The company is focused on growing wrap account assets, which are a key driver of revenue. Average advisory wrap account assets increased by $81.0 billion, or 19%, compared to the prior year period.

The company continues to focus on providing financial planning services to its clients. The company pays sales commissions to advisors when a new financial planning contract is obtained or when an existing contract is renewed.

The company's fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account.

General and administrative expense decreased $10 million, or 1%, for the three months ended June 30, 2024 compared to the prior year period primarily due to our continued focus on operational efficiency and effectiveness.

The company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical.

The Company is cooperating with applicable regulators. In connection with one such matter, the Company has responded to SEC document and information requests regarding the preservation of certain business-related communications sent on electronic messaging platforms that have not been approved by the Company.

Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies. These factors, in turn, are largely determined by overall investment market performance and the depth and breadth of our individual client relationships.

The Company and its subsidiaries are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities as a diversified financial services firm.

Credit risk associated with the Company's derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk.

Ameriprise Financial is a diversified financial services company with a 130-year history of providing financial solutions. We are a long-standing leader in financial planning and advice.

We offer a broad range of products and services designed to achieve individual and institutional clients' financial objectives.

We operate our business in the broader context of the macroeconomic forces around us, including the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments.

General and administrative expense decreased $10 million, or 1%, for the three months ended June 30, 2024 compared to the prior year period primarily due to our continued focus on operational efficiency and effectiveness.

The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans.

The Company is assessing changes to the segment-related disclosures resulting from the new segment reporting standard. The adoption of the standard will not have an impact on the Company's consolidated results of operations and financial condition as the standard is disclosure-related only.

The Company earns revenue from fees charged to franchise advisors for providing various services the advisors need to manage and grow their practices. The primary services include: licensing of intellectual property and software, compliance supervision, insurance coverage, technology services and support, consulting and other services.

The Company has responded to SEC document and information requests regarding the preservation of certain business-related communications sent on electronic messaging platforms that have not been approved by the Company.

The Company is exposed to risks related to interruptions or other errors in our telecommunications or data processing systems.

During the six months ended June 30, 2024, the Company repurchased a total of 2.5 million shares of its common stock for an aggregate cost of $1.0 billion.

We paid regular quarterly dividends to our shareholders totaling $294 million for the six months ended June 30, 2024.

We maintained substantial liquidity during the six months ended June 30, 2024. As of both June 30, 2024 and December 31, 2023, we had $7.5 billion in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis.

The provided 10-Q filing does not contain a dedicated section or specific discussion of ESG (Environmental, Social, and Governance) initiatives.

Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies.

Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the values of market risk benefits and embedded derivatives associated with our variable annuities and the values of derivatives held to hedge these benefits and the “spread” income generated on our deposit products.

Financial markets and macroeconomic conditions have had and will continue to have a significant impact on our operating and performance results. In addition, the business, political and regulatory environments in which we operate are subject to elevated uncertainty and substantial, frequent change.