What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-10-31 compared with 2025-08-05 · 255 added, 210 removed, 733 unchanged (39% of the section changed)

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Ameriprise Financial is a diversified financial services company with a 130-year history of providing financial solutions.

We are a long-standing leader in financial planning and advice with $1.6 trillion in assets under management, administration and advisement as of June 30, 2025.

We are a long-standing leader in financial planning and advice with $1.7 trillion in assets under management, administration and advisement as of September 30, 2025.

We offer a broad range of products and services designed to achieve individual and institutional clients’ financial objectives.

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“Quantitative and Qualitative Disclosures About Market Risk.”

In the third quarter, we conducted our annual review of life insurance, annuity and long term care (“LTC”) valuation assumptions relative to current experience and management expectations including modeling changes.

These annual assumption updates, including model changes, are collectively referred to as unlocking throughout this document.

See our Consolidated and Segment Results of Operations sections for the pretax impacts on our revenues and expenses attributable to unlocking.

We consolidate certain variable interest entities for which we provide asset management services.

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integration and restructuring charges;

income (loss) from discontinued operations;

and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.

income (loss) from

AMERIPRISE FINANCIAL, INC.

discontinued operations;

and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.

The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections.

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Per Diluted Share

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions, except per share amounts)

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Mean reversion related impacts (1)

1 1 0.01 0.01

Net income (loss) attributable to CIEs 1 3 0.01 0.03

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The following table reconciles the trailing twelve months’ sum of net income to adjusted operating earnings and the five-point average of quarter-end equity to adjusted operating equity:

Twelve Months Ended June 30,

Twelve Months Ended September 30,

(in millions)

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52.8 % 49.6 %

(1) Adjustments reflect the sum of after-tax net realized investment gains/losses, net of the reinsurance accrual;

(1) Adjustments reflect the sum of after-tax net realized investment gains or losses, net of the reinsurance accrual;

the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual;

mean reversion related impacts;

block 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;

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After-tax is calculated using the statutory tax rate of 21%.

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

(2) Adjusted operating return on equity, excluding accumulated other comprehensive income (“AOCI”) is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator.

After-tax is calculated using the statutory tax rate of 21%.

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The following table presents relevant market indices:

Three Months Ended June 30,

Three Months Ended September 30,

Daily average 6,427 5,546 16%

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The following table presents detail regarding our Assets Under Management, Administration and Advisement:

September 30,

(in billions)

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$ 1,659.5 $ 1,538.0 $ 121.5 8 %

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

Total AUM increased $90.5 billion, or 8%, to $1.2 trillion as of June 30, 2025 compared to $1.1 trillion as of June 30, 2024 due to an $80.1 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $12.3 billion increase in Asset Management AUM primarily driven by equity market appreciation and a favorable foreign exchange impact, partially offset by net outflows.

Total Assets Under Administration increased $32.6 billion, or 11%, to $331.0 billion as of June 30, 2025 compared to the prior year period primarily driven by equity market appreciation and an increase in third-party money market funds.

Total Assets Under Advisement increased $2.8 billion, or 9%, to $33.8 billion as June 30, 2025 due to net inflows and market appreciation.

Total AUM increased $82.2 billion, or 7%, to $1.3 trillion as of September 30, 2025 compared to $1.2 trillion as of September 30, 2024 due to an $81.2 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $2.6 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows.

Total Assets Under Administration increased $33.7 billion, or 11%, to $347.9 billion as of September 30, 2025 compared to the prior year period primarily driven by equity market appreciation and an increase in third-party money market funds.

Total Assets Under Advisement increased $5.6 billion, or 18%, to $37.5 billion as September 30, 2025 due to net inflows and market appreciation.

See our segment results of operations discussion below for additional information on changes in our AUM.

AMERIPRISE FINANCIAL, INC.

Consolidated Results of Operations for the Three Months Ended June 30, 2025 and 2024

Consolidated Results of Operations for the Three Months Ended September 30, 2025 and 2024

The following table presents our consolidated results of operations:

Three Months Ended June 30,

Three Months Ended September 30,

(in millions)

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Benefits, claims, losses and settlement expenses 343 430 (87) (20)

Remeasurement (gains) losses of future policy benefit reserves (3) (8) 5 63

Change in fair value of market risk benefits (10) 110 (120) NM

Remeasurement (gains) losses of future policy benefit reserves 22 (22) 44 NM

Change in fair value of market risk benefits 302 566 (264) (47)

Amortization of deferred acquisition costs 60 59 1 2

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

Pretax income increased $300 million, or 29%, for the three months ended June 30, 2025 compared to the prior year period.

Pretax income increased $529 million, or 82%, for the three months ended September 30, 2025 compared to the prior year period.

The following impacts were significant drivers of the period-over-period change in pretax income:

• The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual was a benefit of $219 million for the three months ended June 30, 2025 compared to an expense of $60 million for the prior year period.

• The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual was an expense of $82 million for the three months ended September 30, 2025 compared to an expense of $402 million for the prior year period.

• A favorable impact from higher average equity markets compared to the prior year period.

Our average WEI, which is a proxy for equity movements on AUM, increased 8% in the three months ended June 30, 2025 compared to the prior year period.

Our average WEI, which is a proxy for equity movements on AUM, increased 15% in the three months ended September 30, 2025 compared to the prior year period.

• The favorable impact from the cumulative impact of wrap net inflows.

• The favorable impact of unlocking was $22 million for the three months ended September 30, 2025 compared to an unfavorable impact of $77 million for the prior year period.

• An unfavorable impact from the cumulative impact of Asset Management net outflows.

Management and financial advice fees increased $144 million, or 6%, for the three months ended June 30, 2025 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows.

Net investment income decreased $30 million, or 3%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting lower average invested assets supporting certificates and the unfavorable impact of declining investment portfolio yields, partially offset by the favorable impact of growth in Ameriprise Bank, FSB (“Ameriprise Bank”) customer deposits and structured variable annuities (“SVA”) products.

Premiums, policy and contract charges decreased $20 million, or 5%, for the three months ended June 30, 2025 compared to the prior year period primarily due to lower sales of life contingent payout annuities.

AMERIPRISE FINANCIAL, INC.

Banking and deposit interest expense decreased $57 million, or 33%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.

Distribution expenses increased $146 million, or 10%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets, as well as investments in recruiting experienced advisors.

Interest credited to fixed accounts decreased $90 million, or 49%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting the following items:

• A $106 million decrease in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was a benefit of $62 million for the three months ended June 30, 2025 compared to an expense of $44 million for the prior year period.

The decrease in expense was primarily due to a decrease in the IUL embedded derivative in the current period, which reflected more discounting due to higher forward rates.

• A $15 million increase in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits.

The unfavorable impact of the nonperformance credit spread was $10 million for the three months ended June 30, 2025 compared to a favorable impact of $5 million for the prior year period.

Benefits, claims, losses and settlement expenses decreased $74 million, or 22%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting a $57 million decrease in expense from market impacts on SVA embedded derivative, net of hedging activity.

The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking for the three months ended September 30:

Pretax Increase (Decrease) 2025

(in millions)

Premiums, policy and contract charges $ 118 $ (4)

Other revenues

Total revenues 121 (4)

Interest credited to fixed accounts

Benefits, claims, losses and settlement expenses 16 (4)

Remeasurement (gains) losses of future policy benefit reserves:

LTC unlocking 26 4

Unlocking impact, excluding LTC (10) (24)

Total remeasurement (gains) losses of future policy benefit reserves 16 (20)

Change in fair value of market risk benefits 88 107

Total expenses

Pretax income (loss) (1)

(1) Includes a $28 million net expense for the three months ended September 30, 2025 and a $17 million net expense for the three months ended September 30, 2024 primarily related to the market impact on IUL benefits, which are excluded from adjusted operating earnings.

Refer to Results of Operations by Segment for the impact to pretax adjusted operating earnings attributable to unlocking.

The primary drivers of the unlocking impact for the three months ended September 30, 2025 included net unfavorable changes to variable annuity surrender and utilization assumptions, net unfavorable changes in LTC morbidity and mortality assumptions, favorable claims incidence rates on disability insurance, and net favorable model changes primarily related to cost of reinsurance and index credits associated with non-traditional insurance products.

In the prior year period, the primary driver of the unlocking impact was lowered surrender assumptions on variable annuities with living benefits resulting in an expense, partially offset by the updated claims incident rates on disability insurance.

Management and financial advice fees increased $238 million, or 9%, for the three months ended September 30, 2025 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows.

Premiums, policy and contract charges increased $84 million, or 21%, for the three months ended September 30, 2025 compared to the prior year period primarily due to model changes related to the cost of reinsurance associated with non-traditional insurance products, partially offset by lower sales of life contingent payout annuities.

Banking and deposit interest expense decreased $61 million, or 37%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank, FSB (“Ameriprise Bank”) cash deposits.

Distribution expenses increased $175 million, or 11%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets.

Interest credited to fixed accounts increased $23 million, or 19%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting a $24 million increase in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was a benefit of $11 million for the three months ended September 30, 2025 compared to a benefit of $35 million for the prior year period.

The increase in expense was primarily due to a decrease in the IUL embedded derivative in the prior period, which reflected lower option costs due to a lower new money rate, offset by less discounting due to lower forward rates.

Benefits, claims, losses and settlement expenses decreased $87 million, or 20%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting a $91 million decrease in expense from market impacts on structured variable annuities (“SVA”) embedded derivative, net of hedging activity.

This decrease was primarily the result of a favorable $557 million change in the market impact on derivatives hedging the SVA embedded derivative and an unfavorable $466 million change in the market impact on SVA embedded derivative.

The decrease in expense also reflects the impact of lower sales of life contingent payout annuities, partially offset by the impact of increased volume in SVAs.

Change in fair value of market risk benefits decreased $120 million for the three months ended June 30, 2025 compared to the prior year period primarily reflecting the following items:

AMERIPRISE FINANCIAL, INC.

Remeasurement (gains) losses of future policy benefit reserves increased $44 million, for the three months ended September 30, 2025 compared to the prior year period reflecting the unfavorable impact of unlocking in the current period compared to a favorable impact of unlocking for the prior year period.

Change in fair value of market risk benefits decreased $264 million, or 47%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting the following items:

• A $265 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges.

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The main market drivers contributing to these changes are summarized below:

• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger benefit for the three months ended June 30, 2025 compared to the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower benefit for the three months ended June 30, 2025 compared to the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the three months ended June 30, 2025 compared to the prior year period.

• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the three months ended June 30, 2025 compared to the prior year period.

General and administrative expense decreased $10 million, or 1%, for the three months ended June 30, 2025 compared to the prior year period primarily due to ongoing benefits from our initiatives to enhance operational efficiency and effectiveness and lower severance expenses, partially offset by higher volume related expenses and investments for business growth.

Our effective tax rate was 21.6% for the three months ended June 30, 2025 compared to 21.1% for the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the three months ended September 30, 2025 compared to the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in an expense for the three months ended September 30, 2025 compared to a benefit in the prior year period.

• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a larger net expense for the three months ended September 30, 2025 compared to the prior year period.

General and administrative expense decreased $24 million, or 2%, for the three months ended September 30, 2025 compared to the prior year period primarily due to ongoing benefits from our initiatives to enhance operational efficiency and effectiveness, partially offset by higher volume related expenses and investments for business growth.

Our effective tax rate was 22.3% for the three months ended September 30, 2025 compared to 20.7% for the prior year period.

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 year period and the related impact on tax preferred items.

See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Results of Operations by Segment for the Three Months Ended June 30, 2025 and 2024

Results of Operations by Segment for the Three Months Ended September 30, 2025 and 2024

Adjusted operating earnings is the measure of segment profit or loss management uses to evaluate segment performance.

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The following table presents summary financial information by segment:

Three Months Ended June 30,

Three Months Ended September 30,

(in millions)

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Adjusted operating loss $ (116) $ (143)

The following table presents the segment pretax adjusted operating impacts on our revenues and expenses attributable to unlocking for the three months ended September 30:

Segment Pretax Operating Increase (Decrease) 2025

Retirement & Protection Solutions Corporate Retirement & Protection Solutions Corporate

(in millions)

Premiums, policy and contract charges $ 117 $ — $ (5) $ —

Other revenues — 3 — —

Total revenues 117 3 (5) —

Benefits, claims, losses and settlement expenses

Remeasurement (gains) losses of future policy benefit reserves:

LTC unlocking — 26 — 4

Unlocking impact, excluding LTC (10) — (24) —

Total remeasurement (gains) losses of future policy benefit reserves (10) 26 (24) 4

Change in fair value of market risk benefits 94 — 105 —

Total expenses

Pretax income (loss) $ 17 $ (23) $ (90) $ (4)

Advice & Wealth Management

The following table presents Advice & Wealth Management total client assets as of June 30:

The following table presents Advice & Wealth Management total client assets as of September 30:

(in billions)

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Total client assets increased $113.9 billion, or 11%, to $1.1 trillion compared to a year ago primarily due to market appreciation and client net inflows.

The following table presents the changes in wrap account assets and average balances for the three months ended June 30:

AMERIPRISE FINANCIAL, INC.

The following table presents the changes in wrap account assets and average balances for the three months ended September 30:

(in billions)

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Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the three months ended June 30, 2025 and 2024, which is reflective of our billing cycle.

Ending wrap account assets increased $42.4 billion to $615.2 billion during the three months ended June 30, 2025 due to market appreciation of $37.0 billion and net inflows of $5.4 billion.

(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the three months ended September 30, 2025 and 2024, which is reflective of our billing cycle.

Ending wrap account assets increased $35.1 billion to $650.3 billion during the three months ended September 30, 2025 due to market appreciation of $30.3 billion and net inflows of $4.8 billion.

Average advisory wrap account assets increased $76.5 billion, or 14%, compared to the prior year period primarily reflecting market appreciation and net inflows.

AMERIPRISE FINANCIAL, INC.

The following table presents client cash balances as of June 30:

The following table presents client cash balances as of September 30:

Cash and Certificates Balances

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$ 84.8 $ 83.0

Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 5% from the prior year to $22.5 billion as of June 30, 2025.

Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 4% from the prior year to $22.6 billion as of September 30, 2025.

Ameriprise Certificate Company (“ACC”) client deposits decreased $3.1 billion from the prior year to $8.9 billion.

After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past six quarters.

After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past seven quarters.

Third party cash products increased $5.0 billion to $47.9 billion driven by an increase of money market funds of $7.2 billion, partially offset by a decline in brokered CDs.

The following table presents assets supporting Ameriprise Bank deposits and ACC certificates as of June 30:

The following table presents assets supporting Ameriprise Bank deposits and ACC certificates as of September 30:

Ameriprise Bank ACC

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• In Ameriprise Bank, assets included $19.4 billion of Available-for-Sale securities, $3.3 billion of cash and cash equivalents, and $1.7 billion of other assets, primarily loans.

The Ameriprise Bank investment portfolio securities are mostly rated AAA and primarily consist of structured assets, of which 13% were floating rate and sensitive to changes in short-term interest rates as of June 30, 2025.

We took action to reduce the floating rate allocation from 26% as of June 30, 2024.

The duration of Ameriprise Bank investments was 3.7 years as of June 30, 2025 compared to 3.3 years as of June 30, 2024.

In the three months ended June 30, 2025, we purchased $0.8 billion of investments, which was primarily funded from security maturities and prepayments.

• In ACC, assets include $9.8 billion of Available-for-Sale securities, $0.5 billion of cash and cash equivalents, and $0.1 billion of loans and other assets.

The ACC investment portfolio securities are mostly rated AAA and primarily consist of structured assets and government bonds, of which 39% were floating rate and approximately 21% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of June 30, 2025.

The duration of ACC investments was 1.4 years as of June 30, 2025 compared to 0.9 years as of June 30, 2024.

The Ameriprise Bank investment portfolio securities are mostly rated AAA and primarily consist of structured assets, of which 11% were floating rate and sensitive to changes in short-term interest rates as of September 30, 2025.

We took action to reduce the floating rate allocation from 19% as of September 30, 2024.

The duration of Ameriprise Bank investments was 3.7 years as of September 30, 2025 compared to 3.1 years as of September 30, 2024.

In the three months ended September 30, 2025, we purchased $0.7 billion of investments, which was primarily funded from security maturities and prepayments.

AMERIPRISE FINANCIAL, INC.

• In ACC, assets include $8.8 billion of Available-for-Sale securities, $0.5 billion of cash and cash equivalents, and $0.1 billion of loans and other assets.

The ACC investment portfolio securities are mostly rated AAA and primarily consist of structured assets and government bonds, of which 40% were floating rate and approximately 20% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of September 30, 2025.

The duration of ACC investments was 1.4 years as of September 30, 2025 compared to 0.8 years as of September 30, 2024.

The following table presents the results of operations of our Advice & Wealth Management segment on an adjusted operating basis:

Three Months Ended June 30,

Three Months Ended September 30,

(in millions)

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Adjusted operating earnings $ 881 $ 826 $ 55 7 %

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, decreased $10 million, or 1%, for the three months ended June 30, 2025 compared to the prior year period.

This reflected lower interest revenue, partially offset by the benefit from market appreciation and increased advisor productivity through the cumulative impact of client net inflows.

Pretax adjusted operating margin was 28.9% for the three months ended June 30, 2025 compared to 31.1% for the prior year period.

Management and financial advice fees increased $166 million, or 11%, for the three months ended June 30, 2025 compared to the prior year period primarily due to growth in average wrap account assets.

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $55 million, or 7%, for the three months ended September 30, 2025 compared to the prior year period.

This reflected the benefit from market appreciation and increased advisor productivity through the cumulative impact of client net inflows, partially offset by lower interest revenue.

Pretax adjusted operating margin was 29.5% for the three months ended September 30, 2025 compared to 30.1% for the prior year period.

Management and financial advice fees increased $227 million, or 14%, for the three months ended September 30, 2025 compared to the prior year period primarily due to growth in average wrap account assets.

Average advisory wrap account assets increased $76.5 billion, or 14%, compared to the prior year period primarily reflecting net inflows and market appreciation.

Net investment income, which excludes net realized investment gains or losses, decreased $64 million, or 11%, for the three months ended June 30, 2025 compared to the prior year period primarily due to lower average invested assets supporting certificates and the unfavorable impact of lower investment yields on the investment portfolios supporting the bank cash deposits and certificate products.

• The average certificate reserve balance for ACC was $10.3 billion for the three months ended June 30, 2025 compared to $12.8 billion for the prior year period with the average crediting rate of 3.74% for the three months ended June 30, 2025 compared to 4.51% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.4 billion for the three months ended June 30, 2025 compared to $21.4 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.28% for the three months ended June 30, 2025 from 0.44% for the prior year period, which included both cash sweep and savings products.

Distribution expenses increased $143 million, or 10%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap accounts, as well as investments in recruiting experienced advisors.

General and administrative expense increased $26 million, or 6%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting higher volume related expenses and investments for business growth.

Net investment income, which excludes net realized investment gains or losses, decreased $69 million, or 12%, for the three months ended September 30, 2025 compared to the prior year period primarily due to lower average invested assets supporting certificates and the unfavorable impact of lower investment yields on the investment portfolios supporting the bank cash deposits and certificate products.

• The average certificate reserve balance for ACC was $9.4 billion for the three months ended September 30, 2025 compared to $12.2 billion for the prior year period with the average crediting rate of 3.48% for the three months ended September 30, 2025 compared to 4.36% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.1 billion for the three months ended September 30, 2025 compared to $21.6 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.30% for the three months ended September 30, 2025 from 0.46% for the prior year period, which included both cash sweep and savings products.

Distribution expenses increased $168 million, or 11%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap accounts, as well as investments in recruiting experienced advisors.

AMERIPRISE FINANCIAL, INC.

General and administrative expense increased $20 million, or 5%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting higher volume related expenses and investments for business growth.

Asset Management

The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of June 30, 2025:

The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of September 30, 2025:

Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted (1)

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(2) Columbia funds are available for purchase by U.S.

Out of 89 Columbia funds rated (based on primary share class), 39 received a 4-star Overall Rating.

Out of 89 Columbia funds rated (based on primary share class), 1 received a 5-star Overall Rating and 46 received a 4-star Overall Rating.

Out of 134 Threadneedle funds rated (based on highest-rated share class), 11 received a 5-star Overall Rating and 46 received a 4-star Overall Rating.

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The following table presents global managed assets by type:

As of June 30,

As of September 30,

Change Three Months Ended

September 30,

(in billions)

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The following table presents the changes in global managed assets:

Three Months Ended June 30,

Three Months Ended September 30,

(in billions)

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Beginning managed assets

(15.6) (16.3)

Net flows (2.3) (0.9)

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(6) Legacy insurance partners assets and net flows are included in the rollforwards above.

Total segment AUM increased $32.8 billion, or 5%, during the three months ended June 30, 2025 primarily due to market appreciation and a favorable foreign exchange impact, partially offset by net outflows.

Net outflows of $8.7 billion for the three months ended June 30, 2025 included $1.6 billion of outflows from our U.S.

real estate business.

Total segment AUM increased $20.5 billion, or 3%, during the three months ended September 30, 2025 primarily due to market appreciation, partially offset by an unfavorable foreign exchange impact and net outflows.

Net outflows were $3.4 billion for the three months ended September 30, 2025.

AMERIPRISE FINANCIAL, INC.

The following table presents the results of operations of our Asset Management segment on an adjusted operating basis:

Three Months Ended June 30,

Three Months Ended September 30,

(in millions)

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Net investment income 26 17 9 53

Other revenues 4 2 2 NM

Other revenues 7 7 — —

Total revenues 906 882 24 3

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Amortization of deferred acquisition costs 2 2 — —

Interest and debt expense 3 1 2 NM

Interest and debt expense 3 2 1 50

General and administrative expense 387 383 4 1

1 unchanged sentence

Adjusted operating earnings $ 260 $ 245 $ 15 6 %

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

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $4 million, or 2%, for the three months ended June 30, 2025 compared to the prior year period primarily due to equity market appreciation and the positive impact from expense management actions, partially offset by the cumulative impact from net outflows.

Management and financial advice fees decreased $17 million, or 2%, for the three months ended June 30, 2025 compared to the prior year period primarily due to the cumulative impact from net outflows, partially offset by higher average equity markets.

General and administrative expense decreased $20 million, or 5%, for the three months ended June 30, 2025 compared to the prior year period reflecting the benefits from our initiatives to enhance operational efficiency and effectiveness.

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $15 million, or 6%, for the three months ended September 30, 2025 compared to the prior year period primarily due to equity market appreciation and the positive impact from expense management actions, partially offset by the cumulative impact from net outflows.

Management and financial advice fees increased $15 million, or 2%, for the three months ended September 30, 2025 compared to the prior year period primarily due to higher average equity markets, partially offset by the cumulative impact from net outflows.

Net investment income increased $9 million, or 53%, for the three months ended September 30, 2025 compared to the prior year period primarily related to income from a seed investment.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

The following table presents the results of operations of our Retirement & Protection Solutions segment on an adjusted operating basis:

Three Months Ended June 30,

Three Months Ended September 30,

(in millions)

3 unchanged sentences

Premiums, policy and contract charges 479 388 91 23

Other revenues 1 2 (1) (50)

Other revenues — 2 (2) NM

Total revenues 1,102 973 129 13

11 unchanged sentences

Adjusted operating earnings $ 217 $ 118 $ 99 84 %

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $18 million, or 9%, for the three months ended June 30, 2025 compared to prior year period primarily reflecting higher investment portfolio yields, market appreciation and favorable life claims.

Variable annuity account balances increased 4% to $87.8 billion as of June 30, 2025 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $4.1 billion.

Variable annuity sales decreased 9% compared to the prior year period primarily reflecting a very strong level of sales of SVAs in the prior year period.

Account values with living benefit riders declined to 48% as of June 30, 2025 compared to 52% a year ago reflecting our actions to optimize our business mix.

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

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $99 million, or 84%, for the three months ended September 30, 2025 compared to prior year period primarily reflecting unlocking impacts, higher investment portfolio yields and market appreciation.

Variable annuity account balances increased 4% to $91.0 billion as of September 30, 2025 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $4.3 billion.

Variable annuity sales increased 2% compared to the prior year period primarily reflecting a strong level of sales of SVAs.

Account values with living benefit riders declined to 47% as of September 30, 2025 compared to 51% a year ago reflecting our actions to optimize our business mix.

This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.

Net investment income, which excludes net realized investment gains or losses, increased $43 million, or 16%, for the three months ended June 30, 2025 compared to the prior year period primarily due to higher SVA balances and higher investment portfolio yields from investment portfolio repositioning.

Premiums, policy and contract charges decreased $25 million, or 7%, for the three months ended June 30, 2025 compared to the prior year period primarily due to lower sales of life contingent payout annuities.

Benefits, claims, losses and settlement expenses, which exclude the market impact on structured variable annuities indexed account embedded derivative (net of hedges) and mean reversion related impacts, decreased $17 million, or 8%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting lower sales of life contingent payout annuities and favorable life claims, partially offset by increased volume in SVAs.

Change in fair value of market risk benefits increased $11 million, or 8%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting market appreciation on contractual fees.

Net investment income, which excludes net realized investment gains or losses, increased $45 million, or 16%, for the three months ended September 30, 2025 compared to the prior year period primarily due to higher SVA balances and higher investment portfolio yields from investment portfolio repositioning.

Premiums, policy and contract charges increased $91 million, or 23%, for the three months ended September 30, 2025 compared to the prior year period primarily due to model changes related to the cost of reinsurance associated with non-traditional insurance products, partially offset by lower sales of life contingent payout annuities.

Remeasurement (gains) losses of future policy benefit reserves increased $16 million, or 64%, for the three months ended September 30, 2025 compared to the prior year period reflecting the less favorable impact of unlocking in the current period compared to the prior year period.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

The following table presents the results of operations of our Corporate & Other segment on an adjusted operating basis:

Three Months Ended June 30,

Three Months Ended September 30,

(in millions)

17 unchanged sentences

Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed annuity benefits (net of hedges), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs.

Our Corporate & Other segment pretax adjusted operating loss decreased $20 million for the three months ended June 30, 2025 compared to the prior year period, reflecting higher net investment income and improved general and administrative expenses.

LTC insurance had pretax adjusted operating earnings of $7 million for the three months ended June 30, 2025 compared to pretax adjusted operating earnings of $12 million for the prior year period primarily reflecting a lower level of closed claims and lower investment portfolio yields.

The FA business had a pretax adjusted operating loss of $6 million for the three months ended June 30, 2025 compared to a pretax adjusted operating loss of $8 million for the prior year period.

Fixed deferred annuity account balances declined 9% to $5.4 billion as of June 30, 2025 compared to the prior year period as policies continue to lapse.

Net investment income, which excludes net realized investment gains or losses, 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, integration and restructuring charges, and the impact of consolidating CIEs, increased $9 million, or 19%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting a benefit in our affordable housing partnerships.

General and administrative expense decreased $12 million, or 13%, for the three months ended June 30, 2025 compared to the prior year period primarily reflecting lower severance expenses, partially offset by unfavorable mark-to-market impacts on share-based compensation in the current period compared to a favorable impact in the prior year period.

Our Corporate & Other segment pretax adjusted operating loss decreased $27 million, 19%, for the three months ended September 30, 2025 compared to the prior year period, reflecting improved general and administrative expenses, partially offset by an unfavorable unlocking impact.

LTC insurance had pretax adjusted operating loss of $22 million for the three months ended September 30, 2025 compared to pretax adjusted operating earnings of $9 million for the prior year period primarily reflecting a net unfavorable unlocking impact from updating morbidity and mortality assumptions.

The FA business had a pretax adjusted operating loss of $7 million for the three months ended September 30, 2025 compared to a pretax adjusted operating loss of $7 million for the prior year period.

Fixed deferred annuity account balances declined 8% to $5.3 billion as of September 30, 2025 compared to the prior year period as policies continue to lapse.

Net investment income, which excludes net realized investment gains or losses, 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, integration and restructuring charges, and the impact of consolidating CIEs, decreased $6 million, or 11%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting lower investment portfolio yields.

Remeasurement (gains) losses of future policy benefit reserves increased $28 million for the three months ended September 30, 2025 compared to the prior year period primarily reflecting the net unfavorable unlocking changes in LTC morbidity and mortality assumptions.

General and administrative expense decreased $57 million, or 50%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting lower severance expenses and favorable mark-to-market impacts on share-based compensation in the current period compared to an unfavorable impact in the prior year period, as well as expenses to accelerate our transition to cloud-based technology in the prior year period.

AMERIPRISE FINANCIAL, INC.

Consolidated Results of Operations for the Six Months Ended June 30, 2025 and 2024

Consolidated Results of Operations for the Nine Months Ended September 30, 2025 and 2024

The following table presents our consolidated results of operations:

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions)

10 unchanged sentences

Benefits, claims, losses and settlement expenses 981 1,056 (75) (7)

Remeasurement (gains) losses of future policy benefit reserves (13) (12) (1) (8)

Change in fair value of market risk benefits 487 92 395 NM

Remeasurement (gains) losses of future policy benefit reserves 9 (34) 43 NM

Change in fair value of market risk benefits 789 658 131 20

Amortization of deferred acquisition costs 181 181 — —

7 unchanged sentences

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

Pretax income decreased $232 million, or 10%, for the six months ended June 30, 2025 compared to the prior year period.

Pretax income increased $297 million, or 10%, for the nine months ended September 30, 2025 compared to the prior year period.

The following impacts were significant drivers of the period-over-period change in pretax income:

• The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual was an expense of $241 million for the six months ended June 30, 2025 compared to a benefit of $80 million for the prior year period.

• An unfavorable impact from the cumulative impact of Asset Management net outflows.

• The favorable impact from the cumulative impact of wrap net inflows.

• A favorable impact from higher average equity markets compared to the prior year period.

Our average WEI, which is a proxy for equity movements on AUM, increased 12% in the six months ended June 30, 2025 compared to the prior year period.

Management and financial advice fees increased $347 million, or 7%, for the six months ended June 30, 2025 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows.

Net investment income decreased $63 million, or 3%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting lower average invested assets supporting certificates and the unfavorable impact of declining investment portfolio yields, partially offset by the favorable impact of growth in Ameriprise Bank customer deposits and SVA products.

Premiums, policy and contract charges decreased $50 million, or 6%, for the six months ended June 30, 2025 compared to the prior year period due to lower sales of life contingent payout annuities.

Banking and deposit interest expense decreased $109 million, or 31%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.

Our average WEI, which is a proxy for equity movements on AUM, increased 13% in the nine months ended September 30, 2025 compared to the prior year period.

• The favorable impact of unlocking was $22 million for the nine months ended September 30, 2025 compared to an unfavorable impact of $77 million for the prior year period.

• An unfavorable impact from the cumulative impact of Asset Management net outflows.

See our Consolidated Results of Operations for the three months ended September 30, 2025 and 2024 for a table and discussion of total pretax impacts on our revenues and expenses attributable to unlocking.

Management and financial advice fees increased $585 million, or 8%, for the nine months ended September 30, 2025 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows.

Net investment income decreased $77 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting lower average invested assets supporting certificates and the unfavorable impact of declining investment portfolio yields, partially offset by the favorable impact of growth in Ameriprise Bank customer deposits and SVA products.

Premiums, policy and contract charges increased $34 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to model changes related to the cost of reinsurance associated with non-traditional insurance products, partially offset by lower sales of life contingent payout annuities.

AMERIPRISE FINANCIAL, INC.

Distribution expenses increased $339 million, or 12%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets, as well as continued investments in recruiting experienced advisors.

Interest credited to fixed accounts decreased $92 million, or 29%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting the following items:

• An $81 million decrease in expense from other market impacts on IUL benefits, net of hedges, which was a benefit of $69 million for the six months ended June 30, 2025 compared to an expense of $12 million for the prior year period.

Banking and deposit interest expense decreased $170 million, or 33%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.

Distribution expenses increased $514 million, or 12%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets, as well as continued investments in recruiting experienced advisors.

Interest credited to fixed accounts decreased $69 million, or 16%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the following items:

• A $57 million decrease in expense from other market impacts on IUL benefits, net of hedges, which was a benefit of $80 million for the nine months ended September 30, 2025 compared to a benefit of $23 million for the prior year period.

The decrease in expense was primarily due to a decrease in the IUL embedded derivative in the current period, which reflected more discounting due to higher forward rates.

• A $6 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits.

The unfavorable impact of the nonperformance credit spread was $6 million for the six months ended June 30, 2025 compared to an unfavorable impact of $12 million for the prior year period.

Benefits, claims, losses and settlement expenses increased $12 million, or 2%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting a $45 million increase in expense from market impacts on SVA embedded derivative, net of hedging activity.

This increase was primarily the result of an unfavorable $420 million change in the market impact on derivatives hedging the SVA embedded derivative and a favorable $375 million change in the market impact on SVA embedded derivative.

This increase also reflects the impact of increased volume in SVAs, partially offset by lower sales of life contingent payout annuities.

Change in fair value of market risk benefits increased $395 million for the six months ended June 30, 2025 compared to the prior year period primarily reflecting the following items:

The unfavorable impact of the nonperformance credit spread was $11 million for the nine months ended September 30, 2025 compared to an unfavorable impact of $17 million for the prior year period.

Benefits, claims, losses and settlement expenses decreased $75 million, or 7%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting a $46 million decrease in expense from market impacts on SVA embedded derivative, net of hedging activity.

This decrease was primarily the result of a favorable $137 million change in the market impact on derivatives hedging the SVA embedded derivative and an unfavorable $91 million change in the market impact on SVA embedded derivative.

This decrease also reflects the impact of lower sales of life contingent payout annuities, partially offset by the impact of increased volume in SVAs.

Remeasurement (gains) losses of future policy benefit reserves increased $43 million for the nine months ended September 30, 2025 compared to the prior year period reflecting the unfavorable impact of unlocking in the current period compared to a favorable impact of unlocking for the prior year period.

Change in fair value of market risk benefits increased $131 million, or 20%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the following items:

• A $106 million increase in expense from market impacts on variable annuity guaranteed benefits, net of hedges.

This increase was the result of an unfavorable $1.4 billion change in the market impact on variable annuity guaranteed benefits reserves and a favorable $958 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits.

This increase was the result of an unfavorable $550 million change in the market impact on variable annuity guaranteed benefits reserves and a favorable $444 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits.

The main market drivers contributing to these changes are summarized below:

• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower benefit for the six months ended June 30, 2025 compared to the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in an expense for the six months ended June 30, 2025 compared to a benefit for the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the six months ended June 30, 2025 compared to the prior year period.

• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the six months ended June 30, 2025 compared to the prior year period.

General and administrative expense decreased $54 million, or 3%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting ongoing benefits from our initiatives to enhance operational efficiency and effectiveness, lower severance expenses, partially offset by higher volume related expenses and investments for business growth ongoing benefits from our initiatives to enhance operational efficiency and effectiveness.

Our effective tax rate was 19.4% for the six months ended June 30, 2025 compared to 19.9% for the prior year period.

• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower benefit for the nine months ended September 30, 2025 compared to the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger expense for the nine months ended September 30, 2025 compared to the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the nine months ended September 30, 2025 compared to the prior year period.

• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the nine months ended September 30, 2025 compared to the prior year period.

General and administrative expense decreased $78 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting ongoing benefits from our initiatives to enhance operational efficiency and effectiveness, lower severance expenses, partially offset by higher volume related expenses and investments for business growth.

Our effective tax rate was 20.4% for the nine months ended September 30, 2025 compared to 20.0% for the prior year period.

See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

AMERIPRISE FINANCIAL, INC.

Results of Operations by Segment for the Six Months Ended June 30, 2025 and 2024

Results of Operations by Segment for the Nine Months Ended September 30, 2025 and 2024

The following table presents summary financial information by segment:

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions)

15 unchanged sentences

Adjusted operating loss $ (312) $ (351)

See our Results of Operations by Segment for the three months ended June 30, 2025 and 2024 for a table of segment pretax adjusted operating impacts on our revenues and expenses attributable to unlocking.

See our Results of Operations by Segment for the three months ended September 30, 2025 and 2024 for a table of segment pretax adjusted operating impacts on our revenues and expenses attributable to unlocking.

Advice & Wealth Management

The following table presents the changes in wrap account assets and average balances for the six months ended June 30:

The following table presents the changes in wrap account assets and average balances for the nine months ended September 30:

(in billions)

9 unchanged sentences

Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the six months ended June 30, 2025 and 2024, which is reflective of our billing cycle.

Ending wrap account assets increased $41.3 billion, or 7%, to $615.2 billion during the six months ended June 30, 2025 due to market appreciation and other of $27.2 billion and net inflows of $14.1 billion.

(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the nine months ended September 30, 2025 and 2024, which is reflective of our billing cycle.

Ending wrap account assets increased $76.4 billion, or 13%, to $650.3 billion during the nine months ended September 30, 2025 due to market appreciation and other of $57.5 billion and net inflows of $18.9 billion.

Average advisory wrap account assets increased $75.4 billion, or 15%, compared to the prior year period reflecting market appreciation and net inflows.

1 unchanged sentence

The following table presents the results of operations of our Advice & Wealth Management segment on an adjusted operating basis:

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions)

11 unchanged sentences

Adjusted operating earnings $ 2,485 $ 2,410 $ 75 3 %

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $20 million, or 1%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting market appreciation and increased advisor productivity through the cumulative impact of client net inflows, partially offset by lower investment income.

Pretax adjusted operating margin was 28.7% for the six months ended June 30, 2025 compared to 30.4% for the prior year period.

Management and financial advice fees increased $376 million, or 12%, for the six months ended June 30, 2025 compared to the prior year period primarily due to higher average wrap account assets.

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $75 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting market appreciation and increased advisor productivity through the cumulative impact of client net inflows, partially offset by lower investment income.

Pretax adjusted operating margin was 29.0% for the nine months ended September 30, 2025 compared to 30.3% for the prior year period.

Management and financial advice fees increased $603 million, or 13%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to higher average wrap account assets.

Average advisory wrap account assets increased $75.4 billion, or 15%, compared to the prior year period reflecting market appreciation and net inflows.

Net investment income, which excludes net realized investment gains or losses, decreased $124 million, or 11%, for the six months ended June 30, 2025 compared to the prior year period primarily due to lower average invested assets supporting certificates and the unfavorable impact of lower investment yields on the investment portfolios supporting the bank cash deposits and certificate products.

• The average certificate reserve balance for ACC was $10.6 billion for the six months ended June 30, 2025 compared to $13.1 billion for the prior year period with the average crediting rate of 3.85% for the six months ended June 30, 2025 compared to 4.58% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.3 billion for the six months ended June 30, 2025 compared to $21.3 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.30% for the six months ended June 30, 2025 from 0.43% for the prior year period, which included both cash sweep and savings products.

Distribution expenses increased $328 million, or 12%, for the six months ended June 30, 2025 compared to the prior year period reflecting higher advisor compensation from higher average wrap account assets, as well as continued investments in recruiting experienced advisors.

General and administrative expense increased $30 million, or 4%, for the six months ended June 30, 2025 compared to the prior year period primarily due to higher volume related expenses and investments for business growth.

Net investment income, which excludes net realized investment gains or losses, decreased $193 million, or 12%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to lower average invested assets supporting certificates and the unfavorable impact of lower investment yields on the investment portfolios supporting the bank cash deposits and certificate products.

• The average certificate reserve balance for ACC was $10.2 billion for the nine months ended September 30, 2025 compared to $12.8 billion for the prior year period with the average crediting rate of 3.73% for the nine months ended September 30, 2025 compared to 4.51% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.2 billion for the nine months ended September 30, 2025 compared to $21.4 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.30% for the nine months ended September 30, 2025 from 0.44% for the prior year period, which included both cash sweep and savings products.

Distribution expenses increased $496 million, or 12%, for the nine months ended September 30, 2025 compared to the prior year period reflecting higher advisor compensation from higher average wrap account assets, as well as continued investments in recruiting experienced advisors.

General and administrative expense increased $50 million, or 4%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to higher volume related expenses and investments for business growth.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

The following table presents global managed assets by type:

As of June 30,

Change Six Months Ended

As of September 30,

Change Nine Months Ended

September 30,

(in billions)

7 unchanged sentences

The following table presents the changes in global managed assets:

Six Months Ended June 30,

Nine Months Ended September 30,

(in billions)

30 unchanged sentences

$ (2.7) $ (10.8)

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

(1) Amounts represent local currency to U.S.

dollar translation for reporting purposes.

(2) Global Institutional inflows and outflows include net flows from our structured annuity product and Ameriprise Bank.

4 unchanged sentences

(6) Legacy insurance partners assets and net flows are included in the rollforwards above.

Total segment AUM increased $9.3 billion, or 1%, during the six months ended June 30, 2025 primarily due to equity market appreciation and a favorable foreign exchange impact, partially offset by net outflows.

Net outflows were $27.4 billion for the six months ended June 30, 2025 and included a large institutional client repositioning into passive strategies and $3.9 billion of outflows from our U.S.

Total segment AUM increased $29.8 billion, or 5%, during the nine months ended September 30, 2025 primarily due to equity market appreciation and a favorable foreign exchange impact, partially offset by net outflows.

Total AUM net outflows were $32.5 billion for the nine months ended September 30, 2025 and included a large institutional client repositioning into passive strategies and $3.9 billion of outflows from our U.S.

real estate business.

Model delivery assets under advisement net inflows were $0.4 billion for the six months ended June 30, 2025 compared to $1.1 billion for the prior year period.

Model delivery assets under advisement net inflows were $2.1 billion for the nine months ended September 30, 2025 compared to $2.4 billion for the prior year period.

The following table presents the results of operations of our Asset Management segment on an adjusted operating basis:

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions)

8 unchanged sentences

Amortization of deferred acquisition costs 5 5 — —

Interest and debt expense 6 3 3 NM

Interest and debt expense 9 5 4 80

General and administrative expense 1,105 1,170 (65) (6)

1 unchanged sentence

Adjusted operating earnings $ 723 $ 669 $ 54 8 %

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

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $39 million, or 9%, for the six months ended June 30, 2025 compared to the prior year period primarily due to equity market appreciation and the positive impact from expense management actions, partially offset by the cumulative impact from net outflows.

Management and financial advice fees decreased $19 million, or 1%, for the six months ended June 30, 2025 compared to the prior year period primarily due to the cumulative impact from net outflows, partially offset by equity market appreciation.

General and administrative expense decreased $69 million, or 9%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting the initial benefits from our initiatives to enhance operational efficiency and effectiveness along with higher performance fee related compensation in the prior year period.

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $54 million, or 8%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to equity market appreciation and the positive impact from expense management actions, partially offset by the cumulative impact from net outflows.

Management and financial advice fees decreased $4 million for the nine months ended September 30, 2025 compared to the prior year period primarily due to the cumulative impact from net outflows and higher performance fees in the prior year period, partially offset by equity market appreciation.

General and administrative expense decreased $65 million, or 6%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the benefits from our initiatives to enhance operational efficiency and effectiveness along with higher performance fee related compensation in the prior year period.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

The following table presents the results of operations of our Retirement & Protection Solutions segment on an adjusted operating basis:

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions)

17 unchanged sentences

Adjusted operating earnings $ 646 $ 513 $ 133 26 %

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $34 million, or 9%, for the six months ended June 30, 2025 compared to the prior year period, primarily reflecting higher investment portfolio yields, market appreciation and favorable life claims.

Management and financial advice fees decreased $10 million, or 3%, for the six months ended June 30, 2025 compared to the prior year period primarily due to market appreciation, partially offset by the impact from variable annuity net outflows.

Net investment income, which excludes net realized investment gains or losses, increased $96 million, or 19%, for the six months ended June 30, 2025 compared to the prior year period primarily due to increased SVA balances and higher investment portfolio yields from investment portfolio repositioning.

Premiums, policy and contract charges decreased $58 million, or 8%, for the six months ended June 30, 2025 compared to the prior year period primarily due to lower sales of life contingent payout annuities.

Benefits, claims, losses and settlement expenses, which exclude the market impact on structured variable annuities indexed account embedded derivative (net of hedges) and mean reversion related impacts, decreased $30 million, or 7%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting the impact of lower sales of life contingent payout annuities and favorable life claims, partially offset by increased volume in SVAs.

Change in fair value of market risk benefits, which exclude the market impact on variable annuity guaranteed benefits (net of hedges), increased $25 million, or 9%, for the six months ended June 30, 2025 compared to the prior year period reflecting market appreciation on contractual fees.

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $133 million, or 26%, for the nine months ended September 30, 2025 compared to the prior year period, primarily reflecting unlocking impacts, higher investment portfolio yields, and market appreciation.

Management and financial advice fees decreased $14 million, or 2%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to the impact from variable annuity net outflows, partially offset by market appreciation.

Net investment income, which excludes net realized investment gains or losses, increased $141 million, or 18%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to increased SVA balances and higher investment portfolio yields from investment portfolio repositioning.

Premiums, policy and contract charges increased $33 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to model changes related to the cost of reinsurance associated with non-traditional insurance products, partially offset by lower sales of life contingent payout annuities.

Benefits, claims, losses and settlement expenses, which exclude the market impact on SVA indexed account embedded derivative (net of hedges) and mean reversion related impacts, decreased $27 million, or 4%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the impact of lower sales of life contingent payout annuities and favorable life claims, partially offset by increased volume in SVAs.

Remeasurement (gains) losses of future policy benefit reserves increased $13 million, or 41%, for the nine months ended September 30, 2025 compared to the prior year period reflecting the less favorable impact of unlocking in the current period compared to the prior year period.

Change in fair value of market risk benefits, which exclude the market impact on variable annuity guaranteed benefits (net of hedges), increased $25 million, or 5%, for the nine months ended September 30, 2025 compared to the prior year period reflecting market appreciation on contractual fees, partially offset by the impacts of unlocking.

AMERIPRISE FINANCIAL, INC.

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The following table presents the results of operations of our Corporate & Other segment on an adjusted operating basis:

Six Months Ended June 30,

Nine Months Ended September 30,

(in millions)

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Benefits, claims, losses and settlement expenses 162 166 (4) (2)

Remeasurement (gains) losses of future policy benefit reserves (3) (5) 2 40

Remeasurement (gains) losses of future policy benefit reserves 28 (2) 30 NM

Amortization of deferred acquisition costs 5 5 — —

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Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed index annuity benefits (net of hedges), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs.

Our Corporate & Other segment pretax adjusted operating loss decreased $12 million, or 6%, for the six months ended June 30, 2025 compared to the prior year period.

LTC insurance had pretax adjusted operating earnings of $21 million for the six months ended June 30, 2025 compared to pretax adjusted operating earnings of $28 million for the prior year period primarily reflecting a lower level of closed claims and lower investment portfolio yields.

The FA business had a pretax adjusted operating loss of $14 million for the six months ended June 30, 2025 compared to a pretax adjusted operating loss of $14 million for the prior year period.

Net investment income, which excludes net realized investment gains or losses, the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, integration and restructuring charges, and the impact of consolidating CIEs, decreased $2 million, or 2%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting lower investment portfolio yields, partially offset by a benefit in our affordable housing partnerships.

Other revenues decreased $8 million, or 8%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting the yield on deposit receivables arising from reinsurance transactions.

General and administrative expense, which excludes integration and restructuring charges, decreased $18 million, or 10%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting lower severance expenses associated with our initiatives to enhance operational efficiency.

Our Corporate & Other segment pretax adjusted operating loss decreased $39 million, or 11%, for the nine months ended September 30, 2025 compared to the prior year period.

LTC insurance had a pretax adjusted operating loss of $1 million for the nine months ended September 30, 2025 compared to pretax adjusted operating earnings of $37 million for the prior year period primarily reflecting the impact of unlocking and lower investment portfolio yields.

The FA business had a pretax adjusted operating loss of $21 million for the nine months ended September 30, 2025 compared to a pretax adjusted operating loss of $21 million for the prior year period.

Net investment income, which excludes net realized investment gains or losses, the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, integration and restructuring charges, and the impact of consolidating CIEs, decreased $8 million, or 5%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting lower investment portfolio yields, partially offset by a benefit in our affordable housing partnerships.

Other revenues decreased $9 million, or 6%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the yield on deposit receivables arising from reinsurance transactions.

Remeasurement (gains) losses of future policy benefit reserves increased $30 million for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the net unfavorable unlocking changes in LTC morbidity and mortality assumptions.

General and administrative expense, which excludes integration and restructuring charges, decreased $75 million, or 26%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting lower severance expenses associated with our initiatives to enhance operational efficiency and unfavorable mark-to-market impacts on share-based compensation in the prior year period.

AMERIPRISE FINANCIAL, INC.

Fair Value Measurements

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Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale.

We include actual market prices, or observable inputs, in our

AMERIPRISE FINANCIAL, INC.

fair value measurements to the extent available.

We include actual market prices, or observable inputs, in our fair value measurements to the extent available.

Broker quotes are obtained when quotes from pricing services are not available.

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Consistent with general market conditions, this estimate resulted in a spread over the U.S.

Treasury curve as of June 30, 2025.

Treasury curve as of September 30, 2025.

As our estimate of this spread widens or tightens, the liability will decrease or increase, respectively.

If this nonperformance credit spread moves to a zero spread over the U.S.

Treasury curve, the reduction to future total equity would be approximately $493 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on June 30, 2025 credit spreads.

Treasury curve, the reduction to future total equity would be approximately $467 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on September 30, 2025 credit spreads.

Liquidity and Capital Resources

We maintained substantial liquidity during the six months ended June 30, 2025.

As of June 30, 2025 and December 31, 2024, we had $8.0 billion and $8.1 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis.

As of June 30, 2025 and December 31, 2024, the parent company had $878 million and $856 million, respectively, in cash, cash equivalents, and unencumbered liquid securities.

We maintained substantial liquidity during the nine months ended September 30, 2025.

As of September 30, 2025 and December 31, 2024, we had $9.6 billion and $8.1 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis.

As of September 30, 2025 and December 31, 2024, the parent company had $1.3 billion and $856 million, respectively, in cash, cash equivalents, and unencumbered liquid securities.

Liquid securities predominantly include U.S.

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Additional sources of liquidity at the parent company include a line of credit with an affiliate up to $750 million and an unsecured revolving committed credit facility for up to $1.0 billion that expires in November 2029.

Management’s estimate of liquidity available to the parent company in a volatile and uncertain economic environment as of June 30, 2025 was $2.1 billion which includes cash, cash equivalents, unencumbered liquid securities, the line of credit with an affiliate and a portion of the committed credit facility.

Management’s estimate of liquidity available to the parent company in a volatile and uncertain economic environment as of September 30, 2025 was $2.5 billion which includes cash, cash equivalents, unencumbered liquid securities, the line of credit with an affiliate and a portion of the committed credit facility.

Under the terms of the committed credit facility, we can increase the availability to $1.3 billion upon satisfaction of certain approval requirements.

Available borrowings under this facility are reduced by any outstanding letters of credit.

At June 30, 2025, we had no outstanding borrowings under this credit facility and had $1 million of letters of credit issued against the facility.

At September 30, 2025, we had no outstanding borrowings under this credit facility and had $1 million of letters of credit issued against the facility.

Our credit facility contains various administrative, reporting, legal and financial covenants.

We remained in compliance with all such covenants at June 30, 2025.

We remained in compliance with all such covenants at September 30, 2025.

In addition, we have access to collateralized borrowings, which may include repurchase agreements, Federal Home Loan Bank (“FHLB”) advances, and advances at the Federal Reserve.

Our subsidiaries, RiverSource Life Insurance Company (“RiverSource Life”), and Ameriprise Bank are members of the FHLB of Des Moines, which provides access to collateralized borrowings.

As of June 30, 2025 and December 31, 2024, we had $10.7 billion and $8.5 billion, respectively, of estimated borrowing capacity under the FHLB facilities, of which $201 million was outstanding as of both June 30, 2025 and December 31, 2024, and is collateralized with commercial mortgage backed securities and residential mortgage backed securities.

As of September 30, 2025 and December 31, 2024, we had $11.7 billion and $8.5 billion, respectively, of estimated borrowing capacity under the FHLB facilities, of which $201 million was outstanding as of both September 30, 2025 and December 31, 2024, and is collateralized with commercial mortgage backed securities and residential mortgage backed securities.

In addition, Ameriprise Bank maintains access to borrowings from the Federal Reserve which are collateralized with residential mortgage backed securities, commercial mortgage backed securities and corporate debt securities.

As of June 30, 2025 and December 31, 2024, we estimated $10.4 billion and $11.9 billion, respectively, of borrowing capacity from the Federal Reserve in addition to the FHLB capacity and there were no outstanding obligations.

As of September 30, 2025 and December 31, 2024, we estimated $9.3 billion and $11.9 billion, respectively, of borrowing capacity from the Federal Reserve in addition to the FHLB capacity and there were no outstanding obligations.

There have been no material changes to our contractual obligations disclosed in our 2024 10-K.

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See Note 11 to our Consolidated Financial Statements for further information about our long-term debt maturities.

We believe cash flows from operating activities, available cash balances, our availability of internal and external borrowings, access to debt markets, and dividends from our subsidiaries will be sufficient to fund our short-term and long-term operating liquidity needs and stress requirements.

AMERIPRISE FINANCIAL, INC.

In October 2023, the Federal Reserve Board (“FRB”) issued its final rule establishing a consolidated capital framework termed the “Building Block Approach” (“BBA”) for savings and loan holding companies like Ameriprise Financial that are significantly engaged in insurance activities.

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We are an applicable corporation required to compute the corporate alternative minimum tax (“CAMT”);

however, as of June 30, 2025, based on current estimates, we do not expect to be liable for CAMT in 2025.

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

however, as of September 30, 2025, based on current estimates, we do not expect to be liable for CAMT in 2025.

This estimate is based on interpretations and assumptions of available guidance, including proposed regulations and notices, that we have 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 financial statements.

As of September 30, 2025, we have not recorded any Pillar Two tax liabilities.

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

We continue to monitor the adoption and implementation of these rules and evaluate the potential impact on our consolidated financial statements.

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ACC markets and sells investment certificates to clients.

ACC is subject to various capital requirements under the 1940 Act, laws of the State of Minnesota and understandings with the SEC and the Minnesota Department of Commerce.

ACC is subject to various capital requirements under the 1940 Act, laws of the State of Minnesota and understandings with the SEC and the MN DOC.

The terms of the investment certificates issued by ACC and the provisions of the 1940 Act also require the maintenance by ACC of qualified assets.

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Required capital for these entities is predominantly based on the requirements specified by its regulator, the Financial Conduct Authority (“FCA”), under its Capital Adequacy Requirements for investment firms.

Required capital reflects 110% of the Own Funds Threshold Requirement (“OFTR”) and is determined by the group through its ongoing Internal Capital Adequacy and Risk Assessment (“ICARA”) process.

Required capital reflects 110% of the Own Funds

AMERIPRISE FINANCIAL, INC.

Threshold Requirement (“OFTR”) and is determined by the group through its ongoing Internal Capital Adequacy and Risk Assessment (“ICARA”) process.

Actual capital and regulatory capital requirements for our wholly owned subsidiaries subject to regulatory capital requirements were as follows:

Actual Capital Regulatory Capital Requirements

June 30, 2025

September 30, 2025

December 31, 2024

June 30, 2025

September 30, 2025

December 31, 2024

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Regulatory capital requirement is the company action level and is based on the statutory risk-based capital filing.

(2) Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of June 30, 2025 and December 31, 2024.

(2) Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of September 30, 2025 and December 31, 2024.

(3) Actual capital is determined on an adjusted GAAP basis.

(4) ACC is required to hold capital in compliance with the Minnesota Department of Commerce and SEC capital requirements.

(4) ACC is required to hold capital in compliance with the MN DOC and SEC capital requirements.

(5) Actual capital and regulatory capital requirements are determined in accordance with U.K.

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In addition to the particular regulations restricting dividend payments and establishing subsidiary capitalization requirements, we take into account the overall health of the business, capital levels and risk management considerations in determining a strategy for payments to our parent holding company from our subsidiaries, and in deciding to use cash to make capital contributions to our subsidiaries.

During the six months ended June 30, 2025, the parent holding company received cash dividends or a return of capital from its subsidiaries of $1.9 billion (including $400 million from RiverSource Life and $850 million from AMPF Holding, LLC) and contributed cash to its subsidiaries of $150 million.

During the six months ended June 30, 2024, the parent holding company received cash dividends or a return of capital from its subsidiaries of $2.2 billion (including $400 million from RiverSource Life and $750 million from AMPF Holding, LLC) and contributed cash to its subsidiaries of $75 million.

During the nine months ended September 30, 2025, the parent holding company received cash dividends or a return of capital from its subsidiaries of $2.9 billion (including $450 million from Ameriprise Bank, $500 million from RiverSource Life and $1.3 billion from AMPF Holding, LLC) and contributed cash to its subsidiaries of $230 million.

During the nine months ended September 30, 2024, the parent holding company received cash dividends or a return of capital from its subsidiaries of $3.2 billion (including $525 million from Ameriprise Bank, $600 million from RiverSource Life and $1.2 billion from AMPF Holding, LLC) and contributed cash to its subsidiaries of $95 million.

In 2009, RiverSource Life established an agreement to protect its exposure to Genworth Life Insurance Company (“GLIC”) for its reinsured LTC.

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will enable RiverSource Life to recover on all net exposure in all material respects in the event of a rehabilitation or insolvency of GLIC.

Dividends Paid to Shareholders and Share Repurchases

We paid regular quarterly dividends to our shareholders totaling $306 million and $294 million for the six months ended June 30, 2025 and 2024, respectively.

On July 24, 2025, we announced a quarterly dividend of $1.60 per common share.

The dividend will be paid on August 18, 2025 to our shareholders of record at the close of business on August 4, 2025.

AMERIPRISE FINANCIAL, INC.

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

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

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

Dividends Paid to Shareholders and Share Repurchases

We paid regular quarterly dividends to our shareholders totaling $461 million and $444 million for the nine months ended September 30, 2025 and 2024, respectively.

On October 30, 2025, we announced a quarterly dividend of $1.60 per common share.

The dividend will be paid on November 24, 2025 to our shareholders of record at the close of business on November 10, 2025.

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

On April 22, 2025, our Board of Directors authorized $4.5 billion for the repurchase of our common stock through June 30, 2027.

As of September 30, 2025, we had $3.5 billion remaining under this share repurchase authorization.

We intend to fund share repurchases through existing excess capital, future free cash flow generation and other customary financing methods.

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Acquisitions under the share repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means.

During the six months ended June 30, 2025, we repurchased a total of 2.3 million shares of our common stock at an average price of $511.39 per share.

During the nine months ended September 30, 2025, we repurchased a total of 3.7 million shares of our common stock at an average price of $512.03 per share.

Cash flows of CIEs and restricted and segregated cash and cash equivalents are reflected in our cash flows provided by (used in) operating activities, investing activities and financing activities.

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Operating Activities

Net cash provided by operating activities increased $286 million to $3.5 billion for the six months ended June 30, 2025 compared to $3.2 billion for the prior year period primarily reflecting earnings from our fee based business operations.

Net cash provided by operating activities decreased $558 million to $5.7 billion for the nine months ended September 30, 2025 compared to $6.2 billion for the prior year period primarily reflecting higher income taxes paid and net cash outflows related to brokerage deposits.

Investing Activities

Our investing activities primarily relate to our Available-for-Sale investment portfolio and is significantly affected by the net flows of our face amount certificates and bank deposit activity.

Net cash used in investing activities increased $536 million to $939 million for the six months ended June 30, 2025 compared to $403 million for the prior year period driven by a $3.0 billion increase in purchases of Available-for-Sale securities, partially offset by a $1.5 billion increase in proceeds from sales of Available-for-Sale securities and a $1.3 billion increase in proceeds from maturities, sinking fund payments and calls of Available-for-Sale securities.

Net cash provided by investing activities decreased $167 million to $65 million for the nine months ended September 30, 2025 compared to $232 million for the prior year period driven by a $273 million increase in purchases of investments by CIEs and a $141 million increase in fundings of mortgage loans partially offset by net cash inflows of $317 million related to maturities, sales and purchases of Available-for-Sale securities.

Financing Activities

Net cash used in financing activities decreased $106 million to $2.4 billion for the six months ended June 30, 2025 compared to $2.5 billion for the prior year period.

The decrease in net cash used in financing activities primarily reflects $740 million in proceeds from our long-term debt issuance during the first quarter and a $501 million increase in repayments of long-term debt during the second quarter.

Net cash used in financing activities increased $579 million to $4.3 billion for the nine months ended September 30, 2025 compared to $3.7 billion for the prior year period.

The increase in net cash used in financing activities primarily reflects a $790 million increase in net cash outflows from investing certificates partially offset by net cash inflows of $240 million related to issuance and repayment of long term debt during the current year period.

Forward-Looking Statements

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• statements of assumptions underlying such statements.

The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” “continue,” “able to remain,” “resume,” “deliver,” “develop,” “evolve,” “drive,” “enable,” “flexibility,” “scenario,” “case”, “appear”, “expand” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.

AMERIPRISE FINANCIAL, INC.

“scenario,” “case”, “appear”, “expand” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.

Such factors include, but are not limited to:

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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 2. Management’s Discussion and Analysis