metadata
tags:
- sentence-transformers
- sentence-similarity
- feature-extraction
- generated_from_trainer
- dataset_size:9400
- loss:MultipleNegativesRankingLoss
base_model: Alibaba-NLP/gte-large-en-v1.5
widget:
- source_sentence: What was the percentage change in net investment income from 2021 to 2022?
sentences:
- >-
Index
Ameriprise Financial, Inc.
Consolidated Results of Operations
Year Ended December 31, 2022 Compared to Year Ended December 31, 2021
The following table presents our consolidated results of operations:
Years Ended December 31,
Change
2022
2021
(in millions)
Revenues
Management and financial advice fees
$
9,033
$
9,275
$
(242)
(3)
%
Distribution fees
1,939
1,828
111
6
Net investment income
1,474
1,683
(209)
(12)
Premiums, policy and contract charges
1,397
221
1,176
NM
Other revenues
491
382
109
29
Total revenues
14,334
13,389
945
7
Banking and deposit interest expense
76
12
64
NM
Total net revenues
14,258
13,377
881
7
Expenses
Distribution expenses
4,935
5,028
(93)
(2)
Interest credited to fixed accounts
665
600
65
11
Benefits, claims, losses and settlement expenses
242
(156)
398
NM
Remeasurement (gains) losses of future policy benefit reserves
1
(52)
53
NM
Change in fair value of market risk benefits
311
(113)
424
NM
Amortization of deferred acquisition costs
252
259
(7)
(3)
Interest and debt expense
198
191
7
4
General and administrative expense
3,723
3,435
288
8
Total expenses
10,327
9,192
1,135
12
Pretax income
3,931
4,185
(254)
(6)
Income tax provision
782
768
14
2
Net income
$
3,149
$
3,417
$
(268)
(8)
%
NM Not Meaningful - variance equal to or greater than 100%.
Overall
Pretax income decreased $254 million, or 6%, for 2022 compared to the
prior year. The following impacts were significant drivers of the
year-over-year change in pretax
income:
•
The prior year impact of the block transfer reinsurance transaction
resulted in $524 million of pretax income for 2021 primarily reflecting
the net realized gains on
investments sold to the reinsurer.
•
A negative impact from lower average equity markets compared to the
prior year. Our average WEI, which is a proxy for equity movements on
AUM, decreased
7% in 2022 compared to the prior year. The average S&P 500 index was 4%
lower for 2022 compared to the prior year.
•
The favorable impact of unlocking was $133 million for 2022 compared to
an unfavorable impact of $113 million for the prior year.
•
A favorable impact from the increase in short-term interest rates
compared to the prior year.
•
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 reinsurance accrual was a benefit of $483 million for 2022
compared to a benefit of $464 million for the prior year.
50
- >-
Intersegment revenues for this segment reflect fees paid by our Asset
Management segment for marketing support and other services provided in
connection with the availability of VIT Funds. Intersegment expenses for
this segment include distribution expenses for services provided by our
Advice & Wealth
Management segment, as well as expenses for investment management
services provided by our Asset Management segment. All intersegment
activity is eliminated
in our consolidated results.
Protection
We provide life and disability income insurance products to address the
protection and risk management needs of our retail clients. New
RiverSource
insurance
products are exclusively offered through our advisor network. Our
advisors also offer insurance products of unaffiliated carriers. The
primary sources of revenues for
our protection business are premiums, fees and charges we receive to
assume insurance-related risk. We earn net investment income on owned
assets supporting
insurance reserves and on capital supporting the business. We also
receive fees based on the level of the RiverSource Life companies’
separate account assets
supporting variable universal life investment options. The protection
products earn intersegment revenues from fees paid by our Asset
Management segment for
marketing support and other services provided in connection with the
availability of VIT Funds under the variable universal life contracts.
Intersegment expenses for
the protection products include distribution expenses for services
provided by our Advice & Wealth Management segment, as well as expenses
for investment
management services provided by our Asset Management segment. All
intersegment activity is eliminated in our consolidated results.
®
6
- >-
Index
Ameriprise Financial, Inc.
Slide 5 - Regulatory Oversight Chart.jpg
Advice & Wealth Management Regulation
Certain of our subsidiaries are registered with the SEC as
broker-dealers under the Securities Exchange Act of 1934 (“Exchange
Act”) and with certain states, the
District of Columbia and other U.S. territories. Our broker-dealer
subsidiaries are also members of self-regulatory organizations,
including Financial Industry
Regulatory Authority (“FINRA”), and are subject to the regulations of
these organizations. The SEC and FINRA have stringent rules with respect
to the net capital
requirements (which includes rules around customer protection) and the
marketing and trading activities of broker-dealers. Our broker-dealer
subsidiaries, as well as
our financial advisors and other personnel, must obtain all required
state and FINRA licenses and registrations to engage in the securities
business and take certain
steps to maintain such registrations in good standing. SEC regulations
also impose notice requirements and capital
11
- source_sentence: >-
What are the key components of Ameriprise Financial's strategy for
attracting and retaining a diverse workforce?
sentences:
- >-
Index
Ameriprise Financial, Inc.
2022 due to a $75.8 billion increase in Advice & Wealth Management AUM
driven by market appreciation and wrap account net inflows and a $52.9
billion increase in
Asset Management AUM primarily driven by market appreciation. Total AUA
increased $57.5 billion, or 26%, to $279.5 billion as of December 31,
2023 compared to
the prior year primarily driven by equity market appreciation, and an
increase in third-party money market funds and brokered CDs. See our
segment results of
operations discussion for additional information on changes in our AUM.
Consolidated Results of Operations
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022
The following table presents our consolidated results of operations:
Years Ended December 31,
Change
2023
2022
(in millions)
Revenues
Management and financial advice fees
$
8,907
$
9,033
$
(126)
(1)
%
Distribution fees
1,931
1,939
(8)
—
Net investment income
3,206
1,474
1,732
NM
Premiums, policy and contract charges
1,539
1,397
142
10
Other revenues
513
491
22
4
Total revenues
16,096
14,334
1,762
12
Banking and deposit interest expense
561
76
485
NM
Total net revenues
15,535
14,258
1,277
9
Expenses
Distribution expenses
5,078
4,935
143
3
Interest credited to fixed accounts
654
665
(11)
(2)
Benefits, claims, losses and settlement expenses
1,350
242
1,108
NM
Remeasurement (gains) losses of future policy benefit reserves
(20)
1
(21)
NM
Change in fair value of market risk benefits
798
311
487
NM
Amortization of deferred acquisition costs
246
252
(6)
(2)
Interest and debt expense
324
198
126
64
General and administrative expense
3,871
3,723
148
4
Total benefits and expenses
12,301
10,327
1,974
19
Pretax income
3,234
3,931
(697)
(18)
Income tax provision
678
782
(104)
(13)
Net income
$
2,556
$
3,149
$
(593)
(19)
%
NM Not Meaningful - variance equal to or greater than 100%.
Overall
Pretax income decreased $697 million, or 18%, for 2023 compared to the
prior year. The following impacts were significant drivers of the
year-over-year change in
pretax income:
•
The market impact on non-traditional long-duration products, net of
hedges was an expense of $608 million for 2023 compared to a benefit of
$483 million for the
prior year.
•
The unfavorable impact of unlocking was $99 million for 2023 compared to
a favorable impact of unlocking of $133 million for the prior year.
•
A favorable impact from the trend in rising interest rates on the
investment portfolio yield, including from investment portfolio
repositioning in our insurance
business in the fourth quarter of 2022, along with higher balances in
bank and certificate products.
39
- >-
At December 31, 2023 and 2022, the parent company had $544 million and
$389 million, 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 $727 million 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
December 31, 2023 was $1.8 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 December 31, 2023, we had no outstanding borrowings under
this credit facility and
had $1 million of letters of credit issued against the facility. Our
credit facility contains various administrative, reporting, legal and
financial covenants. We remain in
compliance with all such covenants at December 31, 2023.
In addition, we have access to collateralized borrowings, which may
include repurchase agreements and Federal Home Loan Bank (“FHLB”)
advances, and advances
at the Federal Reserve. Our subsidiaries, RiverSource Life Insurance
Company (“RiverSource Life”), and Ameriprise Bank are members of the
FHLB of Des Moines,
which provides access to collateralized borrowings. As of December 31,
2023 and 2022, we had an estimated maximum borrowing capacity of $8.6
billion and $8.0
billion, respectively, of borrowing capacity under the FHLB facilities,
of which $201 million was outstanding as of both December 31, 2023 and
2022, and is
collateralized with commercial mortgage backed securities. In addition,
Ameriprise Bank maintains access to borrowings from the Federal Reserve
which are
collateralized with residential mortgage backed securities, commercial
mortgage backed securities and
60
- >-
The impact of these factors on our business may vary from country to
country and certain competitors may have competitive advantage in
certain jurisdictions.
Competitors of our Retirement & Protection Solutions segment consist of
both stock and mutual insurance companies. Competitive factors affecting
the sale of
variable annuity and insurance products include distribution
capabilities, price, product features and innovation, hedging
capability, investment performance,
commission structure, reinsurance availability and pricing, perceived
financial strength and financial strength ratings, claims-paying
ratings, technology and service,
advertising, brand recognition and financial strength ratings from
rating agencies.
Human Capital Management
Ameriprise Financial has a strong values-driven and inclusive culture
that is the foundation of all that we do. While our individual business
lines serve different client
needs, we have a common vision and values that drive our business and
how we work with clients and each other. Our values are the following:
•
Client focused;
•
Integrity always;
•
Excellence in all we do; and
•
Respect for the individuals and for the communities in which we live and
work.
To ensure our long-term success, we must attract, retain, engage and
develop a diverse, high-performing workforce. We are committed to
providing an excellent
employee and advisor experience for all of our people. This includes
approximately 13,800 global
8
- source_sentence: >-
What is the significance of Columbia Threadneedle in Ameriprise's asset
management segment?
sentences:
- >-
Index
Ameriprise Financial, Inc.
Expenses
Distribution expenses decreased $93 million, or 2%, for 2022 compared to
the prior year primarily lower average equity markets and decreased
transactional activity.
Interest credited to fixed accounts increased $65 million, or 11%, for
2022 compared to the prior year primarily reflecting the following
items:
•
An $23 million decrease in expense from the unhedged nonperformance
credit spread risk adjustment on IUL benefits. The favorable impact of
the
nonperformance credit spread was $13 million for 2022 compared to an
unfavorable impact of $10 million for the prior year.
•
A $105 million increase in expense from other market impacts on IUL
benefits, net of hedges, which was an expense of $51 million for 2022
compared to a benefit
of $54 million for the prior year. The increase in expense was primarily
due to an increase in the IUL embedded derivative in the current year
period, which
reflected higher option costs due to a higher new money rate, compared
to a decrease in the IUL embedded derivative in the prior year period,
which reflected
lower option costs due to higher discount rates.
Benefits, claims, losses and settlement expenses increased $398 million
for 2022 compared to the prior year primarily reflecting the following
items:
•
A $1.2 billion decrease in expense associated with the reinsurance
transaction for life contingent payout annuity policies in the prior
year.
•
An $806 million decrease in expense from market impacts on SVA embedded
derivative, net of hedges in place to offset those risks. This decrease
was the result
of a favorable $1.0 billion change in the market impact on the SVA
embedded derivative, partially offset by an unfavorable $224 million
change in the market
impact on derivatives hedging the SVA embedded derivative. The main
market driver contributing to these changes was the equity market impact
on the SVA
embedded derivative net of the impact on the corresponding hedge assets,
which resulted in a benefit for 2022 compared to an expense in the prior
year.
Remeasurement (gains) losses of future policy benefit reserves increased
$53 million for 2022 compared to the prior year primarily reflecting an
increase in expense on
LTC insurance as policy and claim terminations returned to more
normalized levels compared to the prior year period which benefited from
COVID-19 related impacts.
Change in fair value of market risk benefits increased $424 million for
2022 compared to the prior year primarily reflecting the following
items:
•
A $769 million increase in expense from other market impacts on variable
annuity guaranteed benefits, net of hedges in place to offset those
risks. This decrease
was the result of an unfavorable $865 million change in the market
impact on variable annuity guaranteed benefits reserves, partially
offset by a favorable
$96 million change in the market impact on derivatives hedging the
variable annuity guaranteed benefits. The main market drivers
contributing to these changes
are summarized below:
•
Equity market impact on the variable annuity guaranteed benefits
liability net of the impact on the corresponding hedge assets resulted
in an expense for
2022 compared to a benefit in the prior year.
•
Interest rate and bond impact on the variable annuity guaranteed
benefits liability net of the impact on the corresponding hedge assets
resulted in a benefit
for 2022 compared to an expense in the prior year.
•
Volatility impact on the variable annuity guaranteed benefits liability
net of the impact on the corresponding hedge assets resulted in a higher
expense for
2022 compared to the prior year.
•
Other unhedged items, including the difference between the assumed and
actual underlying separate account investment performance, transaction
costs
and various behavioral items, were a higher net expense for 2022
compared to the prior year.
General and administrative expense increased $288 million, or 8%, 2022
the prior year primarily reflecting the operating expenses of the
acquired BMO Global Asset
Management (EMEA) business and higher integration related expenses,
partially offset by disciplined expense management and reengineering,
lower performance fee
related compensation and a favorable foreign exchange impact.
Income Taxes
Our effective tax rate was 19.9% for 2022 compared to 18.3% for the
prior year. See Note 24 to our Consolidated Financial Statements for
additional discussion on
income taxes.
52
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Index
Ameriprise Financial, Inc.
Intellectual Property
We rely on a combination of contractual rights and copyright, trademark,
and patent registrations and trade secret laws to establish and protect
our intellectual
property. In the U.S. and other jurisdictions, we have established and
registered, or filed applications to register, certain trademarks and
service marks that we
consider important to the marketing of our products and services,
including but not limited to the
Ameriprise Financial, Threadneedle, RiverSource, Columbia
Threadneedle and Columbia Threadneedle Investments
brands. We have in the past and will continue to establish and protect
our intellectual property rights.
Enterprise Risk Management
Enterprise risk management and our risk management program is an
important component in how we manage our business. All operating
subsidiaries of Ameriprise
must comply with our enterprise risk management policy and framework,
which: (i) establishes a structure for effective enterprise risk
management, including
oversight and governance; (ii) delineates key constituent roles and
responsibilities; and (iii) imposes a number of core risk management
processes. The enterprise risk
management policy is designed to manage risks that may impact
Ameriprise, including capital, credit, market, liquidity, operational,
strategic, reputational, legal and
compliance, and product. The enterprise risk management policy is
supported by underlying risk policies at business units that provide
further detail on the business
unit’s risk governance, appetite, and tolerance.
Regulation
Virtually all aspects of our business, including the activities of the
parent company and our subsidiaries, are subject to various federal,
state, local and foreign laws
and regulations. These laws and regulations provide broad regulatory,
administrative and enforcement powers to supervisory agencies and other
bodies, including
U.S. federal and state regulatory and law enforcement agencies, foreign
government agencies or regulatory bodies and U.S. and foreign securities
exchanges. The
costs of complying with such laws and regulations are significant and
increasing, and the consequences for the failure to comply may include
civil or criminal
charges, fines, censure, the suspension of individual employees,
restrictions on or prohibitions from engaging in certain lines of
business (or in certain states or
countries), revocation of certain registrations and reputational damage.
We have made and expect to need to continue to make significant
investments in our
compliance and supervision processes, enhancing policies, procedures and
oversight to monitor our compliance with the numerous legal and
regulatory requirements
applicable to our business.
We operate in a highly scrutinized regulatory environment and it remains
subject to change. Regulatory developments, both in and outside of the
U.S., have resulted
or are expected to result in greater regulatory oversight and internal
compliance obligations for firms across the financial services industry.
In addition, we continue
to see enhanced legislative and regulatory interest regarding retirement
investing and fiduciary initiatives, as well as environmental, social
and governance (“ESG”)
consideration and responsible investing; cybersecurity and resilience;
the use of artificial intelligence; responsible information and data
collection, storage and use;
financial crime prevention; and privacy matters, and we will continue to
closely review and monitor any legislative or regulatory proposals and
changes. States in the
U.S. and jurisdictions outside the U.S. continue to add new complexity
to the patchwork of laws and regulations already in existence relating
to privacy,
cybersecurity, artificial intelligence and other areas and we are
expecting similar new laws at the federal level and in multiple states
in the U.S. The same complexity
resulting from multiple standards exists for retirement investing where
individual states and federal regulators continue to propose or enact
their own rules. These
legal and regulatory changes have impacted and may in the future impact
how we are regulated and how we operate and govern our businesses.
The discussion and overview set forth below provides a general framework
of the primary laws and regulations impacting our businesses. Certain of
our subsidiaries
may be subject to one or more elements of this regulatory framework
depending on the nature of their business, the products and services
they provide and the
geographic locations in which they operate. To the extent the discussion
includes references to statutory and regulatory provisions, it is
qualified in its entirety by
reference to these statutory and regulatory provisions and is current
only as of the date of this report.
10
- >-
Index
Ameriprise Financial, Inc.
term needs. As part of our goal-based approach to financial advice, our
advisors help clients actively manage investing, saving and spending so
they have a more
complete picture of their financial life.
A significant portion of revenues in this segment are fee-based and
driven by the level of client assets, which is impacted by both market
movements and net flows.
We also earn revenue and income through other sources, including the
following:
•
We earn net investment income on owned assets from Ameriprise
Certificate Company and Ameriprise Bank, both wholly owned subsidiaries
of Ameriprise.
•
We earn financial planning fees as well as transaction and other fees.
•
We earn distribution fees for providing non-affiliated products and
intersegment revenues for providing our affiliated products and services
to our retail
clients. Intersegment expenses for this segment include investment
management services provided by our Asset Management segment. All
intersegment
activity is eliminated in our consolidated results.
Our Financial Advisor Platform
With more than 10,000 advisors, we are one of the top branded advisor
platforms in the U.S. market. Advisors can choose to affiliate with us
in multiple ways as
noted below, and each option offers different levels of support and
compensation.
Slide 3 - Advisor Affiliations-v2.jpg
We offer the following products and services through our Advice & Wealth
Management segment:
•
Financial planning and advice services to provide personalized financial
planning and financial solutions for which we charge fees and may
receive sales
commissions for selling products that aid in our clients’ plans.
•
Discretionary and non-discretionary investment advisory accounts for
which we receive fees based on the assets held in that account, as well
as related fees or
costs associated with the underlying securities held in that account.
•
Brokerage products and services for retail and institutional clients.
•
Cash management and banking products, including brokerage sweep
programs, cash management accounts, savings accounts, credit cards,
margin loans and
pledged asset lines of credit.
•
Face-amount certificates through the Ameriprise Certificate Company, a
wholly owned subsidiary.
•
Mutual fund offerings from our own Columbia funds as well as
approximately 135 unaffiliated mutual fund families, representing
approximately 2,150 mutual funds
on our brokerage platform for which mutual fund families and other
companies generally pay us a portion of the revenue generated from sales
of those funds,
administrative fees, and fees from the ongoing management attributable
to our clients’ ownership in the fund.
•
Insurance and annuities products from both RiverSource Life companies as
well as certain third parties, and we receive a portion of the revenue
generated from
the sale of unaffiliated products and certain administrative fees.
Our Segments - Asset Management
Through Columbia Threadneedle, we provide investment management, advice
and products to retail, high net worth and institutional clients on a
global scale.
4
- source_sentence: >-
How does Ameriprise Financial's distribution team support its global asset
management business?
sentences:
- >-
Index
Ameriprise Financial, Inc.
Other revenues increased $84 million, or 58%, for 2022 compared to the
prior year primarily reflecting the yield on deposit receivables arising
from reinsurance
transactions.
Expenses
Remeasurement (gains) losses of future policy benefit reserves increased
$46 million for 2022 compared to the prior year primarily reflecting an
increase in expense on
LTC insurance as policy and claim terminations returned to more
normalized levels compared to the prior year which benefited from
COVID-19 related impacts.
General and administrative expense, which excludes integration and
restructuring charges and expenses attributable to CIEs,
decreased $39 million, or 15%, to 2022
compared to the prior year primarily due to a larger unfavorable change
in the mark-to-market impact on share-based compensation expenses in the
prior year due to
share price appreciation.
Fair Value Measurements
We report certain assets and liabilities at fair value; specifically,
separate account assets, derivatives, market risk benefits, 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 16 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 market risk benefits,
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 market risk
benefits, fixed deferred
indexed annuities, structured variable annuities, and IUL insurance by
updating certain contractholder assumptions, adding explicit margins to
provide for risk, 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 U.S. Treasury
curve as of December 31, 2023. As our estimate of this spread widens or
tightens, the liability will
decrease or increase, respectively. If this nonperformance credit spread
moves to a zero spread over the U.S. Treasury curve, the reduction to
future total equity
would be approximately $795 million, net of the reinsurance accrual and
income taxes (calculated at the statutory tax rate of 21%), based on
December 31, 2023
credit spreads.
Liquidity and Capital Resources
Overview
As of December 31, 2023 and 2022, we had Available Capital for Capital
Adequacy of $5.4 billion and $5.2 billion, respectively. Available
Capital for Capital Adequacy
best reflects the available capital resources of our operations.
We maintained substantial liquidity during the year ended December 31,
2023. At December 31, 2023 and 2022, we had $7.5 billion and $7.0
billion, respectively, in
cash and cash equivalents excluding CIEs and other restricted cash on a
consolidated basis.
At December 31, 2023 and 2022, the parent company had $544 million and
$389 million, 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 $727 million 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
December 31, 2023 was $1.8 billion which includes cash, cash
equivalents, unencumbered
liquid securities, the line of credit with an affiliate and a portion of
the committed credit facility.
- >-
Index
Ameriprise Financial, Inc.
Distribution fees decreased $4 million for 2022 compared to the prior
year reflecting lower average equity markets and decreased transactional
activity mostly offset
by $264 million of higher fees on off-balance sheet brokerage cash due
to an increase in average short-term interest rates.
Net investment income increased $491 million for 2022 compared to the
prior year primarily due to higher average invested assets due to
increased bank deposits and
higher investment yields on the investment portfolio supporting the bank
and certificate products.
Banking and deposit interest expense increased $64 million for 2022
compared to the prior year primarily due to higher average crediting
rates on bank cash deposits
and certificates and increased cash deposits at the bank.
Expenses
Distribution expenses decreased $123 million, or 3%, for 2022 compared
to the prior year reflecting market depreciation and decreased
transactional activity.
General and administrative expense increased $114 million, or 8%, for
2022 compared to the prior year primarily due to higher volume related
expenses and
investments in business growth as well as lower staffing levels and
limited travel and entertainment expenses in the prior year.
Asset Management
The following table presents managed assets by type:
December 31,
Change
Average
Change
December 31,
2022
2021
2022
2021
(in billions)
Equity
$
301.2
$
402.9
$
(101.7)
(25)
%
$
333.1
$
338.3
$
(5.2)
(2)
%
Fixed income
210.0
277.0
(67.0)
(24)
232.0
211.8
20.2
10
Money market
21.9
10.1
11.8
NM
17.1
6.5
10.6
NM
Alternative
33.7
39.9
(6.2)
(16)
37.3
25.8
11.5
45
Hybrid and other
17.2
24.2
(7.0)
(29)
19.8
22.6
(2.8)
(12)
Total managed assets
$
584.0
$
754.1
$
(170.1)
(23)
%
$
639.3
$
605.0
$
34.3
6
%
NM Not Meaningful - variance equal to or greater than 100%.
Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period.
(1)
(1)
55
- >-
Index
Ameriprise Financial, Inc.
•
Institutional and retail separately managed accounts for a range of
clients, including pension, profit-sharing, employee savings, sovereign
wealth funds and
endowment funds, accounts of large- and medium-sized businesses and
governmental clients, as well as the accounts of high net worth
individuals and smaller
institutional clients, including tax-exempt and not-for-profit
organizations for which we receive management and performance-related
fees.
•
Other separately managed accounts, including those offered through
models that represent assets under advisement.
•
Management of owned assets such as assets held in the general account of
our RiverSource Life companies, Ameriprise Certificate Company and
Ameriprise
Bank.
•
Management of CLOs, which includes providing collateral management
services to special purpose vehicles that primarily invest in syndicated
bank loans and
issue multiple tranches of securities collateralized by the assets for
which we earn fees based on the value of assets and performance-based
fees.
•
Private funds of various types where we provide investment management
and related services to private, pooled investment vehicles organized as
limited
partnerships, limited liability companies, or other entities for which
we may receive fees based on the value of the assets or
performance-based fees.
•
Collective funds and separately managed accounts sponsored by Ameriprise
Trust Company (“ATC”) and offered to certain qualified institutional
clients such
as retirement, pension, and profit-sharing plans for which we receive
management fees.
•
Sub-advised accounts for certain U.S. and non-U.S. funds, private
banking individually managed accounts, common trust funds, and other
portfolios sponsored
or advised by other firms for which we earn management fees and possibly
performance-based fees.
Distribution
We maintain distribution teams and capabilities that aid the sales,
marketing, and support of the products and services of our global asset
management business.
These distribution activities are generally organized into two major
categories: retail distribution and institutional/high net worth
distribution. However, alternatives
and certain other areas have a level of specialized distribution.
Our Segments - Retirement & Protection Solutions
RiverSource solutions are one way we deliver on the Ameriprise client
experience and
Confident Retirement
approach. We offer clients annuities, life insurance and
disability income insurance products to meet their needs or current
stage in life—whether that is covering essentials, ensuring lifestyle,
preparing for the unexpected
or leaving a legacy. RiverSource seeks to partner with our advisors to
address clients’ goals and long-term needs at a differentiated level and
provide a strong risk
profile.
Retirement Solutions
Through our advisors, we provide
RiverSource
annuity products to clients to help individuals address their asset accumulation and income goals. Our advisor
network is the only distributor of new
RiverSource
annuity products, although advisors offer fixed, variable, and structured annuities from selected unaffiliated
insurers. As part of the continued evolution of the business model for
our Retirement & Protection Solutions segment, we focus on the
accumulation solutions
clients want (such as the structured variable annuity, a registered
index-linked annuity).
Revenues for our variable annuity products are primarily earned as fees
based on a contractholder’s benefit base, contract value or separate
account values, which is
impacted by both market movements and net asset flows. We also earn net
investment income on general account assets supporting reserves for
non-life contingent
payout annuities, structured variable annuities, certain guaranteed
benefits and fixed investment options offered with variable annuities,
and on capital supporting
the business. In addition, we receive fees charged on assets allocated
to our separate accounts to cover administrative costs and a portion of
the management fees
from the underlying investment accounts in which assets are invested.
Revenues for our payout annuities with a life contingent feature are
earned as premium
revenue. Intersegment revenues for this segment reflect fees paid by our
Asset Management segment for marketing support and other services
provided in
connection with the availability of VIT Funds. Intersegment expenses for
this segment include distribution expenses for services provided by our
Advice & Wealth
Management segment, as well as expenses for investment management
services provided by our Asset Management segment. All intersegment
activity is eliminated
in our consolidated results.
Protection
We provide life and disability income insurance products to address the
protection and risk management needs of our retail clients. New
RiverSource
insurance
products are exclusively offered through our advisor network. Our
advisors also offer insurance products of unaffiliated carriers. The
primary sources of revenues for
our protection business are premiums, fees and charges we receive to
assume insurance-related risk. We earn net investment income on owned
assets supporting
insurance reserves and on capital supporting the business.
- source_sentence: >-
What critical accounting estimate is highlighted regarding the valuation
of investments in Ameriprise Financial, Inc.'s financial statements?
sentences:
- >-
Additionally, users can sign up to receive automatic
notifications when 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 we furnish or file with the SEC.
Item 1A.
Risk Factors
Our operations and financial results are subject to various risks and
uncertainties, including those described below, that could have a
material adverse effect on our
business, financial condition or results of operations and could cause
the trading price of our common stock to decline. We believe that the
following information
identifies the material factors affecting our company based on the
information we currently know. However, the risks and uncertainties our
company faces are not
limited to those described below. Additional risks and uncertainties not
presently known to us or that we currently believe to be immaterial may
also adversely affect
our business.
Market Risks
Our results of operations and financial condition may be adversely
affected by market fluctuations and by economic, political and other
factors.
Our results of operations and financial condition may be materially
affected by market fluctuations and by economic and other factors. Such
factors, which can be
global, regional, national or local in nature, include: (i) the level
and volatility of the markets, including equity prices, interest rates,
commodity prices, currency values
and other market indices and drivers;
(ii) geopolitical strain, terrorism and armed conflicts, (iii) political
dynamics or elections and social, economic and market
conditions; (iv) the availability and cost of capital; (v) global health
emergencies (such as the coronavirus disease 2019 (“COVID-19”)
pandemic); (vi) technological
changes and
16
- >-
Index
Ameriprise Financial, Inc.
The following table reconciles net income to adjusted operating earnings
and the five-point average of quarter-end equity to adjusted operating
equity:
Years Ended December 31,
2023
2022
(in millions)
Net income
$
2,556
$
3,149
Less: Adjustments
(555)
264
Adjusted operating earnings
$
3,111
$
2,885
Total Ameriprise Financial, Inc. shareholders’ equity
$
4,116
$
4,170
Less: AOCI, net of tax
(2,297)
(1,769)
Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI
6,413
5,939
Less: Equity impacts attributable to CIEs
(4)
—
Adjusted operating equity
$
6,417
$
5,939
Return on equity, excluding AOCI
39.9
%
53.0
%
Adjusted operating return on equity, excluding AOCI
48.5
%
48.6
%
Adjustments reflect the sum of after-tax net realized investment
gains/losses, net of 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 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%.
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 rate of 21%.
The following table reconciles GAAP total equity to Available Capital
for Capital Adequacy:
December 31, 2023
December 31, 2022
(in millions)
Ameriprise Financial, Inc. GAAP total equity
$
4,729
$
3,803
Less: AOCI
(1,766)
(2,546)
Ameriprise Financial, Inc. GAAP total equity, excluding AOCI
6,495
6,349
Less: RiverSource Life Insurance Company GAAP equity, excluding AOCI
1,851
2,057
Add: RiverSource Life Insurance Company statutory total adjusted capital
3,093
3,103
Less: Goodwill and intangibles
2,622
2,485
Add: Other adjustments
303
299
Available Capital for Capital Adequacy
$
5,418
$
5,209
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. The accounting and
reporting
policies and estimates we have identified as fundamental to a full
understanding of our consolidated results of operations and financial
condition are described
below. See Note 2 to our Consolidated Financial Statements for further
information about our accounting policies.
Valuation of Investments
The most significant component of our investments is our
Available-for-Sale securities, which we carry at fair value within our
Consolidated Balance Sheets. See
Note 16 to our Consolidated Financial Statements for discussion of the
fair value of our Available-for-Sale securities. Financial markets are
subject to significant
movements in valuation and liquidity, which can impact our ability to
liquidate and the selling price that can be realized for our securities
and increases the use of
judgment in determining the estimated fair value of certain investments.
We are unable to predict impacts and determine sensitivities in reported
amounts reflecting
such market movements on our aggregate Available-for-Sale portfolio.
Changes to these assumptions do not occur in isolation and it is
impracticable to predict such
impacts at the individual security unit of measure which are
predominately Level 2 fair value and based on observable inputs.
(1)
(2)
(1)
(2)
34
- >-
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.
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, indexed
annuities, stock market
certificates, indexed universal life (“IUL”) insurance and the
associated hedging instruments, we assume no change in implied market
volatility despite the 10% drop
in equity prices.
65
pipeline_tag: sentence-similarity
library_name: sentence-transformers
metrics:
- cosine_accuracy@1
- cosine_accuracy@3
- cosine_accuracy@5
- cosine_accuracy@10
- cosine_precision@1
- cosine_precision@3
- cosine_precision@5
- cosine_precision@10
- cosine_recall@1
- cosine_recall@3
- cosine_recall@5
- cosine_recall@10
- cosine_ndcg@10
- cosine_mrr@10
- cosine_map@100
- dot_accuracy@1
- dot_accuracy@3
- dot_accuracy@5
- dot_accuracy@10
- dot_precision@1
- dot_precision@3
- dot_precision@5
- dot_precision@10
- dot_recall@1
- dot_recall@3
- dot_recall@5
- dot_recall@10
- dot_ndcg@10
- dot_mrr@10
- dot_map@100
model-index:
- name: SentenceTransformer based on Alibaba-NLP/gte-large-en-v1.5
results:
- task:
type: information-retrieval
name: Information Retrieval
dataset:
name: Unknown
type: unknown
metrics:
- type: cosine_accuracy@1
value: 0.6062146892655367
name: Cosine Accuracy@1
- type: cosine_accuracy@3
value: 0.8508474576271187
name: Cosine Accuracy@3
- type: cosine_accuracy@5
value: 0.9225988700564972
name: Cosine Accuracy@5
- type: cosine_accuracy@10
value: 0.9711864406779661
name: Cosine Accuracy@10
- type: cosine_precision@1
value: 0.6062146892655367
name: Cosine Precision@1
- type: cosine_precision@3
value: 0.28361581920903955
name: Cosine Precision@3
- type: cosine_precision@5
value: 0.18451977401129946
name: Cosine Precision@5
- type: cosine_precision@10
value: 0.09711864406779663
name: Cosine Precision@10
- type: cosine_recall@1
value: 0.6062146892655367
name: Cosine Recall@1
- type: cosine_recall@3
value: 0.8508474576271187
name: Cosine Recall@3
- type: cosine_recall@5
value: 0.9225988700564972
name: Cosine Recall@5
- type: cosine_recall@10
value: 0.9711864406779661
name: Cosine Recall@10
- type: cosine_ndcg@10
value: 0.7958373595232834
name: Cosine Ndcg@10
- type: cosine_mrr@10
value: 0.7385916061339796
name: Cosine Mrr@10
- type: cosine_map@100
value: 0.7402573835068733
name: Cosine Map@100
- type: dot_accuracy@1
value: 0.6062146892655367
name: Dot Accuracy@1
- type: dot_accuracy@3
value: 0.8502824858757062
name: Dot Accuracy@3
- type: dot_accuracy@5
value: 0.9225988700564972
name: Dot Accuracy@5
- type: dot_accuracy@10
value: 0.9711864406779661
name: Dot Accuracy@10
- type: dot_precision@1
value: 0.6062146892655367
name: Dot Precision@1
- type: dot_precision@3
value: 0.2834274952919021
name: Dot Precision@3
- type: dot_precision@5
value: 0.18451977401129946
name: Dot Precision@5
- type: dot_precision@10
value: 0.09711864406779662
name: Dot Precision@10
- type: dot_recall@1
value: 0.6062146892655367
name: Dot Recall@1
- type: dot_recall@3
value: 0.8502824858757062
name: Dot Recall@3
- type: dot_recall@5
value: 0.9225988700564972
name: Dot Recall@5
- type: dot_recall@10
value: 0.9711864406779661
name: Dot Recall@10
- type: dot_ndcg@10
value: 0.7952805938024372
name: Dot Ndcg@10
- type: dot_mrr@10
value: 0.7378952560308499
name: Dot Mrr@10
- type: dot_map@100
value: 0.7395749514077584
name: Dot Map@100
SentenceTransformer based on Alibaba-NLP/gte-large-en-v1.5
This is a sentence-transformers model finetuned from Alibaba-NLP/gte-large-en-v1.5. It maps sentences & paragraphs to a 1024-dimensional dense vector space and can be used for semantic textual similarity, semantic search, paraphrase mining, text classification, clustering, and more.
Model Details
Model Description
- Model Type: Sentence Transformer
- Base model: Alibaba-NLP/gte-large-en-v1.5
- Maximum Sequence Length: 8192 tokens
- Output Dimensionality: 1024 tokens
- Similarity Function: Cosine Similarity
Model Sources
- Documentation: Sentence Transformers Documentation
- Repository: Sentence Transformers on GitHub
- Hugging Face: Sentence Transformers on Hugging Face
Full Model Architecture
SentenceTransformer(
(0): Transformer({'max_seq_length': 8192, 'do_lower_case': False}) with Transformer model: NewModel
(1): Pooling({'word_embedding_dimension': 1024, 'pooling_mode_cls_token': True, 'pooling_mode_mean_tokens': False, 'pooling_mode_max_tokens': False, 'pooling_mode_mean_sqrt_len_tokens': False, 'pooling_mode_weightedmean_tokens': False, 'pooling_mode_lasttoken': False, 'include_prompt': True})
)
Usage
Direct Usage (Sentence Transformers)
First install the Sentence Transformers library:
pip install -U sentence-transformers
Then you can load this model and run inference.
from sentence_transformers import SentenceTransformer
# Download from the 🤗 Hub
model = SentenceTransformer("sentence_transformers_model_id")
# Run inference
sentences = [
"What critical accounting estimate is highlighted regarding the valuation of investments in Ameriprise Financial, Inc.'s financial statements?",
'Index\nAmeriprise Financial, Inc.\nThe following table reconciles net income to adjusted operating earnings and the five-point average of quarter-end equity to adjusted operating equity:\n \nYears Ended December 31,\n2023\n2022\n(in millions)\nNet income\n$\n2,556 \n$\n3,149 \nLess: Adjustments \n(555)\n264 \nAdjusted operating earnings\n$\n3,111 \n$\n2,885 \nTotal Ameriprise Financial, Inc. shareholders’ equity\n$\n4,116 \n$\n4,170 \nLess: AOCI, net of tax\n(2,297)\n(1,769)\nTotal Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI\n6,413 \n5,939 \nLess: Equity impacts attributable to CIEs\n(4)\n— \nAdjusted operating equity\n$\n6,417 \n$\n5,939 \nReturn on equity, excluding AOCI\n39.9 \n%\n53.0 \n%\nAdjusted operating return on equity, excluding AOCI\n48.5 \n%\n48.6 \n%\nAdjustments reflect the sum of after-tax net realized investment gains/losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including\nvariable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual; mean reversion related impacts; block transfer reinsurance\ntransaction 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\nbusiness that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated\ninvestment entities. After-tax is calculated using the statutory tax rate of 21%.\nAdjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings in the numerator and Ameriprise Financial shareholders’ equity, excluding AOCI\nand 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 rate of 21%.\nThe following table reconciles GAAP total equity to Available Capital for Capital Adequacy:\nDecember 31, 2023\nDecember 31, 2022\n(in millions)\nAmeriprise Financial, Inc. GAAP total equity\n$\n4,729 \n$\n3,803 \nLess: AOCI\n(1,766)\n(2,546)\nAmeriprise Financial, Inc. GAAP total equity, excluding AOCI\n6,495 \n6,349 \nLess: RiverSource Life Insurance Company GAAP equity, excluding AOCI\n1,851 \n2,057 \nAdd: RiverSource Life Insurance Company statutory total adjusted capital\n3,093 \n3,103 \nLess: Goodwill and intangibles\n2,622 \n2,485 \nAdd: Other adjustments\n303 \n299 \n Available Capital for Capital Adequacy\n$\n5,418 \n$\n5,209 \nCritical Accounting Estimates\nThe accounting and reporting policies that we use affect our Consolidated Financial Statements. Certain of our accounting and reporting policies are critical to an\nunderstanding of our consolidated results of operations and financial condition and, in some cases, the application of these policies can be significantly affected by\nthe estimates, judgments and assumptions made by management during the preparation of our Consolidated Financial Statements. The accounting and reporting\npolicies and estimates we have identified as fundamental to a full understanding of our consolidated results of operations and financial condition are described\nbelow. See Note 2 to our Consolidated Financial Statements for further information about our accounting policies.\nValuation of Investments\nThe most significant component of our investments is our Available-for-Sale securities, which we carry at fair value within our Consolidated Balance Sheets. See\nNote 16 to our Consolidated Financial Statements for discussion of the fair value of our Available-for-Sale securities. Financial markets are subject to significant\nmovements in valuation and liquidity, which can impact our ability to liquidate and the selling price that can be realized for our securities and increases the use of\njudgment in determining the estimated fair value of certain investments. We are unable to predict impacts and determine sensitivities in reported amounts reflecting\nsuch market movements on our aggregate Available-for-Sale portfolio. Changes to these assumptions do not occur in isolation and it is impracticable to predict such\nimpacts at the individual security unit of measure which are predominately Level 2 fair value and based on observable inputs.\n(1)\n (2)\n(1) \n(2) \n34',
'Additionally, users can sign up to receive automatic\nnotifications when new materials are posted. The information found on the website is not incorporated by reference into this report or in any other report or\ndocument we furnish or file with the SEC.\nItem 1A. \nRisk Factors\nOur operations and financial results are subject to various risks and uncertainties, including those described below, that could have a material adverse effect on our\nbusiness, financial condition or results of operations and could cause the trading price of our common stock to decline. We believe that the following information\nidentifies the material factors affecting our company based on the information we currently know. However, the risks and uncertainties our company faces are not\nlimited to those described below. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect\nour business.\nMarket Risks\nOur results of operations and financial condition may be adversely affected by market fluctuations and by economic, political and other factors.\nOur results of operations and financial condition may be materially affected by market fluctuations and by economic and other factors. Such factors, which can be\nglobal, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values\nand other market indices and drivers; \n(ii) geopolitical strain, terrorism and armed conflicts, (iii) political dynamics or elections and social, economic and market\nconditions; (iv) the availability and cost of capital; (v) global health emergencies (such as the coronavirus disease 2019 (“COVID-19”) pandemic); (vi) technological\nchanges and\n16',
]
embeddings = model.encode(sentences)
print(embeddings.shape)
# [3, 1024]
# Get the similarity scores for the embeddings
similarities = model.similarity(embeddings, embeddings)
print(similarities.shape)
# [3, 3]
Evaluation
Metrics
Information Retrieval
- Evaluated with
InformationRetrievalEvaluator
| Metric | Value |
|---|---|
| cosine_accuracy@1 | 0.6062 |
| cosine_accuracy@3 | 0.8508 |
| cosine_accuracy@5 | 0.9226 |
| cosine_accuracy@10 | 0.9712 |
| cosine_precision@1 | 0.6062 |
| cosine_precision@3 | 0.2836 |
| cosine_precision@5 | 0.1845 |
| cosine_precision@10 | 0.0971 |
| cosine_recall@1 | 0.6062 |
| cosine_recall@3 | 0.8508 |
| cosine_recall@5 | 0.9226 |
| cosine_recall@10 | 0.9712 |
| cosine_ndcg@10 | 0.7958 |
| cosine_mrr@10 | 0.7386 |
| cosine_map@100 | 0.7403 |
| dot_accuracy@1 | 0.6062 |
| dot_accuracy@3 | 0.8503 |
| dot_accuracy@5 | 0.9226 |
| dot_accuracy@10 | 0.9712 |
| dot_precision@1 | 0.6062 |
| dot_precision@3 | 0.2834 |
| dot_precision@5 | 0.1845 |
| dot_precision@10 | 0.0971 |
| dot_recall@1 | 0.6062 |
| dot_recall@3 | 0.8503 |
| dot_recall@5 | 0.9226 |
| dot_recall@10 | 0.9712 |
| dot_ndcg@10 | 0.7953 |
| dot_mrr@10 | 0.7379 |
| dot_map@100 | 0.7396 |
Training Details
Training Dataset
Unnamed Dataset
- Size: 9,400 training samples
- Columns:
sentence_0andsentence_1 - Approximate statistics based on the first 1000 samples:
sentence_0 sentence_1 type string string details - min: 12 tokens
- mean: 22.99 tokens
- max: 44 tokens
- min: 107 tokens
- mean: 671.18 tokens
- max: 977 tokens
- Samples:
sentence_0 sentence_1 What is the fiscal year end date for Ameriprise Financial, Inc. as stated in the document?UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the Fiscal Year Ended
December 31
, 2023
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
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
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes
No
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, 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing
reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by
any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No
The aggregate market value, as of June 30, 2023, of voting shares held by non-affiliates of the registrant was approximately $
34.1
billion.What is the Commission File Number for Ameriprise Financial, Inc.?UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the Fiscal Year Ended
December 31
, 2023
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
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
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes
No
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, 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing
reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by
any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No
The aggregate market value, as of June 30, 2023, of voting shares held by non-affiliates of the registrant was approximately $
34.1
billion.What is the trading symbol for Ameriprise Financial, Inc. on the New York Stock Exchange?UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the Fiscal Year Ended
December 31
, 2023
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
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
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes
No
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, 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing
reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by
any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No
The aggregate market value, as of June 30, 2023, of voting shares held by non-affiliates of the registrant was approximately $
34.1
billion. - Loss:
MultipleNegativesRankingLosswith these parameters:{ "scale": 20.0, "similarity_fct": "cos_sim" }
Training Hyperparameters
Non-Default Hyperparameters
eval_strategy: stepsper_device_train_batch_size: 10per_device_eval_batch_size: 10num_train_epochs: 5multi_dataset_batch_sampler: round_robin
All Hyperparameters
Click to expand
overwrite_output_dir: Falsedo_predict: Falseeval_strategy: stepsprediction_loss_only: Trueper_device_train_batch_size: 10per_device_eval_batch_size: 10per_gpu_train_batch_size: Noneper_gpu_eval_batch_size: Nonegradient_accumulation_steps: 1eval_accumulation_steps: Nonetorch_empty_cache_steps: Nonelearning_rate: 5e-05weight_decay: 0.0adam_beta1: 0.9adam_beta2: 0.999adam_epsilon: 1e-08max_grad_norm: 1num_train_epochs: 5max_steps: -1lr_scheduler_type: linearlr_scheduler_kwargs: {}warmup_ratio: 0.0warmup_steps: 0log_level: passivelog_level_replica: warninglog_on_each_node: Truelogging_nan_inf_filter: Truesave_safetensors: Truesave_on_each_node: Falsesave_only_model: Falserestore_callback_states_from_checkpoint: Falseno_cuda: Falseuse_cpu: Falseuse_mps_device: Falseseed: 42data_seed: Nonejit_mode_eval: Falseuse_ipex: Falsebf16: Falsefp16: Falsefp16_opt_level: O1half_precision_backend: autobf16_full_eval: Falsefp16_full_eval: Falsetf32: Nonelocal_rank: 0ddp_backend: Nonetpu_num_cores: Nonetpu_metrics_debug: Falsedebug: []dataloader_drop_last: Falsedataloader_num_workers: 0dataloader_prefetch_factor: Nonepast_index: -1disable_tqdm: Falseremove_unused_columns: Truelabel_names: Noneload_best_model_at_end: Falseignore_data_skip: Falsefsdp: []fsdp_min_num_params: 0fsdp_config: {'min_num_params': 0, 'xla': False, 'xla_fsdp_v2': False, 'xla_fsdp_grad_ckpt': False}fsdp_transformer_layer_cls_to_wrap: Noneaccelerator_config: {'split_batches': False, 'dispatch_batches': None, 'even_batches': True, 'use_seedable_sampler': True, 'non_blocking': False, 'gradient_accumulation_kwargs': None}deepspeed: Nonelabel_smoothing_factor: 0.0optim: adamw_torchoptim_args: Noneadafactor: Falsegroup_by_length: Falselength_column_name: lengthddp_find_unused_parameters: Noneddp_bucket_cap_mb: Noneddp_broadcast_buffers: Falsedataloader_pin_memory: Truedataloader_persistent_workers: Falseskip_memory_metrics: Trueuse_legacy_prediction_loop: Falsepush_to_hub: Falseresume_from_checkpoint: Nonehub_model_id: Nonehub_strategy: every_savehub_private_repo: Falsehub_always_push: Falsegradient_checkpointing: Falsegradient_checkpointing_kwargs: Noneinclude_inputs_for_metrics: Falseeval_do_concat_batches: Truefp16_backend: autopush_to_hub_model_id: Nonepush_to_hub_organization: Nonemp_parameters:auto_find_batch_size: Falsefull_determinism: Falsetorchdynamo: Noneray_scope: lastddp_timeout: 1800torch_compile: Falsetorch_compile_backend: Nonetorch_compile_mode: Nonedispatch_batches: Nonesplit_batches: Noneinclude_tokens_per_second: Falseinclude_num_input_tokens_seen: Falseneftune_noise_alpha: Noneoptim_target_modules: Nonebatch_eval_metrics: Falseeval_on_start: Falseuse_liger_kernel: Falseeval_use_gather_object: Falsebatch_sampler: batch_samplermulti_dataset_batch_sampler: round_robin
Training Logs
| Epoch | Step | cosine_map@100 |
|---|---|---|
| 0.0532 | 50 | 0.7017 |
| 0.1064 | 100 | 0.7136 |
| 0.1596 | 150 | 0.7155 |
| 0.2128 | 200 | 0.7228 |
| 0.2660 | 250 | 0.7403 |
Framework Versions
- Python: 3.10.12
- Sentence Transformers: 3.2.1
- Transformers: 4.45.1
- PyTorch: 2.1.0+cu118
- Accelerate: 1.0.1
- Datasets: 3.1.0
- Tokenizers: 0.20.1
Citation
BibTeX
Sentence Transformers
@inproceedings{reimers-2019-sentence-bert,
title = "Sentence-BERT: Sentence Embeddings using Siamese BERT-Networks",
author = "Reimers, Nils and Gurevych, Iryna",
booktitle = "Proceedings of the 2019 Conference on Empirical Methods in Natural Language Processing",
month = "11",
year = "2019",
publisher = "Association for Computational Linguistics",
url = "https://arxiv.org/abs/1908.10084",
}
MultipleNegativesRankingLoss
@misc{henderson2017efficient,
title={Efficient Natural Language Response Suggestion for Smart Reply},
author={Matthew Henderson and Rami Al-Rfou and Brian Strope and Yun-hsuan Sung and Laszlo Lukacs and Ruiqi Guo and Sanjiv Kumar and Balint Miklos and Ray Kurzweil},
year={2017},
eprint={1705.00652},
archivePrefix={arXiv},
primaryClass={cs.CL}
}