Ameriprise Financial (AMP) 10-K risk factor changes: FY2025 vs FY2024

[added: 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 emergencies; (vi) technological changes and events; (vii) U.S. and foreign government [added: regulatory,] 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 financials, which, in turn, could impact client activity in [removed: all of] our businesses.

These factors [removed: will] [added: may] also impact client behavior.

Market downturns, stagnation, and volatility may cause, and have caused, individual investors to limit or decrease their participation in global [removed: markets] [added: markets, which may] negatively [removed: impacting] [added: impact] our retail business and/or our product sales.

Market conditions, regulatory actions, tax laws, and our competitive industry environment are among the reasons current shareholders in our mutual funds, closed-end funds, [removed: exchange traded funds (“ETFs”),] [added: 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).

Downturns and volatility in markets or the departure of [removed: a] key [removed: client] [added: clients or advisors] 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.

Further, a number of the products and services we make available to our clients are those offered by third parties and negative perceptions of these financial products and services (or the financial industry in general) may impact the number of withdrawals and [removed: redemptions or reduce purchases made by our clients, which would adversely impact the levels of our assets under management.]

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 ETFs or other vehicles like separately managed accounts (“SMAs”)), changes in our (or our advisors’) reputation in the marketplace, a client’s view of [removed: ESG] [added: sustainability] factors, changes in client or relationship management, loss of key investment management personnel and financial market performance.

[removed: Discontinuing] [added: We discontinued] the sale of new fixed annuities and variable annuities with living [removed: benefits] [added: benefits, which we believe] will lessen this risk over time.

Although we [removed: have hedged] [added: hedge] a portion of the guarantees for the variable annuity contracts to mitigate the financial loss of equity and/or bond market declines or volatility, there can be no assurance that such a decline or volatility would not materially impact the profitability of certain products or product lines or our financial condition or results of operations.

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

Volatility, uncertainty and disruption in the capital and credit markets may decrease available liquidity, which we may need to [removed: pay] [added: run] our [removed: expenses] [added: business] and [added: pay] dividends.

[added: 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.

Intense [removed: competition] [added: competition, new technologies] and the economies of scale for larger competitors could negatively impact our ability to maintain or increase our market share and profitability.

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

We could experience lower sales, higher costs, [added: talent loss,] technology obsolescence or other developments that could negatively impact our results of operations.

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

These impacts may reduce our aggregate amount of assets under management and [added: advisement and] reduce management fees.

We [removed: proactively assess] [added: actively manage] retention risks and invest in our [removed: employees] [added: people] to [removed: remain] [added: sustain our position as] an employer of choice.

[removed: The investment performance of our] [added: In] asset [removed: management products and services, as well as retention of our products] [added: management, delivering strong performance] and [removed: services by our clients, depend] [added: sustaining client relationships depends] on the [removed: strategies and] [added: strategic] decisions of our portfolio managers and analysts.

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

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

Although we are not required to do so, we [removed: have elected in the past, and we] may elect [removed: in the future,] to compensate clients for losses incurred in response to such events, provide clients with temporary credit or liquidity or other support related to products that we manage, or provide credit liquidity or other support to the financial products we manage.

Maintaining and deepening relationships with these unaffiliated distributors is an important part of our growth strategy, as strong third-party distribution arrangements enhance our ability to market our products or service our clients and to increase our assets under [removed: management,] [added: management and advisement,] revenues and profitability.

The sale of third-party products to our clients (and further expansion of our advisor network’s product suite to include additional products of unaffiliated insurance companies and asset managers) may lower sales of our [removed: companies’ own] products, lead to higher surrenders or redemptions, or other developments which might not be fully offset by higher distribution revenues or other benefits, possibly resulting in an adverse effect on our results of operations.

Fixed maturity, equity, trading securities and short-term investments, which are reported at fair value on [removed: the] [added: our] Consolidated Balance Sheets, represent the majority of our total cash and invested assets.

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, [added: which may result in values less than the value at which the investments may be ultimately sold.]

These asset classes represented 8% of the carrying value of our investment portfolio as of December 31, [removed: 2024.][added: 2025.]

In [removed: July] 2016, we finalized various confidential enhancements with Genworth Life Insurance Company that have been shared, in the normal course of regular reviews, with our Domiciliary Regulators and rating agencies.

Reserves do not represent an exact calculation of the liability but, rather, are estimates of contract [removed: benefits and related expenses we expect to incur over time.]

[added: 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.

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

The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of [removed: artificial intelligence] [added: AI] makes these attempts look more [removed: legitimate.][added: legitimate and is leveraged to improve their effectiveness.]

[removed: We have established policies and implemented] such technical and operational measures ourselves and have in place policies that require our service providers and franchisee advisors, each of which control locally their own technology operations, to do the same.

In addition, the ever-increasing reliance on technology systems and networks and the occurrence and potential adverse impact of attacks on such systems and [removed: networks (including in recent well-publicized security breaches at other companies),] [added: networks,] both generally and in the financial services industry, have enhanced government and regulatory scrutiny of the measures taken by companies to protect against cybersecurity threats and report incidents they suffer.

Despite the measures we have taken and may in the future take to address and mitigate cybersecurity, privacy and technology risks, we cannot be certain that our systems and networks, or those used by our vendors and franchisees, will not be subject to successful [added: attacks, breaches or interference.]

Experience may not emerge as expected and during periods of market volatility, or due to unforeseen events, the [removed: historically-derived] [added: historically derived] experience and correlations may not be valid.

The development and introduction of new products and services, including the creation of Asset Management and other products with a focus on [removed: environmental, social and governance] [added: values-based] matters, require continued innovative effort and may require significant time, resources, and ongoing support.

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

[removed: Artificial intelligence (including generative artificial intelligence)] [added: AI, including Generative AI,] presents many benefits in terms of operating efficiency, but also certain risks that we need to seek to mitigate through our strategic and risk management policies, such as reliance on information that may be inaccurate or unfairly discriminatory results.

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redemptions or reduce purchases made by our clients, which would adversely impact the levels of our assets under management.

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Our success relies on attracting, engaging and retaining top talent in an increasingly competitive market.

While the job market has cooled in some industries, financial services remains exceptionally competitive for the best talent.

To expand access to top talent, we have strategically broadened our footprint, ensuring we have the right capabilities in place to support long-term growth.

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A robust advisor network underpins our wealth management growth, requiring focused recruitment, retention, and succession planning as demographics shift.

Regulatory changes and industry trends can alter competitive dynamics or adversely affect our business.

Loss of employees or advisors without succession plans increases the risk of client attrition.

Prolonged challenges in attracting and retaining talent, or significant increases in related costs, could materially impact our financial performance.

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benefits and related expenses we expect to incur over time.

We are also subject to deepfake threats that use AI to digitally alter images, video or audio to make it appear as though someone said or did something that could cause damage to our reputation.

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We have established policies and implemented

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We and our vendors, along with developers of AI solutions, rely on third‑party and commercial AI technologies that could introduce risks that are not anticipated by existing governance, vendor risk management and model oversight frameworks.

Failure to adequately mitigate such risks at the design or development stage could lead to problems when AI technologies are deployed.

A growing patchwork of state AI laws with differing definitions, obligations and compliance expectations may require adjustments to our processes, documentation and oversight of third‑party technology, and how we manage AI use in our business.

At the same time, more prescriptive frameworks in certain jurisdictions—such as the European Union—include detailed governance, transparency and reporting expectations that may not align with expectations or requirements elsewhere, increasing operational complexity.

Additionally, in the past we have found it necessary and

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payment obligations, unfavorable market conditions that may impact any earnout or contingency payment due to us, if any, and unexpected difficulties in losing employees of the disposed business.

Costs of compliance may be driven by how

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

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Ameriprise Financial, Inc.

Depending on

In

Our continued success depends on our ability to attract, motivate, engage and retain high-performing and high-potential talent in a highly competitive industry.

Although the employment market is stabilizing compared to recent years, the financial services sector remains a highly competitive industry, especially for top talent.

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

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 products).

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

From time to time there are regulatory-driven or other trends and developments within the 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 leave or retire without succession plans, we may not be able to retain valuable relationships, and our clients may choose to leave for a competitor.

If we experience a prolonged inability to attract and retain qualified individuals or our recruiting and retention costs increase significantly, our financial condition and results of operations could be materially adversely impacted.

hold cannot be realized upon or is liquidated at prices insufficient to recover the full amount of the loan or derivative exposure.

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

For most of our life insurance

attacks, breaches or interference.

competitors who encourage or support those products.

In addition, the regulatory framework and expectations relating to the use of artificial intelligence are in their early stages as is the use (and how we manage the use) of artificial intelligence in our business.

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

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

We are a long-standing leader in financial planning and advice with [removed: $1.5] [added: $1.7] trillion in assets under management, administration, and advisement as of December 31, [removed: 2024.][added: 2025.]

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

The following discussion includes a comparison of our [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] results.

For a discussion [removed: of our 2022 results] and [removed: for a] comparison of results for [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] 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 [removed: ended](https://www.sec.gov/ix?doc=/Archives/edgar/data/820027/000082002724000015/amp-20231231.htm) [December] [added: ended December] 31, [removed: 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/820027/000082002724000015/amp-20231231.htm),] [added: 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000820027/000082002725000013/amp-20241231.htm#ie22d01c285d14e56b108498cb2e73077_16),] which was filed with the SEC on February [removed: 22, 2024.][added: 20, 2025.]

| [removed: 2024] | | | [removed: | | | 2023] [added: 2025] | | | | | | 2024 | | | | | | 2023 | | | [removed: | | |]

| Net income | | | $ | [removed: 3,401] [added: 3,563] | | | | | $ | [removed: 2,556] [added: 3,401] | | | | | $ | [removed: 33.05] [added: 36.28] | | | | | $ | [removed: 23.71] [added: 33.05] | |

| Net realized investment gains (losses) (1) | | | [removed: (21)] [added: (8)] | | | | | | [removed: (32)] [added: (21)] | | | | | | [removed: (0.20)] [added: (0.08)] | | | | | | [removed: (0.30)] [added: (0.20)] | | |

| Market impact on non-traditional long-duration products (1) | | | [removed: (153)] [added: (366)] | | | | | | [removed: (608)] [added: (153)] | | | | | | [removed: (1.49)] [added: (3.73)] | | | | | | [removed: (5.63)] [added: (1.49)] | | |

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

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

| Tax effect of adjustments (2) | | | [removed: 36] [added: 78] | | | | | | [removed: 147] [added: 36] | | | | | | [removed: 0.35] [added: 0.79] | | | | | | [removed: 1.36] [added: 0.35] | | |

| Adjusted operating earnings | | | $ | [removed: 3,535] [added: 3,858] | | | | | $ | [removed: 3,111] [added: 3,535] | | | | | $ | [removed: 34.35] [added: 39.29] | | | | | $ | [removed: 28.86] [added: 34.35] | |

| Basic | | | [removed: 101.0] [added: 96.7] | | | | | | [removed: 105.7] [added: 101.0] | | | | | | | | | | | | | | |

| Diluted | | | [removed: 102.9] [added: 98.2] | | | | | | [removed: 107.8] [added: 102.9] | | | | | | | | | | | | | | |

| Net income | | | $ | [removed: 3,401] [added: 3,563] | | | | | $ | [removed: 2,556] [added: 3,401] | |

| Less: Adjustments (1) | | | [removed: (134)] [added: (295)] | | | | | | [removed: (555)] [added: (134)] | | |

| Adjusted operating earnings | | | $ | [removed: 3,535] [added: 3,858] | | | | | $ | [removed: 3,111] [added: 3,535] | |

| Total Ameriprise Financial, Inc. shareholders’ equity | | | $ | [removed: 5,109] [added: 5,948] | | | | | $ | [removed: 4,116] [added: 5,109] | |

| Less: AOCI, net of tax | | | [removed: (1,739)] [added: (1,305)] | | | | | | [removed: (2,297)] [added: (1,739)] | | |

| Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI | | | [removed: 6,848] [added: 7,253] | | | | | | [removed: 6,413] [added: 6,848] | | |

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

| Adjusted operating equity | | | $ | [removed: 6,851] [added: 7,253] | | | | | $ | [removed: 6,417] [added: 6,851] | |

| Return on equity, excluding AOCI | | | [removed: 49.7] [added: 49.1] | | % | | | | [removed: 39.9] [added: 49.7] | | % |

| Adjusted operating return on equity, excluding AOCI (2) | | | [removed: 51.6] [added: 53.2] | | % | | | | [removed: 48.5] [added: 51.6] | | % |

(1) Adjustments reflect the sum of after-tax net realized investment [removed: gains/losses,] [added: 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 UL insurance contracts), net of hedges and the reinsurance accrual; mean reversion related impacts; [removed: block transfer reinsurance transaction impacts;] the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; [added: 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 net income (loss) from consolidated investment entities.

We have approximately [removed: $86] [added: $91] 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: $43] [added: $49] billion of account value with no living benefit guarantees and [removed: $43] [added: $42] billion of account value with living benefit guarantees, primarily GMWB provisions.

The [removed: liabilities] [added: liability] for [added: future policy benefits for] traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, [removed: DI, LTC,] [added: DI] and [added: LTC insurance and] life contingent payout annuity policies as claims are incurred in the future.

| [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | Change | | | | | | | | |

| Daily average | | | [removed: 5,428] [added: 6,211] | | | | | | [removed: 4,285] [added: 5,428] | | | | | | [removed: 27%] [added: 14%] | | |

| Period end | | | [removed: 5,882] [added: 6,846] | | | | | | [removed: 4,770] [added: 5,882] | | | | | | [removed: 23%] [added: 16%] | | |

| Daily average | | | [removed: 3,456] [added: 3,920] | | | | | | [removed: 2,808] [added: 3,456] | | | | | | [removed: 23%] [added: 13%] | | |

| Period end | | | [removed: 3,676] [added: 4,317] | | | | | | [removed: 3,102] [added: 3,676] | | | | | | [removed: 19%] [added: 17%] | | |

See our segment results of operations discussion below for additional information on how changes in the economic environment have [added: impacted] and may continue to impact our results.

| Advice & Wealth Management AUM | | | $ | [removed: 570.1] [added: 666.4] | | | | | $ | [removed: 484.8] [added: 570.1] | | | | | $ | [removed: 85.3] [added: 96.3] | | | | | [removed: 18] [added: 17] | | % |

| Asset Management AUM | | | [removed: 644.9] [added: 678.1] | | | | | | [removed: 636.9] [added: 644.9] | | | | | | [removed: 8.0] [added: 33.2] | | | | | | [removed: 1] [added: 5] | | |

| Corporate AUM | | | [removed: 0.6] [added: 0.9] | | | | | | [removed: 0.4] [added: 0.6] | | | | | | [removed: 0.2] [added: 0.3] | | | | | | 50 | | |

| Total Assets Under Management | | | [removed: 1,170.8] [added: 1,297.8] | | | | | | [removed: 1,081.1] [added: 1,170.8] | | | | | | [removed: 89.7] [added: 127.0] | | | | | | [removed: 8] [added: 11] | | |

| Total Assets Under Administration | | | [removed: 317.2] [added: 355.6] | | | | | | [removed: 279.5] [added: 317.2] | | | | | | [removed: 37.7] [added: 38.4] | | | | | | [removed: 13] [added: 12] | | |

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| 2025 | | | | | | 2024 | | | | | | 2025 | | | | | | 2024 | | | | | |

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| 2025 | | | | | | 2024 | | | | | |

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| 2025 | | | | | | 2024 | | | | | | | | | | | | | | | | | |

| Eliminations | | | (47.6) | | | | | | (44.8) | | | | | | (2.8) | | | | | | (6) | | |

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| 2025 | | | | | | 2024 | | | | | | | | | | | | | | | | | |

- The favorable impact of unlocking was $22 million for 2025 compared to an unfavorable impact of $77 million for the prior year.

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The primary drivers of the unlocking impact for 2025 included net unfavorable changes to variable annuity surrender and utilization assumptions, net unfavorable changes in LTC morbidity and mortality assumptions, favorable claims incidence rates on disability insurance, and net favorable model changes primarily related to cost of reinsurance and index credits associated with non-traditional insurance products.

Net investment income decreased $78 million, or 2%, for 2025 compared to the prior year primarily reflecting lower average invested assets supporting certificates and the unfavorable impact of declining investment portfolio yields, partially offset by the favorable impact of growth in structured variable annuities (“SVA”) products.

This increase was the result of

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Remeasurement (gains) losses of future policy benefit reserves increased $54 million for 2025 compared to the prior year primarily reflecting the unfavorable impact of unlocking in the current period compared to a favorable impact of unlocking for the prior year period.

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

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| 2025 | | | | | | 2024 | | | | | |

| | | | 2025 | | | | | | 2024 | | |

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| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2025 | | | | | | 2024 | | |

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| 2025 | | | | | | 2024 | | | | | | | | | | | | | | | | | |

| Banking and deposit interest expense | | | 431 | | | | | | 662 | | | | | | (231) | | | | | | (35) | | |

Net investment income for Ameriprise Bank cash deposits was consistent with the prior year.

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| Equity | | | 70% | | | 75% | | | 76% | | | 81% | | |

| Fixed Income | | | 69% | | | 89% | | | 70% | | | 84% | | |

| Asset Allocation | | | 35% | | | 88% | | | 69% | | | 88% | | |

| 2025 | | | | | | 2024 | | | 2025 | | | | | | 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Equity | | | $ | 370.5 | | | | | $ | 343.0 | | | | | $ | 27.5 | | | | | 8 | | % | | | | $ | 351.4 | | | | | $ | 340.1 | | | | | $ | 11.3 | | | | | 3 | | % |

| Fixed income | | | 234.2 | | | | | | 231.5 | | | | | | 2.7 | | | | | | 1 | | | | | | 232.1 | | | | | | 234.3 | | | | | | (2.2) | | | | | | (1) | | |

| Money market | | | 23.3 | | | | | | 20.3 | | | | | | 3.0 | | | | | | 15 | | | | | | 21.1 | | | | | | 21.9 | | | | | | (0.8) | | | | | | (4) | | |

| Alternative | | | 29.7 | | | | | | 30.9 | | | | | | (1.2) | | | | | | (4) | | | | | | 29.1 | | | | | | 32.7 | | | | | | (3.6) | | | | | | (11) | | |

| Hybrid and other | | | 20.4 | | | | | | 19.2 | | | | | | 1.2 | | | | | | 6 | | | | | | 19.8 | | | | | | 19.0 | | | | | | 0.8 | | | | | | 4 | | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

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

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

| Integration/restructuring charges (1) | | | — | | | | | | (62) | | | | | | — | | | | | | (0.58) | | |

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

Accordingly, the claim liability (also referred to as disabled life reserves) is presented together as one liability for future policy benefits.

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

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

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

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

- 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.

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

In the prior year, the primary driver of the unlocking impact was lowered surrender assumptions on variable annuities with living benefits resulting in an expense.

Net investment income increased $442 million, or 14%, for 2024 compared to the prior year primarily due to the following impacts:

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

- The favorable impact of higher investment portfolio yields.

- A decrease in expense driven by variable annuity net outflows.

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

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

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

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

The Federal Reserve reduced rates in September, November, and December of 2024, lowering the federal funds effective rate an average of 67 basis points in the fourth quarter compared to the year ago quarter.

These rate cuts also impacted various short-term benchmark rates, upon which our floating rate securities and cash rates are indexed, which unfavorably impacted net investment income in the second half of 2024.

| Equity | | | 68% | | | 69% | | | 79% | | | 87% | | |

| Fixed Income | | | 69% | | | 69% | | | 80% | | | 93% | | |

| Asset Allocation | | | 89% | | | 67% | | | 82% | | | 91% | | |

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

| Equity | | | $ | 343.0 | | | | | $ | 323.0 | | | | | $ | 20.0 | | | | | 6 | | % | | | | $ | 340.1 | | | | | $ | 309.2 | | | | | $ | 30.9 | | | | | 10 | | % |

| Fixed income | | | 231.5 | | | | | | 238.4 | | | | | | (6.9) | | | | | | (3) | | | | | | 234.3 | | | | | | 221.7 | | | | | | 12.6 | | | | | | 6 | | |

| Money market | | | 20.3 | | | | | | 23.8 | | | | | | (3.5) | | | | | | (15) | | | | | | 21.9 | | | | | | 22.6 | | | | | | (0.7) | | | | | | (3) | | |

| Alternative | | | 30.9 | | | | | | 33.5 | | | | | | (2.6) | | | | | | (8) | | | | | | 32.7 | | | | | | 34.5 | | | | | | (1.8) | | | | | | (5) | | |

| Hybrid and other | | | 19.2 | | | | | | 18.2 | | | | | | 1.0 | | | | | | 5 | | | | | | 19.0 | | | | | | 17.3 | | | | | | 1.7 | | | | | | 10 | | |

Net outflows were $20.4 billion for 2024 and included an $8.0 billion asset transfer related to a legacy insurance partner.

Distribution expenses increased $64 million, or 7%, for 2024 compared to the prior year primarily due to market appreciation, partially offset by the cumulative impact of net outflows.

Variable annuity sales increased 26% to $5.0 billion for 2024 compared to the prior year reflecting an increase in sales of SVAs.

Distribution expenses increased $51 million, or 11%, for 2024 compared to the prior year primarily reflecting higher sales of SVAs and market appreciation.

Change in fair value of market risk benefits, which exclude the market impact on variable annuity guaranteed benefits (net of hedges), increased $56 million, or 9%, for 2024 compared to the prior year primarily reflecting market appreciation on contractual fees.

On August 16, 2022, federal legislation commonly referred to as the Inflation Reduction Act of 2022 (“IRA”) was enacted.

We have evaluated the tax provisions of the IRA, the most significant of which are the corporate alternative minimum tax (“CAMT”) and the share repurchase excise tax.

Both the CAMT and share repurchase tax were effective beginning in 2023.

The following tables present our estimate of the impact on pretax income from the above defined hypothetical market movements as of December 31, [removed: 2024:][added: 2025:]

| Asset-based management and distribution fees (1) | | | | | | $ | [removed: (348)] [added: (66)] | | | | | $ | [removed: 2] [added: —] | | | | | $ | [removed: (346)] [added: (66)] | | | | |

| Indexing feature for structured variable annuities | | | | | | [removed: 1,022] [added: 1,360] | | | | | | [removed: (1,043)] [added: (1,335)] | | | | | | [removed: (21)] [added: 25] | | | | | |

| Total variable annuity and structured variable annuity benefits | | | | | | [removed: 177] [added: 556] | | | | | | [removed: (341)] [added: (680)] | | | | | | [removed: (164)] [added: (124)] | | | | | |

| IUL insurance | | | | | | [removed: 60] [added: 66] | | | | | | [removed: (59)] [added: (73)] | | | | | | [removed: 1] [added: (7)] | | | | | |

| Asset-based management and distribution fees (1) | | | | | | $ | [removed: (62)] [added: (381)] | | | | | $ | [removed: —] [added: 2] | | | | | $ | [removed: (62)] [added: (379)] | | | | |

| Indexing feature for structured variable annuities | | | | | | [removed: (12)] [added: (24)] | | | | | | [removed: 174] [added: 191] | | | | | | [removed: 162] [added: 167] | | | | | |

| Total variable annuity and structured variable annuity benefits | | | | | | [removed: 1,032] [added: 950] | | | | | | [removed: (602)] [added: (502)] | | | | | | [removed: 430] [added: 448] | | | | | |

| Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products | | | | | | [removed: 41] [added: 32] | | | | | | — | | | | | | [removed: 41] [added: 32] | | | | | |

| Banking deposits | | | | | | [removed: 49] [added: 40] | | | | | | — | | | | | | [removed: 49] [added: 40] | | | | | |

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

| IUL insurance | | | | | | [removed: 15] [added: 7] | | | | | | 3 | | | | | | [removed: 18] [added: 10] | | | | | |

The estimated net impact to pretax adjusted operating income is [removed: $(346)] [added: $(379)] million as of December 31, [removed: 2024.][added: 2025.]

The above results compare to an estimated negative net impact to pretax income of [removed: $332] [added: $509] million related to a 10% equity price decline and an estimated positive net impact to pretax income of [removed: $561] [added: $529] million related to a 100 basis point increase in interest rates as of December 31, [removed: 2023.][added: 2024.]

As of December 31, [removed: 2024,] [added: 2025,] the value of our assets under management was [removed: $1.2] [added: $1.3] trillion.

The total contract value of all variable annuities as of December 31, [removed: 2024] [added: 2025] was [removed: $85.7] [added: $91.3] billion.

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

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $16.3] [added: $21.5] billion in liabilities related to structured variable annuities.

Of the [removed: $41.9] [added: $46.5] billion in Policyholder account balances, future policy benefits and claims as of December 31, [removed: 2024, $15.9] [added: 2025, $15.2] 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: 2026] [added: 2027] due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were [removed: $4.1] [added: $2.5] billion and [removed: 4.7%,] [added: 4.1%,] respectively, as of December 31, [removed: 2024.][added: 2025.]

In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled [removed: $23.3] [added: $28.2] billion and had a [removed: weighted average yield of 4.6% as of December 31, 2024.]

The average yield for investment purchases during the year ended December 31, [removed: 2024] [added: 2025] was approximately [removed: 5.4%.][added: 5.1%.]

See Note 11 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: 2024] [added: 2025] and [removed: 2023] [added: 2024] and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.

As of December 31, [removed: 2024] [added: 2025] we had [removed: $22.3] [added: $23.7] billion of bank deposits and [removed: $2.3] [added: $1.9] billion of brokerage deposits.

As of December 31, [removed: 2024] [added: 2025] we had [removed: $11.1] [added: $8.1] billion related to reserves for our fixed rate certificate products.

As of December 31, [removed: 2024,] [added: 2025,] we had $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 [removed: £1.3] [added: £1.2] billion as of December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] 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: $2.9] [added: $3.1] billion of senior unsecured notes are fixed.

As of December 31, [removed: 2024,] [added: 2025,] 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.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

| Market risk benefits | | | | | | (804) | | | | | | 655 | | | | | | (149) | | | | | |

| Total | | | | | | $ | 241 | | | | | $ | (751) | | | | | $ | (510) | | (2) | | |

| Market risk benefits | | | | | | 974 | | | | | | (693) | | | | | | 281 | | | | | |

| Total | | | | | | $ | 1,013 | | | | | $ | (499) | | | | | $ | 514 | | | | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

weighted average yield of 4.7% as of December 31, 2025.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

For certain OTC derivatives, our counterparties are required to both post and collect initial margin above a regulatory threshold providing us and our counterparties with additional protection above the daily collateralization of net market value of the positions.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

| 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 | | | | |

for further information on our derivative instruments.

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

We [removed: utilize] [added: carry out our strategy through] two [added: primary] go-to-market [removed: approaches in carrying out this strategy:] [added: approaches:] Wealth Management and Asset Management.

We are in a compelling position to capitalize on significant [added: long-term] demographic and market trends driving increased demand for financial advice and solutions.

Through our [added: branded] affiliated advisors, we offer financial planning and advice, cash management and banking products, and full-service brokerage services, primarily to retail clients.

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

Our global asset management business, represented by [removed: the] *Columbia Threadneedle Investments*® [added: as a key] brand, offers a broad spectrum of capabilities to individual, institutional and high net worth investors.

We benefit from key strategic relationships we have [removed: established] [added: established,] and [added: we] have [removed: a] strong [added: retail,] institutional [removed: presence.][added: and alternative capabilities.]

We [removed: continue] [added: are positioned] to [removed: pursue] [added: grow our assets under management and advisement and are pursuing] opportunities to leverage the collective capabilities of our global asset management business in order to enhance our investment solutions and to develop new solutions that are responsive to client demand in an increasingly complex and competitive marketplace.

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

][added: mix.jpg](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231_g1.jpg)]

As a diversified financial services firm, we believe our ability to gather and retain assets is best measured by our aggregate assets under [removed: management and] [added: management,] administration [added: and advisement] metric.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $1.5] [added: $1.7] trillion in assets under management, administration, and advisement, compared to [removed: $1.4] [added: $1.5] trillion as of December 31, [removed: 2023.][added: 2024.]

][added: segment.jpg](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231_g2.jpg)]

Our diversified products and services are offered through [removed: our] [added: these primary] brands:

| [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.) Ltd. and their respective subsidiaries (collectively, “Threadneedle”). | | |

| [removed: ] [added: ] | | | [removed: We use our *RiverSource*® brand for] [added: Through] our [removed: annuity and protection products issued by] [added: “RiverSource Life companies” or “RiverSource”, which is the combination of] RiverSource Life Insurance Company (“RiverSource Life”) and RiverSource Life Insurance Co. of New York (“RiverSource Life of [removed: NY” and, together with RiverSource Life, the “RiverSource Life companies” or “RiverSource”).] [added: NY”, we make available annuity, insurance and disability income products.] | | |

We provide financial planning and advice, as well as full-service brokerage services, [removed: primarily] to [added: more than 3.5 million] retail clients through our financial advisors.

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

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

][added: Asset Management AUM and Advisement_R3.jpg](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231_g6.jpg)]

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

We may also earn performance fees from certain [removed: accounts] [added: strategies] where investment performance meets or exceeds certain pre-identified targets.

As of December 31, [removed: 2024,] [added: 2025,] our Asset Management segment had [removed: $681] [added: $721] billion in managed and advised assets.

See Note 2 and Note 5 to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional information on [removed: consolidation principles and details regarding the consolidated collateralized loan obligations (“CLOs”).]

Our investment management capabilities and products span a broad range of asset classes and investment styles to meet a variety of client needs with our [removed: $645] [added: $721] billion in assets under management [added: and advisement] diversified across geographies, strategies and clients as depicted in the graphic below.

- Non-U.S. retail focused funds through Columbia Threadneedle, which include different risk-return options across regions, markets, asset classes and product structures, including [added: ETFs,] retail funds that are similar to U.S. mutual funds (such as Undertakings for the Collective Investment in Transferable Securities (“UCITS”) funds organized as Luxembourg-based investment companies with variable capital (“SICAVs”) and Irish and U.K. open-end investment companies [removed: (“OEICs”)).][added: (“OEICs” and “ICVCs”)).]

- Collective [added: investment trust] funds and separately managed accounts sponsored by Ameriprise Trust Company (“ATC”), a wholly owned subsidiary, and offered to certain qualified institutional clients such as retirement, pension, and profit-sharing plans for which we receive management fees.

Through our advisors, we provide [removed: *RiverSource*] [added: *RiverSource*®] annuity products to help clients address their asset accumulation and income goals.

[removed: As part of the continued evolution of the business model for our] [added: Our] Retirement & Protection Solutions [removed: segment, we focus] [added: segment focuses] on the accumulation solutions clients want (such as the structured [removed: variable] annuity, a registered index-linked annuity).

[added: Intersegment expenses for this segment include] distribution expenses for services provided by our Advice & Wealth Management segment, as well as expenses for investment management services provided by our Asset Management segment.

[removed: New] *RiverSource* insurance products are exclusively offered through our advisor network.

- Variable annuities that provide [added: investment] returns linked to underlying [removed: investments] [added: investment accounts] of the contractholder’s choice of certain funds, as well as additional benefits, such as guaranteed minimum death benefits (but without living benefits for new sales after mid-2022).

Universal life insurance may also contain product features that credit interest at a rate linked to an underlying equity market [removed: index.][added: index subject to a floor.]

Our sales of *RiverSource* individual life insurance in [removed: 2024,] [added: 2025,] as measured by scheduled annual premiums, lump sum and excess premiums and single premiums, consisted of approximately [removed: 96%] [added: 89%] variable universal life, [removed: 1%] [added: 9%] universal life and [removed: 3%] [added: 2%] term life.

We reinsure a portion of the insurance risks associated with our currently offered life and disability income products (as well as previously sold fixed annuity, fixed indexed annuity, life contingent payout annuity and long term care products) through reinsurance [removed: agreements with unaffiliated reinsurance companies.]

In this closed block, as of December 31, [removed: 2024,] [added: 2025,] we have [removed: $5.7] [added: $5.2] billion of account value associated with our fixed annuities of which 89% has been ceded by RiverSource Life on a coinsurance basis to Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company (“Commonwealth”) under customary reinsurance arrangements with a comfort trust.

We directly compete for the provision of products and services to clients, as well as for our financial advisors and investment management [removed: personnel.]

Furthermore, changes in investment preferences or investment management strategy (for example, “active” or “passive” investing styles), client interest in funds with particular [removed: environmental, social, or governance] [added: value-based investment] practices, client or regulatory requirements on use of client commissions for research, and downward pressure on fees may present various challenges to our business and could cause clients to favor certain competitors.

Competitive factors affecting the sale of variable annuity and insurance products include distribution capabilities, price, product features and innovation, hedging capability, investment performance, commission structure, reinsurance availability and pricing, perceived [added: financial strength and financial strength ratings, claims-paying ratings, technology and service, advertising, brand recognition and financial strength ratings from rating agencies.]

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

long-term needs.

We offer a choice in how advisors can affiliate with us to grow their practices through one of our four advisor channels that provide advisors with different levels of support and compensation in delivering the Ameriprise client experience.

- The Ameriprise Franchise Group is our largest channel and advisors affiliate with us as independent franchisees of Ameriprise.

- The Ameriprise Advisor Group provides advisors with the benefits and support of an employment relationship.

- The Ameriprise Personal Wealth Group employs advisors who deliver personalized advice to clients through a centralized team-based model virtually.

- The Ameriprise Financial Institutions Group supports advisors based in third-party regional banks and credit unions.

- Exchange traded funds (“ETFs”), closed-end funds and model offerings from our Columbia funds.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

consolidation principles and details regarding the consolidated collateralized loan obligations (“CLOs”).

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

agreements with unaffiliated reinsurance companies.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

personnel.

Our values of client focus, integrity, excellence and respect are foundational across all business lines and underpin our approach to human capital management.

*Workforce Overview*

We are committed to attracting, retaining, engaging, and developing a high-performing workforce.

*Learning and Development*

Advancing leadership capability and enabling employees to realize their potential while equipping them with technical and leadership skills to support business objectives are central to our long-term success.

We offer programs and learning opportunities that build critical capabilities, strengthen leadership effectiveness, and support career advancement across the organization.

*Total Rewards and Well-being*

Our total rewards program is designed to attract, retain, and motivate employees, aligning compensation with the best interests of our clients, recognizing organizational and individual performance.

In 2025, we further enhanced our enterprise recognition program, reinforcing our commitment to appreciation and high-performance.

*Collaborative and Inclusive Culture*

We foster a collaborative and inclusive culture where different perspectives, talent and ideas drive innovative solutions for our clients and support our communities.

Our policies and practices promote a safe, respectful workplace where everyone can contribute, grow, and feel a sense of belonging.

Our 13 global Business Resource Networks, with approximately 4,900 members, are open to all employees and support engagement, cultural awareness, community involvement, and business goals.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

*Board Oversight*

The Board of Directors is regularly updated on human capital topics and dedicate time to discussing these areas.

In addition, they annually review senior executive succession plans, our approach to talent management and development, as well as engagement survey feedback.

The Compensation and Benefits Committee establishes the company’s compensation and benefits philosophy and objectives, while overseeing and approving the approach for senior leadership, ensuring disclosure to shareholders.

*2025 Highlights*

In our Inclusion Index, we achieved a score of 85%, which also exceeds our external benchmarks.

- Over 80% of our global people leaders have now participated in our learning curriculum to support leadership excellence.

In addition, nearly 60% of global employees use LinkedIn Learning, driving continuous skill development.

In an evolving and highly competitive industry, our human capital strategy and strong values-driven culture have enabled us to effectively execute our business strategy and deliver strong performance.

We are positioned to grow our assets under management and 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 while expanding into new global and emerging markets.

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Advisors can choose to affiliate with us in multiple ways as noted below, and each option offers different levels of support and compensation.

Columbia Management primarily provides products and services in the U.S. Threadneedle primarily provides products and services internationally.


Intersegment expenses for this segment include

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

While our individual business lines serve different client needs, we have a common vision and values that drive our business and how we work with clients and each other.

Our values are the following:

- Client focused;

- Integrity always;

- Excellence in all we do; and

- Respect for the individuals and for the communities in which we live and work.

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

We are committed to providing an excellent employee and advisor experience for our global workforce.

We have approximately 8,200 non-employee advisors who choose to affiliate with us through our franchise advisor group.

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 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 have enhanced our employee value proposition and framework so that current and prospective employees better understand and appreciate the investments we make in them, including our culture, compensation and benefits, well-being, work environment and career development.

Our Board of Directors engages in these topics and annually reviews our senior executive succession plans and broader talent development approach in support of our corporate strategy, and frequently discusses human capital topics at its meetings.

The Board and the Compensation and Benefits Committee are regularly updated on topics impacting our workforce and dedicate time to reviewing and discussing our company culture, talent development, retention and recruiting initiatives, and engagement survey feedback.

In 2024, our strong corporate culture yielded the following results:

- 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.

Our vision is to continue to foster an inclusive culture where everyone at Ameriprise can belong, grow and contribute to realize their potential and deliver value for our clients, community and shareholders.

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.

Our global workforce is comprised of 40% women and, among our U.S. based employees, 22% are ethnically diverse.

In our Inclusion Index from our employee engagement survey, we achieved a score of 84% in 2024, which exceeds the industry benchmark.

Our focus on fostering an inclusive culture is also reflected in the policies and practices that promote a safe, inclusive and respectful workplace.

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.

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


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

- *Diversity, Equity and Inclusion*: The FCA recently launched a consultation on a potential new regulatory framework on diversity and inclusion in the financial sector.

compliance with insurance and securities laws.

| For the Fiscal Year Ended | | | | | | December 31, [removed: 2024] [added: 2025] | | | | | | | | |

The aggregate market value, as of June 30, [removed: 2024,] [added: 2025,] of voting shares held by non-affiliates of the registrant was approximately [removed: $42.0] [added: $50.3] billion.

| | | | Class | | | | | | Outstanding at February [removed: 7, 2025] [added: 6, 2026] | | | | | |

| Common Stock (par value $.01 per share) | | | [removed: 96,118,499] [added: 91,178,997] 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: 30, 2025] [added: 29, 2026] (“Proxy Statement”).

| | | | [Item 1. [removed: Business](#ie22d01c285d14e56b108498cb2e73077_16)] [added: Business](#if5fe5042c2964dd2aab4270d0eb6aef0_16)] | | | [removed: [1](#ie22d01c285d14e56b108498cb2e73077_16)] [added: [1](#if5fe5042c2964dd2aab4270d0eb6aef0_16)] | | |

| | | | [Item 1A. Risk [removed: Factors](#ie22d01c285d14e56b108498cb2e73077_19)] [added: Factors](#if5fe5042c2964dd2aab4270d0eb6aef0_19)] | | | [removed: [16](#ie22d01c285d14e56b108498cb2e73077_19)] [added: [16](#if5fe5042c2964dd2aab4270d0eb6aef0_19)] | | |

| | | | [Item 1B. Unresolved Staff [removed: Comments](#ie22d01c285d14e56b108498cb2e73077_22)] [added: Comments](#if5fe5042c2964dd2aab4270d0eb6aef0_22)] | | | [removed: [28](#ie22d01c285d14e56b108498cb2e73077_22)] [added: [27](#if5fe5042c2964dd2aab4270d0eb6aef0_22)] | | |

| | | | [Item 1C. [removed: Cybersecurity](#ie22d01c285d14e56b108498cb2e73077_25)] [added: Cybersecurity](#if5fe5042c2964dd2aab4270d0eb6aef0_25)] | | | [removed: [28](#ie22d01c285d14e56b108498cb2e73077_25)] [added: [28](#if5fe5042c2964dd2aab4270d0eb6aef0_25)] | | |

| | | | [Item 2. [removed: Properties](#ie22d01c285d14e56b108498cb2e73077_28)] [added: Properties](#if5fe5042c2964dd2aab4270d0eb6aef0_28)] | | | [removed: [30](#ie22d01c285d14e56b108498cb2e73077_28)] [added: [29](#if5fe5042c2964dd2aab4270d0eb6aef0_28)] | | |

| | | | [Item 3. Legal [removed: Proceedings](#ie22d01c285d14e56b108498cb2e73077_31)] [added: Proceedings](#if5fe5042c2964dd2aab4270d0eb6aef0_31)] | | | [removed: [30](#ie22d01c285d14e56b108498cb2e73077_31)] [added: [29](#if5fe5042c2964dd2aab4270d0eb6aef0_31)] | | |

| | | | [Item 4. Mine Safety [removed: Disclosures](#ie22d01c285d14e56b108498cb2e73077_34)] [added: Disclosures](#if5fe5042c2964dd2aab4270d0eb6aef0_34)] | | | [removed: [30](#ie22d01c285d14e56b108498cb2e73077_34)] [added: [29](#if5fe5042c2964dd2aab4270d0eb6aef0_34)] | | |

| | | | [Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ie22d01c285d14e56b108498cb2e73077_40)] [added: Securities](#if5fe5042c2964dd2aab4270d0eb6aef0_40)] | | | [removed: [31](#ie22d01c285d14e56b108498cb2e73077_40)] [added: [30](#if5fe5042c2964dd2aab4270d0eb6aef0_40)] | | |

| | | | [Item 6. [removed: \[Reserved\]](#ie22d01c285d14e56b108498cb2e73077_46)] [added: \[Reserved\]](#if5fe5042c2964dd2aab4270d0eb6aef0_46)] | | | [removed: [31](#ie22d01c285d14e56b108498cb2e73077_46)] [added: [30](#if5fe5042c2964dd2aab4270d0eb6aef0_46)] | | |

| | | | [Item 7. Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ie22d01c285d14e56b108498cb2e73077_49)] [added: Operations](#if5fe5042c2964dd2aab4270d0eb6aef0_49)] | | | [removed: [32](#ie22d01c285d14e56b108498cb2e73077_49)] [added: [31](#if5fe5042c2964dd2aab4270d0eb6aef0_49)] | | |

| | | | [Item 7A. Quantitative and Qualitative Disclosures About Market [removed: Risk](#ie22d01c285d14e56b108498cb2e73077_124)] [added: Risk](#if5fe5042c2964dd2aab4270d0eb6aef0_127)] | | | [removed: [56](#ie22d01c285d14e56b108498cb2e73077_124)] [added: [55](#if5fe5042c2964dd2aab4270d0eb6aef0_127)] | | |

| | | | [Item 8. Financial Statements and Supplementary [removed: Data](#ie22d01c285d14e56b108498cb2e73077_130)] [added: Data](#if5fe5042c2964dd2aab4270d0eb6aef0_133)] | | | [removed: [61](#ie22d01c285d14e56b108498cb2e73077_130)] [added: [60](#if5fe5042c2964dd2aab4270d0eb6aef0_133)] | | |

| | | | [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#ie22d01c285d14e56b108498cb2e73077_265)] [added: Disclosure](#if5fe5042c2964dd2aab4270d0eb6aef0_268)] | | | [removed: [155](#ie22d01c285d14e56b108498cb2e73077_265)] [added: [154](#if5fe5042c2964dd2aab4270d0eb6aef0_268)] | | |

| | | | [Item 9A. Controls and [removed: Procedures](#ie22d01c285d14e56b108498cb2e73077_268)] [added: Procedures](#if5fe5042c2964dd2aab4270d0eb6aef0_271)] | | | [removed: [155](#ie22d01c285d14e56b108498cb2e73077_268)] [added: [154](#if5fe5042c2964dd2aab4270d0eb6aef0_271)] | | |

| | | | [Item 9B. Other [removed: Information](#ie22d01c285d14e56b108498cb2e73077_271)] [added: Information](#if5fe5042c2964dd2aab4270d0eb6aef0_274)] | | | [removed: [156](#ie22d01c285d14e56b108498cb2e73077_271)] [added: [154](#if5fe5042c2964dd2aab4270d0eb6aef0_274)] | | |

| | | | [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ie22d01c285d14e56b108498cb2e73077_274)] [added: Inspections](#if5fe5042c2964dd2aab4270d0eb6aef0_277)] | | | [removed: [156](#ie22d01c285d14e56b108498cb2e73077_274)] [added: [154](#if5fe5042c2964dd2aab4270d0eb6aef0_277)] | | |

| | | | [Item 10. Directors, Executive Officers and Corporate [removed: Governance](#ie22d01c285d14e56b108498cb2e73077_280)] [added: Governance](#if5fe5042c2964dd2aab4270d0eb6aef0_283)] | | | [removed: [157](#ie22d01c285d14e56b108498cb2e73077_280)] [added: [155](#if5fe5042c2964dd2aab4270d0eb6aef0_283)] | | |

| | | | [Item 11. Executive [removed: Compensation](#ie22d01c285d14e56b108498cb2e73077_286)] [added: Compensation](#if5fe5042c2964dd2aab4270d0eb6aef0_289)] | | | [removed: [159](#ie22d01c285d14e56b108498cb2e73077_286)] [added: [157](#if5fe5042c2964dd2aab4270d0eb6aef0_289)] | | |

| | | | [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ie22d01c285d14e56b108498cb2e73077_289)] [added: Matters](#if5fe5042c2964dd2aab4270d0eb6aef0_292)] | | | [removed: [159](#ie22d01c285d14e56b108498cb2e73077_289)] [added: [157](#if5fe5042c2964dd2aab4270d0eb6aef0_292)] | | |

| | | | [Item 13. Certain Relationships and Related Transactions, and Director [removed: Independence](#ie22d01c285d14e56b108498cb2e73077_292)] [added: Independence](#if5fe5042c2964dd2aab4270d0eb6aef0_295)] | | | [removed: [160](#ie22d01c285d14e56b108498cb2e73077_292)] [added: [158](#if5fe5042c2964dd2aab4270d0eb6aef0_295)] | | |

| | | | [Item 14. Principal Accountant Fees and [removed: Services](#ie22d01c285d14e56b108498cb2e73077_295)] [added: Services](#if5fe5042c2964dd2aab4270d0eb6aef0_298)] | | | [removed: [160](#ie22d01c285d14e56b108498cb2e73077_295)] [added: [158](#if5fe5042c2964dd2aab4270d0eb6aef0_298)] | | |

| | | | [Item 15. Exhibits and Financial Statement [removed: Schedules](#ie22d01c285d14e56b108498cb2e73077_301)] [added: Schedules](#if5fe5042c2964dd2aab4270d0eb6aef0_304)] | | | [removed: [161](#ie22d01c285d14e56b108498cb2e73077_301)] [added: [159](#if5fe5042c2964dd2aab4270d0eb6aef0_304)] | | |

| | | | [Item 16. Form 10-K [removed: Summary](#ie22d01c285d14e56b108498cb2e73077_304)] [added: Summary](#if5fe5042c2964dd2aab4270d0eb6aef0_307)] | | | [removed: [163](#ie22d01c285d14e56b108498cb2e73077_304)] [added: [162](#if5fe5042c2964dd2aab4270d0eb6aef0_307)] | | |

| | | | [Schedule I - Condensed Financial Information of [removed: Registrant](#ie22d01c285d14e56b108498cb2e73077_310)] [added: Registrant](#if5fe5042c2964dd2aab4270d0eb6aef0_313)] | | | [removed: [166](#ie22d01c285d14e56b108498cb2e73077_310)] [added: [165](#if5fe5042c2964dd2aab4270d0eb6aef0_313)] | | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

| [PART I](#if5fe5042c2964dd2aab4270d0eb6aef0_13) | | | | | | [1](#if5fe5042c2964dd2aab4270d0eb6aef0_13) | | |

| [PART II](#if5fe5042c2964dd2aab4270d0eb6aef0_37) | | | | | | [30](#if5fe5042c2964dd2aab4270d0eb6aef0_37) | | |

| [PART III](#if5fe5042c2964dd2aab4270d0eb6aef0_280) | | | | | | [155](#if5fe5042c2964dd2aab4270d0eb6aef0_280) | | |

| [PART IV](#if5fe5042c2964dd2aab4270d0eb6aef0_301) | | | | | | [159](#if5fe5042c2964dd2aab4270d0eb6aef0_301) | | |

| | | | [Signatures](#if5fe5042c2964dd2aab4270d0eb6aef0_310) | | | [163](#if5fe5042c2964dd2aab4270d0eb6aef0_310) | | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[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](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

Ameriprise Financial, Inc.

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

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

Some third-party service providers [removed: contracted] [added: who enter into contracts with us] outside of the formal procurement process may still be subject to providing information about their security programs based on services performed.

[removed: These updates to the Audit and Risk Committee include a review of prevailing material risks and exposures, including cybersecurity and data] protection threats and risks, the actions taken to address these threats and mitigate these risks, and the design and effectiveness of our processes and controls in light of evolving market, business, regulatory, and other conditions.

Our executive Vice President of Technology and Chief Information Officer, our Chief Information Security Officer, [added: our Chief Risk Officer] and other officers regularly review with our Board of Directors and the Audit and Risk Committee topics such as the following: the cyber threat [removed: landscape;] [added: landscape, including evolving trends such as] the [added: use of Generative AI in cyber threats; the] design, effectiveness and ongoing enhancement of our capabilities to identify, protect, detect, respond to and recover from cyber threats and events; and any incidents that merit discussion.

During [removed: 2024,] [added: 2025,] the Audit and Risk Committee reviewed and received reports on our identity theft prevention and privacy programs, including the following topics: emerging risks, identity theft threats, experience and trends; the effectiveness of existing controls and planned enhancements to controls; and key areas of focus for the identity theft and privacy programs.

These updates to the Audit and Risk Committee include a review of prevailing material risks and exposures, including cybersecurity and data

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Ameriprise Financial, Inc.

continuity and risk mitigation.

[removed: 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 the] [added: The] Ameriprise Financial [removed: Headquarters,] [added: Headquarters is] an 871,000 square foot [removed: building,] [added: building] that we [removed: own.][added: own, located in Minneapolis, Minnesota.]

In [removed: 2023,] [added: 2025,] we [removed: started] [added: completed] the process to consolidate our Minneapolis office footprint, and we [removed: plan to] [added: completed the] move [added: of] all our Minneapolis based employees to the Ameriprise Financial Headquarters [removed: by June 30,] [added: on April 21,] 2025.

Columbia Threadneedle also leases approximately [removed: 66,000] [added: 74,000] square feet of [removed: a] shared [removed: building in London plus an additional 60,000 square feet in three shared] buildings in London (as well as additional locations in Swindon, U.K., Dorking, U.K. and Edinburgh, U.K.), approximately 39,000 square feet of a shared building in New York and also leases property in a number of other cities to support its global [removed: operations;][added: operations.]

We [removed: are] also [removed: opening] [added: opened] a new support office in Hyderabad, India in early 2025.

The long-term lease we held at the Ameriprise Financial Center, a 959,000 square foot building we previously occupied, expired on October 31, 2025.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

As of February [removed: 7, 2025,] [added: 6, 2026,] we had approximately [removed: 11,118] [added: 10,465] 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: 2024] [added: 2025] 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: 2024:][added: 2025:]

(1) On July 24, 2023, our Board of Directors authorized [removed: an additional] $3.5 billion for the repurchase of our common stock through September 30, [added: 2025, which was exhausted during the second quarter of] 2025.

| October 1, 2025 to October 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 286,271 | | | | | | $ | 485.73 | | | | | 286,271 | | | | | | $ | 3,371,951,866 | |

| Employee transactions (2) | | | | | | 504 | | | | | | $ | 475.52 | | | | | N/A | | | | | | N/A | | |

| November 1, 2025 to November 30, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 703,992 | | | | | | $ | 459.36 | | | | | 703,992 | | | | | | $ | 3,048,564,577 | |

| Employee transactions (2) | | | | | | 4,690 | | | | | | $ | 456.88 | | | | | N/A | | | | | | N/A | | |

| December 1, 2025 to December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Share repurchase program (1) | | | | | | 890,318 | | | | | | $ | 488.31 | | | | | 890,318 | | | | | | $ | 2,613,814,046 | |

| Employee transactions (2) | | | | | | 12,574 | | | | | | $ | 487.39 | | | | | N/A | | | | | | N/A | | |

| Share repurchase program (1) | | | | | | 1,880,581 | | | | | | $ | 477.08 | | | | | 1,880,581 | | | | | | | | |

| Employee transactions (2) | | | | | | 17,768 | | | | | | $ | 479.00 | | | | | N/A | | | | | | | | |

| | | | | | | 1,898,349 | | | | | | | | | | | | 1,880,581 | | | | | | | | |

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

| 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 | | | | | | | | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

| [Report of Independent Registered Public Accounting [removed: Firm](#ie22d01c285d14e56b108498cb2e73077_133)] [added: Firm](#if5fe5042c2964dd2aab4270d0eb6aef0_136)] (PCAOB Firm ID 238) | | | | | | | | | [removed: [62](#ie22d01c285d14e56b108498cb2e73077_133)] [added: [61](#if5fe5042c2964dd2aab4270d0eb6aef0_136)] | | |

| [Consolidated Statements of Operations — Years ended December 31, [removed: 2024, 2023 and 2022](#ie22d01c285d14e56b108498cb2e73077_136)] [added: 202](#if5fe5042c2964dd2aab4270d0eb6aef0_139)5[, 202](#if5fe5042c2964dd2aab4270d0eb6aef0_139)4 [and 202](#if5fe5042c2964dd2aab4270d0eb6aef0_139)[3](#if5fe5042c2964dd2aab4270d0eb6aef0_139)] | | | | | | | | | [removed: [64](#ie22d01c285d14e56b108498cb2e73077_136)] [added: [63](#if5fe5042c2964dd2aab4270d0eb6aef0_139)] | | |

| [Consolidated Statements of Comprehensive Income — Years ended December 31, [removed: 2024, 2023 and 2022](#ie22d01c285d14e56b108498cb2e73077_139)] [added: 202](#if5fe5042c2964dd2aab4270d0eb6aef0_142)5[, 202](#if5fe5042c2964dd2aab4270d0eb6aef0_142)4 [and 202](#if5fe5042c2964dd2aab4270d0eb6aef0_142)[3](#if5fe5042c2964dd2aab4270d0eb6aef0_142)] | | | | | | | | | [removed: [65](#ie22d01c285d14e56b108498cb2e73077_139)] [added: [64](#if5fe5042c2964dd2aab4270d0eb6aef0_142)] | | |

| [Consolidated Balance Sheets — December 31, [removed: 2024 and 2023](#ie22d01c285d14e56b108498cb2e73077_142)] [added: 202](#if5fe5042c2964dd2aab4270d0eb6aef0_145)5 [and 202](#if5fe5042c2964dd2aab4270d0eb6aef0_145)4] | | | | | | | | | [removed: [66](#ie22d01c285d14e56b108498cb2e73077_142)] [added: [65](#if5fe5042c2964dd2aab4270d0eb6aef0_145)] | | |

| [Consolidated Statements of Equity — Years ended December 31, [removed: 2024, 2023 and 2022](#ie22d01c285d14e56b108498cb2e73077_145)] [added: 202](#if5fe5042c2964dd2aab4270d0eb6aef0_148)[5](#if5fe5042c2964dd2aab4270d0eb6aef0_148)[, 202](#if5fe5042c2964dd2aab4270d0eb6aef0_148)4 [and 202](#if5fe5042c2964dd2aab4270d0eb6aef0_148)[3](#if5fe5042c2964dd2aab4270d0eb6aef0_148)] | | | | | | | | | [removed: [67](#ie22d01c285d14e56b108498cb2e73077_145)] [added: [66](#if5fe5042c2964dd2aab4270d0eb6aef0_148)] | | |

| [Consolidated Statements of Cash Flows — Years ended December 31, [removed: 2024, 2023 and 2022](#ie22d01c285d14e56b108498cb2e73077_148)] [added: 202](#if5fe5042c2964dd2aab4270d0eb6aef0_151)5[, 202](#if5fe5042c2964dd2aab4270d0eb6aef0_151)4 [and 202](#if5fe5042c2964dd2aab4270d0eb6aef0_151)[3](#if5fe5042c2964dd2aab4270d0eb6aef0_151)] | | | | | | | | | [removed: [68](#ie22d01c285d14e56b108498cb2e73077_148)] [added: [67](#if5fe5042c2964dd2aab4270d0eb6aef0_151)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ie22d01c285d14e56b108498cb2e73077_151)] [added: Statements](#if5fe5042c2964dd2aab4270d0eb6aef0_154)] | | | | | | | | | [removed: [70](#ie22d01c285d14e56b108498cb2e73077_151)] [added: [69](#if5fe5042c2964dd2aab4270d0eb6aef0_154)] | | |

| 2. | | | [Summary of Significant Accounting [removed: Policies](#ie22d01c285d14e56b108498cb2e73077_157)] [added: Policies](#if5fe5042c2964dd2aab4270d0eb6aef0_160)] | | | | | | [removed: [70](#ie22d01c285d14e56b108498cb2e73077_157)] [added: [69](#if5fe5042c2964dd2aab4270d0eb6aef0_160)] | | |

| 3. | | | [Recent Accounting [removed: Pronouncements](#ie22d01c285d14e56b108498cb2e73077_160)] [added: Pronouncements](#if5fe5042c2964dd2aab4270d0eb6aef0_163)] | | | | | | [removed: [79](#ie22d01c285d14e56b108498cb2e73077_160)] [added: [78](#if5fe5042c2964dd2aab4270d0eb6aef0_163)] | | |

| 4. | | | [Revenue from Contracts with [removed: Customers](#ie22d01c285d14e56b108498cb2e73077_163)] [added: Customers](#if5fe5042c2964dd2aab4270d0eb6aef0_166)] | | | | | | [removed: [80](#ie22d01c285d14e56b108498cb2e73077_163)] [added: [80](#if5fe5042c2964dd2aab4270d0eb6aef0_166)] | | |

| 5. | | | [Variable Interest [removed: Entities](#ie22d01c285d14e56b108498cb2e73077_166)] [added: Entities](#if5fe5042c2964dd2aab4270d0eb6aef0_169)] | | | | | | [removed: [84](#ie22d01c285d14e56b108498cb2e73077_166)] [added: [84](#if5fe5042c2964dd2aab4270d0eb6aef0_169)] | | |

| 9. | | | [Goodwill and Other Intangible [removed: Assets](#ie22d01c285d14e56b108498cb2e73077_178)] [added: Assets](#if5fe5042c2964dd2aab4270d0eb6aef0_181)] | | | | | | [removed: [98](#ie22d01c285d14e56b108498cb2e73077_178)] [added: [97](#if5fe5042c2964dd2aab4270d0eb6aef0_181)] | | |

| 10. | | | [Deferred Acquisition Costs and Deferred Sales Inducement [removed: Costs](#ie22d01c285d14e56b108498cb2e73077_184)] [added: Costs](#if5fe5042c2964dd2aab4270d0eb6aef0_187)] | | | | | | [removed: [99](#ie22d01c285d14e56b108498cb2e73077_184)] [added: [98](#if5fe5042c2964dd2aab4270d0eb6aef0_187)] | | |

| 11. | | | [Policyholder Account Balances, Future Policy Benefits and [removed: Claims](#ie22d01c285d14e56b108498cb2e73077_190)] [added: Claims](#if5fe5042c2964dd2aab4270d0eb6aef0_193)] | | | | | | [removed: [100](#ie22d01c285d14e56b108498cb2e73077_190)] [added: [99](#if5fe5042c2964dd2aab4270d0eb6aef0_193)] | | |

| 12. | | | [Separate Account Assets and [removed: Liabilities](#ie22d01c285d14e56b108498cb2e73077_196)] [added: Liabilities](#if5fe5042c2964dd2aab4270d0eb6aef0_199)] | | | | | | [removed: [111](#ie22d01c285d14e56b108498cb2e73077_196)] [added: [110](#if5fe5042c2964dd2aab4270d0eb6aef0_199)] | | |

| 13. | | | [Market Risk [removed: Benefits](#ie22d01c285d14e56b108498cb2e73077_199)] [added: Benefits](#if5fe5042c2964dd2aab4270d0eb6aef0_202)] | | | | | | [removed: [112](#ie22d01c285d14e56b108498cb2e73077_199)] [added: [111](#if5fe5042c2964dd2aab4270d0eb6aef0_202)] | | |

| 16. | | | [Fair Values of Assets and [removed: Liabilities](#ie22d01c285d14e56b108498cb2e73077_211)] [added: Liabilities](#if5fe5042c2964dd2aab4270d0eb6aef0_214)] | | | | | | [removed: [117](#ie22d01c285d14e56b108498cb2e73077_211)] [added: [116](#if5fe5042c2964dd2aab4270d0eb6aef0_214)] | | |

| 17. | | | [Offsetting Assets and [removed: Liabilities](#ie22d01c285d14e56b108498cb2e73077_214)] [added: Liabilities](#if5fe5042c2964dd2aab4270d0eb6aef0_217)] | | | | | | [removed: [127](#ie22d01c285d14e56b108498cb2e73077_214)] [added: [126](#if5fe5042c2964dd2aab4270d0eb6aef0_217)] | | |

| 18. | | | [Derivatives and Hedging [removed: Activities](#ie22d01c285d14e56b108498cb2e73077_217)] [added: Activities](#if5fe5042c2964dd2aab4270d0eb6aef0_220)] | | | | | | [removed: [128](#ie22d01c285d14e56b108498cb2e73077_217)] [added: [127](#if5fe5042c2964dd2aab4270d0eb6aef0_220)] | | |

| 20. | | | [Share-Based [removed: Compensation](#ie22d01c285d14e56b108498cb2e73077_229)] [added: Compensation](#if5fe5042c2964dd2aab4270d0eb6aef0_232)] | | | | | | [removed: [133](#ie22d01c285d14e56b108498cb2e73077_229)] [added: [132](#if5fe5042c2964dd2aab4270d0eb6aef0_232)] | | |

| 22. | | | [Earnings per [removed: Share](#ie22d01c285d14e56b108498cb2e73077_235)] [added: Share](#if5fe5042c2964dd2aab4270d0eb6aef0_238)] | | | | | | [removed: [140](#ie22d01c285d14e56b108498cb2e73077_235)] [added: [139](#if5fe5042c2964dd2aab4270d0eb6aef0_238)] | | |

| 25. | | | [Retirement Plans and Profit Sharing [removed: Arrangements](#ie22d01c285d14e56b108498cb2e73077_244)] [added: Arrangements](#if5fe5042c2964dd2aab4270d0eb6aef0_247)] | | | | | | [removed: [145](#ie22d01c285d14e56b108498cb2e73077_244)] [added: [144](#if5fe5042c2964dd2aab4270d0eb6aef0_247)] | | |

| 26. | | | [Commitments and [removed: Contingencies](#ie22d01c285d14e56b108498cb2e73077_247)] [added: Contingencies](#if5fe5042c2964dd2aab4270d0eb6aef0_250)] | | | | | | [removed: [149](#ie22d01c285d14e56b108498cb2e73077_247)] [added: [148](#if5fe5042c2964dd2aab4270d0eb6aef0_250)] | | |

| 27. | | | [Related Party [removed: Transactions](#ie22d01c285d14e56b108498cb2e73077_250)] [added: Transactions](#if5fe5042c2964dd2aab4270d0eb6aef0_253)] | | | | | | [removed: [150](#ie22d01c285d14e56b108498cb2e73077_250)] [added: [149](#if5fe5042c2964dd2aab4270d0eb6aef0_253)] | | |

We have audited the accompanying consolidated balance sheets of Ameriprise Financial, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] in conformity with accounting principles generally accepted in the United States of America.

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

As of December 31, [removed: 2024,] [added: 2025,] the market risk benefits asset was [removed: $2,182] [added: $2,274] million and the market risk benefits liability was [removed: $1,263] [added: $1,182] million.

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

| | | | Years Ended December 31, | | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | |]

| [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | |

| Management and financial advice fees | | | $ | [removed: 10,143] [added: 11,109] | | | | | $ | [removed: 8,907] [added: 10,143] | | | | | $ | [removed: 9,033] [added: 8,907] | |

| Distribution fees | | | [removed: 2,060] [added: 2,117] | | | | | | [removed: 1,931] [added: 2,060] | | | | | | [removed: 1,939] [added: 1,931] | | |

| Net investment income | | | [removed: 3,648] [added: 3,570] | | | | | | [removed: 3,206] [added: 3,648] | | | | | | [removed: 1,474] [added: 3,206] | | |

| Premiums, policy and contract charges | | | [removed: 1,559] [added: 1,587] | | | | | | [removed: 1,539] [added: 1,559] | | | | | | [removed: 1,397] [added: 1,539] | | |

| Other revenues | | | [removed: 516] [added: 528] | | | | | | [removed: 513] [added: 516] | | | | | | [removed: 491] [added: 513] | | |

| Total revenues | | | [removed: 17,926] [added: 18,911] | | | | | | [removed: 16,096] [added: 17,926] | | | | | | [removed: 14,334] [added: 16,096] | | |

| Banking and deposit interest expense | | | [removed: 662] [added: 431] | | | | | | [removed: 561] [added: 662] | | | | | | [removed: 76] [added: 561] | | |

| Total net revenues | | | [removed: 17,264] [added: 18,480] | | | | | | [removed: 15,535] [added: 17,264] | | | | | | [removed: 14,258] [added: 15,535] | | |

| 1. | | | [Basis of Presentation](#if5fe5042c2964dd2aab4270d0eb6aef0_157) | | | | | | [69](#if5fe5042c2964dd2aab4270d0eb6aef0_157) | | |

| 6. | | | [Investments](#if5fe5042c2964dd2aab4270d0eb6aef0_172) | | | | | | [88](#if5fe5042c2964dd2aab4270d0eb6aef0_172) | | |

| 7. | | | [Financing Receivables](#if5fe5042c2964dd2aab4270d0eb6aef0_175) | | | | | | [92](#if5fe5042c2964dd2aab4270d0eb6aef0_175) | | |

| 8. | | | [Reinsurance](#if5fe5042c2964dd2aab4270d0eb6aef0_178) | | | | | | [96](#if5fe5042c2964dd2aab4270d0eb6aef0_178) | | |

| 14. | | | [Customer Deposits](#if5fe5042c2964dd2aab4270d0eb6aef0_208) | | | | | | [115](#if5fe5042c2964dd2aab4270d0eb6aef0_208) | | |

| 15. | | | [Debt](#if5fe5042c2964dd2aab4270d0eb6aef0_211) | | | | | | [115](#if5fe5042c2964dd2aab4270d0eb6aef0_211) | | |

| 19. | | | [Leases](#if5fe5042c2964dd2aab4270d0eb6aef0_226) | | | | | | [131](#if5fe5042c2964dd2aab4270d0eb6aef0_226) | | |

| 21. | | | [Shareholders’ Equity](#if5fe5042c2964dd2aab4270d0eb6aef0_235) | | | | | | [136](#if5fe5042c2964dd2aab4270d0eb6aef0_235) | | |

| 23. | | | [Regulatory Requirements](#if5fe5042c2964dd2aab4270d0eb6aef0_241) | | | | | | [139](#if5fe5042c2964dd2aab4270d0eb6aef0_241) | | |

| 24. | | | [Income Taxes](#if5fe5042c2964dd2aab4270d0eb6aef0_244) | | | | | | [142](#if5fe5042c2964dd2aab4270d0eb6aef0_244) | | |

| 28. | | | [Segment Information](#if5fe5042c2964dd2aab4270d0eb6aef0_256) | | | | | | [149](#if5fe5042c2964dd2aab4270d0eb6aef0_256) | | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

| Net income | | | $ | 3,563 | | | | | $ | 3,401 | | | | | $ | 2,556 | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

| Repurchase of common shares | | | (5,893,906) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,957) | | | | | | — | | | | | | (2,957) | | |

| Share-based compensation plans | | | 991,093 | | | | | | — | | | | | | 236 | | | | | | — | | | | | | 77 | | | | | | — | | | | | | 313 | | |

| Balances at December 31, 2025 | | | 91,263,880 | | | | | | $ | 3 | | | | | $ | 10,377 | | | | | $ | 27,662 | | | | | $ | (30,601) | | | | | $ | (892) | | | | | $ | 6,549 | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

| Net income | | | $ | 3,563 | | | | | $ | 3,401 | | | | | $ | 2,556 | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

risks specific to the Company’s portfolios.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

items.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

policies.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

*Financial Instruments – Measurement of Credit Losses for Accounts Receivable and Contract Assets*

In July 2025, the FASB issued ASU 2025-05, *Measurement of Credit Losses for Accounts Receivable and Contract Assets,* which allows all entities to apply a practical expedient when estimating expected credit losses that assumes current conditions as of the balance sheet date will remain unchanged over the asset’s remaining life.

The standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those years.

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

| 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)

February 20, 2025

| Balances at January 1, 2022 | | | 110,861,010 | | | | | | $ | 3 | | | | | $ | 9,220 | | | | | $ | 17,322 | | | | | $ | (21,066) | | | | | $ | (642) | | | | | $ | 4,837 | |

| Repurchase of common shares | | | (7,371,332) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,095) | | | | | | — | | | | | | (2,095) | | |

| Share-based compensation plans | | | 1,789,312 | | | | | | — | | | | | | 297 | | | | | | — | | | | | | 72 | | | | | | — | | | | | | 369 | | |

| Cash returned (paid) for acquisition of business, net of cash acquired | | | — | | | | | | — | | | | | | 34 | | |

location, and credit scores.

or policy and bear the related investment risk.

transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedges”), or (iii) hedges of foreign currency exposures of net investments in foreign operations (“net investment hedges in foreign operations”).

Guarantees accounted for as market risk benefits include guaranteed minimum death benefit (“GMDB”), guaranteed minimum income benefit (“GMIB”), GMWB and GMAB.

modified or internally replaced with another contract are accounted for as write-offs.

The claim liability (also referred to as disabled life reserve) is presented together as one liability for future policy benefits.

*Segment Reporting – Improvements to Reportable Segment Disclosures*

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, *Improvements to Reportable Segment Disclosures*, updating reportable segment disclosure requirements in accordance with Topic 280, *Segment Reporting* (“Topic 280”), primarily through enhanced disclosures about significant segment expenses.

In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements.

reporting periods beginning after December 15, 2027.

Early adoption is permitted.

The Company is assessing changes to footnote disclosures resulting from the standard.

| Retail | | | $ | — | | | | | $ | 2,179 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,179 | | | | | $ | — | | | | | $ | 2,179 | |

| Institutional | | | — | | | | | | 617 | | | | | | — | | | | | | — | | | | | | 617 | | | | | | — | | | | | | 617 | | |

| Mutual funds | | | 741 | | | | | | 231 | | | | | | — | | | | | | — | | | | | | 972 | | | | | | — | | | | | | 972 | | |

| Insurance and annuity | | | 845 | | | | | | 166 | | | | | | 348 | | | | | | — | | | | | | 1,359 | | | | | | — | | | | | | 1,359 | | |

| Total distribution fees | | | 2,249 | | | | | | 397 | | | | | | 348 | | | | | | — | | | | | | 2,994 | | | | | | — | | | | | | 2,994 | | |

| Other revenues | | | 211 | | | | | | 10 | | | | | | — | | | | | | — | | | | | | 221 | | | | | | — | | | | | | 221 | | |

| Revenue from other sources (1) | | | 769 | | | | | | 32 | | | | | | 2,717 | | | | | | 484 | | | | | | 4,002 | | | | | | 14 | | | | | | 4,016 | | |

| Total segment gross revenues | | | 8,537 | | | | | | 3,506 | | | | | | 3,124 | | | | | | 484 | | | | | | 15,651 | | | | | | 14 | | | | | | 15,665 | | |

| Total segment net revenues | | | 8,461 | | | | | | 3,506 | | | | | | 3,124 | | | | | | 479 | | | | | | 15,570 | | | | | | 14 | | | | | | 15,584 | | |

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: 2024.][added: 2025.]

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: 2024.][added: 2025.]

Based on management’s assessment and those criteria, we conclude that, as of December 31, [removed: 2024,] [added: 2025,] 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: 2024.][added: 2025.]

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

Ameriprise Financial, Inc.

During the three months ended December 31, [removed: 2024,] [added: 2025,] 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.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

- information included under the caption “Corporate Governance-Item 1-Election of the Eight Director [removed: Nominees”;][added: Nominees Named Below”;]

- 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: 2026] [added: 2027] Annual Meeting”;

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

Mr. Cracchiolo [removed: (66)] [added: (67)] has been our Chairman and Chief Executive Officer since September 2005 when the Company completed its spinoff from American Express.

Mr. Berman [removed: (82)] [added: (83)] has been our Executive Vice President and Chief Financial Officer since September 2005.

Ms. Hunter Petruzillo [removed: (63)] [added: (64)] has been our Executive Vice President of Human Resources since September 2005.

Ms. Brockman [removed: (52)] [added: (53)] has been our Senior Vice President and Controller since September 2022, and previously was Interim Controller from July 2022 until September 2022.

Ms. Brockman joined [removed: the] Ameriprise in 1994.

Ms. McGraw [removed: (54)] [added: (55)] has been our Executive Vice President-Marketing, Communications and Community Relations since May 2014.

Mr. Smyth [removed: (63)] [added: (64)] has been our Chief Information Officer since August 2020.

Ms. Melloh [removed: (53)] [added: (54)] has been our Executive Vice President - General Counsel since June 2022.

Mr. O'Connell [removed: (55)] [added: (56)] has been our Executive Vice President of the Ameriprise Advisor Group since February 2013.

Mr. Sweeney [removed: (63)] [added: (64)] has been our President-Advice & Wealth Management, Products and Service Delivery since June 2012.

Mr. Williams [removed: (57)] [added: (58)] has been our Executive Vice President, Ameriprise Franchise Group since February 2013.

Mr. Alvero [removed: (57)] [added: (58)] has been our President - Insurance and Annuities since February 2022.

Mr. Davies [removed: (61)] [added: (62)] has been our Executive Vice President and Global Chief Investment Officer since February 2022.

Mr. Logan [removed: (55)] [added: (56)] has been our Head of EMEA and Global Business Operations for Columbia Threadneedle Investments since November 2023.

Mr. Truscott [removed: (64)] [added: (65)] has been our CEO - Global Asset Management since September 2012.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

She is active as a leader in many industry groups.

Mr. Sweeney has decided to retire from the Company on April 3, 2026.

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

She is active as a leader in many industry groups and within Ameriprise serves on the board of the Political Action Committee.

| Equity compensation plans not approved by security holders | | | [removed: 2,750,840] [added: 2,565,369] | | | (2) | | | — | | | | | | [removed: 1,376,564] [added: 1,113,503] | | | (3) | | |

(1) Includes [removed: 1,124,808] [added: 1,045,059] share units subject to vesting per the terms of the applicable plan which could result in the issuance of common stock.

(2) Includes [removed: 2,750,840] [added: 2,565,369] 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: 611,740] [added: 448,963] shares of common stock issuable under the Ameriprise Advisor Group Deferred Compensation Plan, and [removed: 764,824] [added: 664,540] shares of common stock issuable under the Ameriprise Financial Franchise Advisor Deferred Compensation Plan.

| Equity compensation plans approved by security holders | | | 2,469,848 | | | (1) | | | $ | 237.73 | | | | | 11,652,264 | | | | | |

| Total | | | 5,035,217 | | | | | | $ | 237.73 | | | | | 12,765,767 | | | | | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

| 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)

The information under the captions “Corporate [removed: Governance-Board Composition-Director] [added: Governance-Director Experience and Qualifications-Board] Independence,” “Corporate [removed: Governance-Board Composition-Independence of] [added: Governance-Director Experience and Qualifications-Board Independence] Committee [removed: Members”] [added: Independence”] and “Certain Transactions” in the Proxy Statement is incorporated herein by reference.

The information set forth under the heading “Item [removed: 4-Ratification of Audit and Risk Committee’s Selection] [added: 3-Ratification] of [removed: PricewaterhouseCoopers LLP as] the [removed: Company’s] [added: Appointment of our] Independent Registered Public Accounting [removed: Firm for 2025”,] [added: Firm”,] “-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](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

| | | | [Condensed Statements of Operations – December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ie22d01c285d14e56b108498cb2e73077_313)] [added: 2023](#if5fe5042c2964dd2aab4270d0eb6aef0_316)] | | | [removed: [167](#ie22d01c285d14e56b108498cb2e73077_313)] [added: [166](#if5fe5042c2964dd2aab4270d0eb6aef0_316)] | | |

| | | | [Condensed Balance Sheets - December 31, [removed: 2024] [added: 2025] and [removed: 2023](#ie22d01c285d14e56b108498cb2e73077_316)] [added: 2024](#if5fe5042c2964dd2aab4270d0eb6aef0_319)] | | | [removed: [168](#ie22d01c285d14e56b108498cb2e73077_316)] [added: [167](#if5fe5042c2964dd2aab4270d0eb6aef0_319)] | | |

| | | | [Condensed Statements of Cash Flows – December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ie22d01c285d14e56b108498cb2e73077_319)] [added: 2023](#if5fe5042c2964dd2aab4270d0eb6aef0_322)] | | | [removed: [169](#ie22d01c285d14e56b108498cb2e73077_319)] [added: [168](#if5fe5042c2964dd2aab4270d0eb6aef0_322)] | | |

| | | | [Notes to Condensed Financial Information of [removed: Registrant](#ie22d01c285d14e56b108498cb2e73077_322)] [added: Registrant](#if5fe5042c2964dd2aab4270d0eb6aef0_325)] | | | [removed: [170](#ie22d01c285d14e56b108498cb2e73077_322)] [added: [169](#if5fe5042c2964dd2aab4270d0eb6aef0_325)] | | |

| [removed: [3.3](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit33-ampxx12312024.htm)*] [added: [3.3](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit33-ampxx12312024.htm)] | | | Amended and Restated Bylaws of Ameriprise Financial, Inc. [added: (incorporated by reference to Exhibit 3.3 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025).] | | |

| [removed: [10.9](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit109-ampxx12312024.htm)*†] [added: [10.9](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit109-ampxx12312025.htm)*†] | | | Ameriprise Financial, Inc. [added: 2026] Global Long-Term Incentive Award Program [removed: Guide.] [added: Guide] | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1010-ampxx1231202.htm)[10](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1010-ampxx1231202.htm)*†] [added: [10.1](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1011-ampxx1231202.htm)[1](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1011-ampxx1231202.htm)*†] | | | Ameriprise Financial, Inc. Performance Cash Unit Supplement to the [added: 2026] Global Long-Term Incentive Award Program [removed: Guide.] [added: Guide] | | |

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

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1012-ampxx1231202.htm)[2](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1012-ampxx1231202.htm)*†] [added: [10.13](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1012-ampxx1231202.htm)†] | | | Ameriprise Financial, Inc Performance Share Unit Supplement to the Global Long-Term Incentive Award Program [removed: Guide.] [added: Guide (incorporated by reference to Exhibit 10.12 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025).] | | |

| [removed: [10.13](https://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1014.htm)†] [added: [10.14](https://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1014.htm)†] | | | Ameriprise Financial Form of Award Certificate — Performance Share Unit Plan Award (incorporated by reference to Exhibit 10.14 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2016). | | |

| [removed: [10.14](https://www.sec.gov/Archives/edgar/data/820027/000082002715000024/exhibit1015.htm)†] [added: [10.15](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: [10.15](https://www.sec.gov/Archives/edgar/data/820027/000110465905051129/a05-18818_28k.htm)†] [added: [10.16](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: [10.16](https://www.sec.gov/Archives/edgar/data/820027/000104746912001474/a2207255zex-10_17.htm)†] [added: [10.17](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: [10.17](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1040-ampxx12312023x.htm)†] [added: [10.18](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1040-ampxx12312023x.htm)†] | | | First Amendment to the Ameriprise Financial Senior Executive Severance Plan (incorporated by reference to Exhibit 10.40 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). | | |

| [removed: [10.18](https://www.sec.gov/Archives/edgar/data/820027/000110465912028857/a12-10450_1ex10d1.htm)†] [added: [10.19](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: [10.19](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1019-ampxx1231202.htm)*†] [added: [10.20](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1019-ampxx1231202.htm)†] | | | Ameriprise Financial Global Annual Incentive Award Plan, as amended and restated as of January 1, [removed: 2025.] [added: 2025 (incorporated by reference to Exhibit 10.19 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025).] | | |

| [removed: [10.20](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1020-ampxx1231202.htm)*†] [added: [10.21](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1020-ampxx1231202.htm)†] | | | Threadneedle Deferral Plan (as amended and restated effective January 1, [added: 2025) (incorporated by reference to Exhibit 10.20 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20,] 2025). | | |

| [removed: [10.21](https://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1026-12312021.htm)†] [added: [10.22](https://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1026-12312021.htm)†] | | | Deferred Stock Unit Award Certificate - Threadneedle Deferral Plan (incorporated by reference to Exhibit 10.26 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022). | | |

| [removed: [10.22](https://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1027-12312021.htm)†] [added: [10.23](https://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1027-12312021.htm)†] | | | Form of Deferred Stock Unit Award - Threadneedle Deferral Plan (incorporated by reference to Exhibit 10.27 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022). | | |

| [removed: [10.23](https://www.sec.gov/Archives/edgar/data/820027/000082002723000067/exhibit101-03312023.htm)†] [added: [10.24](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: [10.24](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit102-06302023.htm)†] [added: [10.25](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit102-06302023.htm)†] | | | Deferred Stock Unit Award Certificate - Threadneedle Deferral Plan (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.2 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on August 8, 2023). | | |

| [removed: [10.25](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit103-06302023.htm)†] [added: [10.26](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit103-06302023.htm)†] | | | Deferred Stock Option Award Certificate - Threadneedle Deferral Plan (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.3 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on August 8, 2023). | | |

| [removed: [10.26](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit104-06302023.htm)†] [added: [10.27](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit104-06302023.htm)†] | | | Form of Deferred Stock Option Award - Threadneedle Deferral Plan (incorporated by reference to Exhibit 10.4 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on August 8, 2023). | | |

| [removed: [10.27](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1027-ampxx1231202.htm)*†] [added: [10.28](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1027-ampxx1231202.htm)†] | | | Threadneedle Deferral Plan Deferred Stock Unit and Deferred Stock Option Programme [removed: Guide.] [added: Guide (incorporated by reference to Exhibit 10.27 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025).] | | |

| [removed: [10.28](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit108-06302023.htm)†] [added: [10.29](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit108-06302023.htm)†] | | | Ameriprise Financial Form of Award Certificate - EMEA Performance Share Unit Plan Award (incorporated by reference to Exhibit 10.8 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on August 8, 2023). | | |

| [removed: [10.29](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1033-ampxx12312023x.htm)†] [added: [10.30](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1033-ampxx12312023x.htm)†] | | | Ameriprise Financial Form of Award Certificate - EMEA Performance Share Unit Plan Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.33 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). | | |

| [removed: [10.30](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1034-ampxx12312023x.htm)†] [added: [10.31](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1034-ampxx12312023x.htm)†] | | | Ameriprise Financial Form of Award Certificate - Performance Cash Unit Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.34 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). | | |

| [removed: [10.31](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1035-ampxx12312023x.htm)†] [added: [10.32](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1035-ampxx12312023x.htm)†] | | | Ameriprise Financial Form of Award Certificate - Performance Share Unit Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.35 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). | | |

| [removed: [10.32](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1036-ampxx12312023x.htm)†] [added: [10.33](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1036-ampxx12312023x.htm)†] | | | Ameriprise Financial Form of Award Certificate - Restricted Stock Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.36 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). | | |

| [removed: [10.33](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1037-ampxx12312023x.htm)†] [added: [10.34](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1037-ampxx12312023x.htm)†] | | | Ameriprise Financial Form of Award Certificate - Restricted Stock Unit Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.37 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). | | |

| [removed: [10.34](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1038-ampxx12312023x.htm)†] [added: [10.35](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1038-ampxx12312023x.htm)†] | | | Ameriprise Financial Form of Award Certificate - Non-Qualified Stock Option Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.38 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). | | |

| [removed: [10.35](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1035-ampxx1231202.htm)*†] [added: [1](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1040-ampxx1231202.htm)[0.](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1040-ampxx1231202.htm)[40](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1040-ampxx1231202.htm)*†] | | | Ameriprise Financial Form of Award Certificate - Performance Cash Unit Award (for grants after January 1, [removed: 2025).] [added: 2026)] | | |

| [removed: [10.36](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1036-ampxx1231202.htm)*†] [added: [10.](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1041-ampxx1231202.htm)[4](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1041-ampxx1231202.htm)[1](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1041-ampxx1231202.htm)*†] | | | Ameriprise Financial Form of Award Certificate - Performance Share Unit Award [added: Certificate] (for grants after January 1, [removed: 2025).] [added: 2026)] | | |

| [removed: [10.3](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1037-ampxx1231202.htm)[7](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1037-ampxx1231202.htm)*†] [added: [10.4](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1042-ampxx1231202.htm)[2](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1042-ampxx1231202.htm)*†] | | | Ameriprise Financial Form of Award Certificate - Restricted Stock Unit Award [added: Certificate] (for grants after January 1, [removed: 2025).] [added: 2026)] | | |

| [removed: [10.3](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1038-ampxx1231202.htm)[8](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1038-ampxx1231202.htm)*†] [added: [10.4](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1043-ampxx1231202.htm)[3](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1043-ampxx1231202.htm)*†] | | | Ameriprise Financial Form of Award Certificate - Non-Qualified Stock Option Award [added: Certificate] (for grants after January 1, [removed: 2025).] [added: 2026)] | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1039-ampxx1231202.htm)[39](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1039-ampxx1231202.htm)*†] [added: [10.44](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1039-ampxx1231202.htm)†] | | | Deferred Stock Unit Award Certificate - Threadneedle Deferral Plan (for grants after January 1, [added: 2025) (incorporated by reference to Exhibit 10.39 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20,] 2025). | | |

| [removed: [10.4](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1040-ampxx1231202.htm)[0](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1040-ampxx1231202.htm)*†] [added: [10.45](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1040-ampxx1231202.htm)†] | | | Deferred Stock Option Award Certificate - Threadneedle Deferral Plan (for grants after January 1, [added: 2025) (incorporated by reference to Exhibit 10.40 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20,] 2025). | | |

| [removed: [13](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit13-ampxx12312024.htm)*] [added: [13](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit13-ampxx12312025.htm)*] | | | Portions of the Ameriprise Financial, Inc. [removed: 2024] [added: 2025] Annual Report to Shareholders, which are furnished solely for the information of the SEC and are not to be deemed “filed.” | | |

| [removed: [19.1](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit191-ampxx12312024.htm)*] [added: [19.1](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit191-ampxx12312024.htm)] | | | Securities Trading Policy for Directors, Section 16 Officers and Executive Leadership [removed: Team.] [added: Team (incorporated by reference to Exhibit 19.1 to the Annual Report on Form 10-K, file No. 1-32525, filed on February 20, 2025).] | | |

| [removed: [19.2](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit192-ampxx12312024.htm)*] [added: [19.2](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit192-ampxx12312024.htm)] | | | Enterprise Securities Trading [removed: Policies.] [added: Policies (incorporated by reference to Exhibit 19.2 to the Annual Report on Form 10-K, file No. 1-32525, filed on February 20, 2025).] | | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

| [10.10](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1010-ampxx1231202.htm)*† | | | Senior Executive 2026 Global Long-Term Incentive Award Program Guide | | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

| [10.36](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1035-ampxx1231202.htm)† | | | Ameriprise Financial Form of Award Certificate - Performance Cash Unit Award (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.35 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). | | |

| [10.37](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1036-ampxx1231202.htm)† | | | Ameriprise Financial Form of Award Certificate - Performance Share Unit Award (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.36 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). | | |

| [10.38](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1037-ampxx1231202.htm)† | | | Ameriprise Financial Form of Award Certificate - Restricted Stock Unit Award (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.37 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). | | |

| [10.39](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1038-ampxx1231202.htm)† | | | Ameriprise Financial Form of Award Certificate - Non-Qualified Stock Option Award (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.38 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). | | |

[Index](#if5fe5042c2964dd2aab4270d0eb6aef0_10)

Ameriprise Financial, Inc.

| | | | | | |

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

| Exhibit | | | Description | | |

| | | | | | |

[Index](#ie22d01c285d14e56b108498cb2e73077_10)

| Date: | | | February [removed: 20, 2025] [added: 19, 2026] | | | By | | | /s/ Walter S. Berman | | |

| Date: | | | February [removed: 20, 2025] [added: 19, 2026] | | | By | | | /s/ James M. Cracchiolo | | |

| Date: | | | February [removed: 20, 2025] [added: 19, 2026] | | | By | | | /s/ Dawn M. Brockman | | |

| Date: | | | February [removed: 20, 2025] [added: 19, 2026] | | | By | | | /s/ Dianne Neal Blixt* | | |

| Date: | | | February [removed: 20, 2025] [added: 19, 2026] | | | By | | | /s/ Amy DiGeso* | | |

| Date: | | | February [removed: 20, 2025] [added: 19, 2026] | | | By | | | /s/ Robert F. Sharpe, Jr.* | | |

| Date: | | | February [removed: 20, 2025] [added: 19, 2026] | | | By | | | /s/ Brian T. Shea* | | |

| Date: | | | February [removed: 20, 2025] [added: 19, 2026] | | | By | | | /s/ W. Edward Walter III* | | |

| Date: | | | February [removed: 20, 2025] [added: 19, 2026] | | | By | | | /s/ Christopher J. Williams* | | |

Berman, by signing his name hereto on the [removed: 20th] [added: 19th] day of February, [removed: 2025] [added: 2026] does hereby sign this document pursuant to powers of attorney duly executed by the Directors named, filed with the Securities and Exchange Commission on behalf of such Directors as Exhibit 24 to this Form 10-K, all in the capacities and on the date stated, such persons being the majority of the Directors of the Registrant.

| [Condensed Statements of Operations - Years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ie22d01c285d14e56b108498cb2e73077_313)] [added: 2023](#if5fe5042c2964dd2aab4270d0eb6aef0_316)] | | | [removed: [167](#ie22d01c285d14e56b108498cb2e73077_313)] [added: [166](#if5fe5042c2964dd2aab4270d0eb6aef0_316)] | | |

| [Condensed Balance Sheets - December 31, [removed: 2024] [added: 2025] and [removed: 2023](#ie22d01c285d14e56b108498cb2e73077_316)] [added: 2024](#if5fe5042c2964dd2aab4270d0eb6aef0_319)] | | | [removed: [168](#ie22d01c285d14e56b108498cb2e73077_316)] [added: [167](#if5fe5042c2964dd2aab4270d0eb6aef0_319)] | | |

| [Condensed Statements of Cash Flows - Years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ie22d01c285d14e56b108498cb2e73077_319)] [added: 2023](#if5fe5042c2964dd2aab4270d0eb6aef0_322)] | | | [removed: [169](#ie22d01c285d14e56b108498cb2e73077_319)] [added: [168](#if5fe5042c2964dd2aab4270d0eb6aef0_322)] | | |

| [Notes to Condensed Financial Information of [removed: Registrant](#ie22d01c285d14e56b108498cb2e73077_322)] [added: Registrant](#if5fe5042c2964dd2aab4270d0eb6aef0_325)] | | | [removed: [170](#ie22d01c285d14e56b108498cb2e73077_322)] [added: [169](#if5fe5042c2964dd2aab4270d0eb6aef0_325)] | | |

| [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | |

| Net investment income | | | $ | [removed: 94] [added: 78] | | | | | $ | [removed: 77] [added: 94] | | | | | $ | [removed: 16] [added: 77] | |

| Other revenues | | | [removed: 11] [added: 8] | | | | | | [removed: 5] [added: 11] | | | | | | [removed: 6] [added: 5] | | |

| Total revenues | | | [removed: 105] [added: 86] | | | | | | [removed: 82] [added: 105] | | | | | | [removed: 22] [added: 82] | | |

| Banking and deposit interest expense | | | [removed: 35] [added: 34] | | | | | | 35 | | | | | | [removed: 8] [added: 35] | | |

| Total net revenues | | | [removed: 70] [added: 52] | | | | | | [removed: 47] [added: 70] | | | | | | [removed: 14] [added: 47] | | |

| Distribution expenses | | | [removed: 61] [added: 59] | | | | | | [removed: 46] [added: 61] | | | | | | [removed: 4] [added: 46] | | |

| Interest and debt expense | | | [removed: 144] [added: 150] | | | | | | [removed: 138] [added: 144] | | | | | | [removed: 104] [added: 138] | | |