Ameriprise Financial, Inc. (NYSE:AMP):

Earnings Per Diluted Share		Return on Equity, ex AOCI ⁽¹⁾
	Q3 2025		Q3 2025
GAAP	$9.33	GAAP	50.9%
Adjusted Operating	$9.87	Adjusted Operating	52.8%
Adjusted Operating, excluding unlocking ⁽²⁾	$9.92	Adjusted Operating, excluding unlocking ⁽²⁾	52.8%

Third quarter adjusted operating earnings per diluted share increased 22 percent to $9.87. Adjusted operating earnings per diluted share, excluding unlocking increased 12 percent to $9.92.⁽²⁾ Results reflected continued asset growth and expense discipline.
Third quarter GAAP net income per diluted share was $9.33 compared to $5.00 a year ago.
Assets under management, administration and advisement reached a record high of $1.7 trillion, up 8 percent.
Adjusted operating net revenues increased 9 percent to $4.7 billion primarily from asset growth. Excluding unlocking, adjusted operating net revenues increased 6 percent.⁽²⁾
The company has consistently demonstrated strong expense discipline supporting ongoing growth investments. In the quarter, general and administrative expenses improved 3 percent, reflecting benefits from strategic initiatives to drive firm-wide operational transformation, client experience enhancements and future profitability.
Pretax adjusted operating margin was very strong at 26 percent.
The company increased its return of capital to shareholders to $842 million in the quarter, which was 87 percent of adjusted operating earnings, reinforcing its differentiated capital return track record and substantial free cash flow generation.
Balance sheet fundamentals were excellent with significant excess capital and holding company available liquidity, as well as a best-in-class adjusted operating return on equity of 53 percent.⁽¹⁾
J.D. Power recognized Ameriprise for providing "an outstanding customer service experience" for phone support - for the seventh consecutive year for advisors and second consecutive year for clients.
Newsweek recently recognized Ameriprise as one of "America's Greatest Companies" for 2025.

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

"Ameriprise delivered a strong third quarter. Across the firm, we're focused on delivering an excellent client experience supported by our distinctive combination of high-quality advice, solutions and capabilities.

Our strategic investments, disciplined expense management and strong financial foundation help us to effectively navigate and grow across market cycles.

We consistently generate value with good revenue and earnings growth and attractive margins. This performance is complemented by our excellent free cash flow and differentiated capital return.

The Ameriprise team and I are proud of what we have achieved since becoming an independent, public company 20 years ago, including delivering the number one total shareholder return within the S&P 500 Financials Index during that time.⁽³⁾

As we look ahead, we're focused on serving our clients exceptionally well while positioning the firm to continue to drive shareholder value in an increasingly fluid economic and market environment."

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

⁽²⁾ Excludes unlocking. Unlocking impacts reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.

⁽³⁾ Bloomberg - ranking calculated based on members of the S&P 500 Financials Index as of Sept. 30, 2005, that were still members as of Sept. 30. 2025.

Ameriprise Financial, Inc.
Third Quarter Summary
	Quarter Ended September 30,						% Better/ (Worse)		Year-to-date September 30,						% Better/ (Worse)
(in millions, except per share amounts, unaudited)	2025			2024			% Better/ (Worse)		2025			2024			% Better/ (Worse)
GAAP net income	$	912		$	511		78	%	$	2,555		$	2,330		10	%
Adjusted operating earnings (see reconciliation on p. 24 & 25)	$	965		$	828		17	%	$	2,815		$	2,588		9	%
Adjusted operating earnings, excluding unlocking (see reconciliation on p. 24 & 25)	$	970		$	902		8	%	$	2,820		$	2,662		6	%

GAAP net income per diluted share	$	9.33		$	5.00		87	%	$	25.83		$	22.53		15	%
Adjusted operating earnings per diluted share (see reconciliation on p. 24 & 25)	$	9.87		$	8.10		22	%	$	28.46		$	25.03		14	%
Adjusted operating earnings per diluted share, excluding unlocking (see reconciliation on p. 24 & 25)	$	9.92		$	8.83		12	%	$	28.51		$	25.74		11	%

GAAP Return on Equity, ex. AOCI		50.9	%		40.1	%				50.9	%		40.1	%
Adjusted Operating Return on Equity, ex. AOCI (see reconciliation on p. 27)		52.8	%		49.6	%				52.8	%		49.6	%
Adjusted Operating Return on Equity, ex. AOCI and unlocking (see reconciliation on p. 27)		52.8	%		50.7	%				52.8	%		50.7	%

Weighted average common shares outstanding:
Basic		96.3			100.4					97.4			101.6
Diluted		97.8			102.2					98.9			103.4

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

The company completed its unlocking update in the quarter, which resulted in a favorable after-tax impact of $17 million, or $0.17 per share, on a GAAP basis and an unfavorable after-tax impact of $5 million, or $0.05 per share, on an adjusted operating basis.

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
	Quarter Ended September 30,						% Better/ (Worse)
(in millions, unaudited)	2025			2024			% Better/ (Worse)
Adjusted operating net revenues	$	2,990		$	2,742		9	%

Distribution expenses		1,656			1,488		(11	)%
Interest and debt expense		14			9		(56	)%
General and administrative expenses		439			419		(5	)%
Adjusted operating expenses		2,109			1,916		(10	)%
Pretax adjusted operating earnings	$	881		$	826		7	%

Pretax adjusted operating margin		29.5	%		30.1	%	(60) bps

	Quarter Ended September 30,				% Better/ (Worse)
(in billions, unless otherwise noted)		2025		2024	% Better/ (Worse)
Total client assets	$	1,138	$	1,024	11	%
Total client net flows	$	3.4	$	8.6	(60	)%
Wrap assets	$	650	$	569	14	%
Wrap net flows	$	4.8	$	8.0	(40	)%
Cash sweep balances	$	27.1	$	27.5	(1	)%
Adjusted operating net revenue per advisor (TTM in thousands)	$	1,093	$	997	10	%

Advice & Wealth Management generated strong underlying growth and performance with pretax adjusted operating earnings of $881 million, up 7 percent, with a margin of 29.5 percent. Core earnings increased in the upper-teen percentage range, benefiting from higher equity markets, the cumulative impact of wrap net inflows and well controlled expenses, while spread earnings declined as expected.

Adjusted operating net revenues increased 9 percent to $3.0 billion from higher client assets and transactional activity.

Adjusted operating expenses increased 10 percent to $2.1 billion, primarily driven by consistent growth in advisor productivity. General and administrative expenses were in line with expectations, up 5 percent to $439 million, primarily driven by volume- and growth-related expenses, offset by strong expense discipline.

Underlying performance metrics remained strong across all measures, reflecting the strength of the Ameriprise client experience and the company's focus on helping advisors drive productivity growth through industry-leading tools, solutions and support.

Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.1 million, up 10 percent from enhanced productivity, business growth and market appreciation.

Experienced advisor recruiting accelerated with 90 experienced advisors moving their practices to Ameriprise in the quarter.

Transactional activity increased 4 percent compared to the prior year.

Cash sweep balances were stable at $27.1 billion compared to $27.4 billion in the prior quarter.

Bank assets grew 5 percent to $24.3 billion, providing sustainable net investment income in this forecasted lower rate environment. Bank net investment income remained stable, which is consistent with our expectation for the full year.

Total client assets grew 11 percent to a record high of $1.1 trillion and wrap assets increased 14 percent to a record high of $650 billion. Total client net flows excluding the impact of two large advisor practices departing in the quarter improved sequentially to $6.5 billion. Wrap net flows excluding these departures and a one-time administrative change were solid at $8.0 billion.

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
	Quarter Ended September 30,								% Better/ (Worse)
(in millions, unaudited)	2025				2024				% Better/ (Worse)
Adjusted operating net revenues	$	906			$	882			3	%

Distribution expenses		254				250			(2	)%
Amortization of deferred acquisition costs		2				2			—	%
Interest and debt expense		3				2			(50	)%
General and administrative expenses		387				383			(1	)%
Adjusted operating expenses		646				637			(1	)%
Pretax adjusted operating earnings	$	260			$	245			6	%

Net pretax adjusted operating margin ⁽¹⁾		42.1		%		40.9		%


	Quarter Ended September 30,								% Better/ (Worse)
(in billions)	2025				2024				% Better/ (Worse)
Assets Under Management and Advisement ⁽²⁾	$	714			$	705			1	%

Net Flows
Global Retail net AUM flows, ex. legacy insurance partners	$	(2.8	)		$	(2.7	)		(4	)%
Model delivery AUA flows ⁽²⁾		1.7				1.3			31	%
Total retail net AUM flows and model delivery AUA flows ⁽²⁾		(1.1	)			(1.4	)		21	%

Global Institutional net AUM flows, ex. legacy insurance partners		(1.4	)			—			—	%

Legacy insurance partners AUM flows		(0.9	)			(0.9	)		(4	)%

Total Net AUM and AUA flows ⁽²⁾	$	(3.4	)		$	(2.3	)		(45	)%

⁽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. Q3'25 includes $1.0 billion of inflows from an institutional client.

Asset Management adjusted operating net revenues were $906 million. Pretax adjusted operating earnings increased 6 percent to $260 million, reflecting equity market appreciation and the positive impact from expense management actions, partially offset by net outflows. Net pretax adjusted operating margin improved 120 basis points to 42 percent. The underlying fee rate remained stable.

Adjusted operating expenses increased 1 percent, with general and administrative expenses up only 1 percent. This reflected benefits from global operational transformation initiatives, while continuing to invest for growth.

Assets under management and advisement increased to $714 billion, up 1 percent year-over-year and 4 percent sequentially.

Net outflows were $3.4 billion, a notable improvement from the prior quarter across both retail and institutional.

Retail and model delivery net outflows were $1.1 billion, primarily reflecting higher gross sales. Results reflected inflows in model delivery, as well as stronger flow rates in North America relative to other active peers, with outperformance in equities and improvement in fixed income.

Institutional net outflows improved sequentially to $1.4 billion.

Outflows related to legacy insurance partners were $0.9 billion.

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
	Quarter Ended September 30,					% Better/ (Worse)
(in millions, unaudited)		2025		2024		% Better/ (Worse)
Adjusted operating net revenues	$	1,102	$	973		13	%
Adjusted operating expenses		885		855		(4	)%
Pretax adjusted operating earnings	$	217	$	118		84	%
Unlocking		17		(90	)	NM
Pretax adjusted operating earnings, excluding unlocking	$	200	$	208		(4	)%

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

Retirement & Protection Solutions pretax adjusted operating earnings, excluding unlocking were $200 million, reflecting continued benefits from strong interest earnings and higher equity markets.

Retirement & Protection Solutions sales were $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 September 30,						% Better/ (Worse)
(in millions, unaudited)		2025			2024		% Better/ (Worse)
Corporate & Other	$	(87	)	$	(145	)	40	%
Closed Blocks ⁽¹⁾		(29	)		2		NM
Pretax adjusted operating earnings/(loss)	$	(116	)	$	(143	)	19	%
Unlocking		(23	)		(4	)	NM
Pretax adjusted operating earnings, excluding unlocking	$	(93	)	$	(139	)	33	%

Long Term Care, excluding unlocking	$	4		$	13		(69	)%
Fixed Annuities, excluding unlocking		(10	)		(7	)	(43	)%
Pretax adjusted operating earnings/(loss), excluding unlocking	$	(6	)	$	6		NM

⁽¹⁾ Long Term Care and Fixed Annuities.
NM Not Meaningful - variance equal to or greater than 100%

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was in line with expectations at $87 million.

Long Term Care pretax adjusted operating earnings, excluding unlocking were $4 million, a continuation of a solid performance trend.

Fixed Annuities pretax adjusted operating loss, excluding unlocking was $10 million.

Taxes

The operating effective tax rate was 22.3 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 regarding Ameriprise Bank's expected net investment income;

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 September 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.

Credential Sources

J.D. Power: J.D. Power 2025 Certified Customer Service Program^SM recognition is based on successful completion of an operational evaluation and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. J.D. Power certified Ameriprise customer satisfaction performance for advisors and clients in these factors: satisfaction with the IVR routing process, and the customer service representative which includes knowledge, courtesy, concern, promptness in getting to a representative, and timeliness of resolution in addition to overall satisfaction. Ameriprise paid a fee to J.D. Power to have their advisor and client support experience independently certified through this program and cite the results. Ameriprise's public use of the certification is subject to a license fee. For more information, visit www.jdpower.com/awards.

Newsweek: Newsweek partnered with Plant-A Insights Group to recognize America's Greatest Companies – U.S. companies operating with strong business performance. Plant-A conducted an analysis of public companies listed on any of the U.S. Exchanges, with greater than $75M in 2024 revenue and with their main office located in the U.S, between August and November 2024. The companies were evaluated across four key categories: stock and financial performance, American workforce performance, innovation and sustainability performance. 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.newsweek.com/americas-greatest-companies-2025.

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)	3 Qtr 2025		3 Qtr 2024			% Better/ (Worse)		2 Qtr 2025			% Better/ (Worse)
Revenues
Management and financial advice fees	$	2,811	$	2,573		9	%	$	2,600		8	%
Distribution fees		539		513		5	%		502		7	%
Net investment income		920		934		(1	)%		891		3	%
Premiums, policy and contract charges		493		409		21	%		361		37	%
Other revenues		130		131		(1	)%		136		(4	)%
Total revenues		4,893		4,560		7	%		4,490		9	%
Banking and deposit interest expense		102		163		37	%		115		11	%
Total net revenues		4,791		4,397		9	%		4,375		10	%

Expenses
Distribution expenses		1,714		1,539		(11	)%		1,596		(7	)%
Interest credited to fixed accounts		141		118		(19	)%		95		(48	)%
Benefits, claims, losses and settlement expenses		343		430		20	%		257		(33	)%
Remeasurement (gains) losses of future policy benefit reserves		22		(22	)	NM			(3	)	NM
Change in fair value of market risk benefits		302		566		47	%		(10	)	NM
Amortization of deferred acquisition costs		60		59		(2	)%		60		—	%
Interest and debt expense		84		87		3	%		82		(2	)%
General and administrative expense		951		975		2	%		947		—	%
Total expenses		3,617		3,752		4	%		3,024		(20	)%

Pretax income		1,174		645		82	%		1,351		(13	)%
Income tax provision		262		134		96	%		291		(10	)%
Net income	$	912	$	511		78	%	$	1,060		(14	)%

Earnings per share
Basic earnings per share	$	9.47	$	5.09				$	10.88
Earnings per diluted share	$	9.33	$	5.00				$	10.73

Weighted average common shares outstanding
Basic		96.3		100.4					97.4
Diluted		97.8		102.2					98.8

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

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)	3 Qtr 2025			3 Qtr 2024			% Better/ (Worse)		2 Qtr 2025			% Better/ (Worse)

Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM	$	646,382		$	565,152		14	%	$	611,333		6	%
Asset Management AUM		674,720			672,110		—	%		654,224		3	%
Corporate AUM		774			523		48	%		653		19	%
Eliminations		(47,812	)		(45,839	)	(4	)%		(46,255	)	(3	)%
Assets Under Management		1,274,064			1,191,946		7	%		1,219,955		4	%
Assets Under Administration		347,923			314,173		11	%		331,045		5	%
Assets Under Advisement (net of eliminations) ⁽¹⁾		37,522			31,864		18	%		33,767		11	%
Total Assets Under Management, Administration and Advisement	$	1,659,509		$	1,537,983		8	%	$	1,584,767		5	%

S&P 500
Daily average		6,427			5,546		16	%		5,728		12	%
Period end		6,688			5,762		16	%		6,205		8	%

Weighted Equity Index (WEI) ⁽²⁾
Daily average		4,055			3,528		15	%		3,638		11	%
Period end		4,210			3,664		15	%		3,921		7	%

Common shares
Beginning balance		94.4			98.4		(4	)%		95.5		(1	)%
Repurchases		(1.4	)		(1.3	)	(8	)%		(1.1	)	(27	)%
Issuances		0.2			0.2		—	%		—		—	%
Other		(0.1	)		(0.1	)	—	%		—		—	%
Total common shares outstanding		93.1			97.2		(4	)%		94.4		(1	)%
Restricted stock units		2.4			2.5		(4	)%		2.4		—	%
Total basic common shares outstanding		95.5			99.7		(4	)%		96.8		(1	)%
Total potentially dilutive shares		1.5			1.9		(21	)%		1.5		—	%
Total diluted shares		97.0			101.6		(5	)%		98.3		(1	)%

Capital Returned to Shareholders
Dividends paid	$	155		$	150		3	%	$	158		(2	)%
Common stock share repurchases		687			563		22	%		573		20	%
Total Capital Returned to Shareholders	$	842		$	713		18	%	$	731		15	%

⁽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.

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)	3 Qtr 2025		3 Qtr 2024		% Better/ (Worse)		2 Qtr 2025		% Better/ (Worse)

Revenues
Management and financial advice fees:
Advisory fees	$	1,664	$	1,451	15	%	$	1,517	10	%
Financial planning fees		120		111	8	%		120	—	%
Transaction and other fees		102		97	5	%		100	2	%
Total management and financial advice fees		1,886		1,659	14	%		1,737	9	%
Distribution fees:
Mutual funds		227		209	9	%		212	7	%
Insurance and annuity		268		266	1	%		258	4	%
Off-Balance sheet brokerage cash		21		32	(34	)%		25	(16	)%
Other products		126		107	18	%		108	17	%
Total distribution fees		642		614	5	%		603	6	%
Net investment income		485		554	(12	)%		496	(2	)%
Other revenues		79		78	1	%		86	(8	)%
Total revenues		3,092		2,905	6	%		2,922	6	%
Banking and deposit interest expense		102		163	37	%		115	11	%
Adjusted operating total net revenues		2,990		2,742	9	%		2,807	7	%

Expenses

Ameriprise Financial Reports Third Quarter 2025 Results