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Item 1. Financial Statements

2025-08-05 compared with 2025-05-02 · 547 added, 248 removed, 2207 unchanged (26% of the section changed)

1 unchanged sentence

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share amounts)

26 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

3 unchanged sentences

Net unrealized gains (losses) on derivatives

( 1 ) — ( 9 ) —

Effect of changes in discount rate assumptions on certain long-duration contracts ( 12 ) 62 ( 42 ) 131

1 unchanged sentence

Foreign currency translation adjustment

103 1 155 ( 17 )

Total other comprehensive income (loss), net of tax

283 ( 63 ) 672 ( 227 )

Total comprehensive income (loss) $ 1,343 $ 766 $ 2,315 $ 1,592

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions, except share amounts)

50 unchanged sentences

Accumulated Other Comprehensive Income (Loss)

(in millions, except per share data)

(in millions, except share amounts)

Balances at April 1, 2025

95,537,187 $ 3 $ 10,188 $ 25,148 $ ( 28,394 ) $ ( 1,519 ) $ 5,426

Net income — — — 1,060 — — 1,060

Other comprehensive income (loss), net of tax — — — — — 283 283

Dividends to shareholders — — — ( 158 ) — — ( 158 )

Repurchase of common shares ( 1,196,366 ) — — — ( 592 ) — ( 592 )

Share-based compensation plans 68,116 — 63 — — — 63

Balances at June 30, 2025

94,408,937 $ 3 $ 10,251 $ 26,050 $ ( 28,986 ) $ ( 1,236 ) $ 6,082

Balances at April 1, 2024

99,644,365 $ 3 $ 9,924 $ 22,752 $ ( 25,870 ) $ ( 1,930 ) $ 4,879

Net income — — — 829 — — 829

Other comprehensive income (loss), net of tax — — — — — ( 63 ) ( 63 )

Dividends to shareholders — — — ( 151 ) — — ( 151 )

Repurchase of common shares ( 1,314,274 ) — — — ( 566 ) — ( 566 )

Share-based compensation plans 105,388 — 63 — 2 — 65

Balances at June 30, 2024

98,435,479 $ 3 $ 9,987 $ 23,430 $ ( 26,434 ) $ ( 1,993 ) $ 4,993

Balances at January 1, 2025

6 unchanged sentences

Share-based compensation plans 843,204 — 110 — 71 — 181

Balances at March 31, 2025

Balances at June 30, 2025

94,408,937 $ 3 $ 10,251 $ 26,050 $ ( 28,986 ) $ ( 1,236 ) $ 6,082

6 unchanged sentences

Share-based compensation plans 1,317,913 — 163 — 75 — 238

Balances at March 31, 2024

Balances at June 30, 2024

98,435,479 $ 3 $ 9,987 $ 23,430 $ ( 26,434 ) $ ( 1,993 ) $ 4,993

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended March 31,

Six Months Ended June 30,

(in millions)

Cash Flows from Operating Activities

$ 1,643 $ 1,819

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

13 unchanged sentences

Derivatives, net of collateral

( 275 ) ( 771 )

( 103 ) ( 45 )

Brokerage deposits

( 146 ) ( 112 )

Accounts payable and accrued expenses

23 unchanged sentences

Cash received for deposit receivables 229 327

( 49 ) ( 36 )

Net cash provided by (used in) investing activities $ ( 939 ) $ ( 403 )

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)

Three Months Ended March 31,

Six Months Ended June 30,

(in millions)

13 unchanged sentences

Cash paid for purchased options with deferred premiums

( 40 ) ( 79 )

Cash received for purchased options with deferred premiums

1 unchanged sentence

Repayments of long-term debt

( 506 ) ( 5 )

Dividends paid to shareholders

17 unchanged sentences

Leased assets obtained in exchange for operating lease liabilities

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions)

5 unchanged sentences

Restricted and segregated investments

( 319 ) ( 477 )

Total cash and cash equivalents, including amounts restricted per consolidated statements of cash flows

19 unchanged sentences

The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued.

Other than disclosed in Note 11, no other subsequent events or transactions requiring recognition or disclosure were identified.

No subsequent events or transactions requiring recognition or disclosure were identified.

Recent Accounting Pronouncements

16 unchanged sentences

The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating

6 unchanged sentences

Model delivery — 23 — — 23 — 23

Advisory fees 1,517 — — — 1,517 — 1,517

Financial planning fees 120 — — — 120 — 120

Transaction and other fees 100 50 12 — 162 — 162

Total management and financial advice fees 1,737 719 12 — 2,468 — 2,468

Distribution fees:

Mutual funds 212 53 — — 265 — 265

Insurance and annuity 258 38 81 — 377 — 377

Off-balance sheet brokerage cash 25 — — — 25 — 25

Other products 108 — — — 108 — 108

Total distribution fees 603 91 81 — 775 — 775

Other revenues 71 3 — 1 75 — 75

Total revenue from contracts with customers 2,411 813 93 1 3,318 — 3,318

Revenue from other sources (1)

511 17 843 123 1,494 44 1,538

Total segment gross revenues 2,922 830 936 124 4,812 44 4,856

Banking and deposit interest expense ( 115 ) — — ( 8 ) ( 123 ) — ( 123 )

Total segment net revenues 2,807 830 936 116 4,689 44 4,733

Elimination of intersegment revenues ( 228 ) ( 25 ) ( 108 ) 7 ( 354 ) ( 4 ) ( 358 )

Total net revenues $ 2,579 $ 805 $ 828 $ 123 $ 4,335 $ 40 $ 4,375

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended June 30, 2024

Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating

Revenue Total

(in millions)

Management and financial advice fees:

Asset management fees:

Retail $ — $ 522 $ — $ — $ 522 $ — $ 522

Institutional — 140 — — 140 — 140

Model delivery (2)

— 21 — — 21 — 21

Advisory fees 1,361 — — — 1,361 — 1,361

6 unchanged sentences

Off-balance sheet brokerage cash

40 — — — 40 — 40

Other products 109 — — — 109 — 109

11 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended March 31, 2024

Six Months Ended June 30, 2025

Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating

15 unchanged sentences

Off-balance sheet brokerage cash 61 — — — 61 — 61

Other products 228 — — — 228 — 228

Total distribution fees 1,216 185 163 — 1,564 — 1,564

Other revenues 140 8 — 1 149 — 149

Total revenue from contracts with customers 4,812 1,648 190 1 6,651 — 6,651

Revenue from other sources (1)

1,019 28 1,672 235 2,954 93 3,047

Total segment gross revenues 5,831 1,676 1,862 236 9,605 93 9,698

Banking and deposit interest expense ( 242 ) — — ( 16 ) ( 258 ) — ( 258 )

Total segment net revenues 5,589 1,676 1,862 220 9,347 93 9,440

Elimination of intersegment revenues ( 450 ) ( 51 ) ( 217 ) 15 ( 703 ) ( 8 ) ( 711 )

Total net revenues $ 5,139 $ 1,625 $ 1,645 $ 235 $ 8,644 $ 85 $ 8,729

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Six Months Ended June 30, 2024

Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating

Revenue Total

(in millions)

Management and financial advice fees:

Asset management fees:

Retail $ — $ 1,052 $ — $ — $ 1,052 $ — $ 1,052

Institutional — 281 — — 281 — 281

Model delivery (2)

— 39 — — 39 — 39

Advisory fees 2,664 — — — 2,664 — 2,664

Financial planning fees 222 — — — 222 — 222

Transaction and other fees 194 102 30 — 326 — 326

Total management and financial advice fees 3,080 1,474 30 — 4,584 — 4,584

Distribution fees:

Mutual funds 395 112 — — 507 — 507

Insurance and annuity 507 79 168 — 754 — 754

Off-balance sheet brokerage cash

90 — — — 90 — 90

Other products 214 — — — 214 — 214

49 unchanged sentences

The revenue is recognized when it is probable that a significant reversal will not occur and is generally each month end as the advisory account balance uncertainty is resolved.

Contract liabilities for financial planning fees, which are included in Other liabilities, was $ 181 million as of both March 31, 2025 and December 31, 2024.

Contract liabilities for financial planning fees, which are included in Other liabilities, were $ 177 million and $ 181 million as of June 30, 2025 and December 31, 2024, respectively.

The Company pays sales commissions to advisors when a new financial planning contract is obtained or when an existing contract is renewed.

1 unchanged sentence

When the performance obligation to deliver the financial plan is satisfied, the commission is recognized as distribution expense.

Capitalized costs to obtain these contracts are reported in Other assets and was $ 145 million as of both March 31, 2025 and December 31, 2024.

Capitalized costs to obtain these contracts are reported in Other assets and was $ 141 million and $ 145 million as of June 30, 2025 and December 31, 2024, respectively.

Transaction and Other Fees

7 unchanged sentences

Custodial service fees are invoiced or charged to brokerage accounts on an annual basis.

Contract liabilities for custodial service fees, which are included in Other liabilities, were $ 37 million and nil as of March 31, 2025 and December 31, 2024, respectively.

Contract liabilities for custodial service fees, which are included in Other liabilities, were $ 24 million and nil as of June 30, 2025 and December 31, 2024, respectively.

The Company earns revenue for providing trade execution services to franchise advisors.

46 unchanged sentences

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue.

Receivables related to revenues from contracts with customers were $ 477 million and $ 538 million as of March 31, 2025 and December 31, 2024, respectively.

Receivables related to revenues from contracts with customers were $ 486 million and $ 538 million as of June 30, 2025 and December 31, 2024, respectively.

AMERIPRISE FINANCIAL, INC.

6 unchanged sentences

The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities.

The Company has unfunded commitments related to consolidated CLOs of $ 4 million and $ 2 million as of March 31, 2025 and December 31, 2024, respectively.

The Company has unfunded commitments related to consolidated CLOs of $ 6 million and $ 2 million as of June 30, 2025 and December 31, 2024, respectively.

Structured Investments

20 unchanged sentences

The Company’s maximum exposure to loss with respect to its investments in these non-consolidated VIEs is limited to its carrying value.

The carrying value of other non-consolidated VIEs was $ 120 million and $ 161 million as of March 31, 2025 and December 31, 2024, respectively.

The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both March 31, 2025 and December 31, 2024.

The carrying value of other non-consolidated VIEs was $ 109 million and $ 161 million as of June 30, 2025 and December 31, 2024, respectively.

The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both June 30, 2025 and December 31, 2024.

The Company has not provided any additional support to the VIEs beyond the funding commitments.

16 unchanged sentences

The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:

March 31, 2025

June 30, 2025

Level 1 Level 2 Level 3 Total

23 unchanged sentences

(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets.

The estimated fair value of the CLOs’ debt was $ 2.4 billion as of both March 31, 2025 and December 31, 2024.

The estimated fair value of the CLOs’ debt was $ 2.7 billion and $ 2.4 billion as of June 30, 2025 and December 31, 2024, respectively.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:

Syndicated Loans

(in millions)

Balance at April 1, 2025

Total gains (losses) included in:

Net income — (1)

Settlements ( 1 )

Transfers into Level 3 61

Transfers out of Level 3 ( 58 )

Balance at June 30, 2025

Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2025

Common Stocks Syndicated Loans

(in millions)

Balance at April 1, 2024

Total gains (losses) included in:

Net income — ( 5 ) (1)

Purchases — 47

Transfers into Level 3 2 25

Transfers out of Level 3 ( 1 ) ( 46 )

Balance at June 30, 2024

Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2024

$ — $ ( 4 ) (1)

Common Stocks Syndicated Loans

(in millions)

Balance at January 1, 2025

3 unchanged sentences

Transfers out of Level 3

Balance at March 31, 2025

Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2025

( 1 ) ( 126 )

Balance at June 30, 2025

Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2025

$ — $ ( 1 ) (1)

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Common Stocks Syndicated Loans

5 unchanged sentences

Transfers out of Level 3

Balance at March 31, 2024

Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2024

Balance at June 30, 2024

Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2024

$ — $ ( 6 ) (1)

2 unchanged sentences

Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.

All Level 3 measurements as of March 31, 2025 and December 31, 2024 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

All Level 3 measurements as of June 30, 2025 and December 31, 2024 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

2 unchanged sentences

The underlying inputs used in non-binding broker quotes are not readily available to the Company.

See Note 12 for a description of the Company’s determination of the fair value of corporate debt securities, common stocks and other investments.

See Note 12 for a description of the Company’s determination of the fair value of corporate debt securities.

For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible.

The fair value of these receivables is classified as Level 2.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent.

8 unchanged sentences

Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions)

11 unchanged sentences

(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets.

The estimated fair value of the CLOs’ debt was $ 2.4 billion as of both March 31, 2025 and December 31, 2024.

The estimated fair value of the CLOs’ debt was $ 2.7 billion and $ 2.4 billion as of June 30, 2025 and December 31, 2024, respectively.

During the second quarter of 2025, the Company launched one new CLO.

The new CLO issued debt of $ 406 million.

Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income.

1 unchanged sentence

Interest expense on debt is recorded in Interest and debt expense with gains and losses related to changes in the fair value of debt recorded in Net investment income.

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for both the three months ended March 31, 2025 and 2024.

Debt of the consolidated investment entities and the stated interest rates were as follows:

Carrying Value Weighted Average Interest Rate

March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024

(in millions)

3 unchanged sentences

The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following is a summary of Ameriprise Financial investments:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions)

6 unchanged sentences

Other investments primarily reflect the Company’s interests in affordable housing partnerships, trading securities, equity securities, seed money investments in proprietary funds, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following is a summary of Net investment income:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

2 unchanged sentences

Consolidated investment entities 53 53 90 98

98 104 178 205

Total $ 891 $ 921 $ 1,759 $ 1,822

Available-for-Sale securities distributed by type were as follows:

March 31, 2025

June 30, 2025

Description of Securities

20 unchanged sentences

Total $ 53,926 $ 353 $ ( 2,121 ) $ ( 5 ) $ 52,153

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

As of March 31, 2025 and December 31, 2024, accrued interest of $ 342 million and $ 326 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.

As of March 31, 2025 and December 31, 2024, fixed maturity securities comprised approximately 93 % and 92 %, respectively, of Ameriprise Financial investments.

As of June 30, 2025 and December 31, 2024, accrued interest of $ 334 million and $ 326 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.

As of both June 30, 2025 and December 31, 2024, fixed maturity securities comprised approximately 92 % of Ameriprise Financial investments.

Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd.

1 unchanged sentence

When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally.

As of March 31, 2025 and December 31, 2024, the Company’s internal analysts rated $ 661 million and $ 508 million, respectively, of securities using criteria similar to those used by NRSROs.

As of June 30, 2025 and December 31, 2024, the Company’s internal analysts rated $ 686 million and $ 508 million, respectively, of securities using criteria similar to those used by NRSROs.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

A summary of fixed maturity securities by rating was as follows:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Amortized Cost Fair Value Percent of Total Fair Value Amortized Cost Fair Value Percent of Total Fair Value

7 unchanged sentences

Total fixed maturities $ 54,204 $ 53,165 100 % $ 53,926 $ 52,153 100 %

As of March 31, 2025 and December 31, 2024, approximately 85 % and 82 % of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively.

No holdings of any issuer were greater than 10% of the Company’s total equity as of both March 31, 2025 and December 31, 2024.

As of June 30, 2025 and December 31, 2024, approximately 85 % and 82 % of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively.

No holdings of any issuer were greater than 10% of the Company’s total equity as of both June 30, 2025 and December 31, 2024.

The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:

Description of Securities March 31, 2025

Description of Securities June 30, 2025

Less than 12 Months 12 Months or More Total

23 unchanged sentences

Total 546 $ 13,000 $ ( 284 ) 1,268 $ 16,991 $ ( 1,837 ) 1,814 $ 29,991 $ ( 2,121 )

As part of the Company’s ongoing monitoring process, management determined that th e decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the three months ended March 31, 2025 is primarily attributable to the impact of lower interest rates.

As of March 31, 2025, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors.

As part of the Company’s ongoing monitoring process, management determined that th e decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the six months ended June 30, 2025 is primarily attributable to the impact of lower interest rates.

As of June 30, 2025, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors.

The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

As of both March 31, 2025 and December 31, 2024, approximately 97 % of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

As of both June 30, 2025 and December 31, 2024, approximately 97 % of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

The following table presents rollforwards of the allowance for credit losses on Available-for-Sale securities:

1 unchanged sentence

(in millions)

Balance at January 1, 2025

Balance at April 1, 2025

$ — $ 4 $ 1 $ 5

Additional increases (decreases) on securities that had an allowance recorded in a previous period — — — —

Balance at March 31, 2025

Balance at June 30, 2025

$ — $ 4 $ 1 $ 5

Balance at April 1, 2024

$ 1 $ — $ 1 $ 2

Additions for which credit losses were not previously recorded — 4 — 4

Reductions for securities sold during the period (realized) ( 1 ) — — ( 1 )

Balance at June 30, 2024

$ — $ 4 $ 1 $ 5

Balance at January 1, 2025

1 unchanged sentence

Additional increases (decreases) on securities that had an allowance recorded in a previous period — — — —

Balance at March 31, 2024

Balance at June 30, 2025

$ — $ 4 $ 1 $ 5

Balance at January 1, 2024

$ 1 $ — $ 1 $ 2

Additions for which credit losses were not previously recorded — 4 — 4

Reductions for securities sold during the period (realized) ( 1 ) — — ( 1 )

Balance at June 30, 2024

$ — $ 4 $ 1 $ 5

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

1 unchanged sentence

Gross realized investment losses ( 20 ) ( 3 ) ( 25 ) ( 3 )

Credit reversals (losses) — ( 3 ) — ( 3 )

Total $ ( 15 ) $ ( 2 ) $ ( 10 ) $ ( 2 )

(1) No realized gains or losses on Available-for-Sale securities, including credit losses and other impairments, exceeded $ 1 million for the three months ended March 31, 2024.

(1) Credit losses for the three and six months ended June 30, 2024 primarily related to recording an allowance for credit losses on a downgraded commercial mortgage backed security.

See Note 15 for a rollforward of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) (“AOCI”).

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Available-for-Sale securities by contractual maturity as of March 31, 2025 were as follows:

Available-for-Sale securities by contractual maturity as of June 30, 2025 were as follows:

Amortized Cost Fair Value

22 unchanged sentences

Charge-offs — ( 2 ) ( 2 )

Balance at March 31, 2025

Balance at June 30, 2025

$ 37 $ 10 $ 47

3 unchanged sentences

Charge-offs ( 2 ) ( 1 ) ( 3 )

Balance at March 31, 2024

Balance at June 30, 2024

$ 47 $ 10 $ 57

As of March 31, 2025 and December 31, 2024, accrued interest on commercial loans was $ 19 million and $ 20 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

As of June 30, 2025 and December 31, 2024, accrued interest on commercial loans was $ 22 million and $ 20 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Purchases and Sales

During the three months ended March 31, 2025 and 2024, the Company purchased $ 4 million and nil , respectively, of syndicated loans, and sold $ 3 million and nil , respectively, of syndicated loans.

During the three months ended March 31, 2025 and 2024, the Company purchased $ 40 million and $ 36 million, respectively, of residential mortgage loans.

During the three months ended June 30, 2025 and 2024, the Company purchased $ 13 million and $ 7 million, respectively, of syndicated loans, and sold $ 1 million and $ 4 million , respectively, of syndicated loans.

During the six months ended June 30, 2025 and 2024, the Company purchased $ 17 million and $ 7 million, respectively, of syndicated loans, and sold $ 4 million of syndicated loans.

During the three months ended June 30, 2025 and 2024, the Company purchased $ 76 million and $ 74 million , respectively, of residential mortgage loans.

During the six months ended June 30, 2025 and 2024, the Company purchased $ 116 million and $ 110 million, respectively, of residential mortgage loans.

The Company has not acquired any loans with deteriorated credit quality as of the acquisition date.

Credit Quality Information

Nonperforming loans were $ 13 million as of both March 31, 2025 and December 31, 2024.

Nonperforming loans were $ 12 million and $ 13 million as of June 30, 2025 and December 31, 2024, respectively.

All other loans were considered to be performing.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Commercial Loans

3 unchanged sentences

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes.

Commercial mortgage loans which management has assigned its highest risk rating were less than 1 % of total commercial mortgage loans as of both March 31, 2025 and December 31, 2024.

Commercial mortgage loans which management has assigned its highest risk rating were less than 1 % of total commercial mortgage loans as of both June 30, 2025 and December 31, 2024.

Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months.

There were no commercial mortgage loans past due as of both March 31, 2025 and December 31, 2024.

There were no commercial mortgage loans past due as of both June 30, 2025 and December 31, 2024.

The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:

March 31, 2025

June 30, 2025

Loan-to-Value Ratio 2025 2024 2023 2022 2021 Prior Total

16 unchanged sentences

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type.

For the three months ended March 31, 2025, write-offs of commercial mortgage loans were not material.

For the six months ended June 30, 2025, write-offs of commercial mortgage loans were not material.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

In addition, the Company reviews the concentrations of credit risk by region and property type.

2 unchanged sentences

Loans Percentage

March 31, 2025

June 30, 2025

December 31, 2024

March 31, 2025

June 30, 2025

December 31, 2024

10 unchanged sentences

$ 1,970 $ 1,902 100 % 100 %

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

Loans Percentage

March 31, 2025

June 30, 2025

December 31, 2024

March 31, 2025

June 30, 2025

December 31, 2024

9 unchanged sentences

Syndicated Loans

The investment in syndicated loans as of March 31, 2025 and December 31, 2024 was $ 87 million and $ 92 million, respectively.

The investment in syndicated loans as of both June 30, 2025 and December 31, 2024 was $ 92 million.

The Company’s syndicated loan portfolio is diversified across industries and issuers.

There were no syndicated loans past due as of both March 31, 2025 and December 31, 2024.

There were no syndicated loans past due as of both June 30, 2025 and December 31, 2024.

The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality.

For the three months ended March 31, 2025, write-offs of syndicated loans were not material.

For the six months ended June 30, 2025, write-offs of syndicated loans were not material.

The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:

March 31, 2025

June 30, 2025

Internal Risk Rating 2025 2024 2023 2022 2021 Prior Total

6 unchanged sentences

Total $ 19 $ 48 $ 11 $ — $ 4 $ 10 $ 92

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

December 31, 2024

12 unchanged sentences

Accordingly, the primary risk factor for advisor loans is termination status.

The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $ 6 million as of both March 31, 2025 and December 31, 2024.

For the three months ended March 31, 2025, write-offs of advisor loans were not material.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $ 6 million as of both June 30, 2025 and December 31, 2024.

For the six months ended June 30, 2025, write-offs of advisor loans were not material.

The tables below present the amortized cost basis of advisor loans by origination year and termination status:

March 31, 2025

June 30, 2025

Termination Status 2025 2024 2023 2022 2021 Prior Total

14 unchanged sentences

Delinquency rates are measured based on the number of days past due.

Residential mortgage loans over 30 days past due were $ 3 million and $ 4 million as of March 31, 2025 and December 31, 2024, respectively.

For the three months ended March 31, 2025, write-offs of residential mortgage loans were not material.

Residential mortgage loans over 30 days past due were $ 3 million and $ 4 million as of June 30, 2025 and December 31, 2024, respectively.

For the six months ended June 30, 2025, write-offs of residential mortgage loans were not material.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:

FICO Score March 31, 2025

FICO Score June 30, 2025

2024 2023 2022 2021 Prior

16 unchanged sentences

The table below presents the concentrations of credit risk of residential mortgage loans by U.S.

March 31, 2025

June 30, 2025

December 31, 2024

March 31, 2025

June 30, 2025

December 31, 2024

3 unchanged sentences

Total $ 551 $ 466 100 % 100 %

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Credit Card Receivables

3 unchanged sentences

Delinquency rates are measured based on the number of days past due.

Credit card receivables over 30 days past due were 2 % of total credit card receivables as of both March 31, 2025 and December 31, 2024.

Credit card receivables over 30 days past due were 2 % of total credit card receivables as of both June 30, 2025 and December 31, 2024.

The table below presents the amortized cost basis of credit card receivables by FICO score:

March 31, 2025

June 30, 2025

December 31, 2024

7 unchanged sentences

As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

The margin loans balance was $ 1.2 billion and $ 1.1 billion as of March 31, 2025 and December 31, 2024, respectively.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The margin loans balance was $ 1.2 billion and $ 1.1 billion as of June 30, 2025 and December 31, 2024, respectively.

The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss.

As of both March 31, 2025 an d December 31, 2024, there was no allowance for credit losses on margin loans.

As of both June 30, 2025 and December 31, 2024, there was no allowance for credit losses on margin loans.

Pledged Asset Lines of Credit

The pledged asset lines of credit balance was $ 800 million and $ 737 million as of March 31, 2025 and December 31, 2024, respectively.

The Company monitors collateral supporting pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss.

As of both March 31, 2025 and December 31, 2024 , there w as no allowance for credit losses on pledged asset lines of credit.

The pledged asset lines of credit balance was $ 864 million and $ 737 million as of June 30, 2025 and December 31, 2024, respectively.

The Company monitors collateral supporting pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of los s.

As of both June 30, 2025 and December 31, 2024, there was no allowance for credit losses on pledged asset lines of credit.

Deposit Receivables

Deposit receivables were $ 5.7 billion and $ 5.8 billion as of March 31, 2025 and December 31, 2024 , respectively.

Deposit receivables were $ 5.6 billion and $ 5.8 billion as of June 30, 2025 and December 31, 2024 , respectively.

Deposit receivables are collateralized by the fair value of the assets held in trusts.

Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both March 31, 2025 and December 31, 2024.

Modifications with Borrowers Experiencing Financial Difficulty

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the three months ended March 31, 2025 and 2024.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the three and six months ended June 30, 2025 and 2024.

Deferred Acquisition Costs and Deferred Sales Inducement Costs

6 unchanged sentences

Amortization ( 57 ) ( 18 ) ( 3 ) — ( 4 ) ( 23 )

Balance at March 31, 2025

Balance at June 30, 2025

$ 1,356 $ 300 $ 25 $ 4 $ 99 $ 560

5 unchanged sentences

Amortization ( 8 ) — — ( 1 ) ( 4 ) ( 118 )

Balance at March 31, 2025

Balance at June 30, 2025

$ 203 $ 2 $ 11 $ 17 $ 68 2,645

Other broker dealer acquisition costs 2

Balance at March 31, 2025 including broker dealer acquisition costs

Balance at June 30, 2025 including broker dealer acquisition costs

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Variable Annuities Structured Variable Annuities Fixed Annuities Fixed Indexed Annuities Universal Life Insurance Variable Universal Life Insurance

22 unchanged sentences

Amortization ( 6 ) ( 1 ) ( 7 )

Balance at March 31, 2025

Balance at June 30, 2025

$ 116 $ 9 $ 125

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Variable Annuities Fixed Annuities Total,

7 unchanged sentences

Policyholder account balances, future policy benefits and claims consisted of the following:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions)

9 unchanged sentences

Total policyholder account balances, future policy benefits and claims $ 43,794 $ 41,873

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Variable Annuities

19 unchanged sentences

See Note 14 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Insurance Liabilities

23 unchanged sentences

Variable account index-linked adjustments

— ( 545 ) — — —

Interest credited 58 1 96 6 8

Balance at March 31, 2025

Balance at June 30, 2025

$ 3,514 $ 18,536 $ 5,120 $ 299 $ 438

11 unchanged sentences

Variable account index-linked adjustments

— — — — ( 545 )

Interest credited 22 32 82 8 313

Balance at March 31, 2025

Balance at June 30, 2025

$ 1,370 $ 1,668 $ 2,958 $ 450 $ 34,353

45 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of March 31, 2025 and December 31, 2024 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of June 30, 2025 and December 31, 2024 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.

Rates are reset at management’s discretion, subject to guaranteed minimums.

March 31, 2025

June 30, 2025

Account Values with Crediting Rates

62 unchanged sentences

Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

December 31, 2024

10 unchanged sentences

Total $ 3,442 $ 102 $ 65 $ 18 $ — $ 3,627

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Account Values with Crediting Rates

Range of Guaranteed Minimum Crediting Rates At Guaranteed Minimum 1 - 49 bps above Guaranteed Minimum

50 - 99 bps above Guaranteed Minimum

100 - 150 bps above Guaranteed Minimum

Greater than 150 bps above Guaranteed Minimum

(in millions, except percentages)

Fixed accounts of structured variable annuities 1 % – 1.99 % $ 2 $ 20 $ 9 $ — $ — $ 31

23 unchanged sentences

Total $ 679 $ 36 $ 6 $ 14 $ 53 $ 788

Non-indexed accounts of indexed universal life insurance 1 % – 1.99 % $ — $ — $ 4 $ 2 $ — $ 6

2 % – 2.99 % — 125 — — — 125

3 % – 3.99 % — — — — — —

4 % – 5.00 % — — — — — —

Total $ — $ 125 $ 4 $ 2 $ — $ 131

AMERIPRISE FINANCIAL, INC.

6 unchanged sentences

(in millions, except percentages)

Non-indexed accounts of indexed universal life insurance 1 % – 1.99 % $ — $ — $ 4 $ 2 $ — $ 6

2 % – 2.99 % — 125 — — — 125

3 % – 3.99 % — — — — — —

4 % – 5.00 % — — — — — —

Total $ — $ 125 $ 4 $ 2 $ — $ 131

Other life insurance 1 % – 1.99 % $ — $ — $ — $ — $ — $ —

32 unchanged sentences

Effect of changes in discount rate assumptions — ( 27 ) ( 5 ) 2 ( 30 )

Balance at March 31, 2025

Balance at June 30, 2025

$ — $ 749 $ 49 $ 1,015 $ 1,813

12 unchanged sentences

Effect of changes in discount rate assumptions ( 61 ) ( 12 ) 16 ( 118 ) ( 175 )

Balance at March 31, 2025

Balance at June 30, 2025

$ 1,235 $ 1,338 $ 533 $ 6,210 $ 9,316

68 unchanged sentences

Impact of change in net unrealized (gains) losses on securities 4 — — 4

Balance at March 31, 2025

Balance at June 30, 2025

$ 1,345 $ 78 $ 8 $ 1,431

17 unchanged sentences

The amount of revenue and interest recognized in the Statements of Operations was as follows:

Three Months Ended March 31,

Six Months Ended June 30,

Gross Premiums Interest Expense

22 unchanged sentences

Amortization ( 1 ) ( 9 ) ( 12 ) ( 22 )

Balance at March 31, 2025

Balance at June 30, 2025

$ 26 $ 278 $ 307 $ 611

7 unchanged sentences

Aggregate fair value of separate account assets, by major asset category, consisted of the following:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions)

20 unchanged sentences

Other charges — — 236 236

Balance at March 31, 2025

Balance at June 30, 2025

$ 65,790 $ 10,436 $ 2,623 $ 78,849

46 unchanged sentences

The following tables summarize the balances of and changes in market risk benefits:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except age)

22 unchanged sentences

Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period

$ — $ ( 11 ) $ — $ 40

AMERIPRISE FINANCIAL, INC.

25 unchanged sentences

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:

March 31, 2025

June 30, 2025

Fair Value Valuation Technique Significant Inputs and Assumptions Range Weighted

54 unchanged sentences

Outstanding Balance Stated Interest Rate

March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024

(in millions)

22 unchanged sentences

The Company’s life insurance and bank subsidiaries are members of the FHLB of Des Moines which provides access to collateralized borrowings.

The Company’s life insurance subsidiary has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $ 1.1 billion and $ 964 million as of March 31, 2025 and December 31, 2024, respectively.

The remaining maturity of outstanding FHLB advances was less than three months as of both March 31, 2025 and December 31, 2024.

The remaining maturity of outstanding FHLB advances was less than three months as of both June 30, 2025 and December 31, 2024.

The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date.

The Company’s bank subsidiary had no outstanding obligations to the FHLB as of both March 31, 2025 and December 31, 2024.

The Company’s bank subsidiary had no outstanding obligations to the FHLB as of both June 30, 2025 and December 31, 2024.

The Company’s bank subsidiary maintains access to collateralized borrowings from the Federal Reserve.

As of both March 31, 2025 and December 31, 2024, there were no outstanding obligations to the Federal Reserve.

As of both June 30, 2025 and December 31, 2024, there were no outstanding obligations to the Federal Reserve.

On November 25, 2024, the Company entered into agreement to amend and restate its credit agreement that provides for an unsecured committed revolving credit facility of up to $ 1.0 billion that expires in November 2029.

Under the terms of the credit agreement for the facility, the Company may increase the amount of this facility up to $ 1.25 billion upon satisfaction of certain approval requirements.

As of both March 31, 2025 and December 31, 2024, the Company had no borrowings outstanding and $ 1 million of letters of credit issued against the facility.

As of both June 30, 2025 and December 31, 2024, the Company had no borrowings outstanding and $ 1 million of letters of credit issued against the facility.

The Company’s credit facility contains various administrative, reporting, legal and financial covenants.

The Company was in compliance with all such covenants as of both March 31, 2025 and December 31, 2024.

The Company was in compliance with all such covenants as of both June 30, 2025 and December 31, 2024.

American Enterprise Investment Services, Inc.

(“AEIS”), a subsidiary of the Company, has credit agreements for uncommitted lines of credit with third party financial institutions, having a combined credit limit of $ 500 million.

As of both March 31, 2025 and December 31, 2024, AEIS had no borrowings outstanding.

As of both June 30, 2025 and December 31, 2024, AEIS had no borrowings outstanding.

AMERIPRISE FINANCIAL, INC.

15 unchanged sentences

The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis (See Note 4 for the balances of assets and liabilities for consolidated investment entities):

March 31, 2025

June 30, 2025

Level 1 Level 2 Level 3 Total

83 unchanged sentences

(2) See Note 10 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

(3) The Company’s adjustment for nonperformance risk resulted in a $ 197 million and $ 211 million cumulative decrease to the embedded derivatives as of March 31, 2025 and December 31, 2024, respectively.

(3) The Company’s adjustment for nonperformance risk resulted in a $ 215 million and $ 211 million cumulative decrease to the embedded derivatives as of June 30, 2025 and December 31, 2024, respectively.

AMERIPRISE FINANCIAL, INC.

4 unchanged sentences

(in millions)

Balance at April 1, 2025

$ 629 $ 25 $ 106 $ 760 $ 53

Total gains (losses) included in:

Net income — — — — (1) 5

Other comprehensive income (loss) 5 — — 5 —

Purchases 82 — — 82 —

Settlements ( 8 ) ( 2 ) ( 26 ) ( 36 ) ( 1 )

Balance at June 30, 2025

$ 708 $ 23 $ 80 $ 811 $ 57

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at June 30, 2025

$ 5 $ — $ — $ 5 $ —

Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities

Fixed Deferred Indexed Annuity Embedded Derivatives IUL Embedded Derivatives Structured Variable Annuity Embedded Derivatives Total

(in millions)

Balance at April 1, 2025

$ 51 $ 969 $ 1,841 $ 2,861 $ 65

Total (gains) losses included in:

Net income 5 (2) 67 (2) 1,086 (3) 1,158 — (4)

Other comprehensive income (loss) — — — — 1

Issues — 3 39 42 9

Settlements — ( 40 ) ( 87 ) ( 127 ) ( 9 )

Balance at June 30, 2025

$ 56 $ 999 $ 2,879 $ 3,934 $ 66

Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2025

$ — (2) $ 66 (2) $ 1,086 (3) $ 1,152 $ —

Available-for-Sale Securities Receivables

Corporate Debt Securities Residential Mortgage Backed Securities Asset Backed Securities Total Fixed Deferred Indexed Annuity Ceded Embedded Derivatives

(in millions)

Balance at April 1, 2024

$ 505 $ 25 $ 1 $ 531 $ 54

Total gains (losses) included in:

Net income — — — — (1) 2

Other comprehensive income (loss) 1 ( 1 ) — — —

Purchases 50 60 23 133 —

Settlements ( 12 ) ( 2 ) — ( 14 ) ( 1 )

Transfers out of Level 3 — ( 25 ) — ( 25 ) —

Balance at June 30, 2024

$ 544 $ 57 $ 24 $ 625 $ 55

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities

Fixed Deferred Indexed Annuity Embedded Derivatives IUL Embedded Derivatives Structured Variable Annuity Embedded Derivatives Total

(in millions)

Balance at April 1, 2024

$ 52 $ 888 $ 1,620 $ 2,560 $ 71

Total (gains) losses included in:

Net income 1 (2) 91 (2) 325 (3) 417 1 (4)

Issues — 8 39 47 6

Settlements ( 1 ) ( 43 ) ( 88 ) ( 132 ) ( 9 )

Balance at June 30, 2024

$ 52 $ 944 $ 1,896 $ 2,892 $ 69

Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2024

$ — (2) $ 91 (2) $ 325 (3) $ 416 $ —

Available-for-Sale Securities Receivables

Corporate Debt Securities Residential Mortgage Backed Securities Asset Backed Securities Total Fixed Deferred Indexed Annuity Ceded Embedded Derivatives

(in millions)

Balance at January 1, 2025

6 unchanged sentences

Transfers out of Level 3 — ( 38 ) — ( 38 ) —

Balance at March 31, 2025

Balance at June 30, 2025

$ 708 $ 23 $ 80 $ 811 $ 57

Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2025

Changes in unrealized gains (losses) in net income relating to assets held at June 30, 2025

$ 1 $ — $ — $ 1 (1) $ —

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2025

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at June 30, 2025

$ 14 $ — $ — $ 14 $ —

6 unchanged sentences

Net income 5 (2) 72 (2) 538 (3) 615 ( 6 ) (4)

Other comprehensive income (loss) — — — — 1

Issues — 2 52 54 19

Settlements ( 2 ) ( 77 ) ( 172 ) ( 251 ) ( 16 )

Balance at March 31, 2025

$ 51 $ 969 $ 1,841 $ 2,861 $ 65

Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2025

$ ( 548 ) (3)

Balance at June 30, 2025

$ 56 $ 999 $ 2,879 $ 3,934 $ 66

Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2025

AMERIPRISE FINANCIAL, INC.

10 unchanged sentences

Settlements ( 25 ) ( 2 ) — ( 27 ) ( 2 )

Balance at March 31, 2024

Transfers out of Level 3 — ( 25 ) — ( 25 ) —

Balance at June 30, 2024

$ 544 $ 57 $ 24 $ 625 $ 55

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2024

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at June 30, 2024

$ ( 3 ) $ — $ — $ ( 3 ) $ —

8 unchanged sentences

Settlements ( 2 ) ( 76 ) ( 144 ) ( 222 ) ( 17 )

Balance at March 31, 2024

Balance at June 30, 2024

$ 52 $ 944 $ 1,896 $ 2,892 $ 69

Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2024

Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2024

(1) Included in Net investment income.

2 unchanged sentences

(4) Included in General and administrative expense.

The decrease to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 16 million and nil , net of the reinsurance accrual, for the three months ended March 31, 2025 and 2024, respectively.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 17 million and $ 19 million, net of the reinsurance accrual, for the three months ended June 30, 2025 and 2024, respectively.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 1 million and $ 19 million, net of the reinsurance accrual, for the six months ended June 30, 2025 and 2024, respectively.

Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant.

3 unchanged sentences

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:

March 31, 2025

June 30, 2025

Fair Value Valuation Technique Unobservable Input Range Weighted Average

61 unchanged sentences

Significant increases (decreases) in the annual default rate and discount rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss recovery in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the constant prepayment rate in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the constant prepayment rate used in the fair value measurement of Level 3 asset backed securities in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the surrender assumption used in the fair value measurement of the fixed deferred indexed annuity ceded embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

17 unchanged sentences

Level 1 securities primarily include trading securities and U.S.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations, foreign government securities and trading and other securities.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations, U.S.

government and agency obligations, foreign government securities, and trading and other securities.

The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services.

31 unchanged sentences

These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options.

The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both March 31, 2025 and December 31, 2024.

The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both June 30, 2025 and December 31, 2024.

See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral.

2 unchanged sentences

The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products.

The structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity market exposure and a fixed account.

Each indexed account includes a protection option (a buffer or a floor).

If the index has a negative return, contractholder losses will be reduced by a buffer or limited to a floor.

The portion allocated to an indexed account is accounted for as an embedded derivative.

The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk.

9 unchanged sentences

The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels.

These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency

These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options.

The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both June 30, 2025 and December 31, 2024.

See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

forwards and the majority of options.

The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both March 31, 2025 and December 31, 2024.

See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral.

Securities sold but not yet purchased represent obligations of the Company to deliver specified securities that it does not yet own, creating a liability to purchase the security in the market at prevailing prices.

12 unchanged sentences

Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner).

The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 24 million and $ 27 million as of March 31, 2025 and December 31, 2024, respectively, and is classified as Level 3 in the fair value hierarchy.

The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 21 million and $ 27 million as of June 30, 2025 and December 31, 2024, respectively, and is classified as Level 3 in the fair value hierarchy.

Assets and Liabilities Not Reported at Fair Value

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:

March 31, 2025

June 30, 2025

Carrying Value Fair Value

54 unchanged sentences

The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:

March 31, 2025

June 30, 2025

Gross Amounts of Recognized Assets

31 unchanged sentences

The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:

March 31, 2025

June 30, 2025

Gross Amounts of Recognized Liabilities

42 unchanged sentences

Securities borrowing and lending agreements are reflected in Receivables and Other liabilities, respectively.

See Note 14 for additional disclosures related to the Company’s derivative instruments and Note 4 for information related to derivatives held by consolidated investment entities.

See Note 14 for additional disclosures related to the Company’s derivative instruments.

Derivatives and Hedging Activities

9 unchanged sentences

The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Notional Gross Fair Value Notional Gross Fair Value

27 unchanged sentences

The fair value of the SMC embedded derivative liability is included in Customer deposits.

(3) The fair value of the structured variable annuity embedded derivatives as of March 31, 2025 included $ 1.9 billion of individual contracts in a liability position and $ 58 million of individual contracts in an asset position.

(3) The fair value of the structured variable annuity embedded derivatives as of June 30, 2025 included $ 2.9 billion of individual contracts in a liability position and $ 3 million of individual contracts in an asset position.

The fair value of the structured variable annuity embedded derivatives as of December 31, 2024 included $ 2.5 billion of individual contracts in a liability position and $ 3 million of individual contracts in an asset position.

See Note 12 for additional information regarding the Company’s fair value measurement of derivative instruments.

Investment securities with a fair value of $ 1.5 billion as of both March 31, 2025 and December 31, 2024, were pledged to meet contractual obligations under derivative contracts, of which $ 88 million and $ 85 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of March 31, 2025 and December 31, 2024, investment securities with a fair value of $ 2.3 billion and $ 2.2 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $ 2.1 billion and $ 2.0 billion, respectively, may be sold, pledged or rehypothecated by the Company.

As of both March 31, 2025 and December 31, 2024, the Company had sold, pledged or rehypothecated none of these securities.

In addition, as of both March 31, 2025 and December 31, 2024, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

As of June 30, 2025 and December 31, 2024, investment securities with a fair value of $ 1.7 billion and $ 1.5 billion respectively, were pledged to meet contractual obligations under derivative contracts, of which $ 152 million and $ 85 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of June 30, 2025 and December 31, 2024, investment securities with a fair value of $ 2.6 billion and $ 2.2 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $ 2.3 billion and $ 2.0 billion, respectively, may be sold, pledged or rehypothecated by the Company.

As of both June 30, 2025 and December 31, 2024, the Company had sold, pledged or rehypothecated none of these securities.

In addition, as of both June 30, 2025 and December 31, 2024, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

Derivatives Not Designated as Hedges

The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Net Investment Income Banking and Deposit Interest Expense Distribution Expenses Interest Credited to Fixed Accounts Benefits, Claims, Losses and Settlement Expenses Change in Fair Value of Market Risk Benefits General and Administrative Expense

(in millions)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Interest rate contracts $ — $ — $ — $ — $ — $ ( 52 ) $ —

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Total gain (loss) $ ( 4 ) $ — $ 118 $ 55 $ 8 $ ( 644 ) $ 35

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Interest rate contracts $ — $ — $ — $ — $ — $ ( 188 ) $ —

7 unchanged sentences

Total gain (loss) $ ( 3 ) $ — $ 14 $ ( 22 ) $ ( 73 ) $ ( 300 ) $ 1

The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment.

These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

(in millions)

Six Months Ended June 30, 2025

Interest rate contracts $ — $ — $ — $ — $ 2 $ 68 $ —

Equity contracts ( 4 ) 1 41 42 420 ( 286 ) 5

Credit contracts ( 2 ) — 4 — — ( 54 ) —

Foreign exchange contracts — — — — — ( 63 ) 37

IUL embedded derivatives — — — 5 — — —

Fixed deferred indexed annuity and deposit receivables embedded derivatives — — — 10 — — —

Structured variable annuity embedded derivatives — — — — ( 538 ) — —

SMC embedded derivatives — ( 1 ) — — — — —

Total gain (loss) $ ( 6 ) $ — $ 45 $ 57 $ ( 116 ) $ ( 335 ) $ 42

Six Months Ended June 30, 2024

Interest rate contracts $ — $ — $ — $ — $ ( 8 ) $ ( 721 ) $ —

Equity contracts ( 5 ) 2 81 47 850 ( 728 ) 6

Credit contracts — — ( 2 ) — — 99 —

Foreign exchange contracts — — — — — 57 ( 2 )

IUL embedded derivatives — — — ( 57 ) — — —

Fixed deferred indexed annuity and deposit receivables embedded derivatives — — — 10 — — —

Structured variable annuity embedded derivatives — — — — ( 953 ) — —

SMC embedded derivatives — ( 2 ) — — — — —

Total gain (loss) $ ( 5 ) $ — $ 79 $ — $ ( 111 ) $ ( 1,293 ) $ 4

The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment.

These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.

The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity.

The following is a summary of the payments the Company is scheduled to make and receive for these options as of March 31, 2025:

The following is a summary of the payments the Company is scheduled to make and receive for these options as of June 30, 2025:

Premiums Payable Premiums Receivable

(in millions)

2030 - 2031 233 —

Total $ 751 $ 103

(1) 2025 amounts represent the amounts payable and receivable for the period from April 1, 2025 to December 31, 2025.

(1) 2025 amounts represent the amounts payable and receivable for the period from July 1, 2025 to December 31, 2025.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.

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The amount that is reclassified into earnings is presented within the same line item as the earnings impact of the hedged item in Interest and debt expense.

For both the three months ended March 31, 2025 and 2024, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial.

The estimated net amount recorded in AOCI as of March 31, 2025 that the Company expects to reclassify to earnings as a reduction to Interest and debt expense within the next twelve months is not material.

For both the three and six months ended June 30, 2025 and 2024, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial.

The estimated net amount recorded in AOCI as of June 30, 2025 that the Company expects to reclassify to earnings as a reduction to Interest and debt expense within the next twelve months is not material.

Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 10 years and relates to forecasted debt interest payments.

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As the Company determined that the forward contracts are effective, the change in fair value of the derivatives is recognized in AOCI as part of the foreign currency translation adjustment.

For both the three months ended March 31, 2025 and 2024, the Company recognized an immaterial gain in other comprehensive income (loss) (“OCI”).

For the three and six months ended June 30, 2025, the Company did not recognize a gain or loss in other comprehensive income (loss) (“OCI”).

For the three and six months ended June 30, 2024, the Company recognized a gain of $ 1 million in OCI.

Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract.

To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management.

Key components of this

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical.

Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical.

See Note 13 for additional information on the Company’s credit exposure related to derivative assets.

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If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position.

As of March 31, 2025 and December 31, 2024, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $ 91 million and $ 69 million, respectively.

The aggregate fair value of assets posted as collateral for such instruments as of March 31, 2025 and December 31, 2024 was $ 91 million and $ 68 million, respectively.

If the credit contingent provisions of derivative contracts in a net liability position as of March 31, 2025 and December 31, 2024 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been nil and $ 1 million, respectively.

As of June 30, 2025 and December 31, 2024, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $ 94 million and $ 69 million, respectively.

The aggregate fair value of assets posted as collateral for such instruments as of June 30, 2025 and December 31, 2024 was $ 94 million and $ 68 million, respectively.

If the credit contingent provisions of derivative contracts in a net liability position as of June 30, 2025 and December 31, 2024 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been nil and $ 1 million, respectively.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Shareholders’ Equity

The following table presents the amounts related to each component of OCI:

Three Months Ended March 31,

Three Months Ended June 30,

Pretax Income Tax Benefit (Expense) Net of Tax Pretax Income Tax Benefit (Expense) Net of Tax

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Net unrealized gains (losses) on derivatives arising during the period ( 1 ) — ( 1 ) — — —

Net unrealized gains (losses) on derivatives ( 1 ) — ( 1 ) — — —

Effect of changes in discount rate assumptions on certain long-duration contracts ( 15 ) 3 ( 12 ) 79 ( 17 ) 62

Effect of changes in instrument-specific credit risk on MRBs 1 — 1 13 ( 4 ) 9

Foreign currency translation 107 ( 4 ) 103 2 ( 1 ) 1

Total other comprehensive income (loss) $ 342 $ ( 59 ) $ 283 $ ( 78 ) $ 15 $ ( 63 )

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Six Months Ended June 30,

Pretax Income Tax Benefit (Expense) Net of Tax Pretax Income Tax Benefit (Expense) Net of Tax

(in millions)

Net unrealized gains (losses) on securities:

Net unrealized gains (losses) on securities arising during the period (1)

$ 724 $ ( 164 ) $ 560 $ ( 416 ) $ 90 $ ( 326 )

Reclassification of net (gains) losses on securities included in net income (2)

10 ( 2 ) 8 2 — 2

Impact of benefit reserves and reinsurance recoverables ( 2 ) — ( 2 ) 14 ( 3 ) 11

Net unrealized gains (losses) on securities 732 ( 166 ) 566 ( 400 ) 87 ( 313 )

Net unrealized gains (losses) on derivatives:

Net unrealized gains (losses) on derivatives arising during the period

( 11 ) 2 ( 9 ) — — —

Net unrealized gains (losses) on derivatives ( 11 ) 2 ( 9 ) — — —

Effect of changes in discount rate assumptions on certain long-duration contracts ( 53 ) 11 ( 42 ) 167 ( 36 ) 131

16 unchanged sentences

(in millions)

Balance at April 1, 2025

$ ( 1,078 ) $ ( 3 ) $ ( 3 ) $ ( 146 ) $ ( 45 ) $ ( 243 ) $ ( 1 ) $ ( 1,519 )

OCI before reclassifications 180 ( 1 ) ( 12 ) 1 — 103 — 271

Amounts reclassified from AOCI 12 — — — — — — 12

Total OCI 192 ( 1 ) ( 12 ) 1 — 103 — 283

Balance at June 30, 2025

$ ( 886 ) $ ( 4 ) $ ( 15 ) $ ( 145 ) $ ( 45 ) $ ( 140 ) $ ( 1 ) $ ( 1,236 )

Balance at April 1, 2024

$ ( 1,419 ) $ 5 $ ( 57 ) $ ( 122 ) $ ( 60 ) $ ( 276 ) $ ( 1 ) $ ( 1,930 )

OCI before reclassifications ( 137 ) — 62 9 — 1 — ( 65 )

Amounts reclassified from AOCI 2 — — — — — — 2

Total OCI ( 135 ) — 62 9 — 1 — ( 63 )

Balance at June 30, 2024

$ ( 1,554 ) $ 5 $ 5 $ ( 113 ) $ ( 60 ) $ ( 275 ) $ ( 1 ) $ ( 1,993 )

Balance at January 1, 2025

3 unchanged sentences

Total OCI 566 ( 9 ) ( 42 ) 2 — 155 — 672

Balance at March 31, 2025

Balance at June 30, 2025

$ ( 886 ) $ ( 4 ) $ ( 15 ) $ ( 145 ) $ ( 45 ) $ ( 140 ) $ ( 1 ) $ ( 1,236 )

2 unchanged sentences

OCI before reclassifications ( 315 ) — 131 ( 28 ) — ( 17 ) — ( 229 )

Amounts reclassified from AOCI 2 — — — — — — 2

Total OCI ( 313 ) — 131 ( 28 ) — ( 17 ) — ( 227 )

Balance at March 31, 2024

Balance at June 30, 2024

$ ( 1,554 ) $ 5 $ 5 $ ( 113 ) $ ( 60 ) $ ( 275 ) $ ( 1 ) $ ( 1,993 )

For both the three months ended March 31, 2025 and 2024, the Company repurchased a total of 1.2 million shares of its common stock for an aggregate cost of $ 617 million and $ 507 million, respectively.

On July 24, 2023, the Company’s Board of Directors authorized an additional $ 3.5 billion for the repurchase of the Company’s common stock through September 30, 2025.

As of March 31, 2025, the Company had $ 271 million remaining under this share repurchase authorization.

For the six months ended June 30, 2025 and 2024, the Company repurchased a total of 2.3 million shares and 2.5 million shares, respectively, of its common stock for an aggregate cost of $ 1.2 billion and $ 1.0 billion, respectively.

On July 24, 2023, the Company’s Board of Directors authorized an additional $ 3.5 billion for the repurchase of the Company’s common stock through September 30, 2025, which was exhausted during the second quarter of 2025.

On April 22, 2025, the Company’s Board of Directors authorized an additional $ 4.5 billion for the repurchase of the Company’s common stock through June 30, 2027.

As of June 30, 2025, the Company had $ 4.2 billion remaining under this share repurchase authorization.

The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises.

1 unchanged sentence

These vested restricted shares are reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase.

For the three months ended March 31, 2025 and 2024, the Company reacquired 0.2 million and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $ 122 million and $ 99 million, respectively, related to the holders’ income tax obligations on the vesting date.

For the six months ended June 30, 2025 and 2024, the Company reacquired 0.2 million and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $ 123 million and $ 104 million, respectively, related to the holders’ income tax obligations on the vesting date.

Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised.

These shares are reacquired by the Company and recorded as treasury shares.

For the three months ended March 31, 2025 and 2024, the Company reacquired 0.1 million shares and 0.2 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $ 28 million and $ 99 million, respectively.

During the three months ended March 31, 2025 and 2024, the Company reissued 0.6 million and 0.7 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans.

The Company’s effective tax rate was 15.1 % and 18.8 % for the three months ended March 31, 2025 and 2024, respectively.

The effective tax rate for the three months ended March 31, 2025 was lower than the statutory rate as a result of tax preferred items including incentive compensation and foreign tax credits, net of addback, partially offset by state income taxes, net of federal benefit and unrecognized tax benefits.

The effective tax rate for the three months ended March 31, 2024 was lower than the statutory rate as a result of tax preferred items including incentive compensation and foreign tax credits, net of addback, partially offset by state income taxes, net of federal benefit.

For the six months ended June 30, 2025 and 2024, the Company

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The decrease in the effective tax rate for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to lower pretax income in the current period compared to the prior period and the related impact on tax preferred items, an increase in the benefit for incentive compensation, and an increase in foreign tax credits, net of addback, partially offset by an increase in state income taxes, net of federal benefit and an increase in unrecognized tax benefits.

reacquired 0.1 million shares and 0.3 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $ 47 million and $ 119 million, respectively.

During the six months ended June 30, 2025 and 2024, the Company reissued 0.6 million and 0.7 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans.

The Company’s effective tax rate was 21.6 % and 21.1 % for the three months ended June 30, 2025 and 2024, respectively.

The Company’s effective tax rate was 19.4 % and 19.9 % for the six months ended June 30, 2025 and 2024, respectively.

The effective tax rate for the three months ended June 30, 2025 was higher than the statutory rate primarily as a result of state income taxes, net of federal benefit.

The effective tax rate for the six months ended June 30, 2025 was lower than the statutory rate as a result of tax preferred items including incentive compensation and foreign tax credits, net of addback, partially offset by state income taxes, net of federal benefit.

The effective tax rate for the three months ended June 30, 2024 was higher than the statutory rate as a result of state income taxes, net of federal benefit.

The effective tax rate for the six months ended June 30, 2024 was lower than the statutory rate as a result of tax preferred items including incentive compensation, partially offset by state income taxes, net of federal benefit.

Included in the Company’s deferred income tax assets are tax benefits related to foreign net operating losses of $ 53 million, which do not expire, corporate alternative minimum tax (“CAMT”) credit carryforwards of $ 85 million, which do not expire, and state net operating losses of $ 38 million, net of federal benefit, which will expire beginning December 31, 2025.

7 unchanged sentences

and (iv) tax planning strategies.

Based on analysis of the Company’s tax position as of March 31, 2025, management believes it is more likely than not that the Company will not realize certain state net operating losses of $ 32 million, state deferred tax assets of $ 2 million (both net of federal benefit), and foreign net operating losses of $ 34 million;

Based on analysis of the Company’s tax position as of June 30, 2025, management believes it is more likely than not that the Company will not realize certain state net operating losses of $ 32 million, state deferred tax assets of $ 2 million (both net of federal benefit), and foreign net operating losses of $ 36 million;

therefore, a valuation allowance has been established.

The valuation allowance was $ 68 million and $ 67 million as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025 and December 31, 2024, the Company had $ 173 million and $ 164 million, respectively, of gross unrecognized tax benefits.

If recognized, approximately $ 142 million and $ 134 million, net of federal tax benefits, of unrecognized tax benefits as of March 31, 2025 and December 31, 2024, respectively, would affect the effective tax rate.

The valuation allowance was $ 70 million and $ 67 million as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, the Company had $ 170 million and $ 164 million, respectively, of gross unrecognized tax benefits.

If recognized, approximately $ 138 million and $ 134 million, net of federal tax benefits, of unrecognized tax benefits as of June 30, 2025 and December 31, 2024, respectively, would affect the effective tax rate.

It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months.

The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $ 16 million in the next 12 months primarily due to expected exam closures and state statutes of limitations expirations.

The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $ 4 million in the next 12 months primarily due to state statutes of limitations expirations.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision.

The Company recognized a net increase of $ 7 million and $ 2 million in interest and penalties for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025 and December 31, 2024, the Company had a payable of $ 38 million and $ 31 million, respectively, related to accrued interest and penalties.

The Company recognized a net increase of $ 1 million and $ 8 million in interest and penalties for the three and six months ended June 30, 2025, respectively.

The Company recognized a net increase of $ 1 million and $ 3 million in interest and penalties for the three and six months ended June 30, 2024, respectively.

As of June 30, 2025 and December 31, 2024, the Company had a payable of $ 39 million and $ 31 million, respectively, related to accrued interest and penalties.

The Company or one or more of its subsidiaries files income tax returns in the U.S.

federal jurisdiction and various state and foreign jurisdictions.

The Internal Revenue Service (“IRS”) is currently auditing the Company’s U.S.

income tax returns for 2019 and 2020.

The federal statutes of limitations are closed on years through 2018, except for two issues for 2016 which were claimed on an amended return.

During the second quarter of 2025, the Internal Revenue Service (“IRS”) finalized the audit of tax years 2019 and 2020, except for one issue for 2020, which the Company has appealed.

Also during the second quarter of 2025, the Company was notified the IRS will begin the examination of the Company’s U.S.

income tax returns for tax years 2021 through 2023.

The Company’s state income tax returns are currently under examination by various jurisdictions for years ranging from 2017 through 2023.

The Company is an applicable corporation required to compute CAMT, however, as of March 31, 2025, based on current estimates, the Company does not expect to be liable for CAMT in 2025.

The Company is an applicable corporation required to compute CAMT, however, as of June 30, 2025, based on current estimates, the Company does not expect to be liable for CAMT in 2025.

This estimate is based on interpretations and assumptions of available guidance, including proposed regulations, that the Company has made regarding the CAMT provisions of the Inflation Reduction Act of 2022.

In December 2021, the Organization for Economic Co-operation and Development published the Pillar Two model rules which introduce new taxing mechanisms aimed at ensuring multinational enterprises pay a minimum level of tax on profits from each jurisdiction in which they operate.

As of March 31, 2025 and December 31, 2024, the tax impact is not material to the consolidated financial statements.

As of June 30, 2025 and December 31, 2024, the tax impact is not material to the consolidated

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

financial statements.

The Company continues to monitor the adoption and implementation of these rules and evaluate the potential impact on its consolidated financial statements.

The legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025.

The Company does not expect a material impact to the consolidated financial statements due to corporate tax law changes resulting from the OBBBA.

Contingencies

5 unchanged sentences

As with other financial services firms, the level of regulatory activity concerning the Company’s businesses remains elevated.

From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by the SEC, the

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Financial Industry Regulatory Authority, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the U.K.

From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by the SEC, the Financial Industry Regulatory Authority, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the U.K.

Financial Conduct Authority, the Federal Reserve Board, state insurance and securities regulators, state attorneys general and various other domestic and foreign governmental and quasi-governmental authorities on behalf of themselves or clients concerning the Company’s business activities and practices, and the practices of the Company’s financial advisors.

18 unchanged sentences

Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Guaranty Fund Assessments

5 unchanged sentences

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset.

As of March 31, 2025 and December 31, 2024, the estimated liability was $ 10 million and $ 11 million, respectively.

As of both March 31, 2025 and December 31, 2024, the related premium tax asset was $ 8 million and $ 9 million, respectively.

As of June 30, 2025 and December 31, 2024, the estimated liability was $ 10 million and $ 11 million, respectively.

As of June 30, 2025 and December 31, 2024, the related premium tax asset was $ 8 million and $ 9 million, respectively.

The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Earnings per Share

The computations of basic and diluted earnings per share were as follows:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share amounts)

7 unchanged sentences

The calculation of diluted earnings per share includes the dilutive effect of the assumed exercise or issuance of stock-based awards using the treasury stock method.

The calculation excludes the incremental effect of 0.1 million and nil options for the three months ended March 31, 2025 and 2024, respectively, due to their anti-dilutive effect.

The calculation excludes the incremental effect of nil options for both the three months ended June 30, 2025 and 2024, and 0.1 million options for both the six months ended June 30, 2025 and 2024, due to their anti-dilutive effect.

Segment Information

10 unchanged sentences

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;

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

transfer reinsurance transaction impacts;

gain or loss on disposal of a business that is not considered discontinued operations;

4 unchanged sentences

The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosure s, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the RiverSource Life companies’ nonperformance spread.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions)

5 unchanged sentences

Total assets $ 184,903 $ 181,403

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

2025 2024 2025 2024

(in millions)

3 unchanged sentences

Asset Management

830 848 1,676 1,703

Retirement & Protection Solutions 936 928 1,862 1,840

Corporate & Other

116 111 220 232

Elimination of segment revenues (1)(2)

1 unchanged sentence

Total segment adjusted operating net revenues

4,335 4,171 8,644 8,271

Net realized investment gains (losses)

( 18 ) ( 3 ) ( 20 ) ( 3 )

Market impact on non-traditional long-duration products 4 ( 1 ) 9 1

Mean reversion related impacts 1 — 1 —

Revenue attributable to consolidated investment entities 53 53 95 97

Total net revenues per consolidated statements of operations $ 4,375 $ 4,220 $ 8,729 $ 8,366

(1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2025 and 2024 in each segment as follows:

(1) Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2025 and 2024 in each segment as follows:

Advice & Wealth Management ($ 228 million and $ 236 million, respectively);

2 unchanged sentences

and Corporate & Other ($( 7 ) million and $( 7 ) million, respectively).

Three Months Ended March 31,

(2) Represents the elimination of intersegment revenues recognized for the six months ended June 30, 2025 and 2024 in each segment as follows:

Advice & Wealth Management ($ 450 million and $ 461 million, respectively);

Asset Management ($ 51 million and $ 47 million, respectively);

Retirement & Protection Solutions ($ 217 million and $ 214 million, respectively);

and Corporate & Other ($( 15 ) million and $( 14 ) million, respectively).

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended June 30,

Six Months Ended June 30,

2025 2024 2025 2024

(in millions)

1 unchanged sentence

Advice & Wealth Management

$ 812 $ 822 $ 1,604 $ 1,584

Asset Management

222 218 463 424

Retirement & Protection Solutions 214 196 429 395

2 unchanged sentences

Total segment adjusted operating earnings

1,149 1,117 2,300 2,195

Net realized investment gains (losses) ( 18 ) ( 3 ) ( 20 ) ( 3 )

Market impact on non-traditional long-duration products 219 ( 60 ) ( 241 ) 80

Mean reversion related impacts

Net income (loss) attributable to consolidated investment entities

— ( 3 ) ( 2 ) ( 2 )

Pretax income per consolidated statements of operations $ 1,351 $ 1,051 $ 2,038 $ 2,270

2 unchanged sentences

Adjusted operating earnings includes the following significant expense categories:

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other

10 unchanged sentences

$ 1,995 $ 608 $ 722 $ 215

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other

10 unchanged sentences

$ 1,822 $ 630 $ 732 $ 230

Six Months Ended June 30, 2025

Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other

(in millions)

Distribution expenses $ 3,100 $ 486 $ 249 $ ( 5 )

Interest credited to fixed accounts — — 185 102

Benefits, claims, losses and settlement expenses — — 420 109

Remeasurement (gains) losses of future policy benefit reserves — — ( 10 ) ( 3 )

Change in fair value of market risk benefits — — 296 —

Amortization of deferred acquisition costs — 3 115 3

Interest and debt expense 26 6 19 54

General and administrative expense 859 718 159 156

Total expenses

$ 3,985 $ 1,213 $ 1,433 $ 416

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Six Months Ended June 30, 2024

Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other

(in millions)

Distribution expenses $ 2,772 $ 486 $ 253 $ ( 4 )

Interest credited to fixed accounts — — 184 109

Benefits, claims, losses and settlement expenses — — 450 110

Remeasurement (gains) losses of future policy benefit reserves — — ( 7 ) ( 5 )

Change in fair value of market risk benefits — — 271 —

Amortization of deferred acquisition costs — 3 114 5

Interest and debt expense 19 3 24 51

General and administrative expense 829 787 156 174

Total expenses

$ 3,620 $ 1,279 $ 1,445 $ 440

AMERIPRISE FINANCIAL, INC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements