Financial Analysis

Commitments and Contingencies Commitments The following table presents the Companys funding commitments as of December 31: 2025 2024 (in millions) Commercial mortgage loans $ 32 $ 58 Property funds 1 63 Private funds 7 Pledged asset lines of credit 3,258 2,399 Home equity lines of credit 24 Total funding commitments $ 3,322 $ 2,520 Contingencies The Company and its subsidiaries are involved, in the normal course of business, in legal proceedings, which include regulatory inquiries, arbitration and litigation (including class actions), concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, leases and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the financial services industry generally. As with other financial services firms, the level of regulatory activity concerning the Companys businesses remains elevated. From time …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows: Outstanding Balance Stated Interest Rate December 31, December 31, 2025 2024 2025 2024 (in millions) Long-term debt: Senior notes due 2025 $ $ 500 % 3.0 % Senior notes due 2026 500 500 2.9 2.9 Senior notes due 2028 600 600 5.7 5.7 Senior notes due 2032 500 500 4.5 4.5 Senior notes due 2033 750 750 5.2 5.2 Senior notes due 2035 750 5.2 Finance lease liabilities 9 N/A N/A Other (1) (23) (17) N/A N/A Total long-term debt 3,077 2,842 Short-term borrowings: Federal Home Loan Bank (FHLB) advances 200 201 4.0 % 4.6 % Total $ 3,277 $ 3,043 (1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations. N/A Not Applicable Long-Term Debt The Companys senior notes may be redeemed, in whole or in part, at any time prior to maturity at a price equal to the greater of the principal amount and the present value of remaining scheduled payments, discounted to the redemption date, plus accrued interest. On February 28, 2025, the Company issued $750 million of 5.20% unsecured senior notes due on April 15, 2035 and incurred debt issuance costs of $7 million. Interest payments are due semi-annually in arrears on April 15 and October 15. On April 2, 2025, the Company repaid $500 million principal amount of its 3.0% senior notes at maturity. Short-Term Borrowings The Companys life insurance and bank subsidiaries are members of the FHLB of Des Moines which …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations: Year Ended December 31, 2025 Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating Revenue Total (in millions) Management and financial advice fees: Asset management fees: Retail $ $ 2,170 $ $ $ 2,170 $ $ 2,170 Institutional 671 671 671 Model delivery 95 95 95 Advisory fees 6,481 6,481 6,481 Financial planning fees 496 496 496 Transaction and other fees 394 206 60 660 660 Total management and financial advice fees 7,371 3,142 60 10,573 10,573 Distribution fees: Mutual funds 890 227 1,117 1,117 Insurance and annuity 1,044 157 337 1,538 1,538 Off-balance sheet brokerage cash 102 102 102 Other products 484 484 484 Total distribution fees 2,520 384 337 3,241 3,241 Other revenues 279 15 3 297 297 Total revenue from contracts with customers 10,170 3,541 397 3 14,111 14,111 Revenue from other sources (1) 2,002 80 3,558 457 6,097 202 6,299 Total segment gross revenues 12,172 3,621 3,955 460 20,208 202 20,410 Banking and deposit interest expense (431) (33) (464) (464) Total segment net revenues 11,741 3,621 3,955 427 19,744 202 19,946 Elimination of intersegment revenues (936) (103) (443) 31 (1,451) (15) (1,466) Total net revenues $ 10,805 $ 3,518 $ 3,512 $ 458 $ 18,293 $ 187 $ 18,480 Year Ended December 31, …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Compensation The Companys share-based compensation plans consist of the Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan (the 2005 ICP), the Ameriprise Financial Franchise Advisor Deferred Compensation Plan and the Ameriprise Advisor Group Deferred Compensation Plan. The components of the Companys share-based compensation expense, net of forfeitures, were as follows: Years Ended December 31, 2025 2024 2023 (in millions) Stock option $ 16 $ 15 $ 16 Restricted stock 17 25 27 Restricted stock units and deferred share units 173 153 144 Liability awards 35 58 62 Total $ 241 $ 251 $ 249 For the years ended December 31, 2025, 2024 and 2023, total income tax benefit using the statutory rate related to share-based compensation expense was $51 million, $53 million and $52 million, respectively. As of December 31, 2025, there was $183 million of total unrecognized compensation cost related to non-vested awards under the Companys share-based compensation plans, which is expected to be recognized over a weighted-average period of 3 years. Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan The 2005 ICP, as amended and restated, was approved by shareholders on April 26, 2023, and provides for the grant of cash and equity incentive awards to directors, employees and independent contractors, including stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance shares and similar awards des …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Values of Assets and Liabilities GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale. Valuation Hierarchy The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Companys valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis (See Note 5 for the balances of assets and liabilities for consolidated investment entities): December 31, 2025 Level 1 Level 2 Level 3 Total (in millions) Assets Cash equivalents $ 2,657 $ 3,864 $ …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests. The changes in the carrying amount of goodwill reported in the Companys reportable segments were as follows: Advice & Wealth Management Asset Management Retirement & Protection Solutions Consolidated (in millions) Balance at January 1, 2024 $ 279 $ 1,040 $ 91 $ 1,410 Foreign currency translation (9) (9) Balance at December 31, 2024 279 1,031 91 1,401 Foreign currency translation 39 39 Balance at December 31, 2025 $ 279 $ 1,070 $ 91 $ 1,440 In 2025 and 2024, the Company completed the annual impairment evaluation for goodwill as of July 1. The Company concluded its goodwill was not impaired in either 2025 or 2024. The carrying amount of indefinite-lived intangible assets consisted of the following: December 31, 2025 2024 (in millions) Customer contracts $ 748 $ 844 Trade names 56 65 Total $ 804 $ 909 Definite-lived intangible assets consisted of the following: December 31, 2025 December 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in millions) Customer relationships $ 486 $ (235) $ 251 $ 370 $ (204) $ 166 Contracts 235 (227) 8 226 (218) 8 Other 406 (309) 97 357 (269) 88 Total $ 1,127 $ (771) $ 356 $ 953 $ (691) $ 262 Definite-lived intangible assets acquired during the year ended December 31, 2025 were $51 millio …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The components of income tax provision attributable to continuing operations were as follows: Years Ended December 31, 2025 2024 2023 (in millions) Current income tax Federal $ 605 $ 583 $ 518 State and local 154 137 124 Foreign 25 21 18 Total current income tax 784 741 660 Deferred income tax Federal 157 164 45 State and local (2) (29) (14) Foreign 2 (10) (13) Total deferred income tax 157 125 18 Total income tax provision $ 941 $ 866 $ 678 The geographic sources of pretax income from continuing operations were as follows: Years Ended December 31, 2025 2024 2023 (in millions) United States $ 4,406 $ 4,221 $ 3,199 Foreign 98 46 35 Total $ 4,504 $ 4,267 $ 3,234 The principal reasons that the aggregate income tax provision attributable to continuing operations is different from that computed by using the U.S. statutory rate of 21% were as follows: Years Ended December 31, 2025 2024 2023 Amount Percentage Amount Percentage Amount Percentage (in millions, except percentages) U.S. federal statutory tax rate $ 946 21.0% $ 896 21.0% $ 679 21.0% State and local income taxes, net of federal income tax effect (1) 103 2.3 85 2.0 87 2.7 Foreign tax effects 6 0.1 1 (2) (0.1) Effect of cross-border tax laws 2 1 Tax credits (46) (1.0) (47) (1.1) (61) (1.9) Nontaxable or nondeductible items: Incentive compensation (61) (1.4) (66) (1.6) (47) (1.5) Other (12) (0.2) (12) (0.3) 3 0.1 Changes in unrecognized tax benefits 13 0.3 19 0.5 26 0.8 Other adjustments (10) (0.2) (11) (0.2) (7 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Adoption of New Accounting Standards Income Taxes Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures , updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024. The Company elected retrospective application and adopted the standard on January 1, 2025. The adoption of the standard did not have an impact on the Companys consolidated results of operations and financial condition as the standard is disclosure-related only. Future Adoption of New Accounting Standards Expenses Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing changes t …

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Retirement Plans and Profit Sharing Arrangements Defined Benefit Plans Pension Plans and Other Postretirement Benefits The Companys U.S. non-advisor employees who were hired prior to April of 2019 are generally eligible for the Ameriprise Financial Retirement Plan (the Retirement Plan), a noncontributory defined benefit plan which is a qualified plan under the Employee Retirement Income Security Act of 1974, as amended (ERISA). However, effective April 2020, the Company no longer enrolls new employees in the Retirement Plan. Funding of costs for the Retirement Plan complies with the applicable minimum funding requirements specified by ERISA and is held in a trust. The Retirement Plan is a cash balance plan by which the employees accrued benefits are based on notional account balances, which are maintained for each individual. Each pay period these balances are credited with an amount equal to a percentage of eligible compensation as defined by the Retirement Plan (which includes, but is not limited to, base pay, performance based incentive pay, commissions, shift differential and overtime). The percentage ranges from 2.5% to 10% depending on several factors including years of service as of April 2020 and will no longer increase with more years of service. Employees balances are also credited with a fixed rate of interest that is updated each January 1 and is based on the average of the daily five-year U.S. Treasury Note yields for the previous October 1 through November 30, w …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Related Party Transactions The Company may engage in transactions in the ordinary course of business with significant shareholders or their subsidiaries, between the Company and its directors and officers or with other companies whose directors or officers may also serve as directors or officers for the Company or its subsidiaries. The Company carries out these transactions on customary terms. The Companys executive officers and directors may have transactions with the Company or its subsidiaries involving financial products and insurance services. All obligations arising from these transactions are in the ordinary course of the Companys business and are on the same terms in effect for comparable transactions with the general public. Such obligations involve normal risks of collection and do not have features or terms that are unfavorable to the Company or its subsidiaries. These transactions have not had a material impact on the Companys consolidated results of operations or financial condition. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations: Year Ended December 31, 2025 Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating Revenue Total (in millions) Management and financial advice fees: Asset management fees: Retail $ $ 2,170 $ $ $ 2,170 $ $ 2,170 Institutional 671 671 671 Model delivery 95 95 95 Advisory fees 6,481 6,481 6,481 Financial planning fees 496 496 496 Transaction and other fees 394 206 60 660 660 Total management and financial advice fees 7,371 3,142 60 10,573 10,573 Distribution fees: Mutual funds 890 227 1,117 1,117 Insurance and annuity 1,044 157 337 1,538 1,538 Off-balance sheet brokerage cash 102 102 102 Other products 484 484 484 Total distribution fees 2,520 384 337 3,241 3,241 Other revenues 279 15 3 297 297 Total revenue from contracts with customers 10,170 3,541 397 3 14,111 14,111 Revenue from other sources (1) 2,002 80 3,558 457 6,097 202 6,299 Total segment gross revenues 12,172 3,621 3,955 460 20,208 202 20,410 Banking and deposit interest expense (431) (33) (464) (464) Total segment net revenues 11,741 3,621 3,955 427 19,744 202 19,946 Elimination of intersegment revenues (936) (103) (443) 31 (1,451) (15) (1,466) Total net revenues $ 10,805 $ 3,518 $ 3,512 $ 458 $ 18,293 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Companys four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other. The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis. The largest source of intersegment revenues and expenses is retail distribution services, where segments are charged transfer pricing rates that approximate arms length market prices for distribution through the Advice & Wealth Management segment. The Advice & Wealth Management segment provides distribution services for affiliated and non-affiliated products and services. The Asset Management segment provides investment management services for the Companys owned assets and client assets, and accordingly charges investment and advisory management fees to the other segments. All intersegment activity is eliminated in the Companys consolidated results. All costs related to shared services are allocated to the segments based on a rate times volume or fixed basis. The Advice & Wealth Management segment provides financial planning and advice, as well as full-service brokerage services, primarily to retail clients through the Companys advisors. These services are centered on long-term, personal relationships betwee …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Principles of Consolidation A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entitys losses, or the rights to receive the entitys returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities. Voting interest entities (VOEs) are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less than a 20% voting interest and does not exercise significant influence. Under the measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar investments of the same issuer. A VIE is consolidated by the reporting entity that determines it has both: the power to direct the activities of the VIE that most significantly impact the VIEs economic performance; and the obligation to absorb potentia …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Shareholders Equity The following table presents the amounts related to each component of OCI: Year Ended December 31, 2025 Pretax Income Tax Benefit (Expense) Net of Tax (in millions) Net unrealized gains (losses) on securities: Net unrealized gains (losses) on securities arising during the period (1) $ 1,230 $ (277) $ 953 Reclassification of net (gains) losses on securities included in net income (2) (3) 1 (2) Impact of benefit reserves and reinsurance recoverables (9) 2 (7) Net unrealized gains (losses) on securities 1,218 (274) 944 Net unrealized gains (losses) on derivatives: Net unrealized gains (losses) on derivatives arising during the period (11) 2 (9) Net unrealized gains (losses) on derivatives (11) 2 (9) Effect of changes in discount rate assumptions on certain long-duration contracts (91) 19 (72) Effect of changes in instrument-specific credit risk on market risk benefits (MRBs) 26 (6) 20 Defined benefit plans: Net gains (losses) 17 (3) 14 Defined benefit plans 17 (3) 14 Foreign currency translation 121 (3) 118 Other 1 1 Total other comprehensive income (loss) $ 1,281 $ (265) $ 1,016 Year Ended December 31, 2024 Pretax Income Tax Benefit (Expense) Net of Tax (in millions) Net unrealized gains (losses) on securities: Net unrealized gains (losses) on securities arising during the period (1) $ (303) $ 61 $ (242) Reclassification of net (gains) losses on securities included in net income (2) 19 (4) 15 Impact of benefit reserves and reinsurance recoverables 20 (4) 16 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing