Form 8-K

8-K — AMERIPRISE FINANCIAL INC

Accession: 0000820027-26-000050

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0000820027

SIC: 6282 (INVESTMENT ADVICE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — amp-20261029.htm (Primary)

EX-99 — EX-99.1 (q32026er.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM

8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2026

AMERIPRISE FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-32525 13-3180631

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

1099 Ameriprise Financial Center Minneapolis Minnesota 55474

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code 612 671-3131

Former name or former address, if changed since last report:

Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Stock (par value $.01 per share)

AMP

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

Ameriprise Financial, Inc. furnishes herewith, on Exhibit 99.1, an earnings release issued October 29, 2026 announcing its financial results for the third quarter of 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

Exhibit 99.1

Earnings Release dated October 29, 2026 announcing financial results for the third quarter of 2026

Exhibit 104

Cover page Interactive Data File (embedded within the Inline eXtensible Business Reporting Language)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERIPRISE FINANCIAL, INC.

(Registrant)

Date: October 29, 2026 By: /s/ Walter S. Berman

Walter S. Berman

Executive Vice President and

Chief Financial Officer

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EX-99

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Document

Ameriprise Financial, Inc.

Minneapolis, MN

NYSE: AMP

October 29, 2026

Ameriprise Financial Reports

Third Quarter 2026 Results

Earnings Per Diluted Share

Return on Equity, ex AOCI (1)

Q3 2026

GAAP $12.32 GAAP 55.2%

Adjusted Operating

$11.26

Adjusted Operating

55.3%

Adjusted Operating, excluding unlocking(2)

$12.07

Adjusted Operating, excluding unlocking(2)

56.2%

•Third quarter adjusted operating earnings per diluted share increased 14 percent to $11.26. Adjusted operating earnings per diluted share, excluding unlocking increased 22 percent to $12.07.(2) Results reflected continued asset growth.

•Third quarter GAAP net income per diluted share was $12.32 compared to $9.33 a year ago, driven by continued asset growth and included favorable market impacts on the valuation of derivatives and market risk benefits, compared to unfavorable market impacts a year ago.

•Assets under management, administration and advisement grew to $1.8 trillion, up 8 percent.

•Adjusted operating net revenues increased 10 percent to

$5.1 billion(2) primarily from asset growth and strong client engagement.

•Pretax adjusted operating margin was strong at 28 percent(2).

•Balance sheet fundamentals continued to be a core differentiator. The company generated and returned significant capital to shareholders with over $1.0 billion, or

93 percent of operating earnings(2), returned in the quarter.

In addition, the company announced a new share repurchase authorization of $5.5 billion through September 30, 2028.

•Return on equity remains distinguished in the industry at

56 percent(1)(2).

•Ameriprise and Huntington Bank recently completed the transition of 258 Huntington advisors to Ameriprise with

$28 billion of client assets transferring through early 2027. We are pleased to welcome an additional 29 advisors managing nearly $4 billion of client assets that joined Huntington through their acquisition of Cadence Bank and

will come onto our platform in mid-2027.

•Ameriprise continues to be recognized in the marketplace, including on the Forbes 2027 Most Trusted Companies in America list.

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

“Ameriprise delivered another strong quarter, reflecting the quality of our business, deep client relationships and focus on profitable growth. We continue to invest for the long term and are well-positioned to navigate as conditions evolve.

Our ongoing investments in the client and advisor experience, including thoughtfully integrating AI, are driving high engagement, practice growth, strong client activity and solid underlying flows.

Earlier this month, we welcomed more than 250 advisors from Huntington Bank through our financial institutions channel.

Ameriprise generates significant free cash flow, supported by the strength of our balance sheet and capital generation. This enables us to consistently invest in the business while returning capital to shareholders in a differentiated way. During the quarter, we increased share repurchases and announced a new two-year, $5.5 billion share repurchase authorization.”

(1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.

(2) Excludes unlocking. Unlocking impacts reflect both the company’s annual review of insurance and annuity valuation assumptions and model changes.

Ameriprise Financial, Inc.

Third Quarter Summary

Quarter Ended

September 30,

% Better/

(Worse) Year-to-date

September 30, % Better/

(Worse)

(in millions, except per share amounts, unaudited) 2026 2025 2026 2025

GAAP net income $ 1,126 $ 912 23% $ 3,154 $ 2,555 23%

Adjusted operating earnings

(see reconciliation on p. 24 & 25)

$ 1,029 $ 965 7% $ 3,121 $ 2,815 11%

Adjusted operating earnings, excluding unlocking (see reconciliation on p. 24 & 25)

$ 1,103 $ 970 14% $ 3,195 $ 2,820 13%

GAAP net income per diluted share $ 12.32 $ 9.33 32% $ 33.95 $ 25.83 31%

Adjusted operating earnings per diluted share

(see reconciliation on p. 24 & 25)

$ 11.26 $ 9.87 14% $ 33.60 $ 28.46 18%

Adjusted operating earnings per diluted share, excluding unlocking (see reconciliation on p. 24 & 25)

$ 12.07 $ 9.92 22% $ 34.39 $ 28.51 21%

GAAP Return on Equity, ex. AOCI 55.2 % 50.9 % 55.2 % 50.9 %

Adjusted Operating Return on Equity, ex. AOCI

(see reconciliation on p. 27)

55.3 % 52.8 % 55.3 % 52.8 %

Adjusted Operating Return on Equity, ex. AOCI and unlocking (see reconciliation on p. 27)

56.2 % 52.8 % 56.2 % 52.8 %

Weighted average common shares outstanding:

Basic 90.3 96.3 91.8 97.4

Diluted 91.4 97.8 92.9 98.9

Third quarter 2026 GAAP results included favorable market impacts on the valuation of derivatives and market risk benefits, compared with unfavorable impacts in the prior-year quarter.

The company completed its unlocking review in the quarter, which resulted in an unfavorable after-tax impact of $72 million, or $0.79 per share, on a GAAP basis and an unfavorable after-tax impact of $74 million, or $0.81 per share, on an adjusted operating basis. This impact resulted from modest updates to our policyholder behavior assumptions, reflecting an improvement from the prior year. However, last year benefited from a one-time favorable model enhancement that largely offset the impact from policyholder behavior assumption changes. These businesses continue to perform in line with expectations.

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

Quarter Ended September 30, % Better/

(Worse)

(in millions, unaudited) 2026 2025

Adjusted operating net revenues $ 3,371 $ 2,990 13%

Distribution expenses 1,911 1,656 (15)%

Interest and debt expense 16 14 (14)%

General and administrative expenses 455 439 (4)%

Adjusted operating expenses

2,382 2,109 (13)%

Pretax adjusted operating earnings

$ 989 $ 881 12%

Pretax adjusted operating margin 29.3 % 29.5 % (20) bps

Quarter Ended September 30, % Better/

(Worse)

(in billions, unless otherwise noted) 2026 2025

Total client assets $ 1,231 $ 1,138 8%

Wrap assets

$ 729 $ 650 12%

Cash sweep balances

$ 27.0 $ 27.1 (1)%

Adjusted operating net revenue per advisor (TTM in thousands) $ 1,240 $ 1,093 13%

Quarter Ended September 30, % Better/

(Worse) % Better/

(Worse)

Ex. Comerica

(in billions, unless otherwise noted) 2026 2026

Ex. Comerica 2025

Total client net flows $ (8.5) $ 5.3 $ 3.4 NM 56%

Wrap net flows $ 4.8 $ 6.6 $ 4.8 —% 38%

NM Not Meaningful - variance equal to or greater than 100%

Advice & Wealth Management generated strong performance with pretax adjusted operating earnings of

$989 million, up 12 percent, and a margin of 29.3 percent. Core distribution earnings increased more than

20 percent and represented the majority of segment earnings.

Adjusted operating net revenues increased 13 percent to $3.4 billion, primarily driven by 8 percent growth in client assets and higher transactional activity. Strong wrap net inflows and market appreciation contributed to growth in fee-based revenues, while increased sales of annuity products and brokerage transactions drove strong transactional activity.

Adjusted operating expenses increased 13 percent to $2.4 billion, primarily driven by distribution expenses, which grew in line with advisor-driven revenues. General and administrative expenses increased 4 percent

to $455 million, primarily driven by volume-related expenses and investments for growth.

Our underlying business fundamentals coupled with strong operating and technology capabilities are foundational in driving sustained profitable growth.

•Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.2 million, up 13 percent. The company added 79 experienced advisors in the quarter.

•Total client assets were $1.2 trillion, up $93 billion, or 8 percent, and wrap assets were $729 billion, up

$79 billion, or 12 percent, driven by organic growth and market appreciation.

•Excluding Comerica, client net inflows were up 56 percent to $5.3 billion and wrap net inflows were up

38 percent to $6.6 billion, reflecting continued solid underlying organic activity.

•We anticipate approximately $32 billion of Huntington assets transitioning to our platform through mid-2027.

•Transactional activity continued to grow, up 6 percent, driven by our planning model.

•Cash sweep balances were $27.0 billion compared to $28.8 billion in the prior quarter, primarily reflecting

a $1.5 billion impact from the Comerica transition, with stable underlying balances.

•Bank assets increased 2 percent to $24.7 billion and earnings were up in the mid-single-digit percent range.

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

Quarter Ended September 30, % Better/

(Worse)

(in millions, unaudited) 2026 2025

Adjusted operating net revenues $ 990 $ 906 9%

Distribution expenses 282 254 (11)%

Amortization of deferred acquisition costs 2 2 —%

Interest and debt expense 4 3 (33)%

General and administrative expenses 394 387 (2)%

Adjusted operating expenses 682 646 (6)%

Pretax adjusted operating earnings $ 308 $ 260 18%

Net pretax adjusted operating margin (1)

45.7 % 42.1 %

Quarter Ended September 30, % Better/

(Worse)

(in billions) 2026 2025

Assets Under Management and Advisement (2)

$ 743 $ 714 4%

Net Flows

Global Retail net AUM flows, ex. legacy insurance partners $ (4.4) $ (2.8) (57)%

Model delivery AUA flows (2)

1.5 1.7 (12)%

Total retail net AUM flows and model delivery AUA flows (2)

(2.9) (1.1) NM

Global Institutional net AUM flows, ex. legacy insurance partners

(5.5) (1.4) NM

Legacy insurance partners AUM flows

(0.9) (0.9) —%

Total Net AUM and AUA flows (2)

$ (9.3) $ (3.4) NM

(1) See reconciliation on page 13.

(2) Model Delivery Assets Under Advisement are presented on a one-quarter lag. Flows are estimated based on the period-to-period change in assets less calculated performance based on strategy returns.

NM Not Meaningful - variance equal to or greater than 100%

Asset Management adjusted operating net revenues increased 9 percent to $990 million and pretax adjusted operating earnings increased 18 percent to $308 million. Net pretax adjusted operating margin increased 360 basis points to 45.7 percent, reflecting our discipline in pursuing growth that enhances shareholder value. The underlying fee rate remained stable.

Adjusted operating expenses increased 6 percent. General and administrative expenses increased 2 percent driven by higher compensation expense for Seligman from AUM growth and performance, as well as higher volume-related expenses. We continue to demonstrate expense discipline, with full-year general and administrative expenses expected to be flat excluding Seligman and other performance fee compensation, while investing in opportunities to drive growth.

Assets under management and advisement increased 4 percent to $743 billion. Investment performance remained strong with 78 percent of retail funds above median versus peers on an asset-weighted basis for the 3-year period, 74 percent for the 5-year period, and 87 percent for the 10-year period. In addition, 92 Columbia Threadneedle funds globally earned four- or five-star ratings from Morningstar.

We remain focused on meeting clients’ needs with a broad range of investment capabilities and product structures, including ETFs, SMAs and Model Delivery offerings, while further expanding our alternative strategies. In the quarter, net outflows were $9.3 billion, reflecting:

•Institutional net outflows of $5.5 billion primarily related to client asset allocation decisions.

•Retail net outflows of $2.9 billion, which included approximately $0.8 billion of outflows from VP/VIT funds associated with our closed block of variable annuities with living benefit riders. Remaining flows reflect industry pressure on active managers.

•Generation of net inflows in areas of strategic focus within retail and institutional, including $1.3 billion of net inflows into technology and healthcare strategies and $2.4 billion of net inflows into ETFs, SMAs and Model Delivery offerings.

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

Quarter Ended September 30, % Better/

(Worse)

(in millions, unaudited) 2026 2025

Adjusted operating net revenues $ 997 $ 1,102 (10)%

Adjusted operating expenses 865 885 2%

Pretax adjusted operating earnings $ 132 $ 217 (39)%

Unlocking (66) 17 NM

Pretax adjusted operating earnings, excluding unlocking

$ 198 $ 200 (1)%

NM Not Meaningful - variance equal to or greater than 100%

Retirement & Protection Solutions pretax adjusted operating earnings, excluding unlocking were $198 million, reflecting continued market appreciation and favorable life claims, offset by impacts from outflows in variable annuities with living benefit riders and higher distribution expenses related to strong structured annuity sales.

Retirement & Protection Solutions sales increased 24 percent to $1.8 billion, with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life insurance, providing important solutions for our wealth management planning clients.

Our high-quality books of business continued to generate strong earnings, margins and free cash flow, while delivering excellent risk-adjusted returns and are an important contributor to our diversified business model.

Ameriprise Financial, Inc.

Corporate & Other Segment Adjusted Operating Results

Quarter Ended September 30, % Better/

(Worse)

(in millions, unaudited) 2026 2025

Corporate & Other $ (92) $ (87) (6)%

Closed Blocks (1)

(34) (29) (17)%

Pretax adjusted operating earnings/(loss) $ (126) $ (116) (9)%

Unlocking

(28) (23) (22)%

Pretax adjusted operating earnings, excluding unlocking

$ (98) $ (93) (5)%

Long Term Care, excluding unlocking

$ 4 $ 4 —%

Fixed Annuities, excluding unlocking

(10) (10) —%

Pretax adjusted operating earnings/(loss), excluding unlocking

$ (6) $ (6) —%

(1) Long Term Care and Fixed Annuities.

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $92 million.

Long Term Care pretax adjusted operating earnings, excluding unlocking were $4 million in the quarter, a continuation of a solid performance trend.

Fixed Annuities pretax adjusted operating loss, excluding unlocking was in line with expectations

at $10 million.

Taxes

The operating effective tax rate was 21.0 percent for the third quarter. The operating effective tax

rate is expected to be 20 to 22 percent for the full year 2026.

Contacts

Investor Relations: Media Relations:

Stephanie M. Rabe Paul W. Johnson

Ameriprise Financial Ameriprise Financial

(612) 671-4085 (612) 671-0625

stephanie.m.rabe@ampf.com paul.w.johnson@ampf.com

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.

Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited, Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle (EM) Investments Limited, and Pyrford International Ltd, are SEC- and FCA-registered investment adviser affiliates of Columbia Management Investment Advisers, LLC based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA.

Non-GAAP Financial Measures

The company believes the presentation of adjusted operating measures and other non-GAAP financial measures, and the corresponding ratios, best represents the underlying performance of our core operations and facilitates a more meaningful trend analysis without the distortion of various adjustment items. Management uses non-GAAP financial measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors and to provide a valuable perspective for investors. These non-GAAP financial measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures. Non-GAAP financial measure reconciliations can be found on the subsequent pages.

Forward-Looking Statements

This news release contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:

•statements of the company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;

•other statements about future economic performance, the performance of equity markets and interest rate forecasts or variations, and the economic performance of the United States and of global markets;

•statements concerning expected general and administrative expense for Asset Management;

•statements regarding the expected amount and timing of assets transitioning to our platform due to our partnership with Huntington Bank;

•statements estimating the expected full year 2026 operating effective tax rate; and

•statements of assumptions underlying such statements.

The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” ”continue,” “able to remain”, “resume,” “deliver,” “develop,” “evolve,” “drive,” ”enable,” “flexibility,” “commitment,” “scenario,” “case,” “appear,” “expands” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.

The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Form 10-Q for the period ended September 30, 2026.

Ameriprise Financial announces financial and other information to investors through the company’s investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this release or in any other report or document the company furnishes or files with the SEC.

Credential Source

The 2027 Forbes Most Trusted Companies in America ranking was awarded by Forbes based on an evaluation of more than 2,000 U.S.-headquartered companies with at least 5,000 employees. Rankings were determined using more than 50 metrics across employee, customer, investor, and creditor trust. Survey data used in the evaluation covered a 12- to 18-month period ending August 2026, and financial, workforce, and creditor data were evaluated as of September 2026. Ameriprise did not pay a fee to be considered for the ranking but did pay a licensing fee to publicize the award. For more information, visit https://www.forbes.com/lists/most-trusted-companies.

Ameriprise Financial, Inc.

Consolidated GAAP Results

(in millions, except per share amounts, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Revenues

Management and financial advice fees $ 3,230 $ 2,811 15% $ 3,066 5%

Distribution fees 568 539 5% 573 (1)%

Net investment income 908 920 (1)% 893 2%

Premiums, policy and contract charges 355 493 (28)% 341 4%

Other revenues 130 130 —% 140 (7)%

Total revenues 5,191 4,893 6% 5,013 4%

Banking and deposit interest expense 74 102 27% 73 (1)%

Total net revenues 5,117 4,791 7% 4,940 4%

Expenses

Distribution expenses 1,955 1,714 (14)% 2,116 8%

Interest credited to fixed accounts 72 141 49% 169 57%

Benefits, claims, losses and settlement expenses 302 343 12% 294 (3)%

Remeasurement (gains) losses of future policy benefit reserves 32 22 (45)% 1 NM

Change in fair value of market risk benefits 202 302 33% (229) NM

Amortization of deferred acquisition costs 62 60 (3)% 61 (2)%

Interest and debt expense 83 84 1% 84 1%

General and administrative expense 982 951 (3)% 1,002 2%

Total expenses 3,690 3,617 (2)% 3,498 (5)%

Pretax income 1,427 1,174 22% 1,442 (1)%

Income tax provision 301 262 (15)% 329 9%

Net income $ 1,126 $ 912 23% $ 1,113 1%

Earnings per share

Basic earnings per share $ 12.47 $ 9.47 $ 12.12

Earnings per diluted share $ 12.32 $ 9.33 $ 11.98

Weighted average common shares outstanding

Basic 90.3 96.3 91.8

Diluted 91.4 97.8 92.9

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless otherwise noted, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Assets Under Management, Administration and Advisement

Advice & Wealth Management AUM $ 725,204 $ 646,382 12% $ 727,679 —%

Asset Management AUM 692,014 674,720 3% 714,809 (3)%

Corporate AUM 1,330 774 72% 1,191 12%

Eliminations (44,314) (47,812) 7% (47,667) 7%

Assets Under Management 1,374,234 1,274,064 8% 1,396,012 (2)%

Assets Under Administration 362,972 347,923 4% 374,615 (3)%

Assets Under Advisement (net of eliminations) (1)

47,336 37,522 26% 41,991 13%

Total Assets Under Management, Administration and Advisement $ 1,784,542 $ 1,659,509 8% $ 1,812,618 (2)%

S&P 500

Daily average 7,620 6,427 19% 7,267 5%

Period end 7,652 6,688 14% 7,499 2%

Weighted Equity Index (WEI) (2)

Daily average 4,820 4,055 19% 4,603 5%

Period end 4,800 4,210 14% 4,753 1%

Common shares

Beginning balance 88.4 94.4 (6)% 90.1 (2)%

Repurchases (1.6) (1.4) (14)% (1.7) 6%

Issuances 0.3 0.2 50% 0.1 NM

Other (0.1) (0.1) —% (0.1) —%

Total common shares outstanding 87.0 93.1 (7)% 88.4 (2)%

Restricted stock units 2.4 2.4 —% 2.4 —%

Total basic common shares outstanding 89.4 95.5 (6)% 90.8 (2)%

Total potentially dilutive shares 1.0 1.5 (33)% 1.1 (9)%

Total diluted shares 90.4 97.0 (7)% 91.9 (2)%

Capital Returned to Shareholders

Dividends paid $ 155 $ 155 —% $ 158 (2)%

Common stock share repurchases 871 687 27% 774 13%

Total Capital Returned to Shareholders $ 1,026 $ 842 22% $ 932 10%

(1) Assets reported on a one quarter lag.

(2) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Revenues

Management and financial advice fees:

Advisory fees $ 1,965 $ 1,664 18% $ 1,859 6%

Financial planning fees 145 120 21% 126 15%

Transaction and other fees 105 102 3% 105 —%

Total management and financial advice fees 2,215 1,886 17% 2,090 6%

Distribution fees:

Mutual funds 247 227 9% 244 1%

Insurance and annuity 280 268 4% 281 —%

Off-Balance sheet brokerage cash 18 21 (14)% 21 (14)%

Other products 136 126 8% 138 (1)%

Total distribution fees 681 642 6% 684 —%

Net investment income 461 485 (5)% 455 1%

Other revenues 88 79 11% 90 (2)%

Total revenues 3,445 3,092 11% 3,319 4%

Banking and deposit interest expense 74 102 27% 73 (1)%

Adjusted operating total net revenues 3,371 2,990 13% 3,246 4%

Expenses

Distribution expenses 1,911 1,656 (15)% 1,829 (4)%

Interest and debt expense 16 14 (14)% 15 (7)%

General and administrative expense 455 439 (4)% 463 2%

Adjusted operating expenses 2,382 2,109 (13)% 2,307 (3)%

Pretax adjusted operating earnings $ 989 $ 881 12% $ 939 5%

Pretax adjusted operating margin 29.3 % 29.5 % 28.9 %

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless otherwise noted, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

AWM Total Client Assets $ 1,230,948 $ 1,138,392 8% $ 1,247,579 (1)%

Total Client Flows $ (8,458) $ 3,442 NM $ 3,053 NM

Total Wrap Accounts

Beginning assets $ 731,500 $ 615,189 19% $ 664,167 10%

Net flows 4,848 4,769 2% 6,935 (30)%

Market appreciation (depreciation) and other (7,459) 30,344 NM 60,398 NM

Total wrap ending assets $ 728,889 $ 650,302 12% $ 731,500 —%

Advisory wrap account assets ending balance (1)

$ 722,991 $ 644,436 12% $ 725,486 —%

Average advisory wrap account assets(2)

$ 728,121 $ 618,236 18% $ 694,038 5%

AWM Cash Balances

On-balance sheet (Net Investment Income)

On-balance sheet - bank $ 23,606 $ 22,593 4% $ 23,940 (1)%

On-balance sheet - certificate 7,347 8,936 (18)% 7,381 —%

On-balance sheet - broker dealer 2,372 2,119 12% 2,423 (2)%

Total on-balance sheet 33,325 33,648 (1)% 33,744 (1)%

Off-balance sheet (Distribution Fees)

Off-balance sheet - broker dealer 2,136 3,216 (34)% 3,486 (39)%

Total AWM Cash Balances $ 35,461 $ 36,864 (4)% $ 37,230 (5)%

Bank - Net Investment Income

Average interest-bearing assets $ 25,290 $ 23,986 5% $ 25,209 —%

Gross fee yield (3)

4.61 % 4.67 % 4.67 %

Certificates - Net Investment Income

Average interest-bearing assets $ 7,824 $ 10,038 (22)% $ 7,873 (1)%

Gross fee yield (3)

4.52 % 5.00 % 4.57 %

Other - Net Investment Income

Average interest-bearing assets $ 6,236 $ 5,176 20% $ 5,685 10%

Gross fee yield (3)

5.15 % 5.90 % 5.38 %

Off-balance sheet - broker dealer - Distribution Fees

Average balances $ 2,846 $ 3,297 (14)% $ 3,735 (24)%

Net fee yield 2.47 % 2.51 % 2.24 %

(1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the three months ended in each reflected period which is reflective of our billing cycle.

(3) Gross fee yield is calculated using amortized cost of investments.

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Revenues

Management and financial advice fees:

Asset management fees:

Retail $ 617 $ 557 11% $ 597 3%

Institutional 162 140 16% 149 9%

Model delivery 30 24 25% 27 11%

Transaction and other fees 58 52 12% 54 7%

Revenue from other sources (1)

2 2 —% 3 (33)%

Total management and financial advice fees 869 775 12% 830 5%

Distribution fees:

Mutual funds 67 58 16% 65 3%

Insurance and annuity 40 40 —% 40 —%

Total distribution fees 107 98 9% 105 2%

Net investment income 8 26 (69)% 7 14%

Other revenues 6 7 (14)% 5 20%

Total revenues 990 906 9% 947 5%

Banking and deposit interest expense — — —% — —%

Adjusted operating total net revenues 990 906 9% 947 5%

Expenses

Distribution expenses 282 254 (11)% 270 (4)%

Amortization of deferred acquisition costs 2 2 —% 1 NM

Interest and debt expense 4 3 (33)% 4 —%

General and administrative expense 394 387 (2)% 398 1%

Adjusted operating expenses 682 646 (6)% 673 (1)%

Pretax adjusted operating earnings $ 308 $ 260 18% $ 274 12%

Net Pretax Adjusted Operating Margin Reconciliation

Adjusted operating total net revenues $ 990 $ 906 9% $ 947 5%

Distribution pass through revenues (223) (202) (10)% (215) (4)%

Subadvisory and other pass through revenues (100) (112) 11% (97) (3)%

Net adjusted operating revenues 667 592 13% 635 5%

Pretax adjusted operating earnings $ 308 $ 260 18% $ 274 12%

Adjusted operating net investment income (8) (26) 69% (7) (14)%

Amortization of intangibles 5 15 (67)% 4 25%

Net adjusted operating earnings $ 305 $ 249 22% $ 271 13%

Pretax adjusted operating margin 31.1 % 28.7 % 28.9 %

Net pretax adjusted operating margin (2)

45.7 % 42.1 % 42.7 %

Total Performance fees (3)

Performance fees $ 10 $ 2 NM $ 1 NM

General and administrative expense related to performance fees 6 — —% 1 NM

Net performance fees $ 4 $ 2 NM $ — —%

(1) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.

(2) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.

(3) Performance fees do not include CLO incentive fees.

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Managed Assets Rollforward

Global Retail Funds

Beginning assets $ 410,052 $ 361,696 13% $ 368,234 11%

Inflows 14,079 14,762 (5)% 17,101 (18)%

Outflows (18,362) (17,593) (4)% (19,526) 6%

Net VP/VIT fund flows (1,824) (1,760) (4)% (1,731) (5)%

Net new flows (6,107) (4,591) (33)% (4,156) (47)%

Reinvested dividends 1,725 1,684 2% 2,755 (37)%

Net flows (4,382) (2,907) (51)% (1,401) NM

Distributions (1,805) (1,808) —% (3,004) 40%

Market appreciation (depreciation) and other (3,872) 22,760 NM 46,208 NM

Foreign currency translation (1)

(22) (1,435) 98% 15 NM

Total ending assets 399,971 378,306 6% 410,052 (2)%

% of total retail assets sub-advised

12.9 % 13.2 % 13.6 %

Global Institutional

Beginning assets 304,757 292,528 4% 293,388 4%

Inflows (2)

11,513 9,156 26% 12,957 (11)%

Outflows (2)

(17,931) (11,421) (57)% (18,044) 1%

Net flows (6,418) (2,265) NM (5,087) (26)%

Market appreciation (depreciation) and other (3)

(6,161) 8,975 NM 16,226 NM

Foreign currency translation (1)

(135) (2,824) 95% 230 NM

Total ending assets 292,043 296,414 (1)% 304,757 (4)%

Total managed assets $ 692,014 $ 674,720 3% $ 714,809 (3)%

Total Assets Under Advisement (4)

50,539 39,443 28% 44,594 13%

Total Assets Under Management & Advisement $ 742,553 $ 714,163 4% $ 759,403 (2)%

Total AUM net flows $ (10,800) $ (5,172) NM $ (6,488) (66)%

Model delivery AUA flows (5)

1,483 1,731 (14)% 17 NM

Total AUM and AUA Flows (5)

$ (9,317) $ (3,441) NM $ (6,471) (44)%

Legacy insurance partners flows $ (954) $ (903) (6)% $ 71 NM

(1) Amounts represent local currency to U.S. dollar translation for reporting purposes.

(2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.

(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB.

(4) Assets are presented on a one-quarter lag.

(5) AUA flows are estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag.

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Asset Management Segment Operating Metrics

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Total Managed Assets by Type

Equity $ 399,308 $ 368,610 8% $ 406,936 (2)%

Fixed income 220,369 234,682 (6)% 234,637 (6)%

Money market 21,424 21,545 (1)% 21,896 (2)%

Alternative 31,562 29,281 8% 31,936 (1)%

Hybrid and other 19,351 20,602 (6)% 19,404 —%

Total managed assets by type $ 692,014 $ 674,720 3% $ 714,809 (3)%

Average Managed Assets by Type (1)

Equity $ 404,076 $ 358,062 13% $ 389,304 4%

Fixed income 229,423 232,013 (1)% 235,958 (3)%

Money market 22,055 21,922 1% 22,425 (2)%

Alternative 31,932 28,644 11% 31,040 3%

Hybrid and other 19,554 20,106 (3)% 19,477 —%

Total average managed assets by type $ 707,040 $ 660,747 7% $ 698,204 1%

(1) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.

Ameriprise Financial, Inc.

Asset Management Segment Performance Metrics

3 Qtr 2026

Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted 1 year 3 year 5 year 10 year

Equity 56% 78% 77% 87%

Fixed Income 32% 78% 57% 86%

Asset Allocation 34% 81% 76% 85%

4- or 5-star Morningstar rated funds Overall 3 year 5 year 10 year

Number of Rated Funds 92 80 68 77

Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e., Institutional if available, otherwise Institutional 3 share class), net of fees. Peer groupings of Threadneedle are defined by either IA or Morningstar index and are based on Primary Share Class. Comparisons to Index are measured Gross of Fees.

To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.

Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.

Morningstar as of 09/30/26. Columbia funds are available for purchase by U.S. customers. Out of 85 Columbia funds rated (based on primary share class), 5 received a 5-star Overall Rating and 38 received a 4-star Overall Rating. Out of 128 Threadneedle funds rated (based on highest-rated share class), 13 received a 5-star Overall Rating and 36 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms.

© 2026 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Revenues

Management and financial advice fees $ 191 $ 192 (1)% $ 190 1%

Distribution fees 107 105 2% 107 —%

Net investment income 364 326 12% 347 5%

Premiums, policy and contract charges 334 479 (30)% 330 1%

Other revenues 1 — —% 1 —%

Total revenues 997 1,102 (10)% 975 2%

Banking and deposit interest expense — — —% — —%

Adjusted operating total net revenues 997 1,102 (10)% 975 2%

Expenses

Distribution expenses 141 134 (5)% 139 (1)%

Interest credited to fixed accounts 104 95 (9)% 94 (11)%

Benefits, claims, losses and settlement expenses 249 256 3% 234 (6)%

Remeasurement (gains) losses of future policy benefit reserves (1) (9) (89)% (3) (67)%

Change in fair value of market risk benefits 219 257 15% 162 (35)%

Amortization of deferred acquisition costs 59 56 (5)% 58 (2)%

Interest and debt expense 9 11 18% 10 10%

General and administrative expense 85 85 —% 79 (8)%

Adjusted operating expenses 865 885 2% 773 (12)%

Pretax adjusted operating earnings $ 132 $ 217 (39)% $ 202 (35)%

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Operating Metrics

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Variable Annuities Rollforwards

Beginning balance $ 94,401 $ 87,840 7% $ 88,115 7%

Deposits 1,607 1,256 28% 1,504 7%

Withdrawals and terminations (2,926) (2,387) (23)% (2,718) (8)%

Net flows (1,319) (1,131) (17)% (1,214) (9)%

Investment performance and interest credited (324) 4,241 NM 7,500 NM

Total ending balance - contract accumulation values $ 92,758 $ 90,950 2% $ 94,401 (2)%

Variable annuities fixed sub-accounts $ 3,301 $ 3,493 (5)% $ 3,318 (1)%

Life Insurance In Force $ 196,158 $ 197,593 (1)% $ 196,774 —%

Net Amount at Risk (Life) $ 36,759 $ 37,241 (1)% $ 36,451 1%

Net Policyholder Reserves

VUL/UL $ 18,275 $ 17,144 7% $ 18,438 (1)%

Term and whole life 145 168 (14)% 158 (8)%

Disability insurance 396 457 (13)% 426 (7)%

Other insurance 462 488 (5)% 466 (1)%

Total net policyholder reserves $ 19,278 $ 18,257 6% $ 19,488 (1)%

DAC Ending Balances

Variable Annuities DAC $ 1,621 $ 1,646 (2)% $ 1,626 —%

Life and Health DAC $ 939 $ 946 (1)% $ 940 —%

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements

Revenues

Management and financial advice fees $ — $ — —% $ — —%

Distribution fees — — —% — —%

Net investment income (1) (7) 86% 2 NM

Premiums, policy and contract charges — — —% — —%

Other revenues 2 2 —% 2 —%

Total revenues 1 (5) NM 4 (75)%

Banking and deposit interest expense 7 9 22% 4 (75)%

Adjusted operating total net revenues (6) (14) 57% — —%

Expenses

Distribution expenses — — —% — —%

Interest credited to fixed accounts — — —% — —%

Benefits, claims, losses and settlement expenses — — —% — —%

Remeasurement (gains) losses of future policy benefit reserves — — —% — —%

Change in fair value of market risk benefits — — —% — —%

Amortization of deferred acquisition costs — — —% — —%

Interest and debt expense 29 23 (26)% 24 (21)%

General and administrative expense 57 50 (14)% 53 (8)%

Adjusted operating expenses 86 73 (18)% 77 (12)%

Pretax adjusted operating earnings (loss) $ (92) $ (87) (6)% $ (77) (19)%

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Long Term Care Adjusted Operating Income Statements

Revenues

Management and financial advice fees $ — $ — —% $ — —%

Distribution fees — — —% — —%

Net investment income 45 47 (4)% 44 2%

Premiums, policy and contract charges 22 22 —% 21 5%

Other revenues — — —% — —%

Total revenues 67 69 (3)% 65 3%

Banking and deposit interest expense — — —% — —%

Adjusted operating total net revenues 67 69 (3)% 65 3%

Expenses

Distribution expenses (2) (2) —% (4) (50)%

Interest credited to fixed accounts — — —% — —%

Benefits, claims, losses and settlement expenses 53 53 —% 53 —%

Remeasurement (gains) losses of future policy benefit reserves 33 31 (6)% 4 NM

Change in fair value of market risk benefits — — —% — —%

Amortization of deferred acquisition costs — — —% — —%

Interest and debt expense 2 4 50% 2 —%

General and administrative expense 6 5 (20)% 6 —%

Adjusted operating expenses 92 91 (1)% 61 (51)%

Pretax adjusted operating earnings (loss) $ (25) $ (22) (14)% $ 4 NM

Long Term Care Policyholder Reserves, net of reinsurance $ 2,437 $ 2,643 (8)% $ 2,575 (5)%

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Fixed Annuities Adjusted Operating Income Statements

Revenues

Management and financial advice fees $ — $ — —% $ — —%

Distribution fees — — —% — —%

Net investment income 7 7 —% 7 —%

Premiums, policy and contract charges — — —% — —%

Other revenues 37 42 (12)% 42 (12)%

Total revenues 44 49 (10)% 49 (10)%

Banking and deposit interest expense — — —% — —%

Adjusted operating total net revenues 44 49 (10)% 49 (10)%

Expenses

Distribution expenses 1 — —% 1 —%

Interest credited to fixed accounts 49 51 4% 50 2%

Benefits, claims, losses and settlement expenses — — —% 1 NM

Remeasurement (gains) losses of future policy benefit reserves — — —% — —%

Change in fair value of market risk benefits — — —% — —%

Amortization of deferred acquisition costs 1 2 50% 2 50%

Interest and debt expense — — —% — —%

General and administrative expense 2 3 33% 3 33%

Adjusted operating expenses 53 56 5% 57 7%

Pretax adjusted operating earnings (loss) $ (9) $ (7) (29)% $ (8) (13)%

NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.

Eliminations(1) Adjusted Operating Results

(in millions, unaudited) 3 Qtr 2026 3 Qtr 2025 % Better/

(Worse) 2 Qtr 2026 % Better/

(Worse)

Revenues

Management and financial advice fees $ (43) $ (41) (5)% $ (42) (2)%

Distribution fees (327) (306) (7)% (323) (1)%

Net investment income (19) (23) 17% (15) (27)%

Premiums, policy and contract charges (7) (8) 13% (7) —%

Other revenues 1 — —% — —%

Total revenues (395) (378) (4)% (387) (2)%

Banking and deposit interest expense (7) (9) (22)% (4) 75%

Adjusted operating total net revenues (388) (369) (5)% (383) (1)%

Expenses

Distribution expenses (349) (327) 7% (343) 2%

Interest credited to fixed accounts — — —% — —%

Benefits, claims, losses and settlement expenses (4) (8) (50)% (8) (50)%

Remeasurement (gains) losses of future policy benefit reserves — — —% — —%

Change in fair value of market risk benefits (1) — —% — —%

Amortization of deferred acquisition costs — — —% — —%

Interest and debt expense (10) (15) (33)% (12) (17)%

General and administrative expense (24) (19) 26% (20) 20%

Adjusted operating expenses (388) (369) 5% (383) 1%

Pretax adjusted operating earnings (loss) $ — $ — —% $ — —%

(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.

Ameriprise Financial, Inc.

Capital Information

(in millions, unaudited) September 30,

2026 September 30,

2025 June 30,

2026

Long-term Debt Summary

Senior notes (1)

$ 3,350 $ 3,100 $ 3,850

Finance lease liabilities — 1 —

Other (2)

(26) (24) (27)

Total Ameriprise Financial long-term debt 3,324 3,077 3,823

Non-recourse debt of consolidated investment entities 2,468 2,607 2,509

Total long-term debt $ 5,792 $ 5,684 $ 6,332

Total Ameriprise Financial long-term debt $ 3,324 $ 3,077 $ 3,823

Finance lease liabilities — (1) —

Other (2)

26 24 27

Total Ameriprise Financial long-term debt excluding finance lease liabilities and other $ 3,350 $ 3,100 $ 3,850

Total equity (3)

$ 5,110 $ 6,455 $ 6,366

Equity of consolidated investment entities (1) (1) (1)

Total equity excluding CIEs $ 5,109 $ 6,454 $ 6,365

Total Ameriprise Financial capital $ 8,434 $ 9,532 $ 10,189

Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs $ 8,459 $ 9,554 $ 10,215

Debt to capital (1)

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital 39.4 % 32.3 % 37.5 %

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (3)

39.6 % 32.4 % 37.7 %

(1) June 30, 2026 long-term debt balances reflect debt issued to prefund an upcoming $500 million debt maturity.

(2) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.

(3) Includes accumulated other comprehensive income, net of tax.

Ameriprise Financial, Inc.

Consolidated Balance Sheets

(in millions, unaudited) September 30,

2026 December 31,

2025

Assets

Cash and cash equivalents $ 9,172 $ 9,953

Cash of consolidated investment entities 102 150

Investments 58,134 58,406

Investments of consolidated investment entities 2,436 2,618

Market risk benefits 2,648 2,274

Separate account assets 78,275 80,044

Receivables 15,677 14,920

Receivables of consolidated investment entities 41 30

Deferred acquisition costs 2,598 2,625

Restricted and segregated cash and investments 793 1,055

Other assets 21,474 18,829

Other assets of consolidated investment entities — —

Total Assets $ 191,350 $ 190,904

Liabilities

Policyholder account balances, future policy benefits and claims $ 49,554 $ 46,498

Market risk benefits 818 1,182

Separate account liabilities 78,275 80,044

Customer deposits 33,317 33,750

Short-term borrowings 200 200

Long-term debt 3,324 3,077

Debt of consolidated investment entities 2,468 2,585

Accounts payable and accrued expenses 3,091 2,982

Other liabilities 15,135 13,878

Other liabilities of consolidated investment entities 58 159

Total Liabilities 186,240 184,355

Equity

Ameriprise Financial

Common shares ($.01 par) 3 3

Additional paid-in capital 10,587 10,377

Retained earnings 30,351 27,662

Treasury stock (33,189) (30,601)

Accumulated other comprehensive income, net of tax (2,642) (892)

Total Equity 5,110 6,549

Total Liabilities and Equity $ 191,350 $ 190,904

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Quarter Ended September 30, % Better/

(Worse) Per Diluted Share

Quarter Ended

September 30, % Better/

(Worse)

(in millions, except per share amounts, unaudited) 2026 2025 2026 2025

Net income $ 1,126 $ 912 23% $ 12.32 $ 9.33 32%

Adjustments:

Net realized investment gains (losses) (1)

7 11 0.08 0.11

Market impact on non-traditional long-duration products (1)

128 (82) 1.40 (0.84)

Mean reversion-related impacts (1)

1 — 0.01 —

Integration/restructuring charges (1)

(11) — (0.12) —

Net income (loss) attributable to consolidated investment entities (1) 3 (0.01) 0.03

Tax effect of adjustments (2)

(27) 15 (0.30) 0.16

Adjusted operating earnings $ 1,029 $ 965 7% $ 11.26 $ 9.87 14%

Pretax impact of annual unlocking (94) (6) (1.03) (0.06)

Tax effect of annual unlocking (2)

20 1 0.22 0.01

Adjusted operating earnings, excluding unlocking $ 1,103 $ 970 14% $ 12.07 $ 9.92 22%

Weighted average common shares outstanding:

Basic 90.3 96.3

Diluted 91.4 97.8

(1) Pretax adjusted operating adjustment.

(2) Calculated using the statutory tax rate of 21%.

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Year-to-date

September 30, % Better/

(Worse) Per Diluted Share

Year-to-date

September 30, % Better/

(Worse)

(in millions, except per share amounts, unaudited) 2026 2025 2026 2025

Net income $ 3,154 $ 2,555 23% $ 33.95 $ 25.83 31%

Adjustments:

Net realized investment gains (losses) (1)

7 (9) 0.07 (0.09)

Market impact on non-traditional long-duration products (1)

50 (323) 0.54 (3.27)

Mean reversion-related impacts (1)

2 1 0.02 0.01

Integration/restructuring charges (1)

(12) — (0.13) —

Net income (loss) attributable to consolidated investment entities (3) 1 (0.03) 0.01

Tax effect of adjustments (2)

(11) 70 (0.12) 0.71

Adjusted operating earnings $ 3,121 $ 2,815 11% $ 33.60 $ 28.46 18%

Pretax impact of annual unlocking (94) (6) (1.01) (0.06)

Tax effect of annual unlocking (2)

20 1 0.22 0.01

Adjusted operating earnings, excluding unlocking $ 3,195 $ 2,820 13% $ 34.39 $ 28.51 21%

Weighted average common shares outstanding:

Basic 91.8 97.4

Diluted 92.9 98.9

(1) Pretax adjusted operating adjustment.

(2) Calculated using the statutory tax rate of 21%.

Ameriprise Financial, Inc.

Reconciliation Table: Pretax Adjusted Operating Earnings

Quarter Ended September 30,

(in millions, unaudited) 2026 2025

Total net revenues $ 5,117 $ 4,791

Adjustments:

Net realized investment gains (losses) 7 11

Market impact on non-traditional long-duration products 1 1

Mean Reversion related impacts 1 (1)

Revenues attributable to the CIEs 33 47

Adjusted operating total net revenues $ 5,075 $ 4,733

Annual unlocking 1 120

Adjusted operating total net revenues, excluding unlocking $ 5,074 $ 4,613

Total expenses $ 3,690 $ 3,617

Adjustments:

Expenses attributable to the CIEs 34 44

Integration/restructuring charges 11 —

Market impact on non-traditional long-duration products (127) 83

Mean reversion-related impacts — (1)

Adjusted operating expenses $ 3,772 $ 3,491

Annual unlocking 95 126

Adjusted operating total net expenses, excluding unlocking $ 3,677 $ 3,365

Pretax income $ 1,427 $ 1,174

Pretax adjusted operating earnings $ 1,303 $ 1,242

Pretax adjusted operating earnings, excluding unlocking $ 1,397 $ 1,248

Pretax income margin 27.9 % 24.5 %

Pretax adjusted operating margin 25.7 % 26.2 %

Pretax adjusted operating margin, excluding unlocking 27.5 % 27.1 %

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

Quarter Ended

September 30, 2025

(in millions, unaudited) GAAP Adjusted Operating

Pretax income $ 1,174 $ 1,242

Income tax provision $ 262 $ 277

Effective tax rate 22.3 % 22.3 %

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

Quarter Ended

September 30, 2026

(in millions, unaudited) GAAP Adjusted Operating

Pretax income $ 1,427 $ 1,303

Income tax provision $ 301 $ 274

Effective tax rate 21.1 % 21.0 %

Ameriprise Financial, Inc.

Reconciliation Table: Return on Equity (ROE) Excluding Accumulated

Other Comprehensive Income “AOCI”

Twelve Months Ended

September 30,

(in millions, unaudited) 2026 2025

Net income $ 4,162 $ 3,626

Less: Adjustments (1)

(2) (136)

Adjusted operating earnings $ 4,164 $ 3,762

Less: Annual unlocking (2)

(74) (5)

Adjusted operating earnings, excluding unlocking $ 4,238 $ 3,767

Total Ameriprise Financial, Inc. shareholders’ equity $ 6,138 $ 5,781

Less: Accumulated other comprehensive income, net of tax (1,397) (1,347)

Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI 7,535 7,128

Less: Equity impacts attributable to the consolidated investment entities (1) —

Adjusted operating equity $ 7,536 $ 7,128

Return on equity excluding AOCI 55.2 % 50.9 %

Adjusted operating return on equity, excluding AOCI (2)

55.3 % 52.8 %

Adjusted operating return on equity, excluding AOCI and unlocking (2)

56.2 % 52.8 %

(1) Adjustments reflect the sum of after-tax net realized investment gains or losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%.

(2) Adjusted operating return on equity excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.

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