The following discussion and analysis of our consolidated results of operations and financial condition should be read in conjunction with the “Forward-Looking Statements” that follow and our Consolidated Financial Statements and Notes presented in Item 1. Our Management’s Discussion and Analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 20, 2025 (“2024 10-K”), as well as our quarterly reports on Form 10-Q and current reports on Form 8-K. References below to “Ameriprise Financial,” “Ameriprise,” the “Company,” “we,” “us,” and “our” refer to Ameriprise Financial, Inc. exclusively, to our entire family of companies, or to one or more of our subsidiaries.

Overview

Ameriprise Financial is a diversified financial services company with a 130-year history of providing financial solutions. We are a long-standing leader in financial planning and advice with $1.5 trillion in assets under management, administration and advisement as of March 31, 2025. We offer a broad range of products and services designed to achieve individual and institutional clients’ financial objectives.

The products and services we provide retail clients and, to a lesser extent, institutional clients, are the primary source of our revenues and net income. Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies. These factors, in turn, are largely determined by overall investment market performance and the depth and breadth of our individual client relationships.

We operate our business in the broader context of the macroeconomic forces around us, including the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on our operating and performance results. In addition, the business, political and regulatory environments in which we operate are subject to elevated uncertainty and substantial, frequent change. Accordingly, we expect to continue focusing on our key strategic objectives and obtaining operational and strategic leverage from our core capabilities. The success of these and other strategies may be affected by the factors discussed in Item 1A, “Risk Factors” in our 2024 10-K and other factors as discussed herein.

Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the values of market risk benefits and embedded derivatives associated with our variable annuities and the values of derivatives held to hedge these benefits and the “spread” income generated on our deposit products, fixed insurance, the fixed portion of variable annuities and variable insurance contracts and fixed deferred annuities. A higher (lower) interest rate environment may result in decreases (increases) to our long-duration contract reserves, which may impact our adjusted operating earnings after tax. For additional discussion on our interest rate risk, see Item 3. “Quantitative and Qualitative Disclosures About Market Risk.”

We consolidate certain variable interest entities for which we provide asset management services. These entities are defined as consolidated investment entities (“CIEs”). While the consolidation of the CIEs impacts our balance sheet and income statement, our exposure to these entities is unchanged and there is no impact to the underlying business results. For further information on CIEs, see Note 4 to our Consolidated Financial Statements. The results of operations of the CIEs are reflected in the Corporate & Other segment. On a consolidated basis, the management fees we earn for the services we provide to the CIEs and the related general and administrative expenses are eliminated and the changes in the fair value of assets and liabilities related to the CIEs, primarily syndicated loans and debt, are reflected in Net investment income. We include the fees from these entities in the Management and financial advice fees line within our Asset Management segment.

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

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AMERIPRISE FINANCIAL, INC.

The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of our life insurance subsidiary’s nonperformance spread.

Management uses these non-GAAP measures to evaluate our financial performance and available capital on a basis comparable to that used by some securities analysts and investors. Also, certain of these non-GAAP measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Throughout our Management’s Discussion and Analysis, these non-GAAP measures are referred to as adjusted operating measures. These non-GAAP measures should not be viewed as a substitute for U.S. GAAP measures.

It is management’s priority to increase shareholder value over a multi-year horizon by achieving our on-average, over-time financial targets.

Our financial targets are:

• Adjusted operating earnings per diluted share growth of 12% to 15%, and

• Adjusted operating return on equity of over 30%.

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

															Per Diluted Share
			Three Months Ended March 31,												Three Months Ended March 31,
			2025						2024			2025						2024
			(in millions, except per share amounts)
Net income (loss)			$	583					$	990					$	5.83					$	9.46
Less Adjustments:
Net realized investment gains (losses) (1)			(2)						—						(0.02)						—
Market impact on non-traditional long-duration products (1)			(460)						140						(4.60)						1.34
Net income (loss) attributable to CIEs			(2)						1						(0.02)						0.01
Tax effect of adjustments (2)			97						(29)						0.97						(0.28)
Adjusted operating earnings			$	950					$	878					$	9.50					$	8.39
Weighted average common shares outstanding:
Basic			98.5						102.8
Diluted			100.0						104.6

(1) Pretax adjusted operating adjustments.

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

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AMERIPRISE FINANCIAL, INC.

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

			Twelve Months Ended March 31,
2025						2024
(in millions)
Net income			$	2,994					$	3,129
Less: Adjustments (1)			(613)						(62)
Adjusted operating earnings			3,607						3,191
Total Ameriprise Financial, Inc. shareholders’ equity			5,248						4,331
Less: AOCI, net of tax			(1,690)						(2,174)
Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI			6,938						6,505
Less: Equity impacts attributable to CIEs			(2)						(4)
Adjusted operating equity			$	6,940					$	6,509

Return on equity, excluding AOCI			43.2		%				48.1		%
Adjusted operating return on equity, excluding AOCI (2)			52.0		%				49.0		%

(1) Adjustments reflect the sum of after-tax net realized investment gains/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 related reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%.

(2) Adjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.

Critical Accounting Estimates

The accounting and reporting policies that we use affect our Consolidated Financial Statements. Certain of our accounting and reporting policies are critical to an understanding of our consolidated results of operations and financial condition and, in some cases, the application of these policies can be significantly affected by the estimates, judgments and assumptions made by management during the preparation of our Consolidated Financial Statements. These accounting policies are discussed in detail in “Management’s Discussion and Analysis — Critical Accounting Estimates” in our 2024 10-K.

Recent Accounting Pronouncements

For information regarding recent accounting pronouncements and their expected impact on our future consolidated results of operations and financial condition, see Note 2 to our Consolidated Financial Statements.

Economic Environment

Global equity market conditions could materially affect our financial condition and results of operations. The following table presents relevant market indices:

			Three Months Ended March 31,
2025						2024			Change
S&P 500
Daily average			5,899						4,996						18%
Period end			5,612						5,254						7%
Weighted Equity Index (“WEI”) (1)
Daily average			3,713						3,218						15%
Period end			3,554						3,379						5%

(1) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.

See our segment results of operations discussion below for additional information on how changes in the economic environment have impacted and may continue to impact our results. For further information regarding the impact of the economic environment on our results of operations and financial condition, and potentially material effects, see Part 1 - Item 1A “Risk Factors” of our 2024 10-K.

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AMERIPRISE FINANCIAL, INC.

Assets Under Management, Administration and Advisement

Assets under management (“AUM”) include external client assets for which we provide investment management services, such as the assets of the Columbia Threadneedle Investments funds, institutional clients and clients in our advisor platform held in wrap accounts as well as assets managed by sub-advisors selected by us. AUM also includes certain assets on our Consolidated Balance Sheets for which we provide investment management services and recognize management fees in our Asset Management segment, such as the assets of the general account and the variable product funds held in the separate accounts of our life insurance subsidiaries and CIEs.

Assets under administration include assets for which we provide administrative services such as client assets invested in other companies’ products that we offer outside of our wrap accounts. These assets include those held in clients’ brokerage accounts. We generally record revenues received from administered assets as distribution fees. We do not exercise management discretion over these assets and do not earn a management fee. These assets are not reported on our Consolidated Balance Sheets. Assets under administration also include certain assets on our Consolidated Balance Sheets for which we do not provide investment management services and do not recognize management fees, such as investments in non-affiliated funds held in the separate accounts of our life insurance subsidiaries.

Assets under advisement include assets for which we provide advisory services such as model portfolios but do not have full discretionary investment authority.

The following table presents detail regarding our Assets Under Management, Administration and Advisement:

			March 31,												Change
2025						2024
(in billions)
Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM			$	569.1					$	518.1					$	51.0					10		%
Asset Management AUM			621.4						652.1						(30.7)						(5)
Corporate AUM			0.6						0.4						0.2						50
Eliminations			(44.2)						(43.2)						(1.0)						(2)
Total Assets Under Management			1,146.9						1,127.4						19.5						2
Total Assets Under Administration			314.1						297.5						16.6						6
Total Assets Under Advisement (net of eliminations)			33.7						27.8						5.9						21
Total Assets Under Management, Administration and Advisement			$	1,494.7					$	1,452.7					$	42.0					3		%
NM Not Meaningful - variance equal to or greater than 100%.

Total AUM increased $19.5 billion, or 2%, to $1.1 trillion as of March 31, 2025 compared to $1.1 trillion as of March 31, 2024 due to a $51.0 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $30.7 billion decrease in Asset Management AUM primarily driven by net outflows, partially offset by equity market appreciation. Total Assets Under Administration increased $16.6 billion, or 6%, to $314.1 billion as of March 31, 2025 compared to the prior year period primarily driven by equity market appreciation and an increase in third-party money market funds. Total Assets Under Advisement increased $5.9 billion, or 21%, to $33.7 billion as March 31, 2025 due to market appreciation and net inflows. See our segment results of operations discussion below for additional information on changes in our AUM.

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AMERIPRISE FINANCIAL, INC.

Consolidated Results of Operations for the Three Months Ended March 31, 2025 and 2024

The following table presents our consolidated results of operations:

			Three Months Ended March 31,												Change
			2025						2024
			(in millions)
Revenues
Management and financial advice fees			$	2,602					$	2,399					$	203					8		%
Distribution fees			522						506						16						3
Net investment income			868						901						(33)						(4)
Premiums, policy and contract charges			360						390						(30)						(8)
Other revenues			129						129						—						—
Total revenues			4,481						4,325						156						4
Banking and deposit interest expense			127						179						(52)						(29)
Total net revenues			4,354						4,146						208						5
Expenses
Distribution expenses			1,612						1,419						193						14
Interest credited to fixed accounts			130						132						(2)						(2)
Benefits, claims, losses and settlement expenses			381						295						86						29
Remeasurement (gains) losses of future policy benefit reserves			(10)						(4)						(6)						NM
Change in fair value of market risk benefits			497						(18)						515						NM
Amortization of deferred acquisition costs			61						61						—						—
Interest and debt expense			80						82						(2)						(2)
General and administrative expense			916						960						(44)						(5)
Total expenses			3,667						2,927						740						25
Pretax income			687						1,219						(532)						(44)
Income tax provision			104						229						(125)						(55)
Net income			$	583					$	990					$	(407)					(41)		%
NM Not Meaningful - variance equal to or greater than 100%.

Overall

Pretax income decreased $532 million, or 44%, for the three months ended March 31, 2025 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:

• The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual was an expense of $460 million for the three months ended March 31, 2025 compared to a benefit of $140 million for the prior year period.

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

• A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 15% in the three months ended March 31, 2025 compared to the prior year period.

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

Net Revenues

Management and financial advice fees increased $203 million, or 8%, for the three months ended March 31, 2025 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows and higher performance fees in the prior year period.

Distribution fees increased $16 million, or 3%, for the three months ended March 31, 2025 compared to the prior year period primarily due to market appreciation and higher transactional activity, partially offset by $14 million of lower fees on off-balance sheet brokerage cash.

Net investment income decreased $33 million, or 4%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting the unfavorable impact of declining investment portfolio yields, partially offset by the favorable impact of growth in Ameriprise Bank, FSB (“Ameriprise Bank”) customer deposits and structured variable annuities (“SVA”) products.

Premiums, policy and contract charges decreased $30 million, or 8%, for the three months ended March 31, 2025 compared to the prior year period primarily due to lower sales of life contingent payout annuities.

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AMERIPRISE FINANCIAL, INC.

Banking and deposit interest expense decreased $52 million, or 29%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting lower average crediting rates and lower balances on certificates and lower average crediting rates on Ameriprise Bank cash deposits.

Expenses

Distribution expenses increased $193 million, or 14%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and higher transactional activity, as well as investments in recruiting experienced advisors.

Benefits, claims, losses and settlement expenses increased $86 million, or 29%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting a $102 million increase in expense from market impacts on SVA embedded derivative, net of hedging activity. This increase was primarily the result of an unfavorable $1.3 billion change in the market impact on derivatives hedging the SVA embedded derivative and a favorable $1.2 billion change in the market impact on SVA embedded derivative. The increase in expense also reflects the impact of increased volume in SVAs, partially offset by the impact of lower sales of life contingent payout annuities.

Change in fair value of market risk benefits increased $515 million for the three months ended March 31, 2025 compared to the prior year period primarily reflecting the following items:

• A $501 million increase in expense from other market impacts on variable annuity guaranteed benefits, net of hedges. This increase was the result of an unfavorable $1.8 billion change in the market impact on variable annuity guaranteed benefits reserves, partially offset by a favorable $1.3 billion change in the market impact on derivatives hedging the variable annuity guaranteed benefits. The main market drivers contributing to these changes are summarized below:

• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in an expense for the three months ended March 31, 2025 compared to a benefit in the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in an expense for the three months ended March 31, 2025 compared to a benefit in the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the three months ended March 31, 2025 compared to the prior year period.

• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the three months ended March 31, 2025 compared to the prior year period.

General and administrative expense decreased $44 million, or 5%, for the three months ended March 31, 2025 compared to the prior year period primarily due to ongoing benefits from our initiatives to enhance operational efficiency and effectiveness and higher prior year period performance fee related compensation, partially offset by expenses to accelerate our transition to cloud-based technology.

Income Taxes

Our effective tax rate was 15.1% for the three months ended March 31, 2025 compared to 18.8% for the prior year period. The decrease in the effective tax rate for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to lower pretax income in the current period compared to the prior period and the related impact on tax preferred items, an increase in the benefit for incentive compensation, an increase in foreign tax credits, net of addback, partially offset by an increase in state income taxes, net of federal benefit and an increase in unrecognized tax benefits. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Results of Operations by Segment for the Three Months Ended March 31, 2025 and 2024

Adjusted operating earnings is the measure of segment profit or loss management uses to evaluate segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. We believe the presentation of segment adjusted operating earnings as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis. See Note 19 to the Consolidated Financial Statements for further information on the presentation of segment results and our definition of adjusted operating earnings.

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AMERIPRISE FINANCIAL, INC.

The following table presents summary financial information by segment:

			Three Months Ended March 31,
2025						2024
(in millions)
Advice & Wealth Management
Net revenues			$	2,782					$	2,560
Expenses			1,990						1,798
Adjusted operating earnings			$	792					$	762
Asset Management
Net revenues			$	846					$	855
Expenses			605						649
Adjusted operating earnings			$	241					$	206
Retirement & Protection Solutions
Net revenues			$	926					$	912
Expenses			711						713
Adjusted operating earnings			$	215					$	199
Corporate & Other
Net revenues			$	104					$	121
Expenses			201						210
Adjusted operating loss			$	(97)					$	(89)

Advice & Wealth Management

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

			2025						2024
(in billions)
Wrap assets (1)			$	572.8					$	521.7
Brokerage and other assets (1)			449.7						432.1
Total client assets			$	1,022.5					$	953.8
(1) Total cash balances (included in the wrap and brokerage and other assets above)			$	86.0					$	82.4

Total client assets increased $68.7 billion, or 7%, to $1.0 trillion compared to a year ago primarily due to market appreciation and client net inflows.

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

			2025						2024
(in billions)
Beginning balance			$	573.9					$	488.2
Net flows			8.7						6.5
Market appreciation (depreciation) and other			(9.8)						27.0
Ending balance			$	572.8					$	521.7
Advisory wrap account assets ending balance (1)			$	567.4					$	516.5
Average advisory wrap account assets (2)			$	578.7					$	490.7

(1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.

(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the three months ended March 31, 2025 and 2024, which is reflective of our billing cycle.

Ending wrap account assets decreased $1.1 billion to $572.8 billion during the three months ended March 31, 2025 due to market depreciation of $9.8 billion and net inflows of $8.7 billion. Average advisory wrap account assets increased $88.0 billion, or 18%, compared to the prior year period primarily reflecting market appreciation and net inflows.

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AMERIPRISE FINANCIAL, INC.

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

Cash and Certificates Balances			2025						2024
(in billions)
On-balance sheet - Ameriprise Bank			$	22.7					$	21.3
On-balance sheet - Ameriprise Certificate Company			10.7						13.2
On-balance sheet - broker dealer			2.3						2.5
Total on-balance sheet			35.7						37.0
Off-balance sheet - broker dealer			4.3						6.3
Total cash and certificate balances			40.0						43.3
Third party cash products (money market funds and brokered CDs)			46.0						39.1
Total client cash balances			$	86.0					$	82.4

Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 7% from the prior year to $22.7 billion as of March 31, 2025. Ameriprise Certificate Company (“ACC”) client deposits decreased $2.5 billion from the prior year to $10.7 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past five quarters. Third party cash products increased $6.9 billion to $46.0 billion driven by an increase of money market funds of $9.2 billion, partially offset by a decline in brokered CDs.

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

			Ameriprise Bank												ACC
			2025						2024						2025						2024
			(in millions)
Investments
Fixed and adjustable rate (1)			$	18,181					$	15,004					$	6,402					$	7,696
Floating rate (1)			3,141						5,340						4,070						5,289
Total Available-for-Sale securities			21,322						20,344						10,472						12,985
Cash and cash equivalents			1,772						1,745						853						904
Loans and other assets			1,397						997						145						179
Total assets supporting deposits or certificates			$	24,491					$	23,086					$	11,470					$	14,068
(1) Presented on an amortized cost basis.

• In Ameriprise Bank, interest-bearing assets included $21.3 billion of Available-for-Sale securities, $1.8 billion of cash and cash equivalents, and $1.4 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AAA and primarily consist of structured assets, of which 15% were floating rate and sensitive to changes in short-term interest rates as of March 31, 2025. We took action to reduce the floating rate allocation from 26% as of March 31, 2024. The duration of Ameriprise Bank investments was 3.6 years as of March 31, 2025 compared to 3.4 years as of March 31, 2024. In the three months ended March 31, 2025, we purchased $2.6 billion of investments, which was primarily funded from security maturities and prepayments, as well as a portion of the cash and cash equivalents position and additional client deposits in the bank.

• In ACC, interest-bearing assets include $10.5 billion of Available-for-Sale securities, $0.9 billion of cash and cash equivalents, and $0.1 billion of loans and other assets. The ACC investment portfolio securities are mostly rated AAA and primarily consist of structured assets and government bonds, of which 39% were floating rate and approximately 23% were 6-month Treasury Bills as of March 31, 2025. The duration of ACC investments was 1.3 years as of March 31, 2025 compared to 0.9 years as of March 31, 2024.

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AMERIPRISE FINANCIAL, INC.

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

			Three Months Ended March 31,												Change
			2025						2024
			(in millions)
Revenues
Management and financial advice fees			$	1,719					$	1,509					$	210					14		%
Distribution fees			613						598						15						3
Net investment income			500						560						(60)						(11)
Other revenues			77						72						5						7
Total revenues			2,909						2,739						170						6
Banking and deposit interest expense			127						179						(52)						(29)
Total net revenues			2,782						2,560						222						9
Expenses
Distribution expenses			1,554						1,369						185						14
Interest and debt expense			12						9						3						33
General and administrative expense			424						420						4						1
Total expenses			1,990						1,798						192						11
Adjusted operating earnings			$	792					$	762					$	30					4		%

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $30 million, or 4%, for the three months ended March 31, 2025 compared to the prior year period. This growth reflected the benefit from market appreciation and increased advisor productivity through the cumulative impact of client net inflows and higher transactional revenue, partially offset by lower interest revenue. Pretax adjusted operating margin was 28.5% for the three months ended March 31, 2025 compared to 29.8% for the prior year period.

Net Revenues

Management and financial advice fees increased $210 million, or 14%, for the three months ended March 31, 2025 compared to the prior year period primarily due to growth in average wrap account assets. Average advisory wrap account assets increased $88.0 billion, or 18%, compared to the prior year period primarily reflecting net inflows and market appreciation.

Distribution fees increased $15 million, or 3%, for the three months ended March 31, 2025 compared to the prior year period as non-brokerage cash revenue increased $29 million reflecting higher transactional activity and market appreciation, while brokerage cash revenue decreased $14 million due to lower off-balance sheet brokerage cash balances and a lower average fee yield.

Net investment income, which excludes net realized investment gains or losses, decreased $60 million, or 11%, for the three months ended March 31, 2025 compared to the prior year period primarily due to lower average invested assets supporting certificates and the unfavorable impact of lower investment yields on the investment portfolios supporting the bank cash deposits and certificate products.

Banking and deposit interest expense decreased $52 million, or 29%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting lower average crediting rates and lower balances on certificates and lower average crediting rates on Ameriprise Bank cash deposits.

• The average certificate reserve balance for ACC was $10.9 billion for the three months ended March 31, 2025 compared to $13.4 billion for the prior year period with the average crediting rate of 3.95% for the three months ended March 31, 2025 compared to 4.64% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.2 billion for the three months ended March 31, 2025 compared to $21.3 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.31% for the three months ended March 31, 2025 from 0.42% for the prior year period, which included both cash sweep and savings products.

Expenses

Distribution expenses increased $185 million, or 14%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting market appreciation and higher transactional activity, as well as investments in recruiting experienced advisors.

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AMERIPRISE FINANCIAL, INC.

Asset Management

The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of March 31, 2025:

Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted (1)			1 year			3 year			5 year			10 year
Equity			63%			66%			72%			86%
Fixed Income			92%			75%			87%			92%
Asset Allocation			74%			69%			63%			89%
4- or 5-star Morningstar rated funds (2)			Overall			3 year			5 year			10 year
Number of rated funds			101			64			74			86

(1) Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e. Institutional if available, otherwise Institutional 3 share class), net of fees. Peer groupings of Threadneedle funds are defined by either IA or Morningstar index and are based on the Primary Share Class. Comparison to Index are measured gross of fees.

To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.

Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.

(2) Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 3 received a 5-star Overall Rating and 37 received a 4-star Overall Rating. Out of 136 Threadneedle funds rated (based on highest-rated share class), 15 received a 5-star Overall Rating and 46 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

The following table presents global managed assets by type:																											Average (1)												Change
			As of March 31,												Change									Three Months Ended March 31,
2025						2024						2025						2024
			(in billions)
Equity			$	325.2					$	341.4					$	(16.2)					(5)		%				$	340.5					$	330.3					$	10.2					3		%
Fixed income			228.9						236.6						(7.7)						(3)						231.9						235.5						(3.6)						(2)
Money market			20.3						22.2						(1.9)						(9)						19.7						22.6						(2.9)						(13)
Alternative			27.8						33.0						(5.2)						(16)						30.2						33.2						(3.0)						(9)
Hybrid and other			19.2						18.9						0.3						2						19.6						18.5						1.1						6
Total managed assets			$	621.4					$	652.1					$	(30.7)					(5)		%				$	641.9					$	640.1					$	1.8					—		%

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

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AMERIPRISE FINANCIAL, INC.

The following table presents the changes in global managed assets:

			Three Months Ended March 31,
2025						2024
(in billions)
Global Retail Funds
Beginning managed assets			$	352.7					$	334.9
Inflows			15.0						14.0
Outflows			(20.1)						(16.3)
Net VP/VIT fund flows			(1.7)						(1.5)
Net new flows			(6.8)						(3.8)
Reinvested dividends			1.0						1.0
Net flows			(5.8)						(2.8)
Distributions			(1.0)						(1.2)
Market appreciation (depreciation) and other			(7.8)						19.4
Foreign currency translation (1)			2.3						(0.7)
Total ending managed assets			340.4						349.6
Global Institutional
Beginning managed assets			292.2						302.0
Inflows (2)			9.5						9.3
Outflows (2)			(22.0)						(12.2)
Net flows			(12.5)						(2.9)
Market appreciation (depreciation) and other (3)			(3.0)						4.8
Foreign currency translation (1)			4.3						(1.4)
Total ending managed assets			281.0						302.5
Total managed assets			621.4						652.1
Total assets under advisement (4)			35.3						28.6
Total assets under management and advisement			$	656.7					$	680.7
Total assets under management net flows			$	(18.3)					$	(5.7)
Model delivery assets under advisement flows (5)			—						0.2
Total assets under management and advisement flows (5)			$	(18.3)					$	(5.5)
Legacy insurance partners net flows (6)			$	(1.0)					$	(0.8)

(1) Amounts represent local currency to U.S. dollar translation for reporting purposes.

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

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

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

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

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

Total segment AUM decreased $23.5 billion, or 4%, during the three months ended March 31, 2025 primarily due to net outflows and market depreciation, partially offset by a favorable foreign exchange impact. Net outflows of $18.3 billion for the three months ended March 31, 2025 were primarily driven by a large institutional client repositioning into passive strategies, outflows from our U.S. real estate business, and higher retail redemptions due to market volatility.

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AMERIPRISE FINANCIAL, INC.

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

			Three Months Ended March 31,												Change
			2025						2024
			(in millions)
Revenues
Management and financial advice fees			$	740					$	742					$	(2)					—		%
Distribution fees			94						95						(1)						(1)
Net investment income			5						11						(6)						(55)
Other revenues			7						7						—						—
Total revenues			846						855						(9)						(1)
Banking and deposit interest expense			—						—						—						—
Total net revenues			846						855						(9)						(1)
Expenses
Distribution expenses			246						242						4						2
Amortization of deferred acquisition costs			2						2						—						—
Interest and debt expense			3						2						1						50
General and administrative expense			354						403						(49)						(12)
Total expenses			605						649						(44)						(7)
Adjusted operating earnings			$	241					$	206					$	35					17		%

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $35 million, or 17%, for the three months ended March 31, 2025 compared to the prior year period primarily due to equity market appreciation and the positive impact from expense management actions, partially offset by the cumulative impact from net outflows.

Net Revenues

Management and financial advice fees decreased $2 million for the three months ended March 31, 2025 compared to the prior year period primarily due to the cumulative impact from net outflows and higher performance fees in the prior year period, partially offset by higher average equity markets.

Expenses

General and administrative expense decreased $49 million, or 12%, for the three months ended March 31, 2025 compared to the prior year period reflecting the benefits from our initiatives to enhance operational efficiency and effectiveness along with higher performance fee related compensation in the prior year period.

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AMERIPRISE FINANCIAL, INC.

Retirement & Protection Solutions

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

			Three Months Ended March 31,												Change
2025						2024
(in millions)
Revenues
Management and financial advice fees			$	185					$	189					$	(4)					(2)		%
Distribution fees			102						104						(2)						(2)
Net investment income			296						243						53						22
Premiums, policy and contract charges			341						374						(33)						(9)
Other revenues			2						2						—						—
Total revenues			926						912						14						2
Banking and deposit interest expense			—						—						—						—
Total net revenues			926						912						14						2
Expenses
Distribution expenses			123						124						(1)						(1)
Interest credited to fixed accounts			92						91						1						1
Benefits, claims, losses and settlement expenses			211						224						(13)						(6)
Remeasurement (gains) losses of future policy benefit reserves			(3)						(2)						(1)						(50)
Change in fair value of market risk benefits			143						129						14						11
Amortization of deferred acquisition costs			57						57						—						—
Interest and debt expense			8						12						(4)						(33)
General and administrative expense			80						78						2						3
Total expenses			711						713						(2)						—
Adjusted operating earnings			$	215					$	199					$	16					8		%

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on indexed universal life (“IUL”) benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $16 million, or 8%, for the three months ended March 31, 2025 compared to prior year period primarily reflecting higher investment portfolio yields.

Variable annuity account balances decreased 1% to $83.5 billion as of March 31, 2025 compared to the prior year period due to net outflows of $3.9 billion, partially offset by market appreciation. Variable annuity sales decreased 8% compared to the prior year period primarily reflecting a decrease in sales of SVAs, partially offset by an increase in sales in traditional variable annuities without living benefit guarantees. Account values with living benefit riders declined to 49% as of March 31, 2025 compared to 53% a year ago reflecting our actions to optimize our business mix. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.

Net Revenues

Net investment income, which excludes net realized investment gains or losses, increased $53 million, or 22%, for the three months ended March 31, 2025 compared to the prior year period primarily due to higher SVA balances and higher investment portfolio yields from investment portfolio repositioning.

Premiums, policy and contract charges decreased $33 million, or 9%, for the three months ended March 31, 2025 compared to the prior year period primarily due to lower sales of life contingent payout annuities.

Expenses

Benefits, claims, losses and settlement expenses, which exclude the market impact on structured variable annuities indexed account embedded derivative (net of hedges) and mean reversion related impacts, decreased $13 million, or 6%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting lower sales of life contingent payout annuities, partially offset by increased volume in SVAs.

Change in fair value of market risk benefits increased $14 million, or 11%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting market appreciation on contractual fees.

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AMERIPRISE FINANCIAL, INC.

Corporate & Other

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

			Three Months Ended March 31,												Change
			2025						2024
			(in millions)
Revenues
Net investment income			$	47					$	58					$	(11)					(19)		%
Premiums, policy and contract charges			22						23						(1)						(4)
Other revenues			43						48						(5)						(10)
Total revenues			112						129						(17)						(13)
Banking and deposit interest expense			8						8						—						—
Total net revenues			104						121						(17)						(14)
Expenses
Distribution expenses			(2)						(2)						—						—
Interest credited to fixed accounts			51						55						(4)						(7)
Benefits, claims, losses and settlement expenses			56						53						3						6
Remeasurement (gains) losses of future policy benefit reserves			(7)						(2)						(5)						NM
Amortization of deferred acquisition costs			2						2						—						—
Interest and debt expense			28						25						3						12
General and administrative expense			73						79						(6)						(8)
Total expenses			201						210						(9)						(4)
Adjusted operating loss			$	(97)					$	(89)					$	(8)					(9)		%
NM Not Meaningful - variance equal to or greater than 100%.

Our Corporate & Other segment includes our closed blocks of LTC insurance and fixed annuity and fixed indexed annuity (“FA”) business.

Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed annuity benefits (net of hedges), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss increased $8 million for the three months ended March 31, 2025 compared to the prior year period, reflecting lower net investment income.

LTC insurance had pretax adjusted operating earnings of $14 million for the three months ended March 31, 2025 compared to pretax adjusted operating earnings of $16 million for the prior year period primarily reflecting lower investment portfolio yields, partially offset by improved claims experience.

The FA business had a pretax adjusted operating loss of $8 million for the three months ended March 31, 2025 compared to a pretax adjusted operating loss of $6 million for the prior year period. Fixed deferred annuity account balances declined 9% to $5.5 billion as of March 31, 2025 compared to the prior year period as policies continue to lapse.

Net Revenues

Net investment income, which excludes net realized investment gains or losses, the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impacts, integration and restructuring charges, and the impact of consolidating CIEs, decreased $11 million, or 19%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting lower investment portfolio yields.

Expenses

General and administrative expense decreased $6 million, or 8%, for the three months ended March 31, 2025 compared to the prior year period primarily reflecting favorable mark-to-market impacts on share-based compensation in the current period compared to unfavorable impacts in the prior year period along with a lease write-down in the prior year period.

Fair Value Measurements

We report certain assets and liabilities at fair value; specifically, separate account assets, derivatives, market risk benefits, embedded derivatives, and most investments and cash equivalents. Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale. We include actual market prices, or observable inputs, in our

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AMERIPRISE FINANCIAL, INC.

fair value measurements to the extent available. Broker quotes are obtained when quotes from pricing services are not available. We validate prices obtained from third parties through a variety of means such as: price variance analysis, subsequent sales testing, stale price review, price comparison across pricing vendors and due diligence reviews of vendors. See Note 12 to the Consolidated Financial Statements for additional information on our fair value measurements.

Fair Value of Liabilities and Nonperformance Risk

Companies are required to measure the fair value of liabilities at the price that would be received to transfer the liability to a market participant (an exit price). Since there is not a market for our obligations of our market risk benefits, fixed deferred indexed annuities, structured variable annuities, and IUL insurance, we consider the assumptions participants in a hypothetical market would make to reflect an exit price. As a result, we adjust the valuation of market risk benefits, fixed deferred indexed annuities, structured variable annuities, and IUL insurance by updating certain contractholder assumptions, adding explicit margins to provide for risk, and adjusting the rates used to discount expected cash flows to reflect a current market estimate of our nonperformance risk. The nonperformance risk adjustment is based on observable market data adjusted to estimate the risk of our life insurance company subsidiaries not fulfilling these liabilities. Consistent with general market conditions, this estimate resulted in a spread over the U.S. Treasury curve as of March 31, 2025. As our estimate of this spread widens or tightens, the liability will decrease or increase, respectively. If this nonperformance credit spread moves to a zero spread over the U.S. Treasury curve, the reduction to future total equity would be approximately $571 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on March 31, 2025 credit spreads.

Liquidity and Capital Resources

Overview

We maintained substantial liquidity during the three months ended March 31, 2025. As of March 31, 2025 and December 31, 2024, we had $7.8 billion and $8.1 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis.

As of March 31, 2025 and December 31, 2024, the parent company had $1.3 billion and $856 million, respectively, in cash, cash equivalents, and unencumbered liquid securities. Liquid securities predominantly include U.S. government agency mortgage backed securities. Additional sources of liquidity at the parent company include a line of credit with an affiliate up to $750 million and an unsecured revolving committed credit facility for up to $1.0 billion that expires in November 2029. Management’s estimate of liquidity available to the parent company in a volatile and uncertain economic environment as of March 31, 2025 was $2.5 billion which includes cash, cash equivalents, unencumbered liquid securities, the line of credit with an affiliate and a portion of the committed credit facility.

Under the terms of the committed credit facility, we can increase the availability to $1.3 billion upon satisfaction of certain approval requirements. Available borrowings under this facility are reduced by any outstanding letters of credit. At March 31, 2025, we had no outstanding borrowings under this credit facility and had $1 million of letters of credit issued against the facility. Our credit facility contains various administrative, reporting, legal and financial covenants. We remained in compliance with all such covenants at March 31, 2025.

In addition, we have access to collateralized borrowings, which may include repurchase agreements, Federal Home Loan Bank (“FHLB”) advances, and advances at the Federal Reserve. Our subsidiaries, RiverSource Life Insurance Company (“RiverSource Life”), and Ameriprise Bank are members of the FHLB of Des Moines, which provides access to collateralized borrowings. As of March 31, 2025 and December 31, 2024, we had $10.4 billion and $8.5 billion, respectively, of estimated borrowing capacity under the FHLB facilities, of which $201 million was outstanding as of both March 31, 2025 and December 31, 2024, and is collateralized with commercial mortgage backed securities and residential mortgage backed securities. In addition, Ameriprise Bank maintains access to borrowings from the Federal Reserve which are collateralized with residential mortgage backed securities, commercial mortgage backed securities and corporate debt securities. As of March 31, 2025 and December 31, 2024, we estimated $11.4 billion and $11.9 billion, respectively, of borrowing capacity from the Federal Reserve in addition to the FHLB capacity and there were no outstanding obligations.

There have been no material changes to our contractual obligations disclosed in our 2024 10-K.

On February 28, 2025, we issued $750 million of 5.20% unsecured senior notes due April 15, 2035. On April 2, 2025, we repaid $500 million principal amount of our 3.0% senior notes at maturity. See Note 11 to our Consolidated Financial Statements for further information about our long-term debt maturities.

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

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In October 2023, the Federal Reserve Board (“FRB”) issued its final rule establishing a consolidated capital framework termed the “Building Block Approach” (“BBA”) for savings and loan holding companies like Ameriprise Financial that are significantly engaged in insurance activities. For information on the impact of the BBA, see “Business - Regulation - Federal Banking and Financial Holding Company Regulation” included in Part I, Item 1 in our 2024 10-K.

We are an applicable corporation required to compute the corporate alternative minimum tax (“CAMT”); however, as of March 31, 2025, based on current estimates, we do not expect to be liable for CAMT in 2025. This estimate is based on interpretations and assumptions of available guidance, including proposed regulations, that we have made regarding the CAMT provisions of the Inflation Reduction Act of 2022.

In December 2021, the Organization for Economic Co-operation and Development published the Pillar Two model rules which introduce new taxing mechanisms aimed at ensuring multinational enterprises pay a minimum level of tax on profits from each jurisdiction in which they operate. As of March 31, 2025 and December 31, 2024, the tax impact is not material to the consolidated financial statements. We continue to monitor the adoption and implementation of these rules and evaluate the potential impact on our consolidated financial statements.

Dividends from Subsidiaries

Ameriprise Financial is primarily a parent holding company for the operations carried out by our wholly-owned subsidiaries. Because of our holding company structure, our ability to meet our cash requirements, including the payment of dividends on our common stock, substantially depends upon the receipt of dividends or return of capital from our subsidiaries, particularly our life insurance subsidiary, RiverSource Life, our face-amount certificate subsidiary, Ameriprise Certificate Company (“ACC”), Ameriprise Bank, AMPF Holding, LLC, which is the parent company of our retail introducing broker-dealer subsidiary, Ameriprise Financial Services, LLC (“AFS”) and our clearing broker-dealer subsidiary, American Enterprise Investment Services, Inc. (“AEIS”), our transfer agent subsidiary, Columbia Management Investment Services Corp. (“CMIS”), our investment advisory company, Columbia Management Investment Advisers, LLC (“CMIA”), TAM UK International Holdings Ltd, which includes Ameriprise International Holdings GmbH within its organizational structure, and Columbia Threadneedle Investments UK International Ltd. The payment of dividends by many of our subsidiaries is restricted and certain of our subsidiaries are subject to regulatory capital requirements. For example, RiverSource Life payments in excess of statutory unassigned funds require advanced notice to the Minnesota Department of Commerce (“MN DOC”), RiverSource Life’s primary regulator, and are subject to potential disapproval. In addition, dividends and other distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceeds the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advanced notice to MN DOC, and are subject to potential disapproval.

Our broker-dealer subsidiaries are subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. Rule 15c3-1 provides an “alternative net capital requirement” which AEIS and AFS (significant broker dealers) have elected. Regulations require that minimum net capital, as defined, be equal to the greater of $250 thousand or 2% of aggregate debit items arising from client balances. The Financial Industry Regulatory Authority (“FINRA”) may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements.

Ameriprise Bank is subject to regulation by the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation in its role as insurer of its deposits. Ameriprise Bank is required to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), Tier 1 Capital to average assets (as defined), and under rules defined under the Basel III capital framework, Common equity Tier 1 capital (“CEIT”) to risk-weighted assets. Ameriprise Bank calculates these ratios under the Basel III standardized approach in order to assess compliance with both regulatory requirements and Ameriprise Bank’s internal capital policies. As permitted under the rules of the Basel III capital framework, we have elected to exclude AOCI from the calculation of regulatory capital.

ACC is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”). ACC markets and sells investment certificates to clients. ACC is subject to various capital requirements under the 1940 Act, laws of the State of Minnesota and understandings with the SEC and the Minnesota Department of Commerce. The terms of the investment certificates issued by ACC and the provisions of the 1940 Act also require the maintenance by ACC of qualified assets.

Actual capital and the regulatory capital requirement for TAM UK International Holdings Ltd. and Columbia Threadneedle Investments UK International Ltd. are calculated and reported as a single consolidated group under TAM UK International Holdings Ltd. Required capital for these entities is predominantly based on the requirements specified by its regulator, the Financial Conduct Authority (“FCA”), under its Capital Adequacy Requirements for investment firms. Required capital reflects 110% of the Own Funds Threshold Requirement (“OFTR”) and is determined by the group through its ongoing Internal Capital Adequacy and Risk Assessment (“ICARA”) process.

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AMERIPRISE FINANCIAL, INC.

Actual capital and regulatory capital requirements for our wholly owned subsidiaries subject to regulatory capital requirements were as follows:

			Actual Capital												Regulatory Capital Requirements
			March 31, 2025						December 31, 2024			March 31, 2025						December 31, 2024
			(in millions)
RiverSource Life (1)			$	3,068					$	2,700					N/A						$	489
RiverSource Life of NY (1)			261						219						N/A						38
ACC (3)(4)			609						644						$	569					596
TAM UK International Holdings Ltd. (5)			731						692						273						265
Ameriprise Bank (6)			1,820						1,763						1,220						1,199
AFS (2)(3)			194						113						#						#
Ameriprise Captive Insurance Company (2)			33						36						20						13
Ameriprise Trust Company (2)			77						74						51						51
AEIS (2)(3)			158						141						28						30
RiverSource Distributors, Inc. (2)(3)			14						13						#						#
Columbia Management Investment Distributors, Inc. (2)(3)			22						19						#						#

N/A Not applicable as only required to be calculated annually.

Amounts are less than $1 million.

(1) Actual capital is determined on a statutory basis. Regulatory capital requirement is the company action level and is based on the statutory risk-based capital filing.

(2) Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of March 31, 2025 and December 31, 2024.

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

(4) ACC is required to hold capital in compliance with the Minnesota Department of Commerce and SEC capital requirements.

(5) Actual capital and regulatory capital requirements are determined in accordance with U.K. regulatory legislation.

(6) Actual capital and regulatory capital requirements are determined in accordance with rules defined under Basel III capital framework. As permitted, AOCI is excluded from the calculation of regulatory capital.

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

During the three months ended March 31, 2025, the parent holding company received cash dividends or a return of capital from its subsidiaries of $888 million (including $200 million from RiverSource Life and $385 million from AMPF Holding, LLC) and contributed cash to its subsidiaries of $90 million. During the three months ended March 31, 2024, the parent holding company received cash dividends or a return of capital from its subsidiaries of $832 million (including $200 million from RiverSource Life and $320 million from AMPF Holding, LLC) and contributed cash to its subsidiaries of $60 million.

In 2009, RiverSource Life established an agreement to protect its exposure to Genworth Life Insurance Company (“GLIC”) for its reinsured LTC. In 2016, substantial enhancements to this reinsurance protection agreement were finalized. The terms of these confidential provisions within the agreement have been shared, in the normal course of regular reviews, with our domiciliary regulator and rating agencies. GLIC is domiciled in Delaware, so in the event GLIC was subjected to rehabilitation or insolvency proceedings, such proceedings would be located in (and governed by) Delaware laws. Delaware courts have a long tradition of respecting commercial and reinsurance affairs as well as contracts among sophisticated parties. Similar credit protections to what we have with GLIC have been tested and respected in Delaware and elsewhere in the United States, and as a result we believe our credit protections would be respected even in the unlikely event that GLIC becomes subject to rehabilitation or insolvency proceedings in Delaware. Accordingly, while no credit protections are perfect, we believe the correct way to think about the risks represented by our counterparty credit exposure to GLIC is not the full amount of the gross liability that GLIC reinsures, but a much smaller net exposure to GLIC (if any that might exist after taking into account our credit protections). Thus, management believes that our agreement and offsetting non-LTC legacy arrangements with Genworth Financial, Inc. will enable RiverSource Life to recover on all net exposure in all material respects in the event of a rehabilitation or insolvency of GLIC.

Dividends Paid to Shareholders and Share Repurchases

We paid regular quarterly dividends to our shareholders totaling $148 million and $143 million for the three months ended March 31, 2025 and 2024, respectively. On April 24, 2025, we announced a quarterly dividend of $1.60 per common share. The dividend will be paid on May 19, 2025 to our shareholders of record at the close of business on May 5, 2025.

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AMERIPRISE FINANCIAL, INC.

On July 24, 2023, our Board of Directors authorized an additional $3.5 billion for the repurchase of our common stock through September 30, 2025. As of March 31, 2025, we had $271 million remaining under this share repurchase authorization. On April 22, 2025, our Board of Directors authorized an additional $4.5 billion for the repurchase of our common stock through June 30, 2027. We intend to fund share repurchases through existing excess capital, future free cash flow generation and other customary financing methods. The share repurchase program does not require the purchase of any minimum number of shares, and depending on market conditions and other factors, these purchases may be commenced or suspended at any time without prior notice. Acquisitions under the share repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means. During the three months ended March 31, 2025, we repurchased a total of 1.2 million shares of our common stock at an average price of $525.76 per share.

Cash Flows

Cash flows of CIEs and restricted and segregated cash and cash equivalents are reflected in our cash flows provided by (used in) operating activities, investing activities and financing activities. Cash held by CIEs is not available for general use by Ameriprise Financial, nor is Ameriprise Financial cash available for general use by its CIEs. Cash and cash equivalents segregated under federal and other regulations is held for the exclusive benefit of our brokerage customers and is not available for general use by Ameriprise Financial.

Operating Activities

Net cash provided by operating activities increased $242 million to $1.7 billion for the three months ended March 31, 2025 compared to $1.4 billion for the prior year period primarily reflecting earnings from our fee based business operations, partially offset by net cash outflows in brokerage deposits.

Investing Activities

Our investing activities primarily relate to our Available-for-Sale investment portfolio and in recent quarters is significantly affected by the net flows of our face amount certificates and bank deposit activity.

Net cash used in investing activities increased $1.2 billion to $1.7 billion for the three months ended March 31, 2025 compared to $569 million for the prior year period driven by a $2.9 billion increase in purchases of Available-for-Sale securities, partially offset by a $1.1 billion increase in proceeds from sales of Available-for-Sale securities and a $938 million increase in proceeds from maturities, sinking fund payments and calls of Available-for-Sale securities.

Financing Activities

Net cash used in financing activities decreased $943 million to $488 million for the three months ended March 31, 2025 compared to $1.4 billion for the prior year period. The decrease in net cash used in financing activities primarily reflects $740 million in proceeds from our long-term debt issuance and a $533 million increase in the change in banking deposits, net.

Forward-Looking Statements

This report contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:

• statements of the Company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, acquisition integration, benefits and claims expenses, general and administrative costs, consolidated tax rate, return of capital to shareholders, debt repayment and excess capital position and financial flexibility to capture additional growth opportunities;

• statements about the expected trend in the shift to lower-risk products, including the exit from variable annuities with living benefit riders;

• statements about the anticipated deposit growth or statements about rising interest rates and the impacts on investment portfolio yield;

• other statements about future economic performance, the performance of equity and bond markets and interest rate variations and the economic performance of the United States and of global markets; and

• statements of assumptions underlying such statements.

The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” “continue,” “able to remain,” “resume,” “deliver,” “develop,” “evolve,” “drive,” “enable,” “flexibility,” “scenario,” “case”, “appear”, “expand” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.

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AMERIPRISE FINANCIAL, INC.

Such factors include, but are not limited to:

• market fluctuations and general economic and political factors, including volatility in the U.S. and global market conditions, client behavior and volatility in the markets for our products;

• changes in interest rates;

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

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

• declines in our investment management performance;

• our ability to compete in attracting and retaining talent, including financial advisors;

• impairment, negative performance or default by financial institutions or other counterparties;

• the ability to maintain our unaffiliated third-party distribution channels and the impacts of sales of unaffiliated products;

• changes in valuation of securities and investments included in our assets;

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

• the illiquidity of some of our investments;

• failures or defaults by counterparties to our reinsurance arrangements;

• failures by other insurers that lead to higher assessments we owe to state insurance guaranty funds;

• inadequate reserves for future policy benefits and claims or for future redemptions and maturities;

• deviations from our assumptions regarding morbidity, mortality and persistency affecting our insurance profitability;

• damage to our reputation arising from employee or advisor misconduct or otherwise;

• direct or indirect effects of or responses to climate change;

• interruptions or other failures in our operating systems and networks, including errors or failures caused by third-party service providers, interference or third-party attacks;

• interruptions or other errors in our telecommunications or data processing systems;

• identification and mitigation of risk exposure in market environments, new products, vendors and other types of risk;

• ability of our subsidiaries to transfer funds to us to pay dividends;

• changes in exchange rates and other risks in connection with our international operations and earnings and income generated overseas;

• occurrence of natural or man-made disasters and catastrophes;

• risks in acquisition transactions, or other potential strategic acquisitions or divestitures;

• legal and regulatory actions brought against us;

• changes to laws and regulations that govern operation of our business;

• supervision by bank regulators and related regulatory and prudential standards as a savings and loan holding company that may limit our activities and strategies;

• changes in corporate tax laws and regulations and interpretations and determinations of tax laws impacting our products;

• protection of our intellectual property and claims we infringe the intellectual property of others; and

• changes in and the adoption of new accounting standards.

Management cautions the reader that the foregoing list of factors is not exhaustive. There may also be other risks that management is unable to predict at this time that may cause actual results to differ materially from those in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management undertakes no obligation to update publicly or revise any forward-looking statements. The foregoing list of factors should be read in conjunction with the “Risk Factors” discussion included in Part I, Item 1A of our 2024 10-K.

Ameriprise Financial announces financial and other information to investors through the Company’s investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this report or in any other report or document the Company furnishes or files with the SEC.

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AMERIPRISE FINANCIAL, INC.