Ameriprise Financial, Inc. (AMP) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 25, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Q1 2023 Earnings Call. My name is Boothe (ph) and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. And as a reminder, the conference is being recorded.

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

Alicia Charity - SVP of IR

Thank you, and good morning. Welcome to Ameriprise Financial's first quarter earnings call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, our 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 insights 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 first 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 first 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.

James Cracchiolo - Chairman & CEO

Good morning, everyone, and thanks for joining today's call. As you saw in our release, Ameriprise had an excellent first quarter, building on a strong year in 2022. As you know, equity markets were choppy up for the quarter, but still down 9% from a year ago, and interest rates were up strongly year-over-year. However, questions around whether we'll see a hard or soft landing continues to play in the background. And the failure of certain regional banks and another large financial institution caused investor concern.