What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-07 compared with 2025-10-31 · 146 added, 450 removed, 538 unchanged (53% of the section changed)

4 unchanged sentences

exclusively, to our entire family of companies, or to one or more of our subsidiaries.

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

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

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

We are a long-standing leader in financial planning and advice with $1.7 trillion in assets under management, administration and advisement as of March 31, 2026.

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

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“Quantitative and Qualitative Disclosures About Market Risk.”

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

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

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

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

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integration and restructuring charges;

income (loss) from

AMERIPRISE FINANCIAL, INC.

discontinued operations;

income (loss) from discontinued operations;

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

AMERIPRISE FINANCIAL, INC.

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

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Per Diluted Share

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions, except per share amounts)

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

Mean reversion related impacts (1)

1 1 0.01 0.01

Net income (loss) attributable to CIEs — (2) — (0.02)

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

Twelve Months Ended September 30,

Twelve Months Ended March 31,

(in millions)

2 unchanged sentences

Adjusted operating earnings

$ 3,972 $ 3,607

Total Ameriprise Financial, Inc.

shareholders’ equity

$ 6,145 $ 5,248

AOCI, net of tax

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The following table presents relevant market indices:

Three Months Ended September 30,

Three Months Ended March 31,

Daily average 6,816 5,899 16%

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

September 30,

(in billions)

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$ 1,668.2 $ 1,494.7 $ 173.5 12 %

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

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

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

Total AUM increased $130.4 billion, or 11%, to $1.3 trillion as of March 31, 2026 compared to $1.1 trillion as of March 31, 2025 due to a $91.5 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $40.2 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows.

Total Assets Under Administration increased $34.6 billion, or 11%, to $348.7 billion as of March 31, 2026 compared to the prior year period primarily driven by equity market appreciation.

Total Assets Under Advisement increased $8.5 billion, or 25%, to $42.2 billion as of March 31, 2026 due to net inflows and market appreciation.

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

AMERIPRISE FINANCIAL, INC.

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

Consolidated Results of Operations for the Three Months Ended March 31, 2026 and 2025

The following table presents our consolidated results of operations:

Three Months Ended September 30,

Three Months Ended March 31,

(in millions)

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Benefits, claims, losses and settlement expenses 317 381 (64) (17)

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

Remeasurement (gains) losses of future policy benefit reserves (1) (10) 9 90

Change in fair value of market risk benefits 378 497 (119) (24)

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Pretax income 1,144 687 457 67

Income tax provision 262 134 128 96

Income tax provision 229 104 125 NM

Net income $ 915 $ 583 $ 332 57 %

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

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

Pretax income increased $457 million, or 67%, for the three months ended March 31, 2026 compared to the prior year period.

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

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

• The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual was an expense of $184 million for the three months ended March 31, 2026 compared to an expense of $460 million for the prior year period.

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

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

Our average WEI, which is a proxy for equity movements on AUM, increased 17% in the three months ended March 31, 2026 compared to the prior year period.

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

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

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

Management and financial advice fees increased $342 million, or 13%, for the three months ended March 31, 2026 compared to the prior year period reflecting market appreciation, continued wrap account net inflows and a higher average advisory fee rate, partially offset by the cumulative impact of Asset Management net outflows.

Distribution fees increased $41 million, or 8%, for the three months ended March 31, 2026 compared to the prior year period primarily due to higher transactional activity and market appreciation.

Premiums, policy and contract charges decreased $19 million, or 5%, for the three months ended March 31, 2026 compared to the prior year period primarily due to lower sales of life contingent payout annuities and lower contract charges from lower guaranteed living benefit volumes.

Other revenues increased $37 million, or 29%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting a $28 million benefit from the termination of the Comerica Bank relationship.

AMERIPRISE FINANCIAL, INC.

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

Pretax Increase (Decrease) 2025

(in millions)

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

Other revenues

Total revenues 121 (4)

Interest credited to fixed accounts

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

Remeasurement (gains) losses of future policy benefit reserves:

LTC unlocking 26 4

Unlocking impact, excluding LTC (10) (24)

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

Change in fair value of market risk benefits 88 107

Total expenses

Pretax income (loss) (1)

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

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

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

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

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

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

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

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

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

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

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

Banking and deposit interest expense decreased $53 million, or 42%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank, FSB (“Ameriprise Bank”) cash deposits.

Distribution expenses increased $161 million, or 10%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.

Interest credited to fixed accounts increased $12 million, or 9%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting the following items:

• A $22 million increase in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was an expense of $15 million for the three months ended March 31, 2026 compared to a benefit of $7 million for the prior year period.

The increase in expense was primarily due to an increase in the IUL embedded derivative in the current period, which reflected higher option costs due to a higher new money rate.

• A $9 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits.

The favorable impact of the nonperformance credit spread was $13 million for the three months ended March 31, 2026 compared to a favorable impact of $4 million for the prior year period.

Benefits, claims, losses and settlement expenses decreased $64 million, or 17%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting the following items:

• A $98 million decrease in expense from market impacts on structured variable annuities (“SVA”) embedded derivative, net of hedging activity.

This decrease was primarily the result of a favorable $140 million change in the market impact on derivatives hedging the SVA embedded derivative and an unfavorable $42 million change in the market impact on SVA embedded derivative.

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

AMERIPRISE FINANCIAL, INC.

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

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

• Partially offset by the impact of increased volume in SVAs.

Change in fair value of market risk benefits decreased $119 million, or 24%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting the following items:

• A $130 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges.

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

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

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

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

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

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

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

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

• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger expense for the three months ended March 31, 2026 compared to the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the three months ended March 31, 2026 compared to an expense in the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger expense for the three months ended March 31, 2026 compared to the prior year period.

• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the three months ended March 31, 2026 compared to the prior year period.

Our effective tax rate was 20.0% for the three months ended March 31, 2026 compared to 15.1% for the prior year period.

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.

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

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

Results of Operations by Segment for the Three Months Ended March 31, 2026 and 2025

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

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The following table presents summary financial information by segment:

Three Months Ended September 30,

Three Months Ended March 31,

(in millions)

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Adjusted operating loss $ (81) $ (97)

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

Segment Pretax Operating Increase (Decrease) 2025

Retirement & Protection Solutions Corporate Retirement & Protection Solutions Corporate

(in millions)

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

Other revenues — 3 — —

Total revenues 117 3 (5) —

Benefits, claims, losses and settlement expenses

Remeasurement (gains) losses of future policy benefit reserves:

LTC unlocking — 26 — 4

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

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

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

Total expenses

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

Advice & Wealth Management

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

The following table presents Advice & Wealth Management total client assets as of March 31:

(in billions)

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Total client assets increased $126.0 billion, or 12%, to $1.1 trillion compared to a year ago primarily due to market appreciation and client net inflows.

AMERIPRISE FINANCIAL, INC.

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

The following table presents the changes in wrap account assets and average balances for the three months ended March 31:

(in billions)

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

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

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

(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the three months ended March 31, 2026 and 2025, which is reflective of our billing cycle.

Ending wrap account assets decreased $6.2 billion to $664.2 billion during the three months ended March 31, 2026 due to market depreciation of $12.2 billion, partially offset by net inflows of $6.0 billion.

Average advisory wrap account assets increased $97.6 billion, or 17%, compared to the prior year period primarily reflecting market appreciation and net inflows.

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

AMERIPRISE FINANCIAL, INC.

The following table presents client cash balances as of March 31:

Cash and Certificates Balances

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$ 85.8 $ 86.0

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

Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 5% from the prior year to $23.8 billion as of March 31, 2026.

Ameriprise Certificate Company (“ACC”) client deposits decreased $3.2 billion from the prior year to $7.5 billion.

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

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

Third party cash products increased $1.8 billion to $47.8 billion driven by an increase of money market funds of $3.3 billion, partially offset by a decline in brokered CDs.

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

The following table presents assets supporting Ameriprise Bank deposits and ACC certificates as of March 31:

Ameriprise Bank ACC

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• In Ameriprise Bank, assets included $20.7 billion of Available-for-Sale securities, $2.7 billion of cash and cash equivalents, and $2.3 billion of other assets, primarily loans.

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

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

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

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

AMERIPRISE FINANCIAL, INC.

The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, of which 7% were floating rate and sensitive to changes in short-term interest rates as of March 31, 2026.

We took action to reduce the floating rate allocation from 15% as of March 31, 2025.

The duration of Ameriprise Bank investments was 4.0 years as of March 31, 2026 compared to 3.6 years as of March 31, 2025.

In the three months ended March 31, 2026, we purchased $1.9 billion of investments, which was primarily funded from security maturities and prepayments.

• In ACC, assets include $7.4 billion of Available-for-Sale securities, $0.5 billion of cash and cash equivalents, and $0.1 billion of loans and other assets.

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

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

The ACC investment portfolio securities are mostly rated AA+ and primarily consist of structured assets and government bonds, of which 40% were floating rate and approximately 21% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of March 31, 2026.

The duration of ACC investments was 1.4 years as of March 31, 2026 compared to 1.3 years as of March 31, 2025.

AMERIPRISE FINANCIAL, INC.

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

Three Months Ended September 30,

Three Months Ended March 31,

(in millions)

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Adjusted operating earnings $ 951 $ 792 $ 159 20 %

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

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

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

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

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $159 million, or 20%, for the three months ended March 31, 2026 compared to the prior year period.

This reflected the benefit from market appreciation, increased advisor productivity through the cumulative impact of client net inflows and higher transactional revenue.

Pretax adjusted operating margin was 30.0% for the three months ended March 31, 2026 compared to 28.5% for the prior year period.

Management and financial advice fees increased $292 million, or 17%, for the three months ended March 31, 2026 compared to the prior year period primarily due to growth in average wrap account assets and a higher average advisory fee rate.

Average advisory wrap account assets increased $97.6 billion, or 17%, compared to the prior year period primarily reflecting net inflows and market appreciation.

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

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

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

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

Distribution fees increased $51 million, or 8%, for the three months ended March 31, 2026 compared to the prior year period from strong transactional activity and market appreciation, while brokerage cash revenue decreased $10 million due to lower off-balance sheet brokerage cash balances and a lower average yield.

Net investment income, which excludes net realized investment gains or losses, decreased $45 million, or 9%, for the three months ended March 31, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolios supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.

Other revenues increased $42 million, or 55%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting a $28 million benefit from the termination of the Comerica Bank relationship.

• The average certificate reserve balance for ACC was $7.8 billion for the three months ended March 31, 2026 compared to $10.9 billion for the prior year period with the average crediting rate of 3.21% for the three months ended March 31, 2026 compared to 3.95% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.4 billion for the three months ended March 31, 2026 compared to $22.2 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.17% for the three months ended March 31, 2026 from 0.31% for the prior year period.

Distribution expenses increased $216 million, or 14%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.

AMERIPRISE FINANCIAL, INC.

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

Asset Management

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

The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of March 31, 2026:

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

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The following table presents global managed assets by type:

As of September 30,

As of March 31,

Change Three Months Ended

September 30,

(in billions)

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The following table presents the changes in global managed assets:

Three Months Ended September 30,

Three Months Ended March 31,

(in billions)

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Beginning managed assets

(15.0) (22.0)

Net flows (2.0) (12.5)

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dollar translation for reporting purposes.

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

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

(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance, excluding net flows related to our structured variable annuity product and Ameriprise Bank.

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

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

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

Total segment AUM decreased $16.5 billion, or 2%, during the three months ended March 31, 2026 primarily due to net outflows, market depreciation, and an unfavorable foreign exchange impact.

Net outflows were $5.9 billion for the three months ended March 31, 2026.

AMERIPRISE FINANCIAL, INC.

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

Three Months Ended September 30,

Three Months Ended March 31,

(in millions)

1 unchanged sentence

Distribution fees 100 94 6 6

Net investment income 26 17 9 53

Net investment income 14 5 9 NM

Other revenues 6 7 (1) (14)

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Adjusted operating earnings $ 273 $ 241 $ 32 13 %

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

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

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

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

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $32 million, or 13%, for the three months ended March 31, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact from net outflows.

Management and financial advice fees increased $50 million, or 7%, for the three months ended March 31, 2026 compared to the prior year period primarily due to higher average equity markets and a favorable foreign exchange impact, partially offset by the cumulative impact from net outflows.

Distribution expenses increased $16 million, or 7%, for the three months ended March 31, 2026 compared to the prior year period primarily due to market appreciation, partially offset by the cumulative impact of net outflows.

General and administrative expense increased $15 million, or 4%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher volume-related expenses and an unfavorable foreign exchange impact.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

Three Months Ended September 30,

Three Months Ended March 31,

(in millions)

3 unchanged sentences

Premiums, policy and contract charges 326 341 (15) (4)

Other revenues — 2 (2) NM

Other revenues 1 2 (1) (50)

Total revenues 952 926 26 3

11 unchanged sentences

Adjusted operating earnings $ 190 $ 215 $ (25) (12) %

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

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

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

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts decreased $25 million, or 12%, for the three months ended March 31, 2026 compared to prior year period primarily reflecting the cumulative impact of variable annuity net outflows and higher sales volume.

Variable annuity account balances increased 6% to $88.1 billion as of March 31, 2026 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $4.7 billion.

Variable annuity sales increased 10% compared to the prior year period primarily reflecting a strong level of sales of SVAs.

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

Account values with living benefit riders declined to 45% as of March 31, 2026 compared to 49% a year ago reflecting our actions to optimize our business mix.

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

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

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

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

Net investment income, which excludes net realized investment gains or losses, increased $40 million, or 14%, for the three months ended March 31, 2026 compared to the prior year period primarily due to higher SVA balances.

Premiums, policy and contract charges decreased $15 million, or 4%, for the three months ended March 31, 2026 compared to the prior year period primarily due to lower sales of life contingent payout annuities and lower contract charges from lower guaranteed living benefit volumes.

Distribution expenses increased $9 million, or 7%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher equity markets.

Benefits, claims, losses and settlement expenses, which exclude the market impact on structured variable annuities indexed account embedded derivative (net of hedges) and mean reversion related impacts increased $24 million, or 11%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting increased volume in SVAs.

Change in fair value of market risk benefits increased $12 million, or 8%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting market appreciation on contractual fees.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

Three Months Ended September 30,

Three Months Ended March 31,

(in millions)

15 unchanged sentences

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

Our Corporate & Other segment includes our closed blocks of LTC insurance and fixed annuity and fixed indexed annuity (“FA”) business.

Our Corporate & Other segment includes our closed blocks of long term care (“LTC”) insurance and fixed annuity and fixed indexed annuity (“FA”) business.

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

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

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

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

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

Net investment income, which excludes net realized investment gains or losses, the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impacts, integration and restructuring charges, and the impact of consolidating CIEs, decreased $6 million, or 11%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting lower investment portfolio yields.

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

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

AMERIPRISE FINANCIAL, INC.

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

The following table presents our consolidated results of operations:

Nine Months Ended September 30,

(in millions)

Management and financial advice fees $ 8,013 $ 7,428 $ 585 8 %

Distribution fees 1,563 1,524 39 3

Net investment income 2,679 2,756 (77) (3)

Premiums, policy and contract charges 1,214 1,180 34 3

Other revenues 395 389 6 2

Total revenues 13,864 13,277 587 4

Banking and deposit interest expense 344 514 (170) (33)

Total net revenues 13,520 12,763 757 6

Distribution expenses 4,922 4,408 514 12

Interest credited to fixed accounts 366 435 (69) (16)

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

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

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

Amortization of deferred acquisition costs 181 181 — —

Interest and debt expense 246 252 (6) (2)

General and administrative expense 2,814 2,892 (78) (3)

Total expenses 10,308 9,848 460 5

Pretax income

3,212 2,915 297 10

Income tax provision 657 585 72 12

Net income $ 2,555 $ 2,330 $ 225 10 %

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

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

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

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

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

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

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

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

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

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

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

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

AMERIPRISE FINANCIAL, INC.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

AMERIPRISE FINANCIAL, INC.

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

The following table presents summary financial information by segment:

Nine Months Ended September 30,

(in millions)

Advice & Wealth Management

Net revenues $ 8,579 $ 7,946

Expenses 6,094 5,536

Adjusted operating earnings $ 2,485 $ 2,410

Asset Management

Net revenues $ 2,582 $ 2,585

Expenses 1,859 1,916

Adjusted operating earnings $ 723 $ 669

Retirement & Protection Solutions

Net revenues $ 2,964 $ 2,813

Expenses 2,318 2,300

Adjusted operating earnings $ 646 $ 513

Corporate & Other

Net revenues $ 324 $ 347

Expenses 636 698

Adjusted operating loss $ (312) $ (351)

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

Advice & Wealth Management

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

(in billions)

Beginning balance $ 573.9 $ 488.2

Net flows 18.9 22.0

Market appreciation (depreciation) and other 57.5 58.9

Ending balance $ 650.3 $ 569.1

Advisory wrap account assets ending balance (1)

$ 644.4 $ 563.4

Average advisory wrap account assets (2)

$ 590.5 $ 515.1

(1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts.

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

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

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

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

AMERIPRISE FINANCIAL, INC.

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

Nine Months Ended September 30,

(in millions)

Management and financial advice fees $ 5,342 $ 4,739 $ 603 13 %

Distribution fees 1,858 1,820 38 2

Net investment income 1,481 1,674 (193) (12)

Other revenues 242 227 15 7

Total revenues 8,923 8,460 463 5

Banking and deposit interest expense 344 514 (170) (33)

Total net revenues 8,579 7,946 633 8

Distribution expenses 4,756 4,260 496 12

Interest and debt expense 40 28 12 43

General and administrative expense 1,298 1,248 50 4

Total expenses 6,094 5,536 558 10

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

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

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

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

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

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

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

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

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

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

AMERIPRISE FINANCIAL, INC.

Asset Management

The following table presents global managed assets by type:

As of September 30,

Change Nine Months Ended

September 30,

(in billions)

Equity $ 368.6 $ 353.8 $ 14.8 4 % $ 345.4 $ 337.5 $ 7.9 2 %

Fixed income 234.7 243.5 (8.8) (4) 231.5 233.7 (2.2) (1)

Money market 21.5 21.7 (0.2) (1) 21.0 22.5 (1.5) (7)

Alternative 29.3 33.3 (4.0) (12) 29.1 33.2 (4.1) (12)

Hybrid and other 20.6 19.8 0.8 4 19.6 18.9 0.7 4

Total managed assets $ 674.7 $ 672.1 $ 2.6 — % $ 646.6 $ 645.8 $ 0.8 — %

(1) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period.

The following table presents the changes in global managed assets:

Nine Months Ended September 30,

(in billions)

Global Retail Funds

Beginning managed assets

$ 352.7 $ 334.9

Inflows 43.5 39.7

Outflows (55.8) (50.6)

Net VP/VIT fund flows (4.9) (4.9)

Net new flows

(17.2) (15.8)

Reinvested dividends 4.9 4.3

Net flows (12.3) (11.5)

Distributions (5.4) (5.1)

Market appreciation (depreciation) and other 38.3 40.8

Foreign currency translation (1)

Total ending managed assets

Global Institutional

Beginning managed assets

(49.0) (37.6)

Market appreciation (depreciation) and other (3)

Foreign currency translation (1)

Total ending managed assets

Total managed assets 674.7 672.1

Total assets under advisement (4)

Total assets under management and advisement

$ 714.2 $ 705.4

Total assets under management net flows

$ (32.5) $ (21.3)

Model delivery assets under advisement flows (5)

Total assets under management and advisement flows (5)

$ (30.4) $ (18.9)

Legacy insurance partners net flows (6)

$ (2.7) $ (10.8)

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

dollar translation for reporting purposes.

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

AMERIPRISE FINANCIAL, INC.

(4) Assets under advisement are presented on a one-quarter lag.

(5) Assets under advisement flows are estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag.

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

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

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

real estate business.

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

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

Nine Months Ended September 30,

(in millions)

Management and financial advice fees $ 2,236 $ 2,240 $ (4) — %

Distribution fees 283 289 (6) (2)

Net investment income 45 40 5 13

Other revenues 18 16 2 13

Total revenues 2,582 2,585 (3) —

Banking and deposit interest expense — — — —

Total net revenues 2,582 2,585 (3) —

Distribution expenses 740 736 4 1

Amortization of deferred acquisition costs 5 5 — —

Interest and debt expense 9 5 4 80

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

Total expenses 1,859 1,916 (57) (3)

Adjusted operating earnings $ 723 $ 669 $ 54 8 %

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

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

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

AMERIPRISE FINANCIAL, INC.

Retirement & Protection Solutions

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

Nine Months Ended September 30,

(in millions)

Management and financial advice fees $ 560 $ 574 $ (14) (2) %

Distribution fees 308 314 (6) (2)

Net investment income 931 790 141 18

Premiums, policy and contract charges 1,162 1,129 33 3

Other revenues 3 6 (3) (50)

Total revenues 2,964 2,813 151 5

Banking and deposit interest expense — — — —

Total net revenues 2,964 2,813 151 5

Distribution expenses 383 384 (1) —

Interest credited to fixed accounts 280 276 4 1

Benefits, claims, losses and settlement expenses 676 703 (27) (4)

Remeasurement (gains) losses of future policy benefit reserves (19) (32) 13 41

Change in fair value of market risk benefits 553 528 25 5

Amortization of deferred acquisition costs 171 171 — —

Interest and debt expense 30 35 (5) (14)

General and administrative expense 244 235 9 4

Total expenses 2,318 2,300 18 1

Adjusted operating earnings $ 646 $ 513 $ 133 26 %

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

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

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

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

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

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

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

AMERIPRISE FINANCIAL, INC.

Corporate & Other

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

Nine Months Ended September 30,

(in millions)

Net investment income $ 150 $ 158 $ (8) (5) %

Premiums, policy and contract charges 67 70 (3) (4)

Other revenues 132 141 (9) (6)

Total revenues 349 369 (20) (5)

Banking and deposit interest expense 25 22 3 14

Total net revenues 324 347 (23) (7)

Distribution expenses (7) (7) — —

Interest credited to fixed accounts 153 164 (11) (7)

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

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

Amortization of deferred acquisition costs 5 5 — —

Interest and debt expense 81 83 (2) (2)

General and administrative expense 214 289 (75) (26)

Total expenses 636 698 (62) (9)

Adjusted operating loss $ (312) $ (351) $ 39 11 %

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

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

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

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

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

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

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

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

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

AMERIPRISE FINANCIAL, INC.

Our Corporate & Other segment pretax adjusted operating loss decreased $16 million, or 16%, for the three months ended March 31, 2026 compared to the prior year period, primarily reflecting improved general and administrative expenses.

LTC insurance had pretax adjusted operating earnings of $7 million for the three months ended March 31, 2026 compared to pretax adjusted operating earnings of $14 million for the prior year period primarily reflecting higher claims experience.

The FA business had a pretax adjusted operating loss of $9 million for the three months ended March 31, 2026 compared to a pretax adjusted operating loss of $8 million for the prior year period.

Fixed deferred annuity account balances declined 8% to $5.1 billion as of March 31, 2026 compared to the prior year period as policies continue to lapse.

General and administrative expense decreased $16 million, or 22%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting lower real estate expenses as well as expenses to accelerate our transition to cloud-based technology in the prior year period.

Fair Value Measurements

7 unchanged sentences

See Note 12 to the Consolidated Financial Statements for additional information on our fair value measurements.

AMERIPRISE FINANCIAL, INC.

Fair Value of Liabilities and Nonperformance Risk

4 unchanged sentences

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

Treasury curve as of September 30, 2025.

Treasury curve as of March 31, 2026.

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

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

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

Treasury curve, the reduction to future total equity would be approximately $558 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on March 31, 2026 credit spreads.

Liquidity and Capital Resources

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

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

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

We maintained substantial liquidity during the three months ended March 31, 2026.

As of March 31, 2026 and December 31, 2025, we had $8.3 billion and $10.0 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis.

As of March 31, 2026 and December 31, 2025, the parent company had $1.1 billion and $987 million, respectively, in cash, cash equivalents, and unencumbered liquid securities.

Liquid securities predominantly include U.S.

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Additional sources of liquidity at the parent company include a line of credit with an affiliate up to $773 million and an unsecured revolving committed credit facility for up to $1.0 billion that expires in November 2029.

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

Management’s estimate of liquidity available to the parent company in a volatile and uncertain economic environment as of March 31, 2026 was $2.3 billion which includes cash, cash equivalents, unencumbered liquid securities, the line of credit with an affiliate and a portion of the committed credit facility.

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

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

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

As of March 31, 2026, we had no outstanding borrowings under this credit facility and had $1 million of letters of credit issued against the facility.

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

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

We remained in compliance with all such covenants as of March 31, 2026.

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

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

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

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

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

As of March 31, 2026 and December 31, 2025, we had $15.1 billion and $13.7 billion, respectively, of estimated borrowing capacity under the FHLB facilities, of which $200 million was outstanding as of both March 31, 2026 and December 31, 2025, and is collateralized with commercial mortgage backed securities and residential mortgage backed securities.

As of March 31, 2026 and December 31, 2025, we estimated $7.4 billion and $8.5 billion, respectively, of borrowing capacity from the Federal Reserve in addition to the FHLB capacity and there were no outstanding obligations.

There have been no material changes to our contractual obligations disclosed in our 2025 10-K.

On February 28, 2025, we issued $750 million of 5.2% unsecured senior notes due April 15, 2035.

On April 2, 2025, we repaid $500 million principal amount of our 3.0% senior notes at maturity.

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

AMERIPRISE FINANCIAL, INC.

Amendments to SEC Rule 15c3‑3 will require broker-dealers, including our broker‑dealer subsidiary American Enterprise Investment Services, Inc.

(“AEIS”), to transition from weekly to daily customer reserve computations and to make corresponding daily adjustments to its reserve bank account, effective no later than June 30, 2026.

Within the broker-dealer industry, this change may increase short‑term liquidity variability due to timing mismatches between reserve requirements and ETF settlement rules and market practices.

Management has planned mitigants to address this risk, including access to internal liquidity resources and external funding sources, and expects AEIS to be compliant as of the effective date without a material adverse impact on the Company’s consolidated financial condition or results of operations.

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

AMERIPRISE FINANCIAL, INC.

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

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

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

however, as of March 31, 2026, based on current estimates, we do 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 we have made regarding the CAMT provisions of the Inflation Reduction Act of 2022.

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

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

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

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

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

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Ameriprise Financial is primarily a parent holding company for the operations carried out by our wholly-owned subsidiaries.

Because of our holding company structure, our ability to meet our cash requirements, including the payment of dividends on our common stock, substantially depends upon the receipt of dividends or return of capital from our subsidiaries, particularly our life insurance subsidiary, RiverSource Life, our face-amount certificate subsidiary, Ameriprise Certificate Company (“ACC”), Ameriprise Bank, AMPF Holding, LLC, which is the parent company of our retail introducing broker-dealer subsidiary, Ameriprise Financial Services, LLC (“AFS”) and our clearing broker-dealer subsidiary, American Enterprise Investment Services, Inc.

(“AEIS”), our transfer agent subsidiary, Columbia Management Investment Services Corp.

Because of our holding company structure, our ability to meet our cash requirements, including the payment of dividends on our common stock, substantially depends upon the receipt of dividends or return of capital from our subsidiaries, particularly our life insurance subsidiary, RiverSource Life, our face-amount certificate subsidiary, ACC, Ameriprise Bank, AMPF Holding, LLC, which is the parent company of our retail introducing broker-dealer subsidiary, Ameriprise Financial Services, LLC (“AFS”) and our clearing broker-dealer subsidiary, AEIS, our transfer agent subsidiary, Columbia Management Investment Services Corp.

(“CMIS”), our investment advisory company, Columbia Management Investment Advisers, LLC (“CMIA”), TAM UK International Holdings Ltd, which includes Ameriprise International Holdings GmbH within its organizational structure, and Columbia Threadneedle Investments UK International Ltd.

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ACC markets and sells investment certificates to clients.

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

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

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

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

Required capital reflects 110% of the Own Funds

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

AMERIPRISE FINANCIAL, INC.

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

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

Actual Capital Regulatory Capital Requirements

September 30, 2025

March 31, 2026

December 31, 2025

September 30, 2025

March 31, 2026

December 31, 2025

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

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

(2) Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of March 31, 2026 and December 31, 2025.

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

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

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

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

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

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

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

During the three months ended March 31, 2026, the parent holding company received cash dividends or a return of capital from its subsidiaries of $1.1 billion (including $200 million from RiverSource Life and $525 million from AMPF Holding, LLC) and contributed cash to its subsidiaries of $90 million.

During the three months ended March 31, 2025, the parent holding company received cash dividends or a return of capital from its subsidiaries of $888 million (including $200 million from RiverSource Life and $385 million from AMPF Holding, LLC) and contributed cash to its subsidiaries of $90 million.

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

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The terms of these confidential provisions within the agreement have been shared, in the normal course of regular reviews, with our domiciliary regulator and rating agencies.

GLIC is domiciled in Delaware, so in the event GLIC was subjected to rehabilitation or insolvency proceedings, such proceedings would be located in (and governed by) Delaware laws.

GLIC is domiciled in Delaware, so in the event GLIC were subjected to rehabilitation or insolvency proceedings, such proceedings would be located in (and governed by) Delaware laws.

Delaware courts have a long tradition of respecting commercial and reinsurance affairs, as well as contracts among sophisticated parties.

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Accordingly, while no credit protections are perfect, we believe the correct way to think about the risks represented by our counterparty credit exposure to GLIC is not the full amount of the gross liability that GLIC reinsures, but a much smaller net exposure to GLIC (if any that might exist after taking into account our credit protections).

Thus, management believes that our agreement and offsetting non-LTC legacy arrangements with Genworth Financial, Inc.

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

AMERIPRISE FINANCIAL, INC.

Thus, management believes that our agreement and offsetting non-LTC legacy arrangements with GLIC will enable RiverSource Life to recover on all net exposure in all material respects in the event of a rehabilitation or insolvency of GLIC.

Dividends Paid to Shareholders and Share Repurchases

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

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

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

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

We paid regular quarterly dividends to our shareholders totaling $152 million and $148 million for the three months ended March 31, 2026 and 2025, respectively.

On April 23, 2026, we announced a quarterly dividend of $1.70 per common share.

The dividend will be paid on May 22, 2026 to our shareholders of record at the close of business on May 4, 2026.

AMERIPRISE FINANCIAL, INC.

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

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

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

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

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

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

During the three months ended March 31, 2026, we repurchased a total of 1.6 million shares of our common stock at an average price of $478.93 per share.

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

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Operating Activities

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

Net cash provided by operating activities decreased $1.2 billion to $459 million for the three months ended March 31, 2026 compared to $1.7 billion for the prior year period primarily reflecting a decrease in cash collateral received from derivative counterparties as they increased use of securities collateral.

Investing Activities

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

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

Our investing activities primarily relate to our Available-for-Sale investment portfolio and are significantly affected by the net flows supporting our bank deposit, structured variable annuity, insurance and certificate products.

Net cash used in investing activities decreased $1.1 billion to $669 million for the three months ended March 31, 2026 compared to $1.7 billion for the prior year period driven by a change in net cash outflows of $989 million related to maturities, sales and purchases of Available-for-Sale securities.

Financing Activities

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

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

Net cash used in financing activities increased $1.1 billion to $1.5 billion for the three months ended March 31, 2026 compared to $488 million for the prior year period.

The increase in net cash used in financing activities primarily reflects a decrease in cash of $737 million related to issuance and repayment of long-term debt during the prior year period, a $254 million decrease in the change in banking deposits, net, and a $144 million increase in common share repurchases.

Forward-Looking Statements

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• statements about the expected trend in the shift to lower-risk products, including the exit from variable annuities with living benefit riders;

• statements about the anticipated deposit growth or statements about rising interest rates and the impacts on investment portfolio yield;

• statements about the anticipated deposit growth at Ameriprise Bank;

• other statements about future economic performance, the performance of equity and bond markets and interest rate variations and the economic performance of the United States and of global markets;

• statements of assumptions underlying such statements.

AMERIPRISE FINANCIAL, INC.

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

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

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

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• adverse capital and credit market conditions or any downgrade in our credit ratings;

AMERIPRISE FINANCIAL, INC.

• effects of competition and our larger competitors’ economies of scale;

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The information found on the website is not incorporated by reference into this report or in any other report or document the Company furnishes or files with the SEC.

AMERIPRISE FINANCIAL, INC.

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis