Ameriprise Financial (AMP) 10-K risk factor changes: FY2024 vs FY2023

Our results of operations and financial condition may be materially affected by market fluctuations and by economic and other [removed: factors.][added: factors (whether actual or perceived).]

[removed: 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) political dynamics or elections and social, economic and market conditions; (iv) the availability and cost of capital; (v) global health [removed: emergencies (such as the coronavirus disease 2019 (“COVID-19”) pandemic);] [added: emergencies;] (vi) technological changes and [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) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets.]

Furthermore, changes in consumer economic variables, such as the number and size of personal bankruptcy filings, the rate of unemployment, decreases in property values, and the level of consumer confidence and consumer debt, may substantially affect consumer [removed: loan levels and credit quality,] [added: financials,] which, in turn, could impact client activity in all of our businesses.

Declines and volatility in U.S. and global market conditions [removed: (such as those that resulted from the COVID-19 pandemic and subsequent economic 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 continue to impact us in the same, new or different ways in the future.

Market conditions, regulatory actions, tax laws, and our competitive industry environment are among the reasons current shareholders in our mutual funds, [added: closed-end funds, exchange traded funds (“ETFs”), hedge funds,] OEICs, SICAVs, unit trusts, investment trusts and other pooled investment vehicles, contractholders in our annuity products and policyholders in our protection products may opt to withdraw cash values for those products (or for certain protection products, to reduce their withdrawal activity).

If we are unable to offer appropriate product alternatives which encourage [removed: customers] [added: clients] to continue purchasing in the face of actual or perceived market volatility, our sales and management fee revenues could decline.

Downturns and volatility in markets [removed: (including equity, fixed income, real estate, alternatives such as infrastructure and private equity and other markets)] [added: or the departure of a key client] 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.

In addition, a significant portion of our revenue is derived from investment management agreements with the Columbia Management family of mutual funds [added: or other investment managers] which are terminable on 60 days’ notice.

Our clients can also reduce the aggregate amount of managed assets or shift their funds to other types of accounts with different 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 styles or the proliferation of [removed: exchange traded funds (“ETFs”)] [added: ETFs] or other vehicles like separately managed accounts (“SMAs”)), changes in our (or our advisors’) reputation in the marketplace, a client’s view of ESG factors, changes in client or relationship management, loss of key investment management personnel and financial market performance.

This reduction in managed [removed: assets,] [added: assets or significant redemptions,] and the associated decrease in revenues and earnings, could have a material adverse effect on our [removed: business.][added: business, particularly in products or services where we have less scale and a reduction in managed assets can make the product not viable or even require us to exit the product.]

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 [added: historical results of operations.]

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

[removed: Depending on] how rapidly [removed: rates increase] [added: the market moves] and other factors, we may need to access liquidity sources that are more costly, which could have [removed: a material] [added: an] adverse impact on profitability or our results of operations or financial condition.

Additional financing depends on a variety of factors such as market conditions, the general availability of credit, the volume of trading activities, the overall availability of credit to the financial services industry, our credit ratings and credit capacity, actions by our regulators, and perceptions held by [removed: shareholders, customers] [added: stakeholders, clients] or lenders.

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 [removed: Company’s] business mix that drives these requirements), or downgrade ratings applied to particular classes [added: of securities or types of institutions, and our ratings could be changed at any time and without any notice by the rating organizations.]

[removed: 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.

Investment performance is a key competitive factor for our retail and institutional asset management products and [removed: services.][added: services and is a key driver of growing assets under management and economies of scale.]

Any drop or perceived drop in investment performance as compared to our competitors could cause a decline in sales of our [removed: mutual funds and other] investment products, an increase in redemptions and the termination of [removed: institutional] asset management relationships.

Our continued success depends [removed: to a substantial degree] on our ability to attract, motivate, engage and retain [removed: qualified people] [added: high-performing and high-potential talent] in a [removed: very] [added: highly] competitive [removed: market.][added: industry.]

[removed: While we are seeing] [added: Although] the employment market [removed: stabilize] [added: is stabilizing] compared to recent years, the financial services [removed: industry has always been] [added: sector remains] a highly competitive [removed: industry.][added: industry, especially for top talent.]

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

[removed: In addition, the] [added: The] investment performance of our asset management products and services, [removed: and the] [added: as well as] retention of our products and services by our clients, [removed: are dependent upon] [added: depend on] the strategies and decisions of our portfolio managers and analysts.

From time to time there are regulatory-driven or other trends and developments within the [removed: 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 or non-solicitation agreements,] [added: industry] that could potentially impact the dynamics between us and our competitors or negatively impact our business.

If employees or advisors who maintain relationships with our clients [removed: leave,] [added: leave or retire without succession plans,] we may not be able to retain valuable [removed: relationships] [added: relationships,] and our clients may choose to leave for a competitor.

[added: 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.

[removed: With respect to secured transactions, our credit risk may be exacerbated when the collateral we] hold cannot be realized upon or is liquidated at prices insufficient to recover the full amount of the loan or derivative exposure.

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 [removed: benefits),] [added: benefits and structured variable annuities),] reinsurance, repurchase and underwriting arrangements and equity investments.

During periods of market disruption, including periods of significantly rising or high interest rates and rapidly widening credit spreads or illiquidity, it may be difficult to value certain of our [removed: securities.][added: securities and the value of our securities as reported within our Consolidated Financial Statements and the period-to-period changes in value could vary significantly.]

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

As such, valuations may include inputs and assumptions that are less observable and may require greater estimation as well as valuation methods that are more sophisticated, [removed: which may result in values less than the value at which the investments may be ultimately sold.]

These asset classes represented [removed: 7%] [added: 8%] of the carrying value of our investment portfolio as of December 31, [removed: 2023.][added: 2024.]

We set prices for [removed: *RiverSource*] insurance products [removed: (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.

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

[removed: For most of our life insurance] and deferred annuity products, actual persistency that is lower than our persistency assumptions could have an adverse impact on profitability, especially in the early years of a policy or contract because we would be required to accelerate the amortization of expenses we deferred in connection with the acquisition of the policy or contract.

Though we discontinued offering LTC products in 2003, LTC insurance policies provide for long-duration coverage and, therefore, our actual claims experience will [added: continue to] emerge over many years.

Our ability to attract and retain [removed: customers,] [added: clients,] investors, employees and advisors is highly dependent upon external perceptions of our company.

Climate change may also influence investor sentiment with respect to the Company and investments in our portfolio and those available to clients through [removed: third-parties.][added: third parties.]

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

Our business is reliant upon internal and third-party-controlled, [removed: developed] [added: -developed] and [removed: operated] [added: -operated] software (which includes opensource software), technology systems and networks to process, transmit and store information, including our current, potential and former clients’, employees’ and advisors’ personal information, as well as our proprietary information, and to conduct many of our business activities and transactions.

Maintaining the security and integrity of our software, information and these systems and networks, and appropriately responding to any cybersecurity and privacy incidents (including [removed: attempts),] [added: attempts to attack or access our network),] is critical to the success of our business operations, including our reputation, the retention of our advisors and clients, and to the protection of our proprietary information and our clients’ personal information.

Such factors, which can be global, regional, national or local in nature, include: (i) the level and

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In addition to risks from guarantees discussed above, structured variable annuity contracts contain index-linked risks that adjust the policyholder’s or contractholder’s account value based on equity movements.

These risks are hedged with derivatives, which are a material component of our overall hedging program.

Collateral requirements for the hedging program are market-sensitive, and certain market environments (e.g., rising interest rates) will result in increased needs for liquidity to satisfy these requirements.

Depending on

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Any future downgrade in our financial strength ratings, or the announced or perceived potential for a downgrade, could potentially have a significant adverse effect on our financial condition and results of operations.

In

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We proactively assess retention risks and invest in our employees to remain an employer of choice.

Additionally, we have diversified our geographic footprint to attract and retain top talent globally, including expanding our workforce in India.

Recruiting and retaining financial advisors is highly competitive and constantly evolving.

With respect to secured transactions, our credit risk may be exacerbated when the collateral we

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which may result in values less than the value at which the investments may be ultimately sold.

For most of our life insurance

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We seek to aid our advisors and provide certain requirements and support to protect our non-employee franchise advisors’ technology solutions to run their businesses, but they control their own technology environment on a day-to-day basis and could have an adverse effect on our business.

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attacks, breaches or interference.

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competitors who encourage or support those products.

The regulatory capital requirements, rating agency financial or capital expectations, and dividend-paying ability of our subsidiaries may be affected by a variety of factors, including markets, business plans, policyholder behavior, and investment decisions and performance.

These differing requirements and expectations use different accounting frameworks (such as GAAP, statutory accounting principles or a mix).

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Changes in U.S. federal income or estate tax law could

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Ameriprise Financial, Inc.

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) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets.

Further, the cost of hedging our liability for these guarantees has increased as a result of broad-based market and regulatory-driven changes in the collateral requirements of hedge trading counterparties.

historical costs.

In addition, as rates increase, the posting of collateral for liquidity needs will also increase as a result of the hedging of variable annuity products.

Any future downgrade in our financial strength ratings, or the announced potential for a downgrade, could potentially have a significant adverse effect on our financial condition and results of operations in many ways, including: (i) reducing new sales of insurance and annuity products and investment products; (ii) adversely affecting our relationships with our advisors and third-party distributors of our products; (iii) materially increasing the number or amount of policy surrenders and withdrawals by contractholders and policyholders; (iv) requiring us to reduce prices for many of our products and services to remain competitive; and (v) adversely affecting our ability to obtain reinsurance or obtain reasonable pricing on reinsurance.

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

Strong investment performance and its effects are important elements to our stated goals of growing assets under management and greater economies of scale.

Fewer individuals entering the labor force, increased demand for flexibility and fully remote work, and wage sensitivity due to the inflationary environment put pressure on labor costs and add complexity in recruiting and retaining talent.

We continue to assess risk and invest in our employees to remain 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 clients and advisors.

While we regularly assess our exposure to different industries

require additional subjectivity and management judgment.

Further, rapidly changing and unexpected credit and equity market conditions could materially impact the valuation of securities as reported within our consolidated financial statements and the period-to-period changes in value could vary significantly.

greater payments under our life insurance policies and annuity contracts with guaranteed minimum death benefits than we have projected.

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

will engage in safe and secure online practices.

procedures, shifting and sometimes contradictory client and market preferences, the introduction of competing products or services and compliance with regulatory requirements.

We must manage our business within the expectations of the patchwork of regulations and capital expectations from these parties which are not consistent with one another, use different accounting frameworks (such as GAAP, statutory accounting principles or a mix).

A capital action that benefits under one framework may not be beneficial under another framework.

As asset values decline or other financial drivers to our business worsen, our and our subsidiaries’ ability to pay dividends, return capital or make other permitted payments can be reduced.

Additionally, the various asset classes held by our subsidiaries, and used in determining required capital levels, are weighted differently or are restricted as to the proportion in which they may be held depending upon their liquidity, credit risk and other factors.

The regulatory capital requirements and dividend-paying ability of our subsidiaries may also be affected by a change in the mix of products sold by such subsidiaries.

profitability.

Our 2021 acquisition of the BMO Global Asset Management (EMEA) business heightened these risks as it significantly expanded our asset management business in EMEA.

of the industries and businesses in which we operate.

Certain examples of legislative and regulatory changes that may impact our businesses are described below.

Regulation of Products and Services: Any mandated reductions or restructuring of the fees we charge for our products and services resulting from regulatory initiatives or proceedings could reduce our revenues and/or earnings.

For example, the DOL has proposed changes to regulations that define our advisors’ relationships with their clients, such as requiring a fiduciary relationship between our advisors and clients for assets held in qualified investment accounts.

Insurance Regulation: Changes in the state regulatory requirements applicable to our insurance companies that are made for the benefit of the consumer sometimes lead to additional expense for the insurer and, thus, could have a material adverse effect on our financial condition and results of operations.

Further, we cannot predict the effect that proposed federal legislation may have on our businesses or competitors, such as the option of federally chartered insurers, a mandated federal systemic risk regulator, future initiatives of the FIO within the Department of the Treasury or by any of the Domiciliary Regulators, the NAIC or the International Association of Insurance Supervisors with respect to insurance holding company supervision, capital standards or systemic risk regulation.

As discussed earlier, the FRB has finalized minimum capital requirements which will begin to take effect in 2024.

International Regulation: Potential measures taken by foreign and international authorities regarding anti-bribery, the nationalization or expropriation of assets, the imposition of limits on foreign ownership of local companies, increased environmental sustainability or governance requirements, changes in laws (including tax laws and regulations) and in their application or interpretation, imposition of large fines, political instability, capital requirements or dividend limitations, price controls, changes in applicable currency, currency exchange controls, or other restrictions that prevent us from transferring funds from these operations out of the countries in which they operate or converting local currencies we hold to U.S. dollars or other currencies may negatively affect our business.

Employment Regulation: We have a global workforce and face expansion of employment laws in various states, cities, and countries.

These regulations vary from jurisdiction to jurisdiction, and we seek to provide a uniform employee experience, while simultaneously complying with unique or differing regulatory requirements.

A portion of our advisor force consists of independent contractors.

Legislative or regulatory action that redefines the criteria for determining whether a person is an employee or an independent contractor could materially impact our industry, our business and our relationships with (and ability to provide various types of support to) our advisors and their staff, resulting in an adverse effect on our results or operations.

Privacy, Cybersecurity and Data: Our business is subject to comprehensive legal requirements concerning the use and protection of personal information, including client and employee information, from a multitude of different functional regulators and law enforcement bodies.

This regulatory framework is rapidly changing through an ever-increasing patchwork of state laws and regulation (such as the California Consumer Privacy Act and the California Privacy Rights Act) and international developments like GDPR.

Further developments could negatively impact our business and operations.

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

We are a long-standing leader in financial planning and advice with [removed: $1.4] [added: $1.5] trillion in assets under [removed: management] [added: management, administration,] and [removed: administration] [added: advisement] as of December 31, [removed: 2023.][added: 2024.]

These annual assumption updates are collectively referred to as [removed: unlocking.][added: unlocking throughout this document.]

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 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 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 the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to [added: 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;]

[removed: Ameriprise Financial, Inc.][added: | Ameriprise Holdings, Inc. | | | — | | | | | | (15) | | | | | | — | | |]

[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.

| [removed: 2023] | | | [removed: | | | 2022] [added: 2024] | | | | | | 2023 | | | | | | 2022 | | | [removed: | | |]

| Net income | | | $ | [removed: 2,556] [added: 3,401] | | | | | $ | [removed: 3,149] [added: 2,556] | | | | | $ | [removed: 23.71] [added: 33.05] | | | | | $ | [removed: 27.70] [added: 23.71] | |

| Net realized investment gains (losses) (1) | | | [removed: (32)] [added: (21)] | | | | | | [removed: (93)] [added: (32)] | | | | | | [removed: (0.30)] [added: (0.20)] | | | | | | [removed: (0.82)] [added: (0.30)] | | |

| Market impact on non-traditional long-duration products (1) | | | [removed: (608)] [added: (153)] | | | | | | [removed: 483] [added: (608)] | | | | | | [removed: (5.63)] [added: (1.49)] | | | | | | [removed: 4.25] [added: (5.63)] | | |

| Mean reversion related impacts (1) | | | [removed: —] [added: 1] | | | | | | [removed: (1)] [added: —] | | | | | | [removed: —] [added: 0.01] | | | | | | [removed: (0.01)] [added: —] | | |

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

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

| Tax effect of adjustments (2) | | | [removed: 147] [added: 36] | | | | | | [removed: (71)] [added: 147] | | | | | | [removed: 1.36] [added: 0.35] | | | | | | [removed: (0.61)] [added: 1.36] | | |

| Adjusted operating earnings | | | $ | [removed: 3,111] [added: 3,535] | | | | | $ | [removed: 2,885] [added: 3,111] | | | | | $ | [removed: 28.86] [added: 34.35] | | | | | $ | [removed: 25.37] [added: 28.86] | |

| Basic | | | [removed: 105.7] [added: 101.0] | | | | | | [removed: 111.3] [added: 105.7] | | | | | | | | | | | | | | |

| Diluted | | | [removed: 107.8] [added: 102.9] | | | | | | [removed: 113.7] [added: 107.8] | | | | | | | | | | | | | | |

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

| Net income | | | $ | [removed: 2,556] [added: 3,401] | | | | | $ | [removed: 3,149] [added: 2,556] | |

| Less: Adjustments (1) | | | [removed: (555)] [added: (134)] | | | | | | [removed: 264] [added: (555)] | | |

| Adjusted operating earnings | | | $ | [removed: 3,111] [added: 3,535] | | | | | $ | [removed: 2,885] [added: 3,111] | |

| Total Ameriprise Financial, Inc. shareholders’ equity | | | $ | [removed: 4,116] [added: 5,109] | | | | | $ | [removed: 4,170] [added: 4,116] | |

| Less: AOCI, net of tax | | | [removed: (2,297)] [added: (1,739)] | | | | | | [removed: (1,769)] [added: (2,297)] | | |

| Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI | | | [removed: 6,413] [added: 6,848] | | | | | | [removed: 5,939] [added: 6,413] | | |

| Less: Equity impacts attributable to CIEs | | | [removed: (4)] [added: (3)] | | | | | | [removed: —] [added: (4)] | | |

| Adjusted operating equity | | | $ | [removed: 6,417] [added: 6,851] | | | | | $ | [removed: 5,939] [added: 6,417] | |

| Return on equity, excluding AOCI | | | [removed: 39.9] [added: 49.7] | | % | | | | [removed: 53.0] [added: 39.9] | | % |

| Adjusted operating return on equity, excluding AOCI (2) | | | [removed: 48.5] [added: 51.6] | | % | | | | [removed: 48.6] [added: 48.5] | | % |

(2) Adjusted operating return on equity, excluding [removed: AOCI] [added: accumulated other comprehensive income (“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.

We have approximately [removed: $81] [added: $86] billion of variable annuity account value that has been issued over a period of more than fifty years.

The diversified variable annuity block consists of [removed: $37] [added: $43] billion of account value with no living benefit guarantees and [removed: $44] [added: $43] billion of account value with living benefit guarantees, primarily GMWB provisions.

We also previously offered contracts containing [added: GMWB, GMAB or] GMIB provisions.

As our estimate of this spread [removed: over the U.S. Treasury curve] widens or tightens, the liability will decrease or [removed: increase.][added: increase, respectively.]

The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to [added: provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges.]

[removed: Policy and contract charges include variable annuity rider charges and UL and VUL insurance charges,] which consist of cost of insurance charges (net of reinsurance premiums and cost of reinsurance for UL and VUL insurance products) and administrative charges.

| [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | Change | | | | | | | | |

| Daily average | | | [removed: 4,285] [added: 5,428] | | | | | | [removed: 4,100] [added: 4,285] | | | | | | [removed: 5%] [added: 27%] | | |

| Period end | | | [removed: 4,770] [added: 5,882] | | | | | | [removed: 3,840] [added: 4,770] | | | | | | [removed: 24%] [added: 23%] | | |

| Daily average | | | [removed: 2,808] [added: 3,456] | | | | | | [removed: 2,699] [added: 2,808] | | | | | | [removed: 4%] [added: 23%] | | |

| Period end | | | [removed: 3,102] [added: 3,676] | | | | | | [removed: 2,549] [added: 3,102] | | | | | | [removed: 22%] [added: 19%] | | |

The following discussion includes a comparison of our 2024 and 2023 results.

For a discussion of our 2022 results and for a comparison of results for 2023 and 2022, 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](https://www.sec.gov/ix?doc=/Archives/edgar/data/820027/000082002724000015/amp-20231231.htm) [December 31, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/820027/000082002724000015/amp-20231231.htm), which was filed with the SEC on February 22, 2024.

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| 2024 | | | | | | 2023 | | | | | | 2024 | | | | | | 2023 | | | | | |

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| 2024 | | | | | | 2023 | | | | | |

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Policy and contract charges include variable annuity rider charges and UL and VUL insurance charges,

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| 2024 | | | | | | 2023 | | | | | | | | | | | | | | | | | |

| Eliminations | | | (44.8) | | | | | | (41.0) | | | | | | (3.8) | | | | | | (9) | | |

| Total Assets Under Advisement (net of eliminations) | | | 34.0 | | | | | | 25.4 | | | | | | 8.6 | | | | | | 34 | | |

| Total Assets Under Management, Administration, and Advisement | | | $ | 1,522.0 | | | | | $ | 1,386.0 | | | | | $ | 136.0 | | | | | 10 | | % |

Total Assets Under Advisement increased $8.6 billion, or 34%, to $34.0 billion as December 31, 2024 due to market appreciation and net inflows.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

| 2024 | | | | | | 2023 | | | | | | | | | | | | | | | | | |

- The favorable impact from the cumulative impact of wrap net inflows and improved transactional activity.

- A favorable impact from higher investment portfolio yields, along with higher investment balances driven by increased Ameriprise Bank, FSB (“Ameriprise Bank”) customer deposits, as well as higher structured variable annuities (“SVA”) balances.

- The unfavorable impact from the cumulative impact of Asset Management net outflows.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

The primary driver of the unlocking impact was lowered surrender assumptions on variable annuities with living benefits resulting in an expense in 2024, partially offset by the updated claims incident rates on disability insurance.

- The favorable impact of growth in Ameriprise Bank customer deposits and SVA products.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

- An increase in expense due to market appreciation on contractual fees.

| 2024 | | | | | | 2023 | | | | | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

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

| | | | 2024 | | | | | | 2023 | | |

| Wrap assets (1) | | | $ | 573.9 | | | | | $ | 488.2 | |

| Brokerage and other assets (1) | | | 455.0 | | | | | | 412.3 | | |

| Total client assets | | | $ | 1,028.9 | | | | | $ | 900.5 | |

| (1) Total cash balances (included in the wrap and brokerage and other assets above) | | | $ | 85.4 | | | | | $ | 81.5 | |

Total client assets increased $128.4 billion, or 14%, to $1.0 trillion compared to a year ago primarily due to market appreciation and client net inflows.

| | | | 2024 | | | | | | 2023 | | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

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

| Cash and Certificates Balances | | | 2024 | | | | | | 2023 | | |

| On-balance sheet - Ameriprise Bank | | | $ | 22.3 | | | | | $ | 21.5 | |

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.

These changes are not expected to impact our long-term growth strategy for Ameriprise Bank and we will continue to offer our strong lineup of banking solutions, including deposits, credit cards, mortgages and securities-based lending to our wealth management clients without interruption.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

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.

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

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

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

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

| | | | Years Ended December 31, | | | | | | | | |

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

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

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

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

| 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 | |

We discontinued most new sales of GMWB and GMAB at the end of 2021 and new sales were completely discontinued as of mid-2022.

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

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

| Eliminations | | | (41.0) | | | | | | (36.9) | | | | | | (4.1) | | | | | | (11) | | |

| Total AUM and AUA | | | $ | 1,360.6 | | | | | $ | 1,178.3 | | | | | $ | 182.3 | | | | | 15 | | % |

Total AUM increased $124.8 billion, or 13%, to $1.1 trillion as of December 31, 2023 compared to $956.3 billion as of December 31,

Consolidated Results of Operations

The following table presents our consolidated results of operations:

| | | | Years Ended December 31, | | | | | | | | | | | | Change | | | | | | | | |

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

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

*Overall*

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

- A favorable impact from the trend in rising interest rates on the investment portfolio yield, including from investment portfolio repositioning in our insurance business in the fourth quarter of 2022, along with higher balances in bank and certificate products.

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

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

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

To evaluate interest rate and equity price [removed: risk] [added: risk,] we perform sensitivity testing which measures the impact on pretax income from the sources listed below for a 12-month period following a hypothetical 100 basis point increase in interest rates or a hypothetical 10% decline in equity prices.

In estimating the values of variable annuities, indexed annuities, [removed: stock market certificates,] indexed universal life (“IUL”) insurance and the associated 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, [removed: 2023 and 2022:][added: 2024:]

| Asset-based management and distribution fees (1) | | | | | | $ | [removed: (321)] [added: (62)] | | | | | $ | [removed: 2] [added: —] | | | | | $ | [removed: (319)] [added: (62)] | | | | |

| [removed: Variable] [added: Total variable] annuity and structured variable annuity [removed: benefits:] [added: benefits] | | | | | | [added: 177] | | | | | | [added: (341)] | | | | | | [added: (164)] | | | | | |

| Indexing feature for structured variable annuities | | | | | | [removed: 793] [added: 1,022] | | | | | | [removed: (513)] [added: (1,043)] | | | | | | [removed: 280] [added: (21)] | | | | | |

| Total variable annuity and structured variable annuity benefits | | | | | | [removed: (256)] [added: 1,032] | | | | | | [removed: 243] [added: (602)] | | | | | | [removed: (13)] [added: 430] | | | | | |

| IUL insurance | | | | | | [removed: 52] [added: 60] | | | | | | [removed: (52)] [added: (59)] | | | | | | [removed: —] [added: 1] | | | | | |

| Asset-based management and distribution fees (1) | | | | | | $ | [removed: (60)] [added: (348)] | | | | | $ | [removed: —] [added: 2] | | | | | $ | [removed: (60)] [added: (346)] | | | | |

| Indexing feature for structured variable annuities | | | | | | [removed: 6] [added: (12)] | | | | | | [removed: 127] [added: 174] | | | | | | [removed: 133] [added: 162] | | | | | |

| Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products | | | | | | [removed: 43] [added: 41] | | | | | | — | | | | | | [removed: 43] [added: 41] | | | | | |

| Banking deposits | | | | | | [removed: 27] [added: 49] | | | | | | — | | | | | | [removed: 27] [added: 49] | | | | | |

| Brokerage client cash balances | | | | | | [removed: 53] [added: 52] | | | | | | — | | | | | | [removed: 53] [added: 52] | | | | | |

| Certificates | | | | | | [removed: 2] [added: 1] | | | | | | — | | | | | | [removed: 2] [added: 1] | | | | | |

| IUL insurance | | | | | | [removed: 14] [added: 15] | | | | | | [removed: 1] [added: 3] | | | | | | [removed: 15] [added: 18] | | | | | |

The estimated net impact to pretax adjusted operating income is [removed: $(319) million as of December 31, 2023 and $(283)] [added: $(346)] million as of December 31, [removed: 2022, respectively.][added: 2024.]

Impacts of larger or smaller changes in interest rates or equity prices [removed: may] [added: will] not be proportional to those shown for a 100 basis point increase in interest rates or a 10% decline in equity prices.

As of December 31, [removed: 2023,] [added: 2024,] the value of our assets under management was [removed: $1.1] [added: $1.2] trillion.

The total contract value of all variable annuities as of December 31, [removed: 2023] [added: 2024] was [removed: $80.8] [added: $85.7] billion.

See Note 13 [added: to our Consolidated Financial Statements] for details of the reserves associated with market risk benefits.

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

As of December 31, [removed: 2023,] [added: 2024,] we had [removed: $10.7] [added: $16.3] billion in liabilities related to structured variable annuities.

Of the [removed: $37.5] [added: $41.9] billion in Policyholder account balances, future policy benefits and claims as of December 31, [removed: 2023, $16.9] [added: 2024, $15.9] billion is related to liabilities created by these products.

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: 2025] [added: 2026] due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were [removed: $5.6] [added: $4.1] billion and [removed: 4.9%,] [added: 4.7%,] respectively, as of December 31, [removed: 2023.][added: 2024.]

In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled [removed: $21.1] [added: $23.3] billion and had a weighted average yield of [removed: 4.4%] [added: 4.6%] as of December 31, [removed: 2023.][added: 2024.]

The average yield for investment purchases during the year ended December 31, [removed: 2023] [added: 2024] was approximately [removed: 5.8%.][added: 5.4%.]

The reinvestment of proceeds from maturities, calls and prepayments at rates [removed: near] [added: above] the current portfolio [removed: yield] [added: yields] will [removed: have a limited] [added: create potential upside] impact to future operating results.

See Note 11 [added: to our Consolidated Financial Statements] 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, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.

We have interest rate risk from our investment certificates generally ranging in amounts from $1 thousand to $2 million with interest crediting rate terms ranging from 3 [added: months] to 36 months.

[removed: Of the $37.3 billion in customer deposits as] [added: As] of December 31, [removed: 2023, $13.3] [added: 2024 we had $11.1] billion related to reserves for our fixed rate certificate products.

As of December 31, [removed: 2023,] [added: 2024,] we had [removed: $2.7] [added: $2.9] billion in liabilities related to the indexed accounts of IUL.

We are primarily exposed to changes in British Pounds related to our net investment in Threadneedle, which was approximately £1.3 billion as of December 31, [removed: 2023.][added: 2024.]

As of December 31, [removed: 2023,] [added: 2024,] the notional value of outstanding contracts and our remaining foreign currency risk related to operations in foreign countries were not material.

The stated interest rates on our [removed: $3.4] [added: $2.9] billion of senior unsecured notes are fixed.

As of December 31, [removed: 2023,] [added: 2024,] our largest reinsurance credit risks are related to coinsurance treaties with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and 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.

| Market risk benefits | | | | | | (845) | | | | | | 702 | | | | | | (143) | | | | | |

| Total | | | | | | $ | (111) | | | | | $ | (398) | | | | | $ | (509) | | (2) | | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

| Market risk benefits | | | | | | 1,044 | | | | | | (776) | | | | | | 268 | | | | | |

| Total | | | | | | $ | 1,128 | | | | | $ | (599) | | | | | $ | 529 | | | | |

The above results compare to an estimated negative net impact to pretax income of $332 million related to a 10% equity price decline and an estimated positive net impact to pretax income of $561 million related to a 100 basis point increase in interest rates as of December 31, 2023.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

for further information on our derivative instruments.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

As of December 31, 2024 we had $22.3 billion of bank deposits and $2.3 billion of brokerage deposits.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Ameriprise Financial, Inc.

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

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

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

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

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

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

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

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

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

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

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

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

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

| Asset-based management and distribution fees (1) | | | | | | $ | (285) | | | | | $ | 2 | | | | | $ | (283) | | | | |

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

| Indexing feature for structured variable annuities | | | | | | 494 | | | | | | (291) | | | | | | 203 | | | | | |

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

| Certificates | | | | | | 1 | | | | | | (1) | | | | | | — | | | | | |

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

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

| Asset-based management and distribution fees (1) | | | | | | $ | (53) | | | | | $ | — | | | | | $ | (53) | | | | |

| 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 | | | | | |

| Banking deposits | | | | | | 28 | | | | | | — | | | | | | 28 | | | | | |

| Brokerage client cash balances | | | | | | 146 | | | | | | — | | | | | | 146 | | | | | |

| Certificates | | | | | | (9) | | | | | | — | | | | | | (9) | | | | | |

| IUL insurance | | | | | | 12 | | | | | | 1 | | | | | | 13 | | | | | |

| Total | | | | | | $ | 1,604 | | | | | $ | (945) | | | | | $ | 659 | | | | |

We would expect the recent decline in our portfolio income yields to slow and begin to stabilize in future periods under the current environment.

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

Our [removed: Advice & Wealth Management] [added: wealth management] business is the primary growth engine of Ameriprise with a significant market opportunity.

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

Our primary target market is households with $500,000 to $5,000,000 in investable [removed: assets, and we are also well-suited to serve those outside this asset range.][added: assets.]

We [added: are] also [added: well-suited to serve those outside this asset range as we also] offer products and services [removed: targeted to] [added: designed for] higher-net worth households.

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

We distribute our life and disability income insurance, as well as annuity products, through our advisor [removed: channel.][added: channel under the *RiverSource*® brand.]

Our [added: branded] advisor force is among the largest in the industry and is central to how we serve our clients.

We support our advisors with an integrated technology platform, training, leadership and marketing programs to assist them in serving [removed: their] clients and growing their practices.

Our nationally recognized [removed: brand] [added: brand,] combined with these programs and other [removed: support] [added: support,] creates a compelling value proposition for financial advisors relative to the broader financial services industry.

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

Our asset management capabilities are designed to address mature markets in the U.S. and Europe [removed: as well as] [added: while] expanding into new global and emerging markets.

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

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

We changed our name to “American Express Financial Corporation” (“AEFC”) and began marketing our [removed: products and services under the American Express brand in 1994.]

We have grown both organically [removed: in] [added: through] the products and services we provide, as well as inorganically through strategic acquisitions.

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

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

Seligman & Co. Incorporated, Columbia Management, [removed: Emerging Global Advisors, LLC,] Investment Professionals, Inc., [removed: Lionstone Partners, Inc.,] and, most recently, BMO Financial Group’s European-based asset management [removed: business, which was completed in 2021.][added: business.]

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

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

Our [removed: Shifting] Business Mix and Integrated Model

][added: Business mix.jpg](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/amp-20241231_g1.jpg)]

As of December 31, [removed: 2023,] [added: 2024,] we had [removed: $1.4] [added: $1.5] trillion in assets under [removed: management and] [added: management,] administration, [added: and advisement,] compared to [removed: $1.2] [added: $1.4] trillion as of December 31, [removed: 2022.][added: 2023.]

For a more detailed discussion of assets under [removed: management and] [added: management,] administration, [added: and advisement,] see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Part II, Item 7 of this Annual Report on Form 10-K.

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

][added: segment.jpg](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/amp-20241231_g2.jpg)]

| [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 Threadneedle*® and *Columbia Threadneedle Investments*® brands represent the combined capabilities, resources and reach of Columbia Management Investment Advisers, LLC (including its subsidiaries, “Columbia 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.) [added: Ltd.] and their respective subsidiaries (collectively, “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 companies” or “RiverSource”). | | |

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

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

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

- We earn net investment income on owned assets from Ameriprise Certificate Company [added: (“ACC”)] and Ameriprise Bank, both wholly owned subsidiaries of Ameriprise.

][added: Affiliations.jpg](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/amp-20241231_g6.jpg)]

- Discretionary and non-discretionary investment advisory accounts [added: (also known as managed accounts)] for which we receive fees based on the assets held in that account, as well as related fees or costs associated with the underlying securities held in that account.

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

- Mutual fund offerings from our [removed: own] Columbia funds as well as approximately [removed: 135] [added: 130] unaffiliated mutual fund families, representing approximately [removed: 2,150] [added: 2,125] 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.

- Insurance and annuities products from both RiverSource Life companies as well as [removed: certain] third parties, and we receive a portion of the revenue generated from the sale of unaffiliated products and certain administrative fees.

Columbia Management primarily provides products and services in the [removed: United States.][added: U.S. Threadneedle primarily provides products and services internationally.]

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

products and services under the American Express brand in 1994.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Our integrated model leverages key business linkages to drive growth and consistency across market cycles.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

- Face-amount certificates through ACC.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Intersegment expenses for this segment include

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

financial strength and financial strength ratings, claims-paying ratings, technology and service, advertising, brand recognition and financial strength ratings from rating agencies.

Leadership skills and development of all our employees are core to our culture and history.

We continue to invest in the development of our leaders and employees with a comprehensive and modern learning strategy to help them grow and achieve their career potential at Ameriprise.

We continually invest in our human capital programs and capabilities to ensure a highly competitive employee value proposition.

We seek to offer a comprehensive and competitive total rewards program that supports our employees in their overall financial and personal health and well-being.

Our total rewards programs are designed to attract, retain, and motivate employees and align their pay outcomes to the achievement of the organization and business unit results, in addition to their individual performance.

- We prioritize professional development, and in 2024, we introduced an enhanced learning curriculum to support leadership excellence across the firm.

Over 90% of our global people leaders participated in these leadership development programs.

In addition, we invested in a comprehensive modern learning platform for all employees to ensure they have access to relevant curriculum to help support their growth and career development, while still prioritizing our annual compliance training.

We ensure employees and advisors understand the goals and needs of our diverse client base and deliver on our value proposition to meet those needs.

And we provide the tools, resources and leadership to support them.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Our 13 global business resource networks, with over 23,000 employee engagements, are open to everyone and provide opportunities for connection, community and career development, supporting business growth.

We expect the current U.S. administration will seek to implement a regulatory reform agenda that is significantly different from that of the previous administration, impacting the rulemaking, supervision, examination and enforcement priorities of the federal regulators and agencies.

For example, the enacted European Union (“EU”) Artificial Intelligence (“AI”) Act and proposed U.S. laws on AI are likely to influence how financial services firms design, build and deploy products and services incorporating AI, and process non-personal data.

States in the U.S. and jurisdictions outside the U.S. continue to add new complexity to the patchwork of laws and regulations already in existence relating to privacy, cybersecurity, artificial intelligence and other areas, and we expect this to continue at the federal and state level.

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The DOL finalized a new regulation expanding the definition of investment advice fiduciary, but that regulation has been stayed by the courts.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

compliance with insurance and securities laws.

| RiverSource Life | | | | | | $ | 489 | | | | | $ | 2,700 | | | | | 552 | | % |

| RiverSource Life of NY | | | | | | 38 | | | | | | 219 | | | | | | 579 | | % |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Domiciliary Regulators.

The ratio of the amount of available capital to the capital requirement amount is referred to as the BBA ratio and is subject to a 250% minimum, effective January 1, 2024.

An additional capital conservation buffer of 150% will be effective as of December 31, 2025, for a total capital requirement of at least 400%.

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

In November 2021, we purchased the BMO Global Asset Management (EMEA) business and subsequently re-branded the business.

The quality and breadth of our asset management capabilities are demonstrated by our strong investment performance.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

Alleghany Corporation.

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.

term needs.

- Face-amount certificates through the Ameriprise Certificate Company, a wholly owned subsidiary.

Threadneedle, including BMO Global Asset Management (EMEA) business which we acquired in 2021, primarily provides products and services internationally.

Additional subsidiaries beyond Columbia Management and Threadneedle are also included in our Asset Management segment.

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

This includes approximately 13,800 global

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.

- We prioritize professional development, with 96% of our employees participating in development training.

We continue to invest in our employees’ development, and, in addition to annual training requirements and annual compliance training, we encourage all employees to participate in our professional development programs, including core curriculum for new hires and a Transformational Leader Program for officers.

Leaders are further supported by a broad selection of online courses, workshops, mentoring opportunities, networking events and peer-to-peer programs.

More detail on our workforce composition with a summary of our Equal Employment Opportunity metrics can be found in our Ameriprise Responsible Business report, which is available on our website.

Information contained on or accessible through our websites is not incorporated into and does not form a part of this Form 10-K or any other report or document we file with the U.S. Securities and Exchange Commission (“SEC”), and any references to our websites are intended to be inactive textual references only.

These results and our progress are guided by our comprehensive DEI strategy and plan that is approved by the Chairman and CEO and reviewed by our Board of Directors.

We invest in programs to attract, retain and advance diverse talent, including a robust leadership development curriculum for employees and advisors.

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

Our 13 business resource networks engage more than 21,000 participants globally each year to help promote cultural awareness and community involvement while providing employees and advisors with wellness and career development resources.

Another important priority is our investment in our total rewards and benefits programs that are designed to attract, retain, and motivate employees with deliberate alignment of rewards with performance.

We have in the past and will continue to establish and protect our intellectual property rights.

SEC regulations also impose notice requirements and capital

included in Corporate & Other segment.

| RiverSource Life | | | | | | $ | 512 | | | | | $ | 3,093 | | | | | 604 | | % |

| RiverSource Life of NY | | | | | | 40 | | | | | | 244 | | | | | | 614 | | % |

The Holding Company Act revisions focus on the overall insurance holding

The rule is effective January 1, 2024, with reporting to the FRB beginning in 2025 and delayed effectiveness for certain provisions.

Ameriprise Financial, Inc. is a publicly traded company that is subject to SEC and New York Stock Exchange (“NYSE”) rules and regulations regarding public disclosure, financial reporting, internal controls and corporate governance.

The adoption of the Sarbanes-Oxley Act of 2002 and the implementation of the Dodd-Frank Act significantly enhanced those rules and regulations.

impact our business, such as the new law in California requiring certain climate disclosure.

| For the Fiscal Year Ended | | | | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | |

The aggregate market value, as of June 30, [removed: 2023,] [added: 2024,] of voting shares held by non-affiliates of the registrant was approximately [removed: $34.1] [added: $42.0] billion.

| | | | Class | | | | | | Outstanding at February [removed: 9, 2024] [added: 7, 2025] | | | | | |

| Common Stock (par value $.01 per share) | | | [removed: 100,290,614] [added: 96,118,499] 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: 24, 2024] [added: 30, 2025] (“Proxy Statement”).

| | | | [Item 1. [removed: Business](#i3d5fef3ba72849918577158fd5fe0e61_16)] [added: Business](#ie22d01c285d14e56b108498cb2e73077_16)] | | | [removed: [1](#i3d5fef3ba72849918577158fd5fe0e61_16)] [added: [1](#ie22d01c285d14e56b108498cb2e73077_16)] | | |

| | | | [Item 1A. Risk [removed: Factors](#i3d5fef3ba72849918577158fd5fe0e61_19)] [added: Factors](#ie22d01c285d14e56b108498cb2e73077_19)] | | | [removed: [16](#i3d5fef3ba72849918577158fd5fe0e61_19)] [added: [16](#ie22d01c285d14e56b108498cb2e73077_19)] | | |

| | | | [Item 1B. Unresolved Staff [removed: Comments](#i3d5fef3ba72849918577158fd5fe0e61_22)] [added: Comments](#ie22d01c285d14e56b108498cb2e73077_22)] | | | [removed: [29](#i3d5fef3ba72849918577158fd5fe0e61_22)] [added: [28](#ie22d01c285d14e56b108498cb2e73077_22)] | | |

| | | | [Item 1C. [removed: Cybersecurity](#i3d5fef3ba72849918577158fd5fe0e61_25)] [added: Cybersecurity](#ie22d01c285d14e56b108498cb2e73077_25)] | | | [removed: [29](#i3d5fef3ba72849918577158fd5fe0e61_25)] [added: [28](#ie22d01c285d14e56b108498cb2e73077_25)] | | |

| | | | [Item 2. [removed: Properties](#i3d5fef3ba72849918577158fd5fe0e61_28)] [added: Properties](#ie22d01c285d14e56b108498cb2e73077_28)] | | | [removed: [30](#i3d5fef3ba72849918577158fd5fe0e61_28)] [added: [30](#ie22d01c285d14e56b108498cb2e73077_28)] | | |

| | | | [Item 3. Legal [removed: Proceedings](#i3d5fef3ba72849918577158fd5fe0e61_31)] [added: Proceedings](#ie22d01c285d14e56b108498cb2e73077_31)] | | | [removed: [30](#i3d5fef3ba72849918577158fd5fe0e61_31)] [added: [30](#ie22d01c285d14e56b108498cb2e73077_31)] | | |

| | | | [Item 4. Mine Safety [removed: Disclosures](#i3d5fef3ba72849918577158fd5fe0e61_34)] [added: Disclosures](#ie22d01c285d14e56b108498cb2e73077_34)] | | | [removed: [30](#i3d5fef3ba72849918577158fd5fe0e61_34)] [added: [30](#ie22d01c285d14e56b108498cb2e73077_34)] | | |

| | | | [Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i3d5fef3ba72849918577158fd5fe0e61_40)] [added: Securities](#ie22d01c285d14e56b108498cb2e73077_40)] | | | [removed: [31](#i3d5fef3ba72849918577158fd5fe0e61_40)] [added: [31](#ie22d01c285d14e56b108498cb2e73077_40)] | | |

| | | | [Item 6. [removed: \[Reserved\]](#i3d5fef3ba72849918577158fd5fe0e61_43)] [added: \[Reserved\]](#ie22d01c285d14e56b108498cb2e73077_46)] | | | [removed: [31](#i3d5fef3ba72849918577158fd5fe0e61_43)] [added: [31](#ie22d01c285d14e56b108498cb2e73077_46)] | | |

| | | | [Item 7. Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i3d5fef3ba72849918577158fd5fe0e61_46)] [added: Operations](#ie22d01c285d14e56b108498cb2e73077_49)] | | | [removed: [32](#i3d5fef3ba72849918577158fd5fe0e61_46)] [added: [32](#ie22d01c285d14e56b108498cb2e73077_49)] | | |

| | | | [Item 7A. Quantitative and Qualitative Disclosures About Market [removed: Risk](#i3d5fef3ba72849918577158fd5fe0e61_121)] [added: Risk](#ie22d01c285d14e56b108498cb2e73077_124)] | | | [removed: [65](#i3d5fef3ba72849918577158fd5fe0e61_121)] [added: [56](#ie22d01c285d14e56b108498cb2e73077_124)] | | |

| | | | [Item 8. Financial Statements and Supplementary [removed: Data](#i3d5fef3ba72849918577158fd5fe0e61_127)] [added: Data](#ie22d01c285d14e56b108498cb2e73077_130)] | | | [removed: [71](#i3d5fef3ba72849918577158fd5fe0e61_127)] [added: [61](#ie22d01c285d14e56b108498cb2e73077_130)] | | |

| | | | [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i3d5fef3ba72849918577158fd5fe0e61_256)] [added: Disclosure](#ie22d01c285d14e56b108498cb2e73077_265)] | | | [removed: [170](#i3d5fef3ba72849918577158fd5fe0e61_256)] [added: [155](#ie22d01c285d14e56b108498cb2e73077_265)] | | |

| | | | [Item 9A. Controls and [removed: Procedures](#i3d5fef3ba72849918577158fd5fe0e61_259)] [added: Procedures](#ie22d01c285d14e56b108498cb2e73077_268)] | | | [removed: [170](#i3d5fef3ba72849918577158fd5fe0e61_259)] [added: [155](#ie22d01c285d14e56b108498cb2e73077_268)] | | |

| | | | [Item 9B. Other [removed: Information](#i3d5fef3ba72849918577158fd5fe0e61_262)] [added: Information](#ie22d01c285d14e56b108498cb2e73077_271)] | | | [removed: [170](#i3d5fef3ba72849918577158fd5fe0e61_262)] [added: [156](#ie22d01c285d14e56b108498cb2e73077_271)] | | |

| | | | [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i3d5fef3ba72849918577158fd5fe0e61_265)] [added: Inspections](#ie22d01c285d14e56b108498cb2e73077_274)] | | | [removed: [170](#i3d5fef3ba72849918577158fd5fe0e61_265)] [added: [156](#ie22d01c285d14e56b108498cb2e73077_274)] | | |

| | | | [Item 10. Directors, Executive Officers and Corporate [removed: Governance](#i3d5fef3ba72849918577158fd5fe0e61_271)] [added: Governance](#ie22d01c285d14e56b108498cb2e73077_280)] | | | [removed: [171](#i3d5fef3ba72849918577158fd5fe0e61_271)] [added: [157](#ie22d01c285d14e56b108498cb2e73077_280)] | | |

| | | | [Item 11. Executive [removed: Compensation](#i3d5fef3ba72849918577158fd5fe0e61_274)] [added: Compensation](#ie22d01c285d14e56b108498cb2e73077_286)] | | | [removed: [173](#i3d5fef3ba72849918577158fd5fe0e61_274)] [added: [159](#ie22d01c285d14e56b108498cb2e73077_286)] | | |

| | | | [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i3d5fef3ba72849918577158fd5fe0e61_277)] [added: Matters](#ie22d01c285d14e56b108498cb2e73077_289)] | | | [removed: [173](#i3d5fef3ba72849918577158fd5fe0e61_277)] [added: [159](#ie22d01c285d14e56b108498cb2e73077_289)] | | |

| | | | [Item 13. Certain Relationships and Related Transactions, and Director [removed: Independence](#i3d5fef3ba72849918577158fd5fe0e61_280)] [added: Independence](#ie22d01c285d14e56b108498cb2e73077_292)] | | | [removed: [173](#i3d5fef3ba72849918577158fd5fe0e61_280)] [added: [160](#ie22d01c285d14e56b108498cb2e73077_292)] | | |

| | | | [Item 14. Principal Accountant Fees and [removed: Services](#i3d5fef3ba72849918577158fd5fe0e61_283)] [added: Services](#ie22d01c285d14e56b108498cb2e73077_295)] | | | [removed: [173](#i3d5fef3ba72849918577158fd5fe0e61_283)] [added: [160](#ie22d01c285d14e56b108498cb2e73077_295)] | | |

| | | | [Item 15. Exhibits and Financial Statement [removed: Schedules](#i3d5fef3ba72849918577158fd5fe0e61_289)] [added: Schedules](#ie22d01c285d14e56b108498cb2e73077_301)] | | | [removed: [174](#i3d5fef3ba72849918577158fd5fe0e61_289)] [added: [161](#ie22d01c285d14e56b108498cb2e73077_301)] | | |

| | | | [Item 16. Form 10-K [removed: Summary](#i3d5fef3ba72849918577158fd5fe0e61_292)] [added: Summary](#ie22d01c285d14e56b108498cb2e73077_304)] | | | [removed: [176](#i3d5fef3ba72849918577158fd5fe0e61_292)] [added: [163](#ie22d01c285d14e56b108498cb2e73077_304)] | | |

| | | | [Schedule I - Condensed Financial Information of [removed: Registrant](#i3d5fef3ba72849918577158fd5fe0e61_298)] [added: Registrant](#ie22d01c285d14e56b108498cb2e73077_310)] | | | [removed: [179](#i3d5fef3ba72849918577158fd5fe0e61_298)] [added: [166](#ie22d01c285d14e56b108498cb2e73077_310)] | | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

| [PART I](#ie22d01c285d14e56b108498cb2e73077_13) | | | | | | [1](#ie22d01c285d14e56b108498cb2e73077_13) | | |

| [PART II](#ie22d01c285d14e56b108498cb2e73077_37) | | | | | | [31](#ie22d01c285d14e56b108498cb2e73077_37) | | |

| [PART III](#ie22d01c285d14e56b108498cb2e73077_277) | | | | | | [157](#ie22d01c285d14e56b108498cb2e73077_277) | | |

| [PART IV](#ie22d01c285d14e56b108498cb2e73077_298) | | | | | | [161](#ie22d01c285d14e56b108498cb2e73077_298) | | |

| | | | [Signatures](#ie22d01c285d14e56b108498cb2e73077_307) | | | [164](#ie22d01c285d14e56b108498cb2e73077_307) | | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

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

| [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) | | |

Our cybersecurity approach supports both business [removed: continuity and risk mitigation.]

For third-party service providers that do go through our formal procurement process and vendor risk management assessment, our [removed: vendor risk management] [added: Enterprise Third-Party 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 [added: maintaining an appropriate level of review and monitoring on lower tiers.]

Our [removed: Vendor] [added: Enterprise Third-Party] 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 [removed: board.][added: Board of Directors.]

When a third-party service provider is off-boarded through our procurement and [removed: vendor] [added: third-party risk] 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 [removed: vendor management teams provide] [added: Enterprise Third-Party Risk Management Office provides] risk assessment reporting to business teams, internal risk management committees and our executive leadership.

Our Audit and Risk Committee has semiannual trainings, to which the full [removed: board] [added: Board of Directors] is also invited, to stay educated on ever-evolving cybersecurity topics.

During [removed: 2023,] [added: 2024,] the Audit and Risk Committee reviewed [added: and received reports on] our identity theft prevention and privacy [removed: programs and discussed, among other topics: mandatory staff training on fraud prevention,] [added: programs,] including [removed: threats from social engineering,] [added: the following topics: emerging risks,] identity theft [added: threats,] experience and trends; the effectiveness of existing controls and planned enhancements to [removed: those] controls; and key areas of focus for the identity theft and privacy programs.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

continuity and risk mitigation.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Ameriprise Financial, Inc.

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

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

We operate our business from two principal locations, both of which are located in Minneapolis, Minnesota: the Ameriprise Financial Center, a 959,000 square foot building that we lease, and [removed: our Client Service Center,] [added: the Ameriprise Financial Headquarters,] an 871,000 square foot building, that we own.

In 2023, we started the process to consolidate our Minneapolis office footprint, and we plan to move all our Minneapolis based employees to [removed: our Client Service Center] [added: the Ameriprise Financial Headquarters] by [added: June 30,] 2025.

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

- We [removed: recently opened] [added: also occupy] a Charlotte, North Carolina location in a 53,000 square feet space that we lease for corporate and business support.

We are also opening a new support office in Hyderabad, India in early 2025.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

As of February [removed: 9, 2024,] [added: 7, 2025,] we had approximately [removed: 11,751] [added: 11,118] 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: 2023] [added: 2024] 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: 2023:][added: 2024:]

[added: (1)] 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, 2024 to October 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 355,544 | | | | | | $ | 510.95 | | | | | 355,544 | | | | | | $ | 1,325,717,875 | |

| Employee transactions (2) | | | | | | 25,979 | | | | | | $ | 502.42 | | | | | N/A | | | | | | N/A | | |

| November 1, 2024 to November 30, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 406,996 | | | | | | $ | 554.89 | | | | | 406,996 | | | | | | $ | 1,099,878,072 | |

| Employee transactions (2) | | | | | | 93,420 | | | | | | $ | 560.03 | | | | | N/A | | | | | | N/A | | |

| December 1, 2024 to December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 384,296 | | | | | | $ | 551.67 | | | | | 384,296 | | | | | | $ | 887,872,922 | |

| Employee transactions (2) | | | | | | 18,229 | | | | | | $ | 556.12 | | | | | N/A | | | | | | N/A | | |

| Share repurchase program (1) | | | | | | 1,146,836 | | | | | | $ | 540.19 | | | | | 1,146,836 | | | | | | | | |

| Employee transactions (2) | | | | | | 137,628 | | | | | | $ | 548.64 | | | | | N/A | | | | | | | | |

| | | | | | | 1,284,464 | | | | | | | | | | | | 1,146,836 | | | | | | | | |

| 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 | | | | | | | | |

(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, 2024, which was exhausted during the fourth quarter of 2023.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

| [Report of Independent Registered Public Accounting [removed: Firm](#i3d5fef3ba72849918577158fd5fe0e61_130)] [added: Firm](#ie22d01c285d14e56b108498cb2e73077_133)] (PCAOB Firm ID 238) | | | | | | | | | [removed: [72](#i3d5fef3ba72849918577158fd5fe0e61_130)] [added: [62](#ie22d01c285d14e56b108498cb2e73077_133)] | | |

| [Consolidated Statements of Operations — Years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i3d5fef3ba72849918577158fd5fe0e61_133)] [added: 2022](#ie22d01c285d14e56b108498cb2e73077_136)] | | | | | | | | | [removed: [75](#i3d5fef3ba72849918577158fd5fe0e61_133)] [added: [64](#ie22d01c285d14e56b108498cb2e73077_136)] | | |

| [Consolidated Statements of Comprehensive Income — Years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i3d5fef3ba72849918577158fd5fe0e61_136)] [added: 2022](#ie22d01c285d14e56b108498cb2e73077_139)] | | | | | | | | | [removed: [76](#i3d5fef3ba72849918577158fd5fe0e61_136)] [added: [65](#ie22d01c285d14e56b108498cb2e73077_139)] | | |

| [Consolidated Balance Sheets — December 31, [removed: 2023] [added: 2024] and [removed: 2022](#i3d5fef3ba72849918577158fd5fe0e61_139)] [added: 2023](#ie22d01c285d14e56b108498cb2e73077_142)] | | | | | | | | | [removed: [77](#i3d5fef3ba72849918577158fd5fe0e61_139)] [added: [66](#ie22d01c285d14e56b108498cb2e73077_142)] | | |

| [Consolidated Statements of Equity — Years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i3d5fef3ba72849918577158fd5fe0e61_142)] [added: 2022](#ie22d01c285d14e56b108498cb2e73077_145)] | | | | | | | | | [removed: [78](#i3d5fef3ba72849918577158fd5fe0e61_142)] [added: [67](#ie22d01c285d14e56b108498cb2e73077_145)] | | |

| [Consolidated Statements of Cash Flows — Years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i3d5fef3ba72849918577158fd5fe0e61_145)] [added: 2022](#ie22d01c285d14e56b108498cb2e73077_148)] | | | | | | | | | [removed: [79](#i3d5fef3ba72849918577158fd5fe0e61_145)] [added: [68](#ie22d01c285d14e56b108498cb2e73077_148)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i3d5fef3ba72849918577158fd5fe0e61_148)] [added: Statements](#ie22d01c285d14e56b108498cb2e73077_151)] | | | | | | | | | [removed: [81](#i3d5fef3ba72849918577158fd5fe0e61_148)] [added: [70](#ie22d01c285d14e56b108498cb2e73077_151)] | | |

| 2. | | | [Summary of Significant Accounting [removed: Policies](#i3d5fef3ba72849918577158fd5fe0e61_154)] [added: Policies](#ie22d01c285d14e56b108498cb2e73077_157)] | | | | | | [removed: [81](#i3d5fef3ba72849918577158fd5fe0e61_154)] [added: [70](#ie22d01c285d14e56b108498cb2e73077_157)] | | |

| 3. | | | [Recent Accounting [removed: Pronouncements](#i3d5fef3ba72849918577158fd5fe0e61_157)] [added: Pronouncements](#ie22d01c285d14e56b108498cb2e73077_160)] | | | | | | [removed: [90](#i3d5fef3ba72849918577158fd5fe0e61_157)] [added: [79](#ie22d01c285d14e56b108498cb2e73077_160)] | | |

| 4. | | | [Revenue from Contracts with [removed: Customers](#i3d5fef3ba72849918577158fd5fe0e61_160)] [added: Customers](#ie22d01c285d14e56b108498cb2e73077_163)] | | | | | | [removed: [93](#i3d5fef3ba72849918577158fd5fe0e61_160)] [added: [80](#ie22d01c285d14e56b108498cb2e73077_163)] | | |

| 5. | | | [Variable Interest [removed: Entities](#i3d5fef3ba72849918577158fd5fe0e61_163)] [added: Entities](#ie22d01c285d14e56b108498cb2e73077_166)] | | | | | | [removed: [97](#i3d5fef3ba72849918577158fd5fe0e61_163)] [added: [84](#ie22d01c285d14e56b108498cb2e73077_166)] | | |

| 9. | | | [Goodwill and Other Intangible [removed: Assets](#i3d5fef3ba72849918577158fd5fe0e61_175)] [added: Assets](#ie22d01c285d14e56b108498cb2e73077_178)] | | | | | | [removed: [111](#i3d5fef3ba72849918577158fd5fe0e61_175)] [added: [98](#ie22d01c285d14e56b108498cb2e73077_178)] | | |

| 10. | | | [Deferred Acquisition Costs and Deferred Sales Inducement [removed: Costs](#i3d5fef3ba72849918577158fd5fe0e61_178)] [added: Costs](#ie22d01c285d14e56b108498cb2e73077_184)] | | | | | | [removed: [112](#i3d5fef3ba72849918577158fd5fe0e61_178)] [added: [99](#ie22d01c285d14e56b108498cb2e73077_184)] | | |

| 11. | | | [Policyholder Account Balances, Future Policy Benefits and [removed: Claims](#i3d5fef3ba72849918577158fd5fe0e61_184)] [added: Claims](#ie22d01c285d14e56b108498cb2e73077_190)] | | | | | | [removed: [114](#i3d5fef3ba72849918577158fd5fe0e61_184)] [added: [100](#ie22d01c285d14e56b108498cb2e73077_190)] | | |

| 12. | | | [Separate Account Assets and [removed: Liabilities](#i3d5fef3ba72849918577158fd5fe0e61_190)] [added: Liabilities](#ie22d01c285d14e56b108498cb2e73077_196)] | | | | | | [removed: [126](#i3d5fef3ba72849918577158fd5fe0e61_190)] [added: [111](#ie22d01c285d14e56b108498cb2e73077_196)] | | |

| 13. | | | [Market Risk [removed: Benefits](#i3d5fef3ba72849918577158fd5fe0e61_193)] [added: Benefits](#ie22d01c285d14e56b108498cb2e73077_199)] | | | | | | [removed: [127](#i3d5fef3ba72849918577158fd5fe0e61_193)] [added: [112](#ie22d01c285d14e56b108498cb2e73077_199)] | | |

| 16. | | | [Fair Values of Assets and [removed: Liabilities](#i3d5fef3ba72849918577158fd5fe0e61_205)] [added: Liabilities](#ie22d01c285d14e56b108498cb2e73077_211)] | | | | | | [removed: [132](#i3d5fef3ba72849918577158fd5fe0e61_205)] [added: [117](#ie22d01c285d14e56b108498cb2e73077_211)] | | |

| 17. | | | [Offsetting Assets and [removed: Liabilities](#i3d5fef3ba72849918577158fd5fe0e61_208)] [added: Liabilities](#ie22d01c285d14e56b108498cb2e73077_214)] | | | | | | [removed: [142](#i3d5fef3ba72849918577158fd5fe0e61_208)] [added: [127](#ie22d01c285d14e56b108498cb2e73077_214)] | | |

| 18. | | | [Derivatives and Hedging [removed: Activities](#i3d5fef3ba72849918577158fd5fe0e61_211)] [added: Activities](#ie22d01c285d14e56b108498cb2e73077_217)] | | | | | | [removed: [144](#i3d5fef3ba72849918577158fd5fe0e61_211)] [added: [128](#ie22d01c285d14e56b108498cb2e73077_217)] | | |

| 20. | | | [Share-Based [removed: Compensation](#i3d5fef3ba72849918577158fd5fe0e61_223)] [added: Compensation](#ie22d01c285d14e56b108498cb2e73077_229)] | | | | | | [removed: [149](#i3d5fef3ba72849918577158fd5fe0e61_223)] [added: [133](#ie22d01c285d14e56b108498cb2e73077_229)] | | |

| 22. | | | [Earnings per [removed: Share](#i3d5fef3ba72849918577158fd5fe0e61_229)] [added: Share](#ie22d01c285d14e56b108498cb2e73077_235)] | | | | | | [removed: [156](#i3d5fef3ba72849918577158fd5fe0e61_229)] [added: [140](#ie22d01c285d14e56b108498cb2e73077_235)] | | |

| 25. | | | [Retirement Plans and Profit Sharing [removed: Arrangements](#i3d5fef3ba72849918577158fd5fe0e61_238)] [added: Arrangements](#ie22d01c285d14e56b108498cb2e73077_244)] | | | | | | [removed: [160](#i3d5fef3ba72849918577158fd5fe0e61_238)] [added: [145](#ie22d01c285d14e56b108498cb2e73077_244)] | | |

| 26. | | | [removed: [Commitments](#i3d5fef3ba72849918577158fd5fe0e61_241) [and Contingencies](#i3d5fef3ba72849918577158fd5fe0e61_241)] [added: [Commitments and Contingencies](#ie22d01c285d14e56b108498cb2e73077_247)] | | | | | | [removed: [164](#i3d5fef3ba72849918577158fd5fe0e61_241)] [added: [149](#ie22d01c285d14e56b108498cb2e73077_247)] | | |

| 27. | | | [Related Party [removed: Transactions](#i3d5fef3ba72849918577158fd5fe0e61_244)] [added: Transactions](#ie22d01c285d14e56b108498cb2e73077_250)] | | | | | | [removed: [165](#i3d5fef3ba72849918577158fd5fe0e61_244)] [added: [150](#ie22d01c285d14e56b108498cb2e73077_250)] | | |

We have audited the accompanying consolidated balance sheets of Ameriprise Financial, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023] [added: 2024] 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: 2023,] [added: 2024,] based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current period audit of the consolidated financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that (i) [removed: relate] [added: relates] to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which [removed: they relate.][added: it relates.]

As of December 31, [removed: 2023,] [added: 2024,] the market risk benefits asset was [removed: $1,427] [added: $2,182] million and the market risk benefits liability was [removed: $1,762] [added: $1,263] million.

| [removed: 2023] [added: 2024] | | | | | | [removed: 2022(1)] [added: 2023] | | | | | | [removed: 2021(1)] [added: 2022] | | | | | |

| Management and financial advice fees | | | $ | [removed: 8,907] [added: 10,143] | | | | | $ | [removed: 9,033] [added: 8,907] | | | | | $ | [removed: 9,275] [added: 9,033] | |

| Distribution fees | | | [removed: 1,931] [added: 2,060] | | | | | | [removed: 1,939] [added: 1,931] | | | | | | [removed: 1,828] [added: 1,939] | | |

| Net investment income | | | [removed: 3,206] [added: 3,648] | | | | | | [removed: 1,474] [added: 3,206] | | | | | | [removed: 1,683] [added: 1,474] | | |

| Premiums, policy and contract charges | | | [removed: 1,539] [added: 1,559] | | | | | | [removed: 1,397] [added: 1,539] | | | | | | [removed: 221] [added: 1,397] | | |

| Other revenues | | | [removed: 513] [added: 516] | | | | | | [removed: 491] [added: 513] | | | | | | [removed: 382] [added: 491] | | |

| Total revenues | | | [removed: 16,096] [added: 17,926] | | | | | | [removed: 14,334] [added: 16,096] | | | | | | [removed: 13,389] [added: 14,334] | | |

| Banking and deposit interest expense | | | [removed: 561] [added: 662] | | | | | | [removed: 76] [added: 561] | | | | | | [removed: 12] [added: 76] | | |

| Total net revenues | | | [removed: 15,535] [added: 17,264] | | | | | | [removed: 14,258] [added: 15,535] | | | | | | [removed: 13,377] [added: 14,258] | | |

| 1. | | | [Basis of Presentation](#ie22d01c285d14e56b108498cb2e73077_154) | | | | | | [70](#ie22d01c285d14e56b108498cb2e73077_154) | | |

| 6. | | | [Investments](#ie22d01c285d14e56b108498cb2e73077_169) | | | | | | [89](#ie22d01c285d14e56b108498cb2e73077_169) | | |

| 7. | | | [Financing Receivables](#ie22d01c285d14e56b108498cb2e73077_172) | | | | | | [93](#ie22d01c285d14e56b108498cb2e73077_172) | | |

| 8. | | | [Reinsurance](#ie22d01c285d14e56b108498cb2e73077_175) | | | | | | [97](#ie22d01c285d14e56b108498cb2e73077_175) | | |

| 14. | | | [Customer Deposits](#ie22d01c285d14e56b108498cb2e73077_205) | | | | | | [116](#ie22d01c285d14e56b108498cb2e73077_205) | | |

| 15. | | | [Debt](#ie22d01c285d14e56b108498cb2e73077_208) | | | | | | [116](#ie22d01c285d14e56b108498cb2e73077_208) | | |

| 19. | | | [Leases](#ie22d01c285d14e56b108498cb2e73077_223) | | | | | | [132](#ie22d01c285d14e56b108498cb2e73077_223) | | |

| 21. | | | [Shareholders’ Equity](#ie22d01c285d14e56b108498cb2e73077_232) | | | | | | [137](#ie22d01c285d14e56b108498cb2e73077_232) | | |

| 23. | | | [Regulatory Requirements](#ie22d01c285d14e56b108498cb2e73077_238) | | | | | | [140](#ie22d01c285d14e56b108498cb2e73077_238) | | |

| 24. | | | [Income Taxes](#ie22d01c285d14e56b108498cb2e73077_241) | | | | | | [143](#ie22d01c285d14e56b108498cb2e73077_241) | | |

| 28. | | | [Segment Information](#ie22d01c285d14e56b108498cb2e73077_253) | | | | | | [150](#ie22d01c285d14e56b108498cb2e73077_253) | | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

| Net income | | | $ | 3,401 | | | | | $ | 2,556 | | | | | $ | 3,149 | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

| Repurchase of common shares | | | (5,717,527) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,566) | | | | | | — | | | | | | (2,566) | | |

| Share-based compensation plans | | | 1,711,008 | | | | | | — | | | | | | 317 | | | | | | — | | | | | | 82 | | | | | | — | | | | | | 399 | | |

| Balances at December 31, 2024 | | | 96,166,693 | | | | | | $ | 3 | | | | | $ | 10,141 | | | | | $ | 24,713 | | | | | $ | (27,721) | | | | | $ | (1,908) | | | | | $ | 5,228 | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

| Net income | | | $ | 3,401 | | | | | $ | 2,556 | | | | | $ | 3,149 | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

income taxes and the recognition of deferred tax assets and liabilities.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

location, and credit scores.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

or policy and bear the related investment risk.

The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”), (ii) hedges of a forecasted

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

The deferred acquisition costs (“DAC”) associated with insurance policies or annuity contracts that are significantly

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

These charges are deferred as unearned revenue and amortized using the same assumptions and factors used to amortize DAC.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

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

| 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) | | |

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

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

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

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

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

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

| 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)

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

*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.

The adjustments as of January 1, 2021 and for the years ended December 31, 2022 and 2021 include the remeasurement of the liability for future policy benefits at a current single A discount rate and the establishment of assets and liabilities for the market risk benefits.

The discount rate represents an upper-medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability.

Discount rates are locked in annually, at the end of each year for all products, except life contingent payout annuities, and calculated as the monthly average discount rate curves for the year.

For life contingent payout annuities, the discount rates are locked in quarterly, at the end of each quarter based on the average of the three months for the quarter.

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 (collectively, the significant market risk benefit assumptions).

As of December 31, 2022, the market risk benefits assets amounted to $1.0 billion, and the market risk benefits liabilities amounted to $2.1 billion.

The principal considerations for our determination that performing procedures relating to the adoption of the new accounting standard for LDTI is a critical audit matter are (i) the significant judgment by management when adopting the LDTI standard and determining the transition date adjustments and the transition period adjustments, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to (a) management’s discount rate methodology and development of the discount rate curve used in determining the liability for future policy benefits, and (b) management’s significant market risk benefit assumptions used in determining the fair value of market risk benefits in connection with adopting the new standard, and (iii) the audit effort involved the use of professionals with specialized skills and knowledge.

These procedures included testing the effectiveness of controls related to management’s adoption of the new accounting standard for LDTI, including controls over determining the transition date adjustments and transition period adjustments.

These procedures also included, among others, (i) evaluating management’s process for adopting the LDTI standard and for determining the transition date and transition period adjustments, (ii) testing the relevance and reliability of the external data used by management to develop the discount rate curve, (iii) testing the completeness and accuracy of the data used by management to develop and update the significant market risk benefit assumptions, and (iv) the use of professionals with specialized skill and knowledge to assist in evaluating, based on the consideration the Company’s historical and actual experience, industry trends, and market conditions, as applicable, the (a) appropriateness of the discount rate methodology and the reasonableness of the discount rate curve, and (b) the reasonableness of the significant market risk benefit assumptions used to determine the fair value of market risk benefits in connection with adopting the new standard.

February 22, 2024

Ameriprise Financial, Inc.

(1) Certain prior period amounts have been restated.

See Note 3 for more information.

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

| Balances at January 1, 2021 | | | 116,765,613 | | | | | | $ | 3 | | | | | $ | 8,822 | | | | | $ | 15,292 | | | | | $ | (18,879) | | | | | $ | 893 | | | | | $ | 6,131 | |

| Cumulative effect of adoption of long-duration contracts guidance | | | — | | | | | | — | | | | | | — | | | | | | (860) | | | | | | — | | | | | | (1,037) | | | | | | (1,897) | | |

Based upon that evaluation, our principal chief executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective at a reasonable level of assurance as of December 31, [removed: 2023.][added: 2024.]

The Company’s management, with the participation of our principal executive officer and principal financial officer, assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Based on management’s assessment and those criteria, we conclude that, as of December 31, [removed: 2023,] [added: 2024,] 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: 2023.][added: 2024.]

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Ameriprise Financial, Inc.

During the three months ended December 31, [removed: 2023,] [added: 2024,] 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.

Amended and Restated Bylaws

On February 20, 2025, the Company’s Board approved, effective immediately, amendments to the Company’s by-laws (“By-Laws”).

The changes to the By-Laws include, among other things, amending:

- *Section 1.03 (Notice of Meetings; Waiver)* to clarify that the means of remote communication should be included in any notice of a remote meeting;

- *Section 1.09 (Organization; Procedure)* to provide that the presiding officer of stockholders’ meetings shall be a director or officer of the company and to clarify that determinations regarding whether a matter of business was property brought before a meeting of stockholders will be made by the board in advance of the meeting;

- *Section 1.10 (Notice of Stockholder Business and Nominations)* to update the advance notice provisions including, without limitation:

◦to require certain information to be provided regarding the affiliates and associates of the stockholder submitting the notice and any beneficial owner on whose behalf the nomination or proposal is made (which are referred to in the By-Laws as a “Stockholder Related Person”);

◦to require a stockholder making a nomination to represent whether such stockholder will solicit proxies in support of such nomination in accordance with the universal proxy rules and to provide evidence that such stockholder has complied with the universal proxy rules;

◦to require certain additional information from the stockholder, beneficial owner and any Stockholder Related Person with respect to proxies to vote shares of the Company’s stock and rights to dividends or distributions on the shares of the Company’s stock that are separated or separable from the underlying shares of stock;

◦to remove any requirements that the stockholder’s notice include information from persons “acting in concert” with the stockholder or beneficial owner;

◦to revise the existing requirement that the proposed nominee provide information on his or her eligibility to serve as an independent director to instead require the proposed nominee to provide information on whether he or she is qualified under the Company’s Certificate of Incorporation, By-Laws, stock exchange rules or other laws applicable to the Company to serve as a director or independent director; and

◦to provide that the white proxy card is reserved for the exclusive use of the board.

- *Section 1.12 (Submission of Questionnaire, Representation and Agreement)* to clarify information required and time periods for providing and submitting required questionnaires with respect to a stockholder nomination under the advance notice provision;

- *Section 1.16 (Proxy Access)* to clarify that the “Required Information” to be provided in the notice of nomination only needs to be included in the proxy statement, to reflect the universal proxy rules, which provide another manner for a stockholder nominee to be included in the Company’s proxy materials, and to remove the language that any action, interpretation, or determination by the board under the proxy access provision is final and binding; and

- *Section 2.05 (Annual and Regular Meetings)* to provide additional flexibility in the timing of the annual meeting of the board.

The amendments to the By-Laws also include other changes to conform to recent amendments to the General Corporation Law of the State of Delaware, to conform various provisions of the By-Laws to the General Corporation Law of the State of Delaware and to other provisions of the By-Laws and to make other general clean-up and clarifying changes.

The foregoing description is qualified in its entirety by reference to the full text of the amended and restated By-Laws, a complete copy of which is attached hereto as Exhibit 3.3.

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

- information included under the caption “Information About the Annual Meeting and Voting-Requirements and Deadlines for Submission of Shareholder Proposals or Nomination of Directors for the [removed: 2025] [added: 2026] Annual Meeting”;

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

- information included under the caption “Corporate Governance-Committees of the [removed: Board-Audit] [added: Board-Board Committee Responsibilities - Audit] and Risk Committee”;

- information included under the caption “Corporate Governance-Committees of the Board-Audit [removed: Committee-Audit] [added: Committee-Board Committee Responsibilities - Audit] and Risk Committee Financial Experts”; and

Mr. Cracchiolo [removed: (65)] [added: (66)] has been our Chairman and Chief Executive Officer since September 2005 when the Company completed its spinoff from American Express.

Prior to his current role, Mr. Cracchiolo held a number of senior-level positions at American Express, including group president of American Express Global Financial Services (2000 - 2005); CEO and president of American Express Financial Corporation (AEFC) (2000 - 2005) and chairman of AEFC (2001 - 2005); chairman of American Express Bank Ltd. (2000 - 2005); president and CEO of Travel Related Services International (TRS) (1998 - 2000); president of Global Network Services (1997 -1998); senior vice president of TRS Quality, Global Reengineering (1993 - 1997); and executive vice president and chief financial officer of Shearson Lehman Brothers (then a unit of American Express) (1990 [removed: -1993).][added: - 1993).]

Mr. Berman [removed: (81)] [added: (82)] has been our Executive Vice President and Chief Financial Officer since September 2005.

Ms. Hunter Petruzillo [removed: (62)] [added: (63)] has been our Executive Vice President of Human Resources since September 2005.

Ms. Brockman [removed: (51)] [added: (52)] 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: (53)] [added: (54)] has been our Executive Vice President-Marketing, Communications and Community Relations since May 2014.

[added: 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: (62)] [added: (63)] has been our Chief Information Officer since August 2020.

Ms. Melloh [removed: (52)] [added: (53)] has been our Executive Vice President - General Counsel since June 2022.

Mr. O'Connell [removed: (53)] [added: (55)] has been our Executive Vice President of the Ameriprise Advisor Group since February 2013.

Prior to [removed: that,] [added: 2013,] he was Senior Vice President for the employee advisor business in the eastern half of the United States and [removed: in other] [added: held a variety of] senior leadership positions within [removed: Ameriprise before that.][added: the Company.]

Mr. O'Connell earned his M.B.A. and B.S. from Widener [removed: University.][added: University and is a *Certified Financial Planner*® professional.]

Mr. Sweeney [removed: (62)] [added: (63)] has been our President-Advice & Wealth Management, Products and Service Delivery since June 2012.

Mr. Williams [removed: (56)] [added: (57)] has been our Executive Vice President, Ameriprise Franchise Group since February 2013.

Mr. Alvero [removed: (56)] [added: (57)] has been our President - Insurance and Annuities since February 2022.

Mr. Davies [removed: (60)] [added: (61)] has been our Executive Vice President and Global Chief Investment Officer since February 2022.

Mr. Logan [removed: (54)] [added: (55)] has been our Head of EMEA and Global Business Operations for Columbia Threadneedle Investments since November 2023.

Mr. Truscott [removed: (63)] [added: (64)] has been our CEO - Global Asset Management since September 2012.

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

- information under the caption “Corporate Governance-Corporate Governance Documents and Policies-Insider Trading Policies”;

- information under the caption “Corporate Governance-Corporate Governance Documents and Policies-Hedging Policy”;

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

He assumed additional responsibility for the Ameriprise Financial Institutions Group in 2017 following the Company’s purchase of Investment Professionals, Inc. (IPI).

In 2022.

Mr. O’Connell began to also oversee Experienced Advisor Recruiting for the Company.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Prior thereto, Ms. McGraw served as Vice

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

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

- information under the caption “Corporate Governance-Committees of the [removed: Board-Compensation] [added: Board-Board Committee Responsibilities - Compensation] and Benefits Committee-Compensation Committee Interlocks and Insider Participation”;

- information included under the caption [removed: “Compensation] [added: “Report of the Compensation] and Benefits [removed: Committee Report”;][added: Committee”;]

- information included under the [removed: caption] [added: captions] “Compensation Discussion and Analysis” [added: and “Compensation Tables”] (other than under the heading “Pay Versus Performance”), and

| Equity compensation plans not approved by security holders | | | [removed: 2,959,400] [added: 2,750,840] | | | (2) | | | — | | | | | | [removed: 1,603,434] [added: 1,376,564] | | | (3) | | |

(1) Includes [removed: 1,332,609] [added: 1,124,808] share units subject to vesting per the terms of the applicable plan which could result in the issuance of common stock.

(2) Includes [removed: 2,959,400] [added: 2,750,840] share units subject to vesting per the terms of the applicable plans which could result in the issuance of common stock.

(3) Consists of [removed: 736,852] [added: 611,740] shares of common stock issuable under the Ameriprise Advisor Group Deferred Compensation Plan, and [removed: 866,582] [added: 764,824] shares of common stock issuable under the Ameriprise Financial Franchise Advisor Deferred Compensation Plan.

| Equity compensation plans approved by security holders | | | 2,708,489 | | | (1) | | | $ | 207.11 | | | | | 11,831,136 | | | | | |

| Total | | | 5,459,329 | | | | | | $ | 207.11 | | | | | 13,207,700 | | | | | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Ameriprise Financial, Inc.

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

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

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 information set forth under the heading “Item 4-Ratification of Audit and Risk Committee’s Selection of PricewaterhouseCoopers LLP as the Company’s Independent Registered Public Accounting Firm for [removed: 2024”,] [added: 2025”,] “-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](#ie22d01c285d14e56b108498cb2e73077_10)

[Index](#i3d5fef3ba72849918577158fd5fe0e61_10)

| | | | [Condensed Statements of Operations – December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i3d5fef3ba72849918577158fd5fe0e61_301)] [added: 2022](#ie22d01c285d14e56b108498cb2e73077_313)] | | | [removed: [180](#i3d5fef3ba72849918577158fd5fe0e61_301)] [added: [167](#ie22d01c285d14e56b108498cb2e73077_313)] | | |

| | | | [Condensed Balance Sheets - December 31, [removed: 2023] [added: 2024] and [removed: 2022](#i3d5fef3ba72849918577158fd5fe0e61_304)] [added: 2023](#ie22d01c285d14e56b108498cb2e73077_316)] | | | [removed: [181](#i3d5fef3ba72849918577158fd5fe0e61_304)] [added: [168](#ie22d01c285d14e56b108498cb2e73077_316)] | | |

| | | | [Condensed Statements of Cash Flows – December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i3d5fef3ba72849918577158fd5fe0e61_307)] [added: 2022](#ie22d01c285d14e56b108498cb2e73077_319)] | | | [removed: [182](#i3d5fef3ba72849918577158fd5fe0e61_307)] [added: [169](#ie22d01c285d14e56b108498cb2e73077_319)] | | |

| | | | [Notes to Condensed Financial Information of [removed: Registrant](#i3d5fef3ba72849918577158fd5fe0e61_310)] [added: Registrant](#ie22d01c285d14e56b108498cb2e73077_322)] | | | [removed: [183](#i3d5fef3ba72849918577158fd5fe0e61_310)] [added: [170](#ie22d01c285d14e56b108498cb2e73077_322)] | | |

| [removed: [3.1](http://www.sec.gov/Archives/edgar/data/820027/000110465914033504/a14-11678_1ex3d1.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/820027/000110465914033504/a14-11678_1ex3d1.htm)] | | | Amended Restated Certificate of Incorporation of Ameriprise Financial, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, File No. 1-32525, filed on May 1, 2014). | | |

| [removed: [3.2](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit32-ampbylawsxx12312.htm)*] [added: [3.3](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit33-ampxx12312024.htm)*] | | | Amended and Restated Bylaws of Ameriprise Financial, Inc. | | |

| [removed: [4.1](http://www.sec.gov/Archives/edgar/data/820027/000082002720000010/ampexhibit41-x12312019.htm)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/820027/000082002720000010/ampexhibit41-x12312019.htm)] | | | Description of Securities (incorporated by reference to Exhibit 4.1 to the Annual Report on Form 10-K, File No. 1-32525 filed on February 26, 2020). | | |

| [removed: [4.2](http://www.sec.gov/Archives/edgar/data/820027/000104746905021761/a2161340zex-4_1.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/820027/000104746905021761/a2161340zex-4_1.htm)] | | | Form of Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Amendment No. 3 to Form 10 Registration Statement, File No. 1-32525, filed on August 19, 2005). Other instruments defining the rights of holders of long-term debt securities of the registrant are omitted pursuant to Section (b)(4)(iii)(A) of Item 601 of Regulation S-K. The registrant agrees to furnish copies of these instruments to the SEC upon request. | | |

| [removed: [4.3](http://www.sec.gov/Archives/edgar/data/820027/000110465905047325/a05-17057_1ex4da.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/820027/000110465905047325/a05-17057_1ex4da.htm)] | | | Indenture dated as of October 5, 2005, between Ameriprise Financial, Inc. and U.S. Bank National Association, trustee (incorporated by reference to Exhibit 4(a) to the Registration Statement on Form S-3, File No. 333-128834, filed on October 5, 2005). | | |

| [removed: [4.4](http://www.sec.gov/Archives/edgar/data/820027/000110465906031632/a06-11226_1ex4da.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/820027/000110465906031632/a06-11226_1ex4da.htm)] | | | Indenture dated as of May 5, 2006, between Ameriprise Financial, Inc. and U.S. Bank National Association, trustee (incorporated by reference to Exhibit 4.A to the Registration Statement on Form S-3ASR, File No. 333-133860, filed on May 5, 2006). | | |

| [removed: [4.5](http://www.sec.gov/Archives/edgar/data/820027/000110465906031632/a06-11226_1ex4dc.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/820027/000110465906031632/a06-11226_1ex4dc.htm)] | | | Junior Subordinated Debt Indenture, dated as of May 5, 2006, between Ameriprise Financial, Inc. and U.S. Bank National Association, trustee (incorporated by reference to Exhibit 4.C to the Registration Statement on Form S-3ASR, File No. 333-133860, filed on May 5, 2006). | | |

| [removed: [4.6](http://www.sec.gov/Archives/edgar/data/820027/000110465906031632/a06-11226_1ex4db.htm)] [added: [4.6](https://www.sec.gov/Archives/edgar/data/820027/000110465906031632/a06-11226_1ex4db.htm)] | | | Subordinated Debt Indenture, dated as of May 5, 2006, between Ameriprise Financial, Inc. and U.S. Bank National Association, trustee (incorporated by reference to Exhibit 4.B to the Registration Statement on Form S-3ASR, File No. 333-133860, filed on May 5, 2006). | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_2.htm)] [added: [10.7](https://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_5.htm)†] | | | [removed: Tax Allocation Agreement by and between American Express and] Ameriprise [removed: Financial, Inc., dated as] [added: Financial Form] of [removed: September 30, 2005] [added: Award Certificate — Restricted Stock Award] (incorporated by reference to Exhibit [removed: 10.2] [added: 10.5] to the Current Report on Form 8-K, File No. 1-32525, filed on October 4, 2005). | | |

| [removed: [10.2](http://www.sec.gov/Archives/edgar/data/820027/000104746914002531/a2219018zdef14a.htm)†] [added: [10.2](https://www.sec.gov/Archives/edgar/data/820027/000104746914002531/a2219018zdef14a.htm)†] | | | Ameriprise Financial 2005 Incentive Compensation Plan, as amended and restated effective April 30, 2014 (incorporated by reference to Exhibit B to the Proxy Statement for the Annual Meeting of Shareholders held on April 30, 2014, File No. 001-32525, filed on March 17, 2014). | | |

| [removed: [10.3](http://www.sec.gov/Archives/edgar/data/820027/000104746912001474/a2207255zex-10_3.htm)†] [added: [10.4](https://www.sec.gov/Archives/edgar/data/820027/000104746912001474/a2207255zex-10_3.htm)†] | | | Ameriprise Financial Deferred Compensation Plan, as amended and restated effective January 1, 2012 (incorporated by reference to Exhibit 10.3 of the Annual Report on Form 10-K, File No. 1-32525, filed on February 24, 2012). | | |

| [removed: [10.4](http://www.sec.gov/Archives/edgar/data/820027/000082002718000008/ampexhibit1042017.htm)†] [added: [10.5](https://www.sec.gov/Archives/edgar/data/820027/000082002718000008/ampexhibit1042017.htm)†] | | | Ameriprise Financial Supplemental Retirement Plan, as amended and restated effective October 3, 2017 (incorporated by reference to Exhibit 10.4 of the Annual Report on Form 10-K, File No. 1-32525, filed on February 23, 2018). | | |

| [removed: [10.5](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_4.htm)†] [added: [10.6](https://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: [10.6](http://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_5.htm)†] [added: [10.8](https://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_6.htm)†] | | | Ameriprise Financial Form of Award Certificate — Restricted Stock [added: Unit] Award (incorporated by reference to Exhibit [removed: 10.5] [added: 10.6] 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_6.htm)†] [added: [10.33](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1037-ampxx12312023x.htm)†] | | | Ameriprise Financial Form of Award Certificate [removed: —] [added: -] Restricted Stock Unit Award [added: (for grants after April 26, 2023)] (incorporated by reference to Exhibit [removed: 10.6] [added: 10.37] to 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 22, 2024).] | | |

| [removed: [10.8](http://www.sec.gov/Archives/edgar/data/820027/000082002723000014/exhibit1010-12312022.htm)†] [added: [10.11](https://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1012.htm)†] | | | Ameriprise Financial [removed: Long-Term Incentive] [added: Form of] Award [removed: Program Guide] [added: Certificate — Performance Cash Unit Plan Award] (incorporated by reference to Exhibit [removed: 10.10] [added: 10.12] of the Annual Report on Form 10-K File No. 1-32525, filed on February [removed: 23, 2023).] [added: 25, 2016).] | | |

| [removed: [10.9](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1011-12312021.htm)†] [added: [10.22](https://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1027-12312021.htm)†] | | | [removed: Ameriprise Financial Performance Cash] [added: Form of Deferred Stock] Unit [removed: Plan Supplement to the Long Term Incentive] Award [removed: Program Guide] [added: - Threadneedle Deferral Plan] (incorporated by reference to Exhibit [removed: 10.11] [added: 10.27] of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022). | | |

| [removed: [10.10](http://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1012.htm)†] [added: [10.13](https://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: [10.11](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1013-12312021.htm)†] [added: [10.21](https://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1026-12312021.htm)†] | | | [removed: Ameriprise Financial Performance Share] [added: Deferred Stock] Unit [removed: Plan Supplement to the Long-Term Incentive] Award [removed: Program Guide] [added: Certificate - Threadneedle Deferral Plan] (incorporated by reference to Exhibit [removed: 10.13] [added: 10.26] 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/exhibit1014.htm)†] [added: [10.29](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1033-ampxx12312023x.htm)†] | | | Ameriprise Financial Form of Award Certificate [removed: —] [added: - EMEA] Performance Share Unit Plan Award [added: (for grants after April 26, 2023)] (incorporated by reference to Exhibit [removed: 10.14 of] [added: 10.33 to] the Annual Report on Form [removed: 10-K] [added: 10-K,] File No. 1-32525, filed on February [removed: 25, 2016).] [added: 22, 2024).] | | |

| [removed: [10.13](http://www.sec.gov/Archives/edgar/data/820027/000082002715000024/exhibit1015.htm)†] [added: [10.14](https://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: [10.14](http://www.sec.gov/Archives/edgar/data/820027/000110465905051129/a05-18818_28k.htm)†] [added: [10.15](https://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: [10.15](http://www.sec.gov/Archives/edgar/data/820027/000104746912001474/a2207255zex-10_17.htm)†] [added: [10.16](https://www.sec.gov/Archives/edgar/data/820027/000104746912001474/a2207255zex-10_17.htm)†] | | | Ameriprise Financial Senior Executive Severance Plan, as amended and restated effective January 1, 2012 (incorporated by reference to Exhibit 10.17 of the Annual Report on Form 10-K, File No. 1-32525, filed on February 24, 2012). | | |

| [removed: [10.16](http://www.sec.gov/Archives/edgar/data/820027/000110465912028857/a12-10450_1ex10d1.htm)†] [added: [10.18](https://www.sec.gov/Archives/edgar/data/820027/000110465912028857/a12-10450_1ex10d1.htm)†] | | | Form of Indemnification Agreement for directors, Chief Executive Officer, Chief Financial 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: [10.17](http://www.sec.gov/Archives/edgar/data/820027/000082002718000040/ampexhibit101.htm)†] [added: [10.3](https://www.sec.gov/Archives/edgar/data/820027/000110465923052515/tm2313762d1_ex10-1.htm)†] | | | Ameriprise Financial [removed: Annual] [added: 2005] Incentive [removed: Award] [added: Compensation] Plan, as amended and restated [removed: as of January 1, 2009] [added: (for awards made after April 26, 2023)] (incorporated by reference to Exhibit 10.1 [removed: of] [added: to] the [removed: Quarterly] [added: Current] Report on Form [removed: 10-Q,] [added: 8-K] File No. 1-32525, filed on [removed: May 2, 2018).] [added: April 28, 2023).] | | |

| [removed: [10.18](http://www.sec.gov/Archives/edgar/data/820027/000110465921080096/tm2119367d1_ex10-1.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/820027/000110465924123103/tm2429390d1_ex10-1.htm)] | | | [removed: Fourth] [added: Amendment to Amend and Restate Credit Agreement as the Fifth] Amended and Restated Credit Agreement, dated as of [removed: June 11, 2021,] [added: November 25, 2024,] 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 [removed: Credit Suisse AG, New York Branch,] [added: Barclays Bank PLC,] Goldman Sachs Bank USA, [removed: HSBC Bank USA, National Association,] JPMorgan Chase Bank, [removed: N.A.,] [added: N.A. and] U.S. Bank National Association [removed: and BMP Harris Bank N.A.] as Co-Documentation Agents, and Wells Fargo Securities, LLC, BofA Securities, Inc. and [removed: CitiBank, N,A.] [added: CitiGroup Global Markets Inc.] 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 [removed: June 11, 2021).] [added: November 26, 2024).] | | |

| [removed: [10.21](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1025-12312021.htm)†] [added: [10.17](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1040-ampxx12312023x.htm)†] | | | First Amendment to the [removed: Threadneedle Deferral] [added: Ameriprise Financial Senior Executive Severance] Plan [removed: (effective December 6, 2018)] (incorporated by reference to Exhibit [removed: 10.25 of] [added: 10.40 to] the Annual Report on Form [removed: 10-K] [added: 10-K,] File No. 1-32525, filed on February [removed: 25, 2022).] [added: 22, 2024).] | | |

| [removed: [10.22](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1026-12312021.htm)†] [added: [10.26](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit104-06302023.htm)†] | | | [added: Form of] Deferred Stock [removed: Unit] [added: Option] Award [removed: Certificate] - Threadneedle Deferral Plan (incorporated by reference to Exhibit [removed: 10.26] [added: 10.4] of the [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] File No. 1-32525, filed on [removed: February 25, 2022).] [added: August 8, 2023).] | | |

| [removed: [10.23](http://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1027-12312021.htm)†] [added: [10.24](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit102-06302023.htm)†] | | | [removed: Form of] Deferred Stock Unit Award [added: Certificate] - Threadneedle Deferral Plan [added: (for grants after April 26, 2023)] (incorporated by reference to Exhibit [removed: 10.27] [added: 10.2] of the [removed: Annual] [added: Quarterly] Report on Form [removed: 10-K] [added: 10-Q] File No. 1-32525, filed on [removed: February 25, 2022).] [added: August 8, 2023).] | | |

| [removed: [10.24](http://www.sec.gov/Archives/edgar/data/820027/000082002723000067/exhibit101-03312023.htm)†] [added: [10.23](https://www.sec.gov/Archives/edgar/data/820027/000082002723000067/exhibit101-03312023.htm)†] | | | Severance Plan for William Davies (incorporated by reference to Exhibit 10.1 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on May 2, 2023). | | |

| [removed: [10.25](http://www.sec.gov/Archives/edgar/data/820027/000110465923052515/tm2313762d1_ex10-1.htm)†] [added: [3.2](https://www.sec.gov/Archives/edgar/data/820027/000110465924052593/tm2412755d1_ex3-1.htm)] | | | [removed: Ameriprise Financial 2005 Incentive Compensation Plan,] [added: Certificate of Amendment to the Amended and Restated Certificate of Incorporation,] as amended [removed: and restated (for awards made after April 26, 2023)] (incorporated by reference to Exhibit [removed: 10.1] [added: 3.1] to the Current Report on Form [removed: 8-K] [added: 8-K,] File No. 1-32525, filed on April [removed: 28, 2023).] [added: 26, 2024).] | | |