Ameriprise Financial, Inc. (NYSE:AMP):

Earnings Per Diluted Share		Return on Equity, ex AOCI ⁽¹⁾
	Q2 2025		Q2 2025
GAAP	$10.73	GAAP	45.8%
Adjusted Operating	$9.11	Adjusted Operating	51.5%

Second quarter adjusted operating earnings per diluted share increased 7 percent to $9.11. Results reflected asset growth and expense discipline.

Second quarter GAAP net income per diluted share was $10.73 compared to $8.02 a year ago.

Assets under management, administration and advisement reached a record high of $1.6 trillion, up 9 percent, with growth across the firm.

Adjusted operating net revenues increased 4 percent to $4.3 billion primarily from asset growth.

The company has consistently demonstrated strong expense discipline enabling business growth investments. In the quarter, general and administrative expenses improved 1 percent, reflecting benefits from ongoing initiatives to drive firm-wide operational transformation, client experience enhancements and future profitability.

Pretax adjusted operating margin continues to be very strong at 27 percent and adjusted operating return on equity was 52 percent.⁽¹⁾

The company returned $731 million of capital to shareholders in the quarter, which was 81 percent of adjusted operating earnings, demonstrating its differentiated capital return track record and consistent free cash flow generation.

Balance sheet fundamentals were excellent with significant excess capital and holding company available liquidity.

Kiplinger recognized Ameriprise as outstanding for overall satisfaction, quality of advice, trustworthy advisers and being the most recommended among wealth managers in its 2025 Readers' Choice Awards.

Ameriprise was named one of America's Most Innovative Companies 2025 by Fortune.

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

"Ameriprise delivered another good quarter, posting strong financial results.

While markets were volatile in the quarter, client activity remained strong. And advisor productivity grew by double digits, reaching another record. In addition, both client and firm asset levels hit all-time highs.

Our advice value proposition is differentiated in the industry and helps clients feel confident about achieving their long-term goals. That's why we're continuing to invest in the business and transforming our operating model to drive best-in-class margins and sustainable shareholder value creation.

Whether its premier technology and security, digital tools or product solutions, we're constantly innovating and evolving with client and advisor needs. Notably, in the quarter, we launched our new unified managed account, the Ameriprise Signature Wealth Program.

Given the strong free cash flow Ameriprise generates, we're able to return capital to shareholders at an attractive rate and maintain significant excess capital and flexibility. In fact, in the first half of 2025, Ameriprise returned 81% of adjusted operating earnings to shareholders through both dividends and share repurchases.

Ameriprise remains well positioned. We're serving clients exceptionally well and benefiting from the strength of our business, team and financial foundation."

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

Ameriprise Financial, Inc.
Second Quarter Summary
	Quarter Ended June 30,						% Better/ (Worse)	Year-to-date June 30,						% Better/ (Worse)
(in millions, except per share amounts, unaudited)	2025			2024			% Better/ (Worse)	2025			2024			% Better/ (Worse)
GAAP net income	$	1,060		$	829		28%	$	1,643		$	1,819		(10)%
Adjusted operating earnings (see reconciliation on p. 24)	$	900		$	882		2%	$	1,850		$	1,760		5%

GAAP net income per diluted share	$	10.73		$	8.02		34%	$	16.53		$	17.49		(5)%
Adjusted operating earnings per diluted share (see reconciliation on p. 24)	$	9.11		$	8.53		7%	$	18.61		$	16.92		10%

GAAP Return on Equity, ex. AOCI		45.8	%		45.9	%			45.8	%		45.9	%
Adjusted Operating Return on Equity, ex. AOCI (see reconciliation on p. 26)		51.5	%		48.9	%			51.5	%		48.9	%

Weighted average common shares outstanding:
Basic		97.4			101.6				97.9			102.2
Diluted		98.8			103.4				99.4			104.0

Second quarter 2025 GAAP results included favorable market impacts on the valuation of derivatives and market risk benefits, while the prior year quarter included unfavorable market impacts on the valuation of derivatives and market risk benefits.

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
	Quarter Ended June 30,						% Better/ (Worse)
(in millions, unaudited)	2025			2024			% Better/ (Worse)
Adjusted operating net revenues	$	2,807		$	2,644		6%

Distribution expenses		1,546			1,403		(10)%
Interest and debt expense		14			10		(40)%
General and administrative expenses		435			409		(6)%
Adjusted operating expenses		1,995			1,822		(9)%
Pretax adjusted operating earnings	$	812		$	822		(1)%

Pretax adjusted operating margin		28.9	%		31.1	%	(220) bps

	Quarter Ended June 30,				% Better/ (Worse)
(in billions, unless otherwise noted)	2025		2024		% Better/ (Worse)
Total client assets	$	1,084	$	972	11%
Total client net flows	$	4.3	$	6.6	(35)%
Wrap net flows	$	5.4	$	7.5	(28)%
AWM cash balances	$	38.0	$	40.6	(7)%
Adjusted operating net revenue per advisor (TTM in thousands)	$	1,070	$	968	11%

Advice & Wealth Management generated pretax adjusted operating earnings of $812 million with a margin of 29 percent. Results reflected the impact from market volatility on fee-based earnings within the quarter, as well as lower interest revenue from the 100 basis point reduction in the federal funds effective rate in late 2024. The equity market recovery in June positions us well as we enter the third quarter.

Adjusted operating net revenues increased 6 percent to $2.8 billion from higher client assets, even with the impact from lower average equity markets within the quarter and the 100 basis point reduction in the federal funds effective rate.

Adjusted operating expenses increased 9 percent to $2.0 billion primarily driven by the consistent growth in advisor productivity. General and administrative expenses were $435 million reflecting strong expense discipline, as well as continued investments in growth initiatives and volume-related expenses due to business growth. For the full year, we expect general and administrative expenses to increase in the low- to mid-single-digit range.

Advice & Wealth Management metrics were impacted by elevated market volatility driven by global trade policy uncertainty, as well as normal seasonal tax payment trends. Clients and advisors remained focused on positioning portfolios to meet long term financial planning goals.

Total client assets grew 11 percent to a record high of $1.1 trillion, with client flows of $4.3 billion.

Wrap assets increased 15 percent to a record high of $615 billion. Wrap flows were $5.4 billion, representing a 4 percent annualized flow rate. In addition, we experienced a good initial response to the launch of our new Ameriprise Signature Wealth Program.

Transactional activity remained consistent with the prior year.

Cash sweep balances were in line with expectations at $27.4 billion compared to $28.6 billion in the prior quarter, reflecting normal seasonal tax payments.

Bank assets grew 6 percent to $24 billion, providing sustainable net investment income in this forecasted lower rate environment.

Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.1 million, up 11 percent from enhanced productivity, business growth and market appreciation.

The company added 73 experienced advisors in the quarter.

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
	Quarter Ended June 30,								% Better/ (Worse)
(in millions, unaudited)	2025				2024				% Better/ (Worse)
Adjusted operating net revenues	$	830			$	848			(2)%

Distribution expenses		240				244			2%
Amortization of deferred acquisition costs		1				1			—%
Interest and debt expense		3				1			NM
General and administrative expenses		364				384			5%
Adjusted operating expenses		608				630			3%
Pretax adjusted operating earnings	$	222			$	218			2%

Net pretax adjusted operating margin ⁽¹⁾		39.0		%		37.6		%


	Quarter Ended June 30,								% Better/ (Worse)
(in billions)	2025				2024				% Better/ (Worse)
Assets Under Management and Advisement ⁽²⁾	$	690			$	674			2%

Net Flows
Global Retail net AUM flows, ex. legacy insurance partners	$	(3.5	)		$	(3.2	)		(9)%
Model delivery AUA flows ⁽²⁾		0.4				0.9			(56)%
Total retail net AUM flows and model delivery AUA flows ⁽²⁾		(3.1	)			(2.3	)		(35)%

Global Institutional net AUM flows, ex. legacy insurance partners		(4.8	)			0.3			NM

Legacy insurance partners AUM flows		(0.8	)			(9.1	)		91%

Total Net AUM and AUA flows ⁽²⁾	$	(8.7	)		$	(11.1	)		21%

⁽¹⁾ See reconciliation on page 13.
⁽²⁾ Model Delivery Assets Under Advisement are presented on a one-quarter lag. Flows are estimated based on the period-to-period change in assets less calculated performance based on strategy returns.
NM Not Meaningful - variance equal to or greater than 100%

Asset Management adjusted operating net revenues were $830 million. Pretax adjusted operating earnings increased 2 percent to $222 million, reflecting equity market appreciation and the positive impact from expense management actions, partially offset by net outflows. Results in the current quarter absorbed the impact of 2 percent lower average equity markets sequentially. Net pretax adjusted operating margin improved 140 basis points to 39 percent. The underlying fee rate remained stable.

Adjusted operating expenses improved 3 percent. General and administrative expenses improved 5 percent from a year ago, reflecting benefits from ongoing initiatives to drive additional operational transformation across our global footprint.

Assets under management and advisement increased to $690 billion, up 2 percent year-over-year and 5 percent sequentially.

Net outflows were $8.7 billion in the quarter. Retail and model delivery net outflows were $3.1 billion, primarily reflecting higher redemptions due to market volatility. Institutional net outflows were $4.8 billion, which included $1.6 billion related to the exit of Lionstone. Outflows related to legacy insurance partners were $0.8 billion.

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
	Quarter Ended June 30,				% Better/ (Worse)
(in millions, unaudited)	2025		2024		% Better/ (Worse)
Adjusted operating net revenues	$	936	$	928	1%
Adjusted operating expenses		722		732	1%
Pretax adjusted operating earnings	$	214	$	196	9%

Retirement & Protection Solutions pretax adjusted operating earnings increased 9 percent to $214 million. The strong and consistent results reflect the benefit from favorable life claims, stronger interest earnings and higher equity markets.

Retirement & Protection Solutions sales improved sequentially to $1.4 billion, with continued strong client demand for structured variable annuities.

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

Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
	Quarter Ended June 30,						% Better/ (Worse)
(in millions, unaudited)		2025			2024		% Better/ (Worse)
Corporate & Other	$	(100	)	$	(123	)	19%
Closed Blocks ⁽¹⁾		1			4		(75)%
Pretax adjusted operating earnings/(loss)	$	(99	)	$	(119	)	17%

Long Term Care	$	7		$	12		(42)%
Fixed Annuities		(6	)		(8	)	25%
Pretax adjusted operating earnings/(loss)	$	1		$	4		(75)%

⁽¹⁾ Long Term Care and Fixed Annuities.

Corporate & Other, excluding Closed Blocks, pretax adjusted operating loss was $100 million. Underlying pretax adjusted operating loss was relatively flat in the $85 to $90 million range, excluding severance and severance programs, the acceleration of the firm's transition to cloud-based technology platforms and mark-to-market impacts on share-based compensation in both periods.

Long Term Care pretax adjusted operating earnings were $7 million, a continuation of a solid performance trend.

Fixed Annuities pretax adjusted operating loss was in line with expectations at $6 million.

Taxes

The operating effective tax rate was 21.7 percent. The operating effective tax rate is expected to be 20 to 22 percent for full year 2025.

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.

Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited, Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle (EM) Investments Limited, and Pyrford International Ltd, are SEC- and FCA-registered investment adviser affiliates of Columbia Management Investment Advisers, LLC based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA.

Non-GAAP Financial Measures

The company believes the presentation of adjusted operating measures and other non-GAAP financial measures, and the corresponding ratios, best represents the underlying performance of our core operations and facilitates a more meaningful trend analysis without the distortion of various adjustment items. Management uses non-GAAP financial measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors and to provide a valuable perspective for investors. These non-GAAP financial measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Non-GAAP financial measures are intended to supplement investors' understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies' similarly titled non-GAAP financial measures. Non-GAAP financial measure reconciliations can be found on the subsequent pages.

Forward-Looking Statements

This news release contains forward-looking statements that reflect management's plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:

statements of the company's plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;

other statements about future economic performance, the performance of equity markets and interest rate forecasts or variations, and the economic performance of the United States and of global markets;

statements estimating the financial impacts and future profitability arising from the company's initiatives to enhance operational efficiency and effectiveness;

statements concerning expected general and administrative expense for Advice & Wealth Management;

statements estimating the expected full year 2025 operating effective tax rate; 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," "commitment," "scenario," "case," "appear," "expands" 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.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the "Risk Factors" discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.

The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company's Form 10-Q for the period ended June 30, 2025.

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 release or in any other report or document the company furnishes or files with the SEC.

Other

Kiplinger: Ameriprise did not pay a fee to be evaluated for this list but did pay a fee to cite the results. Kiplinger readers were invited to take the 2025 Readers' Choice Awards survey on Kiplinger.com from Feb. 20-March 21, 2025. Within the wealth management services category, respondents selected the wealth management provider they used most frequently and rated that provider on a ten-point scale in four criteria: likelihood to recommend to others, overall satisfaction, trustworthiness of the firm's advisers and quality of financial advice. Kiplinger awarded multiple providers with the highest-scoring providers in each criterion with an "outstanding" designation. Award is not indicative of future performance or representative of any one client's experience. For more information, visit https://www.kiplinger.com/personal-finance/kiplinger-readers-choice-awards. From Kiplinger's Personal Finance. ©2025 The Kiplinger Washington Editors. All rights reserved. Used under license.

Fortune: Fortune partnered with Statista to recognize America's Most Innovative Companies 2025 — the top 300 U.S. companies based on analysis of product innovation, process innovation and innovation culture. Statista surveyed over 40,000 U.S. employees and 2,500 experts in various fields, evaluated patent data, and gathered input from an innovation expert advisory board. Surveys were conducted in Q4 2024. Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results. Find more information at https://rankings.statista-research.com/Americas_Most_Innovative_Companies_2025_Methodology.pdf

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)	2 Qtr 2025			2 Qtr 2024			% Better/ (Worse)	1 Qtr 2025			% Better/ (Worse)
Revenues
Management and financial advice fees	$	2,600		$	2,456		6%	$	2,602		—%
Distribution fees		502			505		(1)%		522		(4)%
Net investment income		891			921		(3)%		868		3%
Premiums, policy and contract charges		361			381		(5)%		360		—%
Other revenues		136			129		5%		129		5%
Total revenues		4,490			4,392		2%		4,481		—%
Banking and deposit interest expense		115			172		33%		127		9%
Total net revenues		4,375			4,220		4%		4,354		—%

Expenses
Distribution expenses		1,596			1,450		(10)%		1,612		1%
Interest credited to fixed accounts		95			185		49%		130		27%
Benefits, claims, losses and settlement expenses		257			331		22%		381		33%
Remeasurement (gains) losses of future policy benefit reserves		(3	)		(8	)	(63)%		(10	)	(70)%
Change in fair value of market risk benefits		(10	)		110		NM		497		NM
Amortization of deferred acquisition costs		60			61		2%		61		2%
Interest and debt expense		82			83		1%		80		(3)%
General and administrative expense		947			957		1%		916		(3)%
Total expenses		3,024			3,169		5%		3,667		18%

Pretax income		1,351			1,051		29%		687		97%
Income tax provision		291			222		31%		104		NM
Net income	$	1,060		$	829		28%	$	583		82%

Earnings per share
Basic earnings per share	$	10.88		$	8.16			$	5.92
Earnings per diluted share	$	10.73		$	8.02			$	5.83

Weighted average common shares outstanding
Basic		97.4			101.6				98.5
Diluted		98.8			103.4				100.0

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

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)	2 Qtr 2025			2 Qtr 2024			% Better/ (Worse)	1 Qtr 2025			% Better/ (Worse)

Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM	$	611,333		$	531,268		15%	$	569,137		7%
Asset Management AUM		654,224			641,880		2%		621,378		5%
Corporate AUM		653			490		33%		595		10%
Eliminations		(46,255	)		(44,136	)	(5)%		(44,170	)	(5)%
Assets Under Management		1,219,955			1,129,502		8%		1,146,940		6%
Assets Under Administration		331,045			298,468		11%		314,055		5%
Assets Under Advisement (net of eliminations) ⁽¹⁾		33,767			30,965		9%		33,665		—%
Total Assets Under Management, Administration and Advisement	$	1,584,767		$	1,458,935		9%	$	1,494,660		6%

S&P 500
Daily average		5,728			5,253		9%		5,899		(3)%
Period end		6,205			5,460		14%		5,612		11%

Weighted Equity Index (WEI) ⁽²⁾
Daily average		3,638			3,358		8%		3,713		(2)%
Period end		3,921			3,456		13%		3,554		10%

Common shares
Beginning balance		95.5			99.6		(4)%		96.2		(1)%
Repurchases		(1.1	)		(1.3	)	15%		(1.2	)	8%
Issuances		—			0.1		NM		0.8		NM
Other		—			—		—%		(0.3	)	NM
Total common shares outstanding		94.4			98.4		(4)%		95.5		(1)%
Restricted stock units		2.4			2.6		(8)%		2.4		—%
Total basic common shares outstanding		96.8			101.0		(4)%		97.9		(1)%
Total potentially dilutive shares		1.5			1.8		(17)%		1.5		—%
Total diluted shares		98.3			102.8		(4)%		99.4		(1)%

Capital Returned to Shareholders
Dividends paid	$	158		$	151		5%	$	148		7%
Common stock share repurchases		573			542		6%		617		(7)%
Total Capital Returned to Shareholders	$	731		$	693		5%	$	765		(4)%

⁽¹⁾Assets reported on a one quarter lag
⁽²⁾ Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)	2 Qtr 2025			2 Qtr 2024			% Better/ (Worse)	1 Qtr 2025			% Better/ (Worse)

Revenues
Management and financial advice fees:
Advisory fees	$	1,517		$	1,361		11%	$	1,515		—%
Financial planning fees		120			110		9%		110		9%
Transaction and other fees		100			100		—%		94		6%
Total management and financial advice fees		1,737			1,571		11%		1,719		1%
Distribution fees:
Mutual funds		212			199		7%		214		(1)%
Insurance and annuity		258			260		(1)%		243		6%
Off-Balance sheet brokerage cash		25			40		(38)%		36		(31)%
Other products		108			109		(1)%		120		(10)%
Total distribution fees		603			608		(1)%		613		(2)%
Net investment income		496			560		(11)%		500		(1)%
Other revenues		86			77		12%		77		12%
Total revenues		2,922			2,816		4%		2,909		—%
Banking and deposit interest expense		115			172		33%		127		9%
Adjusted operating total net revenues		2,807			2,644		6%		2,782		1%

Expenses
Distribution expenses		1,546			1,403		(10)%		1,554		1%
Interest and debt expense		14			10		(40)%		12		(17)%
General and administrative expense		435			409		(6)%		424		(3)%
Adjusted operating expenses		1,995			1,822		(9)%		1,990		—%
Pretax adjusted operating earnings	$	812		$	822		(1)%	$	792		3%

Pretax adjusted operating margin		28.9	%		31.1	%			28.5	%

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)	2 Qtr 2025			2 Qtr 2024			% Better/ (Worse)	1 Qtr 2025			% Better/ (Worse)
AWM Total Client Assets	$	1,083,821		$	972,135		11%	$	1,022,520		6%

Total Client Flows	$	4,281		$	6,604		(35)%	$	10,275		(58)%

Total Wrap Accounts
Beginning assets	$	572,771		$	521,722		10%	$	573,881		—%
Net flows		5,378			7,521		(28)%		8,724		(38)%
Market appreciation (depreciation) and other		37,040			5,747		NM		(9,834	)	NM
Total wrap ending assets	$	615,189		$	534,990		15%	$	572,771		7%

Advisory wrap account assets ending balance ⁽¹⁾	$	609,486		$	529,642		15%	$	567,371		7%

AWM Cash Balances
On-balance sheet (Net Investment Income)
On-balance sheet - bank		22,497			21,466		5%		22,669		(1)%
On-balance sheet - certificate		9,892			12,526		(21)%		10,685		(7)%
On-balance sheet - broker dealer	$	2,187		$	2,279		(4)%	$	2,308		(5)%
Total on-balance sheet	$	34,576		$	36,271		(5)%	$	35,662		(3)%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer	$	3,396		$	4,359		(22)%	$	4,344		(22)%
Total AWM Cash Balances	$	37,972		$	40,630		(7)%	$	40,006		(5)%

Bank - Net Investment Income
Average interest-bearing assets	$	24,194		$	23,155		4%	$	24,176		—%
Gross fee yield ⁽²⁾		4.73	%		4.94	%			4.68	%

Certificates - Net Investment Income
Average interest-bearing assets	$	11,009		$	13,782		(20)%	$	11,746		(6)%
Gross fee yield ⁽²⁾		5.02	%		5.61	%			5.11	%

Other - Net Investment Income
Average interest-bearing assets	$	4,863		$	5,195		(6)%	$	5,205		(7)%
Gross fee yield ⁽²⁾		6.06	%		6.43	%			5.82	%

Off-balance sheet - broker dealer - Distribution Fees
Average balances	$	3,752		$	5,084		(26)%	$	5,151		(27)%
Net fee yield		2.72	%		3.19	%			2.81	%

⁽¹⁾ Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
⁽²⁾Gross fee yield is calculated using amortized cost of investments. Prior to Q1 2025, it was calculated using fair value of investments. Prior periods have been restated to conform with current presentation.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)	2 Qtr 2025			2 Qtr 2024			% Better/ (Worse)	1 Qtr 2025			% Better/ (Worse)

Revenues
Management and financial advice fees:
Asset management fees:
Retail	$	515		$	522		(1)%	$	530		(3)%
Institutional		131			140		(6)%		134		(2)%
Model delivery ⁽¹⁾		23			21		10%		22		5%
Transaction and other fees		50			52		(4)%		50		—%
Revenue from other sources ⁽²⁾		2			3		(33)%		4		(50)%
Total management and financial advice fees		721			738		(2)%		740		(3)%
Distribution fees:
Mutual funds		53			56		(5)%		55		(4)%
Insurance and annuity		38			40		(5)%		39		(3)%
Total distribution fees		91			96		(5)%		94		(3)%
Net investment income		14			12		17%		5		NM
Other revenues		4			2		NM		7		(43)%
Total revenues		830			848		(2)%		846		(2)%
Banking and deposit interest expense		—			—		—%		—		—%
Adjusted operating total net revenues		830			848		(2)%		846		(2)%

Expenses
Distribution expenses		240			244		2%		246		2%
Amortization of deferred acquisition costs		1			1		—%		2		50%
Interest and debt expense		3			1		NM		3		—%
General and administrative expense		364			384		5%		354		(3)%
Adjusted operating expenses		608			630		3%		605		—%
Pretax adjusted operating earnings	$	222		$	218		2%	$	241		(8)%

Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues	$	830		$	848		(2)%	$	846		(2)%
Distribution pass through revenues		(190	)		(192	)	1%		(195	)	3%
Subadvisory and other pass through revenues		(99	)		(98	)	(1)%		(91	)	(9)%
Net adjusted operating revenues		541			558		(3)%		560		(3)%

Pretax adjusted operating earnings	$	222		$	218		2%	$	241		(8)%
Adjusted operating net investment income		(14	)		(12	)	(17)%		(5	)	NM
Amortization of intangibles		3			4		(25)%		3		—%
Net adjusted operating earnings	$	211		$	210		—%	$	239		(12)%

Pretax adjusted operating margin		26.7	%		25.7	%			28.5	%
Net pretax adjusted operating margin ⁽³⁾		39.0	%		37.6	%			42.7	%

Total Performance fees⁽⁴⁾
Performance fees	$	2		$	2		—%	$	1		NM
General and administrative expense related to performance fees		1			1		—%		—		—%
Net performance fees	$	1		$	1		—%	$	1		—%

⁽¹⁾ Prior period amounts have been reclassified from Institutional to conform to current year presentation.
⁽²⁾ Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.
⁽³⁾ Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
⁽⁴⁾ Performance fees do not include CLO incentive fees.
NM Not Meaningful - variance equal to or greater than 100%

Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)	2 Qtr 2025			2 Qtr 2024			% Better/ (Worse)	1 Qtr 2025			% Better/ (Worse)

Managed Assets Rollforward
Global Retail Funds
Beginning assets	$	340,353		$	349,567		(3)%	$	352,737		(4)%
Inflows		13,768			12,536		10%		14,966		(8)%
Outflows		(18,152	)		(18,658	)	3%		(20,079	)	10%
Net VP/VIT fund flows		(1,567	)		(1,607	)	2%		(1,646	)	5%
Net new flows		(5,951	)		(7,729	)	23%		(6,759	)	12%
Reinvested dividends		2,290			1,758		30%		958		NM
Net flows		(3,661	)		(5,971	)	39%		(5,801	)	37%
Distributions		(2,525	)		(2,099	)	(20)%		(1,021	)	NM
Market appreciation (depreciation) and other		23,343			5,889		NM		(7,837	)	NM
Foreign currency translation ⁽¹⁾		4,186			74		NM		2,275		84%
Total ending assets		361,696			347,460		4%		340,353		6%
% of total retail assets sub-advised		14.3	%		16.0	%			15.7	%

Global Institutional
Beginning assets		281,025			302,510		(7)%		292,176		(4)%
Inflows ⁽²⁾		10,103			10,273		(2)%		9,588		5%
Outflows ⁽²⁾		(15,621	)		(16,360	)	5%		(22,002	)	29%
Net flows		(5,518	)		(6,087	)	9%		(12,414	)	56%
Market appreciation (depreciation) and other ⁽³⁾		8,800			(2,117	)	NM		(3,034	)	NM
Foreign currency translation ⁽¹⁾		8,221			114		NM		4,297		91%
Total ending assets		292,528			294,420		(1)%		281,025		4%

Total managed assets	$	654,224		$	641,880		2%	$	621,378		5%

Total Assets Under Advisement ⁽⁴⁾		35,499			31,980		11%		35,320		NM
Total Assets Under Management & Advisement	$	689,723		$	673,860		2%	$	656,698		5%

Total AUM net flows	$	(9,179	)	$	(12,058	)	24%	$	(18,215	)	50%
Model delivery AUA flows⁽⁵⁾		422			923		(54)%		(35	)	NM
Total AUM and AUA Flows ⁽⁵⁾	$	(8,757	)	$	(11,135	)	21%	$	(18,250	)	52%

Legacy insurance partners flows	$	(850	)	$	(9,104	)	91%	$	(978	)	13%

Ameriprise Financial Reports Second Quarter 2025 Results