Ameriprise Financial AMP · USD

Segment Information The Company’s four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other.The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis.The largest source of intersegment revenues and expenses is retail distribution services, where segments are charged transfer pricing rates that approximate arm’s length market prices for distribution through the Advice & Wealth Management segment. The Advice & Wealth Management segment provides distribution services for affiliated and non-affiliated products and services. The Asset Management segment provides investment management services for the Company’s owned assets and client assets, and accordingly charges investment and advisory management fees to the other segments. All intersegment activity is eliminated in the Company’s consolidated results.All costs related to shared services are allocated to the segments based on a rate times volume or fixed basis.The Advice & Wealth Management segment provides financial planning and advice, as well as full-service brokerage services, primarily to retail clients through the Company’s advisors. These services are centered on long-term, personal relationships between the Company’s advisors and its clients and focus on helping clients achieve their financial goals. The Company’s advisors provide a distinctive, holistic approach to financial planning and have access to a broad selection of both affiliated and non-affiliated products to help clients meet their financial needs and goals. Banking, lending, and cash management solutions help clients establish financial flexibility while planning for both short- and long-term needs. A significant portion of revenues in this segment are fee-based and driven by the level of client assets, which is impacted by both market movements and net asset flows. The Company also earns net investment income on owned assets primarily from certificate and banking products. This segment earns revenues (distribution fees) for distributing non-affiliated products and intersegment revenues for distributing the Company’s affiliated products and services provided to its retail clients.

Revenue from Contracts with Customers The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:Year Ended December 31, 2025Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating RevenueTotal(in millions)Management and financial advice fees:Asset management fees:Retail$— $2,170 $— $— $2,170 $— $2,170 Institutional— 671 — — 671 — 671 Model delivery— 95 — — 95 — 95 Advisory fees6,481 — — — 6,481 — 6,481 Financial planning fees496 — — — 496 — 496 Transaction and other fees394 206 60 — 660 — 660 Total management and financial advice fees7,371 3,142 60 — 10,573 — 10,573 Distribution fees:Mutual funds890 227 — — 1,117 — 1,117 Insurance and annuity1,044 157 337 — 1,538 — 1,538 Off-balance sheet brokerage cash102 — — — 102 — 102 Other products484 — — — 484 — 484 Total distribution fees2,520 384 337 — 3,241 — 3,241 Other revenues279 15 — 3 297 — 297 Total revenue from contracts with customers10,170 3,541 397 3 14,111 — 14,111 Revenue from other sources (1)2,002 80 3,558 457 6,097 202 6,299 Total segment gross revenues12,172 3,621 3,955 460 20,208 202 20,410 Banking and deposit interest expense(431)— — (33)(464)— (464)Total segment net revenues11,741 3,621 3,955 427 19,744 202 19,946 Elimination of intersegment revenues(936)(103)(443)31 (1,451)(15)(1,466)Total net revenues$10,805 $3,518 $3,512 $458 $18,293 $187 $18,480 Year Ended December 31, 2024Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating RevenueTotal(in millions)Management and financial advice fees:Asset management fees:Retail$— $2,132 $— $— $2,132 $— $2,132 Institutional— 618 — — 618 — 618 Model delivery— 82 — — 82 — 82 Advisory fees5,634 — — — 5,634 — 5,634 Financial planning fees470 — — — 470 — 470 Transaction and other fees388 207 60 — 655 — 655 Total management and financial advice fees6,492 3,039 60 — 9,591 — 9,591 Distribution fees:Mutual funds821 228 — — 1,049 — 1,049 Insurance and annuity1,037 160 341 — 1,538 — 1,538 Off-balance sheet brokerage cash154 — — — 154 — 154 Other products441 — — — 441 — 441 Total distribution fees2,453 388 341 — 3,182 — 3,182 Other revenues255 13 — — 268 — 268 Total revenue from contracts with customers9,200 3,440 401 — 13,041 — 13,041 Revenue from other sources (1)2,242 75 3,372 484 6,173 196 6,369 To

Commitments and ContingenciesCommitmentsThe following table presents the Company’s funding commitments as of December 31:20252024(in millions)Commercial mortgage loans$32 $58 Property funds1 63 Private funds7 — Pledged asset lines of credit3,258 2,399 Home equity lines of credit24 — Total funding commitments$3,322 $2,520 ContingenciesThe Company and its subsidiaries are involved, in the normal course of business, in legal proceedings, which include regulatory inquiries, arbitration and litigation (including class actions), concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, leases and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the financial services industry generally.As with other financial services firms, the level of regulatory activity concerning the Company’s businesses remains elevated. From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by the SEC, the Financial Industry Regulatory Authority, the OCC, the FDIC, the U.K. Financial Conduct Authority, the Federal Reserve Board, state insurance and securities regulators, state attorneys general and various other domestic and foreign governmental and quasi-governmental authorities on behalf of themselves or clients concerning the Company’s business activities and practices, and the practices of the Company’s financial advisors. The Company is cooperating with the applicable regulators.

Debt The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows: Outstanding Balance Stated Interest RateDecember 31,December 31,2025202420252024(in millions) Long-term debt:Senior notes due 2025$— $500 — %3.0 %Senior notes due 2026500 500 2.9 2.9 Senior notes due 2028600 600 5.7 5.7 Senior notes due 2032 500 500 4.5 4.5 Senior notes due 2033750 750 5.2 5.2 Senior notes due 2035750 — 5.2 —Finance lease liabilities— 9 N/AN/AOther (1)(23)(17)N/AN/ATotal long-term debt3,077 2,842 Short-term borrowings:Federal Home Loan Bank (“FHLB”) advances200 201 4.0 %4.6 %Total$3,277 $3,043 (1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.N/A Not ApplicableLong-Term DebtThe Company’s senior notes may be redeemed, in whole or in part, at any time prior to maturity at a price equal to the greater of the principal amount and the present value of remaining scheduled payments, discounted to the redemption date, plus accrued interest.On February 28, 2025, the Company issued $750 million of 5.20% unsecured senior notes due on April 15, 2035 and incurred debt issuance costs of $7 million. Interest payments are due semi-annually in arrears on April 15 and October 15.On April 2, 2025, the Company repaid $500 million principal amount of its 3.0% senior notes at maturity.Short-Term BorrowingsThe Company’s life insurance and bank subsidiaries are members of the FHLB of Des Moines which provides access to collateralized borrowings. The Company’s life insurance subsidiary has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $1.1 billion and $964 million as of December 31, 2025 and 2024, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2025 and 2024. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date.The Company’s bank subsidiary had no outstanding obligations to the FHLB as of both December 31, 2025 and 2024. The Company’s bank subsidiary maintains access to collateralized borrowings from the Federal Reserve. As of both December 31, 2025 and 2024, there were no outstanding obligations to the Federal Reserve.

Income Taxes The components of income tax provision attributable to continuing operations were as follows:Years Ended December 31,202520242023(in millions)Current income taxFederal$605 $583 $518 State and local154 137 124 Foreign25 21 18 Total current income tax784 741 660 Deferred income taxFederal157 164 45 State and local(2)(29)(14)Foreign2 (10)(13)Total deferred income tax157 125 18 Total income tax provision$941 $866 $678 The geographic sources of pretax income from continuing operations were as follows:Years Ended December 31,202520242023(in millions)United States$4,406 $4,221 $3,199 Foreign98 46 35 Total$4,504 $4,267 $3,234 The principal reasons that the aggregate income tax provision attributable to continuing operations is different from that computed by using the U.S. statutory rate of 21% were as follows:Years Ended December 31,202520242023AmountPercentageAmountPercentageAmountPercentage(in millions, except percentages)U.S. federal statutory tax rate$946 21.0%$896 21.0%$679 21.0%State and local income taxes, net of federal income tax effect (1)103 2.385 2.087 2.7Foreign tax effects6 0.11 —(2)(0.1)Effect of cross-border tax laws2 —1 —— —Tax credits(46)(1.0)(47)(1.1)(61)(1.9)Nontaxable or nondeductible items:Incentive compensation(61)(1.4)(66)(1.6)(47)(1.5)Other(12)(0.2)(12)(0.3)3 0.1Changes in unrecognized tax benefits13 0.319 0.526 0.8Other adjustments (10)(0.2)(11)(0.2)(7)(0.1)Effective tax rate $94120.9%$86620.3%$67821.0% (1) State taxes in California, Minnesota, New York, Massachusetts and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category for 2025. State taxes in Minnesota, California, New York, Georgia, and Wisconsin made up the majority (greater than 50 percent) of the tax effect in this category for 2024. State taxes in California, Minnesota, New York and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category for 2023.Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2025 and 2024.

Share-Based Compensation The Company’s share-based compensation plans consist of the Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan (the “2005 ICP”), the Ameriprise Financial Franchise Advisor Deferred Compensation Plan and the Ameriprise Advisor Group Deferred Compensation Plan.The components of the Company’s share-based compensation expense, net of forfeitures, were as follows:Years Ended December 31,202520242023(in millions)Stock option$16 $15 $16 Restricted stock17 25 27 Restricted stock units and deferred share units173 153 144 Liability awards35 58 62 Total$241 $251 $249 For the years ended December 31, 2025, 2024 and 2023, total income tax benefit using the statutory rate related to share-based compensation expense was $51 million, $53 million and $52 million, respectively.As of December 31, 2025, there was $183 million of total unrecognized compensation cost related to non-vested awards under the Company’s share-based compensation plans, which is expected to be recognized over a weighted-average period of 3 years.Amended and Restated Ameriprise Financial 2005 Incentive Compensation PlanThe 2005 ICP, as amended and restated, was approved by shareholders on April 26, 2023, and provides for the grant of cash and equity incentive awards to directors, employees and independent contractors, including stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance shares and similar awards designed to comply with the applicable federal regulations and laws of jurisdiction. Under the 2005 ICP, as amended and restated a maximum of 58.1 million shares may be issued, of which 11.7 million shares are available to be issued as of December 31, 2025. Of this total, no more than 5.0 million shares may be issued after December 31, 2022 for full value awards, which are awards other than stock options and stock appreciation rights. Shares issued under the 2005 ICP may be authorized and unissued shares or treasury shares.Ameriprise Financial 2008 Employment Incentive Equity Award PlanEffective February 23, 2023, the Ameriprise Financial 2008 Employment Incentive Equity Award Plan (the “2008 Plan”), which was designed to grant equity incentive awards to new employees in compliance with applicable federal and foreign regulations, was terminated by the Company.

Leases The following table presents the balances for operating and finance ROU assets and lease liabilities:LeasesBalance Sheet ClassificationDecember 31, 2025December 31, 2024(in millions)AssetsOperating lease assetsOther assets$223 $246 Finance lease assetsOther assets— 8 Total lease assets$223 $254 LiabilitiesOperating lease liabilitiesOther liabilities$276 $313 Finance lease liabilitiesLong-term debt— 9 Total lease liabilities$276 $322 The finance lease the Company held at the Ameriprise Financial Center expired on October 31, 2025. For additional discussion, see Part I, Item 2 of this Annual Report on Form 10-K.The following table presents the components of lease cost:Years Ended December 31,Lease CostIncome Statement Classification202520242023(in millions)Operating lease costGeneral and administrative expense$62 $61 $55 Finance lease cost:Amortization of ROU assetsGeneral and administrative expense8 10 10 Interest on lease liabilitiesInterest and debt expense— 1 1 Total lease cost$70 $72 $66 The following table presents the weighted-average lease term and weighted-average discount rate related to operating and finance leases:December 31, 2025December 31, 2024Lease Term and Discount RateOperating LeasesFinance LeasesOperating LeasesWeighted-average remaining lease term (years)616Weighted-average discount rate3.4 %3.4 %2.

Deferred Acquisition Costs and Deferred Sales Inducement Costs The following tables summarize the balances of and changes in DAC:Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance(in millions)Balance at January 1, 2025$1,402 $276 $28 $4 $103 $553 Capitalization of acquisition costs23 88 — — — 62 Amortization(112)(39)(5)(1)(7)(45)Balance at December 31, 2025$1,313 $325 $23 $3 $96 $570 Indexed Universal Life InsuranceOther Life InsuranceLife Contingent Payout AnnuitiesTerm and Whole Life InsuranceDisability Income InsuranceTotal,All Products(in millions)Balance at January 1, 2025$210 $2 $10 $17 $70 $2,675 Capitalization of acquisition costs2 — 3 2 3 183 Amortization(15)(1)— (2)(8)(235)Balance at December 31, 2025$197 $1 $13 $17 $65 2,623 Other broker dealer acquisition costs2 Balance at December 31, 2025 including broker dealer acquisition costs$2,625 Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance(in millions)Balance at January 1, 2024$1,496 $208 $35 $5 $110 $534 Capitalization of acquisition costs24 98 — — — 64 Amortization(118)(30)(7)(1)(7)(45)Balance at December 31, 2024$1,402 $276 $28 $4 $103 $553 Indexed Universal Life InsuranceOther Life InsuranceLife Contingent Payout AnnuitiesTerm and Whole Life InsuranceDisability Income InsuranceTotal,All Products(in millions)Balance at January 1, 2024$223 $2 $6 $17 $75 $2,711 Capitalization of acquisition costs3 — 5 2 3 199 Amortization(16)— (1)(2)(8)(235)Balance at December 31, 2024$210 $2 $10 $17 $70 2,675 Other broker dealer acquisition costs2 Balance at December 31, 2024 including broker dealer acquisition costs$2,677 The following tables summarize the balances of and changes in DSIC:Variable AnnuitiesFixed AnnuitiesTotal,All Products(in millions)Balance at January 1, 2025$122 $10 $132 Amortization(12)(2)(14)Balance at December 31, 2025$110 $8 $118 Variable AnnuitiesFixed AnnuitiesTotal,All Products(in millions)Balance at January 1, 2024$136 $12 $148 Amortization(14)(2)(16)Balance at December 31, 2024$122 $10 $132