AMERIPRISE FINANCIAL INC Annual Report, Year Ended Dec 31, 2019

Ameriprise Financial, Inc. reported solid financial performance for the year ended December 31, 2019. The company's diversified business model, primarily driven by its Advice & Wealth Management and Asset Management segments, contributed to a 1% increase in total net revenues to $13.0 billion. Net income saw a decrease of 10% to $1.9 billion, primarily impacted by a significant increase in the market impact on variable annuity guaranteed benefits. The company continued to execute its strategy of shifting towards lower capital, fee-based businesses, with Advice & Wealth Management now representing a majority of pretax adjusted operating earnings. Significant strategic moves during the year included the sale of its Auto & Home Insurance business and the conversion of its trust bank to a federal savings bank, Ameriprise Bank, FSB, signaling a focus on core growth areas and expanded banking capabilities. Ameriprise maintained a strong capital position, with total assets growing to $151.8 billion and shareholders' equity at $5.7 billion. The company returned value to shareholders through dividends and share repurchases, demonstrating a commitment to capital management. The report highlights the company's robust advisor network, with approximately 10,000 advisors, and a strong advisor retention rate, underscoring the value proposition offered to its financial professionals. Looking ahead, Ameriprise remains focused on capitalizing on demographic trends and market opportunities, while prudently managing risks associated with market fluctuations and regulatory changes.