AMERIPRISE FINANCIAL INC 10-Q

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2026 2025 (in millions, except per share amounts) Revenues Management and financial advice fees $ 2,944 $ 2,602 Distribution fees 563 522 Net investment income 872 868 Premiums, policy and contract charges 341 360 Other revenues 166 129 Total revenues 4,886 4,481 Banking and deposit interest expense 74 127 Total net revenues 4,812 4,354 Benefits and expenses Distribution expenses 1,773 1,612 Interest credited to fixed accounts 142 130 Benefits, claims, losses and settlement expenses 317 381 Remeasurement (gains) losses of future policy benefit reserves ( 1 ) ( 10 ) Change in fair value of market risk benefits 378 497 Amortization of deferred acquisition costs 61 61 Interest and debt expense 80 80 General and administrative expense 918 916 Total benefits and expenses 3,668 3,667 Pretax income 1,144 687 Income tax provision 229 104 Net income $ 915 $ 583 Earnings per share Basic $ 9.81 $ 5.92 Diluted $ 9.68 $ 5.83 See Notes to Consolidated Financial Statements. 3 Index AMERIPRISE FINANCIAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended March 31, 2026 2025 (in millions) Net income $ 915 $ 583 Other comprehensive income (loss), net of tax: Net unrealized gains (losses) on securities ( 382 ) 374 Net unrealized gains (losses) on derivatives — ( 8 ) Effect of changes in discount rate assumptions on certain long-duration contracts 65 ( 30 ) Effect of changes in instrument-specific credit risk on market risk benefits 30 1 Foreign currency translation adjustment ( 26 ) 52 Total other comprehensive income (loss), net of tax ( 313 ) 389 Total comprehensive income (loss) $ 602 $ 972 See Notes to Consolidated Financial Statements. 4 Index AMERIPRISE FINANCIAL, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2026 December 31, 2025 (in millions, except share amounts) Assets Cash and cash equivalents $ 8,341 $ 9,953 Cash of consolidated investment entities 128 150 Investments (allowance for credit losses: 2026, $ 22 ; 2025, $ 26 ) 58,969 58,406 Investments of consolidated investment entities, at fair value 2,507 2,618 Market risk benefits 1,934 2,274 Separate account assets 76,466 80,044 Receivables (allowance for credit losses: 2026, $ 72 ; 2025, $ 71 ) 15,144 14,920 Receivables of consolidated investment entities, at fair value 30 30 Deferred acquisition costs 2,612 2,625 Restricted and segregated cash and cash equivalents 924 1,055 Other assets 17,393 18,829 Total assets $ 184,448 $ 190,904 Liabilities and Equity Liabilities: Policyholder account balances, future policy benefits and claims $ 46,401 $ 46,498 Market risk benefits 1,359 1,182 Separate account liabilities 76,466 80,044 Customer deposits 33,278 33,750 Short-term borrowings 200 200 Long-term debt 3,079 3,077 Debt of consolidated investment entities, at fair value 2,535 2,585 Accounts payable and accrued expenses 2,513 2,982 Other liabilities 12,319 13,878 Other liabilities of consolidated investment entities, at fair value 86 159 Total liabilities 178,236 184,355 Equity: Common shares ($ 0.01 par value; shares authorized, 1,250,000,000 ; shares issued, 338,240,364 and 338,058,287 , respectively) 3 3 Additional paid-in capital 10,437 10,377 Retained earnings 28,425 27,662 Treasury shares, at cost ( 248,160,045 and 246,794,407 shares, respectively) ( 31,448 ) ( 30,601 ) Accumulated other comprehensive income (loss), net of tax ( 1,205 ) ( 892 ) Total equity 6,212 6,549 Total liabilities and equity $ 184,448 $ 190,904 See Notes to Consolidated Financial Statements. 5 Index AMERIPRISE FINANCIAL, INC. CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) Number of Outstanding Shares Common Shares Additional Paid-In Capital Retained Earnings Treasury Shares Accumulated Other Comprehensive Income (Loss) Total (in millions, except share amounts) Balances at January 1, 2026 91,263,880 $ 3 $ 10,377 $ 27,662 $ ( 30,601 ) $ ( 892 ) $ 6,549 Net income — — — 915 — — 915 Other comprehensive income (loss), net of tax — — — — — ( 313 ) ( 313 ) Dividends to shareholders — — — ( 152 ) — — ( 152 ) Repurchase of common shares ( 1,836,001 ) — — — ( 886 ) — ( 886 ) Share-based compensation plans 652,440 — 60 — 39 — 99 Balances at March 31, 2026 90,080,319 $ 3 $ 10,437 $ 28,425 $ ( 31,448 ) $ ( 1,205 ) $ 6,212 Balances at January 1, 2025 96,166,693 $ 3 $ 10,141 $ 24,713 $ ( 27,721 ) $ ( 1,908 ) $ 5,228 Net income — — — 583 — — 583 Other comprehensive income (loss), net of tax — — — — — 389 389 Dividends to shareholders — — — ( 148 ) — — ( 148 ) Repurchase of common shares ( 1,404,594 ) — — — ( 744 ) — ( 744 ) Share-based compensation plans 775,088 — 47 — 71 — 118 Balances at March 31, 2025 95,537,187 $ 3 $ 10,188 $ 25,148 $ ( 28,394 ) $ ( 1,519 ) $ 5,426 See Notes to Consolidated Financial Statements. 6 Index AMERIPRISE FINANCIAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31, 2026 2025 (in millions) Cash Flows from Operating Activities Net income $ 915 $ 583 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, amortization and accretion, net ( 9 ) ( 27 ) Deferred income tax expense (benefit) ( 19 ) ( 95 ) Share-based compensation 39 49 Net realized investment (gains) losses — ( 5 ) Net trading (gains) losses ( 1 ) ( 1 ) Loss from equity method investments 6 13 Impairments and provision for loan and credit losses ( 1 ) ( 5 ) Net (gains) losses of consolidated investment entities 9 12 Changes in operating assets and liabilities: Restricted and segregated investments — 158 Deferred acquisition costs 13 16 Policyholder account balances, future policy benefits and claims, and market risk benefits, net 728 940 Derivatives, net of collateral ( 1,040 ) 270 Receivables ( 269 ) ( 220 ) Brokerage deposits 14 ( 25 ) Accounts payable and accrued expenses ( 467 ) ( 452 ) Current income tax, net 240 180 Other operating assets and liabilities of consolidated investment entities, net ( 7 ) 2 Other, net 308 293 Net cash provided by (used in) operating activities 459 1,686 Cash Flows from Investing Activities Available-for-Sale securities: Proceeds from sales 602 1,075 Maturities, sinking fund payments and calls 2,919 4,221 Purchases ( 4,070 ) ( 6,834 ) Proceeds from sales, maturities and repayments of mortgage loans 111 37 Funding of mortgage loans ( 207 ) ( 107 ) Proceeds from sales, maturities and collections of other investments 13 22 Purchase of other investments ( 3 ) ( 26 ) Purchase of investments by consolidated investment entities ( 259 ) ( 354 ) Proceeds from sales, maturities and repayments of investments by consolidated investment entities 245 167 Purchase of land, buildings, equipment and software ( 29 ) ( 36 ) Cash paid for written options with deferred premiums ( 73 ) — Cash received from written options with deferred premiums 18 — Cash paid for deposit receivables ( 7 ) ( 8 ) Cash received for deposit receivables 97 112 Other, net ( 26 ) ( 10 ) Net cash provided by (used in) investing activities $ ( 669 ) $ ( 1,741 ) See Notes to Consolidated Financial Statements. 7 Index AMERIPRISE FINANCIAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued) Three Months Ended March 31, 2026 2025 (in millions) Cash Flows from Financing Activities Investment certificates: Proceeds from additions $ 586 $ 961 Maturities, withdrawals and cash surrenders ( 1,173 ) ( 1,471 ) Policyholder account balances: Deposits and other additions 266 254 Net transfers from (to) separate accounts ( 39 ) ( 36 ) Surrenders and other benefits ( 327 ) ( 395 ) Change in banking deposits, net 109 363 Cash paid for purchased options with deferred premiums ( 55 ) ( 3 ) Cash received for purchased options with deferred premiums 110 — Issuance of long-term debt, net of issuance costs — 740 Repayments of long-term debt — ( 3 ) Dividends paid to shareholders ( 148 ) ( 144 ) Repurchase of common shares ( 874 ) ( 730 ) Borrowings of consolidated investment entities — 304 Repayments of debt by consolidated investment entities ( 1 ) ( 328 ) Net cash provided by (used in) financing activities ( 1,546 ) ( 488 ) Effect of exchange rate changes on cash ( 9 ) 13 Net increase (decrease) in cash and cash equivalents, including amounts restricted ( 1,765 ) ( 530 ) Cash and cash equivalents, including amounts restricted at beginning of period 11,158 9,489 Cash and cash equivalents, including amounts restricted at end of period $ 9,393 $ 8,959 Supplemental Disclosures: Interest paid excluding consolidated investment entities $ 87 $ 131 Interest paid by consolidated investment entities 48 39 Leased assets obtained in exchange for operating lease liabilities 11 22 March 31, 2026 December 31, 2025 (in millions) Reconciliation of cash and cash equivalents, including amounts restricted: Cash and cash equivalents $ 8,341 $ 9,953 Cash of consolidated investment entities 128 150 Restricted and segregated cash and cash equivalents 924 1,055 Total cash and cash equivalents, including amounts restricted per consolidated statements of cash flows $ 9,393 $ 11,158 See Notes to Consolidated Financial Statements. 8 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Basis of Presentation Ameriprise Financial, Inc. is a holding company, which primarily conducts business through its subsidiaries to provide financial planning, products and services that are designed to be utilized as solutions for clients’ cash and liquidity, asset accumulation, income, protection and estate and wealth transfer needs. The foreign operations of Ameriprise Financial, Inc. (“Ameriprise Financial”) are conducted primarily through Columbia Threadneedle Investments UK International Limited, TAM UK International Holdings Limited and Ameriprise Asset Management Holdings Singapore (Pte.) Ltd and their respective subsidiaries (collectively, “Threadneedle”). The accompanying Consolidated Financial Statements include the accounts of Ameriprise Financial, Inc., companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation. The interim financial information in this report has not been audited. In the opinion of management, all adjustments necessary for a fair statement of the consolidated results of operations and financial position for the interim periods have been made. All adjustments made were of a normal recurring nature. The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications of prior period amounts have been made to conform with the current presentation. Results of operations reported for interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes in the Company’s Annual Report on Form 10-K and 10-K/A for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 19, 2026 and March 12, 2026, respectively, (“2025 10-K”). The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified. 2. Recent Accounting Pronouncements Future Adoption of New Accounting Standards Expenses – Disaggregation of Income Statement Expenses In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses , requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing changes to disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only. Intangibles – Internal-Use Software In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software , to clarify and modernize the accounting treatment for internal-use software costs by eliminating the use of the sequential software development project stages method and provide further guidance on when an entity is required to start capitalizing eligible costs. Under the new guidance, capitalization begins when both of the following occur: (a) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed, and the software will be used to perform the function intended. The Company can elect prospective, retrospective, or modified retrospective adoption. The standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those years. The Company is evaluating the impact of the standard on its consolidated results of operations and financial condition. Financial Instruments – Credit Losses: Purchased Loans In November 2025, the FASB issued ASU 2025‑08, Purchased Loans , which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up method). The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition. Derivatives and Hedging – Hedge Accounting Improvements In November 2025, the FASB issued ASU 2025‑09, Hedge Accounting Improvements , to make targeted changes within the hedge accounting model. The updates primarily relate to cash flow hedges and certain fair value and net investment hedges. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition. 9 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Interim Reporting – Narrow-Scope Improvements In December 2025, the FASB issued ASU 2025‑11, Narrow-Scope Improvements , which enhances the navigability of the required interim disclosures and clarifies when that guidance applies. The ASU addresses the form and content of interim financial statements and notes prepared in accordance with GAAP, adds lists of the interim disclosures required by all other codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only. 3. Revenue from Contracts with Customers The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations: Three Months Ended March 31, 2026 Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating Revenue Total (in millions) Management and financial advice fees: Asset management fees: Retail $ — $ 563 $ — $ — $ 563 $ — $ 563 Institutional — 145 — — 145 — 145 Model delivery — 27 — — 27 — 27 Advisory fees 1,797 — — — 1,797 — 1,797 Financial planning fees 115 — — — 115 — 115 Transaction and other fees 99 53 15 — 167 — 167 Total management and financial advice fees 2,011 788 15 — 2,814 — 2,814 Distribution fees: Mutual funds 237 61 — — 298 — 298 Insurance and annuity 260 39 83 — 382 — 382 Off-balance sheet brokerage cash 26 — — — 26 — 26 Other products 141 — — — 141 — 141 Total distribution fees 664 100 83 — 847 — 847 Other revenues 78 5 — — 83 — 83 Total revenue from contracts with customers 2,753 893 98 — 3,744 — 3,744 Revenue from other sources (1) 496 17 854 107 1,474 42 1,516 Total segment gross revenues 3,249 910 952 107 5,218 42 5,260 Banking and deposit interest expense ( 74 ) — — ( 4 ) ( 78 ) — ( 78 ) Total segment net revenues 3,175 910 952 103 5,140 42 5,182 Elimination of intersegment revenues ( 239 ) ( 23 ) ( 108 ) 4 ( 366 ) ( 4 ) ( 370 ) Total net revenues $ 2,936 $ 887 $ 844 $ 107 $ 4,774 $ 38 $ 4,812 10 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Three Months Ended March 31, 2025 Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating Revenue Total (in millions) Management and financial advice fees: Asset management fees: Retail $ — $ 530 $ — $ — $ 530 $ — $ 530 Institutional — 134 — — 134 — 134 Model delivery — 22 — — 22 — 22 Advisory fees 1,515 — — — 1,515 — 1,515 Financial planning fees 110 — — — 110 — 110 Transaction and other fees 94 50 15 — 159 — 159 Total management and financial advice fees 1,719 736 15 — 2,470 — 2,470 Distribution fees: Mutual funds 214 55 — — 269 — 269 Insurance and annuity 243 39 82 — 364 — 364 Off-balance sheet brokerage cash 36 — — — 36 — 36 Other products 120 — — — 120 — 120 Total distribution fees 613 94 82 — 789 — 789 Other revenues 69 5 — — 74 — 74 Total revenue from contracts with customers 2,401 835 97 — 3,333 — 3,333 Revenue from other sources (1) 508 11 829 112 1,460 49 1,509 Total segment gross revenues 2,909 846 926 112 4,793 49 4,842 Banking and deposit interest expense ( 127 ) — — ( 8 ) ( 135 ) — ( 135 ) Total segment net revenues 2,782 846 926 104 4,658 49 4,707 Elimination of intersegment revenues ( 222 ) ( 26 ) ( 109 ) 8 ( 349 ) ( 4 ) ( 353 ) Total net revenues $ 2,560 $ 820 $ 817 $ 112 $ 4,309 $ 45 $ 4,354 (1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments. The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company’s contracts with customers on a consolidated basis. Management and Financial Advice Fees Asset Management Fees The Company earns revenue for performing asset management services for retail and institutional clients (assets under management). The Company also earns revenue for performing advisory services for model portfolios that the Company does not have full discretionary investment authority (assets under advisement). The revenue is earned based on a fixed or tiered rate applied, as a percentage, to assets under management or advisement. Assets under management and advisement vary with market fluctuations and client behavior. The asset management and advisement performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Asset management fees are accrued, invoiced and collected on a monthly or quarterly basis. The Company’s asset management contracts for Open Ended Investment Companies (“OEICs”) in the United Kingdom (“U.K.”) and Société d'Investissement à Capital Variable (“SICAVs”) in Europe include performance obligations for asset management and fund distribution services. The amounts received for these services are reported as Management and financial advice fees. The revenue recognition pattern is the same for both performance obligations as the fund distribution services revenue is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment) and not recognized until assets under management are known. The Company may also earn performance-based management fees on institutional accounts, hedge funds, collateralized loan obligations (“CLOs”), OEICs, SICAVs and property and other funds based on a percentage of account returns in excess of either a benchmark index or a contractually specified level. This revenue is variable and impacted primarily by the performance of the assets 11 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) being managed compared to the benchmark index or contractually specified level. The revenue is not recognized until it is probable that a significant reversal will not occur. Performance-based management fees are invoiced on a quarterly or annual basis. Advisory Fees The Company earns revenue for performing investment advisory services for certain brokerage customer’s discretionary and non-discretionary managed accounts. The revenue is earned based on a contractual fixed rate applied, as a percentage, to the market value of assets held in the account. The investment advisory performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Advisory fees are billed on a monthly basis on the prior month end assets. Financial Planning Fees The Company earns revenue for providing financial plans to its clients. The revenue earned for each financial plan is either a fixed fee (received monthly, quarterly or annually) or a variable fee (received monthly) based on a contractual fixed rate applied, as a percentage, to the prior month end assets held in a client’s investment advisory account. The financial planning fee is based on the complexity of a client’s financial and life situation and his or her advisor’s experience. The performance obligation is satisfied at the time the financial plan is delivered to the customer. The Company records a contract liability for the unearned revenue when cash is received before the plan is delivered. The financial plan contracts with clients are annual contracts. Amounts recorded as a contract liability are recognized as revenue when the financial plan is delivered, which occurs within the annual contract period. For fixed fee arrangements, revenue is recognized when the financial plan is delivered. The Company accrues revenue for any amounts that have not been received at the time the financial plan is delivered. For variable fee arrangements, revenue is recognized for cash that has been received when the financial plan is delivered. The amount received after the plan is delivered is variably constrained due to factors outside the Company’s control including market volatility and client behavior. The revenue is recognized when it is probable that a significant reversal will not occur and is generally each month end as the advisory account balance uncertainty is resolved. Contract liabilities for financial planning fees, which are included in Other liabilities, was $ 187 million as of both March 31, 2026 and December 31, 2025. The Company pays sales commissions to advisors when a new financial planning contract is obtained or when an existing contract is renewed. The sales commissions paid to the advisors prior to financial plan delivery are considered costs to obtain a contract with a customer and are initially capitalized. When the performance obligation to deliver the financial plan is satisfied, the commission is recognized as distribution expense. Capitalized costs to obtain these contracts are reported in Other assets and were $ 149 million and $ 150 million as of March 31, 2026 and December 31, 2025, respectively. Transaction and Other Fees The Company earns revenue for providing customer support, shareholder and administrative services (including transfer agent services) for affiliated mutual funds and networking, sub-accounting and administrative services for unaffiliated mutual funds. The Company also receives revenue for providing custodial services and account maintenance services on brokerage and retirement accounts that are not included in an advisory relationship. Transfer agent and administrative revenue is earned based on either a fixed rate applied, as a percentage, to assets under management or an annual fixed fee for each fund position. Networking and sub-accounting revenue is earned based on either an annual fixed fee for each account or an annual fixed fee for each fund position. Custodial and account maintenance revenue is generally earned based on a quarterly or annual fixed fee for each account. Each of the customer support and administrative services performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Transaction and other fees (other than custodial service fees) are invoiced or charged to brokerage accounts on a monthly or quarterly basis. Custodial service fees are invoiced or charged to brokerage accounts on an annual basis. Contract liabilities for custodial service fees, which are included in Other liabilities, were $ 35 million and nil as of March 31, 2026 and December 31, 2025, respectively. The Company earns revenue for providing trade execution services to franchise advisors. The trade execution performance obligation is satisfied at the time of each trade and the revenue is primarily earned based on a fixed fee per trade. These fees are invoiced and collected on a semi-monthly basis. Distribution Fees Mutual Funds and Insurance and Annuity Products The Company earns revenue for selling affiliated and unaffiliated mutual funds, fixed and variable annuities and insurance products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment or holds the contract and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund, or the value of the insurance policy or annuity contract. The ongoing revenue is not recognized at the time of sale because it is 12 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment, insurance policy or annuity contract). This ongoing revenue may be recognized for many years after the initial sale. The revenue will not be recognized until it is probable that a significant reversal will not occur. The Company earns revenue for providing unaffiliated partners an opportunity to educate the Company’s advisors or to support availability and distribution of their products on the Company’s platforms. These payments allow the outside parties to train and support the advisors, explain the features of their products and distribute marketing and educational materials, and support trading and operational systems necessary to enable the Company’s client servicing and production distribution efforts. The Company earns revenue for placing and maintaining unaffiliated fund partners and insurance companies’ products on the Company’s sales platform (subject to the Company’s due diligence standards). The revenue is primarily earned based on a fixed fee or a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are invoiced and collected on monthly basis. Off-Balance Sheet Brokerage Cash The Company earns revenue for placing clients’ deposits in its brokerage sweep program with third-party banks. The amount received from the third-party banks is impacted by short-term interest rates. The performance obligation with the financial institutions that participate in the sweep program is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The revenue is earned daily and settled monthly based on a rate applied, as a percentage, to the deposits placed. Other Products The Company earns revenue for selling unaffiliated alternative products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment and is earned generally based on a fixed rate applied, as a percentage, to the market value of the investment. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment). The revenue will not be recognized until it is probable that a significant reversal will not occur. The Company earns revenue from brokerage clients for the execution of requested trades. The performance obligation is satisfied at the time of trade execution and amounts are received on the settlement date. The revenue varies for each trade based on various factors that include the type of investment, dollar amount of the trade and how the trade is executed (online or broker assisted). Other Revenues The Company earns revenue from fees charged to franchise advisors for providing various services the advisors need to manage and grow their practices. The primary services include: licensing of intellectual property and software, compliance supervision, insurance coverage, technology services and support, consulting and other services. The services are either provided by the Company or third- party providers. The Company controls the services provided by third parties as it has the right to direct the third parties to perform the services, is primarily responsible for performing the services and sets the prices the advisors are charged. The Company recognizes revenue for the gross amount of the fees received from the advisors. The fees are primarily collected monthly as a reduction of commission payments. Intellectual property and software licenses, along with compliance supervision, insurance coverage, and technology services and support are primarily earned based on a monthly fixed fee. These services are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The consulting and other services performance obligations are satisfied as the services are delivered and revenue is earned based upon the level of service requested. Receivables Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $ 483 million and $ 590 million as of March 31, 2026 and December 31, 2025, respectively. 4. Variable Interest Entities The Company provides asset management services to investment entities which are considered to be VIEs, such as CLOs, hedge funds and other private funds, property funds, and certain non-U.S. series funds (such as OEICs and SICAVs) (collectively, “investment entities”), which are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates certain investment entities (collectively, “consolidated investment entities”) if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $ 7 million and $ 6 million as of March 31, 2026 and December 31, 2025, respectively. 13 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Structured Investments The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities and commercial and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities. Additionally, the Company invests in CLOs for which it is the sponsor. CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the value of the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary. The Company’s maximum exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 5 for additional information on these investments. Other Non-Consolidated VIEs The Company’s investments in other non-consolidated VIEs are recorded in other investments. The Company’s maximum exposure to loss with respect to its investments in these non-consolidated VIEs is limited to its carrying value. The carrying value of other non-consolidated VIEs was $ 93 million and $ 105 million as of March 31, 2026 and December 31, 2025, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both March 31, 2026 and December 31, 2025. The Company has not provided any additional support to the VIEs beyond the funding commitments. Property Funds, Non-U.S. Series Funds, Hedge Funds and other Private Funds The Company provides investment advice and other related services to property funds, non-U.S. series funds, hedge funds and other private funds, some of which are considered VIEs. For investment management services, the Company generally earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangements are at market and commensurate with the level of effort required to provide those services. The Company does not have a significant economic interest and is not required to consolidate any of these funds. Affordable Housing Partnerships and Other Real Estate Partnerships The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships. A majority of the limited partnerships are VIEs. Fair Value of Assets and Liabilities The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 12 for the definition of the three levels of the fair value hierarchy. 14 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis: March 31, 2026 Level 1 Level 2 Level 3 Total (in millions) Assets Investments: Corporate debt securities $ — $ 71 $ — $ 71 Syndicated loans — 2,282 154 2,436 Total investments — 2,353 154 2,507 Receivables — 30 — 30 Total assets at fair value $ — $ 2,383 $ 154 $ 2,537 Liabilities Debt (1) $ — $ 2,535 $ — $ 2,535 Other liabilities — 86 — 86 Total liabilities at fair value $ — $ 2,621 $ — $ 2,621 December 31, 2025 Level 1 Level 2 Level 3 Total (in millions) Assets Investments: Corporate debt securities $ — $ 71 $ — $ 71 Syndicated loans — 2,458 89 2,547 Total investments — 2,529 89 2,618 Receivables — 30 — 30 Total assets at fair value $ — $ 2,559 $ 89 $ 2,648 Liabilities Debt (1) $ — $ 2,585 $ — $ 2,585 Other liabilities — 159 — 159 Total liabilities at fair value $ — $ 2,744 $ — $ 2,744 (1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $ 2.5 billion and $ 2.6 billion as of March 31, 2026 and December 31, 2025, respectively. The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis: Syndicated Loans (in millions) Balance at January 1, 2026 $ 89 Total gains (losses) included in: Net income ( 4 ) (1) Purchases 23 Sales ( 11 ) Settlements ( 5 ) Transfers into Level 3 102 Transfers out of Level 3 ( 40 ) Balance at March 31, 2026 $ 154 Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2026 $ ( 4 ) (1) 15 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Common Stocks Syndicated Loans (in millions) Balance at January 1, 2025 $ 1 $ 118 Total gains (losses) included in: Net income — ( 2 ) (1) Purchases — 16 Settlements — ( 1 ) Transfers into Level 3 — 67 Transfers out of Level 3 ( 1 ) ( 68 ) Balance at March 31, 2025 $ — $ 130 Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2025 $ — $ ( 1 ) (1) (1) Included in Net investment income. Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote. All Level 3 measurements as of March 31, 2026 and December 31, 2025 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company. Determination of Fair Value Assets Investments The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 12 for a description of the Company’s determination of the fair value of corporate debt securities. Receivables For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible. The fair value of these receivables is classified as Level 2. Liabilities Debt The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets and is classified as Level 2. Other Liabilities Other liabilities consist primarily of securities purchased but not yet settled by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short-term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on CLO debt. Fair Value Option The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs. 16 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected: March 31, 2026 December 31, 2025 (in millions) Syndicated Loans Unpaid principal balance $ 2,575 $ 2,632 Excess unpaid principal over fair value ( 139 ) ( 85 ) Fair value $ 2,436 $ 2,547 Fair value of loans more than 90 days past due $ 2 $ 1 Fair value of loans in nonaccrual status $ 4 $ 1 Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both $ 36 $ 14 Debt Unpaid principal balance $ 2,818 $ 2,819 Excess unpaid principal over fair value ( 283 ) ( 234 ) Carrying value (1) $ 2,535 $ 2,585 (1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $ 2.5 billion and $ 2.6 billion as of March 31, 2026 and December 31, 2025, respectively. Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income. Gains and losses related to changes in the fair value of investments and gains and losses on sales of investments are also recorded in Net investment income. Interest expense on debt is recorded in Interest and debt expense with gains and losses related to changes in the fair value of debt recorded in Net investment income. Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the three months ended March 31, 2026 and 2025. Debt of the consolidated investment entities and the stated interest rates were as follows: Carrying Value Weighted Average Interest Rate March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 (in millions) Debt of consolidated CLOs due 2030 - 2038 $ 2,535 $ 2,585 4.9 % 5.1 % The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 13.1 %. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates. 5. Investments The following is a summary of Ameriprise Financial investments: March 31, 2026 December 31, 2025 (in millions) Available-for-Sale securities, at fair value $ 54,036 $ 53,591 Mortgage loans (allowance for credit losses: 2026, $ 14 ; 2025, $ 14 ) 2,919 2,824 Policy loans 1,067 1,056 Other investments (allowance for credit losses: 2026, $ 7 ; 2025, $ 7 ) 947 935 Total $ 58,969 $ 58,406 Other investments primarily reflect the Company’s interests in affordable housing partnerships, trading securities, equity securities, seed money investments in proprietary funds, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days. 17 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following is a summary of Net investment income: Three Months Ended March 31, 2026 2025 (in millions) Available-for-Sale securities (1) $ 637 $ 642 Net realized gains (losses) 3 5 Consolidated investment entities 35 37 Other investments and receivables (1) 197 184 Total $ 872 $ 868 (1) Prior period amounts associated with investment income from Available-for-Sale securities have been disaggregated (as the largest component of fixed maturities) to conform with current period presentation with remaining amounts included in Other investments and receivables. Available-for-Sale securities distributed by type were as follows: March 31, 2026 Description of Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value (in millions) Corporate debt securities $ 16,694 $ 274 $ ( 610 ) $ — $ 16,358 Residential mortgage backed securities 28,848 141 ( 746 ) — 28,243 Commercial mortgage backed securities 3,722 8 ( 109 ) — 3,621 Asset backed securities 3,558 10 ( 20 ) — 3,548 State and municipal obligations 648 32 ( 16 ) ( 1 ) 663 U.S. government and agency obligations 1,602 — — — 1,602 Foreign government bonds and obligations 1 — — — 1 Total $ 55,073 $ 465 $ ( 1,501 ) $ ( 1 ) $ 54,036 Description of Securities December 31, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value (in millions) Corporate debt securities $ 15,911 $ 395 $ ( 464 ) $ — $ 15,842 Residential mortgage backed securities 28,578 261 ( 666 ) — 28,173 Commercial mortgage backed securities 3,778 16 ( 103 ) ( 4 ) 3,687 Asset backed securities 3,755 19 ( 21 ) — 3,753 State and municipal obligations 657 36 ( 15 ) ( 1 ) 677 U.S. government and agency obligations 1,457 1 — — 1,458 Foreign government bonds and obligations 1 — — — 1 Total $ 54,137 $ 728 $ ( 1,269 ) $ ( 5 ) $ 53,591 As of March 31, 2026 and December 31, 2025, accrued interest of $ 359 million and $ 332 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables . As of both March 31, 2026 and December 31, 2025, fixed maturity securities comprised approximately 92 % of Ameriprise Financial investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of March 31, 2026 and December 31, 2025, the Company’s internal analysts rated $ 726 million and $ 662 million, respectively, of securities using criteria similar to those used by NRSROs. 18 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) A summary of fixed maturity securities by rating was as follows: Ratings March 31, 2026 December 31, 2025 Amortized Cost Fair Value Percent of Total Fair Value Amortized Cost Fair Value Percent of Total Fair Value (in millions, except percentages) AAA $ 18,868 $ 18,523 34 % $ 19,744 $ 19,489 36 % AA 19,708 19,375 36 18,446 18,259 34 A 5,006 4,956 9 4,445 4,468 8 BBB 11,100 10,828 20 11,169 11,067 21 Below investment grade 391 354 1 333 308 1 Total fixed maturities $ 55,073 $ 54,036 100 % $ 54,137 $ 53,591 100 % As of both March 31, 2026 and December 31, 2025, approximately 86 % of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. No holdings of any issuer were greater than 10% of the Company’s total equity as of both March 31, 2026 and December 31, 2025. The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded: Description of Securities March 31, 2026 Less than 12 Months 12 Months or More Total Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (in millions, except number of securities) Corporate debt securities 248 $ 4,320 $ ( 107 ) 304 $ 5,043 $ ( 503 ) 552 $ 9,363 $ ( 610 ) Residential mortgage backed securities 230 7,754 ( 75 ) 581 6,895 ( 671 ) 811 14,649 ( 746 ) Commercial mortgage backed securities 23 592 ( 7 ) 155 2,039 ( 102 ) 178 2,631 ( 109 ) Asset backed securities 32 1,049 ( 2 ) 27 227 ( 18 ) 59 1,276 ( 20 ) State and municipal obligations 15 80 ( 2 ) 40 136 ( 14 ) 55 216 ( 16 ) U.S. government and agency obligations 19 969 — — — — 19 969 — Total 567 $ 14,764 $ ( 193 ) 1,107 $ 14,340 $ ( 1,308 ) 1,674 $ 29,104 $ ( 1,501 ) Description of Securities December 31, 2025 Less than 12 Months 12 Months or More Total Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (in millions, except number of securities) Corporate debt securities 108 $ 1,560 $ ( 48 ) 314 $ 5,175 $ ( 416 ) 422 $ 6,735 $ ( 464 ) Residential mortgage backed securities 64 1,892 ( 3 ) 636 8,033 ( 663 ) 700 9,925 ( 666 ) Commercial mortgage backed securities 10 167 — 165 2,334 ( 103 ) 175 2,501 ( 103 ) Asset backed securities 4 56 — 30 255 ( 21 ) 34 311 ( 21 ) State and municipal obligations 14 90 ( 2 ) 39 127 ( 13 ) 53 217 ( 15 ) U.S. government and agency obligations 3 60 — — — — 3 60 — Total 203 $ 3,825 $ ( 53 ) 1,184 $ 15,924 $ ( 1,216 ) 1,387 $ 19,749 $ ( 1,269 ) 19 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) As part of the Company’s ongoing monitoring process, management determined that the increase in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the three months ended March 31, 2026 is primarily attributable to the impact of higher interest rates. As of March 31, 2026, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of March 31, 2026 and December 31, 2025, approximately 97 % and 96 %, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade. The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities: Commercial Mortgage Backed Securities State and Municipal Obligations Total (in millions) Balance at January 1, 2026 $ 4 $ 1 $ 5 Reductions for securities sold during the period (realized) ( 4 ) — ( 4 ) Balance at March 31, 2026 $ — $ 1 $ 1 Balance at January 1, 2025 $ 4 $ 1 $ 5 Additional increases (decreases) on securities that had an allowance recorded in a previous period — — — Balance at March 31, 2025 $ 4 $ 1 $ 5 Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows: Three Months Ended March 31, 2026 2025 (in millions) Gross realized investment gains $ 11 $ 10 Gross realized investment losses ( 12 ) ( 5 ) Credit reversals (losses) 4 — Total $ 3 $ 5 See Note 15 for a rollforward of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) (“AOCI”). Available-for-Sale securities by contractual maturity as of March 31, 2026 were as follows: Amortized Cost Fair Value (in millions) Due within one year $ 1,964 $ 1,964 Due after one year through five years 4,067 3,911 Due after five years through 10 years 6,065 6,060 Due after 10 years 6,849 6,689 18,945 18,624 Residential mortgage backed securities 28,848 28,243 Commercial mortgage backed securities 3,722 3,621 Asset backed securities 3,558 3,548 Total $ 55,073 $ 54,036 Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution. 20 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) 6. Financing Receivables Financing receivables are comprised of commercial loans, consumer loans and deposit receivables. Allowance for Credit Losses The following tables present a rollforward of the allowance for credit losses: Commercial Loans Consumer Loans Total (in millions) Balance at January 1, 2026 $ 41 $ 11 $ 52 Provisions 3 — 3 Charge-offs ( 1 ) — ( 1 ) Balance at March 31, 2026 $ 43 $ 11 $ 54 Balance at January 1, 2025 $ 45 $ 9 $ 54 Provisions ( 9 ) 2 ( 7 ) Charge-offs — ( 1 ) ( 1 ) Balance at March 31, 2025 $ 36 $ 10 $ 46 As of March 31, 2026 and December 31, 2025, accrued interest on commercial loans was $ 20 million and $ 22 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans. Purchases and Sales During the three months ended March 31, 2026 and 2025, the Company purchased $ 3 million and $ 4 million, respectively, of syndicated loans, and sold $ 6 million and $ 3 million, respectively, of syndicated loans. During the three months ended March 31, 2026 and 2025, the Company purchased $ 159 million and $ 40 million, respectively, of residential mortgage loans. The Company has not acquired any loans with deteriorated credit quality as of the acquisition date. Credit Quality Information Nonperforming loans were $ 13 million as of both March 31, 2026 and December 31, 2025. Commercial Loans Commercial Mortgage Loans The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review. Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1 % of total commercial mortgage loans as of both March 31, 2026 and December 31, 2025. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both March 31, 2026 and December 31, 2025. The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio: March 31, 2026 Loan-to-Value Ratio 2026 2025 2024 2023 2022 Prior Total (in millions) > 100% $ — $ — $ — $ — $ — $ 18 $ 18 80% - 100% 3 — 3 — — 69 75 60% - 80% 23 75 68 15 11 72 264 40% - 60% 20 133 90 44 27 380 694 < 40% — 48 15 11 64 839 977 Total $ 46 $ 256 $ 176 $ 70 $ 102 $ 1,378 $ 2,028 21 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) December 31, 2025 Loan-to-Value Ratio 2025 2024 2023 2022 2021 Prior Total (in millions) > 100% $ — $ — $ — $ — $ — $ 15 $ 15 80% - 100% — — — — — 56 56 60% - 80% 83 82 18 12 — 103 298 40% - 60% 129 87 42 26 62 339 685 < 40% 45 15 11 65 108 741 985 Total $ 257 $ 184 $ 71 $ 103 $ 170 $ 1,254 $ 2,039 Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows: Loans Percentage March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 (in millions) East North Central $ 192 $ 185 9 % 9 % East South Central 55 51 3 3 Middle Atlantic 126 126 6 6 Mountain 164 168 8 8 New England 34 35 2 2 Pacific 684 696 34 34 South Atlantic 547 552 27 27 West North Central 112 110 5 5 West South Central 114 116 6 6 Total $ 2,028 $ 2,039 100 % 100 % Concentrations of credit risk of commercial mortgage loans by property type were as follows: Loans Percentage March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 (in millions) Apartments $ 609 $ 600 30 % 29 % Hotel 40 40 2 2 Industrial 402 404 20 20 Mixed use 82 83 4 4 Office 186 190 9 9 Retail 515 528 25 26 Other 194 194 10 10 Total $ 2,028 $ 2,039 100 % 100 % Syndicated Loans The investment in syndicated loans as of March 31, 2026 and December 31, 2025 was $ 75 million and $ 79 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both March 31, 2026 and December 31, 2025. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. 22 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating: March 31, 2026 Internal Risk Rating 2026 2025 2024 2023 2022 Prior Total (in millions) Risk 5 $ — $ — $ — $ — $ — $ — $ — Risk 4 — — — — — 1 1 Risk 3 3 6 1 1 — 3 14 Risk 2 6 13 9 3 — 3 34 Risk 1 1 9 13 3 — — 26 Total $ 10 $ 28 $ 23 $ 7 $ — $ 7 $ 75 December 31, 2025 Internal Risk Rating 2025 2024 2023 2022 2021 Prior Total (in millions) Risk 5 $ — $ — $ — $ — $ — $ — $ — Risk 4 — — — — — 1 1 Risk 3 7 1 1 — — — 9 Risk 2 11 15 3 — 3 3 35 Risk 1 14 15 5 — — — 34 Total $ 32 $ 31 $ 9 $ — $ 3 $ 4 $ 79 Advisor Loans The Company offers loans to financial advisors for transitional cost assistance and practice operations. Repayment of the loan is highly dependent on the retention of the financial advisor. In the event a financial advisor is no longer affiliated with the Company, the unpaid balances generally become immediately due. Accordingly, the primary risk factor for advisor loans is termination status. The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $ 8 million and $ 7 million as of March 31, 2026 and December 31, 2025, respectively. The tables below present the amortized cost basis of advisor loans by origination year and termination status: March 31, 2026 Termination Status 2026 2025 2024 2023 2022 Prior Total (in millions) Active $ 199 $ 623 $ 299 $ 267 $ 203 $ 197 $ 1,788 Terminated — 2 1 — 1 10 14 Total $ 199 $ 625 $ 300 $ 267 $ 204 $ 207 $ 1,802 December 31, 2025 Termination Status 2025 2024 2023 2022 2021 Prior Total (in millions) Active $ 637 $ 309 $ 280 $ 215 $ 79 $ 142 $ 1,662 Terminated — 1 — 1 1 8 11 Total $ 637 $ 310 $ 280 $ 216 $ 80 $ 150 $ 1,673 Consumer Loans Residential Mortgage Loans The Company reviews the credit worthiness of the borrower in order to determine the risk of loss on residential mortgage loans. Geographic location and FICO scores are the primary credit quality indicators included in the model that projects the Company’s risk of credit loss over the life of the residential mortgage loan portfolio. Delinquency rates are measured based on the number of days past due. Residential mortgage loans over 30 days past due were $ 4 million and $ 8 million as of March 31, 2026 and December 31, 2025, respectively. 23 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score: FICO Score March 31, 2026 2026 2025 2024 2023 2022 Prior Total (in millions) > 810 $ 3 $ 22 $ 4 $ 4 $ 2 $ 2 $ 37 780 - 809 40 184 71 48 22 12 377 740 - 779 40 147 52 58 22 12 331 720 - 739 10 32 16 13 3 4 78 700 - 719 7 17 7 7 5 4 47 < 699 1 15 7 6 3 3 35 Total $ 101 $ 417 $ 157 $ 136 $ 57 $ 37 $ 905 FICO Score December 31, 2025 2025 2024 2023 2022 2021 Prior Total (in millions) > 810 $ 23 $ 8 $ 7 $ 2 $ 2 $ 1 $ 43 780 - 809 177 76 50 22 7 5 337 740 - 779 128 56 62 22 7 4 279 720 - 739 29 17 13 4 4 — 67 700 - 719 16 8 8 5 3 1 41 < 699 14 6 6 3 3 — 32 Total $ 387 $ 171 $ 146 $ 58 $ 26 $ 11 $ 799 The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region: Loans Percentage March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 (in millions) Minnesota $ 438 $ 420 48 % 53 % Other U.S. States 467 379 52 47 Total $ 905 $ 799 100 % 100 % Credit Card Receivables The credit cards are co-branded with Ameriprise Financial, Inc. and issued to the Company’s customers by a third party. FICO scores and delinquency rates are the primary credit quality indicators for the credit card portfolio. Delinquency rates are measured based on the number of days past due. Credit card receivables over 30 days past due were 2 % of total credit card receivables as of both March 31, 2026 and December 31, 2025. The table below presents the amortized cost basis of credit card receivables by FICO score: FICO Score March 31, 2026 December 31, 2025 (in millions) > 800 $ 36 $ 39 750 - 799 29 31 700 - 749 27 27 650 - 699 16 16 < 650 9 9 Total $ 117 $ 122 Policy Loans Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses. Margin Loans The margin loans balance was $ 1.3 billion as of both March 31, 2026 and December 31, 2025. The Company monitors collateral, which had a fair value of $ 1.7 billion as of both March 31, 2026 and December 31, 2025, supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As of both March 31, 2026 and December 31, 2025, there was 24 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) no allowance for credit losses on margin loans. Terms of the margin arrangements allow for the Company to pledge the collateral to others, of which $ 470 million and $ 478 million had been pledged at the Options Clearing Corporation as of March 31, 2026 and December 31, 2025, respectively. Pledged Asset Lines of Credit The pledged asset lines of credit balance was $ 1.1 billion and $ 1.0 billion as of March 31, 2026 and December 31, 2025, respectively. The Company monitors collateral supporting pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. As of both March 31, 2026 and December 31, 2025, there was no allowance for credit losses on pledged asset lines of credit. Deposit Receivables Deposit receivables were $ 5.3 billion and $ 5.4 billion as of March 31, 2026 and December 31, 2025 , respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both March 31, 2026 and December 31, 2025. 7. Deferred Acquisition Costs and Deferred Sales Inducement Costs The following tables summarize the balances of and changes in deferred acquisition costs (“DAC”): Variable Annuities Structured Variable Annuities Fixed Annuities Fixed Indexed Annuities Universal Life Insurance Variable Universal Life Insurance (in millions) Balance at January 1, 2026 $ 1,313 $ 325 $ 23 $ 3 $ 96 $ 570 Capitalization of acquisition costs 6 23 — — — 15 Amortization ( 27 ) ( 11 ) ( 1 ) — ( 2 ) ( 12 ) Balance at March 31, 2026 $ 1,292 $ 337 $ 22 $ 3 $ 94 $ 573 Indexed Universal Life Insurance Other Life Insurance Life Contingent Payout Annuities Term and Whole Life Insurance Disability Income Insurance Total, All Products (in millions) Balance at January 1, 2026 $ 197 $ 1 $ 13 $ 17 $ 65 $ 2,623 Capitalization of acquisition costs 1 — — — 1 46 Amortization ( 4 ) — — — ( 2 ) ( 59 ) Balance at March 31, 2026 $ 194 $ 1 $ 13 $ 17 $ 64 2,610 Other broker dealer acquisition costs 2 Balance at March 31, 2026 including broker dealer acquisition costs $ 2,612 25 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Variable Annuities Structured Variable Annuities Fixed Annuities Fixed Indexed Annuities Universal Life Insurance Variable Universal Life Insurance (in millions) Balance at January 1, 2025 $ 1,402 $ 276 $ 28 $ 4 $ 103 $ 553 Capitalization of acquisition costs 23 88 — — — 62 Amortization ( 112 ) ( 39 ) ( 5 ) ( 1 ) ( 7 ) ( 45 ) Balance at December 31, 2025 $ 1,313 $ 325 $ 23 $ 3 $ 96 $ 570 Indexed Universal Life Insurance Other Life Insurance Life Contingent Payout Annuities Term and Whole Life Insurance Disability Income Insurance Total, All Products (in millions) Balance at January 1, 2025 $ 210 $ 2 $ 10 $ 17 $ 70 $ 2,675 Capitalization of acquisition costs 2 — 3 2 3 183 Amortization ( 15 ) ( 1 ) — ( 2 ) ( 8 ) ( 235 ) Balance at December 31, 2025 $ 197 $ 1 $ 13 $ 17 $ 65 2,623 Other broker dealer acquisition costs 2 Balance at December 31, 2025 including broker dealer acquisition costs $ 2,625 The following tables summarize the balances of and changes in deferred sales inducement costs (“DSIC”): Variable Annuities Fixed Annuities Total, All Products (in millions) Balance at January 1, 2026 $ 110 $ 8 $ 118 Amortization ( 3 ) — ( 3 ) Balance at March 31, 2026 $ 107 $ 8 $ 115 Variable Annuities Fixed Annuities Total, All Products (in millions) Balance at January 1, 2025 $ 122 $ 10 $ 132 Amortization ( 12 ) ( 2 ) ( 14 ) Balance at December 31, 2025 $ 110 $ 8 $ 118 8. Policyholder Account Balances, Future Policy Benefits and Claims Policyholder account balances, future policy benefits and claims consisted of the following: March 31, 2026 December 31, 2025 (in millions) Policyholder account balances Policyholder account balances $ 36,988 $ 37,005 Future policy benefits Reserve for future policy benefits 7,426 7,601 Deferred profit liability 135 130 Additional liabilities for insurance guarantees 1,510 1,500 Other insurance and annuity liabilities 124 78 Total future policy benefits 9,195 9,309 Policy claims and other policyholders’ funds 218 184 Total policyholder account balances, future policy benefits and claims $ 46,401 $ 46,498 26 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Variable Annuities Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders. Most of the variable annuity contracts issued by the Company contain a guaranteed minimum death benefit (“GMDB”). The Company previously offered contracts with guaranteed minimum accumulation benefit (“GMAB”), guaranteed minimum withdrawal benefit (“GMWB”), and guaranteed minimum income benefit (“GMIB”) provisions. See Note 10 for additional information regarding the Company’s variable annuity guarantees. See Note 12 and Note 14 for additional information regarding the Company’s derivative instruments used to hedge risks related to these guarantees. Structured Variable Annuities Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices, subject to either a cap or floor. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments. Fixed Annuities Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities. Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates. The Company’s fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. See Note 14 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts. Insurance Liabilities Universal life (“UL”) policies accumulate cash value that increases by a fixed interest rate. Purchasers of variable universal life (“VUL”) can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders. Indexed universal life (“IUL”) is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments. See Note 14 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL. The Company also offers term life insurance as well as disability income (“DI”) insurance products. The Company no longer offers standalone long term care (“LTC”) insurance products and whole life insurance but has in force policies from prior years. Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses. 27 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The balances of and changes in policyholder account balances were as follows: Variable Annuities Structured Variable Annuities Fixed Annuities Fixed Indexed Annuities Non-Life Contingent Payout Annuities (in millions, except percentages) Balance at January 1, 2026 $ 3,320 $ 21,504 $ 4,918 $ 289 $ 435 Contract deposits 13 902 8 — 21 Policy charges ( 3 ) ( 1 ) — — — Surrenders and other benefits ( 111 ) ( 286 ) ( 147 ) ( 13 ) ( 25 ) Net transfer from (to) separate account liabilities ( 5 ) — — — — Variable account index-linked adjustments — ( 482 ) — — — Interest credited 26 1 46 3 3 Balance at March 31, 2026 $ 3,240 $ 21,638 $ 4,825 $ 279 $ 434 Weighted-average crediting rate 3.3 % 1.9 % 3.9 % 2.1 % N/A Cash surrender value (1) $ 3,223 $ 20,582 $ 4,824 $ 263 N/A Universal Life Insurance Variable Universal Life Insurance Indexed Universal Life Insurance Other Life Insurance Total, All Products (in millions, except percentages) Balance at January 1, 2026 $ 1,349 $ 1,705 $ 3,048 $ 437 $ 37,005 Contract deposits 26 80 38 — 1,088 Policy charges ( 41 ) ( 23 ) ( 30 ) — ( 98 ) Surrenders and other benefits ( 14 ) ( 23 ) ( 16 ) ( 14 ) ( 649 ) Net transfer from (to) separate account liabilities — ( 34 ) — — ( 39 ) Variable account index-linked adjustments — — — — ( 482 ) Interest credited 11 17 52 4 163 Balance at March 31, 2026 $ 1,331 $ 1,722 $ 3,092 $ 427 $ 36,988 Weighted-average crediting rate 3.6 % 3.9 % 3.0 % 4.0 % Net amount at risk $ 7,858 $ 57,545 $ 12,947 $ 117 Cash surrender value (1) $ 1,229 $ 1,113 $ 2,696 $ 269 28 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Variable Annuities Structured Variable Annuities Fixed Annuities Fixed Indexed Annuities Non-Life Contingent Payout Annuities (in millions, except percentages) Balance at January 1, 2025 $ 3,680 $ 16,330 $ 5,369 $ 305 $ 447 Contract deposits 57 3,816 35 — 73 Policy charges ( 13 ) ( 4 ) — — — Surrenders and other benefits ( 486 ) ( 846 ) ( 677 ) ( 26 ) ( 99 ) Net transfer from (to) separate account liabilities ( 31 ) — — — — Variable account index-linked adjustments — 2,206 — — — Interest credited 113 2 191 10 14 Balance at December 31, 2025 $ 3,320 $ 21,504 $ 4,918 $ 289 $ 435 Weighted-average crediting rate 3.3 % 1.9 % 3.8 % 2.1 % N/A Cash surrender value (1) $ 3,302 $ 20,582 $ 4,916 $ 272 N/A Universal Life Insurance Variable Universal Life Insurance Indexed Universal Life Insurance Other Life Insurance Total, All Products (in millions, except percentages) Balance at January 1, 2025 $ 1,405 $ 1,647 $ 2,894 $ 465 $ 32,542 Contract deposits 138 318 165 — 4,602 Policy charges ( 169 ) ( 91 ) ( 123 ) — ( 400 ) Surrenders and other benefits ( 72 ) ( 102 ) ( 71 ) ( 45 ) ( 2,424 ) Net transfer from (to) separate account liabilities — ( 132 ) — — ( 163 ) Variable account index-linked adjustments — — — — 2,206 Interest credited 47 65 183 17 642 Balance at December 31, 2025 $ 1,349 $ 1,705 $ 3,048 $ 437 $ 37,005 Weighted-average crediting rate 3.6 % 3.9 % 3.0 % 4.0 % Net amount at risk $ 7,944 $ 57,269 $ 13,040 $ 121 Cash surrender value (1) $ 1,241 $ 1,109 $ 2,640 $ 274 (1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities. Refer to Note 10 for the net amount at risk for market risk benefits (“MRB”) associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities. 29 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of March 31, 2026 and December 31, 2025 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums. March 31, 2026 Account Values with Crediting Rates Range of Guaranteed Minimum Crediting Rates At Guaranteed Minimum 1 - 49 bps above Guaranteed Minimum 50 - 99 bps above Guaranteed Minimum 100 - 150 bps above Guaranteed Minimum Greater than 150 bps above Guaranteed Minimum Total (in millions, except percentages) Fixed accounts of variable annuities 1 % – 1.99 % $ 5 $ 57 $ 82 $ 19 $ — $ 163 2 % – 2.99 % 86 8 — — — 94 3 % – 3.99 % 1,638 — — 1 — 1,639 4 % – 5.00 % 1,298 — — — — 1,298 Total $ 3,027 $ 65 $ 82 $ 20 $ — $ 3,194 Fixed accounts of structured variable annuities 1 % – 1.99 % $ — $ 50 $ 14 $ 1 $ — $ 65 2 % – 2.99 % 36 — — — — 36 3 % – 3.99 % 1 — — — — 1 4 % – 5.00 % — — — — — — Total $ 37 $ 50 $ 14 $ 1 $ — $ 102 Fixed annuities 1 % – 1.99 % $ — $ 159 $ 138 $ 109 $ 17 $ 423 2 % – 2.99 % 12 16 2 — — 30 3 % – 3.99 % 2,057 1 — — — 2,058 4 % – 5.00 % 2,307 — — — — 2,307 Total $ 4,376 $ 176 $ 140 $ 109 $ 17 $ 4,818 Non-indexed accounts of fixed indexed annuities 1 % – 1.99 % $ — $ 1 $ 4 $ 13 $ — $ 18 2 % – 2.99 % — — — — — — 3 % – 3.99 % — — — — — — 4 % – 5.00 % — — — — — — Total $ — $ 1 $ 4 $ 13 $ — $ 18 Universal life insurance 1 % – 1.99 % $ — $ — $ — $ — $ — $ — 2 % – 2.99 % 47 6 18 4 1 76 3 % – 3.99 % 779 — 5 6 — 790 4 % – 5.00 % 435 4 — — — 439 Total $ 1,261 $ 10 $ 23 $ 10 $ 1 $ 1,305 30 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Account Values with Crediting Rates Range of Guaranteed Minimum Crediting Rates At Guaranteed Minimum 1 - 49 bps above Guaranteed Minimum 50 - 99 bps above Guaranteed Minimum 100 - 150 bps above Guaranteed Minimum Greater than 150 bps above Guaranteed Minimum Total (in millions, except percentages) Fixed accounts of variable universal life insurance 1 % – 1.99 % $ — $ — $ 2 $ 2 $ 55 $ 59 2 % – 2.99 % 1 15 2 1 14 33 3 % – 3.99 % 96 1 5 14 — 116 4 % – 5.00 % 520 23 — — — 543 Total $ 617 $ 39 $ 9 $ 17 $ 69 $ 751 Non-indexed accounts of indexed universal life insurance 1 % – 1.99 % $ — $ — $ — $ — $ 2 $ 2 2 % – 2.99 % — — — 137 — 137 3 % – 3.99 % — — — — — — 4 % – 5.00 % — — — — — — Total $ — $ — $ — $ 137 $ 2 $ 139 Other life insurance 1 % – 1.99 % $ — $ — $ — $ — $ — $ — 2 % – 2.99 % — — — — — — 3 % – 3.99 % 23 — — — — 23 4 % – 5.00 % 245 — — — — 245 Total $ 268 $ — $ — $ — $ — $ 268 Total 1 % – 1.99 % $ 5 $ 267 $ 240 $ 144 $ 74 $ 730 2 % – 2.99 % 182 45 22 142 15 406 3 % – 3.99 % 4,594 2 10 21 — 4,627 4 % – 5.00 % 4,805 27 — — — 4,832 Total $ 9,586 $ 341 $ 272 $ 307 $ 89 $ 10,595 Percentage of total account values that reset in: Next 12 months 100.0 % 99.9 % 99.9 % 100.0 % 99.9 % 100.0 % > 12 months to 24 months — — — — — — > 24 months — 0.1 0.1 — 0.1 — Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 31 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) December 31, 2025 Account Values with Crediting Rates Range of Guaranteed Minimum Crediting Rates At Guaranteed Minimum 1 - 49 bps above Guaranteed Minimum 50 - 99 bps above Guaranteed Minimum 100 - 150 bps above Guaranteed Minimum Greater than 150 bps above Guaranteed Minimum Total (in millions, except percentages) Fixed accounts of variable annuities 1 % – 1.99 % $ 7 $ 62 $ 82 $ 20 $ — $ 171 2 % – 2.99 % 89 8 — — — 97 3 % – 3.99 % 1,686 — — 1 — 1,687 4 % – 5.00 % 1,321 — — — — 1,321 Total $ 3,103 $ 70 $ 82 $ 21 $ — $ 3,276 Fixed accounts of structured variable annuities 1 % – 1.99 % $ — $ 26 $ 26 $ 1 $ — $ 53 2 % – 2.99 % 16 — — — — 16 3 % – 3.99 % 1 — — — — 1 4 % – 5.00 % — — — — — — Total $ 17 $ 26 $ 26 $ 1 $ — $ 70 Fixed annuities 1 % – 1.99 % $ — $ 182 $ 143 $ 103 $ 19 $ 447 2 % – 2.99 % 13 16 2 — — 31 3 % – 3.99 % 2,116 1 1 — — 2,118 4 % – 5.00 % 2,312 — — — — 2,312 Total $ 4,441 $ 199 $ 146 $ 103 $ 19 $ 4,908 Non-indexed accounts of fixed indexed annuities 1 % – 1.99 % $ — $ 2 $ 4 $ 13 $ — $ 19 2 % – 2.99 % — — — — — — 3 % – 3.99 % — — — — — — 4 % – 5.00 % — — — — — — Total $ — $ 2 $ 4 $ 13 $ — $ 19 Universal life insurance 1 % – 1.99 % $ — $ — $ — $ — $ — $ — 2 % – 2.99 % 47 6 19 2 1 75 3 % – 3.99 % 789 — 4 7 — 800 4 % – 5.00 % 442 5 — — — 447 Total $ 1,278 $ 11 $ 23 $ 9 $ 1 $ 1,322 Fixed accounts of variable universal life insurance 1 % – 1.99 % $ — $ — $ 3 $ 1 $ 48 $ 52 2 % – 2.99 % 1 16 2 1 14 34 3 % – 3.99 % 98 1 3 14 — 116 4 % – 5.00 % 524 25 — — — 549 Total $ 623 $ 42 $ 8 $ 16 $ 62 $ 751 32 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Account Values with Crediting Rates Range of Guaranteed Minimum Crediting Rates At Guaranteed Minimum 1 - 49 bps above Guaranteed Minimum 50 - 99 bps above Guaranteed Minimum 100 - 150 bps above Guaranteed Minimum Greater than 150 bps above Guaranteed Minimum Total (in millions, except percentages) Non-indexed accounts of indexed universal life insurance 1 % – 1.99 % $ — $ — $ — $ — $ 2 $ 2 2 % – 2.99 % — — — 135 — 135 3 % – 3.99 % — — — — — — 4 % – 5.00 % — — — — — — Total $ — $ — $ — $ 135 $ 2 $ 137 Other life insurance 1 % – 1.99 % $ — $ — $ — $ — $ — $ — 2 % – 2.99 % — — — — — — 3 % – 3.99 % 24 — — — — 24 4 % – 5.00 % 249 — — — — 249 Total $ 273 $ — $ — $ — $ — $ 273 Total 1 % – 1.99 % $ 7 $ 272 $ 258 $ 138 $ 69 $ 744 2 % – 2.99 % 166 46 23 138 15 388 3 % – 3.99 % 4,714 2 8 22 — 4,746 4 % – 5.00 % 4,848 30 — — — 4,878 Total $ 9,735 $ 350 $ 289 $ 298 $ 84 $ 10,756 Percentage of total account values that reset in: Next 12 months 100.0 % 100.0 % 99.9 % 100.0 % 99.8 % 100.0 % > 12 months to 24 months — — — — — — > 24 months — — 0.1 — 0.2 — Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 33 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following tables summarize the balances of and changes in the liability for future policy benefits: Life Contingent Payout Annuities Term and Whole Life Insurance Disability Income Insurance Long Term Care Insurance Total, All Products (in millions, except percentages) Present Value of Expected Net Premiums: Balance at January 1, 2026 $ — $ 813 $ 33 $ 988 $ 1,834 Beginning balance at original discount rate — 836 37 977 1,850 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience — ( 13 ) — ( 6 ) ( 19 ) Adjusted beginning of year balance $ — $ 823 $ 37 $ 971 $ 1,831 Issuances 27 15 3 — 45 Interest accrual — 10 — 12 22 Net premiums collected ( 27 ) ( 19 ) — ( 33 ) ( 79 ) Derecognition (lapses) — — — — — Ending balance at original discount rate $ — $ 829 $ 40 $ 950 $ 1,819 Effect of changes in discount rate assumptions — ( 39 ) ( 5 ) ( 4 ) ( 48 ) Balance at March 31, 2026 $ — $ 790 $ 35 $ 946 $ 1,771 Present Value of Future Policy Benefits: Balance at January 1, 2026 $ 1,273 $ 1,378 $ 499 $ 6,277 $ 9,427 Beginning balance at original discount rate 1,318 1,380 478 6,322 9,498 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience ( 5 ) ( 17 ) ( 1 ) ( 7 ) ( 30 ) Adjusted beginning of year balance $ 1,313 $ 1,363 $ 477 $ 6,315 $ 9,468 Issuances 27 15 3 — 45 Interest accrual 14 18 7 78 117 Benefit payments ( 42 ) ( 20 ) ( 10 ) ( 107 ) ( 179 ) Derecognition (lapses) — — — — — Ending balance at original discount rate $ 1,312 $ 1,376 $ 477 $ 6,286 $ 9,451 Effect of changes in discount rate assumptions ( 65 ) ( 33 ) 11 ( 175 ) ( 262 ) Balance at March 31, 2026 $ 1,247 $ 1,343 $ 488 $ 6,111 $ 9,189 Adjustment due to reserve flooring $ — $ 8 $ — $ — $ 8 Net liability for future policy benefits $ 1,247 $ 561 $ 453 $ 5,165 $ 7,426 Less: reinsurance recoverable 672 401 21 2,593 3,687 Net liability for future policy benefits, after reinsurance recoverable $ 575 $ 160 $ 432 $ 2,572 $ 3,739 Discounted expected future gross premiums $ — $ 1,910 $ 785 $ 1,128 $ 3,823 Expected future gross premiums $ — $ 3,293 $ 1,110 $ 1,513 $ 5,916 Expected future benefit payments $ 1,901 $ 2,321 $ 785 $ 10,109 $ 15,116 Weighted average interest accretion rate 4.4 % 6.0 % 6.3 % 5.1 % Weighted average discount rate 5.3 % 5.6 % 5.5 % 5.6 % Weighted average duration of liability (in years) 6 7 6 8 34 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Life Contingent Payout Annuities Term and Whole Life Insurance Disability Income Insurance Long Term Care Insurance Total, All Products (in millions, except percentages) Present Value of Expected Net Premiums: Balance at January 1, 2025 $ — $ 737 $ 53 $ 1,057 $ 1,847 Beginning balance at original discount rate — 774 59 1,072 1,905 Effect of changes in cash flow assumptions — 58 ( 19 ) ( 8 ) 31 Effect of actual variances from expected experience — ( 17 ) ( 12 ) 1 ( 28 ) Adjusted beginning of year balance $ — $ 815 $ 28 $ 1,065 $ 1,908 Issuances 141 60 9 — 210 Interest accrual 1 39 2 50 92 Net premiums collected ( 142 ) ( 78 ) ( 2 ) ( 138 ) ( 360 ) Derecognition (lapses) — — — — — Ending balance at original discount rate $ — $ 836 $ 37 $ 977 $ 1,850 Effect of changes in discount rate assumptions — ( 23 ) ( 4 ) 11 ( 16 ) Balance at December 31, 2025 $ — $ 813 $ 33 $ 988 $ 1,834 Present Value of Future Policy Benefits: Balance at January 1, 2025 $ 1,204 $ 1,322 $ 545 $ 6,187 $ 9,258 Beginning balance at original discount rate 1,289 1,353 535 6,408 9,585 Effect of changes in cash flow assumptions ( 2 ) 27 ( 30 ) 25 20 Effect of actual variances from expected experience ( 5 ) ( 20 ) ( 25 ) 13 ( 37 ) Adjusted beginning of year balance $ 1,282 $ 1,360 $ 480 $ 6,446 $ 9,568 Issuances 141 60 9 — 210 Interest accrual 57 74 30 316 477 Benefit payments ( 162 ) ( 114 ) ( 41 ) ( 440 ) ( 757 ) Derecognition (lapses) — — — — — Ending balance at original discount rate $ 1,318 $ 1,380 $ 478 $ 6,322 $ 9,498 Effect of changes in discount rate assumptions ( 45 ) ( 2 ) 21 ( 45 ) ( 71 ) Balance at December 31, 2025 $ 1,273 $ 1,378 $ 499 $ 6,277 $ 9,427 Adjustment due to reserve flooring $ — $ 8 $ — $ — $ 8 Net liability for future policy benefits $ 1,273 $ 573 $ 466 $ 5,289 $ 7,601 Less: reinsurance recoverable 703 408 20 2,657 3,788 Net liability for future policy benefits, after reinsurance recoverable $ 570 $ 165 $ 446 $ 2,632 $ 3,813 Discounted expected future gross premiums $ — $ 1,971 $ 809 $ 1,173 $ 3,953 Expected future gross premiums $ — $ 3,334 $ 1,126 $ 1,554 $ 6,014 Expected future benefit payments $ 1,906 $ 2,328 $ 789 $ 10,218 $ 15,241 Weighted average interest accretion rate 4.4 % 6.2 % 6.3 % 5.0 % Weighted average discount rate 5.0 % 5.3 % 5.2 % 5.3 % Weighted average duration of liability (in years) 6 7 6 8 35 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2025 resulted in a net increase in future policy benefit reserves, primarily due to net unfavorable changes in LTC morbidity and mortality assumptions partially offset by favorable changes to disability income insurance claim incidence rates. The balances of and changes in additional liabilities related to insurance guarantees were as follows: Universal Life Insurance Variable Universal Life Insurance Other Life Insurance Total, All Products (in millions, except percentages) Balance at January 1, 2026 $ 1,409 $ 80 $ 11 $ 1,500 Interest accrual 11 1 — 12 Benefit accrual 31 2 — 33 Benefit payments ( 21 ) ( 3 ) ( 2 ) ( 26 ) Effect of actual variances from expected experience — 1 1 2 Impact of change in net unrealized (gains) losses on securities ( 9 ) — ( 2 ) ( 11 ) Balance at March 31, 2026 $ 1,421 $ 81 $ 8 $ 1,510 Weighted average interest accretion rate 3.0 % 7.1 % 3.9 % Weighted average discount rate 3.1 % 7.1 % 3.9 % Weighted average duration of reserves (in years) 8 8 7 Universal Life Insurance Variable Universal Life Insurance Other Life Insurance Total, All Products (in millions, except percentages) Balance at January 1, 2025 $ 1,301 $ 80 $ 8 $ 1,389 Interest accrual 40 5 1 46 Benefit accrual 132 10 2 144 Benefit payments ( 84 ) ( 14 ) ( 4 ) ( 102 ) Effect of actual variances from expected experience 11 ( 1 ) 2 12 Impact of change in net unrealized (gains) losses on securities 9 — 2 11 Balance at December 31, 2025 $ 1,409 $ 80 $ 11 $ 1,500 Weighted average interest accretion rate 2.9 % 6.8 % 3.8 % Weighted average discount rate 3.1 % 7.1 % 3.9 % Weighted average duration of reserves (in years) 9 8 7 The amount of revenue and interest recognized in the Statements of Operations was as follows: Three Months Ended March 31, 2026 Gross Premiums Interest Expense (in millions) Life contingent payout annuities $ 32 $ 14 Term and whole life insurance 43 8 Disability income insurance 27 7 Long term care insurance 40 66 Total $ 142 $ 95 36 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Year Ended December 31, 2025 Gross Premiums Interest Expense (in millions) Life contingent payout annuities $ 157 $ 56 Term and whole life insurance 174 35 Disability income insurance 114 28 Long term care insurance 171 266 Total $ 616 $ 385 The following tables summarize the balances of and changes in unearned revenue: Universal Life Insurance Variable Universal Life Insurance Indexed Universal Life Insurance Total, All Products (in millions) Balance at January 1, 2026 $ 26 $ 307 $ 318 $ 651 Deferral of revenue — 21 11 32 Amortization — ( 6 ) ( 7 ) ( 13 ) Balance at March 31, 2026 $ 26 $ 322 $ 322 $ 670 Balance at January 1, 2025 $ 26 $ 249 $ 295 $ 570 Deferral of revenue 1 79 47 127 Amortization ( 1 ) ( 21 ) ( 24 ) ( 46 ) Balance at December 31, 2025 $ 26 $ 307 $ 318 $ 651 9. Separate Account Assets and Liabilities Aggregate fair value of separate account assets, by major asset category, consisted of the following: March 31, 2026 December 31, 2025 (in millions) Variable annuities and variable universal life: Mutual funds $ 74,139 $ 77,645 Unitized pooled pension funds: Property/real estate 1,701 1,755 Equity securities 417 454 Debt securities 111 116 Cash and cash equivalents 78 56 Other 20 18 Total $ 76,466 $ 80,044 37 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The balances of and changes in separate account liabilities were as follows: Variable Annuities Variable Universal Life Unitized Pooled Pension Funds Total (in millions) Balance at January 1, 2026 $ 66,471 $ 11,174 $ 2,399 $ 80,044 Premiums and deposits 259 136 20 415 Policy charges ( 314 ) ( 82 ) ( 1 ) ( 397 ) Surrenders and other benefits ( 1,931 ) ( 118 ) ( 34 ) ( 2,083 ) Investment return ( 1,254 ) ( 225 ) ( 15 ) ( 1,494 ) Net transfer from (to) general account 6 18 — 24 Other charges — — ( 43 ) ( 43 ) Balance at March 31, 2026 $ 63,237 $ 10,903 $ 2,326 $ 76,466 Cash surrender value $ 62,152 $ 10,183 $ 2,326 $ 74,661 Variable Annuities Variable Universal Life Unitized Pooled Pension Funds Total (in millions) Balance at January 1, 2025 $ 65,737 $ 9,839 $ 2,538 $ 78,114 Premiums and deposits 996 526 83 1,605 Policy charges ( 1,318 ) ( 321 ) ( 5 ) ( 1,644 ) Surrenders and other benefits ( 7,347 ) ( 413 ) ( 583 ) ( 8,343 ) Investment return 8,373 1,495 179 10,047 Net transfer from (to) general account 30 48 — 78 Other charges — — 187 187 Balance at December 31, 2025 $ 66,471 $ 11,174 $ 2,399 $ 80,044 Cash surrender value $ 65,338 $ 10,463 $ 2,399 $ 78,200 10. Market Risk Benefits Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions. The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract. The Company has the following primary GMDB provisions: • Return of premium – provides purchase payments minus adjusted partial surrenders. • Reset – provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered. • Ratchet – provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders. The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision. 38 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The Company has GMWB riders in force, which contain one or more of the following provisions: • Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount. • Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”). • Withdrawals at a specified rate per year for joint contractholders while either is alive. • Withdrawals based on performance of the contract. • Withdrawals based on the age withdrawals begin. • Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken. Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value. Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero. 39 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following tables summarize the balances of and changes in market risk benefits: Three Months Ended March 31, 2026 2025 (in millions, except age) Balance at beginning of period $ ( 1,092 ) $ ( 919 ) Issuances 7 5 Interest accrual and time decay ( 21 ) ( 18 ) Reserve increase from attributed fees collected 177 181 Reserve release for benefit payments and derecognition ( 3 ) ( 2 ) Effect of changes in interest rates and bond markets ( 5 ) 269 Effect of changes in equity markets and subaccount performance 297 322 Effect of changes in equity index volatility 83 25 Actual policyholder behavior different from expected behavior 20 25 Effect of changes in future expected assumptions — ( 1 ) Effect of changes in the instrument-specific credit risk on market risk benefits ( 38 ) ( 1 ) Balance at end of period $ ( 575 ) $ ( 114 ) Reconciliation of the gross balances in an asset or liability position: Asset position $ 1,934 $ 1,742 Liability position ( 1,359 ) ( 1,628 ) Net asset (liability) position $ 575 $ 114 Guaranteed benefit amount in excess of current account balances (net amount at risk): Death benefits $ 424 $ 626 Living benefits $ 2,379 $ 2,761 Composite (greater of) $ 2,773 $ 3,318 Weighted average attained age of contractholders 70 69 Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $ 347 $ 603 Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period $ ( 37 ) $ — 40 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Year Ended December 31, 2025 (in millions, except age) Balance at beginning of period $ ( 919 ) Issuances 23 Interest accrual and time decay ( 116 ) Reserve increase from attributed fees collected 761 Reserve release for benefit payments and derecognition ( 9 ) Effect of changes in interest rates and bond markets ( 51 ) Effect of changes in equity markets and subaccount performance ( 1,006 ) Effect of changes in equity index volatility 90 Actual policyholder behavior different from expected behavior 68 Effect of changes in future expected assumptions 93 Effect of changes in the instrument-specific credit risk on market risk benefits ( 26 ) Balance at end of period $ ( 1,092 ) Reconciliation of the gross balances in an asset or liability position: Asset position $ 2,274 Liability position ( 1,182 ) Net asset (liability) position $ 1,092 Guaranteed benefit amount in excess of current account balances (net amount at risk): Death benefits $ 291 Living benefits $ 1,811 Composite (greater of) $ 2,084 Weighted average attained age of contractholders 70 Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $ ( 966 ) Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period $ ( 20 ) The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits: March 31, 2026 Fair Value Valuation Technique Significant Inputs and Assumptions Range Weighted Average (in millions) Market risk benefits $ ( 575 ) Discounted cash flow Utilization of guaranteed withdrawals (1) 0.0 % – 52.8 % 12.1 % Surrender rate (2) 0.4 % – 72.1 % 3.6 % Market volatility (3) 0.0 % – 25.9 % 12.0 % Nonperformance risk (4) 75 bps 75 bps Mortality rate (5) 0.0 % – 41.6 % 1.7 % 41 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) December 31, 2025 Fair Value Valuation Technique Significant Inputs and Assumptions Range Weighted Average (in millions) Market risk benefits $ ( 1,092 ) Discounted cash flow Utilization of guaranteed withdrawals (1) 0.0 % – 52.8 % 12.2 % Surrender rate (2) 0.4 % – 75.0 % 3.6 % Market volatility (3) 0.0 % – 24.9 % 11.2 % Nonperformance risk (4) 65 bps 65 bps Mortality rate (5) 0.0 % – 41.6 % 1.8 % (1) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals. (2) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract. (3) Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit. (4) The nonperformance risk is the spread added to the U.S. Treasury curve. (5) The weighted average mortality rate represents the average assumption weighted based on the account value of each contract. Changes to Significant Inputs and Assumptions: During the year ended December 31, 2025, the Company updated inputs and assumptions based on management’s review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations: Year ended December 31, 2025 • Updates to surrender assumptions resulted in a decrease to pretax income of $ 70 million. • Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $ 14 million. Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions. Uncertainty of Fair Value Measurements Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value. Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value. Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair value measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value. Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calendar year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value. Determination of Fair Value The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility, contractholder behavior assumptions that include margins for risk, and the Company’s nonperformance risk. These measurements are classified as Level 3. 42 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) 11. Debt The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows: Outstanding Balance Stated Interest Rate March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 (in millions) Long-term debt: Senior notes due 2026 $ 500 $ 500 2.9 % 2.9 % Senior notes due 2028 600 600 5.7 5.7 Senior notes due 2032 500 500 4.5 4.5 Senior notes due 2033 750 750 5.2 5.2 Senior notes due 2035 750 750 5.2 5.2 Other (1) ( 21 ) ( 23 ) N/A N/A Total long-term debt 3,079 3,077 Short-term borrowings: Federal Home Loan Bank (“FHLB”) advances 200 200 3.8 % 4.0 % Total $ 3,279 $ 3,277 (1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations. N/A Not Applicable Long-Term Debt The Company’s senior notes may be redeemed, in whole or in part, at any time prior to maturity at a price equal to the greater of the principal amount and the present value of remaining scheduled payments, discounted to the redemption date, plus accrued interest. Short-Term Borrowings The Company’s life insurance and bank subsidiaries are members of the FHLB of Des Moines which provides access to collateralized borrowings. The Company’s life insurance subsidiary has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $ 1.0 billion and $ 1.1 billion as of March 31, 2026 and December 31, 2025, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both March 31, 2026 and December 31, 2025. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date. The Company’s bank subsidiary had no outstanding obligations to the FHLB as of both March 31, 2026 and December 31, 2025. The Company’s bank subsidiary maintains access to collateralized borrowings from the Federal Reserve. As of both March 31, 2026 and December 31, 2025, there were no outstanding obligations to the Federal Reserve. On November 25, 2024, the Company entered into agreement to amend and restate its credit agreement that provides for an unsecured committed revolving credit facility of up to $ 1.0 billion that expires in November 2029. Under the terms of the credit agreement for the facility, the Company may increase the amount of this facility up to $ 1.25 billion upon satisfaction of certain approval requirements. As of both March 31, 2026 and December 31, 2025, the Company had no borrowings outstanding and $ 1 million of letters of credit issued against the facility. The Company’s credit facility contains various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants as of both March 31, 2026 and December 31, 2025. American Enterprise Investment Services, Inc. (“AEIS”), a subsidiary of the Company, has credit agreements for uncommitted lines of credit with third party financial institutions, having a combined credit limit of $ 500 million. As of both March 31, 2026 and December 31, 2025, AEIS had no borrowings outstanding. 43 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) 12. Fair Values of Assets and Liabilities GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale. Valuation Hierarchy The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. 44 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis (See Note 4 for the balances of assets and liabilities for consolidated investment entities): March 31, 2026 Level 1 Level 2 Level 3 Total (in millions) Assets Cash equivalents $ 3,008 $ 2,039 $ — $ 5,047 Available-for-Sale securities: Corporate debt securities — 15,650 708 16,358 Residential mortgage backed securities — 28,243 — 28,243 Commercial mortgage backed securities — 3,486 135 3,621 Asset backed securities — 3,547 1 3,548 State and municipal obligations — 663 — 663 U.S. government and agency obligations 1,522 80 — 1,602 Foreign government bonds and obligations — 1 — 1 Total Available-for-Sale securities 1,522 51,670 844 54,036 Investments at net asset value (“NAV”) 13 (1) Trading and other securities 363 23 — 386 Separate account assets at NAV 76,466 (1) Cash equivalents segregated for regulatory purposes 438 — — 438 Market risk benefits — — 1,934 1,934 (2) Receivables: Fixed deferred indexed annuity ceded embedded derivatives — — 53 53 Other assets: Interest rate derivative contracts — 155 — 155 Equity derivative contracts 323 11,198 — 11,521 Credit derivative contracts — 60 — 60 Foreign exchange derivative contracts — 22 — 22 Total other assets 323 11,435 — 11,758 Total assets at fair value $ 5,654 $ 65,167 $ 2,831 $ 150,131 Liabilities Policyholder account balances, future policy benefits and claims: Fixed deferred indexed annuity embedded derivatives $ — $ — $ 52 $ 52 IUL embedded derivatives — — 1,002 1,002 Structured variable annuity embedded derivatives — — 3,226 3,226 Total policyholder account balances, future policy benefits and claims — — 4,280 4,280 (3) Market risk benefits — — 1,359 1,359 (2) Customer deposits — 3 — 3 Other liabilities: Interest rate derivative contracts 1 214 — 215 Equity derivative contracts 372 6,358 — 6,730 Foreign exchange derivative contracts 1 3 — 4 Other 365 9 78 452 Total other liabilities 739 6,584 78 7,401 Total liabilities at fair value $ 739 $ 6,587 $ 5,717 $ 13,043 45 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) December 31, 2025 Level 1 Level 2 Level 3 Total (in millions) Assets Cash equivalents $ 2,657 $ 3,864 $ — $ 6,521 Available-for-Sale securities: Corporate debt securities — 15,131 711 15,842 Residential mortgage backed securities — 28,149 24 28,173 Commercial mortgage backed securities — 3,687 — 3,687 Asset backed securities — 3,752 1 3,753 State and municipal obligations — 677 — 677 U.S. government and agency obligations 1,359 99 — 1,458 Foreign government bonds and obligations — 1 — 1 Total Available-for-Sale securities 1,359 51,496 736 53,591 Investments at NAV 13 (1) Trading and other securities 372 21 — 393 Separate account assets at NAV 80,044 (1) Cash equivalents segregated for regulatory purposes 439 — — 439 Market risk benefits — — 2,274 2,274 (2) Receivables: Fixed deferred indexed annuity ceded embedded derivatives — — 59 59 Other assets: Interest rate derivative contracts 1 142 — 143 Equity derivative contracts 218 12,722 — 12,940 Credit derivative contracts — 15 — 15 Foreign exchange derivative contracts — 24 — 24 Total other assets 219 12,903 — 13,122 Total assets at fair value $ 5,046 $ 68,284 $ 3,069 $ 156,456 Liabilities Policyholder account balances, future policy benefits and claims: Fixed deferred indexed annuity embedded derivatives $ — $ — $ 58 $ 58 IUL embedded derivatives — — 1,042 1,042 Structured variable annuity embedded derivatives — — 3,879 3,879 Total policyholder account balances, future policy benefits and claims — — 4,979 4,979 (3) Market risk benefits — — 1,182 1,182 (2) Customer deposits — 4 — 4 Other liabilities: Interest rate derivative contracts 1 218 — 219 Equity derivative contracts 346 7,651 — 7,997 Foreign exchange derivative contracts — 1 — 1 Other 376 5 71 452 Total other liabilities 723 7,875 71 8,669 Total liabilities at fair value $ 723 $ 7,879 $ 6,232 $ 14,834 (1) Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. (2) See Note 10 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits. (3) The Company’s adjustment for nonperformance risk resulted in a $ 267 million and $ 258 million cumulative decrease to the embedded derivatives as of March 31, 2026 and December 31, 2025, respectively. 46 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis: Available-for-Sale Securities Receivables Corporate Debt Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Asset Backed Securities Total Fixed Deferred Indexed Annuity Ceded Embedded Derivatives (in millions) Balance at January 1, 2026 $ 711 $ 24 $ — $ 1 $ 736 $ 59 Total gains (losses) included in: Net income 1 — — — 1 (1) ( 3 ) Other comprehensive income (loss) ( 6 ) — — — ( 6 ) — Purchases 14 — 135 — 149 — Settlements ( 12 ) — — — ( 12 ) ( 3 ) Transfers out of Level 3 — ( 24 ) — — ( 24 ) — Balance at March 31, 2026 $ 708 $ — $ 135 $ 1 $ 844 $ 53 Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2026 $ 1 $ — $ — $ — $ 1 (1) $ — Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2026 $ ( 6 ) $ — $ — $ — $ ( 6 ) $ — Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities Fixed Deferred Indexed Annuity Embedded Derivatives IUL Embedded Derivatives Structured Variable Annuity Embedded Derivatives Total (in millions) Balance at January 1, 2026 $ 58 $ 1,042 $ 3,879 $ 4,979 $ 71 Total (gains) losses included in: Net income ( 3 ) (2) 9 (2) ( 505 ) (3) ( 499 ) — Issues — ( 17 ) 16 ( 1 ) 19 Settlements ( 3 ) ( 32 ) ( 164 ) ( 199 ) ( 12 ) Balance at March 31, 2026 $ 52 $ 1,002 $ 3,226 $ 4,280 $ 78 Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2026 $ — $ 9 (2) $ ( 505 ) (3) $ ( 496 ) $ — 47 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Available-for-Sale Securities Receivables Corporate Debt Securities Residential Mortgage Backed Securities Asset Backed Securities Total Fixed Deferred Indexed Annuity Ceded Embedded Derivatives (in millions) Balance at January 1, 2025 $ 583 $ 38 $ 126 $ 747 $ 55 Total gains (losses) included in: Net income 1 — — 1 (1) — Other comprehensive income (loss) 9 — — 9 — Purchases 49 25 — 74 — Settlements ( 13 ) — ( 20 ) ( 33 ) ( 2 ) Transfers out of Level 3 — ( 38 ) — ( 38 ) — Balance at March 31, 2025 $ 629 $ 25 $ 106 $ 760 $ 53 Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2025 $ 1 $ — $ — $ 1 (1) $ — Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2025 $ 9 $ — $ — $ 9 $ — Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities Fixed Deferred Indexed Annuity Embedded Derivatives IUL Embedded Derivatives Structured Variable Annuity Embedded Derivatives Total (in millions) Balance at January 1, 2025 $ 53 $ 1,002 $ 2,461 $ 3,516 $ 68 Total (gains) losses included in: Net income — 5 (2) ( 548 ) (3) ( 543 ) ( 6 ) (4) Issues — ( 1 ) 13 12 10 Settlements ( 2 ) ( 37 ) ( 85 ) ( 124 ) ( 7 ) Balance at March 31, 2025 $ 51 $ 969 $ 1,841 $ 2,861 $ 65 Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2025 $ — $ 5 (2) $ ( 548 ) (3) $ ( 543 ) $ — (1) Included in Net investment income. (2) Included in Interest credited to fixed accounts. (3) Included in Benefits, claims, losses and settlement expenses. (4) Included in General and administrative expense. The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 16 million and $( 16 ) million, net of the reinsurance accrual, for the three months ended March 31, 2026 and 2025, respectively. Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote. 48 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities: March 31, 2026 Fair Value Valuation Technique Unobservable Input Range Weighted Average (in millions) Corporate debt securities (private placements) $ 708 Discounted cash flow Yield/spread to U.S. Treasuries (1) 0.9 % – 1.7 % 1.2 % Asset backed securities $ 1 Discounted cash flow Annual short-term default rate (2) 3.0 % 3.0 % Annual long-term default rate (2) 3.5 % 3.5 % Discount rate 15.0 % 15.0 % Constant prepayment rate 20.0 % 20.0 % Loss recovery 60.0 % 60.0 % Fixed deferred indexed annuity ceded embedded derivatives $ 53 Discounted cash flow Surrender rate (3) 0.5 % – 93.5 % 9.0 % Fixed deferred indexed annuity embedded derivatives $ 52 Discounted cash flow Surrender rate (3) 0.5 % – 93.5 % 9.0 % Nonperformance risk (4) 75 bps 75 bps IUL embedded derivatives $ 1,002 Discounted cash flow Nonperformance risk (4) 75 bps 75 bps Structured variable annuity embedded derivatives $ 3,226 Discounted cash flow Surrender rate (3) 0.5 % – 74.5 % 2.2 % Nonperformance risk (4) 75 bps 75 bps Contingent consideration liabilities $ 78 Discounted cash flow Discount rate (5) 0.0 % – 10.5 % 2.2 % December 31, 2025 Fair Value Valuation Technique Unobservable Input Range Weighted Average (in millions) Corporate debt securities (private placements) $ 708 Discounted cash flow Yield/spread to U.S. Treasuries (1) 0.9 % – 1.6 % 1.2 % Asset backed securities $ 1 Discounted cash flow Annual short-term default rate (2) 3.0 % 3.0 % Annual long-term default rate (2) 3.5 % 3.5 % Discount rate 15.0 % 15.0 % Constant prepayment rate 20.0 % 20.0 % Loss recovery 60.0 % 60.0 % Fixed deferred indexed annuity ceded embedded derivatives $ 59 Discounted cash flow Surrender rate (3) 0.5 % – 89.8 % 5.1 % Fixed deferred indexed annuity embedded derivatives $ 58 Discounted cash flow Surrender rate (3) 0.5 % – 89.8 % 5.1 % Nonperformance risk (4) 65 bps 65 bps IUL embedded derivatives $ 1,042 Discounted cash flow Nonperformance risk (4) 65 bps 65 bps Structured variable annuity embedded derivatives $ 3,879 Discounted cash flow Surrender rate (3) 0.5 % – 75.0 % 2.0 % Nonperformance risk (4) 65 bps 65 bps Contingent consideration liabilities $ 71 Discounted cash flow Discount rate (5) 0.0 % – 10.5 % 2.4 % (1) The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities. (2) The weighted average annual default rates of asset backed securities is weighted based on the security’s market value as a percentage of the aggregate market value of the securities. (3) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract. (4) The nonperformance risk is the spread added to the U.S. Treasury curve. (5) The weighted average discount rate represents the average discount rate across all contingent consideration liabilities, weighted based on the size of the contingent consideration liability. Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company. 49 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Uncertainty of Fair Value Measurements Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the annual default rate and discount rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss recovery in isolation would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the constant prepayment rate used in the fair value measurement of Level 3 asset backed securities in isolation would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the surrender assumption used in the fair value measurement of the fixed deferred indexed annuity ceded embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement. Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value. Significant increases (decreases) in the discount rate used in the fair value measurement of the contingent consideration liability in isolation would have resulted in a significantly lower (higher) fair value measurement. Determination of Fair Value The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy. Assets Cash Equivalents Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization. Investments (Available-for-Sale Securities, Equity Securities and Trading Securities) When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques. Level 1 securities primarily include trading securities and U.S. Treasuries. Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations, U.S. government and agency obligations, foreign government securities, and trading and other securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active. Level 3 securities primarily include certain corporate bonds, residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of certain asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in certain asset backed securities is classified as Level 3. 50 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third-party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise. Separate Account Assets The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy. Cash Equivalents Segregated for Regulatory Purposes Cash equivalents segregated for regulatory purposes include U.S. Treasuries that are classified as Level 1. Receivables The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3. Other Assets Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both March 31, 2026 and December 31, 2025. See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral. Liabilities Policyholder Account Balances, Future Policy Benefits and Claims There is no active market for the transfer of the Company’s embedded derivatives attributable to the provisions of fixed deferred indexed annuity, structured variable annuity and IUL products. The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3. The embedded derivatives attributable to these provisions are recorded in Policyholder account balances, future policy benefits and claims. Customer Deposits The Company uses Black-Scholes models to determine the fair value of the embedded derivative liability associated with the provisions of its stock market certificates (“SMC”). The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2. Other Liabilities Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both March 31, 2026 and December 31, 2025. See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral. 51 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Securities sold but not yet purchased represent obligations of the Company to deliver specified securities that it does not yet own, creating a liability to purchase the security in the market at prevailing prices. When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from nationally-recognized pricing services, or other model-based valuation techniques such as the present value of cash flows. Level 1 securities sold but not yet purchased primarily include trading securities and U.S. Treasuries traded in active markets. Level 2 securities sold but not yet purchased primarily include corporate bonds. Contingent consideration liabilities consist of earn-outs and/or deferred payments related to the Company’s acquisitions. Contingent consideration liabilities are recorded at fair value utilizing a discounted cash flow model using an unobservable input (discount rate). Given the use of a significant unobservable input, the fair value of contingent consideration liabilities is classified as Level 3 within the fair value hierarchy. Fair Value on a Nonrecurring Basis The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 14 million and $ 17 million as of March 31, 2026 and December 31, 2025, respectively, and is classified as Level 3 in the fair value hierarchy. Assets and Liabilities Not Reported at Fair Value The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value: March 31, 2026 Carrying Value Fair Value Level 1 Level 2 Level 3 Total (in millions) Financial Assets Mortgage loans, net $ 2,919 $ — $ 866 $ 1,954 $ 2,820 Policy loans 1,067 — 1,067 — 1,067 Receivables 9,765 317 2,422 5,942 8,681 Restricted and segregated cash 486 486 — — 486 Other investments and assets 243 — 184 60 244 Financial Liabilities Policyholder account balances, future policy benefits and claims $ 24,076 $ — $ — $ 20,608 $ 20,608 Investment certificate reserves 7,553 — — 7,523 7,523 Banking and brokerage deposits 25,734 25,726 8 — 25,734 Separate account liabilities — investment contracts 2,662 — 2,662 — 2,662 Debt and other liabilities 3,671 371 3,325 3 3,699 52 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) December 31, 2025 Carrying Value Fair Value Level 1 Level 2 Level 3 Total (in millions) Financial Assets Mortgage loans, net $ 2,824 $ — $ 774 $ 1,979 $ 2,753 Policy loans 1,056 — 1,056 — 1,056 Receivables 9,480 201 2,274 6,012 8,487 Restricted and segregated cash 616 616 — — 616 Other investments and assets 250 — 194 57 251 Financial Liabilities Policyholder account balances, future policy benefits and claims $ 23,297 $ — $ — $ 19,636 $ 19,636 Investment certificate reserves 8,150 — — 8,128 8,128 Banking and brokerage deposits 25,611 25,596 15 — 25,611 Separate account liabilities — investment contracts 2,765 — 2,765 — 2,765 Debt and other liabilities 3,545 245 3,376 3 3,624 Receivables include deposit receivables, advisor loans, securities borrowed, margin loans and pledged asset lines of credit. Restricted and segregated cash includes cash segregated under federal and other regulations held in special reserve bank accounts for the exclusive benefit of the Company’s brokerage customers. Other investments and assets primarily include syndicated loans, credit card receivables, certificate of deposits with original or remaining maturities at the time of purchase of more than 90 days, the Company’s membership in the FHLB and investments related to the Community Reinvestment Act. See Note 6 for additional information on mortgage loans, policy loans, syndicated loans, credit card receivables and deposit receivables. Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 8 for additional information on these liabilities. Investment certificate reserves represent customer deposits for fixed rate certificates and stock market certificates. Banking and brokerage deposits are amounts payable to customers related to free credit balances, funds deposited by customers and funds accruing to customers as a result of trades or contracts. Separate account liabilities are primarily investment contracts in pooled pension funds offered by Threadneedle. Debt and other liabilities include the Company’s long-term debt, short-term borrowings, securities loaned and future funding commitments to affordable housing partnerships and other real estate partnerships. See Note 11 for further information on the Company’s long-term debt and short-term borrowings. 13. Offsetting Assets and Liabilities Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments and securities borrowing and lending agreements are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Securities borrowed and securities loaned result from transactions between the Company’s broker dealer subsidiary and other financial institutions. Securities borrowed transactions are on terms which permit the Company to pledge the securities to others, most of which are pledged under securities loaned transactions as a conduit to facilitate client transactions. Securities borrowed and securities loaned are primarily equity securities and are recorded at the amount of cash collateral advanced or received. The Company’s securities borrowed and securities loaned transactions generally do not have a fixed maturity date and may be terminated by either party under customary terms. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets. 53 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following tables present the gross and net information about the Company’s assets subject to master netting arrangements: March 31, 2026 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amounts of Assets Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments (1) Cash Collateral Securities Collateral (in millions) Derivatives: OTC $ 11,488 $ — $ 11,488 $ ( 6,786 ) $ ( 1,389 ) $ ( 3,084 ) $ 229 OTC cleared 19 — 19 ( 10 ) — — 9 Exchange-traded 251 — 251 ( 45 ) — — 206 Total derivatives 11,758 — 11,758 ( 6,841 ) ( 1,389 ) ( 3,084 ) 444 Securities borrowed 317 — 317 ( 62 ) — ( 259 ) ( 4 ) Total $ 12,075 $ — $ 12,075 $ ( 6,903 ) $ ( 1,389 ) $ ( 3,343 ) $ 440 December 31, 2025 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Amounts of Assets Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments (1) Cash Collateral Securities Collateral (in millions) Derivatives: OTC $ 12,908 $ — $ 12,908 $ ( 8,032 ) $ ( 2,486 ) $ ( 2,299 ) $ 91 OTC cleared 9 — 9 ( 9 ) — — — Exchange-traded 205 — 205 ( 41 ) — — 164 Total derivatives 13,122 — 13,122 ( 8,082 ) ( 2,486 ) ( 2,299 ) 255 Securities borrowed 202 — 202 ( 65 ) — ( 130 ) 7 Total $ 13,324 $ — $ 13,324 $ ( 8,147 ) $ ( 2,486 ) $ ( 2,429 ) $ 262 (1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements: March 31, 2026 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amounts of Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments (1) Cash Collateral Securities Collateral (in millions) Derivatives: OTC $ 6,882 $ — $ 6,882 $ ( 6,786 ) $ ( 2 ) $ ( 93 ) $ 1 OTC cleared 10 — 10 ( 10 ) — — — Exchange-traded 57 — 57 ( 45 ) — — 12 Total derivatives 6,949 — 6,949 ( 6,841 ) ( 2 ) ( 93 ) 13 Securities loaned 371 — 371 ( 62 ) — ( 313 ) ( 4 ) Total $ 7,320 $ — $ 7,320 $ ( 6,903 ) $ ( 2 ) $ ( 406 ) $ 9 54 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) December 31, 2025 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Amounts of Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments (1) Cash Collateral Securities Collateral (in millions) Derivatives: OTC $ 8,146 $ — $ 8,146 $ ( 8,032 ) $ ( 3 ) $ ( 103 ) $ 8 OTC cleared 19 — 19 ( 9 ) — — 10 Exchange-traded 52 — 52 ( 41 ) — — 11 Total derivatives 8,217 — 8,217 ( 8,082 ) ( 3 ) ( 103 ) 29 Securities loaned 244 — 244 ( 65 ) — ( 170 ) 9 Total $ 8,461 $ — $ 8,461 $ ( 8,147 ) $ ( 3 ) $ ( 273 ) $ 38 (1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables. When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral. Freestanding derivative instruments are reflected in Other assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. Securities borrowing and lending agreements are reflected in Receivables and Other liabilities, respectively. See Note 14 for additional disclosures related to the Company’s derivative instruments. 14. Derivatives and Hedging Activities Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity, foreign exchange and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations. Certain of the Company’s freestanding derivative instruments are subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 13 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral. 55 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives: March 31, 2026 December 31, 2025 Notional Gross Fair Value Notional Gross Fair Value Assets (1) Liabilities (2) Assets (1) Liabilities (2) (in millions) Derivatives not designated as hedging instruments Interest rate contracts $ 35,135 $ 155 $ 215 $ 36,011 $ 143 $ 219 Equity contracts 134,185 11,521 6,730 132,590 12,940 7,997 Credit contracts 2,920 60 — 3,297 15 — Foreign exchange contracts 2,552 22 4 2,459 24 1 Total non-designated hedges 174,792 11,758 6,949 174,357 13,122 8,217 Embedded derivatives IUL N/A — 1,002 N/A — 1,042 Fixed deferred indexed annuities and deposit receivables N/A 53 52 N/A 59 58 Structured variable annuities (3) N/A — 3,226 N/A — 3,879 SMC N/A — 3 N/A — 4 Total embedded derivatives N/A 53 4,283 N/A 59 4,983 Total derivatives $ 174,792 $ 11,811 $ 11,232 $ 174,357 $ 13,181 $ 13,200 N/A Not applicable. (1) The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables. (2) The fair value of freestanding derivative liabilities is included in Other liabilities . The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims. The fair value of the SMC embedded derivative liability is included in Customer deposits. (3) The fair value of the structured variable annuity embedded derivatives as of March 31, 2026 included $ 3.2 billion of individual contracts in a liability position and $ 22 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2025 included $ 3.9 billion of individual contracts in a liability position and $ 1 million of individual contracts in an asset position. See Note 12 for additional information regarding the Company’s fair value measurement of derivative instruments. As of March 31, 2026 and December 31, 2025, investment securities with a fair value of $ 1.8 billion and $ 1.7 billion respectively, were pledged to meet contractual obligations under derivative contracts, of which $ 98 million and $ 104 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of March 31, 2026 and December 31, 2025, investment securities with a fair value of $ 3.6 billion and $ 2.8 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $ 3.0 billion and $ 2.4 billion, respectively, may be sold, pledged or rehypothecated by the Company. As of both March 31, 2026 and December 31, 2025, the Company had sold, pledged or rehypothecated none of these securities. In addition, as of both March 31, 2026 and December 31, 2025, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets. 56 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Derivatives Not Designated as Hedges The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations: Net Investment Income Banking and Deposit Interest Expense Distribution Expenses Interest Credited to Fixed Accounts Benefits, Claims, Losses and Settlement Expenses Change in Fair Value of Market Risk Benefits General and Administrative Expense (in millions) Three Months Ended March 31, 2026 Interest rate contracts $ — $ — $ — $ — $ ( 2 ) $ ( 28 ) $ — Equity contracts 3 — 15 ( 25 ) ( 530 ) 167 1 Credit contracts — — — — — 29 — Foreign exchange contracts — — — — — 8 ( 3 ) IUL embedded derivatives — — — 23 — — — Fixed deferred indexed annuity and deposit receivables embedded derivatives — — — ( 6 ) — — — Structured variable annuity embedded derivatives — — — — 505 — — SMC embedded derivatives — — — — — — — Total gain (loss) $ 3 $ — $ 15 $ ( 8 ) $ ( 27 ) $ 176 $ ( 2 ) Three Months Ended March 31, 2025 Interest rate contracts $ — $ — $ — $ — $ 2 $ 120 $ — Equity contracts ( 2 ) ( 1 ) ( 75 ) ( 29 ) ( 674 ) 247 ( 5 ) Credit contracts — — 2 — — ( 48 ) — Foreign exchange contracts — — — — — ( 10 ) 12 IUL embedded derivatives — — — 32 — — — Fixed deferred indexed annuity and deposit receivables embedded derivatives — — — ( 1 ) — — — Structured variable annuity embedded derivatives — — — — 548 — — SMC embedded derivatives — 1 — — — — — Total gain (loss) $ ( 2 ) $ — $ ( 73 ) $ 2 $ ( 124 ) $ 309 $ 7 The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company. 57 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of March 31, 2026: Premiums Payable Premiums Receivable (in millions) 2026 (1) $ 181 $ 70 2027 20 — 2028 30 — 2029 135 — 2030 217 — 2031 16 — Total $ 599 $ 70 (1) 2026 amounts represent the amounts payable and receivable for the period from April 1, 2026 to December 31, 2026. Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received. Structured variable annuity, IUL and stock market certificate products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity, IUL and stock market certificate products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity, IUL and stock market certificate product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts. As discussed in Note 10, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures. The Company enters into futures, credit default swaps, commodity swaps, total return swaps and foreign currency forwards to manage its exposure to price risk arising from seed money investments in proprietary investment products. The Company enters into foreign currency forward contracts to economically hedge its exposure to certain foreign transactions. The Company enters into futures contracts, total return swaps and foreign currency forwards to economically hedge its exposure related to compensation plans. The Company enters into interest rate swaps to offset interest rate changes on unrealized gains or losses for certain investments. Cash Flow Hedges The Company has designated derivative instruments as a cash flow hedge for equity exposure of certain compensation-related liabilities and interest rate exposure on forecasted debt interest payments. For derivative instruments that qualify as cash flow hedges, the gains or losses on the derivative instruments are reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented within the same line item as the earnings impact of the hedged item in Interest and debt expense. For both the three months ended March 31, 2026 and 2025, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial. The estimated net amount recorded in AOCI as of March 31, 2026 that the Company expects to reclassify to earnings as a reduction to Interest and debt expense within the next twelve months is not material. Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 10 years and relates to forecasted debt interest payments. See Note 15 for a rollforward of net unrealized gains (losses) on derivatives included in AOCI related to cash flow hedges. Net Investment Hedges The Company entered into, and designated as net investment hedges in foreign operations, forward contracts to hedge a portion of the Company’s foreign currency exchange rate risk associated with its investment in Threadneedle. As the Company determined that the forward contracts are effective, the change in fair value of the derivatives is recognized in AOCI as part of the foreign currency translation adjustment. For the three months ended March 31, 2026, the Company did not recognize a gain or loss in other comprehensive income (loss) (“OCI”). For the three months ended March 31, 2025 , th e Company recognized an immaterial gain in OCI. Credit Risk Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk 58 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 13 for additional information on the Company’s credit exposure related to derivative assets. Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s debt rating (or based on the financial strength of the Company’s life insurance subsidiaries for contracts in which those subsidiaries are the counterparty). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company’s debt does not maintain a specific credit rating (generally an investment grade rating) or the Company’s life insurance subsidiaries do not maintain a specific financial strength rating. If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of March 31, 2026 and December 31, 2025, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $ 94 million and $ 104 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of March 31, 2026 and December 31, 2025 was $ 93 million and $ 103 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of March 31, 2026 and December 31, 2025 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $ 1 million as of both March 31, 2026 and December 31, 2025, 15. Shareholders’ Equity The following table presents the amounts related to each component of OCI: Three Months Ended March 31, 2026 2025 Pretax Income Tax Benefit (Expense) Net of Tax Pretax Income Tax Benefit (Expense) Net of Tax (in millions) Net unrealized gains (losses) on securities: Net unrealized gains (losses) on securities arising during the period (1) $ ( 492 ) $ 107 $ ( 385 ) $ 491 $ ( 110 ) $ 381 Reclassification of net (gains) losses on securities included in net income (2) ( 3 ) 1 ( 2 ) ( 5 ) 1 ( 4 ) Impact of benefit reserves and reinsurance recoverables 6 ( 1 ) 5 ( 4 ) 1 ( 3 ) Net unrealized gains (losses) on securities ( 489 ) 107 ( 382 ) 482 ( 108 ) 374 Net unrealized gains (losses) on derivatives: Net unrealized gains (losses) on derivatives arising during the period — — — ( 10 ) 2 ( 8 ) Net unrealized gains (losses) on derivatives — — — ( 10 ) 2 ( 8 ) Effect of changes in discount rate assumptions on certain long-duration contracts 83 ( 18 ) 65 ( 38 ) 8 ( 30 ) Effect of changes in instrument-specific credit risk on MRBs 38 ( 8 ) 30 1 — 1 Foreign currency translation ( 28 ) 2 ( 26 ) 52 — 52 Total other comprehensive income (loss) $ ( 396 ) $ 83 $ ( 313 ) $ 487 $ ( 98 ) $ 389 (1) Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period. (2) Reclassification amounts are recorded in Net investment income. Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates. 59 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following table presents the changes in the balances of each component of AOCI, net of tax: Net Unrealized Gains (Losses) on Securities Net Unrealized Gains (Losses) on Derivatives Effect of Changes in Discount Rate Assumptions on Certain Long-Duration Contracts Effect of Changes in Instrument-Specific Credit Risk on MRBs Defined Benefit Plans Foreign Currency Translation Other Total (in millions) Balance at January 1, 2026 $ ( 508 ) $ ( 4 ) $ ( 45 ) $ ( 127 ) $ ( 31 ) $ ( 177 ) $ — $ ( 892 ) OCI before reclassifications ( 380 ) — 65 30 — ( 26 ) — ( 311 ) Amounts reclassified from AOCI ( 2 ) — — — — — — ( 2 ) Total OCI ( 382 ) — 65 30 — ( 26 ) — ( 313 ) Balance at March 31, 2026 $ ( 890 ) $ ( 4 ) $ 20 $ ( 97 ) $ ( 31 ) $ ( 203 ) $ — $ ( 1,205 ) Balance at January 1, 2025 $ ( 1,452 ) $ 5 $ 27 $ ( 147 ) $ ( 45 ) $ ( 295 ) $ ( 1 ) $ ( 1,908 ) OCI before reclassifications 378 ( 8 ) ( 30 ) 1 — 52 — 393 Amounts reclassified from AOCI ( 4 ) — — — — — — ( 4 ) Total OCI 374 ( 8 ) ( 30 ) 1 — 52 — 389 Balance at March 31, 2025 $ ( 1,078 ) $ ( 3 ) $ ( 3 ) $ ( 146 ) $ ( 45 ) $ ( 243 ) $ ( 1 ) $ ( 1,519 ) For the three months ended March 31, 2026 and 2025, the Company repurchased a total of 1.6 million shares and 1.2 million shares, respectively, of its common stock for an aggregate cost of $ 784 million and $ 617 million, respectively. On April 22, 2025, the Company’s Board of Directors authorized $ 4.5 billion for the repurchase of the Company’s common stock through June 30, 2027. As of March 31, 2026, the Company had $ 1.8 billion remaining under this share repurchase authorization. The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises. The holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligation. These vested restricted shares are reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase. For the three months ended March 31, 2026 and 2025, the Company reacquired 0.2 million shares, in both periods, of its common stock through the surrender of shares upon vesting and paid in the aggregate $ 84 million and $ 122 million, respectively, related to the holders’ income tax obligations on the vesting date. Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised. These shares are reacquired by the Company and recorded as treasury shares. For the three months ended March 31, 2026 and 2025, the Company reacquired 0.1 million shares, in both periods, of its common stock through the net settlement of options for an aggregate value of $ 30 million and $ 28 million, respectively. During the three months ended March 31, 2026 and 2025, the Company reissued 0.5 million and 0.6 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans. 16. Income Taxes The Company’s effective tax rate was 20.0 % and 15.1 % for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate for the three months ended March 31, 2026 was lower than the statutory rate as a result of tax preferred items including incentive compensation and foreign tax credits, net of addback, partially offset by state income taxes, net of federal income tax effect. The effective tax rate for the three months ended March 31, 2025 was lower than the statutory rate as a result of tax preferred items including incentive compensation and foreign tax credits, net of addback, partially offset by state income taxes, net of federal income tax effect and unrecognized tax benefits. 60 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The increase in the effective tax rate for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to higher pretax income in the current period compared to the prior year period and the related impact on tax preferred items and a decrease in the benefit for incentive compensation. Included in the Company’s deferred income tax assets are tax benefits related to foreign net operating losses of $ 48 million, which do not expire, corporate alternative minimum tax (“CAMT”) credit carryforwards of $ 60 million, which do not expire, and state net operating losses of $ 34 million, net of federal income tax effect, which will expire beginning December 31, 2026. The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Based on analysis of the Company’s tax position as of March 31, 2026, management believes it is more likely than not that the Company will not realize certain state net operating losses of $ 29 million, state deferred tax assets of $ 2 million (both net of federal income tax effect), and foreign net operating losses of $ 33 million; therefore, a valuation allowance has been established. The valuation allowance was $ 64 million and $ 65 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, the Company had $ 169 million and $ 168 million, respectively, of gross unrecognized tax benefits. If recognized, approximately $ 140 million and $ 137 million, net of federal income tax effect, of unrecognized tax benefits as of March 31, 2026 and December 31, 2025, respectively, would affect the effective tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $ 4 million and $ 7 million in interest and penalties for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, the Company had a payable of $ 59 million and $ 55 million, respectively, related to accrued interest and penalties. The Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The federal statutes of limitations are closed on years through 2018, except for two issues for 2016 which were claimed on an amended return. During 2025, the Internal Revenue Service (“IRS”) finalized the audit of tax years 2019 and 2020, except for one issue for 2020, which remains open. The IRS is currently auditing the Company’s U.S income tax returns for 2021 through 2023. The Company’s state income tax returns are currently under examination by various jurisdictions for years ranging from 2018 through 2024. The Company is an applicable corporation required to compute CAMT, however, as of March 31, 2026, based on current estimates, the Company does not expect to be liable for CAMT in 2026. This estimate is based on interpretations and assumptions of available guidance, including proposed regulations and notices, that the Company has made regarding the CAMT provisions of the Inflation Reduction Act of 2022. In December 2021, the Organization for Economic Co-operation and Development published the Pillar Two model rules which introduce new taxing mechanisms aimed at ensuring multinational enterprises pay a minimum level of tax on profits from each jurisdiction in which they operate. As of March 31, 2026, the tax impact was not material to the consolidated financial statements. The Company continues to monitor the adoption and implementation of these rules and evaluate the potential impact on its consolidated financial statements. The legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025. The corporate tax law changes resulting from the OBBBA did not have a material impact to the Company’s consolidated financial statements as of March 31, 2026 and, based on current guidance, the Company does not expect to record any material impacts in the future. 61 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) 17. Contingencies Contingencies The Company and its subsidiaries are involved, in the normal course of business, in legal proceedings, which include regulatory inquiries, arbitration and litigation (including class actions), concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, leases and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the financial services industry generally. As with other financial services firms, the level of regulatory activity concerning the Company’s businesses remains elevated. From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by the SEC, the Financial Industry Regulatory Authority, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the U.K. Financial Conduct Authority, the Federal Reserve Board, state insurance and securities regulators, state attorneys general and various other domestic and foreign governmental and quasi-governmental authorities on behalf of themselves or clients concerning the Company’s business activities and practices, and the practices of the Company’s financial advisors. The Company is cooperating with the applicable regulators. The Company typically has numerous pending matters that include information requests, exams, inquiries or disputes regarding certain subjects, including from time to time: sales and distribution of, and disclosure practices related to, mutual and other pooled funds, exchange traded funds, private funds, segregated accounts, annuities, equity and fixed income securities, real estate investment trusts, insurance products, banking products, brokerage offerings, including money settlement options, and financial advice offerings, including managed accounts; wholesaler activity; supervision of the Company’s financial advisors and other associated persons; administration of insurance and annuity claims; security of client information; trading activity and the Company’s monitoring and supervision of such activity; recordkeeping requirements; and transaction monitoring systems and controls. These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the Company’s consolidated results of operations, financial condition, or liquidity. In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter. Guaranty Fund Assessments RiverSource Life Insurance Company (“RiverSource Life”) and RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”) are required by law to be a member of the guaranty fund association in every state where they are licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated. The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of both March 31, 2026 and December 31, 2025, the estimated liability was $ 13 million. As of both March 31, 2026 and December 31, 2025, the related premium tax asset was $ 11 million. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known. 62 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) 18. Earnings per Share The computations of basic and diluted earnings per share were as follows: Three Months Ended March 31, 2026 2025 (in millions, except per share amounts) Numerator: Net income $ 915 $ 583 Denominator: Basic: Weighted-average common shares outstanding 93.3 98.5 Effect of potentially dilutive nonqualified stock options and other share-based awards 1.2 1.5 Diluted: Weighted-average common shares outstanding 94.5 100.0 Earnings per share: Basic $ 9.81 $ 5.92 Diluted $ 9.68 $ 5.83 The calculation of diluted earnings per share includes the dilutive effect of the assumed exercise or issuance of stock-based awards using the treasury stock method. The calculation excludes the incremental effect of 0.2 million and 0.1 million options for the three months ended March 31, 2026 and 2025, respectively, due to their anti-dilutive effect. 19. Segment Information The Company’s four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other. The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis. Management uses segment adjusted operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, adjusted operating earnings is the Company’s measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis. Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted operating expenses exclude net realized investment gains or losses (net of reinsurance accrual); the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and reinsurance accrual; mean reversion related impacts (the impact on VUL products for the difference between assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs. 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. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosure s, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the RiverSource Life companies’ nonperformance spread. 63 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements: March 31, 2026 December 31, 2025 (in millions) Advice & Wealth Management $ 40,171 $ 40,038 Asset Management 6,548 6,723 Retirement & Protection Solutions 122,100 127,778 Corporate & Other 15,629 16,365 Total assets $ 184,448 $ 190,904 Three Months Ended March 31, 2026 2025 (in millions) Adjusted operating net revenues: Advice & Wealth Management $ 3,175 $ 2,782 Asset Management 910 846 Retirement & Protection Solutions 952 926 Corporate & Other 103 104 Elimination of segment revenues (1) ( 366 ) ( 349 ) Total segment adjusted operating net revenues 4,774 4,309 Adjustments: Net realized investment gains (losses) ( 5 ) ( 2 ) Market impact on non-traditional long-duration products 2 5 Revenue attributable to consolidated investment entities 41 42 Total net revenues per consolidated statements of operations $ 4,812 $ 4,354 (1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2026 and 2025 in each segment as follows: Advice & Wealth Management ($ 239 million and $ 222 million, respectively); Asset Management ($ 23 million and $ 26 million, respectively); Retirement & Protection Solutions ($ 108 million and $ 109 million, respectively); and Corporate & Other ($( 4 ) million and $( 8 ) million, respectively). Three Months Ended March 31, 2026 2025 (in millions) Adjusted operating earnings: Advice & Wealth Management $ 951 $ 792 Asset Management 273 241 Retirement & Protection Solutions 190 215 Corporate & Other ( 81 ) ( 97 ) Total segment adjusted operating earnings 1,333 1,151 Adjustments: Net realized investment gains (losses) ( 5 ) ( 2 ) Market impact on non-traditional long-duration products ( 184 ) ( 460 ) Net income (loss) attributable to consolidated investment entities — ( 2 ) Pretax income per consolidated statements of operations $ 1,144 $ 687 64 Index AMERIPRISE FINANCIAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) Adjusted operating earnings includes the following significant expense categories: Three Months Ended March 31, 2026 Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other (in millions) Expenses: Distribution expenses $ 1,770 $ 262 $ 132 $ ( 2 ) Interest credited to fixed accounts — — 93 50 Benefits, claims, losses and settlement expenses — — 235 53 Remeasurement (gains) losses of future policy benefit reserves — — ( 2 ) 1 Change in fair value of market risk benefits — — 155 — Amortization of deferred acquisition costs — 2 58 1 Interest and debt expense 15 4 10 24 General and administrative expense 439 369 81 57 Total expenses $ 2,224 $ 637 $ 762 $ 184 Three Months Ended March 31, 2025 Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other (in millions) Expenses: Distribution expenses $ 1,554 $ 246 $ 123 $ ( 2 ) Interest credited to fixed accounts — — 92 51 Benefits, claims, losses and settlement expenses — — 211 56 Remeasurement (gains) losses of future policy benefit reserves — — ( 3 ) ( 7 ) Change in fair value of market risk benefits — — 143 — Amortization of deferred acquisition costs — 2 57 2 Interest and debt expense 12 3 8 28 General and administrative expense 424 354 80 73 Total expenses $ 1,990 $ 605 $ 711 $ 201 65 Index AMERIPRISE FINANCIAL, INC.