What changed in this filing

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Item 1. Financial Statements

2026-08-04 compared with 2026-05-07 · 526 added, 223 removed, 2220 unchanged (25% of the section changed)

1 unchanged sentence

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share amounts)

26 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

3 unchanged sentences

Net unrealized gains (losses) on derivatives

— ( 1 ) — ( 9 )

Effect of changes in discount rate assumptions on certain long-duration contracts ( 5 ) ( 12 ) 60 ( 42 )

1 unchanged sentence

Foreign currency translation adjustment

( 12 ) 103 ( 38 ) 155

Total other comprehensive income (loss), net of tax

( 71 ) 283 ( 384 ) 672

Total comprehensive income (loss) $ 1,042 $ 1,343 $ 1,644 $ 2,315

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions, except share amounts)

49 unchanged sentences

(in millions, except share amounts)

Balances at April 1, 2026

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

Net income — — — 1,113 — — 1,113

Other comprehensive income (loss), net of tax — — — — — ( 71 ) ( 71 )

Dividends to shareholders — — — ( 158 ) — — ( 158 )

Repurchase of common shares ( 1,728,659 ) — — — ( 800 ) — ( 800 )

Share-based compensation plans 97,172 — 50 — 20 — 70

Balances at June 30, 2026

88,448,832 $ 3 $ 10,487 $ 29,380 $ ( 32,228 ) $ ( 1,276 ) $ 6,366

Balances at April 1, 2025

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

Net income — — — 1,060 — — 1,060

Other comprehensive income (loss), net of tax — — — — — 283 283

Dividends to shareholders — — — ( 158 ) — — ( 158 )

Repurchase of common shares ( 1,196,366 ) — — — ( 592 ) — ( 592 )

Share-based compensation plans 68,116 — 63 — — — 63

Balances at June 30, 2025

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

Balances at January 1, 2026

6 unchanged sentences

Share-based compensation plans 749,612 — 110 — 59 — 169

Balances at March 31, 2026

Balances at June 30, 2026

88,448,832 $ 3 $ 10,487 $ 29,380 $ ( 32,228 ) $ ( 1,276 ) $ 6,366

6 unchanged sentences

Share-based compensation plans 843,204 — 110 — 71 — 181

Balances at March 31, 2025

Balances at June 30, 2025

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

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended March 31,

Six Months Ended June 30,

(in millions)

Cash Flows from Operating Activities

$ 2,028 $ 1,643

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

Depreciation, amortization and accretion, net

Deferred income tax expense (benefit)

( 14 ) ( 54 )

Deferred income tax expense (benefit)

Share-based compensation

27 unchanged sentences

Purchase of other investments

( 31 ) ( 41 )

Purchase of investments by consolidated investment entities

12 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)

Three Months Ended March 31,

Six Months Ended June 30,

(in millions)

2 unchanged sentences

Proceeds from additions

$ 1,609 $ 1,752

Maturities, withdrawals and cash surrenders

8 unchanged sentences

Cash paid for purchased options with deferred premiums

( 113 ) ( 40 )

Cash received for purchased options with deferred premiums

19 unchanged sentences

Leased assets obtained in exchange for operating lease liabilities

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions)

60 unchanged sentences

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

Three Months Ended June 30, 2026

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

27 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

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

6 unchanged sentences

Model delivery — 23 — — 23 — 23

Advisory fees 1,517 — — — 1,517 — 1,517

Financial planning fees 120 — — — 120 — 120

Transaction and other fees 100 50 12 — 162 — 162

Total management and financial advice fees 1,737 719 12 — 2,468 — 2,468

Distribution fees:

Mutual funds 212 53 — — 265 — 265

Insurance and annuity 258 38 81 — 377 — 377

Off-balance sheet brokerage cash

25 — — — 25 — 25

Other products 108 — — — 108 — 108

Total distribution fees 603 91 81 — 775 — 775

Other revenues 71 3 — 1 75 — 75

Total revenue from contracts with customers 2,411 813 93 1 3,318 — 3,318

Revenue from other sources (1)

511 17 843 123 1,494 44 1,538

Total segment gross revenues 2,922 830 936 124 4,812 44 4,856

Banking and deposit interest expense ( 115 ) — — ( 8 ) ( 123 ) — ( 123 )

Total segment net revenues 2,807 830 936 116 4,689 44 4,733

Elimination of intersegment revenues ( 228 ) ( 25 ) ( 108 ) 7 ( 354 ) ( 4 ) ( 358 )

Total net revenues $ 2,579 $ 805 $ 828 $ 123 $ 4,335 $ 40 $ 4,375

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Six Months Ended June 30, 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 $ — $ 1,160 $ — $ — $ 1,160 $ — $ 1,160

Institutional — 294 — — 294 — 294

Model delivery — 54 — — 54 — 54

Advisory fees 3,656 — — — 3,656 — 3,656

6 unchanged sentences

Off-balance sheet brokerage cash 47 — — — 47 — 47

Other products 279 — — — 279 — 279

Total distribution fees 1,348 205 170 — 1,723 — 1,723

Other revenues 155 9 — — 164 — 164

Total revenue from contracts with customers 5,604 1,829 200 — 7,633 — 7,633

Revenue from other sources (1)

964 28 1,727 225 2,944 88 3,032

Total segment gross revenues 6,568 1,857 1,927 225 10,577 88 10,665

Banking and deposit interest expense ( 147 ) — — ( 8 ) ( 155 ) — ( 155 )

Total segment net revenues 6,421 1,857 1,927 217 10,422 88 10,510

Elimination of intersegment revenues ( 493 ) ( 46 ) ( 218 ) 8 ( 749 ) ( 9 ) ( 758 )

Total net revenues $ 5,928 $ 1,811 $ 1,709 $ 225 $ 9,673 $ 79 $ 9,752

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Six Months Ended June 30, 2025

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

Revenue Total

(in millions)

Management and financial advice fees:

Asset management fees:

Retail $ — $ 1,045 $ — $ — $ 1,045 $ — $ 1,045

Institutional — 265 — — 265 — 265

Model delivery

— 45 — — 45 — 45

Advisory fees 3,032 — — — 3,032 — 3,032

Financial planning fees 230 — — — 230 — 230

Transaction and other fees 194 100 27 — 321 — 321

Total management and financial advice fees 3,456 1,455 27 — 4,938 — 4,938

Distribution fees:

Mutual funds 426 108 — — 534 — 534

Insurance and annuity 501 77 163 — 741 — 741

Off-balance sheet brokerage cash

61 — — — 61 — 61

Other products 228 — — — 228 — 228

48 unchanged sentences

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

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

Contract liabilities for financial planning fees, which are included in Other liabilities, was $ 184 million and $ 187 million as of June 30, 2026 and December 31, 2025, respectively.

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

1 unchanged sentence

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

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

Capitalized costs to obtain these contracts are reported in Other assets and were $ 147 million and $ 150 million as of June 30, 2026 and December 31, 2025, respectively.

Transaction and Other Fees

7 unchanged sentences

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

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

Contract liabilities for custodial service fees, which are included in Other liabilities, were $ 23 million and nil as of June 30, 2026 and December 31, 2025, respectively.

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

18 unchanged sentences

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.

These fees are invoiced and collected on a monthly basis.

Off-Balance Sheet Brokerage Cash

25 unchanged sentences

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

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

Receivables related to revenues from contracts with customers were $ 499 million and $ 590 million as of June 30, 2026 and December 31, 2025, respectively.

Variable Interest Entities

4 unchanged sentences

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

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

The Company has unfunded commitments related to consolidated CLOs of $ 6 million as of both June 30, 2026 and December 31, 2025.

AMERIPRISE FINANCIAL, INC.

22 unchanged sentences

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

The carrying value of other non-consolidated VIEs was $ 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 carrying value of other non-consolidated VIEs was $ 87 million and $ 105 million as of June 30, 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 June 30, 2026 and December 31, 2025.

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

16 unchanged sentences

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

March 31, 2026

June 30, 2026

Level 1 Level 2 Level 3 Total

20 unchanged sentences

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

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

The estimated fair value of the CLOs’ debt was $ 2.5 billion and $ 2.6 billion as of June 30, 2026 and December 31, 2025, respectively.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

1 unchanged sentence

(in millions)

Balance at April 1, 2026

Total gains (losses) included in:

Net income 2 (1)

Settlements ( 1 )

Transfers into Level 3 12

Transfers out of Level 3 ( 95 )

Balance at June 30, 2026

Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2026

Syndicated Loans

(in millions)

Balance at April 1, 2025

Settlements ( 1 )

Transfers into Level 3 61

Transfers out of Level 3 ( 58 )

Balance at June 30, 2025

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

Syndicated Loans

(in millions)

Balance at January 1, 2026

3 unchanged sentences

Transfers out of Level 3

Balance at March 31, 2026

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

Balance at June 30, 2026

AMERIPRISE FINANCIAL, INC.

7 unchanged sentences

Transfers out of Level 3

Balance at March 31, 2025

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

( 1 ) ( 126 )

Balance at June 30, 2025

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

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.

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

All Level 3 measurements as of June 30, 2026 and December 31, 2025 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

18 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions)

11 unchanged sentences

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

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

The estimated fair value of the CLOs’ debt was $ 2.5 billion and $ 2.6 billion as of June 30, 2026 and December 31, 2025, respectively.

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

1 unchanged sentence

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

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for 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

June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025

(in millions)

4 unchanged sentences

The following is a summary of Ameriprise Financial investments:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions)

9 unchanged sentences

The following is a summary of Net investment income:

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

Available-for-Sale securities (1)

$ 647 $ 659 $ 1,284 $ 1,301

Net realized gains (losses) ( 10 ) ( 16 ) ( 7 ) ( 11 )

1 unchanged sentence

Other investments and receivables (1)

200 195 397 379

Total $ 893 $ 891 $ 1,765 $ 1,759

1 unchanged sentence

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

March 31, 2026

June 30, 2026

Description of Securities

9 unchanged sentences

Total $ 55,449 $ 422 $ ( 1,488 ) $ ( 1 ) $ 54,382

Description of Securities December 31, 2025

Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value

December 31, 2025

Description of Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value

(in millions)

7 unchanged sentences

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.

As of June 30, 2026 and December 31, 2025, accrued interest of $ 356 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 June 30, 2026 and December 31, 2025, fixed maturity securities comprised approximately 91 % and 92 %, respectively, of Ameriprise Financial investments.

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

1 unchanged sentence

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

As of 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.

As of June 30, 2026 and December 31, 2025, the Company’s internal analysts rated $ 889 million and $ 662 million, respectively, of securities using criteria similar to those used by NRSROs.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

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

7 unchanged sentences

Total fixed maturities $ 55,449 $ 54,382 100 % $ 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.

As of June 30, 2026 and December 31, 2025, approximately 87 % and 86 % of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively.

No holdings of any issuer were greater than 10% of the Company’s total equity as of both June 30, 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

Description of Securities June 30, 2026

Less than 12 Months 12 Months or More Total

21 unchanged sentences

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.

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 six months ended June 30, 2026 is primarily attributable to the impact of higher interest rates.

As of June 30, 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.

As of June 30, 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:

1 unchanged sentence

(in millions)

Balance at April 1, 2026

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

Balance at June 30, 2026

Balance at April 1, 2025

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

Balance at June 30, 2025

Balance at January 1, 2026

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

Balance at March 31, 2026

Balance at June 30, 2026

Balance at January 1, 2025

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

Balance at March 31, 2025

Balance at June 30, 2025

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

2 unchanged sentences

Credit reversals (losses) — — 4 —

Other impairments ( 12 ) — ( 12 ) —

Total $ ( 9 ) $ ( 15 ) $ ( 6 ) $ ( 10 )

Other impairments for the three and six months ended June 30, 2026 are related to Available-for-Sale securities which the Company intends to sell (tender).

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:

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Available-for-Sale securities by contractual maturity as of June 30, 2026 were as follows:

Amortized Cost Fair Value

12 unchanged sentences

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Financing Receivables

8 unchanged sentences

Charge-offs ( 1 ) ( 1 ) ( 2 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 45 $ 12 $ 57

3 unchanged sentences

Charge-offs — ( 2 ) ( 2 )

Balance at March 31, 2025

Balance at June 30, 2025

$ 37 $ 10 $ 47

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.

As of June 30, 2026 and December 31, 2025, accrued interest on commercial loans was $ 23 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.

During the three months ended June 30, 2026 and 2025, the Company purchased $ 1 million and $ 13 million, respectively, of syndicated loans, and sold nil and $ 1 million , respectively, of syndicated loans.

During the six months ended June 30, 2026 and 2025, the Company purchased $ 4 million and $ 17 million, respectively, of syndicated loans, and sold $ 6 million and $ 4 million, respectively, of syndicated loans.

During the three months ended June 30, 2026 and 2025, the Company purchased $ 216 million and $ 76 million , respectively, of residential mortgage loans.

During the six months ended June 30, 2026 and 2025, the Company purchased $ 375 million and $ 116 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.

Nonperforming loans were $ 15 million and $ 13 million as of June 30, 2026 and December 31, 2025, respectively.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Commercial Loans

3 unchanged sentences

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

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

Commercial mortgage loans which management has assigned its highest risk rating were less than 1 % of total commercial mortgage loans as of both June 30, 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.

There were no commercial mortgage loans past due as of both June 30, 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

June 30, 2026

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

6 unchanged sentences

Total $ 154 $ 255 $ 175 $ 69 $ 102 $ 1,351 $ 2,106

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

December 31, 2025

12 unchanged sentences

Loans Percentage

March 31, 2026

June 30, 2026

December 31, 2025

March 31, 2026

June 30, 2026

December 31, 2025

10 unchanged sentences

$ 2,106 $ 2,039 100 % 100 %

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

Loans Percentage

March 31, 2026

June 30, 2026

December 31, 2025

March 31, 2026

June 30, 2026

December 31, 2025

9 unchanged sentences

Syndicated Loans

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

The investment in syndicated loans as of June 30, 2026 and December 31, 2025 was $ 74 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.

There were no syndicated loans past due as of both June 30, 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.

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

June 30, 2026

Internal Risk Rating 2026 2025 2024 2023 2022 Prior Total

20 unchanged sentences

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

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

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 June 30, 2026 and December 31, 2025, respectively.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

March 31, 2026

June 30, 2026

Termination Status 2026 2025 2024 2023 2022 Prior Total

14 unchanged sentences

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Residential mortgage loans over 30 days past due were $ 6 million and $ 8 million as of June 30, 2026 and December 31, 2025, respectively.

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

FICO Score March 31, 2026

FICO Score June 30, 2026

2025 2024 2023 2022 Prior

18 unchanged sentences

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

March 31, 2026

June 30, 2026

December 31, 2025

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

Total $ 1,079 $ 799 100 % 100 %

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Credit Card Receivables

3 unchanged sentences

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

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

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

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

March 31, 2026

June 30, 2026

December 31, 2025

7 unchanged sentences

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

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

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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.

The margin loans balance was $ 1.4 billion and $ 1.3 billion as of June 30, 2026 and December 31, 2025, respectively.

The Company monitors collateral, which had a fair value of $ 1.8 billion and $ 1.7 billion as of June 30, 2026 and December 31, 2025, respectively, supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss.

As of both June 30, 2026 and December 31, 2025, there was 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 $ 725 million and $ 478 million had been pledged at the Options Clearing Corporation as of June 30, 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 pledged asset lines of credit balance was $ 1.3 billion and $ 1.0 billion as of June 30, 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.

As of both June 30, 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 were $ 5.1 billion and $ 5.4 billion as of June 30, 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.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Deferred Acquisition Costs and Deferred Sales Inducement Costs

6 unchanged sentences

Amortization ( 54 ) ( 22 ) ( 3 ) — ( 4 ) ( 23 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 1,271 $ 355 $ 20 $ 3 $ 92 $ 578

5 unchanged sentences

Amortization ( 7 ) — ( 1 ) ( 1 ) ( 4 ) ( 119 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 191 $ 1 $ 13 $ 16 $ 63 2,603

Other broker-dealer acquisition costs 3

Balance at March 31, 2026 including broker dealer acquisition costs

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Balance at June 30, 2026 including broker-dealer acquisition costs

Variable Annuities Structured Variable Annuities Fixed Annuities Fixed Indexed Annuities Universal Life Insurance Variable Universal Life Insurance

22 unchanged sentences

Amortization ( 5 ) ( 1 ) ( 6 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 105 $ 7 $ 112

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Variable Annuities Fixed Annuities Total,

7 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions)

9 unchanged sentences

Total policyholder account balances, future policy benefits and claims $ 49,199 $ 46,498

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Variable Annuities

6 unchanged sentences

Structured Variable Annuities

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

Structured variable annuities allow contractholders to allocate a portion of their account value to an indexed account held in a non-insulated separate account.

The contractholder’s rate of return is tied to selected market indices and may be positive or negative, 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.

10 unchanged sentences

See Note 14 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Insurance Liabilities

11 unchanged sentences

Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The balances of and changes in policyholder account balances were as follows:

10 unchanged sentences

Interest credited 52 1 91 7 7

Balance at March 31, 2026

Balance at June 30, 2026

$ 3,173 $ 24,533 $ 4,729 $ 268 $ 427

13 unchanged sentences

Interest credited 22 35 105 8 328

Balance at March 31, 2026

Balance at June 30, 2026

$ 1,313 $ 1,746 $ 3,137 $ 420 $ 39,746

45 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of 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.

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of June 30, 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

June 30, 2026

Account Values with Crediting Rates

148 unchanged sentences

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

Balance at March 31, 2026

Balance at June 30, 2026

$ — $ 794 $ 37 $ 926 $ 1,757

12 unchanged sentences

Effect of changes in discount rate assumptions ( 63 ) ( 31 ) 10 ( 161 ) ( 245 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 1,249 $ 1,343 $ 481 $ 6,099 $ 9,172

57 unchanged sentences

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

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

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

8 unchanged sentences

Impact of change in net unrealized (gains) losses on securities ( 4 ) — ( 1 ) ( 5 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 1,451 $ 81 $ 9 $ 1,541

17 unchanged sentences

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

Three Months Ended March 31,

Six Months Ended June 30,

Gross Premiums Interest Expense

22 unchanged sentences

Amortization ( 1 ) ( 12 ) ( 13 ) ( 26 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 25 $ 338 $ 326 $ 689

7 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions)

20 unchanged sentences

Other charges — — ( 38 ) ( 38 )

Balance at March 31, 2026

Balance at June 30, 2026

$ 66,694 $ 12,102 $ 2,194 $ 80,990

46 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except age)

22 unchanged sentences

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

$ 39 $ — $ 3 $ —

AMERIPRISE FINANCIAL, INC.

25 unchanged sentences

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

March 31, 2026

June 30, 2026

Fair Value Valuation Technique Significant Inputs and Assumptions Range Weighted

54 unchanged sentences

Outstanding Balance Stated Interest Rate

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

June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025

(in millions)

6 unchanged sentences

Senior notes due 2033 750 750 5.2 5.2

Senior notes due 2035

750 750 5.2 5.2

Senior notes due 2036 450 — 5.4 —

( 27 ) ( 23 ) N/A N/A

7 unchanged sentences

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

On June 9, 2026, the Company issued the following unsecured senior notes:

Principal Issued

Interest Rate Debt Issuance Costs

(in millions) (in millions)

Senior notes due on June 15, 2031 $ 300 4.80 % $ 3

Senior notes due on June 15, 2036 $ 450 5.35 % $ 4

Interest payments on both series are due semi-annually in arrears on June 15 and December 15, which commences on December 15, 2026.

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 Company’s life insurance subsidiary has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $ 1.1 billion as of both June 30, 2026 and December 31, 2025.

The remaining maturity of outstanding FHLB advances was less than three months as of both June 30, 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 had no outstanding obligations to the FHLB as of both June 30, 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.

As of both June 30, 2026 and December 31, 2025, there were no outstanding obligations to the Federal Reserve.

On November 25, 2024, the Company entered into an 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.

As of both June 30, 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.

The Company was in compliance with all such covenants as of both June 30, 2026 and December 31, 2025.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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 $ 750 million.

As of both June 30, 2026 and December 31, 2025, AEIS had no borrowings outstanding.

Fair Values of Assets and Liabilities

13 unchanged sentences

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

March 31, 2026

June 30, 2026

Level 1 Level 2 Level 3 Total

33 unchanged sentences

Equity derivative contracts 607 9,243 — 9,850

Credit derivative contracts — 1 — 1

Foreign exchange derivative contracts — 3 — 3

46 unchanged sentences

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

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

(3) The Company’s adjustment for nonperformance risk resulted in a $ 272 million and $ 258 million cumulative decrease to the embedded derivatives as of June 30, 2026 and December 31, 2025, respectively.

AMERIPRISE FINANCIAL, INC.

2 unchanged sentences

Available-for-Sale Securities Receivables

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

(in millions)

Balance at April 1, 2026

$ 708 $ 135 $ 1 $ 844 $ 53

Total gains (losses) included in:

Net income — — — — 4

Other comprehensive income (loss) ( 3 ) — — ( 3 ) —

Purchases 94 — — 94 —

Settlements ( 2 ) — — ( 2 ) ( 3 )

Transfers out of Level 3 — ( 135 ) — ( 135 ) —

Balance at June 30, 2026

$ 797 $ — $ 1 $ 798 $ 54

Changes in unrealized gains (losses) in net income relating to assets held at June 30, 2026

$ 1 $ — $ — $ 1 (1) $ —

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at June 30, 2026

$ ( 4 ) $ — $ — $ ( 4 ) $ —

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 April 1, 2026

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

Total (gains) losses included in:

Net income 4 (2) 134 (2) 1,993 (3) 2,131 —

Issues — ( 16 ) 54 38 13

Settlements ( 3 ) ( 35 ) ( 325 ) ( 363 ) ( 9 )

Balance at June 30, 2026

$ 53 $ 1,085 $ 4,948 $ 6,086 $ 82

Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2026

$ — $ 134 (2) $ 1,993 (3) $ 2,127 $ —

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 April 1, 2025

$ 629 $ 25 $ 106 $ 760 $ 53

Total gains (losses) included in:

Net income — — — — 5

Other comprehensive income (loss) 5 — — 5 —

Purchases 82 — — 82 —

Settlements ( 8 ) ( 2 ) ( 26 ) ( 36 ) ( 1 )

Balance at June 30, 2025

$ 708 $ 23 $ 80 $ 811 $ 57

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

$ 5 $ — $ — $ 5 $ —

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 April 1, 2025

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

Total (gains) losses included in:

Net income 5 (2) 67 (2) 1,086 (3) 1,158 —

Other comprehensive income (loss) — — — — 1

Issues — 3 39 42 9

Settlements — ( 40 ) ( 87 ) ( 127 ) ( 9 )

Balance at June 30, 2025

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

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

$ — $ 66 (2) $ 1,086 (3) $ 1,152 $ —

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

8 unchanged sentences

Transfers out of Level 3 — ( 24 ) ( 135 ) — ( 159 ) —

Balance at March 31, 2026

Balance at June 30, 2026

$ 797 $ — $ — $ 1 $ 798 $ 54

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

Changes in unrealized gains (losses) in net income relating to assets held at June 30, 2026

$ 1 $ — $ — $ — $ 1 (1) $ —

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

Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at June 30, 2026

$ ( 9 ) $ — $ — $ — $ ( 9 ) $ —

8 unchanged sentences

Settlements ( 6 ) ( 67 ) ( 489 ) ( 562 ) ( 21 )

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

Balance at June 30, 2026

$ 53 $ 1,085 $ 4,948 $ 6,086 $ 82

Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2026

$ — $ 143 (2)

12 unchanged sentences

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

Balance at March 31, 2025

Balance at June 30, 2025

$ 708 $ 23 $ 80 $ 811 $ 57

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

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

$ 1 $ — $ — $ 1 (1) $ —

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

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

$ 14 $ — $ — $ 14 $ —

6 unchanged sentences

Net income 5 (2) 72 (2) 538 (3) 615 ( 6 ) (4)

Other comprehensive income (loss) — — — — 1

Issues — 2 52 54 19

Settlements ( 2 ) ( 77 ) ( 172 ) ( 251 ) ( 16 )

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

$ ( 548 ) (3)

Balance at June 30, 2025

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

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

(1) Included in Net investment income.

2 unchanged sentences

(4) Included in General and administrative expense.

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

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $( 1 ) million and $ 17 million, net of the reinsurance accrual, for the three months ended June 30, 2026 and 2025, respectively.

The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 15 million and $ 1 million, net of the reinsurance accrual, for the six months ended June 30, 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.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

June 30, 2026

Fair Value Valuation Technique Unobservable Input Range Weighted Average

116 unchanged sentences

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

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

The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both June 30, 2026 and December 31, 2025.

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

14 unchanged sentences

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

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

The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both June 30, 2026 and December 31, 2025.

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

15 unchanged sentences

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

The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 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.

The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 11 million and $ 17 million as of June 30, 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

June 30, 2026

Carrying Value Fair Value

55 unchanged sentences

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

March 31, 2026

June 30, 2026

Gross Amounts of Recognized Assets

31 unchanged sentences

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

March 31, 2026

June 30, 2026

Gross Amounts of Recognized Liabilities

54 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Notional Gross Fair Value Notional Gross Fair Value

27 unchanged sentences

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

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

(3) The fair value of the structured variable annuity embedded derivatives as of June 30, 2026 included $ 4.9 billion of individual contracts in a liability position and $ 1 million of individual contracts in an asset position.

The fair value of the structured variable annuity embedded derivatives as of December 31, 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.

As of June 30, 2026 and December 31, 2025, investment securities with a fair value of $ 1.9 billion and $ 1.7 billion respectively, were pledged to meet contractual obligations under derivative contracts, of which $ 169 million and $ 104 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of June 30, 2026 and December 31, 2025, investment securities with a fair value of $ 4.7 billion and $ 2.8 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $ 4.1 billion and $ 2.4 billion, respectively, may be sold, pledged or rehypothecated by the Company.

As of both June 30, 2026 and December 31, 2025, the Company had sold, pledged or rehypothecated none of these securities.

In addition, as of both June 30, 2026 and December 31, 2025, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.

AMERIPRISE FINANCIAL, INC.

4 unchanged sentences

(in millions)

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Interest rate contracts $ — $ — $ — $ — $ 1 $ ( 102 ) $ —

7 unchanged sentences

Total gain (loss) $ ( 9 ) $ — $ 13 $ ( 8 ) $ ( 1 ) $ ( 576 ) $ 1

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Interest rate contracts $ — $ — $ — $ — $ — $ ( 52 ) $ —

7 unchanged sentences

Total gain (loss) $ ( 4 ) $ — $ 118 $ 55 $ 8 $ ( 644 ) $ 35

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.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

(in millions)

Six Months Ended June 30, 2026

Interest rate contracts $ — $ — $ — $ — $ ( 1 ) $ ( 130 ) $ —

Equity contracts ( 7 ) — 28 58 1,461 ( 310 ) 3

Credit contracts — — — — — 34 —

Foreign exchange contracts 1 — — — — 6 ( 4 )

IUL embedded derivatives — — — ( 76 ) — — —

Fixed deferred indexed annuity and deposit receivables embedded derivatives — — — 2 — — —

Structured variable annuity embedded derivatives — — — — ( 1,488 ) — —

SMC embedded derivatives — — — — — — —

Total gain (loss) $ ( 6 ) $ — $ 28 $ ( 16 ) $ ( 28 ) $ ( 400 ) $ ( 1 )

Six Months Ended June 30, 2025

Interest rate contracts $ — $ — $ — $ — $ 2 $ 68 $ —

Equity contracts ( 4 ) 1 41 42 420 ( 286 ) 5

Credit contracts ( 2 ) — 4 — — ( 54 ) —

Foreign exchange contracts — — — — — ( 63 ) 37

IUL embedded derivatives — — — 5 — — —

Fixed deferred indexed annuity and deposit receivables embedded derivatives — — — 10 — — —

Structured variable annuity embedded derivatives — — — — ( 538 ) — —

SMC embedded derivatives — ( 1 ) — — — — —

Total gain (loss) $ ( 6 ) $ — $ 45 $ 57 $ ( 116 ) $ ( 335 ) $ 42

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.

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:

The following is a summary of the payments the Company is scheduled to make and receive for these options as of June 30, 2026:

Premiums Payable Premiums Receivable

1 unchanged sentence

Total $ 580 $ 70

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

(1) 2026 amounts represent the amounts payable and receivable for the period from July 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.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Structured variable annuity, IUL and stock market certificate products have returns tied to the performance of equity markets.

12 unchanged sentences

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

For both the three 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.

For both the three and six months ended June 30, 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 June 30, 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 9 years and relates to forecasted debt interest payments.

3 unchanged sentences

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

For the three 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.

For both the three and six months ended June 30, 2026 and 2025, the Company did not recognize a gain or loss in other comprehensive income (loss) (“OCI”).

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

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

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

3 unchanged sentences

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

As of 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,

As of June 30, 2026 and December 31, 2025, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $ 241 million and $ 104 million, respectively.

The aggregate fair value of assets posted as collateral for such instruments as of June 30, 2026 and December 31, 2025 was $ 240 million and $ 103 million, respectively.

If the credit contingent provisions of derivative contracts in a net liability position as of June 30, 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 June 30, 2026 and December 31, 2025.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Shareholders’ Equity

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

Three Months Ended March 31,

Three Months Ended June 30,

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

9 unchanged sentences

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

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

Effect of changes in discount rate assumptions on certain long-duration contracts ( 6 ) 1 ( 5 ) ( 15 ) 3 ( 12 )

Effect of changes in instrument-specific credit risk on MRBs ( 38 ) 8 ( 30 ) 1 — 1

Foreign currency translation ( 11 ) ( 1 ) ( 12 ) 107 ( 4 ) 103

Total other comprehensive income (loss) $ ( 70 ) $ ( 1 ) $ ( 71 ) $ 342 $ ( 59 ) $ 283

Six Months Ended June 30,

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

(in millions)

Net unrealized gains (losses) on securities:

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

$ ( 531 ) $ 103 $ ( 428 ) $ 724 $ ( 164 ) $ 560

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

6 ( 1 ) 5 10 ( 2 ) 8

Impact of benefit reserves and reinsurance recoverables 21 ( 4 ) 17 ( 2 ) — ( 2 )

Net unrealized gains (losses) on securities ( 504 ) 98 ( 406 ) 732 ( 166 ) 566

Net unrealized gains (losses) on derivatives:

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

— — — ( 11 ) 2 ( 9 )

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

Effect of changes in discount rate assumptions on certain long-duration contracts 77 ( 17 ) 60 ( 53 ) 11 ( 42 )

4 unchanged sentences

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

2 unchanged sentences

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.

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:

4 unchanged sentences

(in millions)

Balance at April 1, 2026

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

OCI before reclassifications ( 31 ) — ( 5 ) ( 30 ) — ( 12 ) — ( 78 )

Amounts reclassified from AOCI 7 — — — — — — 7

Total OCI ( 24 ) — ( 5 ) ( 30 ) — ( 12 ) — ( 71 )

Balance at June 30, 2026

$ ( 914 ) $ ( 4 ) $ 15 $ ( 127 ) $ ( 31 ) $ ( 215 ) $ — $ ( 1,276 )

Balance at April 1, 2025

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

OCI before reclassifications 180 ( 1 ) ( 12 ) 1 — 103 — 271

Amounts reclassified from AOCI 12 — — — — — — 12

Total OCI 192 ( 1 ) ( 12 ) 1 — 103 — 283

Balance at June 30, 2025

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

Balance at January 1, 2026

3 unchanged sentences

Total OCI ( 406 ) — 60 — — ( 38 ) — ( 384 )

Balance at March 31, 2026

Balance at June 30, 2026

$ ( 914 ) $ ( 4 ) $ 15 $ ( 127 ) $ ( 31 ) $ ( 215 ) $ — $ ( 1,276 )

4 unchanged sentences

Total OCI 566 ( 9 ) ( 42 ) 2 — 155 — 672

Balance at March 31, 2025

Balance at June 30, 2025

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

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.

For the six months ended June 30, 2026 and 2025, the Company repurchased a total of 3.3 million shares and 2.3 million shares, respectively, of its common stock for an aggregate cost of $ 1.6 billion and $ 1.2 billion, 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.

As of June 30, 2026, the Company had $ 1.1 billion remaining under this share repurchase authorization.

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

1 unchanged sentence

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

For the 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.

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

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

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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.

For the six months ended June 30, 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 $ 123 million, respectively, related to the holders’ income tax obligations on the vesting date.

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

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

For the six months ended June 30, 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 $ 56 million and $ 47 million, respectively.

During the six months ended June 30, 2026 and 2025, the Company reissued 0.4 million and 0.6 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans.

The Company’s effective tax rate was 22.8 % and 21.6 % for the three months ended June 30, 2026 and 2025, respectively.

The Company’s effective tax rate was 21.6 % and 19.4 % for the six months ended June 30, 2026 and 2025, respectively.

The effective tax rate for the three months ended June 30, 2026 was higher than the statutory rate primarily as a result of state income taxes, net of federal income tax effect.

The effective tax rate for the six months ended June 30, 2026 was higher than the statutory rate primarily as a result of state income taxes, net of federal income tax effect, partially offset by tax preferred items including incentive compensation and tax credits.

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

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

The increase in the effective tax rate for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to an increase in state income taxes, net of federal income tax effect.

The increase in the effective tax rate for the six months ended June 30, 2026 compared to the six months ended June 30, 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 $ 46 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.

7 unchanged sentences

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;

Based on analysis of the Company’s tax position as of June 30, 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 valuation allowance was $ 64 million and $ 65 million as of June 30, 2026 and December 31, 2025, respectively.

As of June 30, 2026 and December 31, 2025, the Company had $ 172 million and $ 168 million, respectively, of gross unrecognized tax benefits.

If recognized, approximately $ 143 million and $ 137 million, net of federal income tax effect, of unrecognized tax benefits as of June 30, 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 recognized a net increase of $ 4 million and $ 8 million in interest and penalties for the three and six months ended June 30, 2026, respectively.

The Company recognized a net increase of $ 1 million and $ 8 million in interest and penalties for the three and six months ended June 30, 2025, respectively.

As of June 30, 2026 and December 31, 2025, the Company had a payable of $ 63 million and $ 55 million, respectively, related to accrued interest and penalties.

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

1 unchanged sentence

The federal statutes of limitations are closed on years through 2019, 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.

During 2025, the Internal Revenue Service (“IRS”) finalized the audit of tax year 2020, except for one issue 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.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The Company is an applicable corporation required to compute CAMT, however, as of June 30, 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.

As of June 30, 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.

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The corporate tax law changes resulting from the OBBBA did not have a material impact to the Company’s consolidated financial statements as of June 30, 2026 and, based on current guidance, the Company does not expect to record any material impacts in the future.

Contingencies

26 unchanged sentences

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Guaranty Fund Assessments

5 unchanged sentences

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

As of 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.

As of both June 30, 2026 and December 31, 2025, the estimated liability was $ 13 million.

As of both June 30, 2026 and December 31, 2025, the related premium tax asset was $ 11 million.

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Earnings per Share

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share amounts)

7 unchanged sentences

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

The calculation excludes the incremental effect of 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.

The calculation excludes the incremental effect of nil options for both the three months ended June 30, 2026 and 2025, and 0.2 million and 0.1 million options for the six months ended June 30, 2026 and 2025, respectively, due to their anti-dilutive effect.

Segment Information

8 unchanged sentences

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);

mean reversion related impacts (the impact on VUL products for the difference between

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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;

6 unchanged sentences

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

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions)

5 unchanged sentences

Total assets $ 197,871 $ 190,904

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

3 unchanged sentences

Asset Management

947 830 1,857 1,676

Retirement & Protection Solutions 975 936 1,927 1,862

Corporate & Other

114 116 217 220

Elimination of segment revenues (1) (2)

1 unchanged sentence

Total segment adjusted operating net revenues

4,899 4,335 9,673 8,644

Net realized investment gains (losses)

5 ( 18 ) — ( 20 )

Market impact on non-traditional long-duration products ( 3 ) 4 ( 1 ) 9

Mean reversion related impacts — 1 — 1

Revenue attributable to consolidated investment entities 39 53 80 95

Total net revenues per consolidated statements of operations $ 4,940 $ 4,375 $ 9,752 $ 8,729

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

(1) Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2026 and 2025 in each segment as follows:

Advice & Wealth Management ($ 254 million and $ 228 million, respectively);

2 unchanged sentences

and Corporate & Other ($( 4 ) million and $( 7 ) million, respectively).

Three Months Ended March 31,

(2) Represents the elimination of intersegment revenues recognized for the six months ended June 30, 2026 and 2025 in each segment as follows:

Advice & Wealth Management ($ 493 million and $ 450 million, respectively);

Asset Management ($ 46 million and $ 51 million, respectively);

Retirement & Protection Solutions ($ 218 million and $ 217 million, respectively);

and Corporate & Other ($( 8 ) million and $( 15 ) million, respectively).

AMERIPRISE FINANCIAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Three Months Ended June 30,

Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

1 unchanged sentence

Advice & Wealth Management

$ 939 $ 812 $ 1,890 $ 1,604

Asset Management

274 222 547 463

Retirement & Protection Solutions 202 214 392 429

2 unchanged sentences

Total segment adjusted operating earnings

1,334 1,149 2,667 2,300

Net realized investment gains (losses) 5 ( 18 ) — ( 20 )

Market impact on non-traditional long-duration products 106 219 ( 78 ) ( 241 )

Mean reversion related impacts

Integration/restructuring charges ( 1 ) — ( 1 ) —

Net income (loss) attributable to consolidated investment entities

( 3 ) — ( 3 ) ( 2 )

Pretax income per consolidated statements of operations $ 1,442 $ 1,351 $ 2,586 $ 2,038

Adjusted operating earnings includes the following significant expense categories:

Three Months Ended June 30, 2026

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

(in millions)

Distribution expenses $ 1,829 $ 270 $ 139 $ ( 3 )

Interest credited to fixed accounts — — 94 50

Benefits, claims, losses and settlement expenses — — 234 54

Remeasurement (gains) losses of future policy benefit reserves — — ( 3 ) 4

Change in fair value of market risk benefits — — 162 —

Amortization of deferred acquisition costs — 1 58 2

Interest and debt expense 15 4 10 26

General and administrative expense 463 398 79 62

Total expenses

$ 2,307 $ 673 $ 773 $ 195

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

Three Months Ended June 30, 2025

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

10 unchanged sentences

$ 1,995 $ 608 $ 722 $ 215

Three Months Ended March 31, 2025

Six Months Ended June 30, 2026

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

10 unchanged sentences

$ 4,531 $ 1,310 $ 1,535 $ 379

Six Months Ended June 30, 2025

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

(in millions)

Distribution expenses $ 3,100 $ 486 $ 249 $ ( 5 )

Interest credited to fixed accounts — — 185 102

Benefits, claims, losses and settlement expenses — — 420 109

Remeasurement (gains) losses of future policy benefit reserves — — ( 10 ) ( 3 )

Change in fair value of market risk benefits — — 296 —

Amortization of deferred acquisition costs — 3 115 3

Interest and debt expense 26 6 19 54

General and administrative expense 859 718 159 156

Total expenses

$ 3,985 $ 1,213 $ 1,433 $ 416

AMERIPRISE FINANCIAL, INC.

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

What changed 10-Q

Item 1. Financial Statements