With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Industries included in the sector are banks, insurance, and real estate companies.

Fortune Sector Leaders: Financials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 300 companies on this list are transforming industries from the inside out.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-253-Ameriprise Financial

The financial services company conducts a diverse range of financial planning services, but draws most of its profit from wealth management.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-245-Amerprise-Financial

Founded in 1894, the holding company has a long history in financial planning, wealth and asset management, and insurance.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Sector

Strongest Dimension

Years on list

Previous rank

State

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Founded in 1894, Ameriprise Financial is a global diversified financial services company offering wealth management, asset management, insurance, and annuity products. The company serves over 3.5 million clients and manages more than $1.4 trillion in assets as of 2024 through a network of 10,000 financial advisors.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Ameriprise Financial (AMP): Company Profile, Stock Price, News, Rankings

legacy

Ameriprise Financial

ameriprise financial

Welcome to the Q4 2024 Earnings Call. My name is Mark, and I will be your operator for today's call. At this time, all participants are in listen only mode. Later, we will conduct a question and answer As a reminder, the conference is being recorded. I will now turn the call over to Stephanie Rabe.

And good morning. Welcome to Ameriprise Financial's 4th quarter earnings call. On the call with me today are Jim Cresciello, Chairman and CEO and Walter Berman, Chief Financial Officer. Following their remarks, we'd be happy to take your questions. Turning to our earnings presentation materials that are available on our website.

On Slide 2, you will see a discussion of forward looking statements. Specifically, during the call, you will hear references to various non GAAP financial measures, which we believe provide insight into the company operations. Reconciliation of non GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website at www.ir.ameriprise.com. Some statements that we make on this call may be forward looking, reflecting management's expectations about future events and overall operating plans and performance. These forward looking statements speak only as of today's date and involve a number of risks and uncertainties.

A sample list of factors and risks that could cause actual results to be materially different from forward looking statements can be found in our Q4 2024 earnings release, our 2023 annual report to shareholders and our 2023 10 ks report. We make no obligation to publicly update or revise these forward looking statements. On Slide 3, you see our GAAP financial results at the top of the page for the Q4. Below that, you see our adjusted operating results, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. Many of the comments that management makes on the call today will focus on adjusted operating results.

Good morning, everyone. Thanks for joining our earnings call. As you saw, Ameriprise delivered a strong 4th quarter complete an excellent year. We're building on our good client engagement and demonstrating the strength of our value propositions. Ameriprise also achieved a number of new records that we'll discuss with you.

Regarding the external environment, equity markets were strong amid resilient U. S. Economic growth and labor markets. As inflation cooled, the Fed lowered interest rates for the 3rd time in late 2024. However, it looks like there'll be a slower pace for rate cuts this year.

With strong business growth and positive markets, assets under management administration advisement grew to $1,500,000,000,000 up 10%. And for our adjusted operating results, we achieved some new highs in the quarter. Total revenues were $4,500,000,000 up 13 percent from strong asset growth and transactional activity. Earnings were $965,000,000 up 18% with earnings per diluted share up 23% to $9.54 excluding items we noted. Once again, Ameriprise delivered industry leading return on equity of 52.7%, up from 49.7% a year ago.

Our excellent results demonstrate the strength of our overall business. In Wealth Management, our goal based device value proposition continues to drive excellent advisor productivity, business growth and client satisfaction. Total client assets grew to $1,000,000,000,000 at year end, up 14% from good flows and markets. For the quarter, total client inflows were $11,300,000,000 further strengthening from the 3rd quarter. RAP assets under management were also up substantially growing 18 percent to $574,000,000,000 making ours one of the largest platforms in the industry.

RAP flows grew significantly, up 59% to more than $11,000,000,000 which marks an all time high. This represents an 8% annualized flow rate. We also had another significant pickup in transactional activity, up 17% from a year ago. Clients continue to hold a higher level of cash. However, we're seeing a shift from term into wrap and other products.

We expect more cash to be put to work and greater transactional activity as we move through 2025. With regard to our advisors, productivity grew nicely again, up 13% to a new record of over $1,000,000 per advisor, reflecting our consistent investments and best in class capabilities and support. A key strength of our advisor value proposition is our integrated technology platform and the outstanding value it creates. Our advisors are leveraging our digital tools, CRM as well as our excellent data analytics and solutions to further serve client needs and deepen relationships. The team and I are proud of the recognition that Ameriprise consistently earns in the marketplace.

Our client satisfaction is excellent at 4.9 out of 5. And for the 6th year in a row, J. D. Power recognized our phone support for providing an outstanding customer service experience to advisors. In addition, Ameriprise also received JD Power certification for our phone support for clients.

And our advisors also continue to stand out in the industry for their exceptional service, leading growth in high quality practices. In fact, we had a record 427 teams on the Forbes Best in State Wealth Management Team's 2024 ranking, which is terrific. Maintaining excellent engagement with our advisors is another key strength. A recent field survey indicated that 90% of our advisors recommend Ameriprise as a great place to work or affiliate with. This high level of advisor satisfaction with Ameriprise also benefits our recruiting efforts.

In the Q4, we attracted another 91 experienced productive advisers, marking a nice increase in what is the slower time of the year for recruiting. And we feel good about our pipeline. With regard to our bank, we continue to generate attractive earnings with balances growing to more than $23,000,000,000 And we see further opportunity to expand our product set with CDs, HELOCs and checking accounts as we move through 2025. Speaking of products, our retirement protection solutions continue to drive strong sales growth and earnings. As I mentioned, we have very good transactional activity in AWM.

Part of that includes our strong variable annuity sales, up 15% for the quarter with robust growth in our structured product. And we also had good sales in our Life business, where we're focused on VUL and disability products that are appropriate for the environment. Life and Health sales grew meaningfully up 26% and the team continues to enhance how we do business including with accelerated underwriting. Our retirement and protection solutions continue to help us meet clients' comprehensive needs while generating substantial free cash flow. In Asset Management, we're generating strong financial results as we leverage and evolve our global capabilities for greater efficiency and future growth.

For the quarter, assets under management and advisement was $681,000,000,000 The team is delivering consistent competitive investment performance with excellent research and thought leadership. At year end, nearly 70% of our funds globally were above the medium across 1 3 year time frames and 80% or more of our funds outperformed for the 5 10 year period. And we continue to have strong performance in key strategies, including our anchor and strategic funds in the U. S. In total, 108 Columbia Threadneedle funds earned 4 and 5 star Morningstar ratings.

Regarding flows, we had net inflows of $1,300,000,000 a more than $6,000,000,000 improvement from a year ago. In retail, we had total net inflows of $6,100,000,000 reflecting stronger gross sales in North America and EMEA as well as higher reinvested dividends. In Institutional, we had net outflows of $3,900,000,000 excluding legacy insurance partner flows due to slower fundings and the expected outflows we've highlighted. To drive future flows, we continue to broaden our investment capabilities to both complement our legacy mutual fund business and meeting evolving market demand. This includes building out our active ETF lineup and further growing our SMA and model delivery businesses.

In fact, we had nearly $3,000,000,000 of model delivery inflows for the year and our assets under advisement are now over $35,000,000,000 making us the 7th largest provider in the U. S. For Asset Management overall, we're completing 2 years of transformational work that will provide benefits this year and beyond. This includes improved efficiency and evolving the business to better meet client needs especially in EMEA. And you will continue to see us tightly manage expenses.

At the same time, we're investing for growth. Consistent with our firm wide investments in asset management, we continue to build out our product line, data, analytics, AI and other capabilities. Reflecting

the firm overall, it was another strong quarter and year for Ameriprise. We built on a unique 130 year legacy and reinforced our ability to consistently achieve excellent results. Ameriprise continues to deliver strong organic growth and free cash flow with best in class capital returns and an excellent capital position. In the quarter, we returned another $768,000,000 $2,800,000,000 for the year. Over the last 5 years, we returned a substantial amount of capital to shareholders, nearly $12,000,000,000 which resulted in a share count reduction of 22%.

And our ROE is consistently one of the best in the industry and is now 52.7%. Another important differentiator for Ameriprise, we continue to stand out for our culture and how we operate the business. In fact, we were just recognized again as 1 of America's Most Responsible Companies in 2025 by Newsweek and 1 of America's Best Companies in 2025 by Forbes. I'm proud of what the Ameriprise team has accomplished and we're in an attractive position for 2025. Now Walter will provide more detail on the quarter and then we'll take your questions.

Thank you, Jim. Ameriprise delivered another excellent quarter across its operating segments to conclude a strong 2024. Adjusted operating EPS increased 23% to $9.54 in the quarter and increased 17% for the year, excluding severance expense, mark to market impacts on share based compensation, our prior year regulatory accrual and unlocking. This demonstrates the strong underlying growth achieved in the quarter and in the year. Assets under management, administration and advisement increased 10% to $1,500,000,000,000 benefiting from strong client flows over the past year and equity market appreciation.

This resulted in strong 13% revenue growth across our businesses. G and A expenses continue to be well managed and demonstrate our focus on operating efficiency and effectiveness, while investing in areas that will drive future business growth, particularly in Wealth Management to achieve sustainable shareholder objectives. And we delivered a strong consolidated margin of 27%. Our stable 90% free cash flow generation across our diversified businesses coupled with strong balance sheet fundamentals enabled us to return $768,000,000 or 81% of the operating earnings to shareholders in the quarter. In 2024, we returned $2,800,000,000 or 78 percent of operating earnings to shareholders and our ROE was best in class at 52.7%.

On slide 6, you'll see the strong metrics results from Wealth Management. Total client assets grew 14% to an all time high of $1,000,000,000,000 with strong client flows of 11,300,000,000 dollars RAP assets were up 18 percent to $574,000,000,000 RAP flows were particularly strong in the quarter at $11,100,000,000 or 8% along the large flow rate. Strong flows coupled with continued growth and transactional activity generated strong revenue growth. And revenue per advisor reached a new high of $1,000,000 up 13% from a year ago. Total cash balances, including 3rd party money market funds and broker CDs were $85,400,000,000 which was over 8% of client assets.

However, the pace in which money is flowing into money market funds has decreased significantly and we are beginning to see clients put money back to work in RAP and other products on our platform. We expect this to continue over time as markets and rates normalize, which creates a significant opportunity. And in the quarter, ClientSuite balances increased $2,300,000,000 sequentially to 29,800,000,000 dollars On Slide 7, you see the strong financial results from Wealth Management. Pre tax adjusted operating earnings increased 18% to $823,000,000 driven by core business growth and strong equity markets, which more than offset the approximate $20,000,000 impact from Fed funds rate cuts and the portfolio repositioning. Adjusted operating net revenues increased 18% to $2,800,000,000 of growth in line assets and increased transactional activity.

Adjusted operating expenses in the quarter increased 18% with distribution expense up 23%, reflecting business growth and higher transactional activity. G and A expenses were $438,000,000 in the quarter and were up 5% to $1,700,000,000 for the full year. This was in line with expectations reflecting investment for growth and higher volume related expenses. Margins remain strong at 29%. Turning to Asset Management on slide 8.

Financial results were very strong in the quarter. Operating earnings increased 29% to 251,000,000 dollars consistent with full year growth of 28% versus last year. This strong quarter and annual performance was driven by proactive expense management related to our operating model transformation and strong markets, more than offsetting outflows similar to the industry. Total assets under management and advisement increased 3% to $681,000,000,000 Revenues grew 10% reflecting strong marks and performance fees as well as the impact from net outflows. Adjusted operating expenses increased 4%.

General and administrative expenses excluding higher performance fee compensation improved 2% in the quarter and 3% for the year, reflecting benefits from the company's initiatives to enhance operating efficiencies and effectiveness to further strengthen the client experience and future profitability. Those transformation initiatives will continue to benefit results. Margins reached 39% in the quarter 38% for the full year, up from 32% in the prior year with similar levels of performance fees in both years. Let's turn to slide 9. Retirement and Protection Solutions continue to deliver strong earnings and free cash flow generation, reflecting the high quality of the business that was built over a long period of time.

Pretax adjusted operating earnings in the quarter increased 5% to $213,000,000 reaching $816,000,000 for the full year. The strong and consistent performance of the business reflected the benefit from stronger interest earnings and higher equity markets partially offset by higher distribution expense associated with continued strong sales trends. Overall, Retirement Protection Solutions sales were up nicely with protection sales up 26% to $91,000,000 primarily in higher margin VUL products and variable annuity sales up 15% to 1,200,000,000 dollars In the corporate segment, I wanted to mention long term care pre tax adjusted operating earnings were $21,000,000 or $62,000,000 for the full year excluding unlocking. Results in the quarter reflected higher closed claims and new premium rate increases. Turning to the balance sheet on slide 10.

Balance sheet fundamentals and free cash flow generation remained strong with $2,000,000,000 of excess capital. Our diversified and high quality investment portfolio continues to perform well. As I have noted before, we repositioned approximately 1 third of our floating rate securities in the bank portfolio into fixed rate securities with a 5% yield and a 3 year duration. This positions us well moving forward. We have diversified sources and dividends from all our businesses enabled by strong underlying fundamentals.

This supports our ability to consistently return capital to shareholders and invest for future business growth. Ameriprise's consistent capital return strategy drives long term shareholder value. In summary, on slide 11, Ameriprise delivered excellent growth in the 4th quarter, which is a continuation of a long track record of outperforming our stated financial targets. In 2024 revenues grew 11%. Earnings per share as adjusted increased 17%.

Return on equity grew 300 basis points and we returned $2,800,000,000 of capital to shareholders. We had similar growth trends over the past 5 years with 8% compounded annual revenue growth, 17% compounded annual EPS growth, return on equity improved over 14 percentage points and we returned $12,000,000,000 of capital to shareholders. These trends are consistent over the long term as well. This differentiated performance across multiple cycles speaks to the complementary nature of our business mix as well as our focus on profitable growth. With that, we'll take your questions.

Thank you. We will now begin the question and answer session. And your first question comes from the line of Suneet Kamath with Jefferies. Suneet, please go ahead.

Great. Thank you. Good morning. I wanted to start with the bank. The NII there was down sequentially and year over year.

I know Walter in the past you've talked about an expectation that maybe 2025 NII would be above 24. Is that still your expectation? And can you maybe walk through some of the pieces that kind of get you there?

Sure, Suneet. So coming into the quarter, we were at 75% fixed in the bank and 25% floating. And during the quarter, we repositioned that down to 17%. So we've now basically have managed that aspect. And in the quarter, we also grew our base by about $2,300,000,000 from both seasonal and growth.

So that's the positioning coming in. So going forward, I think we're sitting in a good position because of the fundamentals that we have right now. We also have taken in January, we studied the client crediting rate and we adjusted that accordingly with the change in the interest rate. So all the fundamentals that we see are positioned us quite well. I think again in the bank to certainly sustain and continue net interest income.

But there's a lot of variables, but that I think our positioning has put us in good position. As it relates to now looking at sweep, obviously that will be impacted by rate reduction. And on certificates, that's a spread business and it will be adjusted as rates go. But normally, obviously, you're invested and then you'll have to if you drop your rates, you'll get the benefit. So I would say we're well positioned as we go into 2025 to certainly continue to generate good net interest income.

And then I guess for Jim, you talked about this $85,000,000,000 of client cash being 8% of assets. And I think at that level, it's maybe 2 times the normal roughly 4%, I think is what the historical level has been. So I guess, do you think that we ultimately get back to that 4% to 5% level? Or we just going to be in this higher cash balance environment for some time? Just want to get a sense of how your advisors are thinking about it.

Well, Suneet, I mean, I think as you saw, you start to see money being redeployed back in, but we also got more flows in. The cash levels are higher than what used to be. But remember, you're still sitting with interest rates pretty on the short term of the curve pretty high. And so it is a cash allocation because you're getting good spread, I mean good rate for the consumer there. But as the stabilization occurs in the longer end of the curve and that picked up a little bit, you should start to see some shift over time there as well.

And more money is going back into the market, but not in a dramatic way, right? It's more on average over time. And I would probably say you'll probably see a continued pickup in fixed income type of product as well. But yes, I would say over time the cash position will come down, but it's the rates didn't they dropped 100 basis points on the short end of the curve, but they're still much higher than they were over the last 10 years.

And your next question comes from the line of Brennan Hawken with UBS Financial.

Brennan, please go ahead. Brennan, your line is now open.

Sorry, I had mute on. Thanks for taking my question. Good morning, Jim and Walter. Walter, would love to put a finer point on the NII at the bank commentary. So it sounds like now you're working towards stability in that NII number as a constructive outcome and just wanted to make sure I interpreted that correctly.

And then also I know you lowered the crediting rate here January 8, but it looked like it was about 15 basis points for most of the tiers. Do you expect that will be enough to keep the yield stable here in the Q1? Or is it more of a partial offset? Thanks.

Okay. So as I indicated, Brent, from a standpoint, we did adjust the rate. We felt that was appropriate looking at the what would happen on the deposit base. So we will continue to evaluate that. Obviously, we go through a competitive process and assess.

But we did absorb in the Q4 100 basis point drop effective 61 in the bank. And so but we did add deposits and those deposits are like I said seasonal and growth. And so I say I think we're as I indicated, we're in a good position and we'll see what we navigate as we go through 2025. So I'm quite confident where we're at now sitting with 87% in fixed in the bank and high quality and high yielding investments.

Okay. And then when we think about loan growth, so rates coming down could make particularly the pledge loans, securities based loans more attractive. But it's been the loan growth story within the bank subsidiary has largely been a residential mortgage story. Do you expect that to continue? How should we be thinking about the loan growth as maybe also a partial offset within the bank as we move through 2025?

We'll be looking to, I think it's scheduled to launch later in the Q1, fixed pledge. And that's we haven't had that yet. And we know that's something that's sought after in the wires. So we're adding that to the product portfolio. We'll also be coming out with HELOCs later in I think the second quarter along those lines.

We're also going to be adding some other products on the deposit side, CDs in the bank as well as launching a checking account later in the year that would bring more balances into the bank and more utilization of the engagement with the bank that would also help on the loan side for some of the products we're coming out with. So we feel that there is an opportunity to increase the lending part of the portfolio as we go on. But remember, we've been really focused on getting the bank really set up and established and we're launching products periodically in them. But over time, we feel like we can build a nice loan portfolio.

Okay. And the residential mortgage will probably still lead? Or is there an expected shift?

And your next question comes from the line of Alex Blostein with Goldman Sachs. Alex, please go ahead.

Hi, this is Luke here on for Alex. Thanks for taking the question. Could you help us frame how you're thinking about the firm's capital strategy and particularly inorganic opportunities? Appreciate how consistent the repurchase cadence has been, but how are you thinking about inorganic opportunities specifically within AWM where it feels like wealth peers are beginning to get more acquisitive? Thanks.

Yes. So we feel like we have a consistent ability to redeploy capital through the buyback and dividend increases that we have based on the cash flow generation we have across the business. And remember in our RPS business which is a very well established business that has very good returns that really gives us a lot more ability in that sense. From a perspective of acquisitions, we the market is a little bit pricey right now. I think private equity has bid up things.

If you're looking at the wealth segment, we focus more on bringing in appropriately appropriate types of advisors that have a good sort of perspective on how they want to do business on a client experience, on an advice based solution, etcetera. And so we still see opportunity there, but from an acquisition perspective, we're more targeted in that regard. We also are investing to broaden out our channels. We have a number of opportunities whether in AFIG or in our own AAC and our central sites working more direct. And we have some opportunities that we're looking at right now.

So, I feel good about our ability to continue to grow both organically as well as looking at some of the newer channels that we're establishing, probably less so in the larger inorganic space right now based on what's happening in the marketplace. Yes, loud and clear.

Yes, loud and clear. Appreciate the color. Maybe just switching gears for a minute to Asset Management. Do you see a path towards driving the business to closer to a neutral organic growth rate longer term? And I know you touched on it at the of the call, but what would you say are the biggest drivers to improvement to getting back there?

Yes. So listen, I think the asset management business overall has been a bit more under pressure unless have moved to passes or some of the alternative space and where that's growth as. So in our case, what we've been doing is really transforming the business, getting a lot more efficient. We took out a lot of cost and that will pay some dividends as we look at the flow rate that we've been experiencing. On the positive side, we see that our sales are increasing a bit on the growth side both here and in Europe.

We are branching out on different formats. So our model delivery, our SMAs, etcetera, that we think will be a growing part of the franchise. That business and models and SMAs have grown to $35,000,000,000 already. We think there's a bigger opportunity for us there. We are launching and have launched a number of active ETFs as the format has changed.

People are starting to think of moving from passive now back into ETFs more in the format of active, which I think is good as pressure has come under the mutual fund part of the segment. But we have some excellent products in the mutual fund area, 4 and 5 stop funds that are really attracting some especially in this changing environment. And we see an opportunity for us to gain a little bit more traction in Europe. But again, that will take time. I think you can see that across the industry, but we feel like there is a path forward for us in the things I've mentioned.

Institutional is a little more lumpy, but we are getting many more consultant approvals. We are branching out. We have gotten some nice flows in Japan right now as we set up there. So I think that's going to be a little more lumpy, but I think over time we'll be able to build that out in a better way.

Okay. And your next question comes from the line of Steven Chubak with Wolfe Research. Steven, please go

ahead. Hey, good morning. This is Michael Anagostakos on for Steven. Just wanted to touch on NNA here. Organic growth has been more resilient despite the industry seeing moderating flows in 2024.

Some of your peers have been more optimistic that could accelerate in 2025 with a higher recruiting backlog with better market backdrop. So how do you see organic flows playing through based on that outlook and your recruiting backlog? And do you see a near term path to getting back to the 5% plus level you had seen in 2022 and 2023? Thank you.

So, I think overall we've seen a nice pickup in the flow picture of both new net client flow coming in, but also more flow going back in to the wrap programs. We probably as we look at it, we think that the wrap business will continue that type of flow picture as we move forward. I can't sit here to sort of say what that looks like quarter to quarter just based on market conditions and changes that occur. But I think people got a little more comfortable after the election, a little more that there'll be more solid GDP growth. The idea that things are a little more from a company earnings picture and other things, and the employment picture.

So I would probably say it's a positive environment there. From an idea of the pipeline for our recruits, as you saw it was good in the 4th quarter. Our pipeline looks good going into the New Year. It's a very competitive marketplace. So yes, you sort of can't predict.

But again, recruiting is only a small part of what we do. We are bringing in a lot more people and adding to Teams as well as newer people. And we also try to grow the productivity across our channel, which is very important for us. And so with our enhancements in technology and capabilities in our client experience, I think we're gaining some nice traction there that we think will be beneficial for us.

Very helpful color. So thank you for that, Jim. And just moving over maybe one on Suitecash. Solid growth in the quarter. There are some seasonal elements.

I think you had mentioned in the prepared remarks. Those tend to reverse during January to some degree. Understanding we still have a day left in the month, can you give us a mark to market on sweep cash January to date? Thanks so much.

It's Walter. It's been fairly stable from that standpoint from the endpoint of December. Got it. Thanks so much. You're welcome.

And your next question comes from the line of John Barnidge with Piper Sandler. John, please go ahead.

Good morning. Thanks for the opportunity. Question about long term care and there was a benefit from premium rate increases in the quarter. With the decision to retain those long term care assets a quarter ago with actuarial assumption review in those premium rate increases, should we expect a higher level of long term care earnings to be borne out of corporate? And how do we view run rate there?

Okay. So as we look at our benefit this quarter was from claims and from getting additional benefit rate increases. We certainly have been active in out there with pending benefit request. We have a process that has to go through to see if it gets approved and then how we reflect it. The thing I say, all the fundamentals are very good and they look good.

From that standpoint, I think we're on a good trajectory and we see it in a positive light. So can't give you an exact number on this, but the trajectory of it is good. And like I said, we're coming into 2024, we $61,000,000 we generated is certainly a very good positive element for that and we anticipate we'll be continuing good growth and profitability.

Thank you. And my follow-up question for the Advice and Wealth Management channel, can you talk about the alternative and product private asset product portfolio and if that is becoming more demand by advisors? Thank you.

Yes. So we have added a good, nice digital alternatives platform for our advisors. We've done a lot more due diligence and adding products to the platform. I would probably say on the private credit side in our channel right now, it's small and but one that I think will start to grow. And I think there's an opportunity for us in the alternatives for our clients particularly as our clients on the upper market start to look more for some of those product categories.

So I would probably say we're at the early stages of that in our channel, but one that over time would probably add, as we add the capabilities and really have advisors start to think about where that fits in. But it's not going to be as you would say in an ultra high net worth area, a large part of our activity. It will be part of a portfolio allocation because a lot of those assets are illiquid.

And your next question comes from the line of Wilma Burdes with Raymond James. Wilma, please go ahead.

Hey, good morning. Corporate cost came a bit lighter than we expected. Some of that was the outperformance in LTC, but could you help us think about the first half of twenty twenty five given the ongoing cloud conversion and severance costs? Thanks.

Corporate expense, okay. As you saw, if you we had those elements that we mentioned in the earnings release and we do see it on, if you were basically adjust for those that it's on the trajectory that you would think as we go forward into 2025, that range of $85,000,000 $90,000 $95,000,000 is not in that range.

Okay. So maybe something more similar to 4Q. Is that fair for early in the year?

Yes. So it will come there'll be a bit less severance coming in. And as we go through the 1st and second quarter, some of that technology change that we did on the transformation to the cloud for some of the mainframes, etcetera, will start to dissipate.

And we'll work through it in the 1st and second quarter.

a little bit more color on how you're thinking about G and A in 25 across the segments? Thanks.

Ameriprise Financial (AMP) Q4 2024 Earnings Call Transcript

Company Participants