Ameriprise Financial, Inc.
Ameriprise Financial, Inc. Minneapolis, MN NYSE: AMP October 29, 2026 ────────────────────────────
Earnings Per Return on Diluted Share Equity, ex AOCI(1) Q3 2026 Q3 2026 GAAP $12.32 GAAP 55.2% Adjusted $11.26 Adjusted 55.3% Operating Operating Adjusted Adjusted Operating, $12.07 Operating, 56.2% excluding excluding unlocking(2) unlocking(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.”
(2) Excludes unlocking. Unlocking impacts reflect both the company’s annual review of insurance and annuity valuation assumptions and model changes. 1
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 Quarter Adjusted (in Ended Operating millions, September % Better/ Results unaudited) 30, 2026 2025 (Worse) ────────────────────────────────────────────────────────────────────────────── Adjusted operating $ 3,371 $ 2,990 13% net revenues Distributi… 1,911 1,656 (15)% expenses Interest and debt 16 14 (14)% expense General and administra… 455 439 (4)% expenses Adjusted operating 2,382 2,109 (13)% expenses Pretax adjusted $ 989 $ 881 12% operating earnings Pretax adjusted 29.3 % 29.5 % (20) bps operating margin
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 Quarter Adjusted (in Ended Operating millions, September % Better/ Results unaudited) 30, 2026 2025 (Worse) ────────────────────────────────────────────────────────────────────────────── Adjusted operating $ 990 $ 906 9% net revenues Distribut… 282 254 (11)% expenses Amortizat… of deferred 2 2 —% acquisiti… costs Interest and debt 4 3 (33)% expense General and 394 387 (2)% administr… expenses Adjusted operating 682 646 (6)% expenses Pretax adjusted $ 308 $ 260 18% operating earnings Net pretax adjusted 45.7 % 42.1 % operating margin(1) Quarter Ended % Better/ September (Worse) 30, (in 2026 2025 billions) Assets Under Management $ 743 $ 714 4% and Advisemen… Net Flows Global Retail net AUM flows, $ -4.4 $ -2.8 (57)% ex. legacy insurance partners Model delivery 1.5 1.7 (12)% AUA flows(2) Total retail net AUM flows and model -2.9 -1.1 NM delivery AUA flows(2) Global Instituti… net AUM flows, ex. -5.5 -1.4 NM legacy insurance partners Legacy insurance -0.9 -0.9 —% partners AUM flows Total Net AUM and $ -9.3 $ -3.4 NM AUA flows(2) (1)See reconcili… on page13. (2)Model Delivery Assets Under Advisement are presented on a one-quart… lag. Flows are estimated based on the period-to… change in assets less calculated performan… based on strategy returns. NM Not Meaningful - variance equal to or greater than 100%
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 (in millions, Quarter Ended % Better/ Results unaudited) September 30, 2026 2025 (Worse) ────────────────────────────────────────────────────────────────────────────── Adjusted operating net $ 997 $ 1,102 (10)% revenues Adjusted operating 865 885 2% expenses Pretax adjusted $ 132 $ 217 (39)% operating earnings Unlocking -66 17 NM Pretax adjusted operating $ 198 $ 200 (1)% earnings, excluding unlocking NM Not Meaningful - variance equal to or greater than 100%
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 (in millions, Quarter Ended % Better/ Results unaudited) September 30, 2026 2025 (Worse) ────────────────────────────────────────────────────────────────────────────── Corporate & $ -92 $ -87 (6)% Other Closed -34 -29 (17)% Blocks(1) Pretax adjusted $ -126 $ -116 (9)% operating earnings/(los… Unlocking -28 -23 (22)% Pretax adjusted operating $ -98 $ -93 (5)% earnings, excluding unlocking Long Term Care, $ 4 $ 4 —% excluding unlocking Fixed Annuities, -10 -10 —% excluding unlocking Pretax adjusted operating $ -6 $ -6 —% earnings/(los… excluding unlocking (1)Long Term Care and Fixed Annuities.
pretax adjusted operating earnings, excluding unlocking were $4 million in the quarter, a continuation of a solid performance trend.
pretax adjusted operating loss, excluding unlocking was in line with expectations at $10 million.
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.
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.
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.
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.
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. Asset Management Segment Performance Metrics 3 Qtr 2026 Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - 1 year 3 year 5 year 10 year Asset Weighted Equity 56% 78% 77% 87% Fixed Income 32% 78% 57% 86% Asset Allocation 34% 81% 76% 85% 4- or 5-star Morningstar rated Overall 3 year 5 year 10 year funds 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.
Ameri… Finan… Inc. Corpo… Segme… Adjus… Opera… Resul… (in 3 Qtr 3 Qtr % 2 Qtr % milli… 2026 2025 Better/ 2026 Better/ unaud… (Worse) (Worse) Corpo… Exclu… Long Term Care and Fixed Annui… Adjus… Opera… Income State… Reven… Manag… and finan… $ — $ — —% $ — —% advice fees Distr… — — —% — —% fees Net inves… -1 -7 86% 2 NM income Premi… policy and — — —% — —% contr… charg… Other 2 2 —% 2 —% reven… Total 1 -5 NM 4 (75)% reven… Banki… and depos… 7 9 22% 4 (75)% inter… expen… Adjus… opera… total -6 -14 57% — —% net reven… Expen… Distr… — — —% — —% expen… Inter… credi… to — — —% — —% fixed accou… Benef… claim… losses — — —% — —% and settl… expen… Remea… (gain… losses of — — —% — —% future policy benef… reser… Change in fair value — — —% — —% of market risk benef… Amort… of defer… — — —% — —% acqui… costs Inter… and 29 23 (26)% 24 (21)% debt expen… Gener… and 57 50 (14)% 53 (8)% admin… expen… Adjus… opera… 86 73 (18)% 77 (12)% expen… Pretax adjus… opera… $ -92 $ -87 (6)% $ -77 (19)% earni… (loss) NM Not Meani… - varia… equal to or great… than 100%
Ameri… Finan… Inc. Corpo… Segme… Adjus… Opera… Resul… (in 3 Qtr 3 Qtr % 2 Qtr % milli… 2026 2025 Better/ 2026 Better/ unaud… (Worse) (Worse) Fixed Annui… Adjus… Opera… Income State… Reven… Manag… and finan… $ — $ — —% $ — —% advice fees Distr… — — —% — —% fees Net inves… 7 7 —% 7 —% income Premi… policy and — — —% — —% contr… charg… Other 37 42 (12)% 42 (12)% reven… Total 44 49 (10)% 49 (10)% reven… Banki… and depos… — — —% — —% inter… expen… Adjus… opera… total 44 49 (10)% 49 (10)% net reven… Expen… Distr… 1 — —% 1 —% expen… Inter… credi… to 49 51 4% 50 2% fixed accou… Benef… claim… losses — — —% 1 NM and settl… expen… Remea… (gain… losses of — — —% — —% future policy benef… reser… Change in fair value — — —% — —% of market risk benef… Amort… of defer… 1 2 50% 2 50% acqui… costs Inter… and — — —% — —% debt expen… Gener… and 2 3 33% 3 33% admin… expen… Adjus… opera… 53 56 5% 57 7% expen… Pretax adjus… opera… $ -9 $ -7 (29)% $ -8 (13)% earni… (loss) NM Not Meani… - varia… equal to or great… than 100%
Ameripri… Financia… Inc. (in September September Capital millions, 30, 30, June 30, Informat… unaudited) 2026 2025 2026 ────────────────────────────────────────────────────────────────────────────── Long-term Debt Summary Senior $ 3,350 $ 3,100 $ 3,850 notes(1) Finance lease — 1 — liabilit… Other(2) -26 -24 -27 Total Ameripri… Financial 3,324 3,077 3,823 long-term debt Non-reco… debt of consolid… 2,468 2,607 2,509 investme… entities Total long-term $ 5,792 $ 5,684 $ 6,332 debt Total Ameripri… Financial $ 3,324 $ 3,077 $ 3,823 long-term debt Finance lease — -1 — liabilit… Other(2) 26 24 27 Total Ameripri… Financial long-term debt $ 3,350 $ 3,100 $ 3,850 excluding finance lease liabilit… and other Total $ 5,110 $ 6,455 $ 6,366 equity(3) Equity of consolid… -1 -1 -1 investme… entities Total equity $ 5,109 $ 6,454 $ 6,365 excluding CIEs Total Ameripri… $ 8,434 $ 9,532 $ 10,189 Financial capital Total Ameripri… Financial capital excluding finance $ 8,459 $ 9,554 $ 10,215 lease liabilit… other and equity of CIEs Debt to capital(… Total Ameripri… Financial long-term debt to 39.4 % 32.3 % 37.5 % total Ameripri… Financial capital Total Ameripri… Financial long-term debt to total Ameripri… Financial 39.6 % 32.4 % 37.7 % capital excluding finance lease liabilit… other and equity of CIEs(3) (1)June 30, 2026 long-term debt balances reflect debt issued to prefund an upcoming $500 million debt maturity. (2)Inclu… adjustme… for net unamorti… discount… debt issuance costs and other lease obligati… (3)Inclu… accumula… other comprehe… income, net of tax.
Ameriprise Financial, Inc. Consolidated Balance (in millions, September 30, December 31, Sheets unaudited) 2026 2025 ────────────────────────────────────────────────────────────────────────────── Assets Cash and cash $ 9,172 $ 9,953 equivalents Cash of consolidated 102 150 investment entities Investments 58,134 58,406 Investments of consolidated investment 2,436 2,618 entities Market risk benefits 2,648 2,274 Separate account assets 78,275 80,044 Receivables 15,677 14,920 Receivables of consolidated investment 41 30 entities Deferred acquisition 2,598 2,625 costs Restricted and segregated cash and 793 1,055 investments Other assets 21,474 18,829 Other assets of consolidated investment — — entities Total Assets $ 191,350 $ 190,904 Liabilities Policyholder account balances, future $ 49,554 $ 46,498 policy benefits and claims Market risk benefits 818 1,182 Separate account 78,275 80,044 liabilities Customer deposits 33,317 33,750 Short-term borrowings 200 200 Long-term debt 3,324 3,077 Debt of consolidated 2,468 2,585 investment entities Accounts payable and 3,091 2,982 accrued expenses Other liabilities 15,135 13,878 Other liabilities of consolidated 58 159 investment entities Total Liabilities 186,240 184,355 Equity Ameriprise Financial Common shares ($.01 par) 3 3 Additional paid-in 10,587 10,377 capital Retained earnings 30,351 27,662 Treasury stock -33,189 -30,601 Accumulated other comprehensive income, -2,642 -892 net of tax Total Equity 5,110 6,549 Total Liabilities and $ 191,350 $ 190,904 Equity
Ameriprise Financial, Inc. Reconciliation Table: Pretax Adjusted Operating (in millions, Quarter Ended Earnings unaudited) September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Total net $ 5,117 $ 4,791 revenues Adjustments: Net realized investment gains 7 11 (losses) Market impact on non-traditional 1 1 long-duration products Mean Reversion 1 -1 related impacts Revenues attributable to 33 47 the CIEs Adjusted operating total $ 5,075 $ 4,733 net revenues Annual unlocking 1 120 Adjusted operating total net revenues, $ 5,074 $ 4,613 excluding unlocking Total expenses $ 3,690 $ 3,617 Adjustments: Expenses attributable to 34 44 the CIEs Integration/rest… 11 — charges Market impact on non-traditional -127 83 long-duration products Mean reversion-related — -1 impacts Adjusted operating $ 3,772 $ 3,491 expenses Annual unlocking 95 126 Adjusted operating total net expenses, $ 3,677 $ 3,365 excluding unlocking Pretax income $ 1,427 $ 1,174 Pretax adjusted operating $ 1,303 $ 1,242 earnings Pretax adjusted operating earnings, $ 1,397 $ 1,248 excluding unlocking Pretax income 27.9 % 24.5 % margin Pretax adjusted 25.7 % 26.2 % operating margin Pretax adjusted operating margin, 27.5 % 27.1 % excluding unlocking
Ameriprise Financial, Inc. Reconciliati… Table: Quarter Ended Effective Tax September 30, Rate 2025 ────────────────────────────────────────────────────────────────────────────── (in millions, GAAP Adjusted unaudited) Operating Pretax income $ 1,174 $ 1,242 Income tax $ 262 $ 277 provision Effective tax 22.3 % 22.3 % rate
Ameriprise Financial, Inc. Reconciliati… Table: Quarter Ended Effective Tax September 30, Rate 2026 ────────────────────────────────────────────────────────────────────────────── (in millions, GAAP Adjusted unaudited) Operating Pretax income $ 1,427 $ 1,303 Income tax $ 301 $ 274 provision Effective tax 21.1 % 21.0 % rate
Ameriprise Financial, Inc. Reconciliation Table: Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI” Twelve Months Ended September 30, (in millions, 2026 2025 unaudited) Net income $ 4,162 $ 3,626 Less: Adjustments(1) -2 -136 Adjusted operating $ 4,164 $ 3,762 earnings Less: Annual -74 -5 unlocking(2) Adjusted operating earnings, excluding $ 4,238 $ 3,767 unlocking Total Ameriprise Financial, Inc. $ 6,138 $ 5,781 shareholders’ equity Less: Accumulated other -1,397 -1,347 comprehensive income, net of tax Total Ameriprise Financial, Inc. 7,535 7,128 shareholders’ equity excluding AOCI Less: Equity impacts attributable to the -1 — consolidated investment entities Adjusted operating $ 7,536 $ 7,128 equity Return on equity 55.2 % 50.9 % excluding AOCI Adjusted operating return on equity, 55.3 % 52.8 % excluding AOCI(2) Adjusted operating return on equity, 56.2 % 52.8 % excluding AOCI and unlocking(2) (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%.
Full text with the tables
Ameriprise Financial, Inc.
Minneapolis, MN
NYSE: AMP
October 29, 2026
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Ameriprise Financial Reports
Third Quarter
2026 Results
Earnings Per Return on
Diluted Share Equity, ex
AOCI(1)
Q3 2026 Q3 2026
GAAP $12.32 GAAP 55.2%
Adjusted $11.26 Adjusted 55.3%
Operating Operating
Adjusted Adjusted
Operating, $12.07 Operating, 56.2%
excluding excluding
unlocking(2) unlocking(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, $5.5 billion share repurchase authorization.”
(1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.
(2) Excludes unlocking. Unlocking impacts reflect both the company’s annual
review of insurance and annuity valuation assumptions and model changes.
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$ … $ … … $ … $ … …
$ … $ … … $ … $ … …
$ … $ … … $ … $ … …
$ … $ … … $ … $ … …
$ … $ … … $ … $ … …
$ … $ … … $ … $ … …
… % … % … % … %
… % … % … % … %
… % … % … % … %
… … … 9…
… … … 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 Quarter
Adjusted (in Ended
Operating millions, September % Better/
Results unaudited) 30, 2026 2025 (Worse)
──────────────────────────────────────────────────────────────────────────────
Adjusted
operating $ 3,371 $ 2,990 13%
net
revenues
Distributi… 1,911 1,656 (15)%
expenses
Interest
and debt 16 14 (14)%
expense
General and
administra… 455 439 (4)%
expenses
Adjusted
operating 2,382 2,109 (13)%
expenses
Pretax
adjusted $ 989 $ 881 12%
operating
earnings
Pretax
adjusted 29.3 % 29.5 % (20) bps
operating
margin
(in billions,
unless
otherwise Quarter Ended % Better/
noted) September 30, 2026 2025 (Worse)
──────────────────────────────────────────────────────────────────────────────
Total client $ 1,231 $ 1,138 8%
assets
Wrap assets $ 729 $ 650 12%
Cash sweep $ 27.0 $ 27.1 (1)%
balances
Adjusted
operating net
revenue per $ 1,240 $ 1,093 13%
advisor (TTM
in thousands)
(in %
billio… Quarter Bette…
unless Ended 2026 % (Wors…
otherw… Septem… Ex. Better/ Ex.
noted) 30, 2026 Comeri… 2025 (Worse) Comer…
──────────────────────────────────────────────────────────────────────────────
Total
client $ -8.5 $ 5.3 $ 3.4 NM 56%
net
flows
Wrap
net $ 4.8 $ 6.6 $ 4.8 —% 38%
flows
NM Not
Meani…
-
varia…
equal
to or
great…
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 Quarter
Adjusted (in Ended
Operating millions, September % Better/
Results unaudited) 30, 2026 2025 (Worse)
──────────────────────────────────────────────────────────────────────────────
Adjusted
operating $ 990 $ 906 9%
net
revenues
Distribut… 282 254 (11)%
expenses
Amortizat…
of
deferred 2 2 —%
acquisiti…
costs
Interest
and debt 4 3 (33)%
expense
General
and 394 387 (2)%
administr…
expenses
Adjusted
operating 682 646 (6)%
expenses
Pretax
adjusted $ 308 $ 260 18%
operating
earnings
Net pretax
adjusted 45.7 % 42.1 %
operating
margin(1)
Quarter
Ended % Better/
September (Worse)
30,
(in 2026 2025
billions)
Assets
Under
Management $ 743 $ 714 4%
and
Advisemen…
Net Flows
Global
Retail net
AUM flows, $ -4.4 $ -2.8 (57)%
ex. legacy
insurance
partners
Model
delivery 1.5 1.7 (12)%
AUA
flows(2)
Total
retail net
AUM flows
and model -2.9 -1.1 NM
delivery
AUA
flows(2)
Global
Instituti…
net AUM
flows, ex. -5.5 -1.4 NM
legacy
insurance
partners
Legacy
insurance -0.9 -0.9 —%
partners
AUM flows
Total Net
AUM and $ -9.3 $ -3.4 NM
AUA
flows(2)
(1)See
reconcili…
on page13.
(2)Model
Delivery
Assets
Under
Advisement
are
presented
on a
one-quart…
lag. Flows
are
estimated
based on
the
period-to…
change in
assets
less
calculated
performan…
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 (in millions, Quarter Ended % Better/
Results unaudited) September 30, 2026 2025 (Worse)
──────────────────────────────────────────────────────────────────────────────
Adjusted
operating net $ 997 $ 1,102 (10)%
revenues
Adjusted
operating 865 885 2%
expenses
Pretax
adjusted $ 132 $ 217 (39)%
operating
earnings
Unlocking -66 17 NM
Pretax
adjusted
operating $ 198 $ 200 (1)%
earnings,
excluding
unlocking
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 (in millions, Quarter Ended % Better/
Results unaudited) September 30, 2026 2025 (Worse)
──────────────────────────────────────────────────────────────────────────────
Corporate & $ -92 $ -87 (6)%
Other
Closed -34 -29 (17)%
Blocks(1)
Pretax
adjusted $ -126 $ -116 (9)%
operating
earnings/(los…
Unlocking -28 -23 (22)%
Pretax
adjusted
operating $ -98 $ -93 (5)%
earnings,
excluding
unlocking
Long Term
Care, $ 4 $ 4 —%
excluding
unlocking
Fixed
Annuities, -10 -10 —%
excluding
unlocking
Pretax
adjusted
operating $ -6 $ -6 —%
earnings/(los…
excluding
unlocking
(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
Amer…
Fina…
Inc.
Cons…
GAAP
Resu…
(in
mill…
exce…
per
share
amou… % %
unau… 3 Qtr 3 Qtr Bette… 2 Qtr Bette…
Reve… 2026 2025 (Wors… 2026 (Wors…
──────────────────────────────────────────────────────────────────────────────
Mana…
and
fina… $ 3,230 $ 2,811 15% $ 3,066 5%
advi…
fees
Dist… 568 539 5% 573 (1)%
fees
Net
inve… 908 920 (1)% 893 2%
inco…
Prem…
poli…
and 355 493 (28)% 341 4%
cont…
char…
Other 130 130 —% 140 (7)%
reve…
Total 5,191 4,893 6% 5,013 4%
reve…
Bank…
and
depo… 74 102 27% 73 (1)%
inte…
expe…
Total
net 5,117 4,791 7% 4,940 4%
reve…
Expe…
Dist… 1,955 1,714 (14)% 2,116 8%
expe…
Inte…
cred…
to 72 141 49% 169 57%
fixed
acco…
Bene…
clai…
loss… 302 343 12% 294 (3)%
and
sett…
expe…
Reme…
(gai…
loss…
of 32 22 (45)% 1 NM
futu…
poli…
bene…
rese…
Chan…
in
fair
value 202 302 33% -229 NM
of
mark…
risk
bene…
Amor…
of
defe… 62 60 (3)% 61 (2)%
acqu…
costs
Inte…
and 83 84 1% 84 1%
debt
expe…
Gene…
and 982 951 (3)% 1,002 2%
admi…
expe…
Total 3,690 3,617 (2)% 3,498 (5)%
expe…
Pret… 1,427 1,174 22% 1,442 (1)%
inco…
Inco…
tax 301 262 (15)% 329 9%
prov…
Net $ 1,126 $ 912 23% $ 1,113 1%
inco…
Earn…
per
share
Basic
earn… $ 12.47 $ 9.47 $ 12.12
per
share
Earn…
per $ 12.32 $ 9.33 $ 11.98
dilu…
share
Weig…
aver…
comm…
shar…
outs…
Basic 90.3 96.3 91.8
Dilu… 91.4 97.8 92.9
NM
Not
Mean…
-
vari…
equal
to or
grea…
than
100%
9
Am…
Fi…
In…
Co…
Hi…
and
Ca…
Su…
(in
mi…
un…
ot…
no…
un…
As…
Un…
Ma…
Ad… 3 3 % 2 %
and Qtr Qtr Bet… Qtr Bet…
Ad… 2026 2025 (Wo… 2026 (Wo…
──────────────────────────────────────────────────────────────────────────────
Ad…
&
We… $ 725… $ 646… 12% $ 727… —%
Ma…
AUM
As…
Ma… 692… 674… 3% 714… (3)%
AUM
Co… 1,3… 774 72% 1,1… 12%
AUM
El… -44… -47… 7% -47… 7%
As…
Un… 1,3… 1,2… 8% 1,3… (2)%
Ma…
As…
Un… 362… 347… 4% 374… (3)%
Ad…
As…
Un…
Ad… 47,… 37,… 26% 41,… 13%
(n…
of
el…
To…
As…
Un…
Ma… $ 1,7… $ 1,6… 8% $ 1,8… (2)%
Ad…
and
Ad…
S&P
500
Da… 7,6… 6,4… 19% 7,267 5%
av…
Pe… 7,6… 6,6… 14% 7,499 2%
end
We…
Eq…
In…
(W…
Da… 4,8… 4,0… 19% 4,603 5%
av…
Pe… 4,8… 4,2… 14% 4,753 1%
end
Co…
sh…
Be… 88.4 94.4 (6)% 90.1 (2)%
ba…
Re… -1.6 -1.4 (14… -1.7 6%
Is… 0.3 0.2 50% 0.1 NM
Ot… -0.1 -0.1 —% -0.1 —%
To…
co… 87.0 93.1 (7)% 88.4 (2)%
sh…
ou…
Re…
st… 2.4 2.4 —% 2.4 —%
un…
To…
ba…
co… 89.4 95.5 (6)% 90.8 (2)%
sh…
ou…
To…
po… 1.0 1.5 (33… 1.1 (9)%
di…
sh…
To…
di… 90.4 97.0 (7)% 91.9 (2)%
sh…
Ca…
Re…
to
Sh…
Di… $ 155 $ 155 —% $ 158 (2)%
pa…
Co…
st… 871 687 27% 774 13%
sh…
re…
To…
Ca…
Re… $ 1,0… $ 842 22% $ 932 10%
to
Sh…
(1…
re…
on
a
one
qu…
la…
(2…
Eq…
In…
is
an
Am…
ca…
pr…
for
eq…
ma…
mo…
ca…
us…
a
we…
av…
of
the
S&P
50…
Ru…
20…
Ru…
Mi…
and
MS…
EA…
in…
ba…
on
No…
Am…
di…
eq…
as…
NM
Not
Me…
-
va…
eq…
to
or
gr…
th…
10…
10
Am…
Fi…
In…
Ad…
&
We…
Ma…
Se…
Ad…
Op…
Re…
(in
mi…
un…
Re…
Ma…
and
fi… 3 3 % 2 %
ad… Qtr Qtr Bet… Qtr Bet…
fe… 2026 2025 (Wo… 2026 (Wo…
──────────────────────────────────────────────────────────────────────────────
Ad… $ 1,9… $ 1,6… 18% $ 1,859 6%
fe…
Fi…
pl… 145 120 21% 126 15%
fe…
Tr…
and 105 102 3% 105 —%
ot…
fe…
To…
ma…
and 2,2… 1,8… 17% 2,090 6%
fi…
ad…
fe…
Di…
fe…
Mu… 247 227 9% 244 1%
fu…
In…
and 280 268 4% 281 —%
an…
Of…
sh… 18 21 (14… 21 (14…
br…
ca…
Ot… 136 126 8% 138 (1)%
pr…
To…
di… 681 642 6% 684 —%
fe…
Net
in… 461 485 (5)% 455 1%
in…
Ot… 88 79 11% 90 (2)%
re…
To… 3,4… 3,0… 11% 3,319 4%
re…
Ba…
and
de… 74 102 27% 73 (1)%
in…
ex…
Ad…
op…
to… 3,3… 2,9… 13% 3,246 4%
net
re…
Ex…
Di… 1,9… 1,6… (15… 1,829 (4)%
ex…
In…
and 16 14 (14… 15 (7)%
de…
ex…
Ge…
and 455 439 (4)% 463 2%
ad…
ex…
Ad…
op… 2,3… 2,1… (13… 2,307 (3)%
ex…
Pr…
ad… $ 989 $ 881 12% $ 939 5%
op…
ea…
Pr…
ad… 29.3 % 29.5 % 28.9 %
op…
ma…
11
Am…
Fi…
In…
Ad…
&
We…
Ma…
Se…
Op…
Me…
(in
mi…
un…
ot… 3 3 % 2 %
no… Qtr Qtr Bet… Qtr Bet…
un… 2026 2025 (Wo… 2026 (Wo…
──────────────────────────────────────────────────────────────────────────────
AWM
To… $ 1,2… $ 1,1… 8% $ 1,2… (1)%
Cl…
As…
To…
Cl… $ -8,… $ 3,4… NM $ 3,053 NM
Fl…
To…
Wr…
Ac…
Be… $ 731… $ 615… 19% $ 664,… 10%
as…
Net 4,8… 4,7… 2% 6,935 (30…
fl…
Ma…
ap…
(d… -7,… 30,… NM 60,3… NM
and
ot…
To…
wr… $ 728… $ 650… 12% $ 731,… —%
en…
as…
Ad…
wr…
ac… $ 722… $ 644… 12% $ 725,… —%
as…
en…
ba…
Av…
ad…
wr… $ 728… $ 618… 18% $ 694,… 5%
ac…
as…
AWM
Ca…
Ba…
On…
sh…
(N…
In…
In…
On…
sh… $ 23,… $ 22,… 4% $ 23,9… (1)%
-
ba…
On…
sh… 7,3… 8,9… (18… 7,381 —%
-
ce…
On…
sh…
- 2,3… 2,1… 12% 2,423 (2)%
br…
de…
To…
on… 33,… 33,… (1)% 33,7… (1)%
sh…
Of…
sh…
(D…
Fe…
Of…
sh…
- 2,1… 3,2… (34… 3,486 (39…
br…
de…
To…
AWM $ 35,… $ 36,… (4)% $ 37,2… (5)%
Ca…
Ba…
Ba…
-
Net
In…
In…
Av…
in… $ 25,… $ 23,… 5% $ 25,2… —%
as…
Gr…
fee 4.61 % 4.67 % 4.67 %
yi…
Ce…
-
Net
In…
In…
Av…
in… $ 7,8… $ 10,… (22… $ 7,873 (1)%
as…
Gr…
fee 4.52 % 5.00 % 4.57 %
yi…
Ot…
-
Net
In…
In…
Av…
in… $ 6,2… $ 5,1… 20% $ 5,685 10%
as…
Gr…
fee 5.15 % 5.90 % 5.38 %
yi…
Of…
sh…
-
br…
de…
-
Di…
Fe…
Av… $ 2,8… $ 3,2… (14… $ 3,735 (24…
ba…
Net
fee 2.47 % 2.51 % 2.24 %
yi…
(1…
wr…
ac…
as…
re…
th…
as…
for
wh…
cl…
re…
ad…
se…
and
are
the
pr…
dr…
of
re…
ea…
on
wr…
ac…
Cl…
may
ho…
no…
in…
in
th…
wr…
ac…
th…
do
not
in…
an
ad…
fe…
(2…
ad…
wr…
ac…
as…
are
ca…
us…
an
av…
of
the
pr…
pe…
en…
ba…
and
all
mo…
in
the
cu…
pe…
ex…
the
mo…
re…
mo…
for
the
th…
mo…
en…
in
ea…
re…
pe…
wh…
is
re…
of
our
bi…
cy…
(3…
fee
yi…
is
ca…
us…
am…
co…
of
in…
NM
Not
Me…
-
va…
eq…
to
or
gr…
th…
10…
12
Am…
Fi…
In…
As…
Ma…
Se…
Ad…
Op…
Re…
(in
mi…
un…
Re…
Ma…
and
fi…
ad…
fe…
As… 3 3 % %
ma… Qtr Qtr Bet… 2 Qtr Bet…
fe… 2026 2025 (Wo… 2026 (Wo…
──────────────────────────────────────────────────────────────────────────────
Re… $ 617 $ 557 11% $ 597 3%
In… 162 140 16% 149 9%
Mo… 30 24 25% 27 11%
de…
Tr…
and 58 52 12% 54 7%
ot…
fe…
Re…
fr… 2 2 —% 3 (33…
ot…
so…
To…
ma…
and 869 775 12% 830 5%
fi…
ad…
fe…
Di…
fe…
Mu… 67 58 16% 65 3%
fu…
In…
and 40 40 —% 40 —%
an…
To…
di… 107 98 9% 105 2%
fe…
Net
in… 8 26 (69… 7 14%
in…
Ot… 6 7 (14… 5 20%
re…
To… 990 906 9% 947 5%
re…
Ba…
and
de… — — —% — —%
in…
ex…
Ad…
op…
to… 990 906 9% 947 5%
net
re…
Ex…
Di… 282 254 (11… 270 (4)%
ex…
Am…
of
de… 2 2 —% 1 NM
ac…
co…
In…
and 4 3 (33… 4 —%
de…
ex…
Ge…
and 394 387 (2)% 398 1%
ad…
ex…
Ad…
op… 682 646 (6)% 673 (1)%
ex…
Pr…
ad… $ 308 $ 260 18% $ 274 12%
op…
ea…
Net
Pr…
Ad…
Op…
Ma…
Re…
Ad…
op…
to… $ 990 $ 906 9% $ 947 5%
net
re…
Di…
pa… -223 -202 (10… -215 (4)%
th…
re…
Su…
and
ot… -100 -112 11% -97 (3)%
pa…
th…
re…
Net
ad… 667 592 13% 635 5%
op…
re…
Pr…
ad… $ 308 $ 260 18% $ 274 12%
op…
ea…
Ad…
op…
net -8 -26 69% -7 (14…
in…
in…
Am…
of 5 15 (67… 4 25%
in…
Net
ad… $ 305 $ 249 22% $ 271 13%
op…
ea…
Pr…
ad… 31.1 % 28.7 % 28.9 %
op…
ma…
Net
pr…
ad… 45.7 % 42.1 % 42.7 %
op…
ma…
To…
Pe…
fe…
Pe… $ 10 $ 2 NM $ 1 NM
fe…
Ge…
and
ad…
ex… 6 — —% 1 NM
re…
to
pe…
fe…
Net
pe… $ 4 $ 2 NM $ — —%
fe…
(1…
re…
fr…
se…
ac…
th…
qu…
as
in…
co…
un…
in…
ac…
st…
(2…
as
net
ad…
op…
ea…
as
a
pe…
of
net
ad…
op…
re…
(3…
fe…
do
not
in…
CLO
in…
fe…
NM
Not
Me…
-
va…
eq…
to
or
gr…
th…
10…
13
Am…
Fi…
In…
As…
Ma…
Se…
Op…
Me…
(in
mi…
un…
Ma…
As…
Ro…
Gl… 3 3 % 2 %
Re… Qtr Qtr Bet… Qtr Bet…
Fu… 2026 2025 (Wo… 2026 (Wo…
──────────────────────────────────────────────────────────────────────────────
Be… $ 410… $ 361… 13% $ 368,… 11%
as…
In… 14,… 14,… (5)% 17,1… (18…
Ou… -18… -17… (4)% -19,… 6%
Net
VP… -1,… -1,… (4)% -1,7… (5)%
fu…
fl…
Net
new -6,… -4,… (33… -4,1… (47…
fl…
Re… 1,7… 1,6… 2% 2,755 (37…
di…
Net -4,… -2,… (51… -1,4… NM
fl…
Di… -1,… -1,… —% -3,0… 40%
Ma…
ap…
(d… -3,… 22,… NM 46,2… NM
and
ot…
Fo…
cu… -22 -1,… 98% 15 NM
tr…
To…
en… 399… 378… 6% 410,… (2)%
as…
%
of
to… 12.9 % 13.2 % 13.6 %
re…
as…
su…
Gl…
In…
Be… 304… 292… 4% 293,… 4%
as…
In… 11,… 9,1… 26% 12,9… (11…
Ou… -17… -11… (57… -18,… 1%
Net -6,… -2,… NM -5,0… (26…
fl…
Ma…
ap…
(d… -6,… 8,9… NM 16,2… NM
and
ot…
Fo…
cu… -135 -2,… 95% 230 NM
tr…
To…
en… 292… 296… (1)% 304,… (4)%
as…
To…
ma… $ 692… $ 674… 3% $ 714,… (3)%
as…
To…
As… 50,… 39,… 28% 44,5… 13%
Un…
Ad…
To…
As…
Un… $ 742… $ 714… 4% $ 759,… (2)%
Ma…
&
Ad…
To…
AUM $ -10… $ -5,… NM $ -6,4… (66…
net
fl…
Mo…
de… 1,4… 1,7… (14… 17 NM
AUA
fl…
To…
AUM
and $ -9,… $ -3,… NM $ -6,4… (44…
AUA
Fl…
Le…
in… $ -954 $ -903 (6)% $ 71 NM
pa…
fl…
(1…
re…
lo…
cu…
to
U.…
do…
tr…
for
re…
pu…
(2…
In…
in…
and
ou…
in…
net
fl…
fr…
our
Ri…
St…
An…
pr…
and
Am…
Ba…
FS…
(3…
in
Ma…
ap…
(d…
and
ot…
for
Gl…
In…
is
the
ch…
in
af…
ge…
ac…
ba…
ex…
net
fl…
re…
to
our
St…
An…
pr…
and
Am…
Ba…
FS…
(4…
are
pr…
on
a
on…
la…
(5…
fl…
are
es…
fl…
ba…
on
the
pe…
ch…
in
as…
le…
ca…
pe…
ba…
on
st…
re…
on
a
on…
la…
NM
Not
Me…
-
va…
eq…
to
or
gr…
th…
10…
14
Amer…
Fina…
Inc.
Asset
Mana…
Segm…
Oper…
Metr…
(in
mill…
unau…
Total
Mana…
Asse… % %
by 3 Qtr 3 Qtr Bett… 2 Qtr Bette…
Type 2026 2025 (Wor… 2026 (Wors…
──────────────────────────────────────────────────────────────────────────────
Equi… $ 399,3… $ 368,6… 8% $ 406,… (2)%
Fixed 220,3… 234,6… (6)% 234,… (6)%
inco…
Money 21,424 21,545 (1)% 21,8… (2)%
mark…
Alte… 31,562 29,281 8% 31,9… (1)%
Hybr…
and 19,351 20,602 (6)% 19,4… —%
other
Total
mana…
asse… $ 692,0… $ 674,7… 3% $ 714,… (3)%
by
type
Aver…
Mana…
Asse…
by
Type…
Equi… $ 404,0… $ 358,0… 13% $ 389,… 4%
Fixed 229,4… 232,0… (1)% 235,… (3)%
inco…
Money 22,055 21,922 1% 22,4… (2)%
mark…
Alte… 31,932 28,644 11% 31,0… 3%
Hybr…
and 19,554 20,106 (3)% 19,4… —%
other
Total
aver…
mana… $ 707,0… $ 660,7… 7% $ 698,… 1%
asse…
by
type
(1)A…
endi…
bala…
are
calc…
using
the
aver…
of
the
prior
peri…
endi…
bala…
and
all
mont…
in
the
curr…
peri…
Ameriprise Financial, Inc.
Asset Management Segment
Performance
Metrics
3 Qtr 2026
Retail Fund Rankings in Top 2
Quartiles
or Above Index Benchmark - 1 year 3 year 5 year 10 year
Asset
Weighted
Equity 56% 78% 77% 87%
Fixed Income 32% 78% 57% 86%
Asset Allocation 34% 81% 76% 85%
4- or 5-star Morningstar rated Overall 3 year 5 year 10 year
funds
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
Am…
Fi…
In…
Re…
&
Pr…
So…
Se…
Ad…
Op…
Re…
(in
mi… 3 % %
un… Qtr 3 Qtr Bet… 2 Qtr Bet…
Re… 2026 2025 (Wo… 2026 (Wo…
──────────────────────────────────────────────────────────────────────────────
Ma…
and
fi… $ 191 $ 192 (1)% $ 190 1%
ad…
fe…
Di… 107 105 2% 107 —%
fe…
Net
in… 364 326 12% 347 5%
in…
Pr…
po…
and 334 479 (30)% 330 1%
co…
ch…
Ot… 1 — —% 1 —%
re…
To… 997 1,1… (10)% 975 2%
re…
Ba…
and
de… — — —% — —%
in…
ex…
Ad…
op…
to… 997 1,1… (10)% 975 2%
net
re…
Ex…
Di… 141 134 (5)% 139 (1)%
ex…
In…
cr…
to 104 95 (9)% 94 (11)%
fi…
ac…
Be…
cl…
lo… 249 256 3% 234 (6)%
and
se…
ex…
Re…
(g…
lo…
of -1 -9 (89)% -3 (67)%
fu…
po…
be…
re…
Ch…
in
fa…
va… 219 257 15% 162 (35)%
of
ma…
ri…
be…
Am…
of
de… 59 56 (5)% 58 (2)%
ac…
co…
In…
and 9 11 18% 10 10%
de…
ex…
Ge…
and 85 85 —% 79 (8)%
ad…
ex…
Ad…
op… 865 885 2% 773 (12)%
ex…
Pr…
ad… $ 132 $ 217 (39)% $ 202 (35)%
op…
ea…
16
Amer…
Fina…
Inc.
Reti…
&
Prot…
Solu…
Segm…
Oper…
Metr…
(in
mill…
unau…
Vari… % %
Annu… 3 Qtr 3 Qtr Bett… 2 Qtr Bette…
Roll… 2026 2025 (Wor… 2026 (Wors…
──────────────────────────────────────────────────────────────────────────────
Begi… $ 94,401 $ 87,840 7% $ 88,1… 7%
bala…
Depo… 1,607 1,256 28% 1,504 7%
With…
and -2,926 -2,387 (23)% -2,7… (8)%
term…
Net -1,319 -1,131 (17)% -1,2… (9)%
flows
Inve…
perf…
and -324 4,241 NM 7,500 NM
inte…
cred…
Total
endi…
bala…
- $ 92,758 $ 90,950 2% $ 94,4… (2)%
cont…
accu…
valu…
Vari…
annu… $ 3,301 $ 3,493 (5)% $ 3,318 (1)%
fixed
sub-…
Life
Insu… $ 196,1… $ 197,5… (1)% $ 196,… —%
In
Force
Net
Amou…
at $ 36,759 $ 37,241 (1)% $ 36,4… 1%
Risk
(Lif…
Net
Poli…
Rese…
VUL/… $ 18,275 $ 17,144 7% $ 18,4… (1)%
Term
and 145 168 (14)% 158 (8)%
whole
life
Disa… 396 457 (13)% 426 (7)%
insu…
Other 462 488 (5)% 466 (1)%
insu…
Total
net $ 19,278 $ 18,257 6% $ 19,4… (1)%
poli…
rese…
DAC
Endi…
Bala…
Vari…
Annu… $ 1,621 $ 1,646 (2)% $ 1,626 —%
DAC
Life
and $ 939 $ 946 (1)% $ 940 —%
Heal…
DAC
NM
Not
Mean…
-
vari…
equal
to or
grea…
than
100%
17
Ameri…
Finan…
Inc.
Corpo…
Segme…
Adjus…
Opera…
Resul…
(in 3 Qtr 3 Qtr % 2 Qtr %
milli… 2026 2025 Better/ 2026 Better/
unaud… (Worse) (Worse)
Corpo…
Exclu…
Long
Term
Care
and
Fixed
Annui…
Adjus…
Opera…
Income
State…
Reven…
Manag…
and
finan… $ — $ — —% $ — —%
advice
fees
Distr… — — —% — —%
fees
Net
inves… -1 -7 86% 2 NM
income
Premi…
policy
and — — —% — —%
contr…
charg…
Other 2 2 —% 2 —%
reven…
Total 1 -5 NM 4 (75)%
reven…
Banki…
and
depos… 7 9 22% 4 (75)%
inter…
expen…
Adjus…
opera…
total -6 -14 57% — —%
net
reven…
Expen…
Distr… — — —% — —%
expen…
Inter…
credi…
to — — —% — —%
fixed
accou…
Benef…
claim…
losses — — —% — —%
and
settl…
expen…
Remea…
(gain…
losses
of — — —% — —%
future
policy
benef…
reser…
Change
in
fair
value — — —% — —%
of
market
risk
benef…
Amort…
of
defer… — — —% — —%
acqui…
costs
Inter…
and 29 23 (26)% 24 (21)%
debt
expen…
Gener…
and 57 50 (14)% 53 (8)%
admin…
expen…
Adjus…
opera… 86 73 (18)% 77 (12)%
expen…
Pretax
adjus…
opera… $ -92 $ -87 (6)% $ -77 (19)%
earni…
(loss)
NM Not
Meani…
-
varia…
equal
to or
great…
than
100%
18
Amer…
Fina…
Inc.
Corp…
Segm…
Adju…
Oper…
Resu…
and
Metr…
(in 3 Qtr 3 Qtr % 2 Qtr %
mill… 2026 2025 Bette… 2026 Bette…
unau… (Wors… (Wors…
Long
Term
Care
Adju…
Oper…
Inco…
Stat…
Reve…
Mana…
and
fina… $ — $ — —% $ — —%
advi…
fees
Dist… — — —% — —%
fees
Net
inve… 45 47 (4)% 44 2%
inco…
Prem…
poli…
and 22 22 —% 21 5%
cont…
char…
Other — — —% — —%
reve…
Total 67 69 (3)% 65 3%
reve…
Bank…
and
depo… — — —% — —%
inte…
expe…
Adju…
oper…
total 67 69 (3)% 65 3%
net
reve…
Expe…
Dist… -2 -2 —% -4 (50)%
expe…
Inte…
cred…
to — — —% — —%
fixed
acco…
Bene…
clai…
loss… 53 53 —% 53 —%
and
sett…
expe…
Reme…
(gai…
loss…
of 33 31 (6)% 4 NM
futu…
poli…
bene…
rese…
Chan…
in
fair
value — — —% — —%
of
mark…
risk
bene…
Amor…
of
defe… — — —% — —%
acqu…
costs
Inte…
and 2 4 50% 2 —%
debt
expe…
Gene…
and 6 5 (20)% 6 —%
admi…
expe…
Adju…
oper… 92 91 (1)% 61 (51)%
expe…
Pret…
adju…
oper… $ -25 $ -22 (14)% $ 4 NM
earn…
(los…
Long
Term
Care
Poli… $ 2,437 $ 2,643 (8)% $ 2,575 (5)%
Rese…
net
of
rein…
NM
Not
Mean…
-
vari…
equal
to or
grea…
than
100%
19
Ameri…
Finan…
Inc.
Corpo…
Segme…
Adjus…
Opera…
Resul…
(in 3 Qtr 3 Qtr % 2 Qtr %
milli… 2026 2025 Better/ 2026 Better/
unaud… (Worse) (Worse)
Fixed
Annui…
Adjus…
Opera…
Income
State…
Reven…
Manag…
and
finan… $ — $ — —% $ — —%
advice
fees
Distr… — — —% — —%
fees
Net
inves… 7 7 —% 7 —%
income
Premi…
policy
and — — —% — —%
contr…
charg…
Other 37 42 (12)% 42 (12)%
reven…
Total 44 49 (10)% 49 (10)%
reven…
Banki…
and
depos… — — —% — —%
inter…
expen…
Adjus…
opera…
total 44 49 (10)% 49 (10)%
net
reven…
Expen…
Distr… 1 — —% 1 —%
expen…
Inter…
credi…
to 49 51 4% 50 2%
fixed
accou…
Benef…
claim…
losses — — —% 1 NM
and
settl…
expen…
Remea…
(gain…
losses
of — — —% — —%
future
policy
benef…
reser…
Change
in
fair
value — — —% — —%
of
market
risk
benef…
Amort…
of
defer… 1 2 50% 2 50%
acqui…
costs
Inter…
and — — —% — —%
debt
expen…
Gener…
and 2 3 33% 3 33%
admin…
expen…
Adjus…
opera… 53 56 5% 57 7%
expen…
Pretax
adjus…
opera… $ -9 $ -7 (29)% $ -8 (13)%
earni…
(loss)
NM Not
Meani…
-
varia…
equal
to or
great…
than
100%
20
Ameri…
Finan…
Inc.
Elimi…
Opera…
Resul…
(in
milli… % %
unaud… 3 Qtr 3 Qtr Bette… 2 Qtr Bette…
Reven… 2026 2025 (Wors… 2026 (Wors…
──────────────────────────────────────────────────────────────────────────────
Manag…
and
finan… $ -43 $ -41 (5)% $ -42 (2)%
advice
fees
Distr… -327 -306 (7)% -323 (1)%
fees
Net
inves… -19 -23 17% -15 (27)%
income
Premi…
policy
and -7 -8 13% -7 —%
contr…
charg…
Other 1 — —% — —%
reven…
Total -395 -378 (4)% -387 (2)%
reven…
Banki…
and
depos… -7 -9 (22)% -4 75%
inter…
expen…
Adjus…
opera…
total -388 -369 (5)% -383 (1)%
net
reven…
Expen…
Distr… -349 -327 7% -343 2%
expen…
Inter…
credi…
to — — —% — —%
fixed
accou…
Benef…
claim…
losses -4 -8 (50)% -8 (50)%
and
settl…
expen…
Remea…
(gain…
losses
of — — —% — —%
future
policy
benef…
reser…
Change
in
fair
value -1 — —% — —%
of
market
risk
benef…
Amort…
of
defer… — — —% — —%
acqui…
costs
Inter…
and -10 -15 (33)% -12 (17)%
debt
expen…
Gener…
and -24 -19 26% -20 20%
admin…
expen…
Adjus…
opera… -388 -369 5% -383 1%
expen…
Pretax
adjus…
opera… $ — $ — —% $ — —%
earni…
(loss)
(1)The
major…
of the
amoun…
repre…
the
impact
of
inter…
trans…
prici…
for
both
reven…
and
expen…
21
Ameripri…
Financia…
Inc. (in September September
Capital millions, 30, 30, June 30,
Informat… unaudited) 2026 2025 2026
──────────────────────────────────────────────────────────────────────────────
Long-term
Debt
Summary
Senior $ 3,350 $ 3,100 $ 3,850
notes(1)
Finance
lease — 1 —
liabilit…
Other(2) -26 -24 -27
Total
Ameripri…
Financial 3,324 3,077 3,823
long-term
debt
Non-reco…
debt of
consolid… 2,468 2,607 2,509
investme…
entities
Total
long-term $ 5,792 $ 5,684 $ 6,332
debt
Total
Ameripri…
Financial $ 3,324 $ 3,077 $ 3,823
long-term
debt
Finance
lease — -1 —
liabilit…
Other(2) 26 24 27
Total
Ameripri…
Financial
long-term
debt $ 3,350 $ 3,100 $ 3,850
excluding
finance
lease
liabilit…
and other
Total $ 5,110 $ 6,455 $ 6,366
equity(3)
Equity of
consolid… -1 -1 -1
investme…
entities
Total
equity $ 5,109 $ 6,454 $ 6,365
excluding
CIEs
Total
Ameripri… $ 8,434 $ 9,532 $ 10,189
Financial
capital
Total
Ameripri…
Financial
capital
excluding
finance $ 8,459 $ 9,554 $ 10,215
lease
liabilit…
other and
equity of
CIEs
Debt to
capital(…
Total
Ameripri…
Financial
long-term
debt to 39.4 % 32.3 % 37.5 %
total
Ameripri…
Financial
capital
Total
Ameripri…
Financial
long-term
debt to
total
Ameripri…
Financial 39.6 % 32.4 % 37.7 %
capital
excluding
finance
lease
liabilit…
other and
equity of
CIEs(3)
(1)June
30, 2026
long-term
debt
balances
reflect
debt
issued to
prefund
an
upcoming
$500
million
debt
maturity.
(2)Inclu…
adjustme…
for net
unamorti…
discount…
debt
issuance
costs and
other
lease
obligati…
(3)Inclu…
accumula…
other
comprehe…
income,
net of
tax.
22
Ameriprise Financial,
Inc.
Consolidated Balance (in millions, September 30, December 31,
Sheets unaudited) 2026 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Cash and cash $ 9,172 $ 9,953
equivalents
Cash of consolidated 102 150
investment entities
Investments 58,134 58,406
Investments of
consolidated investment 2,436 2,618
entities
Market risk benefits 2,648 2,274
Separate account assets 78,275 80,044
Receivables 15,677 14,920
Receivables of
consolidated investment 41 30
entities
Deferred acquisition 2,598 2,625
costs
Restricted and
segregated cash and 793 1,055
investments
Other assets 21,474 18,829
Other assets of
consolidated investment — —
entities
Total Assets $ 191,350 $ 190,904
Liabilities
Policyholder account
balances, future $ 49,554 $ 46,498
policy benefits and
claims
Market risk benefits 818 1,182
Separate account 78,275 80,044
liabilities
Customer deposits 33,317 33,750
Short-term borrowings 200 200
Long-term debt 3,324 3,077
Debt of consolidated 2,468 2,585
investment entities
Accounts payable and 3,091 2,982
accrued expenses
Other liabilities 15,135 13,878
Other liabilities of
consolidated 58 159
investment entities
Total Liabilities 186,240 184,355
Equity
Ameriprise Financial
Common shares ($.01 par) 3 3
Additional paid-in 10,587 10,377
capital
Retained earnings 30,351 27,662
Treasury stock -33,189 -30,601
Accumulated other
comprehensive income, -2,642 -892
net of tax
Total Equity 5,110 6,549
Total Liabilities and $ 191,350 $ 190,904
Equity
23
A…
F…
I…
R…
T…
E…
(… Per
m… Di…
e… Qu… Sh…
p… En… Qu…
s… Se… % En… %
a… 30, Be… Se… Be…
u… 20… 20… (W… 20… 30, 20… (W…
──────────────────────────────────────────────────────────────────────────────
N… $ 1,… $ 912 23% $ 12… $ 9.… 32%
i…
A…
N…
r…
i… 7 11 0.… 0.…
g…
(…
M…
i…
on 128 -82 1.… -0…
n…
l…
p…
M…
r… 1 — 0.… —
i…
I… -11 — -0… —
c…
N…
i…
(…
a… -1 3 -0… 0.…
to
c…
i…
e…
T…
e… -27 15 -0… 0.…
of
a…
A…
o… $ 1,… $ 965 7% $ 11… $ 9.… 14%
e…
P…
i…
of -94 -6 -1… -0…
a…
u…
T…
e…
of 20 1 0.… 0.…
a…
u…
A…
o…
e… $ 1,… $ 970 14% $ 12… $ 9.… 22%
e…
u…
W…
a…
c…
s…
o…
B… 90… 96…
D… 91… 97…
(…
a…
o…
a…
(…
u…
t…
s…
t…
r…
of
2…
24
A…
F…
I…
R…
T…
E…
Per
Ye… % Di… %
Se… Be… Sh… Be…
30, (W… Ye… (W…
Se…
30,
(…
m…
e…
p… 20… 20… 20… 20…
s…
a…
u…
N… $ 3,… $ 2,… 23% $ 33… $ 25… 31%
i…
A…
N…
r…
i… 7 -9 0.… -0…
g…
(…
M…
i…
on 50 -3… 0.… -3…
n…
l…
p…
M…
r… 2 1 0.… 0.…
i…
I… -12 — -0… —
c…
N…
i…
(…
a… -3 1 -0… 0.…
to
c…
i…
e…
T…
e… -11 70 -0… 0.…
of
a…
A…
o… $ 3,… $ 2,… 11% $ 33… $ 28… 18%
e…
P…
i…
of -94 -6 -1… -0…
a…
u…
T…
e…
of 20 1 0.… 0.…
a…
u…
A…
o…
e… $ 3,… $ 2,… 13% $ 34… $ 28… 21%
e…
u…
W…
a…
c…
s…
o…
B… 91… 97…
D… 92… 98…
(…
a…
o…
a…
(…
u…
t…
s…
t…
r…
of
2…
25
Ameriprise
Financial, Inc.
Reconciliation
Table: Pretax
Adjusted
Operating (in millions, Quarter Ended
Earnings unaudited) September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Total net $ 5,117 $ 4,791
revenues
Adjustments:
Net realized
investment gains 7 11
(losses)
Market impact on
non-traditional 1 1
long-duration
products
Mean Reversion 1 -1
related impacts
Revenues
attributable to 33 47
the CIEs
Adjusted
operating total $ 5,075 $ 4,733
net revenues
Annual unlocking 1 120
Adjusted
operating total
net revenues, $ 5,074 $ 4,613
excluding
unlocking
Total expenses $ 3,690 $ 3,617
Adjustments:
Expenses
attributable to 34 44
the CIEs
Integration/rest… 11 —
charges
Market impact on
non-traditional -127 83
long-duration
products
Mean
reversion-related — -1
impacts
Adjusted
operating $ 3,772 $ 3,491
expenses
Annual unlocking 95 126
Adjusted
operating total
net expenses, $ 3,677 $ 3,365
excluding
unlocking
Pretax income $ 1,427 $ 1,174
Pretax adjusted
operating $ 1,303 $ 1,242
earnings
Pretax adjusted
operating
earnings, $ 1,397 $ 1,248
excluding
unlocking
Pretax income 27.9 % 24.5 %
margin
Pretax adjusted 25.7 % 26.2 %
operating margin
Pretax adjusted
operating margin, 27.5 % 27.1 %
excluding
unlocking
Ameriprise
Financial,
Inc.
Reconciliati…
Table: Quarter Ended
Effective Tax September 30,
Rate 2025
──────────────────────────────────────────────────────────────────────────────
(in millions, GAAP Adjusted
unaudited) Operating
Pretax income $ 1,174 $ 1,242
Income tax $ 262 $ 277
provision
Effective tax 22.3 % 22.3 %
rate
26
Ameriprise
Financial,
Inc.
Reconciliati…
Table: Quarter Ended
Effective Tax September 30,
Rate 2026
──────────────────────────────────────────────────────────────────────────────
(in millions, GAAP Adjusted
unaudited) Operating
Pretax income $ 1,427 $ 1,303
Income tax $ 301 $ 274
provision
Effective tax 21.1 % 21.0 %
rate
Ameriprise Financial,
Inc.
Reconciliation Table:
Return on Equity (ROE)
Excluding Accumulated
Other Comprehensive
Income “AOCI”
Twelve Months Ended
September 30,
(in millions, 2026 2025
unaudited)
Net income $ 4,162 $ 3,626
Less: Adjustments(1) -2 -136
Adjusted operating $ 4,164 $ 3,762
earnings
Less: Annual -74 -5
unlocking(2)
Adjusted operating
earnings, excluding $ 4,238 $ 3,767
unlocking
Total Ameriprise
Financial, Inc. $ 6,138 $ 5,781
shareholders’ equity
Less:
Accumulated other -1,397 -1,347
comprehensive income,
net of tax
Total Ameriprise
Financial, Inc. 7,535 7,128
shareholders’ equity
excluding AOCI
Less: Equity impacts
attributable to the -1 —
consolidated investment
entities
Adjusted operating $ 7,536 $ 7,128
equity
Return on equity 55.2 % 50.9 %
excluding AOCI
Adjusted operating
return on equity, 55.3 % 52.8 %
excluding AOCI(2)
Adjusted operating
return on equity, 56.2 % 52.8 %
excluding AOCI and
unlocking(2)
(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