Ameriprise Financial Inc.

04/23/2026 | Press release | Distributed by Public on 04/23/2026 14:18

First Quarter 2026 Earnings Release Table

Earnings Release Tables

Earnings Release Tables
(unaudited)
First Quarter 2026

GAAP Income Statement

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Revenues
Management and financial advice fees $ 2,944 $ 2,602 13 % $ 3,096 (5)%
Distribution fees 563 522 8 % 554 2 %
Net investment income 872 868 - % 891 (2)%
Premiums, policy and contract charges 341 360 (5)% 373 (9)%
Other revenues 166 129 29 % 133 25 %
Total revenues 4,886 4,481 9 % 5,047 (3)%
Banking and deposit interest expense 74 127 42 % 87 15 %
Total net revenues 4,812 4,354 11 % 4,960 (3)%
Expenses
Distribution expenses 1,773 1,612 (10)% 1,819 3 %
Interest credited to fixed accounts 142 130 (9)% 109 (30)%
Benefits, claims, losses and settlement expenses 317 381 17 % 322 2 %
Remeasurement (gains) losses of future policy benefit reserves (1) (10) (90)% 1 NM
Change in fair value of market risk benefits 378 497 24 % 215 (76)%
Amortization of deferred acquisition costs 61 61 - % 61 - %
Interest and debt expense 80 80 - % 80 - %
General and administrative expense 918 916 - % 1,061 13 %
Total expenses 3,668 3,667 - % 3,668 - %
Pretax income 1,144 687 67 % 1,292 (11)%
Income tax provision 229 104 NM 284 19 %
Net income $ 915 $ 583 57 % $ 1,008 (9)%
Earnings per share
Basic earnings per share $ 9.81 $ 5.92 $ 10.63
Earnings per diluted share $ 9.68 $ 5.83 $ 10.47
Weighted average common shares outstanding
Basic 93.3 98.5 94.8
Diluted 94.5 100.0 96.3
NM Not Meaningful - variance equal to or greater than 100%

Consolidated Highlights

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM $ 660,620 $ 569,137 16 % $ 666,437 (1)%
Asset Management AUM 661,622 621,378 6 % 678,105 (2)%
Corporate AUM 1,011 595 70 % 906 12 %
Eliminations (45,931) (44,170) (4)% (47,630) 4 %
Assets Under Management 1,277,322 1,146,940 11 % 1,297,818 (2)%
Assets Under Administration 348,708 314,055 11 % 355,503 (2)%
Assets Under Advisement (net of eliminations) (1) 42,176 33,665 25 % 40,830 3 %
Total Assets Under Management, Administration and Advisement $ 1,668,206 $ 1,494,660 12 % $ 1,694,151 (2)%
S&P 500
Daily average 6,816 5,899 16 % 6,776 1 %
Period end 6,529 5,612 16 % 6,846 (5)%
Weighted Equity Index (WEI) (2)
Daily average 4,343 3,713 17 % 4,265 2 %
Period end 4,157 3,554 17 % 4,317 (4)%
Common shares
Beginning balance 91.3 96.2 (5)% 93.1 (2)%
Repurchases (1.6) (1.2) (33)% (1.8) 11 %
Issuances 0.6 0.8 (25)% - -%
Other (0.2) (0.3) 33 % - -%
Total common shares outstanding 90.1 95.5 (6)% 91.3 (1)%
Restricted stock units 2.3 2.4 (4)% 2.4 (4)%
Total basic common shares outstanding 92.4 97.9 (6)% 93.7 (1)%
Total potentially dilutive shares 1.1 1.5 (27)% 1.5 (27)%
Total diluted shares 93.5 99.4 (6)% 95.2 (2)%
Capital Returned to Shareholders
Dividends paid $ 152 $ 148 3 % $ 153 (1)%
Common stock share repurchases 784 617 27 % 897 (13)%
Total Capital Returned to Shareholders $ 936 $ 765 22 % $ 1,050 (11)%
(1) Assets reported on a one quarter lag.
(2) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.

AWM Op Results

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Revenues
Management and financial advice fees:
Advisory fees $ 1,797 $ 1,515 19 % $ 1,785 1 %
Financial planning fees 115 110 5 % 146 (21)%
Transaction and other fees 99 94 5 % 98 1 %
Total management and financial advice fees 2,011 1,719 17 % 2,029 (1)%
Distribution fees:
Mutual funds 237 214 11 % 237 - %
Insurance and annuity 260 243 7 % 275 (5)%
Off-Balance sheet brokerage cash 26 36 (28)% 20 30 %
Other products 141 120 18 % 130 8 %
Total distribution fees 664 613 8 % 662 - %
Net investment income 455 500 (9)% 475 (4)%
Other revenues 119 77 55 % 83 43 %
Total revenues 3,249 2,909 12 % 3,249 - %
Banking and deposit interest expense 74 127 42 % 87 15 %
Adjusted operating total net revenues 3,175 2,782 14 % 3,162 - %
Expenses
Distribution expenses 1,770 1,554 (14)% 1,757 (1)%
Interest and debt expense 15 12 (25)% 15 - %
General and administrative expense 439 424 (4)% 464 5 %
Adjusted operating expenses 2,224 1,990 (12)% 2,236 1 %
Pretax adjusted operating earnings $ 951 $ 792 20 % $ 926 3 %
Pretax adjusted operating margin 30.0 % 28.5 % 29.3 %

AWM Metrics

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
AWM Total Client Assets $ 1,148,514 $ 1,022,520 12 % $ 1,165,367 (1)%
Total Client Flows $ 4,226 $ 10,275 (59)% $ 13,335 (68)%
Total Wrap Accounts
Beginning assets $ 670,361 $ 573,881 17 % $ 650,302 3 %
Net flows 6,016 8,724 (31)% 12,052 (50)%
Market appreciation (depreciation) and other (12,210) (9,834) (24)% 8,007 NM
Total wrap ending assets $ 664,167 $ 572,771 16 % $ 670,361 (1)%
Advisory wrap account assets ending balance (1) $ 658,620 $ 567,371 16 % $ 664,427 (1)%
AWM Cash Balances
On-balance sheet (Net Investment Income)
On-balance sheet - bank $ 23,768 $ 22,669 5 % $ 23,663 - %
On-balance sheet - certificate 7,556 10,685 (29)% 8,155 (7)%
On-balance sheet - broker dealer 1,966 2,308 (15)% 1,948 1 %
Total on-balance sheet $ 33,290 $ 35,662 (7)% $ 33,766 (1)%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer $ 4,669 $ 4,344 7 % $ 5,147 (9)%
Total AWM Cash Balances $ 37,959 $ 40,006 (5)% $ 38,913 (2)%
Bank - Net Investment Income
Average interest-bearing assets $ 25,238 $ 24,176 4 % $ 24,663 2 %
Gross fee yield (2) 4.61 % 4.68 % 4.61 %
Certificates - Net Investment Income
Average interest-bearing assets $ 8,354 $ 11,746 (29)% $ 9,087 (8)%
Gross fee yield (2) 4.67 % 5.11 % 4.83 %
Other - Net Investment Income
Average interest-bearing assets $ 5,610 $ 5,205 8 % $ 5,371 4 %
Gross fee yield (2) 5.28 % 5.82 % 5.72 %
Off-balance sheet - broker dealer - Distribution Fees
Average balances $ 4,665 $ 5,151 (9)% $ 3,580 30 %
Net fee yield 2.28 % 2.81 % 2.28 %
(1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
(2) Gross fee yield is calculated using amortized cost of investments.
NM Not Meaningful - variance equal to or greater than 100%

AM Op Results

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail $ 563 $ 530 6 % $ 568 (1)%
Institutional 145 134 8 % 266 (45)%
Model delivery 27 22 23 % 26 4 %
Transaction and other fees 53 50 6 % 54 (2)%
Revenue from other sources (1) 2 4 (50)% 3 (33)%
Total management and financial advice fees 790 740 7 % 917 (14)%
Distribution fees:
Mutual funds 61 55 11 % 61 - %
Insurance and annuity 39 39 - % 40 (3)%
Total distribution fees 100 94 6 % 101 (1)%
Net investment income 14 5 NM 15 (7)%
Other revenues 6 7 (14)% 6 - %
Total revenues 910 846 8 % 1,039 (12)%
Banking and deposit interest expense - - -% - -%
Adjusted operating total net revenues 910 846 8 % 1,039 (12)%
Expenses
Distribution expenses 262 246 (7)% 265 1 %
Amortization of deferred acquisition costs 2 2 - % 2 - %
Interest and debt expense 4 3 (33)% 3 (33)%
General and administrative expense 369 354 (4)% 476 22 %
Adjusted operating expenses 637 605 (5)% 746 15 %
Pretax adjusted operating earnings $ 273 $ 241 13 % $ 293 (7)%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues $ 910 $ 846 8 % $ 1,039 (12)%
Distribution pass through revenues (206) (195) (6)% (208) 1 %
Subadvisory and other pass through revenues (103) (91) (13)% (106) 3 %
Net adjusted operating revenues 601 560 7 % 725 (17)%
Pretax adjusted operating earnings $ 273 $ 241 13 % $ 293 (7)%
Adjusted operating net investment income (14) (5) NM (15) 7 %
Amortization of intangibles 4 3 33 % 15 (73)%
Net adjusted operating earnings $ 263 $ 239 10 % $ 293 (10)%
Pretax adjusted operating margin 30.0 % 28.5 % 28.2 %
Net pretax adjusted operating margin (2) 43.8 % 42.7 % 40.4 %
Total Performance fees (3)
Performance fees $ 4 $ 1 NM $ 120 (97)%
General and administrative expense related to performance fees - - -% 77 NM
Net performance fees $ 4 $ 1 NM $ 43 (91)%
(1) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.
(2) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
(3) Performance fees do not include CLO incentive fees.
NM Not Meaningful - variance equal to or greater than 100%

AM Metrics

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets $ 378,023 $ 352,737 7 % $ 378,306 - %
Inflows 17,088 14,966 14 % 13,585 26 %
Outflows (20,721) (20,079) (3)% (19,733) (5)%
Net VP/VIT fund flows (1,772) (1,646) (8)% (1,824) 3 %
Net new flows (5,405) (6,759) 20 % (7,972) 32 %
Reinvested dividends 1,216 958 27 % 10,710 (89)%
Net flows (4,189) (5,801) 28 % 2,738 NM
Distributions (1,291) (1,021) (26)% (11,770) 89 %
Market appreciation (depreciation) and other (2,984) (7,837) 62 % 8,608 NM
Foreign currency translation (1) (1,325) 2,275 NM 141 NM
Total ending assets 368,234 340,353 8 % 378,023 (3)%
% of total retail assets sub-advised 13.7 % 15.7 % 13.2 %
Global Institutional
Beginning assets 300,082 292,176 3 % 296,414 1 %
Inflows (2) 12,963 9,588 35 % 12,088 7 %
Outflows (2) (14,968) (22,002) 32 % (13,950) (7)%
Net flows (2,005) (12,414) 84 % (1,862) (8)%
Market appreciation (depreciation) and other (3) (2,151) (3,034) 29 % 5,237 NM
Foreign currency translation (1) (2,538) 4,297 NM 293 NM
Total ending assets 293,388 281,025 4 % 300,082 (2)%
Total managed assets $ 661,622 $ 621,378 6 % $ 678,105 (2)%
Total Assets Under Advisement (4) 44,485 35,320 26 % 42,925 4 %
Total Assets Under Management & Advisement $ 706,107 $ 656,698 8 % $ 721,030 (2)%
Total AUM net flows $ (6,194) $ (18,215) 66 % $ 876 NM
Model delivery AUA flows (5) 315 (35) NM 1,085 (71)%
Total AUM and AUA Flows (5) $ (5,879) $ (18,250) 68 % $ 1,961 NM
Legacy insurance partners flows $ (838) $ (978) 14 % $ (1,351) 38 %
(1) Amounts represent local currency to U.S. dollar translation for reporting purposes.
(2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.
(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB.
(4) Assets are presented on a one-quarter lag.
(5) AUA flows are estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%

AM Metrics_2

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Total Managed Assets by Type
Equity $ 355,890 $ 325,225 9 % $ 370,489 (4)%
Fixed income 234,180 228,854 2 % 234,201 - %
Money market 22,209 20,300 9 % 23,358 (5)%
Alternative 29,592 27,845 6 % 29,659 - %
Hybrid and other 19,751 19,154 3 % 20,398 (3)%
Total managed assets by type $ 661,622 $ 621,378 6 % $ 678,105 (2)%
Average Managed Assets by Type (1)
Equity $ 373,343 $ 340,514 10 % $ 370,584 1 %
Fixed income 236,101 231,937 2 % 234,022 1 %
Money market 22,061 19,683 12 % 21,567 2 %
Alternative 29,921 30,173 (1)% 29,330 2 %
Hybrid and other 20,423 19,545 4 % 20,565 (1)%
Total average managed assets by type $ 681,849 $ 641,852 6 % $ 676,068 1 %
(1) Average ending balances are calculated using the average of the prior period's ending balance and all months in the current period.

AM Performance

Ameriprise Financial, Inc.
Asset Management Segment Performance Metrics
1 Qtr 2026
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted 1 year 3 year 5 year 10 year
Equity 77 % 71 % 74 % 84 %
Fixed Income 74 % 81 % 63 % 89 %
Asset Allocation 39 % 83 % 73 % 87 %
4- or 5-star Morningstar rated funds Overall 3 year 5 year 10 year
Number of Rated Funds 95 76 71 80
Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e., Institutional if available, otherwise Institutional 3 share class), net of fees. Peer groupings of Threadneedle are defined by either IA or Morningstar index and are based on Primary Share Class. Comparisons to Index are measured Gross of Fees. To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median. Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income. Morningstar as of 03/31/26. Columbia funds are available for purchase by U.S. customers. Out of 86 Columbia funds rated (based on primary share class), 3 received a 5-star Overall Rating and 40 received a 4-star Overall Rating. Out of 129 Threadneedle funds rated (based on highest-rated share class), 12 received a 5-star Overall Rating and 40 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms. © 2026 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

RPS Op Results

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Revenues
Management and financial advice fees $ 186 $ 185 1 % $ 194 (4)%
Distribution fees 103 102 1 % 107 (4)%
Net investment income 336 296 14 % 332 1 %
Premiums, policy and contract charges 326 341 (4)% 357 (9)%
Other revenues 1 2 (50)% 1 - %
Total revenues 952 926 3 % 991 (4)%
Banking and deposit interest expense - - -% - -%
Adjusted operating total net revenues 952 926 3 % 991 (4)%
Expenses
Distribution expenses 132 123 (7)% 137 4 %
Interest credited to fixed accounts 93 92 (1)% 93 - %
Benefits, claims, losses and settlement expenses 235 211 (11)% 237 1 %
Remeasurement (gains) losses of future policy benefit reserves (2) (3) (33)% (5) (60)%
Change in fair value of market risk benefits 155 143 (8)% 173 10 %
Amortization of deferred acquisition costs 58 57 (2)% 58 - %
Interest and debt expense 10 8 (25)% 10 - %
General and administrative expense 81 80 (1)% 88 8 %
Adjusted operating expenses 762 711 (7)% 791 4 %
Pretax adjusted operating earnings $ 190 $ 215 (12)% $ 200 (5)%

RPS Metrics

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Variable Annuities Rollforwards
Beginning balance $ 91,296 $ 85,747 6 % $ 90,950 - %
Deposits 1,173 1,064 10 % 1,305 (10)%
Withdrawals and terminations (2,482) (2,200) (13)% (2,568) 3 %
Net flows (1,309) (1,136) (15)% (1,263) (4)%
Investment performance and interest credited (1,872) (1,102) (70)% 1,609 NM
Total ending balance - contract accumulation values $ 88,115 $ 83,509 6 % $ 91,296 (3)%
Variable annuities fixed sub-accounts $ 3,344 $ 3,640 (8)% $ 3,391 (1)%
Life Insurance In Force $ 196,769 $ 197,512 - % $ 197,479 - %
Net Amount at Risk (Life) $ 37,277 $ 38,236 (3)% $ 37,167 - %
Net Policyholder Reserves
VUL/UL $ 17,104 $ 15,725 9 % $ 17,377 (2)%
Term and whole life 160 170 (6)% 166 (4)%
Disability insurance 432 470 (8)% 446 (3)%
Other insurance 471 498 (5)% 481 (2)%
Total net policyholder reserves $ 18,167 $ 16,863 8 % $ 18,470 (2)%
DAC Ending Balances
Variable Annuities DAC $ 1,629 $ 1,665 (2)% $ 1,639 (1)%
Life and Health DAC $ 942 $ 952 (1)% $ 945 - %
NM Not Meaningful - variance equal to or greater than 100%

Corp Op Results

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees $ - $ - -% $ - -%
Distribution fees - - -% - -%
Net investment income (7) (7) - % (7) - %
Premiums, policy and contract charges - - -% - -%
Other revenues 2 2 - % 4 (50)%
Total revenues (5) (5) - % (3) (67)%
Banking and deposit interest expense 4 8 50 % 8 50 %
Adjusted operating total net revenues (9) (13) 31 % (11) 18 %
Expenses
Distribution expenses - - -% - -%
Interest credited to fixed accounts - - -% - -%
Benefits, claims, losses and settlement expenses - - -% - -%
Remeasurement (gains) losses of future policy benefit reserves - - -% - -%
Change in fair value of market risk benefits - - -% - -%
Amortization of deferred acquisition costs - - -% - -%
Interest and debt expense 21 26 19 % 21 - %
General and administrative expense 49 64 23 % 48 (2)%
Adjusted operating expenses 70 90 22 % 69 (1)%
Pretax adjusted operating earnings (loss) $ (79) $ (103) 23 % $ (80) 1 %

Corp - LTC

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees $ - $ - -% $ - -%
Distribution fees - - -% - -%
Net investment income 45 46 (2)% 44 2 %
Premiums, policy and contract charges 21 22 (5)% 23 (9)%
Other revenues - - -% - -%
Total revenues 66 68 (3)% 67 (1)%
Banking and deposit interest expense - - -% - -%
Adjusted operating total net revenues 66 68 (3)% 67 (1)%
Expenses
Distribution expenses (2) (2) - % (4) (50)%
Interest credited to fixed accounts - - -% - -%
Benefits, claims, losses and settlement expenses 53 55 4 % 53 - %
Remeasurement (gains) losses of future policy benefit reserves 1 (7) NM 6 83 %
Change in fair value of market risk benefits - - -% - -%
Amortization of deferred acquisition costs - - -% - -%
Interest and debt expense 2 2 - % 2 - %
General and administrative expense 5 6 17 % 7 29 %
Adjusted operating expenses 59 54 (9)% 64 8 %
Pretax adjusted operating earnings (loss) $ 7 $ 14 (50)% $ 3 NM
Long Term Care Policyholder Reserves, net of reinsurance $ 2,572 $ 2,561 - % $ 2,632 (2)%
NM Not Meaningful - variance equal to or greater than 100%

Corp - FA

Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees $ - $ - -% $ - -%
Distribution fees - - -% - -%
Net investment income 8 8 - % 8 - %
Premiums, policy and contract charges 1 - -% - -%
Other revenues 37 41 (10)% 39 (5)%
Total revenues 46 49 (6)% 47 (2)%
Banking and deposit interest expense - - -% - -%
Adjusted operating total net revenues 46 49 (6)% 47 (2)%
Expenses
Distribution expenses - - -% - -%
Interest credited to fixed accounts 50 51 2 % 49 (2)%
Benefits, claims, losses and settlement expenses - 1 NM - -%
Remeasurement (gains) losses of future policy benefit reserves - - -% - -%
Change in fair value of market risk benefits - - -% - -%
Amortization of deferred acquisition costs 1 2 50 % 1 - %
Interest and debt expense 1 - -% 1 - %
General and administrative expense 3 3 - % 3 - %
Adjusted operating expenses 55 57 4 % 54 (2)%
Pretax adjusted operating earnings (loss) $ (9) $ (8) (13)% $ (7) (29)%
NM Not Meaningful - variance equal to or greater than 100%

Eliminations

Ameriprise Financial, Inc.
Eliminations (1) Adjusted Operating Results
(in millions, unaudited) 1 Qtr 2026 1 Qtr 2025 % Better/ (Worse) 4 Qtr 2025 % Better/ (Worse)
Revenues
Management and financial advice fees $ (41) $ (40) (3)% $ (42) 2 %
Distribution fees (304) (287) (6)% (316) 4 %
Net investment income (17) (22) 23 % (20) 15 %
Premiums, policy and contract charges (8) (8) - % (9) 11 %
Other revenues - - -% - -%
Total revenues (370) (357) (4)% (387) 4 %
Banking and deposit interest expense (4) (8) (50)% (8) (50)%
Adjusted operating total net revenues (366) (349) (5)% (379) 3 %
Expenses
Distribution expenses (326) (310) 5 % (337) (3)%
Interest credited to fixed accounts - - -% - -%
Benefits, claims, losses and settlement expenses (4) (10) (60)% (4) - %
Remeasurement (gains) losses of future policy benefit reserves - - -% - -%
Change in fair value of market risk benefits - - -% - -%
Amortization of deferred acquisition costs - - -% - -%
Interest and debt expense (13) (13) - % (12) 8 %
General and administrative expense (23) (16) 44 % (26) (12)%
Adjusted operating expenses (366) (349) 5 % (379) (3)%
Pretax adjusted operating earnings (loss) $ - $ - -% $ - -%
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.

Capital

Ameriprise Financial, Inc.
Capital Information
(in millions, unaudited) March 31, 2026 March 31, 2025 December 31, 2025
Long-term Debt Summary
Senior notes $ 3,100 $ 3,600 $ 3,100
Finance lease liabilities - 6 -
Other (1) (21) (25) (23)
Total Ameriprise Financial long-term debt 3,079 3,581 3,077
Non-recourse debt of consolidated investment entities 2,535 2,395 2,585
Total long-term debt $ 5,614 $ 5,976 $ 5,662
Total Ameriprise Financial long-term debt $ 3,079 $ 3,581 $ 3,077
Finance lease liabilities - (6) -
Other (1) 21 25 23
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other $ 3,100 $ 3,600 $ 3,100
Total equity (2) $ 6,212 $ 5,426 $ 6,549
Equity of consolidated investment entities - - (1)
Total equity excluding CIEs $ 6,212 $ 5,426 $ 6,548
Total Ameriprise Financial capital $ 9,291 $ 9,007 $ 9,626
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs $ 9,312 $ 9,026 $ 9,648
Debt to capital
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital 33.1 % 39.8 % 32.0 %
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2) 33.3 % 39.9 % 32.1 %
(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
(2) Includes accumulated other comprehensive income, net of tax.

Balance Sheet

Ameriprise Financial, Inc.
Consolidated Balance Sheets
(in millions, unaudited) March 31, 2026 December 31, 2025
Assets
Cash and cash equivalents $ 8,341 $ 9,953
Cash of consolidated investment entities 128 150
Investments 58,969 58,406
Investments of consolidated investment entities 2,507 2,618
Market risk benefits 1,934 2,274
Separate account assets 76,466 80,044
Receivables 15,144 14,920
Receivables of consolidated investment entities 30 30
Deferred acquisition costs 2,612 2,625
Restricted and segregated cash and investments 924 1,055
Other assets 17,393 18,829
Other assets of consolidated investment entities - -
Total Assets $ 184,448 $ 190,904
Liabilities
Policyholder account balances, future policy benefits and claims $ 46,401 $ 46,498
Market risk benefits 1,359 1,182
Separate account liabilities 76,466 80,044
Customer deposits 33,278 33,750
Short-term borrowings 200 200
Long-term debt 3,079 3,077
Debt of consolidated investment entities 2,535 2,585
Accounts payable and accrued expenses 2,513 2,982
Other liabilities 12,319 13,878
Other liabilities of consolidated investment entities 86 159
Total Liabilities 178,236 184,355
Equity
Ameriprise Financial
Common shares ($.01 par) 3 3
Additional paid-in capital 10,437 10,377
Retained earnings 28,425 27,662
Treasury stock (31,448) (30,601)
Accumulated other comprehensive income, net of tax (1,205) (892)
Total Equity 6,212 6,549
Total Liabilities and Equity $ 184,448 $ 190,904

Reconciliation Tables

Reconciliation Tables
(unaudited)
First Quarter 2026

QTD Earnings

Ameriprise Financial, Inc.
Reconciliation Table: Earnings
Quarter Ended March 31, % Better/ (Worse) Per Diluted Share Quarter Ended March 31, % Better/ (Worse)
(in millions, except per share amounts, unaudited) 2026 2025 2026 2025
Net income $ 915 $ 583 57 % $ 9.68 $ 5.83 66 %
Adjustments:
Net realized investment gains (losses) (1) (5) (2) (0.05) (0.02)
Market impact on non-traditional long-duration products (1) (184) (460) (1.95) (4.60)
Net income (loss) attributable to consolidated investment entities - (2) - (0.02)
Tax effect of adjustments (2) 40 97 0.42 0.97
Adjusted operating earnings $ 1,064 $ 950 12 % $ 11.26 $ 9.50 19 %
Weighted average common shares outstanding:
Basic 93.3 98.5
Diluted 94.5 100.0
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.

Pretax Earnings

Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings
Quarter Ended March 31,
(in millions, unaudited) 2026 2025
Total net revenues $ 4,812 $ 4,354
Adjustments:
Net realized investment gains (losses) (5) (2)
Market impact on non-traditional long-duration products 2 5
Revenues attributable to the CIEs 41 42
Adjusted operating total net revenues $ 4,774 $ 4,309
Total expenses $ 3,668 $ 3,667
Adjustments:
Expenses attributable to the CIEs 41 44
Market impact on non-traditional long-duration products 186 465
Adjusted operating expenses $ 3,441 $ 3,158
Pretax income $ 1,144 $ 687
Pretax adjusted operating earnings $ 1,333 $ 1,151
Pretax income margin 23.8 % 15.8 %
Pretax adjusted operating margin 27.9 % 26.7 %

Tax Rate

Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended March 31, 2025
(in millions, unaudited) GAAP Adjusted Operating
Pretax income $ 687 $ 1,151
Income tax provision $ 104 $ 201
Effective tax rate 15.1 % 17.5 %
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended March 31, 2026
(in millions, unaudited) GAAP Adjusted Operating
Pretax income $ 1,144 $ 1,333
Income tax provision $ 229 $ 269
Effective tax rate 20.0 % 20.2 %

ROE

Ameriprise Financial, Inc.
Reconciliation Table: Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income "AOCI"
Twelve Months Ended March 31,
(in millions, unaudited) 2026 2025
Net income $ 3,895 $ 2,994
Less: Adjustments (1) (77) (613)
Adjusted operating earnings $ 3,972 $ 3,607
Total Ameriprise Financial, Inc. shareholders' equity $ 6,145 $ 5,248
Less: Accumulated other comprehensive income, net of tax (1,164) (1,690)
Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI 7,309 6,938
Less: Equity impacts attributable to the consolidated investment entities (1) (2)
Adjusted operating equity $ 7,310 $ 6,940
Return on equity excluding AOCI 53.3 % 43.2 %
Adjusted operating return on equity, excluding AOCI (2) 54.3 % 52.0 %
(1) Adjustments reflect the sum of after-tax net realized investment gains or losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%.
(2) Adjusted operating return on equity excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders' equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.
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