Ameriprise Financial Reports

Ameriprise Financial, Inc. Minneapolis, MN NYSE: AMP October 29, 2026

Third Quarter 2026 Results

• Third quarter adjusted operating earnings per diluted share increased 14 percent to $11.26. Adjusted operating earnings per diluted share, excluding unlocking increased 22 percent to $12.07.(2) Results reflected continued asset growth.
• Third quarter GAAP net income per diluted share was $12.32 compared to $9.33 a year ago, driven by continued asset growth and included favorable market impacts on the valuation of derivatives and market risk benefits, compared to unfavorable market impacts a year ago.
• Assets under management, administration and advisement grew to $1.8 trillion, up 8 percent.
• Adjusted operating net revenues increased 10 percent to

$5.1 billion(2) primarily from asset growth and strong client engagement.

• Pretax adjusted operating margin was strong at 28 percent(2).
• Balance sheet fundamentals continued to be a core differentiator. The company generated and returned significant capital to shareholders with over $1.0 billion, or

93 percent of operating earnings(2), returned in the quarter.

In addition, the company announced a new share repurchase authorization of $5.5 billion through September 30, 2028.

• Return on equity remains distinguished in the industry at

56 percent(1)(2).

• Ameriprise and Huntington Bank recently completed the transition of 258 Huntington advisors to Ameriprise with

$28 billion of client assets transferring through early 2027. We are pleased to welcome an additional 29 advisors managing nearly $4 billion of client assets that joined Huntington through their acquisition of Cadence Bank and

will come onto our platform in mid-2027.

• Ameriprise continues to be recognized in the marketplace, including on the Forbes 2027 Most Trusted Companies in America list.

Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer

“Ameriprise delivered another strong quarter, reflecting the quality of our business, deep client relationships and focus on profitable growth. We continue to invest for the long term and are well-positioned to navigate as conditions evolve. Our ongoing investments in the client and advisor experien

(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.

Third quarter 2026 GAAP results included favorable market impacts on the valuation of derivatives and market risk benefits, compared with unfavorable impacts in the prior-year quarter.

The company completed its unlocking review in the quarter, which resulted in an unfavorable after-tax impact of $72 million, or $0.79 per share, on a GAAP basis and an unfavorable after-tax impact of $74 million, or $0.81 per share, on an adjusted operating basis. This impact resulted from modest updates to our policyholder behavior assumptions, reflecting an improvement from the prior year. However, last year benefited from a one-time favorable model enhancement that largely offset the impact from policyholder behavior assumption changes. These businesses continue to perform in line with expectations.

Advice & Wealth Management generated strong performance with pretax adjusted operating earnings of

$989 million, up 12 percent, and a margin of 29.3 percent. Core distribution earnings increased more than

20 percent and represented the majority of segment earnings.

Adjusted operating net revenues increased 13 percent to $3.4 billion, primarily driven by 8 percent growth in client assets and higher transactional activity. Strong wrap net inflows and market appreciation contributed to growth in fee-based revenues, while increased sales of annuity products and brokerage transactions drove strong transactional activity.

Adjusted operating expenses increased 13 percent to $2.4 billion, primarily driven by distribution expenses, which grew in line with advisor-driven revenues. General and administrative expenses increased 4 percent

to $455 million, primarily driven by volume-related expenses and investments for growth.

Our underlying business fundamentals coupled with strong operating and technology capabilities are foundational in driving sustained profitable growth.

• Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.2 million, up 13 percent. The company added 79 experienced advisors in the quarter.
• Total client assets were $1.2 trillion, up $93 billion, or 8 percent, and wrap assets were $729 billion, up

$79 billion, or 12 percent, driven by organic growth and market appreciation.

• Excluding Comerica, client net inflows were up 56 percent to $5.3 billion and wrap net inflows were up

38 percent to $6.6 billion, reflecting continued solid underlying organic activity.

• We anticipate approximately $32 billion of Huntington assets transitioning to our platform through mid-2027.
• Transactional activity continued to grow, up 6 percent, driven by our planning model.
• Cash sweep balances were $27.0 billion compared to $28.8 billion in the prior quarter, primarily reflecting

a $1.5 billion impact from the Comerica transition, with stable underlying balances.

• Bank assets increased 2 percent to $24.7 billion and earnings were up in the mid-single-digit percent range.

Asset Management adjusted operating net revenues increased 9 percent to $990 million and pretax adjusted operating earnings increased 18 percent to $308 million. Net pretax adjusted operating margin increased 360 basis points to 45.7 percent, reflecting our discipline in pursuing growth that enhances shareholder value. The underlying fee rate remained stable.

Adjusted operating expenses increased 6 percent. General and administrative expenses increased 2 percent driven by higher compensation expense for Seligman from AUM growth and performance, as well as higher volume-related expenses. We continue to demonstrate expense discipline, with full-year general and administrative expenses expected to be flat excluding Seligman and other performance fee compensation, while investing in opportunities to drive growth.

Assets under management and advisement increased 4 percent to $743 billion. Investment performance remained strong with 78 percent of retail funds above median versus peers on an asset-weighted basis for the 3-year period, 74 percent for the 5-year period, and 87 percent for the 10-year period. In addition, 92 Columbia Threadneedle funds globally earned four- or five-star ratings from Morningstar.

We remain focused on meeting clients’ needs with a broad range of investment capabilities and product structures, including ETFs, SMAs and Model Delivery offerings, while further expanding our alternative strategies. In the quarter, net outflows were $9.3 billion, reflecting:

• Institutional net outflows of $5.5 billion primarily related to client asset allocation decisions.
• Retail net outflows of $2.9 billion, which included approximately $0.8 billion of outflows from VP/VIT funds associated with our closed block of variable annuities with living benefit riders. Remaining flows reflect industry pressure on active managers.
• Generation of net inflows in areas of strategic focus within retail and institutional, including $1.3 billion of net inflows into technology and healthcare strategies and $2.4 billion of net inflows into ETFs, SMAs and Model Delivery offerings.

Retirement & Protection Solutions pretax adjusted operating earnings, excluding unlocking were $198 million, reflecting continued market appreciation and favorable life claims, offset by impacts from outflows in variable annuities with living benefit riders and higher distribution expenses related to strong structured annuity sales.

Retirement & Protection Solutions sales increased 24 percent to $1.8 billion, with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life insurance, providing important solutions for our wealth management planning clients.

Our high-quality books of business continued to generate strong earnings, margins and free cash flow, while delivering excellent risk-adjusted returns and are an important contributor to our diversified business model.

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $92 million.

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

Fixed Annuities pretax adjusted operating loss, excluding unlocking was in line with expectations

at $10 million.

Taxes

The operating effective tax rate was 21.0 percent for the third quarter. The operating effective tax

rate is expected to be 20 to 22 percent for the full year 2026.

Contacts

Investor Relations: Media Relations:

Stephanie M. Rabe Paul W. Johnson

Ameriprise Financial Ameriprise Financial

(612) 671-4085 (612) 671-0625

stephanie.m.rabe@ampf.com paul.w.johnson@ampf.com

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, 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 concerning expected general and administrative expense for Asset Management;
• statements regarding the expected amount and timing of assets transitioning to our platform due to our partnership with Huntington Bank;
• statements estimating the expected full year 2026 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, 2025 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, 2026.

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 Source

The 2027 Forbes Most Trusted Companies in America ranking was awarded by Forbes based on an evaluation of more than 2,000 U.S.-headquartered companies with at least 5,000 employees. Rankings were determined using more than 50 metrics across employee, customer, investor, and creditor trust. Survey data used in the evaluation covered a 12- to 18-month period ending August 2026, and financial, workforce, and creditor data were evaluated as of September 2026. Ameriprise did not pay a fee to be considered for the ranking but did pay a licensing fee to publicize the award. For more information, visit https://www.forbes.com/lists/most-trusted-companies.