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 $1.7 trillion in assets under management, administration and advisement as of September 30, 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, 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.”

In the third quarter, we conducted our annual review of life insurance, annuity and long term care (“LTC”) valuation assumptions relative to current experience and management expectations including modeling changes. These annual assumption updates, including model changes, are collectively referred to as unlocking throughout this document. See our Consolidated and Segment Results of Operations sections for the pretax impacts on our revenues and expenses attributable to unlocking.

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

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AMERIPRISE FINANCIAL, INC.

discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.

The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with 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
			Nine Months Ended September 30,												Nine Months Ended September 30,
			2025						2024			2025						2024
			(in millions, except per share amounts)
Net income (loss)			$	2,555					$	2,330					$	25.83					$	22.53
Less Adjustments:
Net realized investment gains (losses) (1)			(9)						(9)						(0.09)						(0.09)
Market impact on non-traditional long-duration products (1)			(323)						(322)						(3.27)						(3.11)
Mean reversion related impacts (1)			1						1						0.01						0.01
Net income (loss) attributable to CIEs			1						3						0.01						0.03
Tax effect of adjustments (2)			70						69						0.71						0.66
Adjusted operating earnings			$	2,815					$	2,588					$	28.46					$	25.03
Weighted average common shares outstanding:
Basic			97.4						101.6
Diluted			98.9						103.4

(1) Pretax adjusted operating adjustments.

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

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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 September 30,
2025						2024
(in millions)
Net income			$	3,626					$	2,707
Less: Adjustments (1)			(136)						(642)
Adjusted operating earnings			3,762						3,349
Total Ameriprise Financial, Inc. shareholders’ equity			5,781						4,828
Less: AOCI, net of tax			(1,347)						(1,926)
Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI			7,128						6,754
Less: Equity impacts attributable to CIEs			—						(3)
Adjusted operating equity			$	7,128					$	6,757

Return on equity, excluding AOCI			50.9		%				40.1		%
Adjusted operating return on equity, excluding AOCI (2)			52.8		%				49.6		%

(1) Adjustments reflect the sum of after-tax net realized investment gains or losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; 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; 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 accumulated other comprehensive income (“AOCI”) is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. 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 September 30,
2025						2024			Change
S&P 500
Daily average			6,427						5,546						16%
Period end			6,688						5,762						16%
Weighted Equity Index (“WEI”) (1)
Daily average			4,055						3,528						15%
Period end			4,210						3,664						15%

(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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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:

			September 30,												Change
2025						2024
(in billions)
Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM			$	646.4					$	565.2					$	81.2					14		%
Asset Management AUM			674.7						672.1						2.6						—
Corporate AUM			0.8						0.5						0.3						60
Eliminations			(47.8)						(45.9)						(1.9)						(4)
Total Assets Under Management			1,274.1						1,191.9						82.2						7
Total Assets Under Administration			347.9						314.2						33.7						11
Total Assets Under Advisement (net of eliminations)			37.5						31.9						5.6						18
Total Assets Under Management, Administration and Advisement			$	1,659.5					$	1,538.0					$	121.5					8		%

Total AUM increased $82.2 billion, or 7%, to $1.3 trillion as of September 30, 2025 compared to $1.2 trillion as of September 30, 2024 due to an $81.2 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $2.6 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows. Total Assets Under Administration increased $33.7 billion, or 11%, to $347.9 billion as of September 30, 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 $5.6 billion, or 18%, to $37.5 billion as September 30, 2025 due to net inflows and market appreciation. 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 September 30, 2025 and 2024

The following table presents our consolidated results of operations:

			Three Months Ended September 30,												Change
			2025						2024
			(in millions)
Revenues
Management and financial advice fees			$	2,811					$	2,573					$	238					9		%
Distribution fees			539						513						26						5
Net investment income			920						934						(14)						(1)
Premiums, policy and contract charges			493						409						84						21
Other revenues			130						131						(1)						(1)
Total revenues			4,893						4,560						333						7
Banking and deposit interest expense			102						163						(61)						(37)
Total net revenues			4,791						4,397						394						9
Expenses
Distribution expenses			1,714						1,539						175						11
Interest credited to fixed accounts			141						118						23						19
Benefits, claims, losses and settlement expenses			343						430						(87)						(20)
Remeasurement (gains) losses of future policy benefit reserves			22						(22)						44						NM
Change in fair value of market risk benefits			302						566						(264)						(47)
Amortization of deferred acquisition costs			60						59						1						2
Interest and debt expense			84						87						(3)						(3)
General and administrative expense			951						975						(24)						(2)
Total expenses			3,617						3,752						(135)						(4)
Pretax income			1,174						645						529						82
Income tax provision			262						134						128						96
Net income			$	912					$	511					$	401					78		%
NM Not Meaningful - variance equal to or greater than 100%.

Overall

Pretax income increased $529 million, or 82%, for the three months ended September 30, 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 $82 million for the three months ended September 30, 2025 compared to an expense of $402 million for the prior year period.

• A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 15% in the three months ended September 30, 2025 compared to the prior year period.

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

• The favorable impact of unlocking was $22 million for the three months ended September 30, 2025 compared to an unfavorable impact of $77 million for the prior year period.

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

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AMERIPRISE FINANCIAL, INC.

The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking for the three months ended September 30:

Pretax Increase (Decrease)						2025						2024
						(in millions)
Premiums, policy and contract charges						$	118					$	(4)
Other revenues						3						—
Total revenues						121						(4)
Interest credited to fixed accounts						(21)						(10)
Benefits, claims, losses and settlement expenses						16						(4)
Remeasurement (gains) losses of future policy benefit reserves:
LTC unlocking						26						4
Unlocking impact, excluding LTC						(10)						(24)
Total remeasurement (gains) losses of future policy benefit reserves						16						(20)
Change in fair value of market risk benefits						88						107
Total expenses						99						73
Pretax income (loss) (1)						$	22					$	(77)

(1) Includes a $28 million net expense for the three months ended September 30, 2025 and a $17 million net expense for the three months ended September 30, 2024 primarily related to the market impact on IUL benefits, which are excluded from adjusted operating earnings. Refer to Results of Operations by Segment for the impact to pretax adjusted operating earnings attributable to unlocking.

The primary drivers of the unlocking impact for the three months ended September 30, 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. In the prior year period, the primary driver of the unlocking impact was lowered surrender assumptions on variable annuities with living benefits resulting in an expense, partially offset by the updated claims incident rates on disability insurance.

Net Revenues

Management and financial advice fees increased $238 million, or 9%, for the three months ended September 30, 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.

Premiums, policy and contract charges increased $84 million, or 21%, for the three months ended September 30, 2025 compared to the prior year period primarily due to model changes related to the cost of reinsurance associated with non-traditional insurance products, partially offset by lower sales of life contingent payout annuities.

Banking and deposit interest expense decreased $61 million, or 37%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank, FSB (“Ameriprise Bank”) cash deposits.

Expenses

Distribution expenses increased $175 million, or 11%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets.

Interest credited to fixed accounts increased $23 million, or 19%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting a $24 million increase in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was a benefit of $11 million for the three months ended September 30, 2025 compared to a benefit of $35 million for the prior year period. The increase in expense was primarily due to a decrease in the IUL embedded derivative in the prior period, which reflected lower option costs due to a lower new money rate, offset by less discounting due to lower forward rates.

Benefits, claims, losses and settlement expenses decreased $87 million, or 20%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting a $91 million decrease in expense from market impacts on structured variable annuities (“SVA”) embedded derivative, net of hedging activity. This decrease was primarily the result of a favorable $557 million change in the market impact on derivatives hedging the SVA embedded derivative and an unfavorable $466 million change in the market impact on SVA embedded derivative. The decrease in expense also reflects the impact of lower sales of life contingent payout annuities, partially offset by the impact of increased volume in SVAs.

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Remeasurement (gains) losses of future policy benefit reserves increased $44 million, for the three months ended September 30, 2025 compared to the prior year period reflecting the unfavorable impact of unlocking in the current period compared to a favorable impact of unlocking for the prior year period.

Change in fair value of market risk benefits decreased $264 million, or 47%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting the following items:

• A $265 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $779 million change in the market impact on variable annuity guaranteed benefits reserves, partially offset by an unfavorable $514 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits. The main market drivers contributing to these changes are summarized below:

• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger benefit for the three months ended September 30, 2025 compared to the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the three months ended September 30, 2025 compared to the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in an expense for the three months ended September 30, 2025 compared to a benefit in the prior year period.

• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a larger net expense for the three months ended September 30, 2025 compared to the prior year period.

General and administrative expense decreased $24 million, or 2%, for the three months ended September 30, 2025 compared to the prior year period primarily due to ongoing benefits from our initiatives to enhance operational efficiency and effectiveness, partially offset by higher volume related expenses and investments for business growth.

Income Taxes

Our effective tax rate was 22.3% for the three months ended September 30, 2025 compared to 20.7% for the prior year period. The increase in the effective tax rate for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to higher pretax income in the current period compared to the prior year period and the related impact on tax preferred items. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Results of Operations by Segment for the Three Months Ended September 30, 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 September 30,
2025						2024
(in millions)
Advice & Wealth Management
Net revenues			$	2,990					$	2,742
Expenses			2,109						1,916
Adjusted operating earnings			$	881					$	826
Asset Management
Net revenues			$	906					$	882
Expenses			646						637
Adjusted operating earnings			$	260					$	245
Retirement & Protection Solutions
Net revenues			$	1,102					$	973
Expenses			885						855
Adjusted operating earnings			$	217					$	118
Corporate & Other
Net revenues			$	104					$	115
Expenses			220						258
Adjusted operating loss			$	(116)					$	(143)

The following table presents the segment pretax adjusted operating impacts on our revenues and expenses attributable to unlocking for the three months ended September 30:

Segment Pretax Operating Increase (Decrease)						2025												2024
Retirement & Protection Solutions						Corporate			Retirement & Protection Solutions						Corporate
						(in millions)
Premiums, policy and contract charges						$	117					$	—					$	(5)					$	—
Other revenues						—						3						—						—
Total revenues						117						3						(5)						—
Benefits, claims, losses and settlement expenses						16						—						4						—
Remeasurement (gains) losses of future policy benefit reserves:
LTC unlocking						—						26						—						4
Unlocking impact, excluding LTC						(10)						—						(24)						—
Total remeasurement (gains) losses of future policy benefit reserves						(10)						26						(24)						4
Change in fair value of market risk benefits						94						—						105						—
Total expenses						100						26						85						4
Pretax income (loss)						$	17					$	(23)					$	(90)					$	(4)

Advice & Wealth Management

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

			2025						2024
(in billions)
Wrap assets (1)			$	650.3					$	569.1
Brokerage and other assets (1)			488.1						455.4
Total client assets			$	1,138.4					$	1,024.5
(1) Total cash balances (included in the wrap and brokerage and other assets above)			$	84.8					$	83.0

Total client assets increased $113.9 billion, or 11%, to $1.1 trillion compared to a year ago primarily due to market appreciation and client net inflows.

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

			2025						2024
(in billions)
Beginning balance			$	615.2					$	535.0
Net flows			4.8						8.0
Market appreciation (depreciation) and other			30.3						26.1
Ending balance			$	650.3					$	569.1
Advisory wrap account assets ending balance (1)			$	644.4					$	563.4
Average advisory wrap account assets (2)			$	618.2					$	541.7

(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 September 30, 2025 and 2024, which is reflective of our billing cycle.

Ending wrap account assets increased $35.1 billion to $650.3 billion during the three months ended September 30, 2025 due to market appreciation of $30.3 billion and net inflows of $4.8 billion. Average advisory wrap account assets increased $76.5 billion, or 14%, compared to the prior year period primarily reflecting market appreciation and net inflows.

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

Cash and Certificates Balances			2025						2024
(in billions)
On-balance sheet - Ameriprise Bank			$	22.6					$	21.7
On-balance sheet - Ameriprise Certificate Company			8.9						12.0
On-balance sheet - broker dealer			2.2						2.7
Total on-balance sheet			33.7						36.4
Off-balance sheet - broker dealer			3.2						3.7
Total cash and certificate balances			36.9						40.1
Third party cash products (money market funds and brokered CDs)			47.9						42.9
Total client cash balances			$	84.8					$	83.0

Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 4% from the prior year to $22.6 billion as of September 30, 2025. Ameriprise Certificate Company (“ACC”) client deposits decreased $3.1 billion from the prior year to $8.9 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past seven quarters. Third party cash products increased $5.0 billion to $47.9 billion driven by an increase of money market funds of $7.2 billion, partially offset by a decline in brokered CDs.

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

			Ameriprise Bank												ACC
			2025						2024						2025						2024
			(in millions)
Investments
Fixed and adjustable rate (1)			$	17,207					$	15,781					$	5,328					$	7,253
Floating rate (1)			2,170						3,659						3,494						4,623
Total Available-for-Sale securities			19,377						19,440						8,822						11,876
Cash and cash equivalents			3,336						2,787						517						889
Loans and other assets			1,727						1,187						149						160
Total assets supporting deposits or certificates			$	24,440					$	23,414					$	9,488					$	12,925
(1) Presented on an amortized cost basis.

• In Ameriprise Bank, assets included $19.4 billion of Available-for-Sale securities, $3.3 billion of cash and cash equivalents, and $1.7 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AAA and primarily consist of structured assets, of which 11% were floating rate and sensitive to changes in short-term interest rates as of September 30, 2025. We took action to reduce the floating rate allocation from 19% as of September 30, 2024. The duration of Ameriprise Bank investments was 3.7 years as of September 30, 2025 compared to 3.1 years as of September 30, 2024. In the three months ended September 30, 2025, we purchased $0.7 billion of investments, which was primarily funded from security maturities and prepayments.

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AMERIPRISE FINANCIAL, INC.

• In ACC, assets include $8.8 billion of Available-for-Sale securities, $0.5 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 40% were floating rate and approximately 20% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of September 30, 2025. The duration of ACC investments was 1.4 years as of September 30, 2025 compared to 0.8 years as of September 30, 2024.

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

			Three Months Ended September 30,												Change
			2025						2024
			(in millions)
Revenues
Management and financial advice fees			$	1,886					$	1,659					$	227					14		%
Distribution fees			642						614						28						5
Net investment income			485						554						(69)						(12)
Other revenues			79						78						1						1
Total revenues			3,092						2,905						187						6
Banking and deposit interest expense			102						163						(61)						(37)
Total net revenues			2,990						2,742						248						9
Expenses
Distribution expenses			1,656						1,488						168						11
Interest and debt expense			14						9						5						56
General and administrative expense			439						419						20						5
Total expenses			2,109						1,916						193						10
Adjusted operating earnings			$	881					$	826					$	55					7		%

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $55 million, or 7%, for the three months ended September 30, 2025 compared to the prior year period. This reflected the benefit from market appreciation and increased advisor productivity through the cumulative impact of client net inflows, partially offset by lower interest revenue. Pretax adjusted operating margin was 29.5% for the three months ended September 30, 2025 compared to 30.1% for the prior year period.

Net Revenues

Management and financial advice fees increased $227 million, or 14%, for the three months ended September 30, 2025 compared to the prior year period primarily due to growth in average wrap account assets. Average advisory wrap account assets increased $76.5 billion, or 14%, compared to the prior year period primarily reflecting net inflows and market appreciation.

Net investment income, which excludes net realized investment gains or losses, decreased $69 million, or 12%, for the three months ended September 30, 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 $61 million, or 37%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.

• The average certificate reserve balance for ACC was $9.4 billion for the three months ended September 30, 2025 compared to $12.2 billion for the prior year period with the average crediting rate of 3.48% for the three months ended September 30, 2025 compared to 4.36% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.1 billion for the three months ended September 30, 2025 compared to $21.6 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.30% for the three months ended September 30, 2025 from 0.46% for the prior year period, which included both cash sweep and savings products.

Expenses

Distribution expenses increased $168 million, or 11%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap accounts, as well as investments in recruiting experienced advisors.

Index

AMERIPRISE FINANCIAL, INC.

General and administrative expense increased $20 million, or 5%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting higher volume related expenses and investments for business growth.

Asset Management

The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of September 30, 2025:

Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted (1)			1 year			3 year			5 year			10 year
Equity			65%			72%			76%			82%
Fixed Income			66%			87%			83%			91%
Asset Allocation			76%			81%			69%			95%
4- or 5-star Morningstar rated funds (2)			Overall			3 year			5 year			10 year
Number of rated funds			104			74			75			84

(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), 1 received a 5-star Overall Rating and 46 received a 4-star Overall Rating. Out of 134 Threadneedle funds rated (based on highest-rated share class), 11 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 September 30,												Change									Three Months Ended September 30,
2025						2024						2025						2024
			(in billions)
Equity			$	368.6					$	353.8					$	14.8					4		%				$	358.1					$	347.5					$	10.6					3		%
Fixed income			234.7						243.5						(8.8)						(4)						232.0						235.8						(3.8)						(2)
Money market			21.5						21.7						(0.2)						(1)						21.9						22.2						(0.3)						(1)
Alternative			29.3						33.3						(4.0)						(12)						28.6						33.4						(4.8)						(14)
Hybrid and other			20.6						19.8						0.8						4						20.1						19.5						0.6						3
Total managed assets			$	674.7					$	672.1					$	2.6					—		%				$	660.7					$	658.4					$	2.3					—		%

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

Index

AMERIPRISE FINANCIAL, INC.

The following table presents the changes in global managed assets:

			Three Months Ended September 30,
2025						2024
(in billions)
Global Retail Funds
Beginning managed assets			$	361.7					$	347.5
Inflows			14.8						13.1
Outflows			(17.6)						(15.6)
Net VP/VIT fund flows			(1.7)						(1.7)
Net new flows			(4.5)						(4.2)
Reinvested dividends			1.7						1.5
Net flows			(2.8)						(2.7)
Distributions			(1.9)						(1.8)
Market appreciation (depreciation) and other			22.8						15.5
Foreign currency translation (1)			(1.5)						3.9
Total ending managed assets			378.3						362.4
Global Institutional
Beginning managed assets			292.5						294.4
Inflows (2)			9.1						8.2
Outflows (2)			(11.4)						(9.1)
Net flows			(2.3)						(0.9)
Market appreciation (depreciation) and other (3)			9.0						7.8
Foreign currency translation (1)			(2.8)						8.4
Total ending managed assets			296.4						309.7
Total managed assets			674.7						672.1
Total assets under advisement (4)			39.5						33.3
Total assets under management and advisement			$	714.2					$	705.4
Total assets under management net flows			$	(5.1)					$	(3.6)
Model delivery assets under advisement flows (5)			1.7						1.3
Total assets under management and advisement flows (5)			$	(3.4)					$	(2.3)
Legacy insurance partners net flows (6)			$	(0.9)					$	(0.9)

(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 increased $20.5 billion, or 3%, during the three months ended September 30, 2025 primarily due to market appreciation, partially offset by an unfavorable foreign exchange impact and net outflows. Net outflows were $3.4 billion for the three months ended September 30, 2025.

Index

AMERIPRISE FINANCIAL, INC.

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

			Three Months Ended September 30,												Change
			2025						2024
			(in millions)
Revenues
Management and financial advice fees			$	775					$	760					$	15					2		%
Distribution fees			98						98						—						—
Net investment income			26						17						9						53
Other revenues			7						7						—						—
Total revenues			906						882						24						3
Banking and deposit interest expense			—						—						—						—
Total net revenues			906						882						24						3
Expenses
Distribution expenses			254						250						4						2
Amortization of deferred acquisition costs			2						2						—						—
Interest and debt expense			3						2						1						50
General and administrative expense			387						383						4						1
Total expenses			646						637						9						1
Adjusted operating earnings			$	260					$	245					$	15					6		%

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $15 million, or 6%, for the three months ended September 30, 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 increased $15 million, or 2%, for the three months ended September 30, 2025 compared to the prior year period primarily due to higher average equity markets, partially offset by the cumulative impact from net outflows.

Net investment income increased $9 million, or 53%, for the three months ended September 30, 2025 compared to the prior year period primarily related to income from a seed investment.

Index

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 September 30,												Change
2025						2024
(in millions)
Revenues
Management and financial advice fees			$	192					$	196					$	(4)					(2)		%
Distribution fees			105						106						(1)						(1)
Net investment income			326						281						45						16
Premiums, policy and contract charges			479						388						91						23
Other revenues			—						2						(2)						NM
Total revenues			1,102						973						129						13
Banking and deposit interest expense			—						—						—						—
Total net revenues			1,102						973						129						13
Expenses
Distribution expenses			134						131						3						2
Interest credited to fixed accounts			95						92						3						3
Benefits, claims, losses and settlement expenses			256						253						3						1
Remeasurement (gains) losses of future policy benefit reserves			(9)						(25)						16						64
Change in fair value of market risk benefits			257						257						—						—
Amortization of deferred acquisition costs			56						57						(1)						(2)
Interest and debt expense			11						11						—						—
General and administrative expense			85						79						6						8
Total expenses			885						855						30						4
Adjusted operating earnings			$	217					$	118					$	99					84		%
NM Not Meaningful - variance equal to or greater than 100%.

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $99 million, or 84%, for the three months ended September 30, 2025 compared to prior year period primarily reflecting unlocking impacts, higher investment portfolio yields and market appreciation.

Variable annuity account balances increased 4% to $91.0 billion as of September 30, 2025 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $4.3 billion. Variable annuity sales increased 2% compared to the prior year period primarily reflecting a strong level of sales of SVAs. Account values with living benefit riders declined to 47% as of September 30, 2025 compared to 51% 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 $45 million, or 16%, for the three months ended September 30, 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 increased $91 million, or 23%, for the three months ended September 30, 2025 compared to the prior year period primarily due to model changes related to the cost of reinsurance associated with non-traditional insurance products, partially offset by lower sales of life contingent payout annuities.

Expenses

Remeasurement (gains) losses of future policy benefit reserves increased $16 million, or 64%, for the three months ended September 30, 2025 compared to the prior year period reflecting the less favorable impact of unlocking in the current period compared to the prior year period.

Index

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 September 30,												Change
			2025						2024
			(in millions)
Revenues
Net investment income			$	47					$	53					$	(6)					(11)		%
Premiums, policy and contract charges			22						24						(2)						(8)
Other revenues			44						45						(1)						(2)
Total revenues			113						122						(9)						(7)
Banking and deposit interest expense			9						7						2						29
Total net revenues			104						115						(11)						(10)
Expenses
Distribution expenses			(2)						(3)						1						33
Interest credited to fixed accounts			51						55						(4)						(7)
Benefits, claims, losses and settlement expenses			53						56						(3)						(5)
Remeasurement (gains) losses of future policy benefit reserves			31						3						28						NM
Amortization of deferred acquisition costs			2						—						2						—
Interest and debt expense			27						32						(5)						(16)
General and administrative expense			58						115						(57)						(50)
Total expenses			220						258						(38)						(15)
Adjusted operating loss			$	(116)					$	(143)					$	27					19		%
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 decreased $27 million, 19%, for the three months ended September 30, 2025 compared to the prior year period, reflecting improved general and administrative expenses, partially offset by an unfavorable unlocking impact.

LTC insurance had pretax adjusted operating loss of $22 million for the three months ended September 30, 2025 compared to pretax adjusted operating earnings of $9 million for the prior year period primarily reflecting a net unfavorable unlocking impact from updating morbidity and mortality assumptions.

The FA business had a pretax adjusted operating loss of $7 million for the three months ended September 30, 2025 compared to a pretax adjusted operating loss of $7 million for the prior year period. Fixed deferred annuity account balances declined 8% to $5.3 billion as of September 30, 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 $6 million, or 11%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting lower investment portfolio yields.

Expenses

Remeasurement (gains) losses of future policy benefit reserves increased $28 million for the three months ended September 30, 2025 compared to the prior year period primarily reflecting the net unfavorable unlocking changes in LTC morbidity and mortality assumptions.

General and administrative expense decreased $57 million, or 50%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting lower severance expenses and favorable mark-to-market impacts on share-based compensation in the current period compared to an unfavorable impact in the prior year period, as well as expenses to accelerate our transition to cloud-based technology in the prior year period.

Index

AMERIPRISE FINANCIAL, INC.

Consolidated Results of Operations for the Nine Months Ended September 30, 2025 and 2024

The following table presents our consolidated results of operations:

			Nine Months Ended September 30,												Change
			2025						2024
			(in millions)
Revenues
Management and financial advice fees			$	8,013					$	7,428					$	585					8		%
Distribution fees			1,563						1,524						39						3
Net investment income			2,679						2,756						(77)						(3)
Premiums, policy and contract charges			1,214						1,180						34						3
Other revenues			395						389						6						2
Total revenues			13,864						13,277						587						4
Banking and deposit interest expense			344						514						(170)						(33)
Total net revenues			13,520						12,763						757						6
Expenses
Distribution expenses			4,922						4,408						514						12
Interest credited to fixed accounts			366						435						(69)						(16)
Benefits, claims, losses and settlement expenses			981						1,056						(75)						(7)
Remeasurement (gains) losses of future policy benefit reserves			9						(34)						43						NM
Change in fair value of market risk benefits			789						658						131						20
Amortization of deferred acquisition costs			181						181						—						—
Interest and debt expense			246						252						(6)						(2)
General and administrative expense			2,814						2,892						(78)						(3)
Total expenses			10,308						9,848						460						5
Pretax income			3,212						2,915						297						10
Income tax provision			657						585						72						12
Net income			$	2,555					$	2,330					$	225					10		%
NM Not Meaningful - variance equal to or greater than 100%.

Overall

Pretax income increased $297 million, or 10%, for the nine months ended September 30, 2025 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:

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

• A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 13% in the nine months ended September 30, 2025 compared to the prior year period.

• The favorable impact of unlocking was $22 million for the nine months ended September 30, 2025 compared to an unfavorable impact of $77 million for the prior year period.

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

See our Consolidated Results of Operations for the three months ended September 30, 2025 and 2024 for a table and discussion of total pretax impacts on our revenues and expenses attributable to unlocking.

Net Revenues

Management and financial advice fees increased $585 million, or 8%, for the nine months ended September 30, 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.

Net investment income decreased $77 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period 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 Ameriprise Bank customer deposits and SVA products.

Premiums, policy and contract charges increased $34 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to model changes related to the cost of reinsurance associated with non-traditional insurance products, partially offset by lower sales of life contingent payout annuities.

Index

AMERIPRISE FINANCIAL, INC.

Banking and deposit interest expense decreased $170 million, or 33%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.

Expenses

Distribution expenses increased $514 million, or 12%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets, as well as continued investments in recruiting experienced advisors.

Interest credited to fixed accounts decreased $69 million, or 16%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the following items:

• A $57 million decrease in expense from other market impacts on IUL benefits, net of hedges, which was a benefit of $80 million for the nine months ended September 30, 2025 compared to a benefit of $23 million for the prior year period. The decrease in expense was primarily due to a decrease in the IUL embedded derivative in the current period, which reflected more discounting due to higher forward rates.

• A $6 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $11 million for the nine months ended September 30, 2025 compared to an unfavorable impact of $17 million for the prior year period.

Benefits, claims, losses and settlement expenses decreased $75 million, or 7%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting a $46 million decrease in expense from market impacts on SVA embedded derivative, net of hedging activity. This decrease was primarily the result of a favorable $137 million change in the market impact on derivatives hedging the SVA embedded derivative and an unfavorable $91 million change in the market impact on SVA embedded derivative. This decrease also reflects the impact of lower sales of life contingent payout annuities, partially offset by the impact of increased volume in SVAs.

Remeasurement (gains) losses of future policy benefit reserves increased $43 million for the nine months ended September 30, 2025 compared to the prior year period reflecting the unfavorable impact of unlocking in the current period compared to a favorable impact of unlocking for the prior year period.

Change in fair value of market risk benefits increased $131 million, or 20%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the following items:

• A $106 million increase in expense from market impacts on variable annuity guaranteed benefits, net of hedges. This increase was the result of an unfavorable $550 million change in the market impact on variable annuity guaranteed benefits reserves and a favorable $444 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits. The main market drivers contributing to these changes are summarized below:

• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower benefit for the nine months ended September 30, 2025 compared to the prior year period.

• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger expense for the nine months ended September 30, 2025 compared to the prior year period.

• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the nine months ended September 30, 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 nine months ended September 30, 2025 compared to the prior year period.

General and administrative expense decreased $78 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting ongoing benefits from our initiatives to enhance operational efficiency and effectiveness, lower severance expenses, partially offset by higher volume related expenses and investments for business growth.

Income Taxes

Our effective tax rate was 20.4% for the nine months ended September 30, 2025 compared to 20.0% for the prior year period. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Index

AMERIPRISE FINANCIAL, INC.

Results of Operations by Segment for the Nine Months Ended September 30, 2025 and 2024

The following table presents summary financial information by segment:

			Nine Months Ended September 30,
2025						2024
(in millions)
Advice & Wealth Management
Net revenues			$	8,579					$	7,946
Expenses			6,094						5,536
Adjusted operating earnings			$	2,485					$	2,410
Asset Management
Net revenues			$	2,582					$	2,585
Expenses			1,859						1,916
Adjusted operating earnings			$	723					$	669
Retirement & Protection Solutions
Net revenues			$	2,964					$	2,813
Expenses			2,318						2,300
Adjusted operating earnings			$	646					$	513
Corporate & Other
Net revenues			$	324					$	347
Expenses			636						698
Adjusted operating loss			$	(312)					$	(351)

See our Results of Operations by Segment for the three months ended September 30, 2025 and 2024 for a table of segment pretax adjusted operating impacts on our revenues and expenses attributable to unlocking.

Advice & Wealth Management

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

			2025						2024
(in billions)
Beginning balance			$	573.9					$	488.2
Net flows			18.9						22.0
Market appreciation (depreciation) and other			57.5						58.9
Ending balance			$	650.3					$	569.1
Advisory wrap account assets ending balance (1)			$	644.4					$	563.4
Average advisory wrap account assets (2)			$	590.5					$	515.1

(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 nine months ended September 30, 2025 and 2024, which is reflective of our billing cycle.

Ending wrap account assets increased $76.4 billion, or 13%, to $650.3 billion during the nine months ended September 30, 2025 due to market appreciation and other of $57.5 billion and net inflows of $18.9 billion. Average advisory wrap account assets increased $75.4 billion, or 15%, compared to the prior year period reflecting market appreciation and net inflows.

Index

AMERIPRISE FINANCIAL, INC.

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

			Nine Months Ended September 30,												Change
			2025						2024
			(in millions)
Revenues
Management and financial advice fees			$	5,342					$	4,739					$	603					13		%
Distribution fees			1,858						1,820						38						2
Net investment income			1,481						1,674						(193)						(12)
Other revenues			242						227						15						7
Total revenues			8,923						8,460						463						5
Banking and deposit interest expense			344						514						(170)						(33)
Total net revenues			8,579						7,946						633						8
Expenses
Distribution expenses			4,756						4,260						496						12
Interest and debt expense			40						28						12						43
General and administrative expense			1,298						1,248						50						4
Total expenses			6,094						5,536						558						10
Adjusted operating earnings			$	2,485					$	2,410					$	75					3		%

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $75 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting market appreciation and increased advisor productivity through the cumulative impact of client net inflows, partially offset by lower investment income. Pretax adjusted operating margin was 29.0% for the nine months ended September 30, 2025 compared to 30.3% for the prior year period.

Net Revenues

Management and financial advice fees increased $603 million, or 13%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to higher average wrap account assets. Average advisory wrap account assets increased $75.4 billion, or 15%, compared to the prior year period reflecting market appreciation and net inflows.

Net investment income, which excludes net realized investment gains or losses, decreased $193 million, or 12%, for the nine months ended September 30, 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 $170 million, or 33%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.

• The average certificate reserve balance for ACC was $10.2 billion for the nine months ended September 30, 2025 compared to $12.8 billion for the prior year period with the average crediting rate of 3.73% for the nine months ended September 30, 2025 compared to 4.51% for the prior year period.

• The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.2 billion for the nine months ended September 30, 2025 compared to $21.4 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.30% for the nine months ended September 30, 2025 from 0.44% for the prior year period, which included both cash sweep and savings products.

Expenses

Distribution expenses increased $496 million, or 12%, for the nine months ended September 30, 2025 compared to the prior year period reflecting higher advisor compensation from higher average wrap account assets, as well as continued investments in recruiting experienced advisors.

General and administrative expense increased $50 million, or 4%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to higher volume related expenses and investments for business growth.

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AMERIPRISE FINANCIAL, INC.

Asset Management

The following table presents global managed assets by type:																											Average (1)												Change
			As of September 30,												Change									Nine Months Ended September 30,
2025						2024						2025						2024
			(in billions)
Equity			$	368.6					$	353.8					$	14.8					4		%				$	345.4					$	337.5					$	7.9					2		%
Fixed income			234.7						243.5						(8.8)						(4)						231.5						233.7						(2.2)						(1)
Money market			21.5						21.7						(0.2)						(1)						21.0						22.5						(1.5)						(7)
Alternative			29.3						33.3						(4.0)						(12)						29.1						33.2						(4.1)						(12)
Hybrid and other			20.6						19.8						0.8						4						19.6						18.9						0.7						4
Total managed assets			$	674.7					$	672.1					$	2.6					—		%				$	646.6					$	645.8					$	0.8					—		%

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

The following table presents the changes in global managed assets:

			Nine Months Ended September 30,
			2025						2024
			(in billions)
Global Retail Funds
Beginning managed assets			$	352.7					$	334.9
Inflows			43.5						39.7
Outflows			(55.8)						(50.6)
Net VP/VIT fund flows			(4.9)						(4.9)
Net new flows			(17.2)						(15.8)
Reinvested dividends			4.9						4.3
Net flows			(12.3)						(11.5)
Distributions			(5.4)						(5.1)
Market appreciation (depreciation) and other			38.3						40.8
Foreign currency translation (1)			5.0						3.3
Total ending managed assets			378.3						362.4
Global Institutional
Beginning managed assets			292.2						302.0
Inflows (2)			28.8						27.8
Outflows (2)			(49.0)						(37.6)
Net flows			(20.2)						(9.8)
Market appreciation (depreciation) and other (3)			14.7						10.5
Foreign currency translation (1)			9.7						7.0
Total ending managed assets			296.4						309.7
Total managed assets			674.7						672.1
Total assets under advisement (4)			39.5						33.3
Total assets under management and advisement			$	714.2					$	705.4
Total assets under management net flows			$	(32.5)					$	(21.3)
Model delivery assets under advisement flows (5)			2.1						2.4
Total assets under management and advisement flows (5)			$	(30.4)					$	(18.9)
Legacy insurance partners net flows (6)			$	(2.7)					$	(10.8)

(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.

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AMERIPRISE FINANCIAL, INC.

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

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

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

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

Total segment AUM increased $29.8 billion, or 5%, during the nine months ended September 30, 2025 primarily due to equity market appreciation and a favorable foreign exchange impact, partially offset by net outflows. Total AUM net outflows were $32.5 billion for the nine months ended September 30, 2025 and included a large institutional client repositioning into passive strategies and $3.9 billion of outflows from our U.S. real estate business. Model delivery assets under advisement net inflows were $2.1 billion for the nine months ended September 30, 2025 compared to $2.4 billion for the prior year period.

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

			Nine Months Ended September 30,												Change
			2025						2024
			(in millions)
Revenues
Management and financial advice fees			$	2,236					$	2,240					$	(4)					—		%
Distribution fees			283						289						(6)						(2)
Net investment income			45						40						5						13
Other revenues			18						16						2						13
Total revenues			2,582						2,585						(3)						—
Banking and deposit interest expense			—						—						—						—
Total net revenues			2,582						2,585						(3)						—
Expenses
Distribution expenses			740						736						4						1
Amortization of deferred acquisition costs			5						5						—						—
Interest and debt expense			9						5						4						80
General and administrative expense			1,105						1,170						(65)						(6)
Total expenses			1,859						1,916						(57)						(3)
Adjusted operating earnings			$	723					$	669					$	54					8		%

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $54 million, or 8%, for the nine months ended September 30, 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 $4 million for the nine months ended September 30, 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 equity market appreciation.

Expenses

General and administrative expense decreased $65 million, or 6%, for the nine months ended September 30, 2025 compared to the prior year period primarily 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:

			Nine Months Ended September 30,												Change
2025						2024
(in millions)
Revenues
Management and financial advice fees			$	560					$	574					$	(14)					(2)		%
Distribution fees			308						314						(6)						(2)
Net investment income			931						790						141						18
Premiums, policy and contract charges			1,162						1,129						33						3
Other revenues			3						6						(3)						(50)
Total revenues			2,964						2,813						151						5
Banking and deposit interest expense			—						—						—						—
Total net revenues			2,964						2,813						151						5
Expenses
Distribution expenses			383						384						(1)						—
Interest credited to fixed accounts			280						276						4						1
Benefits, claims, losses and settlement expenses			676						703						(27)						(4)
Remeasurement (gains) losses of future policy benefit reserves			(19)						(32)						13						41
Change in fair value of market risk benefits			553						528						25						5
Amortization of deferred acquisition costs			171						171						—						—
Interest and debt expense			30						35						(5)						(14)
General and administrative expense			244						235						9						4
Total expenses			2,318						2,300						18						1
Adjusted operating earnings			$	646					$	513					$	133					26		%

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $133 million, or 26%, for the nine months ended September 30, 2025 compared to the prior year period, primarily reflecting unlocking impacts, higher investment portfolio yields, and market appreciation.

Net Revenues

Management and financial advice fees decreased $14 million, or 2%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to the impact from variable annuity net outflows, partially offset by market appreciation.

Net investment income, which excludes net realized investment gains or losses, increased $141 million, or 18%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to increased SVA balances and higher investment portfolio yields from investment portfolio repositioning.

Premiums, policy and contract charges increased $33 million, or 3%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to model changes related to the cost of reinsurance associated with non-traditional insurance products, partially offset by lower sales of life contingent payout annuities.

Expenses

Benefits, claims, losses and settlement expenses, which exclude the market impact on SVA indexed account embedded derivative (net of hedges) and mean reversion related impacts, decreased $27 million, or 4%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the impact of lower sales of life contingent payout annuities and favorable life claims, partially offset by increased volume in SVAs.

Remeasurement (gains) losses of future policy benefit reserves increased $13 million, or 41%, for the nine months ended September 30, 2025 compared to the prior year period reflecting the less favorable impact of unlocking in the current period compared to the prior year period.

Change in fair value of market risk benefits, which exclude the market impact on variable annuity guaranteed benefits (net of hedges), increased $25 million, or 5%, for the nine months ended September 30, 2025 compared to the prior year period reflecting market appreciation on contractual fees, partially offset by the impacts of unlocking.

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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:

			Nine Months Ended September 30,												Change
			2025						2024
			(in millions)
Revenues
Net investment income			$	150					$	158					$	(8)					(5)		%
Premiums, policy and contract charges			67						70						(3)						(4)
Other revenues			132						141						(9)						(6)
Total revenues			349						369						(20)						(5)
Banking and deposit interest expense			25						22						3						14
Total net revenues			324						347						(23)						(7)
Expenses
Distribution expenses			(7)						(7)						—						—
Interest credited to fixed accounts			153						164						(11)						(7)
Benefits, claims, losses and settlement expenses			162						166						(4)						(2)
Remeasurement (gains) losses of future policy benefit reserves			28						(2)						30						NM
Amortization of deferred acquisition costs			5						5						—						—
Interest and debt expense			81						83						(2)						(2)
General and administrative expense			214						289						(75)						(26)
Total expenses			636						698						(62)						(9)
Adjusted operating loss			$	(312)					$	(351)					$	39					11		%
NM Not Meaningful - variance equal to or greater than 100%.

Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed index annuity benefits (net of hedges), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss decreased $39 million, or 11%, for the nine months ended September 30, 2025 compared to the prior year period.

LTC insurance had a pretax adjusted operating loss of $1 million for the nine months ended September 30, 2025 compared to pretax adjusted operating earnings of $37 million for the prior year period primarily reflecting the impact of unlocking and lower investment portfolio yields.

The FA business had a pretax adjusted operating loss of $21 million for the nine months ended September 30, 2025 compared to a pretax adjusted operating loss of $21 million for the prior year period.

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, integration and restructuring charges, and the impact of consolidating CIEs, decreased $8 million, or 5%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting lower investment portfolio yields, partially offset by a benefit in our affordable housing partnerships.

Other revenues decreased $9 million, or 6%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the yield on deposit receivables arising from reinsurance transactions.

Expenses

Remeasurement (gains) losses of future policy benefit reserves increased $30 million for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the net unfavorable unlocking changes in LTC morbidity and mortality assumptions.

General and administrative expense, which excludes integration and restructuring charges, decreased $75 million, or 26%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting lower severance expenses associated with our initiatives to enhance operational efficiency and unfavorable mark-to-market impacts on share-based compensation in the prior year period.

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AMERIPRISE FINANCIAL, INC.

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 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 September 30, 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 $467 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on September 30, 2025 credit spreads.

Liquidity and Capital Resources

Overview

We maintained substantial liquidity during the nine months ended September 30, 2025. As of September 30, 2025 and December 31, 2024, we had $9.6 billion and $8.1 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis.

As of September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2025 and December 31, 2024, we had $11.7 billion and $8.5 billion, respectively, of estimated borrowing capacity under the FHLB facilities, of which $201 million was outstanding as of both September 30, 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 September 30, 2025 and December 31, 2024, we estimated $9.3 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 5.2% 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.

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AMERIPRISE FINANCIAL, INC.

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.

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 September 30, 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 and notices, that we have made regarding the CAMT provisions of the Inflation Reduction Act of 2022.

In December 2021, the Organization for Economic Co-operation and Development published the Pillar Two model rules which introduce new taxing mechanisms aimed at ensuring multinational enterprises pay a minimum level of tax on profits from each jurisdiction in which they operate. As of September 30, 2025, we have not recorded any Pillar Two tax liabilities. As of December 31, 2024, the tax impact was not material to the consolidated financial statements. We continue to monitor the adoption and implementation of these rules and evaluate the potential impact on our consolidated financial statements.

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 MN DOC. 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

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AMERIPRISE FINANCIAL, INC.

Threshold Requirement (“OFTR”) and is determined by the group through its ongoing Internal Capital Adequacy and Risk Assessment (“ICARA”) process.

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

			Actual Capital												Regulatory Capital Requirements
			September 30, 2025						December 31, 2024			September 30, 2025						December 31, 2024
			(in millions)
RiverSource Life (1)			$	2,670					$	2,700					N/A						$	489
RiverSource Life of NY (1)			205						219						N/A						38
ACC (3)(4)			510						644						$	476					596
TAM UK International Holdings Ltd. (5)			456						692						301						265
Ameriprise Bank (6)			1,872						1,763						1,209						1,199
AFS (2)(3)			168						113						#						#
Ameriprise Captive Insurance Company (2)			52						36						12						13
Ameriprise Trust Company (2)			82						74						58						51
AEIS (2)(3)			164						141						34						30
RiverSource Distributors, Inc. (2)(3)			14						13						#						#
Columbia Management Investment Distributors, Inc. (2)(3)			29						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 September 30, 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 MN DOC 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 nine months ended September 30, 2025, the parent holding company received cash dividends or a return of capital from its subsidiaries of $2.9 billion (including $450 million from Ameriprise Bank, $500 million from RiverSource Life and $1.3 billion from AMPF Holding, LLC) and contributed cash to its subsidiaries of $230 million. During the nine months ended September 30, 2024, the parent holding company received cash dividends or a return of capital from its subsidiaries of $3.2 billion (including $525 million from Ameriprise Bank, $600 million from RiverSource Life and $1.2 billion from AMPF Holding, LLC) and contributed cash to its subsidiaries of $95 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.

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AMERIPRISE FINANCIAL, INC.

Dividends Paid to Shareholders and Share Repurchases

We paid regular quarterly dividends to our shareholders totaling $461 million and $444 million for the nine months ended September 30, 2025 and 2024, respectively. On October 30, 2025, we announced a quarterly dividend of $1.60 per common share. The dividend will be paid on November 24, 2025 to our shareholders of record at the close of business on November 10, 2025.

On July 24, 2023, our Board of Directors authorized $3.5 billion for the repurchase of our common stock through September 30, 2025, which was exhausted during the second quarter of 2025. On April 22, 2025, our Board of Directors authorized $4.5 billion for the repurchase of our common stock through June 30, 2027. As of September 30, 2025, we had $3.5 billion remaining under this share repurchase authorization. We intend to fund share repurchases through existing excess capital, future free cash flow generation and other customary financing methods. 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 nine months ended September 30, 2025, we repurchased a total of 3.7 million shares of our common stock at an average price of $512.03 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 decreased $558 million to $5.7 billion for the nine months ended September 30, 2025 compared to $6.2 billion for the prior year period primarily reflecting higher income taxes paid and net cash outflows related to brokerage deposits.

Investing Activities

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

Net cash provided by investing activities decreased $167 million to $65 million for the nine months ended September 30, 2025 compared to $232 million for the prior year period driven by a $273 million increase in purchases of investments by CIEs and a $141 million increase in fundings of mortgage loans partially offset by net cash inflows of $317 million related to maturities, sales and purchases of Available-for-Sale securities.

Financing Activities

Net cash used in financing activities increased $579 million to $4.3 billion for the nine months ended September 30, 2025 compared to $3.7 billion for the prior year period. The increase in net cash used in financing activities primarily reflects a $790 million increase in net cash outflows from investing certificates partially offset by net cash inflows of $240 million related to issuance and repayment of long term debt during the current year period.

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,”

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AMERIPRISE FINANCIAL, INC.

“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.

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.