Fourth Quarter and Full Year 2025 Results

Earnings Per Diluted Share															Return on Equity, ex AOCI (1)
			Q4 2025						FY 2025									Q4 2025
GAAP			$10.47						$36.28						GAAP			49.1%
Adjusted Operating			$10.83						$39.29						Adjusted Operating			53.2%

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

Fourth quarter 2025 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.

Advice & Wealth Management generated strong underlying growth and performance with record pretax adjusted operating earnings of $926 million, up 13 percent, with a margin of 29.3 percent. Core earnings increased in the mid-20 percentage range, benefiting from higher client assets and well-controlled expenses, while spread earnings increased very modestly.

Adjusted operating net revenues increased 12 percent to $3.2 billion reflecting strong client engagement in holistic financial planning and advice relationships. Strong wrap net inflows and market appreciation contributed to growth in fee-based revenues, while increased sales in annuity products and brokerage transactions drove strong transactional activity.

Adjusted operating expenses increased 11 percent to $2.2 billion, primarily driven by consistent growth in advisor productivity. General and administrative expenses were in line with expectations, up 6 percent to $464 million, primarily driven by volume- and growth-related expenses, offset by strong expense discipline. Full year G&A expenses increased 5 percent, in line with our prior guidance.

Performance metrics were 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.

•Total client assets grew 13 percent to a record high of $1.2 trillion, with strong client flows of $13.3 billion, representing a 4.7 percent annualized flow rate.

•Wrap assets increased 17 percent to a record high of $670 billion, with $12.1 billion of net inflows in the quarter, representing a 7.4 percent annualized flow rate.

•Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.1 million, up 8 percent from enhanced productivity.

•Experienced advisor recruiting remained strong with 91 experienced advisors moving their practices to Ameriprise in the quarter.

•Transactional activity increased 5 percent compared to the prior year.

•Cash sweep balances increased to $29.9 billion compared to $27.1 billion in the prior quarter.

•Bank assets grew 7 percent to $25.3 billion, providing sustainable net investment income in this forecasted lower rate environment.

Asset Management adjusted operating net revenues were $1.0 billion. Pretax adjusted operating earnings increased 17 percent to $293 million reflecting asset growth, strong performance fees and the positive impact from expense management actions. Net pretax adjusted operating margin improved 140 basis points to 40 percent. The underlying fee rate remained stable.

Adjusted operating expenses increased 10 percent. General and administrative expenses increased 13 percent driven by higher performance fee compensation and the impact of foreign exchange translation.

Assets under management and advisement increased 6 percent to $721 billion. Investment performance remained strong across all time periods, most notably with more than 80 percent of retail funds above median versus peers on an asset-weighted basis for 3- and 10-year time periods. In addition, there were 103 funds globally earning four- or five-star ratings from Morningstar.

Net inflows were $1.9 billion, reflecting an improvement in institutional and model delivery flows.

•Retail and model delivery net inflows were $4.2 billion. Results reflected inflows in model delivery and reinvested dividends.

•Institutional net outflows improved to $0.9 billion, driven by higher gross sales globally and lower redemptions in North America.

•Outflows related to legacy insurance partners were $1.4 billion.

Retirement & Protection Solutions pretax adjusted operating earnings were $200 million. Results in the quarter were impacted by the timing of certain general and administrative expenses, as well as higher life claim expenses than the prior year period.

Retirement & Protection Solutions sales increased 6 percent to $1.5 billion, with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life insurance.

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

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $80 million.

Long Term Care pretax adjusted operating earnings were $3 million in the quarter and $28 million for the full year excluding unlocking. Results in the prior year quarter reflected higher closed claims and recognition of new premium rate increases.

Fixed Annuities pretax adjusted operating loss was $7 million.

The operating effective tax rate was 21.9 percent for the fourth quarter and 20.9 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 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; 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-K for the period ended December 31, 2025.

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TIME magazine partnered with Statista to recognize America’s Most Iconic Companies, chosen based on an independent survey of roughly 10,000 participants. Ameriprise Financial, Inc. was the highest ranked diversified financial services firm in the ranking and its overall ranking was #48 out of 250 companies across all industry sectors. Eligible companies (founded and headquartered in the United States, with a market presence of at least 10 years.) were evaluated from July to August 2025, across several key categories: Recognition and familiarity, cultural significance and impact, emotional connection, resilience, Americanness, presence and legacy. Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results. Find more information at https://time.com/7339929/americas-most-iconic-companies/.

The Wall Street Journal partnered with the Drucker Institute to recognize the 250 Best-Managed Companies in the U.S., which is based on a holistic measure of corporate effectiveness developed by the Drucker Institute. Nearly 700 U.S. companies were evaluated on 34 indicators across five dimensions of corporate performance: Customer satisfaction; employee engagement and development; innovation; social responsibility; and financial strength. All data collected was the most current available as of June 30, 2025. Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results. Used with permission. ©2025 Dow Jones & Company, Inc. Find more information at https://drucker.institute/annual-data/methodology-2025-2/.