Ameriprise Financial, Inc. (AMP) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

July 27, 2022 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Q2 2022 Earnings Call. My name is Vanessa, and I will be your operator for today's call. At this, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session.] As a reminder this conference is being recorded.

I will now turn the call over to Alicia Charity. You may begin.

Alicia Charity - Senior Vice President, IR

Thank you and good morning. Welcome to Ameriprise Financial's 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'd be happy to take your questions.

Turning to our earnings presentation materials that are available on our website. On slide 2 you'll 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 todays 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 2022 earnings release, our 2021 annual report to shareholders and our 2021 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'll 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.

Jim Cracchiolo - Chairman & CEO

Good morning and welcome to our second quarter earnings call. Ameriprise performed well in a significantly more challenging environment and delivered a solid quarter. Clearly high inflation in the US and globally as well as geopolitical uncertainty continued to cause greater volatility in pressured markets. With the Fed raising rates and concern about a potential recession, markets are experiencing headwinds and that's weighing on investor sentiment.