Ameriprise Financial (AMP) 10-K risk factor changes: FY2022 vs FY2021

Our [removed: financial condition and] results of operations [added: and financial condition] may be adversely affected by market fluctuations and by economic, political and other factors.

Our [removed: financial condition and] results of operations [added: and financial condition] may be materially affected by market fluctuations and by economic and other factors.

Such factors, which can be global, regional, national or local in nature, include: (i) the [removed: COVID-19 pandemic, or any variation thereof; (ii) political, social, economic and market conditions; (iii) the availability and cost of capital; (iv) the] level and volatility of [added: the markets, including] equity prices, [removed: commodity prices and] interest rates, [added: commodity prices,] currency values and other market [removed: indices; (v) technological changes and events; (vi) U.S.] [added: indices] and [removed: foreign government fiscal] [added: drivers; (ii) geopolitical strain, terrorism] and [removed: tax policies; (vii) U.S.] [added: armed conflicts, (iii) political, social, economic] and [removed: foreign government ability, real or perceived, to avoid defaulting on government securities; (viii)] [added: market conditions; (iv)] the availability and cost of [removed: credit; (ix)] [added: capital; (v)] the ongoing [removed: inflationary environment; (x) investor sentiment and confidence in the financial markets; (xi) terrorism and armed conflicts; and (xii) natural disasters such as weather catastrophes and widespread] [added: coronavirus disease 2019 (“COVID-19”) pandemic or other global] health [removed: emergencies.][added: emergencies; (vi) technological changes and events; (vii)]

Declines and volatility in U.S. and global market conditions (such as [added: those] that [added: resulted] from [removed: COVID-19)] [added: the COVID-19 pandemic and subsequent economic environment)] have impacted our businesses in the past, are impacting us now and may do so again.

Our businesses have been, and in the future may be, adversely affected by U.S. and global capital market and credit crises, the repricing of credit risk, equity market volatility and [removed: decline] [added: decline,] and stress or recession in the U.S. and global economies generally.

It is difficult to predict when, how long and to what extent the aforementioned adverse conditions will exist, which of our markets, products and businesses will be directly affected and to what [added: extent our clients may seek to bring claims arising out of investment performance that is affected by these conditions.]

Most of our variable annuity products contain guaranteed minimum death benefits and a majority of our variable annuity products [added: in force] contain guaranteed minimum withdrawal and accumulation benefits.

Further, the cost of hedging our liability for these guarantees has increased as a result of [removed: low interest rates and] volatility in the equity [removed: markets] [added: markets,] as well as broad-based market and regulatory-driven changes in the collateral requirements of hedge trading counterparties.

Changes in interest rates [removed: and prolonged periods of low interest rates and even negative interest rates] may [removed: adversely] affect our [removed: financial condition and] results of [removed: operations.][added: operations and financial condition.]

Certain of our insurance, annuity, investment [removed: products] [added: products, wrap fees] and banking products are sensitive to interest rate fluctuations (inclusive of changes in credit spreads), which could cause future impacts associated with such fluctuations to differ from our historical costs.

In addition, interest rate fluctuations [removed: (and impacts from volatility or low interest rates on changes in credit spreads)] could result in fluctuations in the valuation of certain minimum guaranteed benefits contained in some of our variable annuity products, something we saw as a result of volatility [added: that resulted] from [removed: COVID-19.][added: the]

[removed: During these periods,] [added: If there is a return to a period of prolonged low interest rates,] our spread may be reduced or could become negative.

[removed: (“DAC”),] [added: An increase in policy surrenders and withdrawals also may require us to accelerate amortization of deferred acquisition costs (“DAC”) or other intangibles or cause an impairment of goodwill,] which would increase our expenses and reduce our net earnings in the [removed: period where we accelerate amortization of DAC.][added: period.]

[removed: During periods of increasing] [added: As] market interest [removed: rates,] [added: rates increase,] we may offer higher crediting rates on interest-sensitive products, such as universal life insurance and face-amount certificates, and we may increase crediting rates on in force products to keep these products competitive (which could have an adverse effect on our financial condition and results of operations).

In addition, increases in market interest rates may cause increased policy surrenders, withdrawals from life insurance policies and annuity contracts and requests for policy loans, [added: or changes in demands of certain bank or certificate products] as [removed: policyholders and] [added: policyholders,] contractholders [added: and clients] seek to shift assets to products with perceived higher returns.

As such, we may be forced to delay raising capital, issue different types of capital than we would otherwise, less effectively deploy [removed: such capital, or bear an unattractive cost of capital which could decrease our profitability and significantly reduce our financial flexibility.]

Our businesses operate in intensely competitive industries, including broker-dealers, banks, asset managers, insurers and other financial institutions, some of which have a larger market share, greater investments in [removed: technology,] [added: technology and analytics,] greater investment in advertising and brand, less regulation or greater financial resources than we do.

We could experience lower sales, higher costs, [added: technology obsolescence] or other developments that could negatively impact our results of operations.

The financial services industry has always been a highly competitive [removed: industry,] [added: industry;] however, we are currently experiencing a surge in labor market activity.

Higher turnover, fewer individuals entering the labor force, [removed: and] increased demand for flexibility and fully remote [removed: work has] [added: work, and wage sensitivity due to the inflationary environment have] resulted in labor shortages, [removed: which is increasing] [added: increased] costs of labor, and [added: complexity in] recruiting and retaining talent.

We are also [removed: are] dependent on our network of advisors to drive growth and results in our wealth management [removed: business] [added: business,] and for a significant portion of the sales of our [removed: products] [added: products,] and the recruiting environment for financial advisors is highly competitive.

In addition, the investment performance of our asset management products and [removed: services] [added: services,] and the retention of our products and services by our [removed: clients] [added: clients,] are dependent upon the strategies and decisions of our portfolio managers and analysts.

From time to time there are regulatory-driven or other trends and developments within the industry, such as changes around the Protocol for Broker [removed: Recruiting,] [added: Recruiting or the recent proposal by the Federal Trade Commission (and similar state proposals and general scrutiny) around non-competition agreements,] that could potentially impact the dynamics between us and our [removed: competitors.][added: competitors or negatively impact our business.]

If employees or advisors who maintain [removed: specific] relationships with our clients leave, we may not be able to retain valuable relationships and our clients may choose to leave for a competitor.

If we [removed: are unable] [added: experience a prolonged inability] to attract and retain qualified individuals or our recruiting and retention costs increase significantly, our financial condition and results of operations could be materially adversely impacted.

The [removed: impairment,] negative performance or default by other financial institutions or other third parties could adversely affect us.

We also have exposure to financial institutions in the form of unsecured debt instruments, derivative transactions (including with respect to derivatives hedging our exposure on variable annuity contracts with guaranteed benefits), reinsurance, repurchase and underwriting [removed: arrangements and equity investments.]

Capital and credit market volatility [added: or a sudden devaluation of a specific product or security (such as happened with cryptocurrency)] can exacerbate, and has exacerbated, the risk of third-party defaults, bankruptcy filings, foreclosures, legal actions and other events that may limit the value of or restrict our access and our clients’ access to cash and investments.

[added: If we were to] take such actions we may also restrict or otherwise utilize our corporate assets, limiting our flexibility to use these assets for other purposes, and may be required to raise additional capital.

Maintaining and deepening relationships with these unaffiliated distributors is an important part of our growth strategy, as strong third-party distribution arrangements enhance our ability to market our products [added: or service our clients] and to increase our assets under management, revenues and profitability.

Any such reduction in access to third-party distributors may have a material adverse effect on our ability to market our products and to generate revenue in our [added: Advice & Wealth Management and] Asset Management segments.

The sale of third-party products to our clients (and [removed: additional openings] [added: further expansion] of our advisor [removed: network] [added: network’s product suite] to [added: include additional] products of unaffiliated insurance companies and asset managers) may lower sales of our companies’ own products, lead to higher surrenders or redemptions, or other developments which might not be fully offset by higher distribution revenues or other benefits, possibly resulting in an adverse effect on our results of operations.

The determination of the amount of allowances [removed: vary] [added: varies] by investment type and is based upon our periodic evaluation and assessment of inherent and known risks associated with the respective asset class.

These asset classes represented [removed: 10.4%] [added: 8.2%] of the carrying value of our investment portfolio as of December 31, [removed: 2021.][added: 2022.]

[added: If we require significant amounts of cash on short notice in excess of our normal cash requirements, we may] have difficulty selling these investments in a timely manner or be forced to sell them for an amount less than we would otherwise have been able to realize, or both, which could have an adverse effect on our financial condition and results of operations.

[removed: There will continue to be work required to transition to the new benchmark rates for U.S. Dollar,] [added: In addition,] LIBOR may perform differently during the phase-out period than in the past which could result in lower interest payments and a reduction in the value of certain [removed: assets.][added: assets, as well as fluctuations in certain mark-to-market derivative instruments.]

The value or profitability of these products and instruments, and our costs of operations, may be adversely affected until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially [removed: accepted.][added: in use.]

Uncertainty and volatility in the U.S. economy and financial markets in recent years have weakened or may weaken the financial condition of numerous insurers, including insurers currently in [removed: receiverships,] [added: receivership,] increasing the risk of triggering guaranty fund [removed: assessments.][added: assessments upon order of liquidation.]

We set prices for *RiverSource* disability insurance (and historically LTC insurance) as well as some annuity products based upon expected [removed: claim] [added: claims] payment patterns, derived from assumptions we make about our policyholders and contractholders, including expenses, fees, investment returns, and morbidity and mortality rates.

Actual experience can differ from our assumptions for many reasons over the time an insurance product is [removed: held and it remains to be seen how the COVID-19 pandemic will impact our assumptions.][added: held.]

U.S. and foreign government fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) the ongoing inflationary environment; (xi) investor sentiment and confidence in the financial markets; and (xii) natural disasters such as weather catastrophes and widespread health emergencies.

COVID-19 pandemic.

In addition, as rates increase, the posting of collateral for liquidity needs will also increase as a result of the hedging of variable annuity products.

Depending on how rapidly rates increase and other factors, we may need to access liquidity sources that are more costly, which could have a material adverse impact on profitability or our results of operations or financial condition.

If higher market interest rates lead to inflows into interest-sensitive products (such as face-amount certificates and certain banking products) or other changes in product behavior, our capital requirements may increase as well.

such capital, or bear an unattractive cost of capital which could decrease our profitability and significantly reduce our financial flexibility.

arrangements and equity investments.

There will continue to be work required to transition to the new benchmark rates for U.S. Dollar.

The increase in hybrid working among our employees adds complexity to monitoring and processing procedures.

implementation and maintenance of appropriate security measures.

Though we plan for resiliency in our systems, we could face additional downtime or data loss if our plans do not work as expected.

We must manage our business within the expectations of the patchwork of regulations and capital expectations from these parties.

In particular, there remains some uncertainty around the ongoing impact of the COVID-19 pandemic.

Though we are currently navigating hybrid working environments, we recognize that the pandemic may shift, and we cannot control various governmental responses, imposed quarantines, effectiveness of vaccines and healthcare, or any related regulation that could come from a change in the status of the pandemic.

reinsurance recoveries; (iii) widespread unavailability of staff; and (iv) declines and volatility in the financial markets that may decrease the value of our assets under management and administration, which could harm our financial condition and reduce our management fees.

Employment Regulation: We have a global workforce and face expansion of employment laws in various states, cities, and countries.

These regulations vary from jurisdiction to jurisdiction, and we seek to provide a uniform employee experience, while simultaneously complying with unique or differing regulatory requirements.

Furthermore, guidance issued by the U.S. Department of Treasury and others can be critical to the application and impact of new laws (such as the recently enacted Inflation Reduction Act of 2022) and in avoiding unintended impacts from legislation.

The jurisdictions we operate in may not always provide clear guidance that is responsive to industry questions and concerns.

If guidance is unclear, it could increase our taxes or create a potential for disagreement about interpretation of the tax code.

The COVID-19 pandemic creates risks and uncertainties for our business.

The COVID-19 pandemic has presented ongoing significant economic and societal disruption and unpredictability, which has affected our business and operating environment driven by a low interest rate environment, volatility and changes in the equity markets and the potential associated implications to client behavior.

If the value of assets under management decreases, our revenue and operating results could be substantially impacted.

While portions of world economies have been differently impacted by the pandemic, COVID-19 continues its ongoing impact and has been occurring in multiple waves, so there are still no reliable estimates of how long the implications from the pandemic will last, the effects current and other new variants will ultimately have, how many people are likely to be affected by it, or its impact on the overall economy.

There is still significant uncertainty around the extent to which the COVID-19 pandemic will continue to impact our business, results of operations, and financial condition, which depends on current and future developments, including the ultimate scope, duration and severity of the pandemic, success of worldwide vaccination efforts, multiple mutations of COVID-19 or similar diseases, the effectiveness of our office reopenings, the additional measures that may be taken by various governmental authorities in response to the outbreak (such as legislative action, stimulus, quarantines and travel restrictions, effectiveness of health care, and new or interim regulation), the actions of third parties in response to the pandemic, and the possible further impacts on the global economy.

It is unclear if the current economic situation will stabilize, so we seek to effectively manage our risks, but our ability to do so is subject to the inherent limitations of obtaining timely, reliable analysis in an ever-changing situation.

No assurance can be given that the steps we have taken will continue to be effective or appropriate.

The ongoing COVID-19 pandemic impacted, and will likely continue to impact, each of our business segments.

Consumer demand, client investing decisions in light of ongoing economic uncertainty, our fee and investment income, our owned asset values, and our credit reserve and other financial or actuarial assumptions and reserve calculations have been, and may further be, negatively impacted from a decline and volatility of asset prices, sustained reduction in interest rates, nonperformance credit spreads, credit deterioration, decreased liquidity in trading markets and other economic and market effects of the global pandemic.

We continue to actively monitor the potential direct and indirect impacts that the COVID-19 pandemic may have on our segments.

If these conditions continue or worsen, we could continue to experience volatility and uncertainty in volumes, uncertainty in availability and price levels of financial assets and hedges, changes in client activity and fees, increased mortality and morbidity in our insurance policyholder base, new constraints and costs of capital, possible impacts to our credit ratings and other impacts on our financial position.

COVID-19 has had wide-reaching impacts, making many decisions, interactions and transactions more complex.

The COVID-19 pandemic also affects the ability of our suppliers, distributors, vendors, reinsurers and other counterparties to provide products and services or otherwise fulfill their commitments to us.

extent our clients may seek to bring claims arising out of investment performance that is affected by these conditions.

In addition, reduced or negative spreads may require us to accelerate amortization of deferred acquisition costs

The pattern of DAC amortization is impacted by the use of certain assumptions, including interest margins, mortality rates, persistency rates, maintenance expense levels and customer asset value growth rates for variable products.

An increase in policy surrenders and withdrawals also may require us to accelerate amortization of DAC or other intangibles or cause an impairment of goodwill, which would increase our expenses and reduce our net earnings in the period.

If we were to

If we require significant amounts of cash on short notice in excess of our normal cash requirements, we may

subsidiaries in order to maintain adequate capital for regulatory or other purposes and we may provide such support in the future.

International Regulation: Potential measures taken by foreign and international authorities regarding anti-bribery, the nationalization or expropriation of assets, the imposition of limits on foreign ownership of local companies, increased environmental sustainability or

The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with the “Forward-Looking Statements,” our Consolidated Financial Statements and Notes that follow and the [removed: “Consolidated Five-Year Summary of Selected Financial Data” and the] “Risk Factors” included in our Annual Report on Form 10-K.

[removed: Overview][added: *Overview*]

We are a long-standing leader in financial planning and advice with [removed: $1.4] [added: $1.2] trillion in assets under management and administration as of December 31, [removed: 2021.][added: 2022.]

For further information regarding the impact of the [removed: COVID-19 pandemic,] [added: economic environment on our results of operations] and [removed: any] [added: financial condition, and] potentially material effects, see Part 1 - Item 1A “Risk Factors” [removed: in] [added: of] this [removed: report.][added: Annual Report on Form 10-K.]

Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the value of [removed: DAC] [added: deferred acquisition costs (“DAC”)] and deferred sales inducement costs (“DSIC”) assets, the values of liabilities for guaranteed benefits associated with our variable annuities and the values of derivatives held to hedge these benefits and the “spread” income generated on our [removed: fixed deferred annuities,] [added: deposit products,] fixed insurance, [added: the] fixed portion of variable annuities and variable insurance contracts and [removed: deposit products.][added: fixed deferred annuities.]

[removed: In addition to continuing spread compression in our interest sensitive product lines, a sustained low] [added: A higher (lower)] interest rate environment may result in [removed: increases] [added: decreases (increases)] to our reserves and changes in various rate assumptions we use to amortize DAC and DSIC, which may [removed: negatively] impact our adjusted operating [removed: earnings.][added: earnings after tax.]

We also reviewed our [removed: active life] future policy benefit reserve adequacy for our [removed: LTC] [added: long term care (“LTC”)] business in the third quarter.

The following discussion includes a comparison of our [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] results.

For a discussion of our [removed: 2019] [added: 2020] results and for a comparison of results for [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] see Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, [removed: 2020,] [added: 2021,] which was filed with the SEC on February [removed: 24, 2021.][added: 25, 2022.]

On June 2, 2021, we filed an application to convert Ameriprise Bank, FSB [added: (“Ameriprise Bank”)] to a state-chartered industrial bank regulated by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation.

We also filed an application to transition the [removed: FSB’s] [added: Ameriprise Bank’s] personal trust services business to a new limited purpose national trust bank regulated by the Office of the Comptroller of the Currency.

If [removed: these pending] [added: the] applications are approved, the proposed changes are not expected to impact our long-term strategy for the bank and should enable us to continue our strong lineup of banking solutions, including deposits, credit cards, mortgages and securities-based lending to our wealth management clients without interruption.

On a consolidated basis, the management fees we earn for the services we provide to the CIEs and the related general and administrative expenses are eliminated and the changes in [removed: the] fair value of assets and liabilities related to the CIEs, primarily syndicated [removed: loans and debt, are reflected in net investment income.]

While our Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), management believes that adjusted operating measures, which exclude net realized investment gains or losses, net of the related DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and universal life (“UL”) insurance contracts), net of hedges and the related DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; mean reversion related impacts (the impact on variable annuity and variable universal life (“VUL”) products for the difference between assumed and updated separate account investment performance on DAC, DSIC, unearned revenue amortization, reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction [removed: impact;] [added: impacts;] gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.

| [removed: 2021] | | | [removed: | | | 2020] [added: 2022] | | | | | | 2021 | | | | | | 2020 | | | [removed: | | |]

| Net income | | | $ | [removed: 2,760] [added: 2,559] | | | | | $ | [removed: 1,534] [added: 2,760] | | | | | $ | [removed: 23.00] [added: 22.51] | | | | | $ | [removed: 12.20] [added: 23.00] | |

| Less: Net realized investment gains (losses) (1) | | | [removed: 87] [added: (97)] | | | | | | [removed: (10)] [added: 87] | | | | | | [removed: 0.73] [added: (0.85)] | | | | | | [removed: (0.08)] [added: 0.73] | | |

| Add: Market impact on non-traditional long-duration products (1) | | | [removed: 656] [added: (211)] | | | | | | [removed: 375] [added: 656] | | | | | | [removed: 5.47] [added: (1.86)] | | | | | | [removed: 2.98] [added: 5.47] | | |

| Add: Mean reversion related impacts (1) | | | [removed: (152)] [added: 268] | | | | | | [removed: (87)] [added: (152)] | | | | | | [removed: (1.27)] [added: 2.36] | | | | | | [removed: (0.69)] [added: (1.27)] | | |

| Add: Market impact of hedges on investments (1) | | | [removed: 22] [added: —] | | | | | | [removed: —] [added: 22] | | | | | | [removed: 0.18] [added: —] | | | | | | [removed: —] [added: 0.18] | | |

| Less: Block transfer reinsurance transaction impacts (1) | | | [removed: 521] [added: —] | | | | | | [removed: —] [added: 521] | | | | | | [removed: 4.34] [added: —] | | | | | | [removed: —] [added: 4.34] | | |

| Add: Integration/restructuring charges (1) | | | [removed: 32] [added: 50] | | | | | | [removed: 4] [added: 32] | | | | | | [removed: 0.27] [added: 0.44] | | | | | | [removed: 0.03] [added: 0.27] | | |

| Less: Net income (loss) attributable to CIEs | | | [removed: (3)] [added: (4)] | | | | | | [removed: 3] [added: (3)] | | | | | | [removed: (0.03)] [added: (0.04)] | | | | | | [removed: 0.02] [added: (0.03)] | | |

| [added: Add:] Tax effect of adjustments (2) | | | [removed: 11] [added: (43)] | | | | | | [removed: (63)] [added: 11] | | | | | | [removed: 0.09] [added: (0.38)] | | | | | | [removed: (0.50)] [added: 0.09] | | |

| Adjusted operating earnings | | | $ | 2,724 | | | | | $ | [removed: 1,770] [added: 2,724] | | | | | $ | [removed: 22.70] [added: 23.96] | | | | | $ | [removed: 14.08] [added: 22.70] | |

| Basic | | | [removed: 117.3] [added: 111.3] | | | | | | [removed: 123.8] [added: 117.3] | | | | | | | | | | | | | | |

| Diluted | | | [removed: 120.0] [added: 113.7] | | | | | | [removed: 125.7] [added: 120.0] | | | | | | | | | | | | | | |

| [removed: 2021] | | | [added: 2022] | | | [removed: 2020] | | | [added: 2021] | | | [added: | | | 2020 | | |]

| Net income | | | $ | [removed: 2,760] [added: 2,559] | | | | | $ | [removed: 1,534] [added: 2,760] | |

| Less: Adjustments (1) | | | [removed: 36] [added: (165)] | | | | | | [removed: (236)] [added: 36] | | |

| Adjusted operating earnings | | | $ | 2,724 | | | | | $ | [removed: 1,770] [added: 2,724] | |

| Total Ameriprise Financial, Inc. shareholders’ equity [added: (2)] | | | $ | [removed: 5,689] [added: 4,453] | | | | | $ | [removed: 6,171] [added: 5,944] | |

| Less: AOCI, net of tax [added: (2)] | | | [removed: 301] [added: (1,487)] | | | | | | [removed: 301] [added: 556] | | |

| Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI | | | [removed: 5,388] [added: 5,940] | | | | | | [removed: 5,870] [added: 5,388] | | |

| Less: Equity impacts attributable to CIEs | | | [removed: 2] [added: —] | | | | | | [removed: 1] [added: 2] | | |

| Adjusted operating equity | | | $ | [removed: 5,386] [added: 5,940] | | | | | $ | [removed: 5,869] [added: 5,386] | |

| Return on equity, excluding AOCI | | | [removed: 51.2] [added: 43.1] | | % | | | | [removed: 26.1] [added: 51.2] | | % |

| Adjusted operating return on equity, excluding AOCI [removed: (2)] [added: (3)] | | | [removed: 50.6] [added: 45.9] | | % | | | | [removed: 30.2] [added: 50.6] | | % |

[removed: (2)] [added: (3)] Adjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings in the numerator and Ameriprise Financial shareholders’ equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator.

The effect on the DAC balance that would result from the realization of unrealized gains (losses) on securities is recognized with an offset to [removed: accumulated other comprehensive income] [added: AOCI] on the [removed: consolidated balance sheet.][added: Consolidated Balance Sheets.]

We operate our business in the broader context of the macroeconomic forces around us, including the global and U.S. economies, the coronavirus disease 2019 (“COVID-19”) pandemic, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments.

We have been operating in a historically low interest rate environment but have recently experienced a substantial increase in rates with uncertainty about where rates will go in the future.

loans and debt, are reflected in Net investment income.

| 2022 | | | | | | 2021 | | | | | | 2022 | | | | | | 2021 | | | | | |

| 2022 | | | | | | 2021 | | | | | |

(2) We revised prior period Consolidated Financial Statements to correct shadow unearned revenue liability balances associated with universal life insurance products.

See Note 28 to our Consolidated Financial Statements for a summary of the revision.

We discontinued most new sales of GMWB and GMAB by the end of 2021 and new sales were completely discontinued as of mid-2022.

We also previously offered contracts containing GMIB provisions.

fluctuates based on equity, interest rate and credit markets which can cause these embedded derivatives to be either an asset or a liability.

Distribution fees also include revenue for placing clients’ deposits in its brokerage sweep program with third-party banks as well as revenue from brokerage clients for the execution of requested trades.

income or loss on equity method investments; and realized gains and losses on the sale of investments and changes for the allowance for credit losses.

| 2022 | | | | | | 2021 | | | | | | | | | | | | | | | | | |

| Eliminations | | | (36.9) | | | | | | (44.1) | | | | | | 7.2 | | | | | | 16 | | |

Total AUM decreased $214.7 billion, or 18%, to $956.3 billion as of December 31, 2022 compared to $1.2 trillion as of December 31, 2021 due to a $51.9 billion decrease in Advice & Wealth Management AUM driven by market depreciation, partially offset by wrap account net inflows, and a $170.1 billion decrease in Asset Management AUM primarily driven by equity and bond market depreciation and an unfavorable foreign currency translation impact.

| 2022 | | | | | | 2021 | | | | | | | | | | | | | | | | | |

- A favorable impact from the continued increase in short-term interest rates compared to the prior year.

| LTC unlocking | | | | | | — | | | | | | 3 | | |

Net realized losses for 2022 were primarily driven by the fixed maturity investment portfolio repositioning in the fourth quarter of 2022.

- The favorable impact of the recent trend in rising interest rates on the investment portfolio yield, including the fourth quarter of 2022 impact of portfolio repositioning.

- The favorable impact of growth in Ameriprise Bank and certificate businesses as a result of the market environment and our strategic decision to invest in these businesses.

- A decrease in amortization reflecting lower than expected client exit rates.

| 2022 | | | | | | 2021 | | | | | |

| LTC unlocking | | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | |

| | | | 2022 | | | | | | 2021 | | |

Wrap account assets decreased $52.6 billion, or 11%, during 2022 primarily due to market depreciation of $80.1 billion, partially offset by net inflows of $27.5 billion.

| 2022 | | | | | | 2021 | | | | | | | | | | | | | | | | | |

NM Not Meaningful.

Management and financial advice fees increased $11 million for 2022 compared to the prior year primarily due to an increase in financial planning fees, partially offset by lower advisory fees.

Distribution expenses decreased $123 million, or 3%, for 2022 compared to the prior year reflecting market depreciation and decreased transactional activity.

| Equity | | | 56% | | | 75% | | | 75% | | | 90% | | |

| Fixed Income | | | 39% | | | 52% | | | 56% | | | 86% | | |

| Asset Allocation | | | 22% | | | 61% | | | 70% | | | 90% | | |

| Number of rated funds | | | 131 | | | 91 | | | 86 | | | 99 | | |

| Percent of rated assets | | | 55% | | | 43% | | | 45% | | | 57% | | |

Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and based on the Primary Share Class.

| 2022 | | | | | | 2021 | | | 2022 | | | | | | 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Equity | | | $ | 301.2 | | | | | $ | 402.9 | | | | | $ | (101.7) | | | | | (25) | | % | | | | $ | 333.1 | | | | | $ | 338.3 | | | | | $ | (5.2) | | | | | (2) | | % |

| Fixed income | | | 210.0 | | | | | | 277.0 | | | | | | (67.0) | | | | | | (24) | | | | | | 232.0 | | | | | | 211.8 | | | | | | 20.2 | | | | | | 10 | | |

| Money market | | | 21.9 | | | | | | 10.1 | | | | | | 11.8 | | | | | | NM | | | | | | 17.1 | | | | | | 6.5 | | | | | | 10.6 | | | | | | NM | | |

The COVID-19 pandemic has presented ongoing significant economic and societal disruption and market unpredictability, which has affected our business and operating environment driven by a low interest rate environment and volatility and changes in the equity markets and the potential associated implications to client behavior.

COVID-19 continues its ongoing impact and has been occurring in multiple waves, so there are still no reliable estimates of how long the implications from the pandemic will last, the effects current and other new variants will ultimately have, how many people are likely to be affected by it, or its impact on the overall economy.

There is still significant uncertainty around the extent to which the COVID-19 pandemic will continue to impact our business, results of operations, and financial condition, which depends on current and future developments, including the ultimate scope, duration and severity of the pandemic, success of worldwide vaccination efforts, multiple mutations of COVID-19 or similar diseases, the effectiveness of our office reopenings, the additional measures that may be taken by various governmental authorities in response to the outbreak, the actions of third parties in response to the pandemic, and the possible further impacts on the global economy.

Given the ongoing impact of the pandemic, financial results may not be comparable to previous years and the results presented in this report may not necessarily be indicative of future operating results.

Earnings, as well as adjusted operating earnings, will be negatively impacted by the ongoing low interest rate environment should it continue.

During the third quarter of 2021, RiverSource Life Insurance Company (“RiverSource Life”), one of the Company’s life insurance subsidiaries, closed on a transaction with Commonwealth, effective July 1, 2021, to reinsure approximately $7.0 billion of fixed deferred and immediate annuity policies.

As part of the transaction, RiverSource Life transferred $7.8 billion in consideration primarily consisting of Available-for-Sale securities, commercial mortgage loans, syndicated loans and cash.

The transaction resulted in a net realized gain of approximately $532 million on investments sold.

A similar previously announced transaction with RiverSource Life Insurance Co. of New York did not receive regulatory approval in time to close by September 30, 2021 and the transaction was terminated by the parties.

On November 8, 2021, we completed our previously announced acquisition of the European-based asset management business of BMO Financial Group.

At close, the consideration transferred consisted of £615 million (or $829 million) for initial price, plus an additional £103 million (or $138 million) largely associated with a customary adjustment for excess capital surplus that will be accessible over time.

The overall purchase price will continue to be subject to further customary post-close adjustments.

The all-cash transaction added $136 billion of assets under management (“AUM”) in EMEA.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

See Note 3 to our Consolidated Financial Statements for discussion of changes to the measurement of DAC amortization effective for interim and annual periods beginning after December 15, 2022.

See Note 3 to our Consolidated Financial Statements for discussion of changes to the measurement of DAC amortization effective for interim and annual periods beginning after December 15, 2022.

Significant assumptions made in projecting future benefits and assessments relate to client asset

In addition, we offer contracts with GMWB and GMAB provisions and, until May 2007, we offered contracts containing GMIB provisions.

For further information regarding the impact of the economic environment on our financial condition and results of operations, and potentially material effects, see Part 1 - Item 1A “Risk Factors” of this Annual Report on Form 10-K.

| 2021 | | | | | | 2020 | | | | | | | | | | | | | | | | | |

| Eliminations | | | (44.1) | | | | | | (37.4) | | | | | | (6.7) | | | | | | (18) | | |

Total AUM increased $285.0 billion, or 32%, to $1.2 trillion as of December 31, 2021 compared to $886.0 billion as of December 31, 2020 due to a $84.1 billion increase in Advice & Wealth Management AUM driven by wrap account net inflows and market appreciation and a $207.5 billion increase in Asset Management AUM driven by the acquisition of the BMO Global Asset Management (EMEA) business, market appreciation and net inflows, partially offset by retail fund distributions.

| 2021 | | | | | | 2020 | | | | | | | | | | | | | | | | | |

- A positive impact from higher client net inflows and higher transactional activity during 2021 compared to the prior year.

- A negative impact of $78 million in the Advice & Wealth Management segment from lower short-term interest rates.

| LTC unlocking and loss recognition | | | | | | 3 | | | | | | 141 | | |

- Interest rate assumptions resulted in a lower expense in 2021 compared to the prior year period.

Our 10-year Treasury rate assumption remained unchanged in 2021 at 3.5% with a grading period ending December 31, 2026.

The unfavorable LTC unlocking impact of $3 million in 2021 compared to the unfavorable LTC unlocking and loss recognition impact of $141 million in the prior year is primarily due to prior year updates to our interest rate assumptions.

- The favorable impact of higher average invested assets related to the bank, partially offset by lower average certificate balances.

- The unfavorable impact of lower interest rates, including lower short-term interest rates on the investment portfolio supporting the certificate and on-balance sheet brokerage cash products.

The unfavorable impact of the nonperformance credit spread was $108 million for 2021 compared to a favorable impact of $342 million for the prior year.

As the undiscounted embedded derivative liability on which the nonperformance credit spread is applied increases (decreases), the impact of the nonperformance credit spread on benefits expenses is favorable (unfavorable).

Additionally, as the estimate of the nonperformance credit spread over the LIBOR swap curve tightens or widens, the embedded derivative liability will increase or decrease.

- The annual review of LTC future policy benefit reserve in 2021 resulted in unlocking of $3 million compared to unlocking and loss recognition of $141 million in the prior year.

- A higher level of normalized amortization due to the growth of variable annuities and unlocked market and policyholder assumptions in the prior year.

Interest and debt expense increased $29 million, or 18%, for 2021 compared to the prior year primarily due to an increase in interest expense of CIEs.

| 2021 | | | | | | 2020 | | | | | |

| LTC unlocking and loss recognition | | | | | | — | | | | | | 3 | | | | | | — | | | | | | 141 | | |

| | | | 2021 | | | | | | 2020 | | |

Equity price and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the spread income generated on our fixed deferred annuities, fixed insurance, brokerage client cash balances, banking deposits, face-amount certificate [removed: products and the] [added: products,] fixed portion of our variable annuities and variable insurance contracts, the value of deferred acquisition costs (“DAC”) and deferred sales inducement costs (“DSIC”) assets, the value of liabilities for guaranteed benefits associated with our variable annuities and the value of derivatives held to hedge these benefits.

In estimating the values of variable [removed: annuity riders,] [added: annuities,] indexed annuities, stock market certificates, indexed universal life (“IUL”) insurance and the associated hedge assets, we assume no change in implied market volatility despite the 10% drop in equity prices.

The following tables present our estimate of the impact on pretax income from the above defined hypothetical market movements as of December 31, [removed: 2021:][added: 2022:]

| Asset-based management and distribution fees (1) | | | | | | $ | [removed: (366)] [added: (53)] | | | | | $ | [removed: 5] [added: —] | | | | | $ | [removed: (361)] [added: (53)] | | | | |

| DAC and DSIC amortization (2)(3) | | | | | | [removed: (27)] [added: (43)] | | | | | | — | | | | | | [removed: (27)] [added: (43)] | | | | | |

| GMDB and GMIB (3) | | | | | | [removed: (6)] [added: (33)] | | | | | | — | | | | | | [removed: (6)] [added: (33)] | | | | | |

| GMAB | | | | | | [removed: (18)] [added: (31)] | | | | | | [removed: 18] [added: 31] | | | | | | — | | | | | |

| Structured variable annuities | | | | | | [removed: 358] [added: 494] | | | | | | [removed: (326)] [added: (463)] | | | | | | [removed: 32] [added: 31] | | | | | |

| DAC and DSIC amortization (4) | | | | | | N/A | | | | | | N/A | | | | | | [removed: (3)] [added: (4)] | | | | | |

| Macro hedge program (5) | | | | | | — | | | | | | [removed: 175] [added: 230] | | | | | | [removed: 175] [added: 230] | | | | | |

| IUL insurance | | | | | | [removed: 61] [added: 15] | | | | | | [removed: (46)] [added: (30)] | | | | | | [removed: 15] [added: (15)] | | | | | |

| Asset-based management and distribution fees (1) | | | | | | $ | [removed: (67)] [added: (285)] | | | | | $ | [removed: —] [added: 2] | | | | | $ | [removed: (67)] [added: (283)] | | | | |

| GMAB | | | | | | [removed: 15] [added: 1] | | | | | | [removed: (20)] [added: (1)] | | | | | | [removed: (5)] [added: —] | | | | | |

| Structured variable annuities | | | | | | [removed: (20)] [added: (29)] | | | | | | [removed: 110] [added: 183] | | | | | | [removed: 90] [added: 154] | | | | | |

| DAC and DSIC amortization (4) | | | | | | N/A | | | | | | N/A | | | | | | [removed: 38] [added: (18)] | | | | | |

| Macro hedge program (5) | | | | | | — | | | | | | [removed: (3)] [added: (313)] | | | | | | [removed: (3)] [added: (313)] | | | | | |

| Banking deposits | | | | | | [removed: 58] [added: 28] | | | | | | — | | | | | | [removed: 58] [added: 28] | | | | | |

| Brokerage client cash balances | | | | | | [removed: 229] [added: 146] | | | | | | — | | | | | | [removed: 229] [added: 146] | | | | | |

| Certificates | | | | | | [removed: 14] [added: 1] | | | | | | [removed: —] [added: (1)] | | | | | | [removed: 14] [added: —] | | | | | |

| IUL insurance | | | | | | [removed: 19] [added: 18] | | | | | | [removed: 1] [added: 2] | | | | | | 20 | | | | | |

The estimated net impact to pretax adjusted operating income is [removed: $(361)] [added: $(283)] million.

The above results compare to an estimated negative net impact to pretax income of [removed: $73] [added: $190] million related to a 10% equity price decline and an estimated positive net impact to pretax income of [removed: $2] [added: $80] million related to a 100 basis point increase in interest rates as of December 31, [removed: 2020.][added: 2021.]

The change in [removed: equity price] [added: interest rate] exposure as of December 31, [removed: 2021] [added: 2022] compared to prior year-end was primarily driven by [removed: a decrease] [added: additional downside rate protection added] in the [removed: equity] [added: macro] hedge [removed: position.][added: program.]

Liabilities are valued using fair value accounting principles, with risk margins incorporated in contractholder behavior [added: assumptions and with discount rates increased to reflect a current market estimate of our risk of nonperformance specific to these liabilities.]

As of December 31, [removed: 2021,] [added: 2022,] the value of our assets under management was [removed: $1.2] [added: $1.0] trillion.

The total contract value of all variable annuities as of December 31, [removed: 2021] [added: 2022] was [removed: $92.3] [added: $74.4] billion.

These contract values include GMWB and GMAB contracts which were [removed: $54.3] [added: $41.1] billion and [removed: $2.0] [added: $1.4] billion, respectively, as of December 31, [removed: 2021.][added: 2022.]

As of December 31, [removed: 2021,] [added: 2022,] reserves for GMWB were net liabilities of [removed: $2.3] [added: $1.9] billion and reserves for GMAB were net assets of [removed: $23] [added: $35] million.

As of December 31, [removed: 2021,] [added: 2022,] the reserve for GMDB and GMIB was a net liability of [removed: $41] [added: $56] million.

[removed: Changes] [added: The changes] in [removed: the] fair value of the GMWB and GMAB liabilities are recorded through earnings with fair value calculated based on projected, discounted cash flows over the life of the contract, including projected, discounted benefits and fees.

As of December 31, [removed: 2021,] [added: 2022,] we had [removed: $4.4] [added: $6.6] billion in liabilities related to structured variable annuities.

Hence, [added: liability credited rates will move more slowly under] a modest rise in interest rates [removed: would not necessarily result in changes to all the liability credited rates] while projected asset purchases would capture the full increase in interest rates.

Of the [removed: $35.8] [added: $36.1] billion in Policyholder account balances, future policy benefits and claims as of December 31, [removed: 2021, $23.9] [added: 2022, $24.9] billion is related to liabilities created by these products.

As a result of the [removed: low interest rate environment, our] current [added: market environment,] reinvestment yields are [removed: generally lower than] [added: becoming more aligned with] the current portfolio yield.

The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through [removed: 2023] [added: 2024] due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were [removed: $2.7] [added: $4.0] billion and [removed: 1.7%,] [added: 4.1%,] respectively, as of December 31, [removed: 2021.][added: 2022.]

In addition, residential mortgage backed securities, which [removed: are] [added: can be] subject to prepayment risk [removed: as] [added: under] a [removed: result of the] low interest rate environment, totaled [removed: $10.9] [added: $15.7] billion and had a weighted average yield of [removed: 1.5%] [added: 3.5%] as of December 31, [removed: 2021.][added: 2022.]

The average yield for investment purchases during the year ended December 31, [removed: 2021] [added: 2022] was approximately [removed: 1.4%.][added: 4.3%.]

The reinvestment of proceeds from maturities, calls and prepayments at rates [removed: below] [added: near] the current portfolio [removed: yield, which may be below the level of some liability GMIRs,] [added: yield] will have a [removed: negative] [added: limited] impact to future operating results.

[removed: To mitigate the unfavorable impact that the low interest] [added: In this volatile] rate [removed: environment has on our spread income,] [added: environment,] we assess reinvestment risk in our investment portfolio and monitor this risk in accordance with our asset/liability management framework.

In addition, we may [removed: reduce] [added: update] the crediting rates on our fixed products when warranted, subject to guaranteed minimums.

| Variable annuities: | | | | | | | | | | | | | | | | | | | | | | | |

| GMWB (3) | | | | | | (534) | | | | | | 489 | | | | | | (45) | | | | | |

| Total variable annuities | | | | | | (104) | | | | | | 57 | | | | | | (51) | | | | | |

| Total | | | | | | $ | (416) | | | | | $ | 258 | | | | | $ | (162) | | (6) | | |

N/A Not Applicable

| Variable annuities: | | | | | | | | | | | | | | | | | | | | | | | |

| GMWB | | | | | | 702 | | | | | | (766) | | | | | | (64) | | | | | |

| Total variable annuities | | | | | | 674 | | | | | | (584) | | | | | | 72 | | | | | |

| Certificates | | | | | | (9) | | | | | | — | | | | | | (9) | | | | | |

| Total | | | | | | $ | 861 | | | | | $ | (895) | | | | | $ | (52) | | | | |

While interest rates under the current environment have relieved some pressure from the liability guaranteed minimum interest rates (“GMIRs”), there are still some GMIRs above current levels.

We would expect the recent decline in our portfolio income yields to slow and begin to stabilize in future periods if the current environment continues.

| 1% - 1.99% | | | $ | 0.6 | | | | | $ | 0.5 | | | | | $ | 0.2 | | | | | $ | 0.1 | | | | | $ | 1.4 | |

| 3% - 3.99% | | | 7.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7.0 | | |

| Total | | | $ | 13.6 | | | | | $ | 0.5 | | | | | $ | 0.2 | | | | | $ | 0.1 | | | | | $ | 14.4 | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Variable annuity riders and structured variable annuities: | | | | | | | | | | | | | | | | | | | | | | | |

| GMWB (3) | | | | | | (327) | | | | | | 312 | | | | | | (15) | | | | | |

| Total variable annuity riders and structured variable annuities | | | | | | 7 | | | | | | 4 | | | | | | 8 | | | | | |

| Total | | | | | | $ | (325) | | | | | $ | 138 | | | | | $ | (190) | | (6) | | |

| Variable annuity riders and structured variable annuities: | | | | | | | | | | | | | | | | | | | | | | | |

| GMWB | | | | | | 1,402 | | | | | | (1,753) | | | | | | (351) | | | | | |

| Total variable annuity riders and structured variable annuities | | | | | | 1,397 | | | | | | (1,663) | | | | | | (228) | | | | | |

| Total | | | | | | $ | 1,707 | | | | | $ | (1,665) | | | | | $ | 80 | | | | |

assumptions and with discount rates increased to reflect a current market estimate of our risk of nonperformance specific to these liabilities.

However, the current low interest rate environment is resulting in interest rates below the level of some of our liability guaranteed minimum interest rates (“GMIRs”).

We expect our portfolio income yields to continue to decline in future periods if interest rates remain low.

| 1% - 1.99% | | | $ | 1.3 | | | | | $ | 0.1 | | | | | $ | 0.1 | | | | | $ | 0.1 | | | | | $ | 1.6 | |

| 3% - 3.99% | | | 7.4 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7.4 | | |

| Total | | | $ | 14.7 | | | | | $ | 0.1 | | | | | $ | 0.1 | | | | | $ | 0.1 | | | | | $ | 15.0 | |

Our network of [removed: over] [added: more than] 10,000 financial advisors (our “advisors”) is the primary channel through which we carry out our wealth management activities.

Through our affiliated advisors, we offer financial planning and advice, [removed: as well as] [added: cash management and] banking [added: products,] and full-service brokerage services, primarily to retail clients.

The financial solutions we offer through our advisors [removed: also] include other providers’ products as well as our own products and services.

We distribute our own life and disability income insurance, as well as [removed: variable] [added: variable, immediate] and structured [added: variable] annuity [removed: products] [added: products,] through our advisor channel.

Our nationally recognized brand combined with these programs and other support creates a compelling value proposition for financial advisors [removed: across] [added: relative to] the [added: broader] financial services industry.

Our global asset management [removed: capabilities,] [added: business,] represented by the *Columbia Threadneedle Investments*® [removed: brand (which now also includes the BMO Global Asset Management (EMEA) business we purchased in November 2021), offer] [added: brand, offers] a broad spectrum of [removed: investment advice and products] [added: capabilities] to individual, institutional and high net worth investors.

Columbia Threadneedle’s investment products are primarily offered through third parties, though we also provide our asset management products through our advisor [removed: network] [added: network, direct retail] and through our institutional sales force.

The quality and breadth of our asset management capabilities are demonstrated by [removed: 133 of our] [added: 131 Columbia and Threadneedle] mutual funds globally being rated as four- and five-star [removed: funds] by Morningstar.

[removed: In the past few years and continuing with our recent acquisition of the BMO Global Asset Management (EMEA) business, we] [added: We] have expanded beyond our traditional strengths in the U.S. and the United Kingdom (“U.K.”) to serve more clients and gather assets in [added: Africa, Asia, Australia, Canada,] Continental Europe, [removed: Asia, Australia and New Zealand,] the Middle East, [removed: South America] [added: New Zealand] and [removed: Africa.][added: South America.]

This has allowed us to significantly enhance the scale, performance, and product offerings of our brokerage, financial planning, retail mutual [removed: funds] [added: fund] and institutional asset management [removed: business in order] [added: businesses] to best serve our clients.

[removed: Some of our] [added: Our] acquisitions [removed: include] [added: over time have included] Threadneedle Asset Management Holdings, H&R Block Financial Advisors, Inc., J.

Seligman & Co. Incorporated, Columbia Management, Emerging Global Advisors, LLC, Investment Professionals, Inc., [removed: and] Lionstone Partners, [removed: Inc. Most] [added: Inc., and, most] recently, [removed: we acquired] BMO Financial Group’s European-based asset management [removed: business on November 8, 2021, to extend our reach] [added: business, which was completed] in [removed: EMEA and add important capabilities to Columbia Threadneedle.][added: 2021.]

In order to focus our resources and advance our corporate strategy, we have divested or reinsured [removed: some of our] [added: other] businesses, including the 2019 sale of our [removed: Ameriprise Auto] [added: auto] and [removed: Home Insurance] [added: home] business [removed: to American Family Insurance Mutual Holding Company] and our 2019 and 2021 fixed annuity reinsurance [removed: transactions of approximately $1.7 billion and $7.0 billion of fixed annuity policies, respectively.][added: transactions.]

Over the years, we have also sought to optimize the [added: organizational] structure in which we offer certain banking products.

In May 2019, we received regulatory approvals and converted Ameriprise National Trust Bank to Ameriprise Bank, FSB [added: (“Ameriprise Bank” or the “FSB”)] to expand the products and services we can provide directly to our customers.

In June 2021, we filed an application to convert Ameriprise Bank, FSB to a state-chartered industrial bank regulated by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation, as well as a separate application to transition [removed: the FSB’s] [added: Ameriprise Bank’s] personal trust services business to a new limited purpose national trust bank regulated by the Office of the Comptroller of the [removed: Currency.][added: Currency (“OCC”).]

[removed: ][added: ]

As a diversified financial services firm, we believe our ability to gather [added: and retain] assets is best measured by our aggregate assets under management and administration metric.

As of December 31, [removed: 2021,] [added: 2022,] we had [removed: $1.4] [added: $1.2] trillion in assets under management and [removed: administration] [added: administration,] compared to [removed: $1.1] [added: $1.4] trillion as of December 31, [removed: 2020.][added: 2021.]

We continue to execute on our strategy to shift our business mix toward [removed: lower capital,] [added: lower-capital,] fee-based business.

[removed: ][added: ]

| [removed: ] [added: ] | | | We use the *Ameriprise Financial*® brand as our enterprise brand, as well as the name of our advisor network and certain of our retail products and services. | | |

| [removed: ] [added: ] | | | Our global *Columbia [added: Threadneedle*TM and *Columbia] Threadneedle Investments*® [removed: brand represents] [added: brands represent] the combined capabilities, resources and reach of Columbia Management Investment Advisers, LLC (including its subsidiaries, “Columbia Management”) and Threadneedle. The foreign operations of Ameriprise Financial, Inc. are conducted primarily through Columbia Threadneedle Investments UK International Limited, TAM UK International Holdings Limited and Ameriprise Asset Management Holdings Singapore (Pte.) and their respective subsidiaries (collectively, [removed: “Threadneedle”). We plan to rebrand the] [added: “Columbia Threadneedle”). As part of our ongoing integration of] BMO Global Asset Management [removed: (EMEA) business over] [added: (EMEA), we rebranded] the [removed: course of 2022] [added: business] under the [removed: Columbia] [added: *Columbia] Threadneedle [removed: Investments brand, and we are currently using the BMO mark under a license during a transition period.] [added: Investments* brand in 2022.] | | |

| [removed: ] [added: ] | | | We use our *RiverSource*® brand for our annuity and protection products issued by RiverSource Life Insurance Company (“RiverSource Life”) and RiverSource Life Insurance Co. of New York (“RiverSource Life of NY” and, together with RiverSource Life, the “RiverSource Life companies”). | | |

[removed: Our financial advisors provide a distinctive, holistic approach to financial planning] and have access to a broad selection of both affiliated and non-affiliated products to help clients meet their financial needs and goals.

A significant portion of revenues in this segment are fee-based and driven by the level of client assets, which is impacted by both market movements and net [removed: asset] flows.

With [removed: over] [added: more than] 10,000 advisors, we are one of the top branded advisor platforms in the U.S. market where we provide our services.

[removed: ][added: ]

- Financial planning and advice services to provide personalized financial planning and financial solutions for which we charge fees and may receive sales commissions for selling products that aid in [removed: the client’s plan.][added: our clients’ plans.]

- Mutual fund offerings from our own Columbia [removed: Management family] [added: funds] as well as approximately [removed: 150] [added: 140] unaffiliated mutual fund families, representing [removed: more than] [added: approximately] 2,200 mutual funds on our brokerage platform for which mutual fund families and other companies generally pay us a portion of the revenue generated from sales of those funds, administrative fees, and fees from the ongoing management attributable to our clients’ ownership in the fund.

- Cash management and banking [removed: products] [added: products,] including [removed: broker] [added: brokerage] sweep programs, cash management accounts, credit cards, margin loans and pledged asset lines of credit.

Through *Columbia [removed: Threadneedle Investments* (including our newly acquired BMO Global Asset Management (EMEA) business),] [added: Threadneedle*,] we provide investment management, advice and products to retail, high net worth and institutional clients on a global scale.

Threadneedle, which is [removed: integrating our newly acquired] [added: continuing to integrate the] BMO Global Asset Management (EMEA) [removed: business,] [added: business acquired in 2021,] primarily provides products and services internationally.

As of December 31, [removed: 2021,] [added: 2022,] our Asset Management segment had [removed: $754] [added: $584] billion in worldwide managed assets.

Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth [removed: Management and] [added: Management,] Retirement & Protection [removed: Solutions] [added: Solutions, and Corporate & Other] segments.

Managed owned assets include certain assets on our Consolidated Balance Sheets (such as the assets of the general [removed: account] [added: account, cash balances invested by Ameriprise Bank] and [added: from certificate products, and] the variable product funds held in the separate accounts of our life insurance subsidiaries) for which the Asset Management segment provides management services and receives management fees.

The investment management activities of Columbia Threadneedle Investments are conducted through specialized investment management teams located [removed: around the globe,] [added: in our key markets,] including Amsterdam, Boston, Chicago, [added: Edinburgh, Frankfurt,] Hong Kong, Houston, London, Los Angeles, Menlo Park, Minneapolis, New York, Portland and Singapore.

Our investment management capabilities and products span a broad range of asset classes and investment styles to meet a variety of client [removed: needs.][added: needs with our $584 billion in assets under management diversified across geographies, strategies and clients.]

[removed: We] [added: We] offer or make available the following products and services through our Asset Management segment with a range of investment strategies across these different vehicles and accounts:

- U.S. [removed: Registered Funds to] [added: registered funds through] the *Columbia Management* family of funds including retail mutual funds, [removed: exchange-listed] exchange-traded funds and U.S. closed-end funds and variable insurance trust funds (“VIT Funds”) on which we earn management fees [removed: for managing the assets of the *Columbia Management* family of mutual funds] based on the underlying value of the assets and service fees.

Our primary target market is households with $500,000 to $5,000,000 in investable assets, and we are also well-suited to serve those outside this asset range.

The amount of investable assets held by investors with $500,000 or more is projected to grow 3-5% annually going forward.

Additional targets include higher-net worth households – including those with investable assets over $10,000,000 – and the next generation of investors who are currently building their wealth.

In November 2021, we purchased the BMO Global Asset Management (EMEA) business and subsequently re-branded the business.

Our financial advisors provide a distinctive, holistic approach to financial planning

Banking, lending and cash management solutions help our clients establish financial flexibility while planning for both short and long-term needs.

As part of our goal-based approach to financial advice, our advisors help our clients actively manage investing, saving and spending so our clients have a more complete picture of their financial life.

- Face-amount certificates through the Ameriprise Certificate Company, a wholly owned subsidiary.

variable capital (“SICAVs”) and Irish and UK open-end investment companies (“OEICs”).

ratings, claims-paying ratings, technology and service, advertising, brand recognition and financial strength ratings from rating agencies such as A.M. Best.

We have approximately 8,200 additional advisors who choose to affiliate with us through our franchise advisor group.

We develop our client-focused workforce through leader engagement in our professional development programs, including those that support new talent, as well as those that enhance and develop our internal talent to grow and explore their career potential at Ameriprise.

Additionally, the Board annually reviews our senior executive succession plans and broader talent development status in support of our corporate strategy, and frequently discusses talent topics at meetings.

The Board and the Compensation and Benefits Committee are regularly updated on human capital management topics and dedicate time to reviewing and discussing our company culture, talent development, retention and recruiting initiatives, diversity, equity and inclusion (“DEI”) strategy, and our annual engagement survey feedback.

In 2022, our strong corporate culture yielded the following results:

- Our employee engagement results are among the strongest in the industry – exceeding industry benchmarks overall at 85% with particular strength in the metrics of integrity, leader effectiveness, respect, and client focus.

Consistent with prior years, we had strong participation with 93% of employees participating in our survey.

- We prioritize professional development, with 95% of our employees participating in development training.

- In addition to recruiting talented professionals to join Ameriprise, we retained 91% of our high-performing employees.

One way in which we measure our progress is through our DEI index from our engagement survey that increased to 87% (+2pts) in 2022.

These results and our progress are guided by our comprehensive DEI strategy and plan that is approved by the Chairman and CEO and reviewed by our Board.

In 2022, we continued to evolve our capabilities to support our strategy, including a new Allyship training course, a gender inclusion training curriculum and continuing to enhance our measurement and diagnostic capabilities.

We have a competitive total rewards approach that

includes base salary, annual cash awards and long-term incentives as well as a comprehensive benefits strategy for employees that focuses on physical, social, emotional and financial wellness.

Despite the complexities in the external environment over the last few years associated with the pandemic, volatility in the equity and bond markets and labor market challenges, we have continued to successfully execute on our strategy and deliver solid performance, reflecting the strength and resiliency of our values-based, inclusive culture.

Our human capital strategy has served as an anchor through the disruptions in the external environment.

We have adjusted well and successfully executed a thoughtful, balanced return-to-office strategy ahead of many of our peers.

We are supporting our employees with a focus on all aspects of the employee experience, helping them maintain balance and supporting flexibility through formal and informal work arrangements, and investing in their growth and development.

customer protection) and the marketing and trading activities of broker-dealers.

disruption.

These requirements impact the way we manage assets and place, settle and report on trades for our clients, as well as market to clients and prospects.

In general, state insurance laws and regulations govern standards of solvency, capital requirements, the

| RiverSource Life | | | | | | $ | 571 | | | | | $ | 3,103 | | | | | 543 | | % |

| RiverSource Life of NY | | | | | | $ | 40 | | | | | $ | 320 | | | | | 801 | | % |

These

Insurance regulation and supervision also goes beyond direct regulation of our insurance companies in other ways.

For example, while Minnesota and New York have not yet implemented the NAIC’s “Group Capital Calculation”, what is approved will create new capital frameworks for us depending on any final rules from the FRB arising out of its still pending 2019 proposal discussed below that may supersede such Minnesota or New York requirements.

We continuously review, update and enhance our anti-money laundering procedures and programs.

The amount of investable assets held by mass affluent and affluent households (our primary target market) is growing and now accounts for over half of U.S. investable assets.

We define mass affluent and affluent as households with investable assets of more than $100,000, and we are increasingly focused on those with $500,000 to $5,000,000 in investable assets.

We refer to the entities purchased in this transaction (BMO Global Asset Management (Europe) Limited and its subsidiaries, BMO Global Asset Management (Asia) Limited, Pyrford International Limited and LGM Investments Limited) broadly as the BMO Global Asset Management (EMEA) business.

- Face-Amount Certificates through the Ameriprise Certificate Company, a wholly owned subsidiary, and our earnings are based on the difference between the interest rates credited to certificate holders and the interest earned on the cash invested.

Looking at the type of the $754 billion in assets we manage, we have approximately 54% in equity, 37% in fixed income, 5% in alternatives (which includes real estate, CLOs, private equity, hedge funds, infrastructure and commodities), 3% in hybrids and other and 1% in money market.

*Retail Distribution*

*Columbia Management* funds are sold through both unaffiliated third-party financial intermediaries and our Advice & Wealth Management segment.

Fees and reimbursements paid to such intermediaries may vary based on sales, redemptions, asset values, asset allocation, product mix, and marketing and support activities provided by the intermediary.

Intersegment distribution expenses for services provided by our Advice & Wealth Management segment are eliminated in our consolidated results.

Columbia Management Investment Distributors, Inc. acts as the principal underwriter and distributor of our *Columbia Management* family of funds.

Pursuant to distribution agreements with the funds, we offer and sell fund shares on a continuous basis and pay certain costs associated with the marketing and selling of shares.

We earn commissions for distributing the *Columbia Management* funds through sales charges on certain classes of shares and distribution (12b-1) and servicing-related fees based on a percentage of fund assets and receive intersegment allocation payments.

This revenue is impacted by overall asset levels and mix of the funds.

*Threadneedle* and BMO Global Asset Management (EMEA) funds are sold primarily through financial intermediaries and institutions, including banks, life insurance companies, independent financial advisers, wealth managers and platforms offering a variety of investment products.

Threadneedle and BMO Global Asset Management (EMEA) also distribute directly to certain clients.

In particular, the BMO Global Asset Management (EMEA) business operates direct to consumer savings plans that allow retail investors to purchase at their discretion shares in the investment trusts managed by this business.

Various affiliates serve as the distributors of these fund offerings and are authorized to engage in such activities in numerous countries across Europe, the Middle East, the Asia-Pacific region, Latin America and Africa.

Certain *Threadneedle* and BMO Global Asset Management (EMEA) fund offerings, such as its EU UCITS products, may be distributed on a cross-border basis while others are distributed exclusively in local markets.

*Institutional and High Net Worth Distribution*

We offer separately managed account services and certain funds to high net worth clients and to a wide variety of institutional clients, including pension plans, employee savings plans, foundations, sovereign wealth funds, endowments, corporations, banks, trusts, governmental entities, high net worth individuals and not-for-profit organizations.

We provide investment management services for insurance companies, including our insurance subsidiaries.

We also provide a variety of services for our institutional clients that sponsor retirement plans.

We have dedicated institutional sales teams that market directly to such institutional clients.

We concentrate on establishing strong relationships with both institutional clients as well as leading global and national consultancy firms across North America, Europe, the Middle East, Asia, New Zealand and Australia.

life contingent feature are earned as premium revenue.

We also offer our clients various riders and alternatives.

brand recognition, reputation and the ability to attract and retain investment personnel.

As an example, the implementation of the terms of the United Kingdom’s exit from the European Union (“EU”) (commonly known as “Brexit”) and other regulatory or political impacts may ultimately favor certain types of asset managers in the EU over non-EU firms.

In 2021, a year when the persistency of the coronavirus disease 2019 (“COVID-19”) pandemic continued to impact the global marketplace:

- We continued to have strong employee engagement, including our industry-leading engagement results (84%) and high leadership effectiveness scores (90%) in our annual engagement survey where our results exceeded external benchmarks.

93% of employees participated in our survey.

- 91% of our employees participated in development training.

- We retained 92% of our high-performing employees.

In 2021, we added resources to support our strategy, including adding new positions on the diversity, equity and inclusion team, developing business unit specific programs, and enhancing our measurement and diagnostic capabilities.

Employees receive base pay, and all are eligible for annual incentive awards and many are eligible for additional long-term incentives.

Additionally, employees receive a competitive benefits package that addresses employees’ physical, social, emotional, and financial wellness.

Ameriprise was well prepared to manage through the unexpected COVID-19 pandemic and its associated impacts because of the strategic investments and actions we have taken over many years.

From the start and throughout this extended period of multiple variants, our priority has remained on serving our clients, as well as the health and safety of our employees.

As we continue to navigate this challenging environment, our balance sheet strength, technology infrastructure and risk management foundation remain key to our success.

Importantly, throughout the ongoing pandemic, we have remained focused on protecting the health and safety of our employees and advisors through a variety of strategic actions, including having the vast majority of our workforce work-from-home during 2020, using safety protocols in our offices, and increased communications and resources for our employees during the pandemic.

For a discussion of material legal proceedings, see Note [removed: 26] [added: 25] to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.

| For the Fiscal Year Ended | | | | | | December 31, [removed: 2021] [added: 2022] | | | | | | | | |

| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T [removed: (§ 232.405] [added: (§232.405] of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | | | Yes | | | ☒ | | | No | | | ☐ | | |

The aggregate market value, as of June 30, [removed: 2021,] [added: 2022,] of voting shares held by non-affiliates of the registrant was approximately [removed: $28.4] [added: $25.8] billion.

| | | | Class | | | | | | Outstanding at February [removed: 11, 2022] [added: 10, 2023] | | | | | |

| Common Stock (par value $.01 per share) | | | [removed: 110,750,945] [added: 105,279,357] shares | | | | | | | | | | | |

Part III: Portions of the registrant’s Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on April [removed: 27, 2022] [added: 26, 2023] (“Proxy Statement”).

| | | | [Item 1. [removed: Business](#i80d068c8159141f59866221b79b82a19_16)] [added: Business](#i9501caacafa04c1e9ba47ba0ec2ca398_16)] | | | [removed: [3](#i80d068c8159141f59866221b79b82a19_16)] [added: [1](#i9501caacafa04c1e9ba47ba0ec2ca398_16)] | | |

| | | | [Item 1A. Risk [removed: Factors](#i80d068c8159141f59866221b79b82a19_19)] [added: Factors](#i9501caacafa04c1e9ba47ba0ec2ca398_19)] | | | [removed: [19](#i80d068c8159141f59866221b79b82a19_19)] [added: [16](#i9501caacafa04c1e9ba47ba0ec2ca398_19)] | | |

| | | | [Item 1B. Unresolved Staff [removed: Comments](#i80d068c8159141f59866221b79b82a19_22)] [added: Comments](#i9501caacafa04c1e9ba47ba0ec2ca398_22)] | | | [removed: [31](#i80d068c8159141f59866221b79b82a19_22)] [added: [28](#i9501caacafa04c1e9ba47ba0ec2ca398_22)] | | |

| | | | [Item 2. [removed: Properties](#i80d068c8159141f59866221b79b82a19_25)] [added: Properties](#i9501caacafa04c1e9ba47ba0ec2ca398_25)] | | | [removed: [31](#i80d068c8159141f59866221b79b82a19_25)] [added: [29](#i9501caacafa04c1e9ba47ba0ec2ca398_25)] | | |

| | | | [Item 3. Legal [removed: Proceedings](#i80d068c8159141f59866221b79b82a19_28)] [added: Proceedings](#i9501caacafa04c1e9ba47ba0ec2ca398_28)] | | | [removed: [31](#i80d068c8159141f59866221b79b82a19_28)] [added: [29](#i9501caacafa04c1e9ba47ba0ec2ca398_28)] | | |

| | | | [Item 4. Mine Safety [removed: Disclosures](#i80d068c8159141f59866221b79b82a19_31)] [added: Disclosures](#i9501caacafa04c1e9ba47ba0ec2ca398_31)] | | | [removed: [31](#i80d068c8159141f59866221b79b82a19_31)] [added: [29](#i9501caacafa04c1e9ba47ba0ec2ca398_31)] | | |

| | | | [Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i80d068c8159141f59866221b79b82a19_37)] [added: Securities](#i9501caacafa04c1e9ba47ba0ec2ca398_37)] | | | [removed: [32](#i80d068c8159141f59866221b79b82a19_37)] [added: [30](#i9501caacafa04c1e9ba47ba0ec2ca398_37)] | | |

| | | | [Item [removed: 6.](#i80d068c8159141f59866221b79b82a19_40) [\[Reserved\]](#i80d068c8159141f59866221b79b82a19_40)] [added: 6. \[Reserved\]](#i9501caacafa04c1e9ba47ba0ec2ca398_40)] | | | [removed: [32](#i80d068c8159141f59866221b79b82a19_40)] [added: [30](#i9501caacafa04c1e9ba47ba0ec2ca398_40)] | | |

| | | | [Item 7. Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i80d068c8159141f59866221b79b82a19_43)] [added: Operations](#i9501caacafa04c1e9ba47ba0ec2ca398_43)] | | | [removed: [33](#i80d068c8159141f59866221b79b82a19_43)] [added: [31](#i9501caacafa04c1e9ba47ba0ec2ca398_43)] | | |

| | | | [Item 7A. Quantitative and Qualitative Disclosures About Market [removed: Risk](#i80d068c8159141f59866221b79b82a19_118)] [added: Risk](#i9501caacafa04c1e9ba47ba0ec2ca398_115)] | | | [removed: [59](#i80d068c8159141f59866221b79b82a19_118)] [added: [55](#i9501caacafa04c1e9ba47ba0ec2ca398_115)] | | |

| | | | [Item 8. Financial Statements and Supplementary [removed: Data](#i80d068c8159141f59866221b79b82a19_121)] [added: Data](#i9501caacafa04c1e9ba47ba0ec2ca398_118)] | | | [removed: [66](#i80d068c8159141f59866221b79b82a19_121)] [added: [62](#i9501caacafa04c1e9ba47ba0ec2ca398_118)] | | |

| | | | [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i80d068c8159141f59866221b79b82a19_232)] [added: Disclosure](#i9501caacafa04c1e9ba47ba0ec2ca398_226)] | | | [removed: [150](#i80d068c8159141f59866221b79b82a19_232)] [added: [144](#i9501caacafa04c1e9ba47ba0ec2ca398_226)] | | |

| | | | [Item 9A. Controls and [removed: Procedures](#i80d068c8159141f59866221b79b82a19_235)] [added: Procedures](#i9501caacafa04c1e9ba47ba0ec2ca398_229)] | | | [removed: [150](#i80d068c8159141f59866221b79b82a19_235)] [added: [144](#i9501caacafa04c1e9ba47ba0ec2ca398_229)] | | |

| | | | [Item 9B. Other [removed: Information](#i80d068c8159141f59866221b79b82a19_238)] [added: Information](#i9501caacafa04c1e9ba47ba0ec2ca398_232)] | | | [removed: [151](#i80d068c8159141f59866221b79b82a19_238)] [added: [145](#i9501caacafa04c1e9ba47ba0ec2ca398_232)] | | |

| | | | [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i80d068c8159141f59866221b79b82a19_2392)] [added: Inspections](#i9501caacafa04c1e9ba47ba0ec2ca398_235)] | | | [removed: [151](#i80d068c8159141f59866221b79b82a19_2392)] [added: [145](#i9501caacafa04c1e9ba47ba0ec2ca398_235)] | | |

| | | | [Item 10. Directors, Executive Officers and Corporate [removed: Governance](#i80d068c8159141f59866221b79b82a19_244)] [added: Governance](#i9501caacafa04c1e9ba47ba0ec2ca398_241)] | | | [removed: [152](#i80d068c8159141f59866221b79b82a19_244)] [added: [145](#i9501caacafa04c1e9ba47ba0ec2ca398_241)] | | |

| | | | [Item 11. Executive [removed: Compensation](#i80d068c8159141f59866221b79b82a19_247)] [added: Compensation](#i9501caacafa04c1e9ba47ba0ec2ca398_244)] | | | [removed: [154](#i80d068c8159141f59866221b79b82a19_247)] [added: [148](#i9501caacafa04c1e9ba47ba0ec2ca398_244)] | | |

| | | | [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i80d068c8159141f59866221b79b82a19_250)] [added: Matters](#i9501caacafa04c1e9ba47ba0ec2ca398_247)] | | | [removed: [154](#i80d068c8159141f59866221b79b82a19_250)] [added: [148](#i9501caacafa04c1e9ba47ba0ec2ca398_247)] | | |

| | | | [Item 13. Certain Relationships and Related Transactions, and Director [removed: Independence](#i80d068c8159141f59866221b79b82a19_253)] [added: Independence](#i9501caacafa04c1e9ba47ba0ec2ca398_250)] | | | [removed: [154](#i80d068c8159141f59866221b79b82a19_253)] [added: [148](#i9501caacafa04c1e9ba47ba0ec2ca398_250)] | | |

| | | | [Item 14. Principal Accountant Fees and [removed: Services](#i80d068c8159141f59866221b79b82a19_256)] [added: Services](#i9501caacafa04c1e9ba47ba0ec2ca398_253)] | | | [removed: [154](#i80d068c8159141f59866221b79b82a19_256)] [added: [148](#i9501caacafa04c1e9ba47ba0ec2ca398_253)] | | |

| | | | [Item 15. Exhibits and Financial Statement [removed: Schedules](#i80d068c8159141f59866221b79b82a19_262)] [added: Schedules](#i9501caacafa04c1e9ba47ba0ec2ca398_259)] | | | [removed: [156](#i80d068c8159141f59866221b79b82a19_262)] [added: [149](#i9501caacafa04c1e9ba47ba0ec2ca398_259)] | | |

| | | | [Item 16. Form 10-K [removed: Summary](#i80d068c8159141f59866221b79b82a19_265)] [added: Summary](#i9501caacafa04c1e9ba47ba0ec2ca398_262)] | | | [removed: [158](#i80d068c8159141f59866221b79b82a19_265)] [added: [151](#i9501caacafa04c1e9ba47ba0ec2ca398_262)] | | |

| | | | [Schedule I - Condensed Financial Information of [removed: Registrant](#i80d068c8159141f59866221b79b82a19_271)] [added: Registrant](#i9501caacafa04c1e9ba47ba0ec2ca398_268)] | | | [removed: [161](#i80d068c8159141f59866221b79b82a19_271)] [added: [154](#i9501caacafa04c1e9ba47ba0ec2ca398_268)] | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | | | ☐ | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). | | | ☐ | | |

| [PART I](#i9501caacafa04c1e9ba47ba0ec2ca398_13) | | | | | | [1](#i9501caacafa04c1e9ba47ba0ec2ca398_13) | | |

| [PART II](#i9501caacafa04c1e9ba47ba0ec2ca398_34) | | | | | | [30](#i9501caacafa04c1e9ba47ba0ec2ca398_34) | | |

| [PART III](#i9501caacafa04c1e9ba47ba0ec2ca398_238) | | | | | | [145](#i9501caacafa04c1e9ba47ba0ec2ca398_238) | | |

| [PART IV](#i9501caacafa04c1e9ba47ba0ec2ca398_256) | | | | | | [149](#i9501caacafa04c1e9ba47ba0ec2ca398_256) | | |

| | | | [Signatures](#i9501caacafa04c1e9ba47ba0ec2ca398_265) | | | [152](#i9501caacafa04c1e9ba47ba0ec2ca398_265) | | |

| [PART I.](#i80d068c8159141f59866221b79b82a19_13) | | | | | | | | |

| [PART II.](#i80d068c8159141f59866221b79b82a19_34) | | | | | | | | |

| [PART III.](#i80d068c8159141f59866221b79b82a19_241) | | | | | | | | |

| [PART IV.](#i80d068c8159141f59866221b79b82a19_259) | | | | | | | | |

| | | | [Signatures](#i80d068c8159141f59866221b79b82a19_268) | | | [159](#i80d068c8159141f59866221b79b82a19_268) | | |

Our [added: other] principal leases are in the following locations:

Columbia Threadneedle [removed: Investments] also leases approximately 66,000 square feet of a shared building in London plus an additional 73,000 square feet in four shared buildings in London following the acquisition of the BMO Global Asset Management (EMEA) business (as well as additional locations in Swindon, U.K., Dorking, U.K. and Edinburgh, U.K.), approximately 39,000 square feet of a shared building in New York and also leases property in a number of other cities to support its global operations; and

We have announced that starting in 2023, we will be consolidating our Minneapolis office footprint, and we plan to move all our Minneapolis based employees to our Client Service Center by 2025.

- As of December 31, 2022, Columbia Threadneedle occupies 82,000 square feet of offices in Boston.

- In 2021, Columbia Threadneedle Investments terminated the lease on its old offices in Boston and leased new offices in Boston containing approximately 82,000 square feet.

As of December 31, 2021, Columbia Threadneedle Investments occupies 41,000 square feet of new offices and plans to occupy the remaining space in Spring of 2022.

As of February [removed: 11, 2022,] [added: 10, 2023,] we had approximately [removed: 12,202] [added: 12,153] common shareholders of record.

Information comparing the cumulative total shareholder return on our common stock to the cumulative total return for certain indices is set forth under the heading “Performance Graph” provided in our [removed: 2021] [added: 2022] Annual Report to Shareholders and is furnished herewith.

The following table presents the information with respect to purchases made by or on behalf of Ameriprise Financial, Inc. or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act), of our common stock during the fourth quarter of [removed: 2021:][added: 2022:]

[removed: (1) In August 2020, our Board of Directors authorized an expenditure of up to $2.5 billion for the repurchase of our common stock through September 30, 2022.The] [added: The] share repurchase program does not require the purchase of any minimum number of shares, and depending on market conditions and other factors, these purchases may be commenced or suspended at any time without prior notice.

[removed: On] [added: (1) In] January [removed: 26,] 2022, our Board of Directors authorized an [removed: additional] [added: expenditure of up to] $3.0 billion for the repurchase of our common stock through March 31, 2024.

| October 1 to October 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 382,157 | | | | | | $ | 274.73 | | | | | 382,157 | | | | | | $ | 1,948,814,573 | |

| Employee transactions (2) | | | | | | 29,006 | | | | | | $ | 298.88 | | | | | N/A | | | | | | N/A | | |

| November 1 to November 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 437,991 | | | | | | $ | 324.06 | | | | | 437,991 | | | | | | $ | 1,806,879,045 | |

| Employee transactions (2) | | | | | | 134,733 | | | | | | $ | 326.36 | | | | | N/A | | | | | | N/A | | |

| December 1 to December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 713,931 | | | | | | $ | 315.55 | | | | | 713,931 | | | | | | $ | 1,581,596,848 | |

| Employee transactions (2) | | | | | | 16,020 | | | | | | $ | 318.39 | | | | | N/A | | | | | | N/A | | |

| Share repurchase program (1) | | | | | | 1,534,079 | | | | | | $ | 307.81 | | | | | 1,534,079 | | | | | | | | |

| Employee transactions (2) | | | | | | 179,759 | | | | | | $ | 321.22 | | | | | N/A | | | | | | | | |

| | | | | | | 1,713,838 | | | | | | | | | | | | 1,534,079 | | | | | | | | |

| October 1 to October 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 587,754 | | | | | | $ | 286.39 | | | | | 587,754 | | | | | | $ | 763,578,125 | |

| Employee transactions (2) | | | | | | 178,720 | | | | | | $ | 301.64 | | | | | N/A | | | | | | N/A | | |

| November 1 to November 30, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 588,794 | | | | | | $ | 303.12 | | | | | 588,794 | | | | | | $ | 585,100,165 | |

| Employee transactions (2) | | | | | | 60,111 | | | | | | $ | 304.59 | | | | | N/A | | | | | | N/A | | |

| December 1 to December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 514,200 | | | | | | $ | 296.90 | | | | | 514,200 | | | | | | $ | 432,436,666 | |

| Employee transactions (2) | | | | | | 85,100 | | | | | | $ | 304.96 | | | | | N/A | | | | | | N/A | | |

| Share repurchase program (1) | | | | | | 1,690,748 | | | | | | $ | 295.41 | | | | | 1,690,748 | | | | | | | | |

| Employee transactions (2) | | | | | | 323,931 | | | | | | $ | 303.06 | | | | | N/A | | | | | | | | |

| | | | | | | 2,014,679 | | | | | | | | | | | | 1,690,748 | | | | | | | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i80d068c8159141f59866221b79b82a19_124)] [added: Firm](#i9501caacafa04c1e9ba47ba0ec2ca398_121)] (PCAOB Firm ID 238) | | | | | | | | | [removed: [67](#i80d068c8159141f59866221b79b82a19_124)] [added: [63](#i9501caacafa04c1e9ba47ba0ec2ca398_121)] | | |

| [Consolidated Statements of Operations — Years ended December 31, [removed: 2021, 2020 and 2019](#i80d068c8159141f59866221b79b82a19_127)] [added: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_124)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_124)[, 202](#i9501caacafa04c1e9ba47ba0ec2ca398_124)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_124) [and 20](#i9501caacafa04c1e9ba47ba0ec2ca398_124)[20](#i9501caacafa04c1e9ba47ba0ec2ca398_124)] | | | | | | | | | [removed: [70](#i80d068c8159141f59866221b79b82a19_127)] [added: [66](#i9501caacafa04c1e9ba47ba0ec2ca398_124)] | | |

| [Consolidated Statements of Comprehensive Income — Years ended December 31, [removed: 2021, 2020 and 2019](#i80d068c8159141f59866221b79b82a19_130)] [added: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_127)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_127)[, 202](#i9501caacafa04c1e9ba47ba0ec2ca398_127)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_127) [and 20](#i9501caacafa04c1e9ba47ba0ec2ca398_127)[20](#i9501caacafa04c1e9ba47ba0ec2ca398_127)] | | | | | | | | | [removed: [71](#i80d068c8159141f59866221b79b82a19_130)] [added: [66](#i9501caacafa04c1e9ba47ba0ec2ca398_127)] | | |

| [Consolidated Balance Sheets — December 31, [removed: 2021 and 2020](#i80d068c8159141f59866221b79b82a19_133)] [added: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_130)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_130) [and 202](#i9501caacafa04c1e9ba47ba0ec2ca398_130)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_130)] | | | | | | | | | [removed: [72](#i80d068c8159141f59866221b79b82a19_133)] [added: [67](#i9501caacafa04c1e9ba47ba0ec2ca398_130)] | | |

| [Consolidated Statements of Equity — Years ended December 31, [removed: 2021, 2020 and 2019](#i80d068c8159141f59866221b79b82a19_136)] [added: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_133)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_133)[, 202](#i9501caacafa04c1e9ba47ba0ec2ca398_133)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_133) [and 20](#i9501caacafa04c1e9ba47ba0ec2ca398_133)[20](#i9501caacafa04c1e9ba47ba0ec2ca398_133)] | | | | | | | | | [removed: [73](#i80d068c8159141f59866221b79b82a19_136)] [added: [68](#i9501caacafa04c1e9ba47ba0ec2ca398_133)] | | |

| [Consolidated Statements of Cash Flows — Years ended December 31, [removed: 2021, 2020 and 2019](#i80d068c8159141f59866221b79b82a19_139)] [added: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_136)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_136)[, 202](#i9501caacafa04c1e9ba47ba0ec2ca398_136)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_136) [and 20](#i9501caacafa04c1e9ba47ba0ec2ca398_136)[20](#i9501caacafa04c1e9ba47ba0ec2ca398_136)] | | | | | | | | | [removed: [74](#i80d068c8159141f59866221b79b82a19_139)] [added: [69](#i9501caacafa04c1e9ba47ba0ec2ca398_136)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i80d068c8159141f59866221b79b82a19_142)] [added: Statements](#i9501caacafa04c1e9ba47ba0ec2ca398_139)] | | | | | | | | | [removed: [76](#i80d068c8159141f59866221b79b82a19_142)] [added: [71](#i9501caacafa04c1e9ba47ba0ec2ca398_139)] | | |

| 2. | | | [Summary of Significant Accounting [removed: Policies](#i80d068c8159141f59866221b79b82a19_148)] [added: Policies](#i9501caacafa04c1e9ba47ba0ec2ca398_145)] | | | | | | [removed: [76](#i80d068c8159141f59866221b79b82a19_148)] [added: [71](#i9501caacafa04c1e9ba47ba0ec2ca398_145)] | | |

| 3. | | | [Recent Accounting [removed: Pronouncements](#i80d068c8159141f59866221b79b82a19_151)] [added: Pronouncements](#i9501caacafa04c1e9ba47ba0ec2ca398_148)] | | | | | | [removed: [86](#i80d068c8159141f59866221b79b82a19_151)] [added: [80](#i9501caacafa04c1e9ba47ba0ec2ca398_148)] | | |

| 4. | | | [Revenue from Contracts with [removed: Customers](#i80d068c8159141f59866221b79b82a19_154)] [added: Customers](#i9501caacafa04c1e9ba47ba0ec2ca398_151)] | | | | | | [removed: [88](#i80d068c8159141f59866221b79b82a19_154)] [added: [82](#i9501caacafa04c1e9ba47ba0ec2ca398_151)] | | |

| 5. | | | [Variable Interest [removed: Entities](#i80d068c8159141f59866221b79b82a19_157)] [added: Entities](#i9501caacafa04c1e9ba47ba0ec2ca398_154)] | | | | | | [removed: [92](#i80d068c8159141f59866221b79b82a19_157)] [added: [86](#i9501caacafa04c1e9ba47ba0ec2ca398_154)] | | |

| 9. | | | [Goodwill and Other Intangible [removed: Assets](#i80d068c8159141f59866221b79b82a19_169)] [added: Assets](#i9501caacafa04c1e9ba47ba0ec2ca398_166)] | | | | | | [removed: [106](#i80d068c8159141f59866221b79b82a19_169)] [added: [99](#i9501caacafa04c1e9ba47ba0ec2ca398_166)] | | |

| 10. | | | [Deferred Acquisition Costs and Deferred Sales Inducement [removed: Costs](#i80d068c8159141f59866221b79b82a19_172)] [added: Costs](#i9501caacafa04c1e9ba47ba0ec2ca398_169)] | | | | | | [removed: [108](#i80d068c8159141f59866221b79b82a19_172)] [added: [100](#i9501caacafa04c1e9ba47ba0ec2ca398_169)] | | |

| 11. | | | [Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account [removed: Liabilities](#i80d068c8159141f59866221b79b82a19_175)] [added: Liabilities](#i9501caacafa04c1e9ba47ba0ec2ca398_172)] | | | | | | [removed: [109](#i80d068c8159141f59866221b79b82a19_175)] [added: [101](#i9501caacafa04c1e9ba47ba0ec2ca398_172)] | | |

| 12. | | | [Variable Annuity and Insurance [removed: Guarantees](#i80d068c8159141f59866221b79b82a19_178)] [added: Guarantees](#i9501caacafa04c1e9ba47ba0ec2ca398_175)] | | | | | | [removed: [111](#i80d068c8159141f59866221b79b82a19_178)] [added: [103](#i9501caacafa04c1e9ba47ba0ec2ca398_175)] | | |

| 15. | | | [Fair Values of Assets and [removed: Liabilities](#i80d068c8159141f59866221b79b82a19_187)] [added: Liabilities](#i9501caacafa04c1e9ba47ba0ec2ca398_184)] | | | | | | [removed: [114](#i80d068c8159141f59866221b79b82a19_187)] [added: [107](#i9501caacafa04c1e9ba47ba0ec2ca398_184)] | | |

| 16. | | | [Offsetting Assets and [removed: Liabilities](#i80d068c8159141f59866221b79b82a19_190)] [added: Liabilities](#i9501caacafa04c1e9ba47ba0ec2ca398_187)] | | | | | | [removed: [124](#i80d068c8159141f59866221b79b82a19_190)] [added: [118](#i9501caacafa04c1e9ba47ba0ec2ca398_187)] | | |

| 17. | | | [Derivatives and Hedging [removed: Activities](#i80d068c8159141f59866221b79b82a19_193)] [added: Activities](#i9501caacafa04c1e9ba47ba0ec2ca398_190)] | | | | | | [removed: [126](#i80d068c8159141f59866221b79b82a19_193)] [added: [119](#i9501caacafa04c1e9ba47ba0ec2ca398_190)] | | |

| [removed: 25.] [added: 24.] | | | [Retirement Plans and Profit Sharing [removed: Arrangements](#i80d068c8159141f59866221b79b82a19_217)] [added: Arrangements](#i9501caacafa04c1e9ba47ba0ec2ca398_214)] | | | | | | [removed: [142](#i80d068c8159141f59866221b79b82a19_217)] [added: [135](#i9501caacafa04c1e9ba47ba0ec2ca398_214)] | | |

We have audited the accompanying consolidated balance sheets of Ameriprise Financial, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the related consolidated statements of operations, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in [removed: *Internal] [added: Internal] Control - Integrated [removed: Framework*] [added: Framework] (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021] [added: 2022] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in [removed: *Internal] [added: Internal] Control - Integrated [removed: Framework*] [added: Framework] (2013) issued by the COSO.

As [removed: described in Notes 2 and 11 to the consolidated financial statements, the total reserves for long term care policies was $5,664 million as] of December 31, [removed: 2021, which] [added: 2022, the net embedded derivative liability in certain variable annuity riders was $608 million, and] is included in policyholder account balances, future policy benefits and claims on the consolidated balance sheet.

The principal considerations for our determination that performing procedures relating to the valuation of [removed: the reserves for long term care] [added: certain guarantees on variable annuity and certain life insurance] policies [added: accounted for as insurance liabilities] is a critical audit matter are the significant judgment [added: used] by management when developing the [removed: current best] estimate [removed: assumptions used in the premium deficiency test] [added: of certain guarantees] on [removed: the reserves] [added: variable annuity and certain life insurance policies accounted] for [removed: long term care policies,] [added: as insurance liabilities,] which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating [removed: audit evidence relating to] management’s [removed: current best estimate] [added: significant] assumptions [removed: related] [added: used] to [removed: expected premium rate increases, benefit reductions, morbidity] [added: determine customer asset value growth] rates, [removed: and interest rates earned on assets supporting the liability.][added: persistency, investment margins, and, for variable annuity policies, benefit utilization.]

The principal considerations for our determination that performing procedures relating to the valuation of the embedded derivatives in certain variable annuity riders is a critical audit matter are the significant judgment [added: used] by management to estimate the fair value of the embedded derivatives in certain variable annuity riders, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to the significant unobservable inputs [removed: related] [added: used] to [added: determine] implied volatility, nonperformance risk and contractholder behavior assumptions that include margins for risk.

These procedures included testing the effectiveness of controls related to the Company’s estimate of the fair value of embedded derivatives in certain variable annuity riders, including controls over the significant [added: unobservable inputs.]

[removed: Evaluating and testing management’s process also included the involvement of professionals with specialized skill and knowledge to assist in (i) evaluating the reasonableness of the significant] assumptions related to customer asset value growth rates, persistency, benefit utilization and investment margins based on industry knowledge and data as well as historical Company data and experience, and (ii) evaluating the appropriateness of management’s models.

| [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | |

| Management and financial advice fees | | | $ | [removed: 9,275] [added: 9,033] | | | | | $ | [removed: 7,368] [added: 9,275] | | | | | $ | [removed: 7,015] [added: 7,368] | |

| Distribution fees | | | [removed: 1,830] [added: 1,938] | | | | | | [removed: 1,661] [added: 1,830] | | | | | | [removed: 1,919] [added: 1,661] | | |

| Net investment income | | | [removed: 1,683] [added: 1,474] | | | | | | [removed: 1,251] [added: 1,683] | | | | | | [removed: 1,463] [added: 1,251] | | |

| Premiums, policy and contract charges | | | [removed: 273] [added: 1,411] | | | | | | [removed: 1,395] [added: 273] | | | | | | [removed: 2,224] [added: 1,395] | | |

| Other revenues | | | [removed: 382] [added: 491] | | | | | | [removed: 283] [added: 382] | | | | | | [removed: 269] [added: 283] | | |

| Total revenues | | | [removed: 13,443] [added: 14,347] | | | | | | [removed: 11,958] [added: 13,443] | | | | | | [removed: 13,103] [added: 11,958] | | |

| Banking and deposit interest expense | | | [removed: 12] [added: 76] | | | | | | [removed: 59] [added: 12] | | | | | | [removed: 136] [added: 59] | | |

| Total net revenues | | | [removed: 13,431] [added: 14,271] | | | | | | [removed: 11,899] [added: 13,431] | | | | | | [removed: 12,967] [added: 11,899] | | |

| Distribution expenses | | | [removed: 5,015] [added: 4,923] | | | | | | [removed: 4,059] [added: 5,015] | | | | | | [removed: 3,810] [added: 4,059] | | |

| Interest credited to fixed accounts | | | [removed: 600] [added: 665] | | | | | | [removed: 644] [added: 600] | | | | | | [removed: 669] [added: 644] | | |

| Benefits, claims, losses and settlement expenses | | | [removed: 716] [added: 1,372] | | | | | | [removed: 1,806] [added: 716] | | | | | | [removed: 2,576] [added: 1,806] | | |

| 1. | | | [Basis of Presentation](#i9501caacafa04c1e9ba47ba0ec2ca398_142) | | | | | | [71](#i9501caacafa04c1e9ba47ba0ec2ca398_142) | | |

| 6. | | | [Investments](#i9501caacafa04c1e9ba47ba0ec2ca398_157) | | | | | | [91](#i9501caacafa04c1e9ba47ba0ec2ca398_157) | | |

| 7. | | | [Financing Receivables](#i9501caacafa04c1e9ba47ba0ec2ca398_160) | | | | | | [95](#i9501caacafa04c1e9ba47ba0ec2ca398_160) | | |

| 8. | | | [Reinsurance](#i9501caacafa04c1e9ba47ba0ec2ca398_163) | | | | | | [98](#i9501caacafa04c1e9ba47ba0ec2ca398_163) | | |

| 13. | | | [Customer Deposits](#i9501caacafa04c1e9ba47ba0ec2ca398_178) | | | | | | [105](#i9501caacafa04c1e9ba47ba0ec2ca398_178) | | |

| 14. | | | [Debt](#i9501caacafa04c1e9ba47ba0ec2ca398_181) | | | | | | [106](#i9501caacafa04c1e9ba47ba0ec2ca398_181) | | |

| 18. | | | [Leases](#i9501caacafa04c1e9ba47ba0ec2ca398_193) | | | | | | [124](#i9501caacafa04c1e9ba47ba0ec2ca398_193) | | |

| 19. | | | [Share-Based Compensation](#i9501caacafa04c1e9ba47ba0ec2ca398_199) | | | | | | [125](#i9501caacafa04c1e9ba47ba0ec2ca398_199) | | |

| 20. | | | [Shareholders’ Equity](#i9501caacafa04c1e9ba47ba0ec2ca398_202) | | | | | | [128](#i9501caacafa04c1e9ba47ba0ec2ca398_202) | | |

| 21. | | | [Earnings per Share](#i9501caacafa04c1e9ba47ba0ec2ca398_205) | | | | | | [131](#i9501caacafa04c1e9ba47ba0ec2ca398_205) | | |

| 22. | | | [Regulatory Requirements](#i9501caacafa04c1e9ba47ba0ec2ca398_208) | | | | | | [131](#i9501caacafa04c1e9ba47ba0ec2ca398_208) | | |

| 23. | | | [Income Taxes](#i9501caacafa04c1e9ba47ba0ec2ca398_211) | | | | | | [133](#i9501caacafa04c1e9ba47ba0ec2ca398_211) | | |

| 25. | | | [Commitments, Guarantees and Contingencies](#i9501caacafa04c1e9ba47ba0ec2ca398_217) | | | | | | [139](#i9501caacafa04c1e9ba47ba0ec2ca398_217) | | |

| 26. | | | [Related Party Transactions](#i9501caacafa04c1e9ba47ba0ec2ca398_220) | | | | | | [140](#i9501caacafa04c1e9ba47ba0ec2ca398_220) | | |

| 27. | | | [Segment Information](#i9501caacafa04c1e9ba47ba0ec2ca398_223) | | | | | | [140](#i9501caacafa04c1e9ba47ba0ec2ca398_223) | | |

| 28. | | | [Revision of Prior Period Financial Statements](#i9501caacafa04c1e9ba47ba0ec2ca398_2325) | | | | | | [144](#i9501caacafa04c1e9ba47ba0ec2ca398_2325) | | |

Evaluating and testing management’s process also included the involvement of professionals with specialized skill and knowledge to assist in (i) evaluating the reasonableness of the significant

February 23, 2023

| Total other comprehensive income (loss), net of tax | | | (2,608) | | | | | | (634) | | | | | | 449 | | |

| Total comprehensive income (loss) | | | $ | (49) | | | | | $ | 2,126 | | | | | $ | 1,983 | |

| Total assets | | | $ | 158,468 | | | | | $ | 175,910 | |

| Total liabilities | | | 154,855 | | | | | | 169,969 | | |

| Total equity | | | 3,613 | | | | | | 5,941 | | |

| Total liabilities and equity | | | $ | 158,468 | | | | | $ | 175,910 | |

| Other comprehensive loss, net of tax | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (634) | | | | | | (634) | | |

| Other comprehensive loss, net of tax | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,608) | | | | | | (2,608) | | |

| Repurchase of common shares | | | (7,371,332) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,095) | | | | | | — | | | | | | (2,095) | | |

| Share-based compensation plans | | | 1,789,312 | | | | | | — | | | | | | 297 | | | | | | — | | | | | | 72 | | | | | | — | | | | | | 369 | | |

| Balances at December 31, 2022 | | | 105,278,990 | | | | | | $ | 3 | | | | | $ | 9,517 | | | | | $ | 19,531 | | | | | $ | (23,089) | | | | | $ | (2,349) | | | | | $ | 3,613 | |

During 2022, the Company identified an error related to the shadow unearned revenue liability balance associated with universal life insurance products.

The Company evaluated the error and determined that the impact was not material to the Company’s results for any prior period, but that correcting the cumulative impact of the error in the current period would be material to total comprehensive income for the year ended December 31, 2022.

Accordingly, and for comparability, the Company revised the prior period Consolidated Financial Statements and related disclosures impacted.

A summary of the revision to the Company’s previously reported Consolidated Financial Statements is presented in Note 28.

comprehensive income (“AOCI”).

recorded within Receivables.

The allowance for credit

under the same master netting arrangement.

Unless the Company’s management identifies a significant deviation over the course of the

*Financial Instruments – Credit Losses – Troubled Debt Restructurings and Vintage Disclosures*

In March 2022, the Financial Accounting Standards Board (“FASB”) proposed amendments to Accounting Standards Update (“ASU”) 2016-13, *Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments* (“Topic 326”).

| 1. | | | [Basis of Presentation](#i80d068c8159141f59866221b79b82a19_145) | | | | | | [76](#i80d068c8159141f59866221b79b82a19_145) | | |

| 6. | | | [Investments](#i80d068c8159141f59866221b79b82a19_160) | | | | | | [97](#i80d068c8159141f59866221b79b82a19_160) | | |

| 7. | | | [Financing Receivables](#i80d068c8159141f59866221b79b82a19_163) | | | | | | [101](#i80d068c8159141f59866221b79b82a19_163) | | |

| 8. | | | [Reinsurance](#i80d068c8159141f59866221b79b82a19_166) | | | | | | [105](#i80d068c8159141f59866221b79b82a19_166) | | |

| 13. | | | [Customer Deposits](#i80d068c8159141f59866221b79b82a19_181) | | | | | | [113](#i80d068c8159141f59866221b79b82a19_181) | | |

| 14. | | | [Debt](#i80d068c8159141f59866221b79b82a19_184) | | | | | | [114](#i80d068c8159141f59866221b79b82a19_184) | | |

| 18. | | | [Leases](#i80d068c8159141f59866221b79b82a19_196) | | | | | | [130](#i80d068c8159141f59866221b79b82a19_196) | | |

| 19. | | | [Disposal of Business](#i80d068c8159141f59866221b79b82a19_199) | | | | | | [131](#i80d068c8159141f59866221b79b82a19_199) | | |

| 20. | | | [Share-Based Compensation](#i80d068c8159141f59866221b79b82a19_202) | | | | | | [131](#i80d068c8159141f59866221b79b82a19_202) | | |

| 21. | | | [Shareholders’ Equity](#i80d068c8159141f59866221b79b82a19_205) | | | | | | [135](#i80d068c8159141f59866221b79b82a19_205) | | |

| 22. | | | [Earnings per Share](#i80d068c8159141f59866221b79b82a19_208) | | | | | | [137](#i80d068c8159141f59866221b79b82a19_208) | | |

| 23. | | | [Regulatory Requirements](#i80d068c8159141f59866221b79b82a19_211) | | | | | | [137](#i80d068c8159141f59866221b79b82a19_211) | | |

| 24. | | | [Income Taxes](#i80d068c8159141f59866221b79b82a19_214) | | | | | | [140](#i80d068c8159141f59866221b79b82a19_214) | | |

| 26. | | | [Commitments, Guarantees and Contingencies](#i80d068c8159141f59866221b79b82a19_220) | | | | | | [146](#i80d068c8159141f59866221b79b82a19_220) | | |

| 27. | | | [Related Party Transactions](#i80d068c8159141f59866221b79b82a19_223) | | | | | | [147](#i80d068c8159141f59866221b79b82a19_223) | | |

| 28. | | | [Segment Information](#i80d068c8159141f59866221b79b82a19_226) | | | | | | [148](#i80d068c8159141f59866221b79b82a19_226) | | |

As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded the BMO Global Asset Management (EMEA) business from its assessment of internal control over financial reporting as of December 31, 2021 because it was acquired by the Company in a purchase business combination during 2021.

We have also excluded the BMO Global Asset Management (EMEA) business from our audit of internal control over financial reporting.

The BMO Global Asset Management (EMEA) business is a wholly-owned subsidiary whose total assets and total net revenues excluded from management’s assessment and our audit of internal control over financial reporting represent less than 1% and less than 1%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2021.

*Valuation of the reserves for long term care policies*

Liabilities for estimates of benefits that will become payable on future claims on long term care policies are based on a gross premium valuation reflecting management’s current best estimate assumptions.

Management utilizes best estimate assumptions as of the date the policy is issued with provisions for the risk of adverse deviation, as appropriate.

After the liabilities are initially established, management performs premium deficiency tests using current best estimate assumptions annually in the third quarter of each year unless management identifies a material deviation over the course of quarterly monitoring.

The best estimate assumptions include expected premium rate increases, benefit reductions, morbidity rates, policy persistency and interest rates earned on assets supporting the liability.

If a premium deficiency is recognized, the assumptions as of the date of the loss recognition are locked in and used in subsequent periods, and it is recorded as a component of benefits, claims, losses and settlement expenses.

As disclosed by management, this review did not result in the identification of a premium deficiency for 2021.

Also, the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to the Company’s premium deficiency test on the reserves for long term care policies, including controls over management’s development of the current best estimate assumptions.

These procedures also included, among others, evaluating and testing management’s process for performing the premium deficiency testing on the reserves for long term care policies, including testing that assumptions are accurately reflected in the valuation models and testing the completeness and accuracy of underlying data used by management.

Evaluating and testing management’s process also included the involvement of professionals with specialized skill and knowledge to assist in (i) evaluating the reasonableness of the current best estimate assumptions related to expected premium rate increases, benefit reductions, morbidity rates, and interest rates earned on assets supporting the liability based on industry knowledge and data as well as historical Company data and experience, and (ii) evaluating the appropriateness of management’s valuation models.

As of December 31, 2021, the net embedded derivative liability in certain variable annuity riders was $1,486 million, and is included in policyholder account balances, future policy benefits and claims on the consolidated balance sheet.

unobservable inputs.

The principal considerations for our determination that performing procedures relating to the valuation of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities is a critical audit matter are the significant judgment by management when developing the estimate of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumptions related to customer asset value growth rates, persistency, investment margins, and, for variable annuity policies, benefit utilization.

February 25, 2022

Ameriprise Financial, Inc.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Gain on disposal of business | | | — | | | | | | — | | | | | | 213 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balances at January 1, 2019 | | | 136,330,747 | | | | | | $ | 3 | | | | | $ | 8,260 | | | | | $ | 12,909 | | | | | $ | (15,293) | | | | | $ | (291) | | | | | $ | 5,588 | |

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) designed to provide reasonable assurance that the information required to be reported in the Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in and pursuant to U.S. Securities and Exchange Commission (“SEC”) regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as [added: appropriate, to allow timely decisions regarding the required disclosure.]

Based upon that evaluation, our company’s Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at a reasonable level of assurance as of December 31, [removed: 2021.][added: 2022.]

The Company’s management, with the participation of our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2021.][added: 2022.]

Based on management’s assessment and those criteria, we conclude that, as of December 31, [removed: 2021,] [added: 2022,] the Company’s internal control over financial reporting is effective.

PricewaterhouseCoopers LLP, the Company’s independent registered public accounting firm, has issued an audit report on the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2021.][added: 2022.]

appropriate, to allow timely decisions regarding the required disclosure.

On November 8, 2021, the Company completed its acquisition of the BMO Global Asset Management (EMEA) business.

Consistent with guidance issued by the Securities and Exchange Commission staff that an assessment of a recently acquired business may be omitted from management’s report on internal control over financial reporting in the year of acquisition, management excluded the BMO Global Asset Management (EMEA) business from its assessment of the effectiveness of the Company’s internal control over financial reporting.

Total assets and net revenues of $789 million and $60 million excluded from management’s assessment constitute less than 1% of the Company’s consolidated total assets as of December 31, 2021 and less than 1% of consolidated net revenues for the fiscal year ended December 31, 2021.

Management’s basis for exclusion included the size and complexity of the acquired business, the timing between acquisition and fiscal year end, and expected integration plans during the fiscal year ending December 31, 2022.

- information included under the caption [removed: “Voting Information-Requirements, Including Deadlines,] [added: “Information About the Annual Meeting and Voting-Other Business-Requirements and Deadlines] for Submission of [removed: Proxy Proposals,] [added: Shareholder Proposals or] Nomination of Directors [removed: and Other Business by Shareholders”;][added: for the 2024 Annual Meeting”;]

- information included under the caption “Corporate Governance-Committees of the [removed: Board-Membership on Board Committees”;][added: Board”;]

- information included under the caption “Corporate Governance-Committees of the Board-Audit [removed: and Risk] Committee-Audit and Risk Committee Financial Experts”; and

Also included in this list is [removed: John R.][added: Dawn M.]

[removed: Hutt,] [added: Brockman,] our principal accounting officer.

Mr. Cracchiolo [removed: (63)] [added: (64)] has been our Chairman and Chief Executive Officer since September 2005 when the Company completed its spinoff from American Express.

Prior to his current role, Mr. Cracchiolo held a number of senior-level positions at American Express, including group president of American Express Global Financial Services (2000 - 2005); CEO and president of American Express Financial Corporation (AEFC) (2000 - 2005) and chairman of AEFC (2001 - 2005); chairman of American Express Bank Ltd. (2000 - 2005); president and CEO of Travel Related Services International (TRS) (1998 - [removed: 2003);] [added: 2000);] president of Global Network Services (1997 -1998); senior vice president of TRS Quality, Global Reengineering (1993 - 1997); and executive vice president and chief financial officer of Shearson Lehman Brothers (then a unit of American Express) (1990 -1993).

Mr. Berman [removed: (79)] [added: (80)] has been our Executive Vice President and Chief Financial Officer since September 2005.

Ms. Hunter Petruzillo [removed: (60)] [added: (61)] has been our Executive Vice President of Human Resources since September 2005.

[removed: Hutt-Senior] [added: Brockman-Senior] Vice [removed: President-Corporate Finance,] [added: President and Corporate] Controller (Principal Accounting Officer)

McGraw-Executive Vice President-Marketing, [removed: Corporate] Communications and Community Relations

Ms. McGraw [removed: (51)] [added: (52)] has been our Executive Vice President-Marketing, [removed: Corporate] Communications and Community Relations since May 2014.

[removed: *Karen Wilson Thissen-Executive] [added: Melloh-Executive] Vice President and General [removed: Counsel][added: Counsel]

Ms. [removed: Wilson Thissen (55)] [added: Melloh (51)] has been our Executive Vice President [removed: and] [added: -] General Counsel since [removed: January 2017.][added: June 2022.]

O’Connell-Executive Vice President, Ameriprise Advisor [added: Group & Ameriprise Financial Institutions] Group

Mr. O'Connell [removed: (52)] [added: (53)] has been our Executive Vice President of the Ameriprise Advisor Group since February 2013.

Prior to that, he was Senior Vice President for the employee advisor business in the eastern half of the United States and in other senior leadership positions within [removed: the company] [added: Ameriprise] before that.

Mr. Sweeney [removed: (60)] [added: (61)] has been our President-Advice & Wealth Management, Products and Service Delivery since June 2012.

Bill Williams [removed: (54)] [added: (55)] has been our Executive Vice President, Ameriprise Franchise Group since February 2013.

Mr. Alvero [removed: (54)] [added: (55)] has been our President - Insurance and Annuities since February 2022.

He earned a [removed: bachelor of science] [added: B.S.] in business from the University of Minnesota.

Couto-Head of North [removed: America][added: America, Columbia Threadneedle Investments]

Mr. Couto [removed: (52)] [added: (53)] has been our Head of North America for Columbia Threadneedle Investments since February 2018.

Mr. Davies [removed: (58)] [added: (59)] has been our Executive Vice President and Global Chief Investment Officer since February 2022.

Mr. Davies previously served as Global Head of Equities from July 2017 until [removed: January] [added: February] 2022.

Nick Ring-Chief Executive [removed: Officer,] [added: Officer-Global Asset Management,] EMEA

Mr. Ring [removed: (56)] [added: (57)] has been our Chief Executive [removed: Officer,] [added: Officer - Global Asset Management,] EMEA since September 2019.

Mr. Truscott [removed: (61)] [added: (62)] has been our CEO - Global Asset Management since September 2012.

We have adopted a set of Corporate Governance Principles and Categorical Standards of Director Independence which, together with the charters of the three standing committees of the Board of Directors [removed: (Audit;] [added: (Audit and Risk;] Compensation and Benefits; and Nominating and Governance) and our Code of Conduct (which constitutes the Company’s code of ethics), provide the framework for the governance of our company.

A complete copy of our Corporate Governance [removed: Principles] [added: Guidelines] and Categorical Standards of Director Independence, the charters of each of the Board committees, the Code of Conduct (which applies not only to our Chief Executive Officer, Chief Financial Officer and Controller, but also to all other employees of our company) and the Code of Business Conduct for the Members of the Board of Directors may be found by clicking the “Corporate Governance” link found on our Investor Relations website at ir.ameriprise.com.

[removed: (Information from such sites is not incorporated] by reference into this report.) You may also obtain free copies of these materials by writing to our Corporate Secretary at our principal executive offices.

*Dawn M.

Ms. Brockman (50) has been our Senior Vice President and Controller since September 2022, and previously was Interim Controller from July 2022 until September 2022.

Prior to that, Ms. Brockman served as Vice President Finance - Controllership since November 2019 until July 2022 and the Vice President Finance - Advice & Wealth Management from October 2013 to November 2019.

Ms. Brockman joined the Ameriprise in 1994.

Mr. Smyth (61) has been our Chief Information Officer since August 2020.

*Heather J.

Ms. Melloh previously served as Senior Vice President & Assistant General Counsel since January 2020 to June 2022.

From January 2017 until January 2020, Ms. Melloh was Vice President & Lead Chief Counsel.

Ms. Melloh joined Ameriprise in 2005 and had previously been a partner at the law firm of Dorsey & Whitney, LLP in Minneapolis.

She is active as a leader in many industry groups and within Ameriprise serves on the board of the Political Action Committee.

(Information from such sites is not incorporated

*John R.

Mr. Hutt (47) has been our Controller since June 2019 and Senior Vice President - Corporate Finance since August 2016.

Prior to joining Ameriprise in 2006, Mr. Hutt held roles at KPMG LLP and RBC Capital Markets.

He has a Bachelor of Science degree in Accounting from the University of Minnesota and an MBA from the University of Notre Dame.

He holds Certified Public Accountant (CPA) - inactive and Chartered Financial Analyst (CFA) designations.

In August 2020, Mr. Smyth (60) became Chief Information Officer.

Prior to that, Ms. Wilson Thissen served as our Executive Vice President and Deputy General Counsel since January 2014 and in other positions within the Company since November 2004.

Before joining the Company, Ms. Wilson Thissen was a partner at the law firm Faegre & Benson LLP (now Faegre Drinker Biddle & Reath).

- information under the caption “Corporate [removed: Governance-Compensation] [added: Governance-Committees of the Board-Compensation] and Benefits Committee-Compensation Committee Interlocks and Insider Participation”;

- information included under the caption “Compensation Discussion and [removed: Analysis”,] [added: Analysis” (other than under the heading “Pay Versus Performance”),] and

[removed: For additional information on the Company’s] [added: Descriptions of our] equity compensation plans [removed: see] [added: can be found in] Note [removed: 20 — Share-Based Compensation] [added: 19] to our Consolidated Financial Statements [added: included] in Part II, Item 8 of this Annual Report on Form 10-K.

The Equity Compensation Plan Information table under the caption “Item 4 - To adopt and approve the Ameriprise Financial 2005 Incentive Compensation Plan, as Amended and Restated” in the Proxy Statement is incorporated herein by reference.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Equity Compensation Plan Information | | | (a) | | | | | | (b) | | | | | | (c) | | | | | |

| Plan category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | | | | | Weighted-average exercise price of outstanding options, warrants and rights | | | | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) – shares | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| Equity compensation plans approved by security holders | | | 5,201,157 | | | (1) | | | $ | 145.79 | | | | | 8,934,371 | | | | | |

| Equity compensation plans not approved by security holders | | | 2,959,044 | | | (2) | | | — | | | | | | 5,544,867 | | | (3) | | |

| Total | | | 8,160,201 | | | | | | $ | 145.79 | | | | | 14,479,238 | | | | | |

(1) Includes 1,878,075 share units subject to vesting per the terms of the applicable plan which could result in the issuance of common stock.

As the terms of these share based awards do not provide for an exercise price, they have been excluded from the weighted average exercise price in column B.

(2) Includes 2,959,044 share units subject to vesting per the terms of the applicable plans which could result in the issuance of common stock.

The non-shareholder approved plans consist of the Ameriprise Financial 2008 Employment Incentive Equity Award Plan, the Ameriprise Advisor Group Deferred Compensation Plan and the Ameriprise Financial Franchise Advisor Deferred Compensation Plan.

(3) Consists of 3,258,635 shares of common stock issuable under the terms of the Ameriprise Financial 2008 Employment Incentive Equity Award Plan, 1,121,764 shares of common stock issuable under the Ameriprise Advisor Group Deferred Compensation Plan, and 1,164,468 shares of common stock issuable under the Ameriprise Financial Franchise Advisor Deferred Compensation Plan.

Descriptions of our equity compensation plans can be found in Note 20 to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

The information under the captions “Corporate [removed: Governance-Director Independence,” “Corporate Governance-Director Independence-Categorical Standards of Director] [added: Governance-Board Composition-Director] Independence,” “Corporate [removed: Governance-Director Independence-Independence] [added: Governance-Board Composition-Independence] of Committee Members” and “Certain Transactions” in the Proxy Statement is incorporated herein by reference.

The information set forth under the heading [removed: “Ratification] [added: “Item 5-Ratification] of [removed: the] Audit and Risk Committee’s Selection of PricewaterhouseCoopers LLP as the Company’s Independent Registered Public Accounting Firm for [removed: 2022,] [added: 2023”,] “-Independent Registered Public Accounting Firm [added: Fees”; “-Services to Associated Organizations”; and “-Policy on Pre-Approval of Services Provided by Independent Registered Public Accounting Firm,” in the Proxy Statement is incorporated herein by reference.]

Fees”; “-Services to Associated Organizations”; and “-Policy on Pre-Approval of Services Provided by Independent Registered Public Accounting Firm,” in the Proxy Statement is incorporated herein by reference.

| | | | [removed: Condensed] [added: [Condensed] Statements of Operations – December [removed: 31, 2021, 2020 and 2019] [added: 31,](#i9501caacafa04c1e9ba47ba0ec2ca398_271) [2022, 2021](#i9501caacafa04c1e9ba47ba0ec2ca398_271) [and](#i9501caacafa04c1e9ba47ba0ec2ca398_271) [2020](#i9501caacafa04c1e9ba47ba0ec2ca398_271)] | | | [removed: [162](#i80d068c8159141f59866221b79b82a19_274)] [added: [155](#i9501caacafa04c1e9ba47ba0ec2ca398_271)] | | |

| | | | [removed: Condensed] [added: [Condensed] Balance Sheets - December [removed: 31, 2021 and 2020] [added: 31,](#i9501caacafa04c1e9ba47ba0ec2ca398_274) [2022](#i9501caacafa04c1e9ba47ba0ec2ca398_274) [and](#i9501caacafa04c1e9ba47ba0ec2ca398_274) [2021](#i9501caacafa04c1e9ba47ba0ec2ca398_274)] | | | [removed: [163](#i80d068c8159141f59866221b79b82a19_277)] [added: [156](#i9501caacafa04c1e9ba47ba0ec2ca398_274)] | | |

| | | | [removed: Condensed] [added: [Condensed] Statements of Cash Flows – December [removed: 31, 2021, 2020 and 2019] [added: 31,](#i9501caacafa04c1e9ba47ba0ec2ca398_277) [2022, 2021](#i9501caacafa04c1e9ba47ba0ec2ca398_277) [and](#i9501caacafa04c1e9ba47ba0ec2ca398_277) [2020](#i9501caacafa04c1e9ba47ba0ec2ca398_277)] | | | [removed: [164](#i80d068c8159141f59866221b79b82a19_280)] [added: [157](#i9501caacafa04c1e9ba47ba0ec2ca398_277)] | | |

| | | | [removed: Notes] [added: [Notes] to Condensed Financial Information of [removed: Registrant] [added: Registrant](#i9501caacafa04c1e9ba47ba0ec2ca398_280)] | | | [removed: [165](#i80d068c8159141f59866221b79b82a19_283)] [added: [158](#i9501caacafa04c1e9ba47ba0ec2ca398_280)] | | |

| [removed: [10.10](http://www.sec.gov/Archives/edgar/data/820027/000082002721000058/ampex101ameriprisefinanc.htm)†] [added: [10.21](http://www.sec.gov/Archives/edgar/data/820027/000082002718000040/ampexhibit101.htm)†] | | | Ameriprise Financial [removed: Long-Term] [added: Annual] Incentive Award [removed: Program Guide] [added: Plan, as amended and restated as of January 1, 2009] (incorporated by reference to Exhibit 10.1 of the Quarterly Report on Form 10-Q, File No. 1-32525, filed on May [removed: 10, 2021).] [added: 2, 2018).] | | |

| [removed: [10.11](https://www.sec.gov/Archives/edgar/data/820027/000082002722000016/exhibit1011-12312021.htm)*†] [added: [10.11](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1011-12312021.htm)†] | | | Ameriprise Financial Performance Cash Unit Plan Supplement to the Long Term Incentive Award Program [removed: Guide.] [added: Guide (incorporated by reference to Exhibit 10.11 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022).] | | |

| [removed: [10.13](https://www.sec.gov/Archives/edgar/data/820027/000082002722000016/exhibit1013-12312021.htm)*†] [added: [10.13](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1013-12312021.htm)†] | | | Ameriprise Financial Performance Share Unit Plan Supplement to the Long-Term Incentive Award Program [removed: Guide.] [added: Guide (incorporated by reference to Exhibit 10.13 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022).] | | |

| [removed: [10.20](http://www.sec.gov/Archives/edgar/data/820027/000082002719000010/amp12312018exhibit1021.htm)†] [added: [10.20](http://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1023.htm)†] | | | Ameriprise [removed: Financial 2008 Employment Incentive Equity Award] [added: Advisor Group Deferred Compensation] Plan, as amended and restated effective [removed: November 20, 2018] [added: January 1, 2016] (incorporated by reference to Exhibit [removed: 10.21] [added: 10.23] of the Annual Report on Form [removed: 10-K,] [added: 10-K] File [removed: Co.] [added: No.] 1-32525, filed on February [removed: 27, 2019).] [added: 25, 2016).] | | |

| [removed: [10.21](http://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1023.htm)†] [added: [10.23](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1024-12312021.htm)†] | | | [removed: Ameriprise Advisor Group Deferred Compensation Plan, as] [added: Threadneedle Deferral Plan (as] amended and restated effective January 1, [removed: 2016] [added: 2018)] (incorporated by reference to Exhibit [removed: 10.23] [added: 10.24] of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, [removed: 2016).] [added: 2022).] | | |

| [removed: [10.23](http://www.sec.gov/Archives/edgar/data/820027/000110465921080096/tm2119367d1_ex10-1.htm)] [added: [10.22](http://www.sec.gov/Archives/edgar/data/820027/000110465921080096/tm2119367d1_ex10-1.htm)] | | | Fourth Amended and Restated Credit Agreement, dated as of June 11, 2021, among Ameriprise Financial, Inc., as Borrower, the lenders party thereto, Wells Fargo Bank, National Association as Administrative Agent, Swingline Lender and Issuing Lender, Bank of America, N.A. and Citibank, N.A. as Co-Syndication Agents, and Credit Suisse AG, New York Branch, Goldman Sachs Bank USA, HSBC Bank USA, National Association, JPMorgan Chase Bank, N.A., U.S. Bank National Association and BMP Harris Bank N.A. as Co-Documentation Agents, and Wells Fargo Securities, LLC, BofA Securities, Inc. and CitiBank, N,A. as Joint Lead Arrangers and Joint Bookrunners (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, File No. 1-32525, filed on June 11, 2021). | | |

| [removed: [10.25](https://www.sec.gov/Archives/edgar/data/820027/000082002722000016/exhibit1025-12312021.htm)*†] [added: [10.24](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1025-12312021.htm)†] | | | First Amendment to the Threadneedle Deferral Plan (effective December 6, [removed: 2018).] [added: 2018) (incorporated by reference to Exhibit 10.25 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022).] | | |

| [removed: [10.26](https://www.sec.gov/Archives/edgar/data/820027/000082002722000016/exhibit1026-12312021.htm)*†] [added: [10.25](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1026-12312021.htm)†] | | | Deferred Stock Unit Award Certificate - Threadneedle Deferral [removed: Plan.] [added: Plan (incorporated by reference to Exhibit 10.26 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022).] | | |

| [removed: [10.27](https://www.sec.gov/Archives/edgar/data/820027/000082002722000016/exhibit1027-12312021.htm)*†] [added: [10.26](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1027-12312021.htm)†] | | | Form of Deferred Stock Unit Award - Threadneedle Deferral [removed: Plan.] [added: Plan (incorporated by reference to Exhibit 10.27 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022).] | | |

| [removed: [13](https://www.sec.gov/Archives/edgar/data/820027/000082002722000016/exhibit13-12312c36.htm)*] [added: [13](https://www.sec.gov/Archives/edgar/data/820027/000082002723000014/exhibit13-12312022.htm)*] | | | Portions of the Ameriprise Financial, Inc. [removed: 2021] [added: 2022] Annual Report to Shareholders, which are furnished solely for the information of the SEC and are not to be deemed “filed.” | | |

| [removed: [21](https://www.sec.gov/Archives/edgar/data/820027/000082002722000016/exhibit21-ampxx12312021.htm)*] [added: [21](https://www.sec.gov/Archives/edgar/data/820027/000082002723000014/exhibit21-ampxx12312022.htm)*] | | | Subsidiaries of Ameriprise Financial, Inc. | | |