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

Second quarter 2024 GAAP results included unfavorable market impacts on the valuation of derivatives and market risk benefits, while the prior year quarter included favorable market impacts on the valuation of derivatives and market risk benefits.

In addition, adjusted operating after-tax results included severance expense of $20 million in the second quarter of 2024 and $24 million in the first half of 2024. These actions were associated with the company’s initiatives to enhance operational efficiency and effectiveness that are expected to drive future profitability.

Advice & Wealth Management continued to demonstrate consistent profitable organic growth with pretax adjusted operating earnings reaching a new high of $822 million and margins remaining above 31 percent driven by strong core wealth management and banking performance.

Adjusted operating net revenues increased 13 percent to $2.6 billion from growth in client assets in both wrap and brokerage accounts, increased transactional activity and 11 percent growth in bank net investment income.

Adjusted operating expenses increased 13 percent to $1.8 billion compared to a year ago, with general and administrative expense very well managed and flat to a year ago at $409 million.

Clients and advisors remained engaged and focused on positioning portfolios to meet financial planning goals across market cycles.

•Total client assets grew 17 percent to $972 billion, with wrap assets up 18 percent to $535 billion.

•Wrap flows improved in the quarter to $7.5 billion or a 6 percent annualized flow rate, an early indication of client preferences returning to advisory products.

•Transactional activity increased 19 percent with strong growth across all product areas.

•Total client cash including third-party money market funds and brokered CDs was $81.9 billion, up $12.2 billion from a year ago, as clients remain heavily concentrated in yield-oriented products.

•Cash balances were $40.6 billion. Underlying cash sweep excluding normal seasonal tax payments and cash related to the recent partnership with Comerica transitioning into other products was stable and consistent with expectations.

•Adjusted operating net revenue per advisor on a trailing 12-month basis was $968,000, up 11 percent from enhanced productivity, business growth and market appreciation.

•Advisor headcount increased to 10,392, which reflects the addition of 52 experienced advisors in the quarter and continued strong advisor retention.

Asset Management adjusted operating net revenues grew 5 percent to $848 million and pretax adjusted operating earnings increased 35 percent to $218 million. Financial results reflected equity market appreciation and the positive impact from expense management actions, which more than offset the cumulative impact of net outflows. Net pretax adjusted operating margin was 38 percent and above our targeted range, reflecting strong market appreciation and expense discipline.

Adjusted operating expenses decreased 2 percent, with general and administrative expenses down 6 percent from a year ago, reflecting the ongoing benefits from the company’s initiatives to enhance operational efficiency and effectiveness.

Total assets under management increased 4 percent to $642 billion as equity market appreciation more than offset net outflows. The underlying fee rate remained stable at 46 basis points.

Net outflows would have been $4.0 billion excluding an $8.0 billion previously announced asset transfer related to a legacy insurance partner, which was a $1.3 billion improvement from a year ago.

•Retail net outflows were $3.2 billion, representing a $1.5 billion improvement from the prior year from stronger gross sales globally and lower redemptions in the US.

•Global institutional inflows were $0.3 billion.

Retirement & Protection Solutions pretax adjusted operating earnings increased 4 percent to $196 million, reflecting the benefit of stronger interest earnings and higher equity markets partially offset by higher distribution expenses associated with continued strong sales levels. These high-quality books of business continued to generate strong free cash flow and return on capital with a differentiated risk profile.

Retirement & Protection Solutions sales increased 40 percent to $1.5 billion primarily from strong sales growth in structured variable annuities similar to the industry. Protection sales grew 21 percent to $93 million with the majority of sales in higher margin accumulation VUL products.

Total Corporate & Other Excluding Closed Blocks pretax adjusted operating loss was $123 million, which included $25 million of severance expense, as well as $8 million of severance program expenses, both of which were associated with the company’s initiatives to enhance operational efficiency and effectiveness.

Long Term Care pretax adjusted operating earnings increased to $12 million from improved investment yields and claims performance.

Fixed Annuities pretax adjusted operating loss was consistent with expectations at $8 million.

The operating effective tax rate was 21.0 percent. The operating effective tax rate is expected to be approximately 21 percent for full year 2024.

Investor Relations: Media Relations:

Alicia A. Charity John Brine

Ameriprise Financial, Inc. Ameriprise Financial, Inc.

(612) 671-2080 (212) 437-8655

alicia.a.charity@ampf.com john.brine@ampf.com

Stephanie M. Rabe

Ameriprise Financial, Inc.

(612) 671-4085

stephanie.m.rabe@ampf.com

At Ameriprise Financial, we have been helping people feel confident about their financial future for 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, available capital for capital adequacy 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, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;

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

•statements estimating the financial impacts and future profitability arising from the company’s reengineering initiatives;

•statements estimating the expected full year 2024 operating effective tax rate; and

•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, 2023 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 June 30, 2024.

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.