What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-10-31 · 258 added, 598 removed, 2185 unchanged (28% of the section changed)

1 unchanged sentence

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions, except per share amounts)

26 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions)

6 unchanged sentences

Foreign currency translation adjustment

( 34 ) 83 121 66

Total other comprehensive income (loss), net of tax

267 892 939 665

Total comprehensive income (loss) $ 602 $ 972

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions, except share amounts)

11 unchanged sentences

Deferred acquisition costs

Restricted and segregated cash, cash equivalents and investments

Restricted and segregated cash and cash equivalents

17,393 18,829

Other assets of consolidated investment entities, at fair value — 2

Total assets $ 184,448 $ 190,904

29 unchanged sentences

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

Number of Outstanding Shares

Common Shares

Number of Outstanding Shares Common Shares

Additional Paid-In Capital

2 unchanged sentences

(in millions, except share amounts)

Balances at July 1, 2025

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

Net income — — — 912 — — 912

Other comprehensive income (loss), net of tax — — — — — 267 267

Dividends to shareholders — — — ( 155 ) — — ( 155 )

Repurchase of common shares ( 1,393,786 ) — — — ( 715 ) — ( 715 )

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

Balances at September 30, 2025

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

Balances at July 1, 2024

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

Net income — — — 511 — — 511

Other comprehensive income (loss), net of tax — — — — — 892 892

Dividends to shareholders — — — ( 150 ) — — ( 150 )

Repurchase of common shares ( 1,371,218 ) — — — ( 599 ) — ( 599 )

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

Balances at September 30, 2024

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

Balances at January 1, 2026

6 unchanged sentences

Share-based compensation plans 652,440 — 60 — 39 — 99

Balances at September 30, 2025

Balances at March 31, 2026

90,080,319 $ 3 $ 10,437 $ 28,425 $ ( 31,448 ) $ ( 1,205 ) $ 6,212

6 unchanged sentences

Share-based compensation plans 775,088 — 47 — 71 — 118

Balances at September 30, 2024

Balances at March 31, 2025

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

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions)

Cash Flows from Operating Activities

$ 2,555 $ 2,330

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

Depreciation, amortization and accretion, net

( 73 ) ( 125 )

Deferred income tax expense (benefit)

( 19 ) ( 95 )

Share-based compensation

10 unchanged sentences

( 1,040 ) 270

( 269 ) ( 220 )

Brokerage deposits

9 unchanged sentences

( 4,070 ) ( 6,834 )

( 14,298 ) ( 12,626 )

Proceeds from sales, maturities and repayments of mortgage loans

3 unchanged sentences

Purchase of other investments

( 47 ) ( 153 )

Purchase of investments by consolidated investment entities

12 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions)

2 unchanged sentences

Proceeds from additions

$ 2,447 $ 3,883

Maturities, withdrawals and cash surrenders

8 unchanged sentences

Cash paid for purchased options with deferred premiums

( 71 ) ( 122 )

Cash received for purchased options with deferred premiums

1 unchanged sentence

Repayments of long-term debt

( 508 ) ( 8 )

Dividends paid to shareholders

15 unchanged sentences

Interest paid by consolidated investment entities

Income taxes paid, net

Leased assets obtained in exchange for operating lease liabilities

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions)

3 unchanged sentences

Cash of consolidated investment entities

Restricted and segregated cash, cash equivalents and investments

Restricted and segregated investments

Restricted and segregated cash and cash equivalents

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

15 unchanged sentences

generally accepted accounting principles (“GAAP”).

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

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

These Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 20, 2025 (“2024 10-K”).

These Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes in the Company’s Annual Report on Form 10-K and 10-K/A for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 19, 2026 and March 12, 2026, respectively, (“2025 10-K”).

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

2 unchanged sentences

Future Adoption of New Accounting Standards

Income Taxes – Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures , updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table.

The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

The Company is assessing changes to the income tax-related disclosures resulting from the standard.

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

Expenses – Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , requiring public business entities to disclose disaggregated information about certain income statement expense line items.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses , requiring public business entities to disclose disaggregated information about certain income statement expense line items.

The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis.

The standard is to be applied prospectively, with an option for retrospective application and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The Company is assessing changes to footnote disclosures resulting from the standard.

The standard is to be applied prospectively and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

The Company is assessing changes to disclosures resulting from the standard.

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

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

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

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

Early adoption is permitted.

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

Intangibles – Internal-Use Software

3 unchanged sentences

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

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

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

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

Financial Instruments – Credit Losses:

Purchased Loans

In November 2025, the FASB issued ASU 2025‑08, Purchased Loans , which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up method).

The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and applied prospectively.

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

Derivatives and Hedging – Hedge Accounting Improvements

In November 2025, the FASB issued ASU 2025‑09, Hedge Accounting Improvements , to make targeted changes within the hedge accounting model.

The updates primarily relate to cash flow hedges and certain fair value and net investment hedges.

The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively.

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

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

Interim Reporting – Narrow-Scope Improvements

In December 2025, the FASB issued ASU 2025‑11, Narrow-Scope Improvements , which enhances the navigability of the required interim disclosures and clarifies when that guidance applies.

The ASU addresses the form and content of interim financial statements and notes prepared in accordance with GAAP, adds lists of the interim disclosures required by all other codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity.

The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and may be applied prospectively or retrospectively.

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

Revenue from Contracts with Customers

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

Three Months Ended September 30, 2025

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

Revenue Total

(in millions)

Management and financial advice fees:

Asset management fees:

Retail $ — $ 557 $ — $ — $ 557 $ — $ 557

Institutional — 140 — — 140 — 140

Model delivery — 24 — — 24 — 24

Advisory fees 1,664 — — — 1,664 — 1,664

Financial planning fees 120 — — — 120 — 120

Transaction and other fees 102 52 17 — 171 — 171

Total management and financial advice fees 1,886 773 17 — 2,676 — 2,676

Distribution fees:

Mutual funds 227 58 — — 285 — 285

Insurance and annuity 268 40 87 — 395 — 395

Off-balance sheet brokerage cash 21 — — — 21 — 21

Other products 126 — — — 126 — 126

Total distribution fees 642 98 87 — 827 — 827

Other revenues 67 3 — — 70 — 70

Total revenue from contracts with customers 2,595 874 104 — 3,573 — 3,573

Revenue from other sources (1)

497 32 998 113 1,640 61 1,701

Total segment gross revenues 3,092 906 1,102 113 5,213 61 5,274

Banking and deposit interest expense ( 102 ) — — ( 9 ) ( 111 ) — ( 111 )

Total segment net revenues 2,990 906 1,102 104 5,102 61 5,163

Elimination of intersegment revenues ( 239 ) ( 27 ) ( 113 ) 10 ( 369 ) ( 3 ) ( 372 )

Total net revenues $ 2,751 $ 879 $ 989 $ 114 $ 4,733 $ 58 $ 4,791

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended September 30, 2024

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

Revenue Total

(in millions)

Management and financial advice fees:

Asset management fees:

Retail $ — $ 540 $ — $ — $ 540 $ — $ 540

Institutional — 143 — — 143 — 143

Model delivery

— 21 — — 21 — 21

Advisory fees 1,451 — — — 1,451 — 1,451

Financial planning fees 111 — — — 111 — 111

Transaction and other fees 97 52 14 — 163 — 163

Total management and financial advice fees 1,659 756 14 — 2,429 — 2,429

Distribution fees:

Mutual funds 209 57 — — 266 — 266

Insurance and annuity 266 41 87 — 394 — 394

Off-balance sheet brokerage cash

32 — — — 32 — 32

Other products 107 — — — 107 — 107

Total distribution fees 614 98 87 — 799 — 799

Other revenues 66 5 — ( 1 ) 70 — 70

Total revenue from contracts with customers 2,339 859 101 ( 1 ) 3,298 — 3,298

Revenue from other sources (1)

566 23 872 123 1,584 56 1,640

Total segment gross revenues 2,905 882 973 122 4,882 56 4,938

Banking and deposit interest expense ( 163 ) — — ( 7 ) ( 170 ) — ( 170 )

Total segment net revenues 2,742 882 973 115 4,712 56 4,768

Elimination of intersegment revenues ( 237 ) ( 24 ) ( 113 ) 7 ( 367 ) ( 4 ) ( 371 )

Total net revenues $ 2,505 $ 858 $ 860 $ 122 $ 4,345 $ 52 $ 4,397

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

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

27 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

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

41 unchanged sentences

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

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

This revenue is variable and impacted primarily by the performance of the assets

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

benchmark index or a contractually specified level.

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

being managed compared to the benchmark index or contractually specified level.

The revenue is not recognized until it is probable that a significant reversal will not occur.

18 unchanged sentences

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

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

Contract liabilities for financial planning fees, which are included in Other liabilities, was $ 187 million as of both March 31, 2026 and December 31, 2025.

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

1 unchanged sentence

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

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

Capitalized costs to obtain these contracts are reported in Other assets and were $ 149 million and $ 150 million as of March 31, 2026 and December 31, 2025, respectively.

Transaction and Other Fees

7 unchanged sentences

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

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

Contract liabilities for custodial service fees, which are included in Other liabilities, were $ 35 million and nil as of March 31, 2026 and December 31, 2025, respectively.

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

6 unchanged sentences

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

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

The ongoing revenue is not recognized at the time of sale because it is

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

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

variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment, insurance policy or annuity contract).

This ongoing revenue may be recognized for many years after the initial sale.

33 unchanged sentences

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

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

Receivables related to revenues from contracts with customers were $ 483 million and $ 590 million as of March 31, 2026 and December 31, 2025, respectively.

Variable Interest Entities

4 unchanged sentences

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

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

The Company has unfunded commitments related to consolidated CLOs of $ 7 million and $ 6 million as of March 31, 2026 and December 31, 2025, respectively.

AMERIPRISE FINANCIAL, INC.

22 unchanged sentences

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

The carrying value of other non-consolidated VIEs was $ 119 million and $ 161 million as of September 30, 2025 and December 31, 2024, respectively.

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

The carrying value of other non-consolidated VIEs was $ 93 million and $ 105 million as of March 31, 2026 and December 31, 2025, respectively.

The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both March 31, 2026 and December 31, 2025.

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

16 unchanged sentences

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

September 30, 2025

March 31, 2026

Level 1 Level 2 Level 3 Total

1 unchanged sentence

Corporate debt securities $ — $ 71 $ — $ 71

Common stocks — 1 — 1

Syndicated loans — 2,282 154 2,436

9 unchanged sentences

Corporate debt securities $ — $ 71 $ — $ 71

Common stocks — 2 1 3

Syndicated loans — 2,458 89 2,547

1 unchanged sentence

Receivables — 30 — 30

Other assets — 2 — 2

Total assets at fair value $ — $ 2,559 $ 89 $ 2,648

3 unchanged sentences

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The estimated fair value of the CLOs’ debt was $ 2.5 billion and $ 2.6 billion as of March 31, 2026 and December 31, 2025, respectively.

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

1 unchanged sentence

(in millions)

Balance at July 1, 2025

Total gains (losses) included in:

Net income ( 2 ) (1)

Settlements ( 4 )

Transfers into Level 3 39

Transfers out of Level 3 ( 75 )

Balance at September 30, 2025

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

Common Stocks Syndicated Loans

(in millions)

Balance at July 1, 2024

Total gains (losses) included in:

Net income ( 1 ) 1 (1)

Purchases — 27

Sales ( 1 ) —

Settlements — ( 2 )

Transfers into Level 3 — 27

Transfers out of Level 3 — ( 63 )

Balance at September 30, 2024

Common Stocks Syndicated Loans

(in millions)

Balance at January 1, 2026

3 unchanged sentences

Transfers out of Level 3

( 1 ) ( 201 )

Balance at September 30, 2025

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

$ — $ ( 3 ) (1)

Balance at March 31, 2026

Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2026

AMERIPRISE FINANCIAL, INC.

7 unchanged sentences

Transfers out of Level 3

Balance at March 31, 2025

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

$ — $ ( 1 ) (1)

Balance at September 30, 2024

(1) Included in Net investment income.

1 unchanged sentence

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

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

All Level 3 measurements as of March 31, 2026 and December 31, 2025 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

18 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions)

11 unchanged sentences

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

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

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

The new CLO issued debt of $ 406 million.

The estimated fair value of the CLOs’ debt was $ 2.5 billion and $ 2.6 billion as of March 31, 2026 and December 31, 2025, respectively.

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

1 unchanged sentence

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

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for both the three and nine months ended September 30, 2025 and 2024.

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

Carrying Value Weighted Average Interest Rate

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

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

(in millions)

4 unchanged sentences

The following is a summary of Ameriprise Financial investments:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions)

9 unchanged sentences

The following is a summary of Net investment income:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions)

Investment income on fixed maturities $ 758 $ 769 $ 2,260 $ 2,291

Available-for-Sale securities (1)

Net realized gains (losses) 3 5

Consolidated investment entities 35 37

103 113 281 318

Other investments and receivables (1)

Total $ 872 $ 868

(1) Prior period amounts associated with investment income from Available-for-Sale securities have been disaggregated (as the largest component of fixed maturities) to conform with current period presentation with remaining amounts included in Other investments and receivables.

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

September 30, 2025

March 31, 2026

Description of Securities

20 unchanged sentences

Total $ 54,137 $ 728 $ ( 1,269 ) $ ( 5 ) $ 53,591

As of September 30, 2025 and December 31, 2024, accrued interest of $ 351 million and $ 326 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.

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

As of March 31, 2026 and December 31, 2025, accrued interest of $ 359 million and $ 332 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables .

As of both March 31, 2026 and December 31, 2025, fixed maturity securities comprised approximately 92 % of Ameriprise Financial investments.

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

1 unchanged sentence

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

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

As of March 31, 2026 and December 31, 2025, the Company’s internal analysts rated $ 726 million and $ 662 million, respectively, of securities using criteria similar to those used by NRSROs.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

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

7 unchanged sentences

Total fixed maturities $ 55,073 $ 54,036 100 % $ 54,137 $ 53,591 100 %

As of September 30, 2025 and December 31, 2024, approximately 86 % and 82 % of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively.

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

As of both March 31, 2026 and December 31, 2025, approximately 86 % of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities.

No holdings of any issuer were greater than 10% of the Company’s total equity as of both March 31, 2026 and December 31, 2025.

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

Description of Securities September 30, 2025

Description of Securities March 31, 2026

Less than 12 Months 12 Months or More Total

7 unchanged sentences

government and agency obligations 19 969 — — — — 19 969 —

Foreign government bonds and obligations — — — 1 5 — 1 5 —

Total 567 $ 14,764 $ ( 193 ) 1,107 $ 14,340 $ ( 1,308 ) 1,674 $ 29,104 $ ( 1,501 )

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Description of Securities December 31, 2025

8 unchanged sentences

government and agency obligations 3 60 — — — — 3 60 —

Foreign government bonds and obligations — — — 3 12 — 3 12 —

Total 203 $ 3,825 $ ( 53 ) 1,184 $ 15,924 $ ( 1,216 ) 1,387 $ 19,749 $ ( 1,269 )

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

As part of the Company’s ongoing monitoring process, management determined that the increase in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the three months ended March 31, 2026 is primarily attributable to the impact of higher interest rates.

As of March 31, 2026, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors.

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

As of September 30, 2025 and December 31, 2024, approximately 96 % and 97 %, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

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

Corporate Debt Securities Commercial Mortgage Backed Securities State and Municipal Obligations Total

As of March 31, 2026 and December 31, 2025, approximately 97 % and 96 %, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:

Commercial Mortgage Backed Securities State and Municipal Obligations Total

(in millions)

Balance at July 1, 2025

$ — $ 4 $ 1 $ 5

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

Balance at September 30, 2025

$ — $ 3 $ 1 $ 4

Balance at July 1, 2024

$ — $ 4 $ 1 $ 5

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

Balance at September 30, 2024

$ — $ 4 $ 1 $ 5

Balance at January 1, 2026

$ — $ 4 $ 1 $ 5

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

Balance at September 30, 2025

$ — $ 3 $ 1 $ 4

Balance at January 1, 2024

$ 1 $ — $ 1 $ 2

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

Reductions for securities sold during the period (realized) ( 4 ) — ( 4 )

Balance at September 30, 2024

$ — $ 4 $ 1 $ 5

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Balance at March 31, 2026

Balance at January 1, 2025

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

Balance at March 31, 2025

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

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions)

3 unchanged sentences

Total $ 3 $ 5

(1) Credit losses for the n ine months ended September 30, 2024 primarily related to recording an allowance for credit losses on a downgraded commercial mortgage backed security.

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

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

Available-for-Sale securities by contractual maturity as of March 31, 2026 were as follows:

Amortized Cost Fair Value

12 unchanged sentences

As such, these securities were not included in the maturities distribution.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Financing Receivables

8 unchanged sentences

Charge-offs ( 1 ) — ( 1 )

Recoveries — 1 1

Balance at September 30, 2025

Balance at March 31, 2026

$ 43 $ 11 $ 54

3 unchanged sentences

Charge-offs — ( 1 ) ( 1 )

Balance at September 30, 2024

Balance at March 31, 2025

$ 36 $ 10 $ 46

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

As of March 31, 2026 and December 31, 2025, accrued interest on commercial loans was $ 20 million and $ 22 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

Purchases and Sales

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

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

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

During the nine months ended September 30, 2025 and 2024, the Company purchased $ 251 million and $ 152 million, respectively, of residential mortgage loans.

During the three months ended March 31, 2026 and 2025, the Company purchased $ 3 million and $ 4 million, respectively, of syndicated loans, and sold $ 6 million and $ 3 million, respectively, of syndicated loans.

During the three months ended March 31, 2026 and 2025, the Company purchased $ 159 million and $ 40 million, respectively, of residential mortgage loans.

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

Credit Quality Information

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

All other loans were considered to be performing.

Nonperforming loans were $ 13 million as of both March 31, 2026 and December 31, 2025.

Commercial Loans

3 unchanged sentences

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

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

Commercial mortgage loans which management has assigned its highest risk rating were less than 1 % of total commercial mortgage loans as of both March 31, 2026 and December 31, 2025.

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

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

There were no commercial mortgage loans past due as of both March 31, 2026 and December 31, 2025.

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

September 30, 2025

March 31, 2026

Loan-to-Value Ratio 2026 2025 2024 2023 2022 Prior Total

6 unchanged sentences

Total $ 46 $ 256 $ 176 $ 70 $ 102 $ 1,378 $ 2,028

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

December 31, 2025

8 unchanged sentences

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

2 unchanged sentences

Loans Percentage

September 30, 2025

March 31, 2026

December 31, 2025

September 30, 2025

March 31, 2026

December 31, 2025

12 unchanged sentences

Loans Percentage

September 30, 2025

March 31, 2026

December 31, 2025

September 30, 2025

March 31, 2026

December 31, 2025

9 unchanged sentences

Syndicated Loans

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

The investment in syndicated loans as of March 31, 2026 and December 31, 2025 was $ 75 million and $ 79 million, respectively.

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

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

There were no syndicated loans past due as of both March 31, 2026 and December 31, 2025.

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

September 30, 2025

March 31, 2026

Internal Risk Rating 2026 2025 2024 2023 2022 Prior Total

6 unchanged sentences

Total $ 10 $ 28 $ 23 $ 7 $ — $ 7 $ 75

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

December 31, 2025

7 unchanged sentences

Total $ 32 $ 31 $ 9 $ — $ 3 $ 4 $ 79

Financial Advisor Loans

Advisor Loans

The Company offers loans to financial advisors for transitional cost assistance and practice operations.

2 unchanged sentences

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

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

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

The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $ 8 million and $ 7 million as of March 31, 2026 and December 31, 2025, respectively.

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

September 30, 2025

March 31, 2026

Termination Status 2026 2025 2024 2023 2022 Prior Total

14 unchanged sentences

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

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

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

Residential mortgage loans over 30 days past due were $ 4 million and $ 8 million as of March 31, 2026 and December 31, 2025, respectively.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

FICO Score September 30, 2025

FICO Score March 31, 2026

2025 2024 2023 2022 Prior

8 unchanged sentences

December 31, 2025

2023 2022 2021 2020 Total

2024 2023 2022 2021 Prior

(in millions)

3 unchanged sentences

29 17 13 4 4 — 67

16 8 8 5 3 1 41

14 6 6 3 3 — 32

Total $ 387 $ 171 $ 146 $ 58 $ 26 $ 11 $ 799

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

September 30, 2025

March 31, 2026

December 31, 2025

September 30, 2025

March 31, 2026

December 31, 2025

8 unchanged sentences

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

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

Credit card receivables over 30 days past due were 2 % of total credit card receivables as of both March 31, 2026 and December 31, 2025.

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

September 30, 2025

March 31, 2026

December 31, 2025

7 unchanged sentences

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

The margin loans balance was $ 1.3 billion as of both March 31, 2026 and December 31, 2025.

The Company monitors collateral, which had a fair value of $ 1.7 billion as of both March 31, 2026 and December 31, 2025, supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss.

As of both March 31, 2026 and December 31, 2025, there was

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

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

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

no allowance for credit losses on margin loans.

Terms of the margin arrangements allow for the Company to pledge the collateral to others, of which $ 470 million and $ 478 million had been pledged at the Options Clearing Corporation as of March 31, 2026 and December 31, 2025, respectively.

Pledged Asset Lines of Credit

The pledged asset lines of credit balance was $ 952 million and $ 737 million as of September 30, 2025 and December 31, 2024, respectively.

The pledged asset lines of credit balance was $ 1.1 billion and $ 1.0 billion as of March 31, 2026 and December 31, 2025, respectively.

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

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

As of both March 31, 2026 and December 31, 2025, there was no allowance for credit losses on pledged asset lines of credit.

Deposit Receivables

Deposit receivables were $ 5.5 billion and $ 5.8 billion as of September 30, 2025 and December 31, 2024 , respectively.

Deposit receivables were $ 5.3 billion and $ 5.4 billion as of March 31, 2026 and December 31, 2025 , respectively.

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

Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both September 30, 2025 and December 31, 2024.

Modifications with Borrowers Experiencing Financial Difficulty

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

Deferred Acquisition Costs and Deferred Sales Inducement Costs

6 unchanged sentences

Amortization ( 27 ) ( 11 ) ( 1 ) — ( 2 ) ( 12 )

Balance at September 30, 2025

Balance at March 31, 2026

$ 1,292 $ 337 $ 22 $ 3 $ 94 $ 573

5 unchanged sentences

Amortization ( 4 ) — — — ( 2 ) ( 59 )

Balance at September 30, 2025

Balance at March 31, 2026

$ 194 $ 1 $ 13 $ 17 $ 64 2,610

Other broker dealer acquisition costs 2

Balance at September 30, 2025 including broker dealer acquisition costs

Balance at March 31, 2026 including broker dealer acquisition costs

AMERIPRISE FINANCIAL, INC.

24 unchanged sentences

Amortization ( 3 ) — ( 3 )

Balance at September 30, 2025

Balance at March 31, 2026

$ 107 $ 8 $ 115

8 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions)

19 unchanged sentences

Structured Variable Annuities

Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices.

The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.

37 unchanged sentences

Interest credited 26 1 46 3 3

Balance at September 30, 2025

Balance at March 31, 2026

$ 3,240 $ 21,638 $ 4,825 $ 279 $ 434

13 unchanged sentences

Interest credited 11 17 52 4 163

Balance at September 30, 2025

Balance at March 31, 2026

$ 1,331 $ 1,722 $ 3,092 $ 427 $ 36,988

45 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of March 31, 2026 and December 31, 2025 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.

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

September 30, 2025

March 31, 2026

Account Values with Crediting Rates

148 unchanged sentences

Effect of changes in discount rate assumptions — ( 39 ) ( 5 ) ( 4 ) ( 48 )

Balance at September 30, 2025

Balance at March 31, 2026

$ — $ 790 $ 35 $ 946 $ 1,771

12 unchanged sentences

Effect of changes in discount rate assumptions ( 65 ) ( 33 ) 11 ( 175 ) ( 262 )

Balance at September 30, 2025

Balance at March 31, 2026

$ 1,247 $ 1,343 $ 488 $ 6,111 $ 9,189

58 unchanged sentences

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

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

The balances of and changes in additional liabilities related to insurance guarantees were as follows:

8 unchanged sentences

Impact of change in net unrealized (gains) losses on securities ( 9 ) — ( 2 ) ( 11 )

Balance at September 30, 2025

Balance at March 31, 2026

$ 1,421 $ 81 $ 8 $ 1,510

17 unchanged sentences

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

Nine Months Ended September 30,

Three Months Ended March 31,

Gross Premiums Interest Expense

22 unchanged sentences

Amortization — ( 6 ) ( 7 ) ( 13 )

Balance at September 30, 2025

Balance at March 31, 2026

$ 26 $ 322 $ 322 $ 670

7 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions)

20 unchanged sentences

Other charges — — ( 43 ) ( 43 )

Balance at September 30, 2025

Balance at March 31, 2026

$ 63,237 $ 10,903 $ 2,326 $ 76,466

46 unchanged sentences

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

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions, except age)

8 unchanged sentences

Actual policyholder behavior different from expected behavior 20 25

Effect of changes in other future expected assumptions 94 106 93 106

Effect of changes in future expected assumptions

Effect of changes in the instrument-specific credit risk on market risk benefits ( 38 ) ( 1 )

11 unchanged sentences

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

$ 14 $ 62 $ 15 $ 102

AMERIPRISE FINANCIAL, INC.

10 unchanged sentences

Actual policyholder behavior different from expected behavior 68

Effect of changes in other future expected assumptions 106

Effect of changes in future expected assumptions

Effect of changes in the instrument-specific credit risk on market risk benefits ( 26 )

12 unchanged sentences

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

September 30, 2025

March 31, 2026

Fair Value Valuation Technique Significant Inputs and Assumptions Range Weighted

35 unchanged sentences

Changes to Significant Inputs and Assumptions:

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

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

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

Nine months ended September 30, 2025

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

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

Year ended December 31, 2025

15 unchanged sentences

Outstanding Balance Stated Interest Rate

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

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

(in millions)

2 unchanged sentences

Senior notes due 2028

600 600 5.7 5.7

2 unchanged sentences

Senior notes due 2035

Finance lease liabilities 1 9 N/A N/A

750 750 5.2 5.2

( 21 ) ( 23 ) N/A N/A

7 unchanged sentences

The Company’s senior notes may be redeemed, in whole or in part, at any time prior to maturity at a price equal to the greater of the principal amount and the present value of remaining scheduled payments, discounted to the redemption date, plus accrued interest.

On February 28, 2025, the Company issued $ 750 million of 5.20 % unsecured senior notes due on April 15, 2035 and incurred debt issuance costs of $ 7 million.

Interest payments are due semi-annually in arrears on April 15 and October 15, which commences on October 15, 2025.

On April 2, 2025, the Company repaid $ 500 million principal amount of its 3.0 % senior notes at maturity.

Short-Term Borrowings

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

The Company’s life insurance subsidiary has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $ 1.1 billion and $ 964 million as of September 30, 2025 and December 31, 2024, respectively.

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

The Company’s life insurance subsidiary has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $ 1.0 billion and $ 1.1 billion as of March 31, 2026 and December 31, 2025, respectively.

The remaining maturity of outstanding FHLB advances was less than three months as of both March 31, 2026 and December 31, 2025.

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

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

The Company’s bank subsidiary had no outstanding obligations to the FHLB as of both March 31, 2026 and December 31, 2025.

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

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

As of both March 31, 2026 and December 31, 2025, there were no outstanding obligations to the Federal Reserve.

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

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

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

As of both March 31, 2026 and December 31, 2025, the Company had no borrowings outstanding and $ 1 million of letters of credit issued against the facility.

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

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

The Company was in compliance with all such covenants as of both March 31, 2026 and December 31, 2025.

American Enterprise Investment Services, Inc.

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

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

As of both March 31, 2026 and December 31, 2025, AEIS had no borrowings outstanding.

AMERIPRISE FINANCIAL, INC.

15 unchanged sentences

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

September 30, 2025

March 31, 2026

Level 1 Level 2 Level 3 Total

13 unchanged sentences

Separate account assets at NAV 76,466 (1)

Investments and cash equivalents segregated for regulatory purposes 439 — — 439

Cash equivalents segregated for regulatory purposes

Market risk benefits — — 1,934 1,934 (2)

17 unchanged sentences

Equity derivative contracts 372 6,358 — 6,730

Credit derivative contracts — 25 — 25

Foreign exchange derivative contracts 1 3 — 4

20 unchanged sentences

Separate account assets at NAV 80,044 (1)

Investments and cash equivalents segregated for regulatory purposes 557 — — 557

Cash equivalents segregated for regulatory purposes

Market risk benefits — — 2,274 2,274 (2)

17 unchanged sentences

Equity derivative contracts 346 7,651 — 7,997

Credit derivative contracts — 4 — 4

Foreign exchange derivative contracts — 1 — 1

4 unchanged sentences

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

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

(3) The Company’s adjustment for nonperformance risk resulted in a $ 267 million and $ 258 million cumulative decrease to the embedded derivatives as of March 31, 2026 and December 31, 2025, respectively.

AMERIPRISE FINANCIAL, INC.

2 unchanged sentences

Available-for-Sale Securities Receivables

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

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

(in millions)

Balance at July 1, 2025

Balance at January 1, 2026

$ 711 $ 24 $ — $ 1 $ 736 $ 59

5 unchanged sentences

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

Balance at September 30, 2025

Balance at March 31, 2026

$ 708 $ — $ 135 $ 1 $ 844 $ 53

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

Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2026

$ 1 $ — $ — $ — $ 1 (1) $ —

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

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2026

$ ( 6 ) $ — $ — $ — $ ( 6 ) $ —

2 unchanged sentences

(in millions)

Balance at July 1, 2025

Balance at January 1, 2026

$ 58 $ 1,042 $ 3,879 $ 4,979 $ 71

3 unchanged sentences

Settlements ( 3 ) ( 32 ) ( 164 ) ( 199 ) ( 12 )

Balance at September 30, 2025

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

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Available-for-Sale Securities Receivables

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

(in millions)

Balance at July 1, 2024

$ 544 $ 57 $ 24 $ 625 $ 55

Total gains (losses) included in:

Net income 1 — — 1 (1) 1

Other comprehensive income (loss) 16 1 — 17 —

Purchases 44 27 1 72 —

Settlements ( 28 ) — — ( 28 ) ( 1 )

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

Balance at September 30, 2024

$ 577 $ 28 $ 1 $ 606 $ 55

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

$ 16 $ — $ — $ 16 $ —

Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities

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

(in millions)

Balance at July 1, 2024

Balance at March 31, 2026

$ 52 $ 1,002 $ 3,226 $ 4,280 $ 78

Total (gains) losses included in:

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

Other comprehensive income (loss) — — — — 1

Issues — 3 23 26 3

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

Balance at September 30, 2024

Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2026

$ ( 505 ) (3)

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

$ ( 496 ) $ —

12 unchanged sentences

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

Balance at September 30, 2025

Balance at March 31, 2025

$ 629 $ 25 $ 106 $ 760 $ 53

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

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

$ 1 $ — $ — $ 1 (1) $ —

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

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

$ 9 $ — $ — $ 9 $ —

6 unchanged sentences

Net income — 5 (2) ( 548 ) (3) ( 543 ) ( 6 ) (4)

Other comprehensive income (loss) — — — — 1

Issues — ( 1 ) 13 12 10

Settlements ( 2 ) ( 37 ) ( 85 ) ( 124 ) ( 7 )

Balance at September 30, 2025

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Available-for-Sale Securities Receivables

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

(in millions)

Balance at January 1, 2024

$ 469 $ — $ 1 $ 470 $ 51

Total gains (losses) included in:

Net income 1 — — 1 (1) 7

Other comprehensive income (loss) 14 — — 14 —

Purchases 146 112 24 282 —

Settlements ( 53 ) ( 2 ) — ( 55 ) ( 3 )

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

Balance at September 30, 2024

$ 577 $ 28 $ 1 $ 606 $ 55

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

$ 1 $ — $ — $ 1 (1) $ —

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

$ 13 $ — $ — $ 13 $ —

Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities

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

(in millions)

Balance at January 1, 2024

Balance at March 31, 2025

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

Total (gains) losses included in:

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

Other comprehensive income (loss) — — — — 1

Issues — 17 99 116 12

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

Balance at September 30, 2024

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

$ ( 548 ) (3)

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

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

$ ( 543 ) $ —

3 unchanged sentences

(4) Included in General and administrative expense.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 22 million and $ 1 million, net of the reinsurance accrual, for the three months ended September 30, 2025 and 2024, respectively.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 23 million and $ 20 million, net of the reinsurance accrual, for the nine months ended September 30, 2025 and 2024, respectively.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 16 million and $( 16 ) million, net of the reinsurance accrual, for the three months ended March 31, 2026 and 2025, respectively.

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

3 unchanged sentences

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

September 30, 2025

March 31, 2026

Fair Value Valuation Technique Unobservable Input Range Weighted Average

86 unchanged sentences

The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote.

Level 3 securities primarily include certain corporate bonds, residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote.

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

16 unchanged sentences

Separate account assets are excluded from classification in the fair value hierarchy.

Investments and Cash Equivalents Segregated for Regulatory Purposes

Investments and cash equivalents segregated for regulatory purposes includes U.S.

Cash Equivalents Segregated for Regulatory Purposes

Cash equivalents segregated for regulatory purposes include U.S.

Treasuries that are classified as Level 1.

7 unchanged sentences

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

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

The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both March 31, 2026 and December 31, 2025.

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

14 unchanged sentences

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

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

The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both March 31, 2026 and December 31, 2025.

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

15 unchanged sentences

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

The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 18 million and $ 27 million as of September 30, 2025 and December 31, 2024, respectively, and is classified as Level 3 in the fair value hierarchy.

The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 14 million and $ 17 million as of March 31, 2026 and December 31, 2025, respectively, and is classified as Level 3 in the fair value hierarchy.

Assets and Liabilities Not Reported at Fair Value

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

September 30, 2025

March 31, 2026

Carrying Value Fair Value

32 unchanged sentences

Debt and other liabilities 3,545 245 3,376 3 3,624

Receivables include deposit receivables, brokerage margin loans, securities borrowed, pledged asset lines of credit and loans to financial advisors.

Receivables include deposit receivables, advisor loans, securities borrowed, margin loans and pledged asset lines of credit.

Restricted and segregated cash includes cash segregated under federal and other regulations held in special reserve bank accounts for the exclusive benefit of the Company’s brokerage customers.

12 unchanged sentences

A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy.

Securities borrowed and securities loaned result from transactions between the Company’s broker dealer subsidiary and other financial institutions and are recorded at the amount of cash collateral advanced or received.

Securities borrowed and securities loaned are primarily equity securities.

Securities borrowed and securities loaned result from transactions between the Company’s broker dealer subsidiary and other financial institutions.

Securities borrowed transactions are on terms which permit the Company to pledge the securities to others, most of which are pledged under securities loaned transactions as a conduit to facilitate client transactions.

Securities borrowed and securities loaned are primarily equity securities and are recorded at the amount of cash collateral advanced or received.

The Company’s securities borrowed and securities loaned transactions generally do not have a fixed maturity date and may be terminated by either party under customary terms.

3 unchanged sentences

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

September 30, 2025

March 31, 2026

Gross Amounts of Recognized Assets

31 unchanged sentences

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

September 30, 2025

March 31, 2026

Gross Amounts of Recognized Liabilities

54 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Notional Gross Fair Value Notional Gross Fair Value

27 unchanged sentences

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

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

(3) The fair value of the structured variable annuity embedded derivatives as of March 31, 2026 included $ 3.2 billion of individual contracts in a liability position and $ 22 million of individual contracts in an asset position.

The fair value of the structured variable annuity embedded derivatives as of December 31, 2025 included $ 3.9 billion of individual contracts in a liability position and $ 1 million of individual contracts in an asset position.

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

As of September 30, 2025 and December 31, 2024, investment securities with a fair value of $ 1.7 billion and $ 1.5 billion respectively, were pledged to meet contractual obligations under derivative contracts, of which $ 120 million and $ 85 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

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

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

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

As of March 31, 2026 and December 31, 2025, investment securities with a fair value of $ 1.8 billion and $ 1.7 billion respectively, were pledged to meet contractual obligations under derivative contracts, of which $ 98 million and $ 104 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of March 31, 2026 and December 31, 2025, investment securities with a fair value of $ 3.6 billion and $ 2.8 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $ 3.0 billion and $ 2.4 billion, respectively, may be sold, pledged or rehypothecated by the Company.

As of both March 31, 2026 and December 31, 2025, the Company had sold, pledged or rehypothecated none of these securities.

In addition, as of both March 31, 2026 and December 31, 2025, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

AMERIPRISE FINANCIAL, INC.

4 unchanged sentences

(in millions)

Three Months Ended September 30, 2025

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

Equity contracts ( 1 ) — 90 40 896 ( 484 ) 7

Credit contracts ( 1 ) — 1 — — ( 26 ) 1

Foreign exchange contracts — — — — — 22 ( 8 )

IUL embedded derivatives — — — ( 67 ) — — —

Fixed deferred indexed annuity and deposit receivables embedded derivatives — — — 6 — — —

Structured variable annuity embedded derivatives — — — — ( 948 ) — —

SMC embedded derivatives — — — — — — —

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

Three Months Ended September 30, 2024

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

Equity contracts ( 2 ) — 38 18 337 ( 307 ) 6

Credit contracts — — 5 — — ( 112 ) —

Foreign exchange contracts — — — — — ( 57 ) 4

IUL embedded derivatives — — — 4 — — —

Fixed deferred indexed annuity and deposit receivables embedded derivatives — — — 5 — — —

Structured variable annuity embedded derivatives — — — — ( 487 ) — —

SMC embedded derivatives — — — — — — —

Total gain (loss) $ ( 2 ) $ — $ 43 $ 27 $ ( 149 ) $ ( 28 ) $ 10

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

(in millions)

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Interest rate contracts $ — $ — $ — $ — $ ( 2 ) $ ( 28 ) $ —

7 unchanged sentences

Total gain (loss) $ 3 $ — $ 15 $ ( 8 ) $ ( 27 ) $ 176 $ ( 2 )

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Interest rate contracts $ — $ — $ — $ — $ 2 $ 120 $ —

9 unchanged sentences

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

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

The following is a summary of the payments the Company is scheduled to make and receive for these options as of March 31, 2026:

Premiums Payable Premiums Receivable

(in millions)

2030 - 2031 233 —

Total $ 599 $ 70

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

(1) 2026 amounts represent the amounts payable and receivable for the period from April 1, 2026 to December 31, 2026.

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

13 unchanged sentences

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

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

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

For both the three months ended March 31, 2026 and 2025, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial.

The estimated net amount recorded in AOCI as of March 31, 2026 that the Company expects to reclassify to earnings as a reduction to Interest and debt expense within the next twelve months is not material.

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

3 unchanged sentences

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

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

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

For the three months ended March 31, 2026, the Company did not recognize a gain or loss in other comprehensive income (loss) (“OCI”).

For the three months ended March 31, 2025 , th e Company recognized an immaterial gain in OCI.

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

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

To mitigate such risk, the Company has established guidelines and oversight of credit risk

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

through a comprehensive enterprise risk management program that includes members of senior management.

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

3 unchanged sentences

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

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

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

December 31, 2024 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been nil and $ 1 million, respectively.

As of March 31, 2026 and December 31, 2025, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $ 94 million and $ 104 million, respectively.

The aggregate fair value of assets posted as collateral for such instruments as of March 31, 2026 and December 31, 2025 was $ 93 million and $ 103 million, respectively.

If the credit contingent provisions of derivative contracts in a net liability position as of March 31, 2026 and December 31, 2025 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $ 1 million as of both March 31, 2026 and December 31, 2025,

Shareholders’ Equity

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

Three Months Ended September 30,

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

(in millions)

Net unrealized gains (losses) on securities:

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

$ 479 $ ( 106 ) $ 373 $ 1,312 $ ( 293 ) $ 1,019

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

( 11 ) 2 ( 9 ) 2 ( 2 ) —

Impact of benefit reserves and reinsurance recoverables ( 10 ) 3 ( 7 ) ( 18 ) 4 ( 14 )

Net unrealized gains (losses) on securities 458 ( 101 ) 357 1,296 ( 291 ) 1,005

Net unrealized gains (losses) on derivatives:

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

— — — ( 1 ) 1 —

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

Effect of changes in discount rate assumptions on certain long-duration contracts ( 58 ) 12 ( 46 ) ( 188 ) 41 ( 147 )

Effect of changes in instrument-specific credit risk on MRBs ( 13 ) 3 ( 10 ) ( 63 ) 14 ( 49 )

Foreign currency translation ( 35 ) 1 ( 34 ) 85 ( 2 ) 83

Total other comprehensive income (loss) $ 352 $ ( 85 ) $ 267 $ 1,129 $ ( 237 ) $ 892

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Nine Months Ended September 30,

Three Months Ended March 31,

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

10 unchanged sentences

— — — ( 10 ) 2 ( 8 )

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

— — — ( 1 ) 1 —

Net unrealized gains (losses) on derivatives — — — ( 10 ) 2 ( 8 )

5 unchanged sentences

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

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

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

10 unchanged sentences

(in millions)

Balance at July 1, 2025

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

OCI before reclassifications 366 — ( 46 ) ( 10 ) — ( 34 ) — 276

Amounts reclassified from AOCI ( 9 ) — — — — — — ( 9 )

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

Balance at September 30, 2025

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

Balance at July 1, 2024

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

OCI before reclassifications 1,005 — ( 147 ) ( 49 ) — 83 — 892

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

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

Balance at September 30, 2024

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

Balance at January 1, 2026

3 unchanged sentences

Total OCI ( 382 ) — 65 30 — ( 26 ) — ( 313 )

Balance at September 30, 2025

Balance at March 31, 2026

$ ( 890 ) $ ( 4 ) $ 20 $ ( 97 ) $ ( 31 ) $ ( 203 ) $ — $ ( 1,205 )

4 unchanged sentences

Total OCI 374 ( 8 ) ( 30 ) 1 — 52 — 389

Balance at September 30, 2024

Balance at March 31, 2025

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

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

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

For the three months ended March 31, 2026 and 2025, the Company repurchased a total of 1.6 million shares and 1.2 million shares, respectively, of its common stock for an aggregate cost of $ 784 million and $ 617 million, respectively.

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

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

As of March 31, 2026, the Company had $ 1.8 billion remaining under this share repurchase authorization.

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

1 unchanged sentence

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

For the nine months ended September 30, 2025 and 2024, the Company reacquired 0.2 million and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $ 132 million and $ 110 million, respectively, related to the holders’ income tax obligations on the vesting date.

For the three months ended March 31, 2026 and 2025, the Company reacquired 0.2 million shares, in both periods, of its common stock through the surrender of shares upon vesting and paid in the aggregate $ 84 million and $ 122 million, respectively, related to the holders’ income tax obligations on the vesting date.

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

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

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

For the three months ended March 31, 2026 and 2025, the Company reacquired 0.1 million shares, in both periods, of its common stock through the net settlement of options for an aggregate value of $ 30 million and $ 28 million, respectively.

During the three months ended March 31, 2026 and 2025, the Company reissued 0.5 million and 0.6 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans.

The Company’s effective tax rate was 20.0 % and 15.1 % for the three months ended March 31, 2026 and 2025, respectively.

The effective tax rate for the three months ended March 31, 2026 was lower than the statutory rate as a result of tax preferred items including incentive compensation and foreign tax credits, net of addback, partially offset by state income taxes, net of federal income tax effect.

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

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

The Company’s effective tax rate was 22.3 % and 20.7 % for the three months ended September 30, 2025 and 2024, respectively.

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

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

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

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

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

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

Included in the Company’s deferred income tax assets are tax benefits related to foreign net operating losses of $ 53 million, which do not expire, corporate alternative minimum tax (“CAMT”) credit carryforwards of $ 69 million, which do not expire, and state net operating losses of $ 38 million, net of federal benefit, which will expire beginning December 31, 2025.

The increase in the effective tax rate for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 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 and a decrease in the benefit for incentive compensation.

Included in the Company’s deferred income tax assets are tax benefits related to foreign net operating losses of $ 48 million, which do not expire, corporate alternative minimum tax (“CAMT”) credit carryforwards of $ 60 million, which do not expire, and state net operating losses of $ 34 million, net of federal income tax effect, which will expire beginning December 31, 2026.

The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized.

6 unchanged sentences

and (iv) tax planning strategies.

Based on analysis of the Company’s tax position as of September 30, 2025, management believes it is more likely than not that the Company will not realize certain state net operating losses of $ 32 million, state deferred tax assets of $ 2 million (both net of federal benefit), and foreign net operating losses of $ 35 million;

Based on analysis of the Company’s tax position as of March 31, 2026, management believes it is more likely than not that the Company will not realize certain state net operating losses of $ 29 million, state deferred tax assets of $ 2 million (both net of federal income tax effect), and foreign net operating losses of $ 33 million;

therefore, a valuation allowance has been established.

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

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

If recognized, approximately $ 136 million and $ 134 million, net of federal tax benefits, of unrecognized tax benefits as of September 30, 2025 and December 31, 2024, respectively, would affect the effective tax rate.

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

The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $ 13 million in the next 12 months primarily due to state statutes of limitations expirations.

The valuation allowance was $ 64 million and $ 65 million as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026 and December 31, 2025, the Company had $ 169 million and $ 168 million, respectively, of gross unrecognized tax benefits.

If recognized, approximately $ 140 million and $ 137 million, net of federal income tax effect, of unrecognized tax benefits as of March 31, 2026 and December 31, 2025, respectively, would affect the effective tax rate.

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

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

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

As of September 30, 2025 and December 31, 2024, the Company had a payable of $ 41 million and $ 31 million, respectively, related to accrued interest and penalties.

The Company recognized a net increase of $ 4 million and $ 7 million in interest and penalties for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and December 31, 2025, the Company had a payable of $ 59 million and $ 55 million, respectively, related to accrued interest and penalties.

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

1 unchanged sentence

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

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

During the third quarter of 2025, the IRS began the examination of the Company’s U.S.

income tax returns for tax years 2021 through 2023.

During 2025, the Internal Revenue Service (“IRS”) finalized the audit of tax years 2019 and 2020, except for one issue for 2020, which remains open.

The IRS is currently auditing the Company’s U.S income tax returns for 2021 through 2023.

The Company’s state income tax returns are currently under examination by various jurisdictions for years ranging from 2018 through 2024.

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

This estimate is based on interpretations and assumptions of

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

The Company is an applicable corporation required to compute CAMT, however, as of March 31, 2026, based on current estimates, the Company does not expect to be liable for CAMT in 2026.

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

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

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

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

As of March 31, 2026, the tax impact was not material to the consolidated financial statements.

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

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

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

The corporate tax law changes resulting from the OBBBA did not have a material impact to the Company’s consolidated financial statements as of March 31, 2026 and, based on current guidance, the Company does not expect to record any material impacts in the future.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Contingencies

26 unchanged sentences

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Guaranty Fund Assessments

5 unchanged sentences

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

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

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

As of both March 31, 2026 and December 31, 2025, the estimated liability was $ 13 million.

As of both March 31, 2026 and December 31, 2025, the related premium tax asset was $ 11 million.

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Earnings per Share

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

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions, except per share amounts)

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

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

The calculation excludes the incremental effect of 0.2 million and 0.1 million options for the three months ended March 31, 2026 and 2025, respectively, due to their anti-dilutive effect.

Segment Information

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions)

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Total assets $ 184,448 $ 190,904

Three Months Ended September 30,

Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(in millions)

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Asset Management

906 882 2,582 2,585

Retirement & Protection Solutions 952 926

Corporate & Other

104 115 324 347

Elimination of segment revenues (1)

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Total segment adjusted operating net revenues

4,733 4,345 13,377 12,616

Net realized investment gains (losses)

11 ( 6 ) ( 9 ) ( 9 )

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

Mean reversion related impacts ( 1 ) — — —

Revenue attributable to consolidated investment entities 41 42

Total net revenues per consolidated statements of operations $ 4,812 $ 4,354

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

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

Asset Management ($ 27 million and $ 24 million, respectively);

Retirement & Protection Solutions ($ 113 million and $ 113 million, respectively);

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

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

(1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2026 and 2025 in each segment as follows:

Advice & Wealth Management ($ 239 million and $ 222 million, respectively);

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and Corporate & Other ($( 4 ) million and $( 8 ) million, respectively).

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended September 30,

Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

(in millions)

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Advice & Wealth Management

$ 881 $ 826 $ 2,485 $ 2,410

Asset Management

260 245 723 669

Retirement & Protection Solutions 190 215

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Total segment adjusted operating earnings

1,242 1,046 3,542 3,241

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

Market impact on non-traditional long-duration products ( 184 ) ( 460 )

Mean reversion related impacts

Net income (loss) attributable to consolidated investment entities

Pretax income per consolidated statements of operations $ 1,144 $ 687

Adjusted operating earnings includes the following significant expense categories:

Three Months Ended September 30, 2025

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

(in millions)

Distribution expenses $ 1,656 $ 254 $ 134 $ ( 2 )

Interest credited to fixed accounts — — 95 51

Benefits, claims, losses and settlement expenses — — 256 53

Remeasurement (gains) losses of future policy benefit reserves — — ( 9 ) 31

Change in fair value of market risk benefits — — 257 —

Amortization of deferred acquisition costs — 2 56 2

Interest and debt expense 14 3 11 27

General and administrative expense 439 387 85 58

Total expenses

$ 2,109 $ 646 $ 885 $ 220

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended September 30, 2024

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

(in millions)

Distribution expenses $ 1,488 $ 250 $ 131 $ ( 3 )

Interest credited to fixed accounts — — 92 55

Benefits, claims, losses and settlement expenses — — 253 56

Remeasurement (gains) losses of future policy benefit reserves — — ( 25 ) 3

Change in fair value of market risk benefits — — 257 —

Amortization of deferred acquisition costs — 2 57 —

Interest and debt expense 9 2 11 32

General and administrative expense 419 383 79 115

Total expenses

$ 1,916 $ 637 $ 855 $ 258

Nine Months Ended September 30, 2025

Adjusted operating earnings includes the following significant expense categories:

Three Months Ended March 31, 2026

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

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$ 2,224 $ 637 $ 762 $ 184

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

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

12 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements