Ameriprise Financial Inc.

10/30/2026 | Press release | Distributed by Public on 10/30/2026 12:05

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our consolidated results of operations and financial condition should be read in conjunction with the "Forward-Looking Statements" that follow and our Consolidated Financial Statements and Notes presented in Item 1. Our Management's Discussion and Analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission ("SEC") on February 19, 2026 ("2025 10-K"), as well as our quarterly reports on Form 10-Q and current reports on Form 8-K. References below to "Ameriprise Financial," "Ameriprise," the "Company," "we," "us," and "our" refer to Ameriprise Financial, Inc. exclusively, to our entire family of companies, or to one or more of our subsidiaries.
Overview
Ameriprise Financial is a diversified financial services company with a more than 130-year history of providing financial solutions. We are a long-standing leader in financial planning and advice with $1.8 trillion in assets under management, administration and advisement as of September 30, 2026. We offer a broad range of products and services designed to achieve individual and institutional clients' financial objectives.
The products and services we provide retail clients and, to a lesser extent, institutional clients, are the primary source of our revenues and net income. Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies. These factors, in turn, are largely determined by overall investment market performance and the depth and breadth of our individual client relationships.
We operate our business in the broader context of the macroeconomic forces around us, including the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on our operating and performance results. In addition, the business, political and regulatory environments in which we operate are subject to elevated uncertainty and substantial, frequent change. Accordingly, we expect to continue focusing on our key strategic objectives and obtaining operational and strategic leverage from our core capabilities. The success of these and other strategies may be affected by the factors discussed in Item 1A, "Risk Factors" in our 2025 10-K and other factors as discussed herein.
Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the values of market risk benefits and embedded derivatives associated with our variable annuities and the values of derivatives held to hedge these benefits and the "spread" income generated on our deposit products, fixed insurance, the fixed portion of variable annuities and variable insurance contracts and fixed deferred annuities. A higher (lower) interest rate environment may result in decreases (increases) to our long-duration contract reserves, which may impact our adjusted operating earnings after tax. For additional discussion on our interest rate risk, see Item 3. "Quantitative and Qualitative Disclosures About Market Risk."
In the third quarter, we conducted our annual review of life insurance, annuity and long term care ("LTC") valuation assumptions relative to current experience and management expectations including modeling changes. These annual assumption updates, including model changes, are collectively referred to as unlocking throughout this document. See our Consolidated and Segment Results of Operations sections for the pretax impacts on our revenues and expenses attributable to unlocking.
We consolidate certain variable interest entities for which we provide asset management services. These entities are defined as consolidated investment entities ("CIEs"). While the consolidation of the CIEs impacts our balance sheet and income statement, our exposure to these entities is unchanged and there is no impact to the underlying business results. For further information on CIEs, see Note 4 to our Consolidated Financial Statements. The results of operations of the CIEs are reflected in the Corporate & Other segment. On a consolidated basis, the management fees we earn for the services we provide to the CIEs and the related general and administrative expenses are eliminated and the changes in the fair value of assets and liabilities related to the CIEs, primarily syndicated loans and debt, are reflected in Net investment income. We include the fees from these entities in the Management and financial advice fees line within our Asset Management segment.
While our consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), management believes that adjusted operating earnings measures, which exclude net realized investment gains or losses, net of reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and universal life ("UL") insurance contracts), net of hedges and the reinsurance accrual; mean reversion related impacts (the impact on variable universal life ("VUL") products for the difference between assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impact; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from
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discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.
The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of our life insurance subsidiary's nonperformance spread.
Management uses these non-GAAP measures to evaluate our financial performance and available capital on a basis comparable to that used by some securities analysts and investors. Also, certain of these non-GAAP measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Throughout our Management's Discussion and Analysis, these non-GAAP measures are referred to as adjusted operating measures. These non-GAAP measures should not be viewed as a substitute for U.S. GAAP measures.
It is management's priority to increase shareholder value over a multi-year horizon by achieving our on-average, over-time financial targets.
Our financial targets are:
•Adjusted operating earnings per diluted share growth of 12% to 15%, and
•Adjusted operating return on equity of over 30%.
The following tables reconcile our GAAP measures to adjusted operating measures:
Per Diluted Share
Three Months Ended September 30,
Three Months Ended September 30,
2026
2025
2026
2025
(in millions, except per share amounts)
Net income (loss)
$ 1,126 $ 912 $ 12.32 $ 9.33
Less Adjustments:
Net realized investment gains (losses) (1)
7 11 0.08 0.11
Market impact on non-traditional long-duration products (1)
128 (82) 1.40 (0.84)
Mean reversion related impacts (1)
1 - 0.01 -
Integration/restructuring charges (1)
(11) - (0.12) -
Net income (loss) attributable to CIEs (1) 3 (0.01) 0.03
Tax effect of adjustments (2)
(27) 15 (0.30) 0.16
Adjusted operating earnings
$ 1,029 $ 965 $ 11.26 $ 9.87
Weighted average common shares outstanding:
Basic 90.3 96.3
Diluted 91.4 97.8
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Per Diluted Share
Nine Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
(in millions, except per share amounts)
Net income (loss) $ 3,154 $ 2,555 $ 33.95 $ 25.83
Less Adjustments:
Net realized investment gains (losses) (1)
7 (9) 0.07 (0.09)
Market impact on non-traditional long-duration products (1)
50 (323) 0.54 (3.27)
Mean reversion related impacts (1)
2 1 0.02 0.01
Integration/restructuring charges (1)
(12) - (0.13) -
Net income (loss) attributable to CIEs (3) 1 (0.03) 0.01
Tax effect of adjustments (2)
(11) 70 (0.12) 0.71
Adjusted operating earnings $ 3,121 $ 2,815 $ 33.60 $ 28.46
Weighted average common shares outstanding:
Basic 91.8 97.4
Diluted 92.9 98.9
(1) Pretax adjusted operating adjustments.
(2) Calculated using the statutory federal tax rate of 21%.
The following table reconciles the trailing twelve months' sum of net income to adjusted operating earnings and the five-point average of quarter-end equity to adjusted operating equity:
Twelve Months Ended September 30,
2026 2025
(in millions)
Net income
$ 4,162 $ 3,626
Less: Adjustments (1)
(2) (136)
Adjusted operating earnings
$ 4,164 $ 3,762
Total Ameriprise Financial, Inc. shareholders' equity
$ 6,138 $ 5,781
Less: AOCI, net of tax
(1,397) (1,347)
Total Ameriprise Financial, Inc. shareholders' equity, excluding AOCI
7,535 7,128
Less: Equity impacts attributable to CIEs
(1) -
Adjusted operating equity
$ 7,536 $ 7,128
Return on equity, excluding AOCI
55.2 % 50.9 %
Adjusted operating return on equity, excluding AOCI (2)
55.3 % 52.8 %
(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 accumulated other comprehensive income ("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%.
Critical Accounting Estimates
The accounting and reporting policies that we use affect our Consolidated Financial Statements. Certain of our accounting and reporting policies are critical to an understanding of our consolidated results of operations and financial condition and, in some cases, the application of these policies can be significantly affected by the estimates, judgments and assumptions made by management during the preparation of our Consolidated Financial Statements. These accounting policies are discussed in detail in "Management's Discussion and Analysis - Critical Accounting Estimates" in our 2025 10-K.
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Recent Accounting Pronouncements
For information regarding recent accounting pronouncements and their expected impact on our future consolidated results of operations and financial condition, see Note 2 to our Consolidated Financial Statements.
Economic Environment
Global equity market conditions could materially affect our financial condition and results of operations. The following table presents relevant market indices:
Three Months Ended September 30,
2026
2025
Change
S&P 500
Daily average 7,620 6,427 19%
Period end 7,652 6,688 14%
Weighted Equity Index ("WEI") (1)
Daily average 4,820 4,055 19%
Period end 4,800 4,210 14%
(1) 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.
See our segment results of operations discussion below for additional information on how changes in the economic environment have impacted and may continue to impact our results. For further information regarding the impact of the economic environment on our results of operations and financial condition, and potentially material effects, see Part 1 - Item 1A "Risk Factors" of our 2025 10-K.
Assets Under Management, Administration and Advisement
Assets under management ("AUM") include external client assets for which we provide investment management services, such as the assets of the Columbia Threadneedle Investments funds, institutional clients and clients in our advisor platform held in wrap accounts as well as assets managed by sub-advisors selected by us. AUM also includes certain assets on our Consolidated Balance Sheets for which we provide investment management services and recognize management fees in our Asset Management segment, such as the assets of the general account and the variable product funds held in the separate accounts of our life insurance subsidiaries and CIEs.
Assets under administration include assets for which we provide administrative services such as client assets invested in other companies' products that we offer outside of our wrap accounts. These assets include those held in clients' brokerage accounts. We generally record revenues received from administered assets as distribution fees. We do not exercise management discretion over these assets and do not earn a management fee. These assets are not reported on our Consolidated Balance Sheets. Assets under administration also include certain assets on our Consolidated Balance Sheets for which we do not provide investment management services and do not recognize management fees, such as investments in non-affiliated funds held in the separate accounts of our life insurance subsidiaries.
Assets under advisement include assets for which we provide advisory services such as model portfolios but do not have full discretionary investment authority.
The following table presents detail regarding our Assets Under Management, Administration and Advisement:
September 30,
Change
2026
2025
(in billions)
Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM $ 725.2 $ 646.4 $ 78.8 12 %
Asset Management AUM 692.0 674.7 17.3 3
Corporate AUM 1.3 0.8 0.5 63
Eliminations (44.3) (47.8) 3.5 7
Total Assets Under Management 1,374.2 1,274.1 100.1 8
Total Assets Under Administration 363.0 347.9 15.1 4
Total Assets Under Advisement (net of eliminations)
47.3 37.5 9.8 26
Total Assets Under Management, Administration and Advisement
$ 1,784.5 $ 1,659.5 $ 125.0 8 %
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Total AUM increased $100.1 billion, or 8%, to $1.4 trillion as of September 30, 2026 compared to $1.3 trillion as of September 30, 2025 due to a $78.8 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $17.3 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows. Total Assets Under Administration increased $15.1 billion, or 4%, to $363.0 billion as of September 30, 2026 compared to the prior year period primarily driven by equity market appreciation. Total Assets Under Advisement increased $9.8 billion, or 26%, to $47.3 billion as of September 30, 2026 compared to the prior year period due to net inflows and market appreciation. See our segment results of operations discussion below for additional information on changes in our AUM.
Consolidated Results of Operations for the Three Months Ended September 30, 2026 and 2025
The following table presents our consolidated results of operations:
Three Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Management and financial advice fees $ 3,230 $ 2,811 $ 419 15 %
Distribution fees 568 539 29 5
Net investment income 908 920 (12) (1)
Premiums, policy and contract charges 355 493 (138) (28)
Other revenues 130 130 - -
Total revenues 5,191 4,893 298 6
Banking and deposit interest expense 74 102 (28) (27)
Total net revenues 5,117 4,791 326 7
Expenses
Distribution expenses 1,955 1,714 241 14
Interest credited to fixed accounts 72 141 (69) (49)
Benefits, claims, losses and settlement expenses 302 343 (41) (12)
Remeasurement (gains) losses of future policy benefit reserves 32 22 10 45
Change in fair value of market risk benefits 202 302 (100) (33)
Amortization of deferred acquisition costs 62 60 2 3
Interest and debt expense 83 84 (1) (1)
General and administrative expense 982 951 31 3
Total expenses 3,690 3,617 73 2
Pretax income 1,427 1,174 253 22
Income tax provision 301 262 39 15
Net income $ 1,126 $ 912 $ 214 23 %
Overall
Pretax income increased $253 million, or 22%, for the three months ended September 30, 2026 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:
•A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 19% in the three months ended September 30, 2026 compared to the prior year period.
•The favorable impact from the cumulative impact of wrap net inflows.
•The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual, was a benefit of $128 million for the three months ended September 30, 2026 compared to an expense of $82 million for the prior year period.
•An unfavorable impact from the cumulative impact of Asset Management net outflows.
•The unfavorable impact of unlocking was $91 million for the three months ended September 30, 2026 compared to a favorable impact of $22 million for the prior year period.
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The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking for the three months ended September 30:
Pretax Increase (Decrease)
2026
2025
(in millions)
Premiums, policy and contract charges $ - $ 118
Other revenues 1 3
Total revenues 1 121
Interest credited to fixed accounts 8 (21)
Benefits, claims, losses and settlement expenses 5 16
Remeasurement (gains) losses of future policy benefit reserves:
LTC unlocking 29 26
Unlocking impact, excluding LTC - (10)
Total remeasurement (gains) losses of future policy benefit reserves 29 16
Change in fair value of market risk benefits 50 88
Total expenses 92 99
Pretax income (loss) (1)
$ (91) $ 22
(1) Includes a $3 million net benefit related to the fair value of market risk benefits for the three months ended September 30, 2026 and a $28 million net benefit primarily related to the market impact on IUL benefits for the three months ended September 30, 2025, which is excluded from adjusted operating earnings. Refer to Results of Operations by Segment for the impact to pretax adjusted operating earnings attributable to unlocking.
The primary drivers of the unlocking impact for the three months ended September 30, 2026 included net unfavorable changes to variable annuity surrender and utilization assumptions, universal life surrender assumptions, and LTC morbidity and mortality assumptions. In the prior year period, the primary driver of the unlocking impact included net unfavorable changes to variable annuity surrender and utilization assumptions, net unfavorable changes in LTC morbidity and mortality assumptions, favorable claims incidence rates on disability insurance, and net favorable model changes primarily related to reinsurance cost estimates and index credits associated with non-traditional insurance products.
Net Revenues
Management and financial advice fees increased $419 million, or 15%, for the three months ended September 30, 2026 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows.
Distribution fees increased $29 million, or 5%, for the three months ended September 30, 2026 compared to the prior year period primarily due to higher transactional activity and market appreciation.
Premiums, policy and contract charges decreased $138 million, or 28%, for the three months ended September 30, 2026 compared to the prior year period primarily due to the impact of model changes related to reinsurance cost estimates associated with non-traditional insurance products recognized in the prior year period, as well as lower sales of life contingent payout annuities.
Banking and deposit interest expense decreased $28 million, or 27%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates.
Expenses
Distribution expenses increased $241 million, or 14%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.
Interest credited to fixed accounts decreased $69 million, or 49%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting the following items:
•A $71 million decrease in expense from other market impacts on indexed universal life ("IUL") benefits, net of hedges, which was a benefit of $82 million for the three months ended September 30, 2026 compared to a benefit of $11 million for the prior year period. The decrease in expense was primarily due to a decrease in the IUL embedded derivatives in the current period, which reflected more discounting due to higher forward rates.
•A $5 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The impact of the nonperformance credit spread was nil for the three months ended September 30, 2026 compared to an unfavorable impact of $5 million for the prior year period.
•A $29 million increase in expense from the impact of unlocking compared to the prior year.
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Benefits, claims, losses and settlement expenses decreased $41 million, or 12%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting the following items:
•A $16 million decrease in expense from market impacts on structured variable annuities ("SVA") embedded derivatives, net of hedging activity. This decrease was primarily the result of a favorable $656 million change in the market impact on SVA embedded derivatives and an unfavorable $640 million change in the market impact on derivatives hedging the SVA embedded derivatives.
•An $11 million decrease in expense from the impact of unlocking compared to the prior year.
•A decrease in expense from the impact of lower sales of life contingent payout annuities.
•An increase in expense from the impact of increased volume in SVAs.
Change in fair value of market risk benefits decreased $100 million, or 33%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting the following items:
•A $62 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $145 million change in the market impact on variable annuity guaranteed benefits reserves and an unfavorable $83 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits. The main market drivers contributing to these changes are summarized below:
•Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower benefit for the three months ended September 30, 2026 compared to the prior year period.
•Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the three months ended September 30, 2026 compared to an expense for the prior year period.
•Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the three months ended September 30, 2026 compared to an expense for the prior year period.
•Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the three months ended September 30, 2026 compared to the prior year period.
•A $38 million decrease in expense from the impact of unlocking compared to the prior year.
General and administrative expense increased $31 million, or 3%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and strong investment performance, volume-related expenses and investments for growth.
Income Taxes
Our effective tax rate was 21.1% for the three months ended September 30, 2026 compared to 22.3% for the prior year period. The decrease in the effective tax rate for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily due to a decrease in state income taxes, net of federal income tax effect, and a decrease in unrecognized tax benefits. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.
Results of Operations by Segment for the Three Months Ended September 30, 2026 and 2025
Adjusted operating earnings is the measure of segment profit or loss management uses to evaluate segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. We believe the presentation of segment adjusted operating earnings as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis. See Note 19 to the Consolidated Financial Statements for further information on the presentation of segment results and our definition of adjusted operating earnings.
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The following table presents summary financial information by segment:
Three Months Ended September 30,
2026
2025
(in millions)
Advice & Wealth Management
Net revenues $ 3,371 $ 2,990
Expenses 2,382 2,109
Adjusted operating earnings $ 989 $ 881
Asset Management
Net revenues $ 990 $ 906
Expenses 682 646
Adjusted operating earnings $ 308 $ 260
Retirement & Protection Solutions
Net revenues $ 997 $ 1,102
Expenses 865 885
Adjusted operating earnings $ 132 $ 217
Corporate & Other
Net revenues $ 105 $ 104
Expenses 231 220
Adjusted operating loss $ (126) $ (116)
The following table presents the segment pretax adjusted operating impacts on our revenues and expenses attributable to unlocking for the three months ended September 30:
Segment Pretax Operating Increase (Decrease)
2026
2025
Retirement & Protection Solutions Corporate Retirement & Protection Solutions Corporate
(in millions)
Premiums, policy and contract charges $ - $ - $ 117 $ -
Other revenues - 1 - 3
Total revenues - 1 117 3
Interest credited to fixed accounts 8 - - -
Benefits, claims, losses and settlement expenses 5 - 16 -
Remeasurement (gains) losses of future policy benefit reserves:
LTC unlocking - 29 - 26
Unlocking impact, excluding LTC - - (10) -
Total remeasurement (gains) losses of future policy benefit reserves - 29 (10) 26
Change in fair value of market risk benefits 53 - 94 -
Total expenses 66 29 100 26
Pretax income (loss) $ (66) $ (28) $ 17 $ (23)
Advice & Wealth Management
The following table presents Advice & Wealth Management total client assets as of September 30:
2026
2025
(in billions)
Wrap assets (1)
$ 728.9 $ 650.3
Brokerage and other assets (1)
502.0 488.1
Total client assets $ 1,230.9 $ 1,138.4
(1) Total cash balances (included in the wrap and brokerage and other assets above)
$ 80.5 $ 84.8
Total client assets increased $92.5 billion, or 8%, to $1.2 trillion compared to a year ago primarily due to market appreciation and client net inflows.
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The following table presents the changes in wrap account assets and average balances for the three months ended September 30:
2026
2025
(in billions)
Beginning balance $ 731.5 $ 615.2
Net flows 4.9 4.8
Market appreciation (depreciation) and other (7.5) 30.3
Ending balance $ 728.9 $ 650.3
Advisory wrap account assets ending balance (1)
$ 723.0 $ 644.4
Average advisory wrap account assets (2)
$ 728.1 $ 618.2
(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) Average advisory wrap account assets are calculated using an average of the prior period's ending balance and all months in the current period excluding the most recent month for the three months ended September 30, 2026 and 2025, which is reflective of our billing cycle.
Ending wrap account assets decreased $2.6 billion to $728.9 billion during the three months ended September 30, 2026 due to market depreciation of $7.5 billion, partially offset by net inflows of $4.9 billion. Average advisory wrap account assets increased $109.9 billion, or 18%, compared to the prior year period primarily reflecting market appreciation and net inflows.
The following table presents client cash balances as of September 30:
Cash and Certificates Balances
2026
2025
(in billions)
On-balance sheet - Ameriprise Bank
$ 23.6 $ 22.6
On-balance sheet - Ameriprise Certificate Company
7.3 8.9
On-balance sheet - broker-dealer
2.4 2.2
Total on-balance sheet
33.3 33.7
Off-balance sheet - broker-dealer
2.1 3.2
Total cash and certificate balances
35.4 36.9
Third-party cash products (money market funds and brokered CDs)
45.1 47.9
Total client cash balances
$ 80.5 $ 84.8
Ameriprise Bank, FSB ("Ameriprise Bank") is continuing its deposit growth trend, with bank deposit balances increasing 4% from the prior year to $23.6 billion as of September 30, 2026. Ameriprise Certificate Company ("ACC") client deposits decreased $1.6 billion from the prior year to $7.3 billion. After a period of strong growth, ACC has experienced net outflows during the past eleven quarters. Third-party cash products decreased $2.8 billion to $45.1 billion driven by a decline in money market funds and brokered CDs.
The following table presents assets supporting Ameriprise Bank deposits and ACC certificates as of September 30:
Ameriprise Bank ACC
2026 2025 2026 2025
(in millions)
Investments
Fixed and adjustable rate (1)
$ 19,072 $ 17,207 $ 4,502 $ 5,328
Floating rate (1)
1,226 2,170 2,622 3,494
Total Available-for-Sale securities 20,298 19,377 7,124 8,822
Cash and cash equivalents 2,265 3,336 583 517
Loans and other assets 2,930 1,727 143 149
Total assets supporting deposits or certificates $ 25,493 $ 24,440 $ 7,850 $ 9,488
(1) Presented on an amortized cost basis.
•In Ameriprise Bank, assets included $20.3 billion of Available-for-Sale securities, $2.3 billion of cash and cash equivalents, and $2.9 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, with floating rate securities sensitive to changes in short-term interest rates representing 6% of the portfolio as of September 30, 2026, compared to 11% as of September 30, 2025. The duration of Ameriprise Bank investments was 4.7 years as of September 30, 2026 compared to 3.7 years as of September 30, 2025. In the three months ended September 30, 2026, we purchased over $600 million of investments, which were primarily funded by security maturities and prepayments.
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•In ACC, assets include $7.1 billion of Available-for-Sale securities, $0.6 billion of cash and cash equivalents, and $0.1 billion of loans and other assets. The ACC investment portfolio securities are mostly rated AA+ and primarily consist of structured assets and government bonds, of which 37% were floating rate and approximately 28% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of September 30, 2026. The duration of ACC investments was 1.7 years as of September 30, 2026 compared to 1.4 years as of September 30, 2025.
The following table presents the results of operations of our Advice & Wealth Management segment on an adjusted operating basis:
Three Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Management and financial advice fees $ 2,215 $ 1,886 $ 329 17 %
Distribution fees 681 642 39 6
Net investment income 461 485 (24) (5)
Other revenues 88 79 9 11
Total revenues 3,445 3,092 353 11
Banking and deposit interest expense 74 102 (28) (27)
Total net revenues 3,371 2,990 381 13
Expenses
Distribution expenses 1,911 1,656 255 15
Interest and debt expense 16 14 2 14
General and administrative expense 455 439 16 4
Total expenses 2,382 2,109 273 13
Adjusted operating earnings $ 989 $ 881 $ 108 12 %
Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $108 million, or 12%, for the three months ended September 30, 2026 compared to the prior year period. This reflected the benefit from market appreciation and increased advisor productivity through the cumulative impact of client net inflows and higher transactional revenue. Pretax adjusted operating margin was 29.3% for the three months ended September 30, 2026 compared to 29.5% for the prior year period.
Net Revenues
Management and financial advice fees increased $329 million, or 17%, for the three months ended September 30, 2026 compared to the prior year period primarily due to growth in average wrap account assets. Average advisory wrap account assets increased $109.9 billion, or 18%, compared to the prior year period primarily reflecting net inflows and market appreciation.
Distribution fees increased $39 million, or 6%, for the three months ended September 30, 2026 compared to the prior year period from strong transactional activity and market appreciation.
Net investment income, which excludes net realized investment gains or losses, decreased $24 million, or 5%, for the three months ended September 30, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolio supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.
Banking and deposit interest expense decreased $28 million, or 27%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates.
•The average certificate reserve balance for ACC was $7.4 billion for the three months ended September 30, 2026 compared to $9.4 billion for the prior year period with the average crediting rate of 3.04% for the three months ended September 30, 2026 compared to 3.48% for the prior year period.
•The daily average interest-bearing deposit balance for Ameriprise Bank increased to $23.5 billion for the three months ended September 30, 2026 compared to $22.1 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.22% for the three months ended September 30, 2026 from 0.30% for the prior year period.
Expenses
Distribution expenses increased $255 million, or 15%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.
Index
AMERIPRISE FINANCIAL, INC.
General and administrative expense increased $16 million, or 4%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting volume-related expenses and investments for growth.
Asset Management
The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of September 30, 2026:
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted (1)
1 year 3 year 5 year 10 year
Equity 56% 78% 77% 87%
Fixed Income 32% 78% 57% 86%
Asset Allocation 34% 81% 76% 85%
4- or 5-star Morningstar rated funds (2)
Overall 3 year 5 year 10 year
Number of rated funds 92 80 68 77
(1) 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 funds are defined by either IA or Morningstar index and are based on the Primary Share Class. Comparisons to the 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.
(2) Columbia funds are available for purchase by U.S. customers. Out of 85 Columbia funds rated (based on primary share class), 5 received a 5-star Overall Rating and 38 received a 4-star Overall Rating. Out of 128 Threadneedle funds rated (based on highest-rated share class), 13 received a 5-star Overall Rating and 36 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.
The following table presents global managed assets by type:
Average (1)
Change
As of September 30,
Change
Three Months Ended
September 30,
2026
2025
2026
2025
(in billions)
Equity $ 399.3 $ 368.6 $ 30.7 8 % $ 404.1 $ 358.1 $ 46.0 13 %
Fixed income 220.4 234.7 (14.3) (6) 229.4 232.0 (2.6) (1)
Money market 21.4 21.5 (0.1) - 22.1 21.9 0.2 1
Alternative 31.6 29.3 2.3 8 31.9 28.6 3.3 12
Hybrid and other 19.3 20.6 (1.3) (6) 19.5 20.1 (0.6) (3)
Total managed assets $ 692.0 $ 674.7 $ 17.3 3 % $ 707.0 $ 660.7 $ 46.3 7 %
(1) Average ending balances are calculated using an average of the prior period's ending balance and all months in the current period.
Index
AMERIPRISE FINANCIAL, INC.
The following table presents the changes in global managed assets:
Three Months Ended September 30,
2026
2025
(in billions)
Global Retail Funds
Beginning managed assets
$ 410.1 $ 361.7
Inflows 14.1 14.8
Outflows (18.4) (17.6)
Net VP/VIT fund flows (1.8) (1.7)
Net new flows (6.1) (4.5)
Reinvested dividends 1.7 1.7
Net flows (4.4) (2.8)
Distributions (1.8) (1.9)
Market appreciation (depreciation) and other (3.9) 22.8
Foreign currency translation (1)
- (1.5)
Total ending managed assets
400.0 378.3
Global Institutional
Beginning managed assets
304.7 292.5
Inflows (2)
11.5 9.1
Outflows (2)
(17.9) (11.4)
Net flows (6.4) (2.3)
Market appreciation (depreciation) and other (3)
(6.1) 9.0
Foreign currency translation (1)
(0.2) (2.8)
Total ending managed assets
292.0 296.4
Total managed assets 692.0 674.7
Total assets under advisement (4)
50.6 39.5
Total assets under management and advisement
$ 742.6 $ 714.2
Total assets under management net flows
$ (10.8) $ (5.1)
Model delivery assets under advisement flows (5)
1.5 1.7
Total assets under management and advisement flows (5)
$ (9.3) $ (3.4)
Legacy insurance partners net flows (6)
$ (0.9) $ (0.9)
(1) Amounts represent local currency to U.S. dollar translation for reporting purposes.
(2) Global Institutional inflows and outflows include net flows from our structured variable annuity product and Ameriprise Bank.
(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 variable annuity product and Ameriprise Bank.
(4) Assets under advisement are presented on a one-quarter lag.
(5) Assets under advisement 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.
(6) Legacy insurance partners assets and net flows are included in the rollforwards above.
Total segment AUM decreased $22.8 billion, or 3%, during the three months ended September 30, 2026 primarily due to market depreciation and net outflows. Net outflows were $9.3 billion for the three months ended September 30, 2026.
Index
AMERIPRISE FINANCIAL, INC.
The following table presents the results of operations of our Asset Management segment on an adjusted operating basis:
Three Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Management and financial advice fees $ 869 $ 775 $ 94 12 %
Distribution fees 107 98 9 9
Net investment income 8 26 (18) (69)
Other revenues 6 7 (1) (14)
Total revenues 990 906 84 9
Banking and deposit interest expense - - - -
Total net revenues 990 906 84 9
Expenses
Distribution expenses 282 254 28 11
Amortization of deferred acquisition costs 2 2 - -
Interest and debt expense 4 3 1 33
General and administrative expense 394 387 7 2
Total expenses 682 646 36 6
Adjusted operating earnings $ 308 $ 260 $ 48 18 %
Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $48 million, or 18%, for the three months ended September 30, 2026 compared to the prior year period primarily due to equity market appreciation and the benefit of strong performance in our Seligman technology strategies, partially offset by the cumulative impact from net outflows.
Net Revenues
Management and financial advice fees increased $94 million, or 12%, for the three months ended September 30, 2026 compared to the prior year period primarily due to higher average equity markets and the growth in AUM in Seligman funds, partially offset by the cumulative impact from net outflows.
Distribution fees increased $9 million, or 9%, for the three months ended September 30, 2026 compared to the prior year period due to equity market appreciation, partially offset by net outflows.
Net investment income decreased $18 million, or 69%, for the three months ended September 30, 2026 compared to the prior year period primarily related to income from a seed investment recognized in the prior year period.
Expenses
Distribution expenses increased $28 million, or 11%, for the three months ended September 30, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact of net outflows.
General and administrative expense increased $7 million, or 2%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and performance and volume-related expenses.
Index
AMERIPRISE FINANCIAL, INC.
Retirement & Protection Solutions
The following table presents the results of operations of our Retirement & Protection Solutions segment on an adjusted operating basis:
Three Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Management and financial advice fees $ 191 $ 192 $ (1) (1) %
Distribution fees 107 105 2 2
Net investment income 364 326 38 12
Premiums, policy and contract charges 334 479 (145) (30)
Other revenues 1 - 1 -
Total revenues 997 1,102 (105) (10)
Banking and deposit interest expense - - - -
Total net revenues 997 1,102 (105) (10)
Expenses
Distribution expenses 141 134 7 5
Interest credited to fixed accounts 104 95 9 9
Benefits, claims, losses and settlement expenses 249 256 (7) (3)
Remeasurement (gains) losses of future policy benefit reserves (1) (9) 8 89
Change in fair value of market risk benefits 219 257 (38) (15)
Amortization of deferred acquisition costs 59 56 3 5
Interest and debt expense 9 11 (2) (18)
General and administrative expense 85 85 - -
Total expenses 865 885 (20) (2)
Adjusted operating earnings $ 132 $ 217 $ (85) (39) %
Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which exclude net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts decreased $85 million, or 39%, for the three months ended September 30, 2026 compared to prior year period primarily reflecting unlocking impacts.
Variable annuity account balances increased 2% to $92.8 billion as of September 30, 2026 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $5.1 billion. Variable annuity sales increased 28% compared to the prior year period primarily reflecting a strong level of sales of SVAs. Account values with living benefit riders declined to 43% as of September 30, 2026 compared to 47% a year ago reflecting our actions to optimize our business mix. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.
Net Revenues
Net investment income, which excludes net realized investment gains or losses, increased $38 million, or 12%, for the three months ended September 30, 2026 compared to the prior year period primarily due to higher SVA balances.
Premiums, policy and contract charges decreased $145 million, or 30%, for the three months ended September 30, 2026 compared to the prior year period primarily due to the impact of model changes related to reinsurance cost estimates associated with non-traditional insurance products recognized in the prior year period, as well as lower sales of life contingent payout annuities.
Expenses
Distribution expenses increased $7 million, or 5%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting higher annuity sales and higher equity markets.
Change in fair value of market risk benefits decreased $38 million, or 15%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting unlocking impacts.
Index
AMERIPRISE FINANCIAL, INC.
Corporate & Other
The following table presents the results of operations of our Corporate & Other segment on an adjusted operating basis:
Three Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Net investment income $ 51 $ 47 $ 4 9 %
Premiums, policy and contract charges 22 22 - -
Other revenues 39 44 (5) (11)
Total revenues 112 113 (1) (1)
Banking and deposit interest expense 7 9 (2) (22)
Total net revenues 105 104 1 1
Expenses
Distribution expenses (1) (2) 1 50
Interest credited to fixed accounts 49 51 (2) (4)
Benefits, claims, losses and settlement expenses 53 53 - -
Remeasurement (gains) losses of future policy benefit reserves 33 31 2 6
Amortization of deferred acquisition costs 1 2 (1) (50)
Interest and debt expense 31 27 4 15
General and administrative expense 65 58 7 12
Total expenses 231 220 11 5
Adjusted operating loss $ (126) $ (116) $ (10) (9) %
Our Corporate & Other segment includes our closed blocks of long term care ("LTC") insurance and fixed annuity and fixed indexed annuity ("FA") business.
Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed annuity benefits (net of hedges), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss increased $10 million, or 9%, for the three months ended September 30, 2026 compared to the prior year period, primarily reflecting higher general and administrative expenses.
LTC insurance had pretax adjusted operating loss of $25 million for the three months ended September 30, 2026 compared to pretax adjusted operating loss of $22 million for the prior year period.
The FA business had a pretax adjusted operating loss of $9 million for the three months ended September 30, 2026 compared to a pretax adjusted operating loss of $7 million for the prior year period. Fixed deferred annuity account balances declined 8% to $4.9 billion as of September 30, 2026 compared to the prior year period as policies continue to lapse.
Expenses
General and administrative expense increased $7 million, or 12%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting an unfavorable mark-to-market impact on share-based compensation in the current period compared to a favorable impact in the prior year period.
Index
AMERIPRISE FINANCIAL, INC.
Consolidated Results of Operations for the Nine Months Ended September 30, 2026 and 2025
The following table presents our consolidated results of operations:
Nine Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Management and financial advice fees $ 9,240 $ 8,013 $ 1,227 15 %
Distribution fees 1,704 1,563 141 9
Net investment income 2,673 2,679 (6) -
Premiums, policy and contract charges 1,037 1,214 (177) (15)
Other revenues 436 395 41 10
Total revenues 15,090 13,864 1,226 9
Banking and deposit interest expense 221 344 (123) (36)
Total net revenues 14,869 13,520 1,349 10
Expenses
Distribution expenses 5,844 4,922 922 19
Interest credited to fixed accounts 383 366 17 5
Benefits, claims, losses and settlement expenses 913 981 (68) (7)
Remeasurement (gains) losses of future policy benefit reserves 32 9 23 NM
Change in fair value of market risk benefits 351 789 (438) (56)
Amortization of deferred acquisition costs 184 181 3 2
Interest and debt expense 247 246 1 -
General and administrative expense 2,902 2,814 88 3
Total expenses 10,856 10,308 548 5
Pretax income
4,013 3,212 801 25
Income tax provision 859 657 202 31
Net income $ 3,154 $ 2,555 $ 599 23 %
NM Not Meaningful - variance equal to or greater than 100%.
Overall
Pretax income increased $801 million, or 25%, for the nine months ended September 30, 2026 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:
•The favorable impact from the cumulative impact of wrap net inflows.
•A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 21% in the nine months ended September 30, 2026 compared to the prior year period.
•The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual, was a benefit of $50 million for the nine months ended September 30, 2026 compared to an expense of $323 million for the prior year period.
•An unfavorable impact from the cumulative impact of Asset Management net outflows.
•The unfavorable impact of unlocking was $91 million for the nine months ended September 30, 2026 compared to a favorable impact of $22 million for the prior year period.
See our Consolidated Results of Operations for the three months ended September 30, 2026 and 2025 for a table and discussion of total pretax impacts on our revenues and expenses attributable to unlocking.
Net Revenues
Management and financial advice fees increased $1.2 billion, or 15%, for the nine months ended September 30, 2026 compared to the prior year period reflecting market appreciation and continued wrap account net inflows and a higher average advisory fee rate, partially offset by the cumulative impact of Asset Management net outflows.
Distribution fees increased $141 million, or 9%, for the nine months ended September 30, 2026 compared to the prior year period due to higher transactional activity and market appreciation.
Index
AMERIPRISE FINANCIAL, INC.
Premiums, policy and contract charges decreased $177 million, or 15%, for the nine months ended September 30, 2026 compared to the prior year period primarily due to the impact of model changes related to reinsurance cost estimates associated with non-traditional insurance products recognized in the prior year period, as well as lower sales of life contingent payout annuities.
Other revenues increased $41 million, or 10%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting a $28 million benefit from the termination of the Comerica Bank relationship.
Banking and deposit interest expense decreased $123 million, or 36%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.
Expenses
Distribution expenses increased $922 million, or 19%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets, as well as continued investments in recruiting experienced advisors.
Interest credited to fixed accounts increased $17 million, or 5%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting the following items:
•A $17 million increase in expense from other market impacts on IUL benefits, net of hedges, which was a benefit of $63 million for the nine months ended September 30, 2026 compared to a benefit of $80 million for the prior year period. The increase in expense was primarily driven by a smaller decline in the IUL embedded derivatives in the current period, which reflected higher option costs due to a higher new money rate.
•An $8 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $3 million for the nine months ended September 30, 2026 compared to an unfavorable impact of $11 million for the prior year period.
•A $29 million increase in expense from the impact of unlocking compared to the prior year.
Benefits, claims, losses and settlement expenses decreased $68 million, or 7%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting a $96 million decrease in expense from market impacts on SVA embedded derivatives, net of hedging activity. This decrease was primarily the result of a favorable $398 million change in the market impact on derivatives hedging the SVA embedded derivatives and an unfavorable $302 million change in the market impact on SVA embedded derivatives. This decrease also reflects the impact of lower sales of life contingent payout annuities, partially offset by the impact of increased volume in SVAs.
Change in fair value of market risk benefits decreased $438 million, or 56%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting the following items:
•A $421 million decrease in expense from market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $570 million change in the market impact on variable annuity guaranteed benefits reserves and an unfavorable $149 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits. The main market drivers contributing to these changes are summarized below:
•Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger benefit for the nine months ended September 30, 2026 compared to the prior year period.
•Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the nine months ended September 30, 2026 compared to an expense for the prior year period.
•Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the nine months ended September 30, 2026 compared to the prior year period.
•Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the nine months ended September 30, 2026 compared to the prior year period.
General and administrative expense increased $88 million, or 3%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and strong investment performance, volume-related expenses and investments for growth.
Income Taxes
Our effective tax rate was 21.4% for the nine months ended September 30, 2026 compared to 20.4% for the prior year period. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.
Index
AMERIPRISE FINANCIAL, INC.
Results of Operations by Segment for the Nine Months Ended September 30, 2026 and 2025
The following table presents summary financial information by segment:
Nine Months Ended September 30,
2026
2025
(in millions)
Advice & Wealth Management
Net revenues $ 9,792 $ 8,579
Expenses 6,913 6,094
Adjusted operating earnings $ 2,879 $ 2,485
Asset Management
Net revenues $ 2,847 $ 2,582
Expenses 1,992 1,859
Adjusted operating earnings $ 855 $ 723
Retirement & Protection Solutions
Net revenues $ 2,924 $ 2,964
Expenses 2,400 2,318
Adjusted operating earnings $ 524 $ 646
Corporate & Other
Net revenues $ 322 $ 324
Expenses 610 636
Adjusted operating loss $ (288) $ (312)
Advice & Wealth Management
The following table presents the changes in wrap account assets and average balances for the nine months ended September 30:
2026
2025
(in billions)
Beginning balance $ 670.4 $ 573.9
Net flows 17.8 18.9
Market appreciation (depreciation) and other 40.7 57.5
Ending balance $ 728.9 $ 650.3
Advisory wrap account assets ending balance (1)
$ 723.0 $ 644.4
Average advisory wrap account assets (2)
$ 699.5 $ 590.5
(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) Average advisory wrap account assets are calculated using an average of the prior period's ending balance and all months in the current period excluding the most recent month for the nine months ended September 30, 2026 and 2025, which is reflective of our billing cycle.
Ending wrap account assets increased $58.5 billion, or 9%, to $728.9 billion during the nine months ended September 30, 2026 due to market appreciation of $40.7 billion and net inflows of $17.8 billion. Average advisory wrap account assets increased $109.0 billion, or 18%, compared to the prior year period reflecting market appreciation and net inflows.
Index
AMERIPRISE FINANCIAL, INC.
The following table presents the results of operations of our Advice & Wealth Management segment on an adjusted operating basis:
Nine Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Management and financial advice fees $ 6,316 $ 5,342 $ 974 18 %
Distribution fees 2,029 1,858 171 9
Net investment income 1,371 1,481 (110) (7)
Other revenues 297 242 55 23
Total revenues 10,013 8,923 1,090 12
Banking and deposit interest expense 221 344 (123) (36)
Total net revenues 9,792 8,579 1,213 14
Expenses
Distribution expenses 5,510 4,756 754 16
Interest and debt expense 46 40 6 15
General and administrative expense 1,357 1,298 59 5
Total expenses 6,913 6,094 819 13
Adjusted operating earnings $ 2,879 $ 2,485 $ 394 16 %
Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $394 million, or 16%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting market appreciation and increased advisor productivity through the cumulative impact of client net inflows. Pretax adjusted operating margin was 29.4% for the nine months ended September 30, 2026 compared to 29.0% for the prior year period.
Net Revenues
Management and financial advice fees increased $974 million, or 18%, for the nine months ended September 30, 2026 compared to the prior year period primarily due to higher average wrap account assets and a higher average advisory fee rate. Average advisory wrap account assets increased $109.0 billion, or 18%, compared to the prior year period reflecting market appreciation and net inflows.
Distribution fees increased $171 million, or 9%, for the nine months ended September 30, 2026 compared to the prior year period due to strong transactional activity and market appreciation, while brokerage cash revenue decreased $17 million due to lower off-balance sheet brokerage cash balances and a lower average yield.
Net investment income, which excludes net realized investment gains or losses, decreased $110 million, or 7%, for the nine months ended September 30, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolio supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.
Other revenues increased $55 million, or 23%, for the nine months ended September 30, 2026 compared to the prior year period including a $28 million benefit from the termination of the Comerica Bank relationship in the current period.
Banking and deposit interest expense decreased $123 million, or 36%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits.
•The average certificate reserve balance for ACC was $7.5 billion for the nine months ended September 30, 2026 compared to $10.2 billion for the prior year period with the average crediting rate of 3.10% for the nine months ended September 30, 2026 compared to 3.73% for the prior year period.
•The daily average interest-bearing deposit balance for Ameriprise Bank increased to $23.5 billion for the nine months ended September 30, 2026 compared to $22.2 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.20% for the nine months ended September 30, 2026 from 0.30% for the prior year period.
Expenses
Distribution expenses increased $754 million, or 16%, for the nine months ended September 30, 2026 compared to the prior year period reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.
General and administrative expense increased $59 million, or 5%, for the nine months ended September 30, 2026 compared to the prior year period primarily due to higher volume-related expenses and investments for business growth.
Index
AMERIPRISE FINANCIAL, INC.
Asset Management
The following table presents global managed assets by type:
Average (1)
Change
As of September 30,
Change
Nine Months Ended
September 30,
2026
2025
2026
2025
(in billions)
Equity $ 399.3 $ 368.6 $ 30.7 8 % $ 389.8 $ 345.4 $ 44.4 13 %
Fixed income 220.4 234.7 (14.3) (6) 234.3 231.5 2.8 1
Money market 21.4 21.5 (0.1) - 22.2 21.0 1.2 6
Alternative 31.6 29.3 2.3 8 31.0 29.1 1.9 7
Hybrid and other 19.3 20.6 (1.3) (6) 19.9 19.6 0.3 2
Total managed assets $ 692.0 $ 674.7 $ 17.3 3 % $ 697.2 $ 646.6 $ 50.6 8 %
(1) Average ending balances are calculated using an average of the prior period's ending balance and all months in the current period.
The following table presents the changes in global managed assets:
Nine Months Ended September 30,
2026
2025
(in billions)
Global Retail Funds
Beginning managed assets
$ 378.0 $ 352.7
Inflows 48.2 43.5
Outflows (58.6) (55.8)
Net VP/VIT fund flows (5.3) (4.9)
Net new flows
(15.7) (17.2)
Reinvested dividends 5.7 4.9
Net flows (10.0) (12.3)
Distributions (6.1) (5.4)
Market appreciation (depreciation) and other 39.4 38.3
Foreign currency translation (1)
(1.3) 5.0
Total ending managed assets
400.0 378.3
Global Institutional
Beginning managed assets
300.1 292.2
Inflows (2)
37.4 28.8
Outflows (2)
(50.9) (49.0)
Net flows
(13.5) (20.2)
Market appreciation (depreciation) and other (3)
7.9 14.7
Foreign currency translation (1)
(2.5) 9.7
Total ending managed assets
292.0 296.4
Total managed assets 692.0 674.7
Total assets under advisement (4)
50.6 39.5
Total assets under management and advisement
$ 742.6 $ 714.2
Total assets under management net flows
$ (23.5) $ (32.5)
Model delivery assets under advisement flows (5)
1.8 2.1
Total assets under management and advisement flows (5)
$ (21.7) $ (30.4)
Legacy insurance partners net flows (6)
$ (1.7) $ (2.7)
(1) Amounts represent local currency to U.S. dollar translation for reporting purposes.
(2) Global Institutional inflows and outflows include net flows from our structured variable annuity product and Ameriprise Bank.
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AMERIPRISE FINANCIAL, INC.
(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 variable annuity product and Ameriprise Bank.
(4) Assets under advisement are presented on a one-quarter lag.
(5) Assets under advisement 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.
(6) Legacy insurance partners assets and net flows are included in the rollforwards above.
Total segment AUM increased $13.9 billion, or 2%, during the nine months ended September 30, 2026 primarily due to equity market appreciation, partially offset by net outflows and an unfavorable foreign exchange impact. Total AUM net outflows were $23.5 billion for the nine months ended September 30, 2026.
The following table presents the results of operations of our Asset Management segment on an adjusted operating basis:
Nine Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Management and financial advice fees $ 2,489 $ 2,236 $ 253 11 %
Distribution fees 312 283 29 10
Net investment income 29 45 (16) (36)
Other revenues 17 18 (1) (6)
Total revenues 2,847 2,582 265 10
Banking and deposit interest expense - - - -
Total net revenues 2,847 2,582 265 10
Expenses
Distribution expenses 814 740 74 10
Amortization of deferred acquisition costs 5 5 - -
Interest and debt expense 12 9 3 33
General and administrative expense 1,161 1,105 56 5
Total expenses 1,992 1,859 133 7
Adjusted operating earnings $ 855 $ 723 $ 132 18 %
Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $132 million, or 18%, for the nine months ended September 30, 2026 compared to the prior year period primarily due to equity market appreciation and the benefit of strong performance in our Seligman technology strategies, partially offset by the cumulative impact from net outflows.
Net Revenues
Management and financial advice fees increased $253 million, or 11%, for the nine months ended September 30, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact from net outflows.
Distribution fees increased $29 million, or 10%, for the nine months ended September 30, 2026 compared to the prior year period due to equity market appreciation, partially offset by the cumulative impact from net outflows.
Net investment income decreased $16 million, or 36%, for the nine months ended September 30, 2026 compared to the prior year period primarily related to income from a seed investment recognized in the prior year period.
Expenses
Distribution expenses increased $74 million, or 10%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting equity market appreciation, partially offset by the cumulative impact of net outflows.
General and administrative expense increased $56 million, or 5%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and performance, volume-related expenses and an unfavorable foreign exchange impact.
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Retirement & Protection Solutions
The following table presents the results of operations of our Retirement & Protection Solutions segment on an adjusted operating basis:
Nine Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Management and financial advice fees $ 567 $ 560 $ 7 1 %
Distribution fees 317 308 9 3
Net investment income 1,047 931 116 12
Premiums, policy and contract charges 990 1,162 (172) (15)
Other revenues 3 3 - -
Total revenues 2,924 2,964 (40) (1)
Banking and deposit interest expense - - - -
Total net revenues 2,924 2,964 (40) (1)
Expenses
Distribution expenses 412 383 29 8
Interest credited to fixed accounts 291 280 11 4
Benefits, claims, losses and settlement expenses 718 676 42 6
Remeasurement (gains) losses of future policy benefit reserves (6) (19) 13 68
Change in fair value of market risk benefits 536 553 (17) (3)
Amortization of deferred acquisition costs 175 171 4 2
Interest and debt expense 29 30 (1) (3)
General and administrative expense 245 244 1 -
Total expenses 2,400 2,318 82 4
Adjusted operating earnings $ 524 $ 646 $ (122) (19) %
Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which exclude net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts decreased $122 million, or 19%, for the nine months ended September 30, 2026 compared to the prior year period, primarily reflecting unlocking impacts, the cumulative impact of variable annuity net outflows and higher sales volume.
Net Revenues
Net investment income, which excludes net realized investment gains or losses, increased $116 million, or 12%, for the nine months ended September 30, 2026 compared to the prior year period primarily due to increased SVA balances.
Premiums, policy and contract charges decreased $172 million, or 15%, for the nine months ended September 30, 2026 compared to the prior year period primarily due to the impact of model changes related to reinsurance cost estimates associated with non-traditional insurance products recognized in the prior year period, lower contract charges from lower guaranteed living benefit volumes and lower sales of life contingent payout annuities.
Expenses
Distribution expenses increased $29 million, or 8%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting higher annuity sales and higher equity markets.
Benefits, claims, losses and settlement expenses, which exclude the market impact on SVA indexed account embedded derivatives (net of hedges) and mean reversion related impacts, increased $42 million, or 6%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting the impact of increased volume in SVAs, partially offset by lower sales of life contingent payout annuities.
Change in fair value of market risk benefits, which excludes the market impact on variable annuity guaranteed benefits (net of hedges), decreased $17 million, or 3%, for the nine months ended September 30, 2026 compared to the prior year period reflecting unlocking impacts, partially offset by market appreciation on contractual fees.
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Corporate & Other
The following table presents the results of operations of our Corporate & Other segment on an adjusted operating basis:
Nine Months Ended September 30,
Change
2026
2025
(in millions)
Revenues
Net investment income $ 150 $ 150 $ - - %
Premiums, policy and contract charges 65 67 (2) (3)
Other revenues 122 132 (10) (8)
Total revenues 337 349 (12) (3)
Banking and deposit interest expense 15 25 (10) (40)
Total net revenues 322 324 (2) (1)
Expenses
Distribution expenses (6) (7) 1 14
Interest credited to fixed accounts 149 153 (4) (3)
Benefits, claims, losses and settlement expenses 160 162 (2) (1)
Remeasurement (gains) losses of future policy benefit reserves 38 28 10 36
Amortization of deferred acquisition costs 4 5 (1) (20)
Interest and debt expense 81 81 - -
General and administrative expense 184 214 (30) (14)
Total expenses 610 636 (26) (4)
Adjusted operating loss $ (288) $ (312) $ 24 8 %
Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed index annuity benefits (net of hedges), the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments, block transfer reinsurance transaction impact, gain or loss on disposal of a business that is not considered discontinued operations, integration and restructuring charges, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss decreased $24 million, or 8%, for the nine months ended September 30, 2026 compared to the prior year period.
LTC insurance had pretax adjusted operating loss of $14 million for the nine months ended September 30, 2026 compared to pretax adjusted operating loss of $1 million for the prior year period primarily reflecting higher claims experience.
The FA business had a pretax adjusted operating loss of $26 million for the nine months ended September 30, 2026 compared to a pretax adjusted operating loss of $21 million for the prior year period.
Net Revenues
Other revenues decreased $10 million, or 8%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting the yield on deposit receivables arising from reinsurance transactions.
Expenses
Remeasurement (gains) losses of future policy benefit reserves increased $10 million, or 36%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting higher LTC claims experience.
General and administrative expense, which excludes integration and restructuring charges, decreased $30 million, or 14%, for the nine months ended September 30, 2026 compared to the prior year period primarily reflecting lower real estate expenses as well as expenses to accelerate our transition to cloud-based technology in the prior year period.
Fair Value Measurements
We report certain assets and liabilities at fair value; specifically, separate account assets, derivatives, market risk benefits, embedded derivatives, and most investments and cash equivalents. Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale. We include actual market prices, or observable inputs, in our fair value measurements to the extent available. Broker quotes are obtained when quotes from pricing services are not available. We validate prices obtained from third parties through a variety of means such as: price variance analysis, subsequent sales testing, stale price review, price comparison across pricing vendors and due diligence reviews of vendors. See Note 12 to the Consolidated Financial Statements for additional information on our fair value measurements.
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Fair Value of Liabilities and Nonperformance Risk
Companies are required to measure the fair value of liabilities at the price that would be received to transfer the liability to a market participant (an exit price). Since there is not a market for our obligations of our market risk benefits, fixed deferred indexed annuities, structured variable annuities, and IUL insurance, we consider the assumptions participants in a hypothetical market would make to reflect an exit price. As a result, we adjust the valuation of market risk benefits, fixed deferred indexed annuities, structured variable annuities, and IUL insurance by updating certain contractholder assumptions, adding explicit margins to provide for risk, and adjusting the rates used to discount expected cash flows to reflect a current market estimate of our nonperformance risk. The nonperformance risk adjustment is based on observable market data adjusted to estimate the risk of our life insurance company subsidiaries not fulfilling these liabilities. Consistent with general market conditions, this estimate resulted in a spread over the U.S. Treasury curve as of September 30, 2026. As our estimate of this spread widens or tightens, the liability will decrease or increase, respectively. If this nonperformance credit spread moves to a zero spread over the U.S. Treasury curve, the reduction to future total equity would be approximately $384 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on September 30, 2026 credit spreads.
Liquidity and Capital Resources
Overview
We maintained substantial liquidity during the nine months ended September 30, 2026. As of September 30, 2026 and December 31, 2025, we had $9.2 billion and $10.0 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis.
As of September 30, 2026 and December 31, 2025, the parent company had $1.0 billion and $987 million, respectively, in cash, cash equivalents, and unencumbered liquid securities. Liquid securities predominantly include U.S. government agency mortgage backed securities. Additional sources of liquidity at the parent company include a line of credit with an affiliate up to $772 million and an unsecured revolving committed credit facility for up to $1.0 billion that expires in November 2029. Management's estimate of liquidity available to the parent company in a volatile and uncertain economic environment as of September 30, 2026 was $2.3 billion which includes cash, cash equivalents, unencumbered liquid securities, the line of credit with an affiliate and a portion of the committed credit facility.
Under the terms of the committed credit facility, we can increase the availability to $1.3 billion upon satisfaction of certain approval requirements. Available borrowings under this facility are reduced by any outstanding letters of credit. As of September 30, 2026, we had no outstanding borrowings under this credit facility and had $1 million of letters of credit issued against the facility. Our credit facility contains various administrative, reporting, legal and financial covenants. We remained in compliance with all such covenants as of September 30, 2026.
In addition, we have access to collateralized borrowings, which may include repurchase agreements, Federal Home Loan Bank ("FHLB") advances, and advances at the Federal Reserve. Our subsidiaries, RiverSource Life Insurance Company ("RiverSource Life"), and Ameriprise Bank are members of the FHLB of Des Moines, which provides access to collateralized borrowings. As of September 30, 2026 and December 31, 2025, we had $15.6 billion and $13.7 billion, respectively, of estimated borrowing capacity under the FHLB facilities, of which $200 million was outstanding as of both September 30, 2026 and December 31, 2025, and is collateralized with commercial mortgage backed securities and residential mortgage backed securities. In addition, Ameriprise Bank maintains access to borrowings from the Federal Reserve which are collateralized with residential mortgage backed securities, commercial mortgage backed securities and asset backed securities. As of September 30, 2026 and December 31, 2025, we estimated $6.2 billion and $8.5 billion, respectively, of borrowing capacity from the Federal Reserve in addition to the FHLB capacity and there were no outstanding obligations.
There have been no material changes to our contractual obligations disclosed in our 2025 10-K.
Effective June 30, 2026, amendments to SEC Rule 15c3-3 require clearing broker-dealers, including our broker-dealer subsidiary American Enterprise Investment Services, Inc. ("AEIS"), to compute daily customer reserve requirements and to make corresponding daily adjustments to its related reserve deposits. Within the broker-dealer industry, this daily cadence of adjusting reserve deposits may increase short-term liquidity variability due to timing mismatches between reserve requirements and ETF settlement rules and market practices. Relief from certain aspects of this variability in liquidity was granted to the broker-dealer industry through an SEC No Action Letter. At this time, the relief is temporary and set to expire on June 30, 2027. Management expects AEIS to continue to be compliant with requirements of the rule without a material adverse impact on the Company's consolidated financial condition or results of operations.
We believe cash flows from operating activities, available cash balances, our availability of internal and external borrowings, access to debt markets, and dividends from our subsidiaries will be sufficient to fund our short-term and long-term operating liquidity needs and stress requirements.
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In October 2023, the Federal Reserve Board ("FRB") issued its final rule establishing a consolidated capital framework termed the "Building Block Approach" ("BBA") for savings and loan holding companies like Ameriprise Financial that are significantly engaged in insurance activities. For information on the impact of the BBA, see "Business - Regulation - Federal Banking and Financial Holding Company Regulation" included in Part I, Item 1 in our 2025 10-K.
We are an applicable corporation required to compute the corporate alternative minimum tax ("CAMT"). As of September 30, 2026, based on current estimates, we expect to be liable for CAMT in 2026. This estimate is based on interpretations and assumptions of available guidance, including proposed regulations and notices, that we have made regarding the CAMT provisions of the Inflation Reduction Act of 2022.
In December 2021, the Organization for Economic Co-operation and Development published the Pillar Two model rules which introduce new taxing mechanisms aimed at ensuring multinational enterprises pay a minimum level of tax on profits from each jurisdiction in which they operate. As of September 30, 2026, the tax impact was not material to the consolidated financial statements. We continue to monitor the adoption and implementation of these rules and evaluate the potential impact on our consolidated financial statements.
Dividends from Subsidiaries
Ameriprise Financial is primarily a parent holding company for the operations carried out by our wholly-owned subsidiaries. Because of our holding company structure, our ability to meet our cash requirements, including the payment of dividends on our common stock, substantially depends upon the receipt of dividends or return of capital from our subsidiaries, particularly our life insurance subsidiary, RiverSource Life; our face-amount certificate subsidiary, ACC; Ameriprise Bank; AMPF Holding, LLC, which is the parent company of our retail introducing broker-dealer subsidiary, Ameriprise Financial Services, LLC ("AFS") and our clearing broker-dealer subsidiary, AEIS; our transfer agent subsidiary, Columbia Management Investment Services Corp. ("CMIS"); our investment advisory company, Columbia Management Investment Advisers, LLC ("CMIA"); TAM UK International Holdings Ltd and Columbia Threadneedle Investments UK International Ltd. The payment of dividends by many of our subsidiaries is restricted and certain of our subsidiaries are subject to regulatory capital requirements. For example, RiverSource Life payments in excess of statutory unassigned funds require advance notice to the Minnesota Department of Commerce ("MN DOC"), RiverSource Life's primary regulator, and are subject to potential disapproval. In addition, dividends and other distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceeds the greater of the previous year's statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as "extraordinary dividends." Extraordinary dividends also require advance notice to MN DOC, and are subject to potential disapproval.
Our broker-dealer subsidiaries are subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. Rule 15c3-1 provides an "alternative net capital requirement" which AEIS and AFS (significant broker-dealers) have elected. Regulations require that minimum net capital, as defined, be equal to the greater of $250 thousand or 2% of aggregate debit items arising from client balances. The Financial Industry Regulatory Authority ("FINRA") may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements.
Ameriprise Bank is subject to regulation by the Office of the Comptroller of the Currency ("OCC") and the Federal Deposit Insurance Corporation in its role as insurer of its deposits. Ameriprise Bank is required to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), Tier 1 Capital to average assets (as defined), and under rules defined under the Basel III capital framework, Common equity Tier 1 capital ("CEIT") to risk-weighted assets. Ameriprise Bank calculates these ratios under the Basel III standardized approach in order to assess compliance with both regulatory requirements and Ameriprise Bank's internal capital policies. As permitted under the rules of the Basel III capital framework, we have elected to exclude AOCI from the calculation of regulatory capital.
ACC is registered as an investment company under the Investment Company Act of 1940 (the "1940 Act"). ACC markets and sells investment certificates to clients. ACC is subject to various capital requirements under the 1940 Act, laws of the State of Minnesota and understandings with the SEC and MN DOC. The terms of the investment certificates issued by ACC and the provisions of the 1940 Act also require the maintenance by ACC of qualified assets.
Actual capital and the regulatory capital requirement for TAM UK International Holdings Ltd. and Columbia Threadneedle Investments UK International Ltd. are calculated and reported as a single consolidated group under TAM UK International Holdings Ltd. Required capital for these entities is predominantly based on the requirements specified by its regulator, the Financial Conduct Authority ("FCA"), under its Capital Adequacy Requirements for investment firms. Required capital reflects 110% of the Own Funds Threshold Requirement ("OFTR") and is determined by the group through its ongoing Internal Capital Adequacy and Risk Assessment ("ICARA") process.
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Actual capital and regulatory capital requirements for our wholly owned subsidiaries subject to regulatory capital requirements were as follows:
Actual Capital Regulatory Capital Requirements
September 30, 2026
December 31, 2025
September 30, 2026
December 31, 2025
(in millions)
RiverSource Life (1)
$ 2,378 $ 2,731 N/A $ 522
RiverSource Life of NY (1)
179 216 N/A 38
ACC (3)(4)
418 476 $ 390 434
TAM UK International Holdings Ltd. (5)
522 471 279 302
Ameriprise Bank (6)
1,900 1,821 1,278 1,245
AFS (2)(3)
476 138 # #
Ameriprise Captive Insurance Company (2)
33 31 11 9
Ameriprise Trust Company (2)
99 86 65 59
AEIS (2)(3)
354 173 43 35
RiverSource Distributors, Inc. (2)(3)
14 14 # #
Columbia Management Investment Distributors, Inc. (2)(3)
32 30 # #
N/A Not applicable as only required to be calculated annually.
# Amounts are less than $1 million.
(1) Actual capital is determined on a statutory basis. Regulatory capital requirement is the company action level and is based on the statutory risk-based capital filing.
(2) Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of September 30, 2026 and December 31, 2025.
(3) Actual capital is determined on an adjusted GAAP basis.
(4) ACC is required to hold capital in compliance with MN DOC and SEC capital requirements.
(5) Actual capital and regulatory capital requirements are determined in accordance with U.K. regulatory legislation.
(6) Actual capital and regulatory capital requirements are determined in accordance with rules defined under Basel III capital framework. As permitted, AOCI is excluded from the calculation of regulatory capital.
In addition to the particular regulations restricting dividend payments and establishing subsidiary capitalization requirements, we take into account the overall health of the business, capital levels and risk management considerations in determining a strategy for payments to our parent holding company from our subsidiaries, and in deciding to use cash to make capital contributions to our subsidiaries.
During the nine months ended September 30, 2026, the parent holding company received cash dividends or a return of capital from its subsidiaries of $2.8 billion (including $425 million from RiverSource Life, $505 million from Ameriprise Bank and $1.2 billion from AMPF Holding, LLC) and contributed cash to its subsidiaries of $300 million. During the nine months ended September 30, 2025, the parent holding company received cash dividends or a return of capital from its subsidiaries of $2.9 billion (including $450 million from Ameriprise Bank, $500 million from RiverSource Life and $1.3 billion from AMPF Holding, LLC) and contributed cash to its subsidiaries of $230 million.
In 2009, RiverSource Life established an agreement to protect its exposure to Genworth Life Insurance Company ("GLIC") for its reinsured LTC. In 2016, substantial enhancements to this reinsurance protection agreement were finalized. The terms of these confidential provisions within the agreement have been shared, in the normal course of regular reviews, with our domiciliary regulator and rating agencies. GLIC is domiciled in Delaware, so in the event GLIC were subjected to rehabilitation or insolvency proceedings, such proceedings would be located in (and governed by) Delaware laws. Delaware courts have a long tradition of respecting commercial and reinsurance affairs, as well as contracts among sophisticated parties. Similar credit protections to what we have with GLIC have been tested and respected in Delaware and elsewhere in the United States, and as a result we believe our credit protections would be respected even in the unlikely event that GLIC becomes subject to rehabilitation or insolvency proceedings in Delaware. Accordingly, while no credit protections are perfect, we believe the correct way to think about the risks represented by our counterparty credit exposure to GLIC is not the full amount of the gross liability that GLIC reinsures, but a much smaller net exposure to GLIC (if any that might exist after taking into account our credit protections). Thus, management believes that our agreement and offsetting non-LTC legacy arrangements with GLIC will enable RiverSource Life to recover on all net exposure in all material respects in the event of a rehabilitation or insolvency of GLIC.
Dividends Paid to Shareholders and Share Repurchases
We paid regular quarterly dividends to our shareholders totaling $465 million and $461 million for the nine months ended September 30, 2026 and 2025, respectively. On October 29, 2026, we announced a quarterly dividend of $1.70 per common share. The dividend will be paid on November 27, 2026 to our shareholders of record at the close of business on November 9, 2026.
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On April 22, 2025, our Board of Directors authorized $4.5 billion for the repurchase of our common stock through June 30, 2027. As of September 30, 2026, we had $185 million remaining under this share repurchase authorization. On September 29, 2026, our Board of Directors authorized an additional $5.5 billion for the repurchase of our common stock through September 30, 2028. We intend to fund share repurchases through existing excess capital, future free cash flow generation and other customary financing methods. The share repurchase program does not require the purchase of any minimum number of shares, and depending on market conditions and other factors, these purchases may be commenced or suspended at any time without prior notice. Acquisitions under the share repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means. During the nine months ended September 30, 2026, we repurchased a total of 4.9 million shares of our common stock at an average price of $494.78 per share.
Cash Flows
Cash flows of CIEs and restricted and segregated cash and cash equivalents are reflected in our cash flows provided by (used in) operating activities, investing activities and financing activities. Cash held by CIEs is not available for general use by Ameriprise Financial, nor is Ameriprise Financial cash available for general use by its CIEs. Cash and cash equivalents segregated under federal and other regulations is held for the exclusive benefit of our brokerage customers and is not available for general use by Ameriprise Financial.
Net cash provided by operating activities decreased $838 million to $4.8 billion for the nine months ended September 30, 2026 compared to $5.7 billion for the prior year period primarily reflecting a decrease in cash collateral received from derivative counterparties as they increased use of securities collateral.
Our investing activities primarily relate to our Available-for-Sale investment portfolio and are significantly affected by the net flows supporting our bank deposit, structured variable annuity, insurance and certificate products.
Net cash used in investing activities was $2.5 billion for the nine months ended September 30, 2026 compared to net cash provided by investing activities of $65 million for the prior year period. The increase in net cash used in investing activities is driven by an increase of $2.1 billion in net cash outflows related to maturities, sales and purchases of Available-for-Sale securities.
Net cash used in financing activities decreased $886 million to $3.4 billion for the nine months ended September 30, 2026 compared to $4.3 billion for the prior year period. The decrease in net cash used in financing activities primarily reflects a $1.5 billion decrease in net cash outflows from investment certificates partially offset by a $556 million increase in common share repurchases.
Forward-Looking Statements
This report 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, 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, acquisition integration, benefits and claims expenses, general and administrative costs, consolidated tax rate and corporate alternative minimum tax, return of capital to shareholders, debt repayment and excess capital position and financial flexibility to capture additional growth opportunities;
•statements about the expected trend in the shift to lower-risk products, including the exit from variable annuities with living benefit riders;
•statements about the anticipated deposit growth at Ameriprise Bank;
•other statements about future economic performance, the performance of equity and bond markets and interest rate variations and the economic performance of the United States and of global markets; 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," "scenario," "case", "appear", "expand" 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.
Such factors include, but are not limited to:
•market fluctuations and general economic and political factors, including volatility in the U.S. and global market conditions, client behavior and volatility in the markets for our products;
•changes in interest rates;
•adverse capital and credit market conditions or any downgrade in our credit ratings;
•effects of competition and our larger competitors' economies of scale;
•declines in our investment management performance;
•our ability to compete in attracting and retaining talent, including financial advisors;
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•impairment, negative performance or default by financial institutions or other counterparties;
•the ability to maintain our unaffiliated third-party distribution channels and the impacts of sales of unaffiliated products;
•changes in valuation of securities and investments included in our assets;
•the determination of the amount of allowances taken on loans and investments;
•the illiquidity of some of our investments;
•failures or defaults by counterparties to our reinsurance arrangements;
•failures by other insurers that lead to higher assessments we owe to state insurance guaranty funds;
•inadequate reserves for future policy benefits and claims or for future redemptions and maturities;
•deviations from our assumptions regarding morbidity, mortality and persistency affecting our insurance profitability;
•damage to our reputation arising from employee or advisor misconduct or otherwise;
•direct or indirect effects of or responses to climate change;
•interruptions or other failures in our operating systems and networks, including errors or failures caused by third-party service providers, interference or third-party attacks;
•interruptions or other errors in our telecommunications or data processing systems;
• identification and mitigation of risk exposure in market environments, new products, vendors and other types of risk;
• ability of our subsidiaries to transfer funds to us to pay dividends;
• changes in exchange rates and other risks in connection with our international operations and earnings and income generated overseas;
• occurrence of natural or man-made disasters and catastrophes;
• risks in acquisition transactions, or other potential strategic acquisitions or divestitures;
• legal and regulatory actions brought against us;
• changes to laws and regulations that govern operation of our business;
• supervision by bank regulators and related regulatory and prudential standards as a savings and loan holding company that may limit our activities and strategies;
• changes in corporate tax laws and regulations and interpretations and determinations of tax laws impacting our products;
• protection of our intellectual property and claims we infringe the intellectual property of others; and
•changes in and the adoption of new accounting standards.
Management cautions the reader that the foregoing list of factors is not exhaustive. There may also be other risks that management is unable to predict at this time that may cause actual results to differ materially from those in forward-looking 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 undertakes no obligation to update publicly or revise any forward-looking statements. The foregoing list of factors should be read in conjunction with the "Risk Factors" discussion included in Part I, Item 1A of our 2025 10-K.
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 report or in any other report or document the Company furnishes or files with the SEC.
Ameriprise Financial Inc. published this content on October 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 30, 2026 at 18:05 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]