Form 8-K

8-K — AMERIPRISE FINANCIAL INC

Accession: 0000820027-26-000020

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0000820027

SIC: 6282 (INVESTMENT ADVICE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — amp-20260423.htm (Primary)

EX-99.1 (q12026er.htm)

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8-K

8-K (Primary)

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0000820027false00008200272026-04-232026-04-23

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): April 23, 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, a press release issued April 23, 2026 announcing its financial results for the first quarter of 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

Exhibit 99.1

Press Release dated April 23, 2026 announcing financial results for the first 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: April 23, 2026 By: /s/ Walter S. Berman

Walter S. Berman

Executive Vice President and

Chief Financial Officer

EX-99.1

Filename: q12026er.htm · Sequence: 2

Document

Ameriprise Financial, Inc.

Minneapolis, MN

NYSE: AMP

April 23, 2026

Ameriprise Financial Reports

First Quarter 2026 Results

Earnings Per Diluted Share

Return on Equity, ex AOCI (1)

Q1 2026

GAAP $9.68 GAAP 53.3%

Adjusted Operating

$11.26

Adjusted Operating

54.3%

Raised Quarterly Dividend 6 Percent

•First quarter adjusted operating earnings per diluted share increased 19 percent to a record $11.26, reflecting continued asset growth.

•First quarter GAAP net income per diluted share was $9.68 compared to $5.83 a year ago due to market impacts on the valuation of derivatives and market risk benefits.

•Assets under management, administration and advisement grew to $1.7 trillion, up 12 percent.

•Adjusted operating net revenues increased 11 percent to

$4.8 billion primarily from asset growth and strong client engagement.

•Pretax adjusted operating margin was strong at 28 percent.

•During the quarter, Huntington National Bank selected Ameriprise Financial as its new retail investment program provider, which will bring approximately 260 financial advisors and nearly $28 billion in combined advisory, brokerage and insurance assets to the company.

•Balance sheet fundamentals continued to be a core differentiator. The company generated and returned significant capital to shareholders with $936 million, or 88 percent of operating earnings, returned in the quarter. Return on equity remains distinguished in the industry at 54 percent(1).

•Ameriprise earned one of the highest investor satisfaction scores in the JD Power 2026 U.S. Investor Satisfaction StudySM, ranking third in the advised investors segment.

•Columbia Threadneedle Investments ranked in the top 10 across all time periods in the Barron’s Best Fund Families of 2025 ranking.

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

“Ameriprise delivered a strong start to the year, with significant revenue and earnings growth driven by the durability of our business and consistent execution of our strategy.

In an environment of heightened market volatility and uncertainty, clients remain highly engaged and well-served by our personalized advice, expert investment perspective and broad product range.

We continue to invest across the business with a clear long-term focus – further enhancing our strong client experience, solutions, technology and AI capabilities.

Our capital strength remains a clear differentiator. During the quarter, we returned 88% of operating earnings to shareholders and today announced an additional 6% increase in our quarterly dividend, further reinforcing our confidence in the business and strong track record of generating shareholder value.”

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

Ameriprise Financial, Inc.

First Quarter Summary

Quarter Ended

March 31,

% Better/

(Worse)

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

GAAP net income $ 915 $ 583 57%

Adjusted operating earnings

(see reconciliation on p. 24)

$ 1,064 $ 950 12%

GAAP net income per diluted share $ 9.68 $ 5.83 66%

Adjusted operating earnings per diluted share

(see reconciliation on p. 24)

$ 11.26 $ 9.50 19%

GAAP Return on Equity, ex. AOCI 53.3 % 43.2 %

Adjusted Operating Return on Equity, ex. AOCI

(see reconciliation on p. 26)

54.3 % 52.0 %

Weighted average common shares outstanding:

Basic 93.3 98.5

Diluted 94.5 100.0

First quarter 2026 GAAP results included unfavorable market impacts on the valuation of derivatives and market risk benefits, while the prior-year quarter included larger unfavorable market impacts on the valuation of derivatives and market risk benefits.

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

Quarter Ended March 31, % Better/

(Worse)

(in millions, unaudited) 2026 2025

Adjusted operating net revenues $ 3,175 $ 2,782 14%

Distribution expenses 1,770 1,554 (14)%

Interest and debt expense 15 12 (25)%

General and administrative expenses 439 424 (4)%

Adjusted operating expenses

2,224 1,990 (12)%

Pretax adjusted operating earnings

$ 951 $ 792 20%

Pretax adjusted operating margin 30.0 % 28.5 % 150 bps

Quarter Ended March 31, % Better/

(Worse)

(in billions, unless otherwise noted) 2026 2025

Total client assets $ 1,149 $ 1,023 12%

Total client net flows $ 4.2 $ 10.3 (59)%

Wrap assets

$ 664 $ 573 16%

Wrap net flows $ 6.0 $ 8.7 (31)%

Cash sweep balances

$ 29.4 $ 28.6 3%

Adjusted operating net revenue per advisor (TTM in thousands) $ 1,160 $ 1,056 10%

Advice & Wealth Management generated strong performance with pretax adjusted operating earnings of $951 million, up 20 percent, with a margin of 30.0 percent. Pretax adjusted operating earnings included a $25 million benefit due to the termination of the Comerica Bank relationship. Core distribution earnings increased in the mid-30 percent range, excluding the benefit from Comerica, resulting from strong operating fundamentals, while spread earnings were essentially flat.

Adjusted operating net revenues increased 14 percent to $3.2 billion reflecting strong client engagement in holistic financial planning and advice relationships. 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 12 percent to $2.2 billion, primarily driven by distribution expenses. General and administrative expenses increased $15 million to $439 million, primarily driven by volume-related expenses and investments for growth.

The company delivered strong asset growth and higher advisor productivity, reflecting the strength of the Ameriprise client experience and the company’s focus on industry-leading tools, solutions and support.

•Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.2 million, up 10 percent. The company added 61 experienced advisors in the quarter.

•Total client assets grew $126 billion, or 12 percent, to $1.1 trillion and wrap assets increased $91 billion, or 16 percent, to $664 billion driven by organic growth and advisor productivity in a higher but more volatile market environment.

•Client flows were $4.2 billion and wrap flows were $6.0 billion in the quarter. This reflected strong underlying organic activity, partially offset by elevated advisor departures, including an acceleration of Comerica advisors.

•Transactional activity increased 10 percent compared to the prior year.

•Cash sweep balances were stable at $29.4 billion compared to $29.9 billion in the prior quarter, reflecting normal seasonal patterns.

•Bank assets increased 6 percent to $25.5 billion, with bank earnings increasing in the mid-single digits percent.

Ameriprise Financial, Inc.

Asset Management Segment Adjusted Operating Results

Quarter Ended March 31, % Better/

(Worse)

(in millions, unaudited) 2026 2025

Adjusted operating net revenues $ 910 $ 846 8%

Distribution expenses 262 246 (7)%

Amortization of deferred acquisition costs 2 2 —%

Interest and debt expense 4 3 (33)%

General and administrative expenses 369 354 (4)%

Adjusted operating expenses 637 605 (5)%

Pretax adjusted operating earnings $ 273 $ 241 13%

Net pretax adjusted operating margin (1)

43.8 % 42.7 %

Quarter Ended March 31, % Better/

(Worse)

(in billions) 2026 2025

Assets Under Management and Advisement (2)

$ 706 $ 657 8%

Net Flows

Global Retail net AUM flows, ex. legacy insurance partners

$ (4.2) $ (5.8) 28%

Model delivery AUA flows (2)

0.3 — —%

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

(3.9) (5.8) 33%

Global Institutional net AUM flows, ex. legacy insurance partners

(1.2) (11.5) 90%

Legacy insurance partners AUM flows

(0.8) (1.0) 14%

Total Net AUM and AUA flows (2)

$ (5.9) $ (18.3) 68%

(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.

Asset Management adjusted operating net revenues were $910 million. Pretax adjusted operating earnings increased 13 percent to $273 million reflecting asset growth and the positive impact from expense management actions. Net pretax adjusted operating margin increased to 44 percent. The underlying fee rate remained stable.

Adjusted operating expenses increased 5 percent. General and administrative expenses increased 4 percent driven by volume-related expenses and an unfavorable foreign exchange impact.

Assets under management and advisement increased 8 percent to $706 billion. Investment performance remained strong, most notably with more than 70 percent of retail funds above median versus peers on an asset-weighted basis across 1-, 3- and 5-year periods and 85 percent for the 10-year period. In addition, 95 Columbia Threadneedle funds globally earned four- or five-star ratings from Morningstar.

Net outflows were $5.9 billion, reflecting an improvement in both retail and institutional channels.

•Retail and model delivery net outflows improved to $3.9 billion, primarily reflecting higher gross sales in the U.S.

•Institutional net outflows improved to $1.2 billion. Stronger gross sales in the quarter included notable wins in Japan equity and liability-driven investment strategies.

•Outflows related to legacy insurance partners were $0.8 billion.

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Adjusted Operating Results

Quarter Ended March 31, % Better/

(Worse)

(in millions, unaudited) 2026 2025

Adjusted operating net revenues $ 952 $ 926 3%

Adjusted operating expenses 762 711 (7)%

Pretax adjusted operating earnings $ 190 $ 215 (12)%

Retirement & Protection Solutions pretax adjusted operating earnings were $190 million, reflecting higher distribution expenses associated with strong sales levels and continued outflows from variable annuities with living benefits, partially offset by higher average equity markets. We continue to expect earnings to be in our target range over time.

Retirement & Protection Solutions sales increased 10 percent to $1.3 billion, with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life insurance.

These high-quality books of business continued to generate strong free cash flow with 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 March 31, % Better/

(Worse)

(in millions, unaudited) 2026 2025

Corporate & Other $ (79) $ (103) 23%

Closed Blocks (1)

(2) 6 NM

Pretax adjusted operating earnings/(loss) $ (81) $ (97) 16%

Long Term Care $ 7 $ 14 (50)%

Fixed Annuities (9) (8) (13)%

Pretax adjusted operating earnings/(loss) $ (2) $ 6 NM

(1) Long Term Care and Fixed Annuities.

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

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $79 million.

Long Term Care pretax adjusted operating earnings were $7 million in the quarter, a continuation of a solid performance trend.

Fixed Annuities pretax adjusted operating loss was $9 million.

Taxes

The operating effective tax rate was 20.2 percent for the first 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, mass affluent and affluent client acquisition strategy, 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; and

•statements regarding the expected earnings for our Retirement and Protection Solutions segment;

•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 March 31, 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 Sources

JD Power 2026 U.S. Investor Satisfaction StudySM recognition is based on feedback provided by investors, including 399 Ameriprise Financial clients, about their primary wealth management firm. Data was collected January 2025 through January 2026, resulting in 7,982 completed surveys overall among advised investors. Ameriprise Financial ranked third among advised investors in overall satisfaction. This ranking is not indicative of future performance or representative of any one client’s experience, which may vary. Ameriprise did not pay a fee to be evaluated but did pay a fee to review and publicly cite the results. For more information: https://www.jdpower.com/business/investor-satisfaction-study.

Barron’s: March 2, 2026

Barron’s Best Fund Families Methodology Barron’s evaluates fund families based on the asset‑weighted returns of their actively managed funds relative to peers in their respective Lipper categories. Key components of the methodology include:

•Each fund’s performance is ranked within its LSEG Lipper category on a percentile basis.

•Rankings are asset‑weighted relative to the fund family’s other assets in its general classification, meaning larger funds have a proportionally greater impact on a firm’s overall score.

•Excluded from consideration are index funds, but actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies, are included.

•Finally, the score is multiplied by the weighting of its general classification, as determined by the Lipper universe of funds.

To qualify, a firm must offer a minimum number of funds across equity and fixed income categories.

Ameriprise Financial, Inc.

Consolidated GAAP Results

(in millions, except per share amounts, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Revenues

Management and financial advice fees $ 2,944 $ 2,602 13% $ 3,096 (5)%

Distribution fees 563 522 8% 554 2%

Net investment income 872 868 —% 891 (2)%

Premiums, policy and contract charges 341 360 (5)% 373 (9)%

Other revenues 166 129 29% 133 25%

Total revenues 4,886 4,481 9% 5,047 (3)%

Banking and deposit interest expense 74 127 42% 87 15%

Total net revenues 4,812 4,354 11% 4,960 (3)%

Expenses

Distribution expenses 1,773 1,612 (10)% 1,819 3%

Interest credited to fixed accounts 142 130 (9)% 109 (30)%

Benefits, claims, losses and settlement expenses 317 381 17% 322 2%

Remeasurement (gains) losses of future policy benefit reserves (1) (10) (90)% 1 NM

Change in fair value of market risk benefits 378 497 24% 215 (76)%

Amortization of deferred acquisition costs 61 61 —% 61 —%

Interest and debt expense 80 80 —% 80 —%

General and administrative expense 918 916 —% 1,061 13%

Total expenses 3,668 3,667 —% 3,668 —%

Pretax income 1,144 687 67% 1,292 (11)%

Income tax provision 229 104 NM 284 19%

Net income $ 915 $ 583 57% $ 1,008 (9)%

Earnings per share

Basic earnings per share $ 9.81 $ 5.92 $ 10.63

Earnings per diluted share $ 9.68 $ 5.83 $ 10.47

Weighted average common shares outstanding

Basic 93.3 98.5 94.8

Diluted 94.5 100.0 96.3

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

Ameriprise Financial, Inc.

Consolidated Highlights and Capital Summary

(in millions unless otherwise noted, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Assets Under Management, Administration and Advisement

Advice & Wealth Management AUM $ 660,620 $ 569,137 16% $ 666,437 (1)%

Asset Management AUM 661,622 621,378 6% 678,105 (2)%

Corporate AUM 1,011 595 70% 906 12%

Eliminations (45,931) (44,170) (4)% (47,630) 4%

Assets Under Management 1,277,322 1,146,940 11% 1,297,818 (2)%

Assets Under Administration 348,708 314,055 11% 355,503 (2)%

Assets Under Advisement (net of eliminations) (1)

42,176 33,665 25% 40,830 3%

Total Assets Under Management, Administration and Advisement $ 1,668,206 $ 1,494,660 12% $ 1,694,151 (2)%

S&P 500

Daily average 6,816 5,899 16% 6,776 1%

Period end 6,529 5,612 16% 6,846 (5)%

Weighted Equity Index (WEI) (2)

Daily average 4,343 3,713 17% 4,265 2%

Period end 4,157 3,554 17% 4,317 (4)%

Common shares

Beginning balance 91.3 96.2 (5)% 93.1 (2)%

Repurchases (1.6) (1.2) (33)% (1.8) 11%

Issuances 0.6 0.8 (25)% — —%

Other (0.2) (0.3) 33% — —%

Total common shares outstanding 90.1 95.5 (6)% 91.3 (1)%

Restricted stock units 2.3 2.4 (4)% 2.4 (4)%

Total basic common shares outstanding 92.4 97.9 (6)% 93.7 (1)%

Total potentially dilutive shares 1.1 1.5 (27)% 1.5 (27)%

Total diluted shares 93.5 99.4 (6)% 95.2 (2)%

Capital Returned to Shareholders

Dividends paid $ 152 $ 148 3% $ 153 (1)%

Common stock share repurchases 784 617 27% 897 (13)%

Total Capital Returned to Shareholders $ 936 $ 765 22% $ 1,050 (11)%

(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.

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Adjusted Operating Results

(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Revenues

Management and financial advice fees:

Advisory fees $ 1,797 $ 1,515 19% $ 1,785 1%

Financial planning fees 115 110 5% 146 (21)%

Transaction and other fees 99 94 5% 98 1%

Total management and financial advice fees 2,011 1,719 17% 2,029 (1)%

Distribution fees:

Mutual funds 237 214 11% 237 —%

Insurance and annuity 260 243 7% 275 (5)%

Off-Balance sheet brokerage cash 26 36 (28)% 20 30%

Other products 141 120 18% 130 8%

Total distribution fees 664 613 8% 662 —%

Net investment income 455 500 (9)% 475 (4)%

Other revenues 119 77 55% 83 43%

Total revenues 3,249 2,909 12% 3,249 —%

Banking and deposit interest expense 74 127 42% 87 15%

Adjusted operating total net revenues 3,175 2,782 14% 3,162 —%

Expenses

Distribution expenses 1,770 1,554 (14)% 1,757 (1)%

Interest and debt expense 15 12 (25)% 15 —%

General and administrative expense 439 424 (4)% 464 5%

Adjusted operating expenses 2,224 1,990 (12)% 2,236 1%

Pretax adjusted operating earnings $ 951 $ 792 20% $ 926 3%

Pretax adjusted operating margin 30.0 % 28.5 % 29.3 %

Ameriprise Financial, Inc.

Advice & Wealth Management Segment Operating Metrics

(in millions unless otherwise noted, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

AWM Total Client Assets $ 1,148,514 $ 1,022,520 12% $ 1,165,367 (1)%

Total Client Flows $ 4,226 $ 10,275 (59)% $ 13,335 (68)%

Total Wrap Accounts

Beginning assets $ 670,361 $ 573,881 17% $ 650,302 3%

Net flows 6,016 8,724 (31)% 12,052 (50)%

Market appreciation (depreciation) and other (12,210) (9,834) (24)% 8,007 NM

Total wrap ending assets $ 664,167 $ 572,771 16% $ 670,361 (1)%

Advisory wrap account assets ending balance (1)

$ 658,620 $ 567,371 16% $ 664,427 (1)%

AWM Cash Balances

On-balance sheet (Net Investment Income)

On-balance sheet - bank $ 23,768 $ 22,669 5% $ 23,663 —%

On-balance sheet - certificate 7,556 10,685 (29)% 8,155 (7)%

On-balance sheet - broker dealer 1,966 2,308 (15)% 1,948 1%

Total on-balance sheet 33,290 35,662 (7)% 33,766 (1)%

Off-balance sheet (Distribution Fees)

Off-balance sheet - broker dealer 4,669 4,344 7% 5,147 (9)%

Total AWM Cash Balances $ 37,959 $ 40,006 (5)% $ 38,913 (2)%

Bank - Net Investment Income

Average interest-bearing assets $ 25,238 $ 24,176 4% $ 24,663 2%

Gross fee yield (2)

4.61 % 4.68 % 4.61 %

Certificates - Net Investment Income

Average interest-bearing assets $ 8,354 $ 11,746 (29)% $ 9,087 (8)%

Gross fee yield (2)

4.67 % 5.11 % 4.83 %

Other - Net Investment Income

Average interest-bearing assets $ 5,610 $ 5,205 8% $ 5,371 4%

Gross fee yield (2)

5.28 % 5.82 % 5.72 %

Off-balance sheet - broker dealer - Distribution Fees

Average balances $ 4,665 $ 5,151 (9)% $ 3,580 30%

Net fee yield 2.28 % 2.81 % 2.28 %

(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) 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) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Revenues

Management and financial advice fees:

Asset management fees:

Retail $ 563 $ 530 6% $ 568 (1)%

Institutional 145 134 8% 266 (45)%

Model delivery 27 22 23% 26 4%

Transaction and other fees 53 50 6% 54 (2)%

Revenue from other sources (1)

2 4 (50)% 3 (33)%

Total management and financial advice fees 790 740 7% 917 (14)%

Distribution fees:

Mutual funds 61 55 11% 61 —%

Insurance and annuity 39 39 —% 40 (3)%

Total distribution fees 100 94 6% 101 (1)%

Net investment income 14 5 NM 15 (7)%

Other revenues 6 7 (14)% 6 —%

Total revenues 910 846 8% 1,039 (12)%

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

Adjusted operating total net revenues 910 846 8% 1,039 (12)%

Expenses

Distribution expenses 262 246 (7)% 265 1%

Amortization of deferred acquisition costs 2 2 —% 2 —%

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

General and administrative expense 369 354 (4)% 476 22%

Adjusted operating expenses 637 605 (5)% 746 15%

Pretax adjusted operating earnings $ 273 $ 241 13% $ 293 (7)%

Net Pretax Adjusted Operating Margin Reconciliation

Adjusted operating total net revenues $ 910 $ 846 8% $ 1,039 (12)%

Distribution pass through revenues (206) (195) (6)% (208) 1%

Subadvisory and other pass through revenues (103) (91) (13)% (106) 3%

Net adjusted operating revenues 601 560 7% 725 (17)%

Pretax adjusted operating earnings $ 273 $ 241 13% $ 293 (7)%

Adjusted operating net investment income (14) (5) NM (15) 7%

Amortization of intangibles 4 3 33% 15 (73)%

Net adjusted operating earnings $ 263 $ 239 10% $ 293 (10)%

Pretax adjusted operating margin 30.0 % 28.5 % 28.2 %

Net pretax adjusted operating margin (2)

43.8 % 42.7 % 40.4 %

Total Performance fees (3)

Performance fees $ 4 $ 1 NM $ 120 (97)%

General and administrative expense related to performance fees — — —% 77 NM

Net performance fees $ 4 $ 1 NM $ 43 (91)%

(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) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Managed Assets Rollforward

Global Retail Funds

Beginning assets $ 378,023 $ 352,737 7% $ 378,306 —%

Inflows 17,088 14,966 14% 13,585 26%

Outflows (20,721) (20,079) (3)% (19,733) (5)%

Net VP/VIT fund flows (1,772) (1,646) (8)% (1,824) 3%

Net new flows (5,405) (6,759) 20% (7,972) 32%

Reinvested dividends 1,216 958 27% 10,710 (89)%

Net flows (4,189) (5,801) 28% 2,738 NM

Distributions (1,291) (1,021) (26)% (11,770) 89%

Market appreciation (depreciation) and other (2,984) (7,837) 62% 8,608 NM

Foreign currency translation (1)

(1,325) 2,275 NM 141 NM

Total ending assets 368,234 340,353 8% 378,023 (3)%

% of total retail assets sub-advised

13.7 % 15.7 % 13.2 %

Global Institutional

Beginning assets 300,082 292,176 3% 296,414 1%

Inflows (2)

12,963 9,588 35% 12,088 7%

Outflows (2)

(14,968) (22,002) 32% (13,950) (7)%

Net flows (2,005) (12,414) 84% (1,862) (8)%

Market appreciation (depreciation) and other (3)

(2,151) (3,034) 29% 5,237 NM

Foreign currency translation (1)

(2,538) 4,297 NM 293 NM

Total ending assets 293,388 281,025 4% 300,082 (2)%

Total managed assets $ 661,622 $ 621,378 6% $ 678,105 (2)%

Total Assets Under Advisement (4)

44,485 35,320 26% 42,925 4%

Total Assets Under Management & Advisement $ 706,107 $ 656,698 8% $ 721,030 (2)%

Total AUM net flows $ (6,194) $ (18,215) 66% $ 876 NM

Model delivery AUA flows (5)

315 (35) NM 1,085 (71)%

Total AUM and AUA Flows (5)

$ (5,879) $ (18,250) 68% $ 1,961 NM

Legacy insurance partners flows $ (838) $ (978) 14% $ (1,351) 38%

(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) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Total Managed Assets by Type

Equity $ 355,890 $ 325,225 9% $ 370,489 (4)%

Fixed income 234,180 228,854 2% 234,201 —%

Money market 22,209 20,300 9% 23,358 (5)%

Alternative 29,592 27,845 6% 29,659 —%

Hybrid and other 19,751 19,154 3% 20,398 (3)%

Total managed assets by type $ 661,622 $ 621,378 6% $ 678,105 (2)%

Average Managed Assets by Type (1)

Equity $ 373,343 $ 340,514 10% $ 370,584 1%

Fixed income 236,101 231,937 2% 234,022 1%

Money market 22,061 19,683 12% 21,567 2%

Alternative 29,921 30,173 (1)% 29,330 2%

Hybrid and other 20,423 19,545 4% 20,565 (1)%

Total average managed assets by type $ 681,849 $ 641,852 6% $ 676,068 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

1 Qtr 2026

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

Equity 77% 71% 74% 84%

Fixed Income 74% 81% 63% 89%

Asset Allocation 39% 83% 73% 87%

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

Number of Rated Funds 95 76 71 80

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 03/31/26. Columbia funds are available for purchase by U.S. customers. Out of 86 Columbia funds rated (based on primary share class), 3 received a 5-star Overall Rating and 40 received a 4-star Overall Rating. Out of 129 Threadneedle funds rated (based on highest-rated share class), 12 received a 5-star Overall Rating and 40 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) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Revenues

Management and financial advice fees $ 186 $ 185 1% $ 194 (4)%

Distribution fees 103 102 1% 107 (4)%

Net investment income 336 296 14% 332 1%

Premiums, policy and contract charges 326 341 (4)% 357 (9)%

Other revenues 1 2 (50)% 1 —%

Total revenues 952 926 3% 991 (4)%

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

Adjusted operating total net revenues 952 926 3% 991 (4)%

Expenses

Distribution expenses 132 123 (7)% 137 4%

Interest credited to fixed accounts 93 92 (1)% 93 —%

Benefits, claims, losses and settlement expenses 235 211 (11)% 237 1%

Remeasurement (gains) losses of future policy benefit reserves (2) (3) (33)% (5) (60)%

Change in fair value of market risk benefits 155 143 (8)% 173 10%

Amortization of deferred acquisition costs 58 57 (2)% 58 —%

Interest and debt expense 10 8 (25)% 10 —%

General and administrative expense 81 80 (1)% 88 8%

Adjusted operating expenses 762 711 (7)% 791 4%

Pretax adjusted operating earnings $ 190 $ 215 (12)% $ 200 (5)%

Ameriprise Financial, Inc.

Retirement & Protection Solutions Segment Operating Metrics

(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Variable Annuities Rollforwards

Beginning balance $ 91,296 $ 85,747 6% $ 90,950 —%

Deposits 1,173 1,064 10% 1,305 (10)%

Withdrawals and terminations (2,482) (2,200) (13)% (2,568) 3%

Net flows (1,309) (1,136) (15)% (1,263) (4)%

Investment performance and interest credited (1,872) (1,102) (70)% 1,609 NM

Total ending balance - contract accumulation values $ 88,115 $ 83,509 6% $ 91,296 (3)%

Variable annuities fixed sub-accounts $ 3,344 $ 3,640 (8)% $ 3,391 (1)%

Life Insurance In Force $ 196,769 $ 197,512 —% $ 197,479 —%

Net Amount at Risk (Life) $ 37,277 $ 38,236 (3)% $ 37,167 —%

Net Policyholder Reserves

VUL/UL $ 17,104 $ 15,725 9% $ 17,377 (2)%

Term and whole life 160 170 (6)% 166 (4)%

Disability insurance 432 470 (8)% 446 (3)%

Other insurance 471 498 (5)% 481 (2)%

Total net policyholder reserves $ 18,167 $ 16,863 8% $ 18,470 (2)%

DAC Ending Balances

Variable Annuities DAC $ 1,629 $ 1,665 (2)% $ 1,639 (1)%

Life and Health DAC $ 942 $ 952 (1)% $ 945 —%

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results

(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % 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 (7) (7) —% (7) —%

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

Other revenues 2 2 —% 4 (50)%

Total revenues (5) (5) —% (3) (67)%

Banking and deposit interest expense 4 8 50% 8 50%

Adjusted operating total net revenues (9) (13) 31% (11) 18%

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 21 26 19% 21 —%

General and administrative expense 49 64 23% 48 (2)%

Adjusted operating expenses 70 90 22% 69 (1)%

Pretax adjusted operating earnings (loss) $ (79) $ (103) 23% $ (80) 1%

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results and Metrics

(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Long Term Care Adjusted Operating Income Statements

Revenues

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

Distribution fees — — —% — —%

Net investment income 45 46 (2)% 44 2%

Premiums, policy and contract charges 21 22 (5)% 23 (9)%

Other revenues — — —% — —%

Total revenues 66 68 (3)% 67 (1)%

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

Adjusted operating total net revenues 66 68 (3)% 67 (1)%

Expenses

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

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

Benefits, claims, losses and settlement expenses 53 55 4% 53 —%

Remeasurement (gains) losses of future policy benefit reserves 1 (7) NM 6 83%

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

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

Interest and debt expense 2 2 —% 2 —%

General and administrative expense 5 6 17% 7 29%

Adjusted operating expenses 59 54 (9)% 64 8%

Pretax adjusted operating earnings (loss) $ 7 $ 14 (50)% $ 3 NM

Long Term Care Policyholder Reserves, net of reinsurance $ 2,572 $ 2,561 —% $ 2,632 (2)%

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

Ameriprise Financial, Inc.

Corporate Segment Adjusted Operating Results

(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Fixed Annuities Adjusted Operating Income Statements

Revenues

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

Distribution fees — — —% — —%

Net investment income 8 8 —% 8 —%

Premiums, policy and contract charges 1 — —% — —%

Other revenues 37 41 (10)% 39 (5)%

Total revenues 46 49 (6)% 47 (2)%

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

Adjusted operating total net revenues 46 49 (6)% 47 (2)%

Expenses

Distribution expenses — — —% — —%

Interest credited to fixed accounts 50 51 2% 49 (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% 1 —%

Interest and debt expense 1 — —% 1 —%

General and administrative expense 3 3 —% 3 —%

Adjusted operating expenses 55 57 4% 54 (2)%

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

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

Ameriprise Financial, Inc.

Eliminations (1) Adjusted Operating Results

(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/

(Worse) 4 Qtr 2025 % Better/

(Worse)

Revenues

Management and financial advice fees $ (41) $ (40) (3)% $ (42) 2%

Distribution fees (304) (287) (6)% (316) 4%

Net investment income (17) (22) 23% (20) 15%

Premiums, policy and contract charges (8) (8) —% (9) 11%

Other revenues — — —% — —%

Total revenues (370) (357) (4)% (387) 4%

Banking and deposit interest expense (4) (8) (50)% (8) (50)%

Adjusted operating total net revenues (366) (349) (5)% (379) 3%

Expenses

Distribution expenses (326) (310) 5% (337) (3)%

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

Benefits, claims, losses and settlement expenses (4) (10) (60)% (4) —%

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 (13) (13) —% (12) 8%

General and administrative expense (23) (16) 44% (26) (12)%

Adjusted operating expenses (366) (349) 5% (379) (3)%

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) March 31,

2026 March 31,

2025 December 31,

2025

Long-term Debt Summary

Senior notes $ 3,100 $ 3,600 $ 3,100

Finance lease liabilities — 6 —

Other (1)

(21) (25) (23)

Total Ameriprise Financial long-term debt 3,079 3,581 3,077

Non-recourse debt of consolidated investment entities 2,535 2,395 2,585

Total long-term debt $ 5,614 $ 5,976 $ 5,662

Total Ameriprise Financial long-term debt $ 3,079 $ 3,581 $ 3,077

Finance lease liabilities — (6) —

Other (1)

21 25 23

Total Ameriprise Financial long-term debt excluding finance lease liabilities and other $ 3,100 $ 3,600 $ 3,100

Total equity (2)

$ 6,212 $ 5,426 $ 6,549

Equity of consolidated investment entities — — (1)

Total equity excluding CIEs $ 6,212 $ 5,426 $ 6,548

Total Ameriprise Financial capital $ 9,291 $ 9,007 $ 9,626

Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs $ 9,312 $ 9,026 $ 9,648

Debt to capital

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital 33.1 % 39.8 % 32.0 %

Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)

33.3 % 39.9 % 32.1 %

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

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

Ameriprise Financial, Inc.

Consolidated Balance Sheets

(in millions, unaudited) March 31,

2026 December 31,

2025

Assets

Cash and cash equivalents $ 8,341 $ 9,953

Cash of consolidated investment entities 128 150

Investments 58,969 58,406

Investments of consolidated investment entities 2,507 2,618

Market risk benefits 1,934 2,274

Separate account assets 76,466 80,044

Receivables 15,144 14,920

Receivables of consolidated investment entities 30 30

Deferred acquisition costs 2,612 2,625

Restricted and segregated cash and investments 924 1,055

Other assets 17,393 18,829

Other assets of consolidated investment entities — —

Total Assets $ 184,448 $ 190,904

Liabilities

Policyholder account balances, future policy benefits and claims $ 46,401 $ 46,498

Market risk benefits 1,359 1,182

Separate account liabilities 76,466 80,044

Customer deposits 33,278 33,750

Short-term borrowings 200 200

Long-term debt 3,079 3,077

Debt of consolidated investment entities 2,535 2,585

Accounts payable and accrued expenses 2,513 2,982

Other liabilities 12,319 13,878

Other liabilities of consolidated investment entities 86 159

Total Liabilities 178,236 184,355

Equity

Ameriprise Financial

Common shares ($.01 par) 3 3

Additional paid-in capital 10,437 10,377

Retained earnings 28,425 27,662

Treasury stock (31,448) (30,601)

Accumulated other comprehensive income, net of tax (1,205) (892)

Total Equity 6,212 6,549

Total Liabilities and Equity $ 184,448 $ 190,904

Ameriprise Financial, Inc.

Reconciliation Table: Earnings

Quarter Ended March 31, % Better/

(Worse) Per Diluted Share

Quarter Ended

March 31, % Better/

(Worse)

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

Net income $ 915 $ 583 57% $ 9.68 $ 5.83 66%

Adjustments:

Net realized investment gains (losses) (1)

(5) (2) (0.05) (0.02)

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

(184) (460) (1.95) (4.60)

Net income (loss) attributable to consolidated investment entities — (2) — (0.02)

Tax effect of adjustments (2)

40 97 0.42 0.97

Adjusted operating earnings $ 1,064 $ 950 12% $ 11.26 $ 9.50 19%

Weighted average common shares outstanding:

Basic 93.3 98.5

Diluted 94.5 100.0

(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 March 31,

(in millions, unaudited) 2026 2025

Total net revenues $ 4,812 $ 4,354

Adjustments:

Net realized investment gains (losses) (5) (2)

Market impact on non-traditional long-duration products 2 5

Revenues attributable to the CIEs 41 42

Adjusted operating total net revenues $ 4,774 $ 4,309

Total expenses $ 3,668 $ 3,667

Adjustments:

Expenses attributable to the CIEs 41 44

Market impact on non-traditional long-duration products 186 465

Adjusted operating expenses $ 3,441 $ 3,158

Pretax income $ 1,144 $ 687

Pretax adjusted operating earnings $ 1,333 $ 1,151

Pretax income margin 23.8 % 15.8 %

Pretax adjusted operating margin 27.9 % 26.7 %

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

Quarter Ended

March 31, 2025

(in millions, unaudited) GAAP Adjusted Operating

Pretax income $ 687 $ 1,151

Income tax provision $ 104 $ 201

Effective tax rate 15.1 % 17.5 %

Ameriprise Financial, Inc.

Reconciliation Table: Effective Tax Rate

Quarter Ended

March 31, 2026

(in millions, unaudited) GAAP Adjusted Operating

Pretax income $ 1,144 $ 1,333

Income tax provision $ 229 $ 269

Effective tax rate 20.0 % 20.2 %

Ameriprise Financial, Inc.

Reconciliation Table: Return on Equity (ROE) Excluding Accumulated

Other Comprehensive Income “AOCI”

Twelve Months Ended

March 31,

(in millions, unaudited) 2026 2025

Net income $ 3,895 $ 2,994

Less: Adjustments (1)

(77) (613)

Adjusted operating earnings $ 3,972 $ 3,607

Total Ameriprise Financial, Inc. shareholders’ equity $ 6,145 $ 5,248

Less: Accumulated other comprehensive income, net of tax (1,164) (1,690)

Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI 7,309 6,938

Less: Equity impacts attributable to the consolidated investment entities (1) (2)

Adjusted operating equity $ 7,310 $ 6,940

Return on equity excluding AOCI 53.3 % 43.2 %

Adjusted operating return on equity, excluding AOCI (2)

54.3 % 52.0 %

(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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Document Information [Line Items]

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Entity File Number

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Entity Tax Identification Number

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Entity Address, Address Line One

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No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

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Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

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Balance Type:

Period Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

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Namespace Prefix:

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