Ameriprise Financial · 10-Q · Item 2 MD&A

ITEM 2. 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 June 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. T1A 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.”

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 discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.

Index

AMERIPRISE FINANCIAL, INC.

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 June 30,

Three Months Ended June 30,

(in millions, except per share amounts)

Net income (loss)

$

$

$

$

Less Adjustments:

Net realized investment gains (losses) (1)

5

Market impact on non-traditional long-duration products (1)

Mean reversion related impacts (1)

1

1

Integration/restructuring charges (1)

(1)

—

—

Net income (loss) attributable to CIEs

(2)

—

—

Tax effect of adjustments (2)

Adjusted operating earnings

$

$

$

$

Weighted average common shares outstanding:

Basic

Diluted

Index

AMERIPRISE FINANCIAL, INC.

Per Diluted Share

Six Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share amounts)

Net income (loss)

$

$

$

$

Less Adjustments:

Net realized investment gains (losses) (1)

—

—

Market impact on non-traditional long-duration products (1)

Mean reversion related impacts (1)

1

1

Integration/restructuring charges (1)

(1)

—

—

Net income (loss) attributable to CIEs

(2)

(2)

Tax effect of adjustments (2)

Adjusted operating earnings

$

$

$

$

Weighted average common shares outstanding:

Basic

Diluted

(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 June 30,

(in millions)

Net income

$

$

Less: Adjustments (1)

Adjusted operating earnings

$

$

Total Ameriprise Financial, Inc. shareholders’ equity

$

$

Less: AOCI, net of tax

Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI

Less: Equity impacts attributable to CIEs

(1)

(2)

Adjusted operating equity

$

$

Return on equity, excluding AOCI

%

%

Adjusted operating return on equity, excluding AOCI (2)

%

%

(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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AMERIPRISE FINANCIAL, INC.

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 June 30,

Change

Daily average

Period end

Weighted Equity Index (“WEI”) (1)

Daily average

Period end

(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:

Change

(in billions)

Assets Under Management, Administration and Advisement

Advice & Wealth Management AUM

$

$

$

%

Asset Management AUM

9

Corporate AUM

Eliminations

(3)

Total Assets Under Management

Total Assets Under Administration

Total Assets Under Advisement (net of eliminations)

Total Assets Under Management, Administration and Advisement

$

$

$

%

Index

AMERIPRISE FINANCIAL, INC.

Total AUM increased $176.0 billion, or 14%, to $1.4 trillion as of June 30, 2026 compared to $1.2 trillion as of June 30, 2025 due to a $116.4 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $60.6 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows. Total Assets Under Administration increased $43.6 billion, or 13%, to $374.6 billion as of June 30, 2026 compared to the prior year period primarily driven by equity market appreciation. Total Assets Under Advisement increased $8.2 billion, or 24%, to $42.0 billion as of June 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 June 30, 2026 and 2025

The following table presents our consolidated results of operations:

Three Months Ended June 30,

Change

(in millions)

Revenues

Management and financial advice fees

$

$

$

%

Distribution fees

Net investment income

2

—

Premiums, policy and contract charges

(6)

Other revenues

4

3

Total revenues

Banking and deposit interest expense

Total net revenues

Expenses

Distribution expenses

Interest credited to fixed accounts

Benefits, claims, losses and settlement expenses

Remeasurement (gains) losses of future policy benefit reserves

1

(3)

4

NM

Change in fair value of market risk benefits

NM

Amortization of deferred acquisition costs

1

2

Interest and debt expense

2

2

General and administrative expense

6

Total expenses

Pretax income

7

Income tax provision

Net income

$

$

$

5

%

NM Not Meaningful - variance equal to or greater than 100%.

Overall

Pretax income increased $91 million, or 7%, for the three months ended June 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 27% in the three months ended June 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 $106 million for the three months ended June 30, 2026 compared to a benefit of $219 million for the prior year period.

•T2An unfavorable impact from the cumulative impact of Asset Management net outflows.

Net Revenues

T3Management and financial advice fees increased $466 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period reflecting market appreciation, continued wrap account net inflows and a higher average advisory fee rate, partially offset by the cumulative impact of Asset Management net outflows.

Index

AMERIPRISE FINANCIAL, INC.

Distribution fees increased $71 million, or 14%, for the three months ended June 30, 2026 compared to the prior year period primarily due to higher transactional activity and market appreciation.

Premiums, policy and contract charges decreased $20 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily due to lower contract charges from lower guaranteed living benefit volumes.

Banking and deposit interest expense decreased $42 million, or 37%, for the three months ended June 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, FSB (“Ameriprise Bank”) cash deposits.

Expenses

Distribution expenses increased $520 million, or 33%, for the three months ended June 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 increased $74 million, or 78%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

•A $66 million increase in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was an expense of $4 million for the three months ended June 30, 2026 compared to a benefit of $62 million for the prior year period. The increase in expense was primarily due to a decrease in the IUL embedded derivatives in the prior period, which reflected more discounting due to higher forward rates.

•A $6 million increase in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $16 million for the three months ended June 30, 2026 compared to an unfavorable impact of $10 million for the prior year period.

Benefits, claims, losses and settlement expenses increased $37 million, or 14%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

•An $18 million increase in expense from market impacts on structured variable annuities (“SVA”) embedded derivatives, net of hedging activity. This increase was primarily the result of a favorable $898 million change in the market impact on derivatives hedging the SVA embedded derivatives and an unfavorable $916 million change in the market impact on SVA embedded derivatives.

•The impact of increased volume in SVAs.

Change in fair value of market risk benefits decreased $219 million for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

•A $229 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $163 million change in the market impact on variable annuity guaranteed benefits reserves and a favorable $66 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 three months ended June 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 lower benefit for the three months ended June 30, 2026 compared to 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 June 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 larger net expense for the three months ended June 30, 2026 compared to the prior year period.

General and administrative expense increased $55 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting T4higher 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 22.8% for the three months ended June 30, 2026 compared to 21.6% for the prior year period. The increase in the effective tax rate for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to an increase in state income taxes, net of federal income tax effect. 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 Three Months Ended June 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.

The following table presents summary financial information by segment:

Three Months Ended June 30,

(in millions)

Advice & Wealth Management

Net revenues

$

$

Expenses

Adjusted operating earnings

$

$

Asset Management

Net revenues

$

$

Expenses

Adjusted operating earnings

$

$

Retirement & Protection Solutions

Net revenues

$

$

Expenses

Adjusted operating earnings

$

$

Corporate & Other

Net revenues

$

$

Expenses

Adjusted operating loss

$

$

Advice & Wealth Management

The following table presents Advice & Wealth Management total client assets as of June 30:

(in billions)

Wrap assets (1)

$

$

Brokerage and other assets (1)

Total client assets

$

$

(1) Total cash balances (included in the wrap and brokerage and other assets above)

$

$

Total client assets increased $163.8 billion, or 15%, to $1.2 trillion compared to a year ago primarily due to market appreciation and client net inflows.

The following table presents the changes in wrap account assets and average balances for the three months ended June 30:

(in billions)

Beginning balance

$

$

Net flows

Market appreciation (depreciation) and other

Ending balance

$

$

Advisory wrap account assets ending balance (1)

$

$

Average advisory wrap account assets (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 June 30, 2026 and 2025, which is reflective of our billing cycle.

Index

AMERIPRISE FINANCIAL, INC.

T5Ending wrap account assets increased $67.3 billion to $731.5 billion during the three months ended June 30, 2026 due to market appreciation of $60.4 billion and net inflows of $6.9 billion. Average advisory wrap account assets increased $119.6 billion, or 21%, compared to the prior year period primarily reflecting market appreciation and net inflows.

The following table presents client cash balances as of June 30:

Cash and Certificates Balances

(in billions)

On-balance sheet - Ameriprise Bank

$

$

On-balance sheet - Ameriprise Certificate Company

On-balance sheet - broker-dealer

Total on-balance sheet

Off-balance sheet - broker-dealer

Total cash and certificate balances

Third-party cash products (money market funds and brokered CDs)

Total client cash balances

$

$

T6Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 6% from the prior year to $23.9 billion as of June 30, 2026. Ameriprise Certificate Company (“ACC”) client deposits decreased $2.5 billion from the prior year to $7.4 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past ten quarters. Third-party cash products decreased $0.5 billion to $46.7 billion driven by a decline in brokered CDs.

The following table presents assets supporting Ameriprise Bank deposits and ACC certificates as of June 30:

Ameriprise Bank

ACC

(in millions)

Investments

Fixed and adjustable rate (1)

$

$

$

$

Floating rate (1)

Total Available-for-Sale securities

Cash and cash equivalents

Loans and other assets

Total assets supporting deposits or certificates

$

$

$

$

(1) Presented on an amortized cost basis.

•In Ameriprise Bank, assets included $20.6 billion of Available-for-Sale securities, $2.5 billion of cash and cash equivalents, and $2.6 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, of which 6% were floating rate and sensitive to changes in short-term interest rates as of June 30, 2026. We took action to reduce the floating rate allocation from 13% as of June 30, 2025. The duration of Ameriprise Bank investments was 4.2 years as of June 30, 2026 compared to 3.7 years as of June 30, 2025. In the three months ended June 30, 2026, we purchased $1.1 billion of investments, which was primarily funded from security maturities and prepayments.

•In ACC, assets include $7.1 billion of Available-for-Sale securities, $0.7 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 38% were floating rate and approximately 25% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of June 30, 2026. The duration of ACC investments was 1.4 years as of both June 30, 2026 and June 30, 2025.

Index

AMERIPRISE FINANCIAL, INC.

The following table presents the results of operations of our Advice & Wealth Management segment on an adjusted operating basis:

Three Months Ended June 30,

Change

(in millions)

Revenues

Management and financial advice fees

$

$

$

%

Distribution fees

Net investment income

(8)

Other revenues

4

5

Total revenues

Banking and deposit interest expense

Total net revenues

Expenses

Distribution expenses

Interest and debt expense

1

7

General and administrative expense

6

Total expenses

Adjusted operating earnings

$

$

$

%

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $127 million, or 16%, for the three months ended June 30, 2026 compared to the prior year period. This reflected the benefit from market appreciation, increased advisor productivity through the cumulative impact of client net inflows and higher transactional revenue. Pretax adjusted operating margin was 28.9% for the three months ended June 30, 2026 compared to 28.9% for the prior year period.

Net Revenues

Management and financial advice fees increased $353 million, or 20%, for the three months ended June 30, 2026 compared to the prior year period primarily due to growth in average wrap account assets and a higher average advisory fee rate. Average advisory wrap account assets increased $119.6 billion, or 21%, compared to the prior year period primarily reflecting net inflows and market appreciation.

Distribution fees increased $81 million, or 13%, for the three months ended June 30, 2026 compared to the prior year period from strong transactional activity and market appreciation, while brokerage cash revenue decreased $5 million due to a lower off-balance sheet brokerage cash yield.

Net investment income, which excludes net realized investment gains or losses, decreased $41 million, or 8%, for the three months ended June 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 $42 million, or 37%, for the three months ended June 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 $7.4 billion for the three months ended June 30, 2026 compared to $10.3 billion for the prior year period with the average crediting rate of 3.05% for the three months ended June 30, 2026 compared to 3.74% for the prior year period.

•The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.6 billion for the three months ended June 30, 2026 compared to $22.4 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.21% for the three months ended June 30, 2026 from 0.28% for the prior year period.

Expenses

Distribution expenses increased $283 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.

General and administrative expense increased $28 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting volume-related expenses and investments for growth.

Index

AMERIPRISE FINANCIAL, INC.

Asset Management

The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of June 30, 2026:

Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted (1)

1 year

3 year

5 year

Equity

Fixed Income

Asset Allocation

4- or 5-star Morningstar rated funds (2)

Overall

3 year

5 year

Number of rated funds

(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 86 Columbia funds rated (based on primary share class), 4 received a 5-star Overall Rating and 38 received a 4-star Overall Rating. Out of 129 Threadneedle funds rated (based on highest-rated share class), 13 received a 5-star Overall Rating and 42 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 June 30,

Change

Three Months Ended

(in billions)

Equity

$

$

$

%

$

$

$

%

Fixed income

1

2

Money market

(2)

4

Alternative

Hybrid and other

—

—

3

Total managed assets

$

$

$

9

%

$

$

$

%

(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 June 30,

(in billions)

Global Retail Funds

Beginning managed assets

$

$

Inflows

Outflows

Net VP/VIT fund flows

Net new flows

Reinvested dividends

Net flows

Distributions

Market appreciation (depreciation) and other

Foreign currency translation (1)

—

Total ending managed assets

Global Institutional

Beginning managed assets

Inflows (2)

Outflows (2)

Net flows

Market appreciation (depreciation) and other (3)

Foreign currency translation (1)

Total ending managed assets

Total managed assets

Total assets under advisement (4)

Total assets under management and advisement

$

$

Total assets under management net flows

$

$

Model delivery assets under advisement flows (5)

—

Total assets under management and advisement flows (5)

$

$

Legacy insurance partners net flows (6)

$

—

$

(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 increased $53.2 billion, or 8%, during the three months ended June 30, 2026 primarily due to market appreciation, partially offset by net outflows. Net outflows were $6.5 billion for the three months ended June 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 June 30,

Change

(in millions)

Revenues

Management and financial advice fees

$

$

$

%

Distribution fees

Net investment income

7

(7)

Other revenues

5

4

1

Total revenues

Banking and deposit interest expense

—

—

—

—

Total net revenues

Expenses

Distribution expenses

Amortization of deferred acquisition costs

1

1

—

—

Interest and debt expense

4

3

1

General and administrative expense

9

Total expenses

Adjusted operating earnings

$

$

$

%

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $52 million, or 23%, for the three months ended June 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 $109 million, or 15%, for the three months ended June 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 $14 million, or 15%, for the three months ended June 30, 2026 compared to the prior year period due to equity market appreciation, partially offset by net outflows.

Expenses

Distribution expenses increased $30 million, or 13%, for the three months ended June 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 $34 million, or 9%, for the three months ended June 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.

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 June 30,

Change

(in millions)

Revenues

Management and financial advice fees

$

$

$

7

4

%

Distribution fees

6

6

Net investment income

Premiums, policy and contract charges

(4)

Other revenues

1

1

—

—

Total revenues

4

Banking and deposit interest expense

—

—

—

—

Total net revenues

4

Expenses

Distribution expenses

Interest credited to fixed accounts

1

1

Benefits, claims, losses and settlement expenses

Remeasurement (gains) losses of future policy benefit reserves

(3)

(7)

4

Change in fair value of market risk benefits

9

6

Amortization of deferred acquisition costs

—

—

Interest and debt expense

(1)

(9)

General and administrative expense

—

—

Total expenses

7

Adjusted operating earnings

$

$

$

(6)

%

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes 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 $12 million, or 6%, for the three months ended June 30, 2026 compared to prior year period primarily reflecting the cumulative impact of variable annuity net outflows and higher sales volume.

T7Variable annuity account balances increased 7% to $94.4 billion as of June 30, 2026 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $5.2 billion. Variable annuity sales increased 21% compared to the prior year period primarily reflecting a strong level of sales of SVAs. Account values with living benefit riders declined to 44% as of June 30, 2026 compared to 48% 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 June 30, 2026 compared to the prior year period primarily due to higher SVA balances.

Premiums, policy and contract charges decreased $12 million, or 4%, for the three months ended June 30, 2026 compared to the prior year period primarily due to lower contract charges from lower guaranteed living benefit volumes.

Expenses

Distribution expenses increased $13 million, or 10%, for the three months ended June 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 $25 million, or 12%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting increased volume in SVAs.

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 June 30,

Change

(in millions)

Revenues

Net investment income

$

$

$

(3)

(5)

%

Premiums, policy and contract charges

(2)

(9)

Other revenues

(1)

(2)

Total revenues

(6)

(5)

Banking and deposit interest expense

4

8

(4)

Total net revenues

(2)

(2)

Expenses

Distribution expenses

(3)

(3)

—

—

Interest credited to fixed accounts

(1)

(2)

Benefits, claims, losses and settlement expenses

1

2

Remeasurement (gains) losses of future policy benefit reserves

4

4

—

—

Amortization of deferred acquisition costs

2

1

1

NM

Interest and debt expense

—

—

General and administrative expense

Total expenses

(9)

Adjusted operating loss

$

$

$

%

NM Not Meaningful - variance equal to or greater than 100%.

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 decreased $18 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period, primarily reflecting improved general and administrative expenses.

LTC insurance had pretax adjusted operating earnings of $4 million for the three months ended June 30, 2026 compared to pretax adjusted operating earnings of $7 million for the prior year period primarily reflecting higher claims experience.

The FA business had a pretax adjusted operating loss of $8 million for the three months ended June 30, 2026 compared to a pretax adjusted operating loss of $6 million for the prior year period. Fixed deferred annuity account balances declined 8% to $5.0 billion as of June 30, 2026 compared to the prior year period as policies continue to lapse.

Expenses

General and administrative expense decreased $21 million, or 25%, for the three months ended June 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.

Index

AMERIPRISE FINANCIAL, INC.

Consolidated Results of Operations for the Six Months Ended June 30, 2026 and 2025

The following table presents our consolidated results of operations:

Six Months Ended June 30,

Change

(in millions)

Revenues

Management and financial advice fees

$

$

$

%

Distribution fees

Net investment income

6

—

Premiums, policy and contract charges

(5)

Other revenues

Total revenues

Banking and deposit interest expense

Total net revenues

Expenses

Distribution expenses

Interest credited to fixed accounts

Benefits, claims, losses and settlement expenses

(4)

Remeasurement (gains) losses of future policy benefit reserves

—

NM

Change in fair value of market risk benefits

Amortization of deferred acquisition costs

1

1

Interest and debt expense

2

1

General and administrative expense

3

Total expenses

7

Pretax income

Income tax provision

Net income

$

$

$

%

NM Not Meaningful - variance equal to or greater than 100%.

Overall

Pretax income increased $548 million, or 27%, for the six months ended June 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 22% in the six months ended June 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 an expense of $78 million for the six months ended June 30, 2026 compared to an expense of $241 million for the prior year period.

•An unfavorable impact from the cumulative impact of Asset Management net outflows.

Net Revenues

Management and financial advice fees increased $808 million, or 16%, for the six months ended June 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 $112 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period due to higher transactional activity and market appreciation.

Premiums, policy and contract charges decreased $39 million, or 5%, for the six months ended June 30, 2026 compared to the prior year period primarily due to lower sales of life contingent payout annuities and lower contract charges from lower guaranteed living benefit volumes.

Index

AMERIPRISE FINANCIAL, INC.

Other revenues increased $41 million, or 15%, for the six months ended June 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 $95 million, or 39%, for the six months ended June 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 $681 million, or 21%, for the six months ended June 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 $86 million, or 38%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

•An $88 million increase in expense from other market impacts on IUL benefits, net of hedges, which was an expense of $19 million for the six months ended June 30, 2026 compared to a benefit of $69 million for the prior year period. The increase in expense was primarily due to a decrease in the IUL embedded derivatives in the prior period, which reflected more discounting due to higher forward rates and lower option costs due to a lower new money rate.

•A $3 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 six months ended June 30, 2026 compared to an unfavorable impact of $6 million for the prior year period.

Benefits, claims, losses and settlement expenses decreased $27 million, or 4%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting an $80 million decrease in expense from market impacts on SVA embedded derivatives, net of hedging activity. This decrease was primarily the result of a favorable $1.0 billion change in the market impact on derivatives hedging the SVA embedded derivatives and an unfavorable $958 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 $338 million, or 69%, for the six months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

•A $359 million decrease in expense from market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $425 million change in the market impact on variable annuity guaranteed benefits reserves and an unfavorable $66 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 six months ended June 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 six months ended June 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 larger expense for the six months ended June 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 six months ended June 30, 2026 compared to the prior year period.

General and administrative expense increased $57 million, or 3%, for the six months ended June 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 21.6% for the six months ended June 30, 2026 compared to 19.4% for the prior year period. The increase in the effective tax rate for the six months ended June 30, 2026 compared to the prior year period was primarily due to higher pretax income in the current period compared to the prior year period and the related impact on tax preferred items and a decrease in the benefit for incentive compensation. 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 Six Months Ended June 30, 2026 and 2025

The following table presents summary financial information by segment:

Six Months Ended June 30,

(in millions)

Advice & Wealth Management

Net revenues

$

$

Expenses

Adjusted operating earnings

$

$

Asset Management

Net revenues

$

$

Expenses

Adjusted operating earnings

$

$

Retirement & Protection Solutions

Net revenues

$

$

Expenses

Adjusted operating earnings

$

$

Corporate & Other

Net revenues

$

$

Expenses

Adjusted operating loss

$

$

Advice & Wealth Management

The following table presents the changes in wrap account assets and average balances for the six months ended June 30:

(in billions)

Beginning balance

$

$

Net flows

Market appreciation (depreciation) and other

Ending balance

$

$

Advisory wrap account assets ending balance (1)

$

$

Average advisory wrap account assets (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 six months ended June 30, 2026 and 2025, which is reflective of our billing cycle.

Ending wrap account assets increased $61.1 billion, or 9%, to $731.5 billion during the six months ended June 30, 2026 due to market appreciation of $48.2 billion and net inflows of $12.9 billion. Average advisory wrap account assets increased $108.6 billion, or 19%, 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:

Six Months Ended June 30,

Change

(in millions)

Revenues

Management and financial advice fees

$

$

$

%

Distribution fees

Net investment income

(9)

Other revenues

Total revenues

Banking and deposit interest expense

Total net revenues

Expenses

Distribution expenses

Interest and debt expense

4

General and administrative expense

5

Total expenses

Adjusted operating earnings

$

$

$

%

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $286 million, or 18%, for the six months ended June 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 six months ended June 30, 2026 compared to 28.7% for the prior year period.

Net Revenues

Management and financial advice fees increased $645 million, or 19%, for the six months ended June 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 $108.6 billion, or 19%, compared to the prior year period reflecting market appreciation and net inflows.

Distribution fees increased $132 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period due to strong transactional activity and market appreciation, while brokerage cash revenue decreased $14 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 $86 million, or 9%, for the six months ended June 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 $46 million, or 28%, for the six months ended June 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 $95 million, or 39%, for the six months ended June 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 $7.6 billion for the six months ended June 30, 2026 compared to $10.6 billion for the prior year period with the average crediting rate of 3.13% for the six months ended June 30, 2026 compared to 3.85% for the prior year period.

•The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.5 billion for the six months ended June 30, 2026 compared to $22.3 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.19% for the six months ended June 30, 2026 from 0.30% for the prior year period.

Expenses

Distribution expenses increased $499 million, or 16%, for the six months ended June 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 $43 million, or 5%, for the six months ended June 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 June 30,

Change

Six Months Ended

(in billions)

Equity

$

$

$

%

$

$

$

%

Fixed income

1

2

Money market

(2)

8

Alternative

5

Hybrid and other

—

—

4

Total managed assets

$

$

$

9

%

$

$

$

9

%

(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:

Six Months Ended June 30,

(in billions)

Global Retail Funds

Beginning managed assets

$

$

Inflows

Outflows

Net VP/VIT fund flows

Net new flows

Reinvested dividends

Net flows

Distributions

Market appreciation (depreciation) and other

Foreign currency translation (1)

Total ending managed assets

Global Institutional

Beginning managed assets

Inflows (2)

Outflows (2)

Net flows

Market appreciation (depreciation) and other (3)

Foreign currency translation (1)

Total ending managed assets

Total managed assets

Total assets under advisement (4)

Total assets under management and advisement

$

$

Total assets under management net flows

$

$

Model delivery assets under advisement flows (5)

Total assets under management and advisement flows (5)

$

$

Legacy insurance partners net flows (6)

$

$

(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.

Index

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 $36.7 billion, or 5%, during the six months ended June 30, 2026 primarily due to equity market appreciation, partially offset by net outflows and an unfavorable foreign exchange impact. Total AUM net outflows were $12.7 billion for the six months ended June 30, 2026.

The following table presents the results of operations of our Asset Management segment on an adjusted operating basis:

Six Months Ended June 30,

Change

(in millions)

Revenues

Management and financial advice fees

$

$

$

%

Distribution fees

Net investment income

2

Other revenues

—

—

Total revenues

Banking and deposit interest expense

—

—

—

—

Total net revenues

Expenses

Distribution expenses

9

Amortization of deferred acquisition costs

3

3

—

—

Interest and debt expense

8

6

2

General and administrative expense

7

Total expenses

8

Adjusted operating earnings

$

$

$

%

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $84 million, or 18%, for the six months ended June 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 $159 million, or 11%, for the six months ended June 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 $20 million, or 11%, for the six months ended June 30, 2026 compared to the prior year period due to equity market appreciation, partially offset by the cumulative impact from net outflows.

Expenses

Distribution expenses increased $46 million, or 9%, for the six months ended June 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 $49 million, or 7%, for the six months ended June 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.

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:

Six Months Ended June 30,

Change

(in millions)

Revenues

Management and financial advice fees

$

$

$

8

2

%

Distribution fees

7

3

Net investment income

Premiums, policy and contract charges

(4)

Other revenues

2

3

(1)

Total revenues

3

Banking and deposit interest expense

—

—

—

—

Total net revenues

3

Expenses

Distribution expenses

9

Interest credited to fixed accounts

2

1

Benefits, claims, losses and settlement expenses

Remeasurement (gains) losses of future policy benefit reserves

(5)

5

Change in fair value of market risk benefits

7

Amortization of deferred acquisition costs

1

1

Interest and debt expense