Third Quarter 2025 Results

Earnings Per Diluted Share

Return on Equity, ex AOCI (1)

Q3 2025

Q3 2025

GAAP

$9.33

GAAP

50.9%

Adjusted Operating

$9.87

Adjusted Operating

52.8%

Adjusted Operating, excluding unlocking (2)

$9.92

Adjusted Operating, excluding unlocking (2)

52.8%

(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.

(3) Bloomberg - ranking calculated based on members of the S&P 500 Financials Index as of Sept. 30, 2005, that were still members as of Sept. 30. 2025.

Third quarter 2025 GAAP results included unfavorable market impacts on the valuation of derivatives and market risk benefits, while the prior-year quarter included larger unfavorable market impacts on the valuation of derivatives and market risk benefits.

The company completed its unlocking update in the quarter, which resulted in a favorable after-tax impact of $17 million, or $0.17 per share, on a GAAP basis and an unfavorable after-tax impact of $5 million, or $0.05 per share, on an adjusted operating basis.

Advice & Wealth Management generated strong underlying growth and performance with pretax adjusted operating earnings of $881 million, up 7 percent, with a margin of 29.5 percent. Core earnings increased in the upper-teen percentage range, benefiting from higher equity markets, the cumulative impact of wrap net inflows and well controlled expenses, while spread earnings declined as expected.

Adjusted operating net revenues increased 9 percent to $3.0 billion from higher client assets and transactional activity.

Adjusted operating expenses increased 10 percent to $2.1 billion, primarily driven by consistent growth in advisor productivity. General and administrative expenses were in line with expectations, up 5 percent to $439 million, primarily driven by volume- and growth-related expenses, offset by strong expense discipline.

Underlying performance metrics remained strong across all measures, reflecting the strength of the Ameriprise client experience and the company’s focus on helping advisors drive productivity growth through industry-leading tools, solutions and support.

•Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.1 million, up 10 percent from enhanced productivity, business growth and market appreciation.

•Experienced advisor recruiting accelerated with 90 experienced advisors moving their practices to Ameriprise in the quarter.

•Transactional activity increased 4 percent compared to the prior year.

•Cash sweep balances were stable at $27.1 billion compared to $27.4 billion in the prior quarter.

•Bank assets grew 5 percent to $24.3 billion, providing sustainable net investment income in this forecasted lower rate environment. Bank net investment income remained stable, which is consistent with our expectation for the full year.

•Total client assets grew 11 percent to a record high of $1.1 trillion and wrap assets increased 14 percent to a record high of $650 billion. Total client net flows excluding the impact of two large advisor practices departing in the quarter improved sequentially to $6.5 billion. Wrap net flows excluding these departures and a one-time administrative change were solid at $8.0 billion.

Asset Management adjusted operating net revenues were $906 million. Pretax adjusted operating earnings increased 6 percent to $260 million, reflecting equity market appreciation and the positive impact from expense management actions, partially offset by net outflows. Net pretax adjusted operating margin improved 120 basis points to 42 percent. The underlying fee rate remained stable.

Adjusted operating expenses increased 1 percent, with general and administrative expenses up only 1 percent. This reflected benefits from global operational transformation initiatives, while continuing to invest for growth.

Assets under management and advisement increased to $714 billion, up 1 percent year-over-year and 4 percent sequentially.

Net outflows were $3.4 billion, a notable improvement from the prior quarter across both retail and institutional.

•Retail and model delivery net outflows were $1.1 billion, primarily reflecting higher gross sales. Results reflected inflows in model delivery, as well as stronger flow rates in North America relative to other active peers, with outperformance in equities and improvement in fixed income.

•Institutional net outflows improved sequentially to $1.4 billion.

•Outflows related to legacy insurance partners were $0.9 billion.

Retirement & Protection Solutions pretax adjusted operating earnings, excluding unlocking were $200 million, reflecting continued benefits from strong interest earnings and higher equity markets.

Retirement & Protection Solutions sales were $1.4 billion, with continued strong client demand for structured variable annuities.

These high-quality books of business continued to generate strong free cash flow with excellent risk-adjusted returns and continued to be an important contributor to our diversified business model.

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was in line with expectations at $87 million.

Long Term Care pretax adjusted operating earnings, excluding unlocking were $4 million, a continuation of a solid performance trend.

Fixed Annuities pretax adjusted operating loss, excluding unlocking was $10 million.

The operating effective tax rate was 22.3 percent. The operating effective tax rate is expected to be 20 to 22 percent for full year 2025.

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 more than 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 forecasts or variations, and the economic performance of the United States and of global markets;

•statements regarding Ameriprise Bank’s expected net investment income;

•statements estimating the expected full year 2025 operating effective tax rate; and

•statements of assumptions underlying such statements.

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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, 2024 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, 2025.

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.

J.D. Power: J.D. Power 2025 Certified Customer Service ProgramSM recognition is based on successful completion of an operational evaluation and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. J.D. Power certified Ameriprise customer satisfaction performance for advisors and clients in these factors: satisfaction with the IVR routing process, and the customer service representative which includes knowledge, courtesy, concern, promptness in getting to a representative, and timeliness of resolution in addition to overall satisfaction. Ameriprise paid a fee to J.D. Power to have their advisor and client support experience independently certified through this program and cite the results. Ameriprise’s public use of the certification is subject to a license fee. For more information, visit www.jdpower.com/awards.

Newsweek: Newsweek partnered with Plant-A Insights Group to recognize America’s Greatest Companies – U.S. companies operating with strong business performance. Plant-A conducted an analysis of public companies listed on any of the U.S. Exchanges, with greater than $75M in 2024 revenue and with their main office located in the U.S, between August and November 2024. The companies were evaluated across four key categories: stock and financial performance, American workforce performance, innovation and sustainability performance. Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results. Find more information at https://rankings.newsweek.com/americas-greatest-companies-2025.