10-K 0000820027-26-000011 (2026-02-19) vs 10-K 0000820027-25-000013 (2025-02-20)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 11,608 |
13.1% |
| MD&A | Item 7 | 13,782 |
9.9% |
| Legal Proceedings | Item 3, via Note 26 – Commitments and Contingencies | 942 |
0.6% |
| Accounting Policies | Item 8, Note 2 – Summary of Significant Accounting Policies | 7,702 |
3.9% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 242 words changed in this paragraph; it is 31% similar to last year's version.
On a corporate basis, various laws and regulations, and in some cases contractual obligations, require us to establish and maintain corporate policies and technical and operational measures designed to protect sensitive client, employee, contractor and vendor information, and to respond to cybersecurity incidents in certain ways and timeframes. We have established policies and implemented such technical and operational measures ourselves and have in place policies that require our service providers and franchisee advisors, each of which control locally their own technology operations, to do the same. The hybrid work environment among our employees adds complexity to monitoring and processing procedures. Changes in our business or technological advancements may also require corresponding changes in our systems, networks and data security and response measures. While accessing our products and services, our clients may use computers and other devices that sit outside of our security control environment. In addition, the ever-increasing reliance on technology systems and networks and the occurrence and potential adverse impact of attacks on such systems and networks (including in recent well-publicized security breaches at other companies), both generally and in the financial services industry, have enhanced government and regulatory scrutiny of the measures taken by companies to protect against cybersecurity threats and report incidents they suffer. As these threats, and government and regulatory oversight of associated risks, continue to evolve, we may be required to expend significant additional resources (both direct financial resources and indirect costs like people) to enhance or expand upon the technical and operational security and response measures we currently maintain or that we allow franchise advisors to maintain and control locally. These regulator-driven changes may adversely impact the client experience by, for example, requiring multiple or new means of verifying the identity of a client before they can interact with us.
Source: Item 1A, 10-K 0000820027-26-000011 vs Item 1A, 10-K 0000820027-25-000013
MD&A 95 words changed in this paragraph; it is 39% similar to last year's version.
Net cash used in financing investing activities was $5.2 increased $977 million to $1.5 billion for the year ended December 31, 2024 2025 compared to net cash provided by financing activities of $4.4 billion $551 million for the prior year. The decrease year driven by a $585 million increase in net cash provided by financing certain lending activities primarily reflects a $6.4 billion decrease in net cash flows from investment certificates and a $2.4 billion decrease $435 million increase in the change in banking deposits, net. After a period of growth during a rising interest rate environment, our face amount certificates experienced cash net outflows during 2024. related to purchases and sales of investments by CIEs. Net investing activities associated with Available-for-Sale securities decreased $81 million compared to the prior year.
Source: Item 7, 10-K 0000820027-26-000011 vs Item 7, 10-K 0000820027-25-000013
Accounting Policies 74 words changed in this paragraph; it is 67% similar to last year's version.
The allowance for loan losses for credit card receivables and residential mortgage loans are based on models that project the Company’s receivable exposure over the expected life of the loans using cohorts based on the age of the receivable, geographic location, and credit scores. The models utilize industry data to derive probability of default and loss given default assumptions, adjusted for current and future economic conditions. Management evaluates actual historical charge-off experience and monitors risk factors including FICO scores and past-due status within the credit card portfolio, and FICO scores, LTV ratios, and past-due status within the residential mortgage loan portfolio, to ensure the allowance for loan losses based on industry data appropriately reserves for risks specific to the Company’s portfolios. The allowance for credit losses for credit card receivables and residential mortgage loans are recorded through provisions charged to Net investment income and are reduced/increased by net charge-offs/recoveries.
Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000820027-26-000011 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000820027-25-000013
Legal Proceedings 11 words changed in this paragraph; it is 84% similar to last year's version.
2025 2024 2023 (in millions) Commercial mortgage loans $ 32 $ 58 $ 17 Property funds 1 63 27 Private funds 7 — Pledged asset lines of credit 3,258 2,399 1,864 Home equity lines of credit 24 — Total funding commitments $ 3,322 $ 2,520 $ 1,908
Source: Item 3, via Note 26 – Commitments and Contingencies, 10-K 0000820027-26-000011 vs Item 3, via Note 26 – Commitments and Contingencies, 10-K 0000820027-25-000013
Every change, by type
Sentences and paragraphs of AMP's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-20.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Our success relies on attracting, engaging and retaining top talent in an increasingly competitive market. While the job market has cooled in some industries, financial services remains exceptionally competitive for the best talent. We actively manage retention risks and invest in our people to sustain our position as an employer of choice. To expand access to top talent, we have strategically broadened our footprint, ensuring we have the right capabilities in place to support long-term growth.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
A robust advisor network underpins our wealth management growth, requiring focused recruitment, retention, and succession planning as demographics shift. In asset management, delivering strong performance and sustaining client relationships depends on the strategic decisions of our portfolio managers and analysts.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
Regulatory changes and industry trends can alter competitive dynamics or adversely affect our business. Loss of employees or advisors without succession plans increases the risk of client attrition. Prolonged challenges in attracting and retaining talent, or significant increases in related costs, could materially impact our financial performance.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
We establish reserves as estimates of our liabilities to provide for future obligations under our insurance policies, annuities and investment certificate contracts. Reserves do not represent an exact calculation of the liability but, rather, are estimates of contract
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
On a corporate basis, various laws and regulations, and in some cases contractual obligations, require us to establish and maintain corporate policies and technical and operational measures designed to protect sensitive client, employee, contractor and vendor information, and to respond to cybersecurity incidents in certain ways and timeframes. We have established policies and implemented
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
advisable to provide support to certain of our subsidiaries in order to maintain adequate capital for regulatory or other purposes and we may provide such support in the future. The provision of such support could adversely affect our capital, liquidity, and the dividends or other permitted payments received from our subsidiaries.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
Risks in divestiture transactions (many of which are present in sales of insurance blocks via reinsurance) include difficulties in the separation of the disposed business, retention of obligations to indemnify for certain liabilities, the failure of counterparties to satisfy
Read it in 10-K 2026-02-19 at sec.gov ↗
RemovedRisk Factors
how rapidly the market moves and other factors, we may need to access liquidity sources that are more costly, which could have an adverse impact on profitability or our results of operations or financial condition.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
Our continued success depends on our ability to attract, motivate, engage and retain high-performing and high-potential talent in a highly competitive industry. Although the employment market is stabilizing compared to recent years, the financial services sector remains a highly competitive industry, especially for top talent. We proactively assess retention risks and invest in our employees to remain an employer of choice. Additionally, we have diversified our geographic footprint to attract and retain top talent globally, including expanding our workforce in India.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
We are also dependent on our network of advisors to drive growth and results in our wealth management business (and for a significant portion of the sales of our products). Recruiting and retaining financial advisors is highly competitive and constantly evolving. The investment performance of our asset management products and services, as well as retention of our products and services by our clients, depend on the strategies and decisions of our portfolio managers and analysts.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
From time to time there are regulatory-driven or other trends and developments within the industry that could potentially impact the dynamics between us and our competitors or negatively impact our business. If employees or advisors who maintain relationships with our clients leave or retire without succession plans, we may not be able to retain valuable relationships, and our clients may choose to leave for a competitor. If we experience a prolonged inability to attract and retain qualified individuals or our recruiting and retention costs increase significantly, our financial condition and results of operations could be materially adversely impacted.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
which may result in values less than the value at which the investments may be ultimately sold. Decreases in value may have a material adverse effect on our results of operations or financial condition.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
Despite the measures we have taken and may in the future take to address and mitigate cybersecurity, privacy and technology risks, we cannot be certain that our systems and networks, or those used by our vendors and franchisees, will not be subject to successful
Read it in 10-K 2025-02-20 at sec.gov ↗
RewordedRisk Factors
Further, a number of the products and services we make available to our clients are those offered by third parties and negative perceptions of these financial products and services (or the financial industry in general) may impact the number of withdrawals and redemptions or reduce purchases made by our clients, which would adversely impact the levels of our assets under management.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
As such, valuations may include inputs and assumptions that are less observable and may require greater estimation as well as valuation methods that are more sophisticated, which may result in values less than the value at which the investments may be ultimately sold.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Furthermore, our new and existing competitors may be better able to address trends, structural changes, or movement of assets resulting from new technologies, including Generative AI and blockchain, or adapt to industry changes or in response to the uncertain regulatory environment in the U.S. and around the world.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Fully integrating an acquired company or business into our operations (such as our 2021 acquisition of the BMO Global Asset Management (EMEA) business) takes a significant amount of time and attention and incurs both expected and unexpected integration costs over several years.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Capital and credit market volatility or a sudden devaluation of a specific product or security (such as the broad impacts experienced from the 2023 regional bank crisis) can exacerbate, and has exacerbated, the risk of third-party defaults, bankruptcy filings, foreclosures, legal actions and other events that may limit the value of or restrict our access and our clients’ access to cash and investments.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of artificial intelligence AI makes these attempts look more legitimate. legitimate and is leveraged to improve their effectiveness.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
In addition, the ever-increasing reliance on technology systems and networks and the occurrence and potential adverse impact of attacks on such systems and networks (including in recent well-publicized security breaches at other companies), networks, both generally and in the financial services industry, have enhanced government and regulatory scrutiny of the measures taken by companies to protect against cybersecurity threats and report incidents they suffer.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Although we are not required to do so, we have elected in the past, and we may elect in the future, to compensate clients for losses incurred in response to such events, provide clients with temporary credit or liquidity or other support related to products that we manage, or provide credit liquidity or other support to the financial products we manage.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Artificial intelligence (including generative artificial intelligence) AI, including Generative AI, presents many benefits in terms of operating efficiency, but also certain risks that we need to seek to mitigate through our strategic and risk management policies, such as reliance on information that may be inaccurate or unfairly discriminatory results.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Discontinuing We discontinued the sale of new fixed annuities and variable annuities with living benefits benefits, which we believe will lessen this risk over time.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Volatility, uncertainty and disruption in the capital and credit markets may decrease available liquidity, which we may need to run our business and pay our expenses and dividends.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Further, avoiding introducing or encouraging certain new products (such as cryptocurrency) creates the risk of losing assets or new flows to competitors who encourage or support those products.
Read it in 10-K 2026-02-19 at sec.gov ↗
Quiet changesRisk Factors
Furthermore, changes in consumer economic variables, such as the number and size of personal bankruptcy filings, the rate of unemployment, decreases in property values, and the level of consumer confidence and consumer debt, may substantially affect consumer financials, which, in turn, could impact client activity in all of our businesses.
Read it in 10-K 2026-02-19 at sec.gov ↗
Quiet changesRisk Factors
These factors will may also impact client behavior.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Remeasurement (gains) losses of future policy benefit reserves increased $54 million for 2025 compared to the prior year primarily reflecting the unfavorable impact of unlocking in the current period compared to a favorable impact of unlocking for the prior year period.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
reflecting the net unfavorable unlocking changes in LTC morbidity and mortality assumptions.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
We are an applicable corporation required to compute the corporate alternative minimum tax (“CAMT”); however, as of December 31, 2025, based on current estimates, we do not expect to be liable for CAMT in 2025. This estimate is based on interpretations and assumptions of available guidance, including proposed regulations and notices, that we have made regarding the CAMT provisions of the Inflation Reduction Act of 2022.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
(1) Dividends paid or return of capital to the parent holding company, net of capital contributions by segment for the years ended December 31, 2025, 2024 and 2023 was as follows: Advice & Wealth Management ($2,491, $2,810, $1,521, respectively); Asset Management ($932, $517, $639); Retirement & Protection Solutions ($627, $610, $605); Corporate & Other ($11, nil, $13). Segment allocation is based on the subsidiary’s primary association with our segments.
Read it in 10-K 2026-02-19 at sec.gov ↗
RemovedMD&A
Concurrent with the adoption of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, management no longer excludes adjustments for deferred acquisition costs (“DAC”), deferred sales inducement costs (“DSIC”) and unearned revenue amortization from adjusted operating earnings measures. Amortization of DAC, DSIC, and unearned revenue is no longer impacted by markets and is now amortized on a constant-level basis in accordance with GAAP.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
•A favorable impact from higher investment portfolio yields, along with higher investment balances driven by increased Ameriprise Bank, FSB (“Ameriprise Bank”) customer deposits, as well as higher structured variable annuities (“SVA”) balances.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
•The favorable impact of growth in Ameriprise Bank customer deposits and SVA products.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
On August 16, 2022, federal legislation commonly referred to as the Inflation Reduction Act of 2022 (“IRA”) was enacted. We have evaluated the tax provisions of the IRA, the most significant of which are the corporate alternative minimum tax (“CAMT”) and the share repurchase excise tax. Both the CAMT and share repurchase tax were effective beginning in 2023. We are an applicable corporation required to compute CAMT; and, based on current estimates, we recorded a CAMT liability for 2024. The U.S. Department of the Treasury issued proposed CAMT regulations in the third quarter of 2024. The proposed regulations are subject to public review and comment prior to finalizing. The Company is evaluating the potential impact of the proposed regulations. We are a covered corporation subject to the 1% excise tax on the net shares repurchased. We have recorded in shareholders’ equity an estimate of the excise tax liability based on our interpretation of the current guidance. As additional guidance is issued related to the IRA, we will continue to evaluate any impact to our consolidated financial statements.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
In 2009, RiverSource Life established an agreement to protect its exposure to Genworth Life Insurance Company (“GLIC”) for its reinsured LTC. In 2016, substantial enhancements to this reinsurance protection agreement were finalized. The terms of these confidential provisions within the agreement have been shared, in the normal course of regular reviews, with our domiciliary regulator
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
should be read in conjunction with the “Risk Factors” discussion included in Item 1A of this Annual Report on Form 10-K - “Risk Factors”.
Read it in 10-K 2025-02-20 at sec.gov ↗
RewordedMD&A
Years Ended December 31, Change 2025 2024 2023 (in millions) Revenues Management and financial advice fees $ 11,109 $ 10,143 $ 8,907 $ 1,236 14% 966 10% Distribution fees 2,117 2,060 1,931 129 7 57 3 Net investment income 3,570 3,648 3,206 442 14 (78) (2) Premiums, policy and contract charges 1,587 1,559 1,539 20 1 28 2 Other revenues 528 516 513 3 1 12 2 Total revenues 18,911 17,926 16,096 1,830 11 985 5 Banking and deposit interest expense 431 662 561 101 18 (231) (35) Total net revenues 18,480 17,264 15,535 1,729 11 1,216 7 Expenses Distribution expenses 6,741 6,024 5,078 946 19 717 12 Interest credited to fixed accounts 475 616 654 (38) (6) (141) (23) Benefits, claims, losses and settlement expenses 1,303 1,299 1,350 (51) (4) 4 — Remeasurement (gains) losses of future policy benefit reserves 10 (44) (20) (24) 54 NM Change in fair value of market risk benefits 1,004 628 798 (170) (21) 376 60 Amortization of deferred acquisition costs 242 246 (4) (2) 242 — — Interest and debt expense 326 329 324 5 2 (3) (1) General and administrative expense 3,875 3,903 3,871 32 1 (28) (1) Total benefits and expenses 13,976 12,997 12,301 696 6 979 8 Pretax income 4,504 4,267 3,234 1,033 32 237 6 Income tax provision 941 866 678 188 28 75 9 Net income $ 3,563 $ 3,401 $ 2,556 $ 845 33% 162 5% NM Not Meaningful - variance equal to or greater than 100%.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Years Ended December 31, Change 2025 2024 2023 (in millions) Revenues Management and financial advice fees $ 754 $ 768 $ 735 $ 33 4% (14) (2)% Distribution fees 415 422 398 24 6 (7) (2) Net investment income 1,263 1,080 858 222 26 183 17 Premiums, policy and contract charges 1,519 1,496 1,475 21 1 23 2 Other revenues 4 7 10 (3) (30) (43) Total revenues 3,955 3,773 3,476 297 9 182 5 Banking and deposit interest expense — — — — Total net revenues 3,955 3,773 3,476 297 9 182 5 Expenses Distribution expenses 520 515 464 51 11 5 1 Interest credited to fixed accounts 373 367 369 (2) (1) 6 2 Benefits, claims, losses and settlement expenses 913 927 744 183 25 (14) (2) Remeasurement (gains) losses of future policy benefit reserves (24) (36) (19) (17) (89) 12 33 Change in fair value of market risk benefits 726 684 628 56 9 42 6 Amortization of deferred acquisition costs 229 227 229 (2) (1) 2 1 Interest and debt expense 40 45 51 (6) (12) (5) (11) General and administrative expense 332 318 325 (7) (2) 14 4 Total expenses 3,109 3,047 2,791 256 9 62 2 Adjusted operating earnings $ 846 $ 726 $ 685 $ 41 6% 120 17%
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Years Ended December 31, Change 2025 2024 2023 (in millions) Revenues Management and financial advice fees $ 7,371 $ 6,492 $ 5,485 $ 1,007 18% 879 14% Distribution fees 2,520 2,453 2,273 180 8 67 3 Net investment income 1,956 2,195 1,956 239 12 (239) (11) Other revenues 325 302 265 37 14 23 8 Total revenues 12,172 11,442 9,979 1,463 15 730 6 Banking and deposit interest expense 431 662 561 101 18 (231) (35) Total net revenues 11,741 10,780 9,418 1,362 14 961 9 Expenses Distribution expenses 6,513 5,823 4,888 935 19 690 12 Interest and debt expense 55 38 27 11 41 17 45 General and administrative expense 1,762 1,686 1,652 34 2 76 5 Total expenses 8,330 7,547 6,567 980 15 783 10 Adjusted operating earnings $ 3,411 $ 3,233 $ 2,851 $ 382 13% 178 6%
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Years Ended December 31, Change 2025 2024 2023 (in millions) Revenues Management and financial advice fees $ 3,153 $ 3,051 $ 2,844 $ 207 7% 102 3% Distribution fees 384 388 363 25 7 (4) (1) Net investment income 60 55 44 11 25 5 9 Other revenues 24 21 27 (6) (22) 3 14 Total revenues 3,621 3,515 3,278 237 7 106 3 Banking and deposit interest expense — — — — Total net revenues 3,621 3,515 3,278 237 7 106 3 Expenses Distribution expenses 1,005 989 925 64 7 16 2 Amortization of deferred acquisition costs 7 6 1 17 7 — — Interest and debt expense 12 7 7 — — 5 71 General and administrative expense 1,581 1,592 1,620 (28) (2) (11) (1) Total expenses 2,605 2,595 2,558 37 1 10 — Adjusted operating earnings $ 1,016 $ 920 $ 720 $ 200 28% 96 10%
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Years Ended December 31, 2025 2024 2023 (in billions) Global Retail Funds Beginning managed assets $ 352.7 $ 334.9 $ 309.3 Inflows 57.1 54.9 47.9 Outflows (75.6) (68.5) (65.2) Net VP/VIT fund flows (6.8) (6.6) (5.0) Net new flows (25.3) (20.2) (22.3) Reinvested dividends 15.7 14.3 8.1 Net flows (9.6) (5.9) (14.2) Distributions (17.1) (16.2) (9.4) Market appreciation (depreciation) and other 46.9 41.2 45.1 Foreign currency translation (1) 5.1 (1.3) 4.1 Total ending managed assets 378.0 352.7 334.9 Global Institutional Beginning managed assets 292.2 302.0 274.7 Inflows (2) 40.9 35.8 42.7 Outflows (2) (63.0) (50.3) (45.7) Net flows (22.1) (14.5) (3.0) Market appreciation (depreciation) and other (3) 20.0 7.4 21.9 Foreign currency translation (1) 10.0 (2.7) 8.4 Total ending managed assets 300.1 292.2 302.0 Total managed assets 678.1 644.9 636.9 Total assets under advisement (4) 42.9 35.6 26.2 Total assets under management and advisement $ 721.0 $ 680.5 $ 663.1 Total assets under management net flows $ (31.7) $ (20.4) $ (17.2) Model delivery assets under advisement flows (5) 3.2 2.8 0.7 Total assets under management and advisement flows (5) $ (28.5) $ (17.6) $ (16.5) Legacy insurance partners net flows (6) $ (4.1) $ (11.7) $ (4.3)
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Net investment income, which excludes net realized investment gains or losses, the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, integration and restructuring charges, and the impact of consolidating CIEs, decreased $44 $8 million, or 18%, 4%, for 2024 2025 compared to the prior year primarily due to a $12 million benefit in reflecting lower investment portfolio yields, partially offset by the impact of our affordable housing partnerships in the prior year, as well as adjustments and updates made in the fourth quarter of 2023 to the allocation of investment income across business segments that reflected increased market volatility and the interest rate environment. partnerships.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
LTC insurance had pretax adjusted operating earnings of $58 $2 million for 2024 2025 compared to pretax adjusted operating earnings of $29 $58 million for the prior year primarily reflecting improved claims experience the impact of unlocking from updating morbidity and the benefit of mortality assumptions and lower investment portfolio repositioning. yields in 2025 as well as a higher level of closed claims in 2024.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
General and administrative expense decreased $28 million, or 2%, 1%, for 2024 2025 compared to the prior year primarily reflecting the ongoing benefits from our initiatives to enhance operational efficiency and effectiveness, as well as lower severance expenses, partially offset by $17 million of higher performance fee related compensation compensation, higher volume-related expenses and an impairment of intangible assets primarily related to certain customer relationships. investments for business growth.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Total AUM increased $89.7 $127.0 billion, or 8%, 11%, to $1.3 trillion as of December 31, 2025 compared to $1.2 trillion as of December 31, 2024 compared to $1.1 trillion as of December 31, 2023 due to a $85.3 $96.3 billion increase in Advice & Wealth Management AUM driven by market appreciation and wrap account net inflows and an $8.0 $33.2 billion increase in Asset Management AUM primarily driven by market appreciation, appreciation and a favorable foreign exchange impact, partially offset by net outflows.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Net cash provided by operating activities increased $1.9 $1.7 billion to $6.6 $8.3 billion for the year ended December 31, 2024 2025 compared to $4.7 $6.6 billion for the prior year primarily reflecting earnings from our fee based business operations, reduced net operations and an increase in cash outflows in brokerage deposits, lower income taxes paid, and higher investment income. collateral provided by our derivative counterparties.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Net realized investment gains (losses) (1) (8) (21) (32) (0.08) (0.20) (0.30) Market impact on non-traditional long-duration products (1) (366) (153) (608) (3.73) (1.49) (5.63) Mean reversion related impacts (1) 1 — 1 0.01 — Integration/restructuring charges (1) — (62) — (0.58) 0.01 Net income (loss) attributable to CIEs — 3 — 0.03 — Tax effect of adjustments (2) 78 36 147 0.79 0.35 1.36 Adjusted operating earnings $ 3,858 $ 3,535 $ 3,111 39.29 $ 34.35 $ 28.86 Weighted average common shares outstanding:
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Distribution fees increased $180 $67 million, or 8%, 3%, for 2024 2025 compared to the prior year as non-brokerage cash revenue increased $342 due to a $119 million increase from strong transactional activity, including strong annuity sales activity and retail trading, along with market appreciation, while brokerage cash revenue decreased $162 $52 million due to lower off-balance sheet brokerage cash balances and a lower average fee yield.
Read it in 10-K 2026-02-19 at sec.gov ↗
