Ameriprise Financial, Inc. (AMP) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 26, 2022 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Third Quarter 2022 Earnings Call. My name is Lisa, and I will be your operator for today's call. At this, all participants are in a listen-only mode. As a reminder this conference is being recorded.

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

Alicia Charity - Senior Vice President, Investor Relations

Thank you and good morning. Welcome to Ameriprise Financial's Third 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 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 third 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 third quarter. Below that you'll see our adjusted operating results, followed by operating results excluding unlocking 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. We completed our annual unlocking in the third quarter. Many of the comments that management makes on the call today will focus on adjusted operating results.

And with that, we'll turn it over to Jim.

Jim Cracchiolo - Chairman and CEO

Good morning and welcome to our third quarter earnings call. What I'd like to do is give you my perspective on the environment and how Ameriprise is performing. Then Walter will cover the financials. In terms of the market environment both equity and fixed income markets continued to decline in the third quarter both here and in Europe. Inflation remains high and sticky and geopolitical risk is elevated. This is causing a high level of volatility keeping investors on the sidelines a bit more. With that short-term interest rates were up 300 basis points so far this year with 150 basis points raised just in the third quarter. I believe that the Fed and other central banks have been playing catch up, and that they will have to continue in increasing rates to get inflation under control.