Ameriprise Financial (AMP) 10-K risk factor changes: FY2023 vs FY2022

Such factors, which can be global, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers; (ii) geopolitical strain, terrorism and armed conflicts, (iii) [removed: political,] [added: political dynamics or elections and] social, economic and market conditions; (iv) the availability and cost of capital; (v) [added: global health emergencies (such as] the [removed: ongoing] coronavirus disease 2019 (“COVID-19”) [removed: pandemic or other global health emergencies;] [added: pandemic);] (vi) technological changes and [removed: events; (vii)]

[added: events; (vii)] U.S. and foreign government fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) [removed: the ongoing inflationary environment;] [added: periods of elevated inflation;] (xi) [added: natural disasters such as weather catastrophes; and (xii) other factors affecting] investor sentiment and confidence in the financial [removed: markets; and (xii) natural disasters such as weather catastrophes and widespread health emergencies.][added: markets.]

These factors also may have an impact on our ability to achieve our strategic [removed: objectives.][added: objectives or to pay dividends or otherwise return capital from our subsidiaries to our holding company.]

Declines and volatility in U.S. and global market conditions (such as those that resulted from the COVID-19 pandemic and subsequent economic [removed: environment)] [added: environment, from other recent geopolitical tensions or from situations like the 2023 regional bank crisis)] have impacted our businesses in the past, are impacting us now and may [removed: do so again.][added: continue to impact us in the same, new or different ways in the future.]

Downturns and volatility in markets (including equity, fixed income, real estate, [added: alternatives such as] infrastructure and [added: private equity and] other markets) have had, and may in the future have, an adverse effect on the revenues and returns from our asset management services, retail advisory accounts, variable annuity contracts, banking products and other products.

Although some contracts governing investment management services are subject to termination for failure to meet performance benchmarks, institutional and individual clients can [added: generally] terminate their relationships with us or our financial advisors at will or on relatively short notice.

Our clients can also reduce the aggregate amount of managed assets or shift their funds to other types of accounts with different [added: fee] rate structures, for any number of reasons, including investment performance, changes in prevailing interest rates, changes in investment preferences or investment management strategy (for example, “active” or “passive” investing [removed: styles),] [added: styles or the proliferation of exchange traded funds (“ETFs”) or other vehicles like separately managed accounts (“SMAs”)),] changes in our (or our advisors’) reputation in the marketplace, [added: a client’s view of] ESG factors, changes in client or relationship management, loss of key investment management personnel and financial market performance.

Further, the cost of hedging our liability for these guarantees has increased as a result of [removed: volatility in the equity markets, as well as] broad-based market and regulatory-driven changes in the collateral requirements of hedge trading counterparties.

Certain of our insurance, annuity, investment products, wrap fees and banking products are sensitive to interest rate fluctuations (inclusive of changes in credit spreads), which could cause future impacts associated with such fluctuations to differ from our [removed: historical costs.]

In addition, interest rate fluctuations could result in fluctuations in the valuation of certain minimum guaranteed benefits contained in some of our variable annuity products, something we saw as a result of volatility that resulted from the [added: COVID-19 pandemic.]

As market interest rates [removed: increase,] [added: increase or sustain at relatively higher rates,] we may [removed: offer] [added: credit clients] higher [removed: crediting] rates on interest-sensitive products, such as universal life [removed: insurance and] [added: insurance,] face-amount certificates, and [added: banking products and] we may increase [removed: crediting] [added: these] rates on in force products to keep these products competitive (which could have an adverse effect on our financial condition and results of operations).

In addition, increases in market interest rates [added: would further increase the unrealized loss position of our investment portfolio and] may cause [added: outflows and other negative impacts through] increased policy surrenders, withdrawals from life insurance policies and annuity contracts and requests for policy loans, or changes in demands of certain bank or certificate products as policyholders, contractholders and clients seek to shift assets to products with perceived higher returns.

This process may lead to an earlier than expected outflow of cash from [added: many different areas of] our business.

These [removed: withdrawals and] [added: withdrawals,] surrenders [added: and other client actions] may require investment assets to be sold at a time when the prices of those assets are lower because of the increase in market interest rates, which may result in investment [removed: losses.][added: losses to be realized in our results of operations.]

If the market conditions hinder our availability to obtain [removed: capital,] [added: capital or liquidity,] our business could suffer.

In the event current resources are insufficient to satisfy our needs, we may access financing sources such as [added: our committed unsecured revolving credit facility or other] bank debt.

Ratings agencies have and may continue to increase the frequency and scope of their credit reviews, adjust upward the capital and other requirements employed in the rating organizations’ models for maintenance of ratings levels (including adjusting the framework under which they view our Company’s business mix that drives these requirements), or downgrade ratings applied to particular classes [removed: of securities or types of institutions, and our ratings could be changed at any time and without any notice by the rating organizations.]

As such, we may be forced to delay raising capital, issue different types of capital than we would otherwise, less effectively deploy [added: such capital, or bear an unattractive cost of capital which could decrease our profitability and significantly reduce our financial flexibility.]

Furthermore, our competitors may be better able to address trends, structural changes, or movement of assets resulting from industry changes [added: or] in response to the uncertain regulatory environment in the U.S. and around the world.

Strong investment performance [removed: helps to ensure] [added: supports] the retention of our products and services by our clients and creates [added: opportunities for] new sales of products and services.

Further, any drop in market share of mutual funds sales by our advisors [added: or through third party intermediaries,] may further reduce profits as sales of other companies’ mutual funds are less profitable than sales of our proprietary funds.

[removed: The] [added: While we are seeing the employment market stabilize compared to recent years, the] financial services industry has always been a highly competitive [removed: industry; however, we are currently experiencing a surge in labor market activity.][added: industry.]

[removed: Higher turnover, fewer] [added: Fewer] individuals entering the labor force, increased demand for flexibility and fully remote work, and wage sensitivity due to the inflationary environment [removed: have resulted in] [added: put pressure on] labor [removed: shortages, increased] costs [removed: of labor,] and [added: add] complexity in recruiting and retaining talent.

We continue to assess risk and invest in our employees to remain [removed: competitive,] [added: competitive and have continued to diversify our geographic footprint,] however, we also recognize that the possibility of increased turnover may impact our ability to attract, support and retain [removed: clients.][added: clients and advisors.]

We are also dependent on our network of advisors to drive growth and results in our wealth management [removed: business, and] [added: business (and] for a significant portion of the sales of our [removed: products,] [added: products)] and [removed: the] recruiting [removed: environment for] [added: and retaining] financial advisors is highly [removed: competitive.][added: competitive and ever-changing.]

From time to time there are regulatory-driven or other trends and developments within the industry, such as changes around the Protocol for Broker Recruiting or the recent proposal by the Federal Trade Commission (and similar state proposals and general scrutiny) around non-competition [added: or non-solicitation] agreements, that could potentially impact the dynamics between us and our competitors or negatively impact our business.

[removed: While we regularly assess our exposure to different industries] and counterparties, the performance and financial strength of specific institutions are subject to rapid change, the timing and extent of which cannot be known.

We also have exposure to financial institutions in the form of unsecured debt instruments, derivative transactions (including with respect to derivatives hedging our exposure on variable annuity contracts with guaranteed benefits), reinsurance, repurchase and underwriting [added: arrangements and equity investments.]

Capital and credit market volatility or a sudden devaluation of a specific product or security (such as [removed: happened with cryptocurrency)] [added: the broad impacts experienced from the 2023 regional bank crisis)] can exacerbate, and has exacerbated, the risk of third-party defaults, bankruptcy filings, foreclosures, legal actions and other events that may limit the value of or restrict our access and our clients’ access to cash and investments.

Any such reduction in access to [added: (or the economics associated with)] third-party distributors may have a material adverse effect on our ability to market our products and to generate revenue in our Advice & Wealth Management and Asset Management segments.

In such cases, the valuation of certain securities may [removed: require additional subjectivity and management judgment.]

These asset classes represented [removed: 8.2%] [added: 7%] of the carrying value of our investment portfolio as of December 31, [removed: 2022.][added: 2023.]

We set prices for *RiverSource* [removed: disability] insurance [added: products] (and historically LTC insurance) as well as some annuity products based upon expected claims payment patterns, derived from assumptions we make about our policyholders and contractholders, including expenses, fees, investment returns, and morbidity and mortality rates.

[removed: If mortality rates are higher than our pricing assumptions, we could be required to make] greater payments under our life insurance policies and annuity contracts with guaranteed minimum death benefits than we have projected.

Reputational damage may arise from numerous [removed: sources] [added: sources,] including litigation or regulatory actions, failing to deliver minimum standards of service and quality, compliance failures, any perceived or actual weakness in our financial strength or liquidity, clients’ or potential clients’ perceived failure of how we address certain political, environmental, social or governance topics, technological breakdowns, cybersecurity attacks, or other security breaches (including attempted [added: breaches,] breaches [added: impacting our vendors] or [added: their subcontractors or] inadvertent disclosures) resulting in [added: system unavailability,] improper disclosure [added: or loss] of [added: data integrity relating to] client or employee personal information, unethical or improper behavior and the misconduct or error of our employees, advisors and counterparties.

Any negative incidents can quickly erode trust and confidence, particularly if they result in adverse mainstream and social media publicity, governmental [added: audits or] investigations or litigation.

We cannot always [removed: deter] [added: prevent] misconduct by our employees and advisors, and the precautions we take to prevent and detect this activity may not be effective in all cases.

Preventing and detecting misconduct among our franchisee advisors who are not employees of our company presents additional challenges [added: in that they control their own technology environment on a day-to-day basis] and could have an adverse effect on our business.

In addition, the SEC and other federal and state regulators, as well as foreign regulators, have increased their scrutiny of potential conflicts of [removed: interest.][added: interest and the actions we may be expected to take when a conflict is encountered.]

Also, it is possible that the regulatory scrutiny of, and litigation in connection with, conflicts of interest will make our clients less willing to enter into transactions [added: with us or] in [removed: which such a conflict may occur,] [added: certain products or services we offer,] which would adversely affect our businesses.

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For example, market fluctuations will impact our statutory reserves and required capital, and that may not be aligned with the hedging impacts.

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historical costs.

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of securities or types of institutions, and our ratings could be changed at any time and without any notice by the rating organizations.

In addition, rating agencies continually evolve their ratings and other methodologies, and these changes can be to our detriment or benefit and have a material impact on how we view our liquidity and capital.

While we regularly assess our exposure to different industries

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require additional subjectivity and management judgment.

If mortality rates are higher than our pricing assumptions, we could be required to make

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This can include improper use of their authorized access to sensitive information.

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The direct and indirect effects of climate change could adversely affect our business and operations, both directly and as a result of impacts on our clients, counterparties and entities whose securities we hold.

We operate in many regions, countries and communities around the world where our business, and the activities of our clients and counterparties, could be adversely affected by climate change.

Climate risks can also arise from the inconsistencies and conflicts in the manner in which climate policy and financial regulation is implemented in the many regions where we operate, including initiatives to apply and enforce policy and regulation with extraterritorial effect.

Transition risks may arise from societal adjustment to a lower-carbon economy, such as changes in public policy, adoption of new technologies or changes in consumer preferences towards low-carbon goods and services.

These risks could also be influenced by changes in the physical climate.

We rely on the third parties with whom we do business to identify and remediate software and other vulnerabilities before they can be exploited by bad actors, but they cannot always do so.

For example, zero-day vulnerabilities in software and other technology solutions are immediately exploitable by bad actors as occasionally happens with certain of our vendors in the industry.

We routinely face attacks and seek to address evolving threats of which we become aware.

The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of artificial intelligence makes these attempts look more legitimate.

These regulator-driven changes may adversely impact the client experience by, for example, requiring multiple means of verifying the identity of a client before they can interact with us.

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will engage in safe and secure online practices.

We have a vendor management process, but at times our software or service providers could push through updates that are not fully disclosed to us (or tested by them) and that could alter the control posture of their products.

Further some controls are manual and are subject to inherent limitations and we have a general model risk where there is a risk of loss associated with insufficient or inaccurate models that we use to support our decision.

Further, avoiding introducing or encouraging certain new products (such as cryptocurrency) creates the risk of losing assets or new flows to competitors who encourage or support those products.

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In addition, heightened volatility (and the transition away from LIBOR as a widely accepted interest rate reference) creates greater uncertainty for future hedging effectiveness.

COVID-19 pandemic.

such capital, or bear an unattractive cost of capital which could decrease our profitability and significantly reduce our financial flexibility.

arrangements and equity investments.

The elimination of LIBOR may adversely affect the interest rates on, and value of, certain derivatives and floating rate securities we hold, the activities we conduct, and any other assets or liabilities, the value of which is tied to LIBOR.

The elimination of LIBOR and transition to alternative reference rates may have an adverse impact on the value of, return on and trading markets for a broad array of financial products, including any LIBOR-based securities, loans and derivatives that are included in our financial assets and liabilities.

U.S. Dollar LIBOR is anticipated to be phased out by June 30, 2023, and replaced by the Secured Overnight Financing Rate, and all other LIBOR currencies were phased out by December 31, 2021.

There will continue to be work required to transition to the new benchmark rates for U.S. Dollar.

In addition, LIBOR may perform differently during the phase-out period than in the past which could result in lower interest payments and a reduction in the value of certain assets, as well as fluctuations in certain mark-to-market derivative instruments.

Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on various derivatives, floating rate securities and other securities we hold, the activities we conduct in our various businesses, and any other assets or liabilities (as well as contractual rights and obligations), the value of which is tied to LIBOR.

The value or profitability of these products and instruments, and our costs of operations, may be adversely affected until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially in use.

We may face direct or indirect effects of our responses to climate change.

To date, we have not experienced any material breaches of or interference with our centrally controlled systems and networks.

The number of attempted phishing attacks has increased substantially every year, which is expected to continue.

implementation and maintenance of appropriate security measures.

Further some controls are manual and are subject to inherent limitations.

In particular, there remains some uncertainty around the ongoing impact of the COVID-19 pandemic.

Though we are currently navigating hybrid working environments, we recognize that the pandemic may shift, and we cannot control various governmental responses, imposed quarantines, effectiveness of vaccines and healthcare, or any related regulation that could come from a change in the status of the pandemic.

reinsurance recoveries; (iii) widespread unavailability of staff; and (iv) declines and volatility in the financial markets that may decrease the value of our assets under management and administration, which could harm our financial condition and reduce our management fees.

Our failure to meet the challenges involved in continuing to integrate the operations of the BMO Global Asset Management (EMEA) business (and to conform to banking and other applicable laws and regulations) or to otherwise realize any of the anticipated benefits of the acquisition could adversely impair our business or our results.

As discussed earlier, the FRB’s 2019 proposal for a new capital framework for ISLHCs, would create new capital requirements for us (even if there are any refinements to the proposal) which could potentially impact the way we structure our capital or manage our business.

Ameriprise [added: Financial] is a diversified financial services company with a [removed: more than 125-year] [added: nearly 130-year] history of providing financial solutions.

We are a long-standing leader in financial planning and advice with [removed: $1.2] [added: $1.4] trillion in assets under management and administration as of December 31, [removed: 2022.][added: 2023.]

We operate our business in the broader context of the macroeconomic forces around us, including the global and U.S. economies, [removed: the coronavirus disease 2019 (“COVID-19”) pandemic,] changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, [added: pandemics,] the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments.

Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the [removed: value of deferred acquisition costs (“DAC”) and deferred sales inducement costs (“DSIC”) assets, the] values of [removed: liabilities for guaranteed] [added: market risk] benefits [added: and embedded derivatives] associated with our variable annuities and the values of derivatives held to hedge these benefits and the “spread” income generated on our deposit products, fixed insurance, the fixed portion of variable annuities and variable insurance contracts and fixed deferred annuities.

A higher (lower) interest rate environment may result in decreases (increases) to our [removed: reserves and changes in various rate assumptions we use to amortize DAC and DSIC,] [added: long-duration contract reserves,] which may impact our adjusted operating earnings after tax.

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

These [removed: aforementioned changes] [added: annual assumption updates] are collectively referred to as unlocking.

See our Consolidated and Segment Results of Operations sections for the pretax impacts on our revenues and expenses attributable to [removed: unlocking and LTC loss recognition.][added: unlocking.]

[removed: If the applications are approved, the proposed] [added: These] changes are not expected to impact our long-term [added: growth] strategy for [removed: the bank] [added: Ameriprise Bank] and [removed: should enable us to] [added: we will] continue [added: to offer] our strong lineup of banking solutions, including deposits, credit cards, mortgages and securities-based lending to our wealth management clients without interruption.

On a consolidated basis, the management fees we earn for the services we provide to the CIEs and the related general and administrative expenses are eliminated and the changes in fair value of assets and liabilities related to the CIEs, primarily syndicated [added: loans and debt, are reflected in Net investment income.]

While our Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), management believes that adjusted operating measures, which exclude net realized investment gains or losses, net of the [removed: related DSIC and DAC amortization, unearned revenue amortization and the] reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and universal life (“UL”) insurance contracts), net of hedges and the [removed: related DSIC and DAC amortization, unearned revenue amortization and the] reinsurance accrual; mean reversion related impacts (the impact on variable annuity and variable universal life (“VUL”) products for the difference between assumed and updated separate account investment performance on [removed: DAC, DSIC, unearned revenue amortization,] [added: the] reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to [removed: offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.]

- Adjusted operating return on equity [removed: excluding accumulated other comprehensive income (“AOCI”)] of over 30%.

The following [removed: tables reconcile] [added: table reconciles] our GAAP measures to adjusted operating measures:

| 2022 | | | | | | 2021 | | | | | | [added: | | |] 2022 | | | | | | 2021 | | | | | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| [removed: Less:] Net realized investment gains (losses) (1) | | | [removed: (97)] [added: (32)] | | | | | | [removed: 87] [added: (93)] | | | | | | [removed: (0.85)] [added: (0.30)] | | | | | | [removed: 0.73] [added: (0.82)] | | |

| [removed: Add:] Market impact on non-traditional long-duration products (1) | | | [removed: (211)] [added: (608)] | | | | | | [removed: 656] [added: 483] | | | | | | [removed: (1.86)] [added: (5.63)] | | | | | | [removed: 5.47] [added: 4.25] | | |

| [removed: Add:] Mean reversion related impacts (1) | | | [removed: 268] [added: —] | | | | | | [removed: (152)] [added: (1)] | | | | | | [removed: 2.36] [added: —] | | | | | | [removed: (1.27)] [added: (0.01)] | | |

| [removed: Add:] Integration/restructuring charges (1) | | | [removed: 50] [added: (62)] | | | | | | [removed: 32] [added: (50)] | | | | | | [removed: 0.44] [added: (0.58)] | | | | | | [removed: 0.27] [added: (0.44)] | | |

| [removed: Less:] Net income (loss) attributable to CIEs | | | [removed: (4)] [added: —] | | | | | | [removed: (3)] [added: (4)] | | | | | | [removed: (0.04)] [added: —] | | | | | | [removed: (0.03)] [added: (0.04)] | | |

| Basic | | | [removed: 111.3] [added: 105.7] | | | | | | [removed: 117.3] [added: 111.3] | | | | | | | | | | | | | | |

| Diluted | | | [removed: 113.7] [added: 107.8] | | | | | | [removed: 120.0] [added: 113.7] | | | | | | | | | | | | | | |

| [removed: 2022] | | | [added: 2023] | | | [removed: 2021] | | | [added: 2022] | | | [added: | | | 2021 | | |]

| Net [added: investment] income | | | [removed: $] [added: 44] | [removed: 2,559] | | | | | [removed: $] [added: 9] | [removed: 2,760] | | [added: | | | 35 | | | | | | NM | | |]

| [removed: Less: Adjustments (1)] [added: Less Adjustments:] | | | [removed: (165)] | | | | | | [removed: 36] | | | [added: | | | | | | | | | | | |]

| Adjusted operating earnings | | | $ | [removed: 2,724] [added: 3,111] | | | | | $ | [removed: 2,724] [added: 2,885] | |

| Total Ameriprise Financial, Inc. shareholders’ equity [removed: (2)] | | | $ | [removed: 4,453] [added: 4,116] | | | | | $ | [removed: 5,944] [added: 4,170] | |

| Less: AOCI, net of tax [removed: (2)] | | | [removed: (1,487)] [added: (2,297)] | | | | | | [removed: 556] [added: (1,769)] | | |

| Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI | | | [removed: 5,940] [added: 6,413] | | | | | | [removed: 5,388] [added: 5,939] | | |

| Less: Equity impacts attributable to CIEs | | | [removed: —] [added: (4)] | | | | | | [removed: 2] [added: —] | | |

| Adjusted operating equity | | | $ | [removed: 5,940] [added: 6,417] | | | | | $ | [removed: 5,386] [added: 5,939] | |

| Return on equity, excluding AOCI | | | [removed: 43.1] [added: 39.9] | | % | | | | [removed: 51.2] [added: 53.0] | | % |

| Adjusted operating return on equity, excluding AOCI [removed: (3)] [added: (2)] | | | [removed: 45.9] [added: 48.5] | | % | | | | [removed: 50.6] [added: 48.6] | | % |

(1) Adjustments reflect the sum of after-tax net realized investment gains/losses, net of [removed: DSIC and DAC amortization, unearned revenue amortization and] the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and [removed: related DSIC and DAC amortization, unearned revenue amortization and] the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities.

See Note [removed: 28] [added: 16] to [removed: our] [added: the] Consolidated Financial Statements for [removed: a summary of the revision.][added: additional information on our fair value measurements.]

[removed: (3)] [added: (2)] Adjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings in the numerator and Ameriprise Financial shareholders’ equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator.

See Note [removed: 15] [added: 16] to our Consolidated Financial Statements for discussion of the fair value of our Available-for-Sale securities.

[removed: Deferred Acquisition Costs][added: | Amortization of deferred acquisition costs | | | 6 | | | | | | 9 | | | | | | (3) | | | | | | (33) | | |]

See Note [removed: 2] [added: 24] to our Consolidated Financial Statements for [added: additional] discussion [removed: of our DAC accounting policy.][added: on income taxes.]

| [removed: (in millions)] | | | [removed: | | | | | |] [added: (in millions)] | | | | | | | | |

Traditional long-duration products include term [removed: life,] [added: life insurance,] whole [removed: life, DI] [added: life insurance, disability income (“DI”)] and LTC insurance [added: and life contingent payout annuity] products.

On July 13, 2023, we announced that we withdrew our application to convert Ameriprise Bank, FSB (“Ameriprise Bank”) to a state-chartered industrial bank and our application to establish a new limited purpose national trust bank.

Ameriprise Bank will continue to operate as it does today, regulated by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.

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offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.

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

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

In the first quarter of 2023, management introduced an adjusted capital measure (“Available Capital for Capital Adequacy”), which management believes best reflects the available capital resources of our operations and facilitates a meaningful trend analysis.

Available Capital for Capital Adequacy adjusts GAAP total equity and excludes accumulated other comprehensive income (“AOCI”); goodwill and intangibles; RiverSource Life Insurance Company’s GAAP equity excluding AOCI; and includes RiverSource Life Insurance Company’s statutory total adjusted capital prepared in conformity with accounting practices prescribed or permitted by the State of Minnesota Department of Commerce; and other adjustments, primarily certain deferred tax balances.

Concurrent with the adoption of Accounting Standards Update 2018-12, *Targeted Improvements to the Accounting for Long-Duration Contracts*, management no longer excludes adjustments for deferred acquisition costs (“DAC”), deferred sales inducement costs (“DSIC”) and unearned revenue amortization from adjusted operating earnings measures.

Amortization of DAC, DSIC, and unearned revenue is no longer impacted by markets and is now amortized on a constant-level basis in accordance with GAAP.

| 2023 | | | | | | 2022 | | | | | | 2023 | | | | | | 2022 | | | | | |

| Net income | | | $ | 2,556 | | | | | $ | 3,149 | | | | | $ | 23.71 | | | | | $ | 27.70 | |

| Tax effect of adjustments (2) | | | 147 | | | | | | (71) | | | | | | 1.36 | | | | | | (0.61) | | |

| Adjusted operating earnings | | | $ | 3,111 | | | | | $ | 2,885 | | | | | $ | 28.86 | | | | | $ | 25.37 | |

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

| 2023 | | | | | | 2022 | | | | | |

| Net income | | | $ | 2,556 | | | | | $ | 3,149 | |

| Less: Adjustments (1) | | | (555) | | | | | | 264 | | |

The following table reconciles GAAP total equity to Available Capital for Capital Adequacy:

| | | | December 31, 2023 | | | | | | December 31, 2022 | | |

| Ameriprise Financial, Inc. GAAP total equity | | | $ | 4,729 | | | | | $ | 3,803 | |

| Less: AOCI | | | (1,766) | | | | | | (2,546) | | |

| Ameriprise Financial, Inc. GAAP total equity, excluding AOCI | | | 6,495 | | | | | | 6,349 | | |

| Less: RiverSource Life Insurance Company GAAP equity, excluding AOCI | | | 1,851 | | | | | | 2,057 | | |

| Add: RiverSource Life Insurance Company statutory total adjusted capital | | | 3,093 | | | | | | 3,103 | | |

| Less: Goodwill and intangibles | | | 2,622 | | | | | | 2,485 | | |

| Add: Other adjustments | | | 303 | | | | | | 299 | | |

| Available Capital for Capital Adequacy | | | $ | 5,418 | | | | | $ | 5,209 | |

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

Market Risk Benefits

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk.

Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to policyholders.

In addition, the valuation of market risk benefits is impacted by an estimate of our nonperformance risk adjustment.

The change in fair value due to changes in our nonperformance risk is recorded in other comprehensive income.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges.

In the third quarter, we updated our market-related assumptions and implemented model changes related to our living benefit valuation.

We also reviewed our future policy benefit reserve adequacy for our long term care (“LTC”) business in the third quarter.

The following discussion includes a comparison of our 2022 and 2021 results.

For a discussion of our 2020 results and for a comparison of results for 2021 and 2020, see Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 25, 2022.

On June 2, 2021, we filed an application to convert Ameriprise Bank, FSB (“Ameriprise Bank”) to a state-chartered industrial bank regulated by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation.

We also filed an application to transition the Ameriprise Bank’s personal trust services business to a new limited purpose national trust bank regulated by the Office of the Comptroller of the Currency.

loans and debt, are reflected in Net investment income.

| Net income | | | $ | 2,559 | | | | | $ | 2,760 | | | | | $ | 22.51 | | | | | $ | 23.00 | |

| Add: Market impact of hedges on investments (1) | | | — | | | | | | 22 | | | | | | — | | | | | | 0.18 | | |

| Less: Block transfer reinsurance transaction impacts (1) | | | — | | | | | | 521 | | | | | | — | | | | | | 4.34 | | |

| Add: Tax effect of adjustments (2) | | | (43) | | | | | | 11 | | | | | | (0.38) | | | | | | 0.09 | | |

| Adjusted operating earnings | | | $ | 2,724 | | | | | $ | 2,724 | | | | | $ | 23.96 | | | | | $ | 22.70 | |

(2) We revised prior period Consolidated Financial Statements to correct shadow unearned revenue liability balances associated with universal life insurance products.

*Non-Traditional Long-Duration Products*

For our non-traditional long-duration products (including variable, structured variable and fixed deferred annuity contracts, UL and VUL insurance products), our DAC balance at any reporting date is based on projections that show management expects there to be estimated gross profits (“EGPs”) after that date to amortize the remaining balance.

These projections are inherently uncertain because they require management to make assumptions about financial markets, mortality levels and contractholder and policyholder behavior over periods extending well into the future.

Projection periods used for our annuity products are typically 30 to 50 years and for our UL insurance products 50 years or longer.

EGPs vary based on persistency rates (assumptions at which contractholders and policyholders are expected to surrender, make withdrawals from and make deposits to their contracts), mortality levels, client asset value growth rates (based on equity and bond market performance), variable annuity benefit utilization and interest margins (the spread between earned rates on invested assets and rates credited to contractholder and policyholder accounts).

Changes in these assumptions can be offsetting and we are unable to predict their movement, sensitivities in reported amounts, offsetting impacts or future impacts to the Consolidated Financial Statements over time or in any given future period.

When assumptions are changed, the percentage of EGPs used to amortize DAC might also change.

A change in the required amortization percentage is applied retrospectively; an increase in amortization percentage will result in a decrease in the DAC balance and an increase in DAC amortization expense, while a decrease in amortization percentage will result in an increase in the DAC balance and a decrease in DAC amortization expense.

The effect on the DAC balance that would result from the realization of unrealized gains (losses) on securities is recognized with an offset to AOCI on the Consolidated Balance Sheets.

The client asset value growth rates are the rates at which variable annuity and VUL insurance contract values invested in separate accounts are assumed to appreciate in the future.

The rates used vary by equity and fixed income investments.

The long-term client asset value growth rates are based on assumed gross annual returns of 9% for equity funds and 5.6% for fixed income funds.

We typically use a five-year mean reversion process as a guideline in setting near-term equity fund growth rates based on a long-term view of financial market performance as well as recent actual performance.

The suggested near-term equity fund growth rate is reviewed quarterly to ensure consistency with management’s assessment of anticipated equity market performance.

A decrease of 100 basis points in separate account fund growth rate assumptions is likely to result in an increase in DAC amortization and an increase in benefits and claims expense for variable annuity and VUL insurance contracts.

The following table presents the estimated impact to current period pretax income:

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Estimated Impact to Pretax Income (1) | | | | | | | | | | | | | | |

| DAC Amortization | | | | | | Benefits and Claims Expense | | | | | | Total | | | | | |

| Decrease in future near- and long-term fixed income fund growth returns by 100 basis points | | | $ | (32) | | | | | $ | (83) | | | | | $ | (115) | |

| Decrease in future near-term equity fund growth returns by 100 basis points | | | $ | (31) | | | | | $ | (61) | | | | | $ | (92) | |

| Decrease in future long-term equity fund growth returns by 100 basis points | | | (19) | | | | | | (41) | | | | | | (60) | | |

| Decrease in future near- and long-term equity fund growth returns by 100 basis points | | | $ | (50) | | | | | $ | (102) | | | | | $ | (152) | |

(1) An increase in the above assumptions by 100 basis points would result in an increase to pretax income for approximately the same amount.

An assessment of sensitivity associated with isolated changes of any single assumption is not an indicator of future results.

*Traditional Long-Duration Products*

Equity price and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the spread income generated on our [removed: fixed deferred annuities, fixed insurance,] brokerage client cash balances, banking deposits, face-amount certificate products, fixed portion of our variable annuities and variable insurance contracts, [removed: the value of deferred acquisition costs (“DAC”)] [added: fixed annuity] and [removed: deferred sales inducement costs (“DSIC”) assets,] [added: insurance contracts,] the value of [removed: liabilities for guaranteed] [added: market risk] benefits [added: and other liabilities] associated with our variable annuities and the value of derivatives held to hedge [removed: these] [added: related] benefits.

[removed: The variable annuity guarantees] [added: Market risk benefits] continue to be managed by utilizing a hedging program which attempts to match the sensitivity of the assets with the sensitivity of the [removed: liabilities.][added: benefits.]

In estimating the values of variable annuities, indexed annuities, stock market certificates, indexed universal life (“IUL”) insurance and the associated [removed: hedge assets,] [added: hedging instruments,] we assume no change in implied market volatility despite the 10% drop in equity prices.

The following tables present our estimate of the impact on pretax income from the above defined hypothetical market movements as of December 31, [added: 2023 and] 2022:

| [removed: Structured] [added: Indexing feature for structured] variable annuities | | | | | | 494 | | | | | | [removed: (463)] [added: (291)] | | | | | | [removed: 31] [added: 203] | | | | | |

| IUL insurance | | | | | | [removed: 15] [added: 52] | | | | | | [removed: (30)] [added: (52)] | | | | | | [removed: (15)] [added: —] | | | | | |

| Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products | | | | | | [removed: 57] [added: 43] | | | | | | — | | | | | | [removed: 57] [added: 43] | | | | | |

| IUL insurance | | | | | | [removed: 18] [added: 14] | | | | | | [removed: 2] [added: 1] | | | | | | [removed: 20] [added: 15] | | | | | |

[removed: (6)] [added: (2)] Represents the net impact to pretax income.

The estimated net impact to pretax adjusted operating income is [added: $(319) million as of December 31, 2023 and] $(283) [removed: million.][added: million as of December 31, 2022, respectively.]

Net impacts shown in the above [removed: table] [added: tables] from [removed: GMWB riders] [added: market risk benefits] result largely from differences between the liability valuation basis and the hedging basis.

Liabilities are valued using fair value accounting principles, with risk margins incorporated in contractholder behavior [removed: assumptions and with discount rates increased to reflect a current market estimate of our risk of nonperformance specific to these liabilities.][added: assumptions.]

Our hedging is based on our determination of economic risk, which excludes certain items in the liability [removed: valuation including the nonperformance spread risk.][added: valuation.]

Actual results could [added: and likely will] differ materially from those illustrated above as [removed: they are based on] [added: fair values have] a number of estimates and assumptions.

[removed: These include] [added: For example, the illustration above includes] assuming that implied market volatility does not change when equity prices fall by 10% and that the 100 basis point increase in interest rates is a parallel shift of the yield curve.

As of December 31, [removed: 2022,] [added: 2023,] the value of our assets under management was [removed: $1.0] [added: $1.1] trillion.

The total contract value of all variable annuities as of December 31, [removed: 2022] [added: 2023] was [removed: $74.4] [added: $80.8] billion.

The core derivative instruments with which we hedge the equity price risk of [removed: our GMWB and GMAB provisions] [added: these benefits] are longer dated put and call options; these core instruments are supplemented with equity futures and total return swaps.

See Note [removed: 17] [added: 18] to our Consolidated Financial Statements for further information on our derivative instruments.

[removed: The changes in fair value of the GMWB and GMAB liabilities are recorded through earnings with fair] [added: Fair] value [added: is] calculated based on projected, discounted cash flows over the life of the contract, including projected, discounted benefits and fees.

Increases in interest rates reduce the fair value of the [removed: GMWB] [added: liabilities] and [removed: GMAB liabilities.][added: may result in market risk benefits in an asset position.]

The [removed: GMWB and GMAB] interest rate exposure is hedged with a portfolio of [removed: longer dated put and call options, futures,] interest rate [removed: swaps] [added: swaps, futures] and swaptions.

Structured variable annuities offer the [removed: contract-holder] [added: contractholder] the ability to allocate [removed: premiums] [added: account value] to either an account that earns fixed interest (fixed account) or an account that [removed: credits interest based on] [added: is impacted by] the performance of various equity indices (indexed account) subject to a cap, [removed: floor,] [added: floor] or buffer.

Our earnings are based upon the spread between investment income earned and the credits made to the fixed [added: account] and [added: benefits reflected in an] indexed [removed: accounts] [added: account] of the structured variable annuities.

As of December 31, [removed: 2022,] [added: 2023,] we had [removed: $6.6] [added: $10.7] billion in liabilities related to structured variable annuities.

The equity-linked return to [removed: investors] [added: contractholders] creates equity price risk as the amount [removed: credited] [added: paid to contractholders] depends on changes in equity prices.

The spread between the investment income earned and amounts [removed: credited] [added: transferred] to [removed: contract-holders] [added: contractholders] is also affected by changes in interest rates.

Of the [removed: $36.1] [added: $37.5] billion in Policyholder account balances, future policy benefits and claims as of December 31, [removed: 2022, $24.9] [added: 2023, $16.9] billion is related to liabilities created by these products.

We would expect the recent decline in our portfolio income yields to slow and begin to stabilize in future periods [removed: if] [added: under] the current [removed: environment continues.][added: environment.]

The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through [removed: 2024] [added: 2025] due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were [removed: $4.0] [added: $5.6] billion and [removed: 4.1%,] [added: 4.9%,] respectively, as of December 31, [removed: 2022.][added: 2023.]

In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled [removed: $15.7] [added: $21.1] billion and had a weighted average yield of [removed: 3.5%] [added: 4.4%] as of December 31, [removed: 2022.][added: 2023.]

The average yield for investment purchases during the year ended December 31, [removed: 2022] [added: 2023] was approximately [removed: 4.3%.][added: 5.8%.]

[removed: The following table presents] [added: See Note 11 for more information on] the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of GMIRs and the range of the difference between rates credited to policyholders and contractholders as of December 31, [added: 2023 and] 2022 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.

Of the [removed: $30.8] [added: $37.3] billion in customer deposits as of December 31, [removed: 2022, $9.1] [added: 2023, $13.3] billion related to reserves for our fixed rate certificate products.

We are primarily exposed to changes in British Pounds related to our net investment in [removed: Threadneedle and BMO Global Asset Management (EMEA),] [added: Threadneedle,] which was approximately [removed: £1.4] [added: £1.3] billion as of December 31, [removed: 2022.][added: 2023.]

As of December 31, [removed: 2022,] [added: 2023,] the notional value of outstanding contracts and our remaining foreign currency risk related to operations in foreign countries were not material.

The stated interest [removed: rate] [added: rates] on [removed: the $2.8] [added: our $3.4] billion of [removed: our] senior unsecured notes [removed: is] [added: are] fixed.

[removed: counter] [added: Generally, our current credit exposure on over-the-counter] derivative contracts is limited to a derivative counterparty’s net positive fair value of derivative contracts after taking into consideration the existence of netting arrangements and any collateral received.

As of December 31, [removed: 2022,] [added: 2023,] our largest reinsurance credit risks are related to coinsurance treaties with [added: Global Atlantic Financial Group’s subsidiary] Commonwealth [added: Annuity] and [added: Life Insurance Company and] with life insurance subsidiaries of Genworth Financial, Inc. See Note 7 and Note 8 to our Consolidated Financial Statements for additional information on reinsurance.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

| December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | |

| Asset-based management and distribution fees (1) | | | | | | $ | (321) | | | | | $ | 2 | | | | | $ | (319) | | | | |

| Variable annuity and structured variable annuity benefits: | | | | | | | | | | | | | | | | | | | | | | | |

| Market risk benefits | | | | | | (1,049) | | | | | | 756 | | | | | | (293) | | | | | |

| Indexing feature for structured variable annuities | | | | | | 793 | | | | | | (513) | | | | | | 280 | | | | | |

| Total variable annuity and structured variable annuity benefits | | | | | | (256) | | | | | | 243 | | | | | | (13) | | | | | |

| Total | | | | | | $ | (525) | | | | | $ | 193 | | | | | $ | (332) | | (2) | | |

| Asset-based management and distribution fees (1) | | | | | | $ | (60) | | | | | $ | — | | | | | $ | (60) | | | | |

| Variable annuity and structured variable annuity benefits: | | | | | | | | | | | | | | | | | | | | | | | |

| Market risk benefits | | | | | | 1,404 | | | | | | (1,056) | | | | | | 348 | | | | | |

| Indexing feature for structured variable annuities | | | | | | 6 | | | | | | 127 | | | | | | 133 | | | | | |

| Total variable annuity and structured variable annuity benefits | | | | | | 1,410 | | | | | | (929) | | | | | | 481 | | | | | |

| Banking deposits | | | | | | 27 | | | | | | — | | | | | | 27 | | | | | |

| Brokerage client cash balances | | | | | | 53 | | | | | | — | | | | | | 53 | | | | | |

| Certificates | | | | | | 2 | | | | | | — | | | | | | 2 | | | | | |

| Total | | | | | | $ | 1,489 | | | | | $ | (928) | | | | | $ | 561 | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | |

| Equity Price Decline 10% | | | | | | Equity Price Exposure to Pretax Income | | | | | | | | | | | | | | | | | |

| Before Hedge Impact | | | | | | Hedge Impact | | | | | | Net Impact | | | | | | | | | | | |

| | | | | | | (in millions) | | | | | | | | | | | | | | | | | |

| Variable annuity and structured variable annuity benefits: | | | | | | | | | | | | | | | | | | | | | | | |

| Market risk benefits | | | | | | (870) | | | | | | 648 | | | | | | (222) | | | | | |

| Total variable annuity and structured variable annuity benefits | | | | | | (376) | | | | | | 357 | | | | | | (19) | | | | | |

| IUL insurance | | | | | | 39 | | | | | | (21) | | | | | | 18 | | | | | |

| Total | | | | | | $ | (621) | | | | | $ | 337 | | | | | $ | (284) | | (2) | | |

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Interest Rate Increase 100 Basis Points | | | | | | Interest Rate Exposure to Pretax Income | | | | | | | | | | | | | | | | | |

| Before Hedge Impact | | | | | | Hedge Impact | | | | | | Net Impact | | | | | | | | | | | |

| | | | | | | (in millions) | | | | | | | | | | | | | | | | | |

| Variable annuity and structured variable annuity benefits: | | | | | | | | | | | | | | | | | | | | | | | |

| Market risk benefits | | | | | | 1,484 | | | | | | (1,028) | | | | | | 456 | | | | | |

| Indexing feature for structured variable annuities | | | | | | (29) | | | | | | 82 | | | | | | 53 | | | | | |

| Total variable annuity and structured variable annuity benefits | | | | | | 1,455 | | | | | | (946) | | | | | | 509 | | | | | |

| Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products | | | | | | 25 | | | | | | — | | | | | | 25 | | | | | |

RiverSource Life has the following variable annuity guarantee benefits: guaranteed minimum withdrawal benefits (“GMWB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”).

Each of these benefits guarantees payouts to the annuity holder under certain specific conditions regardless of the performance of the underlying invested assets.

We have a macro hedge program to provide protection against the statutory tail scenario risk arising from variable annuity reserves on our statutory surplus and to cover some of the residual risks not covered by other hedging activities.

We assess the residual risk under a range of scenarios in creating and executing the macro hedge program.

As a means of economically hedging these risks, we may use a combination of futures, options, swaps and swaptions.

Certain of the macro hedge derivatives used contain settlement provisions linked to both equity returns and interest rates; the remaining are interest rate contracts or equity contracts.

The macro hedge program could result in additional earnings volatility as changes in the value of the macro hedge derivatives, which are designed to reduce statutory capital volatility, may not be closely aligned to changes in the variable annuity guarantee embedded derivatives.

| DAC and DSIC amortization (2)(3) | | | | | | (43) | | | | | | — | | | | | | (43) | | | | | |

| Variable annuities: | | | | | | | | | | | | | | | | | | | | | | | |

| GMDB and GMIB (3) | | | | | | (33) | | | | | | — | | | | | | (33) | | | | | |

| GMWB (3) | | | | | | (534) | | | | | | 489 | | | | | | (45) | | | | | |

| GMAB | | | | | | (31) | | | | | | 31 | | | | | | — | | | | | |

| DAC and DSIC amortization (4) | | | | | | N/A | | | | | | N/A | | | | | | (4) | | | | | |

| Total variable annuities | | | | | | (104) | | | | | | 57 | | | | | | (51) | | | | | |

| Macro hedge program (5) | | | | | | — | | | | | | 230 | | | | | | 230 | | | | | |

| Total | | | | | | $ | (416) | | | | | $ | 258 | | | | | $ | (162) | | (6) | | |

N/A Not Applicable

| GMWB | | | | | | 702 | | | | | | (766) | | | | | | (64) | | | | | |

| GMAB | | | | | | 1 | | | | | | (1) | | | | | | — | | | | | |

| Structured variable annuities | | | | | | (29) | | | | | | 183 | | | | | | 154 | | | | | |

| DAC and DSIC amortization (4) | | | | | | N/A | | | | | | N/A | | | | | | (18) | | | | | |

| Total variable annuities | | | | | | 674 | | | | | | (584) | | | | | | 72 | | | | | |

| Macro hedge program (5) | | | | | | — | | | | | | (313) | | | | | | (313) | | | | | |

| Total | | | | | | $ | 861 | | | | | $ | (895) | | | | | $ | (52) | | | | |

N/A Not Applicable.

(2) Market impact on DAC and DSIC amortization resulting from lower projected profits.

(3) In estimating the impact to pretax income on DAC and DSIC amortization and additional insurance benefit reserves, our assumed equity asset growth rates reflect what management would follow in its mean reversion guidelines.

(4) Market impact on DAC and DSIC amortization related to variable annuity riders and structured variable annuities is modeled net of hedge impact.

(5) The market impact of the macro hedge program is modeled net of any related impact to DAC and DSIC amortization.

The above results compare to an estimated negative net impact to pretax income of $190 million related to a 10% equity price decline and an estimated positive net impact to pretax income of $80 million related to a 100 basis point increase in interest rates as of December 31, 2021.

The change in interest rate exposure as of December 31, 2022 compared to prior year-end was primarily driven by additional downside rate protection added in the macro hedge program.

DAC and DSIC Amortization

For annuity and UL/variable universal life (“VUL”) products, DAC and DSIC are amortized on the basis of estimated gross profits (“EGPs”).

EGPs are a proxy for pretax income prior to the recognition of DAC and DSIC amortization expense.

When events occur that reduce or increase current period EGPs, DAC and DSIC amortization expense is typically reduced or increased as well, somewhat mitigating the impact of the event on pretax income.

Variable Annuity Riders

These contract values include GMWB and GMAB contracts which were $41.1 billion and $1.4 billion, respectively, as of December 31, 2022.

As of December 31, 2022, reserves for GMWB were net liabilities of $1.9 billion and reserves for GMAB were net assets of $35 million.

The GMWB and GMAB reserves include the fair value of embedded derivatives, which fluctuates based on equity, interest rate and credit markets which can cause these embedded derivatives to be either an asset or a liability.

As of December 31, 2022, the reserve for GMDB and GMIB was a net liability of $56 million.

Ameriprise Financial is a diversified financial services company with a [removed: more than 125-year] [added: nearly 130-year] history of providing solutions to help clients confidently achieve their financial objectives.

We are a long-standing leader in financial planning and advice offering a broad range of products and services designed to [removed: achieve] [added: assist] individual and institutional [removed: clients’] [added: clients achieve their] financial objectives.

Our strategy is centered on helping [removed: our] clients confidently achieve their goals by providing holistic advice and by managing and protecting their assets and income.

In the U.S., the ongoing transition of baby boomers into retirement, as well as [removed: Generation X] [added: younger generations currently building their wealth] and [removed: Millennials] planning for retirement, continues to drive demand for financial advice and solutions.

Our capabilities are centered on establishing long-term personal relationships between [removed: our] clients and [removed: our] advisors.

We design products and services as solutions for [removed: our] clients’ cash and liquidity, asset accumulation, income, retirement, protection, [added: income generation] and [added: disbursement and] estate and wealth transfer needs.

The financial solutions we offer through our advisors include [removed: other providers’ products as well as] our own products and [removed: services.][added: services as well as other providers’ products.]

We distribute our [removed: own] life and disability income insurance, as well as [removed: variable, immediate and structured variable] annuity products, through our advisor channel.

[removed: Columbia Threadneedle’s] [added: *Columbia Threadneedle*®] investment products are primarily offered through third parties, though we also provide our asset management products through our advisor network, direct retail and through our institutional sales force.

The quality and breadth of our asset management capabilities are demonstrated by [removed: 131 Columbia and Threadneedle mutual funds globally being rated as four- and five-star by Morningstar.][added: our strong investment performance.]

We are positioned to [removed: continue to] grow our assets under management and strengthen our asset management offerings to existing and new clients.

We have expanded beyond our traditional strengths in the U.S. and the United Kingdom (“U.K.”) to serve more clients and gather assets [removed: in Africa, Asia, Australia, Canada, Continental Europe, the Middle East, New Zealand and South America.][added: worldwide.]

Our company has provided solutions to help clients confidently achieve their financial objectives for [removed: more than 125] [added: nearly 130] years.

In 1983, our company was formed as a Delaware corporation in connection with American Express’ acquisition of IDS Financial Services from [removed: Alleghany Corporation.]

This has allowed us to significantly enhance the scale, performance, and product offerings of our brokerage, financial planning, retail mutual fund and institutional asset management businesses to best serve [removed: our] clients.

Our acquisitions [removed: over time] have included Threadneedle Asset Management Holdings, H&R Block Financial Advisors, Inc., J.

In May 2019, we received regulatory approvals and converted Ameriprise National Trust Bank to Ameriprise Bank, FSB (“Ameriprise [removed: Bank” or the “FSB”)] [added: Bank”)] to expand the products and services we can provide directly to our customers.

At that time, Ameriprise Financial became a savings and loan holding company [removed: that is] subject to regulation, supervision and examination by the Board of Governors for the Federal Reserve System (“FRB”), and Ameriprise Financial elected to be classified as a financial holding company subject to applicable regulation under the Bank Holding Company Act of 1956, as amended.

[removed: ][added: ]

As of December 31, [removed: 2022,] [added: 2023,] we had [removed: $1.2] [added: $1.4] trillion in assets under management and administration, compared to [removed: $1.4] [added: $1.2] trillion as of December 31, [removed: 2021.][added: 2022.]

[removed: ][added: ]

| [removed: ] [added: ] | | | We use the *Ameriprise Financial*® brand as our enterprise brand, as well as the name of our advisor network and certain of our retail products and services. | | |

| [removed: ] [added: ] | | | Our global *Columbia [removed: Threadneedle*TM] [added: Threadneedle*®] and *Columbia Threadneedle Investments*® brands represent the combined capabilities, resources and reach of Columbia Management Investment Advisers, LLC (including its subsidiaries, “Columbia [removed: Management”)] [added: Management”), other U.S.-based entities] and Threadneedle. The foreign operations of Ameriprise Financial, Inc. are conducted primarily through Columbia Threadneedle Investments UK International Limited, TAM UK International Holdings Limited and Ameriprise Asset Management Holdings Singapore (Pte.) and their respective subsidiaries (collectively, [removed: “Columbia Threadneedle”). As part of our ongoing integration of BMO Global Asset Management (EMEA), we rebranded the business under the *Columbia Threadneedle Investments* brand in 2022.] [added: “Threadneedle”).] | | |

| [removed: ] [added: ] | | | We use our *RiverSource*® brand for our annuity and protection products issued by RiverSource Life Insurance Company (“RiverSource Life”) and RiverSource Life Insurance Co. of New York (“RiverSource Life of NY” and, together with RiverSource Life, the “RiverSource Life [removed: companies”).] [added: companies” or “RiverSource”).] | | |

[added: Our financial advisors provide a distinctive, holistic approach to financial planning] and have access to a broad selection of both affiliated and non-affiliated products to help clients meet their financial needs and goals.

Banking, lending and cash management solutions help [removed: our] clients establish financial flexibility while planning for both short and [removed: long-term needs.][added: long-]

As part of our goal-based approach to financial advice, our advisors help [removed: our] clients actively manage investing, saving and spending so [removed: our clients] [added: they] have a more complete picture of their financial life.

[added: -] We [removed: also] earn net investment income on owned assets from Ameriprise Certificate Company and Ameriprise Bank, both wholly owned subsidiaries of [removed: Ameriprise, and we earn financial planning fees as well as transaction and other fees.][added: Ameriprise.]

[removed: In addition, this segment earns revenue from] [added: - We earn] distribution fees for providing non-affiliated products and intersegment revenues [removed: from distribution fees] for providing our affiliated products and services to our retail clients.

With more than 10,000 advisors, we are one of the top branded advisor platforms in the U.S. [removed: market where we provide our services.][added: market.]

[removed: ][added: ]

- Cash management and banking products, including brokerage sweep programs, cash management accounts, [added: savings accounts,] credit cards, margin loans and pledged asset lines of credit.

- Mutual fund offerings from our own Columbia funds as well as approximately [removed: 140] [added: 135] unaffiliated mutual fund families, representing approximately [removed: 2,200] [added: 2,150] mutual funds on our brokerage platform for which mutual fund families and other companies generally pay us a portion of the revenue generated from sales of those funds, administrative fees, and fees from the ongoing management attributable to our clients’ ownership in the fund.

Through [removed: *Columbia Threadneedle*,] [added: Columbia Threadneedle,] we provide investment management, advice and products to retail, high net worth and institutional clients on a global scale.

Threadneedle, [removed: which is continuing to integrate the] [added: including] BMO Global Asset Management (EMEA) business [added: which we] acquired in 2021, primarily provides products and services internationally.

As of December 31, [removed: 2022,] [added: 2023,] our Asset Management segment had [removed: $584] [added: $637] billion in worldwide managed assets.

Our Asset Management segment also provides [removed: intercompany] asset management services for Ameriprise Financial subsidiaries.

Managed owned assets include certain assets on our Consolidated Balance Sheets (such as the assets of the general account, cash balances invested by Ameriprise Bank and from certificate products, and the variable product funds held in the separate accounts of [removed: our life insurance subsidiaries)] [added: RiverSource Life companies)] for which the Asset Management segment provides management services and receives management fees.

Our investment management capabilities and products span a broad range of asset classes and investment styles to meet a variety of client needs with our [removed: $584] [added: $637] billion in assets under management diversified across geographies, strategies and clients.

[removed: We] [added: We] offer or make available the following products and services through our Asset Management segment with a range of investment strategies across these different vehicles and accounts:

The amount of investable assets held by investors grew at an 8% compound annual growth rate between 2016 and 2022.

We also offer products and services targeted to higher-net worth households.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

Alleghany Corporation.

Beyond traditional acquisitions, we pursue other strategies to grow our Wealth Management business such as experienced advisor recruiting and partnerships with banks and credit unions, like the transaction to become Comerica Bank’s new investment program provider.

On July 13, 2023, we announced that we withdrew our application to convert Ameriprise Bank, FSB to a state-chartered industrial bank and our application to establish a new limited purpose national trust bank.

We plan to continue to operate Ameriprise Bank as we have, under the supervision of the Office of the Comptroller of the Currency (“OCC”) and continue to offer a strong lineup of banking solutions without interruption.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

We continue to execute on our strategy to grow our Wealth Management business with complementary Asset Management and Retirement & Protection Solutions businesses.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

term needs.

We also earn revenue and income through other sources, including the following:

- We earn financial planning fees as well as transaction and other fees.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

Our investment management business has a presence in 17 key markets globally with investment offices in seven countries, including France, Germany, Luxembourg, the Netherlands, Singapore, the U.K. and the U.S.


[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

New *RiverSource* insurance products are exclusively offered through our advisor network.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

*Products*

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

in 2019 to seek larger increases as an additional method to manage the LTC business.

To ensure our long-term success, we must attract, retain, engage and develop a diverse, high-performing workforce.

This includes approximately 13,800 global

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

Leadership and training are core to our culture and history, and we offer an extensive employee development curriculum, broad resources and a comprehensive and competitive benefits program to support our employees in their growth and well-being.

This includes extensive professional development programs supporting both new employees and those who are longer-tenured to help them grow and explore their career potential at Ameriprise.

Starting in 2023, we worked closely with leaders to prioritize organizational stewardship, leadership excellence and operating effectiveness as we executed our business plans.

We continually invest in our human capital programs and capabilities to ensure a highly competitive employee value proposition and offer a framework for employees and prospective employees to understand the investments we make in them, including our culture, compensation and benefits, well-being, work environment and career development.

One way in which we measure our progress is through our updated Inclusion Index from our engagement survey where we achieved a score of 85% in 2023, which exceeds the industry benchmark.

In 2023, we hosted our 6th Annual Global Inclusion Celebration, which included over 5,300 attendees.

In an evolving and highly competitive industry, we have continued to successfully execute on our strategy and deliver solid performance, reflecting the strength and resiliency of our values-based, inclusive culture and the effectiveness of our human capital strategy.

The amount of investable assets held by investors with $500,000 or more is projected to grow 3-5% annually going forward.

Additional targets include higher-net worth households – including those with investable assets over $10,000,000 – and the next generation of investors who are currently building their wealth.

In order to focus our resources and advance our corporate strategy, we have divested or reinsured other businesses, including the 2019 sale of our auto and home business and our 2019 and 2021 fixed annuity reinsurance transactions.

In June 2021, we filed an application to convert Ameriprise Bank, FSB to a state-chartered industrial bank regulated by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation, as well as a separate application to transition Ameriprise Bank’s personal trust services business to a new limited purpose national trust bank regulated by the Office of the Comptroller of the Currency (“OCC”).

Our applications are currently pending.

We continue to execute on our strategy to shift our business mix toward lower-capital, fee-based business.

Our financial advisors provide a distinctive, holistic approach to financial planning

The investment management activities of Columbia Threadneedle Investments are conducted through specialized investment management teams located in our key markets, including Amsterdam, Boston, Chicago, Edinburgh, Frankfurt, Hong Kong, Houston, London, Los Angeles, Menlo Park, Minneapolis, New York, Portland and Singapore.

variable capital (“SICAVs”) and Irish and UK open-end investment companies (“OEICs”).

We discontinued most new sales of our living benefit annuity solutions by the end of 2021 and new sales were completely discontinued as of mid-2022.

Separately, in 2020, we discontinued new sales of fixed annuities and moved our Fixed Annuities and Fixed Indexed Annuities blocks to the Corporate & Other segment as a closed block in addition to reinsuring over 90% of the fixed annuities in this closed block (as discussed below in more detail).

*RiverSource Insurance Products*

In the fourth quarter of 2021, we discontinued new sales of universal life insurance with secondary guarantees and single-pay fixed universal life with a long term care rider.

ratings, claims-paying ratings, technology and service, advertising, brand recognition and financial strength ratings from rating agencies such as A.M. Best.

Our long-term success requires us to attract, retain, engage and develop a diverse, high-performing workforce with a comprehensive development curriculum, strong leadership and a comprehensive and competitive benefits program and resources to support our employees’ well-being.

We develop our client-focused workforce through leader engagement in our professional development programs, including those that support new talent, as well as those that enhance and develop our internal talent to grow and explore their career potential at Ameriprise.

We continually invest in our human capital programs and capabilities to ensure a highly competitive employee value proposition and our Board of Directors engages in these topics and has primary responsibility for CEO succession.

One way in which we measure our progress is through our DEI index from our engagement survey that increased to 87% (+2pts) in 2022.

In 2022, we continued to evolve our capabilities to support our strategy, including a new Allyship training course, a gender inclusion training curriculum and continuing to enhance our measurement and diagnostic capabilities.

We have a competitive total rewards approach that

Despite the complexities in the external environment over the last few years associated with the pandemic, volatility in the equity and bond markets and labor market challenges, we have continued to successfully execute on our strategy and deliver solid performance, reflecting the strength and resiliency of our values-based, inclusive culture.

Our human capital strategy has served as an anchor through the disruptions in the external environment.

We have adjusted well and successfully executed a thoughtful, balanced return-to-office strategy ahead of many of our peers.

We are supporting our employees with a focus on all aspects of the employee experience, helping them maintain balance and supporting flexibility through formal and informal work arrangements, and investing in their growth and development.

We are listening to our clients, advisors, employees, and shareholders to reinforce our culture, strengthen relationships, and meet our business objectives.

customer protection) and the marketing and trading activities of broker-dealers.

disruption.

- *FCA Consumer Duty*.

In addition to regulations noted in this section, within the EU and the U.K. we have been and will continue to address regulatory reforms or structural changes including but not limited to: enhanced regulatory focus and specific EU regulations on sustainable finance and ESG; Senior Manager and Certification Regime U.K. only); Solvency II; Market Abuse Regulation; Transparency Directive II; Fifth Money Laundering Directive; EU Benchmarks Regulation; Money Market Fund Regulation; Shareholder Rights Directive; Securitisation Regulation; and Criminal Finance Act.

licensing of insurers and their agents, premium rates, policy forms, the nature of and limitations on investments, periodic reporting requirements and other matters.

| RiverSource Life | | | | | | $ | 571 | | | | | $ | 3,103 | | | | | 543 | | % |

| RiverSource Life of NY | | | | | | $ | 40 | | | | | $ | 320 | | | | | 801 | | % |

These

laws were enacted by the domiciliary states of RiverSource Life: Minnesota and New York.

For example, while Minnesota and New York have not yet implemented the NAIC’s “Group Capital Calculation”, what is approved will create new capital frameworks for us depending on any final rules from the FRB arising out of its still pending 2019 proposal discussed below that may supersede such Minnesota or New York requirements.

In 2017 and subsequent announcements, the FCA announced that London Interbank Offered Rate (“LIBOR”) is to be phased out and secured agreement with panel banks to continue to submit to LIBOR during a transition period.

All currencies, except U.S. Dollar, ceased publication on December 31, 2021, and U.S. Dollar LIBOR will cease publication after June 2023.

Following our transition for currencies other than the U.S. Dollar which went as expected, we are preparing for the discontinuation and transition of U.S. Dollar LIBOR and other interbank offering rates (“IBORS”) on various aspects of our business and believe we will be well positioned as those benchmark rates transition to risk free rates.

For a discussion of material legal proceedings, see Note [removed: 25] [added: 26] to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.

| For the Fiscal Year Ended | | | | | | December 31, [removed: 2022] [added: 2023] | | | | | | | | |

The aggregate market value, as of June 30, [removed: 2022,] [added: 2023,] of voting shares held by non-affiliates of the registrant was approximately [removed: $25.8] [added: $34.1] billion.

| | | | Class | | | | | | Outstanding at February [removed: 10, 2023] [added: 9, 2024] | | | | | |

| Common Stock (par value $.01 per share) | | | [removed: 105,279,357] [added: 100,290,614] shares | | | | | | | | | | | |

Part III: Portions of the registrant’s Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on April [removed: 26, 2023] [added: 24, 2024] (“Proxy Statement”).

| | | | [Item 1. [removed: Business](#i9501caacafa04c1e9ba47ba0ec2ca398_16)] [added: Business](#i3d5fef3ba72849918577158fd5fe0e61_16)] | | | [removed: [1](#i9501caacafa04c1e9ba47ba0ec2ca398_16)] [added: [1](#i3d5fef3ba72849918577158fd5fe0e61_16)] | | |

| | | | [Item 1A. Risk [removed: Factors](#i9501caacafa04c1e9ba47ba0ec2ca398_19)] [added: Factors](#i3d5fef3ba72849918577158fd5fe0e61_19)] | | | [removed: [16](#i9501caacafa04c1e9ba47ba0ec2ca398_19)] [added: [16](#i3d5fef3ba72849918577158fd5fe0e61_19)] | | |

| | | | [Item 1B. Unresolved Staff [removed: Comments](#i9501caacafa04c1e9ba47ba0ec2ca398_22)] [added: Comments](#i3d5fef3ba72849918577158fd5fe0e61_22)] | | | [removed: [28](#i9501caacafa04c1e9ba47ba0ec2ca398_22)] [added: [29](#i3d5fef3ba72849918577158fd5fe0e61_22)] | | |

| | | | [Item 2. [removed: Properties](#i9501caacafa04c1e9ba47ba0ec2ca398_25)] [added: Properties](#i3d5fef3ba72849918577158fd5fe0e61_28)] | | | [removed: [29](#i9501caacafa04c1e9ba47ba0ec2ca398_25)] [added: [30](#i3d5fef3ba72849918577158fd5fe0e61_28)] | | |

| | | | [Item 3. Legal [removed: Proceedings](#i9501caacafa04c1e9ba47ba0ec2ca398_28)] [added: Proceedings](#i3d5fef3ba72849918577158fd5fe0e61_31)] | | | [removed: [29](#i9501caacafa04c1e9ba47ba0ec2ca398_28)] [added: [30](#i3d5fef3ba72849918577158fd5fe0e61_31)] | | |

| | | | [Item 4. Mine Safety [removed: Disclosures](#i9501caacafa04c1e9ba47ba0ec2ca398_31)] [added: Disclosures](#i3d5fef3ba72849918577158fd5fe0e61_34)] | | | [removed: [29](#i9501caacafa04c1e9ba47ba0ec2ca398_31)] [added: [30](#i3d5fef3ba72849918577158fd5fe0e61_34)] | | |

| | | | [Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i9501caacafa04c1e9ba47ba0ec2ca398_37)] [added: Securities](#i3d5fef3ba72849918577158fd5fe0e61_40)] | | | [removed: [30](#i9501caacafa04c1e9ba47ba0ec2ca398_37)] [added: [31](#i3d5fef3ba72849918577158fd5fe0e61_40)] | | |

| | | | [Item 6. [removed: \[Reserved\]](#i9501caacafa04c1e9ba47ba0ec2ca398_40)] [added: \[Reserved\]](#i3d5fef3ba72849918577158fd5fe0e61_43)] | | | [removed: [30](#i9501caacafa04c1e9ba47ba0ec2ca398_40)] [added: [31](#i3d5fef3ba72849918577158fd5fe0e61_43)] | | |

| | | | [Item 7. Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9501caacafa04c1e9ba47ba0ec2ca398_43)] [added: Operations](#i3d5fef3ba72849918577158fd5fe0e61_46)] | | | [removed: [31](#i9501caacafa04c1e9ba47ba0ec2ca398_43)] [added: [32](#i3d5fef3ba72849918577158fd5fe0e61_46)] | | |

| | | | [Item 7A. Quantitative and Qualitative Disclosures About Market [removed: Risk](#i9501caacafa04c1e9ba47ba0ec2ca398_115)] [added: Risk](#i3d5fef3ba72849918577158fd5fe0e61_121)] | | | [removed: [55](#i9501caacafa04c1e9ba47ba0ec2ca398_115)] [added: [65](#i3d5fef3ba72849918577158fd5fe0e61_121)] | | |

| | | | [Item 8. Financial Statements and Supplementary [removed: Data](#i9501caacafa04c1e9ba47ba0ec2ca398_118)] [added: Data](#i3d5fef3ba72849918577158fd5fe0e61_127)] | | | [removed: [62](#i9501caacafa04c1e9ba47ba0ec2ca398_118)] [added: [71](#i3d5fef3ba72849918577158fd5fe0e61_127)] | | |

| | | | [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i9501caacafa04c1e9ba47ba0ec2ca398_226)] [added: Disclosure](#i3d5fef3ba72849918577158fd5fe0e61_256)] | | | [removed: [144](#i9501caacafa04c1e9ba47ba0ec2ca398_226)] [added: [170](#i3d5fef3ba72849918577158fd5fe0e61_256)] | | |

| | | | [Item 9A. Controls and [removed: Procedures](#i9501caacafa04c1e9ba47ba0ec2ca398_229)] [added: Procedures](#i3d5fef3ba72849918577158fd5fe0e61_259)] | | | [removed: [144](#i9501caacafa04c1e9ba47ba0ec2ca398_229)] [added: [170](#i3d5fef3ba72849918577158fd5fe0e61_259)] | | |

| | | | [Item 9B. Other [removed: Information](#i9501caacafa04c1e9ba47ba0ec2ca398_232)] [added: Information](#i3d5fef3ba72849918577158fd5fe0e61_262)] | | | [removed: [145](#i9501caacafa04c1e9ba47ba0ec2ca398_232)] [added: [170](#i3d5fef3ba72849918577158fd5fe0e61_262)] | | |

| | | | [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i9501caacafa04c1e9ba47ba0ec2ca398_235)] [added: Inspections](#i3d5fef3ba72849918577158fd5fe0e61_265)] | | | [removed: [145](#i9501caacafa04c1e9ba47ba0ec2ca398_235)] [added: [170](#i3d5fef3ba72849918577158fd5fe0e61_265)] | | |

| | | | [Item 10. Directors, Executive Officers and Corporate [removed: Governance](#i9501caacafa04c1e9ba47ba0ec2ca398_241)] [added: Governance](#i3d5fef3ba72849918577158fd5fe0e61_271)] | | | [removed: [145](#i9501caacafa04c1e9ba47ba0ec2ca398_241)] [added: [171](#i3d5fef3ba72849918577158fd5fe0e61_271)] | | |

| | | | [Item 11. Executive [removed: Compensation](#i9501caacafa04c1e9ba47ba0ec2ca398_244)] [added: Compensation](#i3d5fef3ba72849918577158fd5fe0e61_274)] | | | [removed: [148](#i9501caacafa04c1e9ba47ba0ec2ca398_244)] [added: [173](#i3d5fef3ba72849918577158fd5fe0e61_274)] | | |

| | | | [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i9501caacafa04c1e9ba47ba0ec2ca398_247)] [added: Matters](#i3d5fef3ba72849918577158fd5fe0e61_277)] | | | [removed: [148](#i9501caacafa04c1e9ba47ba0ec2ca398_247)] [added: [173](#i3d5fef3ba72849918577158fd5fe0e61_277)] | | |

| | | | [Item 13. Certain Relationships and Related Transactions, and Director [removed: Independence](#i9501caacafa04c1e9ba47ba0ec2ca398_250)] [added: Independence](#i3d5fef3ba72849918577158fd5fe0e61_280)] | | | [removed: [148](#i9501caacafa04c1e9ba47ba0ec2ca398_250)] [added: [173](#i3d5fef3ba72849918577158fd5fe0e61_280)] | | |

| | | | [Item 14. Principal Accountant Fees and [removed: Services](#i9501caacafa04c1e9ba47ba0ec2ca398_253)] [added: Services](#i3d5fef3ba72849918577158fd5fe0e61_283)] | | | [removed: [148](#i9501caacafa04c1e9ba47ba0ec2ca398_253)] [added: [173](#i3d5fef3ba72849918577158fd5fe0e61_283)] | | |

| | | | [Item 15. Exhibits and Financial Statement [removed: Schedules](#i9501caacafa04c1e9ba47ba0ec2ca398_259)] [added: Schedules](#i3d5fef3ba72849918577158fd5fe0e61_289)] | | | [removed: [149](#i9501caacafa04c1e9ba47ba0ec2ca398_259)] [added: [174](#i3d5fef3ba72849918577158fd5fe0e61_289)] | | |

| | | | [Item 16. Form 10-K [removed: Summary](#i9501caacafa04c1e9ba47ba0ec2ca398_262)] [added: Summary](#i3d5fef3ba72849918577158fd5fe0e61_292)] | | | [removed: [151](#i9501caacafa04c1e9ba47ba0ec2ca398_262)] [added: [176](#i3d5fef3ba72849918577158fd5fe0e61_292)] | | |

| | | | [Schedule I - Condensed Financial Information of [removed: Registrant](#i9501caacafa04c1e9ba47ba0ec2ca398_268)] [added: Registrant](#i3d5fef3ba72849918577158fd5fe0e61_298)] | | | [removed: [154](#i9501caacafa04c1e9ba47ba0ec2ca398_268)] [added: [179](#i3d5fef3ba72849918577158fd5fe0e61_298)] | | |

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

| [PART I](#i3d5fef3ba72849918577158fd5fe0e61_13) | | | | | | [1](#i3d5fef3ba72849918577158fd5fe0e61_13) | | |

| | | | [Item 1C. Cybersecurity](#i3d5fef3ba72849918577158fd5fe0e61_25) | | | [29](#i3d5fef3ba72849918577158fd5fe0e61_25) | | |

| [PART II](#i3d5fef3ba72849918577158fd5fe0e61_37) | | | | | | [31](#i3d5fef3ba72849918577158fd5fe0e61_37) | | |

| [PART III](#i3d5fef3ba72849918577158fd5fe0e61_268) | | | | | | [171](#i3d5fef3ba72849918577158fd5fe0e61_268) | | |

| [PART IV](#i3d5fef3ba72849918577158fd5fe0e61_286) | | | | | | [174](#i3d5fef3ba72849918577158fd5fe0e61_286) | | |

| | | | [Signatures](#i3d5fef3ba72849918577158fd5fe0e61_295) | | | [177](#i3d5fef3ba72849918577158fd5fe0e61_295) | | |

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

| [PART I](#i9501caacafa04c1e9ba47ba0ec2ca398_13) | | | | | | [1](#i9501caacafa04c1e9ba47ba0ec2ca398_13) | | |

| [PART II](#i9501caacafa04c1e9ba47ba0ec2ca398_34) | | | | | | [30](#i9501caacafa04c1e9ba47ba0ec2ca398_34) | | |

| [PART III](#i9501caacafa04c1e9ba47ba0ec2ca398_238) | | | | | | [145](#i9501caacafa04c1e9ba47ba0ec2ca398_238) | | |

| [PART IV](#i9501caacafa04c1e9ba47ba0ec2ca398_256) | | | | | | [149](#i9501caacafa04c1e9ba47ba0ec2ca398_256) | | |

| | | | [Signatures](#i9501caacafa04c1e9ba47ba0ec2ca398_265) | | | [152](#i9501caacafa04c1e9ba47ba0ec2ca398_265) | | |

Risk Management and Strategy

Cybersecurity is a key part of our business and client experience and is integrated into our enterprise risk management processes and policies.

We maintain written policies, processes and procedures that seek to identify, protect, detect, respond to, and recover from known and emerging cybersecurity risks.

Our program includes consuming threat intelligence and ongoing monitoring of known external threats.

We also have operating policies and procedures designed to comply with applicable requirements in jurisdictions we operate in globally.

Our policies and procedures are regularly reviewed and internally assessed to enhance our corporate security capabilities.

We make ongoing investments in our technology infrastructure to support cybersecurity efforts and support reliability and the user experience.

We offer clients and advisors a variety of options to help secure their information, including multi-factor authentication and the use of secure messaging sites.

We provide our employees and advisors with ongoing security training and periodically test their skills and understanding with various cybersecurity exercises.

We remain vigilant against cybersecurity risks as part of operating our business.

Our cybersecurity team is led by experienced staff, including our Chief Information Officer, who has been with the company in various technology positions since 2002.

Previously, he worked for other companies holding senior delivery and architecture roles and holds both a bachelor’s degree in engineering and an MBA.

Our Chief Information Security Officer has over 30 years of broad IT experience, with expertise in Information Security.

His background also includes systems design and development, and he has expertise in database administration and database platforms across both mainframe and distributed platforms.

Prior to joining the company, he worked as a consultant and a developer at other companies.

Our risk management approach involves a matrixed structure of leaders who bring various levels of cybersecurity and technology expertise to their areas of risk management.

Our technology team relies on their enterprise-wide colleagues’ expertise when needed to plan, respond, and mitigate incidents.

We conduct regular vulnerability scanning and related remediation activities for our applications and systems.

We have documented expectations for the patching and updating of our software environment and set similar expectations for our financial advisors and third-party service providers where they retain control of their environment.

Our cybersecurity approach supports both business continuity and risk mitigation.

Should an incident occur, we have plans in place that are designed to mitigate the impact to our operations while we respond and recover, if necessary.

We run a global security operations center that continuously monitors our networks and systems and is prepared to contact the appropriate teams to respond to an incident should one occur.

Depending on the incident, the response group may include participation from a wide variety of groups across the enterprise.

We conduct regular exercises to verify that our business continuity plans are capable of recovering our operating capabilities in line with our business needs and expectations.

In addition, our global privacy team provides oversight and support to business and staff groups in conducting annual risk assessments regarding the secure handling of personally identifiable information.

Additionally, as part of our formal procurement and vendor management process, we ask our third-party service providers to have and maintain cybersecurity programs that are consistent with our legal and regulatory obligations, and we review cybersecurity risk assessments of those third-party service providers who provide key technology and services.

For third-party service providers that do go through our formal procurement process and vendor risk management assessment, our vendor risk management team assigns tiers.

The tiers are based on a combination of criteria, including the services provided and the information to which they have access, to focus the most detailed reviews and the most frequent assessments on highest tiered third-party service providers, while also

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

maintaining an appropriate level of review and monitoring on lower tiers.

Some third-party service providers contracted outside of the formal procurement process may still be subject to providing information about their security programs based on services performed.

Our Vendor Risk Management Office provides oversight and support to the business teams as end-users of the third-party service providers’ goods and services, while also providing a conduit through which oversight can be conducted by our management and board.

When a third-party service provider is off-boarded through our procurement and vendor management process, they are subject to an off-boarding review when the relationship ends that is designed to obtain the return or destruction of our information.

Our vendor management teams provide risk assessment reporting to business teams, internal risk management committees and our executive leadership.

The reporting structure supports an effective design of the program, provides transparency, and drives regulatory compliance.

Third-party service providers that participate in the delivery of services to us, as well as their fourth-parties, are also generally expected to have and maintain cybersecurity defenses, so long as they participate in the delivery of services to us to help protect our systems and our clients from incursions through third-party services’ systems.

Should one of our third-party service providers suffer a breach in their or their fourth-party systems, we rely on them to inform us and work with us to protect our systems, remediate breaches, and mitigate the impact to our clients and our technology.

Governance

Strong ongoing governance practices and policies support our cybersecurity program.

[removed: We have announced that starting in] [added: In] 2023, we [removed: will be consolidating] [added: started the process to consolidate] our Minneapolis office footprint, and we plan to move all our Minneapolis based employees to our Client Service Center by 2025.

- [removed: As of December 31, 2022,] Columbia Threadneedle occupies 82,000 square feet of offices in Boston.

Columbia Threadneedle also leases approximately 66,000 square feet of a shared building in London plus an additional [removed: 73,000] [added: 60,000] square feet in [removed: four] [added: three] shared buildings in London [removed: following the acquisition of the BMO Global Asset Management (EMEA) business] (as well as additional locations in Swindon, U.K., Dorking, U.K. and Edinburgh, U.K.), approximately 39,000 square feet of a shared building in New York and also leases property in a number of other cities to support its global operations; [removed: and]

- Las Vegas, Nevada (supporting aspects of our Advice & Wealth Management businesses) and Gurugram and Noida India (supporting our broader business in the [removed: U.S.).][added: U.S. and globally).]

- We recently opened a Charlotte, North Carolina location in a 53,000 square feet space that we lease for corporate and business support.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

As of February [removed: 10, 2023,] [added: 9, 2024,] we had approximately [removed: 12,153] [added: 11,751] common shareholders of record.

Information comparing the cumulative total shareholder return on our common stock to the cumulative total return for certain indices is set forth under the heading “Performance Graph” provided in our [removed: 2022] [added: 2023] Annual Report to Shareholders and is furnished herewith.

The following table presents the information with respect to purchases made by or on behalf of Ameriprise Financial, Inc. or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act), of our common stock during the fourth quarter of [removed: 2022:][added: 2023:]

(1) In January 2022, our Board of Directors authorized an expenditure of up to $3.0 billion for the repurchase of our common stock through March 31, [removed: 2024.][added: 2024, which was exhausted during the fourth quarter of 2023.]

| October 1, 2023 to October 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 273,963 | | | | | | $ | 324.02 | | | | | 273,963 | | | | | | $ | 3,474,380,514 | |

| Employee transactions (2) | | | | | | 1,613 | | | | | | $ | 321.01 | | | | | N/A | | | | | | N/A | | |

| November 1, 2023 to November 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 475,133 | | | | | | $ | 346.37 | | | | | 475,133 | | | | | | $ | 3,309,808,008 | |

| Employee transactions (2) | | | | | | 18,664 | | | | | | $ | 344.13 | | | | | N/A | | | | | | N/A | | |

| December 1, 2023 to December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 516,544 | | | | | | $ | 369.23 | | | | | 516,544 | | | | | | $ | 3,119,083,448 | |

| Employee transactions (2) | | | | | | 92,825 | | | | | | $ | 370.31 | | | | | N/A | | | | | | N/A | | |

| Share repurchase program (1) | | | | | | 1,265,640 | | | | | | $ | 350.86 | | | | | 1,265,640 | | | | | | | | |

| Employee transactions (2) | | | | | | 113,102 | | | | | | $ | 365.29 | | | | | N/A | | | | | | | | |

| | | | | | | 1,378,742 | | | | | | | | | | | | 1,265,640 | | | | | | | | |

On July 24, 2023, our Board of Directors authorized an additional $3.5 billion for the repurchase of our common stock through September 30, 2025.

| October 1 to October 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 382,157 | | | | | | $ | 274.73 | | | | | 382,157 | | | | | | $ | 1,948,814,573 | |

| Employee transactions (2) | | | | | | 29,006 | | | | | | $ | 298.88 | | | | | N/A | | | | | | N/A | | |

| November 1 to November 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 437,991 | | | | | | $ | 324.06 | | | | | 437,991 | | | | | | $ | 1,806,879,045 | |

| Employee transactions (2) | | | | | | 134,733 | | | | | | $ | 326.36 | | | | | N/A | | | | | | N/A | | |

| December 1 to December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 713,931 | | | | | | $ | 315.55 | | | | | 713,931 | | | | | | $ | 1,581,596,848 | |

| Employee transactions (2) | | | | | | 16,020 | | | | | | $ | 318.39 | | | | | N/A | | | | | | N/A | | |

| Share repurchase program (1) | | | | | | 1,534,079 | | | | | | $ | 307.81 | | | | | 1,534,079 | | | | | | | | |

| Employee transactions (2) | | | | | | 179,759 | | | | | | $ | 321.22 | | | | | N/A | | | | | | | | |

| | | | | | | 1,713,838 | | | | | | | | | | | | 1,534,079 | | | | | | | | |

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

| [Report of Independent Registered Public Accounting [removed: Firm](#i9501caacafa04c1e9ba47ba0ec2ca398_121)] [added: Firm](#i3d5fef3ba72849918577158fd5fe0e61_130)] (PCAOB Firm ID 238) | | | | | | | | | [removed: [63](#i9501caacafa04c1e9ba47ba0ec2ca398_121)] [added: [72](#i3d5fef3ba72849918577158fd5fe0e61_130)] | | |

| [Consolidated Statements of Operations — Years ended December 31, [removed: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_124)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_124)[, 202](#i9501caacafa04c1e9ba47ba0ec2ca398_124)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_124) [and 20](#i9501caacafa04c1e9ba47ba0ec2ca398_124)[20](#i9501caacafa04c1e9ba47ba0ec2ca398_124)] [added: 2023, 2022 and 2021](#i3d5fef3ba72849918577158fd5fe0e61_133)] | | | | | | | | | [removed: [66](#i9501caacafa04c1e9ba47ba0ec2ca398_124)] [added: [75](#i3d5fef3ba72849918577158fd5fe0e61_133)] | | |

| [Consolidated Statements of Comprehensive Income — Years ended December 31, [removed: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_127)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_127)[, 202](#i9501caacafa04c1e9ba47ba0ec2ca398_127)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_127) [and 20](#i9501caacafa04c1e9ba47ba0ec2ca398_127)[20](#i9501caacafa04c1e9ba47ba0ec2ca398_127)] [added: 2023, 2022 and 2021](#i3d5fef3ba72849918577158fd5fe0e61_136)] | | | | | | | | | [removed: [66](#i9501caacafa04c1e9ba47ba0ec2ca398_127)] [added: [76](#i3d5fef3ba72849918577158fd5fe0e61_136)] | | |

| [Consolidated Balance Sheets — December 31, [removed: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_130)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_130) [and 202](#i9501caacafa04c1e9ba47ba0ec2ca398_130)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_130)] [added: 2023 and 2022](#i3d5fef3ba72849918577158fd5fe0e61_139)] | | | | | | | | | [removed: [67](#i9501caacafa04c1e9ba47ba0ec2ca398_130)] [added: [77](#i3d5fef3ba72849918577158fd5fe0e61_139)] | | |

| [Consolidated Statements of Equity — Years ended December 31, [removed: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_133)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_133)[, 202](#i9501caacafa04c1e9ba47ba0ec2ca398_133)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_133) [and 20](#i9501caacafa04c1e9ba47ba0ec2ca398_133)[20](#i9501caacafa04c1e9ba47ba0ec2ca398_133)] [added: 2023, 2022 and 2021](#i3d5fef3ba72849918577158fd5fe0e61_142)] | | | | | | | | | [removed: [68](#i9501caacafa04c1e9ba47ba0ec2ca398_133)] [added: [78](#i3d5fef3ba72849918577158fd5fe0e61_142)] | | |

| [Consolidated Statements of Cash Flows — Years ended December 31, [removed: 202](#i9501caacafa04c1e9ba47ba0ec2ca398_136)[2](#i9501caacafa04c1e9ba47ba0ec2ca398_136)[, 202](#i9501caacafa04c1e9ba47ba0ec2ca398_136)[1](#i9501caacafa04c1e9ba47ba0ec2ca398_136) [and 20](#i9501caacafa04c1e9ba47ba0ec2ca398_136)[20](#i9501caacafa04c1e9ba47ba0ec2ca398_136)] [added: 2023, 2022 and 2021](#i3d5fef3ba72849918577158fd5fe0e61_145)] | | | | | | | | | [removed: [69](#i9501caacafa04c1e9ba47ba0ec2ca398_136)] [added: [79](#i3d5fef3ba72849918577158fd5fe0e61_145)] | | |

[removed: | [Notes] [added: Notes] to Consolidated Financial [removed: Statements](#i9501caacafa04c1e9ba47ba0ec2ca398_139) | | | | | | | | | [71](#i9501caacafa04c1e9ba47ba0ec2ca398_139) | | |][added: Statements (Continued)]

| 2. | | | [Summary of Significant Accounting [removed: Policies](#i9501caacafa04c1e9ba47ba0ec2ca398_145)] [added: Policies](#i3d5fef3ba72849918577158fd5fe0e61_154)] | | | | | | [removed: [71](#i9501caacafa04c1e9ba47ba0ec2ca398_145)] [added: [81](#i3d5fef3ba72849918577158fd5fe0e61_154)] | | |

| 3. | | | [Recent Accounting [removed: Pronouncements](#i9501caacafa04c1e9ba47ba0ec2ca398_148)] [added: Pronouncements](#i3d5fef3ba72849918577158fd5fe0e61_157)] | | | | | | [removed: [80](#i9501caacafa04c1e9ba47ba0ec2ca398_148)] [added: [90](#i3d5fef3ba72849918577158fd5fe0e61_157)] | | |

| 4. | | | [Revenue from Contracts with [removed: Customers](#i9501caacafa04c1e9ba47ba0ec2ca398_151)] [added: Customers](#i3d5fef3ba72849918577158fd5fe0e61_160)] | | | | | | [removed: [82](#i9501caacafa04c1e9ba47ba0ec2ca398_151)] [added: [93](#i3d5fef3ba72849918577158fd5fe0e61_160)] | | |

| 5. | | | [Variable Interest [removed: Entities](#i9501caacafa04c1e9ba47ba0ec2ca398_154)] [added: Entities](#i3d5fef3ba72849918577158fd5fe0e61_163)] | | | | | | [removed: [86](#i9501caacafa04c1e9ba47ba0ec2ca398_154)] [added: [97](#i3d5fef3ba72849918577158fd5fe0e61_163)] | | |

| 9. | | | [Goodwill and Other Intangible [removed: Assets](#i9501caacafa04c1e9ba47ba0ec2ca398_166)] [added: Assets](#i3d5fef3ba72849918577158fd5fe0e61_175)] | | | | | | [removed: [99](#i9501caacafa04c1e9ba47ba0ec2ca398_166)] [added: [111](#i3d5fef3ba72849918577158fd5fe0e61_175)] | | |

| 10. | | | [Deferred Acquisition Costs and Deferred Sales Inducement [removed: Costs](#i9501caacafa04c1e9ba47ba0ec2ca398_169)] [added: Costs](#i3d5fef3ba72849918577158fd5fe0e61_178)] | | | | | | [removed: [100](#i9501caacafa04c1e9ba47ba0ec2ca398_169)] [added: [112](#i3d5fef3ba72849918577158fd5fe0e61_178)] | | |

| [removed: 11.] | | | [removed: [Policyholder] [added: Policyholder] Account Balances, Future Policy Benefits and [removed: Claims and Separate Account Liabilities](#i9501caacafa04c1e9ba47ba0ec2ca398_172)] [added: Claims] | | | | | | [removed: [101](#i9501caacafa04c1e9ba47ba0ec2ca398_172)] | | | [added: | | | | | | | | | | | | | | | Other Liabilities | | | | | | | | | | | |]

| [removed: 21.] [added: Earnings per share] | | | [removed: [Earnings per Share](#i9501caacafa04c1e9ba47ba0ec2ca398_205)] | | | | | | [removed: [131](#i9501caacafa04c1e9ba47ba0ec2ca398_205)] | | | [added: | | | | | | | | | | | | | | | | | | | | | | | |]

| [removed: 24.] [added: 25.] | | | [Retirement Plans and Profit Sharing [removed: Arrangements](#i9501caacafa04c1e9ba47ba0ec2ca398_214)] [added: Arrangements](#i3d5fef3ba72849918577158fd5fe0e61_238)] | | | | | | [removed: [135](#i9501caacafa04c1e9ba47ba0ec2ca398_214)] [added: [160](#i3d5fef3ba72849918577158fd5fe0e61_238)] | | |

We have audited the accompanying consolidated balance sheets of Ameriprise Financial, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the related consolidated statements of operations, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, [removed: 2022,] [added: 2023,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2022,] [added: 2023,] based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2022] [added: 2023] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2022,] [added: 2023,] based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

[removed: *Valuation of the embedded derivatives in certain] [added: | Structured] variable annuity [removed: riders*][added: embedded derivatives | | | — | | | | | | — | | | | | | 1,011 | | | | | | 1,011 | | | | | |]

[removed: Management’s discounted cash flow model for estimating fair value includes] [added: These models include] observable capital market assumptions and [removed: incorporates] significant unobservable inputs related to implied [removed: volatility, nonperformance risk and] [added: volatility as well as] contractholder behavior assumptions that include margins for risk, all of which [removed: management] [added: the Company] believes a market participant would expect.

The principal considerations for our determination that performing procedures relating to the valuation of [removed: the embedded derivatives in certain variable annuity riders] [added: market risk benefits] is a critical audit matter are [added: (i)] the significant judgment [removed: used] by management [removed: to estimate] [added: when developing] the fair value [added: estimate] of the [removed: embedded derivatives in certain variable annuity riders, which in turn led to] [added: market risk benefits, (ii)] a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence [removed: relating] [added: related] to [removed: the] [added: management’s] significant [removed: unobservable inputs used] [added: assumptions related] to [removed: determine implied] [added: utilization of guaranteed withdrawals, surrender rate, market] volatility, nonperformance risk and [removed: contractholder behavior assumptions that include margins for risk.][added: mortality rate (collectively, the significant market risk benefit assumptions), and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.]

| 2022 | | | | | | 2021 | | | | | | 2020 | | | | | | [added: | | | | | | | | | | | | | | | | | | Total | | | | | |]

| Management and financial advice fees | | | $ | [removed: 9,033] [added: 8,907] | | | | | $ | [removed: 9,275] [added: 9,033] | | | | | $ | [removed: 7,368] [added: 9,275] | |

| Distribution fees | | | [added: $ |] 1,938 | | | | | [added: $] | [added: 1 | | | | | $ | 1,939 | | | | | $ |] 1,830 | | | | | [added: $] | [removed: 1,661] [added: (2)] | | | [added: | | $ | 1,828 | |]

| Net investment income | | | [removed: 1,474] [added: 3,206] | | | | | | [removed: 1,683] [added: 1,474] | | | | | | [removed: 1,251] [added: 1,683] | | |

| Premiums, policy and contract charges | | | 1,411 | | | | | | [added: (14) | | | | | | 1,397 | | | | | |] 273 | | | | | | [removed: 1,395] [added: (52)] | | | [added: | | | 221 | | |]

| Other revenues | | | [removed: 491] [added: 513] | | | | | | [removed: 382] [added: 491] | | | | | | [removed: 283] [added: 382] | | |

| Total revenues | | | 14,347 | | | | | | [added: (13) | | | | | | 14,334 | | | | | |] 13,443 | | | | | | [removed: 11,958] [added: (54)] | | | [added: | | | 13,389 | | |]

| Banking and deposit interest expense | | | [removed: 76] [added: 561] | | | | | | [removed: 12] [added: 76] | | | | | | [removed: 59] [added: 12] | | |

| Total net revenues | | | 14,271 | | | | | | [added: (13) | | | | | | 14,258 | | | | | |] 13,431 | | | | | | [removed: 11,899] [added: (54)] | | | [added: | | | 13,377 | | |]

| Distribution expenses | | | 4,923 | | | | | | [added: 12 | | | | | | 4,935 | | | | | |] 5,015 | | | | | | [removed: 4,059] [added: 13] | | | [added: | | | 5,028 | | |]

| Interest credited to fixed accounts | | | [removed: 665] [added: 654] | | | | | | [removed: 600] [added: 665] | | | | | | [removed: 644] [added: 600] | | |

| Benefits, claims, losses and settlement expenses | | | 1,372 | | | | | | [added: (1,130) | | | | | | 242 | | | | | |] 716 | | | | | | [removed: 1,806] [added: (872)] | | | [added: | | | (156) | | |]

| Amortization of deferred acquisition costs | | | 208 | | | | | | [added: 44 | | | | | | 252 | | | | | |] 124 | | | | | | [removed: 277] [added: 135] | | | [added: | | | 259 | | |]

| Interest and debt expense | | | [removed: 198] [added: 324] | | | | | | [removed: 191] [added: 198] | | | | | | [removed: 162] [added: 191] | | |

| General and administrative expense | | | [removed: 3,723] [added: 3,871] | | | | | | [removed: 3,435] [added: 3,723] | | | | | | [removed: 3,120] [added: 3,435] | | |

| Pretax income | | | 3,182 | | | | | | [added: 749 | | | | | | 3,931 | | | | | |] 3,350 | | | | | | [removed: 1,831] [added: 835] | | | [added: | | | 4,185 | | |]

| Income tax provision | | | 623 | | | | | | [added: 159 | | | | | | 782 | | | | | |] 590 | | | | | | [removed: 297] [added: 178] | | | [added: | | | 768 | | |]

| [Notes to Consolidated Financial Statements](#i3d5fef3ba72849918577158fd5fe0e61_148) | | | | | | | | | [81](#i3d5fef3ba72849918577158fd5fe0e61_148) | | |

| 1. | | | [Basis of Presentation](#i3d5fef3ba72849918577158fd5fe0e61_151) | | | | | | [81](#i3d5fef3ba72849918577158fd5fe0e61_151) | | |

| 6. | | | [Investments](#i3d5fef3ba72849918577158fd5fe0e61_166) | | | | | | [102](#i3d5fef3ba72849918577158fd5fe0e61_166) | | |

| 7. | | | [Financing Receivables](#i3d5fef3ba72849918577158fd5fe0e61_169) | | | | | | [106](#i3d5fef3ba72849918577158fd5fe0e61_169) | | |

| 8. | | | [Reinsurance](#i3d5fef3ba72849918577158fd5fe0e61_172) | | | | | | [110](#i3d5fef3ba72849918577158fd5fe0e61_172) | | |

| 12. | | | [Separate Account Assets and Liabilities](#i3d5fef3ba72849918577158fd5fe0e61_190) | | | | | | [126](#i3d5fef3ba72849918577158fd5fe0e61_190) | | |

| 13. | | | [Market Risk Benefits](#i3d5fef3ba72849918577158fd5fe0e61_193) | | | | | | [127](#i3d5fef3ba72849918577158fd5fe0e61_193) | | |

| 14. | | | [Customer Deposits](#i3d5fef3ba72849918577158fd5fe0e61_199) | | | | | | [131](#i3d5fef3ba72849918577158fd5fe0e61_199) | | |

| 15. | | | [Debt](#i3d5fef3ba72849918577158fd5fe0e61_202) | | | | | | [131](#i3d5fef3ba72849918577158fd5fe0e61_202) | | |

| 16. | | | [Fair Values of Assets and Liabilities](#i3d5fef3ba72849918577158fd5fe0e61_205) | | | | | | [132](#i3d5fef3ba72849918577158fd5fe0e61_205) | | |

| 17. | | | [Offsetting Assets and Liabilities](#i3d5fef3ba72849918577158fd5fe0e61_208) | | | | | | [142](#i3d5fef3ba72849918577158fd5fe0e61_208) | | |

| 18. | | | [Derivatives and Hedging Activities](#i3d5fef3ba72849918577158fd5fe0e61_211) | | | | | | [144](#i3d5fef3ba72849918577158fd5fe0e61_211) | | |

| 19. | | | [Leases](#i3d5fef3ba72849918577158fd5fe0e61_217) | | | | | | [148](#i3d5fef3ba72849918577158fd5fe0e61_217) | | |

| 20. | | | [Share-Based Compensation](#i3d5fef3ba72849918577158fd5fe0e61_223) | | | | | | [149](#i3d5fef3ba72849918577158fd5fe0e61_223) | | |

| 21. | | | [Shareholders’ Equity](#i3d5fef3ba72849918577158fd5fe0e61_226) | | | | | | [153](#i3d5fef3ba72849918577158fd5fe0e61_226) | | |

| 22. | | | [Earnings per Share](#i3d5fef3ba72849918577158fd5fe0e61_229) | | | | | | [156](#i3d5fef3ba72849918577158fd5fe0e61_229) | | |

| 23. | | | [Regulatory Requirements](#i3d5fef3ba72849918577158fd5fe0e61_232) | | | | | | [156](#i3d5fef3ba72849918577158fd5fe0e61_232) | | |

| 24. | | | [Income Taxes](#i3d5fef3ba72849918577158fd5fe0e61_235) | | | | | | [158](#i3d5fef3ba72849918577158fd5fe0e61_235) | | |

| 26. | | | [Commitments](#i3d5fef3ba72849918577158fd5fe0e61_241) [and Contingencies](#i3d5fef3ba72849918577158fd5fe0e61_241) | | | | | | [164](#i3d5fef3ba72849918577158fd5fe0e61_241) | | |

| 27. | | | [Related Party Transactions](#i3d5fef3ba72849918577158fd5fe0e61_244) | | | | | | [165](#i3d5fef3ba72849918577158fd5fe0e61_244) | | |

| 28. | | | [Segment Information](#i3d5fef3ba72849918577158fd5fe0e61_247) | | | | | | [166](#i3d5fef3ba72849918577158fd5fe0e61_247) | | |

| 29. | | | [Quarterly Financial Data (Unaudited)](#i3d5fef3ba72849918577158fd5fe0e61_253) | | | | | | [169](#i3d5fef3ba72849918577158fd5fe0e61_253) | | |

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Change in Accounting Principle

As discussed in Note 3 to the consolidated financial statements, the Company changed the manner in which it accounts for long-duration insurance contracts in 2023.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

*Valuation of market risk benefits*

As described in Notes 2 and 13 to the consolidated financial statements, market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk.

Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders.

Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract.

The significant assumptions used by management to develop the fair value measurements of market risk benefits include utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and mortality rate.

As of December 31, 2023, the market risk benefits asset was $1,427 million and the market risk benefits liability was $1,762 million.

These procedures included testing the effectiveness of controls relating to market risk benefits, including controls over the reasonableness of the significant market risk benefit assumptions.

These procedures also included, among others, (i) evaluating management’s process for developing the fair value estimate of the market risk benefits, (ii) testing, on a sample basis, the completeness and accuracy of data used in the estimate, and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of the significant market risk benefit assumptions based on industry knowledge and data as well as historical Company data and experience, and the continued appropriateness of unchanged assumptions.

*Adoption of the new accounting standard for long-duration insurance contracts*

As described above and in Notes 2, 3, 11 and 13 to the consolidated financial statements, the Company adopted the new accounting standard relating to targeted improvements to the accounting for long-duration contracts (“LDTI”).

When management adopted the new standard effective January 1, 2023 with a transition date of January 1, 2021, opening equity was adjusted for the adoption impacts to retained earnings and accumulated other comprehensive income and prior periods presented (i.e. 2021 and 2022) were restated.

The new standard changes elements of the measurement models and disclosure requirements for an insurer’s long-duration insurance contract benefits and acquisition costs by expanding the use of fair value accounting to certain contract benefits and requiring at least annual updates to assumptions used to measure liabilities for future policy benefits.

As of the January 1, 2021 transition date, the adoption impact was a reduction in total equity of $1.9 billion.

The adjustments to retrospectively recast prior period amounts resulted in an increase of $190 million and a decrease of $1.1 billion to total equity as of December 31, 2022 and 2021, respectively, and an increase to net income of $590 million and $657 million for the years ended December 31, 2022 and 2021, respectively.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 1. | | | [Basis of Presentation](#i9501caacafa04c1e9ba47ba0ec2ca398_142) | | | | | | [71](#i9501caacafa04c1e9ba47ba0ec2ca398_142) | | |

| 6. | | | [Investments](#i9501caacafa04c1e9ba47ba0ec2ca398_157) | | | | | | [91](#i9501caacafa04c1e9ba47ba0ec2ca398_157) | | |

| 7. | | | [Financing Receivables](#i9501caacafa04c1e9ba47ba0ec2ca398_160) | | | | | | [95](#i9501caacafa04c1e9ba47ba0ec2ca398_160) | | |

| 8. | | | [Reinsurance](#i9501caacafa04c1e9ba47ba0ec2ca398_163) | | | | | | [98](#i9501caacafa04c1e9ba47ba0ec2ca398_163) | | |

| 12. | | | [Variable Annuity and Insurance Guarantees](#i9501caacafa04c1e9ba47ba0ec2ca398_175) | | | | | | [103](#i9501caacafa04c1e9ba47ba0ec2ca398_175) | | |

| 13. | | | [Customer Deposits](#i9501caacafa04c1e9ba47ba0ec2ca398_178) | | | | | | [105](#i9501caacafa04c1e9ba47ba0ec2ca398_178) | | |

| 14. | | | [Debt](#i9501caacafa04c1e9ba47ba0ec2ca398_181) | | | | | | [106](#i9501caacafa04c1e9ba47ba0ec2ca398_181) | | |

| 15. | | | [Fair Values of Assets and Liabilities](#i9501caacafa04c1e9ba47ba0ec2ca398_184) | | | | | | [107](#i9501caacafa04c1e9ba47ba0ec2ca398_184) | | |

| 16. | | | [Offsetting Assets and Liabilities](#i9501caacafa04c1e9ba47ba0ec2ca398_187) | | | | | | [118](#i9501caacafa04c1e9ba47ba0ec2ca398_187) | | |

| 17. | | | [Derivatives and Hedging Activities](#i9501caacafa04c1e9ba47ba0ec2ca398_190) | | | | | | [119](#i9501caacafa04c1e9ba47ba0ec2ca398_190) | | |

| 18. | | | [Leases](#i9501caacafa04c1e9ba47ba0ec2ca398_193) | | | | | | [124](#i9501caacafa04c1e9ba47ba0ec2ca398_193) | | |

| 19. | | | [Share-Based Compensation](#i9501caacafa04c1e9ba47ba0ec2ca398_199) | | | | | | [125](#i9501caacafa04c1e9ba47ba0ec2ca398_199) | | |

| 20. | | | [Shareholders’ Equity](#i9501caacafa04c1e9ba47ba0ec2ca398_202) | | | | | | [128](#i9501caacafa04c1e9ba47ba0ec2ca398_202) | | |

| 22. | | | [Regulatory Requirements](#i9501caacafa04c1e9ba47ba0ec2ca398_208) | | | | | | [131](#i9501caacafa04c1e9ba47ba0ec2ca398_208) | | |

| 23. | | | [Income Taxes](#i9501caacafa04c1e9ba47ba0ec2ca398_211) | | | | | | [133](#i9501caacafa04c1e9ba47ba0ec2ca398_211) | | |

| 25. | | | [Commitments, Guarantees and Contingencies](#i9501caacafa04c1e9ba47ba0ec2ca398_217) | | | | | | [139](#i9501caacafa04c1e9ba47ba0ec2ca398_217) | | |

| 26. | | | [Related Party Transactions](#i9501caacafa04c1e9ba47ba0ec2ca398_220) | | | | | | [140](#i9501caacafa04c1e9ba47ba0ec2ca398_220) | | |

| 27. | | | [Segment Information](#i9501caacafa04c1e9ba47ba0ec2ca398_223) | | | | | | [140](#i9501caacafa04c1e9ba47ba0ec2ca398_223) | | |

| 28. | | | [Revision of Prior Period Financial Statements](#i9501caacafa04c1e9ba47ba0ec2ca398_2325) | | | | | | [144](#i9501caacafa04c1e9ba47ba0ec2ca398_2325) | | |

As described in Notes 2, 11, 12, and 15 to the consolidated financial statements, management values the embedded derivatives attributable to the provisions of certain variable annuity riders using internal valuation models.

As there is no active market for the transfer of these embedded derivatives, such internal valuation models estimate fair value by discounting expected cash flows.

As of December 31, 2022, the net embedded derivative liability in certain variable annuity riders was $608 million, and is included in policyholder account balances, future policy benefits and claims on the consolidated balance sheet.

Also, the audit effort involved the use of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls related to the Company’s estimate of the fair value of embedded derivatives in certain variable annuity riders, including controls over the significant unobservable inputs.

These procedures also included, among others, evaluating and testing management’s process for developing the fair value estimate.

Testing management’s process included evaluating the reasonableness of the significant unobservable inputs related to implied volatility, nonperformance risk and contractholder behavior assumptions that include margins for risk and testing the completeness and accuracy of underlying data used by management in the development of the significant unobservable inputs.

Professionals with specialized skill and knowledge were used to assist in (i) evaluating the reasonableness of certain significant unobservable inputs related to implied volatility, nonperformance risk and contractholder behavior assumptions that include margins for risk based on industry knowledge and data as well as historical Company data and experience, and (ii) evaluating the appropriateness of management’s models.

*Valuation of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities*

As described in Notes 2, 11, and 12 to the consolidated financial statements, the Company issues universal life, variable universal life and variable annuity policies that have product features that are accounted for as insurance liabilities.

As disclosed by management, the liability for these policies, which is included in policyholder account balances, future policy benefits and claims on the consolidated balance sheet, is determined using actuarial models to estimate the present value of the projected benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments.

Significant assumptions used by management in projecting the present value of future benefits and assessments include customer asset value growth rates, mortality, persistency, and investment margins, and additionally for variable annuity policies, benefit utilization.

The principal considerations for our determination that performing procedures relating to the valuation of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities is a critical audit matter are the significant judgment used by management when developing the estimate of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities, which in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumptions used to determine customer asset value growth rates, persistency, investment margins, and, for variable annuity policies, benefit utilization.

These procedures included testing the effectiveness of controls relating to the Company’s valuation of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities, including controls over management’s development of the significant assumptions.

These procedures also included, among others, evaluating and testing management’s process for developing the estimate of certain guarantees on variable annuity and certain life insurance policies accounted for as insurance liabilities, testing the completeness and accuracy of underlying data used by management and testing that assumptions are accurately reflected in the models.

Evaluating and testing management’s process also included the involvement of professionals with specialized skill and knowledge to assist in (i) evaluating the reasonableness of the significant

assumptions related to customer asset value growth rates, persistency, benefit utilization and investment margins based on industry knowledge and data as well as historical Company data and experience, and (ii) evaluating the appropriateness of management’s models.

February 23, 2023

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Expenses | | | | | | | | | | | | | | | | | |

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) designed to provide reasonable assurance that the information required to be reported in the Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in and pursuant to U.S. Securities and Exchange Commission (“SEC”) regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to our management, including our [removed: Chief Executive Officer] [added: principal executive officer] and [removed: Chief Financial Officer,] [added: principal financial officer,] as appropriate, to allow timely decisions regarding the required disclosure.

Our management, under the supervision and with the participation of our [removed: Chief Executive Officer] [added: principal executive officer] and [removed: Chief Financial Officer,] [added: principal financial officer,] evaluated the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report.

Based upon that evaluation, our [removed: company’s Chief Executive Officer] [added: principal chief executive officer] and [removed: Chief Financial Officer] [added: principal financial officer] have concluded that our disclosure controls and procedures were effective at a reasonable level of assurance as of December 31, [removed: 2022.][added: 2023.]

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter of the year to which this report relates that have materially affected, or are reasonably likely to materially affect, our [removed: company’s] internal control over financial reporting.

The Company’s management, with the participation of our [removed: Chief Executive Officer] [added: principal executive officer] and [removed: Chief Financial Officer,] [added: principal financial officer,] assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2022.][added: 2023.]

In making this assessment, the Company’s management used the criteria set forth in [removed: Internal] [added: *Internal] Control — Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on management’s assessment and those criteria, we conclude that, as of December 31, [removed: 2022,] [added: 2023,] the Company’s internal control over financial reporting is effective.

PricewaterhouseCoopers LLP, the Company’s independent registered public accounting firm, has issued an audit report on the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2022.][added: 2023.]

During the three months ended December 31, 2023, no director or officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

None.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

- information included under the caption “Information About the Annual Meeting and [removed: Voting-Other Business-Requirements] [added: Voting-Requirements] and Deadlines for Submission of Shareholder Proposals or Nomination of Directors for the [removed: 2024] [added: 2025] Annual Meeting”;

- information under the caption “Corporate Governance-Item 1-Election of the Eight Director [removed: Nominees-Board Composition”;][added: Nominees-Year-Round Review of Board Composition and Succession”;]

- information under the caption “Delinquent Section 16(a) [removed: Reports”, if applicable.][added: Reports”.]

Mr. Cracchiolo [removed: (64)] [added: (65)] has been our Chairman and Chief Executive Officer since September 2005 when the Company completed its spinoff from American Express.

Mr. Berman [removed: (80)] [added: (81)] has been our Executive Vice President and Chief Financial Officer since September 2005.

Ms. Hunter Petruzillo [removed: (61)] [added: (62)] has been our Executive Vice President of Human Resources since September 2005.

Ms. Brockman [removed: (50)] [added: (51)] has been our Senior Vice President and Controller since September 2022, and previously was Interim Controller from July 2022 until September 2022.

Ms. McGraw [removed: (52)] [added: (53)] has been our Executive Vice President-Marketing, Communications and Community Relations since May 2014.

[removed: Prior thereto, Ms. McGraw served as Vice] President-Business Planning and Communications for the Group President, Global Financial Services at American Express.

Mr. Smyth [removed: (61)] [added: (62)] has been our Chief Information Officer since August 2020.

Ms. Melloh [removed: (51)] [added: (52)] has been our Executive Vice President - General Counsel since June 2022.

Mr. Sweeney [removed: (61)] [added: (62)] has been our President-Advice & Wealth Management, Products and Service Delivery since June 2012.

[removed: Bill] [added: (Bill)] Williams-Executive Vice President, Ameriprise Franchise Group

[removed: Bill] [added: Mr.] Williams [removed: (55)] [added: (56)] has been our Executive Vice President, Ameriprise Franchise Group since February 2013.

Mr. Alvero [removed: (55)] [added: (56)] has been our President - Insurance and Annuities since February 2022.

Mr. [removed: Couto (53)] [added: Logan (54)] has been our Head of [removed: North America] [added: EMEA and Global Business Operations] for Columbia Threadneedle Investments since [removed: February 2018.][added: November 2023.]

Mr. Davies [removed: (59)] [added: (60)] has been our Executive Vice President and Global Chief Investment Officer since February 2022.

Mr. [removed: Ring (57)] [added: Truscott (63)] has been our [removed: Chief Executive Officer] [added: CEO] - Global Asset [removed: Management, EMEA] [added: Management] since September [removed: 2019.][added: 2012.]

[added: (Ted)] Truscott-CEO-Global Asset Management

We have adopted a set of Corporate Governance Principles and Categorical Standards of Director Independence which, together with the charters of the three standing committees of the Board of Directors (Audit and Risk; Compensation and Benefits; and Nominating [removed: and Governance) and our Code of Conduct (which constitutes the Company’s code of ethics), provide the framework for the governance of our company.]

[added: (Information from such sites is not incorporated] by reference into this report.) You may also obtain free copies of these materials by writing to our Corporate Secretary at our principal executive offices.

Prior thereto, Ms. McGraw served as Vice

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

William J.

David Logan-Head of EMEA and Global Business Operations, Columbia Threadneedle Investments

Prior to that time, Mr. Logan had served as Global Chief Operating Officer at Columbia Threadneedle Investments since November 2021.

Prior to that, Mr. Logan served as Head of Distribution from 2016 to 2021 and as Chief Operating Officer, EMEA from 2014 to 2016 for BMO Global Asset Management.

He has worked in the financial services industry since 1994 and earned a B.A. in accounting and economics and is a member of the Institute of Chartered Accountants in Scotland.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

and Governance) and our Code of Conduct (which constitutes the Company’s code of ethics), provide the framework for the governance of our company.

Scott E.

Couto-Head of North America, Columbia Threadneedle Investments

He was previously President of Fidelity Institutional Asset Management and held executive positions across distribution, product and marketing at Fidelity Investments.

Mr. Couto joined Fidelity in 2009 from Evergreen Investments.

Prior to that, he was with Liberty Funds, a predecessor fund family of Columbia.

Mr. Couto received a degree in finance and investments from Babson College and holds the Chartered Financial Analyst (CFA) designation.

Nick Ring-Chief Executive Officer-Global Asset Management, EMEA

He was previously the Global Head of Distribution at Jupiter Asset Management, a U.K.-based fund management group, from September 2015 to August 2019.

Prior to that, Mr. Ring worked at Columbia Threadneedle in various product and distribution roles from 2008 to 2014, including most recently as Global Head of Product in 2014.

Mr. Ring has a LLB (Hons) degree from the University of Reading and held various roles at Northern Trust, KPMG, Gartmore Fund Managers and Prudential earlier in his career.

Mr. Truscott (62) has been our CEO - Global Asset Management since September 2012.

(Information from such sites is not incorporated

Descriptions of our equity compensation plans can be found in Note [removed: 19] [added: 20] to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Equity Compensation Plan Information | | | (a) | | | | | | (b) | | | | | | (c) | | | | | |

| Plan category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | | | | | Weighted-average exercise price of outstanding options, warrants and rights | | | | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) – shares | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| Equity compensation plans approved by security holders | | | 3,591,592 | | | (1) | | | $ | 177.60 | | | | | 12,159,384 | | | | | |

| Equity compensation plans not approved by security holders | | | 2,959,400 | | | (2) | | | — | | | | | | 1,603,434 | | | (3) | | |

| Total | | | 6,550,992 | | | | | | $ | 177.60 | | | | | 13,762,818 | | | | | |

(1) Includes 1,332,609 share units subject to vesting per the terms of the applicable plan which could result in the issuance of common stock.

As the terms of these share based awards do not provide for an exercise price, they have been excluded from the weighted average exercise price in column B.

The maximum number of PSUs that could be earned under outstanding PSU grants is reflected but will not necessarily be earned subject to performance conditions.

(2) Includes 2,959,400 share units subject to vesting per the terms of the applicable plans which could result in the issuance of common stock.

For additional information on the Company’s equity compensation plans see Note 20 — Share-Based Compensation to our Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

The non-shareholder approved plans consist of the Ameriprise Advisor Group Deferred Compensation Plan and the Ameriprise Financial Franchise Advisor Deferred Compensation Plan.

(3) Consists of 736,852 shares of common stock issuable under the Ameriprise Advisor Group Deferred Compensation Plan, and 866,582 shares of common stock issuable under the Ameriprise Financial Franchise Advisor Deferred Compensation Plan.

Excludes 3,258,635 shares available for future issuance under the Ameriprise Financial 2008 Employment Incentive Equity Award Plan, all of which were cancelled by the Board of Directors on February 23, 2023.

The Equity Compensation Plan Information table under the caption “Item 4 - To adopt and approve the Ameriprise Financial 2005 Incentive Compensation Plan, as Amended and Restated” in the Proxy Statement is incorporated herein by reference.

The information set forth under the heading “Item [removed: 5-Ratification] [added: 4-Ratification] of Audit and Risk Committee’s Selection of PricewaterhouseCoopers LLP as the Company’s Independent Registered Public Accounting Firm for [removed: 2023”,] [added: 2024”,] “-Independent Registered Public Accounting Firm Fees”; “-Services to Associated Organizations”; and “-Policy on Pre-Approval of Services Provided by Independent Registered Public Accounting Firm,” in the Proxy Statement is incorporated herein by reference.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

| | | | [Condensed Statements of Operations – December [removed: 31,](#i9501caacafa04c1e9ba47ba0ec2ca398_271) [2022, 2021](#i9501caacafa04c1e9ba47ba0ec2ca398_271) [and](#i9501caacafa04c1e9ba47ba0ec2ca398_271) [2020](#i9501caacafa04c1e9ba47ba0ec2ca398_271)] [added: 31, 2023, 2022 and 2021](#i3d5fef3ba72849918577158fd5fe0e61_301)] | | | [removed: [155](#i9501caacafa04c1e9ba47ba0ec2ca398_271)] [added: [180](#i3d5fef3ba72849918577158fd5fe0e61_301)] | | |

| | | | [Condensed Balance Sheets - December [removed: 31,](#i9501caacafa04c1e9ba47ba0ec2ca398_274) [2022](#i9501caacafa04c1e9ba47ba0ec2ca398_274) [and](#i9501caacafa04c1e9ba47ba0ec2ca398_274) [2021](#i9501caacafa04c1e9ba47ba0ec2ca398_274)] [added: 31, 2023 and 2022](#i3d5fef3ba72849918577158fd5fe0e61_304)] | | | [removed: [156](#i9501caacafa04c1e9ba47ba0ec2ca398_274)] [added: [181](#i3d5fef3ba72849918577158fd5fe0e61_304)] | | |

| | | | [Condensed Statements of Cash Flows – December [removed: 31,](#i9501caacafa04c1e9ba47ba0ec2ca398_277) [2022, 2021](#i9501caacafa04c1e9ba47ba0ec2ca398_277) [and](#i9501caacafa04c1e9ba47ba0ec2ca398_277) [2020](#i9501caacafa04c1e9ba47ba0ec2ca398_277)] [added: 31, 2023, 2022 and 2021](#i3d5fef3ba72849918577158fd5fe0e61_307)] | | | [removed: [157](#i9501caacafa04c1e9ba47ba0ec2ca398_277)] [added: [182](#i3d5fef3ba72849918577158fd5fe0e61_307)] | | |

| | | | [Notes to Condensed Financial Information of [removed: Registrant](#i9501caacafa04c1e9ba47ba0ec2ca398_280)] [added: Registrant](#i3d5fef3ba72849918577158fd5fe0e61_310)] | | | [removed: [158](#i9501caacafa04c1e9ba47ba0ec2ca398_280)] [added: [183](#i3d5fef3ba72849918577158fd5fe0e61_310)] | | |

| [removed: [3.2](http://www.sec.gov/Archives/edgar/data/820027/000082002721000012/exhibit32-x12312020.htm)] [added: [10.15](http://www.sec.gov/Archives/edgar/data/820027/000104746912001474/a2207255zex-10_17.htm)†] | | | [removed: Amended and Restated Bylaws of] Ameriprise [removed: Financial, Inc.] [added: Financial Senior Executive Severance Plan, as amended and restated effective January 1, 2012] (incorporated by reference to Exhibit [removed: 3.2 to] [added: 10.17 of] the Annual Report on Form 10-K, File No. 1-32525, filed on February 24, [removed: 2021).] [added: 2012).] | | |

| [removed: [10.5](http://www.sec.gov/Archives/edgar/data/820027/000104746905021562/a2161340zex-10_8.htm)†] [added: [10.25](http://www.sec.gov/Archives/edgar/data/820027/000110465923052515/tm2313762d1_ex10-1.htm)†] | | | [removed: Form of] Ameriprise Financial 2005 Incentive Compensation [removed: Plan Master Agreement for Substitution Awards] [added: Plan, as amended and restated (for awards made after April 26, 2023)] (incorporated by reference to Exhibit [removed: 10.8 to Amendment No. 2] [added: 10.1] to [added: the Current Report on] Form [removed: 10 Registration Statement,] [added: 8-K] File No. 1-32525, filed on [removed: August 15, 2005).] [added: April 28, 2023).] | | |

| [removed: [10.6](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_4.htm)†] [added: [10.5](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_4.htm)†] | | | Ameriprise Financial Form of Award Certificate — Non-Qualified Stock Option Award (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K, File No. 1-32525, filed on October 4, 2005). | | |

| [removed: [10.7](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_5.htm)†] [added: [10.6](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_5.htm)†] | | | Ameriprise Financial Form of Award Certificate — Restricted Stock Award (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K, File No. 1-32525, filed on October 4, 2005). | | |

| [removed: [10.8](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_6.htm)†] [added: [10.7](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_6.htm)†] | | | Ameriprise Financial Form of Award Certificate — Restricted Stock Unit Award (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K, File No. 1-32525, filed on October 4, 2005). | | |

| [removed: [10.9](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_7.htm)†] [added: [10.10](http://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1012.htm)†] | | | Ameriprise Financial Form of [removed: Agreement] [added: Award Certificate] — [added: Performance] Cash [removed: Incentive] [added: Unit Plan] Award (incorporated by reference to Exhibit [removed: 10.7 to] [added: 10.12 of] the [removed: Current] [added: Annual] Report on Form [removed: 8-K,] [added: 10-K] File No. 1-32525, filed on [removed: October 4, 2005).] [added: February 25, 2016).] | | |

| [removed: [10.10](https://www.sec.gov/Archives/edgar/data/820027/000082002723000014/exhibit1010-12312022.htm)†*] [added: [10.8](http://www.sec.gov/Archives/edgar/data/820027/000082002723000014/exhibit1010-12312022.htm)†] | | | Ameriprise Financial Long-Term Incentive Award Program Guide [added: (incorporated by reference to Exhibit 10.10 of the Annual Report on Form 10-K File No. 1-32525, filed on February 23, 2023).] | | |

| [removed: [10.11](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1011-12312021.htm)†] [added: [10.9](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1011-12312021.htm)†] | | | Ameriprise Financial Performance Cash Unit Plan Supplement to the Long Term Incentive Award Program Guide (incorporated by reference to Exhibit 10.11 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022). | | |

| [removed: [10.12](http://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1012.htm)†] [added: [10.12](http://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1014.htm)†] | | | Ameriprise Financial Form of Award Certificate — Performance [removed: Cash] [added: Share] Unit Plan Award (incorporated by reference to Exhibit [removed: 10.12] [added: 10.14] of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2016). | | |

| [removed: [10.13](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1013-12312021.htm)†] [added: [10.11](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1013-12312021.htm)†] | | | Ameriprise Financial Performance Share Unit Plan Supplement to the Long-Term Incentive Award Program Guide (incorporated by reference to Exhibit 10.13 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022). | | |

| [removed: [10.14](http://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1014.htm)†] [added: [10.32](http://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit108-06302023.htm)†] | | | Ameriprise Financial Form of Award Certificate [removed: —] [added: - EMEA] Performance Share Unit Plan Award (incorporated by reference to Exhibit [removed: 10.14] [added: 10.8] of the [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] File No. 1-32525, filed on [removed: February 25, 2016).] [added: August 8, 2023).] | | |

| [removed: [10.15](http://www.sec.gov/Archives/edgar/data/820027/000082002715000024/exhibit1015.htm)†] [added: [10.13](http://www.sec.gov/Archives/edgar/data/820027/000082002715000024/exhibit1015.htm)†] | | | Ameriprise Financial Deferred Share Plan for Outside Directors, as amended and restated effective December 3, 2014 (incorporated by reference to Exhibit 10.15 of the Annual Report on Form 10-K File No. 1-32525, filed on February 24, 2015). | | |

| [removed: [10.16](http://www.sec.gov/Archives/edgar/data/820027/000110465905051129/a05-18818_28k.htm)†] [added: [10.14](http://www.sec.gov/Archives/edgar/data/820027/000110465905051129/a05-18818_28k.htm)†] | | | CEO Security and Compensation Arrangements (incorporated by reference to Item 1.01 of the Current Report on Form 8-K, File No. 1-32525, filed on October 31, 2005). | | |

| [removed: [10.17](http://www.sec.gov/Archives/edgar/data/820027/000104746912001474/a2207255zex-10_17.htm)†] [added: [10.17](http://www.sec.gov/Archives/edgar/data/820027/000082002718000040/ampexhibit101.htm)†] | | | Ameriprise Financial [removed: Senior Executive Severance] [added: Annual Incentive Award] Plan, as amended and restated [removed: effective] [added: as of] January 1, [removed: 2012] [added: 2009] (incorporated by reference to Exhibit [removed: 10.17] [added: 10.1] of the [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K,] [added: 10-Q,] File No. 1-32525, filed on [removed: February 24, 2012).] [added: May 2, 2018).] | | |

| [removed: [10.19](http://www.sec.gov/Archives/edgar/data/820027/000110465912028857/a12-10450_1ex10d1.htm)†] [added: [10.16](http://www.sec.gov/Archives/edgar/data/820027/000110465912028857/a12-10450_1ex10d1.htm)†] | | | Form of Indemnification Agreement for directors, Chief Executive Officer, Chief Financial [removed: Officer, General Counsel] [added: Officer] and Principal Accounting Officer and any other officers designated by the Chief Executive Officer (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, File No. 1-32525, filed on April 26, 2012). | | |

| [removed: [10.20](http://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1023.htm)†] [added: [10.20](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1024-12312021.htm)†] | | | [removed: Ameriprise Advisor Group Deferred Compensation Plan, as] [added: Threadneedle Deferral Plan (as] amended and restated effective January 1, [removed: 2016] [added: 2018)] (incorporated by reference to Exhibit [removed: 10.23] [added: 10.24] of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, [removed: 2016).] [added: 2022).] | | |

| [removed: [10.21](http://www.sec.gov/Archives/edgar/data/820027/000082002718000040/ampexhibit101.htm)†] [added: [10.24](http://www.sec.gov/Archives/edgar/data/820027/000082002723000067/exhibit101-03312023.htm)†] | | | [removed: Ameriprise Financial Annual Incentive Award Plan, as amended and restated as of January 1, 2009] [added: Severance Plan for William Davies] (incorporated by reference to Exhibit 10.1 of the Quarterly Report on Form [removed: 10-Q,] [added: 10-Q] File No. 1-32525, filed on May 2, [removed: 2018).] [added: 2023).] | | |

| [removed: [10.22](http://www.sec.gov/Archives/edgar/data/820027/000110465921080096/tm2119367d1_ex10-1.htm)] [added: [10.18](http://www.sec.gov/Archives/edgar/data/820027/000110465921080096/tm2119367d1_ex10-1.htm)] | | | Fourth Amended and Restated Credit Agreement, dated as of June 11, 2021, among Ameriprise Financial, Inc., as Borrower, the lenders party thereto, Wells Fargo Bank, National Association as Administrative Agent, Swingline Lender and Issuing Lender, Bank of America, N.A. and Citibank, N.A. as Co-Syndication Agents, and Credit Suisse AG, New York Branch, Goldman Sachs Bank USA, HSBC Bank USA, National Association, JPMorgan Chase Bank, N.A., U.S. Bank National Association and BMP Harris Bank N.A. as Co-Documentation Agents, and Wells Fargo Securities, LLC, BofA Securities, Inc. and CitiBank, N,A. as Joint Lead Arrangers and Joint Bookrunners (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, File No. 1-32525, filed on June 11, 2021). | | |

| [removed: [10.23](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1024-12312021.htm)†] [added: [10.21](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1025-12312021.htm)†] | | | [added: First Amendment to the] Threadneedle Deferral Plan [removed: (as amended and restated effective January 1,] [added: (effective December 6,] 2018) (incorporated by reference to Exhibit [removed: 10.24] [added: 10.25] of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022). | | |

| [removed: [10.24](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1025-12312021.htm)†] [added: [10.23](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1027-12312021.htm)†] | | | [removed: First Amendment to the] [added: Form of Deferred Stock Unit Award -] Threadneedle Deferral Plan [removed: (effective December 6, 2018)] (incorporated by reference to Exhibit [removed: 10.25] [added: 10.27] of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022). | | |