What changed in this filing

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Item 1. Financial Statements

2025-10-31 compared with 2025-08-05 · 291 added, 262 removed, 2492 unchanged (18% of the section changed)

1 unchanged sentence

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions, except per share amounts)

26 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 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 ( 46 ) ( 147 ) ( 88 ) ( 16 )

8 unchanged sentences

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions, except share amounts)

51 unchanged sentences

(in millions, except share amounts)

Balances at April 1, 2025

Balances at July 1, 2025

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

4 unchanged sentences

Share-based compensation plans 113,047 — 59 — 5 — 64

Balances at June 30, 2025

Balances at September 30, 2025

93,128,198 $ 3 $ 10,310 $ 26,807 $ ( 29,696 ) $ ( 969 ) $ 6,455

Balances at April 1, 2024

Balances at July 1, 2024

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

4 unchanged sentences

Share-based compensation plans 155,897 — 63 — 5 — 68

Balances at June 30, 2024

Balances at September 30, 2024

97,220,158 $ 3 $ 10,050 $ 23,791 $ ( 27,028 ) $ ( 1,101 ) $ 5,715

7 unchanged sentences

Share-based compensation plans 956,251 — 169 — 76 — 245

Balances at June 30, 2025

Balances at September 30, 2025

93,128,198 $ 3 $ 10,310 $ 26,807 $ ( 29,696 ) $ ( 969 ) $ 6,455

6 unchanged sentences

Share-based compensation plans 1,473,810 — 226 — 80 — 306

Balances at June 30, 2024

Balances at September 30, 2024

97,220,158 $ 3 $ 10,050 $ 23,791 $ ( 27,028 ) $ ( 1,101 ) $ 5,715

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions)

17 unchanged sentences

( 847 ) ( 1,168 )

( 103 ) ( 45 )

Brokerage deposits

( 146 ) ( 112 )

Accounts payable and accrued expenses

8 unchanged sentences

13,034 11,136

( 14,298 ) ( 12,626 )

Proceeds from sales, maturities and repayments of mortgage loans

18 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions)

37 unchanged sentences

Leased assets obtained in exchange for operating lease liabilities

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions)

22 unchanged sentences

generally accepted accounting principles (“GAAP”).

Certain reclassifications of prior period amounts have been made to conform with the current presentation.

Results of operations reported for interim periods are not necessarily indicative of results for the entire year.

16 unchanged sentences

The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.

Financial Instruments – Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows all entities to apply a practical expedient when estimating expected credit losses that assumes current conditions as of the balance sheet date will remain unchanged over the asset’s remaining life.

The standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those years.

Early adoption is permitted.

The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition.

Intangibles – Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software , to clarify and modernize the accounting treatment for internal-use software costs by eliminating the use of the sequential software development project stages method and provide further guidance on when an entity is required to start capitalizing eligible costs.

Under the new guidance, capitalization begins when both of the following occur:

(a) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed, and the software will be used to perform the function intended.

The Company can elect prospective, retrospective, or modified retrospective adoption.

The standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Early adoption is permitted as of the beginning of an annual reporting period.

The Company is currently evaluating the impact of the standard on its consolidated results of operations and financial condition.

Revenue from Contracts with Customers

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 June 30, 2025

Three Months Ended September 30, 2025

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

27 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

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

29 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

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

6 unchanged sentences

Model delivery — 69 — — 69 — 69

— 45 — — 45 — 45

Advisory fees 4,696 — — — 4,696 — 4,696

19 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

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

29 unchanged sentences

The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

(2) Current year disclosure has been expanded to separately state model delivery revenue.

Prior periods have been updated to conform to current year presentation.

The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company’s contracts with customers on a consolidated basis.

10 unchanged sentences

The revenue recognition pattern is the same for both performance obligations as the fund distribution services revenue is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment) and not recognized until assets under management are known.

The Company may also earn performance-based management fees on institutional accounts, hedge funds, collateralized loan obligations (“CLOs”), OEICs, SICAVs and property and other funds based on a percentage of account returns in excess of either a

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

benchmark index or a contractually specified level.

This revenue is variable and impacted primarily by the performance of the assets being managed compared to the benchmark index or contractually specified level.

19 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, were $ 177 million and $ 181 million as of June 30, 2025 and December 31, 2024, respectively.

Contract liabilities for financial planning fees, which are included in Other liabilities, were $ 175 million and $ 181 million as of September 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 $ 141 million and $ 145 million as of June 30, 2025 and December 31, 2024, respectively.

Capitalized costs to obtain these contracts are reported in Other assets and was $ 140 million and $ 145 million as of September 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 $ 24 million and nil as of June 30, 2025 and December 31, 2024, respectively.

Contract liabilities for custodial service fees, which are included in Other liabilities, were $ 12 million and nil as of September 30, 2025 and December 31, 2024, respectively.

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

5 unchanged sentences

The performance obligation is satisfied at the time of each individual sale.

A portion of the revenue is based on a fixed rate applied,

A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale.

The remaining revenue is recognized over the time the client owns the investment or holds the contract and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

as a percentage, to amounts invested at the time of sale.

fund, or the value of the insurance policy or annuity contract.

The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment, insurance policy or annuity contract).

34 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 $ 486 million and $ 538 million as of June 30, 2025 and December 31, 2024, respectively.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Receivables related to revenues from contracts with customers were $ 476 million and $ 538 million as of September 30, 2025 and December 31, 2024, respectively.

Variable Interest Entities

4 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 $ 6 million and $ 2 million as of June 30, 2025 and December 31, 2024, respectively.

The Company has unfunded commitments related to consolidated CLOs of $ 7 million and $ 2 million as of September 30, 2025 and December 31, 2024, respectively.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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 $ 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 carrying value of other non-consolidated VIEs was $ 119 million and $ 161 million as of September 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 September 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:

June 30, 2025

September 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 $ 2.7 billion and $ 2.4 billion as of June 30, 2025 and December 31, 2024, respectively.

The estimated fair value of the CLOs’ debt was $ 2.6 billion and $ 2.4 billion as of September 30, 2025 and December 31, 2024, respectively.

AMERIPRISE FINANCIAL, INC.

3 unchanged sentences

(in millions)

Balance at April 1, 2025

Balance at July 1, 2025

Total gains (losses) included in:

3 unchanged sentences

Transfers out of Level 3 ( 75 )

Balance at June 30, 2025

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

Balance at September 30, 2025

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

Common Stocks Syndicated Loans

(in millions)

Balance at April 1, 2024

Balance at July 1, 2024

Total gains (losses) included in:

1 unchanged sentence

Purchases — 27

Sales ( 1 ) —

Settlements — ( 2 )

Transfers into Level 3 — 27

Transfers out of Level 3 — ( 63 )

Balance at June 30, 2024

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

$ — $ ( 4 ) (1)

Balance at September 30, 2024

Common Stocks Syndicated Loans

6 unchanged sentences

( 1 ) ( 201 )

Balance at June 30, 2025

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

Balance at September 30, 2025

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

$ — $ ( 3 ) (1)

8 unchanged sentences

Transfers out of Level 3

Balance at June 30, 2024

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

( 1 ) ( 157 )

Balance at September 30, 2024

(1) Included in Net investment income.

1 unchanged sentence

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 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.

All Level 3 measurements as of September 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

18 unchanged sentences

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

June 30, 2025 December 31, 2024

September 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 $ 2.7 billion and $ 2.4 billion as of June 30, 2025 and December 31, 2024, respectively.

The estimated fair value of the CLOs’ debt was $ 2.6 billion and $ 2.4 billion as of September 30, 2025 and December 31, 2024, respectively.

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

3 unchanged sentences

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 and six months ended June 30, 2025 and 2024.

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

Carrying Value Weighted Average Interest Rate

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

September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024

(in millions)

4 unchanged sentences

The following is a summary of Ameriprise Financial investments:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions)

9 unchanged sentences

The following is a summary of Net investment income:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions)

5 unchanged sentences

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

June 30, 2025

September 30, 2025

Description of Securities

20 unchanged sentences

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

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.

As of September 30, 2025 and December 31, 2024, accrued interest of $ 351 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 September 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 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.

As of September 30, 2025 and December 31, 2024, the Company’s internal analysts rated $ 692 million and $ 508 million, respectively, of securities using criteria similar to those used by NRSROs.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

June 30, 2025 December 31, 2024

September 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 $ 53,144 $ 52,574 100 % $ 53,926 $ 52,153 100 %

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.

As of September 30, 2025 and December 31, 2024, approximately 86 % 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 September 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 June 30, 2025

Description of Securities September 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 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.

As part of the Company’s ongoing monitoring process, management determined that the 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 nine months ended September 30, 2025 is primarily attributable to the impact of lower interest rates.

As of September 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 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.

As of September 30, 2025 and December 31, 2024, approximately 96 % and 97 %, respectively, 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 April 1, 2025

Balance at July 1, 2025

$ — $ 4 $ 1 $ 5

Additional increases (decreases) on securities that had an allowance recorded in a previous period — ( 1 ) — ( 1 )

Balance at June 30, 2025

Balance at September 30, 2025

$ — $ 3 $ 1 $ 4

Balance at April 1, 2024

Balance at July 1, 2024

$ — $ 4 $ 1 $ 5

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

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

Balance at September 30, 2024

$ — $ 4 $ 1 $ 5

2 unchanged sentences

Additional increases (decreases) on securities that had an allowance recorded in a previous period — ( 1 ) — ( 1 )

Balance at June 30, 2025

Balance at September 30, 2025

$ — $ 3 $ 1 $ 4

3 unchanged sentences

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

Balance at June 30, 2024

Balance at September 30, 2024

$ — $ 4 $ 1 $ 5

2 unchanged sentences

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 June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions)

3 unchanged sentences

Total $ 11 $ ( 2 ) $ 1 $ ( 4 )

(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.

(1) Credit losses for the n ine months ended September 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”).

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

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

Amortized Cost Fair Value

22 unchanged sentences

Charge-offs ( 1 ) ( 3 ) ( 4 )

Balance at June 30, 2025

Recoveries — 1 1

Balance at September 30, 2025

$ 37 $ 11 $ 48

3 unchanged sentences

Charge-offs ( 3 ) ( 3 ) ( 6 )

Balance at June 30, 2024

Balance at September 30, 2024

$ 47 $ 9 $ 56

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.

As of September 30, 2025 and December 31, 2024, accrued interest on commercial loans was $ 21 million and $ 20 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

Purchases and Sales

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.

During the three months ended September 30, 2025 and 2024, the Company purchased $ 4 million and nil , respectively, of syndicated loans, and sold $ 3 million and $ 1 million , respectively, of syndicated loans.

During the nine months ended September 30, 2025 and 2024, the Company purchased $ 21 million and $ 7 million, respectively, of syndicated loans, and sold $ 7 million and $ 5 million, respectively, of syndicated loans.

During the three months ended September 30, 2025 and 2024, the Company purchased $ 135 million and $ 42 million , respectively, of residential mortgage loans.

During the nine months ended September 30, 2025 and 2024, the Company purchased $ 251 million and $ 152 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 $ 12 million and $ 13 million as of June 30, 2025 and December 31, 2024, respectively.

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

All other loans were considered to be performing.

4 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 June 30, 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 September 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 June 30, 2025 and December 31, 2024.

There were no commercial mortgage loans past due as of both September 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:

June 30, 2025

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

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

AMERIPRISE FINANCIAL, INC.

4 unchanged sentences

Loans Percentage

June 30, 2025

September 30, 2025

December 31, 2024

June 30, 2025

September 30, 2025

December 31, 2024

12 unchanged sentences

Loans Percentage

June 30, 2025

September 30, 2025

December 31, 2024

June 30, 2025

September 30, 2025

December 31, 2024

9 unchanged sentences

Syndicated Loans

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

The investment in syndicated loans as of September 30, 2025 and December 31, 2024 was $ 87 million and $ 92 million, respectively.

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

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

There were no syndicated loans past due as of both September 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 six months ended June 30, 2025, write-offs of syndicated loans were not material.

For the nine months ended September 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:

June 30, 2025

September 30, 2025

Internal Risk Rating 2025 2024 2023 2022 2021 Prior Total

22 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 June 30, 2025 and December 31, 2024.

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

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

For the nine months ended September 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:

June 30, 2025

September 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 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.

Residential mortgage loans over 30 days past due were $ 7 million and $ 4 million as of September 30, 2025 and December 31, 2024, respectively.

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

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

FICO Score June 30, 2025

FICO Score September 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.

June 30, 2025

September 30, 2025

December 31, 2024

June 30, 2025

September 30, 2025

December 31, 2024

8 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 June 30, 2025 and December 31, 2024.

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

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

June 30, 2025

September 30, 2025

December 31, 2024

9 unchanged sentences

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 margin loans balance was $ 1.2 billion and $ 1.1 billion as of September 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 June 30, 2025 and December 31, 2024, there was no allowance for credit losses on margin loans.

As of both September 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 $ 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.

The pledged asset lines of credit balance was $ 952 million and $ 737 million as of September 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 loss.

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

Deposit Receivables

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

Deposit receivables were $ 5.5 billion and $ 5.8 billion as of September 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 June 30, 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 and six months ended June 30, 2025 and 2024.

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

Deferred Acquisition Costs and Deferred Sales Inducement Costs

6 unchanged sentences

Amortization ( 84 ) ( 28 ) ( 4 ) ( 1 ) ( 6 ) ( 34 )

Balance at June 30, 2025

Balance at September 30, 2025

$ 1,335 $ 312 $ 24 $ 3 $ 97 $ 564

5 unchanged sentences

Amortization ( 12 ) — — ( 1 ) ( 6 ) ( 176 )

Balance at June 30, 2025

Balance at September 30, 2025

$ 200 $ 2 $ 12 $ 17 $ 66 2,632

Other broker dealer acquisition costs 2

Balance at June 30, 2025 including broker dealer acquisition costs

Balance at September 30, 2025 including broker dealer acquisition costs

AMERIPRISE FINANCIAL, INC.

24 unchanged sentences

Amortization ( 9 ) ( 2 ) ( 11 )

Balance at June 30, 2025

Balance at September 30, 2025

$ 113 $ 8 $ 121

8 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions)

57 unchanged sentences

Variable account index-linked adjustments

— 1,800 — — —

Interest credited 87 1 144 8 12

Balance at June 30, 2025

Balance at September 30, 2025

$ 3,426 $ 20,345 $ 5,018 $ 295 $ 435

11 unchanged sentences

Variable account index-linked adjustments

— — — — 1,800

Interest credited 35 48 131 12 478

Balance at June 30, 2025

Balance at September 30, 2025

$ 1,357 $ 1,687 $ 2,998 $ 444 $ 36,005

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 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.

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 September 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.

June 30, 2025

September 30, 2025

Account Values with Crediting Rates

148 unchanged sentences

Effect of changes in discount rate assumptions — ( 15 ) ( 4 ) 12 ( 7 )

Balance at June 30, 2025

Balance at September 30, 2025

$ — $ 761 $ 33 $ 1,007 $ 1,801

12 unchanged sentences

Effect of changes in discount rate assumptions ( 43 ) 7 25 ( 19 ) ( 30 )

Balance at June 30, 2025

Balance at September 30, 2025

$ 1,267 $ 1,359 $ 510 $ 6,318 $ 9,454

57 unchanged sentences

Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above.

The annual review of policy benefit reserves assumptions in the third quarter of 2025 resulted in a net increase in future policy benefit reserves, primarily due to net unfavorable changes in LTC morbidity and mortality assumptions partially offset by favorable changes to disability income insurance claim incidence rates.

The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates.

9 unchanged sentences

Impact of change in net unrealized (gains) losses on securities 13 — 3 16

Balance at June 30, 2025

Balance at September 30, 2025

$ 1,389 $ 79 $ 13 $ 1,481

17 unchanged sentences

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

Six Months Ended June 30,

Nine Months Ended September 30,

Gross Premiums Interest Expense

22 unchanged sentences

Amortization ( 1 ) ( 15 ) ( 18 ) ( 34 )

Balance at June 30, 2025

Balance at September 30, 2025

$ 26 $ 293 $ 312 $ 631

7 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions)

20 unchanged sentences

Other charges — — 183 183

Balance at June 30, 2025

Balance at September 30, 2025

$ 67,179 $ 10,964 $ 2,536 $ 80,679

46 unchanged sentences

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

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions, except age)

50 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:

June 30, 2025

September 30, 2025

Fair Value Valuation Technique Significant Inputs and Assumptions Range Weighted

35 unchanged sentences

Changes to Significant Inputs and Assumptions:

During the year ended December 31, 2024, the Company updated inputs and assumptions based on management’s review of experience studies.

During the nine months ended September 30, 2025 and the year ended December 31, 2024, the Company updated inputs and assumptions based on management’s review of experience studies.

These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:

Year ended December 31, 2024

Nine months ended September 30, 2025

• Updates to surrender assumptions resulted in a decrease to pretax income of $ 70 million.

• Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $ 14 million.

Year ended December 31, 2024

• Updates to surrender assumptions resulted in a decrease to pretax income of $ 83 million.

• Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $ 15 million.

Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.

12 unchanged sentences

Outstanding Balance Stated Interest Rate

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

September 30, 2025 December 31, 2024 September 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 June 30, 2025 and December 31, 2024, respectively.

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

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

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

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

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

As of both September 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 June 30, 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 September 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 June 30, 2025 and December 31, 2024.

The Company was in compliance with all such covenants as of both September 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 June 30, 2025 and December 31, 2024, AEIS had no borrowings outstanding.

As of both September 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):

June 30, 2025

September 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 $ 215 million and $ 211 million cumulative decrease to the embedded derivatives as of June 30, 2025 and December 31, 2024, respectively.

(3) The Company’s adjustment for nonperformance risk resulted in a $ 239 million and $ 211 million cumulative decrease to the embedded derivatives as of September 30, 2025 and December 31, 2024, respectively.

AMERIPRISE FINANCIAL, INC.

4 unchanged sentences

(in millions)

Balance at April 1, 2025

Balance at July 1, 2025

$ 708 $ 23 $ 80 $ 811 $ 57

4 unchanged sentences

Settlements ( 14 ) — ( 12 ) ( 26 ) ( 1 )

Balance at June 30, 2025

Transfers out of Level 3 — ( 23 ) — ( 23 ) —

Balance at September 30, 2025

$ 731 $ — $ 68 $ 799 $ 59

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

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

$ 1 $ — $ — $ 1 (1) $ —

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

$ 4 $ — $ — $ 4 $ —

Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities

1 unchanged sentence

(in millions)

Balance at April 1, 2025

Balance at July 1, 2025

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

1 unchanged sentence

Net income 4 (2) 111 (2) 948 (3) 1,063 1 (4)

Other comprehensive income (loss) — — — — 1

Issues — ( 3 ) 28 25 10

Settlements ( 2 ) ( 44 ) ( 120 ) ( 166 ) ( 13 )

Balance at June 30, 2025

Balance at September 30, 2025

$ 58 $ 1,063 $ 3,735 $ 4,856 $ 64

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

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

$ — (2) $ 111 (2) $ 948 (3) $ 1,059 $ —

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Available-for-Sale Securities Receivables

1 unchanged sentence

(in millions)

Balance at April 1, 2024

Balance at July 1, 2024

$ 544 $ 57 $ 24 $ 625 $ 55

5 unchanged sentences

Transfers out of Level 3 — ( 57 ) ( 24 ) ( 81 ) —

Balance at June 30, 2024

Balance at September 30, 2024

$ 577 $ 28 $ 1 $ 606 $ 55

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

$ 16 $ — $ — $ 16 $ —

Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities

1 unchanged sentence

(in millions)

Balance at April 1, 2024

Balance at July 1, 2024

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

1 unchanged sentence

Net income 3 (2) 36 (2) 487 (3) 526 — (4)

Other comprehensive income (loss) — — — — 1

Issues — 3 23 26 3

Settlements ( 1 ) ( 40 ) ( 89 ) ( 130 ) ( 7 )

Balance at June 30, 2024

Balance at September 30, 2024

$ 54 $ 943 $ 2,317 $ 3,314 $ 66

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

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

$ — (2) $ 36 (2) $ 487 (3) $ 523 $ —

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Available-for-Sale Securities Receivables

9 unchanged sentences

Transfers out of Level 3 — ( 61 ) — ( 61 ) —

Balance at June 30, 2025

Balance at September 30, 2025

$ 731 $ — $ 68 $ 799 $ 59

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

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

$ 2 $ — $ — $ 2 (1) $ —

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

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

$ 18 $ — $ — $ 18 $ —

9 unchanged sentences

Settlements ( 4 ) ( 121 ) ( 292 ) ( 417 ) ( 29 )

Balance at June 30, 2025

Balance at September 30, 2025

$ 58 $ 1,063 $ 3,735 $ 4,856 $ 64

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

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

AMERIPRISE FINANCIAL, INC.

11 unchanged sentences

Transfers out of Level 3 — ( 82 ) ( 24 ) ( 106 ) —

Balance at June 30, 2024

Balance at September 30, 2024

$ 577 $ 28 $ 1 $ 606 $ 55

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

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

$ 1 $ — $ — $ 1 (1) $ —

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

$ 13 $ — $ — $ 13 $ —

Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities

5 unchanged sentences

Net income 8 (2) 169 (2) 1,440 (3) 1,617 1 (4)

Other comprehensive income (loss) — — — — 1

Issues — 17 99 116 12

Settlements ( 3 ) ( 116 ) ( 233 ) ( 352 ) ( 24 )

Balance at June 30, 2024

Balance at September 30, 2024

$ 54 $ 943 $ 2,317 $ 3,314 $ 66

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

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

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

$ — $ — $ — $ — $ 1

(1) Included in Net investment income.

2 unchanged sentences

(4) Included in General and administrative expense.

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.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 22 million and $ 1 million, net of the reinsurance accrual, for the three months ended September 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 $ 23 million and $ 20 million, net of the reinsurance accrual, for the nine months ended September 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:

June 30, 2025

September 30, 2025

Fair Value Valuation Technique Unobservable Input Range Weighted Average

116 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 June 30, 2025 and December 31, 2024.

The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both September 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.

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

The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both September 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.

15 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 $ 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.

The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 18 million and $ 27 million as of September 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:

June 30, 2025

September 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:

June 30, 2025

September 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:

June 30, 2025

September 30, 2025

Gross Amounts of Recognized Liabilities

54 unchanged sentences

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

June 30, 2025 December 31, 2024

September 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 June 30, 2025 included $ 2.9 billion of individual contracts in a liability position and $ 3 million of individual contracts in an asset position.

(3) The fair value of the structured variable annuity embedded derivatives as of September 30, 2025 included $ 3.7 billion of individual contracts in a liability position and $ 1 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.

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:

As of September 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 $ 120 million and $ 85 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of September 30, 2025 and December 31, 2024, investment securities with a fair value of $ 3.1 billion and $ 2.2 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $ 2.8 billion and $ 2.0 billion, respectively, may be sold, pledged or rehypothecated by the Company.

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

In addition, as of both September 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.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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:

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 June 30, 2025

Three Months Ended September 30, 2025

Interest rate contracts $ ( 1 ) $ — $ — $ — $ ( 1 ) $ ( 54 ) $ —

7 unchanged sentences

Total gain (loss) $ ( 3 ) $ — $ 91 $ ( 21 ) $ ( 53 ) $ ( 542 ) $ —

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Interest rate contracts $ — $ — $ — $ — $ 1 $ 448 $ —

11 unchanged sentences

(in millions)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Interest rate contracts $ ( 1 ) $ — $ — $ — $ 1 $ 14 $ —

7 unchanged sentences

Total gain (loss) $ ( 9 ) $ — $ 136 $ 36 $ ( 169 ) $ ( 877 ) $ 42

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Interest rate contracts $ — $ — $ — $ — $ ( 7 ) $ ( 273 ) $ —

10 unchanged sentences

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 June 30, 2025:

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

Premiums Payable Premiums Receivable

2 unchanged sentences

Total $ 706 $ 103

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

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

AMERIPRISE FINANCIAL, INC.

15 unchanged sentences

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 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.

For both the three and nine months ended September 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 September 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.

3 unchanged sentences

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 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.

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

For the three and nine months ended September 30, 2024, th e Company recognized a loss of $ 4 million and loss of $ 3.0 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.

5 unchanged sentences

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

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.

As of September 30, 2025 and December 31, 2024, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $ 110 million and $ 69 million, respectively.

The aggregate fair value of assets posted as collateral for such instruments as of September 30, 2025 and December 31, 2024 was $ 110 million and $ 68 million, respectively.

If the credit contingent provisions of derivative contracts in a net liability position as of September 30, 2025 and

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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.

Shareholders’ Equity

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

Three Months Ended June 30,

Three Months Ended September 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:

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

Reclassification of net (gains) losses on derivatives included in net income (3)

— — — ( 1 ) 1 —

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Six Months Ended June 30,

Nine Months Ended September 30,

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

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( 11 ) 2 ( 9 ) — — —

Reclassification of net (gains) losses on derivatives included in net income (3)

— — — ( 1 ) 1 —

Net unrealized gains (losses) on derivatives ( 11 ) 2 ( 9 ) ( 1 ) 1 —

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(2) Reclassification amounts are recorded in Net investment income.

(3) Includes a nil and $ 1 million pretax gain reclassified to Interest and debt expense.

Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components:

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(in millions)

Balance at April 1, 2025

Balance at July 1, 2025

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

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Total OCI 357 — ( 46 ) ( 10 ) — ( 34 ) — 267

Balance at June 30, 2025

Balance at September 30, 2025

$ ( 529 ) $ ( 4 ) $ ( 61 ) $ ( 155 ) $ ( 45 ) $ ( 174 ) $ ( 1 ) $ ( 969 )

Balance at April 1, 2024

Balance at July 1, 2024

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

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Total OCI 1,005 — ( 147 ) ( 49 ) — 83 — 892

Balance at June 30, 2024

Balance at September 30, 2024

$ ( 549 ) $ 5 $ ( 142 ) $ ( 162 ) $ ( 60 ) $ ( 192 ) $ ( 1 ) $ ( 1,101 )

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Total OCI 923 ( 9 ) ( 88 ) ( 8 ) — 121 — 939

Balance at June 30, 2025

Balance at September 30, 2025

$ ( 529 ) $ ( 4 ) $ ( 61 ) $ ( 155 ) $ ( 45 ) $ ( 174 ) $ ( 1 ) $ ( 969 )

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Total OCI 692 — ( 16 ) ( 77 ) — 66 — 665

Balance at June 30, 2024

Balance at September 30, 2024

$ ( 549 ) $ 5 $ ( 142 ) $ ( 162 ) $ ( 60 ) $ ( 192 ) $ ( 1 ) $ ( 1,101 )

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.

For the nine months ended September 30, 2025 and 2024, the Company repurchased a total of 3.7 million shares and 3.8 million shares, respectively, of its common stock for an aggregate cost of $ 1.9 billion and $ 1.6 billion, respectively.

On July 24, 2023, the Company’s Board of Directors authorized $ 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 $ 4.5 billion for the repurchase of the Company’s common stock through June 30, 2027.

As of September 30, 2025, the Company had $ 3.5 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.

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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 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.

For the nine months ended September 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 $ 132 million and $ 110 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 six months ended June 30, 2025 and 2024, the Company

For the nine months ended September 30, 2025 and 2024, the Company

AMERIPRISE FINANCIAL, INC.

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reacquired 0.1 million shares and 0.4 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $ 66 million and $ 149 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.

During both the nine months ended September 30, 2025 and 2024, the Company reissued 0.7 million 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 22.3 % and 20.7 % for the three months ended September 30, 2025 and 2024, respectively.

The Company’s effective tax rate was 20.4 % and 20.0 % for the nine months ended September 30, 2025 and 2024, respectively.

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

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

The effective tax rate for the nine months ended September 30, 2024 was lower than the statutory rate as a result of tax preferred items including incentive compensation, the dividends received deduction, foreign tax credits, net of addback, and low income housing tax credits, partially offset by state income taxes, net of federal benefit.

The increase in the effective tax rate for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to higher pretax income in the current period compared to the prior period and the related impact on tax preferred items.

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 $ 69 million, which do not expire, and state net operating losses of $ 38 million, net of federal benefit, which will expire beginning December 31, 2025.

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and (iv) tax planning strategies.

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;

Based on analysis of the Company’s tax position as of September 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 $ 35 million;

therefore, a valuation allowance has been established.

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.

The valuation allowance was $ 69 million and $ 67 million as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025 and December 31, 2024, the Company had $ 166 million and $ 164 million, respectively, of gross unrecognized tax benefits.

If recognized, approximately $ 136 million and $ 134 million, net of federal tax benefits, of unrecognized tax benefits as of September 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.

1 unchanged sentence

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 $ 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 recognized a net increase of $ 2 million and $ 10 million in interest and penalties for the three and nine months ended September 30, 2025, respectively.

The Company recognized a net increase of $ 1 million and $ 4 million in interest and penalties for the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025 and December 31, 2024, the Company had a payable of $ 41 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.

2 unchanged sentences

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.

During the third quarter of 2025, the IRS began 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 2018 through 2023.

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

The Company is an applicable corporation required to compute CAMT, however, as of September 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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

financial statements.

available guidance, including proposed regulations and notices, that the Company has made regarding the CAMT provisions of the Inflation Reduction Act of 2022.

As of September 30, 2025, the Company has not recorded any Pillar Two tax liabilities.

As of December 31, 2024, the tax impact was not material to the consolidated financial statements.

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

38 unchanged sentences

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

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.

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

As of September 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.

1 unchanged sentence

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

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 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 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.

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

Segment Information

9 unchanged sentences

mean reversion related impacts (the impact on VUL products for the difference between assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves);

the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments;

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

transfer reinsurance transaction impacts;

the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments;

block transfer reinsurance transaction impacts;

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

5 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions)

5 unchanged sentences

Total assets $ 190,086 $ 181,403

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

2025 2024 2025 2024

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Total net revenues per consolidated statements of operations $ 4,791 $ 4,397 $ 13,520 $ 12,763

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

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

Advice & Wealth Management ($ 239 million and $ 237 million, respectively);

2 unchanged sentences

and Corporate & Other ($( 10 ) million and $( 7 ) million, respectively).

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

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

Advice & Wealth Management ($ 689 million and $ 698 million, respectively);

4 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

2025 2024 2025 2024

14 unchanged sentences

Net income (loss) attributable to consolidated investment entities

— ( 3 ) ( 2 ) ( 2 )

Pretax income per consolidated statements of operations $ 1,174 $ 645 $ 3,212 $ 2,915

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Adjusted operating earnings includes the following significant expense categories:

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

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

10 unchanged sentences

$ 2,109 $ 646 $ 885 $ 220

Three Months Ended June 30, 2024

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended September 30, 2024

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

10 unchanged sentences

$ 1,916 $ 637 $ 855 $ 258

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

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

10 unchanged sentences

$ 6,094 $ 1,859 $ 2,318 $ 636

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

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

12 unchanged sentences

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