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

(2) Excludes unlocking and severance.

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

Third 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.

The company completed its annual actuarial assumption update in the quarter, which resulted in an unfavorable after-tax impact of $74 million or $0.73 per share. This was primarily related to updated persistency assumptions for variable annuities.

In addition, adjusted operating after-tax results included severance expenses of $19 million in the third quarter of 2024 and $43 million on a year-to-date basis. Severance was related to the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.

Advice & Wealth Management continued to demonstrate profitable organic growth with record high pretax adjusted operating earnings of $826 million and margins exceeded 30 percent driven by core business growth, as well as higher sustainable net investment income at the bank.

Adjusted operating net revenues increased 14 percent to $2.7 billion from growth in client assets, increased transactional activity and 6 percent growth in net investment income at the bank.

Adjusted operating expenses increased 14 percent to $1.9 billion compared to a year ago. General and administrative expenses were unchanged at $419 million. Excluding the $20 million regulatory accrual a year ago, general and administrative expenses grew 5 percent, primarily from volume-related expenses due to business growth.

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

•Total client assets grew 26 percent to an all-time high of $1.0 trillion, with wrap assets up 28 percent to $569 billion.

•Wrap flows grew to $8.0 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 was $83 billion, up $10.5 billion from a year ago. In the quarter, growth in third-party money market funds was partially offset by declines in term products such as brokered CDs and certificates.

•Client cash sweep balances were stable at approximately $28 billion.

•Bank assets grew 7 percent to $23.2 billion, providing sustainable net investment income in this forecasted lower rate environment.

•Adjusted operating net revenue per advisor on a trailing 12-month basis was $997,000, up 11 percent from enhanced productivity, business growth and market appreciation.

•Advisor headcount increased to 10,368, which reflects the addition of 71 experienced advisors in the quarter and continued strong advisor retention.

Asset Management adjusted operating net revenues grew 7 percent to $882 million and pretax adjusted operating earnings increased 23 percent to $245 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 41 percent and above the company’s targeted range.

Adjusted operating expenses increased 2 percent. General and administrative expenses improved 2 percent from a year ago, reflecting initial benefits from the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.

Total assets under management increased 14 percent to $672 billion. The underlying fee rate remained stable.

Total net outflows improved 40 percent to $2.4 billion and included $0.9 billion of outflows related to legacy insurance partners. Retail and model delivery net outflows were $1.5 billion, representing a $2.1 billion improvement from the prior year from stronger gross sales in both North America and EMEA, as well as strong model delivery net inflows.

Retirement & Protection Solutions pretax adjusted operating earnings excluding unlocking increased 2 percent to $208 million or $603 million on a year-to-date basis. The strong and consistent performance of the business reflects the benefit from 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 15 percent to $1.4 billion fueled by Advice & Wealth Management client demand for structured variable annuities and variable universal life products.

Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was $145 million, of which $56 million was related to $34 million of severance and severance program expenses, as well as $22 million of expenses to accelerate the firm’s transition to cloud-based technology platforms, higher compensation accruals related to strong performance and mark-to-market impacts on share-based compensation.

Long Term Care pretax adjusted operating earnings excluding unlocking were $13 million, or $41 million year-to-date, a continuation of an improved performance trend.

Fixed Annuities pretax adjusted operating loss excluding unlocking was in line with expectations at $7 million.

The operating effective tax rate decreased to 20.8 percent for the third quarter and 20.1 percent on a year-to-date basis. The effective tax rate is expected to be in the 20 to 21 percent range for the full year.

Investor Relations: Media Relations:

Alicia A. Charity Paul W. Johnson At Ameriprise Financial, we have been helping people feel confident about their financial future for 130 years.

Ameriprise Financial Ameriprise Financial

(612) 671-2080 (612) 671-0625

alicia.a.charity@ampf.com paul.w.johnson@ampf.com

Stephanie M. Rabe

Ameriprise Financial

(612) 671-4085

stephanie.m.rabe@ampf.com

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 initiatives to enhance operational efficiency and effectiveness;

•statements about higher sustainable net investment income at the bank and the forecast for a lower rate environment;

•statements about continued improved performance of long term care operating earnings;

•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 September 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.