What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-04 compared with 2026-05-07 · 431 added, 142 removed, 542 unchanged (51% of the section changed)

5 unchanged sentences

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

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

We are a long-standing leader in financial planning and advice with $1.8 trillion in assets under management, administration and advisement as of June 30, 2026.

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

41 unchanged sentences

• Adjusted operating return on equity of over 30%.

The following table reconciles our GAAP measures to adjusted operating measures:

The following tables reconcile our GAAP measures to adjusted operating measures:

Per Diluted Share

Three Months Ended March 31,

Three Months Ended June 30,

(in millions, except per share amounts)

Net income (loss)

$ 1,113 $ 1,060 $ 11.98 $ 10.73

Less Adjustments:

3 unchanged sentences

106 219 1.14 2.22

Mean reversion related impacts (1)

1 1 0.01 0.01

Integration/restructuring charges (1)

(1) — (0.01) —

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

2 unchanged sentences

Adjusted operating earnings

$ 1,028 $ 900 $ 11.07 $ 9.11

Weighted average common shares outstanding:

1 unchanged sentence

Diluted 92.9 98.8

AMERIPRISE FINANCIAL, INC.

Per Diluted Share

Six Months Ended June 30,

(in millions, except per share amounts)

Net income (loss) $ 2,028 $ 1,643 $ 21.64 $ 16.53

Less Adjustments:

Net realized investment gains (losses) (1)

— (20) — (0.20)

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

(78) (241) (0.84) (2.42)

Mean reversion related impacts (1)

1 1 0.01 0.01

Integration/restructuring charges (1)

(1) — (0.01) —

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

Tax effect of adjustments (2)

16 55 0.17 0.55

Adjusted operating earnings $ 2,092 $ 1,850 $ 22.33 $ 18.61

Weighted average common shares outstanding:

Basic 92.6 97.9

Diluted 93.7 99.4

(1) Pretax adjusted operating adjustments.

(2) Calculated using the statutory federal tax rate of 21%.

AMERIPRISE FINANCIAL, INC.

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

Twelve Months Ended March 31,

Twelve Months Ended June 30,

(in millions)

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These accounting policies are discussed in detail in “Management’s Discussion and Analysis — Critical Accounting Estimates” in our 2025 10-K.

AMERIPRISE FINANCIAL, INC.

Recent Accounting Pronouncements

3 unchanged sentences

The following table presents relevant market indices:

Three Months Ended March 31,

Three Months Ended June 30,

Daily average 7,267 5,728 27%

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For further information regarding the impact of the economic environment on our results of operations and financial condition, and potentially material effects, see Part 1 - Item 1A “Risk Factors” of our 2025 10-K.

AMERIPRISE FINANCIAL, INC.

Assets Under Management, Administration and Advisement

21 unchanged sentences

$ 1,812.6 $ 1,584.8 $ 227.8 14 %

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

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

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

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

AMERIPRISE FINANCIAL, INC.

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

Total AUM increased $176.0 billion, or 14%, to $1.4 trillion as of June 30, 2026 compared to $1.2 trillion as of June 30, 2025 due to a $116.4 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $60.6 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows.

Total Assets Under Administration increased $43.6 billion, or 13%, to $374.6 billion as of June 30, 2026 compared to the prior year period primarily driven by equity market appreciation.

Total Assets Under Advisement increased $8.2 billion, or 24%, to $42.0 billion as of June 30, 2026 compared to the prior year period due to net inflows and market appreciation.

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

Consolidated Results of Operations for the Three Months Ended June 30, 2026 and 2025

The following table presents our consolidated results of operations:

Three Months Ended March 31,

Three Months Ended June 30,

(in millions)

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Benefits, claims, losses and settlement expenses 294 257 37 14

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

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

Remeasurement (gains) losses of future policy benefit reserves 1 (3) 4 NM

Change in fair value of market risk benefits (229) (10) (219) NM

Amortization of deferred acquisition costs 61 60 1 2

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Pretax income 1,442 1,351 91 7

Income tax provision 229 104 125 NM

Income tax provision 329 291 38 13

Net income $ 1,113 $ 1,060 $ 53 5 %

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

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

Pretax income increased $91 million, or 7%, for the three months ended June 30, 2026 compared to the prior year period.

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

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

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

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

Our average WEI, which is a proxy for equity movements on AUM, increased 27% in the three months ended June 30, 2026 compared to the prior year period.

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

• The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual, was a benefit of $106 million for the three months ended June 30, 2026 compared to a benefit of $219 million for the prior year period.

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

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

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

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

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

Management and financial advice fees increased $466 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period reflecting market appreciation, continued wrap account net inflows and a higher average advisory fee rate, partially offset by the cumulative impact of Asset Management net outflows.

AMERIPRISE FINANCIAL, INC.

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

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

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

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

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

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

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

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

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

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

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

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

Distribution fees increased $71 million, or 14%, for the three months ended June 30, 2026 compared to the prior year period primarily due to higher transactional activity and market appreciation.

Premiums, policy and contract charges decreased $20 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily due to lower contract charges from lower guaranteed living benefit volumes.

Banking and deposit interest expense decreased $42 million, or 37%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank, FSB (“Ameriprise Bank”) cash deposits.

Distribution expenses increased $520 million, or 33%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.

Interest credited to fixed accounts increased $74 million, or 78%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

• A $66 million increase in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was an expense of $4 million for the three months ended June 30, 2026 compared to a benefit of $62 million for the prior year period.

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

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

The unfavorable impact of the nonperformance credit spread was $16 million for the three months ended June 30, 2026 compared to an unfavorable impact of $10 million for the prior year period.

Benefits, claims, losses and settlement expenses increased $37 million, or 14%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

• An $18 million increase in expense from market impacts on structured variable annuities (“SVA”) embedded derivatives, net of hedging activity.

This increase was primarily the result of a favorable $898 million change in the market impact on derivatives hedging the SVA embedded derivatives and an unfavorable $916 million change in the market impact on SVA embedded derivatives.

• The impact of increased volume in SVAs.

Change in fair value of market risk benefits decreased $219 million for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

• A $229 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges.

This decrease was the result of a favorable $262 million change in the market impact on variable annuity guaranteed benefits reserves, partially offset by an unfavorable $132 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits.

This decrease was the result of a favorable $163 million change in the market impact on variable annuity guaranteed benefits reserves and a favorable $66 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits.

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

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

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

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

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

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

The increase in the effective tax rate for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to higher pretax income in the current period compared to the prior year period and the related impact on tax preferred items and a decrease in the benefit for incentive compensation.

• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger benefit for the three months ended June 30, 2026 compared to the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower benefit for the three months ended June 30, 2026 compared to the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the three months ended June 30, 2026 compared to an expense for the prior year period.

• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a larger net expense for the three months ended June 30, 2026 compared to the prior year period.

General and administrative expense increased $55 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and strong investment performance, volume-related expenses and investments for growth.

Our effective tax rate was 22.8% for the three months ended June 30, 2026 compared to 21.6% for the prior year period.

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.

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

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

AMERIPRISE FINANCIAL, INC.

Results of Operations by Segment for the Three Months Ended June 30, 2026 and 2025

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

2 unchanged sentences

See Note 19 to the Consolidated Financial Statements for further information on the presentation of segment results and our definition of adjusted operating earnings.

AMERIPRISE FINANCIAL, INC.

The following table presents summary financial information by segment:

Three Months Ended March 31,

Three Months Ended June 30,

(in millions)

16 unchanged sentences

Advice & Wealth Management

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

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

(in billions)

6 unchanged sentences

Total client assets increased $163.8 billion, or 15%, to $1.2 trillion compared to a year ago primarily due to market appreciation and client net inflows.

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

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

(in billions)

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

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

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

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

(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the three months ended June 30, 2026 and 2025, which is reflective of our billing cycle.

AMERIPRISE FINANCIAL, INC.

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

Ending wrap account assets increased $67.3 billion to $731.5 billion during the three months ended June 30, 2026 due to market appreciation of $60.4 billion and net inflows of $6.9 billion.

Average advisory wrap account assets increased $119.6 billion, or 21%, compared to the prior year period primarily reflecting market appreciation and net inflows.

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

Cash and Certificates Balances

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$ 83.9 $ 85.2

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

Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 6% from the prior year to $23.9 billion as of June 30, 2026.

Ameriprise Certificate Company (“ACC”) client deposits decreased $2.5 billion from the prior year to $7.4 billion.

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

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

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

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

Third-party cash products decreased $0.5 billion to $46.7 billion driven by a decline in brokered CDs.

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

Ameriprise Bank ACC

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• In Ameriprise Bank, assets included $20.6 billion of Available-for-Sale securities, $2.5 billion of cash and cash equivalents, and $2.6 billion of other assets, primarily loans.

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

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

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

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

The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, of which 6% were floating rate and sensitive to changes in short-term interest rates as of June 30, 2026.

We took action to reduce the floating rate allocation from 13% as of June 30, 2025.

The duration of Ameriprise Bank investments was 4.2 years as of June 30, 2026 compared to 3.7 years as of June 30, 2025.

In the three months ended June 30, 2026, we purchased $1.1 billion of investments, which was primarily funded from security maturities and prepayments.

• In ACC, assets include $7.1 billion of Available-for-Sale securities, $0.7 billion of cash and cash equivalents, and $0.1 billion of loans and other assets.

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

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

The ACC investment portfolio securities are mostly rated AA+ and primarily consist of structured assets and government bonds, of which 38% were floating rate and approximately 25% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of June 30, 2026.

The duration of ACC investments was 1.4 years as of both June 30, 2026 and June 30, 2025.

AMERIPRISE FINANCIAL, INC.

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

Three Months Ended March 31,

Three Months Ended June 30,

(in millions)

11 unchanged sentences

Adjusted operating earnings $ 939 $ 812 $ 127 16 %

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

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $127 million, or 16%, for the three months ended June 30, 2026 compared to the prior year period.

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

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

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

Pretax adjusted operating margin was 28.9% for the three months ended June 30, 2026 compared to 28.9% for the prior year period.

Management and financial advice fees increased $353 million, or 20%, for the three months ended June 30, 2026 compared to the prior year period primarily due to growth in average wrap account assets and a higher average advisory fee rate.

Average advisory wrap account assets increased $119.6 billion, or 21%, compared to the prior year period primarily reflecting net inflows and market appreciation.

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

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

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

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

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

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

Distribution fees increased $81 million, or 13%, for the three months ended June 30, 2026 compared to the prior year period from strong transactional activity and market appreciation, while brokerage cash revenue decreased $5 million due to a lower off-balance sheet brokerage cash yield.

Net investment income, which excludes net realized investment gains or losses, decreased $41 million, or 8%, for the three months ended June 30, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolio supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.

• The average certificate reserve balance for ACC was $7.4 billion for the three months ended June 30, 2026 compared to $10.3 billion for the prior year period with the average crediting rate of 3.05% for the three months ended June 30, 2026 compared to 3.74% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.6 billion for the three months ended June 30, 2026 compared to $22.4 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.21% for the three months ended June 30, 2026 from 0.28% for the prior year period.

Distribution expenses increased $283 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.

General and administrative expense increased $28 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting volume-related expenses and investments for growth.

AMERIPRISE FINANCIAL, INC.

Asset Management

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

The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of June 30, 2026:

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

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Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and are based on the Primary Share Class.

Comparison to Index are measured gross of fees.

Comparisons to the Index are measured gross of fees.

To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds.

6 unchanged sentences

The following table presents global managed assets by type:

As of March 31,

As of June 30,

Change Three Months Ended

9 unchanged sentences

The following table presents the changes in global managed assets:

Three Months Ended March 31,

Three Months Ended June 30,

(in billions)

29 unchanged sentences

Legacy insurance partners net flows (6)

$ (0.8) $ (1.0)

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

5 unchanged sentences

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

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

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

Total segment AUM increased $53.2 billion, or 8%, during the three months ended June 30, 2026 primarily due to market appreciation, partially offset by net outflows.

Net outflows were $6.5 billion for the three months ended June 30, 2026.

AMERIPRISE FINANCIAL, INC.

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

Three Months Ended March 31,

Three Months Ended June 30,

(in millions)

1 unchanged sentence

Distribution fees 105 91 14 15

Net investment income 14 5 9 NM

Net investment income 7 14 (7) (50)

Other revenues 5 4 1 25

8 unchanged sentences

Adjusted operating earnings $ 274 $ 222 $ 52 23 %

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

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

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

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

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

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $52 million, or 23%, for the three months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation and the benefit of strong performance in our Seligman technology strategies, partially offset by the cumulative impact from net outflows.

Management and financial advice fees increased $109 million, or 15%, for the three months ended June 30, 2026 compared to the prior year period primarily due to higher average equity markets and the growth in AUM in Seligman funds, partially offset by the cumulative impact from net outflows.

Distribution fees increased $14 million, or 15%, for the three months ended June 30, 2026 compared to the prior year period due to equity market appreciation, partially offset by net outflows.

Distribution expenses increased $30 million, or 13%, for the three months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact of net outflows.

General and administrative expense increased $34 million, or 9%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and performance, volume-related expenses and an unfavorable foreign exchange impact.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

Three Months Ended March 31,

Three Months Ended June 30,

(in millions)

17 unchanged sentences

Adjusted operating earnings $ 202 $ 214 $ (12) (6) %

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

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

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts decreased $12 million, or 6%, for the three months ended June 30, 2026 compared to prior year period primarily reflecting the cumulative impact of variable annuity net outflows and higher sales volume.

Variable annuity account balances increased 7% to $94.4 billion as of June 30, 2026 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $5.2 billion.

Variable annuity sales increased 21% compared to the prior year period primarily reflecting a strong level of sales of SVAs.

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

Account values with living benefit riders declined to 44% as of June 30, 2026 compared to 48% a year ago reflecting our actions to optimize our business mix.

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

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

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

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

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

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

Net investment income, which excludes net realized investment gains or losses, increased $38 million, or 12%, for the three months ended June 30, 2026 compared to the prior year period primarily due to higher SVA balances.

Premiums, policy and contract charges decreased $12 million, or 4%, for the three months ended June 30, 2026 compared to the prior year period primarily due to lower contract charges from lower guaranteed living benefit volumes.

Distribution expenses increased $13 million, or 10%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher annuity sales and higher equity markets.

Benefits, claims, losses and settlement expenses, which exclude the market impact on SVA indexed account embedded derivatives (net of hedges) and mean reversion related impacts increased $25 million, or 12%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting increased volume in SVAs.

AMERIPRISE FINANCIAL, INC.

1 unchanged sentence

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

Three Months Ended March 31,

Three Months Ended June 30,

(in millions)

8 unchanged sentences

Benefits, claims, losses and settlement expenses 54 53 1 2

Remeasurement (gains) losses of future policy benefit reserves 1 (7) 8 NM

Amortization of deferred acquisition costs 1 2 (1) (50)

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

Amortization of deferred acquisition costs 2 1 1 NM

Interest and debt expense 26 26 — —

5 unchanged sentences

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

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

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

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

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

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

Our Corporate & Other segment pretax adjusted operating loss decreased $18 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period, primarily reflecting improved general and administrative expenses.

LTC insurance had pretax adjusted operating earnings of $4 million for the three months ended June 30, 2026 compared to pretax adjusted operating earnings of $7 million for the prior year period primarily reflecting higher claims experience.

The FA business had a pretax adjusted operating loss of $8 million for the three months ended June 30, 2026 compared to a pretax adjusted operating loss of $6 million for the prior year period.

Fixed deferred annuity account balances declined 8% to $5.0 billion as of June 30, 2026 compared to the prior year period as policies continue to lapse.

General and administrative expense decreased $21 million, or 25%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting lower real estate expenses as well as expenses to accelerate our transition to cloud-based technology in the prior year period.

AMERIPRISE FINANCIAL, INC.

Consolidated Results of Operations for the Six Months Ended June 30, 2026 and 2025

The following table presents our consolidated results of operations:

Six Months Ended June 30,

(in millions)

Management and financial advice fees $ 6,010 $ 5,202 $ 808 16 %

Distribution fees 1,136 1,024 112 11

Net investment income 1,765 1,759 6 —

Premiums, policy and contract charges 682 721 (39) (5)

Other revenues 306 265 41 15

Total revenues 9,899 8,971 928 10

Banking and deposit interest expense 147 242 (95) (39)

Total net revenues 9,752 8,729 1,023 12

Distribution expenses 3,889 3,208 681 21

Interest credited to fixed accounts 311 225 86 38

Benefits, claims, losses and settlement expenses 611 638 (27) (4)

Remeasurement (gains) losses of future policy benefit reserves — (13) 13 NM

Change in fair value of market risk benefits 149 487 (338) (69)

Amortization of deferred acquisition costs 122 121 1 1

Interest and debt expense 164 162 2 1

General and administrative expense 1,920 1,863 57 3

Total expenses 7,166 6,691 475 7

Pretax income

2,586 2,038 548 27

Income tax provision 558 395 163 41

Net income $ 2,028 $ 1,643 $ 385 23 %

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

Pretax income increased $548 million, or 27%, for the six months ended June 30, 2026 compared to the prior year period.

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

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

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

Our average WEI, which is a proxy for equity movements on AUM, increased 22% in the six months ended June 30, 2026 compared to the prior year period.

• The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual, was an expense of $78 million for the six months ended June 30, 2026 compared to an expense of $241 million for the prior year period.

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

Management and financial advice fees increased $808 million, or 16%, for the six months ended June 30, 2026 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows.

Distribution fees increased $112 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period due to higher transactional activity and market appreciation.

Premiums, policy and contract charges decreased $39 million, or 5%, for the six months ended June 30, 2026 compared to the prior year period primarily due to lower sales of life contingent payout annuities and lower contract charges from lower guaranteed living benefit volumes.

AMERIPRISE FINANCIAL, INC.

Other revenues increased $41 million, or 15%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting a $28 million benefit from the termination of the Comerica Bank relationship.

Banking and deposit interest expense decreased $95 million, or 39%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.

Distribution expenses increased $681 million, or 21%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets, as well as continued investments in recruiting experienced advisors.

Interest credited to fixed accounts increased $86 million, or 38%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

• An $88 million increase in expense from other market impacts on IUL benefits, net of hedges, which was an expense of $19 million for the six months ended June 30, 2026 compared to a benefit of $69 million for the prior year period.

The increase in expense was primarily due to a decrease in the IUL embedded derivatives in the prior period, which reflected more discounting due to higher forward rates and lower option costs due to a lower new money rate.

• A $3 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits.

The unfavorable impact of the nonperformance credit spread was $3 million for the six months ended June 30, 2026 compared to an unfavorable impact of $6 million for the prior year period.

Benefits, claims, losses and settlement expenses decreased $27 million, or 4%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting an $80 million decrease in expense from market impacts on SVA embedded derivatives, net of hedging activity.

This decrease was primarily the result of a favorable $1.0 billion change in the market impact on derivatives hedging the SVA embedded derivatives and an unfavorable $958 million change in the market impact on SVA embedded derivatives.

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

Change in fair value of market risk benefits decreased $338 million, or 69%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

• A $359 million decrease in expense from market impacts on variable annuity guaranteed benefits, net of hedges.

This decrease was the result of a favorable $425 million change in the market impact on variable annuity guaranteed benefits reserves and an unfavorable $66 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits.

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

• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger benefit for the six months ended June 30, 2026 compared to the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the six months ended June 30, 2026 compared to an expense for the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger expense for the six months ended June 30, 2026 compared to the prior year period.

• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the six months ended June 30, 2026 compared to the prior year period.

General and administrative expense increased $57 million, or 3%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and strong investment performance, volume-related expenses and investments for growth.

Our effective tax rate was 21.6% for the six months ended June 30, 2026 compared to 19.4% for the prior year period.

The increase in the effective tax rate for the six months ended June 30, 2026 compared to the prior year period was primarily due to higher pretax income in the current period compared to the prior year period and the related impact on tax preferred items and a decrease in the benefit for incentive compensation.

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

AMERIPRISE FINANCIAL, INC.

Results of Operations by Segment for the Six Months Ended June 30, 2026 and 2025

The following table presents summary financial information by segment:

Six Months Ended June 30,

(in millions)

Advice & Wealth Management

Net revenues $ 6,421 $ 5,589

Expenses 4,531 3,985

Adjusted operating earnings $ 1,890 $ 1,604

Asset Management

Net revenues $ 1,857 $ 1,676

Expenses 1,310 1,213

Adjusted operating earnings $ 547 $ 463

Retirement & Protection Solutions

Net revenues $ 1,927 $ 1,862

Expenses 1,535 1,433

Adjusted operating earnings $ 392 $ 429

Corporate & Other

Net revenues $ 217 $ 220

Expenses 379 416

Adjusted operating loss $ (162) $ (196)

Advice & Wealth Management

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

(in billions)

Beginning balance $ 670.4 $ 573.9

Net flows 12.9 14.1

Market appreciation (depreciation) and other 48.2 27.2

Ending balance $ 731.5 $ 615.2

Advisory wrap account assets ending balance (1)

$ 725.5 $ 609.5

Average advisory wrap account assets (2)

$ 685.2 $ 576.6

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

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

(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the six months ended June 30, 2026 and 2025, which is reflective of our billing cycle.

Ending wrap account assets increased $61.1 billion, or 9%, to $731.5 billion during the six months ended June 30, 2026 due to market appreciation of $48.2 billion and net inflows of $12.9 billion.

Average advisory wrap account assets increased $108.6 billion, or 19%, compared to the prior year period reflecting market appreciation and net inflows.

AMERIPRISE FINANCIAL, INC.

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

Six Months Ended June 30,

(in millions)

Management and financial advice fees $ 4,101 $ 3,456 $ 645 19 %

Distribution fees 1,348 1,216 132 11

Net investment income 910 996 (86) (9)

Other revenues 209 163 46 28

Total revenues 6,568 5,831 737 13

Banking and deposit interest expense 147 242 (95) (39)

Total net revenues 6,421 5,589 832 15

Distribution expenses 3,599 3,100 499 16

Interest and debt expense 30 26 4 15

General and administrative expense 902 859 43 5

Total expenses 4,531 3,985 546 14

Adjusted operating earnings $ 1,890 $ 1,604 $ 286 18 %

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $286 million, or 18%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting market appreciation and increased advisor productivity through the cumulative impact of client net inflows.

Pretax adjusted operating margin was 29.4% for the six months ended June 30, 2026 compared to 28.7% for the prior year period.

Management and financial advice fees increased $645 million, or 19%, for the six months ended June 30, 2026 compared to the prior year period primarily due to higher average wrap account assets and a higher average advisory fee rate.

Average advisory wrap account assets increased $108.6 billion, or 19%, compared to the prior year period reflecting market appreciation and net inflows.

Distribution fees increased $132 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period due to strong transactional activity and market appreciation, while brokerage cash revenue decreased $14 million due to lower off-balance sheet brokerage cash balances and a lower average yield.

Net investment income, which excludes net realized investment gains or losses, decreased $86 million, or 9%, for the six months ended June 30, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolio supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.

Other revenues increased $46 million, or 28%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting a $28 million benefit from the termination of the Comerica Bank relationship.

• The average certificate reserve balance for ACC was $7.6 billion for the six months ended June 30, 2026 compared to $10.6 billion for the prior year period with the average crediting rate of 3.13% for the six months ended June 30, 2026 compared to 3.85% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.5 billion for the six months ended June 30, 2026 compared to $22.3 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.19% for the six months ended June 30, 2026 from 0.30% for the prior year period.

Distribution expenses increased $499 million, or 16%, for the six months ended June 30, 2026 compared to the prior year period reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.

General and administrative expense increased $43 million, or 5%, for the six months ended June 30, 2026 compared to the prior year period primarily due to higher volume-related expenses and investments for business growth.

AMERIPRISE FINANCIAL, INC.

Asset Management

The following table presents global managed assets by type:

As of June 30,

Change Six Months Ended

(in billions)

Equity $ 406.9 $ 351.2 $ 55.7 16 % $ 384.1 $ 339.0 $ 45.1 13 %

Fixed income 234.7 232.8 1.9 1 237.1 231.5 5.6 2

Money market 21.9 22.3 (0.4) (2) 22.3 20.6 1.7 8

Alternative 31.9 28.5 3.4 12 30.7 29.3 1.4 5

Hybrid and other 19.4 19.4 — — 19.9 19.2 0.7 4

Total managed assets $ 714.8 $ 654.2 $ 60.6 9 % $ 694.1 $ 639.6 $ 54.5 9 %

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

The following table presents the changes in global managed assets:

Six Months Ended June 30,

(in billions)

Global Retail Funds

Beginning managed assets

$ 378.0 $ 352.7

Inflows 34.1 28.7

Outflows (40.2) (38.2)

Net VP/VIT fund flows (3.5) (3.2)

Net new flows

Reinvested dividends 4.0 3.2

Net flows (5.6) (9.5)

Distributions (4.3) (3.5)

Market appreciation (depreciation) and other 43.3 15.5

Foreign currency translation (1)

Total ending managed assets

Global Institutional

Beginning managed assets

(33.0) (37.6)

Market appreciation (depreciation) and other (3)

Foreign currency translation (1)

Total ending managed assets

Total managed assets 714.8 654.2

Total assets under advisement (4)

Total assets under management and advisement

$ 759.4 $ 689.7

Total assets under management net flows

$ (12.7) $ (27.4)

Model delivery assets under advisement flows (5)

Total assets under management and advisement flows (5)

$ (12.4) $ (27.0)

Legacy insurance partners net flows (6)

$ (0.8) $ (1.8)

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

dollar translation for reporting purposes.

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

AMERIPRISE FINANCIAL, INC.

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

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

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

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

Total segment AUM increased $36.7 billion, or 5%, during the six months ended June 30, 2026 primarily due to equity market appreciation, partially offset by net outflows and an unfavorable foreign exchange impact.

Total AUM net outflows were $12.7 billion for the six months ended June 30, 2026.

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

Six Months Ended June 30,

(in millions)

Management and financial advice fees $ 1,620 $ 1,461 $ 159 11 %

Distribution fees 205 185 20 11

Net investment income 21 19 2 11

Other revenues 11 11 — —

Total revenues 1,857 1,676 181 11

Banking and deposit interest expense — — — —

Total net revenues 1,857 1,676 181 11

Distribution expenses 532 486 46 9

Amortization of deferred acquisition costs 3 3 — —

Interest and debt expense 8 6 2 33

General and administrative expense 767 718 49 7

Total expenses 1,310 1,213 97 8

Adjusted operating earnings $ 547 $ 463 $ 84 18 %

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $84 million, or 18%, for the six months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation and the benefit of strong performance in our Seligman technology strategies, partially offset by the cumulative impact from net outflows.

Management and financial advice fees increased $159 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact from net outflows.

Distribution fees increased $20 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period due to equity market appreciation, partially offset by the cumulative impact from net outflows.

Distribution expenses increased $46 million, or 9%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting equity market appreciation, partially offset by the cumulative impact of net outflows.

General and administrative expense increased $49 million, or 7%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and performance, volume-related expenses and an unfavorable foreign exchange impact.

AMERIPRISE FINANCIAL, INC.

Retirement & Protection Solutions

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

Six Months Ended June 30,

(in millions)

Management and financial advice fees $ 376 $ 368 $ 8 2 %

Distribution fees 210 203 7 3

Net investment income 683 605 78 13

Premiums, policy and contract charges 656 683 (27) (4)

Other revenues 2 3 (1) (33)

Total revenues 1,927 1,862 65 3

Banking and deposit interest expense — — — —

Total net revenues 1,927 1,862 65 3

Distribution expenses 271 249 22 9

Interest credited to fixed accounts 187 185 2 1

Benefits, claims, losses and settlement expenses 469 420 49 12

Remeasurement (gains) losses of future policy benefit reserves (5) (10) 5 50

Change in fair value of market risk benefits 317 296 21 7

Amortization of deferred acquisition costs 116 115 1 1

Interest and debt expense 20 19 1 5

General and administrative expense 160 159 1 1

Total expenses 1,535 1,433 102 7

Adjusted operating earnings $ 392 $ 429 $ (37) (9) %

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts decreased $37 million, or 9%, for the six months ended June 30, 2026 compared to the prior year period, primarily reflecting the cumulative impact of variable annuity net outflows and higher sales volume.

Management and financial advice fees increased $8 million, or 2%, for the six months ended June 30, 2026 compared to the prior year period primarily due to the impact from variable annuity net outflows, partially offset by market appreciation.

Net investment income, which excludes net realized investment gains or losses, increased $78 million, or 13%, for the six months ended June 30, 2026 compared to the prior year period primarily due to increased SVA balances.

Premiums, policy and contract charges decreased $27 million, or 4%, for the six months ended June 30, 2026 compared to the prior year period primarily due to lower contract charges from lower guaranteed living benefit volumes and lower sales of life contingent payout annuities.

Distribution expenses increased $22 million, or 9%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting higher annuity sales and higher equity markets.

Benefits, claims, losses and settlement expenses, which exclude the market impact on SVA indexed account embedded derivatives (net of hedges) and mean reversion related impacts, increased $49 million, or 12%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting the impact of increased volume in SVAs, partially offset by lower sales of life contingent payout annuities.

Change in fair value of market risk benefits, which exclude the market impact on variable annuity guaranteed benefits (net of hedges), increased $21 million, or 7%, for the six months ended June 30, 2026 compared to the prior year period reflecting market appreciation on contractual fees.

AMERIPRISE FINANCIAL, INC.

Corporate & Other

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

Six Months Ended June 30,

(in millions)

Net investment income $ 99 $ 103 $ (4) (4) %

Premiums, policy and contract charges 43 45 (2) (4)

Other revenues 83 88 (5) (6)

Total revenues 225 236 (11) (5)

Banking and deposit interest expense 8 16 (8) (50)

Total net revenues 217 220 (3) (1)

Distribution expenses (5) (5) — —

Interest credited to fixed accounts 100 102 (2) (2)

Benefits, claims, losses and settlement expenses 107 109 (2) (2)

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

Amortization of deferred acquisition costs 3 3 — —

Interest and debt expense 50 54 (4) (7)

General and administrative expense 119 156 (37) (24)

Total expenses 379 416 (37) (9)

Adjusted operating loss $ (162) $ (196) $ 34 17 %

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

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

Our Corporate & Other segment pretax adjusted operating loss decreased $34 million, or 17%, for the six months ended June 30, 2026 compared to the prior year period.

LTC insurance had pretax adjusted operating earnings of $11 million for the six months ended June 30, 2026 compared to pretax adjusted operating earnings of $21 million for the prior year period primarily reflecting higher claims experience.

The FA business had a pretax adjusted operating loss of $17 million for the six months ended June 30, 2026 compared to a pretax adjusted operating loss of $14 million for the prior year period.

Remeasurement (gains) losses of future policy benefit reserves increased $8 million for the six months ended June 30, 2026 compared to the prior year period primarily reflecting higher LTC claims experience.

General and administrative expense, which excludes integration and restructuring charges, decreased $37 million, or 24%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting lower real estate expenses as well as expenses to accelerate our transition to cloud-based technology in the prior year period.

Fair Value Measurements

14 unchanged sentences

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

Treasury curve as of March 31, 2026.

Treasury curve as of June 30, 2026.

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

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

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

Treasury curve, the reduction to future total equity would be approximately $439 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on June 30, 2026 credit spreads.

Liquidity and Capital Resources

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

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

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

We maintained substantial liquidity during the six months ended June 30, 2026.

As of June 30, 2026 and December 31, 2025, we had $10.1 billion and $10.0 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis.

As of June 30, 2026 and December 31, 2025, the parent company had $1.5 billion and $987 million, respectively, in cash, cash equivalents, and unencumbered liquid securities.

Liquid securities predominantly include U.S.

1 unchanged sentence

Additional sources of liquidity at the parent company include a line of credit with an affiliate up to $772 million and an unsecured revolving committed credit facility for up to $1.0 billion that expires in November 2029.

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

Management’s estimate of liquidity available to the parent company in a volatile and uncertain economic environment as of June 30, 2026 was $2.8 billion which includes cash, cash equivalents, unencumbered liquid securities, the line of credit with an affiliate and a portion of the committed credit facility.

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

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

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

As of June 30, 2026, we had no outstanding borrowings under this credit facility and had $1 million of letters of credit issued against the facility.

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

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

We remained in compliance with all such covenants as of June 30, 2026.

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

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

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

As of June 30, 2026 and December 31, 2025, we had $16.0 billion and $13.7 billion, respectively, of estimated borrowing capacity under the FHLB facilities, of which $200 million was outstanding as of both June 30, 2026 and December 31, 2025, and is collateralized with commercial mortgage backed securities and residential mortgage backed securities.

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

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

As of June 30, 2026 and December 31, 2025, we estimated $6.8 billion and $8.5 billion, respectively, of borrowing capacity from the Federal Reserve in addition to the FHLB capacity and there were no outstanding obligations.

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

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

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

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

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

Effective June 30, 2026, amendments to SEC Rule 15c3‑3 require clearing broker-dealers, including our broker‑dealer subsidiary American Enterprise Investment Services, Inc.

(“AEIS”), to compute daily customer reserve requirements and to make corresponding daily adjustments to its related reserve deposits.

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

Relief from certain aspects of this variability in liquidity was granted to the broker-dealer industry through an SEC No Action Letter.

At this time, the relief is temporary and set to expire on June 30, 2027.

Management expects AEIS to continue to be compliant with requirements of the rule without a material adverse impact on the Company’s consolidated financial condition or results of operations.

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

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

however, as of March 31, 2026, based on current estimates, we do not expect to be liable for CAMT in 2026.

however, as of June 30, 2026, based on current estimates, we do not expect to be liable for CAMT in 2026.

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

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

As of 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.

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

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

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

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

our face-amount certificate subsidiary, ACC;

Ameriprise Bank;

AMPF Holding, LLC, which is the parent company of our retail introducing broker-dealer subsidiary, Ameriprise Financial Services, LLC (“AFS”) and our clearing broker-dealer subsidiary, AEIS;

our transfer agent subsidiary, Columbia Management Investment Services Corp.

our investment advisory company, Columbia Management Investment Advisers, LLC (“CMIA”);

TAM UK International Holdings Ltd and Columbia Threadneedle Investments UK International Ltd.

The payment of dividends by many of our subsidiaries is restricted and certain of our subsidiaries are subject to regulatory capital requirements.

For example, RiverSource Life payments in excess of statutory unassigned funds require advanced notice to the Minnesota Department of Commerce (“MN DOC”), RiverSource Life’s primary regulator, and are subject to potential disapproval.

In addition, dividends and other distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceeds the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advanced notice to MN DOC, and are subject to potential disapproval.

For example, RiverSource Life payments in excess of statutory unassigned funds require advance notice to the Minnesota Department of Commerce (“MN DOC”), RiverSource Life’s primary regulator, and are subject to potential disapproval.

In addition, dividends and other distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceeds the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to MN DOC, and are subject to potential disapproval.

Our broker-dealer subsidiaries are subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934.

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Actual Capital Regulatory Capital Requirements

March 31, 2026

June 30, 2026

December 31, 2025

March 31, 2026

June 30, 2026

December 31, 2025

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

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

(2) Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of June 30, 2026 and December 31, 2025.

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

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

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

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

During the six months ended June 30, 2026, the parent holding company received cash dividends or a return of capital from its subsidiaries of $2.0 billion (including $300 million from RiverSource Life and $895 million from AMPF Holding, LLC) and contributed cash to its subsidiaries of $120 million.

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

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

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Dividends Paid to Shareholders and Share Repurchases

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

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

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

We paid regular quarterly dividends to our shareholders totaling $310 million and $306 million for the six months ended June 30, 2026 and 2025, respectively.

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

The dividend will be paid on August 21, 2026 to our shareholders of record at the close of business on August 3, 2026.

AMERIPRISE FINANCIAL, INC.

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

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

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

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

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

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

During the six months ended June 30, 2026, we repurchased a total of 3.3 million shares of our common stock at an average price of $470.84 per share.

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

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Cash and cash equivalents segregated under federal and other regulations is held for the exclusive benefit of our brokerage customers and is not available for general use by Ameriprise Financial.

Operating Activities

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

Investing Activities

Changes in cash flows for the six months ended June 30, 2026 compared with the prior-year period were primarily driven by our investing and financing activities, as outlined below.

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

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

Financing Activities

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

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

Net cash used in investing activities increased $653 million to $1.6 billion for the six months ended June 30, 2026 compared to $939 million for the prior year period driven by an increase in net cash outflows of $491 million related to maturities, sales and purchases of Available-for-Sale securities.

Net cash used in financing activities decreased $684 million to $1.7 billion for the six months ended June 30, 2026 compared to $2.4 billion for the prior year period.

The decrease in net cash used in financing activities primarily reflects a $544 million decrease in net cash outflows from investment certificates.

Forward-Looking Statements

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

AMERIPRISE FINANCIAL, INC.

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

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• the determination of the amount of allowances taken on loans and investments;

AMERIPRISE FINANCIAL, INC.

• the illiquidity of some of our investments;

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis