We ended the quarter with assets under management and administration of 36% to $1.14 trillion, a new high.
We continue to transform Ameriprise with Wealth Management and Asset Management now representing over 75% of operating earnings.
Revenues are up 10% to over $3 billion.
Earnings per share also increased nicely in the quarter of 27% ex the NOL benefit a year ago, even with low short-term interest rates this year versus last year's quarter, and ROE remains very strong at 30%.
With our strong financial foundation and free cash flow generation, we returned more than $490 million to shareholders in the quarter through dividends and our ongoing repurchase program, which is comparable to the last few quarters.
Yesterday, we announced another 9% increase in our quarterly dividend, our 17th increase since becoming public 16 years ago.
Our total client net flows was strong at $9.3 billion in the quarter, with total client assets of 36% to $762 billion.
In the quarter, wrap net inflows were more than $10 billion, up 55% over last year.
Transactional activity continued gaining strength in the first quarter, picking up 12% over last year, with good volume across a range of product solutions.
Even with clients putting more of the cash back to work, client cash balances remain elevated at more than $40 billion.
And advisor productivity was strong, up 8%, adjusting for interest rates.
Our virtual recruiting program is driving good results with 93 advisors joining us in the quarter.
We also continue to build out the Ameriprise Bank, where total assets grew to $8.8 billion in the quarter.
Wrapping up AWM, even with interest rates at all-time lows, AWM margin increased 90 basis points sequentially, ending the quarter at a strong 20.7%.
Variable annuity sales increased nicely, up 33%, driven by our success of structured product, as well as our annuities without living benefits.
As a result, the percentage of VA sales without living benefits grew to 64% of total sales in the quarter.
In fact, VUL sales were up 76%.
With the continuation of positive flows in markets, assets under management were up significantly, increasing 32% to $564 billion.
I'd highlight that Columbia Threadneedle ranked in the top 10 and over the one, five and 10-year time frames in the recent Barron's Best Fund Family ranking, one of only two firms that ranked in the top 10 across all-time periods.
We also won seven Lipper Awards in the U.S. this year and over 22 awards in EMEA over the last year.
In the quarter, we had net inflows of $4.9 billion, an improvement of $7.3 billion from a year ago.
Excluding legacy insurance partner outflows, net inflows were $6.2 billion.
Global retail net inflows were $4.6 billion, largely driven by the traction we've seen in North America.
In the quarter, we had nine funds that generated over $250 million in net inflows, including five equity and four fixed income funds.
In terms of Global Institutional, we had net inflows of $1.6 billion ex legacy partner outflows, driven by our results in EMEA.
Upon close, EMEA's AUM will increase significantly to 40% of total AUM at Columbia Threadneedle, which provides a good balance to the U.S. business.
It will be accretive on a cash and operating basis by 2023, generating a 20%-plus IRR and have a payback period consistent with the Columbia acquisition of eight years.
We remain on track to return approximately 90% of adjusted operating earnings to shareholders in 2021.
Excluding the impact from interest, Ameriprise adjusted net operating revenue grew 13%.
Advice & Wealth Management and Asset Management businesses' profitability continues to increase, with adjusted pre-tax operating earnings up 35%.
Excluding the impact of share price appreciation on compensation, G&A expenses were up 2% as we remain disciplined executing reengineering initiatives.
In total, we delivered excellent underlying earnings per share growth of 27%, excluding the net operating loss tax benefit and very strong margins in the quarter.
As Jim mentioned, Advice & Wealth Management continued to deliver excellent organic growth during the quarter, with total client assets up 36% to $762 billion.
In response to the request from many of you, we are now disclosing total client flows, which increased 21% to $9.3 billion.
From a product perspective, we had a terrific growth in our wrap flows, up 55% to $10.4 billion.
Cash balances remain elevated at $40.4 billion, with a substantial opportunity for clients to put cash back to work in the future.
On page eight, financial results in Advice & Wealth Management were strong, with underlying adjusted operating earnings up 30% to $389 million after the $78 million interest rate headwind.
Adjusted operating net revenues were up 16% to $1.9 billion, driven by client flows, improved transaction activity and higher market levels.
On a sequential basis, revenues increased 6% from strong performance despite fewer fee days in the current quarter.
G&A expense increased only 2% including higher volume-related expenses, bank expansion, investments for future growth and elevated share-based compensation.
Pretax adjusted operating margin was 20.7%.
Adjusting for interest rates, the margin would have been 215 basis points higher.
On a sequential basis, pre-tax operating earnings increased 11% and pre-tax adjusted operating margin expanded 90 basis points.
Net inflows in the quarter was $6.2 billion, excluding legacy insurance partners, an $8 billion improvement from a year ago.
Adjusted operating revenues increased 21% to $828 million, reflecting cumulative benefit of inflows, favorable mix shift toward equity strategies and market appreciation.
General and administrative expenses grew 12% from higher compensation expense related to strong performance, Ameriprise share appreciation, as well as the costs associated with increased activity levels.
Adjusted for compensation-related expense, G&A increased a more moderate 5%.
Putting this together, pre-tax adjusted operating earnings grew 45% with a 43.9% margin.
Let's turn to page 10.
In the quarter, 64% of retirement product sales did not have living benefit guarantees.
This sales shift is already having an impact on our in-force block, with the account value of living benefit riders down from 65% to 63%.
Pretax adjusted operating earnings increased 10% to $183 million.
Let's turn to page 11.
In total, the corporate and other segment had a $21 million loss in the quarter, which was a $29 million improvement from the prior year.
Excluding closed blocks, the loss in the corporate segment was $63 million, which included a $15 million investment gain, largely offset by $11 million of higher share-based compensation expense.
The year ago quarter had $11 million benefit from Ameriprise share price depreciation.
Long-term care had $46 million of earnings in the quarter.
Fixed annuities had a $4 million loss related to the low interest rate environment.
Including our liquidity position of $2.3 billion at the parent company, substantial excess capital of $2 billion, 96% hedge effectiveness in the quarter and a defensively positioned investment portfolio.
Adjusted operating return on equity in the quarter remained strong at 30%.
We returned $491 million to shareholders in the quarter through dividends and buyback.
We just announced a 9% increase in our quarterly dividend, and we are on track with our commitment to return 90% of adjusted operating earnings to shareholders this year.

Summary:
We just announced a 9% increase in our quarterly dividend, and we are on track with our commitment to return 90% of adjusted operating earnings to shareholders this year.