Ameriprise Financial authorizes $5.5B buyback

Ameriprise returned $1.026 billion to shareholders and announced a $5.5 billion share repurchase authorization through September 30, 2028.

Rhea-AI Filing Summary

Ameriprise Financial (AMP) reported third-quarter 2026 GAAP net income of $1.126 billion, up 23% from $912 million a year earlier, and diluted EPS of $12.32 versus $9.33. Adjusted operating EPS was $11.26, up 14%; excluding unlocking, it was $12.07, up 22%. Total revenues rose 6% to $5.191 billion, while assets under management, administration and advisement reached $1.8 trillion, up 8%.

The company returned $1.026 billion to shareholders and announced a $5.5 billion share repurchase authorization through September 30, 2028. Asset Management reported $9.3 billion of net AUM and AUA outflows, compared with $3.4 billion a year earlier. Retirement & Protection Solutions pretax adjusted operating earnings declined to $132 million from $217 million; excluding unlocking, they were $198 million versus $200 million. Ameriprise and Huntington completed the transition of 258 advisors, with $28 billion of client assets transferring through early 2027. Another 29 advisors managing nearly $4 billion in client assets will come onto Ameriprise's platform in mid-2027.

2 points · 0 major

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Positive

• Moderate pointThird-quarter GAAP net income rose 23% to $1.126 billion year over year.
• Moderate pointThird-quarter total revenues increased 6% to $5.191 billion year over year.

Negative

• Moderate pointRetirement & Protection Solutions pretax adjusted operating earnings declined 39% to $132 million; excluding unlocking, they were $198 million versus $200 million.

Filing Explained

The separately announced $5.5 billion authorization is not reported as a completed purchase.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

GAAP net income: $1.126 billion GAAP diluted EPS: $12.32 per diluted share Adjusted operating EPS: $11.26 per diluted share +5 more

8 metrics

GAAP net income $1.126 billion Third quarter 2026; up 23% year over year

GAAP diluted EPS $12.32 per diluted share Third quarter 2026; up 32% year over year

Adjusted operating EPS $11.26 per diluted share Third quarter 2026; up 14% year over year

Adjusted operating EPS, excluding unlocking $12.07 per diluted share Third quarter 2026; up 22% year over year

Total revenues $5.191 billion Third quarter 2026; up 6% year over year

Assets under management, administration and advisement $1.8 trillion Third quarter 2026; up 8%

Capital returned to shareholders $1.026 billion Third quarter 2026

Share repurchase authorization $5.5 billion Through September 30, 2028

Key Terms

unlocking, AOCI, market risk benefits, net AUM and AUA flows

4 terms

unlocking financial

"adjusted operating earnings, excluding unlocking"

AOCI financial

"Return on Equity, ex. AOCI"

Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.

market risk benefits financial

"valuation of derivatives and market risk benefits"

Market risk benefits are the extra returns or advantages investors expect or receive for taking on broad, system‑wide swings in the overall market — essentially the premium for bearing risk that cannot be eliminated by diversification. This matters because it helps investors weigh whether the potential higher gains justify larger price swings, guides how portfolios are balanced, and sets expectations for compensation when choosing riskier market exposures; think of it as the extra pay you demand for riding a roller‑coaster instead of a calm bus ride.

net AUM and AUA flows financial

"Total Net AUM and AUA flows"

Net AUM and AUA flows measure the money clients add to or remove from a firm’s managed and advised assets over a period: 'AUM' are funds the firm actively manages, while 'AUA' are assets it advises on without full control. Think of it like deposits minus withdrawals from two types of accounts; positive net flows mean growing client demand and future fee income, while negative flows signal shrinking business and potential revenue pressure.

Earnings Snapshot

GAAP net income: $1.126 billion · Guidance included

Third quarter 2026

GAAP net income $1.126 billion Up 23% year over year

GAAP diluted EPS $12.32 per diluted share Up 32% year over year

Adjusted operating EPS $11.26 per diluted share Up 14% year over year

Total revenues $5.191 billion Up 6% year over year

Guidance

The operating effective tax rate is expected to be 20 to 22 percent for full-year 2026.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were AMP's earnings per share in Q3 2026?

Ameriprise reported GAAP diluted EPS of $12.32 for Q3 2026, compared with $9.33 a year earlier; adjusted operating EPS was $11.26, or $12.07 excluding unlocking.

How much capital did AMP return to shareholders and authorize for repurchases?

Ameriprise returned $1.026 billion to shareholders in the third quarter and announced a $5.5 billion share repurchase authorization through September 30, 2028.

How did unlocking affect Ameriprise's Q3 2026 results?

The unlocking review had an unfavorable after-tax impact of $72 million, or $0.79 per share, on a GAAP basis and $74 million, or $0.81 per share, on an adjusted operating basis.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/29/2026 - 08:17 AM EDT Accepted by SEC EDGAR 10/29/2026 - 08:17 AM EDT Learn about SEC filing dates

0000820027false00008200272026-10-292026-10-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM			8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2026

AMERIPRISE FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-32525

13-3180631

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

1099 Ameriprise Financial Center

Minneapolis

Minnesota

55474

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code 612 671-3131

Former name or former address, if changed since last report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock (par value $.01 per share)

AMP

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02      Results of Operations and Financial Condition.

Ameriprise Financial, Inc. furnishes herewith, on Exhibit 99.1, an earnings release issued October 29, 2026 announcing its financial results for the third quarter of 2026.

Item 9.01      Financial Statements and Exhibits.

(d)         Exhibits.

Exhibit No.						Description
Exhibit 99.1						Earnings Release dated October 29, 2026 announcing financial results for the third quarter of 2026
Exhibit 104						Cover page Interactive Data File (embedded within the Inline eXtensible Business Reporting Language)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERIPRISE FINANCIAL, INC.

(Registrant)

Date:

October 29, 2026

By:

/s/ Walter S. Berman

Walter S. Berman

Executive Vice President and

Chief Financial Officer

Ameriprise Financial, Inc.
Minneapolis, MN
NYSE: AMP
October 29, 2026

Ameriprise Financial Reports

Third Quarter 2026 Results

Earnings Per Diluted Share

Return on Equity, ex AOCI (1)

Q3 2026

Q3 2026

GAAP

$12.32

GAAP

55.2%

Adjusted Operating

$11.26

Adjusted Operating

55.3%

Adjusted Operating, excluding unlocking(2)

$12.07

Adjusted Operating, excluding unlocking(2)

56.2%

•Third quarter adjusted operating earnings per diluted share increased 14 percent to $11.26. Adjusted operating earnings per diluted share, excluding unlocking increased 22 percent to $12.07.(2) Results reflected continued asset growth.

•Third quarter GAAP net income per diluted share was $12.32 compared to $9.33 a year ago, driven by continued asset growth and included favorable market impacts on the valuation of derivatives and market risk benefits, compared to unfavorable market impacts a year ago.

•Assets under management, administration and advisement grew to $1.8 trillion, up 8 percent.

•Adjusted operating net revenues increased 10 percent to
$5.1 billion(2) primarily from asset growth and strong client engagement.

•Pretax adjusted operating margin was strong at 28 percent(2).

•Balance sheet fundamentals continued to be a core differentiator. The company generated and returned significant capital to shareholders with over $1.0 billion, or
93 percent of operating earnings(2), returned in the quarter.
In addition, the company announced a new share repurchase authorization of $5.5 billion through September 30, 2028.

•Return on equity remains distinguished in the industry at
56 percent(1)(2).

•Ameriprise and Huntington Bank recently completed the transition of 258 Huntington advisors to Ameriprise with
$28 billion of client assets transferring through early 2027. We are pleased to welcome an additional 29 advisors managing nearly $4 billion of client assets that joined Huntington through their acquisition of Cadence Bank and
will come onto our platform in mid-2027.

•Ameriprise continues to be recognized in the marketplace, including on the Forbes 2027 Most Trusted Companies in America list.

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

“Ameriprise delivered another strong quarter, reflecting the quality of our business, deep client relationships and focus on profitable growth. We continue to invest for the long term and are well-positioned to navigate as conditions evolve.

Our ongoing investments in the client and advisor experience, including thoughtfully integrating AI, are driving high engagement, practice growth, strong client activity and solid underlying flows.

Earlier this month, we welcomed more than 250 advisors from Huntington Bank through our financial institutions channel.

Ameriprise generates significant free cash flow, supported by the strength of our balance sheet and capital generation. This enables us to consistently invest in the business while returning capital to shareholders in a differentiated way. During the quarter, we increased share repurchases and announced a new two-year, $5.5 billion share repurchase authorization.”

(1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.

(2) Excludes unlocking. Unlocking impacts reflect both the company’s annual review of insurance and annuity valuation assumptions and model changes.

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Ameriprise Financial, Inc.
Third Quarter Summary
			Quarter Ended September 30,												% Better/ (Worse)						Year-to-date September 30,												% Better/ (Worse)
(in millions, except per share amounts, unaudited)			2026						2025												2026						2025
GAAP net income			$	1,126					$	912					23%						$	3,154					$	2,555					23%
Adjusted operating earnings   (see reconciliation on p. 24 & 25)			$	1,029					$	965					7%						$	3,121					$	2,815					11%
Adjusted operating earnings, excluding unlocking (see reconciliation on p. 24 & 25)			$	1,103					$	970					14%						$	3,195					$	2,820					13%
GAAP net income per diluted share			$	12.32					$	9.33					32%						$	33.95					$	25.83					31%
Adjusted operating earnings per diluted share   (see reconciliation on p. 24 & 25)			$	11.26					$	9.87					14%						$	33.60					$	28.46					18%
Adjusted operating earnings per diluted share, excluding unlocking (see reconciliation on p. 24 & 25)			$	12.07					$	9.92					22%						$	34.39					$	28.51					21%
GAAP Return on Equity, ex. AOCI			55.2			%			50.9			%									55.2			%			50.9			%
Adjusted Operating Return on Equity, ex. AOCI   (see reconciliation on p. 27)			55.3			%			52.8			%									55.3			%			52.8			%
Adjusted Operating Return on Equity, ex. AOCI and unlocking (see reconciliation on p. 27)			56.2			%			52.8			%									56.2			%			52.8			%
Weighted average common shares outstanding:
Basic			90.3						96.3												91.8						97.4
Diluted			91.4						97.8												92.9						98.9

Third quarter 2026 GAAP results included favorable market impacts on the valuation of derivatives and market risk benefits, compared with unfavorable impacts in the prior-year quarter.

The company completed its unlocking review in the quarter, which resulted in an unfavorable after-tax impact of $72 million, or $0.79 per share, on a GAAP basis and an unfavorable after-tax impact of $74 million, or $0.81 per share, on an adjusted operating basis. This impact resulted from modest updates to our policyholder behavior assumptions, reflecting an improvement from the prior year. However, last year benefited from a one-time favorable model enhancement that largely offset the impact from policyholder behavior assumption changes. These businesses continue to perform in line with expectations.

2

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
			Quarter Ended September 30,												% Better/ (Worse)
(in millions, unaudited)			2026						2025
Adjusted operating net revenues			$	3,371					$	2,990					13%
Distribution expenses			1,911						1,656						(15)%
Interest and debt expense			16						14						(14)%
General and administrative expenses			455						439						(4)%
Adjusted operating expenses			2,382						2,109						(13)%
Pretax adjusted operating earnings			$	989					$	881					12%
Pretax adjusted operating margin			29.3			%			29.5			%			(20) bps

			Quarter Ended September 30,									% Better/ (Worse)
(in billions, unless otherwise noted)			2026						2025
Total client assets			$	1,231					$	1,138		8%
Wrap assets			$	729					$	650		12%
Cash sweep balances			$	27.0					$	27.1		(1)%
Adjusted operating net revenue per advisor (TTM in thousands)			$	1,240					$	1,093		13%

			Quarter Ended September 30,												% Better/ (Worse)			% Better/ (Worse) Ex. Comerica
(in billions, unless otherwise noted)			2026			2026 Ex. Comerica						2025
Total client net flows			$	(8.5)		$	5.3					$	3.4		NM			56%
Wrap net flows			$	4.8		$	6.6					$	4.8		—%			38%
NM Not Meaningful - variance equal to or greater than 100%

Advice & Wealth Management generated strong performance with pretax adjusted operating earnings of
$989 million, up 12 percent, and a margin of 29.3 percent. Core distribution earnings increased more than
20 percent and represented the majority of segment earnings.

Adjusted operating net revenues increased 13 percent to $3.4 billion, primarily driven by 8 percent growth in client assets and higher transactional activity. Strong wrap net inflows and market appreciation contributed to growth in fee-based revenues, while increased sales of annuity products and brokerage transactions drove strong transactional activity.

Adjusted operating expenses increased 13 percent to $2.4 billion, primarily driven by distribution expenses, which grew in line with advisor-driven revenues. General and administrative expenses increased 4 percent
to $455 million, primarily driven by volume-related expenses and investments for growth.

Our underlying business fundamentals coupled with strong operating and technology capabilities are foundational in driving sustained profitable growth.

•Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.2 million, up 13 percent. The company added 79 experienced advisors in the quarter.

•Total client assets were $1.2 trillion, up $93 billion, or 8 percent, and wrap assets were $729 billion, up
$79 billion, or 12 percent, driven by organic growth and market appreciation.

•Excluding Comerica, client net inflows were up 56 percent to $5.3 billion and wrap net inflows were up
38 percent to $6.6 billion, reflecting continued solid underlying organic activity.

•We anticipate approximately $32 billion of Huntington assets transitioning to our platform through mid-2027.

•Transactional activity continued to grow, up 6 percent, driven by our planning model.

•Cash sweep balances were $27.0 billion compared to $28.8 billion in the prior quarter, primarily reflecting
a $1.5 billion impact from the Comerica transition, with stable underlying balances.

•Bank assets increased 2 percent to $24.7 billion and earnings were up in the mid-single-digit percent range.

3

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
			Quarter Ended September 30,												% Better/ (Worse)
(in millions, unaudited)			2026						2025
Adjusted operating net revenues			$	990					$	906					9%
Distribution expenses			282						254						(11)%
Amortization of deferred acquisition costs			2						2						—%
Interest and debt expense			4						3						(33)%
General and administrative expenses			394						387						(2)%
Adjusted operating expenses			682						646						(6)%
Pretax adjusted operating earnings			$	308					$	260					18%
Net pretax adjusted operating margin (1)			45.7			%			42.1			%
			Quarter Ended September 30,												% Better/ (Worse)
(in billions)			2026						2025
Assets Under Management and Advisement (2)			$	743					$	714					4%
Net Flows
Global Retail net AUM flows, ex. legacy insurance partners			$	(4.4)					$	(2.8)					(57)%
Model delivery AUA flows (2)			1.5						1.7						(12)%
Total retail net AUM flows and model delivery AUA flows (2)			(2.9)						(1.1)						NM
Global Institutional net AUM flows, ex. legacy insurance partners			(5.5)						(1.4)						NM
Legacy insurance partners AUM flows			(0.9)						(0.9)						—%
Total Net AUM and AUA flows (2)			$	(9.3)					$	(3.4)					NM
(1) See reconciliation on page 13.
(2) Model Delivery Assets Under Advisement are presented on a one-quarter lag. Flows are estimated based on the period-to-period change in assets less calculated performance based on strategy returns.
NM Not Meaningful - variance equal to or greater than 100%

Asset Management adjusted operating net revenues increased 9 percent to $990 million and pretax adjusted operating earnings increased 18 percent to $308 million. Net pretax adjusted operating margin increased 360 basis points to 45.7 percent, reflecting our discipline in pursuing growth that enhances shareholder value. The underlying fee rate remained stable.

Adjusted operating expenses increased 6 percent. General and administrative expenses increased 2 percent driven by higher compensation expense for Seligman from AUM growth and performance, as well as higher volume-related expenses. We continue to demonstrate expense discipline, with full-year general and administrative expenses expected to be flat excluding Seligman and other performance fee compensation, while investing in opportunities to drive growth.

Assets under management and advisement increased 4 percent to $743 billion. Investment performance remained strong with 78 percent of retail funds above median versus peers on an asset-weighted basis for the 3-year period, 74 percent for the 5-year period, and 87 percent for the 10-year period. In addition, 92 Columbia Threadneedle funds globally earned four- or five-star ratings from Morningstar.

We remain focused on meeting clients’ needs with a broad range of investment capabilities and product structures, including ETFs, SMAs and Model Delivery offerings, while further expanding our alternative strategies. In the quarter, net outflows were $9.3 billion, reflecting:

•Institutional net outflows of $5.5 billion primarily related to client asset allocation decisions.

•Retail net outflows of $2.9 billion, which included approximately $0.8 billion of outflows from VP/VIT funds associated with our closed block of variable annuities with living benefit riders. Remaining flows reflect industry pressure on active managers.

•Generation of net inflows in areas of strategic focus within retail and institutional, including $1.3 billion of net inflows into technology and healthcare strategies and $2.4 billion of net inflows into ETFs, SMAs and Model Delivery offerings.

4

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
			Quarter Ended September 30,									% Better/ (Worse)
(in millions, unaudited)			2026						2025
Adjusted operating net revenues			$	997					$	1,102		(10)%
Adjusted operating expenses			865						885			2%
Pretax adjusted operating earnings			$	132					$	217		(39)%
Unlocking			(66)						17			NM
Pretax adjusted operating earnings, excluding unlocking			$	198					$	200		(1)%
NM Not Meaningful - variance equal to or greater than 100%

Retirement & Protection Solutions pretax adjusted operating earnings, excluding unlocking were $198 million, reflecting continued market appreciation and favorable life claims, offset by impacts from outflows in variable annuities with living benefit riders and higher distribution expenses related to strong structured annuity sales.

Retirement & Protection Solutions sales increased 24 percent to $1.8 billion, with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life insurance, providing important solutions for our wealth management planning clients.

Our high-quality books of business continued to generate strong earnings, margins and free cash flow, while delivering excellent risk-adjusted returns and are an important contributor to our diversified business model.

5

Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
			Quarter Ended September 30,									% Better/ (Worse)
(in millions, unaudited)			2026						2025
Corporate & Other			$	(92)					$	(87)		(6)%
Closed Blocks (1)			(34)						(29)			(17)%
Pretax adjusted operating earnings/(loss)			$	(126)					$	(116)		(9)%
Unlocking			(28)						(23)			(22)%
Pretax adjusted operating earnings, excluding unlocking			$	(98)					$	(93)		(5)%
Long Term Care, excluding unlocking			$	4					$	4		—%
Fixed Annuities, excluding unlocking			(10)						(10)			—%
Pretax adjusted operating earnings/(loss), excluding unlocking			$	(6)					$	(6)		—%
(1) Long Term Care and Fixed Annuities.

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $92 million.

Long Term Care pretax adjusted operating earnings, excluding unlocking were $4 million in the quarter, a continuation of a solid performance trend.

Fixed Annuities pretax adjusted operating loss, excluding unlocking was in line with expectations
at $10 million.

Taxes

The operating effective tax rate was 21.0 percent for the third quarter. The operating effective tax
rate is expected to be 20 to 22 percent for the full year 2026.

Contacts

Investor Relations: Media Relations:

Stephanie M. Rabe Paul W. Johnson

Ameriprise Financial Ameriprise Financial

(612) 671-4085 (612) 671-0625

stephanie.m.rabe@ampf.com paul.w.johnson@ampf.com

6

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.

Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited, Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle (EM) Investments Limited, and Pyrford International Ltd, are SEC- and FCA-registered investment adviser affiliates of Columbia Management Investment Advisers, LLC based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA.

Non-GAAP Financial Measures

The company believes the presentation of adjusted operating measures and other non-GAAP financial measures, and the corresponding ratios, best represents the underlying performance of our core operations and facilitates a more meaningful trend analysis without the distortion of various adjustment items. Management uses non-GAAP financial measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors and to provide a valuable perspective for investors. These non-GAAP financial measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures. Non-GAAP financial measure reconciliations can be found on the subsequent pages.

Forward-Looking Statements

This news release 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, 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, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;

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

•statements concerning expected general and administrative expense for Asset Management;

•statements regarding the expected amount and timing of assets transitioning to our platform due to our partnership with Huntington Bank;

•statements estimating the expected full year 2026 operating effective tax rate; and

7

•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,” “commitment,” “scenario,” “case,” “appear,” “expands” 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.

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 cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.

The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Form 10-Q for the period ended September 30, 2026.

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 release or in any other report or document the company furnishes or files with the SEC.

Credential Source

The 2027 Forbes Most Trusted Companies in America ranking was awarded by Forbes based on an evaluation of more than 2,000 U.S.-headquartered companies with at least 5,000 employees. Rankings were determined using more than 50 metrics across employee, customer, investor, and creditor trust. Survey data used in the evaluation covered a 12- to 18-month period ending August 2026, and financial, workforce, and creditor data were evaluated as of September 2026. Ameriprise did not pay a fee to be considered for the ranking but did pay a licensing fee to publicize the award. For more information, visit https://www.forbes.com/lists/most-trusted-companies.

8

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Revenues
Management and financial advice fees			$	3,230					$	2,811		15%			$	3,066		5%
Distribution fees			568						539			5%			573			(1)%
Net investment income			908						920			(1)%			893			2%
Premiums, policy and contract charges			355						493			(28)%			341			4%
Other revenues			130						130			—%			140			(7)%
Total revenues			5,191						4,893			6%			5,013			4%
Banking and deposit interest expense			74						102			27%			73			(1)%
Total net revenues			5,117						4,791			7%			4,940			4%
Expenses
Distribution expenses			1,955						1,714			(14)%			2,116			8%
Interest credited to fixed accounts			72						141			49%			169			57%
Benefits, claims, losses and settlement expenses			302						343			12%			294			(3)%
Remeasurement (gains) losses of future policy benefit reserves			32						22			(45)%			1			NM
Change in fair value of market risk benefits			202						302			33%			(229)			NM
Amortization of deferred acquisition costs			62						60			(3)%			61			(2)%
Interest and debt expense			83						84			1%			84			1%
General and administrative expense			982						951			(3)%			1,002			2%
Total expenses			3,690						3,617			(2)%			3,498			(5)%
Pretax income			1,427						1,174			22%			1,442			(1)%
Income tax provision			301						262			(15)%			329			9%
Net income			$	1,126					$	912		23%			$	1,113		1%
Earnings per share
Basic earnings per share			$	12.47					$	9.47					$	12.12
Earnings per diluted share			$	12.32					$	9.33					$	11.98
Weighted average common shares outstanding
Basic			90.3						96.3						91.8
Diluted			91.4						97.8						92.9
NM Not Meaningful - variance equal to or greater than 100%

9

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM			$	725,204					$	646,382		12%			$	727,679		—%
Asset Management AUM			692,014						674,720			3%			714,809			(3)%
Corporate AUM			1,330						774			72%			1,191			12%
Eliminations			(44,314)						(47,812)			7%			(47,667)			7%
Assets Under Management			1,374,234						1,274,064			8%			1,396,012			(2)%
Assets Under Administration			362,972						347,923			4%			374,615			(3)%
Assets Under Advisement (net of eliminations) (1)			47,336						37,522			26%			41,991			13%
Total Assets Under Management, Administration and Advisement			$	1,784,542					$	1,659,509		8%			$	1,812,618		(2)%
S&P 500
Daily average			7,620						6,427			19%			7,267			5%
Period end			7,652						6,688			14%			7,499			2%
Weighted Equity Index (WEI) (2)
Daily average			4,820						4,055			19%			4,603			5%
Period end			4,800						4,210			14%			4,753			1%
Common shares
Beginning balance			88.4						94.4			(6)%			90.1			(2)%
Repurchases			(1.6)						(1.4)			(14)%			(1.7)			6%
Issuances			0.3						0.2			50%			0.1			NM
Other			(0.1)						(0.1)			—%			(0.1)			—%
Total common shares outstanding			87.0						93.1			(7)%			88.4			(2)%
Restricted stock units			2.4						2.4			—%			2.4			—%
Total basic common shares outstanding			89.4						95.5			(6)%			90.8			(2)%
Total potentially dilutive shares			1.0						1.5			(33)%			1.1			(9)%
Total diluted shares			90.4						97.0			(7)%			91.9			(2)%
Capital Returned to Shareholders
Dividends paid			$	155					$	155		—%			$	158		(2)%
Common stock share repurchases			871						687			27%			774			13%
Total Capital Returned to Shareholders			$	1,026					$	842		22%			$	932		10%
(1) Assets reported on a one quarter lag.
(2) 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.
NM Not Meaningful - variance equal to or greater than 100%

10

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Revenues
Management and financial advice fees:
Advisory fees			$	1,965					$	1,664		18%			$	1,859		6%
Financial planning fees			145						120			21%			126			15%
Transaction and other fees			105						102			3%			105			—%
Total management and financial advice fees			2,215						1,886			17%			2,090			6%
Distribution fees:
Mutual funds			247						227			9%			244			1%
Insurance and annuity			280						268			4%			281			—%
Off-Balance sheet brokerage cash			18						21			(14)%			21			(14)%
Other products			136						126			8%			138			(1)%
Total distribution fees			681						642			6%			684			—%
Net investment income			461						485			(5)%			455			1%
Other revenues			88						79			11%			90			(2)%
Total revenues			3,445						3,092			11%			3,319			4%
Banking and deposit interest expense			74						102			27%			73			(1)%
Adjusted operating total net revenues			3,371						2,990			13%			3,246			4%
Expenses
Distribution expenses			1,911						1,656			(15)%			1,829			(4)%
Interest and debt expense			16						14			(14)%			15			(7)%
General and administrative expense			455						439			(4)%			463			2%
Adjusted operating expenses			2,382						2,109			(13)%			2,307			(3)%
Pretax adjusted operating earnings			$	989					$	881		12%			$	939		5%
Pretax adjusted operating margin			29.3		%				29.5		%				28.9		%

11

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
AWM Total Client Assets			$	1,230,948					$	1,138,392		8%			$	1,247,579		(1)%
Total Client Flows			$	(8,458)					$	3,442		NM			$	3,053		NM
Total Wrap Accounts
Beginning assets			$	731,500					$	615,189		19%			$	664,167		10%
Net flows			4,848						4,769			2%			6,935			(30)%
Market appreciation (depreciation) and other			(7,459)						30,344			NM			60,398			NM
Total wrap ending assets			$	728,889					$	650,302		12%			$	731,500		—%
Advisory wrap account assets ending balance (1)			$	722,991					$	644,436		12%			$	725,486		—%
Average advisory wrap account assets(2)			$	728,121					$	618,236		18%			$	694,038		5%
AWM Cash Balances
On-balance sheet (Net Investment Income)
On-balance sheet - bank			$	23,606					$	22,593		4%			$	23,940		(1)%
On-balance sheet - certificate			7,347						8,936			(18)%			7,381			—%
On-balance sheet - broker dealer			2,372						2,119			12%			2,423			(2)%
Total on-balance sheet			33,325						33,648			(1)%			33,744			(1)%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer			2,136						3,216			(34)%			3,486			(39)%
Total AWM Cash Balances			$	35,461					$	36,864		(4)%			$	37,230		(5)%
Bank - Net Investment Income
Average interest-bearing assets			$	25,290					$	23,986		5%			$	25,209		—%
Gross fee yield (3)			4.61		%				4.67		%				4.67		%
Certificates - Net Investment Income
Average interest-bearing assets			$	7,824					$	10,038		(22)%			$	7,873		(1)%
Gross fee yield (3)			4.52		%				5.00		%				4.57		%
Other - Net Investment Income
Average interest-bearing assets			$	6,236					$	5,176		20%			$	5,685		10%
Gross fee yield (3)			5.15		%				5.90		%				5.38		%
Off-balance sheet - broker dealer - Distribution Fees
Average balances			$	2,846					$	3,297		(14)%			$	3,735		(24)%
Net fee yield			2.47		%				2.51		%				2.24		%
(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 in each reflected period which is reflective of our billing cycle.
(3) Gross fee yield is calculated using amortized cost of investments.
NM Not Meaningful - variance equal to or greater than 100%

12

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail			$	617					$	557		11%			$	597		3%
Institutional			162						140			16%			149			9%
Model delivery			30						24			25%			27			11%
Transaction and other fees			58						52			12%			54			7%
Revenue from other sources (1)			2						2			—%			3			(33)%
Total management and financial advice fees			869						775			12%			830			5%
Distribution fees:
Mutual funds			67						58			16%			65			3%
Insurance and annuity			40						40			—%			40			—%
Total distribution fees			107						98			9%			105			2%
Net investment income			8						26			(69)%			7			14%
Other revenues			6						7			(14)%			5			20%
Total revenues			990						906			9%			947			5%
Banking and deposit interest expense			—						—			—%			—			—%
Adjusted operating total net revenues			990						906			9%			947			5%
Expenses
Distribution expenses			282						254			(11)%			270			(4)%
Amortization of deferred acquisition costs			2						2			—%			1			NM
Interest and debt expense			4						3			(33)%			4			—%
General and administrative expense			394						387			(2)%			398			1%
Adjusted operating expenses			682						646			(6)%			673			(1)%
Pretax adjusted operating earnings			$	308					$	260		18%			$	274		12%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues			$	990					$	906		9%			$	947		5%
Distribution pass through revenues			(223)						(202)			(10)%			(215)			(4)%
Subadvisory and other pass through revenues			(100)						(112)			11%			(97)			(3)%
Net adjusted operating revenues			667						592			13%			635			5%
Pretax adjusted operating earnings			$	308					$	260		18%			$	274		12%
Adjusted operating net investment income			(8)						(26)			69%			(7)			(14)%
Amortization of intangibles			5						15			(67)%			4			25%
Net adjusted operating earnings			$	305					$	249		22%			$	271		13%
Pretax adjusted operating margin			31.1		%				28.7		%				28.9		%
Net pretax adjusted operating margin (2)			45.7		%				42.1		%				42.7		%
Total Performance fees (3)
Performance fees			$	10					$	2		NM			$	1		NM
General and administrative expense related to performance fees			6						—			—%			1			NM
Net performance fees			$	4					$	2		NM			$	—		—%
(1) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.
(2) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
(3) Performance fees do not include CLO incentive fees.
NM Not Meaningful - variance equal to or greater than 100%

13

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets			$	410,052					$	361,696		13%			$	368,234		11%
Inflows			14,079						14,762			(5)%			17,101			(18)%
Outflows			(18,362)						(17,593)			(4)%			(19,526)			6%
Net VP/VIT fund flows			(1,824)						(1,760)			(4)%			(1,731)			(5)%
Net new flows			(6,107)						(4,591)			(33)%			(4,156)			(47)%
Reinvested dividends			1,725						1,684			2%			2,755			(37)%
Net flows			(4,382)						(2,907)			(51)%			(1,401)			NM
Distributions			(1,805)						(1,808)			—%			(3,004)			40%
Market appreciation (depreciation) and other			(3,872)						22,760			NM			46,208			NM
Foreign currency translation (1)			(22)						(1,435)			98%			15			NM
Total ending assets			399,971						378,306			6%			410,052			(2)%
% of total retail assets sub-advised			12.9		%				13.2		%				13.6		%
Global Institutional
Beginning assets			304,757						292,528			4%			293,388			4%
Inflows (2)			11,513						9,156			26%			12,957			(11)%
Outflows (2)			(17,931)						(11,421)			(57)%			(18,044)			1%
Net flows			(6,418)						(2,265)			NM			(5,087)			(26)%
Market appreciation (depreciation) and other (3)			(6,161)						8,975			NM			16,226			NM
Foreign currency translation (1)			(135)						(2,824)			95%			230			NM
Total ending assets			292,043						296,414			(1)%			304,757			(4)%
Total managed assets			$	692,014					$	674,720		3%			$	714,809		(3)%
Total Assets Under Advisement (4)			50,539						39,443			28%			44,594			13%
Total Assets Under Management & Advisement			$	742,553					$	714,163		4%			$	759,403		(2)%
Total AUM net flows			$	(10,800)					$	(5,172)		NM			$	(6,488)		(66)%
Model delivery AUA flows (5)			1,483						1,731			(14)%			17			NM
Total AUM and AUA Flows (5)			$	(9,317)					$	(3,441)		NM			$	(6,471)		(44)%
Legacy insurance partners flows			$	(954)					$	(903)		(6)%			$	71		NM
(1) Amounts represent local currency to U.S. dollar translation for reporting purposes.
(2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.
(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 Annuity product and Ameriprise Bank, FSB.
(4) Assets are presented on a one-quarter lag.
(5) AUA 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.
NM Not Meaningful - variance equal to or greater than 100%

14

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Total Managed Assets by Type
Equity			$	399,308					$	368,610		8%			$	406,936		(2)%
Fixed income			220,369						234,682			(6)%			234,637			(6)%
Money market			21,424						21,545			(1)%			21,896			(2)%
Alternative			31,562						29,281			8%			31,936			(1)%
Hybrid and other			19,351						20,602			(6)%			19,404			—%
Total managed assets by type			$	692,014					$	674,720		3%			$	714,809		(3)%
Average Managed Assets by Type (1)
Equity			$	404,076					$	358,062		13%			$	389,304		4%
Fixed income			229,423						232,013			(1)%			235,958			(3)%
Money market			22,055						21,922			1%			22,425			(2)%
Alternative			31,932						28,644			11%			31,040			3%
Hybrid and other			19,554						20,106			(3)%			19,477			—%
Total average managed assets by type			$	707,040					$	660,747		7%			$	698,204		1%
(1) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.

Ameriprise Financial, Inc.
Asset Management Segment Performance Metrics
			3 Qtr 2026
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted			1 year			3 year			5 year			10 year
Equity			56%			78%			77%			87%
Fixed Income			32%			78%			57%			86%
Asset Allocation			34%			81%			76%			85%
4- or 5-star Morningstar rated funds			Overall			3 year			5 year			10 year
Number of Rated Funds			92			80			68			77
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 are defined by either IA or Morningstar index and are based on Primary Share Class. Comparisons 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. Morningstar as of 09/30/26. Columbia funds are available for purchase by U.S. customers. Out of 85 Columbia funds rated (based on primary share class), 5 received a 5-star Overall Rating and 38 received a 4-star Overall Rating. Out of 128 Threadneedle funds rated (based on highest-rated share class), 13 received a 5-star Overall Rating and 36 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. Not all funds are available in all jurisdictions, to all investors or through all firms. © 2026 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

15

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Revenues
Management and financial advice fees			$	191					$	192		(1)%			$	190		1%
Distribution fees			107						105			2%			107			—%
Net investment income			364						326			12%			347			5%
Premiums, policy and contract charges			334						479			(30)%			330			1%
Other revenues			1						—			—%			1			—%
Total revenues			997						1,102			(10)%			975			2%
Banking and deposit interest expense			—						—			—%			—			—%
Adjusted operating total net revenues			997						1,102			(10)%			975			2%
Expenses
Distribution expenses			141						134			(5)%			139			(1)%
Interest credited to fixed accounts			104						95			(9)%			94			(11)%
Benefits, claims, losses and settlement expenses			249						256			3%			234			(6)%
Remeasurement (gains) losses of future policy benefit reserves			(1)						(9)			(89)%			(3)			(67)%
Change in fair value of market risk benefits			219						257			15%			162			(35)%
Amortization of deferred acquisition costs			59						56			(5)%			58			(2)%
Interest and debt expense			9						11			18%			10			10%
General and administrative expense			85						85			—%			79			(8)%
Adjusted operating expenses			865						885			2%			773			(12)%
Pretax adjusted operating earnings			$	132					$	217		(39)%			$	202		(35)%

16

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Variable Annuities Rollforwards
Beginning balance			$	94,401					$	87,840		7%			$	88,115		7%
Deposits			1,607						1,256			28%			1,504			7%
Withdrawals and terminations			(2,926)						(2,387)			(23)%			(2,718)			(8)%
Net flows			(1,319)						(1,131)			(17)%			(1,214)			(9)%
Investment performance and interest credited			(324)						4,241			NM			7,500			NM
Total ending balance - contract accumulation values			$	92,758					$	90,950		2%			$	94,401		(2)%
Variable annuities fixed sub-accounts			$	3,301					$	3,493		(5)%			$	3,318		(1)%
Life Insurance In Force			$	196,158					$	197,593		(1)%			$	196,774		—%
Net Amount at Risk (Life)			$	36,759					$	37,241		(1)%			$	36,451		1%
Net Policyholder Reserves
VUL/UL			$	18,275					$	17,144		7%			$	18,438		(1)%
Term and whole life			145						168			(14)%			158			(8)%
Disability insurance			396						457			(13)%			426			(7)%
Other insurance			462						488			(5)%			466			(1)%
Total net policyholder reserves			$	19,278					$	18,257		6%			$	19,488		(1)%
DAC Ending Balances
Variable Annuities DAC			$	1,621					$	1,646		(2)%			$	1,626		—%
Life and Health DAC			$	939					$	946		(1)%			$	940		—%
NM Not Meaningful - variance equal to or greater than 100%

17

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees			$	—					$	—		—%			$	—		—%
Distribution fees			—						—			—%			—			—%
Net investment income			(1)						(7)			86%			2			NM
Premiums, policy and contract charges			—						—			—%			—			—%
Other revenues			2						2			—%			2			—%
Total revenues			1						(5)			NM			4			(75)%
Banking and deposit interest expense			7						9			22%			4			(75)%
Adjusted operating total net revenues			(6)						(14)			57%			—			—%
Expenses
Distribution expenses			—						—			—%			—			—%
Interest credited to fixed accounts			—						—			—%			—			—%
Benefits, claims, losses and settlement expenses			—						—			—%			—			—%
Remeasurement (gains) losses of future policy benefit reserves			—						—			—%			—			—%
Change in fair value of market risk benefits			—						—			—%			—			—%
Amortization of deferred acquisition costs			—						—			—%			—			—%
Interest and debt expense			29						23			(26)%			24			(21)%
General and administrative expense			57						50			(14)%			53			(8)%
Adjusted operating expenses			86						73			(18)%			77			(12)%
Pretax adjusted operating earnings (loss)			$	(92)					$	(87)		(6)%			$	(77)		(19)%
NM Not Meaningful - variance equal to or greater than 100%

18

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees			$	—					$	—		—%			$	—		—%
Distribution fees			—						—			—%			—			—%
Net investment income			45						47			(4)%			44			2%
Premiums, policy and contract charges			22						22			—%			21			5%
Other revenues			—						—			—%			—			—%
Total revenues			67						69			(3)%			65			3%
Banking and deposit interest expense			—						—			—%			—			—%
Adjusted operating total net revenues			67						69			(3)%			65			3%
Expenses
Distribution expenses			(2)						(2)			—%			(4)			(50)%
Interest credited to fixed accounts			—						—			—%			—			—%
Benefits, claims, losses and settlement expenses			53						53			—%			53			—%
Remeasurement (gains) losses of future policy benefit reserves			33						31			(6)%			4			NM
Change in fair value of market risk benefits			—						—			—%			—			—%
Amortization of deferred acquisition costs			—						—			—%			—			—%
Interest and debt expense			2						4			50%			2			—%
General and administrative expense			6						5			(20)%			6			—%
Adjusted operating expenses			92						91			(1)%			61			(51)%
Pretax adjusted operating earnings (loss)			$	(25)					$	(22)		(14)%			$	4		NM
Long Term Care Policyholder Reserves, net of reinsurance			$	2,437					$	2,643		(8)%			$	2,575		(5)%
NM Not Meaningful - variance equal to or greater than 100%

19

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees			$	—					$	—		—%			$	—		—%
Distribution fees			—						—			—%			—			—%
Net investment income			7						7			—%			7			—%
Premiums, policy and contract charges			—						—			—%			—			—%
Other revenues			37						42			(12)%			42			(12)%
Total revenues			44						49			(10)%			49			(10)%
Banking and deposit interest expense			—						—			—%			—			—%
Adjusted operating total net revenues			44						49			(10)%			49			(10)%
Expenses
Distribution expenses			1						—			—%			1			—%
Interest credited to fixed accounts			49						51			4%			50			2%
Benefits, claims, losses and settlement expenses			—						—			—%			1			NM
Remeasurement (gains) losses of future policy benefit reserves			—						—			—%			—			—%
Change in fair value of market risk benefits			—						—			—%			—			—%
Amortization of deferred acquisition costs			1						2			50%			2			50%
Interest and debt expense			—						—			—%			—			—%
General and administrative expense			2						3			33%			3			33%
Adjusted operating expenses			53						56			5%			57			7%
Pretax adjusted operating earnings (loss)			$	(9)					$	(7)		(29)%			$	(8)		(13)%
NM Not Meaningful - variance equal to or greater than 100%

20

Ameriprise Financial, Inc.
Eliminations(1) Adjusted Operating Results
(in millions, unaudited)			3 Qtr 2026						3 Qtr 2025			% Better/ (Worse)			2 Qtr 2026			% Better/ (Worse)
Revenues
Management and financial advice fees			$	(43)					$	(41)		(5)%			$	(42)		(2)%
Distribution fees			(327)						(306)			(7)%			(323)			(1)%
Net investment income			(19)						(23)			17%			(15)			(27)%
Premiums, policy and contract charges			(7)						(8)			13%			(7)			—%
Other revenues			1						—			—%			—			—%
Total revenues			(395)						(378)			(4)%			(387)			(2)%
Banking and deposit interest expense			(7)						(9)			(22)%			(4)			75%
Adjusted operating total net revenues			(388)						(369)			(5)%			(383)			(1)%
Expenses
Distribution expenses			(349)						(327)			7%			(343)			2%
Interest credited to fixed accounts			—						—			—%			—			—%
Benefits, claims, losses and settlement expenses			(4)						(8)			(50)%			(8)			(50)%
Remeasurement (gains) losses of future policy benefit reserves			—						—			—%			—			—%
Change in fair value of market risk benefits			(1)						—			—%			—			—%
Amortization of deferred acquisition costs			—						—			—%			—			—%
Interest and debt expense			(10)						(15)			(33)%			(12)			(17)%
General and administrative expense			(24)						(19)			26%			(20)			20%
Adjusted operating expenses			(388)						(369)			5%			(383)			1%
Pretax adjusted operating earnings (loss)			$	—					$	—		—%			$	—		—%
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.

21

Ameriprise Financial, Inc.
Capital Information
(in millions, unaudited)			September 30, 2026						September 30, 2025						June 30, 2026
Long-term Debt Summary
Senior notes (1)			$	3,350					$	3,100					$	3,850
Finance lease liabilities			—						1						—
Other (2)			(26)						(24)						(27)
Total Ameriprise Financial long-term debt			3,324						3,077						3,823
Non-recourse debt of consolidated investment entities			2,468						2,607						2,509
Total long-term debt			$	5,792					$	5,684					$	6,332
Total Ameriprise Financial long-term debt			$	3,324					$	3,077					$	3,823
Finance lease liabilities			—						(1)						—
Other (2)			26						24						27
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other			$	3,350					$	3,100					$	3,850
Total equity (3)			$	5,110					$	6,455					$	6,366
Equity of consolidated investment entities			(1)						(1)						(1)
Total equity excluding CIEs			$	5,109					$	6,454					$	6,365
Total Ameriprise Financial capital			$	8,434					$	9,532					$	10,189
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs			$	8,459					$	9,554					$	10,215
Debt to capital (1)
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital			39.4		%				32.3		%				37.5		%
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (3)			39.6		%				32.4		%				37.7		%
(1) June 30, 2026 long-term debt balances reflect debt issued to prefund an upcoming $500 million debt maturity.
(2) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
(3) Includes accumulated other comprehensive income, net of tax.

22

Ameriprise Financial, Inc.
Consolidated Balance Sheets
(in millions, unaudited)			September 30, 2026						December 31, 2025
Assets
Cash and cash equivalents			$	9,172					$	9,953
Cash of consolidated investment entities			102						150
Investments			58,134						58,406
Investments of consolidated investment entities			2,436						2,618
Market risk benefits			2,648						2,274
Separate account assets			78,275						80,044
Receivables			15,677						14,920
Receivables of consolidated investment entities			41						30
Deferred acquisition costs			2,598						2,625
Restricted and segregated cash and investments			793						1,055
Other assets			21,474						18,829
Other assets of consolidated investment entities			—						—
Total Assets			$	191,350					$	190,904
Liabilities
Policyholder account balances, future policy benefits and claims			$	49,554					$	46,498
Market risk benefits			818						1,182
Separate account liabilities			78,275						80,044
Customer deposits			33,317						33,750
Short-term borrowings			200						200
Long-term debt			3,324						3,077
Debt of consolidated investment entities			2,468						2,585
Accounts payable and accrued expenses			3,091						2,982
Other liabilities			15,135						13,878
Other liabilities of consolidated investment entities			58						159
Total Liabilities			186,240						184,355
Equity
Ameriprise Financial
Common shares ($.01 par)			3						3
Additional paid-in capital			10,587						10,377
Retained earnings			30,351						27,662
Treasury stock			(33,189)						(30,601)
Accumulated other comprehensive income, net of tax			(2,642)						(892)
Total Equity			5,110						6,549
Total Liabilities and Equity			$	191,350					$	190,904

23

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
			Quarter Ended September 30,												% Better/ (Worse)						Per Diluted Share Quarter Ended September 30,												% Better/ (Worse)
(in millions, except per share amounts, unaudited)			2026						2025												2026						2025
Net income			$	1,126					$	912					23%						$	12.32					$	9.33					32%
Adjustments:
Net realized investment gains (losses) (1)			7						11												0.08						0.11
Market impact on non-traditional long-duration products (1)			128						(82)												1.40						(0.84)
Mean reversion-related impacts (1)			1						—												0.01						—
Integration/restructuring charges (1)			(11)						—												(0.12)						—
Net income (loss) attributable to consolidated investment entities			(1)						3												(0.01)						0.03
Tax effect of adjustments (2)			(27)						15												(0.30)						0.16
Adjusted operating earnings			$	1,029					$	965					7%						$	11.26					$	9.87					14%
Pretax impact of annual unlocking			(94)						(6)												(1.03)						(0.06)
Tax effect of annual unlocking (2)			20						1												0.22						0.01
Adjusted operating earnings, excluding unlocking			$	1,103					$	970					14%						$	12.07					$	9.92					22%
Weighted average common shares outstanding:
Basic			90.3						96.3
Diluted			91.4						97.8
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.

24

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
			Year-to-date September 30,												% Better/ (Worse)						Per Diluted Share Year-to-date September 30,												% Better/ (Worse)
(in millions, except per share amounts, unaudited)			2026						2025												2026						2025
Net income			$	3,154					$	2,555					23%						$	33.95					$	25.83					31%
Adjustments:
Net realized investment gains (losses) (1)			7						(9)												0.07						(0.09)
Market impact on non-traditional long-duration products (1)			50						(323)												0.54						(3.27)
Mean reversion-related impacts (1)			2						1												0.02						0.01
Integration/restructuring charges (1)			(12)						—												(0.13)						—
Net income (loss) attributable to consolidated investment entities			(3)						1												(0.03)						0.01
Tax effect of adjustments (2)			(11)						70												(0.12)						0.71
Adjusted operating earnings			$	3,121					$	2,815					11%						$	33.60					$	28.46					18%
Pretax impact of annual unlocking			(94)						(6)												(1.01)						(0.06)
Tax effect of annual unlocking (2)			20						1												0.22						0.01
Adjusted operating earnings, excluding unlocking			$	3,195					$	2,820					13%						$	34.39					$	28.51					21%
Weighted average common shares outstanding:
Basic			91.8						97.4
Diluted			92.9						98.9
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.

25

Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings
			Quarter Ended September 30,
(in millions, unaudited)			2026						2025
Total net revenues			$	5,117					$	4,791
Adjustments:
Net realized investment gains (losses)			7						11
Market impact on non-traditional long-duration products			1						1
Mean Reversion related impacts			1						(1)
Revenues attributable to the CIEs			33						47
Adjusted operating total net revenues			$	5,075					$	4,733
Annual unlocking			1						120
Adjusted operating total net revenues, excluding unlocking			$	5,074					$	4,613
Total expenses			$	3,690					$	3,617
Adjustments:
Expenses attributable to the CIEs			34						44
Integration/restructuring charges			11						—
Market impact on non-traditional long-duration products			(127)						83
Mean reversion-related impacts			—						(1)
Adjusted operating expenses			$	3,772					$	3,491
Annual unlocking			95						126
Adjusted operating total net expenses, excluding unlocking			$	3,677					$	3,365
Pretax income			$	1,427					$	1,174
Pretax adjusted operating earnings			$	1,303					$	1,242
Pretax adjusted operating earnings, excluding unlocking			$	1,397					$	1,248
Pretax income margin			27.9		%				24.5		%
Pretax adjusted operating margin			25.7		%				26.2		%
Pretax adjusted operating margin, excluding unlocking			27.5		%				27.1		%

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
			Quarter Ended September 30, 2025
(in millions, unaudited)			GAAP						Adjusted Operating
Pretax income			$	1,174					$	1,242
Income tax provision			$	262					$	277
Effective tax rate			22.3		%				22.3		%

26

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
			Quarter Ended September 30, 2026
(in millions, unaudited)			GAAP						Adjusted Operating
Pretax income			$	1,427					$	1,303
Income tax provision			$	301					$	274
Effective tax rate			21.1		%				21.0		%

Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI”
			Twelve Months Ended  September 30,
(in millions, unaudited)			2026						2025
Net income			$	4,162					$	3,626
Less: Adjustments (1)			(2)						(136)
Adjusted operating earnings			$	4,164					$	3,762
Less: Annual unlocking (2)			(74)						(5)
Adjusted operating earnings, excluding unlocking			$	4,238					$	3,767
Total Ameriprise Financial, Inc. shareholders’ equity			$	6,138					$	5,781
Less: Accumulated other comprehensive income, net of tax			(1,397)						(1,347)
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI			7,535						7,128
Less: Equity impacts attributable to the consolidated investment entities			(1)						—
Adjusted operating equity			$	7,536					$	7,128
Return on equity excluding AOCI			55.2		%				50.9		%
Adjusted operating return on equity, excluding AOCI (2)			55.3		%				52.8		%
Adjusted operating return on equity, excluding AOCI and unlocking (2)			56.2		%				52.8		%
(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 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%.

27

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