Ameriprise Financial


2020 Annual Report

2020 Ameriprise Financial Consolidated Highlights

(In millions, except per share amounts and as noted)

Adjusted Operating 1,2202020192018
Net revenues$11,829$12,710$12,694
Earnings$1,770$2,190$2,161
Earnings per diluted share$14.08$16.10$14.63
Return on equity excluding accumulated other comprehensive income, net of tax30.2%38.3%37.1%
Adjusted Operating Before Annual Unlocking202020192018
Earnings$2,119$2,206$2,207
Earnings per diluted share$16.86$16.22$14.94
Return on equity excluding accumulated other comprehensive income, net of tax36.1%38.6%37.8%

The schedule above is presented to provide insight into the effect of the company’s annual review of insurance and annuity valuation assumptions and model changes (unlocking) on certain non-GAAP financial measures. Given the non-cash nature of unlocking, management provides this additional detail to reflect the underlying performance of the business. See footnote 2 for more information about unlocking. 2019 and 2018 include results from the company’s Auto & Home Insurance business that was sold in the fourth quarter of 2019.

GAAP202020192018
Net revenues$11,899$12,967$12,835
Net income (earnings)$1,534$1,893$2,098
Earnings per diluted share$12.20$13.92$14.20
Return on equity excluding accumulated other comprehensive income, net of tax26.1%33.1%36.0%
202020192018
Assets under management and administration (in billions)$1,102$973$823
Weighted average common shares oustanding — diluted125.7136.0147.7
Cash dividends paid per common share$4.09$3.81$3.53
Common stock shares repurchased8.413.411.3

1

This Annual Report to Shareholders contains certain non-GAAP financial measures that management believes best reflect the underlying performance of our operations. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are on page 9.

2

Results include the non-cash impact of unlocking, which reflects the company’s annual review of market-related inputs and model changes related to our living benefit valuation, insurance and annuity valuation assumptions relative to current experience and management expectations, and premium deficiency testing. To the extent that expectations change as a result of this review, the company updates its assumptions and models and the impact is reflected as part of annual unlocking.

Dear fellow shareholders,

Ameriprise is committed to serving clients and managing our business with a long-term perspective. It’s core to how we operate and served our stakeholders well in a historic year. Throughout this unprecedented period, we remained connected to clients and kept them on track to achieve their most important goals, while keeping the health and well-being of our employees and advisors front and center.

I am enormously proud of how well Ameriprise and our people navigated the significant and unforeseen challenges related to the COVID-19 pandemic, the resiliency we demonstrated and the results we delivered.

Critically, we were prepared and faced the unknown in 2020 with great care. We quickly shifted nearly all of our employees and advisors to a virtual work setting, benefiting from the strength of our relationships, business continuity planning, and technology and digital capabilities.

Regarding the market environment, equity markets reacted swiftly to the onset of the pandemic, resulting in sharp declines early in the year. The U.S. Federal Reserve took aggressive action, cutting short-term interest rates to near zero and creating additional liquidity. While equity markets improved throughout the year on optimism about economies re-opening, market volatility remained elevated given the uncertainty around the U.S. election and the virus.

We have an excellent value proposition, financial foundation and approach to risk management. And our mission is clear: We help people feel confident about their financial future. These strengths ensured we could adapt to a rapidly evolving landscape and further reinforced our track record of generating shareholder value.

Photo of Jim Cracchiolo, Chairman and CEO

James M. Cracchiolo

Chairman and Chief Executive Officer

Importantly, we continued to invest for growth and advance our strategic initiatives in 2020. We further strengthened our position as a leading wealth manager and global asset manager — deepening client relationships in our core businesses and driving profitable organic growth. At the same time, we continued to reposition our annuity and insurance capabilities, reflecting our risk appetite and the low interest rate environment.

In reviewing 2020, I’d highlight the following business results:

  • We achieved a new high for assets under management and administration at $1.1 trillion, up 13%.
  • Ameriprise client assets grew 14% to $732 billion, also a new high, with significant growth in clients with more than $500,000 in investable assets.
  • Client inflows were very strong in our growth businesses, including nearly $30 billion in combined client net inflows into investment advisory and in Asset Management — an important long-term growth driver.
  • We also continued to build out our product offerings within Ameriprise Bank, FSB, a new capability within Wealth Management.

Assets under management and administration

$ in billions

Bar chart, growth in assets under management and administration from 2016 to 2020

Given the challenges of 2020, including the decline in the Fed Funds rate to historic lows, our financial results were quite strong. We remained focused on our clients and what we could control, and we managed expenses with a keen eye on maintaining profitability. Re-engineering is part of our management philosophy, and we increased our annual re-engineering goal and achieved it, while accelerating investments for business growth and maintaining our employment levels.

In terms of our 2020 adjusted operating results excluding unlocking (compared to a year ago):

  • Revenues were $11.8 billion, down from $12.7 billion, as fee-based business growth mitigated the impact of the low-rate environment.
  • Earnings were $2.1 billion, down 4%, with earnings per diluted share of $16.86, up 4%, both of which were negatively impacted by low interest rates.
  • And return on equity, ex. AOCI, was strong at 36.1% compared to 38.6%.

Ameriprise generates significant free cash flow that we invest for growth and return to shareholders. Our balance sheet and liquidity are very strong, and we have consistently delivered a high return for shareholders.

During a year of significant volatility, the total shareholder return of Ameriprise stock was nearly 20%, far outpacing the return of the S&P 500 Financials Index and more than doubling off the March lows. And since we debuted as a public company in 2005, Ameriprise ranked fourth in terms of total shareholder return within the S&P 500 Financials Index.

Hearts and Wallets image

Advice and Wealth Management — a key growth driver

We’re proud to be one of the leading wealth managers in the U.S., and Ameriprise made important strides during the year to extend that leadership position.

The Ameriprise advice value proposition helped our clients stay on track to achieve their most important goals, as it has throughout so many other challenging times. Ameriprise and our advisors provided clients with a high level of stability, care and personal service that stands out.

And while the operating environment was very different from what we had expected entering the year, we remained focused on our goals. We continued to invest strategically and focus on deepening client and advisor relationships, while serving more clients through our advice experience.

J.D. Power Award logo

For the second consecutive year
J.D. Power recognized Ameriprise
for providing "An Outstanding Customer Service Experience" for phone support for advisors

We engaged and worked with clients extremely well, aided by our leading-edge technology and virtual meeting capabilities. Our advisors have access to a broad range of high-performing products and solutions to help clients meet their evolving cash, investment, protection and estate planning needs. Being digitally enabled with extensive web and mobile capabilities mattered a lot in this climate — and will continue to. Our advisors and their clients remained focused on their long-term goals.

In a turbulent year, this type of transparency and collaboration was even more essential, and it contributed to excellent client satisfaction, as well as good activity and flows. In fact, clients contributed more than $24 billion of net inflows into investment advisory accounts — up 37% from the prior year, bringing investment advisory assets under management (AUM) to $380 billion, one of the largest platforms in the industry.

Total assets in investment advisory (wrap) accounts

$ in billions

Bar chart, growth in total assets in investment advisory accounts from 2016 to 2020

In a volatile year, clients contributed more than $24 billion into our investment advisory platform, one of the largest in the industry.

We’re deeply committed to helping our advisors deliver an exceptional client experience and grow their practices. We offer advisors extensive support that includes leading technology capabilities, dedicated field leadership and training, compliance, and local and national marketing programs.

Simply put, the Ameriprise advisor value proposition leads to excellent client satisfaction, advisor engagement and productivity. Clients again rated us at 4.9 out of 5 stars, and our extensive support creates a more productive and satisfied advisor force. In 2020, our advisors generated $674,000 in adjusted operating net revenue per advisor — a new record — and up 8% when adjusting for low interest rates.

Adjusted operating net revenue per advisor 12-month basis

$ in thousands

Bar chart, growth in adjusted operating net revenue per advisor, also known as advisor productivity, from 2016 to 2020

Our advisors’ productivity growth is consistently among the best in the industry. We receive very favorable feedback from our advisors about the support we provide, highlighting our integrated system of capabilities, which is helping them operate remotely, process business efficiently and serve their clients well.

Despite the market dislocation in March and a vastly different recruiting environment in 2020, we continued to attract top advisors who value the company’s premium client-advisor experience and want to grow.

We welcomed 336 experienced, productive advisors to Ameriprise in 2020, joining us from wirehouses, regional firms, independents, banks and insurance companies. These advisors were particularly impressed with our technology and how well we supported our advisors during a challenging time.

Regarding Advice & Wealth Management financial results, earnings and margin were good given the impact of the interest rate cut, as well as investments in Ameriprise Bank. Pretax adjusted operating earnings were $1.3 billion, and margin was 19.8%, which included 480 basis points of negative impact from low rates.

Evolving and repositioning Retirement & Protection Solutions

We’ve built high-quality annuity and insurance books of business that serve the long-term needs of Ameriprise clients while delivering appropriate returns to our shareholders. While the industry has changed significantly in recent years, our approach remains consistent — we manage the business prudently as part of Ameriprise. We also accelerated the strategic repositioning of the annuities business in 2020 to ensure we maintain risk requirements and deliver excellent service to our clients and advisors.

As part of that effort, in 2020 we stopped sales of fixed annuities and moved the book to run-off, and we proactively shifted our variable annuity sales away from products with living benefits. We also launched a new structured annuity product that had very good client uptake during the year. Sales of variable annuities without living benefits represented 49% of total VA sales in 2020 — nearly double where it was in 2019. These changes further strengthen our well-managed book.

At year-end, annuity net amount at risk as a percent of account values was 0.4% for living benefits and 0.1% for death benefits, which we believe is one of the lowest among major variable annuity writers.

Regarding our insurance business, we are focused on meeting client needs through our flagship variable universal life (VUL) and disability insurance products. In fact, we saw a strong pick up in VUL sales, up 71% year-over-year, while indexed universal life insurance sales declined given the market environment.

In addition to the changes we made to product features and pricing, we continued to evolve how we use technology and data to manage risk and streamline processes, including our underwriting.

As we execute our plans, we will continue to further the shift in our total business mix to be driven more by Wealth and Asset Management, while effectively managing risk and generating appropriate returns within Retirement & Protection Solutions.

Building momentum in Asset Management

2020 was an excellent year for Columbia Threadneedle Investments®, the global asset management business of Ameriprise. We adapted to the virtual environment smoothly, never losing our focus on our core objectives — to meet clients’ needs while continuing to grow the business.

As an active manager, our research and perspective are critical, and our investment teams delivered outstanding performance during a year of intense volatility and uncertainty. In fact, Columbia Threadneedle was ranked in the top 10 over the 1-, 5- and 10-year timeframes in the 2021 Barron’s Best Fund Family ranking — reflecting the consistency of our strong performance. Across strategies and asset classes, our funds performed very well vs. benchmarks and peer groups, further strengthening short- and long-term track records. We ended the year with 108 four- and five-star Morningstar-rated funds globally, demonstrating the breadth of our investment capabilities.

Asset Management AUM increased 11% to $547 billion, including net inflows of $5.7 billion, a $12.8 billion improvement from last year.

With this strong performance and aided by net inflows and a recovery of equity markets, AUM increased 11% to $547 billion. This included net inflows of $5.7 billion, which was a $12.8 billion improvement from last year.

Asset Management AUM

$ in billions

Bar chart, showing growth in total Asset Management assets under management from 2016 to 2020

In terms of distribution, we’re gaining traction in U.S. Intermediary, particularly at the large broker-dealer firms and independents. We are working diligently to help ensure we meet our distribution partner needs — the investments we’re making in digital capabilities and data analytics are paying off and position us well to sustain our momentum. In fact, we were in net inflows at seven out of our top eight firms. In EMEA retail, the industry was under pressure from both the pandemic and Brexit. The UK equity and property markets faced significant headwinds but started to improve in the fourth quarter when we returned to net inflows.

The institutional and solutions businesses continue to be important growth areas for us. We have an excellent team that has further strengthened our sales, consultant relations and client service capabilities. We’re gaining traction in all three regions — U.S., EMEA and Asia Pacific — and are winning attractive, higher-fee business. We have a number of high-performing strategies, and our sales pipeline is growing.

From a financial results perspective, revenue in Asset Management declined 1% and pretax adjusted operating margin remained very strong, increasing to 39.1%. We managed expenses well in light of the steep drop in markets in March and continued to invest to accelerate growth.

Capital strength — a clear differentiator

Our excellent financial foundation provided strength and stability during the market disruption. We remained focused on our clients while navigating the environment well.

Consistent free cash flow generation, substantial liquidity and a high-quality investment portfolio were all strengths. In addition, our hedging program performed very well during a period of high volatility, and we were able to increase liquidity quickly during the peak of the volatility, which we subsequently deployed.

Importantly, we increased our overall investment agenda during the year, accelerating investments in technology while returning capital to you, our shareholders. We are very disciplined in our business planning and continued to make prudent expense decisions and advance critical growth initiatives. In 2020, we returned nearly $2 billion to shareholders through share repurchases and increased our dividend 7%, our 16th increase since becoming a public company in 2005.

With the strength and consistency of our capital return to shareholders, we have reduced the Ameriprise total average weighted diluted share count by 32% since 2015 and 49% since we became public in 2005.

This level of return represented 87% of our full-year pretax adjusted operating earnings, which is among the best in financial services. We were able to do this while many of our peers pulled back, and we ensured that we continued to maintain excellent balance sheet fundamentals.

The strength of our people and our approach

2020 was a challenging year on so many fronts, but once again, we kept our focus on our clients and executed our plans with excellence.

Our thoughts are with all who have been personally impacted or had a loved one affected by the events of the year. We remain deeply grateful for all of the medical professionals, first responders, teachers and everyone helping communities get through this difficult time.

Ameriprise will continue to play an important role, supporting the communities where our people live and work through targeted grants, volunteer activities and the generosity of our employees and advisors.

And during an extraordinary social climate, we continued to advance our diversity and inclusion (D&I) programs that are core to our caring culture. We fostered a meaningful dialogue between leaders and employees on current D&I topics and will continue to evolve our leadership development curriculum and training for employees and advisors.

In 2020, Ameriprise signed on to two corporate pledges that reflect the strength of our D&I program and further demonstrate our support of D&I within the community:

  • CEO Action for Diversity & Inclusion, which rallies the business community to advance diversity and inclusion within the workplace
  • The Human Rights Campaign, Business Coalition for the Equality Act, which is a group of leading U.S. employers that support the Equality Act and federal legislation that would provide the same basic protections to lesbian, gay, bisexual, transsexual and questioning (LGBTQ) people as are provided to other protected groups under federal law

Ultimately, D&I is an important element of how we manage the business responsibly. I would encourage you to review our 2021 Responsible Business Report to learn more about our sustainability and the progress we are making.

Looking ahead

Ameriprise has a powerful value proposition, an excellent team and a clear focus on execution. We’re serving our clients and generating profitable growth, accelerating the shift in our business mix to our higher-multiple wealth and asset management businesses and effectively navigating the next phases of the pandemic.

I feel confident about our ability to continue to generate substantial free cash flow, invest for growth and return capital to you, our shareholders. We have a differentiated track record that we are determined to build upon.

We know we will continue to be tested by the pressures imposed by the pandemic. With the vaccine roll out underway, we look forward to when we can get back to living our lives more freely and being with everyone we care about in person. As a business, we remain resilient, flexible and well positioned to control our destiny. Our decisions and actions are based on our unwavering commitment to stand behind our clients to provide a level of service and value they can rely on.

In 2020, Ameriprise marked 15 years as an independent public company. In an extraordinarily difficult year, the anniversary reinforced what we’ve accomplished as a public firm, the respected brand we’ve built and most importantly, how we’ve prioritized and cared for our clients, advisors and employees. And it underscored how we’ve been able to manage challenging environments throughout our long legacy that dates back more than 125 years.

On behalf of all the people of Ameriprise — our 10,000+ employees, 10,000 advisors and my fellow members of the Ameriprise Financial Board of Directors — thank you for your trust and confidence in Ameriprise. We will do all we can to continue to earn it.

Kind regards,

James M. Cracchiolo signature

James M. Cracchiolo
Chairman and Chief Executive Officer


Adjusted operating net revenues (in millions)202020192018
Total net revenues$11,899$12,967$12,835
Less: Revenues attributable to the CIEs7188127
Less: Net realized investment gains (losses)(11)(6)10
Less: Market impact on non-traditional long-duration products10(7)
Less: Integration/restructuring charges(3)
Less: Gain on disposal of business213
Less: Market impact of hedges on investments(35)11
Adjusted operating total net revenues$11,829$12,710$12,694
Adjusted operating earnings per diluted share (in millions, except per share amounts)202020192018
Net income$1,534$1,893$2,098
Less: Net income (loss) attributable to the CIEs31(1)
Add: Integration/restructuring charges141719
Add: Market impact on non-traditional long-duration products137559131
Add: Mean reversion related impacts1(87)(57)33
Add: Market impact of hedges on investments135(11)
Less: Net realized investment gains (losses)1(10)(4)9
Less: Gain on disposal of business1213
Tax effect of adjustments2(63)(79)(17)
Adjusted operating earnings1$1,770$2,190$2,161
Weighted average common shares outstanding:
Basic123.8134.1145.6
Diluted125.7136.0147.7

1

Pretax adjusted operating adjustment.

2

Calculated using the statutory tax rate of 21%.

Per Diluted Share

Per Diluted Share202020192018
Net income$12.20$13.92$14.20
Less: Net income (loss) attributable to the CIEs0.020.01(0.01)
Add: Integration/restructuring charges10.030.120.13
Add: Market impact on non-traditional long-duration products12.984.350.21
Add: Mean reversion related impacts1(0.69)(0.42)0.22
Add: Market impact of hedges on investments10.26(0.08)
Less: Net realized investment gains (losses)1(0.08)(0.03)0.06
Less: Gain on disposal of business11.57
Tax effect of adjustments2(0.50)(0.58)(0.11)
Adjusted operating earnings1$14.08$16.10$14.63
Adjusted operating return on equity (in millions)202020192018
Net income$1,534$1,893$2,098
Less: Adjustments1(236)(297)(63)
Adjusted operating earnings$1,770$2,190$2,161
Total Ameriprise Financial, Inc. shareholders’ equity$6,171$5,837$5,735
Less: Accumulated other comprehensive income, net of tax301122(98)
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI5,8705,7155,833
Less: Equity impacts attributable to the consolidated investment entities111
Adjusted operating equity$5,869$5,714$5,832
Return on equity, excluding AOCI26.1%33.1%36.0%
Adjusted operating return on equity, excluding AOCI230.2%38.3%37.1%

1

Adjustments reflect the trailing twelve months’ sum of after-tax net realized investment gains/losses, net of deferred sales inducement costs ("DSIC") and deferred acquisition costs (“DAC”) amortization, unearned revenue amortization and the reinsurance accrual; the market impact on non-traditional long-duration products, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; gain on disposal of business; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; and the impact of consolidating certain investment entities. After-tax is calculated using the statutory tax rate of 21%.

2

Adjusted operating return on equity excluding accumulated other comprehensive income (AOCI) is calculated using the trailing twelve months of earnings excluding the 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, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; mean reversion related impacts; gain on the disposal of business; the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments; integration/restructuring charges; the impact of consolidating certain investment entities; and discontinued operations 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%.

Ameriprise Financial, Inc.
2020 Form 10-K

Performance Graph

The graphs below match Ameriprise Financial, Inc.’s cumulative total shareholder return on common stock with the cumulative total returns of the S&P 500 Index and the S&P 500 Financials Index for two time periods: five years and since Ameriprise Financial became an independent, public company in 2005. The graphs track the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) to Dec. 31, 2020.

Comparison of a five-year cumulative total return*

Ameriprise Financial, Inc., the S&P 500 Index and the S&P 500 Financials Index

Line chart, compares 5-year cumulative total return of Ameriprise common stock, S&P 500 Index, S&P 500 Financials Index

Comparison of cumulative total return since
becoming an independent, public company*

Ameriprise Financial, Inc., the S&P 500 Index and the S&P 500 Financials Index

Line chart, compares cumulative total return of Ameriprise common stock, S&P 500 Index, S&P 500 Financials Index since Ameriprise became an independent, public company in October 2005

Ameriprise Financial, Inc.

S&P 500 Index

S&P 500 Financials Index


General Information

Executive Offices
Ameriprise Financial Center
707 2nd Avenue South
Minneapolis, MN 55474
612.671.3131

One World Trade Center
285 Fulton Street
New York, NY 10007

Information Available to Shareholders
Copies of our company’s Annual Report on Form 10-K, proxy statement, press releases and other documents, as well as information on financial results and products and services, are available through the Ameriprise Financial website at ameriprise.com. Written copies of these materials are available without charge upon written request to the corporate secretary’s office.

Stock Exchange Listing
New York Stock Exchange
Symbol: AMP

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
45 South 7th Street, Suite #3400
Minneapolis, MN 55402

Transfer Agent
Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717
Phone: 866.337.4999
International/Toll free: 303.974.3777

Email:
shareholder@broadridge.com

Website:
shareholder.broadridge.com/amp

Annual Meeting
The Board of Directors of Ameriprise Financial intends to hold the annual shareholders meeting on Wednesday, April 28, 2021, at 11:00 a.m. Central time in a virtual meeting format only, via live webcast. Shareholders will not be able to attend the annual meeting in person. The Board of Directors made this decision in light of government health directives and our efforts to protect the health and safety of shareholders, employees, directors and others. Information about the event will be provided to shareholders in the company’s 2021 proxy statement and will be accessible online at ir.ameriprise.com. A transcript of the meeting will be available upon written request to the corporate secretary’s office at a modest charge.

Shareholders
As of Feb. 12, 2021, there were 12,587 shareholders of record. Copies of the Ameriprise Financial Corporate Governance Guidelines, as well as the charters of the four standing committees of the Board of Directors and the Ameriprise Financial Global Code of Conduct, are available on the company’s website at ir.ameriprise.com. Our website also provides important information about how and when we grant share-based compensation such as stock options and restricted stock, including the schedule of grant dates for 2021. We provide a copy of our Long-Term Incentive Awards Policy on our website and explain our policy for the approval of grants on a date when the Compensation and Benefits Committee of the Board of Directors or our chairman and chief executive officer is aware of material, nonpublic information about our company or its securities. Copies of these materials are available without charge upon written request to the corporate secretary’s office.

We filed the Certifications of our chief executive officer and chief financial officer with the Securities and Exchange Commission pursuant to section 302 of the Sarbanes-Oxley Act of 2002 as exhibits 31.1 and 31.2, respectively, to our Annual Report on Form 10-K for the year ended Dec. 31, 2020.

Shareholder and Investor Inquiries
Written shareholder inquiries may be sent to:
Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717

or to:
Corporate Secretary’s Office
1098 Ameriprise Financial Center
Minneapolis, MN 55474

Written inquiries from the investment community should be sent to:
Investor Relations
243 Ameriprise Financial Center
Minneapolis, MN 55474

Trademarks
The following service marks of Ameriprise Financial, Inc. and its affiliates appear in this report:

Ameriprise Financial®

Columbia Threadneedle Investments®

All other trademarks are property of their respective owners, and their use does not constitute an endorsement of Ameriprise Financial, Inc., its affiliates or subsidiaries, or its or their products or services.

This report was printed using a printer recognized by Printing Industry Midwest for its green initiatives and is certified as a Very Small Quantity Generator. The press used to print the report emits no volatile organic compounds.

Executive Leadership Team

James M. Cracchiolo
Chairman and Chief Executive Officer

Walter S. Berman
Executive Vice President, Chief Financial Officer
and Chief Risk Officer

Gerard Smyth
Executive Vice President and Global Chief Information Officer

Kelli Hunter Petruzillo
Executive Vice President, Human Resources

Karen Wilson Thissen
Executive Vice President and General Counsel

Deirdre D. McGraw
Executive Vice President, Marketing and Corporate Affairs

John R. Woerner
President, Insurance & Annuities and Chief Strategy Officer

Joseph E. Sweeney
President, Advice & Wealth Management
Products and Service Delivery

Neal Maglaque
President, Advice & Wealth Management
Business Development and Chief Operating Officer

William J. (Bill) Williams
Executive Vice President, Ameriprise Franchise Group

Patrick H. O'Connell
Executive Vice President, Ameriprise Advisor and Institutions Group

William F. (Ted) Truscott
Chief Executive Officer, Global Asset Management

Colin Moore
Executive Vice President, Global Chief Investment Officer

Scott E. Couto
Executive Vice President, North America, Global Asset Management

Nick Ring
Chief Executive Officer, EMEA, Global Asset Management

Board of Directors

James M. Cracchiolo
Chairman and Chief Executive Officer
Ameriprise Financial, Inc.

Dianne Neal Blixt
Former Executive Vice President
and Chief Financial Officer
Reynolds American, Inc.

Amy DiGeso
Former Executive Vice President
Global Human Resources
The Estée Lauder Companies Inc.

Lon R. Greenberg
Chairman Emeritus and Former
Chairman and Chief Executive Officer
UGI Corporation

Jeffrey Noddle
Former Chairman
SUPERVALU INC.

Robert F. Sharpe, Jr.
Former President
Commercial Foods and
Chief Administrative Officer
ConAgra Foods, Inc.

Brian T. Shea
Former Vice Chairman and
Chief Executive Officer
Investment Services, BNY Mellon

W. Edward Walter
Global Chief Executive Officer and Director
Urban Land Institute

Christopher J. Williams
Chairman
Siebert Williams Shank & Co., LLC