Ameriprise Financial Inc. Files 2023 Annual Report on Form 10-K
Ticker: AMP · Form: 10-K · Filed: Feb 22, 2024 · CIK: 820027
Sentiment: neutral
Topics: Ameriprise Financial, 10-K, Annual Report, Financial Services, Investment Advice
TL;DR
<b>Ameriprise Financial Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and business operations.</b>
AI Summary
AMERIPRISE FINANCIAL INC (AMP) filed a Annual Report (10-K) with the SEC on February 22, 2024. Ameriprise Financial Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Investment Advice. Ameriprise Financial Inc. was formerly known as American Express Financial Corp. The company is incorporated in Delaware.
Why It Matters
For investors and stakeholders tracking AMERIPRISE FINANCIAL INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ameriprise Financial's financial health, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors to assess performance and future outlook. Understanding the details within this filing is essential for stakeholders to evaluate the company's competitive positioning, regulatory compliance, and overall investment potential in the financial services sector.
Risk Assessment
Risk Level: medium — AMERIPRISE FINANCIAL INC shows moderate risk based on this filing. The company operates in the highly regulated financial services industry, facing risks related to market volatility, economic downturns, and changes in regulatory requirements, which could materially impact its financial results.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to understand Ameriprise Financial's exposure to market risks and regulatory changes.
Key Numbers
- 20231231 — Fiscal Year End (Conformed period of report)
- 20240222 — Filing Date (Filed as of date)
- 6282 — Standard Industrial Classification (Investment Advice)
- 001-32525 — SEC File Number (SEC Act: 1934 Act)
Key Players & Entities
- AMERIPRISE FINANCIAL INC (company) — Filer name
- 0000820027 (company) — Central Index Key
- MINNEAPOLIS (company) — Business address city
- DE (company) — State of incorporation
- AMERICAN EXPRESS FINANCIAL CORP (company) — Former company name
- AMERICAN EXPRESS FINANCIAL ADVISORS (company) — Former company name
- IDS FINANCIAL CORP/MN/ (company) — Former company name
- 612-671-8001 (company) — Business phone
FAQ
When did AMERIPRISE FINANCIAL INC file this 10-K?
AMERIPRISE FINANCIAL INC filed this Annual Report (10-K) with the SEC on February 22, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by AMERIPRISE FINANCIAL INC (AMP).
Where can I read the original 10-K filing from AMERIPRISE FINANCIAL INC?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by AMERIPRISE FINANCIAL INC.
What are the key takeaways from AMERIPRISE FINANCIAL INC's 10-K?
AMERIPRISE FINANCIAL INC filed this 10-K on February 22, 2024. Key takeaways: Ameriprise Financial Inc. filed its 2023 Form 10-K on February 22, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is Investment Advice..
Is AMERIPRISE FINANCIAL INC a risky investment based on this filing?
Based on this 10-K, AMERIPRISE FINANCIAL INC presents a moderate-risk profile. The company operates in the highly regulated financial services industry, facing risks related to market volatility, economic downturns, and changes in regulatory requirements, which could materially impact its financial results.
What should investors do after reading AMERIPRISE FINANCIAL INC's 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to understand Ameriprise Financial's exposure to market risks and regulatory changes. The overall sentiment from this filing is neutral.
Risk Factors
- Regulatory Environment [high — regulatory]: The company is subject to extensive regulation by federal and state agencies, and changes in laws or regulations could adversely affect its business.
- Market Volatility [high — market]: Significant fluctuations in market conditions, including interest rates and equity prices, can impact investment performance and client asset values.
- Operational Risks [medium — operational]: The company faces risks related to cybersecurity, data breaches, and the failure of its information technology systems.
- Credit Risk [medium — financial]: The company is exposed to credit risk from its counterparties and the investments it holds.
Key Dates
- 2023-12-31: Fiscal Year End — Covers the full fiscal year 2023 financial performance.
- 2024-02-22: 10-K Filing Date — Official submission date of the annual report.
Filing Stats: 4,292 words · 17 min read · ~14 pages · Grade level 14.1 · Accepted 2024-02-22 15:00:04
Key Financial Figures
- $500,000 — rimary target market is households with $500,000 to $5,000,000 in investable assets, and
- $5,000,000 — t market is households with $500,000 to $5,000,000 in investable assets, and we are also w
- $1.4 — metric. As of December 31, 2023, we had $1.4 trillion in assets under management and
- $1.2 — agement and administration, compared to $1.2 trillion as of December 31, 2022. For a
- $637 billion — 2023, our Asset Management segment had $637 billion in worldwide managed assets. Our Asset
Filing Documents
- amp-20231231.htm (10-K) — 9148KB
- exhibit32-ampbylawsxx12312.htm (EX-3.2) — 197KB
- exhibit1033-ampxx12312023x.htm (EX-10.33) — 12KB
- exhibit1034-ampxx12312023x.htm (EX-10.34) — 9KB
- exhibit1035-ampxx12312023x.htm (EX-10.35) — 10KB
- exhibit1036-ampxx12312023x.htm (EX-10.36) — 5KB
- exhibit1037-ampxx12312023x.htm (EX-10.37) — 5KB
- exhibit1038-ampxx12312023x.htm (EX-10.38) — 6KB
- exhibit1039-ampxx12312023x.htm (EX-10.39) — 9KB
- exhibit1040-ampxx12312023x.htm (EX-10.40) — 8KB
- exhibit13-2023performanc.htm (EX-13) — 1KB
- exhibit21-ampxx12312023xuse.htm (EX-21) — 4KB
- exhibit23-consentofpwcxamp.htm (EX-23) — 2KB
- exhibit24-ampxx12312023xuse.htm (EX-24) — 24KB
- exhibit311-ampxx12312023xu.htm (EX-31.1) — 11KB
- exhibit312-ampxx12312023xu.htm (EX-31.2) — 10KB
- exhibit32-ampxx12312023xuse.htm (EX-32) — 7KB
- exhibit97-ampxx12312023xuse.htm (EX-97) — 41KB
- amp-20231231_g1.jpg (GRAPHIC) — 157KB
- amp-20231231_g2.jpg (GRAPHIC) — 84KB
- amp-20231231_g3.jpg (GRAPHIC) — 83KB
- amp-20231231_g4.jpg (GRAPHIC) — 11KB
- amp-20231231_g5.jpg (GRAPHIC) — 39KB
- amp-20231231_g6.jpg (GRAPHIC) — 157KB
- amp-20231231_g7.jpg (GRAPHIC) — 717KB
- amp-20231231_g8.jpg (GRAPHIC) — 3120KB
- exhibit13-2023performanc001.jpg (GRAPHIC) — 132KB
- image_0.jpg (GRAPHIC) — 26KB
- image_0a.jpg (GRAPHIC) — 26KB
- image_0b.jpg (GRAPHIC) — 26KB
- 0000820027-24-000015.txt ( ) — 60614KB
- amp-20231231.xsd (EX-101.SCH) — 179KB
- amp-20231231_cal.xml (EX-101.CAL) — 277KB
- amp-20231231_def.xml (EX-101.DEF) — 1552KB
- amp-20231231_lab.xml (EX-101.LAB) — 2376KB
- amp-20231231_pre.xml (EX-101.PRE) — 1916KB
- amp-20231231_htm.xml (XML) — 12706KB
Risk Factors
Item 1A. Risk Factors 16
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 29
Cybersecurity
Item 1C. Cybersecurity 29
Properties
Item 2. Properties 30
Legal Proceedings
Item 3. Legal Proceedings 30
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 30 PART II 31
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31
[Reserved]
Item 6. [Reserved] 31
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 32
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 65
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 71
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 170
Controls and Procedures
Item 9A. Controls and Procedures 170
Other Information
Item 9B. Other Information 170
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 170 PART III 171
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 171
Executive Compensation
Item 11. Executive Compensation 173
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 173
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 173
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 173 PART IV 174
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 174
Form 10-K Summary
Item 16. Form 10-K Summary 176
Signatures
Signatures 177 Schedule I - Condensed Financial Information of Registrant 179 Index Ameriprise Financial, Inc. PART I.
Business
Item 1. Business Overview Ameriprise Financial is a diversified financial services company with a nearly 130-year history of providing solutions to help clients confidently achieve their financial objectives. Ameriprise Financial, Inc. is a holding company incorporated in Delaware that primarily engages in business through its subsidiaries. Accordingly, references to "Ameriprise," "Ameriprise Financial," the "Company," "we," "us," and "our" may refer to Ameriprise Financial, Inc. exclusively, to our entire family of companies, or to one or more of our subsidiaries. We are a long-standing leader in financial planning and advice offering a broad range of products and services designed to assist individual and institutional clients achieve their financial objectives. Our strategy is centered on helping clients confidently achieve their goals by providing holistic advice and by managing and protecting their assets and income. We utilize two go-to-market approaches in carrying out this strategy: Wealth Management and Asset Management. Wealth Management Our Advice & Wealth Management business is the primary growth engine of Ameriprise with a significant market opportunity. We are in a compelling position to capitalize on significant demographic and market trends driving increased demand for financial advice and solutions. In the U.S., the ongoing transition of baby boomers into retirement, as well as younger generations currently building their wealth and planning for retirement, continues to drive demand for financial advice and solutions. Our primary target market is households with $500,000 to $5,000,000 in investable assets, and we are also well-suited to serve those outside this asset range. The amount of investable assets held by investors grew at an 8% compound annual growth rate between 2016 and 2022. We also offer products and services targeted to higher-net worth households. We are an industry-leading wealth manager with a differentiated advice value propo