addition of 52 experienced advisors in the quarter and continued strong advisor retention[9](index=9&type=chunk) [Asset Management](index=5&type=section&id=Asset%20Management) Asset Management's pretax adjusted operating earnings surged 35% to $218 million in Q2 2024, driven by equity market appreciation and effective expense management [AM Q2 2024 Segment Results Summary](index=5&type=section&id=AM%20Q2%202024%20Segment%20Results%20Summary) Asset Management's pretax adjusted operating earnings surged 35% to $218 million in Q2 2024, driven by equity market appreciation and effective expense management, which offset net outflows Asset Management Segment Adjusted Operating Results (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Adjusted operating net revenues | $848 | $808 | 5% | | Distribution expenses | $244 | $233 | (5)% | | Amortization of deferred acquisition costs | $1 | $2 | 50% | | Interest and debt expense | $1 | $1 | —% | | General and administrative expenses | $384 | $410 | 6% | | Adjusted operating expenses | $630 | $646 | 2% | | Pretax adjusted operating earnings | $218 | $162 | 35% | | Net pretax adjusted operating margin | 37.6% | 29.8% | | - Asset Management adjusted operating net revenues grew **5 percent to $848 million** and pretax adjusted operating earnings increased **35 percent to $218 million**[11](index=11&type=chunk) - Financial results reflected equity market appreciation and the positive impact from expense management actions, which more than offset the cumulative impact of net outflows[11](index=11&type=chunk) [AM Detailed Financial Metrics](index=14&type=section&id=AM%20Detailed%20Financial%20Metrics) Detailed Asset Management financials show retail asset management fees increased 7% to $522 million, and institutional fees rose 3% to $161 million Asset Management Detailed Financial Metrics (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Retail asset management fees | $522 | $490 | 7% | | Institutional asset management fees | $161 | $157 | 3% | | Transaction and other fees | $52 | $48 | 8% | | Total management and financial advice fees | $738 | $699 | 6% | | Mutual funds (distribution fees) | $56 | $51 | 10% | | Insurance and annuity (distribution fees) | $40 | $39 | 3% | | Total distribution fees | $96 | $90 | 7% | | Net investment income | $12 | $10 | 20% | | Other revenues | $2 | $9 | (78)% | | Total revenues | $848 | $808 | 5% | | Adjusted operating total net revenues | $848 | $808 | 5% | | Distribution expenses | $244 | $233 | (5)% | | Amortization of deferred acquisition costs | $1 | $2 | 50% | | Interest and debt expense | $1 | $1 | —% | | General and administrative expense | $384 | $410 | 6% | | Adjusted operating expenses | $630 | $646 | 2% | | Pretax adjusted operating earnings | $218 | $162 | 35% | | Net pretax adjusted operating margin | 37.6% | 29.8% | | [AM Managed Assets & Flows](index=15&type=section&id=AM%20Managed%20Assets%20%26%20Flows) Total segment AUM increased 4% to $642 billion, primarily due to equity market appreciation, despite total net outflows of $12.0 billion Asset Management AUM and Net Flows (Q2 2024 vs Q2 2023, in billions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Total segment AUM | $642 | $617 | 4% | | Global Retail net flows, ex. legacy insurance partners flows | ($3.2) | ($4.7) | 32% | | Global Institutional net flows, ex. legacy insurance partners flows | $0.3 | $0.8 | (71)% | | Legacy insurance partners flows | ($9.1) | ($1.4) | NM | | Total segment net flows | ($12.0) | ($5.3) | NM | | Model delivery AUA Flows | $0.9 | $0.5 | 89% | - Total assets under management increased **4 percent to $642 billion** as equity market appreciation more than offset net outflows[12](index=12&type=chunk) - Net outflows would have been **$4.0 billion** excluding an $8.0 billion previously announced asset transfer related to a legacy insurance partner, which was a **$1.3 billion improvement** from a year ago[12](index=12&type=chunk) [AM Managed Assets by Type & Fund Rankings](index=16&type=section&id=AM%20Managed%20Assets%20by%20Type%20%26%20Fund%20Rankings) Equity assets within managed assets grew 8% to $340.2 billion, while fixed income assets remained stable Total Managed Assets by Type (Q2 2024, in millions) | Asset Type | Q2 2024 | | :-------------- | :----------------- | | Equity | $340,206 | | Fixed income | $226,655 | | Money market | $22,759 | | Alternative | $33,187 | | Hybrid and other | $19,073 | | Total | $641,880 | Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark (Asset Weighted) | Asset Class | 1 year | 3 year | 5 year | 10 year | | :---------------- | :----- | :----- | :----- | :------ | | Equity | 60% | 69% | 78% | 90% | | Fixed Income | 74% | 66% | 81% | 90% | | Asset Allocation | 89% | 60% | 87% | 90% | - **114 funds** received an Overall 4- or 5-star Morningstar rating as of June 30, 2024[40](index=40&type=chunk) [Retirement & Protection Solutions (RPS)](index=6&type=section&id=Retirement%20%26%20Protection%20Solutions%20(RPS)) Retirement & Protection Solutions reported a 4% increase in pretax adjusted operating earnings to $196 million in Q2 2024, benefiting from stronger interest earnings and higher equity markets [RPS Q2 2024 Segment Results Summary](index=6&type=section&id=RPS%20Q2%202024%20Segment%20Results%20Summary) Retirement & Protection Solutions reported a 4% increase in pretax adjusted operating earnings to $196 million in Q2 2024, benefiting from stronger interest earnings and higher equity markets Retirement & Protection Solutions Segment Adjusted Operating Results (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Adjusted operating net revenues | $928 | $858 | 8% | | Adjusted operating expenses | $732 | $669 | (9)% | | Pretax adjusted operating earnings | $196 | $189 | 4% | - Retirement & Protection Solutions pretax adjusted operating earnings increased **4 percent to $196 million**, reflecting the benefit of stronger interest earnings and higher equity markets partially offset by higher distribution expenses associated with continued strong sales levels[14](index=14&type=chunk) - Retirement & Protection Solutions sales increased **40 percent to $1.5 billion** primarily from strong sales growth in structured variable annuities[15](index=15&type=chunk) - Protection sales grew **21 percent to $93 million** with the majority of sales in higher margin accumulation VUL products[15](index=15&type=chunk) [RPS Detailed Financial & Operational Metrics](index=17&type=section&id=RPS%20Detailed%20Financial%20%26%20Operational%20Metrics) Detailed RPS financials show net investment income increased 31% to $266 million, with total revenues growing 8% to $928 million Retirement & Protection Solutions Detailed Financial Metrics (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Management and financial advice fees | $189 | $185 | 2% | | Distribution fees | $104 | $100 | 4% | | Net investment income | $266 | $203 | 31% | | Premiums, policy and contract charges | $367 | $368 | —% | | Other revenues | $2 | $2 | —% | | Total revenues | $928 | $858 | 8% | | Adjusted operating total net revenues | $928 | $858 | 8% | | Distribution expenses | $129 | $120 | (8)% | | Interest credited to fixed accounts | $93 | $94 | 1% | | Benefits, claims, losses and settlement expenses | $226 | $188 | (20)% | | Remeasurement (gains) losses of future policy benefit reserves | ($5) | ($4) | 25% | | Change in fair value of market risk benefits | $142 | $123 | (15)% | | Amortization of deferred acquisition costs | $57 | $57 | —% | | Interest and debt expense | $12 | $12 | —% | | General and administrative expense | $78 | $79 | 1% | | Adjusted operating expenses | $732 | $669 | (9)% | | Pretax adjusted operating earnings | $196 | $189 | 4% | Retirement & Protection Solutions Operational Metrics (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Variable Annuities Total ending balance - contract accumulation values | $84,534 | $78,549 | 8% | | Variable Annuities Deposits | $1,364 | $940 | 45% | | Variable Annuities Net flows | ($763) | ($772) | 1% | | Life Insurance In Force | $198,340 | $198,686 | —% | | Net Policyholder Reserves (Total) | $16,678 | $15,445 | 8% | [Corporate & Other](index=7&type=section&id=Corporate%20%26%20Other) The Corporate & Other segment reported a pretax adjusted operating loss of $119 million in Q2 2024, a significant increase from $60 million a year ago [C&O Q2 2024 Segment Results Summary](index=7&type=section&id=C%26O%20Q2%202024%20Segment%20Results%20Summary) The Corporate & Other segment reported a pretax adjusted operating loss of $119 million in Q2 2024, primarily due to severance expenses and other program costs related to efficiency initiatives Corporate & Other Segment Adjusted Operating Results (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Corporate & Other, excluding Closed Blocks | ($123) | ($56) | NM | | Closed Blocks | $4 | ($4) | NM | | Pretax adjusted operating earnings / (loss) | ($119) | ($60) | (98)% | | Long Term Care | $12 | $1 | NM | | Fixed Annuities | ($8) | ($5) | (60)% | | Closed Blocks pretax adjusted operating earnings / (loss) | $4 | ($4) | NM | - Total Corporate & Other Excluding Closed Blocks pretax adjusted operating loss was **$123 million**, which included **$25 million** of severance expense, as well as **$8 million** of severance program expenses, both associated with the company's initiatives to enhance operational efficiency and effectiveness[16](index=16&type=chunk) [Corporate & Other Excluding Closed Blocks](index=19&type=section&id=Corporate%20%26%20Other%20Excluding%20Closed%20Blocks) This sub-segment reported a pretax adjusted operating loss of $123 million, significantly worse than the prior year, mainly due to increased general and administrative expenses Corporate & Other Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Net investment income | ($9) | $24 | NM | | Other revenues | $3 | — | —% | | Total revenues | ($6) | $24 | NM | | Banking and deposit interest expense | $7 | $3 | NM | | Adjusted operating total net revenues | ($13) | $21 | NM | | Interest and debt expense | $24 | $27 | 11% | | General and administrative expense | $86 | $50 | (72)% | | Adjusted operating expenses | $110 | $77 | (43)% | | Pretax adjusted operating earnings (loss) | ($123) | ($56) | NM | [Long Term Care](index=20&type=section&id=Long%20Term%20Care) Long Term Care pretax adjusted operating earnings increased to $12 million in Q2 2024 from $1 million a year ago, driven by improved investment yields and claims performance Long Term Care Adjusted Operating Income Statements (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Net investment income | $48 | $44 | 9% | | Premiums, policy and contract charges | $22 | $23 | (4)% | | Total revenues | $70 | $67 | 4% | | Adjusted operating total net revenues | $70 | $67 | 4% | | Distribution expenses | ($2) | ($2) | —% | | Benefits, claims, losses and settlement expenses | $56 | $58 | 3% | | Remeasurement (gains) losses of future policy benefit reserves | ($3) | $4 | NM | | Interest and debt expense | $1 | $1 | —% | | General and administrative expense | $6 | $5 | (20)% | | Adjusted operating expenses | $58 | $66 | 12% | | Pretax adjusted operating earnings (loss) | $12 | $1 | NM | | Long Term Care Policyholder Reserves, net of reinsurance | $2,557 | $2,616 | (2)% | - Long Term Care pretax adjusted operating earnings increased to **$12 million** from improved investment yields and claims performance[17](index=17&type=chunk) [Fixed Annuities](index=21&type=section&id=Fixed%20Annuities) Fixed Annuities reported a pretax adjusted operating loss of $8 million in Q2 2024, an increase from $5 million in the prior year, consistent with expectations Fixed Annuities Adjusted Operating Income Statements (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Net investment income | $8 | $8 | —% | | Premiums, policy and contract charges | $1 | — | —% | | Other revenues | $45 | $52 | (13)% | | Total revenues | $54 | $60 | (10)% | | Adjusted operating total net revenues | $54 | $60 | (10)% | | Interest credited to fixed accounts | $54 | $57 | 5% | | Benefits, claims, losses and settlement expenses | $1 | — | —% | | Amortization of deferred acquisition costs | $3 | $2 | (50)% | | Interest and debt expense | $1 | $1 | —% | | General and administrative expense | $3 | $5 | 40% | | Adjusted operating expenses | $62 | $65 | 5% | | Pretax adjusted operating earnings (loss) | ($8) | ($5) | (60)% | - Fixed Annuities pretax adjusted operating loss was consistent with expectations at **$8 million**[17](index=17&type=chunk) [Eliminations](index=22&type=section&id=Eliminations) The Eliminations section primarily reflects the impact of inter-segment transfer pricing for both revenues and expenses, resulting in zero pretax adjusted operating earnings (loss) for this category Eliminations Adjusted Operating Results (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Management and financial advice fees | ($41) | ($37) | (11)% | | Distribution fees | ($303) | ($277) | (9)% | | Net investment income | ($15) | ($12) | (25)% | | Premiums, policy and contract charges | ($8) | ($8) | —% | | Total revenues | ($367) | ($334) | (10)% | | Banking and deposit interest expense | ($7) | ($3) | NM | | Adjusted operating total net revenues | ($360) | ($331) | (9)% | | Distribution expenses | ($324) | ($299) | 8% | | Benefits, claims, losses and settlement expenses | ($5) | ($5) | —% | | Interest and debt expense | ($9) | ($9) | —% | | General and administrative expense | ($22) | ($18) | 22% | | Adjusted operating expenses | ($360) | ($331) | 9% | | Pretax adjusted operating earnings (loss) | — | — | —% | - The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses[48](index=48&type=chunk) [Balance Sheet & Capital Management](index=11&type=section&id=Balance%20Sheet%20%26%20Capital%20Management) Ameriprise Financial's balance sheet shows total AUM and AUA grew 12% to $1.4 trillion, with $693 million returned to shareholders, and a strong capital position with available capital at $5.2 billion [Assets Under Management and Administration](index=11&type=section&id=Assets%20Under%20Management%20and%20Administration) Total Assets Under Management and Administration (AUM and AUA) reached $1,428 billion in Q2 2024, a 12% increase year-over-year Assets Under Management and Administration (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :------------ | :------------ | :---------------- | | Advice & Wealth Management AUM | $531,268 | $451,249 | 18% | | Asset Management AUM | $641,880 | $616,598 | 4% | | Corporate AUM | $490 | $297 | 65% | | Eliminations | ($44,136) | ($39,308) | (12)% | | Total Assets Under Management | $1,129,502 | $1,028,836 | 10% | | Total Assets Under Administration | $298,468 | $247,952 | 20% | | Total AUM and AUA | $1,427,970 | $1,276,788 | 12% | - Assets under management and administration reached **$1.4 trillion**, up **12 percent** from strong client net inflows and market appreciation[2](index=2&type=chunk) [Capital Returned to Shareholders](index=11&type=section&id=Capital%20Returned%20to%20Shareholders) Ameriprise returned $693 million of capital to shareholders in Q2 2024, an increase of 9% year-over-year, demonstrating its balance sheet strength and strong free cash flow generation Capital Returned to Shareholders (Q2 2024 vs Q2 2023, in millions) | Metric | Q2 2024 | Q2 2023 | % Better/ (Worse) | | :-------------------------------------- | :---------- | :---------- | :---------------- | | Dividends paid | $151 | $146 | 3% | | Common stock share repurchases | $542 | $492 | 10% | | Total Capital Returned to Shareholders | $693 | $638 | 9% | - The company returned **$693 million** of capital to shareholders in the quarter, demonstrating its balance sheet strength and strong free cash flow generation[2](index=2&type=chunk) [Long-term Debt Summary](index=23&type=section&id=Long-term%20Debt%20Summary) Total Ameriprise Financial long-term debt was $3,396 million as of June 30, 2024, a slight decrease from $3,557 million a year prior Long-term Debt Summary (June 30, 2024 vs June 30, 2023, in millions) | Metric | June 30, 2024 | June 30, 2023 | | :-------------------------------------- | :------------ | :------------ | | Senior notes | $3,400 | $3,550 | | Finance lease liabilities | $15 | $23 | | Other | ($19) | ($16) | | Total Ameriprise Financial long-term debt | $3,396 | $3,557 | | Non-recourse debt of consolidated investment entities | $2,386 | $2,264 | | Total long-term debt | $5,782 | $5,821 | | Total equity | $4,993 | $4,080 | | Total Ameriprise Financial capital | $8,389 | $7,637 | | Debt to capital | 40.5% | 46.6% | [Consolidated Balance Sheet](index=24&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2024, total assets were $179,700 million, up from $175,191 million at year-end 2023, reflecting a healthy financial position Consolidated Balance Sheet (June 30, 2024 vs December 31, 2023, in millions) | Metric | June 30, 2024 | December 31, 2023 | | :-------------------------------------- | :------------ | :---------------- | | **Assets** | | | | Cash and cash equivalents | $7,517 | $7,477 | | Investments | $55,865 | $55,489 | | Market risk benefits | $2,082 | $1,427 | | Separate account assets | $79,098 | $77,457 | | Receivables | $14,823 | $15,078 | | Deferred acquisition costs | $2,694 | $2,713 | | Restricted and segregated cash and investments | $1,373 | $1,635 | | Other assets | $13,592 | $11,700 | | Total Assets | $179,700 | $175,191 | | **Liabilities** | | | | Policyholder account balances, future policy benefits and claims | $39,742 | $37,545 | | Market risk benefits | $1,252 | $1,762 | | Separate account liabilities | $79,098 | $77,457 | | Customer deposits | $36,237 | $37,321 | | Short-term borrowings | $201 | $201 | | Long-term debt | $3,396 | $3,399 | | Debt of consolidated investment entities | $2,386 | $2,155 | | Accounts payable and accrued expenses | $2,386 | $2,603 | | Other liabilities | $9,768 | $7,974 | | Total Liabilities | $174,707 | $170,462 | | **Equity** | | | | Common shares ($.01 par) | $3 | $3 | | Additional paid-in capital | $9,987 | $9,824 | | Retained earnings | $23,430 | $21,905 | | Treasury stock | ($26,434) | ($25,237) | | Accumulated other comprehensive income, net of tax | ($1,993) | ($1,766) | | Total Equity | $4,993 | $4,729 | | Total Liabilities and Equity | $179,700 | $175,191 | [Available Capital for Capital Adequacy](index=27&type=section&id=Available%20Capital%20for%20Capital%20Adequacy) Available Capital for Capital Adequacy stood at $5,245 million as of June 30, 2024, an increase from $5,011 million a year ago, demonstrating the company's strong capital position Available Capital for Capital Adequacy (June 30, 2024 vs June 30, 2023, in millions) | Metric | June 30, 2024 | June 30, 2023 | | :-------------------------------------- | :------------ | :------------ | | Ameriprise Financial GAAP Equity | $4,993 | $4,080 | | Less: AOCI | ($1,993) | ($2,349) | | Ameriprise Financial GAAP Equity, excl AOCI | $6,986 | $6,429 | | Less: RiverSource Life Insurance Co. GAAP Equity, excluding AOCI | $2,012 | $1,855 | | Add: RiverSource Life Insurance Co. statutory total adjusted capital | $2,598 | $2,653 | | Less: Goodwill and intangibles | $2,595 | $2,525 | | Add: Other adjustments | $268 | $309 | | Available Capital for Capital Adequacy | $5,245 | $5,011 | - Available Capital for Capital Adequacy was **$5,245 million**, up **5%** from a year ago[4](index=4&type=chunk) [Company Information & Disclosures](index=7&type=section&id=Company%20Information%20%26%20Disclosures) This section provides essential company information, including contact details, an overview of Ameriprise Financial, explanations of non-GAAP financial measures, forward-looking statements, and investor relations communication channels [Contacts](index=7&type=section&id=Contacts) Contact information for Investor Relations and Media Relations personnel is provided for inquiries regarding Ameriprise Financial - Investor Relations contacts: Alicia A. Charity ((612) 671-2080, alicia.a.charity@ampf.com) and Stephanie M. Rabe ((612) 671-4085, stephanie.m.rabe@ampf.com)[19](index=19&type=chunk) - Media Relations contact: John Brine ((212) 437-8655, john.brine@ampf.com)[19](index=19&type=chunk) [About Ameriprise Financial](index=8&type=section&id=About%20Ameriprise%20Financial) Ameriprise Financial, celebrating its 130-year anniversary, provides extensive investment advice, global asset management, and insurance solutions through a network of over 10,000 financial advisors - Ameriprise Financial has been helping people feel confident about their financial future for **130 years**[20](index=20&type=chunk) - The company offers extensive investment advice, global asset management capabilities and insurance solutions, with a nationwide network of more than **10,000 financial advisors**[20](index=20&type=chunk) - Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products, with various subsidiaries for distribution and management[21](index=21&type=chunk) [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) The company uses adjusted operating measures and other non-GAAP financial measures to represent the underlying performance of core operations, facilitate trend analysis, and provide a valuable perspective for investors - The company believes the presentation of adjusted operating measures and other non-GAAP financial measures best represents the underlying performance of core operations and facilitates a more meaningful trend analysis without the distortion of various adjustment items[22](index=22&type=chunk) - Management uses non-GAAP financial measures to evaluate financial performance on a basis comparable to that used by some securities analysts and investors and to provide a valuable perspective for investors[22](index=22&type=chunk) - Non-GAAP financial measures are intended to supplement investors' understanding of performance and should not be considered alternatives for financial measures presented in accordance with GAAP[22](index=22&type=chunk) [Forward-Looking Statements](index=8&type=section&id=Forward-Looking%20Statements) This news release contains forward-looking statements regarding future plans, estimates, and beliefs, which are subject to risks and uncertainties that could cause actual results to differ materially - This news release contains forward-looking statements that reflect management's plans, estimates and beliefs, and actual results could differ materially from those described due to risks and uncertainties[23](index=23&type=chunk)[24](index=24&type=chunk) - Readers are cautioned not to place undue reliance on these forward-looking statements and to carefully consider the risks described in the 'Risk Factors' discussion in the Annual Report on Form 10-K[25](index=25&type=chunk) - Management undertakes no obligation to update publicly or revise any forward-looking statements[25](index=25&type=chunk) [Investor Relations](index=9&type=section&id=Investor%20Relations) Ameriprise Financial communicates financial and other information to investors via its investor relations website (ir.ameriprise.com), SEC filings, press releases, public conference calls, and webcasts - 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[26](index=26&type=chunk) - 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, and to sign up for automatic notifications[26](index=26&type=chunk)

Ameriprise Financial, Inc. (AMP) is scheduled to report second-quarter 2024 results on Jul 24, after market close. Its revenues and earnings in the to-be-reported quarter are anticipated to have increased on a year-over-year basis.In the last reported quarter, the company’s earnings surpassed the Zacks Consensus Estimate. Results were aided by growth in revenues, along with higher assets under management (AUM) and assets under administration (AUA) balances. However, increased expenses acted as a negative.Am ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Ameriprise Financial Services (AMP) , which belongs to the Zacks Financial - Investment Management industry.This financial services company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 2.31%.For the most recent quarter, Ameripri ...

Brad Booth Top Growth & Dividend Long-Term Stocks For Mid-Year 2024 The Top Dividend Growth stock model expands on my doctoral research analysis on multiple discriminant analysis (MDA) adding new complexities with these top picks. Research shows that the highest frequency of large price breakout moves is found among small-cap stocks with low trading volumes, offering no dividends and delivering higher than average risk levels. Additionally, only one stock of the 15 largest Mega Cap stocks in the market ...

The continued shift in investor preference toward passive investment strategies is expected to hamper top-line growth of the Zacks Investment Management industry stocks. Elevated technology costs will likely hurt profitability to an extent.While investment management companies benefited from significantly higher volatility and client activity in the past, they are not likely to record impressive growth in their assets under management (AUM) balances in the near term due to volatile asset flows. Yet, firms l ...

Ameriprise Financial Services (AMP) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of ...

Investors with an interest in Financial - Investment Management stocks have likely encountered both Ameriprise Financial Services (AMP) and Ares Management (ARES) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank ...

Core Insights - Zacks Premium provides tools for investors to enhance their stock market strategies, including daily updates on Zacks Rank and Industry Rank, Equity Research reports, and Premium stock screens [1][5] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market over a 30-day period [1][2] Zacks Style Scores Overview - Each stock is rated from A to F based on value, growth, and momentum characteristics, with A being the highest score indicating better chances of outperforming [2] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score [2][4] Value Score - The Value Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [2] Growth Score - The Growth Score assesses a company's financial health and future outlook by analyzing projected and historical earnings, sales, and cash flow [2] Momentum Score - The Momentum Score identifies optimal times to invest based on price trends and earnings estimate changes [3] VGM Score - The VGM Score combines all three Style Scores to highlight stocks with the best value, growth potential, and momentum [4] Zacks Rank Integration - The Zacks Rank utilizes earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks achieving an average annual return of +25.41% since 1988 [5] - Stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B are recommended for maximizing return potential [6] Company Spotlight: Ameriprise Financial Services (AMP) - Ameriprise Financial, headquartered in Minneapolis, MN, manages assets worth $1.42 trillion as of March 31, 2024 [7] - AMP holds a Zacks Rank of 3 (Hold) with a VGM Score of B and a Momentum Style Score of B, having seen a 1.4% increase in shares over the past four weeks [7] - Recent upward revisions in earnings estimates by six analysts have raised the Zacks Consensus Estimate for AMP to $34.95 per share, reflecting an average earnings surprise of 2% [7]

Financial Performance - For the first quarter of 2024, adjusted operating earnings were $878 million, compared to $798 million in the same period of 2023, reflecting a growth of approximately 10%[256] - The adjusted operating earnings per diluted share for Q1 2024 was $8.39, up from $7.25 in Q1 2023, representing a year-over-year increase of 15.7%[256] - Net income for the three months ended March 31, 2024, was $990 million, a significant increase of $573 million compared to $417 million in the prior year[267] - Total revenues for the three months ended March 31, 2024, were $4.325 billion, an increase of $480 million, or 12%, compared to $3.845 billion in the prior year[267] - Pretax income surged by $723 million, resulting in a total of $1.219 billion for the three months ended March 31, 2024, compared to $496 million in the prior year[268] - The effective tax rate for the three months ended March 31, 2024, was 18.8%, up from 15.9% in the prior year period, primarily due to higher pretax income and a decrease in foreign tax credits[273] Assets Under Management - As of March 31, 2024, Ameriprise Financial has $1.4 trillion in assets under management and administration[253] - Total Assets Under Management (AUM) increased by $126.1 billion, or 13%, to $1.1 trillion as of March 31, 2024, compared to $1.0 trillion as of March 31, 2023[263] - Advice & Wealth Management AUM rose by $86.7 billion, or 20%, to $518.1 billion, while Asset Management AUM increased by $44.4 billion, or 7%, to $652.1 billion[264] - Total Assets Under Administration (AUA) increased by $63.2 billion, or 27%, to $297.5 billion as of March 31, 2024, driven by equity market appreciation[263] Capital and Equity - Total Ameriprise Financial, Inc. shareholders' equity as of March 31, 2024, was $4.331 billion, an increase from $4.032 billion a year earlier[258] - Available Capital for Capital Adequacy as of March 31, 2024, was $5.135 billion, down from $5.418 billion at the end of 2023[259] - The total shareholders' equity, excluding accumulated other comprehensive income (AOCI), was $6.505 billion as of March 31, 2024, compared to $6.069 billion a year earlier[258] - The company has $2.6 billion remaining under its share repurchase authorization as of March 31, 2024[305] Investment Income and Expenses - Net investment income increased by $203 million, or 29%, to $901 million for the three months ended March 31, 2024, primarily due to growth in customer deposits and rising interest rates[270] - Distribution expenses rose by $193 million, or 16%, to $1.419 billion, reflecting higher advisor compensation and increased transactional activity[271] - Banking and deposit interest expense increased by $76 million, or 74%, reflecting higher average crediting rates and volumes on certificates and deposits[270] - Total expenses for the three months ended March 31, 2024, were $649 million, an increase of $15 million, or 2%, compared to the prior year period[288] Strategic Focus and Market Conditions - The company continues to focus on strategic objectives amid macroeconomic uncertainties, including interest rate fluctuations and market volatility[253] - The daily average of the S&P 500 index increased by 25% from 3,998 in Q1 2023 to 4,996 in Q1 2024[262] - The company anticipates continued growth in client acquisition and retention strategies, alongside expected trends in lower-risk product shifts[310] Shareholder Returns - Regular quarterly dividends paid to shareholders totaled $143 million for the three months ended March 31, 2024, compared to $138 million for the same period in 2023[305] - The company repurchased a total of 1.2 million shares of common stock at an average price of $409.96 per share during the three months ended March 31, 2024[305]

Core Viewpoint - Ameriprise Financial Services (AMP) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Outlook - The Zacks rating upgrade reflects optimism about Ameriprise's earnings potential, which could lead to increased buying pressure and a rise in stock price [2]. - For the fiscal year ending December 2024, Ameriprise is expected to earn $34.65 per share, representing a year-over-year increase of 13.8% [5]. Earnings Estimate Revisions - Over the past three months, the Zacks Consensus Estimate for Ameriprise has increased by 1.9%, indicating a positive trend in earnings estimates [5]. - The Zacks Rank system effectively utilizes earnings estimate revisions to classify stocks, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [4]. Institutional Investor Influence - The relationship between changes in earnings estimates and stock price movements is significantly influenced by institutional investors, who adjust their valuations based on these estimates, leading to buying or selling actions that affect stock prices [3]. Market Positioning - The upgrade to Zacks Rank 2 places Ameriprise in the top 20% of Zacks-covered stocks based on estimate revisions, suggesting potential for near-term stock price appreciation [7].