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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM

10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended

September 30, 2021

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from_______________________to_______________________

Commission File No.			1-32525

AMERIPRISE FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

Delaware

13-3180631

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1099 Ameriprise Financial Center

Minneapolis

Minnesota

55474

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(612)

671-3131

			Former name, former address and former fiscal year, if changed since last report:			Not Applicable

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock (par value $.01 per share)

AMP

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

No

☐

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 (§ 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

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

No

☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

Outstanding at October 29, 2021

Common Stock (par value $.01 per share)

111,889,817 shares

---

AMERIPRISE FINANCIAL, INC.

FORM 10-Q

INDEX 

Part I. Financial Information
Item 1. Financial Statements (Unaudited)
			Consolidated Statements of Operations — Three months and nine months ended September 30, 2021 and 2020						3
			Consolidated Statements of Comprehensive Income — Three months and nine months ended September 30, 2021 and 2020						4
			Consolidated Balance Sheets — September 30, 2021 and December 31, 2020						5
			Consolidated Statements of Equity — Three months and nine months ended September 30, 2021 and 2020						6
			Consolidated Statements of Cash Flows — Nine months ended September 30, 2021 and 2020						7
			Notes to Consolidated Financial Statements
			1.			Basis of Presentation			9
			2.			Recent Accounting Pronouncements			9
			3.			Revenue from Contracts with Customers			12
			4.			Variable Interest Entities			16
			5.			Investments			21
			6.			Financing Receivables			25
			7.			Reinsurance			29
			8.			Deferred Acquisition Costs and Deferred Sales Inducement Costs			29
			9.			Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities			30
			10.			Variable Annuity and Insurance Guarantees			31
			11.			Debt			32
			12.			Fair Values of Assets and Liabilities			33
			13.			Offsetting Assets and Liabilities			45
			14.			Derivatives and Hedging Activities			47
			15.			Shareholders’ Equity			51
			16.			Income Taxes			53
			17.			Contingencies			54
			18.			Earnings per Share			55
			19.			Segment Information			56
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations									58
Item 3.  Quantitative and Qualitative Disclosures About Market Risk									89
Item 4.  Controls and Procedures									89
Part II.  Other Information									90
Item 1.  Legal Proceedings									90
Item 1A.  Risk Factors									90
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds									90
Item 6.  Exhibits									91
Signatures									92

2

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AMERIPRISE FINANCIAL, INC.

PART I. FINANCIAL INFORMATION 

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(in millions, except per share amounts)
Revenues
Management and financial advice fees			$	2,367					$	1,893					$	6,720					$	5,365
Distribution fees			458						400						1,368						1,239
Net investment income			773						300						1,428						933
Premiums, policy and contract charges			(805)						352						(94)						1,019
Other revenues			113						68						259						213
Total revenues			2,906						3,013						9,681						8,769
Banking and deposit interest expense			3						10						10						53
Total net revenues			2,903						3,003						9,671						8,716
Expenses
Distribution expenses			1,285						1,028						3,693						2,963
Interest credited to fixed accounts			172						170						455						523
Benefits, claims, losses and settlement expenses			(719)						1,104						338						824
Amortization of deferred acquisition costs			9						85						77						349
Interest and debt expense			64						37						149						124
General and administrative expense			822						763						2,475						2,292
Total expenses			1,633						3,187						7,187						7,075
Pretax income (loss)			1,270						(184)						2,484						1,641
Income tax provision (benefit)			239						(44)						425						284
Net income (loss)			$	1,031					$	(140)					$	2,059					$	1,357
Earnings per share
Basic			$	8.86					$	(1.14)					$	17.42					$	10.87
Diluted			$	8.65					$	(1.14)					$	17.03					$	10.73

See Notes to Consolidated Financial Statements.

3

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AMERIPRISE FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(in millions)
Net income (loss)			$	1,031					$	(140)					$	2,059					$	1,357
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment			(22)						27						(21)						(14)
Net unrealized gains (losses) on securities			(339)						95						(538)						268
Defined benefit plans			—						—						29						—
Total other comprehensive income (loss), net of tax			(361)						122						(530)						254
Total comprehensive income (loss)			$	670					$	(18)					$	1,529					$	1,611

See Notes to Consolidated Financial Statements.

4

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AMERIPRISE FINANCIAL, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

			September 30, 2021						December 31, 2020
			(in millions, except share amounts)
Assets
Cash and cash equivalents			$	7,736					$	6,751
Cash of consolidated investment entities			68						94
Investments (allowance for credit losses: 2021, $19; 2020, $52)			33,518						41,031
Investments of consolidated investment entities, at fair value			2,170						1,918
Separate account assets			95,129						92,611
Receivables (allowance for credit losses: 2021, $52; 2020, $49)			15,920						7,819
Receivables of consolidated investment entities, at fair value			18						16
Deferred acquisition costs			2,735						2,532
Restricted and segregated cash, cash equivalents and investments			2,351						2,558
Other assets			11,079						10,551
Other assets of consolidated investment entities, at fair value			2						2
Total assets			$	170,726					$	165,883
Liabilities and Equity
Liabilities:
Policyholder account balances, future policy benefits and claims			$	34,864					$	33,992
Separate account liabilities			95,129						92,611
Customer deposits			18,693						17,641
Short-term borrowings			200						200
Long-term debt			2,831						2,831
Debt of consolidated investment entities, at fair value			2,163						1,913
Accounts payable and accrued expenses			2,146						1,998
Other liabilities			8,922						8,761
Other liabilities of consolidated investment entities, at fair value			71						69
Total liabilities			165,019						160,016
Equity:
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 334,347,693 and 332,390,132, respectively)			3						3
Additional paid-in capital			9,118						8,822
Retained earnings			16,955						15,292
Treasury shares, at cost (221,950,106 and 215,624,519 shares, respectively)			(20,468)						(18,879)
Accumulated other comprehensive income (loss), net of tax			99						629
Total equity			5,707						5,867
Total liabilities and equity			$	170,726					$	165,883

See Notes to Consolidated Financial Statements.

5

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AMERIPRISE FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

			Number of Outstanding Shares			Common Shares			Additional Paid-In Capital			Retained Earnings			Treasury Shares			Accumulated Other  Comprehensive Income (Loss)			Total
			(in millions, except per share data)
Balances at July 1, 2020			120,607,501			$	3		$	8,622		$	15,510		$	(18,029)		$	394		$	6,500
Comprehensive income (loss):
Net income (loss)			—			—			—			(140)			—			—			(140)
Other comprehensive income, net of tax			—			—			—			—			—			122			122
Total comprehensive loss																					(18)
Dividends to shareholders			—			—			—			(129)			—			—			(129)
Repurchase of common shares			(2,215,753)			—			—			—			(341)			—			(341)
Share-based compensation plans			239,861			—			55			—			—			—			55
Balances at September 30, 2020			118,631,609			$	3		$	8,677		$	15,241		$	(18,370)		$	516		$	6,067
Balances at July 1, 2021			114,297,434			$	3		$	9,049		$	16,057		$	(19,883)		$	460		$	5,686
Comprehensive income (loss):
Net income			—			—			—			1,031			—			—			1,031
Other comprehensive loss, net of tax			—			—			—			—			—			(361)			(361)
Total comprehensive income																					670
Dividends to shareholders			—			—			—			(133)			—			—			(133)
Repurchase of common shares			(2,236,129)			—			—			—			(586)			—			(586)
Share-based compensation plans			336,282			—			69			—			1			—			70
Balances at September 30, 2021			112,397,587			$	3		$	9,118		$	16,955		$	(20,468)		$	99		$	5,707
Balances at January 1, 2020			123,939,234			$	3		$	8,461		$	14,279		$	(17,276)		$	262		$	5,729
Cumulative effect of adoption of adoption of current expected credit losses guidance			—			—			—			(9)			—			—			(9)
Comprehensive income:
Net income			—			—			—			1,357			—			—			1,357
Other comprehensive income, net of tax			—			—			—			—			—			254			254
Total comprehensive income																					1,611
Dividends to shareholders			—			—			—			(386)			—			—			(386)
Repurchase of common shares			(7,392,430)			—			—			—			(1,135)						(1,135)
Share-based compensation plans			2,084,805			—			216			—			41			—			257
Balances at September 30, 2020			118,631,609			$	3		$	8,677		$	15,241		$	(18,370)		$	516		$	6,067
Balances at January 1, 2021			116,765,613			$	3		$	8,822		$	15,292		$	(18,879)		$	629		$	5,867
Comprehensive income:
Net income			—			—			—			2,059			—			—			2,059
Other comprehensive loss, net of tax			—			—			—			—			—			(530)			(530)
Total comprehensive income																					1,529
Dividends to shareholders			—			—			—			(396)			—			—			(396)
Repurchase of common shares			(6,724,301)			—			—			—			(1,624)			—			(1,624)
Share-based compensation plans			2,356,275			—			296			—			35			—			331
Balances at September 30, 2021			112,397,587			$	3		$	9,118		$	16,955		$	(20,468)		$	99		$	5,707
See Notes to Consolidated Financial Statements.

6

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AMERIPRISE FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Nine Months Ended September 30,
			2021						2020
			(in millions)
Cash Flows from Operating Activities
Net income			$	2,059					$	1,357
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net			95						150
Deferred income tax expense (benefit)			63						198
Share-based compensation			124						107
Net realized investment (gains) losses			(627)						(14)
Net trading (gains) losses			3						(9)
Loss from equity method investments			58						58
Impairments and provision for loan losses			2						19
Net (gains) losses of consolidated investment entities			(17)						(7)
Changes in operating assets and liabilities:
Restricted and segregated investments			(101)						—
Deferred acquisition costs			(128)						186
Policyholder account balances, future policy benefits and claims, net			1,174						3,252
Derivatives, net of collateral			(290)						265
Receivables			(360)						(216)
Brokerage deposits			(45)						205
Accounts payable and accrued expenses			146						(94)
Current income tax expense (benefit)			(393)						(100)
Deferred taxes, net			(112)						—
Other operating assets and liabilities of consolidated investment entities, net			15						20
Other, net			108						262
Net cash provided by (used in) operating activities			1,774						5,639
Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales			555						1,690
Maturities, sinking fund payments and calls			8,992						6,568
Purchases			(10,047)						(10,197)
Proceeds from sales, maturities and repayments of mortgage loans			242						146
Funding of mortgage loans			(166)						(147)
Proceeds from sales, maturities and collections of other investments			155						139
Purchase of other investments			(73)						(219)
Purchase of investments by consolidated investment entities			(1,461)						(679)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities			850						454
Purchase of land, buildings, equipment and software			(86)						(107)
Cash paid for written options with deferred premiums			(314)						(292)
Cash received from written options with deferred premiums			60						129
Cash paid for deposit receivable			(216)						(3)
Cash received for deposit receivable			132						74
Other, net			4						23
Net cash provided by (used in) investing activities			(1,373)						(2,421)
See Notes to Consolidated Financial Statements.

7

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AMERIPRISE FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)
			Nine Months Ended September 30,
			2021						2020
			(in millions)
Cash Flows from Financing Activities
Investment certificates:
Proceeds from additions			$	2,004					$	3,428
Maturities, withdrawals and cash surrenders			(3,320)						(3,780)
Policyholder account balances:
Deposits and other additions			1,131						1,202
Net transfers from (to) separate accounts			(206)						(63)
Surrenders and other benefits			(1,002)						(1,035)
Change in banking deposits, net			2,412						2,532
Cash paid for purchased options with deferred premiums			(94)						(177)
Cash received from purchased options with deferred premiums			580						40
Issuance of long-term debt			4						494
Repayments of long-term debt			(6)						(760)
Dividends paid to shareholders			(384)						(375)
Repurchase of common shares			(1,467)						(1,036)
Exercise of stock options			—						2
Borrowings by consolidated investment entities			1,375						382
Repayments of debt by consolidated investment entities			(757)						(55)
Other, net			(11)						(6)
Net cash provided by (used in) financing activities			259						793
Effect of exchange rate changes on cash			(9)						(5)
Net increase (decrease) in cash and cash equivalents, including amounts restricted			651						4,006
Cash and cash equivalents, including amounts restricted, at beginning of period			8,903						6,213
Cash and cash equivalents, including amounts restricted, at end of period			$	9,554					$	10,219
Supplemental Disclosures:
Interest paid excluding consolidated investment entities			$	85					$	136
Interest paid by consolidated investment entities			73						45
Income taxes paid, net			867						116
Leased assets obtained in exchange for operating lease liabilities			63						68
Non-cash investing activity:
Partnership commitments not yet remitted			—						4
Investments transferred in connection with reinsurance transaction			7,527						—
Exchange of an investment that resulted in a realized gain and an increase to amortized cost			17						—
			September 30, 2021						December 31, 2020
			(in millions)
Reconciliation of cash and cash equivalents, including amounts restricted:
Cash and cash equivalents			$	7,736					$	6,751
Cash of consolidated investment entities			68						94
Restricted and segregated cash, cash equivalents and investments			2,351						2,558
Less: Restricted and segregated investments			(601)						(500)
Total cash and cash equivalents including amounts restricted per consolidated statements of cash flows			$	9,554					$	8,903
See Notes to Consolidated Financial Statements.

8

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)   

1. Basis of Presentation

Ameriprise Financial, Inc. is a holding company, which primarily conducts business through its subsidiaries to provide financial planning, products and services that are designed to be utilized as solutions for clients’ cash and liquidity, asset accumulation, income, protection and estate and wealth transfer needs. The foreign operations of Ameriprise Financial, Inc. are conducted primarily through TAM UK International Holdings Ltd and Ameriprise Asset Management Holdings Singapore (Pte.) Ltd and their respective subsidiaries (collectively, “Threadneedle”).

The accompanying Consolidated Financial Statements include the accounts of Ameriprise Financial, Inc., companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation.

The interim financial information in this report has not been audited. In the opinion of management, all adjustments necessary for fair statement of the consolidated results of operations and financial position for the interim periods have been made. All adjustments made were of a normal recurring nature.

In the first quarter of 2021, the Company recorded an unfavorable out-of-period correction of $29 million in other comprehensive income related to defined benefit plans.

In the first quarter of 2020, the Company recorded an unfavorable out-of-period correction of $19 million in management and financial advice fees related to performance fees.

The impact of the errors were not material to the current and prior period financial statements.

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Results of operations reported for interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on February 24, 2021 (“2020 10-K”).

On June 2, 2021, the Company 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. The Company also filed an application to transition the FSB’s personal trust services business to a new limited purpose national trust bank regulated by the Office of the Comptroller of the Currency.

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 Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company, 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, the Company completed its 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 will add approximately $131 billion of assets under management in EMEA.

The Company evaluated events or transactions that may have occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. Other than the items noted above, no other subsequent events or transactions requiring recognition or disclosure were identified.

2.  Recent Accounting Pronouncements

Adoption of New Accounting Standards

Income Taxes – Simplifying the Accounting for Income Taxes

In December 2019, the Financial Accounting Standards Board (“FASB”) updated the accounting standards to simplify the accounting for income taxes. The update eliminates certain exceptions to: (1) accounting principles related to intra-period tax allocation to be applied on a prospective basis, (2) deferred tax liabilities related to outside basis differences to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption, and (3) year-to-date losses in interim periods to be applied on a prospective basis. The update also amends existing guidance related to situations when an entity receives: (1) a step-up in the tax basis of goodwill to be applied on a prospective basis, (2) an allocation of income tax expense when members of a consolidated tax filing group issue separate financial statements to be applied on a retrospective basis for all periods presented, (3) interim recognition of enactment of tax laws or rate changes to be applied on a prospective basis, and (4)

9

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

franchise taxes and other taxes partially based on income to be applied on a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The standard is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company adopted the standard on January 1, 2021. The adoption of this standard had no impact on the Company’s consolidated results of operations and financial condition.

Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB updated the accounting standards related to accounting for credit losses on certain types of financial instruments. The update replaces the current incurred loss model for estimating credit losses with a new model that requires an entity to estimate the credit losses expected over the life of the asset. At adoption, the initial estimate of the expected credit losses will be recorded through retained earnings and subsequent changes in the estimate will be reported in current period earnings and recorded through an allowance for credit losses on the balance sheet. The credit loss model for Available-for-Sale debt securities did not change; however, the credit loss calculation and subsequent recoveries are required to be recorded through an allowance. The standard is effective for interim and annual periods beginning after December 15, 2019. A modified retrospective cumulative adjustment to retained earnings should be recorded as of the first reporting period in which the guidance is effective for loans, receivables, and other financial instruments subject to the new expected credit loss model. Prospective adoption is required for establishing an allowance related to Available-for-Sale debt securities, certain beneficial interests, and financial assets purchased with a more-than-insignificant amount of credit deterioration since origination. The Company adopted the standard on January 1, 2020. The adoption of this update did not have a material impact on the Company’s consolidated results of operations or financial condition.

Intangibles – Goodwill and Other – Internal-Use Software – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

In August 2018, the FASB updated the accounting standards related to customer’s accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract. The update requires implementation costs for a CCA to be evaluated for capitalization using the same approach as implementation costs associated with internal-use software. The update also addresses presentation, measurement and impairment of capitalized implementation costs in a CCA that is a service contract. The update requires new disclosures on the nature of hosting arrangements that are service contracts, significant judgements made when applying the guidance and quantitative disclosures, including amounts capitalized, amortized and impaired. The update is effective for interim and annual periods beginning after December 15, 2019, and can be applied either prospectively or retrospectively. The Company adopted the standard using a prospective approach on January 1, 2020. The adoption of this update did not have a material impact on the Company’s consolidated results of operations or financial condition.

Intangibles – Goodwill and Other – Simplifying the Test for Goodwill Impairment

In January 2017, the FASB updated the accounting standards to simplify the accounting for goodwill impairment. The update removes the hypothetical purchase price allocation (Step 2) of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value. The standard is effective for interim and annual periods beginning after December 15, 2019, and should be applied prospectively with early adoption permitted for any impairment tests performed after January 1, 2017. The Company adopted the standard on January 1, 2020. The adoption of this update did not have a material impact on the Company’s consolidated results of operations or financial condition.

Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the FASB updated the accounting standards related to disclosures for fair value measurements. The update eliminates the following disclosures: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (2) the policy of timing of transfers between levels of the fair value hierarchy, and (3) the valuation processes for Level 3 fair value measurements. The new disclosures include changes in unrealized gains and losses for the period included in other comprehensive income (“OCI”) for recurring Level 3 fair value measurements of instruments held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs and how the weighted average was calculated. The new disclosures are required on a prospective basis; all other provisions should be applied retrospectively. The update is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted for the entire standard or only the provisions to eliminate or modify disclosure requirements. The Company early adopted the provisions of the standard to eliminate or modify disclosure requirements in the fourth quarter of 2018. The Company adopted the provisions of the standard to include new disclosures on January 1, 2020. The update did not have an impact on the Company’s consolidated results of operations or financial condition.

Future Adoption of New Accounting Standards

Reference Rate Reform – Expedients for Contract Modifications

In March 2020, the FASB updated the accounting standards to provide optional expedients and exceptions for applying GAAP to contracts, hedging or other transactions that are affected by reference rate reform (i.e., the elimination of LIBOR). The following expedients are provided for modified contracts whose reference rate is changed: (1) receivables and debt contracts are accounted for prospectively by adjusting the effective interest rate, (2) leases are accounted for as a continuation of the existing contracts with no reassessments of the lease classification and discount rate or remeasurements of lease payments that otherwise would be required, and

10

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

(3) an entity is not required to reassess its original conclusion about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract. The amendments in this update were effective upon issuance and must be elected prior to December 31, 2022. When elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions. In January 2021, FASB updated the standard to allow an entity to elect to apply the treatment under the original guidance to derivative instruments that use an interest rate for margining, discounting or contract price alignment that will be modified due to reference rate reform but did not qualify under the original guidance. The Company has not yet applied any of the optional expedients. The adoption of the standard is not expected to have an impact on the Company’s consolidated results of operations and financial condition.

Financial Services – Insurance – Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the FASB updated the accounting standard related to long-duration insurance contracts. The guidance revises key elements of the measurement models and disclosure requirements for long-duration insurance contracts issued by insurers and reinsurers.

The guidance establishes a significant new category of benefit features called market risk benefits that protect the contractholder from other-than-nominal capital market risk and expose the insurer to that risk. Insurers will have to measure market risk benefits at fair value. Market risk benefits include variable annuity guaranteed benefits (i.e. guaranteed minimum death, withdrawal, withdrawal for life, accumulation and income benefits). The portion of the change in fair value attributable to a change in the instrument-specific credit risk of market risk benefits in a liability position will be recorded in OCI.

Significant changes also relate to the measurement of the liability for future policy benefits for nonparticipating traditional long-duration insurance contracts and immediate annuities with a life contingent feature including the following:

•Insurers will be required to review and update the cash flow assumptions used to measure the liability for future policy benefits rather than using assumptions locked in at contract inception. The review of assumptions to measure the liability for all future policy benefits will be required annually at the same time each year, or more frequently if suggested by experience. The effect of updating assumptions will be measured on a retrospective catch-up basis and presented separate from the ongoing policyholder benefit expense in the statement of operations in the period the update is made. This new unlocking process will be required for the Company’s term and whole life insurance, disability income, long term care insurance and immediate annuities with a life contingent feature.

•The discount rate used to measure the liability for future policy benefits will be standardized. The current requirement to use a discount rate reflecting expected investment yields will change to an upper-medium grade (low credit risk) fixed income corporate instrument yield (generally interpreted as an “A” rating) reflecting the duration characteristics of the liability. Entities will be required to update the discount rate at each reporting date with the effect of discount rate changes reflected in OCI.

•The current premium deficiency test is being replaced with a net premium ratio cap of 100%. If the net premium ratio (i.e. the ratio of the present value of total expected benefits and related expenses to the present value of total expected premiums) exceeds 100%, insurers are required to recognize a loss in the statement of operations in the period. Contracts from different issue years will no longer be permitted to be grouped to determine contracts in a loss position.

In addition, the update requires deferred acquisition costs (“DAC”) and deferred sales inducement costs (“DSIC”) relating to all long-duration contracts and most investment contracts to be amortized on a straight-line basis over the expected life of the contract independent of profit emergence. Under the new guidance, interest will not accrue to the deferred balance and DAC and DSIC will not be subject to an impairment test.

The update requires significant additional disclosures, including disaggregated rollforwards of the liability for future policy benefits, policyholder account balances, market risk benefits, DAC and DSIC, as well as qualitative and quantitative information about expected cash flows, estimates and assumptions. The standard is effective for interim and annual periods beginning after December 15, 2022, and interim periods within those years. The standard should be applied to the liability for future policy benefits and DAC and DSIC on a modified retrospective basis and applied to market risk benefits on a retrospective basis with the option to apply full retrospective transition if certain criteria are met. Early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated results of operations, financial condition and disclosures.

11

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

3. Revenue from Contracts with Customers

The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:

			Three Months Ended September 30, 2021
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other						Total Segments						Non-operating Revenue						Total
			(in millions)
Management and financial advice fees:
Asset management fees:
Retail			$	—					$	587					$	—					$	—					$	587					$	—					$	587
Institutional			—						143						—						—						143						—						143
Advisory fees			1,189						—						—						—						1,189						—						1,189
Financial planning fees			91						—						—						—						91						—						91
Transaction and other fees			94						57						18						—						169						—						169
Total management and financial advice fees			1,374						787						18						—						2,179						—						2,179
Distribution fees:
Mutual funds			219						70						—						—						289						—						289
Insurance and annuity			246						50						104						—						400						—						400
Other products			96						—						—						—						96						—						96
Total distribution fees			561						120						104						—						785						—						785
Other revenues			46						1						—						1						48						—						48
Total revenue from contracts with customers			1,981						908						122						1						3,012						—						3,012
Revenue from other sources (1)			70						7						712						112						901						(605)						296
Total segment gross revenues			2,051						915						834						113						3,913						(605)						3,308
Banking and deposit interest expense			(3)						—						—						—						(3)						—						(3)
Total segment net revenues			2,048						915						834						113						3,910						(605)						3,305
Intersegment revenues			(261)						(12)						(122)						—						(395)						(7)						(402)
Total net revenues			$	1,787					$	903					$	712					$	113					$	3,515					$	(612)					$	2,903

			Nine Months Ended September 30, 2021
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other						Total Segments						Non-operating Revenue						Total
			(in millions)
Management and financial advice fees:
Asset management fees:
Retail			$	—					$	1,685					$	—					$	—					$	1,685					$	—					$	1,685
Institutional			—						397						—						—						397						—						397
Advisory fees			3,330						—						—						—						3,330						—						3,330
Financial planning fees			272						—						—						—						272						—						272
Transaction and other fees			276						165						52						—						493						—						493
Total management and financial advice fees			3,878						2,247						52						—						6,177						—						6,177
Distribution fees:
Mutual funds			638						206						—						—						844						—						844
Insurance and annuity			738						146						304						—						1,188						—						1,188
Other products			306						—						—						—						306						—						306
Total distribution fees			1,682						352						304						—						2,338						—						2,338
Other revenues			146						9						—						2						157						—						157
Total revenue from contracts with customers			5,706						2,608						356						2						8,672						—						8,672
Revenue from other sources (1)			211						14						2,073						370						2,668						(472)						2,196
Total segment gross revenues			5,917						2,622						2,429						372						11,340						(472)						10,868
Banking and deposit interest expense			(10)						—						—						(1)						(11)						—						(11)
Total segment net revenues			5,907						2,622						2,429						371						11,329						(472)						10,857
Intersegment revenues			(777)						(39)						(356)						(1)						(1,173)						(13)						(1,186)
Total net revenues			$	5,130					$	2,583					$	2,073					$	370					$	10,156					$	(485)					$	9,671

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			Three Months Ended September 30, 2020
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other						Total Segments						Non-operating Revenue						Total
			(in millions)
Management and financial advice fees:
Asset management fees:
Retail			$	—					$	466					$	—					$	—					$	466					$	—					$	466
Institutional			—						122						—						—						122						—						122
Advisory fees			907						—						—						—						907						—						907
Financial planning fees			81						—						—						—						81						—						81
Transaction and other fees			89						47						14						—						150						—						150
Total management and financial advice fees			1,077						635						14						—						1,726						—						1,726
Distribution fees:
Mutual funds			186						59						—						—						245						—						245
Insurance and annuity			202						45						75						—						322						—						322
Other products			91						—						—						—						91						—						91
Total distribution fees			479						104						75						—						658						—						658
Other revenues			44						—						5						—						49						—						49
Total revenue from contracts with customers			1,600						739						94						—						2,433						—						2,433
Revenue from other sources (1)			77						—						687						132						896						27						923
Total segment gross revenues			1,677						739						781						132						3,329						27						3,356
Banking and deposit interest expense			(10)						—						—						—						(10)						—						(10)
Total segment net revenues			1,667						739						781						132						3,319						27						3,346
Intersegment revenues			(219)						(13)						(110)						—						(342)						(1)						(343)
Total net revenues			$	1,448					$	726					$	671					$	132					$	2,977					$	26					$	3,003

			Nine Months Ended September 30, 2020
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other						Total Segments						Non-operating Revenue						Total
			(in millions)
Management and financial advice fees:
Asset management fees:
Retail			$	—					$	1,330					$	—					$	—					$	1,330					$	—					$	1,330
Institutional			—						308						—						—						308						—						308
Advisory fees			2,558						—						—						—						2,558						—						2,558
Financial planning fees			248						—						—						—						248						—						248
Transaction and other fees			264						139						45						—						448						—						448
Total management and financial advice fees			3,070						1,777						45						—						4,892						—						4,892
Distribution fees:
Mutual funds			540						174						—						—						714						—						714
Insurance and annuity			606						129						266						—						1,001						—						1,001
Other products			334						—						—						—						334						—						334
Total distribution fees			1,480						303						266						—						2,049						—						2,049
Other revenues			138						2						5						3						148						—						148
Total revenue from contracts with customers			4,688						2,082						316						3						7,089						—						7,089
Revenue from other sources (1)			264						11						1,979						411						2,665						28						2,693
Total segment gross revenues			4,952						2,093						2,295						414						9,754						28						9,782
Banking and deposit interest expense			(53)						—						—						(2)						(55)						—						(55)
Total segment net revenues			4,899						2,093						2,295						412						9,699						28						9,727
Intersegment revenues			(649)						(39)						(319)						1						(1,006)						(5)						(1,011)
Total net revenues			$	4,250					$	2,054					$	1,976					$	413					$	8,693					$	23					$	8,716

(1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products or financial instruments.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company’s contracts with customers on a consolidated basis.

Management and Financial Advice Fees

Asset Management Fees

The Company earns revenue for performing asset management services for retail and institutional clients. The revenue is earned based on a fixed or tiered rate applied, as a percentage, to assets under management. Assets under management vary with market fluctuations and client behavior. The asset management performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Asset management fees are accrued, invoiced and collected on a monthly or quarterly basis.

The Company’s asset management contracts for Open Ended Investment Companies (“OEICs”) in the United Kingdom (“U.K.”), Société d'Investissement à Capital Variable (“SICAVs”) and other pooled investments sponsored by the Company in Europe, typically include performance obligations for asset management and fund distribution services. The amounts received for these services are reported as management and financial advice fees. The revenue recognition pattern is the same for both performance obligations as the fund distribution services revenue is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment) and not recognized until assets under management are known.

The Company may also earn performance-based management fees on institutional accounts, hedge funds, collateralized loan obligations (“CLOs”), OEICs, SICAVs and property and other funds based on a percentage of account returns in excess of either a benchmark index or a contractually specified level. This revenue is variable and impacted primarily by the performance of the assets being managed compared to the benchmark index or contractually specified level. The revenue is not recognized until it is probable that a significant reversal will not occur. Performance-based management fees are invoiced on a quarterly or annual basis.

Advisory Fees

The Company earns revenue for performing investment advisory services for certain brokerage customers’ discretionary and non-discretionary managed accounts. The revenue is earned based on a contractual fixed rate applied, as a percentage, to the market value of assets held in the account. The investment advisory performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Advisory fees are billed on a monthly basis on the prior month end assets.

Financial Planning Fees

The Company earns revenue for providing financial plans to its clients. The revenue earned for each financial plan is either a fixed fee (received monthly, quarterly or annually) or a variable fee (received monthly) based on a contractual fixed rate applied, as a percentage, to the prior month end assets held in a client’s investment advisory account. The financial planning fee is based on the complexity of a client’s financial and life situation and his or her advisor’s experience. The performance obligation is satisfied at the time the financial plan is delivered to the customer. The Company records a contract liability for the unearned revenue when cash is received before the plan is delivered. The financial plan contracts with clients are annual contracts. Amounts recorded as a contract liability are recognized as revenue when the financial plan is delivered, which occurs within the annual contract period.

For fixed fee arrangements, revenue is recognized when the financial plan is delivered. The Company accrues revenue for any amounts that have not been received at the time the financial plan is delivered.

For variable fee arrangements, revenue is recognized for cash that has been received when the financial plan is delivered. The amount received after the plan is delivered is variably constrained due to factors outside the Company’s control including market volatility and client behavior. The revenue is recognized when it is probable that a significant reversal will not occur that is generally each month end as the advisory account balance uncertainty is resolved.

Contract liabilities for financial planning fees, which are included in other liabilities in the Consolidated Balance Sheets, were $144 million and $146 million as of September 30, 2021 and December 31, 2020, respectively.

The Company pays sales commissions to advisors when a new financial planning contract is obtained or when an existing contract is renewed. The sales commissions paid to the advisors prior to financial plan delivery are considered costs to obtain a contract with a customer and are initially capitalized. When the performance obligation to deliver the financial plan is satisfied, the commission is recognized as distribution expense. Capitalized costs to obtain these contracts are reported in other assets in the Consolidated Balance Sheets and were $115 million and $117 million as of September 30, 2021 and December 31, 2020, respectively.

Transaction and Other Fees

The Company earns revenue for providing customer support, shareholder and administrative services (including transfer agent services) for affiliated mutual funds and networking, sub-accounting and administrative services for unaffiliated mutual funds. The Company also receives revenue for providing custodial services and account maintenance services on brokerage and retirement accounts that are not included in an advisory relationship. Transfer agent and administrative revenue is earned based on either a fixed

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

rate applied, as a percentage, to assets under management or an annual fixed fee for each fund position. Networking and sub-accounting revenue is earned based on either an annual fixed fee for each account or an annual fixed fee for each fund position. Custodial and account maintenance revenue is generally earned based on a quarterly or annual fixed fee for each account. Each of the customer support and administrative services performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Transaction and other fees (other than custodial service fees) are invoiced or charged to brokerage accounts on a monthly or quarterly basis. Custodial service fees are invoiced or charged to brokerage accounts on an annual basis. Contract liabilities for custodial service fees, which are included in other liabilities in the Consolidated Balance Sheets, were $14 million and nil as of September 30, 2021 and December 31, 2020, respectively.

The Company earns revenue for providing trade execution services to franchise advisors. The trade execution performance obligation is satisfied at the time of each trade and the revenue is primarily earned based on a fixed fee per trade. These fees are invoiced and collected on a semi-monthly basis.

Distribution Fees

Mutual Funds and Insurance and Annuity Products

The Company earns revenue for selling affiliated and unaffiliated mutual funds, fixed and variable annuities and insurance products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment or holds the contract and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund, or the value of the insurance policy or annuity contract. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment, insurance policy or annuity contract). This ongoing revenue may be recognized for many years after the initial sale. The revenue will not be recognized until it is probable that a significant reversal will not occur.

The Company earns revenue for providing unaffiliated partners an opportunity to educate the Company’s advisors or to support availability and distribution of their products on the Company’s platforms. These payments allow the outside parties to train and support the advisors, explain the features of their products and distribute marketing and educational materials, and support trading and operational systems necessary to enable the Company’s client servicing and production distribution efforts. The Company earns revenue for placing and maintaining unaffiliated fund partners and insurance companies’ products on the Company’s sales platform (subject to the Company’s due diligence standards). The revenue is primarily earned based on a fixed fee or a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are invoiced and collected on monthly basis.

Other Products

The Company earns revenue for selling unaffiliated alternative products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment and is earned generally based on a fixed rate applied, as a percentage, to the market value of the investment. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment). The revenue will not be recognized until it is probable that a significant reversal will not occur.

The Company earns revenue from brokerage clients for the execution of requested trades. The performance obligation is satisfied at the time of trade execution and amounts are received on the settlement date. The revenue varies for each trade based on various factors that include the type of investment, dollar amount of the trade and how the trade is executed (online or broker assisted).

The Company earns revenue for placing clients’ deposits in its brokerage sweep program with third-party banks. The amount received from the third-party banks is impacted by short-term interest rates. The performance obligation with the financial institutions that participate in the sweep program is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The revenue is earned daily and settled monthly based on a rate applied, as a percentage, to the deposits placed.

Other Revenues

The Company earns revenue from fees charged to franchise advisors for providing various services the advisors need to manage and grow their practices. The primary services include: licensing of intellectual property and software, compliance supervision, insurance coverage, technology services and support, consulting and other services. The services are either provided by the Company or third- party providers. The Company controls the services provided by third parties as it has the right to direct the third parties to perform the services, is primarily responsible for performing the services and sets the prices the advisors are charged. The Company recognizes revenue for the gross amount of the fees received from the advisors. The fees are primarily collected monthly as a reduction of commission payments.

Intellectual property and software licenses, along with compliance supervision, insurance coverage, and technology services and support are primarily earned based on a monthly fixed fee. These services are considered a series of distinct services that are

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

substantially the same and are satisfied each day over the contract term. The consulting and other services performance obligations are satisfied as the services are delivered and revenue is earned based upon the level of service requested.

Receivables

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $500 million and $403 million as of September 30, 2021 and December 31, 2020, respectively.

4.  Variable Interest Entities

The Company provides asset management services to investment entities which are considered to be VIEs, such as CLOs, hedge funds and other private funds, property funds and certain non-U.S. series funds (such as OEICs and SICAVs) (collectively, “investment entities”), which are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates certain investment entities (collectively, “consolidated investment entities”) if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any other support to these entities. The Company has unfunded commitments related to consolidated CLOs of $27 million and $13 million as of September 30, 2021 and December 31, 2020, respectively.

CLOs

CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the value of the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary and has the power to direct the activities that most significantly impact the economic performance of the CLO.

The Company’s maximum exposure to loss with respect to non-consolidated CLOs is limited to its amortized cost, which was $2 million and $3 million as of September 30, 2021 and December 31, 2020, respectively. The Company classifies these investments as Available-for-Sale securities. See Note 5 for additional information on these investments.

Property Funds

The Company provides investment advice and related services to property funds, some of which are considered VIEs. For investment management services, the Company generally earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company does not have a significant economic interest and is not required to consolidate any of the property funds. The Company’s maximum exposure to loss with respect to its investment in these entities is limited to its carrying value. The carrying value of the Company’s investment in property funds is reflected in other investments and was $23 million as of both September 30, 2021 and December 31, 2020.

Hedge Funds and other Private Funds

The Company does not consolidate hedge funds and other private funds which are sponsored by the Company and considered VIEs. For investment management services, the Company earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services and the Company does not have a significant economic interest in any fund. The Company’s maximum exposure to loss with respect to its investment in these entities is limited to its carrying value. The carrying value of the Company’s investment in these entities is reflected in other investments and was nil as of both September 30, 2021 and December 31, 2020.

Non-U.S. Series Funds

The Company manages non-U.S. series funds, which are considered VIEs. For investment management services, the Company earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company does not consolidate these funds and its maximum exposure to loss is limited to its carrying value. The carrying value of the Company’s investment in these funds is reflected in other investments and was $26 million and $20 million as of September 30, 2021 and December 31, 2020, respectively.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Affordable Housing Partnerships and Other Real Estate Partnerships

The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships.

A majority of the limited partnerships are VIEs. The Company’s maximum exposure to loss as a result of its investment in the VIEs is limited to the carrying value. The carrying value is reflected in other investments and was $151 million and $200 million as of September 30, 2021 and December 31, 2020, respectively. The Company had a $9 million liability recorded as of both September 30, 2021 and December 31, 2020 related to original purchase commitments not yet remitted to the VIEs. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding commitments.

Structured Investments

The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities, and commercial and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities. The Company’s maximum exposure to loss as a result of its investment in these structured investments is limited to its amortized cost. See Note 5 for additional information on these structured investments.

Fair Value of Assets and Liabilities

The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 12 for the definition of the three levels of the fair value hierarchy.

The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:

			September 30, 2021
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Investments:
Common stocks			$	—					$	2					$	—					$	2
Syndicated loans			—						2,123						45						2,168
Total investments			—						2,125						45						2,170
Receivables			—						18						—						18
Other assets			—						2						—						2
Total assets at fair value			$	—					$	2,145					$	45					$	2,190
Liabilities
Debt (1)			$	—					$	2,163					$	—					$	2,163
Other liabilities			—						71						—						71
Total liabilities at fair value			$	—					$	2,234					$	—					$	2,234

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			December 31, 2020
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Investments:
Corporate debt securities			$	—					$	8					$	—					$	8
Common stocks			—						1						—						1
Syndicated loans			—						1,817						92						1,909
Total investments			—						1,826						92						1,918
Receivables			—						16						—						16
Other assets			—						—						2						2
Total assets at fair value			$	—					$	1,842					$	94					$	1,936
Liabilities
Debt (1)			$	—					$	1,913					$	—					$	1,913
Other liabilities			—						69						—						69
Total liabilities at fair value			$	—					$	1,982					$	—					$	1,982

(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.2 billion and $2.0 billion as of September 30, 2021 and December 31, 2020, respectively.

The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:

			Syndicated Loans
			(in millions)
Balance, July 1, 2021			$	112
Purchases			7
Sales			(4)
Settlements			(10)
Transfers into Level 3			5
Transfers out of Level 3			(47)
Deconsolidation of consolidated investment entities			(18)
Balance, September 30, 2021			$	45

			Syndicated Loans
			(in millions)
Balance, July 1, 2020			$	211
Total gains (losses) included in:
Net income			2			(1)
Purchases			35
Sales			(12)
Settlements			(6)
Transfers into Level 3			29
Transfers out of Level 3			(141)
Balance, September 30, 2020			$	118
Changes in unrealized gains (losses) included in income relating to assets held at September 30, 2020			$	1		(1)

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			Syndicated Loans						Other Assets
			(in millions)
Balance, January 1, 2021			$	92					$	2
Total gains (losses) included in:
Net income			2			(1)			—
Purchases			88						—
Sales			(38)						—
Settlements			(49)						—
Transfers into Level 3			90						—
Transfers out of Level 3			(122)						(2)
Deconsolidation of consolidated investment entities			(18)						—
Balance, September 30, 2021			$	45					$	—

			Syndicated Loans
			(in millions)
Balance, January 1, 2020			$	143
Total gains (losses) included in:
Net income			(19)			(1)
Purchases			80
Sales			(27)
Settlements			(32)
Transfers into Level 3			379
Transfers out of Level 3			(406)
Balance, September 30, 2020			$	118
Changes in unrealized gains (losses) included in income relating to assets held at September 30, 2020			$	(2)		(1)

(1) Included in net investment income in the Consolidated Statements of Operations.

Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.

All Level 3 measurements as of September 30, 2021 and December 31, 2020 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

Assets

Investments

The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 12 for a description of the Company’s determination of the fair value of corporate debt securities, common stocks and other investments.

Receivables

For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short term and the receivables have been collectible. The fair value of these receivables is classified as Level 2.

Liabilities

Debt

The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets and is classified as Level 2.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Other Liabilities

Other liabilities consist primarily of securities purchased but not yet settled held by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on the CLO debt.

Fair Value Option

The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.

The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:

			September 30, 2021						December 31, 2020
			(in millions)
Syndicated loans
Unpaid principal balance			$	2,223					$	1,990
Excess unpaid principal over fair value			(55)						(81)
Fair value			$	2,168					$	1,909
Fair value of loans more than 90 days past due			$	2					$	5
Fair value of loans in nonaccrual status			5						19
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both			5						24
Debt
Unpaid principal balance			$	2,298					$	2,069
Excess unpaid principal over fair value			(135)						(156)
Carrying value (1)			$	2,163					$	1,913

(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.2 billion and $2.0 billion as of September 30, 2021 and December 31, 2020, respectively.

During the first quarter of 2021, the Company launched two new CLOs and issued debt of $817 million.

Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in net investment income. Gains and losses related to changes in the fair value of investments and gains and losses on sales of investments are also recorded in net investment income. Interest expense on debt is recorded in interest and debt expense with gains and losses related to changes in the fair value of debt recorded in net investment income.

Total net gains (losses) recognized in net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for both the three months and nine months ended September 30, 2021 and 2020.

Debt of the consolidated investment entities and the stated interest rates were as follows:

			Carrying Value												Weighted Average Interest Rate
			September 30, 2021						December 31, 2020						September 30, 2021						December 31, 2020
			(in millions)
Debt of consolidated CLOs due 2025-2034			$	2,163					$	1,913					1.7		%				2.1		%

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from 0.0% to 8.8%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.

20

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

5.  Investments

The following is a summary of Ameriprise Financial investments:

			September 30, 2021						December 31, 2020
			(in millions)
Available-for-Sale securities, at fair value			$	30,114					$	36,283
Mortgage loans (allowance for credit losses: 2021, $14; 2020, $29)			1,911						2,718
Policy loans			836						846
Other investments (allowance for credit losses: 2021, $4; 2020, $12)			657						1,184
Total			$	33,518					$	41,031

Other investments primarily reflect the Company’s interests in affordable housing partnerships, trading securities, seed money investments, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days.

The following is a summary of net investment income:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(in millions)
Investment income on fixed maturities			$	202					$	275					$	733					$	887
Net realized gains (losses)			546						4						627						(18)
Affordable housing partnerships			(20)						(14)						(58)						(50)
Other			1						13						28						58
Consolidated investment entities			44						22						98						56
Total			$	773					$	300					$	1,428					$	933

Available-for-Sale securities distributed by type were as follows:

						September 30, 2021
Description of Securities						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
						(in millions)
Corporate debt securities						$	8,455					$	1,301					$	(31)					$	—					$	9,725
Residential mortgage backed securities						9,628						90						(19)						—						9,699
Commercial mortgage backed securities						4,712						92						(9)						—						4,795
Asset backed securities						3,465						31						(1)						—						3,495
State and municipal obligations						857						249						(1)						(1)						1,104
U.S. government and agency obligations						1,196						—						—						—						1,196
Foreign government bonds and obligations						82						6						(1)						—						87
Other securities						13						—						—						—						13
Total						$	28,408					$	1,769					$	(62)					$	(1)					$	30,114

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Description of Securities						December 31, 2020
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
						(in millions)
Corporate debt securities						$	11,762					$	1,924					$	(2)					$	(10)					$	13,674
Residential mortgage backed securities						9,845						188						(4)						—						10,029
Commercial mortgage backed securities						5,867						242						(21)						—						6,088
Asset backed securities						3,283						52						(5)						(1)						3,329
State and municipal obligations						1,088						297						(1)						—						1,384
U.S. government and agency obligations						1,456						—						—						—						1,456
Foreign government bonds and obligations						241						22						(1)						—						262
Other securities						59						2						—						—						61
Total						$	33,601					$	2,727					$	(34)					$	(11)					$	36,283

As of September 30, 2021 and December 31, 2020, accrued interest of $144 million and $178 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in receivables on the Consolidated Balance Sheets.

As of September 30, 2021 and December 31, 2020, investment securities with a fair value of $3.0 billion and $3.6 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $403 million and $454 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of September 30, 2021 and December 31, 2020, fixed maturity securities comprised approximately 90% and 88%, respectively, of Ameriprise Financial investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or, if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of September 30, 2021 and December 31, 2020, the Company’s internal analysts rated $545 million and $605 million, respectively, of securities using criteria similar to those used by NRSROs.

A summary of fixed maturity securities by rating was as follows:

Ratings						September 30, 2021																		December 31, 2020
						Amortized Cost						Fair Value						Percent of Total Fair Value						Amortized Cost						Fair Value						Percent of Total Fair Value
						(in millions, except percentages)
AAA						$	18,695					$	18,871					63		%				$	19,815					$	20,253					56		%
AA						727						903						3						1,082						1,312						3
A						1,748						2,114						7						2,953						3,534						10
BBB						6,273						7,110						23						8,271						9,542						26
Below investment grade (1)						965						1,116						4						1,480						1,642						5
Total fixed maturities						$	28,408					$	30,114					100		%				$	33,601					$	36,283					100		%

(1) Both the amortized cost and fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $2 million as of September 30, 2021, and $3 million as of December 31, 2020. These securities are not rated but are included in below investment grade due to their risk characteristics.

As of September 30, 2021 and December 31, 2020, approximately 32% and 33%, respectively, of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. No holdings of any issuer were greater than 10% of total equity.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:

Description of Securities						September 30, 2021
						Less than 12 months												12 months or more												Total
						Number of Securities			Fair Value			Unrealized Losses						Number of Securities			Fair Value			Unrealized Losses						Number of Securities			Fair Value			Unrealized Losses
						(in millions, except number of securities)
Corporate debt securities						83			$	1,474		$	(29)					5			$	23		$	(2)					88			$	1,497		$	(31)
Residential mortgage backed securities						99			2,872			(18)						59			195			(1)						158			3,067			(19)
Commercial mortgage backed securities						57			1,026			(8)						10			168			(1)						67			1,194			(9)
Asset backed securities						12			317			(1)						7			147			—						19			464			(1)
State and municipal obligations						18			49			(1)						—			—			—						18			49			(1)
Foreign government bonds and obligations						5			6			—						6			4			(1)						11			10			(1)
Total						274			$	5,744		$	(57)					87			$	537		$	(5)					361			$	6,281		$	(62)

Description of Securities						December 31, 2020
						Less than 12 months												12 months or more												Total
						Number of Securities			Fair Value			Unrealized Losses						Number of Securities			Fair Value			Unrealized Losses						Number of Securities			Fair Value			Unrealized Losses
						(in millions, except number of securities)
Corporate debt securities						26			$	228		$	(1)					11			$	19		$	(1)					37			$	247		$	(2)
Residential mortgage backed securities						72			833			(2)						71			391			(2)						143			1,224			(4)
Commercial mortgage backed securities						35			781			(11)						19			393			(10)						54			1,174			(21)
Asset backed securities						17			344			(3)						13			231			(2)						30			575			(5)
State and municipal obligations						2			4			—						1			4			(1)						3			8			(1)
Foreign government bonds and obligations						1			3			—						7			8			(1)						8			11			(1)
Total						153			$	2,193		$	(17)					122			$	1,046		$	(17)					275			$	3,239		$	(34)

As part of the Company’s ongoing monitoring process, management determined that the change in gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the nine months ended September 30, 2021 is primarily attributable to higher interest rates, partially offset by tighter credit spreads. The Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of September 30, 2021 and December 31, 2020, 93% and 92%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:

			Corporate Debt Securities						Asset Backed Securities						State and Municipal Obligations						Total
			(in millions)
Balance, July 1, 2021			$	—					$	—					$	—					$	—
Additions for which credit losses were not previously recorded			—						—						1						1
Charge-offs			—						—						—						—
Balance, September 30, 2021			$	—					$	—					$	1					$	1
Balance, July 1, 2020			$	13					$	1					$	—					$	14
Additions for which credit losses were not previously recorded			—						—						—						—
Balance, September 30, 2020			$	13					$	1					$	—					$	14
Balance at January 1, 2021 (1)			$	10					$	1					$	—					$	11
Additions for which credit losses were not previously recorded			—						—						1						1
Charge-offs			(10)						(1)						—						(11)
Balance, September 30, 2021			$	—					$	—					$	1					$	1
Balance at January 1, 2020 (1)			$	—					$	—					$	—					$	—
Additions for which credit losses were not previously recorded			13						—						—						13
Additional increases (decreases) on securities that had an allowance recorded in a previous period			—						1						—						1
Balance at September 30, 2020			$	13					$	1					$	—					$	14

(1) Prior to January 1, 2020, credit losses on Available-for-Sale securities were not recorded in an allowance but were recorded as a reduction of the book value of the security if the security was other-than-temporarily impaired.

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in net investment income were as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(in millions)
Gross realized investment gains			$	508					$	4					$	573					$	17
Gross realized investment losses			(5)						—						(6)						(3)
Credit losses			(1)						—						(1)						(14)
Other impairments			—						—						(13)						—
Total			$	502					$	4					$	553					$	—

Credit losses for the three months and nine months ended September 30, 2021 primarily related to recording an allowance for credit losses on a state and municipal security. For the nine months ended September 30, 2020, credit losses primarily related to recording an allowance for credit losses on certain corporate debt securities, primarily in the oil and gas industry. Other impairments for the nine months ended September 30, 2021 related to Available-for-Sale securities that were impaired prior to being sold in the reinsurance transaction. See Note 1 for more information on the reinsurance transaction.

See Note 15 for a rollforward of net unrealized investment gains (losses) included in AOCI.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Available-for-Sale securities by contractual maturity as of September 30, 2021 were as follows:

			Amortized Cost						Fair Value
			(in millions)
Due within one year			$	1,728					$	1,736
Due after one year through five years			2,183						2,324
Due after five years through 10 years			3,052						3,169
Due after 10 years			3,640						4,896
			10,603						12,125
Residential mortgage backed securities			9,628						9,699
Commercial mortgage backed securities			4,712						4,795
Asset backed securities			3,465						3,495
Total			$	28,408					$	30,114

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.

6.  Financing Receivables

Financing receivables are comprised of commercial loans, consumer loans, and the deposit receivable.

Allowance for Credit Losses

The following tables present a rollforward of the allowance for credit losses for the nine months ended September 30:

			Commercial Loans						Consumer Loans						Total
			(in millions)
Balance, January 1, 2021			$	66					$	2					$	68
Provisions			(14)						1						(13)
Charge-offs			(6)						(1)						(7)
Recoveries			—						1						1
Other			2						—						2
Balance, September 30, 2021			$	48					$	3					$	51

			Commercial Loans						Consumer Loans						Total
			(in millions)
Balance, December 31, 2019 (1)			$	51					$	—					$	51
Cumulative effect of adoption of current expected credit losses guidance			2						3						5
Balance, January 1, 2020			53						3						56
Provisions			16						3						19
Charge-offs			(2)						(2)						(4)
Balance, September 30, 2020			$	67					$	4					$	71

(1) Prior to January 1, 2020, the allowance for credit losses was based on an incurred loss model that did not require estimating expected credit losses over the expected life of the asset.

The decrease in the allowance for credit losses provision for commercial loans reflects the sale of certain commercial mortgage loans and syndicated loans in conjunction with the fixed deferred and immediate annuity reinsurance transaction discussed in Note 1.

Accrued interest on commercial loans was $13 million and $16 million as of September 30, 2021 and December 31, 2020, respectively, and is recorded in receivables on the Consolidated Balance Sheets and excluded from the amortized cost basis of commercial loans.

Purchases and Sales

During the three months and nine months ended September 30, 2021, the Company sold $746 million of commercial mortgage loans.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

During the three months ended September 30, 2021 and 2020, the Company purchased nil and $96 million, respectively, of syndicated loans, and sold $360 million and $5 million, respectively, of syndicated loans. During the nine months ended September 30, 2021 and 2020, the Company purchased $37 million and $165 million, respectively, of syndicated loans, and sold $368 million and $12 million, respectively, of syndicated loans.

During the three months ended September 30, 2021 and 2020, the Company purchased $1 million and nil, respectively, of residential mortgage loans, and sold $3 million and nil, respectively, of residential mortgage loans. During the nine months ended September 30, 2021 and 2020, the Company purchased $7 million and $22 million, respectively, of residential mortgage loans, and sold $3 million and nil, respectively, of residential mortgage loans. The allowance for credit losses for residential mortgage loans was not material as of both September 30, 2021 and 2020.

The Company has not acquired any loans with deteriorated credit quality as of the acquisition date.

Credit Quality Information

Nonperforming loans were $9 million and $21 million as of September 30, 2021 and December 31, 2020, respectively. All other loans were considered to be performing.

Commercial Loans

Commercial Mortgage Loans

The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both September 30, 2021 and December 31, 2020. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. Total commercial mortgage loan modifications through December 31, 2020 due to the COVID-19 pandemic consisted of 93 loans with a total unpaid balance of $369 million. Modifications primarily consisted of short-term forbearance and interest only payments. There were no additional modifications through September 30, 2021. As of September 30, 2021, there were no loans remaining that were modified due to COVID-19. All loans returned to their normal payment schedules. Total commercial mortgage loans past due were nil as of September 30, 2021 and December 31, 2020, respectively.

The tables below present the amortized cost basis of commercial mortgage loans by the year of origination and loan-to-value ratio :

						September 30, 2021
Loan-to-Value Ratio						2021						2020						2019						2018						2017						Prior						Total
						(in millions)
> 100%						$	—					$	—					$	20					$	10					$	—					$	30					$	60
80% - 100%						9						14						9						6						—						37						75
60% - 80%						95						69						68						29						61						133						455
40% - 60%						23						34						95						69						60						420						701
< 40%						9						7						41						3						56						494						610
Total						$	136					$	124					$	233					$	117					$	177					$	1,114					$	1,901

						December 31, 2020
Loan-to-Value Ratio						2020						2019						2018						2017						2016						Prior						Total
						(in millions)
> 100%						$	—					$	—					$	2					$	—					$	—					$	10					$	12
80% - 100%						15						16						12						3						7						15						68
60% - 80%						89						166						27						32						46						144						504
40% - 60%						23						57						74						155						113						551						973
< 40%						7						23						80						99						64						895						1,168
Total						$	134					$	262					$	195					$	289					$	230					$	1,615					$	2,725

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:

			Loans												Percentage
			September 30, 2021						December 31, 2020						September 30, 2021						December 31, 2020
			(in millions)
East North Central			$	187					$	259					10		%				10		%
East South Central			69						115						4						4
Middle Atlantic			125						178						7						7
Mountain			124						247						6						9
New England			29						54						2						2
Pacific			608						825						32						30
South Atlantic			496						681						26						25
West North Central			140						198						7						7
West South Central			123						168						6						6
			1,901						2,725						100		%				100		%
Less: allowance for credit losses			14						29
Total			$	1,887					$	2,696

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

			Loans												Percentage
			September 30, 2021						December 31, 2020						September 30, 2021						December 31, 2020
			(in millions)
Apartments			$	499					$	713					26		%				26		%
Hotel			15						50						1						2
Industrial			306						427						16						16
Mixed use			68						87						4						3
Office			272						372						14						14
Retail			625						881						33						32
Other			116						195						6						7
			1,901						2,725						100		%				100		%
Less: allowance for credit losses			14						29
Total			$	1,887					$	2,696

Syndicated Loans

The recorded investment in syndicated loans as of September 30, 2021 and December 31, 2020 were $152 million and $595 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. Total syndicated loans past due were nil and $3 million as of September 30, 2021 and December 31, 2020, respectively. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality.

The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:

						September 30, 2021
Internal Risk Rating						2021						2020						2019						2018						2017						Prior						Total
						(in millions)
Risk 5						$	—					$	—					$	—					$	—					$	—					$	—					$	—
Risk 4						—						—						1						1						1						1						4
Risk 3						—						—						4						4						5						9						22
Risk 2						16						5						9						11						16						9						66
Risk 1						9						3						7						9						16						16						60
Total						$	25					$	8					$	21					$	25					$	38					$	35					$	152

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

						December 31, 2020
Internal Risk Rating						2020						2019						2018						2017						2016						Prior						Total
						(in millions)
Risk 5						$	—					$	—					$	—					$	—					$	—					$	3					$	3
Risk 4						—						—						4						9						—						10						23
Risk 3						—						9						8						25						13						25						80
Risk 2						30						57						62						69						14						41						273
Risk 1						17						32						47						58						22						40						216
Total						$	47					$	98					$	121					$	161					$	49					$	119					$	595

Financial Advisor Loans

The Company offers loans to financial advisors for transitional cost assistance. Repayment of the loan is highly dependent on the retention of the financial advisor. In the event a financial advisor is no longer affiliated with the Company, any unpaid balances become immediately due. Accordingly, the primary risk factor for advisor loans is termination status. The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $6 million and $7 million as of September 30, 2021 and December 31, 2020, respectively.

The tables below present the amortized cost basis of advisor loans by origination year and termination status:

						September 30, 2021
Termination Status						2021						2020						2019						2018						2017						Prior						Total
						(in millions)
Active						$	104					$	155					$	124					$	91					$	119					$	128					$	721
Terminated						2						—						—						—						1						7						10
Total						$	106					$	155					$	124					$	91					$	120					$	135					$	731

						December 31, 2020
Termination Status						2020						2019						2018						2017						2016						Prior						Total
						(in millions)
Active						$	171					$	137					$	101					$	127					$	83					$	86					$	705
Terminated						—						—						—						1						1						8						10
Total						$	171					$	137					$	101					$	128					$	84					$	94					$	715

Consumer Loans

Credit Card Receivables

The credit cards are co-branded with Ameriprise Financial, Inc. and issued to the Company’s customers by a third party. FICO scores and delinquency rates are the primary credit quality indicators for the credit card portfolio. Delinquency rates are measured based on the number of days past due. Credit card receivables over 30 days past due were 1% of total credit card receivables as of both September 30, 2021 and December 31, 2020.

The table below presents the amortized cost basis of credit card receivables by FICO score:

			September 30, 2021						December 31, 2020
			(in millions)
> 800			$	27					$	28
750 - 799			23						23
700 - 749			24						25
650 - 699			14						15
< 650			5						5
Total			$	93					$	96

Policy Loans

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Margin Loans

The margin loans balance was $1.2 billion and $1.0 billion as of September 30, 2021 and December 31, 2020, respectively. The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As of both September 30, 2021 and December 31, 2020, the allowance for credit losses on margin loans was not material.

Pledged Asset Lines of Credit

The pledged asset lines of credit balance was $408 million and $224 million as of September 30, 2021 and December 31, 2020, respectively. The Company monitors collateral supporting pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. As of September 30, 2021 and December 31, 2020, there was no allowance for credit losses on pledged asset lines of credit.

Deposit Receivable

The deposit receivable was $8.0 billion and $1.4 billion as of September 30, 2021 and December 31, 2020, respectively. The deposit receivable is fully collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the nature of the underlying assets and the potential for changes in the collateral value, there was no allowance for credit losses for the deposit receivable as of both September 30, 2021 and December 31, 2020. The increase in the deposit receivable is primarily driven by the reinsurance transaction, effective July 1, 2021, to reinsure fixed deferred and non-life contingent immediate annuity policies. See Note 1 for more information on the fixed deferred and immediate annuity reinsurance transaction.

Troubled Debt Restructurings

There were no loans accounted for as a troubled debt restructuring by the Company during the each of the three months and nine months ended September 30, 2021 and 2020. There are no commitments to lend additional funds to borrowers whose loans have been restructured.

7. Reinsurance

During the third quarter of 2021, RiverSource Life reinsured 100% of its insurance risk associated with its life contingent immediate annuity policies in force as of July 1, 2021 through a reinsurance agreement with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company. Policies issued after July 1, 2021 are not subject to this reinsurance agreement. See Note 1 for more information on the fixed deferred and immediate annuity reinsurance transaction.

The ceded premiums associated with life contingent immediate annuity policies were $1.2 billion for the three months and nine months ended September 30, 2021.

Receivables included $1.1 billion of reinsurance recoverables related to life contingent immediate annuity policies as of September 30, 2021.

8.  Deferred Acquisition Costs and Deferred Sales Inducement Costs

During the third quarter of the year, management updated market-related inputs and implemented model changes related to the living benefit valuation. In addition, management conducted its annual review of life insurance and annuity valuation assumptions relative to current experience and management expectations including modeling changes. These aforementioned changes are collectively referred to as unlocking. The impact of unlocking to DAC in the third quarter of 2021 primarily reflected a favorable impact from lower surrenders on variable annuities with living benefits and UL and VUL insurance products. The impact of unlocking to DAC in the third quarter of 2020 primarily reflected an unfavorable impact from updates to interest rate assumptions, partially offset by a favorable impact from lower surrenders on variable annuities with living benefit guarantees.

The balances of and changes in DAC were as follows:

			2021						2020
			(in millions)
Balance at January 1			$	2,532					$	2,698
Capitalization of acquisition costs			205						162
Amortization			(137)						(249)
Amortization, impact of valuation assumptions review			60						(100)
Impact of change in net unrealized (gains) losses on securities			75						(61)
Balance at September 30			$	2,735					$	2,450

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The balances of and changes in DSIC, which is included in other assets, were as follows:

			2021						2020
			(in millions)
Balance at January 1			$	189					$	218
Capitalization of sales inducement costs			1						1
Amortization			(15)						(19)
Amortization, impact of valuation assumptions review			2						(16)
Impact of change in net unrealized (gains) losses on securities			11						(1)
Balance at September 30			$	188					$	183

9.  Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities

Policyholder account balances, future policy benefits and claims consisted of the following:

			September 30, 2021						December 31, 2020
			(in millions)
Policyholder account balances
Fixed annuities (1)			$	8,229					$	8,531
Variable annuity fixed sub-accounts			5,020						5,104
Universal life (“UL”)/variable universal life (“VUL”) insurance			3,098						3,122
Indexed universal life (“IUL”) insurance			2,461						2,269
Structured variable annuities			3,552						1,371
Other life insurance			580						605
Total policyholder account balances			22,940						21,002
Future policy benefits
Variable annuity guaranteed minimum withdrawal benefits (“GMWB”)			2,256						3,049
Variable annuity guaranteed minimum accumulation benefits (“GMAB”) (2)			(14)						1
Other annuity liabilities			73						211
Fixed annuity life contingent liabilities			1,303						1,370
Life and disability income insurance			1,152						1,187
Long term care insurance			5,664						5,722
UL/VUL and other life insurance additional liabilities			1,278						1,259
Total future policy benefits			11,712						12,799
Policy claims and other policyholders’ funds			212						191
Total policyholder account balances, future policy benefits and claims			$	34,864					$	33,992

(1) Includes fixed deferred annuities, non-life contingent fixed payout annuities and fixed deferred indexed annuity host contracts.

(2) Includes the fair value of GMAB embedded derivatives that was a net asset as of September 30, 2021 reported as a contra liability. 

Separate account liabilities consisted of the following:

			September 30, 2021						December 31, 2020
			(in millions)
Variable annuity			$	81,063					$	79,299
VUL insurance			8,931						8,226
Other insurance			32						31
Threadneedle investment liabilities			5,103						5,055
Total			$	95,129					$	92,611

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

10.  Variable Annuity and Insurance Guarantees

The majority of the variable annuity contracts offered by the Company contain guaranteed minimum death benefit (“GMDB”) provisions. The Company also offers variable annuities with death benefit provisions that gross up the amount payable by a certain percentage of contract earnings, which are referred to as gain gross-up (“GGU”) benefits. In addition, the Company offers contracts with GMWB and GMAB provisions. The Company previously offered contracts containing guaranteed minimum income benefit (“GMIB”) provisions.

Certain UL policies offered by the Company provide secondary guarantee benefits. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges.

The following table provides information related to variable annuity guarantees for which the Company has established additional liabilities:

Variable Annuity  Guarantees by Benefit Type (1)						September 30, 2021																								December 31, 2020
						Total Contract Value						Contract Value in Separate Accounts						Net Amount at Risk						Weighted Average Attained Age						Total Contract Value						Contract Value in Separate Accounts						Net Amount at Risk						Weighted Average Attained Age
						(in millions, except age)
GMDB:
Return of premium						$	68,486					$	66,600					$	18					69						$	66,874					$	64,932					$	5					68
Five/six-year reset						8,181						5,467						13						68						8,116						5,386						6						68
One-year ratchet						6,105						5,786						40						71						6,094						5,763						8						71
Five-year ratchet						1,425						1,371						2						67						1,436						1,381						—						67
Other						1,281						1,264						46						74						1,261						1,243						45						73
Total — GMDB						$	85,478					$	80,488					$	119					69						$	83,781					$	78,705					$	64					68
GGU death benefit						$	1,221					$	1,166					$	176					72						$	1,183					$	1,126					$	162					71
GMIB						$	186					$	172					$	5					71						$	187					$	173					$	6					71
GMWB:
GMWB						$	1,903					$	1,897					$	1					75						$	1,972					$	1,967					$	1					74
GMWB for life						51,275						51,226						215						69						50,142						50,057						185						69
Total — GMWB						$	53,178					$	53,123					$	216					69						$	52,114					$	52,024					$	186					69
GMAB						$	2,037					$	2,037					$	—					62						$	2,291					$	2,291					$	—					61

(1) Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table.

The net amount at risk for GMDB, GGU and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.

The following table provides information related to insurance guarantees for which the Company has established additional liabilities:

			September 30, 2021												December 31, 2020
			Net Amount at Risk						Weighted Average Attained Age						Net Amount at Risk						Weighted Average Attained Age
			(in millions, except age)
UL secondary guarantees			$	6,563					68						$	6,587					67

The net amount at risk for UL secondary guarantees is defined as the current guaranteed death benefit amount in excess of the current policyholder account balance.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees were as follows:

			GMDB & GGU						GMIB						GMWB (1)						GMAB (1)						UL
			(in millions)
Balance at January 1, 2020			$	16					$	7					$	1,462					$	(39)					$	758
Incurred claims			10						1						2,219						63						172
Paid claims			(6)						(1)						—						—						(34)
Balance at September 30, 2020			$	20					$	7					$	3,681					$	24					$	896
Balance at January 1, 2021			$	24					$	6					$	3,049					$	1					$	916
Incurred claims			12						1						(793)						(15)						106
Paid claims			(3)						(1)						—						—						(27)
Balance at September 30, 2021			$	33					$	6					$	2,256					$	(14)					$	995

(1) The incurred claims for GMWB and GMAB include the change in the fair value of the liabilities (contra liabilities) less paid claims.

The liabilities for guaranteed benefits are supported by general account assets.

The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits:

			September 30, 2021						December 31, 2020
			(in millions)
Mutual funds:
Equity			$	47,854					$	45,947
Bond			24,779						26,073
Other			8,067						6,911
Total mutual funds			$	80,700					$	78,931

11.  Debt

The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows: 

			Outstanding Balance												Stated Interest Rate
			September 30, 2021						December 31, 2020						September 30, 2021						December 31, 2020
			(in millions)
Long-term debt:
Senior notes due 2022			$	500					$	500					3.0		%				3.0		%
Senior notes due 2023			750						750						4.0						4.0
Senior notes due 2024			550						550						3.7						3.7
Senior notes due 2025			500						500						3.0						3.0
Senior notes due 2026			500						500						2.9						2.9
Finance lease liabilities			41						44						N/A						N/A
Other			(10)						(13)						N/A						N/A
Total long-term debt			2,831						2,831
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances			200						200						0.3						0.4
Total			$	3,031					$	3,031

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Long-Term Debt

The Company’s senior notes may be redeemed, in whole or in part, at any time prior to maturity at a price equal to the greater of the principal amount and the present value of remaining scheduled payments, discounted to the redemption date, plus accrued interest.

Short-term Borrowings

The Company’s life insurance and bank subsidiaries are members of the FHLB of Des Moines which provides access to collateralized borrowings. The Company has pledged Available-for-Sale securities consisting of commercial mortgage backed securities and residential mortgage backed securities as collateral to access these borrowings. The fair value of the securities pledged is recorded in investments and was $1.1 billion and $1.3 billion, of commercial mortgage backed securities, and $518 million and $604 million, of residential mortgage backed securities, as of September 30, 2021 and December 31, 2020, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both September 30, 2021 and December 31, 2020. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on outstanding borrowings as of the balance sheet date.

On June 11, 2021, the Company entered into an amended and restated credit agreement that provides for an unsecured revolving credit facility of up to $1.0 billion that expires in June 2026. Under the terms of the credit agreement for the facility, the Company may increase the amount of this facility up to $1.25 billion upon satisfaction of certain approval requirements. As of both September 30, 2021 and December 31, 2020, the Company had no borrowings outstanding and had $1.1 million of letters of credit issued against the facility. The Company’s credit facility contains various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants as of both September 30, 2021 and December 31, 2020.

12.  Fair Values of Assets and Liabilities

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.

Valuation Hierarchy

The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows:

Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis: 

			September 30, 2021
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Cash equivalents			$	3,077					$	3,322					$	—					$	6,399
Available-for-Sale securities:
Corporate debt securities			—						9,205						520						9,725
Residential mortgage backed securities			—						9,699						—						9,699
Commercial mortgage backed securities			—						4,795						—						4,795
Asset backed securities			—						3,488						7						3,495
State and municipal obligations			—						1,104						—						1,104
U.S. government and agency obligations			1,196						—						—						1,196
Foreign government bonds and obligations			—						87						—						87
Other securities			—						13						—						13
Total Available-for-Sale securities			1,196						28,391						527						30,114
Investments at net asset value (“NAV”)																					8			(1)
Trading and other securities			11						22						—						33
Separate account assets at NAV																					95,129			(1)
Investments and cash equivalents segregated for regulatory purposes			650						—						—						650
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives			—						—						56						56
Other assets:
Interest rate derivative contracts			1						1,184						—						1,185
Equity derivative contracts			486						3,979						—						4,465
Credit derivative contracts			—						18						—						18
Foreign exchange derivative contracts			—						19						—						19
Total other assets			487						5,200						—						5,687
Total assets at fair value			$	5,421					$	36,935					$	583					$	138,076

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives			$	—					$	4					$	54					$	58
IUL embedded derivatives			—						—						917						917
GMWB and GMAB embedded derivatives			—						—						1,436						1,436			(2)
Structured variable annuity embedded derivatives			—						—						217						217
Total policyholder account balances, future policy benefits and claims			—						4						2,624						2,628			(3)
Customer deposits			—						5						—						5
Other liabilities:
Interest rate derivative contracts			—						476						—						476
Equity derivative contracts			169						3,450						—						3,619
Foreign exchange derivative contracts			2						17						—						19
Other			8						4						40						52
Total other liabilities			179						3,947						40						4,166
Total liabilities at fair value			$	179					$	3,956					$	2,664					$	6,799

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			December 31, 2020
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Cash equivalents			$	2,935					$	2,506					$	—					$	5,441
Available-for-Sale securities:
Corporate debt securities			—						12,902						772						13,674
Residential mortgage backed securities			—						10,020						9						10,029
Commercial mortgage backed securities			—						6,088						—						6,088
Asset backed securities			—						3,297						32						3,329
State and municipal obligations			—						1,384						—						1,384
U.S. government and agency obligations			1,456						—						—						1,456
Foreign government bonds and obligations			—						262						—						262
Other securities			—						61						—						61
Total Available-for-Sale securities			1,456						34,014						813						36,283
Investments at NAV																					8			(1)
Trading and other securities			61						27						—						88
Separate account assets at NAV																					92,611			(1)
Investments and cash equivalents segregated for regulatory purposes			600						—						—						600
Other assets:
Interest rate derivative contracts			1						1,754						—						1,755
Equity derivative contracts			408						3,682						—						4,090
Credit derivative contracts			—						2						—						2
Foreign exchange derivative contracts			1						22						—						23
Total other assets			410						5,460						—						5,870
Total assets at fair value			$	5,462					$	42,007					$	813					$	140,901

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives			$	—					$	3					$	49					$	52
IUL embedded derivatives			—						—						935						935
GMWB and GMAB embedded derivatives			—						—						2,316						2,316			(4)
Structured variable annuity embedded derivatives			—						—						70						70
Total policyholder account balances, future policy benefits and claims			—						3						3,370						3,373			(5)
Customer deposits			—						8						—						8
Other liabilities:
Interest rate derivative contracts			—						734						—						734
Equity derivative contracts			183						3,388						—						3,571
Credit derivative contracts			—						1						—						1
Foreign exchange derivative contracts			2						4						—						6
Other			2						3						43						48
Total other liabilities			187						4,130						43						4,360
Total liabilities at fair value			$	187					$	4,141					$	3,413					$	7,741

(1) Amounts are comprised of certain financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

(2) The fair value of the GMWB and GMAB embedded derivatives included $1.6 billion of individual contracts in a liability position and $142 million of individual contracts in an asset position (recorded as a contra liability) as of September 30, 2021.

(3) The Company’s adjustment for nonperformance risk resulted in a $550 million cumulative decrease to the embedded derivatives as of September 30, 2021.

(4) The fair value of the GMWB and GMAB embedded derivatives included $2.4 billion of individual contracts in a liability position and $67 million of individual contracts in an asset position (recorded as a contra liability) as of December 31, 2020.

(5) The Company’s adjustment for nonperformance risk resulted in a $727 million cumulative decrease to the embedded derivatives as of December 31, 2020.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:

			Available-for-Sale Securities																		Receivables
			Corporate Debt Securities															Asset Backed Securities									Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance, July 1, 2021			$	391														$	6								$	397					$	—
Total gains (losses) included in:
Net income			(1)															1									—			(1)			—
Other comprehensive income (loss)			(3)															—									(3)						—
Purchases			9															—									9						—
Sales			—															(1)									(1)						—
Issues			—															—									—						57			(5)
Settlements			(44)															(1)									(45)						(1)
Transfers into Level 3			168															2									170						—
Balance, September 30, 2021			$	520														$	7								$	527					$	56
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2021			$	(4)														$	—								$	(4)					$	—

			Policyholder Account Balances, Future Policy Benefits and Claims																														Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives						GMWB and GMAB Embedded Derivatives						Structured Variable Annuity Embedded Derivatives						Total
			(in millions)
Balance, July 1, 2021			$	54					$	928					$	1,373					$	214					$	2,569					$	44
Total (gains) losses included in:
Net income			1			(2)			14			(2)			(69)			(3)			17			(3)			(37)						(5)			(4)
Issues			—						—						95						(7)						88						5
Settlements			(1)						(25)						37						(7)						4						(4)
Balance, September 30, 2021			$	54					$	917					$	1,436					$	217					$	2,624					$	40
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2021			$	—					$	14		(2)			$	(60)		(3)			$	—					$	(46)					$	—

			Available-for-Sale Securities
			Corporate Debt Securities						Residential Mortgage Backed Securities									Asset Backed Securities									Total
			(in millions)
Balance, July 1, 2020			$	744					$	205								$	15								$	964
Total gains (losses) included in:
Other comprehensive income (loss)			5						—									1									6
Purchases			7						33									—									40
Settlements			(14)						—									1									(13)
Transfers into Level 3			—						—									13									13
Transfers out of Level 3			—						(188)									—									(188)
Balance, September 30, 2020			$	742					$	50								$	30								$	822
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2020			$	5					$	—								$	1								$	6

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			Policyholder Account Balances, Future Policy Benefits and Claims																														Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives						GMWB and GMAB Embedded Derivatives						Structured Variable Annuity Embedded Derivatives						Total
			(in millions)
Balance, July 1, 2020			$	41					$	882					$	3,129					$	9					$	4,061					$	48
Total (gains) losses included in:
Net income			3			(2)			50			(2)			(296)			(3)			3			(3)			(240)						(11)			(4)
Issues			—						15						93						(3)						105						5
Settlements			—						(21)						17						—						(4)						(2)
Balance, September 30, 2020			$	44					$	926					$	2,943					$	9					$	3,922					$	40
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2020			$	—					$	50		(2)			$	(283)		(3)			$	—					$	(233)					$	—

			Available-for-Sale Securities																								Receivables
			Corporate Debt Securities						Residential Mortgage Backed Securities									Asset Backed Securities									Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance, January 1, 2021			$	772					$	9								$	32								$	813					$	—
Total gains (losses) included in:
Net income			(1)						—									—									(1)			(1)			—
Other comprehensive income (loss)			(6)						—									—									(6)						—
Purchases			76						78									—									154						—
Sales			—						—									(1)									(1)						—
Issues			—						—									—									—						57			(5)
Settlements			(73)						—									(2)									(75)						(1)
Transfers into Level 3			168						—									2									170						—
Transfers out of Level 3			(416)						(87)									(24)									(527)						—
Balance, September 30, 2021			$	520					$	—								$	7								$	527					$	56
Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2021			$	—					$	—								$	(1)								$	(1)		(1)			$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2021			$	(4)					$	—								$	—								$	(4)					$	—

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			Policyholder Account Balances, Future Policy Benefits and Claims																														Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives						GMWB and GMAB Embedded Derivatives						Structured Variable Annuity Embedded Derivatives						Total
			(in millions)
Balance, January 1, 2021			$	49					$	935					$	2,316					$	70					$	3,370					$	43
Total (gains) losses included in:
Net income			7			(2)			51			(2)			(1,273)			(3)			192			(3)			(1,023)						(4)			(4)
Issues			—						4						274						(22)						256						11
Settlements			(2)						(73)						119						(23)						21						(10)
Balance, September 30, 2021			$	54					$	917					$	1,436					$	217					$	2,624					$	40
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2021			$	—					$	51		(2)			$	(1,236)		(3)			$	—					$	(1,185)					$	—

			Available-for-Sale Securities
			Corporate Debt Securities						Residential Mortgage Backed Securities									Asset Backed Securities									Total
			(in millions)
Balance, January 1, 2020			$	750					$	17								$	19								$	786
Total gains (losses) included in:
Net income			(1)						—									(1)									(2)			(1)
Other comprehensive income (loss)			13						1									(1)									13
Purchases			12						220									—									232
Settlements			(32)						—									—									(32)
Transfers into Level 3			—						—									13									13
Transfers out of Level 3			—						(188)									—									(188)
Balance, September 30, 2020			$	742					$	50								$	30								$	822
Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2020			$	(1)					$	—								$	(1)								$	(2)		(1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2020			$	13					$	1								$	(1)								$	13

			Policyholder Account Balances, Future Policy Benefits and Claims																														Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives						GMWB and GMAB Embedded Derivatives						Structured Annuity Embedded Derivatives						Total
			(in millions)
Balance, January 1, 2020			$	43					$	881					$	763					$	—					$	1,687					$	44
Total (gains) losses included in:
Net income			(2)			(2)			53			(2)			1,900			(3)			16			(3)			1,967						(12)			(4)
Issues			3						53						267						(7)						316						15
Settlements			—						(61)						13						—						(48)						(7)
Balance, September 30, 2020			$	44					$	926					$	2,943					$	9					$	3,922					$	40
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2020			$	—					$	53		(2)			$	1,936		(3)			$	—					$	1,989					$	—

(1) Included in net investment income in the Consolidated Statements of Operations.

(2) Included in interest credited to fixed accounts in the Consolidated Statements of Operations.

(3) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Operations.

(4) Included in general and administrative expense in the Consolidated Statements of Operations.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

(5) Represents the amount of ceded embedded derivatives associated with fixed deferred annuity products reinsured in the third quarter of 2021. See Note 1 for additional information on the reinsurance transaction.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $1 million and $(123) million, net of DAC, DSIC, unearned revenue amortization and the reinsurance accrual, for the three months ended September 30, 2021 and 2020, respectively.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $(138) million and $446 million, net of DAC, DSIC, unearned revenue amortization and the reinsurance accrual, for the nine months ended September 30, 2021 and 2020, respectively.

Securities transferred from Level 3 primarily represent securities with fair values that are obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:

			September 30, 2021
			Fair Value						Valuation Technique						Unobservable Input						Range												Weighted Average
			(in millions)
Corporate debt securities (private placements)			$	520					Discounted cash flow						Yield/spread to U.S. Treasuries (1)						0.8		%	–			2.4%						1.2%
Asset backed securities			$	2					Discounted cash flow						Annual short-term default rate (2)						1.4%												1.4%
															Annual long-term default rate (2)						3.5%												3.5 %
															Discount rate						12.0 %												12.0 %
															Constant prepayment rate						10.0 %												10.0 %
															Loss recovery						63.6 %												63.6 %
Fixed deferred indexed annuity ceded embedded derivatives			$	56					Discounted cash flow						Surrender rate (4)						0.0		%	–			66.8%						1.4%
IUL embedded derivatives			$	917					Discounted cash flow						Nonperformance risk (3)						60 bps												60 bps
Fixed deferred indexed annuity embedded derivatives			$	54					Discounted cash flow						Surrender rate (4)						0.0		%	–			66.8%						1.4%
															Nonperformance risk (3)						60 bps												60 bps
GMWB and GMAB embedded derivatives			$	1,436					Discounted cash flow						Utilization of guaranteed withdrawals (5) (6)						0.0		%	–			48.0%						10.6%
															Surrender rate (4)						0.1		%	–			63.4%						3.6%
															Market volatility (7) (8)						4.4		%	–			17.6%						11.3%
															Nonperformance risk (3)						60 bps												60 bps
Structured variable annuity embedded derivatives			$	217					Discounted cash flow						Surrender rate (4)						0.8		%	–			40.0%						0.9%
															Nonperformance risk (3)						60 bps												60 bps
Contingent consideration liabilities			$	40					Discounted cash flow						Discount rate (9)						0.0		%	–			9.0%						2.4%

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			December 31, 2020
			Fair Value						Valuation Technique						Unobservable Input						Range												Weighted Average
			(in millions)
Corporate debt securities (private placements)			$	772					Discounted cash flow						Yield/spread to U.S. Treasuries (1)						1.0		%	–			3.3%						1.5%
Asset backed securities			$	3					Discounted cash flow						Annual short-term default rate (2)						2.9		%	–			3.0%						2.9%
															Annual long-term default rate (2)						3.5		%	–			4.5%						3.8%
															Discount rate						13.0%												13.0%
															Constant prepayment rate						10.0%												10.0%
															Loss recovery						63.6%												63.6%
IUL embedded derivatives			$	935					Discounted cash flow						Nonperformance risk (3)						65 bps												65 bps
Fixed deferred indexed annuity embedded derivatives			$	49					Discounted cash flow						Surrender rate (4)						0.0		%	–			50.0%						1.2%
															Nonperformance risk (3)						65 bps												65 bps
GMWB and GMAB embedded derivatives			$	2,316					Discounted cash flow						Utilization of guaranteed withdrawals (5) (6)						0.0		%	–			48.0%						10.6%
															Surrender rate (4)						0.1		%	–			73.5%						3.8%
															Market volatility (7) (8)						4.3		%	–			17.1%						11.0%
															Nonperformance risk (3)						65 bps												65 bps
Structured variable annuity embedded derivatives			$	70					Discounted cash flow						Surrender rate (4)						0.8		%	–			40.0%						0.9%
															Nonperformance risk (3)						65 bps												65 bps
Contingent consideration liabilities			$	43					Discounted cash flow						Discount rate (9)						0.0		%	–			9.0%						3.1%

(1) The weighted average for the spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

(2) The weighted average annual default rates of asset backed securities is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

(3) The nonperformance risk is the spread added to the observable interest rates used in the valuation of the embedded derivatives.

(4) The weighted average surrender rate is weighted based on the benefit base of each contract and represents the average assumption in the current year including the effect of a dynamic surrender formula.

(5) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year.

(6) The weighted average utilization rate represents the average assumption for the current year, weighting each policy evenly. The calculation excludes policies that have already started taking withdrawals.

(7) Market volatility is implied volatility of fund of funds and managed volatility funds.

(8) The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

(9) The weighted average discount rate represents the average discount rate across all contingent consideration liabilities, weighted based on the size of the contingent consideration liability.

Level 3 measurements not included in the table above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Uncertainty of Fair Value Measurements

Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the annual default rate and discount rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss recovery in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the constant prepayment rate in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the surrender rate used in the fair value measurement of the fixed deferred indexed annuity ceded embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk and the surrender rate used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Significant increases (decreases) in utilization and volatility used in the fair value measurement of the GMWB and GMAB embedded derivatives in isolation would have resulted in a significantly higher (lower) liability value.

Significant increases (decreases) in nonperformance risk and surrender rate used in the fair value measurement of the GMWB and GMAB embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value. Utilization of guaranteed withdrawals and surrender rates vary with the type of rider, the duration of the policy, the age of the contractholder, the distribution channel and whether the value of the guaranteed benefit exceeds the contract accumulation value.

Significant increases (decreases) in the discount rate used in the fair value measurement of the contingent consideration liability in isolation would have resulted in a significantly lower (higher) fair value measurement.

Determination of Fair Value

The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Assets

Cash Equivalents

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.

Investments (Available-for-Sale Securities, Equity Securities and Trading Securities)

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

Level 1 securities primarily include U.S. Treasuries.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of certain asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in certain asset backed securities is classified as Level 3.

In consideration of the above, management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third-party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise.

Separate Account Assets

The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Investments and Cash Equivalents Segregated for Regulatory Purposes

Investments and cash equivalents segregated for regulatory purposes includes U.S. Treasuries that are classified as Level 1.

Receivables

During the third quarter of 2021, the Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models including Black-Scholes calculations to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3. See Note 1 for more information on the reinsurance transaction.

Other Assets

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both September 30, 2021 and December 31, 2020. See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral.

Liabilities

Policyholder Account Balances, Future Policy Benefits and Claims

There is no active market for the transfer of the Company’s embedded derivatives attributable to the provisions of certain variable annuity riders, fixed deferred indexed annuity, structured variable annuity and IUL products.

The Company values the embedded derivatives attributable to the provisions of certain variable annuity riders using internal valuation models. These models calculate fair value as the present value of future expected benefit payments less the present value of future expected rider fees attributable to the embedded derivative feature. The projected cash flows used by these models include observable capital market assumptions and incorporate significant unobservable inputs related to implied volatility as well as contractholder behavior assumptions that include margins for risk, all of which the Company believes a market participant would expect. The fair value also reflects a current estimate of the Company’s nonperformance risk specific to these embedded derivatives. Given the significant unobservable inputs to this valuation, these measurements are classified as Level 3. The embedded derivatives attributable to these provisions are recorded in policyholder account balances, future policy benefits and claims.

The Company uses a discounted cash flow model to determine the fair value of the embedded derivatives associated with the provisions of its equity index annuity product. The projected cash flows generated by this model are based on significant observable inputs related to interest rates, volatilities and equity index levels and, therefore, are classified as Level 2.

The Company uses discounted cash flow models including Black-Scholes calculations to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity market exposure and a fixed account. Each indexed account includes a protection option (a buffer or a floor). If the index has a negative return, contractholder losses will be reduced by buffer or limited to a floor. The portion allocated to an indexed account is accounted for as an embedded derivative. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3.

The embedded derivatives attributable to these provisions are recorded in policyholder account balances, future policy benefits and claims.

Customer Deposits

The Company uses various Black-Scholes calculations to determine the fair value of the embedded derivative liability associated with the provisions of its stock market certificates (“SMC”). The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2.

Other Liabilities

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

forwards and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both September 30, 2021 and December 31, 2020. See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral.

Securities sold but not yet purchased represent obligations of the Company to deliver specified securities that it does not yet own, creating a liability to purchase the security in the market at prevailing prices. When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from nationally-recognized pricing services, or other model-based valuation techniques such as the present value of cash flows. Level 1 securities sold but not yet purchased primarily include U.S Treasuries traded in active markets. Level 2 securities sold but not yet purchased primarily include corporate bonds.

Contingent consideration liabilities consist of earn-outs and/or deferred payments related to the Company’s acquisitions. Contingent consideration liabilities are recorded at fair value using a discounted cash flow model using an unobservable input (discount rate). Given the use of a significant unobservable input, the fair value of contingent consideration liabilities is classified as Level 3 within the fair value hierarchy.

Fair Value on a Nonrecurring Basis

The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $99 million and $101 million as of September 30, 2021 and December 31, 2020, respectively, and is classified as Level 3 in the fair value hierarchy.

Asset and Liabilities Not Reported at Fair Value

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:

			September 30, 2021
			Carrying Value						Fair Value
									Level 1						Level 2						Level 3						Total
			(in millions)
Financial Assets
Mortgage loans, net			$	1,911					$	—					$	24					$	1,988					$	2,012
Policy loans			836						—						836						—						836
Receivables			10,405						63						1,598						9,551						11,212
Restricted and segregated cash			1,701						1,701						—						—						1,701
Other investments and assets			291						—						251						42						293
Financial Liabilities
Policyholder account balances, future policy benefits and claims			$	11,767					$	—					$	—					$	12,845					$	12,845
Investment certificate reserves			5,437						—						—						5,434						5,434
Banking and brokerage deposits			13,257						13,257						—						—						13,257
Separate account liabilities — investment contracts			5,481						—						5,481						—						5,481
Debt and other liabilities			3,118						111						3,174						9						3,294

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			December 31, 2020
			Carrying Value						Fair Value
									Level 1						Level 2						Level 3						Total
			(in millions)
Financial Assets
Mortgage loans, net			$	2,718					$	—					$	22					$	2,852					$	2,874
Policy loans			846						—						846						—						846
Receivables			3,563						147						1,258						2,398						3,803
Restricted and segregated cash			1,958						1,958						—						—						1,958
Other investments and assets			732						—						672						62						734
Financial Liabilities
Policyholder account balances, future policy benefits and claims			$	9,990					$	—					$	—					$	11,686					$	11,686
Investment certificate reserves			6,752						—						—						6,752						6,752
Banking and brokerage deposits			10,891						10,891						—						—						10,891
Separate account liabilities — investment contracts			5,406						—						5,406						—						5,406
Debt and other liabilities			3,214						205						3,253						11						3,469

Receivables include deposit receivables, brokerage margin loans, securities borrowed, pledged asset lines of credit, and loans to financial advisors. Restricted and segregated cash includes cash segregated under federal and other regulations held in special reserve bank accounts for the exclusive benefit of the Company’s brokerage customers. Other investments and assets primarily include syndicated loans, credit card receivables, certificate of deposits with original or remaining maturities at the time of purchase of more than 90 days, the Company’s membership in the FHLB and investments related to the Community Reinvestment Act. See Note 6 for additional information on mortgage loans, policy loans, syndicated loans, credit card receivables and the deposit receivable.

Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 10 for additional information on these liabilities. Investment certificate reserves represent customer deposits for fixed rate certificates and stock market certificates. Banking and brokerage deposits are amounts payable to customers related to free credit balances, funds deposited by customers and funds accruing to customers as a result of trades or contracts. Separate account liabilities are primarily investment contracts in pooled pension funds offered by Threadneedle. Debt and other liabilities include the Company’s long-term debt, short-term borrowings, securities loaned and future funding commitments to affordable housing partnerships and other real estate partnerships. See Note 11 for further information on the Company’s long-term debt and short-term borrowings.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

13.  Offsetting Assets and Liabilities

Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments and securities borrowing and lending agreements are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Securities borrowed and loaned result from transactions between the Company’s broker dealer subsidiary and other financial institutions and are recorded at the amount of cash collateral advanced or received. Securities borrowed and securities loaned are primarily equity securities. The Company’s securities borrowed and securities loaned transactions generally do not have a fixed maturity date and may be terminated by either party under customary terms.

The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:

			September 30, 2021
			Gross Amounts of Recognized Assets						Gross Amounts Offset in the Consolidated Balance Sheets						Amounts of Assets Presented in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets																		Net Amount
																					Financial Instruments (1)						Cash Collateral						Securities Collateral
			(in millions)
Derivatives:
OTC			$	5,310					$	—					$	5,310					$	(3,479)					$	(1,369)					$	(404)					$	58
OTC cleared			25						—						25						(15)						—						—						10
Exchange-traded			352						—						352						(110)						(213)						—						29
Total derivatives			5,687						—						5,687						(3,604)						(1,582)						(404)						97
Securities borrowed			63						—						63						(16)						—						(45)						2
Total			$	5,750					$	—					$	5,750					$	(3,620)					$	(1,582)					$	(449)					$	99

			December 31, 2020
			Gross Amounts of Recognized Assets						Gross Amounts Offset in the Consolidated Balance Sheets						Amounts of Assets Presented in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets																		Net Amount
																					Financial Instruments (1)						Cash Collateral						Securities Collateral
			(in millions)
Derivatives:
OTC			$	5,501					$	—					$	5,501					$	(3,862)					$	(1,287)					$	(315)					$	37
OTC cleared			58						—						58						(25)						—						—						33
Exchange-traded			311						—						311						(91)						(165)						—						55
Total derivatives			5,870						—						5,870						(3,978)						(1,452)						(315)						125
Securities borrowed			147						—						147						(43)						—						(103)						1
Total			$	6,017					$	—					$	6,017					$	(4,021)					$	(1,452)					$	(418)					$	126

(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

45

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:

			September 30, 2021
			Gross Amounts of Recognized Liabilities						Gross Amounts Offset in the Consolidated Balance Sheets						Amounts of Liabilities Presented in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets																		Net Amount
																					Financial Instruments (1)						Cash Collateral						Securities Collateral
			(in millions)
Derivatives:
OTC			$	3,987					$	—					$	3,987					$	(3,479)					$	(195)					$	(293)					$	20
OTC cleared			15						—						15						(15)						—						—						—
Exchange-traded			112						—						112						(110)						—						—						2
Total derivatives			4,114						—						4,114						(3,604)						(195)						(293)						22
Securities loaned			111						—						111						(16)						—						(91)						4
Total			$	4,225					$	—					$	4,225					$	(3,620)					$	(195)					$	(384)					$	26

			December 31, 2020
			Gross Amounts of Recognized Liabilities						Gross Amounts Offset in the Consolidated Balance Sheets						Amounts of Liabilities Presented in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets																		Net Amount
																					Financial Instruments (1)						Cash Collateral						Securities Collateral
			(in millions)
Derivatives:
OTC			$	4,192					$	—					$	4,192					$	(3,862)					$	(1)					$	(327)					$	2
OTC cleared			25						—						25						(25)						—						—						—
Exchange-traded			95						—						95						(91)						—						—						4
Total derivatives			4,312						—						4,312						(3,978)						(1)						(327)						6
Securities loaned			205						—						205						(43)						—						(157)						5
Total			$	4,517					$	—					$	4,517					$	(4,021)					$	(1)					$	(484)					$	11

(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.

When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral.

Freestanding derivative instruments are reflected in other assets and other liabilities. Cash collateral pledged by the Company is reflected in other assets and cash collateral accepted by the Company is reflected in other liabilities. Securities borrowing and lending agreements are reflected in receivables and other liabilities, respectively. See Note 14 for additional disclosures related to the Company’s derivative instruments and Note 4 for information related to derivatives held by consolidated investment entities.

46

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

14.  Derivatives and Hedging Activities

Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity, foreign exchange and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations.

Certain of the Company’s freestanding derivative instruments are subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 13 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral.

Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:

			September 30, 2021												December 31, 2020
			Notional			Gross Fair Value									Notional			Gross Fair Value
						Assets (1)			Liabilities (2)(3)									Assets (1)			Liabilities (2)(3)
			(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts – net investment hedges			$	58		$	1		$	—					$	32		$	—		$	2
Total qualifying hedges			58			1			—						32			—			2
Derivatives not designated as hedging instruments
Interest rate contracts			79,350			1,185			476						77,951			1,755			734
Equity contracts			59,856			4,465			3,619						57,254			4,090			3,571
Credit contracts			1,758			18			—						2,297			2			1
Foreign exchange contracts			3,234			18			19						3,423			23			4
Total non-designated hedges			144,198			5,686			4,114						140,925			5,870			4,310
Embedded derivatives
GMWB and GMAB (4)			N/A			—			1,436						N/A			—			2,316
IUL			N/A			—			917						N/A			—			935
Fixed deferred indexed annuities and deposit receivables			N/A			56			58						N/A			—			52
Structured variable annuities			N/A			—			217						N/A			—			70
SMC			N/A			—			5						N/A			—			8
Total embedded derivatives			N/A			56			2,633						N/A			—			3,381
Total derivatives			$	144,256		$	5,743		$	6,747					$	140,957		$	5,870		$	7,693

N/A  Not applicable.

(1) The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables on the Consolidated Balance Sheets.

(2) The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets. The fair value of the SMC embedded derivative liability is included in Customer deposits on the Consolidated Balance Sheets.

(3) The fair value of the Company’s derivative liabilities after considering the effects of master netting arrangements, cash collateral held by the same counterparty and the fair value of net embedded derivatives was $2.9 billion and $3.7 billion as of September 30, 2021 and December 31, 2020, respectively. See Note 13 for additional information related to master netting arrangements and cash collateral.

(4) The fair value of the GMWB and GMAB embedded derivatives as of September 30, 2021 included $1.6 billion of individual contracts in a liability position and $142 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives as of December 31, 2020 included $2.4 billion of individual contracts in a liability position and $67 million of individual contracts in an asset position.

See Note 12 for additional information regarding the Company’s fair value measurement of derivative instruments.

47

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

As of September 30, 2021 and December 31, 2020, investment securities with a fair value of $448 million and $325 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $448 million and $325 million, respectively, may be sold, pledged or rehypothecated by the Company. As of both September 30, 2021 and December 31, 2020, the Company had sold, pledged or rehypothecated none of these securities. In addition, as of both September 30, 2021 and December 31, 2020, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

Derivatives Not Designated as Hedges

The following tables present a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:

			Net Investment Income			Banking and Deposit Interest Expense			Distribution Expenses			Interest Credited to Fixed Accounts			Benefits, Claims, Losses and Settlement Expenses			General and Administrative Expense
			(in millions)
Three Months Ended September 30, 2021
Interest rate contracts			$	—		$	—		$	—		$	—		$	(171)		$	—
Equity contracts			—			—			(13)			—			1			(1)
Credit contracts			—			—			—			—			2			—
Foreign exchange contracts			(23)			—			—			—			—			—
GMWB and GMAB embedded derivatives			—			—			—			—			(64)			—
IUL embedded derivatives			—			—			—			11			—			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives			—			—			—			1			—			—
Structured variable annuity embedded derivatives			—			—			—			—			(17)			—
SMC embedded derivatives			—			—			—			—			—			—
Total gain (loss)			$	(23)		$	—		$	(13)		$	12		$	(249)		$	(1)
Nine Months Ended September 30, 2021
Interest rate contracts			$	(23)		$	—		$	(1)		$	—		$	(1,125)		$	—
Equity contracts			—			1			67			55			(613)			11
Credit contracts			—			—			1			—			41			—
Foreign exchange contracts			(17)			—			—			—			6			(2)
GMWB and GMAB embedded derivatives			—			—			—			—			879			—
IUL embedded derivatives			—			—			—			22			—			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives			—			—			—			(7)			—			—
Structured variable annuity embedded derivatives			—			—			—			—			(192)			—
SMC embedded derivatives			—			(1)			—			—			—			—
Total gain (loss)			$	(40)		$	—		$	67		$	70		$	(1,004)		$	9

48

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			Net Investment Income			Banking and Deposit Interest Expense			Distribution Expenses			Interest Credited to Fixed Accounts			Benefits, Claims, Losses and Settlement Expenses			General and Administrative Expense
			(in millions)
Three Months Ended September 30, 2020
Interest rate contracts			$	—		$	—		$	—		$	—		$	(371)		$	—
Equity contracts			—			2			41			42			(468)			6
Credit contracts			—			—			—			—			(12)			—
Foreign exchange contracts			—			—			—			—			(23)			5
GMWB and GMAB embedded derivatives			—			—			—			—			186			—
IUL embedded derivatives			—			—			—			(29)			—			—
Fixed deferred indexed annuity embedded derivatives			—			—			—			(3)			—			—
Structured variable annuity embedded derivatives			—			—			—			—			(3)			—
SMC embedded derivatives			—			(2)			—			—			—			—
Total gain (loss)			$	—		$	—		$	41		$	10		$	(691)		$	11
Nine Months Ended September 30, 2020
Interest rate contracts			$	(1)		$	—		$	2		$	—		$	2,204		$	—
Equity contracts			(1)			—			12			(7)			58			3
Credit contracts			—			—			—			—			(91)			—
Foreign exchange contracts			—			—			—			—			26			3
GMWB and GMAB embedded derivatives			—			—			—			—			(2,180)			—
IUL embedded derivatives			—			—			—			8			—			—
Fixed deferred indexed annuity embedded derivatives			—			—			—			2			—			—
Structured variable annuity embedded derivatives			—			—			—			—			(16)			—
SMC embedded derivatives			—			—			—			—			—			—
Total gain (loss)			$	(2)		$	—		$	14		$	3		$	1		$	6

The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.

Certain annuity contracts contain GMWB or GMAB provisions, which guarantee the right to make limited partial withdrawals each contract year regardless of the volatility inherent in the underlying investments or guarantee a minimum accumulation value of consideration received at the beginning of the contract period, after a specified holding period, respectively. The indexed portion of structured variable annuities and the GMAB and non-life contingent GMWB provisions are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. The Company economically hedges the aggregate exposure related to the indexed portion of structured variable annuities and the GMAB and non-life contingent GMWB provisions using options, swaptions, swaps and futures.

The deferred premium associated with certain of the above options and swaptions is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options and swaptions as of September 30, 2021:

			Premiums Payable						Premiums Receivable
			(in millions)
2021 (1)			$	60					$	45
2022			204						205
2023			51						43
2024			138						25
2025			125						22
2026 - 2028			262						88
Total			$	840					$	428

(1) 2021 amounts represent the amounts payable and receivable for the period from October 1, 2021 to December 31, 2021.

49

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.

The Company has a macro hedge program to provide protection against the statutory tail scenario risk arising from variable annuity reserves on its statutory surplus and to cover some of the residual risks not covered by other hedging activities. As a means of economically hedging these risks, the Company may use a combination of futures, options, swaps and swaptions. Certain of the macro hedge derivatives may contain settlement provisions linked to both equity returns and interest rates. The Company’s macro hedge derivatives that contain settlement provisions linked to both equity returns and interest rates, if any, are shown in other contracts in the tables above.

Structured variable annuity, IUL and stock market certificate products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity, IUL and stock market certificate products will positively or negatively impact earnings over the life of these products. The equity component of structured variable annuity, IUL and stock market certificate product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into index options and futures contracts.

The Company enters into futures, credit default swaps and commodity swaps to manage its exposure to price risk arising from seed money investments in proprietary investment products. The Company enters into foreign currency forward contracts to economically hedge its exposure to certain foreign transactions. The Company enters into futures contracts and total return swaps to economically hedge its exposure related to compensation plans. The Company enters into interest rate swaps to offset interest rate changes on unrealized gains or losses for certain investments.

Cash Flow Hedges

The Company has designated derivative instruments as a cash flow hedge of interest rate exposure on forecasted debt interest payments. For derivative instruments that qualify as cash flow hedges, the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented within the same line item as the earnings impact of the hedged item in interest and debt expense.

For the three months and nine months ended September 30, 2021 and 2020, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial. The estimated net amount recorded in AOCI as of September 30, 2021 that the Company expects to reclassify to earnings as a reduction to interest and debt expense within the next twelve months is $0.5 million. Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 15 years and relates to forecasted debt interest payments. See Note 15 for a rollforward of net unrealized derivative gains (losses) included in AOCI related to cash flow hedges.

Fair Value Hedges

The Company entered into and designated as a fair value hedge an interest rate swap to convert senior notes due 2020 from fixed rate debt to floating rate debt. The interest rate swap related to the senior notes due March 2020 was settled during the first quarter of 2020 when the debt was repaid. The swap had identical terms as the underlying debt being hedged. The Company recognized gains and losses on the derivatives and the related hedged items within interest and debt expense.

The Company has not had any fair value hedges since March 2020. The following table is a summary of the impact of derivatives designated as hedges on the Consolidated Statements of Operations:

			Three Months Ended September 30, 2020						Nine Months Ended September 30, 2020
			(in millions)
Total interest and debt expense per Consolidated Statements of Operations			$	37					$	124
Gain (loss) on interest rate contracts designated as fair value hedges:
Hedged items			$	—					$	1
Derivatives designated as fair value hedges			—						(1)
Gain (loss) on interest rate contracts designated as cash flow hedges:
Amount of gain (loss) reclassified from AOCI into income			$	1					$	1

50

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Net Investment Hedges

The Company entered into, and designated as net investment hedges in foreign operations, forward contracts to hedge a portion of the Company’s foreign currency exchange rate risk associated with its investment in Threadneedle. As the Company determined that the forward contracts are effective, the change in fair value of the derivatives is recognized in AOCI as part of the foreign currency translation adjustment. For the three months ended September 30, 2021 and 2020, the Company recognized a gain of $0.7 million and a loss of $2.5 million, respectively, in OCI. For the nine months ended September 30, 2021 and 2020, the Company recognized a loss of $0.2 million and a gain of $3 million, respectively, in OCI.

Credit Risk

Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 13 for additional information on the Company’s credit exposure related to derivative assets.

Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s debt rating (or based on the financial strength of the Company’s life insurance subsidiaries for contracts in which those subsidiaries are the counterparty). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company’s debt does not maintain a specific credit rating (generally an investment grade rating) or the Company’s life insurance subsidiary does not maintain a specific financial strength rating. If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of September 30, 2021 and December 31, 2020, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $382 million and $326 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of September 30, 2021 and December 31, 2020 was $378 million and $324 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of September 30, 2021 and December 31, 2020 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $4 million and $2 million, respectively. 

15.  Shareholders’ Equity

The following tables provide the amounts related to each component of OCI:

			Three Months Ended September 30,
			2021												2020
			Pretax			Income Tax Benefit (Expense)			Net of Tax						Pretax			Income Tax Benefit (Expense)			Net of Tax
			(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)			$	(79)		$	21		$	(58)					$	225		$	(53)		$	172
Reclassification of net (gains) losses on securities included in net income (2)			(502)			105			(397)						(4)			1			(3)
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables			147			(31)			116						(94)			20			(74)
Net unrealized gains (losses) on securities			(434)			95			(339)						127			(32)			95
Foreign currency translation			(28)			6			(22)						27			—			27
Total other comprehensive income (loss)			$	(462)		$	101		$	(361)					$	154		$	(32)		$	122

51

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			Nine Months Ended September 30,
			2021																		2020
			Pretax						Income Tax Benefit (Expense)						Net of Tax						Pretax						Income Tax Benefit (Expense)						Net of Tax
			(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)			$	(433)					$	108					$	(325)					$	562					$	(118)					$	444
Reclassification of net (gains) losses on securities included in net income (2)			(553)						116						(437)						—						—						—
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables			284						(60)						224						(223)						47						(176)
Net unrealized gains (losses) on securities			(702)						164						(538)						339						(71)						268
Defined benefit plans			37						(8)						29						—						—						—
Foreign currency translation			(27)						6						(21)						(15)						1						(14)
Total other comprehensive income (loss)			$	(692)					$	162					$	(530)					$	324					$	(70)					$	254

(1) Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.

(2) Reclassification amounts are recorded in net investment income.

Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the fair value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit impairments to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.

The following tables present the changes in the balances of each component of AOCI, net of tax:

			Net Unrealized Gains (Losses) on Securities						Net Unrealized Gains (Losses) on Derivatives						Defined Benefit Plans						Foreign Currency Translation						Other						Total
			(in millions)
Balance, July 1, 2021			$	784					$	5					$	(175)					$	(153)					$	(1)					$	460
OCI before reclassifications			58						—						—						(22)						—						36
Amounts reclassified from AOCI			(397)						—						—						—						—						(397)
Total OCI			(339)						—						—						(22)						—						(361)
Balance, September 30, 2021			$	445					$	5					$	(175)					$	(175)					$	(1)					$	99
Balance, January 1, 2021			$	983					$	5					$	(204)					$	(154)					$	(1)					$	629
OCI before reclassifications			(101)						—						29						(21)						—						(93)
Amounts reclassified from AOCI			(437)						—						—						—						—						(437)
Total OCI			(538)						—						29						(21)						—						(530)
Balance, September 30, 2021			$	445					$	5					$	(175)					$	(175)					$	(1)					$	99

52

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			Net Unrealized Gains (Losses) on Securities						Net Unrealized Gains (Losses) on Derivatives						Defined Benefit Plans						Foreign Currency Translation						Other						Total
			(in millions)
Balance, July 1, 2020			$	749					$	6					$	(138)					$	(222)					$	(1)					$	394
OCI before reclassifications			98						—						—						27						—						125
Amounts reclassified from AOCI			(3)						—						—						—						—						(3)
Total OCI			95						—						—						27						—						122
Balance, September 30, 2020			$	844					$	6					$	(138)					$	(195)					$	(1)					$	516
Balance, January 1, 2020			$	576					$	6					$	(138)					$	(181)					$	(1)					$	262
OCI before reclassifications			268						—						—						(14)						—						254
Total OCI			268						—						—						(14)						—						254
Balance, September 30, 2020			$	844					$	6					$	(138)					$	(195)					$	(1)					$	516

For the nine months ended September 30, 2021 and 2020, the Company repurchased a total of 5.5 million shares and 6.3 million shares, respectively, of its common stock for an aggregate cost of $1.3 billion and $956 million, respectively. In August 2020, the Company’s Board of Directors authorized a repurchase of up to $2.5 billion for the repurchase of shares of the Company’s common stock through September 30, 2022. As of September 30, 2021, the Company had $932 million remaining under the share repurchase authorization.

The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises. The holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligation. These vested restricted shares are reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase.

For the nine months ended September 30, 2021 and 2020, the Company reacquired 0.3 million shares and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $69 million and $51 million, respectively, related to the holders’ income tax obligations on the vesting date. Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised. These shares are reacquired by the Company and recorded as treasury shares. For the nine months ended September 30, 2021 and 2020, the Company reacquired 0.9 million shares and 0.7 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $209 million and $128 million, respectively.

During the nine months ended September 30, 2021 and 2020, the Company reissued 0.4 million and 0.5 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans.

16.  Income Taxes

The Company’s effective tax rate was 18.8% and 23.5% for the three months ended September 30, 2021 and 2020, respectively. The Company’s effective tax rate was 17.1% and 17.4% for the nine months ended September 30, 2021 and 2020, respectively.

The effective tax rate for the three months ended September 30, 2021 is lower than the statutory tax rate as a result of tax preferred items including low income housing tax credits, partially offset by state income taxes, net of federal benefit. The effective tax rate for the nine months ended September 30, 2021 is lower than the statutory tax rate as a result of tax preferred items including low income housing tax credits, incentive compensation, and the dividends received deduction, partially offset by state income taxes, net of federal benefit.

The Company recorded a pretax loss for the three months ended September 30, 2020. Tax benefits applied to a pretax loss increase the effective tax rate. The effective tax rate for the three months ended September 30, 2020 is higher than the statutory tax rate due to tax benefits including low income housing tax credits and dividends received deduction. The effective tax rate for the nine months ended September 30, 2020 is lower than the statutory rate as a result of tax preferred items including low income housing tax credits and dividends received deduction, partially offset by state income taxes, net of federal benefit.

The lower effective tax rate for the three months ended September 30, 2021 is the result of current period pretax income compared to the prior period pretax loss and a decrease in tax preferred items including low income housing tax credits and the dividends received deduction, increases in incentive compensation partially offset by state income taxes, net of federal benefit.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $16 million, net of federal benefit, which will expire beginning December 31, 2021.

The Company is required to establish a valuation allowance for any portion of the deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established, and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination, (i) future taxable income exclusive of reversing temporary differences and carryforwards, (ii) future reversals of existing taxable temporary differences, (iii) taxable income in prior carryback years, and (iv) tax planning strategies. Based on analysis of the Company’s tax position, management believes it is more likely than not that the Company will not realize certain state net operating losses of $12 million, state deferred tax assets of $2 million and foreign deferred tax assets of $1 million; therefore, a valuation allowance has been established. The valuation allowance was $15 million as of both September 30, 2021 and December 31, 2020.

As of September 30, 2021 and December 31, 2020, the Company had $126 million and $110 million, respectively, of gross unrecognized tax benefits. If recognized, approximately $95 million and $80 million, net of federal tax benefits, of unrecognized tax benefits as of September 30, 2021 and December 31, 2020, respectively, would affect the effective tax rate.

It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by $40 million to $50 million in the next 12 months primarily due to Internal Revenue Service (“IRS”) settlements and state exams.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized nil and a net decrease of $1 million in interest and penalties for the three and nine months ended September 30, 2021, respectively. The Company recognized a net increase of $1 million and $2 million in interest and penalties for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021 and December 31, 2020, the Company had a payable of $9 million and $10 million, respectively, related to accrued interest and penalties.

The Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The federal statute of limitations are closed on years through 2015, except for one issue for 2014 and 2015 which was claimed on amended returns. The IRS is currently auditing the Company’s U.S. income tax returns for 2016, 2017 and 2018. The Company’s state income tax returns are currently under examination by various jurisdictions for years ranging from 2015 through 2019.

17.  Contingencies

Contingencies

The Company and its subsidiaries are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, leases and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the financial services industry generally.

As with other financial services firms, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated. From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by, the SEC, the Financial Industry Regulatory Authority, the OCC, the U.K. Financial Conduct Authority, the Federal Reserve Board, state insurance and securities regulators, state attorneys general and various other domestic or foreign governmental and quasi-governmental authorities on behalf of themselves or clients concerning the Company’s business activities and practices, and the practices of the Company’s financial advisors. The Company typically has numerous pending matters which include information requests, exams or inquiries regarding certain subjects, including from time to time: sales and distribution of mutual funds, exchange traded funds, annuities, equity and fixed income securities, real estate investment trusts, insurance products, and financial advice offerings, including managed accounts; wholesaler activity; supervision of the Company’s financial advisors and other associated persons; administration of insurance and annuity claims; security of client information; trading activity and the Company’s monitoring and supervision of such activity; and transaction monitoring systems and controls. The Company has cooperated and will continue to cooperate with the applicable regulators.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

These legal proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss. The Company cannot predict with certainty if, how or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a loss or range of loss can be reasonably estimated for any proceeding. An adverse outcome in one or more proceedings could eventually result in adverse judgments, settlements, fines, penalties or other sanctions, in addition to further claims, examinations or adverse publicity that could have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity.

In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter.

Guaranty Fund Assessments

RiverSource Life and RiverSource Life of NY are required by law to be a member of the guaranty fund association in every state where they are licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated.

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of both September 30, 2021 and December 31, 2020, the estimated liability was $12 million. As of both September 30, 2021 and December 31, 2020, the related premium tax asset was $10 million. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

18.  Earnings per Share

The computations of basic and diluted earnings per share is as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(in millions, except per share amounts)
Numerator:
Net income			$	1,031					$	(140)					$	2,059					$	1,357
Denominator:
Basic: Weighted-average common shares outstanding			116.4						123.0						118.2						124.8
Effect of potentially dilutive nonqualified stock options and other share-based awards			2.8						1.9						2.7						1.7
Diluted: Weighted-average common shares outstanding			119.2						124.9						120.9						126.5
Earnings per share:
Basic			$	8.86					$	(1.14)					$	17.42					$	10.87
Diluted			$	8.65					$	(1.14)		(1)			$	17.03					$	10.73

(1) Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in anti-dilution.

The calculation of diluted earnings per share excludes the incremental effect of 1.5 million options as of September 30, 2020 due to their anti-dilutive effect.

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

19.  Segment Information

The Company’s four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other.

The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis.

Management uses segment adjusted operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, adjusted operating earnings is the Company’s measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis.

Management excludes mean reversion related impacts from the Company’s adjusted operating measures. The mean reversion related impact is defined as the impact on variable annuity and 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.

Effective in the third quarter of 2021, management has excluded the impacts of block transfer reinsurance transactions from the adjusted operating measures. Prior periods presented were not impacted.

Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted operating expenses exclude net realized investment gains or losses (net of unearned revenue amortization and the reinsurance accrual); the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and 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 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); block transfer reinsurance transaction impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; integration and restructuring charges; and the impact of consolidating CIEs. The market impact on non-traditional long-duration products includes changes in embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections, net of related impacts on DAC and DSIC amortization. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the Company’s life insurance subsidiary’s nonperformance spread.

The following tables summarize selected financial information by segment and reconciles segment totals to those reported on the consolidated financial statements:

			September 30, 2021						December 31, 2020
			(in millions)
Advice & Wealth Management			$	22,849					$	21,266
Asset Management			9,213						8,406
Retirement & Protection Solutions			116,986						114,850
Corporate & Other			21,678						21,361
Total assets			$	170,726					$	165,883

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AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(in millions)
Adjusted operating net revenues:
Advice & Wealth Management			$	2,048					$	1,667					$	5,907					$	4,899
Asset Management			915						739						2,622						2,093
Retirement & Protection Solutions			834						781						2,429						2,295
Corporate & Other			113						132						371						412
Eliminations (1)(2)			(395)						(342)						(1,173)						(1,006)
Total segment adjusted operating net revenues			3,515						2,977						10,156						8,693
Net realized gains (losses)			14						4						81						(19)
Revenue attributable to consolidated investment entities			42						21						92						52
Market impact on non-traditional long-duration products, net			(1)						1						25						(10)
Mean reversion related impacts			—						—						1						—
Market impact of hedges on investments			(23)						—						(40)						—
Block transfer reinsurance transaction impacts			(644)						—						(644)						—
Total net revenues per Consolidated Statements of Operations			$	2,903					$	3,003					$	9,671					$	8,716

(1) Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2021 and 2020 in each segment as follows: Advice & Wealth Management ($261 million and $219 million, respectively); Asset Management ($12 million and $13 million, respectively); Retirement & Protection Solutions ($122 million and $110 million, respectively); and Corporate & Other (nil and nil, respectively).

(2) Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2021 and 2020 in each segment as follows: Advice & Wealth Management ($777 million and $649 million, respectively); Asset Management ($39 million and $39 million, respectively); Retirement & Protection Solutions ($356 million and $319 million, respectively); and Corporate & Other ($1 million and $(1) million, respectively).

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(in millions)
Adjusted operating earnings:
Advice & Wealth Management			$	459					$	320					$	1,271					$	969
Asset Management			285						198						766						496
Retirement & Protection Solutions			187						(89)						552						300
Corporate & Other			(81)						(202)						(179)						(309)
Total segment adjusted operating earnings			850						227						2,410						1,456
Net realized gains (losses)			12						4						78						(18)
Net income (loss) attributable to consolidated investment entities			2						—						(1)						(2)
Market impact on non-traditional long-duration products, net			(94)						(431)						(577)						239
Mean reversion related impacts			9						17						107						(30)
Market impact of hedges on investments			(23)						—						(40)						—
Block transfer reinsurance transaction impacts			521						—						521						—
Integration and restructuring charges			(7)						(1)						(14)						(4)
Pretax income per Consolidated Statements of Operations			$	1,270					$	(184)					$	2,484					$	1,641

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AMERIPRISE FINANCIAL, INC. 

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with the “Forward-Looking Statements” that follow and our Consolidated Financial Statements and Notes presented in Item 1. Our Management’s Discussion and Analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on February 24, 2021 (“2020 10-K”), as well as our current reports on Form 8-K and other publicly available information. References below to “Ameriprise Financial,” “Ameriprise,” the “Company,” “we,” “us,” and “our” refer to Ameriprise Financial, Inc. exclusively, to our entire family of companies, or to one or more of our subsidiaries.

Overview

Ameriprise Financial is a diversified financial services company with a more than 125-year history of providing financial solutions. We are a long-standing leader in financial planning and advice with $1.2 trillion in assets under management and administration as of September 30, 2021. We offer a broad range of products and services designed to achieve individual and institutional clients’ financial objectives.

The coronavirus disease 2019 (‘‘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. In early 2020, we implemented a work-from-home protocol for virtually all of our employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. We are thoughtfully returning to our office locations, where it is reasonable to do so, while complying with applicable health agencies’ guidelines and governmental orders. 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. Given the 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. For further information regarding the impact of the COVID-19 pandemic, and any potentially material effects, see Part 1 - Item 1A “Risk Factors” of our 2020 10-K.

The products and services we provide retail clients and, to a lesser extent, institutional clients, are the primary source of our revenues and net income. Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies. These factors, in turn, are largely determined by overall investment market performance and the depth and breadth of our individual client relationships.

Financial markets and macroeconomic conditions have had and will continue to have a significant impact on our operating and performance results. In addition, the business, political and regulatory environments in which we operate are subject to elevated uncertainty and substantial, frequent change. Accordingly, we expect to continue focusing on our key strategic objectives and obtaining operational and strategic leverage from our core capabilities. The success of these and other strategies may be affected by the factors discussed in Item 1A, “Risk Factors” in our 2020 10-K and other factors as discussed herein.

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 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 fixed deferred annuities, fixed insurance, the fixed portion of variable annuities and variable insurance contracts and deposit products.

Earnings, as well as adjusted operating earnings after tax, will be negatively impacted by the ongoing low interest rate environment should it continue. In addition to continuing spread compression in our interest sensitive product lines, a sustained low interest rate environment may result in increases to our reserves and changes in various rate assumptions we use to amortize DAC and DSIC, which may negatively impact our adjusted operating earnings after tax. For additional discussion on our interest rate risk, see Item 3. “Quantitative and Qualitative Disclosures About Market Risk” and the information set forth in this Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Market Risk.”

In the third quarter, we updated our market-related assumptions and implemented model changes related to our living benefit valuation. In addition, we conducted our annual review of life insurance and annuity valuation assumptions relative to current experience and management expectations including modeling changes. These aforementioned changes are collectively referred to as unlocking. We also reviewed our future policy benefit reserve adequacy for our long term care (“LTC”) business in the third quarter. See our Consolidated and Segment Results of Operations sections for the pretax impacts on our revenues and expenses attributable to unlocking and LTC loss recognition.

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AMERIPRISE FINANCIAL, INC. 

On June 2, 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. We also filed an application to transition the FSB’s personal trust services business to a new limited purpose national trust bank regulated by the Office of the Comptroller of the Currency. If 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.

During the third quarter of 2021, RiverSource Life Insurance Company (“RiverSource Life”), one of our life insurance subsidiaries, closed on a transaction with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company, 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 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 will add approximately $131 billion of assets under management (“AUM”) in EMEA.

We consolidate certain variable interest entities for which we provide asset management services. These entities are defined as consolidated investment entities (“CIEs”). While the consolidation of the CIEs impacts our balance sheet and income statement, our exposure to these entities is unchanged and there is no impact to the underlying business results. For further information on CIEs, see Note 4 to our Consolidated Financial Statements. The results of operations of the CIEs are reflected in the Corporate & Other segment. 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 the fair value of assets and liabilities related to the CIEs, primarily syndicated loans and debt, are reflected in net investment income. We include the fees from these entities in the management and financial advice fees line within our Asset Management segment.

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 impact; 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. Management uses these non-GAAP measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors. Also, certain of these non-GAAP measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Throughout our Management’s Discussion and Analysis, these non-GAAP measures are referred to as adjusted operating measures. These non-GAAP measures should not be viewed as a substitute for U.S. GAAP measures. Effective in the third quarter of 2021, management has excluded the impacts of block transfer reinsurance transactions from the adjusted operating measures. Prior periods presented were not impacted.

It is management’s priority to increase shareholder value over a multi-year horizon by achieving our on-average, over-time financial targets.

Our financial targets are:

•Adjusted operating earnings per diluted share growth of 12% to 15%, and

•Adjusted operating return on equity excluding accumulated other comprehensive income (“AOCI”) of over 30%.

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AMERIPRISE FINANCIAL, INC. 

The following tables reconcile our GAAP measures to adjusted operating measures:

															Per Diluted Share
			Three Months Ended September 30,												Three Months Ended September 30,
			2021						2020						2021						2020
			(in millions, except per share amounts)
Net income (loss)			$	1,031					$	(140)					$	8.65					$	(1.14)		(3)
Add: Basic to diluted share conversion			—						—						—						0.02			(4)
Less: Net realized investment gains (losses) (1)			12						4						0.10						0.03
Add: Market impact on non-traditional long-duration products (1)			94						431						0.79						3.45
Add: Mean reversion related impacts (1)			(9)						(17)						(0.08)						(0.14)
Add: Market impact of hedges on investments (1)			23						—						0.19						—
Add: Block transfer reinsurance transaction impacts (1)			(521)						—						(4.37)						—
Add: Integration/restructuring charges (1)			7						1						0.06						0.01
Less: Net income (loss) attributable to CIEs			2						—						0.02						—
Tax effect of adjustments (2)			88						(87)						0.74						(0.70)
Adjusted operating earnings			$	699					$	184					$	5.86					$	1.47
Weighted average common shares outstanding:
Basic			116.4						123.0
Diluted			119.2						124.9

															Per Diluted Share
			Nine Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(in millions, except per share amounts)
Net income (loss)			$	2,059					$	1,357					$	17.03					$	10.73
Less: Net realized investment gains (losses) (1)			78						(18)						0.65						(0.14)
Add: Market impact on non-traditional long-duration products (1)			577						(239)						4.78						(1.89)
Add: Mean reversion related impacts (1)			(107)						30						(0.89)						0.24
Add: Market impact of hedges on investments (1)			40						—						0.33						—
Add: Block transfer reinsurance transaction impacts (1)			(521)						—						(4.31)						—
Add: Integration/restructuring charges (1)			14						4						0.12						0.03
Less: Net income (loss) attributable to CIEs			(1)						(2)						(0.01)						(0.01)
Tax effect of adjustments (2)			16						39						0.13						0.31
Adjusted operating earnings			$	2,001					$	1,211					$	16.55					$	9.57
Weighted average common shares outstanding:
Basic			118.2						124.8
Diluted			120.9						126.5

(1) Pretax adjusted operating adjustments.

(2) Calculated using the statutory federal tax rate of 21%.

(3) Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in anti-dilution.

(4) Represents the difference of the per share amount for net loss using basic shares compared to the per share amount for net loss using diluted shares.

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The following table reconciles the trailing twelve months’ sum of net income to adjusted operating earnings and the five-point average of quarter-end equity to adjusted operating equity:

			Twelve Months Ended September 30,
			2021						2020
			(in millions)
Net income			$	2,236					$	1,820
Less: Adjustments (1)			(324)						58
Adjusted operating earnings			2,560						1,762
Total Ameriprise Financial, Inc. shareholders’ equity			5,766						6,197
Less: AOCI, net of tax			404						243
Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI			5,362						5,954
Less: Equity impacts attributable to CIEs			3						—
Adjusted operating equity			$	5,359					$	5,954

Return on equity, excluding AOCI			41.7		%				30.6		%
Adjusted operating return on equity, excluding AOCI (2)			47.8		%				29.6		%

(1) Adjustments reflect the sum of after-tax net realized investment gains/losses, net of 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 UL insurance contracts), net of hedges and related DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%.

(2) 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. After-tax is calculated using the statutory tax rate of 21%.

Critical Accounting Estimates

The accounting and reporting policies that we use affect our Consolidated Financial Statements. Certain of our accounting and reporting policies are critical to an understanding of our consolidated results of operations and financial condition and, in some cases, the application of these policies can be significantly affected by the estimates, judgments and assumptions made by management during the preparation of our Consolidated Financial Statements. These accounting policies are discussed in detail in “Management’s Discussion and Analysis — Critical Accounting Estimates” in our 2020 10-K.

Recent Accounting Pronouncements

For information regarding recent accounting pronouncements and their expected impact on our future consolidated results of operations and financial condition, see Note 2 to our Consolidated Financial Statements.

Economic Environment

Global equity market conditions could materially affect our financial condition and results of operations. The following table presents relevant market indices:

			Three months ended September 30,																		Nine Months Ended September 30,
			2021						2020						Change						2021						2020						Change
S&P 500
Daily average			4,425						3,316						33%						4,158						3,105						34%
Period end			4,308						3,363						28%						4,308						3,363						28%
Weighted Equity Index (“WEI”) (1)
Daily average			2,983						2,234						34%						2,836						2,107						35%
Period end			2,909						2,255						29%						2,909						2,255						29%

(1) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.

See our segment results of operations discussion below for additional information on how changes in the economic environment have and may continue to impact our results. For further information regarding the impact of the economic environment, and any potentially material effects, see Part 1 - Item 1A “Risk Factors” of our 2020 10-K.

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Assets Under Management and Administration

AUM include external client assets for which we provide investment management services, such as the assets of the Columbia Threadneedle Investments funds, institutional clients and clients in our advisor platform held in wrap accounts as well as assets managed by sub-advisors selected by us. AUM also includes certain assets on our Consolidated Balance Sheets for which we provide investment management services and recognize management fees in our Asset Management segment, such as the assets of the general account and the variable product funds held in the separate accounts of our life insurance subsidiaries and CIEs.

Assets under administration (“AUA”) include assets for which we provide administrative services such as client assets invested in other companies’ products that we offer outside of our wrap accounts. These assets include those held in clients’ brokerage accounts. We generally record revenues received from administered assets as distribution fees. We do not exercise management discretion over these assets and do not earn a management fee. These assets are not reported on our Consolidated Balance Sheets. AUA also includes certain assets on our Consolidated Balance Sheets for which we do not provide investment management services and do not recognize management fees, such as investments in non-affiliated funds held in the separate accounts of our life insurance subsidiaries.

AUM and AUA do not include assets under advisement, for which we provide advisory services such as model portfolios but do not have full discretionary investment authority.

The following table presents detail regarding our AUM and AUA:

			September 30,												Change
			2021						2020
			(in billions)
Assets Under Management and Administration
Advice & Wealth Management AUM			$	431.8					$	337.0					$	94.8					28		%
Asset Management AUM			583.4						498.0						85.4						17
Corporate AUM			0.1						—						0.1						—
Eliminations			(42.0)						(34.1)						(7.9)						(23)
Total Assets Under Management			973.3						800.9						172.4						22
Total Assets Under Administration			233.0						197.7						35.3						18
Total AUM and AUA			$	1,206.3					$	998.6					$	207.7					21		%

Total AUM increased $172.4 billion, or 22%, to $973.3 billion as of September 30, 2021 compared to $800.9 billion as of September 30, 2020 due to a $94.8 billion increase in Advice & Wealth Management AUM driven by wrap account net inflows and market appreciation and a $85.4 billion increase in Asset Management AUM driven by market appreciation and net inflows, partially offset by retail fund distributions. See our segment results of operations discussion below for additional information on changes in our AUM.

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Consolidated Results of Operations for the Three Months Ended September 30, 2021 and 2020

The following table presents our consolidated results of operations:

			Three Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Management and financial advice fees			$	2,367					$	1,893					$	474					25		%
Distribution fees			458						400						58						15
Net investment income			773						300						473						NM
Premiums, policy and contract charges			(805)						352						(1,157)						NM
Other revenues			113						68						45						66
Total revenues			2,906						3,013						(107)						(4)
Banking and deposit interest expense			3						10						(7)						(70)
Total net revenues			2,903						3,003						(100)						(3)
Expenses
Distribution expenses			1,285						1,028						257						25
Interest credited to fixed accounts			172						170						2						1
Benefits, claims, losses and settlement expenses			(719)						1,104						(1,823)						NM
Amortization of deferred acquisition costs			9						85						(76)						(89)
Interest and debt expense			64						37						27						73
General and administrative expense			822						763						59						8
Total expenses			1,633						3,187						(1,554)						(49)
Pretax income (loss)			1,270						(184)						1,454						NM
Income tax provision			239						(44)						283						NM
Net income (loss)			$	1,031					$	(140)					$	1,171					NM
NM  Not Meaningful.

Overall

Pretax income increased $1.5 billion to $1.3 billion for the three months ended September 30, 2021 compared to pretax loss of $184 million for the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:

•The favorable impact of the block transfer reinsurance transaction was $521 million for the three months ended September 30, 2021 primarily reflecting the net realized gains on the investments sold to the reinsurer.

•The favorable impact of unlocking and LTC loss recognition was $17 million for the three months ended September 30, 2021 compared to an unfavorable impact of $454 million for the prior year period.

•The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual was an expense of $94 million for the three months ended September 30, 2021 compared to an expense of $431 million for the prior year period.

•A favorable impact from higher average equity markets for the three months ended September 30, 2021 compared to the prior year period.

•A favorable impact from continued net inflows from Advice & Wealth Management and Asset Management.

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The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking and LTC loss recognition for the three months ended September 30:

Pretax Increase (Decrease)						2021						2020
						(in millions)
Distribution fees						$	2					$	—
Premiums, policy and contract charges						17						(1)
Total revenues						19						(1)
Benefits, claims, losses and settlement expenses:
LTC unlocking and loss recognition						3						141
Unlocking impact, excluding LTC						59						212
Total benefits, claims, losses and settlement expenses						62						353
Amortization of DAC						(60)						100
Total expenses						2						453
Pretax income (1)						$	17					$	(454)

(1) Includes a $25 million net benefit and $12 million net expense related to the market impact on variable annuity guaranteed benefits for the three months ended September 30, 2021 and 2020, respectively, which is excluded from adjusted operating earnings. Refer to Results of Operations by Segment for the impact to pretax adjusted operating earnings attributable to unlocking and LTC loss recognition.

The primary drivers of the year-over-year unlocking impact excluding LTC include the following items:

•Interest rate assumptions resulted in a lower expense in the third quarter of 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.

•Equity market volatility and correlation assumptions on variable annuities resulted in a higher benefit in the third quarter of 2021 compared to the prior year period.

•Surrenders assumptions on variable annuities with living benefit guarantees resulted in a lower expense in the third quarter of 2021 compared to the prior year period.

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

Net Revenues

Net revenues decreased $100 million, or 3%, to $2.9 billion for the three months ended September 30, 2021 compared to $3.0 billion for the prior year period.

Management and financial advice fees increased $474 million, or 25%, to $2.4 billion for the three months ended September 30, 2021 compared to $1.9 billion for the prior year period reflecting higher average equity markets and higher wrap account net inflows.

Distribution fees increased $58 million, or 15%, to $458 million for the three months ended September 30, 2021 compared to $400 million for the prior year period due to higher average equity markets and increased transactional activity.

Net investment income increased $473 million to $773 million for the three months ended September 30, 2021 compared to $300 million for the prior year period primarily reflecting the following items:

•Net realized investment gains of $546 million, for the three months ended September 30, 2021 compared to net realized investment gains of $4 million for the prior year period. Net realized investment gains for the three months ended September 30, 2021 included net realized gains of $502 million on Available-for-Sale securities and a $42 million net gain related to commercial mortgage loans primarily due to the sale of securities and loans to the reinsurer as a result of the fixed deferred and immediate annuity reinsurance transaction that closed in the third quarter 2021.

•A $22 million increase in net investment income of CIEs.

•A $23 million unfavorable change in the market impact of hedges to offset interest rate and currency changes on certain investments.

•The unfavorable impact of continued low interest rates, including lower investment yields on the investment portfolio supporting the certificate and on-balance sheet brokerage cash products.

•The unfavorable impact of lower average invested assets due to the sale of investments to the reinsurer as a result of the fixed deferred and immediate annuity reinsurance transaction.

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Premiums, policy and contract charges decreased $1.2 billion to $(805) million for the three months ended September 30, 2021 compared to $352 million for the prior year primarily reflecting ceded premiums of $1.2 billion associated with the reinsurance for life contingent immediate annuity policies.

Other revenues increased $45 million, or 66%, to $113 million for the three months ended September 30, 2021 compared to $68 million for the prior year period primarily reflecting the yield on deposit receivables.

Banking and deposit interest expense decreased $7 million, or 70%, to $3 million for the three months ended September 30, 2021 compared to $10 million due to lower average crediting rates on certificates and lower average certificate balances.

Expenses

Total expenses decreased $1.6 billion, or 49%, to $1.6 billion for the three months ended September 30, 2021 compared to $3.2 billion for the prior year period.

Distribution expenses increased $257 million, or 25%, to $1.3 billion for the three months ended September 30, 2021 compared to $1.0 billion for the prior year period reflecting higher advisor compensation due to an increase in average wrap account balances and increased transactional activity.

Interest credited to fixed accounts increased $2 million, or 1%, to $172 million for the three months ended September 30, 2021 compared to $170 million for the prior year period primarily reflecting the following items:

•A $16 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $2 million for the three months ended September 30, 2021 compared to an unfavorable impact of $18 million for the prior year period.

•A $21 million increase in expense from other market impacts on IUL benefits, net of hedges, which was an expense of $7 million for the three months ended September 30, 2021 compared to a benefit of $14 million for the prior year period. The increase in expense was primarily due to a decrease in the IUL embedded derivative in the prior year period, which reflected lower option costs due to lower credit spreads.

Benefits, claims, losses and settlement expenses decreased $1.8 billion to a benefit of $719 million for the three months ended September 30, 2021 compared to an expense of $1.1 billion for the prior year period primarily reflecting the following items:

•A $1.2 billion decrease in expense associated with the reinsurance transaction for life contingent immediate annuity policies.

•A $107 million decrease in expense primarily reflecting the impact of year-over-year changes in the unhedged nonperformance credit spread risk adjustment on variable annuity guaranteed benefits. The favorable impact of $4 million for the three months ended September 30, 2021 was driven by changes in the undiscounted embedded derivative liability compared to an unfavorable impact of $103 million for the prior year period. As the undiscounted embedded derivative liability on which the nonperformance credit spread is applied increases (decreases), the impact of the nonperformance credit spread is favorable (unfavorable) to expense. 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.

•A $307 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges in place to offset those risks and the related DSIC amortization. This increase was the result of a favorable $707 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits, partially offset by an unfavorable $400 million change in the market impact on variable annuity guaranteed living benefits reserves. The main market drivers contributing to these changes are summarized below:

•Equity market impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the three months ended September 30, 2021 compared to the prior year period.

•Interest rate impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the three months ended September 30, 2021 compared to an expense for the prior year period.

•Volatility impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the three months ended September 30, 2021 compared to an expense for the prior year period.

•Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and various behavioral items, were a lower net expense for the three months ended September 30, 2021 compared to the prior year period.

•The impact of unlocking excluding LTC was an expense of $59 million for the three months ended September 30, 2021 compared to an expense of $212 million for the prior year period.

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

•The mean reversion related impact was a benefit of $6 million for the three months ended September 30, 2021 compared to a benefit of $8 million for the prior year period.

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Amortization of DAC decreased $76 million, or 89%, to $9 million for the three months ended September 30, 2021 compared to a benefit of $85 million for the prior year period primarily reflecting the following items:

•The impact of unlocking in the third quarter of 2021 was a benefit of $60 million compared to an expense of $100 million in the prior year period.

•The DAC offset to the market impact on non-traditional long-duration products was a benefit of $2 million for the three months ended September 30, 2021 compared to a benefit of $64 million for the prior year period.

•The mean reversion related impact was a benefit of $3 million for the three months ended September 30, 2021 compared to a benefit of $9 million for the prior year period.

•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 $27 million, or 73%, to $64 million or the three months ended September 30, 2021 compared to $37 million for the prior year period primarily due to an increase in interest expense of CIEs.

General and administrative expense increased $59 million, or 8%, to $822 million for the three months ended September 30, 2021 compared to $763 million for the prior year period primarily reflecting higher volume related expenses, an unfavorable foreign exchange impact and higher performance-based compensation.

Income Taxes

Our effective tax rate was 18.8% for the three months ended September 30, 2021 compared to 23.5% for the prior year period. The lower effective tax rate for the three months ended September 30, 2021 compared to the prior year period is primarily the result of a pretax loss in the prior year relative to income expected for the full year. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Results of Operations by Segment for the Three Months Ended September 30, 2021 and 2020 

Adjusted operating earnings is the measure of segment profit or loss management uses to evaluate segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. We believe the presentation of segment adjusted operating earnings as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis. See Note 19 to the Consolidated Financial Statements for further information on the presentation of segment results and our definition of adjusted operating earnings.

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 The following table presents summary financial information by segment:

			Three Months Ended September 30,
			2021						2020
			(in millions)
Advice & Wealth Management
Net revenues			$	2,048					$	1,667
Expenses			1,589						1,347
Adjusted operating earnings			$	459					$	320
Asset Management
Net revenues			$	915					$	739
Expenses			630						541
Adjusted operating earnings			$	285					$	198
Retirement & Protection Solutions
Net revenues			$	834					$	781
Expenses			647						870
Adjusted operating earnings			$	187					$	(89)
Corporate & Other
Net revenues			$	113					$	132
Expenses			194						334
Adjusted operating loss			$	(81)					$	(202)

The following table presents the segment pretax adjusted operating impacts on our revenues and expenses attributable to unlocking and LTC loss recognition for the three months ended September 30:

Segment Pretax Operating Increase (Decrease)						2021												2020
						Retirement & Protection Solutions						Corporate						Retirement & Protection Solutions						Corporate
						(in millions)
Distribution fees						$	2					$	—					$	—					$	—
Premiums, policy and contract charges						17						—						2						(3)
Total revenues						19						—						2						(3)
Benefits, claims, losses and settlement expenses
LTC unlocking and loss recognition						—						3						—						141
Unlocking impact, excluding LTC						89						—						189						7
Total benefits, claims, losses and settlement expenses						89						3						189						148
Amortization of DAC						(65)						—						108						(4)
Total expenses						24						3						297						144
Pretax income						$	(5)					$	(3)					$	(295)					$	(147)

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Advice & Wealth Management

The following table presents the changes in wrap account assets and average balances for the three months ended September 30:

			2021						2020
			(in billions)
Beginning balance			$	430.0					$	317.6
Net flows (1)			9.4						5.7
Market appreciation (depreciation) and other (1)			(4.0)						16.7
Ending balance			$	435.4					$	340.0
Advisory wrap account assets ending balance (2)			$	430.5					$	336.0
Average advisory wrap account assets (3)			$	432.9					$	327.4

(1) Beginning in the first quarter of 2021, wrap net flows is calculated including dividends and interest less fees, which were previously recorded in Market appreciation (depreciation) and other. Net flows excludes short-term and long-term capital gain distributions. Prior periods have been restated.

(2) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

(3) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the three months ended September 30, 2021 and 2020.

Wrap account assets increased $5.4 billion, or 1%, during the three months ended September 30, 2021 due to net inflows of $9.4 billion, partially offset by market depreciation of $4.0 billion. Average advisory wrap account assets increased $105.5 billion, or 32%, compared to the prior year period reflecting market appreciation and net inflows.

The following table presents the results of operations of our Advice & Wealth Management segment on an adjusted operating basis:

			Three Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Management and financial advice fees			$	1,374					$	1,077					$	297					28		%
Distribution fees			561						479						82						17
Net investment income			62						70						(8)						(11)
Other revenues			54						51						3						6
Total revenues			2,051						1,677						374						22
Banking and deposit interest expense			3						10						(7)						(70)
Total net revenues			2,048						1,667						381						23
Expenses
Distribution expenses			1,238						998						240						24
Interest and debt expense			3						3						—						—
General and administrative expense			348						346						2						1
Total expenses			1,589						1,347						242						18
Adjusted operating earnings			$	459					$	320					$	139					43		%

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $139 million, or 43%, to $459 million for the three months ended September 30, 2021 compared to $320 million for the prior year period reflecting higher average wrap account balances due to net inflows and market appreciation and improved transactional activity. Pretax adjusted operating margin was 22.4% for the three months ended September 30, 2021 compared to 19.2% for the prior year period.

Ameriprise Bank, FSB has continued to add deposits, with $9.8 billion of cash sweep balances as of September 30, 2021. In the fourth quarter of 2020, we acquired $224 million in an existing portfolio of brokerage client pledged asset lines of credit which has grown to over $408 million as of September 30, 2021.

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Net Revenues

Net revenues exclude net realized investment gains or losses. Net revenues increased $381 million, or 23%, to $2.0 billion for the three months ended September 30, 2021 compared to $1.7 billion for the prior year period. Adjusted operating net revenue per advisor increased to $203,000 for the three months ended September 30, 2021, up 21%, compared to $168,000 for the prior year period.

Management and financial advice fees increased $297 million, or 28%, to $1.4 billion for the three months ended September 30, 2021 compared to $1.1 billion for the prior year period primarily due to growth in average wrap account assets. Average advisory wrap account assets increased $105.5 billion, or 32%, compared to the prior year period reflecting market appreciation and net inflows.

Distribution fees increased $82 million, or 17%, to $561 million for the three months ended September 30, 2021 compared to $479 million for the prior year period reflecting increased transactional activity and higher average equity markets.

Net investment income, which excludes net realized investment gains or losses, decreased $8 million, or 11%, to $62 million for the three months ended September 30, 2021 compared to $70 million for the prior year period primarily due to lower certificate balances and the unfavorable impact of continued low interest rates, including lower investment yields on the investment portfolio supporting the certificate and on-balance sheet brokerage cash products, partially offset by higher average invested assets due to increased bank deposits.

Banking and deposit interest expense decreased $7 million, or 70%, to $3 million for the three months ended September 30, 2021 compared to $10 million for the prior year period primarily due to lower average crediting rates on certificates and lower average certificate balances.

Expenses

Total expenses increased $242 million, or 18%, to $1.6 billion for the three months ended September 30, 2021 compared to $1.3 billion for the prior year period.

Distribution expenses increased $240 million, or 24%, to $1.2 billion for the three months ended September 30, 2021 compared to $998 million for the prior year period reflecting higher asset-based advisor compensation from higher wrap account assets and increased transactional activity.

Asset Management

The following tables present the fund performance of our retail Columbia Threadneedle Investments funds as of September 30, 2021:

Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted			1 year			3 year			5 year			10 year
Equity			46%			86%			85%			88%
Fixed Income			85%			88%			94%			91%
Asset Allocation			41%			87%			95%			89%
4- or 5-star Morningstar rated funds			Overall			3 year			5 year			10 year
Number of rated funds			105			91			91			84
Percent of rated assets			66%			61%			57%			67%

Retail Fund performance rankings for each fund is measured on a consistent basis against the most appropriate peer group or index. Peer Groupings are defined by either Lipper, IA, or Morningstar and based primarily on the Institutional Share Class, Net of Fees. Comparisons to Index are measured Gross of Fees.

To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.

Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.

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The following table presents global managed assets by type:																											Average (1)												Change
			As of September 30,												Change												Three Months Ended September 30,
			2021						2020																		2021						2020
			(in billions)
Equity			$	332.7					$	264.8					$	67.9					26		%				$	340.8					$	264.2					$	76.6					29		%
Fixed income			199.3						188.8						10.5						6						200.7						187.2						13.5						7
Money market			5.8						5.1						0.7						14						5.9						5.1						0.8						16
Alternative			3.8						3.5						0.3						9						3.8						3.3						0.5						15
Hybrid and other			41.8						35.8						6.0						17						42.1						35.4						6.7						19
Total managed assets			$	583.4					$	498.0					$	85.4					17		%				$	593.3					$	495.2					$	98.1					20		%

(1) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period.

The following table presents the changes in global managed assets:

			Three Months Ended September 30,
			2021						2020
			(in billions)
Global Retail Funds
Beginning assets			$	359.5					$	274.1
Inflows			16.4						14.5
Outflows			(15.5)						(13.2)
Net VP/VIT fund flows			(1.1)						(0.7)
Net new flows			(0.2)						0.6
Reinvested dividends			2.0						1.4
Net flows			1.8						2.0
Distributions			(2.1)						(1.5)
Market appreciation (depreciation) and other			(2.3)						13.8
Foreign currency translation (1)			(1.2)						1.5
Total ending assets			355.7						289.9
Global Institutional
Beginning assets			233.9						202.0
Inflows (2)			9.4						7.0
Outflows (2)			(7.3)						(10.6)
Net flows			2.1						(3.6)
Market appreciation (depreciation) and other (3)			(5.9)						6.6
Foreign currency translation (1)			(2.4)						3.1
Total ending assets			227.7						208.1
Total managed assets			$	583.4					$	498.0
Total net flows			$	3.9					$	(1.6)
Legacy insurance partners net flows (4)			$	(1.4)					$	(1.6)

(1) Amounts represent local currency to US dollar translation for reporting purposes.

(2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.

(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance, excluding net flows related to our structured variable annuity product beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.

(4) Legacy insurance partners assets and net flows are included in the rollforwards above.

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Total segment AUM decreased $10.0 billion, or 2%, during the three months ended September 30, 2021. Net inflows were $3.9 billion in the third quarter of 2021, a $5.5 billion increase compared to the prior year period. Global retail net inflows were $1.8 billion. Global institutional net inflows were $2.1 billion and included $1.4 billion of outflows from legacy insurance partners assets.

The following table presents the results of operations of our Asset Management segment on an adjusted operating basis:

			Three Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Management and financial advice fees			$	794					$	641					$	153					24		%
Distribution fees			120						104						16						15
Net investment income			1						(6)						7						NM
Other revenues			—						—						—						—
Total revenues			915						739						176						24
Banking and deposit interest expense			—						—						—						—
Total net revenues			915						739						176						24
Expenses
Distribution expenses			288						240						48						20
Amortization of deferred acquisition costs			3						2						1						50		%
Interest and debt expense			1						2						(1)						(50)		%
General and administrative expense			338						297						41						14
Total expenses			630						541						89						16
Adjusted operating earnings			$	285					$	198					$	87					44		%
NM  Not Meaningful.

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $87 million, or 44%, to $285 million for the three months ended September 30, 2021 compared to $198 million for the prior year period primarily due to a higher level of average AUM from market appreciation and net inflows, as well as higher performance fees.

Net Revenues

Net revenues, which exclude net realized investment gains or losses, increased $176 million, or 24%, to $915 million for the three months ended September 30, 2021 compared to $739 million for the prior year period.

Management and financial advice fees increased $153 million, or 24%, to $794 million for the three months ended September 30, 2021 compared to $641 million for the prior year period primarily due to higher average equity markets, the impact from net inflows and $13 million of performance fees.

Distribution fees increased $16 million, or 15%, to $120 million for the three months ended September 30, 2021 compared to $104 million for the prior year period primarily due to higher average equity markets.

Net investment income, which excludes net realized investment gains or losses, increased $7 million to $1 million for the three months ended September 30, 2021 compared to a loss of $6 million for the prior year period primarily reflecting an impairment of an investment in the year ago period.

Expenses

Total expenses increased $89 million, or 16%, to $630 million for the three months ended September 30, 2021 compared to $541 million for the prior year period.

Distribution expenses increased $48 million, or 20%, to $288 million for the three months ended September 30, 2021 compared to $240 million for the prior year period reflecting higher average equity markets.

General and administrative expense increased $41 million, or 14%, to $338 million for the three months ended September 30, 2021 compared to $297 million for the prior year period primarily reflecting higher performance-based compensation expenses related to stronger business performance and the impact of foreign exchange rates.

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Retirement & Protection Solutions

The following table presents the results of operations of our Retirement & Protection Solutions segment on an adjusted operating basis:

			Three Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Management and financial advice fees			$	239					$	213					$	26					12		%
Distribution fees			125						111						14						13
Net investment income			114						121						(7)						(6)
Premiums, policy and contract charges			353						333						20						6
Other revenues			3						3						—						—
Total revenues			834						781						53						7
Banking and deposit interest expense			—						—						—						—
Total net revenues			834						781						53						7
Expenses
Distribution expenses			134						110						24						22
Interest credited to fixed accounts			99						100						(1)						(1)
Benefits, claims, losses and settlement expenses			323						421						(98)						(23)
Amortization of deferred acquisition costs			5						157						(152)						(97)
Interest and debt expense			9						8						1						13
General and administrative expense			77						74						3						4
Total expenses			647						870						(223)						(26)
Adjusted operating earnings			$	187					$	(89)					$	276					NM
NM  Not Meaningful.

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes 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 annuity contracts and IUL contracts, net of hedges and the related DSIC and DAC amortization, unearned amortization and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $276 million to $187 million for the three months ended September 30, 2021 compared to a loss of $89 million for the prior year period.

Variable annuity account balances increased 12% to $89.6 billion as of September 30, 2021 compared to the prior year period due to market appreciation, partially offset by net outflows of $1.8 billion. Variable annuity sales increased 28% compared to the prior year period reflecting an increase in sales of structured variable annuities. Sales of variable annuities without living benefit guarantees comprised 72% of total variable annuity sales for the three months ended September 30, 2021 compared to 56% for the prior year period. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.

Net Revenues

Management and financial advice fees increased $26 million, or 12%, to $239 million for the three months ended September 30, 2021 compared to $213 million for the prior year period primarily due to market appreciation, partially offset by variable annuity net outflows.

Distribution fees increased $14 million, or 13%, to $125 million for the three months ended September 30, 2021 compared to $111 million for the prior year period due to higher average equity markets.

Expenses

Distribution expenses increased $24 million, or 22%, to $134 million for the three months ended September 30, 2021 compared to $110 million for the prior year period primarily reflecting higher average equity markets and increased variable annuity and insurance sales.

Benefits, claims, losses and settlement expenses, which exclude the market impact on variable annuity contracts (net of hedges and the related DSIC amortization), mean reversion related impacts and the DSIC offset to net realized investment gains or losses, decreased $98 million, or 23%, to $323 million for the three months ended September 30, 2021 compared to $421 million for the prior year period primarily reflecting the impact of unlocking. The unlocking impact for the third quarter of 2021 was an expense of $89 million

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primarily reflecting continued lower surrender rates compared to an expense of $189 million in the prior year period which was also driven by lower surrender rates.

Amortization of DAC, which excludes mean reversion related impacts, the DAC offset to the market impact on variable annuity contracts and IUL contracts and the DAC offset to net realized investment gains or losses, decreased $152 million to $5 million for the three months ended September 30, 2021 compared to $157 million for the prior year period reflecting the impact of unlocking primarily due to lower surrender rates, partially offset by a higher level of normalized amortization. The unlocking impact for the third quarter of 2021 was a benefit of $65 million compared to an expense of $108 million in the prior year period.

Corporate & Other

The following table presents the results of operations of our Corporate & Other segment on an adjusted operating basis:

			Three Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Net investment income			$	31					$	93					$	(62)					(67)		%
Premiums, policy and contract charges			26						26						—						—
Other revenues			56						13						43						NM
Total revenues			113						132						(19)						(14)
Banking and deposit interest expense			—						—						—						—
Total net revenues			113						132						(19)						(14)
Expenses
Distribution expenses			(2)						(2)						—						—
Interest credited to fixed accounts			64						66						(2)						(3)
Benefits, claims, losses and settlement expenses			59						204						(145)						(71)
Amortization of deferred acquisition costs			1						(2)						3						NM
Interest and debt expense			16						15						1						7
General and administrative expense			56						53						3						6
Total expenses			194						334						(140)						(42)
Adjusted operating loss			$	(81)					$	(202)					$	121					60		%
NM  Not Meaningful.

Our Corporate & Other segment includes our closed blocks of long term care (“LTC”) insurance and fixed annuity and fixed indexed annuity (“FA”) business.

Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed deferred annuity contracts (net of hedges and the related DAC amortization), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impacts, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss decreased $121 million, or 60%, to $81 million for the three months ended September 30, 2021 compared to $202 million for the prior year period primarily reflecting the impact of unlocking and loss recognition.

LTC insurance had a pretax adjusted operating loss of $1 million for the three months ended September 30, 2021 compared to a pretax adjusted operating loss of $135 million for the prior year period reflecting the return to more normalized results compared to the COVID-19 related impacts in the year ago period, the $141 million unfavorable impact from unlocking and loss recognition in the prior year period and a net favorable out-of-period correction of $8 million.

FA business had a pretax adjusted operating loss of $7 million for the three months ended September 30, 2021 compared to a pretax adjusted operating loss of $9 million.

Fixed deferred annuity account balances declined 4% to $7.7 billion as of September 30, 2021 compared to the prior year period as policies continue to lapse and the discontinuance of new sales of fixed deferred annuities and fixed index annuities due to the low interest rate environment. During the third quarter of 2021, we closed on a transaction to reinsure RiverSource Life’s fixed deferred and immediate annuity policies. See Note 1 for more information on the reinsurance transaction.

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Net Revenues

Net investment income, which excludes net realized investment gains or losses, the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impacts, integration and restructuring charges, and the impact of consolidating CIEs, decreased $62 million, or 67%, to $31 million for the three months ended September 30, 2021 compared to $93 million for the prior year period primarily reflecting lower average invested assets due to the sale of investments to the reinsurer as a result of the fixed deferred and immediate annuity reinsurance transaction.

Other revenues increased $43 million to $56 million for the three months ended September 30, 2021 compared to $13 million for the prior year period primarily reflecting the yield on deposit receivables.

Expenses

Benefits, claims, losses and settlement expenses, which excludes DSIC offset to net realized investment gains or losses, decreased $145 million, or 71%, to $59 million for the three months ended September 30, 2021 compared to $204 million for the prior year period primarily reflecting the impacts from unlocking and loss recognition. The unlocking impact for the third quarter of 2021 was an expense of $3 million compared to an unlocking and loss recognition expense of $148 million in the prior year period.

Consolidated Results of Operations for the Nine Months Ended September 30, 2021 and 2020

The following table presents our consolidated results of operations:

			Nine Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Management and financial advice fees			$	6,720					$	5,365					$	1,355					25		%
Distribution fees			1,368						1,239						129						10
Net investment income			1,428						933						495						53
Premiums, policy and contract charges			(94)						1,019						(1,113)						NM
Other revenues			259						213						46						22
Total revenues			9,681						8,769						912						10
Banking and deposit interest expense			10						53						(43)						(81)
Total net revenues			9,671						8,716						955						11
Expenses
Distribution expenses			3,693						2,963						730						25
Interest credited to fixed accounts			455						523						(68)						(13)
Benefits, claims, losses and settlement expenses			338						824						(486)						(59)
Amortization of deferred acquisition costs			77						349						(272)						(78)
Interest and debt expense			149						124						25						20
General and administrative expense			2,475						2,292						183						8
Total expenses			7,187						7,075						112						2
Pretax income			2,484						1,641						843						51
Income tax provision			425						284						141						50
Net income			$	2,059					$	1,357					$	702					52		%
NM Not Meaningful.

Overall

Pretax income increased $843 million, or 51%, to $2.5 billion for the nine months ended September 30, 2021 compared to $1.6 billion for the prior year period.

•The favorable impact of the block transfer reinsurance transaction was $521 million for the nine months ended September 30, 2021 primarily reflecting the net realized gains on the investments sold to the reinsurer.

•The favorable impact of unlocking and LTC loss recognition was $17 million for the nine months ended September 30, 2021 compared to an unfavorable impact of $454 million for the prior year period.

•A positive impact from higher average equity markets during the nine months ended September 30, 2021 compared to the prior year period.

•A positive impact from higher client net inflows and higher transactional activity during the nine months ended September 30, 2021 compared to the prior year period.

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•The mean reversion related impact was a benefit of $107 million for the nine months ended September 30, 2021 compared to an expense of $30 million for the prior year period.

•The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the related DSIC and DAC amortization, unearned revenue amortization and the reinsurance accrual was an expense of $577 million for the nine months ended September 30, 2021 compared to a benefit of $239 million for the prior year period.

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

See our Consolidated Results of Operations for the three months ended September 30, 2021 and 2020 for a table and discussion of total pretax impacts on our revenues and expenses attributable to unlocking and LTC loss recognition.

Net Revenues

Net revenues increased $1.0 billion, or 11%, to $9.7 billion for the nine months ended September 30, 2021 compared to $8.7 billion for the prior year period.

Management and financial advice fees increased $1.4 billion, or 25%, to $6.7 billion for the nine months ended September 30, 2021 compared to $5.4 billion for the prior year period reflecting higher average equity markets and higher wrap account net inflows, an increase in performance fees of $16 million and an unfavorable $19 million performance fee correction in the prior year period.

Distribution fees increased $129 million, or 10%, to $1.4 billion for the nine months ended September 30, 2021 compared to $1.2 billion for the prior year period due to higher average equity markets and increased transactional activity, partially offset by $55 million of lower fees on off-balance sheet brokerage cash primarily due to a decrease in short-term interest rates.

Net investment income increased $495 million, or 53%, to $1.4 billion for the nine months ended September 30, 2021 compared to $933 million for the prior year period primarily reflecting:

•Net realized investment gains of $627 million for the nine months ended September 30, 2021 compared to net realized investment losses of $18 million for the prior year period. Net realized investment gains for the nine months ended September 30, 2021 included net realized gains of $553 million on Available-for-Sale securities and a $55 million net gain related to commercial mortgage loans primarily due to the sale of securities and loans to the reinsurer as a result of the fixed deferred and immediate annuity reinsurance transaction that closed in the third quarter 2021, as well as a $15 million gain on a strategic investment.

•An increase of $42 million in net investment income of CIEs

•The unfavorable impact of continued low interest rates, including lower investment yields on the investment portfolio supporting the certificate and on-balance sheet brokerage cash products.

•A $40 million unfavorable change in the market impact of hedges to offset interest rate and currency changes on certain investments.

•The unfavorable impact of lower average invested assets due to the sale of investments as a result of the fixed deferred and immediate annuity reinsurance transaction.

Premiums, policy and contract charges decreased $1.1 billion, to an expense of $94 million for the nine months ended September 30, 2021 compared to $1.0 billion for the prior year period primarily reflecting ceded premiums of $1.2 billion associated with the reinsurance transaction for life contingent immediate annuity policies.

Other revenues increased $46 million, or 22%, to $259 million for the nine months ended September 30, 2021 compared to $213 million for the prior year period primarily reflecting the yield on deposit receivables.

Banking and deposit interest expense decreased $43 million, or 81%, to $10 million for the nine months ended September 30, 2021 compared to $53 million for the prior year period due to lower average crediting rates on certificates and lower average certificate balances.

Expenses

Total expenses increased $112 million, or 2%, to $7.2 billion for the nine months ended September 30, 2021 compared to $7.1 billion for the prior year period.

Distribution expenses increased $730 million, or 25%, to $3.7 billion for the nine months ended September 30, 2021 compared to $3.0 billion for the prior year period reflecting higher advisor compensation due to an increase in average wrap account balances and increased transactional activity.

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Interest credited to fixed accounts decreased $68 million, or 13%, to $455 million for the nine months ended September 30, 2021 compared to $523 million for the prior year period primarily reflecting the following items:

•A $39 million increase in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $16 million for the nine months ended September 30, 2021 compared to a favorable impact of $23 million for the prior year period.

•A $98 million decrease in expense from other market impacts on IUL benefits, net of hedges, which was a benefit of $45 million for the nine months ended September 30, 2021 compared to an expense of $53 million for the prior year period. The decrease in expense was primarily due to a decrease in the IUL embedded derivative in the current period, which reflected lower option costs due to higher discount rates compared to an increase in the IUL embedded derivative in the prior year period, which reflected higher option costs due to lower discount rates.

Benefits, claims, losses and settlement expenses decreased $486 million to $338 million for the nine months ended September 30, 2021 compared to $824 million for the prior year period primarily reflecting the following items:

•A $1.2 billion decrease in expense associated with the reinsurance transaction for life contingent immediate annuity policies.

•A $687 million increase in expense primarily reflecting the impact of year-over-year changes in the unhedged nonperformance credit spread risk adjustment on variable annuity guaranteed benefits. The unfavorable impact of the nonperformance credit spread was $157 million for the nine months ended September 30, 2021 and was driven by changes in the undiscounted embedded derivative liability compared to a favorable impact of $530 million for the prior year period. As the undiscounted embedded derivative liability on which the nonperformance credit spread is applied increases (decreases), the impact of the nonperformance credit spread is favorable (unfavorable) to expense. 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.

•A $342 million increase in expense from other market impacts on variable annuity guaranteed benefits, net of hedges in place to offset those risks and the related DSIC amortization. This increase was the result of an unfavorable $3.9 billion change in the market impact on derivatives hedging the variable annuity guaranteed benefits, partially offset by a favorable $3.5 billion change in the market impact on variable annuity guaranteed living benefits reserves. The main market drivers contributing to these changes are summarized below:

•Equity market impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in an expense for the nine months ended September 30, 2021 compared to a benefit in the prior year period.

•Interest rate impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the nine months ended September 30, 2021 compared to the prior year period.

•Volatility impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the nine months ended September 30, 2021 compared to the prior year period.

•Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and various behavioral items, were a net benefit for the nine months ended September 30, 2021 compared to a net expense for the prior year period.

•The impact of unlocking excluding LTC was an expense of $59 million for the nine months ended September 30, 2021 compared to an expense of $212 million for the prior year period.

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

•The mean reversion related impact was a benefit of $65 million for the nine months ended September 30, 2021 compared to an expense of $21 million for the prior year period.

Amortization of DAC decreased $272 million, or 78%, to $77 million for the nine months ended September 30, 2021 compared to $349 million for the prior year period primarily reflecting the following items:

•The impact of unlocking in the third quarter of 2021 was a benefit of $60 million compared to an expense of $100 million in the prior year period.

•The DAC offset to the market impact on non-traditional long-duration products was a benefit of $42 million for the nine months ended September 30, 2021 compared to an expense of $89 million for the prior year period.

•The mean reversion related impact was a benefit of $41 million for the nine months ended September 30, 2021 compared to an expense of $9 million for the prior year period.

•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 $25 million, or 20%, to $149 million for the nine months ended September 30, 2021 compared to $124 million for the prior year period primarily due to an increase in interest expense of CIEs.

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General and administrative expense increased $183 million, or 8%, to $2.5 billion for the nine months ended September 30, 2021 compared to $2.3 billion for the prior year period primarily reflecting higher performance related compensation, higher expenses from CIEs, an unfavorable foreign exchange impact, and higher volume related expenses, partially offset by disciplined expense management and reengineering.

Income Taxes

Our effective tax rate was 17.1% for the nine months ended September 30, 2021 compared to 17.4% for the prior year period. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Results of Operations by Segment for the Nine Months Ended September 30, 2021 and 2020 

The following table presents summary financial information by segment:

			Nine Months Ended September 30,
			2021						2020
			(in millions)
Advice & Wealth Management
Net revenues			$	5,907					$	4,899
Expenses			4,636						3,930
Adjusted operating earnings			$	1,271					$	969
Asset Management
Net revenues			$	2,622					$	2,093
Expenses			1,856						1,597
Adjusted operating earnings			$	766					$	496
Retirement & Protection Solutions
Net revenues			$	2,429					$	2,295
Expenses			1,877						1,995
Adjusted operating earnings			$	552					$	300
Corporate & Other
Net revenues			$	371					$	412
Expenses			550						721
Adjusted operating loss			$	(179)					$	(309)

Advice & Wealth Management

The following table presents the changes in wrap account assets and average balances for the nine months ended September 30:

			2021						2020
			(in billions)
Beginning balance			$	380.0					$	317.5
Net flows (1)			29.9						18.1
Market appreciation (depreciation) and other (1)			25.5						4.4
Ending balance			$	435.4					$	340.0
Advisory wrap account assets ending balance (2)			$	430.5					$	336.0
Average advisory wrap account assets (3)			$	406.6					$	309.8

(1) Beginning in the first quarter of 2021, wrap net flows is calculated including dividends and interest less fees which were previously recorded in Market appreciation (depreciation) and other. Net flows excludes short-term and long-term capital gain distributions. Prior periods have been restated.

(2) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

(3) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the six months ended September 30, 2021 and 2020.

Wrap account assets increased $55.4 billion, or 15%, during the nine months ended September 30, 2021 due to net inflows of $29.9 billion and market appreciation and other of $25.5 billion. Average advisory wrap account assets increased $96.8 billion, or 31%, compared to the prior year period primarily reflecting market appreciation and net inflows.

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The following table presents the results of operations of our Advice & Wealth Management segment on an adjusted operating basis:

			Nine Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Management and financial advice fees			$	3,878					$	3,070					$	808					26		%
Distribution fees			1,682						1,480						202						14
Net investment income			189						247						(58)						(23)
Other revenues			168						155						13						8
Total revenues			5,917						4,952						965						19
Banking and deposit interest expense			10						53						(43)						(81)
Total net revenues			5,907						4,899						1,008						21
Expenses
Distribution expenses			3,567						2,881						686						24
Interest and debt expense			8						8						—						—
General and administrative expense			1,061						1,041						20						2
Total expenses			4,636						3,930						706						18
Adjusted operating earnings			$	1,271					$	969					$	302					31		%

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $302 million, or 31%, to $1.3 billion for the nine months ended September 30, 2021 compared to $969 million for the prior year period due to higher average wrap account balances and increased transactional activity, partially offset by lower earnings on brokerage cash as a result of low interest rates. Pretax adjusted operating margin was 21.5% for the for the nine months ended September 30, 2021 compared to 19.8% for the prior year period.

Net Revenues

Net revenues exclude net realized investment gains or losses. Net revenues increased $1.0 billion, or 21%, to $5.9 billion for the nine months ended September 30, 2021 compared to $4.9 billion for the prior year period.

Management and financial advice fees increased $808 million, or 26%, to $3.9 billion for the nine months ended September 30, 2021 compared to $3.1 billion for the prior year period primarily due to growth in average wrap account assets. Average advisory wrap account assets increased $96.8 billion, or 31%, compared to the prior year period primarily reflecting market appreciation and net inflows.

Distribution fees increased $202 million, or 14%, to $1.7 billion for the nine months ended September 30, 2021 compared to $1.5 billion for the prior year period reflecting increased transactional activity and higher average equity markets, partially offset by $55 million of lower fees on off-balance sheet brokerage cash due to a decrease in short-term interest rates.

Net investment income, which excludes net realized investment gains or losses, decreased $58 million, or 23%, to $189 million for the nine months ended September 30, 2021 compared to $247 million for the prior year period primarily due to lower certificate balances and the unfavorable impact of continued low interest rates, including lower investment yields on the investment portfolio supporting the certificates and on-balance sheet brokerage cash products, partially offset by higher average invested assets due to increased bank deposits.

Banking and deposit interest expense decreased $43 million, or 81%, to $10 million for the nine months ended September 30, 2021 compared to $53 million for the prior year period primarily due to lower average crediting rates on certificates and lower average certificate balances.

Expenses

Total expenses increased $706 million, or 18%, to $4.6 billion for the nine months ended September 30, 2021 compared to $3.9 billion for the prior year period.

Distribution expenses increased $686 million, to $3.6 billion for the nine months ended September 30, 2021 compared to $2.9 billion for the prior year period reflecting higher asset-based advisor compensation from higher wrap account assets and increased transactional activity, as well as increased investments in recruiting experienced advisors.

General and administrative expense increased $20 million, or 2%, to $1.1 billion for the nine months ended September 30, 2021 compared to $1.0 billion for the prior year period primarily due to higher volume related expenses and higher performance-based compensation expenses.

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Asset Management

The following table presents global managed assets by type:																											Average (1)												Change
			As of September 30,												Change												Nine Months Ended September 30,
			2021						2020																		2021						2020
			(in billions)
Equity			$	332.7					$	264.8					$	67.9					26		%				$	326.3					$	252.5					$	73.8					29		%
Fixed income			199.3						188.8						10.5						6						198.9						183.2						15.7						9
Money market			5.8						5.1						0.7						14						5.9						5.0						0.9						18
Alternative			3.8						3.5						0.3						9						3.8						3.1						0.7						23
Hybrid and other			41.8						35.8						6.0						17						40.8						35.0						5.8						17
Total managed assets			$	583.4					$	498.0					$	85.4					17		%				$	575.7					$	478.8					$	96.9					20		%

(1) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period.

The following table presents the changes in global managed assets:

			Nine Months Ended September 30,
			2021						2020
			(in billions)
Global Retail Funds
Beginning assets			$	323.5					$	287.5
Inflows			58.4						47.8
Outflows			(50.2)						(47.5)
Net VP/VIT fund flows			(3.1)						(2.0)
Net new flows			5.1						(1.7)
Reinvested dividends			5.5						3.9
Net flows			10.6						2.2
Distributions			(6.4)						(4.5)
Market appreciation (depreciation) and other			29.0						4.6
Foreign currency translation (1)			(1.0)						0.1
Total ending assets			355.7						289.9
Global Institutional
Beginning assets			223.1						206.8
Inflows (2)			26.5						22.0
Outflows (2)			(21.6)						(25.5)
Net flows			4.9						(3.5)
Market appreciation (depreciation) and other (3)			1.4						5.6
Foreign currency translation (1)			(1.7)						(0.8)
Total ending assets			227.7						208.1
Total managed assets			$	583.4					$	498.0
Total net flows			$	15.5					$	(1.3)
Legacy insurance partners net flows (4)			$	(4.0)					$	(3.4)

(1) Amounts represent local currency to US dollar translation for reporting purposes.

(2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.

(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance, excluding net flows related to our structured variable annuity product beginning in Q1 2020 and Ameriprise Bank, FSB beginning in Q1 2021.

(4) Legacy insurance partners assets and net flows are included in the rollforwards above.

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Total segment AUM increased $36.8 billion, or 7%, during the nine months ended September 30, 2021. Net flows were $15.5 billion for the nine months ended September 30, 2021, a $16.8 billion improvement compared to the prior year period.

The following table presents the results of operations of our Asset Management segment on an adjusted operating basis:

			Nine Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Management and financial advice fees			$	2,265					$	1,794					$	471					26		%
Distribution fees			352						303						49						16
Net investment income			4						(5)						9						NM
Other revenues			1						1						—						—
Total revenues			2,622						2,093						529						25
Banking and deposit interest expense			—						—						—						—
Total net revenues			2,622						2,093						529						25
Expenses
Distribution expenses			838						691						147						21
Amortization of deferred acquisition costs			9						8						1						13
Interest and debt expense			3						4						(1)						(25)
General and administrative expense			1,006						894						112						13
Total expenses			1,856						1,597						259						16
Adjusted operating earnings			$	766					$	496					$	270					54		%
NM  Not Meaningful.

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $270 million, or 54%, to $766 million for the nine months ended September 30, 2021 compared to $496 million for the prior year period primarily due to market appreciation and disciplined expense management.

Net Revenues

Net revenues, which exclude net realized investment gains or losses, increased $529 million, or 25%, to $2.6 billion for the nine months ended September 30, 2021 compared to $2.1 billion for the prior year period.

Management and financial advice fees increased $471 million, or 26%, to $2.3 billion for the nine months ended September 30, 2021 compared to $1.8 billion for the prior year period primarily due to higher average equity markets, an increase in performance fees of $16 million, an unfavorable $19 million performance fee correction in the prior year period, and a favorable impact of foreign exchange rates.

Distribution fees increased $49 million, or 16%, to $352 million for the nine months ended September 30, 2021 compared to $303 million for the prior year period primarily due to higher average equity markets.

Net investment income, which excludes net realized investment gains or losses, increased $9 million to $4 million for the nine months ended September 30, 2021 compared to a loss of $5 million for the prior year period primarily reflecting an impairment of an investment in the year ago period.

Expenses

Total expenses increased $259 million, or 16%, to $1.9 billion for the nine months ended September 30, 2021 compared to $1.6 billion for the prior year period.

Distribution expenses increased $147 million, or 21%, to $838 million for the nine months ended September 30, 2021 compared to $691 million for the prior year period reflecting higher average equity markets.

General and administrative expense increased $112 million, or 13%, to $1.0 billion for the nine months ended September 30, 2021 compared to $894 million for the prior year period primarily reflecting higher compensation expenses related to stronger business performance, higher volume related expenses, and the negative impact of foreign exchange rates.

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Retirement & Protection Solutions

The following table presents the results of operations of our Retirement & Protection Solutions segment on an adjusted operating basis:

			Nine Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Management and financial advice fees			$	695					$	612					$	83					14		%
Distribution fees			363						322						41						13
Net investment income			367						380						(13)						(3)
Premiums, policy and contract charges			1,001						978						23						2
Other revenues			3						3						—						—
Total revenues			2,429						2,295						134						6
Banking and deposit interest expense			—						—						—						—
Total net revenues			2,429						2,295						134						6
Expenses
Distribution expenses			397						331						66						20
Interest credited to fixed accounts			293						297						(4)						(1)
Benefits, claims, losses and settlement expenses			798						878						(80)						(9)
Amortization of deferred acquisition costs			138						241						(103)						(43)
Interest and debt expense			28						29						(1)						(3)
General and administrative expense			223						219						4						2
Total expenses			1,877						1,995						(118)						(6)
Adjusted operating earnings			$	552					$	300					$	252					84		%

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the related DAC amortization, unearned revenue amortization and the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC and DAC amortization), the market impact on IUL benefits (net of hedges and the related DAC amortization, unearned revenue amortization and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $252 million, or 84%, to $552 million for the nine months ended September 30, 2021 compared to $300 million for the prior year period.

Net Revenues

Management and financial advice fees increased $83 million, or 14%, to $695 million for the nine months ended September 30, 2021 compared to $612 million for the prior year period primarily due to market appreciation, partially offset by variable annuity net outflows.

Distribution fees increased $41 million, or 13%, to $363 million for the nine months ended September 30, 2021 compared to $322 million for the prior year period due to higher average equity markets.

Expenses

Distribution expenses increased $66 million, or 20%, to $397 million for the nine months ended September 30, 2021 compared to $331 million for the prior year period primarily reflecting market appreciation and higher variable annuity and insurance sales.

Benefits, claims, losses and settlement expenses, which exclude the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC amortization) and mean reversion related impacts, decreased $80 million, or 9%, to $798 million for the nine months ended September 30, 2021 compared to $878 million for the prior year period primarily reflecting the impact of unlocking, partially offset by higher reserve funding as surrenders and withdrawals returned to more normalized levels versus the historically low levels experienced in the prior year period. The unlocking impact for the third quarter of 2021 was an expense of $89 million primarily reflecting continued lower surrender rates compared to an expense of $189 million in the prior year period which was also driven by lower surrender rates.

Amortization of DAC, which excludes mean reversion related impacts and the DAC offset to the market impact on variable annuity guaranteed benefits, decreased $103 million, or 43%, to $138 million for the nine months ended September 30, 2021 compared to $241 million for the prior year period reflecting the impact of unlocking due to lower surrender rates, partially offset by a higher level of normalized amortization. The unlocking impact for the third quarter of 2021 was a benefit of $65 million compared to an expense of $108 million in the prior year period.

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Corporate & Other

The following table presents the results of operations of our Corporate & Other segment on an adjusted operating basis:

			Nine Months Ended September 30,												Change
			2021						2020
			(in millions)
Revenues
Net investment income			$	210					$	285					$	(75)					(26)		%
Premiums, policy and contract charges			75						76						(1)						(1)
Other revenues			87						53						34						64
Total revenues			372						414						(42)						(10)
Banking and deposit interest expense			1						2						(1)						(50)
Total net revenues			371						412						(41)						(10)
Expenses
Distribution expenses			(6)						(5)						(1)						(20)
Interest credited to fixed accounts			187						196						(9)						(5)
Benefits, claims, losses and settlement expenses			126						305						(179)						(59)
Amortization of deferred acquisition costs			7						3						4						NM
Interest and debt expense			48						50						(2)						(4)
General and administrative expense			188						172						16						9
Total expenses			550						721						(171)						(24)
Adjusted operating loss			$	(179)					$	(309)					$	130					42		%
NM  Not Meaningful.

Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed index annuity benefits (net of hedges and the related DAC amortization), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss decreased $130 million, or 42%, to $179 million for the nine months ended September 30, 2021 compared to $309 million for the prior year period.

LTC insurance had a pretax adjusted operating earnings of $48 million for the nine months ended September 30, 2021 compared to a pretax adjusted operating loss of $116 million for the prior year period primarily reflecting the impact from unlocking and loss recognition in the prior year period.

FA business had a pretax adjusted operating loss of $17 million for the nine months ended September 30, 2021 compared to a pretax adjusted operating loss of $6 million for the prior year period reflecting fixed annuity net outflows and the impact of low interest rates.

Net Revenues

Net investment income, which excludes net realized investment gains or losses, the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, integration and restructuring charges, and the impact of consolidating CIEs, decreased $75 million, or 26%, to $210 million for the nine months ended September 30, 2021 compared to $285 million for the prior year period primarily reflecting lower average invested assets due to the sale of investments to the reinsurer as a result of the fixed deferred and immediate annuity reinsurance transaction, lower asset earned rates, and a $7 million impairment in our affordable housing partnerships, partially offset by a $15 million gain on a strategic investment.

Other revenues increased $34 million to $87 million for the nine months ended September 30, 2021 compared to $53 million for the prior year period primarily reflecting the yield on deposit receivables.

Expenses

Benefits, claims, losses and settlement expenses, which excludes DSIC offset to net realized investment gains or losses, decreased $179 million, or 59%, to $126 million for the nine months ended September 30, 2021 compared to $305 million for the prior year period primarily reflecting the impacts from unlocking and loss recognition and lower LTC insurance claims. The unlocking impact for the third quarter of 2021 was an expense of $3 million compared to an unlocking and loss recognition expense of $148 million in the prior year period.

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General and administrative expense, which excludes integration and restructuring charges, increased $16 million, or 9%, to $188 million for the nine months ended September 30, 2021 compared to $172 million for the prior year period primarily due to an unfavorable change in the mark-to-market impact on share-based compensation expense due to share price appreciation.

Market Risk

Our primary market risk exposures are interest rate, equity price, foreign currency exchange rate and credit risk. 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 insurance, brokerage client cash balances, banking deposits, face-amount certificate products, fixed portion of our variable annuities and variable insurance contracts, and the fixed deferred annuities, the value of DAC and DSIC assets, the value of liabilities for guaranteed benefits associated with our variable annuities and the value of derivatives held to hedge these benefits.

Our earnings from fixed insurance, fixed portion of variable annuities and variable insurance contracts, and the fixed deferred annuities are based upon the spread between rates earned on assets held and the rates at which interest is credited to accounts. We primarily invest in fixed rate securities to fund the rate credited to clients. We guarantee an interest rate to the holders of these products. Investment assets and client liabilities generally differ as it relates to basis, repricing or maturity characteristics. Rates credited to clients’ accounts generally reset at shorter intervals than the yield on the underlying investments. Therefore, in an increasing interest rate environment, higher interest rates may be reflected in crediting rates to clients sooner than in rates earned on invested assets, which could result in a reduced spread between the two rates, reduced earned income and a negative impact on pretax income. 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”). Hence, a modest rise in interest rates would not necessarily result in changes to all the liability credited rates while projected asset purchases would capture the full increase in interest rates. This dynamic would result in widening spreads under a modestly rising rate scenario given the current relationship between the current level of interest rates and the underlying GMIRs on the business.

As a result of the low interest rate environment, our current reinvestment yields are generally lower than the current portfolio yield. We expect our portfolio income yields to continue to decline in future periods if interest rates remain low. The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through September 30, 2023 due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were $2.5 billion and 1.8%, respectively, as of September 30, 2021. In addition, residential mortgage backed securities, which are subject to prepayment risk as a result of the low interest rate environment, totaled $9.7 billion and had a weighted average yield of 1.4% as of September 30, 2021. While these amounts represent investments that could be subject to reinvestment risk, it is also possible that these investments will be used to fund liabilities or may not be prepaid and will remain invested at their current yields. In addition to the interest rate environment, the mix of benefit payments versus product sales as well as the timing and volumes associated with such mix may impact our investment yield. Furthermore, reinvestment activities and the associated investment yield may also be impacted by corporate strategies implemented at management’s discretion. The average yield for investment purchases during the nine months ended September 30, 2021 was approximately 1.3%.

The reinvestment of proceeds from maturities, calls and prepayments at rates below the current portfolio yield, which may be below the level of some liability GMIRs, will have a negative impact to future operating results. To mitigate the unfavorable impact that the low interest rate environment has on our spread income, we assess reinvestment risk in our investment portfolio and monitor this risk in accordance with our asset/liability management framework. In addition, we may reduce the crediting rates on our fixed products when warranted, subject to guaranteed minimums.

In addition to the fixed rate exposures noted above, RiverSource Life has the following variable annuity guarantee benefits: guaranteed minimum withdrawal benefits (“GMWB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”). Each of these benefits guarantees payouts to the annuity holder under certain specific conditions regardless of the performance of the underlying invested assets.

The variable annuity guarantees continue to be managed by utilizing a hedging program which attempts to match the sensitivity of the assets with the sensitivity of the liabilities. This approach works with the premise that matched sensitivities will produce a highly effective hedging result. Our comprehensive hedging program focuses mainly on first order sensitivities of assets and liabilities: Equity Market Level (Delta), Interest Rate Level (Rho) and Volatility (Vega). Additionally, various second order sensitivities are managed. We use various options, swaptions, swaps and futures to manage risk exposures. The exposures are measured and monitored daily, and adjustments to the hedge portfolio are made as necessary.

We have a macro hedge program to provide protection against the statutory tail scenario risk arising from variable annuity reserves on our statutory surplus and to cover some of the residual risks not covered by other hedging activities. We assess the residual risk under a range of scenarios in creating and executing the macro hedge program. As a means of economically hedging these risks, we may use a combination of futures, options, swaps and swaptions. Certain of the macro hedge derivatives used contain settlement provisions linked to both equity returns and interest rates; the remaining are interest rate contracts or equity contracts. The macro hedge program

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could result in additional earnings volatility as changes in the value of the macro hedge derivatives, which are designed to reduce statutory capital volatility, may not be closely aligned to changes in the variable annuity guarantee embedded derivatives.

To evaluate interest rate and equity price risk we perform sensitivity testing which measures the impact on pretax income from the sources listed below for a 12-month period following a hypothetical 100 basis point increase in interest rates or a hypothetical 10% decline in equity prices. The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months. The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months. In estimating the values of variable annuities, fixed deferred indexed annuities, stock market certificates, 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 September 30, 2021:

Equity Price Decline 10%						Equity Price Exposure to Pretax Income
						Before Hedge Impact						Hedge Impact						Net Impact
						(in millions)
Asset-based management and distribution fees (1)						$	(334)					$	3					$	(331)
DAC and DSIC amortization (2)(3)						(15)						—						(15)
Variable annuities:
GMDB and GMIB (3)						(4)						—						(4)
GMWB (3)						(391)						318						(73)
GMAB						(22)						21						(1)
Structured variable annuities						317						(264)						53
DAC and DSIC amortization (4)						N/A						N/A						(1)
Total variable annuities						(100)						75						(26)
Macro hedge program (5)						—						189						189
Certificates						—						—						—
IUL insurance						54						(53)						1
Total						$	(395)					$	214					$	(182)		(6)
N/A  Not Applicable.

Interest Rate Increase 100 Basis Points						Interest Rate Exposure to Pretax Income
						Before Hedge Impact						Hedge Impact						Net Impact
						(in millions)
Asset-based management and distribution fees (1)						$	(62)					$	—					$	(62)
Variable annuities:
GMWB						1,389						(1,706)						(317)
GMAB						17						(22)						(5)
Structured variable annuities						(19)						99						80
DAC and DSIC amortization (4)						N/A						N/A						31
Total variable annuities						1,387						(1,629)						(211)
Macro hedge program (5)						—						(3)						(3)
Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products						63						—						63
Banking deposits						58						—						58
Brokerage client cash balances						209						—						209
Certificates						13						—						13
IUL insurance						18						2						20
Total						$	1,686					$	(1,630)					$	87
N/A  Not Applicable.

(1) Excludes incentive income which is impacted by market and fund performance during the period and cannot be readily estimated.

(2) Market impact on DAC and DSIC amortization resulting from lower projected profits.

(3) In estimating the impact to pretax income on DAC and DSIC amortization and additional insurance benefit reserves, our assumed equity asset growth rates reflect what management would follow in its mean reversion guidelines.

(4) Market impact on DAC and DSIC amortization related to variable annuity riders is modeled net of hedge impact.

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(5) The market impact of the macro hedge program is modeled net of any related impact to DAC and DSIC amortization.

(6) Represents the net impact to pretax income. The estimated net impact to pretax adjusted operating income is approximately $(331) million.

The above results compare to an estimated negative net impact to pretax income of $73 million related to a 10% equity price decline and an estimated positive net impact to pretax income of $2 million related to a 100 basis point increase in interest rates as of December 31, 2020. The change in interest rate exposure as of September 30, 2021 compared to December 31, 2020 was driven by variable annuity riders, specifically GMWB, primarily due to changes in market rates.

Net impacts shown in the above table from GMWB riders result largely from differences between the liability valuation basis and the hedging basis. Liabilities are valued using fair value accounting principles, with risk margins incorporated in contractholder behavior assumptions and with discount rates increased to reflect a current market estimate of our risk of nonperformance specific to these liabilities. Our hedging is based on our determination of economic risk, which excludes certain items in the liability valuation including the nonperformance spread risk.

Actual results could differ materially from those illustrated above as they are based on a number of estimates and assumptions. These include assuming that implied market volatility does not change when equity prices fall by 10% and that the 100 basis point increase in interest rates is a parallel shift of the yield curve. Furthermore, we have not tried to anticipate changes in client preferences for different types of assets or other changes in client behavior, nor have we tried to anticipate all strategic actions management might take to increase revenues or reduce expenses in these scenarios.

The selection of a 100 basis point interest rate increase as well as a 10% equity price decline should not be construed as a prediction of future market events. Impacts of larger or smaller changes in interest rates or equity prices may not be proportional to those shown for a 100 basis point increase in interest rates or a 10% decline in equity prices.

Fair Value Measurements

We report certain assets and liabilities at fair value; specifically, separate account assets, derivatives, embedded derivatives and most investments and cash equivalents. Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale. We include actual market prices, or observable inputs, in our fair value measurements to the extent available. Broker quotes are obtained when quotes from pricing services are not available. We validate prices obtained from third parties through a variety of means such as: price variance analysis, subsequent sales testing, stale price review, price comparison across pricing vendors and due diligence reviews of vendors. See Note 12 to the Consolidated Financial Statements for additional information on our fair value measurements.

Fair Value of Liabilities and Nonperformance Risk

Companies are required to measure the fair value of liabilities at the price that would be received to transfer the liability to a market participant (an exit price). Since there is not a market for our obligations of our variable annuity riders, fixed deferred indexed annuities, structured variable annuities, and IUL insurance, we consider the assumptions participants in a hypothetical market would make to reflect an exit price. As a result, we adjust the valuation of variable annuity riders, fixed deferred indexed annuities, structured annuities, and IUL insurance by updating certain contractholder assumptions, adding explicit margins to provide for profit, risk and expense, and adjusting the rates used to discount expected cash flows to reflect a current market estimate of our nonperformance risk. The nonperformance risk adjustment is based on observable market data adjusted to estimate the risk of our life insurance company subsidiaries not fulfilling these liabilities. Consistent with general market conditions, this estimate resulted in a spread over the LIBOR swap curve as of September 30, 2021. As our estimate of this spread widens or tightens, the liability will decrease or increase. If this nonperformance credit spread moves to a zero spread over the LIBOR swap curve, the reduction to future net income would be approximately $365 million, net of DAC, DSIC, unearned revenue amortization, the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on September 30, 2021 credit spreads.

Liquidity and Capital Resources

Overview

We maintained substantial liquidity during the nine months ended September 30, 2021. At September 30, 2021 and December 31, 2020, we had $7.7 billion and $6.8 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis.

At September 30, 2021 and December 31, 2020, the parent company had $2.2 billion and $1.1 billion, respectively, in cash, cash equivalents, and unencumbered liquid securities. Liquid securities predominantly include U.S. government agency mortgage back securities. Additional sources of liquidity include a line of credit with an affiliate up to $1.0 billion and an unsecured revolving committed credit facility for up to $1.0 billion that expires in June 2026. Management’s estimate of liquidity available to the parent company in a volatile and uncertain economic environment as of September 30, 2021 was $3.7 billion which includes cash, cash equivalents, unencumbered liquid securities, the line of credit with an affiliate and a portion of the committed credit facility.

Under the terms of the committed credit facility, we can increase the availability to $1.25 billion upon satisfaction of certain approval requirements. Available borrowings under this facility are reduced by any outstanding letters of credit. At September 30, 2021, we had

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no outstanding borrowings under this credit facility and had $1.1 million of outstanding letters of credit. Our credit facility contains various administrative, reporting, legal and financial covenants. We remain in compliance with all such covenants at September 30, 2021.

In addition, we have access to collateralized borrowings, which may include repurchase agreements and Federal Home Loan Bank (“FHLB”) advances. Our subsidiaries, RiverSource Life, and Ameriprise Bank, FSB are members of the FHLB of Des Moines, which provides access to collateralized borrowings. We had $200 million of borrowings from the FHLB, which is collateralized with commercial mortgage backed securities and residential mortgage backed securities for both September 30, 2021 and December 31, 2020. We believe cash flows from operating activities, available cash balances and our availability of revolver borrowings will be sufficient to fund our operating liquidity needs and stress requirements.

We continue to monitor and respond to the ongoing COVID-19 pandemic. Our risk management strategy is designed to provide proactive protection during stress events such as the current pandemic. We believe our process is working as intended, and our liquidity and capital resources have remained a source of balance sheet strength during the nine months ended September 30, 2021.

Dividends from Subsidiaries

Ameriprise Financial is primarily a parent holding company for the operations carried out by our wholly-owned subsidiaries. Because of our holding company structure, our ability to meet our cash requirements, including the payment of dividends on our common stock, substantially depends upon the receipt of dividends or return of capital from our subsidiaries, particularly our life insurance subsidiary, RiverSource Life, our face-amount certificate subsidiary, Ameriprise Certificate Company (“ACC”), AMPF Holding Corporation, which is the parent company of our retail introducing broker-dealer subsidiary, Ameriprise Financial Services, LLC (“AFS”) and our clearing broker-dealer subsidiary, American Enterprise Investment Services, Inc. (“AEIS”), our transfer agent subsidiary, Columbia Management Investment Services Corp., our investment advisory company, Columbia Management Investment Advisers, LLC, and TAM UK International Holdings Ltd, which includes Threadneedle Asset Management Holdings Sàrl within its organizational structure. The payment of dividends by many of our subsidiaries is restricted and certain of our subsidiaries are subject to regulatory capital requirements.

Actual capital and regulatory capital requirements for our wholly owned subsidiaries subject to regulatory capital requirements were as follows:

			Actual Capital												Regulatory Capital Requirements
			September 30, 2021						December 31, 2020						September 30, 2021						December 31, 2020
			(in millions)
RiverSource Life (1)(2)			$	3,626					$	5,021					N/A						$	993
RiverSource Life of NY (1)(2)			321						323						N/A						42
ACC (4)(5)			313						387						291						362
TAM UK International Holdings Ltd (6)			577						N/A						208						N/A
Threadneedle Asset Management Holdings Sàrl (7)			N/A						445						N/A						204
Ameriprise Bank, FSB (4) (8)			747						658						251						543
AFS (3)(4)			157						134						#						#
Ameriprise Captive Insurance Company (3)			40						41						12						8
Ameriprise Trust Company (3)			45						42						41						37
AEIS (3)(4)			158						122						29						25
RiverSource Distributors, Inc. (3)(4)			9						12						#						#
Columbia Management Investment Distributors, Inc. (3)(4)			14						16						#						#

N/A  Not applicable as only required to be calculated annually.

#  Amounts are less than $1 million.

(1) Actual capital is determined on a statutory basis.

(2) Regulatory capital requirement is the company action level and is based on the statutory risk-based capital filing.

(3) Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of September 30, 2021 and December 31, 2020.

(4) Actual capital is determined on an adjusted GAAP basis.

(5) ACC is required to hold capital in compliance with the Minnesota Department of Commerce and SEC capital requirements.

(6) Actual capital and regulatory capital requirements are determined in accordance with U.K. regulatory legislation. The regulatory capital requirements at September 30, 2021 represent calculations at December 31, 2020 of the rule based requirements, as specified by FCA regulations for Threadneedle Asset Management Sàrl, which is used as a proxy for TAM UK International Holdings Ltd.

(7) Actual capital and regulatory capital requirements are determined in accordance with U.K. regulatory legislation.

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(8) Regulatory capital requirement is based on minimum requirements for well capitalized banks in accordance with the Office of the Comptroller of the Currency (“OCC”). Beginning in the first quarter of 2021, Ameriprise Bank transitioned to the Simplified Supervisory Formula Approach (“SSFA”) for risk-weighting non-agency securitized investments, resulting in a significant reduction in risk-weighted assets and an improvement in regulatory capital ratios that were already in a well-capitalized position.

In addition to the particular regulations restricting dividend payments and establishing subsidiary capitalization requirements, we take into account the overall health of the business, capital levels and risk management considerations in determining a strategy for payments to our parent holding company from our subsidiaries, and in deciding to use cash to make capital contributions to our subsidiaries.

During the nine months ended September 30, 2021, the parent holding company received cash dividends or a return of capital from its subsidiaries of $3.0 billion (including $1.7 billion from RiverSource Life) and contributed cash to its subsidiaries of $158 million (including $42 million to Ameriprise Bank, FSB). During the nine months ended September 30, 2020, the parent holding company received cash dividends or a return of capital from its subsidiaries of $1.5 billion (including $650 million from RiverSource Life) and contributed cash to its subsidiaries of $284 million (including $210 million to Ameriprise Bank, FSB).

In 2009, RiverSource Life established an agreement to protect its exposure to Genworth Life Insurance Company (“GLIC”) for its reinsured LTC. In 2016, substantial enhancements to this reinsurance protection agreement were finalized. The terms of these confidential provisions within the agreement have been shared, in the normal course of regular reviews, with our domiciliary regulator and rating agencies. GLIC is domiciled in Delaware so in the event GLIC were subjected to rehabilitation or insolvency proceedings, such proceedings would be located in (and governed by) Delaware laws. Delaware courts have a long tradition of respecting commercial and reinsurance affairs as well as contracts among sophisticated parties. Similar credit protections to what we have with GLIC have been tested and respected in Delaware and elsewhere in the United States, and as a result we believe our credit protections would be respected even in the unlikely event that GLIC becomes subject to rehabilitation or insolvency proceedings in Delaware. Accordingly, while no credit protections are perfect, we believe the correct way to think about the risks represented by our counterparty credit exposure to GLIC is not the full amount of the gross liability that GLIC reinsures, but a much smaller net exposure to GLIC (if any that might exist after taking into account our credit protections). Thus, management believes that our agreement and offsetting non LTC legacy arrangements with Genworth will enable RiverSource Life to recover on all net exposure in all material respects in the event of a rehabilitation or insolvency of GLIC.

Dividends Paid to Shareholders and Share Repurchases

We paid regular quarterly dividends to our shareholders totaling $396 million and $386 million for the nine months ended September 30, 2021 and 2020, respectively. On October 26, 2021, we announced a quarterly dividend of $1.13 per common share. The dividend will be paid on November 19, 2021 to our shareholders of record at the close of business on November 8, 2021.

In August 2020, our Board of Directors authorized us to repurchase up to $2.5 billion of our common stock through September 30, 2022. As of September 30, 2021, we had $932 million remaining under this share repurchase authorizations. We intend to fund share repurchases through existing working capital, future earnings and other customary financing methods. 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. Acquisitions under the share repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means. During the nine months ended September 30, 2021, we repurchased a total of 5.5 million shares of our common stock at an average price of $246.78 per share.

Cash Flows

Cash flows of CIEs and restricted and segregated cash and cash equivalents are reflected in our cash flows provided by (used in) operating activities, investing activities and financing activities. Cash held by CIEs is not available for general use by Ameriprise Financial, nor is Ameriprise Financial cash available for general use by its CIEs. Cash and cash equivalents segregated under federal and other regulations is held for the exclusive benefit of our brokerage customers and is not available for general use by Ameriprise Financial.

Operating Activities

Net cash provided by operating activities decreased $3.9 billion to $1.8 billion for the nine months ended September 30, 2021 compared to $5.6 billion for the prior year period primarily reflecting a $2.1 billion decrease in policyholder account balances, future policy benefits and claims, net, a $613 million increase in net realized investment gains and a $555 million decrease in derivatives, net of collateral, partially offset by a $702 million increase in net income.

Investing Activities

Our investing activities primarily relate to our Available-for-Sale investment portfolio. Further, this activity is significantly affected by the net flows of our investment certificate, fixed annuity and universal life products reflected in financing activities.

Net cash used in investing activities decreased $1.0 billion to $1.4 billion for the nine months ended September 30, 2021 compared to $2.4 billion for the prior year period primarily reflecting a $2.4 billion increase in proceeds from maturities, sinking fund payments

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and calls of Available-for-Sale securities, partially offset by a $1.1 billion decrease in proceeds from sales of Available-for-Sale securities and a $386 million increase in net cash flows related to investments of consolidated investment entities.

Financing Activities

Net cash provided by financing activities decreased $534 million to $259 million for the nine months ended September 30, 2021 compared to $793 million for the prior year period primarily reflecting a $964 million decrease in net cash flows from investment certificates, a $702 million increase in repayments of debt by consolidated investment entities, a $490 million decrease in issuance of long-term debt and a $431 million increase in repurchase of common shares, partially offset by a $993 million increase in borrowings by consolidated investment entities, a $754 million increase in repayments of long-term debt and a $623 million decrease in net cash flows related to purchased options with deferred premiums.

Contractual Commitments

There have been no material changes to our contractual obligations disclosed in our 2020 10-K. 

Off-Balance Sheet Arrangements

We provide asset management services to investment entities which are considered to be VIEs, such as CLOs, hedge funds, property funds and other private funds, which are sponsored by us. We consolidate certain CLOs. We have determined that consolidation is not required for hedge funds, property funds and other private funds, which are sponsored by us. Our maximum exposure to loss with respect to our investment in these non-consolidated entities is limited to our carrying value. We have no obligation to provide further financial or other support to these investment entities nor have we provided any support to these investment entities. See Note 4 to our Consolidated Financial Statements for additional information on our arrangements with these investment entities.

Forward-Looking Statements

This report contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include: 

•statements of the Company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, acquisition integration, benefits and claims expenses, general and administrative costs, consolidated tax rate, return of capital to shareholders, debt repayment and excess capital position and financial flexibility to capture additional growth opportunities;

•statements of the Company’s position, future performance and ability to pursue business strategy relative to the spread and impact of the COVID-19 pandemic and the related market, economic, client, governmental and healthcare system response; 

•statements about the expected trend in the shift of the retirement product sales business to lower risk products over time, such as products without living benefit guarantees;

•statements about the Company’s announced acquisition of BMO’s European-based asset management business, including the expected AUM of the acquired business;

•statements about the outcomes from the application to convert Ameriprise Bank, FSB to a state-chartered bank and national trust bank;

•other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets; and

•statements of assumptions underlying such statements.

The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” “continue,” “able to remain,” “resume,” “deliver,” “develop,” “evolve,” “drive,” “enable,” “flexibility,” “scenario,” “case”, “appear”, “expand” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.

Such factors include, but are not limited to:

•the impacts on our business of the COVID-19 pandemic and the related economic, client, governmental and healthcare system responses;

•market fluctuations and general economic and political factors, including volatility in the U.S. and global market conditions, client behavior and volatility in the markets for our products;

•changes in interest rates and periods of low interest rates;

•adverse capital and credit market conditions or any downgrade in our credit ratings;

•effects of competition and the economics of changes in our product revenue mix and distribution channels;

•declines in our investment management performance;

•our ability to compete in attracting and retaining talent, including financial advisors;

•impairment, negative performance or default by financial institutions or other counterparties;

•the ability to maintain our unaffiliated third-party distribution channels and the impacts of sales of unaffiliated products;

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•changes in valuation of securities and investments included in our assets;

•the determination of the amount of allowances taken on loans and investments;

•the illiquidity of our investments;

•effects of the elimination of LIBOR on, and value of, securities and other assets and liabilities tied to LIBOR;

•failures by other insurers that lead to higher assessments we owe to state insurance guaranty funds;

•failures or defaults by counterparties to our reinsurance arrangements;

•inadequate reserves for future policy benefits and claims or for future redemptions and maturities;

•deviations from our assumptions regarding morbidity, mortality and persistency affecting our insurance profitability;

•changes to our reputation arising from employee or advisor misconduct or otherwise;

•interruptions or other failures in our operating systems and networks, including errors or failures caused by third-party service providers, interference or third-party attacks;

•interruptions or other errors in our telecommunications or data processing systems;

• identification and mitigation of risk exposure in market environments, new products, vendors and other types of risk;

• ability of our subsidiaries to transfer funds to us to pay dividends;

• changes in exchange rates and other risks in connection with our international operations and earnings and income generated overseas;

• occurrence of natural or man-made disasters and catastrophes;

• legal and regulatory actions brought against us;

• changes to laws and regulations that govern operation of our business;

• supervision by bank regulators and related regulatory and prudential standards as a savings and loan holding company that may limit our activities and strategies;

• changes in corporate tax laws and regulations and interpretations and determinations of tax laws impacting our products;

• protection of our intellectual property and claims we infringe the intellectual property of others;

•changes in and the adoption of new accounting standards;

•changes that could give rise to our ability to recognize the expected benefits from the transaction with BMO Financial Group; and

•regulatory, political, or business changes that could reduce our desire to convert Ameriprise Bank FSB to a state industrial bank and a national trust bank.

Management cautions the reader that the foregoing list of factors is not exhaustive. There may also be other risks that management is unable to predict at this time that may cause actual results to differ materially from those in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management undertakes no obligation to update publicly or revise any forward-looking statements. The foregoing list of factors should be read in conjunction with the “Risk Factors” discussion included in Part I, Item 1A of our 2020 10-K.

Ameriprise Financial announces financial and other information to investors through the Company’s investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this report or in any other report or document the Company furnishes or files with the SEC.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The information set forth in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Market Risk” in this report is incorporated herein by reference. These disclosures should be read in conjunction with the “Quantitative and Qualitative Disclosures About Market Risk” discussion included as Part II, Item 7A of our 2020 10-K filed with the SEC on February 24, 2021.

ITEM 4.  CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

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 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 appropriate, to allow timely decisions regarding the required disclosure. It should be noted that, because of inherent limitations, our company’s disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the disclosure controls and procedures are met.

Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report. Based upon

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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 September 30, 2021.

Changes in Internal Control over Financial Reporting

There have not been any changes to our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our company’s internal control over financial reporting.

PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

The information set forth in Note 17 to the Consolidated Financial Statements in Part I, Item 1 is incorporated herein by reference.

ITEM 1A.  RISK FACTORS

There have been no material changes in the risk factors provided in Part I, Item 1A of our 2020 10-K.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

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 Securities Exchange Act of 1934), of our common stock during the third quarter of 2021:

Period						(a)						(b)						(c)						(d)
						Total Number of Shares Purchased						Average Price Paid Per Share						Total Number of Shares Purchased as part of Publicly Announced Plans or Programs (1)						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1 to July 31, 2021
Share repurchase program (1)						612,983						$	249.58					612,983						$	1,311,741,869
Employee transactions (2)						53,605						$	251.24					N/A						N/A
August 1 to August 31, 2021
Share repurchase program (1)						714,806						$	267.09					714,806						$	1,120,824,699
Employee transactions (2)						120,317						$	268.46					N/A						N/A
September 1 to September 30, 2021
Share repurchase program (1)						702,819						$	268.81					702,819						$	931,902,482
Employee transactions (2)						24,196						$	272.10					N/A						N/A
Totals
Share repurchase program (1)						2,030,608						$	262.40					2,030,608
Employee transactions (2)						198,118						$	264.25					N/A
						2,228,726												2,030,608

N/A  Not applicable.

(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 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. Acquisitions under the share repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means.

(2) Includes restricted shares withheld pursuant to the terms of awards under the Company’s share-based compensation plans to offset tax withholding obligations that occur upon vesting and release of restricted shares. The value of the restricted shares withheld is the closing price of common stock of Ameriprise Financial, Inc. on the date the relevant transaction occurs. Also includes shares withheld pursuant to the net settlement of Non-Qualified Stock Option (“NQSO”) exercises to offset tax withholding obligations that occur upon exercise and to cover the strike price of the NQSO. The value of the shares withheld pursuant to the net settlement of NQSO exercises is the closing price of common stock of Ameriprise Financial, Inc. on the day prior to the date the relevant transaction occurs.

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ITEM 6.  EXHIBITS

Pursuant to the rules and regulations of the Securities and Exchange Commission, we have filed certain agreements as exhibits to this Quarterly Report on Form 10-Q. These agreements may contain representations and warranties by the parties. These representations and warranties have been made solely for the benefit of the other party or parties to such agreements and (i) may have been qualified by disclosures made to such other party or parties, (ii) were made only as of the date of such agreements or such other date(s) as may be specified in such agreements and are subject to more recent developments, which may not be fully reflected in our public disclosure, (iii) may reflect the allocation of risk among the parties to such agreements and (iv) may apply materiality standards different from what may be viewed as material to investors. Accordingly, these representations and warranties may not describe our actual state of affairs at the date hereof and should not be relied upon.

The following exhibits are filed as part of this Quarterly Report on Form 10-Q. The exhibit numbers followed by an asterisk (*) indicate exhibits electronically filed herewith. All other exhibit numbers indicate exhibits previously filed and are hereby incorporated herein by reference.

Exhibit			Description
3.1			Amended and Restated Certificate of Incorporation of Ameriprise Financial, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, File No. 1-32525, filed on May 1, 2014).
3.2			Amended and Restated Bylaws of Ameriprise Financial, Inc. (incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 24, 2021).
4.1			Form of Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Amendment No. 3 to Form 10 Registration Statement, File No. 1-32525, filed on August 19, 2005). Other instruments defining the rights of holders of long-term debt securities of the registrant are omitted pursuant to Section (b)(4)(iii)(A) of Item 601 of Regulation S-K. The registrant agrees to furnish copies of these instruments to the SEC upon request.
31.1*			Certification of James M. Cracchiolo pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
31.2*			Certification of Walter S. Berman pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
32*			Certification of James M. Cracchiolo and Walter S. Berman pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101			The following materials from Ameriprise Financial, Inc.’s Quarterly Report on Form 10-Q for the period ended September 30, 2021 are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the three months and nine months ended September 30, 2021 and 2020; (ii) Consolidated Statements of Comprehensive Income for the three months and nine months ended September 30, 2021 and 2020; (iii) Consolidated Balance Sheets at September 30, 2021 and December 31, 2020; (iv) Consolidated Statements of Equity for the three months and nine months ended September 30, 2021 and 2020; (v) Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020; and (vi) Notes to the Consolidated Financial Statements.
104			The cover page from Ameriprise Financial, Inc.’s Quarterly Report on Form 10-Q for the period ended September 30, 2021 is formatted in iXBRL and contained in Exhibit 101.
* Filed electronically herewithin.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

									AMERIPRISE FINANCIAL, INC.
									(Registrant)

Date:			November 9, 2021			By:			/s/ Walter S. Berman
									Walter S. Berman
									Executive Vice President and Chief Financial Officer
									(Principal Financial Officer)

Date:			November 9, 2021			By:			/s/ John R. Hutt
									John R. Hutt
									Senior Vice President – Corporate Finance and Controller
									(Principal Accounting Officer)

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