阿默普萊斯金融 (AMP) 2024 Q4 法說會逐字稿

Welcome to the Q4 2024 earnings call. My name is Mark, and I will 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 Stephanie Rabe. Stephanie, you may begin.

歡迎參加 2024 年第四季財報電話會議。我叫馬克，今天我將擔任您的電話接線生。（操作員指示）提醒一下，會議正在錄音。現在我將電話轉給史蒂芬妮·拉貝。史蒂芬妮，你可以開始啦。

(technical difficulty) and good morning. Welcome to Ameriprise Financial's fourth-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.

（技術難題）早安。歡迎參加 Ameriprise Financial 第四季財報電話會議。今天與我一起通話的有董事長兼執行長 Jim Cracchiolo；以及財務長 Walter Berman。在他們發言之後，我們很樂意回答您的問題。請參閱我們網站上提供的收益簡報資料。

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 operations.

在第 2 張投影片上，您將看到對前瞻性陳述的討論。具體來說，在通話過程中，您將聽到對各種非 GAAP 財務指標的引用，我們相信這些指標可以深入了解公司的營運情況。

Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials and our website at www.ir.ameriprise.com. 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.

非 GAAP 資料與各自 GAAP 資料的對帳表可在今天的資料和我們的網站 www.ir.ameriprise.com 中找到。我們在本次電話會議上發表的一些聲明可能是前瞻性的，反映了管理階層對未來事件和整體營運計畫及績效的預期。這些前瞻性陳述僅代表今日的觀點，並涉及多項風險和不確定性。

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 fourth-quarter 2024 earnings release, our 2023 annual report to shareholders, and our 2023 10-K report.

可能導致實際結果與前瞻性陳述有重大差異的因素和風險的範例清單可在我們的 2024 年第四季財報、2023 年股東年度報告和 2023 年 10-K 報告中找到。

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 fourth 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.

我們沒有義務公開更新或修改這些前瞻性聲明。在投影片 3 上，您可以在頁面頂部看到我們第四季的 GAAP 財務結果。以下是我們調整後的經營業績，管理層認為，這可以反映我們核心業務的基本表現，從而增進對我們業務的了解，並有助於進行更有意義的趨勢分析。管理層在今天電話會議上發表的許多評論將集中在調整後的經營業績上。

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

現在我將把話題交給吉姆。

Good morning, everyone. Thanks for joining our earnings call. As you're aware, Ameriprise delivered a strong fourth quarter to complete an excellent year. We're building on our good client engagement and demonstrating the strength of our value propositions. Ameriprise also achieved a number of new records that we'll discuss with you.

大家早安。感謝您參加我們的財報電話會議。如你所知，Ameriprise 在第四季度業績表現強勁，為今年畫上了圓滿的句號。我們正在鞏固良好的客戶關係並展示我們價值主張的優勢。Ameriprise 還創造了多項新紀錄，我們將與您討論。

Regarding the external environment, equity markets were strong amid resilient US economic growth and labor markets. As inflation cooled, the Fed lowered interest rates for the third time in late 2024. However, it looks like there will be a slower pace for rate cuts this year. With strong business growth and positive markets, assets under management, administration and advisement grew to $1.5 trillion, up 10%.

就外部環境而言，在美國經濟成長和勞動力市場強勁的推動下，股市表現強勁。隨著通膨降溫，聯準會在2024年末第三次降息。不過，今年降息的步伐似乎將會放緩。隨著業務強勁成長和市場利好，管理、管理和諮詢資產成長至 1.5 兆美元，成長 10%。

And for our adjusted operating results, we achieved some new highs in the quarter. Total revenues were $4.5 billion, up 13% from strong asset growth and transactional activity. Earnings were $965 million, up 18%, with earnings per diluted share up 23% to $9.54, excluding items we noted.

就我們的調整後經營業績而言，我們在本季取得了一些新高。總收入為 45 億美元，由於資產成長和交易活動的強勁成長而成長了 13%。收益為 9.65 億美元，成長 18%，不包括我們註明的項目，每股攤薄收益成長 23% 至 9.54 美元。

Once again, Ameriprise delivered industry-leading return on equity of 52.7%, up from 49.7% a year ago. Our excellent results demonstrate the strength of our overall business. In Wealth Management, our goal-based device value proposition continues to drive excellent adviser productivity, business growth, and client satisfaction.

阿默普萊斯再次實現了領先業界的股本回報率，從一年前的 49.7% 上升至 52.7%。我們的優異業績證明了我們整體業務的實力。在財富管理方面，我們基於目標的設備價值主張繼續推動卓越的顧問生產力、業務成長和客戶滿意度。

Total client assets grew to $1 trillion at year-end, up 14% from good flows and markets. For the quarter, total client inflows were $11.3 billion, further strengthening from the third quarter. Wrap assets under management were also up substantially growing 18% to $574 billion, making ours one of the largest platforms in the industry. Wrap flow is significantly up 59% to more than $11 billion, which marks an all-time high.

由於良好的流動性和市場，客戶總資產在年底成長至 1 兆美元，成長 14%。本季度，客戶流入總額為 113 億美元，較第三季進一步增強。管理的總資產也大幅成長了 18%，達到 5,740 億美元，使我們成為業界最大的平台之一。包裝流量大幅增加 59%，達到 110 億美元以上，創下歷史新高。

This represents an 8% annualized flow rate. We also had a significant pickup in transactional activity, up 17% from a year ago. Clients continue to hold a higher level of cash. However, we're seeing a shift from term into wrap and other products. We expect more cash to be put to work and greater transactional activity as we move through 2025.

這代表著 8% 的年流量率。我們的交易活動也顯著增加，比一年前增加了 17%。客戶繼續持有較高水準的現金。然而，我們看到了從定期壽險到綜合險和其他產品的轉變。我們預計，到 2025 年，將會有更多的現金投入使用，交易活動也將更加活躍。

With regard to our advisers, productivity grew nicely again, up 13% to a new record of over $1 million per adviser, reflecting our consistent investments and best-in-class capabilities and support. A key strength of our adviser value proposition is our integrated technology platform and the outstanding value it creates. Our advisers are leveraging our digital tools, CRM as well as our excellent data analytics and solutions to further serve client needs and deepen relationships. The team and I are proud of the recognition that Ameriprise consistently earns in the marketplace. Our client satisfaction is excellent at 4.9 out of 5.

就我們的顧問而言，生產力再次取得了良好的成長，成長了 13%，達到每位顧問超過 100 萬美元的新紀錄，這反映了我們持續的投資以及一流的能力和支持。我們的顧問價值主張的一個主要優勢是我們的整合技術平台及其創造的卓越價值。我們的顧問正在利用我們的數位工具、CRM 以及出色的數據分析和解決方案來進一步滿足客戶需求並加深關係。我和團隊對 Ameriprise 在市場上持續獲得的認可感到非常自豪。我們的客戶滿意度非常高，達到 4.9 分（滿分 5 分）。

And for the sixth year in a row, J.D. Power recognized our phone support for providing an outstanding customer service experience to advisers. In addition, Ameriprise also received J.D. Power certification for our phone support for clients. And our advisers also continue to stand out in the industry for their exceptional service, leading growth in high-quality practices.

連續第六年，J.D. Power 認可我們的電話支援為顧問提供了卓越的客戶服務體驗。此外，Ameriprise 還因向客戶提供的電話支援而獲得了 J.D. Power 認證。我們的顧問也繼續以其卓越的服務在業界脫穎而出，引領高品質實踐的發展。

In fact, we had a record 427 teams on the Forbes Best in State Wealth Management Teams 2024 ranking, which is terrific. Maintaining excellent engagement with our advisers is another key strength. A recent field survey indicated that 90% of our advisers recommend Ameriprise as a great place to work or affiliate with. This high level of adviser satisfaction with Ameriprise also benefits our recruiting efforts. In the fourth quarter, we attracted another 91 experienced productive advisers, marking a nice increase in what is a slower time of the year for recruiting.

事實上，我們在《富比士》2024 年最佳州財富管理團隊排名中擁有創紀錄的 427 支團隊，這是非常棒的。與我們的顧問保持良好的合作關係是另一個主要優勢。最近的實地調查表明，90% 的顧問都推薦 Ameriprise 作為一個理想的工作或合作機構。顧問對 Ameriprise 的高度滿意度也有利於我們的招募工作。第四季度，我們又吸引了 91 位經驗豐富、高效的顧問，這在一年中招募較為淡季的時候取得了良好的成長。

And we feel good about our pipeline. With regard to our bank, we continue to generate attractive earnings with balances growing to more than $23 billion. And we see further opportunity to expand our product set with CDs, HELOCs, and checking accounts as we move through 2025. Speaking of products, our Retirement & Protection Solutions continue to drive strong sales growth and earnings. As I mentioned, we have very good transaction activity in AWM.

我們對我們的管道感到很滿意。就我們的銀行而言，我們繼續創造可觀的收益，餘額成長至 230 多億美元。隨著 2025 年的到來，我們將看到透過 CD、HELOC 和支票帳戶擴展我們的產品組合的進一步機會。說到產品，我們的退休和保護解決方案繼續推動強勁的銷售成長和獲利。正如我所提到的，我們在 AWM 的交易活動非常好。

Part of that included our strong variable annuity sales, up 15% for the quarter with robust growth in our structured product. And we also had good sales in our life business, where we focused on VUL and disability products that are appropriate for the environment. Life and health sales grew meaningfully, up 26%, and the team continues to enhance how we do business, including with accelerated underwriting.

其中包括我們強勁的變額年金銷售，本季成長 15%，結構化產品也實現了強勁成長。我們的人壽保險業務也取得了良好的銷售業績，我們專注於適合環境的 VUL 和殘障產品。人壽和健康保險銷售額大幅增加了 26%，團隊繼續加強我們的業務方式，包括加速核保。

Our Retirement & Protection Solutions continue to help us meet clients' comprehensive needs while generating substantial free cash flow. In Asset Management, we're generating strong financial results as we leverage and evolve our global capabilities for greater efficiency and future growth.

我們的退休和保障解決方案持續幫助我們滿足客戶的全面需求，同時產生大量的自由現金流。在資產管理方面，我們利用和發展我們的全球能力來提高效率和實現未來成長，從而創造了強勁的財務表現。

For the quarter, assets under management and advisement was $681 billion. The team is delivering consistent competitive investment performance with excellent research and thought leadership. At year-end, nearly 70% of our funds globally were above the medium across one- and three-year timeframes, and 80% or more of our funds outperformed for the five- and ten-year periods. And we continue to have strong performance in key strategies, including our anchor and strategic funds in the US. In total, 108 Columbia Threadneedle funds earned four and five-star Morningstar ratings.

本季度，管理和諮詢資產規模為 6,810 億美元。該團隊憑藉著出色的研究和思想領導力，持續提供具競爭力的投資績效。截至年底，我們全球近 70% 的基金在一年期和三年期的表現均高於中位數，80% 或以上的基金在五年期和十年期的表現優異。我們的關鍵策略持續表現強勁，包括我們在美國的基石基金和戰略基金。總計有 108 檔 Columbia Threadneedle 基金獲得晨星四星和五星評等。

Regarding flows, we had net inflows of $1.3 billion, a more than $6 billion improvement from a year ago. In retail, we had total net inflows of $6.1 billion, reflecting stronger gross sales in North America and EMEA as well as higher reinvested dividends.

至於資金流入，我們的淨流入為 13 億美元，比一年前增加了 60 多億美元。在零售方面，我們的總淨流入量為 61 億美元，反映了北美、歐洲、中東和非洲地區更強勁的總銷售額以及更高的再投資股息。

In institutional, we had net outflows of $3.9 billion, excluding legacy insurance partner flows due to slower fundings and the expected inflows we've highlighted. To drive future flows, we continue to broaden our investment capabilities to both complement our legacy mutual fund business and meeting evolving market demand. This includes building out our active ETF lineup and further growing our SMA and model delivery businesses.

在機構方面，我們的淨流出為 39 億美元，不包括由於融資放緩而導致的傳統保險合作夥伴流量以及我們強調的預期流入。為了推動未來的資金流動，我們將繼續拓寬我們的投資能力，以補充我們傳統的共同基金業務並滿足不斷變化的市場需求。這包括建立我們的主動 ETF 陣容並進一步發展我們的 SMA 和模型交付業務。

In fact, we had nearly $3 billion of model delivery inflows for the year. And our assets under advisement are now over $35 billion, making us the seventh largest provider in the US. For Asset Management overall, we're completing two years of transformational work that will provide benefits this year and beyond. This includes improved efficiency and evolving the business to better meet client needs, especially in EMEA. And you will continue to see us tightly manage expenses.

事實上，我們今年的模型交付資金流入量接近 30 億美元。我們管理的資產現在超過 350 億美元，使我們成為美國第七大提供者。就資產管理整體而言，我們正在完成為期兩年的轉型工作，這將在今年及以後帶來好處。這包括提高效率和發展業務以更好地滿足客戶需求，尤其是在歐洲、中東和非洲地區。您將繼續看到我們嚴格管理開支。

At the same time, we're investing for growth. Consistent with our firm-wide investments, in Asset Management, we continue to build out our product line, data analytics, AI, and other capabilities. Reflecting on the firm overall, it was another strong quarter and year for Ameriprise.

同時，我們也在進行成長投資。與我們全公司的投資一致，在資產管理方面，我們繼續擴展我們的產品線、數據分析、人工智慧和其他能力。縱觀整個公司，對 Ameriprise 來說這又是一個強勁的一個季度和一年。

We built on a unique 130-year legacy and reinforced our ability to consistently achieve excellent results. Ameriprise continues to deliver strong organic growth and free cash flow with best-in-class capital returns and an excellent capital position.

我們以 130 年的獨特歷史為基礎，增強了我們持續取得優異成績的能力。阿默普萊斯繼續實現強勁的有機成長和自由現金流，擁有一流的資本回報和出色的資本狀況。

In the quarter, we returned another $768 million and $2.8 billion for the year. Over the last five years, we returned a substantial amount of capital to shareholders, nearly $12 billion, which resulted in a share count reduction of 22%. And our ROE is consistently one of the best in the industry and is now 52.7%. Another important differentiator for Ameriprise, we continue to stand out for our culture and how we operate the business.

本季度，我們又返還了 7.68 億美元，全年返還了 28 億美元。在過去五年裡，我們向股東返還了大量資本，近 120 億美元，這導致股份數量減少了 22%。我們的 ROE 一直是業界中最好的之一，目前為 52.7%。Ameriprise 的另一個重要差異化因素是，我們繼續以我們的文化和業務運作方式脫穎而出。

In fact, we were just recognized again as one of America's most responsible companies in 2025 by Newsweek and one of America's best companies in 2025 by Forbes. I'm proud of what the Ameriprise team has accomplished, and we're in an attractive position for 2025.

事實上，我們剛剛再次被《新聞周刊》評為 2025 年美國最具責任感的公司之一，並被《富比士》評為 2025 年美國最佳公司之一。我為 Ameriprise 團隊所取得的成就感到自豪，而且我們在 2025 年也處於有利地位。

Now Walter will provide more detail in the quarter, and then we'll take your questions. Walter?

現在 Walter 將提供本季的更多細節，然後我們將回答您的問題。沃特？

Thank you, Jim. Ameriprise delivered another excellent quarter across its operating segments to conclude a strong 2024. Adjusted operating EPS increased 23% to $9.54 in the quarter and increased 17% for the year, excluding severance expense, mark-to-market impacts on share-based compensation, our prior year regulatory accrual and unlocking.

謝謝你，吉姆。阿默普萊斯的各個營運部門又一個出色的季度，為 2024 年畫上了強勁的句號。調整後每股盈餘本季成長 23% 至 9.54 美元，全年成長 17%，不包括遣散費、以市價計算對股權激勵的影響以及我們上一年的監管應計和解鎖。

This demonstrates the strong underlying growth achieved in the quarter and in the year. Assets under management, administration and advisement increased 10% to $1.5 trillion, benefiting from strong client inflows over the past year and equity market appreciation.

這表明本季和全年實現了強勁的潛在成長。受益於過去一年強勁的客戶流入和股票市場的升值，管理、管理和諮詢資產增長 10%，達到 1.5 兆美元。

This resulted in strong 13% revenue growth across our businesses. G&A expenses continue to be well managed and demonstrate our focus on operating efficiency and effectiveness while investing in areas that will drive future business growth, particularly in Wealth Management, to achieve sustainable shareholder objectives.

這使得我們整個業務的收入強勁成長了13%。一般及行政費用持續良好管理，顯示我們注重營運效率和效益，同時投資於推動未來業務成長的領域，特別是財富管理，以實現永續的股東目標。

And we delivered a strong consolidated margin of 27%. Our stable 90% free cash flow generation across our diversified businesses, coupled with strong balance sheet fundamentals, enabled us to return $768 million or 81% of the operating earnings to shareholders in the quarter. In 2024, we returned $2.8 billion or 78% of operating earnings to shareholders, and our ROE was best-in-class at 52.7%.

我們實現了 27% 的強勁綜合利潤率。我們多元化業務中穩定的 90% 自由現金流，再加上強勁的資產負債表基本面，使我們在本季度向股東返還了 7.68 億美元，佔營業收入的 81%。2024 年，我們向股東返還了 28 億美元，佔營業收入的 78%，我們的 ROE 達到 52.7%，是同類公司中最好的。

On slide 6, you'll see the strong metrics results from Wealth Management. Total client assets grew 14% to an all-time high of $1 trillion with strong client flows of $11.3 billion. Wrap assets were up 18% to $574 billion. Wrap flows were particularly strong in the quarter at $11.1 billion or (technical difficulty) [8%] annualized flow rate. Strong flows coupled with continued growth and transactional activity generated strong revenue growth, and revenue per adviser reached a new high of $1 million, up 13% from a year ago.

在第 6 張投影片上，您將看到財富管理的強大指標結果。總客戶資產成長 14%，達到 1 兆美元的歷史新高，客戶流量強勁，達到 113 億美元。包裝資產成長 18%，至 5,740 億美元。本季包裝流量特別強勁，達到 111 億美元或（技術難度）[8%] 年化流量。強勁的流量加上持續的成長和交易活動產生了強勁的收入成長，每位顧問的收入達到了 100 萬美元的新高度，比一年前成長了 13%。

Total cash balances, including third-party money market funds and brokered CDs, were $85.4 billion, which was over 8% of client assets. However, the pace in which money is flowing into money market funds has decreased significantly, and we're beginning to see clients put money back to work in wrap and other products on our platform.

包括第三方貨幣市場基金和經紀存單在內的總現金餘額為 854 億美元，佔客戶資產的 8% 以上。然而，資金流入貨幣市場基金的速度已大幅放緩，我們開始看到客戶重新將資金投入我們平台上的包裝產品和其他產品。

We expect this to continue over time as markets and rates normalized, which creates a significant opportunity. And in the quarter, client sweep balances increased $2.3 billion sequentially to $29.8 billion. On slide 7, you see flow financial results from Wealth Management.

我們預計，隨著市場和利率正常化，這種情況將持續下去，這將創造巨大的機會。本季度，客戶清點餘額較上季增加 23 億美元，達到 298 億美元。在投影片 7 上，您可以看到財富管理的流動財務結果。

Pretax adjusted operating earnings increased 18% to $823 million driven by core business growth and strong equity markets, which more than offset the approximate $20 million impact from Fed funds rate cuts and the portfolio repositioning.

受核心業務成長和股票市場強勁推動，稅前調整後營業利潤成長 18% 至 8.23 億美元，這超過了聯邦基金利率下調和投資組合重新定位帶來的約 2,000 萬美元的影響。

Adjusted operating net revenues increased 18% to $2.8 billion growth combined asset and increased transactional activity. Adjusted operating expenses in the quarter increased 18% with distribution expense up 23%, reflecting business growth and higher transactional activity. G&A expenses were $438 million in the quarter and were up 5% to $1.7 billion for the full year. This was in line with expectations, reflecting investments for growth and higher volume-related expenses.

調整後淨營業收入成長 18%，達到 28 億美元，合併資產成長且交易活動增加。本季調整後營業費用增加 18%，分銷費用增加 23%，反映了業務成長和交易活動的增加。本季的一般及行政開支為 4.38 億美元，全年則上漲 5%，達到 17 億美元。這符合預期，反映了對成長的投資和更高的與數量相關的費用。

Margins remained strong at 29%. Turning to Asset Management on slide 8. Financial results were very strong in the quarter. Operating earnings increased 29% to $251 million, consisting of full-year growth of 28% versus last year. This strong quarter and annual performance was driven by proactive expense management related to our operating model transformation and strong markets, more than offsetting outflows similar to the industry.

利潤率仍維持在 29% 的強勁水準。前往第 8 張投影片上的資產管理。本季的財務表現非常強勁。營業利潤成長 29% 至 2.51 億美元，全年較去年同期成長 28%。本季和年度的強勁業績得益於與我們的營運模式轉型和強勁市場相關的主動費用管理，足以抵消與行業類似的資金流出。

Total assets under management and advisement increased 3% to $681 billion. Revenues grew 10%, reflecting strong marks and performance fees as well as the impact from net outflows. Adjusted operating expenses increased 4%. General and administrative expenses, excluding higher performance fee compensation, improved 2% in the quarter and 3% for the year, reflecting benefits from the company's initiatives to enhance operating efficiencies and effectiveness to further strengthen the client experience and future profitability. Those transformation initiatives will continue to benefit results.

管理和諮詢的總資產成長 3%，達到 6,810 億美元。收入成長了 10%，反映了強勁的業績和績效費以及淨流出的影響。調整後營業費用增加了4%。不包括更高績效費補償的一般及行政開支在本季度改善了 2%，全年改善了 3%，反映了公司為進一步加強客戶體驗和未來盈利能力而採取的提高運營效率和效力的舉措所帶來的收益。這些轉型舉措將持續帶來成果。

Margins reached 39% in the quarter and 38% for the full year, up from 32% in the prior year with similar levels of performance fees in both years. Let's turn to slide 9. Retirement & Protection Solutions continued to deliver strong earnings and free cash flow generation, reflecting the high quality of the business that was built over a long period of time.

本季利潤率達到 39%，全年利潤率達到 38%，高於去年同期的 32%，兩年的績效費水準相似。讓我們翻到第 9 張投影片。退休與保護解決方案持續提供強勁的獲利和自由現金流，反映出長期建立的高品質業務。

Pretax adjusted operating earnings in the quarter increased by 5% to $213 million, reaching $816 million for the full year. The strong and consistent performance of the business reflected the benefit from stronger interest earnings and higher equity markets, partially offset by higher distribution expense associated with continued strong sales trends.

本季稅前調整後營業利潤成長 5% 至 2.13 億美元，全年達 8.16 億美元。業務強勁而持續的表現反映了更高的利息收入和更高的股票市場帶來的好處，但持續強勁的銷售趨勢帶來的更高的分銷費用部分抵消了這一影響。

Overall, Retirement & Protection Solutions sales were up nicely -- with Protection sales up 26% to $91 million primarily in higher-margin VUL products and variable annuity sales up 15% to $1.2 billion. In the Corporate segment, I wanted to mention Long Term Care pretax adjusted operating earnings were $21 million or $62 million for the full year, excluding unlocking.

整體而言，退休與保障解決方案銷售額成長良好 - 其中保障銷售額成長 26% 至 9,100 萬美元，主要來自利潤率較高的 VUL 產品，變額年金銷售額成長 15% 至 12 億美元。在企業部門，我想提一下，長期照護稅前調整後營業收入為 2,100 萬美元，全年調整後營業收入為 6,200 萬美元（不含解鎖部分）。

Results in the quarter reflected higher closed claims and new premium rate increases. Turning to the balance sheet on slide 10. Balance sheet fundamentals and free cash flow generation remains strong with $2 billion of excess capital.

本季的業績反映了更高的結案索賠和新的保險費率上漲。前往投影片 10 上的資產負債表。資產負債表基本面和自由現金流產生依然強勁，擁有 20 億美元的過剩資本。

Our diversified and high-quality investment portfolio continues to perform well. As I have noted before, we repositioned approximately one-third of our floating rate securities in the bank portfolio into fixed rate securities with a 5% yield and a three-year duration. This positions us well moving forward. We have diversified sources and dividends from all our businesses, enabled by strong underlying fundamentals. This supports our ability to consistently return capital to shareholders and invest for future business growth.

我們多元化、高品質的投資組合持續表現良好。正如我之前提到的，我們將銀行投資組合中大約三分之一的浮動利率證券重新定位為收益率為 5%、期限為 3 年的固定利率證券。這為我們未來的發展奠定了良好的基礎。由於擁有強勁的基本面，我們所有業務的利潤來源和股息都十分多元化。這支持了我們持續向股東返還資本和為未來業務成長進行投資的能力。

Ameriprise's consistent capital return strategy drives long-term shareholder value. In summary, on slide 11, Ameriprise delivered excellent growth in the fourth quarter, which is a continuation of a long track record of outperforming our stated financial targets.

Ameriprise 一致的資本回報策略推動了長期股東價值。總而言之，在第 11 張投影片中，Ameriprise 在第四季度實現了出色的成長，這是長期超越我們既定財務目標的記錄的延續。

In 2024, revenues grew 11%. Earnings per share as adjusted increased 17%. Return on equity grew 300 basis points, and we returned $2.8 billion of capital to shareholders.

2024年，營收成長11%。調整後每股收益成長17%。股本回報率增加了 300 個基點，我們向股東返還了 28 億美元的資本。

We had similar growth trends over the past five years with 8% compounded annual revenue growth, 17% compounded annual EPS growth, return on equity improved over 14 percentage-points, and we returned $12 billion of capital to shareholders. These trends are consistent over the long term as well. This differentiated performance across multiple cycles speaks to the complementary nature of our business mix as well as our focus on profitable growth.

過去五年，我們的成長趨勢相似，年複合收入成長率為 8%，年複合每股盈餘成長率為 17%，股本回報率提高了 14 個百分點，並向股東返還了 120 億美元的資本。從長期來看，這些趨勢也是一致的。這種跨多個週期的差異化表現體現了我們的業務組合的互補性以及我們對獲利成長的關注。

With that, we'll take your questions.

接下來我們將回答您的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Suneet Kamath, Jefferies.

蘇尼特·卡馬斯（Suneet Kamath），傑富瑞（Jefferies）。

Great. Thank you. Good morning. I wanted to start with the bank. The NII there was down sequentially and year over year. I know, Walter, in the past, you've talked about an expectation that maybe 2025 NII would be above '24. Is that still your expectation? And can you maybe walk through some of the pieces that kind of get you there?

偉大的。謝謝。早安.我想從銀行開始。該國的國家資訊基礎指數 (NII) 環比和年比均出現下降。我知道，沃爾特，過去你曾談到這樣的預期：2025 年的 NII 可能會高於 24 年。這仍然是您的期望嗎？您能否介紹一下讓您到達那裡的一些細節？

Sure, Suneet. So coming into the quarter, we were at 75% fixed in the bank and 25% floating. And during the quarter, we repositioned that down to 17%. So we've now, basically, have managed that aspect. And in the quarter, we also grew our base by about $2.3 billion from both seasonal and growth.

當然，Suneet。因此進入本季度，我們的銀行存款有 75% 是固定的，還有 25% 是浮動的。在本季度，我們將其下調至 17%。所以現在我們基本上已經處理了這個方面。本季度，我們的基數也因季節性和成長而增加了約 23 億美元。

So that's the positioning coming in. So going forward, I think we're sitting in a good position because of the fundamentals that we have right now. We also have taken January, we studied the client crediting rate, and we adjusted that accordingly with the change in the interest rate.

這就是定位的由來。因此展望未來，我認為，鑑於我們目前所擁有的基本面，我們處於有利地位。我們也研究了一月份的客戶貸記率，並根據利率的變化對其進行了相應的調整。

So all the fundamentals that we see are positioning us quite well, I think, again, in the bank to certainly sustain and continue net interest income, but there's a lot of variables. But that -- I think our positioning has --put us in good position.

因此，我認為，我們看到的所有基本面都為我們提供了良好的定位，銀行肯定能夠維持並繼續實現淨利息收入，但也存在許多變數。但我認為我們的定位已經使我們處於有利地位。

As it relates to now looking at sweep, obviously, that will be impacted by rate reduction. And on certificates, that's a spread business, and it will be adjusted as rates go. And -- but normally, obviously, you're invested, and then you have to -- if you drop your rates, you'll get the benefit. So I would say we're well positioned as we go into '25 to certainly continue to generate good net interest income.

就現在的掃描而言，顯然，這將受到利率降低的影響。就證書而言，這是一項價差業務，它將隨著利率的變動而進行調整。而且 — — 但通常情況下，顯然你已經進行了投資，然後你必須 — — 如果你降低利率，你就會得到好處。因此我想說，當我們進入25年時，我們已做好準備，肯定能夠繼續產生良好的淨利息收入。

Yes, I got it. Okay. And then, I guess, for Jim, you talked about this $85 billion of client cash being 8% of assets. And I think at that level, it's maybe 2 times the normal roughly 4%, I think, is what the level has been. So I guess, do you think that we ultimately get back to that 4% to 5% level? Or are we just going to be in this higher cash balance environment for some time? Just want to get a sense of how your advisers are thinking about it?

是的，我明白了。好的。然後，我想，對於吉姆來說，您談到了 850 億美元的客戶現金佔資產的 8%。我認為，這個水平可能是正常水平的兩倍，大約 4%，我想，這就是目前的水平。所以我想問一下，您認為我們最終會回到 4% 到 5% 的水平嗎？或者我們只是要在這種較高的現金餘額環境中待一段時間嗎？只是想了解一下你的顧問是如何考慮的？

Well, Suneet, I mean, I think as you saw, you start to see money being redeployed back in, but we also got more flows in. The cash levels are higher than what it used to be. But remember, you're still sitting with interest rates pretty -- on the short term of the curve pretty high.

嗯，Suneet，我的意思是，我認為正如你所看到的，你開始看到資金被重新部署回來，但我們也獲得了更多的流入。現金水準比以前更高了。但請記住，短期內利率曲線仍然相當高。

And so it is a cash allocation because you're getting good spread -- I mean, good rate for the consumer there. And but as the stabilization occurs in the longer end of the curve, and that picked up a little bit, you should start to see some shift over time there as well.

所以這是一種現金分配，因為您可以獲得良好的利差——我的意思是，對那裡的消費者來說，這是很好的利率。但是，隨著曲線較長端的穩定和略微回升，您應該也會開始看到隨著時間的推移而發生的一些變化。

And more money is going back into the market, but not in a -- like a dramatic way, right? It's on average over time. And I would probably say, you'll probably see a continued pickup in fixed income-type product as well. But yes, I would say, over time, the cash position will come down.

更多的資金正在重新流入市場，但方式並不十分劇烈，對嗎？這是隨時間推移的平均值。我想說的是，您可能還會看到固定收益類產品的持續回升。但是是的，我想說，隨著時間的推移，現金狀況將會下降。

But it's -- the rates didn't -- they dropped 100 basis points on the short end of the curve, but they're still much higher than they were over the last 10 years.

但利率並沒有下降，雖然短端利率下降了 100 個基點，但仍遠高於過去 10 年的水準。

Got it. Okay. All right. That's helpful. Thanks.

知道了。好的。好的。這很有幫助。謝謝。

Brennan Hawken, UBS Financial.

瑞銀金融的布倫南霍肯 (Brennan Hawken)。

Sorry, I had mute on. Thanks for taking my question. Good morning, Jim and Walter. Walter, would love to put a finer point on the NII at the bank commentary. So it sounds like now you're working towards to be in that NII number as a constructive outcome and just wanted to make sure I interpreted that correctly. And then also, I know you lowered the crediting rate here at January 8, but it looked like it was about 15 basis points from for most of the tiers. Is -- do you expect that'll be enough to keep the yield stable here in the first quarter? Or is it more of a partial offset? Thanks.

抱歉，我已開啟靜音。感謝您回答我的問題。早上好，吉姆和沃爾特。沃爾特，很想對銀行評論中的 NII 做出更細緻的闡述。因此聽起來現在您正在努力將 NII 數字作為建設性的結果，只是想確保我正確地解釋了這一點。而且，我知道你們在 1 月 8 日降低了信用利率，但看起來，對於大多數層級來說，它都降低了約 15 個基點。您認為這足以維持第一季的殖利率穩定嗎？還是它更像是部分抵消？謝謝。

Okay. So as they indicate, Brennan, from a standpoint, we did adjust the rate. We felt that was appropriate looking at the what would happen on the deposit base. So, we will continue to evaluate that. Obviously, we go through a competitive process and assess. But we did absorb in the fourth quarter a 100 basis point drop. It's effective [61] in the bank. And so -- but we did add deposits, and those deposits are, like I said, seasonal and growth.

好的。正如他們所指出的，布倫南，從角度來看，我們確實調整了利率。我們認為，考慮到存款基礎將會發生什麼情況，這是適當的。因此，我們將繼續評估這一點。顯然，我們會經歷一個競爭過程並進行評估。但我們在第四季確實吸收了100個基點的下降。它在銀行是有效的[61]。所以 - 但我們確實增加了存款，而且這些存款就像我說的，是季節性和增長性的。

And so I say, I think we're -- as I indicated, we're in a good position, and we'll too navigate as we go through '25. So I'm quite confident where we're at now, sitting with 87% in fixed in the bank and high-quality and high-yielding investments.

所以我說，我認為我們 — — 正如我指出的，我們處於一個很好的位置，我們也會在 25 年期間繼續前進。所以我對我們目前的狀況很有信心，87%的固定資產投資在銀行以及高品質、高收益的投資。

Okay. And then when we think about loan growth, so rates coming down could make, particularly the pledge loans, security-based loans more attractive. But it's been -- the loan growth story within the bank subsidiary has largely been a residential mortgage story. Do you expect that to continue? How should we be thinking about the loan growth as maybe also a partial offset within the bank as we move through 2025?

好的。然後，當我們考慮貸款成長時，利率下降可能會使質押貸款、擔保貸款更具吸引力。但事實是——銀行子公司的貸款成長故事基本上是住宅抵押貸款的故事。您預計這種情況會持續下去嗎？到 2025 年，我們應該如何看待貸款成長可能成為銀行內部的部分抵銷因素？

We'll be looking to -- I think it's scheduled to launch later in the first quarter, fixed pledge. And that's the -- we haven't had that yet. And we know that's something that's sought after in the wires. So we're adding that to the product portfolio. We'll also be coming out with HELOCs later in, I think, the second quarter, along those lines.

我們將期待——我認為它將計劃在第一季晚些時候推出，固定承諾。那是——我們還沒有做到這一點。我們知道，這正是人們所追求的。因此我們將其添加到產品組合中。我想，我們也將在第二季稍後推出 HELOC。

We're also going to be adding some other products on the deposit side, CDs in the bank, as well as launching a checking account later in the year that would bring more balances into the bank and more utilization of the engagement with the bank that would also help on the loan side for some of the products we're coming out with.

我們還將增加一些存款方面的其他產品，銀行的定期存單，並在今年稍後推出支票帳戶，這將為銀行帶來更多的餘額，更多地利用與銀行的合作，這也將有助於我們推出的一些貸款產品。

So we feel that there is an opportunity to increase the lending part of the portfolio as we go on. But remember, we've been really focused on getting the bank really set up and established. And we're launching products periodically in them. But over time, we feel like we can build a nice loan portfolio.

因此，我們認為，隨著時間的推移，有機會增加投資組合中的貸款部分。但請記住，我們一直致力於銀行的真正建立和發展。我們會定期在其中推出產品。但隨著時間的推移，我們覺得我們可以建立一個好的貸款組合。

Okay. And the residential mortgage will probably still lead? Or is there an expected shift?

好的。而住宅抵押貸款可能仍將領先嗎？或是有預期的轉變？

Yes.

是的。

Okay. Thanks for taking my questions.

好的。感謝您回答我的問題。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hi, this is Luke here on for Alex. Thanks for taking the question. Could you help us frame how you're thinking about the firm's capital strategy, and particularly inorganic opportunities? Appreciate how consistent the repurchase cadence has been. But how are you thinking about inorganic opportunity, specifically within AWM, where it feels like wealth peers are beginning to get more acquisitive? Thanks.

大家好，我是盧克，為亞歷克斯主持節目。感謝您回答這個問題。您能否幫助我們闡述您對公司資本策略，尤其是無機機會的看法？欣賞回購節奏的一致性。但是，您如何看待無機機會，特別是在 AWM 內部，感覺財富同行開始變得更有收購精神？謝謝。

Yes. So we feel like we have a consistent ability to redeploy capital through the buyback and dividend increases that we have based on the cash flow generation we have across the business. And remember, in our RPS business, which is a very well-established business that has very good returns, that really gives us a lot more ability in that sense.

是的。因此，我們覺得，根據整個業務的現金流產生情況，我們有能力透過回購和增加股利來重新部署資本。請記住，我們的 RPS 業務是一項非常成熟且回報豐厚的業務，從這個意義上來說，這確實賦予了我們更多的能力。

From a perspective of acquisitions, we -- the market is a little bit pricey right now. I think private equity has been up things, if you're looking at the wealth segment. We focus more on bringing in appropriately -- appropriate types of advisers that have a good sort of perspective on how they want to do business on a client experience, on an advice-based solution, et cetera.

從收購的角度來看，我們——現在市場有點貴。如果你看一下財富領域，我認為私募股權一直在上漲。我們更專注於引進合適的——合適類型的顧問，他們對如何根據客戶體驗、基於建議的解決方案等開展業務有良好的看法。

And so we still see opportunity there. But from an acquisition perspective, we want targeted in that regard. We also are investing to broaden out our channels. We have a number of opportunities, whether in AFIG or in our own AAC and our [central] sites working more direct. And we have some opportunities that we're looking at right now.

因此我們仍然看到機會。但從收購的角度來看，我們希望在這方面有針對性。我們也正在投資拓寬我們的通路。我們有很多機會，無論是在 AFIG 還是在我們自己的 AAC 以及我們的[中央]站點，都可以更直接地開展工作。我們現在正在尋找一些機會。

So I feel good about our ability to continue to grow both organically as well as looking at some of the newer channels that we're establishing, probably less so in the larger inorganic space right now based on what's happening in the marketplace.

因此，我對我們繼續實現有機成長以及我們正在建立的一些新管道的能力感到滿意，但根據市場的發展情況，在更大的無機領域中，這種情況可能還不太明顯。

Yeah, loud and clear. Appreciate the color. Maybe just switching gears for a minute to Asset Management. Do you see a path towards driving the business to closer a neutral organic growth rate longer term? And I know you touched on it on the top of the call, but what would you say are the biggest drivers to improvement to getting back there? Thanks again.

是的，聲音響亮，清晰明了。感謝色彩。也許只是暫時轉到資產管理。您是否看到了一條能夠推動業務長期接近中性有機成長率的途徑？我知道您在通話開始時就提到了這一點，但您認為推動我們重返那裡的最大動力是什麼？再次感謝。

Yeah. So listen, I think the Asset Management business overall has been a bit more under pressure, unless you have moved to passes or some of the alternative space and where that growth is. So in our case, what we've been doing is really transforming the business, getting a lot more efficient. We took out a lot of cost, and that will pay some dividends as we look at the flow rate that we've been experiencing.

是的。所以聽著，我認為資產管理業務整體上承受的壓力更大一些，除非你轉向通行證或一些替代空間以及成長所在。所以就我們的情況來說，我們一直在做的是真正改變業務，提高效率。我們花費了大量成本，從我們所經歷的流量來看，這將帶來一些回報。

On the positive side, we see that our sales are increasing a bit on the growth side both here and Europe. We are branching out in different formats. So our model delivery, our SMAs, et cetera, that we think will be a growing part of the franchise. That business in models and SMAs have grown over $35 billion already. We think there's a bigger opportunity for us there. We are launching and have launched a number of active ETFs as the format has changed.

從積極的一面來看，我們看到我們在這裡和歐洲的銷售額都有所增長。我們正在以不同的形式拓展業務。因此，我們認為我們的模型交付、SMA 等將成為特許經營中不斷增長的一部分。模型和SMA業務的成長額已經超過350億美元。我們認為那裡有更大的機會。由於格式發生了變化，我們正在推出和已經推出了多隻主動型 ETF。

People are starting to think moving from passive now back into ETFs more in the format of active, which I think is good as pressure has come under the mutual fund part of the segment. But we have some excellent products in the mutual fund area, four and five stuff funds that are really attracting some -- especially in this changing environment, and we see an opportunity for us to gain a little bit more traction in Europe. But again, that will take time. I think you can see that across the industry.

人們開始考慮從被動轉向主動形式的 ETF，我認為這是件好事，因為該領域的共同基金部分已經面臨壓力。但我們在共同基金領域有一些優秀的產品，四、五種基金確實吸引了一些投資者——尤其是在這個不斷變化的環境下，我們看到了在歐洲獲得更多關注的機會。但這需要時間。我想你可以在整個行業中看到這一點。

But we feel like there is a path forward for us in the things I've mentioned. Institutional is a little more lumpy, but we are getting many more consultant approvals. We are branching out. We have gotten some nice flows in Japan right now as we set up there. So I think that's going to be a little more lumpy, but I think over time, we'll be able to build that out in a better way.

但我們覺得，我提到的事情對我們來說是有前進的道路的。機構方面有些不平衡，但我們獲得了更多顧問的批准。我們正在拓展業務。由於我們在日本設立了辦事處，目前已在日本獲得了一些不錯的流量。所以我認為這將會更加困難，但我認為隨著時間的推移，我們將能夠以更好的方式實現這一點。

Steven Chubak, Wolfe Research.

Steven Chubak, Wolfe Research.

Hey, good morning. This is Michael Anagnostakis on for Steven. I just wanted to touch on M&A here. Organic growth has been more resilient despite the industry seeing moderating flows in '24. Some of your peers have been more optimistic that could accelerate in '25 with a higher recruiting backlog, with better market backdrop.

嘿，早安。這是邁克爾·阿納格諾斯塔基斯 (Michael Anagnostakis)，代替史蒂文 (Steven)。我只是想在這裡談談併購。儘管24年產業流量放緩，但有機成長仍更具彈性。您的一些同行更樂觀地認為，隨著招募積壓量的增加和市場背景的改善，25 年的成長可能會加速。

So how do you see organic flows playing through based on that outlook and your recruiting backlog? And do you see a near-term path to getting back to the 5%-plus level you had seen in '22 and '23? Thank you.

那麼，根據這種前景和您的招募積壓情況，您如何看待有機流動的進展？您是否認為近期可以回到 2022 年和 2023 年 5% 以上的水平？謝謝。

So I think overall, we've seen a nice pickup in the flow picture, both new net client flow coming in, but also more flow going back into the wrap programs. We probably -- as we look at it, we think that the wrap business will continue that type of flow picture as we move forward. I can't sit here to sort of say what that looks like quarter-to-quarter just based on market conditions and changes that occur.

因此我認為整體而言，我們看到流量狀況有了很好的回升，既有新的淨客戶流量流入，也有更多流量回流到包裝程序。我們可能會—正如我們所看到的，我們認為隨著我們向前發展，包裝業務將繼續保持這種流動狀況。我無法僅根據市場狀況和發生的變化來判斷每個季度的情況。

But I think people got a little more comfortable after the election, a little more that there'll be more solid GDP growth, the idea that things are a little more from a company earnings picture and other things and the employment picture. So I would probably say it's a positive environment there.

但我認為，大選之後人們會更加放心，更加相信 GDP 會更加穩健地增長，也更加相信情況會更關注公司盈利狀況和其他因素以及就業狀況。所以我可能會說那裡的環境是正面的。

From an idea of the pipeline for our recruits, as you saw, it was good in the fourth quarter. Our pipeline looks good going into the new year. It's a very competitive marketplace, so -- yes, you sort of can't predict. But again, recruiting is only a small part of what we do. We are bringing in a lot more people in -- adding to teams as well as newer people.

從我們招募新隊員的管道來看，正如你所看到的，第四季度的表現不錯。進入新的一年，我們的管道看起來前景良好。這是一個競爭非常激烈的市場，所以——是的，你無法預測。但再次強調，招募只是我們工作的一小部分。我們正在招募更多的人才—擴充團隊並吸收新員工。

And we also try to grow the productivity across our channel, which is very important for us. And so with our enhancements in technology, in capabilities, in our client experience, I think we're gaining some nice traction there that we think will be beneficial for us.

我們也嘗試提高整個通路的生產力，這對我們來說非常重要。因此，隨著我們技術、能力和客戶體驗的增強，我認為我們正在獲得一些良好的發展勢頭，這對我們有益。

Very, very helpful color. So thank you for that, Jim. And just moving over maybe one on sweep cash. Solid growth in the quarter. There are some seasonal elements. I think you had mentioned in the prepared remarks, those tend to reverse during January to some degree. Understanding we still have a day left in the month, can you give us a mark-to-market on sweep cash January to date? Thanks so much.

非常非常有用的顏色。所以謝謝你，吉姆。也許只需轉移一筆現金即可。本季實現穩健成長。有一些季節性因素。我想您在準備好的發言中提到過，這些情況在 1 月往往會出現一定程度的逆轉。據我所知，這個月還剩一天，您能給我們一月份迄今為止的現金清掃的市價嗎？非常感謝。

It's Walter. It's been fairly stable from that standpoint from the endpoint of December.

是沃特。從這個角度來看，自 12 月底以來，情況一直相當穩定。

Got it. Thanks so much.

知道了。非常感謝。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Good morning. Thanks for the opportunity. A question on Long Term Care, and there was a benefit from premium rate increases in the quarter. With the decision to retain those Long Term Care assets a quarter ago with the actuarial assumption review in those premium rate increases, should we expect a higher level of Long Term Care earnings to be borne out of corporate? And how do we view run rate there? Thank you.

早安.謝謝你的機會。關於長期照護的問題，本季保費率上漲帶來了好處。由於一個季度前決定保留這些長期照護資產，並在保費率增加的情況下進行精算假設審查，我們是否應該預期公司將產生更高水準的長期照護效益？我們如何看待那裡的運行率？謝謝。

Well, okay. So as we look at -- our benefit this quarter was from claims and from getting additional benefit rate increases. We certainly have been active in -- out there with pending benefit request. We have a process that it has to go through to see if it gets approved and then how we reflect it. The thing I'd say, all the fundamentals are very good, and they look good.

嗯，好的。因此，我們看到本季的收益來自索賠和額外福利率的提高。我們確實一直在積極地處理待決的福利請求。我們有一個流程來查看它是否獲得批准以及我們如何反映它。我想說的是，所有的基本面都非常好，而且看起來也不錯。

It -- from that standpoint, I think we're on a good trajectory, and we see it in a positive light. So can't give you an exact number on this, but the trajectory of it is good. And like I said, we're coming into 2024, we -- $61 million we generated is certainly a very good positive element for that, and we anticipate we'll be continuing good growth and profitability.

從這個角度來看，我認為我們正走在良好的軌道上，而且我們以積極的態度看待它。因此無法給出一個確切的數字，但是它的軌跡是好的。正如我所說的，我們即將進入 2024 年，我們創造的 6,100 萬美元無疑是一個非常好的積極因素，我們預計我們將繼續保持良好的成長和獲利能力。

Thank you. My follow-up question for the Advice & Wealth Management channel, can you talk about the alternative and private asset portfolio and if that is becoming more demanded by advisers? Thank you.

謝謝。我對顧問和財富管理頻道的後續問題是，您能談談另類和私人資產投資組合嗎，以及這些是否越來越受到顧問的需求？謝謝。

Yes. So we have added a good nice digital alternatives platform for our advisers. We've done a lot more due diligence and adding products to the platform. I would probably say on the private credit side in our channel right now, it's small and -- but one that I think will start to grow. And I think there's an opportunity for us in the alternatives for our clients, particularly as our clients on the upper market start to look more for some of those product categories.

是的。因此，我們為我們的顧問添加了一個很好的數位替代平台。我們做了更多的盡職調查並向平台添加了產品。我可能會說，就目前我們管道中的私人信貸方面而言，它還很小，但我認為它會開始成長。我認為，我們有機會為客戶提供替代產品，尤其是當我們高端市場的客戶開始更專注於這些產品類別時。

So I would probably say we're at the early stages of that in our channel, but one that over time will probably add -- as we add the capabilities and really advisers start to think about where that fits in. But it's not going to be, as you would say, in an ultra-high-net-worth area, a large part of our activity, it will be part of a portfolio allocation because a lot of those assets are illiquid.

因此，我可能會說我們的管道還處於早期階段，但隨著時間的推移，隨著我們增加功能，顧問們真正開始思考它適合於哪裡，我們可能會增加功能。但正如你所說，它不會成為超高淨值領域（我們活動的很大一部分）投資組合配置的一部分，因為許多資產都是非流動性的。

Thank you.

謝謝。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

Hey, good morning. Corporate costs came in a bit lighter than we expected. Some of that was the performance in LTC, but could you help us think about the first half of '25 given the ongoing cloud conversion and severance costs? Thanks.

嘿，早安。企業成本比我們預期的要低一些。其中一部分是 LTC 的表現，但考慮到正在進行的雲端轉換和遣散成本，您能否幫助我們思考一下 25 年上半年的表現？謝謝。

Corporate expense, okay, as you saw, if you -- we had those elements that we mentioned in the earnings release. And we do see it on, if you were basically -- just for those that it's on the trajectory that you would think as go forward into 2025. That range of $85 million, $90 million, $95 million is not -- in that range.

公司費用，好的，正如您所看到的，我們有收益報告中提到的那些要素。我們確實看到了這一點，如果你基本上 — — 只是對於那些你認為會進入 2025 年的軌跡而言。8500 萬美元、9000 萬美元、9500 萬美元這些數字並不在該範圍內。

Okay. So maybe something more similar to 4Q? Is that fair for early in the year?

好的。那麼也許與 4Q 更相似嗎？這對年初來說公平嗎？

Yeah, pretty much. Yes.

是的，相當不錯。是的。

So it will come -- we -- there'll be a bit less severance coming in. And as we go through the first and second quarter, some of that technology change that we did on the transformation to the cloud for some of the mainframes, et cetera, will start to dissipate.

因此，我們收到的遣散費將會減少一些。隨著我們進入第一季和第二季度，我們對一些大型主機向雲端轉型等進行的一些技術變革將開始消散。

And we'll work through it in the first and second quarter.

我們將在第一季和第二季解決這個問題。

Okay. Thank you. And could you give us a little bit more color on how you're thinking about G&A in '25 across the segments?

好的。謝謝。您能否向我們詳細介紹一下您對 25 年各部門的 G&A 的看法？

As you know, we manage G&A quite well. And certainly, we -- as we looked at our programs this year and we started, you saw we've taken action on transformation to adjust the expense base as we look at processes and other changes.

如您所知，我們的一般及行政管理相當好。當然，當我們審視今年的計劃並開始實施時，您會看到我們已經採取了轉型行動，以在審視流程和其他變化的同時調整費用基礎。

So we've accomplished a lot in 2024. Certainly, we're going to be continue -- some of that will continue -- carry over into '25, and we're constantly looking to reengineer. As it relates to AWM, AWM, certainly, we're very prudent on managing our expenses, but we have expenses associated with activity and investment in growth.

因此，我們在 2024 年取得了許多成就。當然，我們會繼續——其中一些會繼續——延續到25年，並且我們會不斷尋求重新設計。就 AWM 而言，AWM，當然，我們在管理費用方面非常謹慎，但我們有與活動和成長投資相關的費用。

So it will be measured as related to looking at revenue generation. But we feel very good about our ability to certainly demonstrate -- continuing the demonstration of how we manage those expenses.

因此，它將根據創收情況進行衡量。但我們對自己的能力感到非常滿意，我們能夠繼續展示我們如何管理這些費用。

Yeah. In the Asset Management business, some of the transformation that we did will move into '25 and give us some benefit as well. So overall, from a company perspective, we feel very good about how we're managing expenses. To Walter's point, we are making good investments in the business, in technology AI capabilities. We also are having volume-related, particularly as you think about AWM, where we have good growth. And part of that variable expense for that is in the G&A. So it's not something, as you would say, it's fixed overhead-type things.

是的。在資產管理業務方面，我們進行的一些轉型將延續到2025年，也將為我們帶來一些好處。因此總體而言，從公司角度來看，我們對我們的費用管理方式感到非常滿意。正如沃爾特所說，我們在業務和技術 AI 能力方面進行了良好的投資。我們也與數量有關，特別是當你想到 AWM 時，我們在那裡取得了良好的成長。這部分變動費用的一部分包含在一般及行政費用 (G&A) 中。所以它不是像你所說的那樣，是固定的開銷類型的東西。

Okay, great. Thank you.

好的，太好了。謝謝。

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

Hey, thanks, good morning. My first question was a follow-up on the wrap flow trends. So you saw a pretty big increase in organic growth in the fourth quarter to 8% from the more recent 6% trend. Can you comment on if that has continued at a similar pace so far in January?

嘿，謝謝，早安。我的第一個問題是有關包裝流趨勢的後續問題。因此，您會看到第四季度的有機成長率從最近的 6% 大幅提升至 8%。您能否評論一下 1 月迄今為止這一趨勢是否一直保持類似的速度？

As we look at -- January is a little -- because of a combination of the beginning of the month with some of the things that have occurred out there, so I would probably say things look consistent. But it's hard -- January is a little -- that's the start to the year. So it's not a perfect science for the rest of the quarter. But I don't see anything fundamental. I would probably say -- but January is always a hard month to take a flow from.

正如我們所看到的——一月份有點——因為月初和已經發生的一些事情的結合，所以我可能會說事情看起來很一致。但這很難——一月有點——那是一年的開始。因此，對於本季的剩餘時間來說，這並不是一門完美的科學。但我沒有看到任何根本性的東西。我可能會說——但一月總是一個難以流動的月份。

Got it. And then on the AWM margin, the 29% in the fourth quarter following the Fed rate cuts, do you feel that's a pretty reasonable expectation going forward from here?

知道了。那麼就 AWM 利潤率而言，聯準會降息後第四季的利潤率為 29%，您是否認為這是一個相當合理的預期？

Yes, I do.

是的，我願意。

Okay, great. Thank you.

好的，太好了。謝謝。

Kenneth Lee, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Kenneth Lee。

Hey, thanks for taking my question and apologies if this is covered before, but I'm just juggling a couple of calls this morning. In terms of the bank assets, the portfolio there, the bank fees were probably a little bit lower than I would have expected. Is there any kind of expectation around portfolio allocation across the assets in the business, perhaps a change in mix of fixed versus floating? Any additional color over the near term, how are you thinking about that? Thanks.

嘿，感謝您回答我的問題。就銀行資產、投資組合而言，銀行費用可能比我預期的要低。對於企業資產的投資組合配置有什麼預期嗎，例如固定資產與浮動資產的組合變動？近期還會有其他顏色嗎，您覺得怎麼樣？謝謝。

Sure. So listen, our mix has pretty much stayed the same. It's high quality and duration is in the 3% to 5% range. We did as I indicated, we came into the quarter with 75% on fixed at the bank, and we adjusted that to 87% fixed. So it -- and it's, again, the same quality and duration. So we feel that is -- we garnered good rates. So from that standpoint, that's the only change. We -- again, in the quarter, it was a 61 basis-points impact from the Fed, and the impact for the bank was almost 30 basis points-odd based on that mix.

當然。所以聽著，我們的組合基本上保持不變。其品質較高，持續時間在 3% 到 5% 之間。我們按照我所說的那樣做了，進入本季時，銀行固定利率為 75%，後來我們將其調整為 87%。所以 — — 並且，它的品質和持續時間是一樣的。因此我們認為——我們獲得了良好的利率。因此從這個角度來看，這是唯一的改變。我們 — — 再次，在本季度，聯準會的影響是 61 個基點，而基於這種組合，對銀行的影響幾乎是 30 個基點以上。

Got you. Very helpful there. And just one follow-up, if I may, just on the RPS side. Fair to say that over time, higher/elevated yields could translate into higher earnings over time. Just want to check in on that. And what are your expectations or outlook for the run rate earnings for 2025 there? Thanks.

明白了。非常有幫助。如果可以的話，我只想問一個關於 RPS 方面的後續問題。公平地說，隨著時間的推移，更高/更高的收益率可以轉化為更高的收益。只是想檢查一下這一點。您對 2025 年的運轉率效益有何預期或展望？謝謝。

Yeah. I think I covered that from the standpoint that certainly, we feel comfortable with the -- at the bank

是的。我認為我已經從我們對此感到滿意的角度介紹了這一點。

RPS.

RP-S。

Excuse me?

打擾一下？

RPS.

RP-S。

Oh, RPS. I'm sorry. On RPS, based upon the fundamentals we're seeing both again, we had a very good sales year, which obviously reduces the earnings and certainly, from that standpoint, of course, the time to sale. But we do see the fundamentals there, good transactional growth. And so and we're managing the --the liability base is quite solid. So I feel from that standpoint, it's a pretty solid number.

哦，RPS。對不起。對於 RPS 而言，基於我們再次看到的基本面，我們今年的銷售情況非常好，這顯然會降低收益，而且從這個角度來看，當然也會縮短銷售時間。但我們確實看到了那裡的基本面，良好的交易增長。所以，我們的管理——負債基礎相當穩固。因此我認為從這個角度來看，這是一個相當可靠的數字。

Got you. Very helpful there. Thanks again.

明白了。非常有幫助。再次感謝。

Michael Cyprus, Morgan Stanley.

摩根士丹利的邁克爾·塞浦路斯。

Oh, great. Thanks. Thanks so much for squeezing me in here. Just a question as we think about expense efficiency efforts that you guys have executed quite well on in recent years. Just curious how much of that would you say is attributable to deploying AI versus maybe some of the generative AI tools.

噢，太好了。謝謝。非常感謝您抽空讓我來這裡。當我們想到你們近年來在費用效率方面做得相當好時，我們有一個問題要問。只是好奇，您認為其中有多少可以歸因於部署人工智慧，或者可能是一些生成式人工智慧工具。

And as you look forward from here, how do you see the potential of greater deployment of those capabilities to unleash incremental expense efficiencies? Maybe you could talk about some of the use cases you see on the horizon, including maybe even AI agents. What's that journey look like for Ameriprise? And then with the recent DeepSeek announcement, it seems like maybe there could be prospects for faster, broader deployment. Just curious how you're thinking about that.

展望未來，您認為進一步部署這些能力將如何提高費用效率？也許您可以談談您看到的一些即將出現的用例，甚至包括人工智慧代理。對 Ameriprise 來說，這段旅程是什麼樣的呢？隨著最近的 DeepSeek 公告，似乎可能存在更快、更廣泛的部署的前景。只是好奇您是如何考慮這個問題的。

Yes. So we've been deploying intelligent automation, robotics for a while, and we continue to increase the number of areas that we deploy that in across the business. And so we see further opportunity for greater efficiency in that regard. We've also done a lot of work on generative AI, and we're running a lot of different cases that we're seeing some nice benefit from that we will be growing things out further.

是的。因此，我們一直在部署智慧自動化和機器人技術，並且我們將繼續增加在整個業務中部署這些技術的領域的數量。因此，我們看到了在這方面提高效率的更多機會。我們也在生成式人工智慧方面做了大量工作，並且正在運行許多不同的案例，從中看到了一些很好的好處，我們將進一步發展。

As an example, we've already gotten a level of efficiency, but we're working now to help advisers do business more easily, more productively, identifying opportunities in their book with clients. We're working with a lot of -- improving the client experience regarding our call center interactions and how we reach out to people.

舉例來說，我們已經達到了一定的效率，但我們現在正在努力幫助顧問更輕鬆、更有效率地開展業務，在與客戶的帳簿上發現機會。我們正在進行多方努力—改善客戶在呼叫中心互動以及我們與客戶聯繫方面的體驗。

In Columbia, we've tested a lot in enhancing our research capabilities and utilizing that to drive efficiencies. So there's a number of things that we're looking at across. Now you also have to recognize that we're in a highly regulated space. So we have to really look at how you use that, what information is there, et cetera, et cetera, which we do.

在哥倫比亞，我們進行了大量測試以增強我們的研究能力並利用這些能力來提高效率。我們正在關注很多事情。現在你也必須認識到我們處在一個受到嚴格監管的領域。所以，我們必須真正考慮如何使用它、其中包含什麼資訊等等，我們就是這樣做的。

And we have a good governance process. But as we get more learnings and more test results from what we do, we can start to expand that and roll that out further. So I think that will be something that will be added. But if you say, are you getting great efficiencies yet from it? The answer is no.

我們擁有良好的治理流程。但隨著我們從所做的事情中獲得更多的經驗和更多的測試結果，我們可以開始擴展它並進一步推廣。所以我認為這將會是需要添加的內容。但是如果你說，你是否已經從中獲得了很高的效率？答案是否定的。

But we've gotten it for the things that we've really tested and learned and deployed over time like intelligent automation, but not yet on the generative AI. But that's been starting to be deployed now.

但我們已經獲得了經過長期測試、學習和部署的成果，例如智慧自動化，但尚未獲得生成性人工智慧。但現在已經開始部署了。

Great. Thank you.

偉大的。謝謝。

We have no further questions at this time. This concludes today's conference. Thank you for participating. You may now disconnect

目前我們沒有其他問題。今天的會議到此結束。感謝您的參與。現在您可以斷開連接