Ameriprise Financial (AMP) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Q2 2023 Earnings Call. My name is Chris, and I'll be your operator for today's call. [Operator Instructions]. As a reminder, the conference is being recorded. I will now turn the call over to Alicia Charity. Alicia, you may begin.

Alicia Charity

Thank you, and good morning. Welcome to Ameriprise Financial Second Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer. Following their remarks, we'll 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's operations. Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website. 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 second quarter 2023 earnings release, our 2022 annual report to shareholders and our 2022 10-K 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 second quarter. 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. And with that, I'll turn it over to Jim.

James Cracchiolo

Good morning, everyone, and thank you for joining today's call. As you saw in our press release, Ameriprise overall delivered a strong second quarter to round at a very good first half. Given our complement of businesses, we consistently generate good returns and strong earnings. Advice & Wealth Management continues to lead our growth where we had another quarter of solid client engagement and flows. We also saw good earnings from our bank, reflecting our ability to create a sustainable and attractive revenue stream in this interest rate environment.