Ameriprise Financial(AMP) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter GAAP net income per diluted share was $10.58, a 196% increase from$ 3.57 in the same quarter last year[7]. - Full year 2024 GAAP net income per diluted share was $33.05, up 39% from$ 23.71 in 2023[7]. - Net income for Q4 2024 was $1,071 million, significantly up from$ 377 million in Q4 2023[34]. - Year-to-date net income for 2024 was $3,401 million, a 33% increase from$ 2,556 million in 2023, with per diluted share earnings rising by 39% to $33.05[83]. - Ameriprise Financial reported a net income of$ 3,401 million for the twelve months ended December 31, 2024, an increase from $2,556 million in 2023[100]. Revenue Growth - Total revenues for Q4 2024 were$ 4,649 million, a 12% increase compared to $4,168 million in Q4 2023[34]. - Total net revenues for Q4 2024 were$ 4,501 million, compared to $3,992 million in Q4 2023, indicating a growth of 13%[87]. - Adjusted operating total net revenues were$ 2,834 million, an 18% increase from $2,403 million in Q4 2023[40]. - Adjusted operating earnings for Q4 2024 were$ 947 million, up 24% from $761 million in Q4 2023, with per diluted share earnings increasing by 30% to$ 9.36[80]. - Adjusted operating earnings excluding regulatory accruals for 2024 were $3,684 million, up 12% from$ 3,284 million in 2023[83]. Assets and Management - Assets under management, administration, and advisement grew to $1.5 trillion, a 10% increase, with client net inflows of$ 35 billion over the past 12 months[5]. - Total assets as of December 31, 2024, amounted to $181,403 million, an increase from$ 175,191 million in 2023, reflecting a growth of 3%[79]. - Total liabilities increased to $176,175 million in 2024 from$ 170,462 million in 2023, marking a rise of 3.5%[79]. - Total capital returned to shareholders was $768 million, a 31% increase compared to$ 587 million in Q4 2023[37]. - The company reported a 36% increase in total assets under advisement, reaching $35,616 million compared to$ 26,160 million in Q4 2023[49]. Segment Performance - Adjusted operating net revenues for the Advice & Wealth Management segment increased 18% to $2.8 billion, driven by strong growth in client assets[12]. - Total client assets in the Advice & Wealth Management segment grew 14% to$ 1.0 trillion, with net flows of $11.3 billion[13]. - Retirement & Protection Solutions sales increased 13% to$ 1.4 billion, driven by demand for structured variable annuities and variable universal life products[19]. - Pretax adjusted operating earnings for the Retirement & Protection Solutions (RPS) segment reached $726 million, while Long-Term Care (LTC) adjusted operating earnings were$ 58 million[98]. Shareholder Returns - The company returned $768 million to shareholders in Q4 and$ 2.8 billion for the full year, highlighting strong free cash flow generation[5]. - Total capital returned to shareholders was $768 million, a 31% increase compared to$ 587 million in Q4 2023[37]. Operational Efficiency - The company achieved a pretax adjusted operating margin of 39% in the Asset Management segment, reflecting effective expense management[15]. - The pretax adjusted operating margin for Q4 2024 was 26.8%, compared to 24.8% in Q4 2023, indicating improved operational efficiency[87]. - The effective tax rate for Q4 2024 was 20.8%, consistent with the adjusted operating effective tax rate, reflecting stable tax management[91]. Recognition and Awards - Ameriprise Financial was recognized by Forbes as one of "America's Best Companies" for 2025[5].