Fourth Quarter and Full Year 2024 Results

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

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

Fourth quarter 2024 GAAP results included favorable market impacts on the valuation of derivatives and market risk benefits from higher interest rates, while the prior year quarter included unfavorable market impacts on the valuation of derivatives and market risk benefits from lower interest rates.

In addition, adjusted operating after-tax results included severance expenses of $46 million for full year 2024 and $21 million for full year 2023 related to the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.

Advice & Wealth Management delivered strong organic growth generating pretax adjusted operating earnings of $823 million, up 18 percent, with a margin of 29 percent driven by core business growth and equity market appreciation, which more than offset lower interest revenue from the more than 60 bps reduction in average federal funds effective rate year-over-year and sequentially.

Adjusted operating net revenues increased 18 percent to $2.8 billion from strong growth in client assets and increased transactional activity.

Adjusted operating expenses increased 18 percent to $2.0 billion compared to a year ago primarily driven by strong revenue growth. General and administrative expenses were $438 million in the quarter and increased 5 percent(1) to $1.7 billion for the full year, reflecting growth investments and volume-related expenses due to business growth.

Strong growth in metrics was driven by client and advisor engagement and focus on positioning portfolios to meet financial planning goals across market cycles.

•Total client assets grew 14 percent to $1.0 trillion, with strong client flows of $11.3 billion.

•Wrap assets increased 18 percent to $574 billion. Wrap flow trends continued to improve with $11.1 billion of net inflows in the quarter, representing an 8 percent annualized flow rate.

•Transactional activity increased 17 percent with strong growth across all product areas.

•Total client cash was $85.4 billion, up $3.9 billion from a year ago and up $2.4 billion sequentially.

◦Cash sweep balances were $29.8 billion, up $2.3 billion sequentially.

◦Bank assets grew 4 percent to $23.6 billion, providing sustainable net investment income in the forecasted lower interest rate environment.

◦Certificate balances declined $0.8 billion sequentially, as expected in this rate environment.

◦Growth in third-party money market funds was partially offset by a decline in brokered CDs.

•Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.0 million, up 13 percent from enhanced productivity, business growth and market appreciation.

•Advisor headcount increased to 10,427, which reflects the addition of 91 experienced advisors in the quarter and continued strong advisor retention.

(1) Excluding $50 million regulatory accrual in 2023.

Asset Management adjusted operating net revenues grew 10 percent to $930 million. Pretax adjusted operating earnings increased 29 percent to $251 million, reflecting equity market appreciation and the positive impact from expense management actions, which more than offset the cumulative impact of net outflows. Results in the quarter included continued strong performance fees. Net pretax adjusted operating margin was 39 percent. The underlying fee rate remained stable.

Adjusted operating expenses increased 4 percent. Excluding performance fee compensation, general and administrative expenses improved 2 percent from a year ago, reflecting benefits from the company’s initiatives to enhance operational efficiency and effectiveness to further strengthen the client experience and future profitability.

Total net inflows improved $6.2 billion to $1.3 billion.

•Retail and model delivery net inflows were $6.1 billion, reflecting a $6.7 billion improvement from the prior year from stronger gross sales in North America and EMEA, as well as higher reinvested dividends.

•Institutional net outflows were $3.9 billion, which reflected slower fundings and $0.9 billion of expected Lionstone outflows. Outflows related to legacy insurance partners were $0.9 billion.

Retirement & Protection Solutions pretax adjusted operating earnings increased 5 percent to $213 million or $816 million for the full year excluding unlocking. 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 trends.

Retirement & Protection Solutions sales increased 13 percent to $1.4 billion fueled by client demand for structured variable annuities and variable universal life products.

These high-quality books of business continued to generate strong free cash flow with excellent risk-adjusted returns.

Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was $106 million, of which $28 million was related to severance and severance program expenses, expenses to accelerate the firm’s transition to cloud-based technology platforms and mark-to-market impacts on share-based compensation.

Long Term Care pretax adjusted operating earnings were $21 million, or $62 million for the full year excluding unlocking, a continuation of an improved performance trend. Results in the quarter reflected higher closed claims and new premium rate increases.

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

The operating effective tax rate was 20.8 percent for the fourth quarter and 20.3 percent for the full year.

Investor Relations: Media Relations:

Stephanie M. Rabe 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) 671-4085 (612) 671-0625

stephanie.m.rabe@ampf.com paul.w.johnson@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 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; 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-K for the period ended December 31, 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.