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  4. [8-K] AMERIPRISE FINANCIAL INC Reports Material Event

Earnings surge at Ameriprise (NYSE: AMP) as assets reach $1.7T

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ameriprise Financial reported a strong first quarter of 2026, with adjusted operating earnings per diluted share rising 19% to a record $11.26 and GAAP EPS of $9.68 versus $5.83 a year ago. Net income increased 57% to $915 million, helped by less severe market impacts on derivatives and market risk benefits than the prior year.

Total adjusted operating net revenues grew 11% to $4.8 billion, and assets under management, administration and advisement reached $1.7 trillion, up 12%. Pretax adjusted operating margin improved to 27.9%, while adjusted operating return on equity excluding AOCI was a high 54.3%. The company returned $936 million, or 88% of operating earnings, to shareholders and raised its quarterly dividend by 6%.

Advice & Wealth Management delivered pretax adjusted operating earnings of $951 million, up 20% with a 30.0% margin, though client net flows slowed to $4.2 billion. Asset Management pretax adjusted operating earnings increased 13% to $273 million with a 43.8% net pretax adjusted operating margin and improved but still negative net flows of $5.9 billion. Retirement & Protection Solutions pretax adjusted operating earnings declined 12% to $190 million despite 10% sales growth to $1.3 billion. The operating effective tax rate was 20.2%, with a full-year 2026 expectation of 20%–22%.

Positive

  • None.

Negative

  • None.

Insights

Ameriprise posted broad-based earnings and ROE strength, offset by softer flows and a weaker protection segment.

Ameriprise Financial delivered robust Q1 2026 results. Adjusted operating EPS reached $11.26, up 19%, while GAAP EPS was $9.68 versus $5.83. Total adjusted operating net revenues rose 11% to $4.8B, and adjusted operating pretax margin improved to 27.9%. Adjusted operating ROE excluding AOCI was an exceptional 54.3% on a trailing twelve‑month basis.

Advice & Wealth Management was the main profit engine, with pretax adjusted operating earnings of $951M, up 20%, and a 30.0% margin. Assets under management, administration and advisement climbed to $1.67T, up 12%, supported by market appreciation and wrap asset growth, though total client net flows slowed to $4.2B. Asset Management earnings increased 13% to $273M, with a 43.8% net pretax adjusted operating margin and improved but still negative net flows of $5.9B.

Retirement & Protection Solutions was a drag, with pretax adjusted operating earnings down 12% to $190M, reflecting higher distribution expenses and continued outflows from variable annuities with living benefits, partly offset by higher equity markets. Capital return remained aggressive: Ameriprise returned $936M, or 88% of operating earnings, through dividends and buybacks, and increased the quarterly dividend by 6%. Management targets a full‑year 2026 operating effective tax rate of 20–22%, framing expectations for upcoming quarters.

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, and exhibit attachments filed with this report.
Adjusted operating EPS $11.26 per diluted share Q1 2026, up 19% from $9.50
GAAP EPS $9.68 per diluted share Q1 2026 vs $5.83 in Q1 2025
Net income $915 million Q1 2026, up 57% year over year
Total AUM, administration and advisement $1.668 trillion As of March 31, 2026, up 12% YoY
Pretax adjusted operating margin 27.9% Q1 2026 consolidated
Capital returned $936 million Q1 2026, 88% of operating earnings
AWM pretax adjusted operating earnings $951 million Q1 2026, up 20% year over year
Asset Management net AUM and AUA flows -$5.9 billion Q1 2026 total net flows, 68% improvement YoY
Adjusted operating earnings financial
"Adjusted operating earnings per diluted share increased 19 percent to a record $11.26"
Adjusted operating earnings are a company’s profit from its regular business activities after removing one-time, unusual or non-core items (like restructuring charges, asset sales, or litigation costs) so you see the underlying performance. Investors use this figure like a trimmed-down view of earnings—similar to judging a car’s fuel efficiency without counting one-off repair bills—to compare companies and assess whether operating results are sustainable.
Assets under management, administration and advisement financial
"Assets under management, administration and advisement grew to $1.7 trillion, up 12 percent."
Return on Equity, ex AOCI financial
"Return on Equity, ex AOCI (1) Q1 2026 GAAP 53.3% Adjusted Operating 54.3%"
market risk benefits financial
"First quarter 2026 GAAP results included unfavorable market impacts on the 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.
pretax adjusted operating margin financial
"Pretax adjusted operating margin was strong at 28 percent."
A pretax adjusted operating margin shows what percentage of a company’s sales remains as operating profit before taxes after removing one-time or unusual items and other specified adjustments. It helps investors see the company’s underlying profitability and compare performance across periods or peers, like checking a car’s steady fuel efficiency after ignoring a single long detour or one-off repairs that would distort the reading.
Total net revenues $4.812 billion +11% YoY
Adjusted operating EPS $11.26 +19% YoY
Net income $915 million +57% YoY
Guidance

Management expects the operating effective tax rate to be 20% to 22% for full-year 2026 and continues to expect Retirement & Protection Solutions earnings to be in its target range over time.

Understanding 8-K Material Events →
0000820027false00008200272026-04-232026-04-23

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): April 23, 2026
AMERIPRISE FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 001-3252513-3180631
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
1099 Ameriprise Financial CenterMinneapolisMinnesota55474
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code612671-3131
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 classTrading 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, a press release issued April 23, 2026 announcing its financial results for the first quarter of 2026.

 
Item 9.01      Financial Statements and Exhibits.
 
(d)         Exhibits.
 
Exhibit No. Description
   
Exhibit 99.1
 Press Release dated April 23, 2026 announcing financial results for the first 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:April 23, 2026By:/s/ Walter S. Berman
  Walter S. Berman
  Executive Vice President and
  Chief Financial Officer


ameriprise_bluexlogoxregula.jpg
Ameriprise Financial, Inc.
Minneapolis, MN
NYSE: AMP
April 23, 2026


Ameriprise Financial Reports
First Quarter 2026 Results
Earnings Per Diluted Share
Return on Equity, ex AOCI (1)
Q1 2026
Q1 2026
GAAP$9.68GAAP53.3%
Adjusted Operating
$11.26
Adjusted Operating
54.3%
Raised Quarterly Dividend 6 Percent
•First quarter adjusted operating earnings per diluted share increased 19 percent to a record $11.26, reflecting continued asset growth.
•First quarter GAAP net income per diluted share was $9.68 compared to $5.83 a year ago due to market impacts on the valuation of derivatives and market risk benefits.
•Assets under management, administration and advisement grew to $1.7 trillion, up 12 percent.
•Adjusted operating net revenues increased 11 percent to
$4.8 billion primarily from asset growth and strong client engagement.
•Pretax adjusted operating margin was strong at 28 percent.
•During the quarter, Huntington National Bank selected Ameriprise Financial as its new retail investment program provider, which will bring approximately 260 financial advisors and nearly $28 billion in combined advisory, brokerage and insurance assets to the company.
•Balance sheet fundamentals continued to be a core differentiator. The company generated and returned significant capital to shareholders with $936 million, or 88 percent of operating earnings, returned in the quarter. Return on equity remains distinguished in the industry at 54 percent(1).
•Ameriprise earned one of the highest investor satisfaction scores in the JD Power 2026 U.S. Investor Satisfaction StudySM, ranking third in the advised investors segment.
•Columbia Threadneedle Investments ranked in the top 10 across all time periods in the Barron’s Best Fund Families of 2025 ranking.
Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
“Ameriprise delivered a strong start to the year, with significant revenue and earnings growth driven by the durability of our business and consistent execution of our strategy.

In an environment of heightened market volatility and uncertainty, clients remain highly engaged and well-served by our personalized advice, expert investment perspective and broad product range.

We continue to invest across the business with a clear long-term focus – further enhancing our strong client experience, solutions, technology and AI capabilities.

Our capital strength remains a clear differentiator. During the quarter, we returned 88% of operating earnings to shareholders and today announced an additional 6% increase in our quarterly dividend, further reinforcing our confidence in the business and strong track record of generating shareholder value.”


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

Ameriprise Financial, Inc.
First Quarter Summary
Quarter Ended
March 31,
% Better/
(Worse)
(in millions, except per share amounts, unaudited)20262025
GAAP net income$915 $583 57%
Adjusted operating earnings
  (see reconciliation on p. 24)
$1,064 $950 12%
GAAP net income per diluted share$9.68 $5.83 66%
Adjusted operating earnings per diluted share
  (see reconciliation on p. 24)
$11.26 $9.50 19%
GAAP Return on Equity, ex. AOCI53.3 %43.2 %
Adjusted Operating Return on Equity, ex. AOCI
  (see reconciliation on p. 26)
54.3 %52.0 %
Weighted average common shares outstanding:
  Basic93.398.5
  Diluted94.5100.0

First quarter 2026 GAAP results included unfavorable market impacts on the valuation of derivatives and market risk benefits, while the prior-year quarter included larger unfavorable market impacts on the valuation of derivatives and market risk benefits.


2

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
Quarter Ended March 31,% Better/
(Worse)
(in millions, unaudited)20262025
Adjusted operating net revenues$3,175 $2,782 14%
Distribution expenses1,770 1,554 (14)%
Interest and debt expense15 12 (25)%
General and administrative expenses439 424 (4)%
Adjusted operating expenses
2,224 1,990 (12)%
Pretax adjusted operating earnings
$951 $792 20%
Pretax adjusted operating margin30.0 %28.5 %150 bps
Quarter Ended March 31,% Better/
(Worse)
(in billions, unless otherwise noted)20262025
Total client assets$1,149 $1,023 12%
Total client net flows$4.2 $10.3 (59)%
Wrap assets
$664 $573 16%
Wrap net flows$6.0 $8.7 (31)%
Cash sweep balances
$29.4 $28.6 3%
Adjusted operating net revenue per advisor (TTM in thousands)$1,160 $1,056 10%
Advice & Wealth Management generated strong performance with pretax adjusted operating earnings of $951 million, up 20 percent, with a margin of 30.0 percent. Pretax adjusted operating earnings included a $25 million benefit due to the termination of the Comerica Bank relationship. Core distribution earnings increased in the mid-30 percent range, excluding the benefit from Comerica, resulting from strong operating fundamentals, while spread earnings were essentially flat.
Adjusted operating net revenues increased 14 percent to $3.2 billion reflecting strong client engagement in holistic financial planning and advice relationships. 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 12 percent to $2.2 billion, primarily driven by distribution expenses. General and administrative expenses increased $15 million to $439 million, primarily driven by volume-related expenses and investments for growth.
The company delivered strong asset growth and higher advisor productivity, reflecting the strength of the Ameriprise client experience and the company’s focus on industry-leading tools, solutions and support.
•Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.2 million, up 10 percent. The company added 61 experienced advisors in the quarter.
•Total client assets grew $126 billion, or 12 percent, to $1.1 trillion and wrap assets increased $91 billion, or 16 percent, to $664 billion driven by organic growth and advisor productivity in a higher but more volatile market environment.
•Client flows were $4.2 billion and wrap flows were $6.0 billion in the quarter. This reflected strong underlying organic activity, partially offset by elevated advisor departures, including an acceleration of Comerica advisors.
•Transactional activity increased 10 percent compared to the prior year.
•Cash sweep balances were stable at $29.4 billion compared to $29.9 billion in the prior quarter, reflecting normal seasonal patterns.
•Bank assets increased 6 percent to $25.5 billion, with bank earnings increasing in the mid-single digits percent.
3

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
Quarter Ended March 31,% Better/
(Worse)
(in millions, unaudited)20262025
Adjusted operating net revenues$910 $846 8%
Distribution expenses262 246 (7)%
Amortization of deferred acquisition costs2 2 —%
Interest and debt expense4 3 (33)%
General and administrative expenses369 354 (4)%
Adjusted operating expenses637 605 (5)%
Pretax adjusted operating earnings$273 $241 13%
Net pretax adjusted operating margin (1)
43.8 %42.7 %
Quarter Ended March 31,% Better/
(Worse)
(in billions)20262025
Assets Under Management and Advisement (2)
$706 $657 8%
Net Flows
Global Retail net AUM flows, ex. legacy insurance partners
$(4.2)$(5.8)28%
Model delivery AUA flows (2)
0.3 — —%
   Total retail net AUM flows and model delivery AUA flows (2)
(3.9)(5.8)33%
Global Institutional net AUM flows, ex. legacy insurance partners
(1.2)(11.5)90%
Legacy insurance partners AUM flows
(0.8)(1.0)14%
Total Net AUM and AUA flows (2)
$(5.9)$(18.3)68%
(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.

Asset Management adjusted operating net revenues were $910 million. Pretax adjusted operating earnings increased 13 percent to $273 million reflecting asset growth and the positive impact from expense management actions. Net pretax adjusted operating margin increased to 44 percent. The underlying fee rate remained stable.

Adjusted operating expenses increased 5 percent. General and administrative expenses increased 4 percent driven by volume-related expenses and an unfavorable foreign exchange impact.

Assets under management and advisement increased 8 percent to $706 billion. Investment performance remained strong, most notably with more than 70 percent of retail funds above median versus peers on an asset-weighted basis across 1-, 3- and 5-year periods and 85 percent for the 10-year period. In addition, 95 Columbia Threadneedle funds globally earned four- or five-star ratings from Morningstar.

Net outflows were $5.9 billion, reflecting an improvement in both retail and institutional channels.
•Retail and model delivery net outflows improved to $3.9 billion, primarily reflecting higher gross sales in the U.S.
•Institutional net outflows improved to $1.2 billion. Stronger gross sales in the quarter included notable wins in Japan equity and liability-driven investment strategies.
•Outflows related to legacy insurance partners were $0.8 billion.

4

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
Quarter Ended March 31,% Better/
(Worse)
(in millions, unaudited)20262025
Adjusted operating net revenues$952 $926 3%
Adjusted operating expenses762 711 (7)%
Pretax adjusted operating earnings$190 $215 (12)%

Retirement & Protection Solutions pretax adjusted operating earnings were $190 million, reflecting higher distribution expenses associated with strong sales levels and continued outflows from variable annuities with living benefits, partially offset by higher average equity markets. We continue to expect earnings to be in our target range over time.

Retirement & Protection Solutions sales increased 10 percent to $1.3 billion, with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life insurance.

These high-quality books of business continued to generate strong free cash flow with 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 March 31,% Better/
(Worse)
(in millions, unaudited)20262025
Corporate & Other$(79)$(103)23%
Closed Blocks (1)
(2)6 NM
Pretax adjusted operating earnings/(loss)$(81)$(97)16%
Long Term Care$7 $14 (50)%
Fixed Annuities(9)(8)(13)%
Pretax adjusted operating earnings/(loss)$(2)$6 NM
(1) Long Term Care and Fixed Annuities.
NM Not Meaningful - variance equal to or greater than 100%

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $79 million.

Long Term Care pretax adjusted operating earnings were $7 million in the quarter, a continuation of a solid performance trend.

Fixed Annuities pretax adjusted operating loss was $9 million.

Taxes
The operating effective tax rate was 20.2 percent for the first 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, 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, 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; and
•statements regarding the expected earnings for our Retirement and Protection Solutions segment;
•statements estimating the expected full year 2026 operating effective tax rate; and
•statements of assumptions underlying such statements.
7


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 March 31, 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 Sources

JD Power 2026 U.S. Investor Satisfaction StudySM recognition is based on feedback provided by investors, including 399 Ameriprise Financial clients, about their primary wealth management firm. Data was collected January 2025 through January 2026, resulting in 7,982 completed surveys overall among advised investors. Ameriprise Financial ranked third among advised investors in overall satisfaction. This ranking is not indicative of future performance or representative of any one client’s experience, which may vary. Ameriprise did not pay a fee to be evaluated but did pay a fee to review and publicly cite the results. For more information: https://www.jdpower.com/business/investor-satisfaction-study.

Barron’s: March 2, 2026
Barron’s Best Fund Families Methodology Barron’s evaluates fund families based on the asset‑weighted returns of their actively managed funds relative to peers in their respective Lipper categories. Key components of the methodology include:
•Each fund’s performance is ranked within its LSEG Lipper category on a percentile basis.
•Rankings are asset‑weighted relative to the fund family’s other assets in its general classification, meaning larger funds have a proportionally greater impact on a firm’s overall score.
•Excluded from consideration are index funds, but actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies, are included.
•Finally, the score is multiplied by the weighting of its general classification, as determined by the Lipper universe of funds.
To qualify, a firm must offer a minimum number of funds across equity and fixed income categories.
8

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Revenues
Management and financial advice fees$2,944 $2,602 13%$3,096 (5)%
Distribution fees563 522 8%554 2%
Net investment income872 868 —%891 (2)%
Premiums, policy and contract charges341 360 (5)%373 (9)%
Other revenues166 129 29%133 25%
Total revenues4,886 4,481 9%5,047 (3)%
Banking and deposit interest expense74 127 42%87 15%
Total net revenues4,812 4,354 11%4,960 (3)%
Expenses
Distribution expenses1,773 1,612 (10)%1,819 3%
Interest credited to fixed accounts142 130 (9)%109 (30)%
Benefits, claims, losses and settlement expenses317 381 17%322 2%
Remeasurement (gains) losses of future policy benefit reserves(1)(10)(90)%1 NM
Change in fair value of market risk benefits378 497 24%215 (76)%
Amortization of deferred acquisition costs61 61 —%61 —%
Interest and debt expense80 80 —%80 —%
General and administrative expense918 916 —%1,061 13%
Total expenses3,668 3,667 —%3,668 —%
Pretax income1,144 687 67%1,292 (11)%
Income tax provision229 104 NM284 19%
Net income$915 $583 57%$1,008 (9)%
Earnings per share
Basic earnings per share$9.81 $5.92 $10.63 
Earnings per diluted share$9.68 $5.83 $10.47 
Weighted average common shares outstanding
Basic93.3 98.5 94.8 
Diluted94.5 100.0 96.3 
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)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM$660,620 $569,137 16%$666,437 (1)%
Asset Management AUM661,622 621,378 6%678,105 (2)%
Corporate AUM1,011 595 70%906 12%
Eliminations(45,931)(44,170)(4)%(47,630)4%
Assets Under Management1,277,322 1,146,940 11%1,297,818 (2)%
Assets Under Administration348,708 314,055 11%355,503 (2)%
Assets Under Advisement (net of eliminations) (1)
42,176 33,665 25%40,830 3%
Total Assets Under Management, Administration and Advisement$1,668,206 $1,494,660 12%$1,694,151 (2)%
S&P 500
Daily average6,8165,89916%6,7761%
Period end6,5295,61216%6,846(5)%
Weighted Equity Index (WEI) (2)
Daily average4,3433,71317%4,2652%
Period end4,1573,55417%4,317(4)%
Common shares
Beginning balance91.3 96.2 (5)%93.1 (2)%
Repurchases(1.6)(1.2)(33)%(1.8)11%
Issuances0.6 0.8 (25)%— —%
Other(0.2)(0.3)33%— —%
Total common shares outstanding90.1 95.5 (6)%91.3 (1)%
Restricted stock units2.3 2.4 (4)%2.4 (4)%
Total basic common shares outstanding92.4 97.9 (6)%93.7 (1)%
Total potentially dilutive shares1.1 1.5 (27)%1.5 (27)%
Total diluted shares93.5 99.4 (6)%95.2 (2)%
Capital Returned to Shareholders
Dividends paid$152 $148 3%$153 (1)%
Common stock share repurchases784 617 27%897 (13)%
Total Capital Returned to Shareholders$936 $765 22%$1,050 (11)%
(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.



10

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Revenues
Management and financial advice fees:
Advisory fees$1,797$1,51519%$1,7851%
Financial planning fees1151105%146(21)%
Transaction and other fees99945%981%
Total management and financial advice fees2,0111,71917%2,029(1)%
Distribution fees:
Mutual funds23721411%237—%
Insurance and annuity2602437%275(5)%
Off-Balance sheet brokerage cash2636(28)%2030%
Other products14112018%1308%
Total distribution fees6646138%662—%
Net investment income455500(9)%475(4)%
Other revenues1197755%8343%
Total revenues3,2492,90912%3,249—%
Banking and deposit interest expense7412742%8715%
Adjusted operating total net revenues3,1752,78214%3,162—%
Expenses
Distribution expenses1,7701,554(14)%1,757(1)%
Interest and debt expense1512(25)%15—%
General and administrative expense439424(4)%4645%
Adjusted operating expenses2,2241,990(12)%2,2361%
Pretax adjusted operating earnings$951$79220%$9263%
Pretax adjusted operating margin30.0 %28.5 %29.3 %















11

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
AWM Total Client Assets$1,148,514 $1,022,52012%$1,165,367 (1)%
Total Client Flows$4,226$10,275(59)%$13,335(68)%
Total Wrap Accounts
Beginning assets$670,361$573,88117%$650,3023%
Net flows6,0168,724(31)%12,052(50)%
Market appreciation (depreciation) and other(12,210)(9,834)(24)%8,007NM
Total wrap ending assets$664,167$572,77116%$670,361(1)%
Advisory wrap account assets ending balance (1)
$658,620$567,37116%$664,427(1)%
AWM Cash Balances
On-balance sheet (Net Investment Income)
On-balance sheet - bank$23,768$22,6695%$23,663—%
On-balance sheet - certificate7,55610,685(29)%8,155(7)%
On-balance sheet - broker dealer1,9662,308(15)%1,9481%
Total on-balance sheet33,29035,662(7)%33,766(1)%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer4,6694,3447%5,147(9)%
Total AWM Cash Balances$37,959$40,006(5)%$38,913(2)%
Bank - Net Investment Income
Average interest-bearing assets$25,238$24,1764%$24,6632%
Gross fee yield (2)
4.61 %4.68 %4.61 %
Certificates - Net Investment Income
Average interest-bearing assets$8,354$11,746(29)%$9,087(8)%
Gross fee yield (2)
4.67 %5.11 %4.83 %
Other - Net Investment Income
Average interest-bearing assets$5,610$5,2058%$5,3714%
Gross fee yield (2)
5.28 %5.82 %5.72 %
Off-balance sheet - broker dealer - Distribution Fees
Average balances$4,665$5,151(9)%$3,58030%
Net fee yield2.28 %2.81 %2.28 %
(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) 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)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail$563$5306%$568(1)%
Institutional1451348%266(45)%
Model delivery272223%264%
Transaction and other fees53506%54(2)%
Revenue from other sources (1)
24(50)%3(33)%
Total management and financial advice fees7907407%917(14)%
Distribution fees:
Mutual funds615511%61—%
Insurance and annuity3939—%40(3)%
Total distribution fees100946%101(1)%
Net investment income145NM15(7)%
Other revenues67(14)%6—%
Total revenues9108468%1,039(12)%
Banking and deposit interest expense———%——%
Adjusted operating total net revenues9108468%1,039(12)%
Expenses
Distribution expenses262246(7)%2651%
Amortization of deferred acquisition costs22—%2—%
Interest and debt expense43(33)%3(33)%
General and administrative expense369354(4)%47622%
Adjusted operating expenses637605(5)%74615%
Pretax adjusted operating earnings$273$24113%$293(7)%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues$910$8468%$1,039(12)%
Distribution pass through revenues(206)(195)(6)%(208)1%
Subadvisory and other pass through revenues(103)(91)(13)%(106)3%
Net adjusted operating revenues6015607%725(17)%
Pretax adjusted operating earnings$273$24113%$293(7)%
Adjusted operating net investment income(14)(5)NM(15)7%
Amortization of intangibles4333%15(73)%
Net adjusted operating earnings$263$23910%$293(10)%
Pretax adjusted operating margin30.0 %28.5 %28.2 %
Net pretax adjusted operating margin (2)
43.8 %42.7 %40.4 %
Total Performance fees (3)
Performance fees$4$1NM$120(97)%
General and administrative expense related to performance fees———%77NM
Net performance fees$4$1NM$43(91)%
(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)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets$378,023$352,7377%$378,306—%
Inflows17,08814,96614%13,58526%
Outflows(20,721)(20,079)(3)%(19,733)(5)%
Net VP/VIT fund flows(1,772)(1,646)(8)%(1,824)3%
Net new flows(5,405)(6,759)20%(7,972)32%
Reinvested dividends1,21695827%10,710(89)%
Net flows(4,189)(5,801)28%2,738NM
Distributions(1,291)(1,021)(26)%(11,770)89%
Market appreciation (depreciation) and other(2,984)(7,837)62%8,608NM
Foreign currency translation (1)
(1,325)2,275NM141NM
Total ending assets368,234340,3538%378,023(3)%
% of total retail assets sub-advised
13.7 %15.7 %13.2 %
Global Institutional
Beginning assets300,082292,1763%296,4141%
Inflows (2)
12,9639,58835%12,0887%
Outflows (2)
(14,968)(22,002)32%(13,950)(7)%
Net flows(2,005)(12,414)84%(1,862)(8)%
Market appreciation (depreciation) and other (3)
(2,151)(3,034)29%5,237NM
Foreign currency translation (1)
(2,538)4,297NM293NM
Total ending assets293,388281,0254%300,082(2)%
Total managed assets$661,622$621,3786%$678,105(2)%
Total Assets Under Advisement (4)
44,48535,32026%42,9254%
Total Assets Under Management & Advisement$706,107$656,6988%$721,030(2)%
Total AUM net flows$(6,194)$(18,215)66%$876NM
Model delivery AUA flows (5)
315(35)NM1,085(71)%
Total AUM and AUA Flows (5)
$(5,879)$(18,250)68%$1,961NM
Legacy insurance partners flows$(838)$(978)14%$(1,351)38%
(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)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Total Managed Assets by Type
Equity$355,890 $325,225 9%$370,489 (4)%
Fixed income234,180 228,854 2%234,201 —%
Money market22,209 20,300 9%23,358 (5)%
Alternative29,592 27,845 6%29,659 —%
Hybrid and other19,751 19,154 3%20,398 (3)%
Total managed assets by type$661,622 $621,378 6%$678,105 (2)%
Average Managed Assets by Type (1)
Equity$373,343 $340,514 10%$370,584 1%
Fixed income236,101 231,937 2%234,022 1%
Money market22,061 19,683 12%21,567 2%
Alternative29,921 30,173 (1)%29,330 2%
Hybrid and other20,423 19,545 4%20,565 (1)%
Total average managed assets by type$681,849 $641,852 6%$676,068 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
1 Qtr 2026
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted1 year3 year5 year10 year
Equity77%71%74%84%
Fixed Income74%81%63%89%
Asset Allocation39%83%73%87%
4- or 5-star Morningstar rated fundsOverall3 year5 year10 year
Number of Rated Funds95767180
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 03/31/26. Columbia funds are available for purchase by U.S. customers. Out of 86 Columbia funds rated (based on primary share class), 3 received a 5-star Overall Rating and 40 received a 4-star Overall Rating. Out of 129 Threadneedle funds rated (based on highest-rated share class), 12 received a 5-star Overall Rating and 40 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)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Revenues
Management and financial advice fees$186 $185 1%$194 (4)%
Distribution fees103 102 1%107 (4)%
Net investment income336 296 14%332 1%
Premiums, policy and contract charges326 341 (4)%357 (9)%
Other revenues1 2 (50)%1 —%
Total revenues952 926 3%991 (4)%
Banking and deposit interest expense— — —%— —%
Adjusted operating total net revenues952 926 3%991 (4)%
Expenses
Distribution expenses132 123 (7)%137 4%
Interest credited to fixed accounts93 92 (1)%93 —%
Benefits, claims, losses and settlement expenses235 211 (11)%237 1%
Remeasurement (gains) losses of future policy benefit reserves(2)(3)(33)%(5)(60)%
Change in fair value of market risk benefits155 143 (8)%173 10%
Amortization of deferred acquisition costs58 57 (2)%58 —%
Interest and debt expense10 8 (25)%10 —%
General and administrative expense81 80 (1)%88 8%
Adjusted operating expenses762 711 (7)%791 4%
Pretax adjusted operating earnings$190 $215 (12)%$200 (5)%



















16

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Variable Annuities Rollforwards
Beginning balance$91,296 $85,747 6%$90,950 —%
Deposits1,173 1,064 10%1,305 (10)%
Withdrawals and terminations(2,482)(2,200)(13)%(2,568)3%
Net flows(1,309)(1,136)(15)%(1,263)(4)%
Investment performance and interest credited(1,872)(1,102)(70)%1,609 NM
Total ending balance - contract accumulation values$88,115 $83,509 6%$91,296 (3)%
Variable annuities fixed sub-accounts$3,344 $3,640 (8)%$3,391 (1)%
Life Insurance In Force$196,769 $197,512 —%$197,479 —%
Net Amount at Risk (Life)$37,277 $38,236 (3)%$37,167 —%
Net Policyholder Reserves
VUL/UL$17,104 $15,725 9%$17,377 (2)%
Term and whole life160 170 (6)%166 (4)%
Disability insurance432 470 (8)%446 (3)%
Other insurance471 498 (5)%481 (2)%
Total net policyholder reserves$18,167 $16,863 8%$18,470 (2)%
DAC Ending Balances
Variable Annuities DAC$1,629 $1,665 (2)%$1,639 (1)%
Life and Health DAC$942 $952 (1)%$945 —%
NM Not Meaningful - variance equal to or greater than 100%


17

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results
(in millions, unaudited)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% 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(7)(7)—%(7)—%
Premiums, policy and contract charges— — —%— —%
Other revenues2 2 —%4 (50)%
Total revenues(5)(5)—%(3)(67)%
Banking and deposit interest expense4 8 50%8 50%
Adjusted operating total net revenues(9)(13)31%(11)18%
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 expense21 26 19%21 —%
General and administrative expense49 64 23%48 (2)%
Adjusted operating expenses70 90 22%69 (1)%
Pretax adjusted operating earnings (loss)$(79)$(103)23%$(80)1%






















18

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees$— $— —%$— —%
Distribution fees— — —%— —%
Net investment income45 46 (2)%44 2%
Premiums, policy and contract charges21 22 (5)%23 (9)%
Other revenues— — —%— —%
Total revenues66 68 (3)%67 (1)%
Banking and deposit interest expense— — —%— —%
Adjusted operating total net revenues66 68 (3)%67 (1)%
Expenses
Distribution expenses(2)(2)—%(4)(50)%
Interest credited to fixed accounts— — —%— —%
Benefits, claims, losses and settlement expenses53 55 4%53 —%
Remeasurement (gains) losses of future policy benefit reserves1 (7)NM6 83%
Change in fair value of market risk benefits— — —%— —%
Amortization of deferred acquisition costs— — —%— —%
Interest and debt expense2 2 —%2 —%
General and administrative expense5 6 17%7 29%
Adjusted operating expenses59 54 (9)%64 8%
Pretax adjusted operating earnings (loss)$7 $14 (50)%$3 NM
Long Term Care Policyholder Reserves, net of reinsurance$2,572 $2,561 —%$2,632 (2)%
NM Not Meaningful - variance equal to or greater than 100%

















19

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results
(in millions, unaudited)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees$— $— —%$— —%
Distribution fees— — —%— —%
Net investment income8 8 —%8 —%
Premiums, policy and contract charges1 — —%— —%
Other revenues37 41 (10)%39 (5)%
Total revenues46 49 (6)%47 (2)%
Banking and deposit interest expense— — —%— —%
Adjusted operating total net revenues46 49 (6)%47 (2)%
Expenses
Distribution expenses— — —%— —%
Interest credited to fixed accounts50 51 2%49 (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 costs1 2 50%1 —%
Interest and debt expense1 — —%1 —%
General and administrative expense3 3 —%3 —%
Adjusted operating expenses55 57 4%54 (2)%
Pretax adjusted operating earnings (loss)$(9)$(8)(13)%$(7)(29)%
NM Not Meaningful - variance equal to or greater than 100%


20

Ameriprise Financial, Inc.
Eliminations (1) Adjusted Operating Results
(in millions, unaudited)1 Qtr 20261 Qtr 2025% Better/
(Worse)		4 Qtr 2025% Better/
(Worse)
Revenues
Management and financial advice fees$(41)$(40)(3)%$(42)2%
Distribution fees(304)(287)(6)%(316)4%
Net investment income(17)(22)23%(20)15%
Premiums, policy and contract charges(8)(8)—%(9)11%
Other revenues— — —%— —%
Total revenues(370)(357)(4)%(387)4%
Banking and deposit interest expense(4)(8)(50)%(8)(50)%
Adjusted operating total net revenues(366)(349)(5)%(379)3%
Expenses
Distribution expenses(326)(310)5%(337)(3)%
Interest credited to fixed accounts— — —%— —%
Benefits, claims, losses and settlement expenses(4)(10)(60)%(4)—%
Remeasurement (gains) losses of future policy benefit reserves— — —%— —%
Change in fair value of market risk benefits— — —%— —%
Amortization of deferred acquisition costs— — —%— —%
Interest and debt expense(13)(13)—%(12)8%
General and administrative expense(23)(16)44%(26)(12)%
Adjusted operating expenses(366)(349)5%(379)(3)%
Pretax adjusted operating earnings (loss)$— $— —%$— —%
(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)March 31,
2026		March 31,
2025		December 31,
2025
Long-term Debt Summary
Senior notes$3,100 $3,600 $3,100 
Finance lease liabilities— 6 — 
Other (1)
(21)(25)(23)
Total Ameriprise Financial long-term debt3,079 3,581 3,077 
Non-recourse debt of consolidated investment entities2,535 2,395 2,585 
Total long-term debt$5,614 $5,976 $5,662 
Total Ameriprise Financial long-term debt$3,079 $3,581 $3,077 
Finance lease liabilities— (6)— 
Other (1)
21 25 23 
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other$3,100 $3,600 $3,100 
Total equity (2)
$6,212 $5,426 $6,549 
Equity of consolidated investment entities— — (1)
Total equity excluding CIEs$6,212 $5,426 $6,548 
Total Ameriprise Financial capital$9,291 $9,007 $9,626 
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs$9,312 $9,026 $9,648 
Debt to capital
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital33.1 %39.8 %32.0 %
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)
33.3 %39.9 %32.1 %
(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
(2) Includes accumulated other comprehensive income, net of tax.






22

Ameriprise Financial, Inc.
Consolidated Balance Sheets
(in millions, unaudited)March 31,
2026		December 31,
2025
Assets
Cash and cash equivalents$8,341 $9,953 
Cash of consolidated investment entities128 150 
Investments58,969 58,406 
Investments of consolidated investment entities2,507 2,618 
Market risk benefits1,934 2,274 
Separate account assets76,466 80,044 
Receivables15,144 14,920 
Receivables of consolidated investment entities30 30 
Deferred acquisition costs2,612 2,625 
Restricted and segregated cash and investments924 1,055 
Other assets17,393 18,829 
Other assets of consolidated investment entities— — 
Total Assets$184,448 $190,904 
Liabilities
Policyholder account balances, future policy benefits and claims$46,401 $46,498 
Market risk benefits1,359 1,182 
Separate account liabilities76,466 80,044 
Customer deposits33,278 33,750 
Short-term borrowings200 200 
Long-term debt3,079 3,077 
Debt of consolidated investment entities2,535 2,585 
Accounts payable and accrued expenses2,513 2,982 
Other liabilities12,319 13,878 
Other liabilities of consolidated investment entities86 159 
Total Liabilities178,236 184,355 
Equity
Ameriprise Financial
Common shares ($.01 par)3 3 
Additional paid-in capital10,437 10,377 
Retained earnings28,425 27,662 
Treasury stock(31,448)(30,601)
Accumulated other comprehensive income, net of tax(1,205)(892)
Total Equity6,212 6,549 
Total Liabilities and Equity$184,448 $190,904 




23

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
Quarter Ended March 31,% Better/
(Worse)		Per Diluted Share
Quarter Ended
March 31,		% Better/
(Worse)
(in millions, except per share amounts, unaudited)2026202520262025
Net income$915 $583 57%$9.68 $5.83 66%
Adjustments:
Net realized investment gains (losses) (1)
(5)(2)(0.05)(0.02)
Market impact on non-traditional long-duration products (1)
(184)(460)(1.95)(4.60)
Net income (loss) attributable to consolidated investment entities— (2)— (0.02)
Tax effect of adjustments (2)
40 97 0.42 0.97 
Adjusted operating earnings$1,064 $950 12%$11.26 $9.50 19%
Weighted average common shares outstanding:
Basic93.3 98.5 
Diluted94.5 100.0 
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.


24

Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings
Quarter Ended March 31,
(in millions, unaudited)20262025
Total net revenues$4,812 $4,354 
Adjustments:
Net realized investment gains (losses)(5)(2)
Market impact on non-traditional long-duration products2 5 
Revenues attributable to the CIEs41 42 
Adjusted operating total net revenues$4,774 $4,309 
Total expenses$3,668 $3,667 
Adjustments:
Expenses attributable to the CIEs41 44 
Market impact on non-traditional long-duration products186 465 
Adjusted operating expenses$3,441 $3,158 
Pretax income$1,144 $687 
Pretax adjusted operating earnings$1,333 $1,151 
Pretax income margin23.8 %15.8 %
Pretax adjusted operating margin27.9 %26.7 %

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended
March 31, 2025
(in millions, unaudited)GAAPAdjusted Operating
Pretax income$687$1,151
Income tax provision$104$201
Effective tax rate15.1 %17.5 %
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended
March 31, 2026
(in millions, unaudited)GAAPAdjusted Operating
Pretax income$1,144$1,333
Income tax provision$229$269
Effective tax rate20.0 %20.2 %
25

Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated
Other Comprehensive Income “AOCI”
Twelve Months Ended
 March 31,
(in millions, unaudited)20262025
Net income$3,895 $2,994 
Less: Adjustments (1)
(77)(613)
Adjusted operating earnings$3,972 $3,607 
Total Ameriprise Financial, Inc. shareholders’ equity$6,145 $5,248 
Less: Accumulated other comprehensive income, net of tax(1,164)(1,690)
Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI7,309 6,938 
Less: Equity impacts attributable to the consolidated investment entities(1)(2)
Adjusted operating equity$7,310 $6,940 
Return on equity excluding AOCI53.3 %43.2 %
Adjusted operating return on equity, excluding AOCI (2)
54.3 %52.0 %
(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%.
26

Source: View Original Filing on SEC EDGAR

FAQ

How did Ameriprise Financial (AMP) perform in Q1 2026?

Ameriprise delivered strong Q1 2026 results, with adjusted operating EPS rising 19% to $11.26 and GAAP EPS at $9.68. Net income increased 57% to $915 million, supported by higher revenues, improved margins and less severe market impacts on derivatives versus the prior year.

What were Ameriprise Financial’s key revenue and margin metrics for Q1 2026?

Adjusted operating total net revenues reached $4.8 billion in Q1 2026, up 11% year over year. Pretax adjusted operating margin improved to 27.9%. Advice & Wealth Management posted a 30.0% pretax adjusted operating margin, while Asset Management achieved a 43.8% net pretax adjusted operating margin.

How much in assets does Ameriprise Financial (AMP) manage and administer?

Ameriprise reported $1.668 trillion in assets under management, administration and advisement at March 31, 2026, a 12% increase from a year earlier. This total includes $1.277 trillion of assets under management and reflects growth in Advice & Wealth Management and Asset Management platforms.

What capital did Ameriprise Financial return to shareholders in Q1 2026?

In Q1 2026, Ameriprise returned $936 million to shareholders through dividends and share repurchases, equal to 88% of operating earnings. Dividends paid were $152 million and repurchases totaled $784 million. The company also raised its quarterly dividend by 6% for future payments.

How did Ameriprise’s business segments perform in Q1 2026?

Advice & Wealth Management pretax adjusted operating earnings increased 20% to $951 million. Asset Management pretax adjusted operating earnings rose 13% to $273 million, with improved but still negative net flows. Retirement & Protection Solutions pretax adjusted operating earnings fell 12% to $190 million despite 10% sales growth.

What was Ameriprise Financial’s return on equity in Q1 2026?

For the twelve months ended March 31, 2026, Ameriprise reported return on equity excluding AOCI of 53.3%. Adjusted operating return on equity excluding AOCI was even higher at 54.3%, calculated using adjusted operating earnings and average shareholders’ equity excluding accumulated other comprehensive income.

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