# EDGAR Filing Document

**Accession Number:** 0000820027
**File Stem:** 0000820027-26-000016
**Filing Date:** 2026-3
**Character Count:** 460186
**Document Hash:** fc773098cb381ec769569e0f9126739a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000820027-26-000016.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0000820027-26-000016

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 204

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERIPRISE FINANCIAL INC
- **CENTRAL INDEX KEY:** 0000820027
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 133180631
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32525
- **FILM NUMBER:** 26747153

**BUSINESS ADDRESS:**
- **STREET 1:** 1099 AMERIPRISE FINANCIAL CENTER
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55474
- **BUSINESS PHONE:** 612-671-8001

**MAIL ADDRESS:**
- **STREET 1:** 1099 AMERIPRISE FINANCIAL CENTER
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55474

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN EXPRESS FINANCIAL CORP
- **DATE OF NAME CHANGE:** 20030513

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN EXPRESS FINANCIAL ADVISORS
- **DATE OF NAME CHANGE:** 19950711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDS FINANCIAL CORP/MN/
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? amp-20251231

---

| | |
|:---|:---|
| **UNITED STATES** | **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** |
| **WASHINGTON, D.C. 20549** | **WASHINGTON, D.C. 20549** |
| **FORM** | **10-K/A** |
| **(Amendment 1)** | **(Amendment 1)** |

---

---

| | | |
|:---|:---|:---|
| ☒ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the Fiscal Year Ended** | **For the Fiscal Year Ended** | **December 31, 2025** |
| **OR** | **OR** | **OR** |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the Transition Period from_______________________to_______________________** | **For the Transition Period from_______________________to_______________________** | **For the Transition Period from_______________________to_______________________** |

---

---

| | |
|:---|:---|
| **Commission File No.** | **1-32525** |

---

---

| |
|:---|
| **AMERIPRISE FINANCIAL, INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | |
|:---|:---|
| **Delaware** | **13-3180631** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

---

| | | | |
|:---|:---|:---|:---|
| **1099 Ameriprise Financial Center** | **Minneapolis** | **Minnesota** | **55474** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices) | (Zip Code) |

---

---

| | | |
|:---|:---|:---|
| Registrant's telephone number, including area code: | **(612)** | **671-3131** |

---

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock (par value $.01 per share) | AMP | New York Stock Exchange |

---

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒

---

| | | | | |
|:---|:---|:---|:---|:---|
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  | Yes | ☒ | No | ☐ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  | Yes | ☒ | No | ☐ |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. |
| Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report. | ☒ |

---

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value, as of June 30, 2025, of voting shares held by non-affiliates of the registrant was approximately $50.3 billion.

------

---

| | |
|:---|:---|
| Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. | Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. |
| **Class** | **Outstanding at February 6, 2026** |
| Common Stock (par value $.01 per share) | 91,178,997 shares |

---

**DOCUMENTS INCORPORATED BY REFERENCE**

Part III: Portions of the registrant's Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on April 29, 2026 ("Proxy Statement").

------

**Ameriprise Financial, Inc.**

**EXPLANATORY NOTE**

On February 19, 2026, Ameriprise Financial, Inc. (the "Company") filed its annual report on Form 10-K for the fiscal year ended December 31, 2025 (the "Original Filing"). This Amendment No. 1 on Form 10-K/A (the "Amendment") is being filed solely to correct a typographical error in the Original Filing to reflect the correct "as-of" date for the effectiveness of internal control over financial reporting within the Report of Independent Registered Public Accounting Firm to be December 31, 2025. At the time of the Original Filing, the Company had received a manually signed opinion with the correct "as-of" date.

This Amendment includes Item 8 of Part II, "Financial Statements and Supplementary Data" in its entirety and without change from the Original Filing other than the correction of the "as-of" date of the internal control assessment within the Report of Independent Registered Public Accounting Firm; and Item 15 of Part IV, including Exhibit 23, which includes the updated consent of PricewaterhouseCoopers LLP to reference this Form 10-K/A.

In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications of the Company's Chief Executive Officer and Chief Financial Officer are filed herewith as Exhibit 31.1, Exhibit 31.2, and Exhibit 32 to this Amendment.

Except as described above, this Amendment does not amend, update or change any other items or disclosures in the Original Filing. Further, this Amendment does not change any previously reported financial results, nor does it reflect subsequent events occurring after the filing date of the Original Filing. This Amendment should be read in conjunction with the Original Filing and the Company's other filings with the Securities and Exchange Commission.

------

**Ameriprise Financial, Inc.**

**Item 8. Financial Statements and Supplementary Data** 

**Consolidated Financial Statements:**

---

| | | |
|:---|:---|:---|
| <u>[Report of Independent Registered Public Accounting Firm](#ia251ca4667c14a909df3d736176e9f91_136)</u> (PCAOB Firm ID 238) | <u>[Report of Independent Registered Public Accounting Firm](#ia251ca4667c14a909df3d736176e9f91_136)</u> (PCAOB Firm ID 238) | <u>[1](#ia251ca4667c14a909df3d736176e9f91_136)</u> |
| <u>[Consolidated Statements of Operations — Years ended December 31, 202](#ia251ca4667c14a909df3d736176e9f91_139)5[, 202](#ia251ca4667c14a909df3d736176e9f91_139)4[and 2023](#ia251ca4667c14a909df3d736176e9f91_139)</u> | <u>[Consolidated Statements of Operations — Years ended December 31, 202](#ia251ca4667c14a909df3d736176e9f91_139)5[, 202](#ia251ca4667c14a909df3d736176e9f91_139)4[and 2023](#ia251ca4667c14a909df3d736176e9f91_139)</u> | <u>[3](#ia251ca4667c14a909df3d736176e9f91_139)</u> |
| <u>[Consolidated Statements of Comprehensive Income — Years ended December 31, 202](#ia251ca4667c14a909df3d736176e9f91_142)5[, 202](#ia251ca4667c14a909df3d736176e9f91_142)4[and 2023](#ia251ca4667c14a909df3d736176e9f91_142)</u> | <u>[Consolidated Statements of Comprehensive Income — Years ended December 31, 202](#ia251ca4667c14a909df3d736176e9f91_142)5[, 202](#ia251ca4667c14a909df3d736176e9f91_142)4[and 2023](#ia251ca4667c14a909df3d736176e9f91_142)</u> | <u>[4](#ia251ca4667c14a909df3d736176e9f91_142)</u> |
| <u>[Consolidated Balance Sheets — December 31, 202](#ia251ca4667c14a909df3d736176e9f91_145)5[and 202](#ia251ca4667c14a909df3d736176e9f91_145)4</u> | <u>[Consolidated Balance Sheets — December 31, 202](#ia251ca4667c14a909df3d736176e9f91_145)5[and 202](#ia251ca4667c14a909df3d736176e9f91_145)4</u> | <u>[5](#ia251ca4667c14a909df3d736176e9f91_145)</u> |
| <u>[Consolidated Statements of Equity — Years ended December 31, 2025, 202](#ia251ca4667c14a909df3d736176e9f91_148)4[and 2023](#ia251ca4667c14a909df3d736176e9f91_148)</u> | <u>[Consolidated Statements of Equity — Years ended December 31, 2025, 202](#ia251ca4667c14a909df3d736176e9f91_148)4[and 2023](#ia251ca4667c14a909df3d736176e9f91_148)</u> | <u>[6](#ia251ca4667c14a909df3d736176e9f91_148)</u> |
| <u>[Consolidated Statements of Cash Flows — Years ended December 31, 202](#ia251ca4667c14a909df3d736176e9f91_151)5[, 202](#ia251ca4667c14a909df3d736176e9f91_151)4[and 2023](#ia251ca4667c14a909df3d736176e9f91_151)</u> | <u>[Consolidated Statements of Cash Flows — Years ended December 31, 202](#ia251ca4667c14a909df3d736176e9f91_151)5[, 202](#ia251ca4667c14a909df3d736176e9f91_151)4[and 2023](#ia251ca4667c14a909df3d736176e9f91_151)</u> | <u>[7](#ia251ca4667c14a909df3d736176e9f91_151)</u> |
| <u>[Notes to Consolidated Financial Statements](#ia251ca4667c14a909df3d736176e9f91_154)</u>  | <u>[Notes to Consolidated Financial Statements](#ia251ca4667c14a909df3d736176e9f91_154)</u>  | <u>[9](#ia251ca4667c14a909df3d736176e9f91_154)</u> |
| 1. | <u>[Basis of Presentation](#ia251ca4667c14a909df3d736176e9f91_157)</u> | <u>[9](#ia251ca4667c14a909df3d736176e9f91_157)</u> |
| 2. | <u>[Summary of Significant Accounting Policies](#ia251ca4667c14a909df3d736176e9f91_160)</u> | <u>[9](#ia251ca4667c14a909df3d736176e9f91_160)</u> |
| 3. | <u>[Recent Accounting Pronouncements](#ia251ca4667c14a909df3d736176e9f91_163)</u> | <u>[18](#ia251ca4667c14a909df3d736176e9f91_163)</u> |
| 4. | <u>[Revenue from Contracts with Customers](#ia251ca4667c14a909df3d736176e9f91_166)</u> | <u>[20](#ia251ca4667c14a909df3d736176e9f91_166)</u> |
| 5. | <u>[Variable Interest Entities](#ia251ca4667c14a909df3d736176e9f91_169)</u> | <u>[24](#ia251ca4667c14a909df3d736176e9f91_169)</u> |
| 6. | <u>[Investments](#ia251ca4667c14a909df3d736176e9f91_172)</u> | <u>[28](#ia251ca4667c14a909df3d736176e9f91_172)</u> |
| 7. | <u>[Financing Receivables](#ia251ca4667c14a909df3d736176e9f91_175)</u> | <u>[32](#ia251ca4667c14a909df3d736176e9f91_175)</u> |
| 8. | <u>[Reinsurance](#ia251ca4667c14a909df3d736176e9f91_181)</u> | <u>[36](#ia251ca4667c14a909df3d736176e9f91_181)</u> |
| 9. | <u>[Goodwill and Other Intangible Assets](#ia251ca4667c14a909df3d736176e9f91_184)</u> | <u>[37](#ia251ca4667c14a909df3d736176e9f91_184)</u> |
| 10. | <u>[Deferred Acquisition Costs and Deferred Sales Inducement Costs](#ia251ca4667c14a909df3d736176e9f91_190)</u> | <u>[38](#ia251ca4667c14a909df3d736176e9f91_190)</u> |
| 11. | <u>[Policyholder Account Balances, Future Policy Benefits and Claims](#ia251ca4667c14a909df3d736176e9f91_196)</u> | <u>[39](#ia251ca4667c14a909df3d736176e9f91_196)</u> |
| 12. | <u>[Separate Account Assets and Liabilities](#ia251ca4667c14a909df3d736176e9f91_202)</u> | <u>[50](#ia251ca4667c14a909df3d736176e9f91_202)</u> |
| 13. | <u>[Market Risk Benefits](#ia251ca4667c14a909df3d736176e9f91_205)</u> | <u>[51](#ia251ca4667c14a909df3d736176e9f91_205)</u> |
| 14. | <u>[Customer Deposits](#ia251ca4667c14a909df3d736176e9f91_211)</u> | <u>[55](#ia251ca4667c14a909df3d736176e9f91_211)</u> |
| 15. | <u>[Debt](#ia251ca4667c14a909df3d736176e9f91_214)</u> | <u>[55](#ia251ca4667c14a909df3d736176e9f91_214)</u> |
| 16. | <u>[Fair Values of Assets and Liabilities](#ia251ca4667c14a909df3d736176e9f91_217)</u> | <u>[56](#ia251ca4667c14a909df3d736176e9f91_217)</u> |
| 17. | <u>[Offsetting Assets and Liabilities](#ia251ca4667c14a909df3d736176e9f91_220)</u> | <u>[66](#ia251ca4667c14a909df3d736176e9f91_220)</u> |
| 18. | <u>[Derivatives and Hedging Activities](#ia251ca4667c14a909df3d736176e9f91_223)</u> | <u>[67](#ia251ca4667c14a909df3d736176e9f91_223)</u> |
| 19. | <u>[Leases](#ia251ca4667c14a909df3d736176e9f91_229)</u>  | <u>[71](#ia251ca4667c14a909df3d736176e9f91_229)</u> |
| 20. | <u>[Share-Based Compensation](#ia251ca4667c14a909df3d736176e9f91_235)</u> | <u>[72](#ia251ca4667c14a909df3d736176e9f91_235)</u> |
| 21. | <u>[Shareholders' Equity](#ia251ca4667c14a909df3d736176e9f91_238)</u> | <u>[76](#ia251ca4667c14a909df3d736176e9f91_238)</u> |
| 22. | <u>[Earnings per Share](#ia251ca4667c14a909df3d736176e9f91_241)</u>  | <u>[79](#ia251ca4667c14a909df3d736176e9f91_241)</u> |
| 23. | <u>[Regulatory Requirements](#ia251ca4667c14a909df3d736176e9f91_244)</u> | <u>[79](#ia251ca4667c14a909df3d736176e9f91_244)</u> |
| 24. | <u>[Income Taxes](#ia251ca4667c14a909df3d736176e9f91_247)</u> | <u>[82](#ia251ca4667c14a909df3d736176e9f91_247)</u> |
| 25. | <u>[Retirement Plans and Profit Sharing Arrangements](#ia251ca4667c14a909df3d736176e9f91_250)</u> | <u>[84](#ia251ca4667c14a909df3d736176e9f91_250)</u> |
| 26. | <u>[Commitments and Contingencies](#ia251ca4667c14a909df3d736176e9f91_253)</u> | <u>[88](#ia251ca4667c14a909df3d736176e9f91_253)</u> |
| 27. | <u>[Related Party Transactions](#ia251ca4667c14a909df3d736176e9f91_256)</u> | <u>[89](#ia251ca4667c14a909df3d736176e9f91_256)</u> |
| 28. | <u>[Segment Information](#ia251ca4667c14a909df3d736176e9f91_259)</u> | <u>[89](#ia251ca4667c14a909df3d736176e9f91_259)</u> |

---

------

**<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>**

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of Ameriprise Financial, Inc.

***Opinions on the Financial Statements and Internal Control Over Financial Reporting***

We have audited the accompanying consolidated balance sheets of Ameriprise Financial, Inc. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control Over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Valuation of market risk benefits*

As described in Notes 2 and 13 to the consolidated financial statements, market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. The significant assumptions used by management to develop the fair value measurements of market risk benefits include utilization of guaranteed withdrawals, surrender rate, market volatility and nonperformance risk. As of December 31, 2025, the market risk benefits asset was $2,274 million and the market risk benefits liability was $1,182 million.

The principal considerations for our determination that performing procedures relating to the valuation of market risk benefits is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the market risk benefits, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to management's significant assumptions related to utilization of guaranteed withdrawals, surrender rate, market volatility and nonperformance risk (collectively, the significant market risk benefit assumptions), and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to market risk benefits, including controls over the reasonableness of the significant market risk benefit assumptions. These procedures also included, among others, (i) evaluating management's process for developing the fair value estimate of the market risk benefits, (ii) testing, on a sample basis, the completeness and accuracy of data used in the estimate, and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of the significant market risk benefit assumptions based on industry knowledge and data as well as historical Company data and experience, and the continued appropriateness of unchanged assumptions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 19, 2026

We have served as the Company's auditor since 2010.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Consolidated Statements of Operations** 

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;Management and financial advice fees | $11109 | $10143 | $8907 |
| &nbsp;&nbsp;Distribution fees | 2117 | 2060 | 1931 |
| &nbsp;&nbsp;Net investment income | 3570 | 3648 | 3206 |
| &nbsp;&nbsp;Premiums, policy and contract charges | 1587 | 1559 | 1539 |
| &nbsp;&nbsp;Other revenues | 528 | 516 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 18911 | 17926 | 16096 |
| &nbsp;&nbsp;Banking and deposit interest expense | 431 | 662 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | 18480 | 17264 | 15535 |
| **Benefits and expenses** |  |  |  |
| &nbsp;&nbsp;Distribution expenses | 6741 | 6024 | 5078 |
| &nbsp;&nbsp;Interest credited to fixed accounts | 475 | 616 | 654 |
| &nbsp;&nbsp;Benefits, claims, losses and settlement expenses | 1303 | 1299 | 1350 |
| &nbsp;&nbsp;Remeasurement (gains) losses of future policy benefit reserves | 10 | (44) | (20) |
| &nbsp;&nbsp;Change in fair value of market risk benefits | 1004 | 628 | 798 |
| &nbsp;&nbsp;Amortization of deferred acquisition costs | 242 | 242 | 246 |
| &nbsp;&nbsp;Interest and debt expense | 326 | 329 | 324 |
| &nbsp;&nbsp;General and administrative expense | 3875 | 3903 | 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 13976 | 12997 | 12301 |
| Pretax income | 4504 | 4267 | 3234 |
| Income tax provision | 941 | 866 | 678 |
| Net income | $3563 | $3401 | $2556 |
| Earnings per share |  |  |  |
| &nbsp;&nbsp;Basic | $36.85 | $33.67 | $24.18 |
| &nbsp;&nbsp;Diluted | $36.28 | $33.05 | $23.71 |

---

*See Notes to Consolidated Financial Statements.*

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Consolidated Statements of Comprehensive Income** 

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Net income | $3563 | $3401 | $2556 |
| Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;Net unrealized gains (losses) on securities | 944 | (211) | 802 |
| &nbsp;&nbsp;Net unrealized gains (losses) on derivatives | (9) |  | 2 |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions on certain long-duration contracts | (72) | 153 | (54) |
| &nbsp;&nbsp;&nbsp;Effect of changes in instrument-specific credit risk on market risk benefits | 20 | (62) | (65) |
| &nbsp;&nbsp;Defined benefit plans | 14 | 15 | 15 |
| &nbsp;&nbsp;Foreign currency translation adjustment | 118 | (37) | 80 |
| &nbsp;&nbsp;Other | 1 |  |  |
| Total other comprehensive income (loss), net of tax | 1016 | (142) | 780 |
| Total comprehensive income (loss) | $4579 | $3259 | $3336 |

---

*See Notes to Consolidated Financial Statements.*

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Consolidated Balance Sheets** 

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions, except share amounts)** | **(in millions, except share amounts)** |
| **Assets** |  |  |
| Cash and cash equivalents | $9953 | $8149 |
| Cash of consolidated investment entities | 150 | 373 |
| Investments (allowance for credit losses: 2025, $26; 2024, $25) | 58406 | 56423 |
| Investments of consolidated investment entities, at fair value | 2618 | 2387 |
| Market risk benefits | 2274 | 2182 |
| Separate account assets | 80044 | 78114 |
| Receivables (allowance for credit losses: 2025, $71; 2024, $69) | 14920 | 14472 |
| Receivables of consolidated investment entities, at fair value | 30 | 31 |
| Deferred acquisition costs | 2625 | 2677 |
| Restricted and segregated cash, cash equivalents and investments | 1055 | 1444 |
| Other assets | 18829 | 15149 |
| Other assets of consolidated investment entities, at fair value |  | 2 |
| Total assets | $190904 | $181403 |
| **Liabilities and Equity** |  |  |
| **Liabilities:** |  |  |
| Policyholder account balances, future policy benefits and claims | $46498 | $41873 |
| Market risk benefits | 1182 | 1263 |
| Separate account liabilities | 80044 | 78114 |
| Customer deposits | 33750 | 35826 |
| Short-term borrowings | 200 | 201 |
| Long-term debt | 3077 | 2842 |
| Debt of consolidated investment entities, at fair value | 2585 | 2429 |
| Accounts payable and accrued expenses | 2982 | 2704 |
| Other liabilities | 13878 | 10609 |
| Other liabilities of consolidated investment entities, at fair value | 159 | 314 |
| &nbsp;&nbsp;Total liabilities | 184355 | 176175 |
| **Equity:** |  |  |
| Common shares ($0.01 par value; shares authorized, 1,250,000,000; shares issued, 338,058,287 and 337,729,050, respectively) | 3 | 3 |
| Additional paid-in capital | 10377 | 10141 |
| Retained earnings | 27662 | 24713 |
| Treasury shares, at cost (246,794,407 and 241,562,357 shares, respectively) | (30601) | (27721) |
| Accumulated other comprehensive income (loss), net of tax | (892) | (1908) |
| &nbsp;&nbsp;Total equity | 6549 | 5228 |
| Total liabilities and equity | $190904 | $181403 |

---

*See Notes to Consolidated Financial Statements.*

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Consolidated Statements of Equity** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Outstanding Shares** | **Common Shares** | **Additional Paid-In Capital** | **Retained Earnings** | **Treasury Shares** | **Accumulated Other <br>Comprehensive Income (Loss)** | **Total** |
| | **(in millions, except share amounts)** | **(in millions, except share amounts)** | **(in millions, except share amounts)** | **(in millions, except share amounts)** | **(in millions, except share amounts)** | **(in millions, except share amounts)** | **(in millions, except share amounts)** |
| **Balances at January 1, 2023** | 105278990 | $3 | $9517 | $19918 | $(23089) | $(2546) | $3803 |
| Net income |  |  |  | 2556 |  |  | 2556 |
| Other comprehensive income (loss), net of tax |  |  |  |  |  | 780 | 780 |
| Dividends to shareholders |  |  |  | (569) |  |  | (569) |
| Repurchase of common shares | (6659042) |  |  |  | (2212) |  | (2212) |
| Share-based compensation plans | 1553264 |  | 307 |  | 64 |  | 371 |
| **Balances at December 31, 2023** | 100173212 | 3 | 9824 | 21905 | (25237) | (1766) | 4729 |
| Net income |  |  |  | 3401 |  |  | 3401 |
| Other comprehensive income (loss), net of tax |  |  |  |  |  | (142) | (142) |
| Dividends to shareholders |  |  |  | (593) |  |  | (593) |
| Repurchase of common shares | (5717527) |  |  |  | (2566) |  | (2566) |
| Share-based compensation plans | 1711008 |  | 317 |  | 82 |  | 399 |
| **Balances at December 31, 2024** | 96166693 | 3 | 10141 | 24713 | (27721) | (1908) | 5228 |
| Net income |  |  |  | 3563 |  |  | 3563 |
| Other comprehensive income (loss), net of tax |  |  |  |  |  | 1016 | 1016 |
| Dividends to shareholders |  |  |  | (614) |  |  | (614) |
| Repurchase of common shares | (5893906) |  |  |  | (2957) |  | (2957) |
| Share-based compensation plans | 991093 |  | 236 |  | 77 |  | 313 |
| **Balances at December 31, 2025** | 91263880 | $3 | $10377 | $27662 | $(30601) | $(892) | $6549 |

---

*See Notes to Consolidated Financial Statements.*

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Consolidated Statements of Cash Flows** 

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| **Cash Flows from Operating Activities** |  |  |  |
| Net income | $3563 | $3401 | $2556 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion, net | (93) | (159) | (154) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | 157 | 125 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 206 | 193 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized investment (gains) losses | (3) | 15 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net trading (gains) losses | (6) | (7) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from equity method investments | 8 | 19 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments and provision for loan and credit losses | 19 | 9 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gains) losses of consolidated investment entities | 12 | (13) | 23 |
| Changes in operating assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted and segregated investments | 477 | 102 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 52 | 36 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder account balances, future policy benefits and claims, and market risk benefits, net | 4610 | 3831 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives, net of collateral | (394) | (1696) | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | (159) | 215 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage deposits | (385) | (55) | (781) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 261 | 105 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax, net | (108) | 200 | (387) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating assets and liabilities of consolidated investment entities, net | 6 | 1 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 100 | 273 | 46 |
| Net cash provided by (used in) operating activities | 8323 | 6595 | 4685 |
| **Cash Flows from Investing Activities** |  |  |  |
| Available-for-Sale securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | 2154 | 2340 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities, sinking fund payments and calls | 16919 | 15684 | 9230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | (19504) | (18536) | (19694) |
| Proceeds from sales, maturities and repayments of mortgage loans | 240 | 175 | 152 |
| Funding of mortgage loans | (713) | (413) | (284) |
| Proceeds from sales, maturities and collections of other investments | 70 | 123 | 145 |
| Purchase of other investments | (51) | (158) | (116) |
| Purchase of investments by consolidated investment entities | (1431) | (1125) | (427) |
| Proceeds from sales, maturities and repayments of investments by consolidated investment entities | 988 | 1117 | 643 |
| Purchase of land, buildings, equipment and software | (162) | (176) | (184) |
| Cash paid for written options with deferred premiums | (50) | (57) | (59) |
| Cash received from written options with deferred premiums | 20 | 22 | 43 |
| Cash paid for deposit receivables | (29) | (33) | (39) |
| Cash received for deposit receivables | 427 | 592 | 774 |
| Other, net | (406) | (106) | (180) |
| Net cash provided by (used in) investing activities | $(1528) | $(551) | $(9262) |
| *See Notes to Consolidated Financial Statements.* | *See Notes to Consolidated Financial Statements.* | *See Notes to Consolidated Financial Statements.* | *See Notes to Consolidated Financial Statements.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Consolidated Statements of Cash Flows (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| **Cash Flows from Financing Activities** |  |  |  |
| Investment certificates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from additions | $3064 | $4942 | $11193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities, withdrawals and cash surrenders | (6123) | (7212) | (7039) |
| Policyholder account balances: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits and other additions | 1293 | 1470 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers from (to) separate accounts | (163) | (176) | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and other benefits | (1487) | (1765) | (2102) |
| Change in banking deposits, net | 1356 | 809 | 3193 |
| Cash paid for purchased options with deferred premiums | (121) | (148) | (53) |
| Cash received for purchased options with deferred premiums | 96 | 229 | 251 |
| Issuance of long-term debt, net of issuance costs | 741 |  | 1335 |
| Repayments of long-term debt | (510) | (561) | (760) |
| Dividends paid to shareholders | (596) | (574) | (550) |
| Repurchase of common shares | (2907) | (2448) | (2127) |
| Borrowings of consolidated investment entities | 1120 | 1273 |  |
| Repayments of debt by consolidated investment entities | (922) | (1004) | (275) |
| Other, net | 2 |  | 1 |
| Net cash provided by (used in) financing activities | (5157) | (5165) | 4411 |
| Effect of exchange rate changes on cash | 31 | (10) | 31 |
| Net increase (decrease) in cash and cash equivalents, including amounts restricted | 1669 | 869 | (135) |
| Cash and cash equivalents, including amounts restricted at beginning of period | 9489 | 8620 | 8755 |
| Cash and cash equivalents, including amounts restricted at end of period | $11158 | $9489 | $8620 |
| Supplemental Disclosures: |  |  |  |
| &nbsp;&nbsp;Interest paid excluding consolidated investment entities | $592 | $834 | $682 |
| &nbsp;&nbsp;Interest paid by consolidated investment entities | 160 | 176 | 177 |
| &nbsp;&nbsp;Leased assets obtained in exchange for operating lease liabilities | 50 | 39 | 67 |
|  |  | **<br>December 31,** | **<br>December 31,** |
|  |  | **2025** | **2024** |
|  |  | **(in millions)** | **(in millions)** |
| Reconciliation of cash and cash equivalents, including amounts restricted: | Reconciliation of cash and cash equivalents, including amounts restricted: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;Cash and cash equivalents | $9953 | $8149 |
| &nbsp;&nbsp;Cash of consolidated investment entities | &nbsp;&nbsp;Cash of consolidated investment entities | 150 | 373 |
| &nbsp;&nbsp;Restricted and segregated cash, cash equivalents and investments | &nbsp;&nbsp;Restricted and segregated cash, cash equivalents and investments | 1055 | 1444 |
| &nbsp;&nbsp;Less: Restricted and segregated investments | &nbsp;&nbsp;Less: Restricted and segregated investments |  | (477) |
| Total cash and cash equivalents, including amounts restricted per consolidated statements of cash flows | Total cash and cash equivalents, including amounts restricted per consolidated statements of cash flows | $11158 | $9489 |

---

*See Notes to Consolidated Financial Statements.*

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements** 

**1. Basis of Presentation** 

Ameriprise Financial, Inc. is a holding company, which primarily conducts business through its subsidiaries to provide financial planning, products and services that are designed to be utilized as solutions for clients' cash and liquidity, asset accumulation, income, protection and estate and wealth transfer needs. The foreign operations of Ameriprise Financial, Inc. ("Ameriprise Financial") are conducted primarily through Columbia Threadneedle Investments UK International Limited, TAM UK International Holdings Limited and Ameriprise Asset Management Holdings Singapore (Pte.) Ltd. and their respective subsidiaries (collectively, "Threadneedle").

The accompanying Consolidated Financial Statements include the accounts of Ameriprise Financial, Inc., companies in which it directly or indirectly has a controlling financial interest and variable interest entities ("VIEs") in which it is the primary beneficiary (collectively, the "Company"). All intercompany transactions and balances have been eliminated in consolidation.

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain reclassifications of prior period amounts have been made to conform with the current presentation.

The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.

**2. Summary of Significant Accounting Policies** 

**Principles of Consolidation**

A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entity's losses, or the rights to receive the entity's returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities.

Voting interest entities ("VOEs") are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less than a 20% voting interest and does not exercise significant influence. Under the measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar investments of the same issuer.

A VIE is consolidated by the reporting entity that determines it has both:

• the power to direct the activities of the VIE that most significantly impact the VIE's economic performance; and

• the obligation to absorb potentially significant losses or the right to receive potentially significant benefits to the VIE.

All VIEs are assessed for consolidation under this framework. When evaluating entities for consolidation, the Company considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. In determining whether the Company has this power, it considers whether it is acting in a role that enables it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in an agent role.

In determining whether the Company has the obligation to absorb potential significant losses of the VIE or the right to receive potential significant benefits from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as investment returns and its obligation to absorb losses associated with any investment in the VIE in conjunction with other qualitative factors. Management and incentive fees that are at market and commensurate with the level of services provided, and where the Company does not hold other interests in the VIE that would absorb more than an insignificant amount of the VIE's expected losses or receive more than an insignificant amount of the VIE's expected residual returns, are not considered a variable interest and are excluded from the analysis.

The consolidation guidance has a scope exception for reporting entities with interests in registered money market funds which do not have an explicit support agreement.

**Foreign Currency Translation**

Assets and liabilities of foreign subsidiaries, whose functional currency is other than the U.S. dollar, are translated into U.S. dollars based upon exchange rates prevailing at the end of each period. Revenues and expenses are translated at average daily exchange rates during the period. The resulting translation adjustment, along with any related hedge and tax effects, are included in accumulated other comprehensive income (loss) ("AOCI"). The determination of the functional currency is based on the primary economic environment in which the entity operates. Gains and losses from foreign currency transactions are included in General and administrative expenses.

**Amounts Based on Estimates and Assumptions**

Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments, valuation of derivative instruments, litigation reserves, future policy benefits, market risk benefits, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.

**Cash and Cash Equivalents**

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.

**Investments**

*Available-for-Sale Securities*

Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in AOCI, net of impacts to benefit reserves, reinsurance recoverables and income taxes. Available-for-Sale securities are recorded within Investments. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Operations upon disposition of the securities.

Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, the Company first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, the Company recognizes an impairment by reducing the book value of the security for the difference between the investment's amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (loss) ("OCI"), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.

For securities that do not meet the above criteria, the Company determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to Net investment income. The allowance for credit losses is limited to the amount by which the security's amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is recognized in OCI.

Factors the Company considers in determining whether declines in the fair value of fixed maturity securities are due to credit-related factors include: (i) the extent to which the market value is below amortized cost; (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iii) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors.

If through subsequent evaluation there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.

In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security's effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company's position in the debtor's overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities, asset backed securities and other structured investments), the Company also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.

Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Receivables. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management's evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Net investment income.

**Financing Receivables**

*Commercial Loans*

Commercial loans include commercial mortgage loans, syndicated loans, and advisor loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans and syndicated loans are recorded within Investments and advisor loans are recorded within Receivables. Commercial mortgage loans are loans on commercial properties that are originated by the Company. Syndicated loans represent the Company's investment in loan syndications originated by unrelated third parties.

The Company offers loans to financial advisors primarily for recruiting, transitional cost assistance, retention purposes, practice operations, and growth strategies. These advisor loans are generally repaid over a five- to ten-year period. If the financial advisor is no longer affiliated with the Company, the unpaid balances generally become immediately due.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Net investment income. Interest income recognized on advisor loans is recorded in Other revenues.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

*Consumer Loans*

Consumer loans consist of credit card receivables, residential mortgage loans, policy loans, margin loans and pledged asset lines of credit and are recorded at amortized cost less the allowance for loan losses. Credit card receivables, residential mortgage loans and policy loans are recorded within Investments. Margin loans and pledged asset lines of credit are recorded within Receivables. Credit card receivables are related to Ameriprise-branded credit cards issued to the Company's customers by a third party. When originated, policy loan balances do not exceed the cash surrender value of the underlying products. The Company's broker dealer subsidiaries enter into lending arrangements with clients through the normal course of business, which are primarily based on customer margin levels. Ameriprise Bank, FSB ("Ameriprise Bank") enters into pledged asset lines of credit with customers of the Company's broker dealer subsidiaries, where certain of the customer's assets held in brokerage accounts serve as collateral.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on consumer loans is recorded in Net investment income.

*Deposit Receivables*

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability related to insurance risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits made and any related embedded derivatives are included in Receivables. As amounts are received, consistent with the underlying contracts, deposit receivables are adjusted. Deposit receivables are accreted using the interest method and the accretion is reported in Other revenues.

See Note 7 for additional information on financing receivables.

***Allowance for Credit Losses***

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset's expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management's expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased. The methods and information used to develop the allowance for credit losses for each class of financing receivable are discussed below.

*Commercial Loans*

The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net investment income and is reduced/increased by net charge-offs/recoveries.

Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value ("LTV") ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change.

While the Company may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.

When determining the allowance for credit losses for advisor loans, the Company considers its actual historical collection experience and advisor termination experience as well as other factors including amounts due at termination, the reasons for the terminated relationship, length of time since termination, and the former financial advisor's overall financial position. Management may identify certain pools of advisors at higher risk of termination based on production metrics or other factors. Management uses its best estimate of future termination and collection rates to estimate expected credit losses over the expected life of the loans. The allowance for credit losses on advisor loans is recorded through provisions charged to Distribution expenses and is reduced/increased by net charge-offs/recoveries.

*Consumer Loans*

The allowance for loan losses for credit card receivables and residential mortgage loans are based on models that project the Company's receivable exposure over the expected life of the loans using cohorts based on the age of the receivable, geographic location, and credit scores. The models utilize industry data to derive probability of default and loss given default assumptions, adjusted for current and future economic conditions. Management evaluates actual historical charge-off experience and monitors risk factors including FICO scores and past-due status within the credit card portfolio, and FICO scores, LTV ratios, and past-due status within the residential mortgage loan portfolio, to ensure the allowance for loan losses based on industry data appropriately reserves for

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<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

risks specific to the Company's portfolios. The allowance for credit losses for credit card receivables and residential mortgage loans are recorded through provisions charged to Net investment income and are reduced/increased by net charge-offs/recoveries.

The Company monitors the market value of collateral supporting margin loans and pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. Due to these ongoing monitoring procedures, the allowance for credit losses is only measured for the margin loan and pledged asset line of credit balances that are uncollateralized at the balance sheet date.

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

*Deposit Receivables*

The allowance for credit losses is calculated on an individual reinsurer basis. Deposit receivables are collateralized by underlying trust arrangements. Management evaluates the terms of the reinsurance and trust agreements, the nature of the underlying assets, and the potential for changes in the collateral value when considering the need for an allowance for credit losses.

***Nonaccrual Loans***

Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. Advisor loans are placed on nonaccrual status upon the advisor's termination. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans, syndicated loans, and consumer loans.

***Loan Modifications***

A loan is modified when the Company makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower's ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.

***Charge-off and Foreclosure***

*Commercial Loans*

Charge-offs are recorded when the Company concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower's estimated future ability to pay based on property type and geographic location. Factors used by the Company to determine whether all amounts due on syndicated loans will be collected, include but are not limited to the borrower's financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.

If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned within Other assets.

Concerns regarding the recoverability of loans to advisors primarily arise in the event that the financial advisor is no longer affiliated with the Company. When the review of these factors indicates that further collection activity is highly unlikely, the outstanding balance of the loan is written-off and the related allowance is reduced.

*Consumer Loans*

Credit card receivables are not placed on nonaccrual status at 90 days past due; however, they are fully charged off upon reaching 180 days past due.

**Separate Account Assets and Liabilities**

Separate account assets represent funds held for the benefit of, and Separate account liabilities represent the obligation to, the variable annuity contractholders and variable life insurance policyholders who have a contractual right to receive the benefits of their contract or policy and bear the related investment risk. Gains and losses on separate account assets accrue directly to the contractholder or policyholder and are not reported in the Consolidated Statements of Operations. Included in separate account assets and liabilities is the fair value of the pooled pension funds that are offered by Threadneedle. Threadneedle provides a range of unitized pooled pension funds, which invest in property, stocks, bonds and cash. The investments are selected by the clients and are based on the level of risk they are willing to assume. All investment performance, net of fees, is passed through to the investors. Separate account assets are recorded at fair value and Separate account liabilities are equal to the assets recognized.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**Restricted and Segregated Cash, Cash Equivalents and Investments**

Amounts segregated under federal and other regulations are held in special reserve bank accounts for the exclusive benefit of the Company's brokerage customers. Cash and cash equivalents included in Restricted and segregated cash, cash equivalents and investments are presented as part of cash balances in the Consolidated Statements of Cash Flows.

**Land, Buildings, Equipment and Software**

Land, buildings, equipment and internally developed software are carried at cost less accumulated depreciation or amortization and are reflected within Other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 39 years.

As of December 31, 2025 and 2024, land, buildings, equipment and software were $744 million and $733 million, respectively, net of accumulated depreciation of $2.0 billion and $2.0 billion, respectively. Depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $151 million, $142 million and $151 million, respectively.

**Leases**

The Company has operating and finance leases for corporate and field offices. The Company determines if an arrangement is a lease at inception or modification. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and corresponding lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate to determine the present value of the future lease payments. The incremental borrowing rate is determined at lease commencement date using a secured rate for a similar term as the period of the lease. Certain lease incentives such as free rent periods are recorded as a reduction of the ROU asset. Lease costs for operating ROU assets is recognized on a straight-line basis over the lease term.

Certain leases include one or more options to renew with terms that can extend the lease from one year to 10 years. The exercise of any lease renewal option is at the sole discretion of the Company. Renewal options are included in the ROU assets and lease liabilities when they either provide an economic incentive to renew or when the costs related to the termination of a lease outweigh the benefits of signing a new lease.

Operating and finance ROU assets are reflected in Other assets. Operating lease liabilities and finance lease liabilities are reflected in Other liabilities and Long-term debt, respectively.

**Goodwill and Other Intangible Assets**

Goodwill represents the amount of an acquired company's acquisition cost in excess of the fair value of assets acquired and liabilities assumed. The Company evaluates goodwill for impairment annually on the measurement date of July 1 and whenever events and circumstances indicate that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell or dispose of a reporting unit. Impairment is the amount carrying value exceeds fair value and is evaluated at the reporting unit level. The Company assesses various qualitative factors to determine whether impairment is likely to have occurred. If impairment were to occur, the Company would use the discounted cash flow method, a variation of the income approach.

Intangible assets are amortized over their estimated useful lives unless they are deemed to have indefinite useful lives. The Company evaluates the definite lived intangible assets remaining useful lives annually and tests for impairment whenever events and circumstances indicate that an impairment may have occurred, such as a significant adverse change in the business climate. For definite lived intangible assets, impairment to fair value is recognized if the carrying amount is not recoverable. Indefinite lived intangibles are also tested for impairment annually or whenever circumstances indicate an impairment may have occurred.

Goodwill and other intangible assets are reflected in Other assets.

**Derivative Instruments and Hedging Activities**

Freestanding derivative instruments are recorded at fair value and are reflected in Other assets or Other liabilities. The Company's policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments ("fair value hedges"), (ii) hedges of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability ("cash flow hedges"), or (iii) hedges of foreign currency exposures of net investments in foreign operations ("net investment hedges in foreign operations").

Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged

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<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting.

For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Operations based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Operations with the corresponding change in the hedged asset or liability.

For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item.

For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Operations with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of Net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately.

For derivative instruments that qualify as net investment hedges in foreign operations, the effective portion of the change in fair value of the derivatives is recorded in AOCI as part of the foreign currency translation adjustment. Any ineffective portion of the net investment hedges in foreign operations is recognized in Net investment income during the period of change.

The equity component of indexed annuity, structured variable annuity, indexed universal life ("IUL") and stock market certificate ("SMC") obligations are considered embedded derivatives.

See Note 16 for information regarding the Company's fair value measurement of derivative instruments and Note 18 for the impact of derivatives on the Consolidated Statements of Operations.

**Market Risk Benefits**

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits include guaranteed minimum death benefit ("GMDB"), guaranteed minimum income benefit ("GMIB"), guaranteed minimum withdrawal benefits ("GMWB") and guaranteed minimum accumulation benefits ("GMAB"). If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.

Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in OCI.

**Deferred Acquisition Costs**

The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The deferred acquisition costs ("DAC") associated with insurance policies or annuity contracts that are significantly modified or internally replaced with another contract are accounted for as write-offs. These transactions are anticipated in establishing amortization periods and other valuation assumptions.

The Company monitors other DAC amortization assumptions, such as persistency, mortality, morbidity, and variable annuity benefit utilization each quarter and, when assessed independently, each could impact the Company's DAC balances. Unamortized DAC is reduced for actual experience in excess of expected experience.

The analysis of DAC balances and the corresponding amortization considers all relevant factors and assumptions described previously. Unless the Company's management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

DAC is amortized on a constant-level basis for the grouped contracts over the expected contract term to approximate straight-line amortization. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability for future policy benefits. DAC related to all long-duration product types (except for life contingent payout annuities) is grouped on a calendar-year annual basis for each legal entity. Further disaggregation is reported for any contracts that include an additional liability for death or other insurance benefit. DAC related to life contingent payout annuities is grouped on a calendar-year annual basis for each legal entity for policies issued prior to 2021 and on a quarterly basis for each legal entity thereafter.

DAC related to annuity products (including variable deferred annuities, structured variable annuities, fixed deferred annuities, and life contingent payout annuities) is amortized based on initial premium. DAC related to life insurance products (including universal life ("UL") insurance, variable universal life ("VUL") insurance, IUL insurance, term life insurance, and whole life insurance) is amortized based on original specified amount (i.e., face amount). DAC related to disability income ("DI") insurance is amortized based on original monthly benefit.

The accounting contract term for annuity products (except for life contingent payout annuities) is the projected accumulation period. Life contingent payout annuities are amortized over the period which annuity payments are expected to be paid. The accounting contract term for life insurance products is the projected life of the contract. DI insurance is amortized over the projected life of the contract, including the claim paying period.

**Deferred Sales Inducement Costs**

Deferred sales inducements are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy. Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized on a constant level basis using the same methodology and assumptions used to amortize DAC. Deferred sales inducement costs ("DSIC") is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.

**Reinsurance**

The Company cedes insurance risk to other insurers under reinsurance agreements.

Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums for traditional life, long term care ("LTC") and DI insurance and life contingent payout annuities, net of the change in any prepaid reinsurance asset, are reported as a reduction of Premiums, policy and contract charges. Reinsurance recoveries are reported as components of Benefits, claims, losses and settlement expenses.

UL and VUL reinsurance premiums are reported as a reduction of Premiums, policy and contract charges. In addition, for UL and VUL insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset and amortized based on estimated gross profits over the period the reinsured policies are in force. Changes in the net cost of reinsurance are reflected as a component of Premiums, policy and contract charges.

Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Receivables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company's reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the Company's data. Such differences include that the Company has no actual history of significant losses and that industry data may contain non-life insurers. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.

The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within Policyholder account balances, future policy benefits and claims.

See Note 8 for additional information on reinsurance.

**Policyholder Account Balances, Future Policy Benefits and Claims**

The Company establishes reserves to cover the benefits associated with non-traditional and traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL

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<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

policies. Traditional long-duration products include term life, whole life, DI and LTC insurance products and life contingent payout annuity products.

*Non-Traditional Long-Duration Products*

The liabilities for non-traditional long-duration products include fixed account values on variable and fixed annuities and UL and VUL policies, non-life contingent payout annuities, liabilities for guaranteed benefits associated with variable annuities (including structured variable annuities), and embedded derivatives for structured variable annuities, indexed annuities and IUL products.

Liabilities for fixed account values on variable annuities, structured variable annuities, fixed deferred annuities, and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. The liability for non-life contingent payout annuities is recognized as the present value of future payments using the effective yield at inception of the contract.

A portion of the Company's UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined at the reporting date by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 11 for information regarding the liability for contracts with secondary guarantees.

Liabilities for fixed deferred indexed annuity, structured variable annuity and IUL products are equal to the accumulation of host contract values, guaranteed benefits, and the fair value of embedded derivatives.

See Note 13 for information regarding variable annuity guarantees.

*Embedded Derivatives*

The fair value of embedded derivatives related to structured variable annuities, indexed annuities and IUL fluctuate based on equity markets and interest rates and the estimate of the Company's nonperformance risk and is recorded in Policyholder account balances, future policy benefits and claims. See Note 16 for information regarding the fair value measurement of embedded derivatives.

*Traditional Long-Duration Products*

The liability for future policy benefits for traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI and LTC insurance policies and life contingent payout annuity policies as claims are incurred in the future. A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. Expected insurance benefits are accrued over the life of the contract in proportion to premium revenue recognized (referred to as the net premium approach). The net premium ratio reflects cash flows from contract inception to contract termination (i.e., through the claim paying period) and cannot exceed 100%.

Assumptions utilized in the net premium approach, including mortality, morbidity, and terminations, are reviewed as part of experience studies at least annually or more frequently if suggested by evidence. Expense assumptions and actual expenses are updated within the net premium calculation consistent with other policyholder assumptions.

The updated cash flows used in the calculation are discounted using a forward rate curve. The discount rate represents an upper-medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability. Discount rates are locked in annually, at the end of each year for all products, except life contingent payout annuities, and calculated as the monthly average discount rate curves for the year. For life contingent payout annuities, the discount rates are locked in quarterly at the end of each quarter based on the average of the three months for the quarter.

The liability for future policy benefits will be updated for actual experience at least on an annual basis and concurrent with changes to cash flow assumptions. When net premiums are updated for cash flow changes, the estimated cash flows over the entire life of a group of contracts are updated using historical experience and updated future cash flow assumptions.

The revised net premiums are used to calculate an updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original locked in rate (i.e., contract issuance rate). The updated liability for future policy benefits as of the beginning of the reporting period is then compared with the carrying amount of the liability as of that date prior to updating cash flow assumptions to determine the current period remeasurement gain or loss reflected in current period earnings. The revised net premiums are then applied as of the beginning of the quarter to calculate the benefit expense for the current reporting period.

The difference between the updated carrying amount of the liability for future policy benefits measured using the current discount rate assumption and the original discount rate assumption is recognized in OCI. The interest accretion rate remains the original discount rate used at contract issue date.

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<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

If the updating of cash flow assumptions results in the present value of future benefits and expenses exceeding the present value of future gross premiums, a charge to net income is recorded for the current reporting period such that net premiums are set equal to gross premiums. In subsequent periods, the liability for future policy benefits is accrued with net premiums set equal to gross premiums.

Contracts (except for life contingent payout annuities sold subsequent to December 31, 2020) are grouped into cohorts by contract type and issue year, as well as by legal entity and reportable segment. Life contingent payout annuities sold in periods beginning in 2021 are grouped into quarterly cohorts.

See Note 11 for information regarding the liabilities for traditional long-duration products.

*Deferred Profit Liability* 

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability ("DPL"). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.

The DPL is amortized and recognized as premium revenue in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or credit to premium revenue.

DPL is recorded in Policyholder account balances, future policy benefits and claims and included as a reconciling item within Note 11.

**Unearned Revenue Liability**

The Company's UL and VUL policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized using the same assumptions and factors used to amortize DAC. The unearned revenue liability is recorded in Other liabilities and the amortization is recorded in Premiums, policy and contract charges.

For clients who pay financial planning fees prior to the advisor's delivery of the financial plan, the financial planning fees received in advance are deferred as unearned revenue until the plan is delivered to the client.

**Share-Based Compensation**

The Company measures and recognizes the cost of share-based awards granted to employees and directors based on the grant-date fair value of the award and recognizes the expense (net of estimated forfeitures) on a straight-line basis over the vesting period. Excess tax benefits or deficiencies are created upon distribution or exercise of awards and are recognized within the Income tax provision. The fair value of each option is estimated on the grant date using a Black-Scholes option-pricing model. The Company recognizes the cost of performance share units granted to the Company's Executive Leadership Team on a fair value basis until fully vested.

**Income Taxes**

The Company's provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.

In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.

The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. With respect to the corporate alternative minimum tax ("CAMT"), we have adopted a policy of excluding future years' CAMT as a consideration within the Company's valuation allowance analysis. See Note 24 for additional information on the Company's valuation allowance.

Changes in tax rates and tax law are accounted for in the period of enactment. Deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates and the effect is included in net income.

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<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**Revenue Recognition**

Mortality and expense risk fees are generally calculated as a percentage of the fair value of assets held in separate accounts and recognized when assessed within Premiums, policy and contract charges.

Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Realized gains and losses on the sale of securities, other than trading securities and equity method investments, are recognized using the specific identification method on a trade date basis.

Premiums on traditional life, DI and LTC insurance and life contingent payout annuities are net of reinsurance ceded and are recognized as revenue when due.

Variable annuity guaranteed benefit rider charges and cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities and UL and VUL insurance are recognized as revenue when assessed within Premiums, policy and contract charges.

See Note 4 for further discussion of accounting policies on revenue from contracts with customers.

**3. Recent Accounting Pronouncements**

**Adoption of New Accounting Standards**

*Income Taxes – Improvements to Income Tax Disclosures*

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, *Improvements to Income Tax Disclosures*, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024. The Company elected retrospective application and adopted the standard on January 1, 2025. The adoption of the standard did not have an impact on the Company's consolidated results of operations and financial condition as the standard is disclosure-related only.

**Future Adoption of New Accounting Standards**

*Expenses – Disaggregation of Income Statement Expenses* 

In November 2024, the FASB issued ASU 2024-03, *Disaggregation of Income Statement Expenses*, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing changes to disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company's consolidated results of operations and financial condition as the standard is disclosure-related only.

*Financial Instruments – Measurement of Credit Losses for Accounts Receivable and Contract Assets*

In July 2025, the FASB issued ASU 2025-05, *Measurement of Credit Losses for Accounts Receivable and Contract Assets,* which allows all entities to apply a practical expedient when estimating expected credit losses that assumes current conditions as of the balance sheet date will remain unchanged over the asset's remaining life. The standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those years. The adoption of the standard will not have an impact on the Company's consolidated results of operations and financial condition.

*Intangibles – Internal-Use Software*

In September 2025, the FASB issued ASU 2025-06, *Targeted Improvements to the Accounting for Internal-Use Software*, to clarify and modernize the accounting treatment for internal-use software costs by eliminating the use of the sequential software development project stages method and provide further guidance on when an entity is required to start capitalizing eligible costs. Under the new guidance, capitalization begins when both of the following occur: (a) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed, and the software will be used to perform the function intended. The Company can elect prospective, retrospective, or modified retrospective adoption. The standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those years. The Company is evaluating the impact of the standard on its consolidated results of operations and financial condition.

*Financial Instruments – Credit Losses: Purchased Loans*

In November 2025, the FASB issued ASU 2025-08, *Purchased Loans*, which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up method). The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years,

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

and applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition.

*Derivatives and Hedging – Hedge Accounting Improvements*

In November 2025, the FASB issued ASU 2025-09, *Hedge Accounting Improvements*, to make targeted changes within the hedge accounting model. The updates primarily relate to cash flow hedges and certain fair value and net investment hedges. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition.

*Interim Reporting – Narrow-Scope Improvements*

In December 2025, the FASB issued ASU 2025-11, *Narrow-Scope Improvements*, which enhances the navigability of the required interim disclosures and clarifies when that guidance applies. The ASU addresses the form and content of interim financial statements and notes prepared in accordance with GAAP, adds lists of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. The adoption of the standard will not have an impact on the Company's consolidated results of operations and financial condition as the standard is disclosure-related only.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**4. Revenue from Contracts with Customers** 

The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Advice & Wealth Management** | **Asset Management** | **Retirement & Protection Solutions** | **Corporate & Other** | **Total Segments** | **Non-operating Revenue** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Management and financial advice fees: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset management fees: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $— | $2170 | $— | $— | $2170 | $— | $2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | 671 |  |  | 671 |  | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Model delivery |  | 95 |  |  | 95 |  | 95 |
| &nbsp;&nbsp;Advisory fees | 6481 |  |  |  | 6481 |  | 6481 |
| &nbsp;&nbsp;Financial planning fees | 496 |  |  |  | 496 |  | 496 |
| &nbsp;&nbsp;Transaction and other fees | 394 | 206 | 60 |  | 660 |  | 660 |
| &nbsp;&nbsp;&nbsp;Total management and financial advice fees | 7371 | 3142 | 60 |  | 10573 |  | 10573 |
| Distribution fees: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mutual funds | 890 | 227 |  |  | 1117 |  | 1117 |
| &nbsp;&nbsp;Insurance and annuity | 1044 | 157 | 337 |  | 1538 |  | 1538 |
| &nbsp;&nbsp;&nbsp;Off-balance sheet brokerage cash | 102 |  |  |  | 102 |  | 102 |
| &nbsp;&nbsp;Other products | 484 |  |  |  | 484 |  | 484 |
| &nbsp;&nbsp;&nbsp;Total distribution fees | 2520 | 384 | 337 |  | 3241 |  | 3241 |
| Other revenues | 279 | 15 |  | 3 | 297 |  | 297 |
| Total revenue from contracts with customers | 10170 | 3541 | 397 | 3 | 14111 |  | 14111 |
| &nbsp;&nbsp;Revenue from other sources <sup>(1)</sup> | 2002 | 80 | 3558 | 457 | 6097 | 202 | 6299 |
| Total segment gross revenues | 12172 | 3621 | 3955 | 460 | 20208 | 202 | 20410 |
| &nbsp;&nbsp;Banking and deposit interest expense | (431) |  |  | (33) | (464) |  | (464) |
| Total segment net revenues | 11741 | 3621 | 3955 | 427 | 19744 | 202 | 19946 |
| &nbsp;&nbsp;Elimination of intersegment revenues | (936) | (103) | (443) | 31 | (1451) | (15) | (1466) |
| Total net revenues | $10805 | $3518 | $3512 | $458 | $18293 | $187 | $18480 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Advice & Wealth Management** | **Asset Management** | **Retirement & Protection Solutions** | **Corporate & Other** | **Total Segments** | **Non-operating Revenue** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Management and financial advice fees: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset management fees: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $— | $2132 | $— | $— | $2132 | $— | $2132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | 618 |  |  | 618 |  | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Model delivery |  | 82 |  |  | 82 |  | 82 |
| &nbsp;&nbsp;Advisory fees | 5634 |  |  |  | 5634 |  | 5634 |
| &nbsp;&nbsp;Financial planning fees | 470 |  |  |  | 470 |  | 470 |
| &nbsp;&nbsp;Transaction and other fees | 388 | 207 | 60 |  | 655 |  | 655 |
| &nbsp;&nbsp;&nbsp;Total management and financial advice fees | 6492 | 3039 | 60 |  | 9591 |  | 9591 |
| Distribution fees: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mutual funds | 821 | 228 |  |  | 1049 |  | 1049 |
| &nbsp;&nbsp;Insurance and annuity | 1037 | 160 | 341 |  | 1538 |  | 1538 |
| &nbsp;&nbsp;&nbsp;Off-balance sheet brokerage cash | 154 |  |  |  | 154 |  | 154 |
| &nbsp;&nbsp;Other products | 441 |  |  |  | 441 |  | 441 |
| &nbsp;&nbsp;&nbsp;Total distribution fees | 2453 | 388 | 341 |  | 3182 |  | 3182 |
| Other revenues | 255 | 13 |  |  | 268 |  | 268 |
| Total revenue from contracts with customers | 9200 | 3440 | 401 |  | 13041 |  | 13041 |
| &nbsp;&nbsp;Revenue from other sources <sup>(1)</sup> | 2242 | 75 | 3372 | 484 | 6173 | 196 | 6369 |
| Total segment gross revenues | 11442 | 3515 | 3773 | 484 | 19214 | 196 | 19410 |
| &nbsp;&nbsp;Banking and deposit interest expense | (662) |  |  | (30) | (692) |  | (692) |
| Total segment net revenues | 10780 | 3515 | 3773 | 454 | 18522 | 196 | 18718 |
| &nbsp;&nbsp;Elimination of intersegment revenues | (935) | (96) | (441) | 29 | (1443) | (11) | (1454) |
| Total net revenues | $9845 | $3419 | $3332 | $483 | $17079 | $185 | $17264 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| | **Advice & Wealth Management** | **Asset Management** | **Retirement & Protection Solutions** | **Corporate & Other** | **Total Segments** | **Non-operating Revenue** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Management and financial advice fees: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset management fees: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail | $— | $1959 | $— | $— | $1959 | $— | $1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | 612 |  |  | 612 |  | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Model delivery |  | 65 |  |  | 65 |  | 65 |
| &nbsp;&nbsp;Advisory fees | 4687 |  |  |  | 4687 |  | 4687 |
| &nbsp;&nbsp;Financial planning fees | 426 |  |  |  | 426 |  | 426 |
| &nbsp;&nbsp;Transaction and other fees | 372 | 195 | 56 |  | 623 |  | 623 |
| &nbsp;&nbsp;&nbsp;Total management and financial advice fees | 5485 | 2831 | 56 |  | 8372 |  | 8372 |
| Distribution fees: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mutual funds | 723 | 209 |  |  | 932 |  | 932 |
| &nbsp;&nbsp;Insurance and annuity | 895 | 154 | 324 |  | 1373 |  | 1373 |
| &nbsp;&nbsp;Off-balance sheet brokerage cash | 316 |  |  |  | 316 |  | 316 |
| &nbsp;&nbsp;&nbsp;Other products | 339 |  |  |  | 339 |  | 339 |
| &nbsp;&nbsp;&nbsp;Total distribution fees | 2273 | 363 | 324 |  | 2960 |  | 2960 |
| Other revenues | 227 | 20 |  |  | 247 |  | 247 |
| Total revenue from contracts with customers | 7985 | 3214 | 380 |  | 11579 |  | 11579 |
| &nbsp;&nbsp;Revenue from other sources <sup>(1)</sup> | 1994 | 64 | 3096 | 553 | 5707 | 160 | 5867 |
| Total segment gross revenues | 9979 | 3278 | 3476 | 553 | 17286 | 160 | 17446 |
| &nbsp;&nbsp;Banking and deposit interest expense | (561) |  |  | (20) | (581) |  | (581) |
| Total segment net revenues | 9418 | 3278 | 3476 | 533 | 16705 | 160 | 16865 |
| &nbsp;&nbsp;Elimination of intersegment revenues | (847) | (79) | (411) | 19 | (1318) | (12) | (1330) |
| Total net revenues | $8571 | $3199 | $3065 | $552 | $15387 | $148 | $15535 |

---

<sup>(1)</sup> Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company's contracts with customers on a consolidated basis.

**Management and Financial Advice Fees**

*Asset Management Fees*

The Company earns revenue for performing asset management services for retail and institutional clients (assets under management). The Company also earns revenue for performing advisory services for model portfolios that the Company does not have full discretionary investment authority (assets under advisement). The revenue is earned based on a fixed or tiered rate applied, as a percentage, to assets under management or advisement. Assets under management and advisement vary with market fluctuations and client behavior. The asset management and advisement performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Asset management fees are accrued, invoiced and collected on a monthly or quarterly basis.

The Company's asset management contracts for Open Ended Investment Companies ("OEICs") in the United Kingdom ("U.K.") and Société d'Investissement à Capital Variable ("SICAVs") in Europe include performance obligations for asset management and fund distribution services. The amounts received for these services are reported as Management and financial advice fees. The revenue recognition pattern is the same for both performance obligations as the fund distribution services revenue is variably constrained due to factors outside the Company's control including market volatility and client behavior (such as how long clients hold their investment) and not recognized until assets under management are known.

The Company may also earn performance-based management fees on institutional accounts, hedge funds, collateralized loan obligations ("CLOs"), OEICs, SICAVs and property and other funds based on a percentage of account returns in excess of either a benchmark index or a contractually specified level. This revenue is variable and impacted primarily by the performance of the assets being managed compared to the benchmark index or contractually specified level. The revenue is not recognized until it is probable that a significant reversal will not occur. Performance-based management fees are invoiced on a quarterly or annual basis.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

*Advisory Fees*

The Company earns revenue for performing investment advisory services for certain brokerage customer's discretionary and non-discretionary managed accounts. The revenue is earned based on a contractual fixed rate applied, as a percentage, to the market value of assets held in the account. The investment advisory performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Advisory fees are billed on a monthly basis on the prior month end assets.

*Financial Planning Fees*

The Company earns revenue for providing financial plans to its clients. The revenue earned for each financial plan is either a fixed fee (received monthly, quarterly or annually) or a variable fee (received monthly) based on a contractual fixed rate applied, as a percentage, to the prior month end assets held in a client's investment advisory account. The financial planning fee is based on the complexity of a client's financial and life situation and his or her advisor's experience. The performance obligation is satisfied at the time the financial plan is delivered to the customer. The Company records a contract liability for the unearned revenue when cash is received before the plan is delivered. The financial plan contracts with clients are annual contracts. Amounts recorded as a contract liability are recognized as revenue when the financial plan is delivered, which occurs within the annual contract period.

For fixed fee arrangements, revenue is recognized when the financial plan is delivered. The Company accrues revenue for any amounts that have not been received at the time the financial plan is delivered.

For variable fee arrangements, revenue is recognized for cash that has been received when the financial plan is delivered. The amount received after the plan is delivered is variably constrained due to factors outside the Company's control including market volatility and client behavior. The revenue is recognized when it is probable that a significant reversal will not occur and is generally each month end as the advisory account balance uncertainty is resolved.

Contract liabilities for financial planning fees, which are included in Other liabilities, were $187 million and $181 million as of December 31, 2025 and 2024, respectively.

The Company pays sales commissions to advisors when a new financial planning contract is obtained or when an existing contract is renewed. The sales commissions paid to the advisors prior to financial plan delivery are considered costs to obtain a contract with a customer and are initially capitalized. When the performance obligation to deliver the financial plan is satisfied, the commission is recognized as distribution expense. Capitalized costs to obtain these contracts are reported in Other assets, and were $150 million and $145 million as of December 31, 2025 and 2024, respectively.

*Transaction and Other Fees*

The Company earns revenue for providing customer support, shareholder and administrative services (including transfer agent services) for affiliated mutual funds and networking, sub-accounting and administrative services for unaffiliated mutual funds. The Company also receives revenue for providing custodial services and account maintenance services on brokerage and retirement accounts that are not included in an advisory relationship. Transfer agent and administrative revenue is earned based on either a fixed rate applied, as a percentage, to assets under management or an annual fixed fee for each fund position. Networking and sub-accounting revenue is earned based on either an annual fixed fee for each account or an annual fixed fee for each fund position. Custodial and account maintenance revenue is generally earned based on a quarterly or annual fixed fee for each account. Each of the customer support and administrative services performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Transaction and other fees (other than custodial service fees) are invoiced or charged to brokerage accounts on a monthly or quarterly basis. Custodial service fees are invoiced or charged to brokerage accounts on an annual basis.

The Company earns revenue for providing trade execution services to franchise advisors. The trade execution performance obligation is satisfied at the time of each trade and the revenue is primarily earned based on a fixed fee per trade. These fees are invoiced and collected on a semi-monthly basis.

**Distribution Fees**

*Mutual Funds and Insurance and Annuity Products*

The Company earns revenue for selling affiliated and unaffiliated mutual funds, fixed and variable annuities and insurance products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment or holds the contract and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund, or the value of the insurance policy or annuity contract. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company's control including market volatility and client behavior (such as how long clients hold their investment, insurance policy or annuity contract). This ongoing revenue may be recognized for many years after the initial sale. The revenue will not be recognized until it is probable that a significant reversal will not occur.

The Company earns revenue for providing unaffiliated partners an opportunity to educate the Company's advisors or to support availability and distribution of their products on the Company's platforms. These payments allow the outside parties to train and

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

support the advisors, explain the features of their products and distribute marketing and educational materials, and support trading and operational systems necessary to enable the Company's client servicing and production distribution efforts. The Company earns revenue for placing and maintaining unaffiliated fund partners and insurance companies' products on the Company's sales platform (subject to the Company's due diligence standards). The revenue is primarily earned based on a fixed fee or a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are invoiced and collected on monthly basis.

*Off-Balance Sheet Brokerage Cash*

The Company earns revenue for placing clients' deposits in its brokerage sweep program with third-party banks. The amount received from the third-party banks is impacted by short-term interest rates. The performance obligation with the financial institutions that participate in the sweep program is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The revenue is earned daily and settled monthly based on a rate applied, as a percentage, to the deposits placed.

*Other Products*

The Company earns revenue for selling unaffiliated alternative products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment and is earned generally based on a fixed rate applied, as a percentage, to the market value of the investment. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company's control including market volatility and client behavior (such as how long clients hold their investment). The revenue will not be recognized until it is probable that a significant reversal will not occur.

The Company earns revenue from brokerage clients for the execution of requested trades. The performance obligation is satisfied at the time of trade execution and amounts are received on the settlement date. The revenue varies for each trade based on various factors that include the type of investment, dollar amount of the trade and how the trade is executed (online or broker assisted).

**Other Revenues**

The Company earns revenue from fees charged to franchise advisors for providing various services the advisors need to manage and grow their practices. The primary services include: licensing of intellectual property and software, compliance supervision, insurance coverage, technology services and support, consulting and other services. The services are either provided by the Company or third- party providers. The Company controls the services provided by third parties as it has the right to direct the third parties to perform the services, is primarily responsible for performing the services and sets the prices the advisors are charged. The Company recognizes revenue for the gross amount of the fees received from the advisors. The fees are primarily collected monthly as a reduction of commission payments.

Intellectual property and software licenses, along with compliance supervision, insurance coverage, and technology services and support are primarily earned based on a monthly fixed fee. These services are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The consulting and other services performance obligations are satisfied as the services are delivered and revenue is earned based upon the level of service requested.

**Receivables**

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $590 million and $538 million as of December 31, 2025 and 2024, respectively.

**5. Variable Interest Entities** 

The Company provides asset management services to investment entities which are considered to be VIEs, such as CLOs, hedge funds and other private funds, property funds, and certain non-U.S. series funds (such as OEICs and SICAVs) (collectively, "investment entities"), which are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates certain investment entities (collectively, "consolidated investment entities") if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $6 million and $2 million as of December 31, 2025 and 2024, respectively.

See Note 2 for further discussion of the Company's accounting policy on consolidation.

*Structured Investments*

The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities and commercial and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company's investment in the entities and position in the capital structure of these entities.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

Additionally, the Company invests in CLOs for which it is the sponsor. CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO's debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO's collateral pool. The Company earns management fees from the CLOs based on the value of the CLO's collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary.

The Company's maximum exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 6 for additional information on these investments.

**Other Non-Consolidated VIEs**

The Company's investments in other non-consolidated VIEs are recorded in other investments. The Company's maximum exposure to loss with respect to its investments in these non-consolidated VIEs is limited to its carrying value. The carrying value of other non-consolidated VIEs was $105 million and $161 million as of December 31, 2025 and 2024, respectively. The Company's liability related to original purchase commitments not yet remitted to the VIEs was not material as of both December 31, 2025 and 2024. The Company has not provided any additional support to the VIEs beyond the funding commitments.

*Property Funds, Non-U.S. Series Funds, Hedge Funds and other Private Funds*

The Company provides investment advice and other related services to property funds, non-U.S. series funds, hedge funds and other private funds, some of which are considered VIEs. For investment management services, the Company generally earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangements are at market and commensurate with the level of effort required to provide those services. The Company does not have a significant economic interest and is not required to consolidate any of these funds.

*Affordable Housing Partnerships and Other Real Estate Partnerships*

The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships. A majority of the limited partnerships are VIEs.

**Fair Value of Assets and Liabilities**

The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 16 for the definition of the three levels of the fair value hierarchy.

The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | $— | $71 | $— | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndicated loans |  | 2458 | 89 | 2547 |
| &nbsp;&nbsp;&nbsp;Total investments |  | 2529 | 89 | 2618 |
| &nbsp;&nbsp;&nbsp;Receivables |  | 30 |  | 30 |
| Total assets at fair value | $— | $2559 | $89 | $2648 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Debt <sup>(1)</sup> | $— | $2585 | $— | $2585 |
| &nbsp;&nbsp;&nbsp;Other liabilities |  | 159 |  | 159 |
| Total liabilities at fair value | $— | $2744 | $— | $2744 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | $— | $50 | $— | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndicated loans |  | 2216 | 118 | 2334 |
| &nbsp;&nbsp;&nbsp;Total investments |  | 2268 | 119 | 2387 |
| &nbsp;&nbsp;&nbsp;Receivables |  | 31 |  | 31 |
| &nbsp;&nbsp;&nbsp;Other assets |  | 2 |  | 2 |
| Total assets at fair value | $— | $2301 | $119 | $2420 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Debt <sup>(1)</sup> | $— | $2429 | $— | $2429 |
| &nbsp;&nbsp;&nbsp;Other liabilities |  | 314 |  | 314 |
| Total liabilities at fair value | $— | $2743 | $— | $2743 |

---

<sup>(1)</sup> The carrying value of the CLOs' debt is set equal to the fair value of the CLOs' assets. The estimated fair value of the CLOs' debt was $2.6 billion and $2.4 billion as of December 31, 2025 and 2024, respectively.

The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:

---

| | | | |
|:---|:---|:---|:---|
| | **Common Stocks** | **Syndicated Loans** | |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $1 | $118 |  |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | (3) | (1) |
| &nbsp;&nbsp;Purchases |  | 145 |  |
| &nbsp;&nbsp;Sales |  | (84) |  |
| &nbsp;&nbsp;Settlements |  | (14) |  |
| &nbsp;&nbsp;Transfers into Level 3 |  | 186 |  |
| &nbsp;&nbsp;Transfers out of Level 3 | (1) | (259) |  |
| Balance at December 31, 2025 | $— | $89 |  |
| Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2025 | $— | $(1) | (1) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Common Stocks** | **Syndicated Loans** | |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $— | $63 |  |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | (1) | (7) | (1) |
| &nbsp;&nbsp;Purchases |  | 168 |  |
| &nbsp;&nbsp;Sales | (1) |  |  |
| &nbsp;&nbsp;Settlements |  | (5) |  |
| &nbsp;&nbsp;Transfers into Level 3 | 4 | 103 |  |
| &nbsp;&nbsp;Transfers out of Level 3 | (1) | (204) |  |
| Balance at December 31, 2024 | $1 | $118 |  |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Syndicated Loans** | | **Other Assets** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2023 | $125 |  | $1 |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | (4) | (1) |  |
| &nbsp;&nbsp;Purchases | 45 |  |  |
| &nbsp;&nbsp;Sales | (10) |  |  |
| &nbsp;&nbsp;Settlements | (16) |  |  |
| &nbsp;&nbsp;Transfers into Level 3 | 122 |  |  |
| &nbsp;&nbsp;Transfers out of Level 3 | (199) |  | (1) |
| Balance at December 31, 2023 | $63 |  | $— |
| Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2023 | $(1) | (1) | $— |

---

<sup>(1)</sup> Included in Net investment income.

Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.

All Level 3 measurements as of December 31, 2025 and 2024 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

**Determination of Fair Value**

**Assets**

*Investments*

The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 16 for a description of the Company's determination of the fair value of corporate debt securities.

*Receivables*

For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible. The fair value of these receivables is classified as Level 2.

**Liabilities**

*Debt*

The fair value of the CLOs' assets, typically syndicated bank loans, is more observable than the fair value of the CLOs' debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs' debt is set equal to the fair value of the CLOs' assets and is classified as Level 2.

*Other Liabilities*

Other liabilities consist primarily of securities purchased but not yet settled by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short-term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on CLO debt.

**Fair Value Option**

The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| **Syndicated Loans** |  |  |
| Unpaid principal balance | $2632 | $2406 |
| Excess unpaid principal over fair value | (85) | (72) |
| &nbsp;&nbsp; Fair value | $2547 | $2334 |
| Fair value of loans more than 90 days past due | $1 | $1 |
| Fair value of loans in nonaccrual status | $1 | $1 |
| Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | $14 | $5 |
| **Debt** |  |  |
| Unpaid principal balance | $2819 | $2633 |
| Excess unpaid principal over fair value | (234) | (204) |
| &nbsp;&nbsp; Carrying value <sup>(1)</sup> | $2585 | $2429 |

---

<sup>(1)</sup> The carrying value of the CLOs' debt is set equal to the fair value of the CLOs' assets. The estimated fair value of the CLOs' debt was $2.6 billion and $2.4 billion as of December 31, 2025 and 2024, respectively.

During 2025, the Company launched one new CLO that issued debt of $406 million.

Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income. Gains and losses related to changes in the fair value of investments and gains and losses on sales of investments are also recorded in Net investment income. Interest expense on debt is recorded in Interest and debt expense with gains and losses related to changes in the fair value of debt recorded in Net investment income.

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2025, 2024 and 2023.

Debt of the consolidated investment entities and the stated interest rates were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Carrying Value** | **Carrying Value** | **Weighted Average <br>Interest Rate** | **Weighted Average <br>Interest Rate** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | | |
| Debt of consolidated CLOs due 2030-2038 | $2585 | $2429 | 5.1% | 5.9% |

---

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 13.3%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.

**6. Investments** 

The following is a summary of Ameriprise Financial investments:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| Available-for-Sale securities, at fair value | $53591 | $52153 |
| Mortgage loans (allowance for credit losses: 2025, $14; 2024, $14) | 2824 | 2354 |
| Policy loans | 1056 | 982 |
| Other investments (allowance for credit losses: 2025, $7; 2024, $6) | 935 | 934 |
| &nbsp;&nbsp;&nbsp;Total | $58406 | $56423 |

---

Other investments primarily reflect the Company's interests in affordable housing partnerships, trading securities, equity securities, seed money investments in proprietary funds, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following is a summary of Net investment income:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Available-for-Sale securities <sup>(1)</sup> | $2589 | $2611 | $2252 |
| Net realized gains (losses) | 3 | (18) | (27) |
| Consolidated investment entities | 179 | 207 | 181 |
| Other investments and receivables <sup>(1)</sup> | 799 | 848 | 800 |
| &nbsp;&nbsp;&nbsp;Total | $3570 | $3648 | $3206 |

---

<sup>(1)</sup> Prior period amounts associated with investment income from Available-for-Sale securities have been disaggregated (as the largest component of fixed maturities) to conform with current period presentation with remaining amounts included in Other investments and receivables.

Available-for-Sale securities distributed by type were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Description of Securities** | **Amortized Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Allowance for Credit Losses** | **Fair Value** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Corporate debt securities | $15911 | $395 | $(464) | $— | $15842 |
| Residential mortgage backed securities | 28578 | 261 | (666) |  | 28173 |
| Commercial mortgage backed securities | 3778 | 16 | (103) | (4) | 3687 |
| Asset backed securities | 3755 | 19 | (21) |  | 3753 |
| State and municipal obligations | 657 | 36 | (15) | (1) | 677 |
| U.S. government and agency obligations | 1457 | 1 |  |  | 1458 |
| Foreign government bonds and obligations | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Total | $54137 | $728 | $(1269) | $(5) | $53591 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Description of Securities** | **Amortized Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Allowance for Credit Losses** | **Fair Value** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Corporate debt securities | $14509 | $201 | $(711) | $— | $13999 |
| Residential mortgage backed securities | 24396 | 81 | (1133) |  | 23344 |
| Commercial mortgage backed securities | 5339 | 10 | (219) | (4) | 5126 |
| Asset backed securities | 6451 | 30 | (39) |  | 6442 |
| State and municipal obligations | 629 | 29 | (19) | (1) | 638 |
| U.S. government and agency obligations | 2589 | 2 |  |  | 2591 |
| Foreign government bonds and obligations | 13 |  |  |  | 13 |
| &nbsp;&nbsp;&nbsp;Total | $53926 | $353 | $(2121) | $(5) | $52153 |

---

As of December 31, 2025 and 2024, accrued interest of $332 million and $326 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.

As of both December 31, 2025 and 2024, fixed maturity securities comprised approximately 92% of Ameriprise Financial investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations ("NRSROs"), including Moody's Investors Service ("Moody's"), Standard & Poor's Ratings Services ("S&P") and Fitch Ratings Ltd. ("Fitch"). The Company uses the median of available ratings from Moody's, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody's, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2025 and 2024, the Company's internal analysts rated $662 million and $508 million, respectively, of securities using criteria similar to those used by NRSROs.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

A summary of fixed maturity securities by rating was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Ratings** | **Amortized Cost** | **Fair Value** | **Percent of Total Fair Value** | **Amortized Cost** | **Fair Value** | **Percent of Total Fair Value** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| AAA | $19744 | $19489 | 36% | $25251 | $24614 | 47% |
| AA | 18446 | 18259 | 34 | 13498 | 12909 | 25 |
| A | 4445 | 4468 | 8 | 2979 | 2935 | 5 |
| BBB | 11169 | 11067 | 21 | 11896 | 11402 | 22 |
| Below investment grade | 333 | 308 | 1 | 302 | 293 | 1 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities | $54137 | $53591 | 100% | $53926 | $52153 | 100% |

---

As of December 31, 2025 and 2024, approximately 86% and 82% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively. No holdings of any issuer were greater than 10% of the Company's total equity as of both December 31, 2025 and 2024.

The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Less than 12 Months** | **Less than 12 Months** | **Less than 12 Months** | **12 Months or More** | **12 Months or More** | **12 Months or More** | **Total** | **Total** | **Total** |
|<br>**Description of Securities** | **Number of Securities** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number of Securities** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number of Securities** | **Fair<br>Value** | **Unrealized<br>Losses** |
| | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** |
| Corporate debt securities | 108 | $1560 | $(48) | 314 | $5175 | $(416) | 422 | $6735 | $(464) |
| Residential mortgage backed securities | 64 | 1892 | (3) | 636 | 8033 | (663) | 700 | 9925 | (666) |
| Commercial mortgage backed securities | 10 | 167 |  | 165 | 2334 | (103) | 175 | 2501 | (103) |
| Asset backed securities | 4 | 56 |  | 30 | 255 | (21) | 34 | 311 | (21) |
| State and municipal obligations | 14 | 90 | (2) | 39 | 127 | (13) | 53 | 217 | (15) |
| U.S. government and agency obligations | 3 | 60 |  |  |  |  | 3 | 60 |  |
| &nbsp;&nbsp;Total | 203 | $3825 | $(53) | 1184 | $15924 | $(1216) | 1387 | $19749 | $(1269) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Less than 12 Months** | **Less than 12 Months** | **Less than 12 Months** | **12 Months or More** | **12 Months or More** | **12 Months or More** | **Total** | **Total** | **Total** |
|<br>**Description of Securities** | **Number of Securities** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number of Securities** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number of Securities** | **Fair<br>Value** | **Unrealized<br>Losses** |
| | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** |
| Corporate debt securities | 282 | $5328 | $(178) | 291 | $4042 | $(533) | 573 | $9370 | $(711) |
| Residential mortgage backed securities | 203 | 6728 | (96) | 659 | 9122 | (1037) | 862 | 15850 | (1133) |
| Commercial mortgage backed securities | 24 | 478 | (6) | 233 | 3298 | (213) | 257 | 3776 | (219) |
| Asset backed securities | 15 | 309 | (2) | 37 | 384 | (37) | 52 | 693 | (39) |
| State and municipal obligations | 21 | 57 | (2) | 45 | 133 | (17) | 66 | 190 | (19) |
| U.S. government and agency obligations | 1 | 100 |  |  |  |  | 1 | 100 |  |
| Foreign government bonds and obligations |  |  |  | 3 | 12 |  | 3 | 12 |  |
| &nbsp;&nbsp;Total | 546 | $13000 | $(284) | 1268 | $16991 | $(1837) | 1814 | $29991 | $(2121) |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

As part of the Company's ongoing monitoring process, management determined that the decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2025 is primarily attributable to interest rate movements. As of December 31, 2025, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2025 and 2024, approximately 96% and 97%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

The following table presents a rollforward of the allowance for credit losses on Available-for-Sale securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Corporate Debt Securities** | **Commercial Mortgage Backed Securities** | **State and Municipal Obligations** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2023 | $20 | $— | $2 | $22 |
| &nbsp;&nbsp;Additions for which credit losses were not previously recorded | 1 |  |  | 1 |
| &nbsp;&nbsp;Reductions for securities sold during the period (realized) | (20) |  | (1) | (21) |
| Balance at December 31, 2023 | 1 |  | 1 | 2 |
| &nbsp;&nbsp;Additions for which credit losses were not previously recorded |  | 4 |  | 4 |
| &nbsp;&nbsp;Reductions for securities sold during the period (realized) | (1) |  |  | (1) |
| Balance at December 31, 2024 |  | 4 | 1 | 5 |
| &nbsp;&nbsp;Additions for which credit losses were not previously recorded |  |  |  |  |
| Balance at December 31, 2025 | $— | $4 | $1 | $5 |

---

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Gross realized investment gains | $30 | $41 | $11 |
| Gross realized investment losses | (27) | (57) | (58) |
| Credit reversals (losses) |  | (3) | 20 |
| Other impairments |  |  | (2) |
| &nbsp;&nbsp;&nbsp;Total | $3 | $(19) | $(29) |

---

Credit reversals for the year ended December 31, 2023 were the result of the sale of a corporate debt security in the communications industry. Other impairments for the year ended December 31, 2023 related to Available-for-Sale securities which the Company intended to sell.

See Note 21 for a rollforward of net unrealized investment gains (losses) included in AOCI.

Available-for-Sale securities by contractual maturity as of December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Amortized Cost** | **Fair Value** |
| | **(in millions)** | **(in millions)** |
| Due within one year | $1788 | $1789 |
| Due after one year through five years | 3606 | 3530 |
| Due after five years through 10 years | 5955 | 5995 |
| Due after 10 years | 6677 | 6664 |
|  | 18026 | 17978 |
| Residential mortgage backed securities | 28578 | 28173 |
| Commercial mortgage backed securities | 3778 | 3687 |
| Asset backed securities | 3755 | 3753 |
| &nbsp;&nbsp;&nbsp;Total | $54137 | $53591 |

---

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**7. Financing Receivables** 

Financing receivables are comprised of commercial loans, consumer loans and deposit receivables. See Note 2 for information regarding the Company's accounting policies related to financing receivables and the allowance for credit losses.

**Allowance for Credit Losses** 

The following table presents a rollforward of the allowance for credit losses:

---

| | | | |
|:---|:---|:---|:---|
| | **Commercial Loans** | **Consumer Loans** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2023 | $54 | $5 | $59 |
| &nbsp;&nbsp;&nbsp;Provisions | 2 | 6 | 8 |
| &nbsp;&nbsp;&nbsp;Charge-offs | (2) | (2) | (4) |
| Balance at December 31, 2023 | 54 | 9 | 63 |
| &nbsp;&nbsp;&nbsp;Provisions | (5) | 3 | (2) |
| &nbsp;&nbsp;&nbsp;Charge-offs | (4) | (4) | (8) |
| &nbsp;&nbsp;&nbsp;Recoveries |  | 1 | 1 |
| Balance at December 31, 2024 | 45 | 9 | 54 |
| &nbsp;&nbsp;&nbsp;Provisions | (3) | 5 | 2 |
| &nbsp;&nbsp;&nbsp;Charge-offs | (1) | (4) | (5) |
| &nbsp;&nbsp;&nbsp;Recoveries |  | 1 | 1 |
| Balance at December 31, 2025 | $41 | $11 | $52 |

---

As of December 31, 2025 and 2024, accrued interest on commercial loans was $22 million and $20 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

**Purchases and Sales**

During the years ended December 31, 2025, 2024 and 2023, the Company purchased $21 million, $7 million and $21 million, respectively, of syndicated loans, and sold $8 million, $6 million and $4 million, respectively, of syndicated loans.

During the years ended December 31, 2025, 2024 and 2023, the Company purchased $432 million, $212 million and $202 million, respectively, of residential mortgage loans.

The Company has not acquired any loans with deteriorated credit quality as of the acquisition date.

**Credit Quality Information**

Nonperforming loans were $13 million as of both December 31, 2025 and 2024.

***Commercial Loans***

*Commercial Mortgage Loans*

The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2025 and 2024. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2025 and 2024.

The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Loan-to-Value Ratio** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| **Loan-to-Value Ratio** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| > 100% | $— | $— | $— | $— | $— | $15 | $15 |
| 80% - 100% |  |  |  |  |  | 56 | 56 |
| 60% - 80% | 83 | 82 | 18 | 12 |  | 103 | 298 |
| 40% - 60% | 129 | 87 | 42 | 26 | 62 | 339 | 685 |
| < 40% | 45 | 15 | 11 | 65 | 108 | 741 | 985 |
| &nbsp;&nbsp;&nbsp;Total | $257 | $184 | $71 | $103 | $170 | $1254 | $2039 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Loan-to-Value Ratio** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
| **Loan-to-Value Ratio** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| > 100% | $— | $— | $— | $— | $— | $15 | $15 |
| 80% - 100% |  |  |  |  | 10 | 48 | 58 |
| 60% - 80% | 86 | 44 | 18 | 9 | 5 | 130 | 292 |
| 40% - 60% | 87 | 22 | 39 | 69 | 41 | 348 | 606 |
| < 40% | 15 | 10 | 48 | 102 | 50 | 706 | 931 |
| &nbsp;&nbsp;&nbsp;Total | $188 | $76 | $105 | $180 | $106 | $1247 | $1902 |

---

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type.

In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Loans** | **Loans** | **Percentage** | **Percentage** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | | |
| East North Central | $185 | $185 | 9% | 10% |
| East South Central | 51 | 45 | 3 | 2 |
| Middle Atlantic | 126 | 133 | 6 | 7 |
| Mountain | 168 | 157 | 8 | 8 |
| New England | 35 | 30 | 2 | 2 |
| Pacific | 696 | 633 | 34 | 33 |
| South Atlantic | 552 | 489 | 27 | 26 |
| West North Central | 110 | 119 | 5 | 6 |
| West South Central | 116 | 111 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;Total | $2039 | $1902 | 100% | 100% |

---

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Loans** | **Loans** | **Percentage** | **Percentage** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | | |
| Apartments | $600 | $522 | 29% | 27% |
| Hotel | 40 | 33 | 2 | 2 |
| Industrial | 404 | 362 | 20 | 19 |
| Mixed use | 83 | 68 | 4 | 4 |
| Office | 190 | 219 | 9 | 11 |
| Retail | 528 | 546 | 26 | 29 |
| Other | 194 | 152 | 10 | 8 |
| &nbsp;&nbsp;&nbsp;Total | $2039 | $1902 | 100% | 100% |

---

*Syndicated Loans*

The investment in syndicated loans as of December 31, 2025 and 2024 was $79 million and $92 million, respectively. The Company's syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2025 and 2024. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Internal Risk Rating** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| **Internal Risk Rating** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Risk 5 | $— | $— | $— | $— | $— | $— | $— |
| Risk 4 |  |  |  |  |  | 1 | 1 |
| Risk 3 | 7 | 1 | 1 |  |  |  | 9 |
| Risk 2 | 11 | 15 | 3 |  | 3 | 3 | 35 |
| Risk 1 | 14 | 15 | 5 |  |  |  | 34 |
| &nbsp;&nbsp;&nbsp;Total | $32 | $31 | $9 | $— | $3 | $4 | $79 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Internal Risk Rating** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
| **Internal Risk Rating** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Risk 5 | $— | $— | $— | $— | $— | $— | $— |
| Risk 4 |  |  |  |  |  | 2 | 2 |
| Risk 3 | 1 | 1 |  | 8 | 1 | 1 | 12 |
| Risk 2 | 29 | 5 |  | 3 |  | 8 | 45 |
| Risk 1 | 22 | 6 |  | 3 | 2 |  | 33 |
| &nbsp;&nbsp;&nbsp;Total | $52 | $12 | $— | $14 | $3 | $11 | $92 |

---

*Advisor Loans*

The Company offers loans to financial advisors for transitional cost assistance and practice operations. Repayment of the loan is highly dependent on the retention of the financial advisor. In the event a financial advisor is no longer affiliated with the Company, the unpaid balances generally become immediately due. Accordingly, the primary risk factor for advisor loans is termination status. The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $7 million and $6 million as of December 31, 2025 and 2024, respectively.

The tables below present the amortized cost basis of advisor loans by origination year and termination status:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Termination Status** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| **Termination Status** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Active | $637 | $309 | $280 | $215 | $79 | $142 | $1662 |
| Terminated |  | 1 |  | 1 | 1 | 8 | 11 |
| &nbsp;&nbsp;&nbsp;Total | $637 | $310 | $280 | $216 | $80 | $150 | $1673 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Termination Status** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
| **Termination Status** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Active | $358 | $351 | $261 | $121 | $82 | $150 | $1323 |
| Terminated |  |  | 2 | 2 | 2 | 6 | 12 |
| &nbsp;&nbsp;&nbsp;Total | $358 | $351 | $263 | $123 | $84 | $156 | $1335 |

---

***Consumer Loans***

*Residential Mortgage Loans*

The Company reviews the credit worthiness of the borrower in order to determine the risk of loss on residential mortgage loans. Geographic location and FICO scores are the primary credit quality indicators included in the model that projects the Company's risk of credit loss over the life of the residential mortgage loan portfolio. Delinquency rates are measured based on the number of days past due. Residential mortgage loans over 30 days past due were $8 million and $4 million as of December 31, 2025 and 2024, respectively.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FICO Score** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **FICO Score** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| **FICO Score** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| > 810 | $23 | $8 | $7 | $2 | $2 | $1 | $43 |
| 780 - 809 | 177 | 76 | 50 | 22 | 7 | 5 | 337 |
| 740 - 779 | 128 | 56 | 62 | 22 | 7 | 4 | 279 |
| 720 - 739 | 29 | 17 | 13 | 4 | 4 |  | 67 |
| 700 - 719 | 16 | 8 | 8 | 5 | 3 | 1 | 41 |
| < 699 | 14 | 6 | 6 | 3 | 3 |  | 32 |
| &nbsp;&nbsp;&nbsp;Total | $387 | $171 | $146 | $58 | $26 | $11 | $799 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FICO Score** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **FICO Score** | **2024** | **2023** | **2022** | **2021** | **2020** | **Total** |
| **FICO Score** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| > 810 | $5 | $9 | $2 | $2 | $1 | $19 |
| 780 - 809 | 84 | 56 | 28 | 7 | 6 | 181 |
| 740 - 779 | 64 | 77 | 25 | 7 | 5 | 178 |
| 720 - 739 | 17 | 15 | 5 | 5 |  | 42 |
| 700 - 719 | 9 | 8 | 5 | 3 | 1 | 26 |
| < 699 | 7 | 7 | 3 | 3 |  | 20 |
| &nbsp;&nbsp;&nbsp;Total | $186 | $172 | $68 | $27 | $13 | $466 |

---

The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Loans** | **Loans** | **Percentage** | **Percentage** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | | |
| Minnesota | $420 | $284 | 53% | 61% |
| Other U.S. States | 379 | 182 | 47 | 39 |
| &nbsp;&nbsp;&nbsp;Total | $799 | $466 | 100% | 100% |

---

*Credit Card Receivables*

The credit cards are co-branded with Ameriprise Financial, Inc. and issued to the Company's customers by a third party. FICO scores and delinquency rates are the primary credit quality indicators for the credit card portfolio. Delinquency rates are measured based on the number of days past due. Credit card receivables over 30 days past due were 2% of total credit card receivables as of both December 31, 2025 and 2024.

The table below presents the amortized cost basis of credit card receivables by FICO score:

---

| | | |
|:---|:---|:---|
| **FICO Score** | **December 31,** | **December 31,** |
| **FICO Score** | **2025** | **2024** |
| **FICO Score** | **(in millions)** | **(in millions)** |
| > 800 | $39 | $38 |
| 750 - 799 | 31 | 32 |
| 700 - 749 | 27 | 29 |
| 650 - 699 | 16 | 16 |
| < 650 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;Total | $122 | $123 |

---

*Policy Loans* 

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

*Margin Loans* 

The margin loans balance was $1.3 billion and $1.1 billion as of December 31, 2025 and 2024, respectively. The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As of both December 31, 2025 and 2024, there was no allowance for credit losses on margin loans.

*Pledged Asset Lines of Credit*

The pledged asset lines of credit balance was $1.0 billion and $737 million as of December 31, 2025 and 2024, respectively. The Company monitors collateral supporting pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. As of both December 31, 2025 and 2024, there was no allowance for credit losses on pledged asset lines of credit.

***Deposit Receivables***

Deposit receivables were $5.4 billion and $5.8 billion as of December 31, 2025 and 2024, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management's evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2025 and 2024.

**8. Reinsurance**

The Company reinsures a portion of its insurance risks through reinsurance agreements with unaffiliated reinsurance companies. RiverSource Life Insurance Company ("RiverSource Life") reinsures 100% of its insurance risk associated with its life contingent payout annuity policies in force as of June 30, 2021 through a reinsurance agreement with Global Atlantic Financial Group's subsidiary Commonwealth Annuity and Life Insurance Company. Policies issued on or after July 1, 2021 and policies issued by RiverSource Life Insurance Co. of New York ("RiverSource Life of NY") are not subject to this reinsurance agreement.

Reinsurance contracts do not relieve the Company from its primary obligation to policyholders.

The Company generally reinsures 90% of the death benefit liability for new term life insurance policies beginning in 2001 and new individual UL and VUL insurance policies beginning in 2002. Policies issued prior to these dates are not subject to these same reinsurance levels.

For IUL policies issued after September 1, 2013 and VUL policies issued after January 1, 2014, the Company generally reinsures 50% of the death benefit liability. Similarly, the Company reinsures 50% of the death benefit and morbidity liabilities related to its UL product with LTC benefits.

The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual. Risk on UL and VUL policies is reinsured on a yearly renewable term basis. Risk on most term life policies starting in 2001 is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy.

For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. ("Genworth") and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are about 91% of the total RiverSource Life of NY in force policies. Under these agreements, the Company has the right, but never the obligation, to recapture some, or all, of the risk ceded to Genworth.

Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold on other policy forms introduced prior to 2007. The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.

As of December 31, 2025 and 2024, traditional life and UL insurance policies in force were $197.5 billion and $198.1 billion, respectively, of which $142.3 billion and $143.5 billion as of December 31, 2025 and 2024 were reinsured at the respective year ends.

The effect of reinsurance on premiums for traditional long-duration products was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Direct premiums | $616 | $696 | $674 |
| Reinsurance ceded | (224) | (224) | (226) |
| &nbsp;&nbsp;Net premiums | $392 | $472 | $448 |

---

Cost of insurance and administrative charges for non-traditional long-duration products are reflected in Premiums, policy and contract charges and were net of reinsurance ceded of $199 million, $188 million and $180 million for the years ended December 31, 2025, 2024 and 2023, respectively.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The amount of claims recovered through reinsurance on all contracts was $561 million, $466 million and $438 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Receivables included $4.2 billion and $4.0 billion of reinsurance recoverables as of December 31, 2025 and 2024, respectively, including $2.7 billion and $2.6 billion related to LTC risk ceded to Genworth, respectively.

Policyholder account balances, future policy benefits and claims include $333 million and $351 million related to previously assumed reinsurance arrangements as of December 31, 2025 and 2024, respectively.

**9. Goodwill and Other Intangible Assets**

Goodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests.

The changes in the carrying amount of goodwill reported in the Company's reportable segments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advice & Wealth Management** | **Asset<br>Management** | **Retirement & Protection Solutions** | **Consolidated** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $279 | $1040 | $91 | $1410 |
| &nbsp;&nbsp;Foreign currency translation |  | (9) |  | (9) |
| Balance at December 31, 2024 | 279 | 1031 | 91 | 1401 |
| &nbsp;&nbsp;Foreign currency translation |  | 39 |  | 39 |
| Balance at December 31, 2025 | $279 | $1070 | $91 | $1440 |

---

In 2025 and 2024, the Company completed the annual impairment evaluation for goodwill as of July 1. The Company concluded its goodwill was not impaired in either 2025 or 2024.

The carrying amount of indefinite-lived intangible assets consisted of the following:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| Customer contracts | $748 | $844 |
| Trade names | 56 | 65 |
| &nbsp;&nbsp;Total | $804 | $909 |

---

Definite-lived intangible assets consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Customer relationships | $486 | $(235) | $251 | $370 | $(204) | $166 |
| Contracts | 235 | (227) | 8 | 226 | (218) | 8 |
| Other | 406 | (309) | 97 | 357 | (269) | 88 |
| &nbsp;&nbsp;Total | $1127 | $(771) | $356 | $953 | $(691) | $262 |

---

Definite-lived intangible assets acquired during the year ended December 31, 2025 were $51 million with a weighted average amortization period of 5 years. During the year ended December 31, 2025, it was determined that the useful life of certain customer contracts was no longer indefinite. Customer contracts of $98 million were reclassified from indefinite lived to definite lived customer relationships with an estimated life of 30 years to be amortized prospectively. The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2025, 2024 and 2023 was $61 million, $56 million and $52 million, respectively.

Estimated intangible amortization expense as of December 31, 2025 for the next five years is as follows:

---

| | |
|:---|:---|
| | **(in millions)** |
| 2026 | $63 |
| 2027 | 51 |
| 2028 | 41 |
| 2029 | 36 |
| 2030 | 29 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**10. Deferred Acquisition Costs and Deferred Sales Inducement Costs** 

The following tables summarize the balances of and changes in DAC:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Structured Variable Annuities** | **Fixed Annuities** | **Fixed Indexed Annuities** | **Universal Life Insurance** | **Variable Universal Life Insurance** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $1402 | $276 | $28 | $4 | $103 | $553 |
| &nbsp;&nbsp;Capitalization of acquisition costs | 23 | 88 |  |  |  | 62 |
| &nbsp;&nbsp;Amortization | (112) | (39) | (5) | (1) | (7) | (45) |
| Balance at December 31, 2025 | $1313 | $325 | $23 | $3 | $96 | $570 |
|  | **Indexed Universal Life Insurance** | **Other Life Insurance** | **Life Contingent Payout Annuities** | **Term and Whole Life Insurance** | **Disability Income Insurance** | **Total,<br>All Products** |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $210 | $2 | $10 | $17 | $70 | $2675 |
| &nbsp;&nbsp;Capitalization of acquisition costs | 2 |  | 3 | 2 | 3 | 183 |
| &nbsp;&nbsp;Amortization | (15) | (1) |  | (2) | (8) | (235) |
| Balance at December 31, 2025 | $197 | $1 | $13 | $17 | $65 | 2623 |
| Other broker dealer acquisition costs |  |  |  |  |  | 2 |
| Balance at December 31, 2025 including broker dealer acquisition costs | Balance at December 31, 2025 including broker dealer acquisition costs | Balance at December 31, 2025 including broker dealer acquisition costs | Balance at December 31, 2025 including broker dealer acquisition costs |  |  | $2625 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Structured Variable Annuities** | **Fixed Annuities** | **Fixed Indexed Annuities** | **Universal Life Insurance** | **Variable Universal Life Insurance** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $1496 | $208 | $35 | $5 | $110 | $534 |
| &nbsp;&nbsp;Capitalization of acquisition costs | 24 | 98 |  |  |  | 64 |
| &nbsp;&nbsp;Amortization | (118) | (30) | (7) | (1) | (7) | (45) |
| Balance at December 31, 2024 | $1402 | $276 | $28 | $4 | $103 | $553 |
|  | **Indexed Universal Life Insurance** | **Other Life Insurance** | **Life Contingent Payout Annuities** | **Term and Whole Life Insurance** | **Disability Income Insurance** | **Total,<br>All Products** |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $223 | $2 | $6 | $17 | $75 | $2711 |
| &nbsp;&nbsp;Capitalization of acquisition costs | 3 |  | 5 | 2 | 3 | 199 |
| &nbsp;&nbsp;Amortization | (16) |  | (1) | (2) | (8) | (235) |
| Balance at December 31, 2024 | $210 | $2 | $10 | $17 | $70 | 2675 |
| Other broker dealer acquisition costs |  |  |  |  |  | 2 |
| Balance at December 31, 2024 including broker dealer acquisition costs | Balance at December 31, 2024 including broker dealer acquisition costs | Balance at December 31, 2024 including broker dealer acquisition costs | Balance at December 31, 2024 including broker dealer acquisition costs |  |  | $2677 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following tables summarize the balances of and changes in DSIC:

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Annuities** | **Fixed Annuities** | **Total,<br>All Products** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $122 | $10 | $132 |
| &nbsp;&nbsp;Amortization | (12) | (2) | (14) |
| Balance at December 31, 2025 | $110 | $8 | $118 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Annuities** | **Fixed Annuities** | **Total,<br>All Products** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $136 | $12 | $148 |
| &nbsp;&nbsp;Amortization | (14) | (2) | (16) |
| Balance at December 31, 2024 | $122 | $10 | $132 |

---

**11. Policyholder Account Balances, Future Policy Benefits and Claims**

Policyholder account balances, future policy benefits and claims consisted of the following:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| | **(in millions)** | **(in millions)** |
| **Policyholder account balances** | | |
| Policyholder account balances | $37005 | $32542 |
| **Future policy benefits** |  |  |
| Reserve for future policy benefits | 7601 | 7418 |
| Deferred profit liability | 130 | 118 |
| Additional liabilities for insurance guarantees | 1500 | 1389 |
| Other insurance and annuity liabilities | 78 | 192 |
| &nbsp;&nbsp;&nbsp;Total future policy benefits | 9309 | 9117 |
| Policy claims and other policyholders' funds | 184 | 214 |
| &nbsp;&nbsp;&nbsp;Total policyholder account balances, future policy benefits and claims | $46498 | $41873 |

---

*Variable Annuities*

Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.

Most of the variable annuity contracts issued by the Company contain a GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See Note 2 and Note 13 for additional information regarding the Company's variable annuity guarantees. See Note 16 and Note 18 for additional information regarding the Company's derivative instruments used to hedge risks related to these guarantees.

*Structured Variable Annuities*

Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder's rate of return, which may be positive or negative, tied to selected indices, subject to either a cap or floor. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.

*Fixed Annuities*

Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.

Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The Company's fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.

See Note 18 for additional information regarding the Company's derivative instruments used to hedge the risk related to indexed accounts.

*Insurance Liabilities*

UL policies accumulate cash value that increases by a fixed interest rate. Purchasers of VUL can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders.

IUL is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments. See Note 18 for additional information regarding the Company's derivative instruments used to hedge the risk related to IUL.

The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years.

Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The balances of and changes in policyholder account balances were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Structured Variable Annuities** | **Fixed Annuities** | **Fixed Indexed Annuities** | **Non-Life Contingent Payout Annuities** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2025 | $3680 | $16330 | $5369 | $305 | $447 |
| &nbsp;&nbsp;Contract deposits | 57 | 3816 | 35 |  | 73 |
| &nbsp;&nbsp;Policy charges | (13) | (4) |  |  |  |
| &nbsp;&nbsp;Surrenders and other benefits | (486) | (846) | (677) | (26) | (99) |
| &nbsp;&nbsp;Net transfer from (to) separate account liabilities | (31) |  |  |  |  |
| &nbsp;&nbsp;Variable account index-linked adjustments |  | 2206 |  |  |  |
| &nbsp;&nbsp;Interest credited | 113 | 2 | 191 | 10 | 14 |
| Balance at December 31, 2025 | $3320 | $21504 | $4918 | $289 | $435 |
| Weighted-average crediting rate | 3.3% | 1.9% | 3.8% | 2.1% | N/A |
| Cash surrender value <sup>(1)</sup> | $3302 | $20582 | $4916 | $272 | N/A |
|  | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Indexed Universal Life Insurance** | **Other Life Insurance** | **Total,<br>All Products** |
|  | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2025 | $1405 | $1647 | $2894 | $465 | $32542 |
| &nbsp;&nbsp;Contract deposits | 138 | 318 | 165 |  | 4602 |
| &nbsp;&nbsp;Policy charges | (169) | (91) | (123) |  | (400) |
| &nbsp;&nbsp;Surrenders and other benefits | (72) | (102) | (71) | (45) | (2424) |
| &nbsp;&nbsp;Net transfer from (to) separate account liabilities |  | (132) |  |  | (163) |
| &nbsp;&nbsp;Variable account index-linked adjustments |  |  |  |  | 2206 |
| &nbsp;&nbsp;Interest credited | 47 | 65 | 183 | 17 | 642 |
| Balance at December 31, 2025 | $1349 | $1705 | $3048 | $437 | $37005 |
| Weighted-average crediting rate | 3.6% | 3.9% | 3.0% | 4.0% |  |
| Net amount at risk | $7944 | $57269 | $13040 | $121 |  |
| Cash surrender value <sup>(1)</sup> | $1241 | $1109 | $2640 | $274 |  |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Structured Variable Annuities** | **Fixed Annuities** | **Fixed Indexed Annuities** | **Non-Life Contingent Payout Annuities** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2024 | $4173 | $10742 | $5982 | $307 | $444 |
| &nbsp;&nbsp;Contract deposits | 56 | 4005 | 39 |  | 101 |
| &nbsp;&nbsp;Policy charges | (14) | (3) |  |  |  |
| &nbsp;&nbsp;Surrenders and other benefits | (628) | (383) | (856) | (16) | (110) |
| &nbsp;&nbsp;Net transfer from (to) separate account liabilities | (32) |  |  |  |  |
| &nbsp;&nbsp;Variable account index-linked adjustments |  | 1968 |  |  |  |
| &nbsp;&nbsp;Interest credited | 125 | 1 | 204 | 14 | 12 |
| Balance at December 31, 2024 | $3680 | $16330 | $5369 | $305 | $447 |
| Weighted-average crediting rate | 3.3% | 1.9% | 3.7% | 2.0% | N/A |
| Cash surrender value <sup>(1)</sup> | $3658 | $15467 | $5365 | $279 | N/A |
|  | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Indexed Universal Life Insurance** | **Other Life Insurance** | **Total,<br>All Products** |
|  | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2024 | $1474 | $1569 | $2755 | $501 | $27947 |
| &nbsp;&nbsp;Contract deposits | 117 | 333 | 181 |  | 4832 |
| &nbsp;&nbsp;Policy charges | (173) | (93) | (124) |  | (407) |
| &nbsp;&nbsp;Surrenders and other benefits | (62) | (80) | (79) | (52) | (2266) |
| &nbsp;&nbsp;Net transfer from (to) separate account liabilities |  | (145) |  |  | (177) |
| &nbsp;&nbsp;Variable account index-linked adjustments |  |  |  |  | 1968 |
| &nbsp;&nbsp;Interest credited | 49 | 63 | 161 | 16 | 645 |
| Balance at December 31, 2024 | $1405 | $1647 | $2894 | $465 | $32542 |
| Weighted-average crediting rate | 3.6% | 3.9% | 2.3% | 4.0% |  |
| Net amount at risk | $8312 | $57473 | $13593 | $130 |  |
| Cash surrender value <sup>(1)</sup> | $1280 | $1092 | $2447 | $298 |  |

---

<sup>(1)</sup> Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.

Refer to Note 13 for the net amount at risk for market risk benefits associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates ("GMIRs") and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2025 and 2024 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management's discretion, subject to guaranteed minimums.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | | | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** |
| | **Range of Guaranteed Minimum Crediting Rates** | **Range of Guaranteed Minimum Crediting Rates** | **At Guaranteed Minimum** | **1-49 bps above Guaranteed Minimum** | **50-99 bps above Guaranteed Minimum** | **100-150 bps above Guaranteed Minimum** | **Greater than 150 bps above Guaranteed Minimum** | **Total** |
| | | | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Fixed accounts of variable annuities | 1% | 1.99% | $7 | $62 | $82 | $20 | $— | $171 |
|  | 2% | 2.99% | 89 | 8 |  |  |  | 97 |
|  | 3% | 3.99% | 1686 |  |  | 1 |  | 1687 |
|  | 4% | 5.00% | 1321 |  |  |  |  | 1321 |
|  | Total | Total | $3103 | $70 | $82 | $21 | $— | $3276 |
| Fixed accounts of structured variable annuities | 1% | 1.99% | $— | $26 | $26 | $1 | $— | $53 |
|  | 2% | 2.99% | 16 |  |  |  |  | 16 |
|  | 3% | 3.99% | 1 |  |  |  |  | 1 |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $17 | $26 | $26 | $1 | $— | $70 |
| Fixed annuities | 1% | 1.99% | $— | $182 | $143 | $103 | $19 | $447 |
|  | 2% | 2.99% | 13 | 16 | 2 |  |  | 31 |
|  | 3% | 3.99% | 2116 | 1 | 1 |  |  | 2118 |
|  | 4% | 5.00% | 2312 |  |  |  |  | 2312 |
|  | Total | Total | $4441 | $199 | $146 | $103 | $19 | $4908 |
| Non-indexed accounts of fixed indexed annuities | 1% | 1.99% | $— | $2 | $4 | $13 | $— | $19 |
|  | 2% | 2.99% |  |  |  |  |  |  |
|  | 3% | 3.99% |  |  |  |  |  |  |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $— | $2 | $4 | $13 | $— | $19 |
| Universal life insurance | 1% | 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% | 2.99% | 47 | 6 | 19 | 2 | 1 | 75 |
|  | 3% | 3.99% | 789 |  | 4 | 7 |  | 800 |
|  | 4% | 5.00% | 442 | 5 |  |  |  | 447 |
|  | Total | Total | $1278 | $11 | $23 | $9 | $1 | $1322 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** |
| | **Range of Guaranteed Minimum Crediting Rates** | **Range of Guaranteed Minimum Crediting Rates** | **At Guaranteed Minimum** | **1-49 bps above Guaranteed Minimum** | **50-99 bps above Guaranteed Minimum** | **100-150 bps above Guaranteed Minimum** | **Greater than 150 bps above Guaranteed Minimum** | **Total** |
| | | | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Fixed accounts of variable universal life insurance | 1% | 1.99% | $— | $— | $3 | $1 | $48 | $52 |
|  | 2% | 2.99% | 1 | 16 | 2 | 1 | 14 | 34 |
|  | 3% | 3.99% | 98 | 1 | 3 | 14 |  | 116 |
|  | 4% | 5.00% | 524 | 25 |  |  |  | 549 |
|  | Total | Total | $623 | $42 | $8 | $16 | $62 | $751 |
| Non-indexed accounts of indexed universal life insurance | 1% | 1.99% | $— | $— | $— | $— | $2 | $2 |
|  | 2% | 2.99% |  |  |  | 135 |  | 135 |
|  | 3% | 3.99% |  |  |  |  |  |  |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $— | $— | $— | $135 | $2 | $137 |
| Other life insurance | 1% | 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% | 2.99% |  |  |  |  |  |  |
|  | 3% | 3.99% | 24 |  |  |  |  | 24 |
|  | 4% | 5.00% | 249 |  |  |  |  | 249 |
|  | Total | Total | $273 | $— | $— | $— | $— | $273 |
| Total | 1% | 1.99% | $7 | $272 | $258 | $138 | $69 | $744 |
|  | 2% | 2.99% | 166 | 46 | 23 | 138 | 15 | 388 |
|  | 3% | 3.99% | 4714 | 2 | 8 | 22 |  | 4746 |
|  | 4% | 5.00% | 4848 | 30 |  |  |  | 4878 |
|  | Total | Total | $9735 | $350 | $289 | $298 | $84 | $10756 |
| **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** |  |  |  |  |  |  |
| Next 12 months | Next 12 months | Next 12 months | 100.0% | 100.0% | 99.9% | 100.0% | 99.8% | 100.0% |
| > 12 months to 24 months | > 12 months to 24 months | > 12 months to 24 months |  |  |  |  |  |  |
| > 24 months | > 24 months | > 24 months |  |  | 0.1 |  | 0.2 |  |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** |
| | **Range of Guaranteed Minimum Crediting Rates** | **Range of Guaranteed Minimum Crediting Rates** | **At Guaranteed Minimum** | **1-49 bps above Guaranteed Minimum** | **50-99 bps above Guaranteed Minimum** | **100-150 bps above Guaranteed Minimum** | **Greater than 150 bps above Guaranteed Minimum** | **Total** |
| | | | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Fixed accounts of variable annuities | 1% | 1.99% | $24 | $95 | $65 | $17 | $— | $201 |
|  | 2% | 2.99% | 112 |  |  |  |  | 112 |
|  | 3% | 3.99% | 1894 | 7 |  | 1 |  | 1902 |
|  | 4% | 5.00% | 1412 |  |  |  |  | 1412 |
|  | Total | Total | $3442 | $102 | $65 | $18 | $— | $3627 |
| Fixed accounts of structured variable annuities | 1% | 1.99% | $2 | $20 | $9 | $— | $— | $31 |
|  | 2% | 2.99% | 13 |  |  |  |  | 13 |
|  | 3% | 3.99% | 1 |  |  |  |  | 1 |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $16 | $20 | $9 | $— | $— | $45 |
| Fixed annuities | 1% | 1.99% | $85 | $237 | $152 | $89 | $14 | $577 |
|  | 2% | 2.99% | 22 | 14 | 2 |  |  | 38 |
|  | 3% | 3.99% | 2410 |  |  |  |  | 2410 |
|  | 4% | 5.00% | 2331 |  |  |  |  | 2331 |
|  | Total | Total | $4848 | $251 | $154 | $89 | $14 | $5356 |
| Non-indexed accounts of fixed indexed annuities | 1% | 1.99% | $— | $2 | $5 | $14 | $— | $21 |
|  | 2% | 2.99% |  |  |  |  |  |  |
|  | 3% | 3.99% |  |  |  |  |  |  |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $— | $2 | $5 | $14 | $— | $21 |
| Universal life insurance | 1% | 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% | 2.99% | 50 | 4 | 15 |  |  | 69 |
|  | 3% | 3.99% | 821 |  | 4 | 6 |  | 831 |
|  | 4% | 5.00% | 473 | 4 |  |  |  | 477 |
|  | Total | Total | $1344 | $8 | $19 | $6 | $— | $1377 |
| Fixed accounts of variable universal life insurance | 1% | 1.99% | $— | $— | $4 | $1 | $41 | $46 |
|  | 2% | 2.99% | 7 | 14 |  | 1 | 12 | 34 |
|  | 3% | 3.99% | 108 | 1 | 2 | 12 |  | 123 |
|  | 4% | 5.00% | 564 | 21 |  |  |  | 585 |
|  | Total | Total | $679 | $36 | $6 | $14 | $53 | $788 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** |
| | **Range of Guaranteed Minimum Crediting Rates** | **Range of Guaranteed Minimum Crediting Rates** | **At Guaranteed Minimum** | **1-49 bps above Guaranteed Minimum** | **50-99 bps above Guaranteed Minimum** | **100-150 bps above Guaranteed Minimum** | **Greater than 150 bps above Guaranteed Minimum** | **Total** |
| | | | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Non-indexed accounts of indexed universal life insurance | 1% | 1.99% | $— | $— | $4 | $2 | $— | $6 |
|  | 2% | 2.99% |  | 125 |  |  |  | 125 |
|  | 3% | 3.99% |  |  |  |  |  |  |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $— | $125 | $4 | $2 | $— | $131 |
| Other life insurance | 1% | 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% | 2.99% |  |  |  |  |  |  |
|  | 3% | 3.99% | 28 |  |  |  |  | 28 |
|  | 4% | 5.00% | 268 |  |  |  |  | 268 |
|  | Total | Total | $296 | $— | $— | $— | $— | $296 |
| Total | 1% | 1.99% | $111 | $354 | $239 | $123 | $55 | $882 |
|  | 2% | 2.99% | 204 | 157 | 17 | 1 | 12 | 391 |
|  | 3% | 3.99% | 5262 | 8 | 6 | 19 |  | 5295 |
|  | 4% | 5.00% | 5048 | 25 |  |  |  | 5073 |
|  | Total | Total | $10625 | $544 | $262 | $143 | $67 | $11641 |
| **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** |  |  |  |  |  |  |
| Next 12 months | Next 12 months | Next 12 months | 100.0% | 100.0% | 99.9% | 100.0% | 99.8% | 100.0% |
| > 12 months to 24 months | > 12 months to 24 months | > 12 months to 24 months |  |  |  |  |  |  |
| > 24 months | > 24 months | > 24 months |  |  | 0.1 |  | 0.2 |  |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following tables summarize the balances of and changes in the liability for future policy benefits:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Life Contingent Payout Annuities** | **Term and Whole Life Insurance** | **Disability Income Insurance** | **Long Term Care Insurance** | **Total,<br>All Products** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| **Present Value of Expected Net Premiums:** | | | | | |
| Balance at January 1, 2025 | $— | $737 | $53 | $1057 | $1847 |
| Beginning balance at original discount rate |  | 774 | 59 | 1072 | 1905 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions |  | 58 | (19) | (8) | 31 |
| &nbsp;&nbsp;Effect of actual variances from expected experience |  | (17) | (12) | 1 | (28) |
| Adjusted beginning of year balance | $— | $815 | $28 | $1065 | $1908 |
| &nbsp;&nbsp;Issuances | 141 | 60 | 9 |  | 210 |
| &nbsp;&nbsp;&nbsp;Interest accrual | 1 | 39 | 2 | 50 | 92 |
| &nbsp;&nbsp;&nbsp;Net premiums collected | (142) | (78) | (2) | (138) | (360) |
| &nbsp;&nbsp;&nbsp;Derecognition (lapses) |  |  |  |  |  |
| Ending balance at original discount rate | $— | $836 | $37 | $977 | $1850 |
| &nbsp;&nbsp;Effect of changes in discount rate assumptions |  | (23) | (4) | 11 | (16) |
| Balance at December 31, 2025 | $— | $813 | $33 | $988 | $1834 |
| **Present Value of Future Policy Benefits:** |  |  |  |  |  |
| Balance at January 1, 2025 | $1204 | $1322 | $545 | $6187 | $9258 |
| Beginning balance at original discount rate | 1289 | 1353 | 535 | 6408 | 9585 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions | (2) | 27 | (30) | 25 | 20 |
| &nbsp;&nbsp;Effect of actual variances from expected experience | (5) | (20) | (25) | 13 | (37) |
| Adjusted beginning of year balance | $1282 | $1360 | $480 | $6446 | $9568 |
| &nbsp;&nbsp;Issuances | 141 | 60 | 9 |  | 210 |
| &nbsp;&nbsp;&nbsp;Interest accrual | 57 | 74 | 30 | 316 | 477 |
| &nbsp;&nbsp;&nbsp;Benefit payments | (162) | (114) | (41) | (440) | (757) |
| &nbsp;&nbsp;&nbsp;Derecognition (lapses) |  |  |  |  |  |
| Ending balance at original discount rate | $1318 | $1380 | $478 | $6322 | $9498 |
| &nbsp;&nbsp;Effect of changes in discount rate assumptions | (45) | (2) | 21 | (45) | (71) |
| Balance at December 31, 2025 | $1273 | $1378 | $499 | $6277 | $9427 |
| Adjustment due to reserve flooring | $— | $8 | $— | $— | $8 |
| Net liability for future policy benefits | $1273 | $573 | $466 | $5289 | $7601 |
| Less: reinsurance recoverable | 703 | 408 | 20 | 2657 | 3788 |
| Net liability for future policy benefits, after reinsurance recoverable | $570 | $165 | $446 | $2632 | $3813 |
| Discounted expected future gross premiums | $— | $1971 | $809 | $1173 | $3953 |
| Expected future gross premiums | $— | $3334 | $1126 | $1554 | $6014 |
| Expected future benefit payments | $1906 | $2328 | $789 | $10218 | $15241 |
| Weighted average interest accretion rate | 4.4% | 6.2% | 6.3% | 5.0% |  |
| Weighted average discount rate | 5.0% | 5.3% | 5.2% | 5.3% |  |
| Weighted average duration of liability (in years) | 6 | 7 | 6 | 8 |  |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Life Contingent Payout Annuities** | **Term and Whole Life Insurance** | **Disability Income Insurance** | **Long Term Care Insurance** | **Total,<br>All Products** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| **Present Value of Expected Net Premiums:** | | | | | |
| Balance at January 1, 2024 | $— | $703 | $104 | $1146 | $1953 |
| Beginning balance at original discount rate |  | 708 | 105 | 1137 | 1950 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions |  | 57 | (39) | 55 | 73 |
| &nbsp;&nbsp;Effect of actual variances from expected experience |  | (16) | (13) | (26) | (55) |
| Adjusted beginning of year balance | $— | $749 | $53 | $1166 | $1968 |
| &nbsp;&nbsp;Issuances | 201 | 63 | 9 |  | 273 |
| &nbsp;&nbsp;&nbsp;Interest accrual | 1 | 38 | 3 | 55 | 97 |
| &nbsp;&nbsp;&nbsp;Net premiums collected | (202) | (76) | (6) | (149) | (433) |
| &nbsp;&nbsp;&nbsp;Derecognition (lapses) |  |  |  |  |  |
| Ending balance at original discount rate | $— | $774 | $59 | $1072 | $1905 |
| &nbsp;&nbsp;Effect of changes in discount rate assumptions |  | (37) | (6) | (15) | (58) |
| Balance at December 31, 2024 | $— | $737 | $53 | $1057 | $1847 |
| **Present Value of Future Policy Benefits:** |  |  |  |  |  |
| Balance at January 1, 2024 | $1164 | $1325 | $661 | $6561 | $9711 |
| Beginning balance at original discount rate | 1222 | 1291 | 621 | 6507 | 9641 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions | (24) | 67 | (61) | 58 | 40 |
| &nbsp;&nbsp;Effect of actual variances from expected experience | (8) | (16) | (25) | (48) | (97) |
| Adjusted beginning of year balance | $1190 | $1342 | $535 | $6517 | $9584 |
| &nbsp;&nbsp;Issuances | 201 | 63 | 9 |  | 273 |
| &nbsp;&nbsp;&nbsp;Interest accrual | 56 | 73 | 34 | 323 | 486 |
| &nbsp;&nbsp;&nbsp;Benefit payments | (158) | (125) | (43) | (432) | (758) |
| &nbsp;&nbsp;&nbsp;Derecognition (lapses) |  |  |  |  |  |
| Ending balance at original discount rate | $1289 | $1353 | $535 | $6408 | $9585 |
| &nbsp;&nbsp;Effect of changes in discount rate assumptions | (85) | (31) | 10 | (221) | (327) |
| Balance at December 31, 2024 | $1204 | $1322 | $545 | $6187 | $9258 |
| Adjustment due to reserve flooring | $— | $7 | $— | $— | $7 |
| Net liability for future policy benefits | $1204 | $592 | $492 | $5130 | $7418 |
| Less: reinsurance recoverable | 759 | 424 | 20 | 2591 | 3794 |
| Net liability for future policy benefits, after reinsurance recoverable | $445 | $168 | $472 | $2539 | $3624 |
| Discounted expected future gross premiums | $— | $1672 | $836 | $1247 | $3755 |
| Expected future gross premiums | $— | $2921 | $1196 | $1713 | $5830 |
| Expected future benefit payments | $1846 | $2286 | $899 | $10522 | $15553 |
| Weighted average interest accretion rate | 4.5% | 6.0% | 6.3% | 5.0% |  |
| Weighted average discount rate | 5.4% | 5.6% | 5.6% | 5.7% |  |
| Weighted average duration of liability (in years) | 6 | 7 | 7 | 8 |  |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2025 resulted in a net increase in future policy benefit reserves, primarily due to net unfavorable changes in LTC morbidity and mortality assumptions partially offset by favorable changes to disability income insurance claim incidence rates. The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates.

The balances of and changes in additional liabilities related to insurance guarantees were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Other Life Insurance** | **Total,<br>All Products** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2025 | $1301 | $80 | $8 | $1389 |
| &nbsp;&nbsp;Interest accrual | 40 | 5 | 1 | 46 |
| &nbsp;&nbsp;Benefit accrual | 132 | 10 | 2 | 144 |
| &nbsp;&nbsp;Benefit payments | (84) | (14) | (4) | (102) |
| &nbsp;&nbsp;Effect of actual variances from expected experience | 11 | (1) | 2 | 12 |
| &nbsp;&nbsp;Impact of change in net unrealized (gains) losses on securities | 9 |  | 2 | 11 |
| Balance at December 31, 2025 | $1409 | $80 | $11 | $1500 |
| Weighted average interest accretion rate | 2.9% | 6.8% | 3.8% |  |
| Weighted average discount rate | 3.1% | 7.1% | 3.9% |  |
| Weighted average duration of reserves (in years) | 9 | 8 | 7 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Other Life Insurance** | **Total,<br>All Products** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2024 | $1225 | $81 | $15 | $1321 |
| &nbsp;&nbsp;Interest accrual | 37 | 6 | 1 | 44 |
| &nbsp;&nbsp;Benefit accrual | 133 | 8 | 3 | 144 |
| &nbsp;&nbsp;Benefit payments | (69) | (13) | (5) | (87) |
| &nbsp;&nbsp;Effect of actual variances from expected experience | (2) | (1) | (1) | (4) |
| &nbsp;&nbsp;Impact of change in net unrealized (gains) losses on securities | (23) | (1) | (5) | (29) |
| Balance at December 31, 2024 | $1301 | $80 | $8 | $1389 |
| Weighted average interest accretion rate | 3.0% | 7.0% | 3.9% |  |
| Weighted average discount rate | 3.2% | 7.1% | 4.0% |  |
| Weighted average duration of reserves (in years) | 10 | 8 | 6 |  |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The amount of revenue and interest recognized in the Statements of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Gross Premiums** | **Interest Expense** | **Gross Premiums** | **Interest Expense** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Life contingent payout annuities | $157 | $56 | $226 | $55 |
| Term and whole life insurance | 174 | 35 | 172 | 35 |
| Disability income insurance | 114 | 28 | 119 | 31 |
| Long term care insurance | 171 | 266 | 179 | 268 |
| &nbsp;&nbsp;Total | $616 | $385 | $696 | $389 |

---

The following tables summarize the balances of and changes in unearned revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Indexed Universal Life Insurance** | **Total,<br>All Products** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $26 | $249 | $295 | $570 |
| &nbsp;&nbsp;Deferral of revenue | 1 | 79 | 47 | 127 |
| &nbsp;&nbsp;Amortization | (1) | (21) | (24) | (46) |
| Balance at December 31, 2025 | $26 | $307 | $318 | $651 |
| Balance at January 1, 2024 | $27 | $196 | $266 | $489 |
| &nbsp;&nbsp;Deferral of revenue |  | 70 | 51 | 121 |
| &nbsp;&nbsp;Amortization | (1) | (17) | (22) | (40) |
| Balance at December 31, 2024 | $26 | $249 | $295 | $570 |

---

**12. Separate Account Assets and Liabilities**

Aggregate fair value of separate account assets, by major asset category, consisted of the following:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| Variable annuities and variable universal life: |  |  |
| &nbsp;&nbsp;Mutual funds | $77645 | $75576 |
| Unitized pooled pension funds: |  |  |
| &nbsp;&nbsp;Property/real estate | 1755 | 1682 |
| &nbsp;&nbsp;Equity securities | 454 | 514 |
| &nbsp;&nbsp;Debt securities | 116 | 175 |
| &nbsp;&nbsp;Cash and cash equivalents | 56 | 120 |
| &nbsp;&nbsp;Other | 18 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $80044 | $78114 |

---

No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2025, 2024 and 2023.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The balances of and changes in separate account liabilities were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Variable Universal Life** | **Unitized Pooled Pension Funds** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $65737 | $9839 | $2538 | $78114 |
| &nbsp;&nbsp;Premiums and deposits | 996 | 526 | 83 | 1605 |
| &nbsp;&nbsp;Policy charges | (1318) | (321) | (5) | (1644) |
| &nbsp;&nbsp;Surrenders and other benefits | (7347) | (413) | (583) | (8343) |
| &nbsp;&nbsp;Investment return | 8373 | 1495 | 179 | 10047 |
| &nbsp;&nbsp;Net transfer from (to) general account | 30 | 48 |  | 78 |
| &nbsp;&nbsp;Other charges |  |  | 187 | 187 |
| Balance at December 31, 2025 | $66471 | $11174 | $2399 | $80044 |
| Cash surrender value | $65338 | $10463 | $2399 | $78200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Variable Universal Life** | **Unitized Pooled Pension Funds** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $65839 | $8795 | $2823 | $77457 |
| &nbsp;&nbsp;Premiums and deposits | 933 | 500 | 153 | 1586 |
| &nbsp;&nbsp;Policy charges | (1365) | (307) | (5) | (1677) |
| &nbsp;&nbsp;Surrenders and other benefits | (6990) | (412) | (594) | (7996) |
| &nbsp;&nbsp;Investment return | 7293 | 1199 | 202 | 8694 |
| &nbsp;&nbsp;Net transfer from (to) general account | 27 | 64 |  | 91 |
| &nbsp;&nbsp;Other charges |  |  | (41) | (41) |
| Balance at December 31, 2024 | $65737 | $9839 | $2538 | $78114 |
| Cash surrender value | $64411 | $9220 | $2538 | $76169 |

---

**13. Market Risk Benefits** 

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.

The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract.

The Company has the following primary GMDB provisions:

• Return of premium – provides purchase payments minus adjusted partial surrenders.

• Reset – provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered.

• Ratchet – provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders.

The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a "step-up") in the case of favorable market performance or by a benefit credit if the contract includes this provision.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The Company has GMWB riders in force, which contain one or more of the following provisions:

• Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.

• Withdrawals at a specified rate per year for the life of the contractholder ("GMWB for life").

• Withdrawals at a specified rate per year for joint contractholders while either is alive.

• Withdrawals based on performance of the contract.

• Withdrawals based on the age withdrawals begin.

• Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken.

Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value.

Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following table summarizes the balances of and changes in market risk benefits:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions, except age)** | **(in millions, except age)** | **(in millions, except age)** |
| Balance at beginning of period | $(919) | $335 | $1103 |
| &nbsp;&nbsp;Issuances | 23 | 24 | 17 |
| &nbsp;&nbsp;Interest accrual and time decay | (116) | (66) | (53) |
| &nbsp;&nbsp;Reserve increase from attributed fees collected | 761 | 790 | 788 |
| &nbsp;&nbsp;Reserve release for benefit payments and derecognition | (9) | (11) | (35) |
| &nbsp;&nbsp;Effect of changes in interest rates and bond markets | (51) | (1078) | (367) |
| &nbsp;&nbsp;Effect of changes in equity markets and subaccount performance | (1006) | (1228) | (1267) |
| &nbsp;&nbsp;Effect of changes in equity index volatility | 90 | 59 | (67) |
| &nbsp;&nbsp;Actual policyholder behavior different from expected behavior | 68 | 71 | 5 |
| &nbsp;&nbsp;Effect of changes in future expected assumptions | 93 | 106 | 128 |
| &nbsp;&nbsp;Effect of changes in the instrument-specific credit risk on market risk benefits | (26) | 79 | 83 |
| Balance at end of period | $(1092) | $(919) | $335 |
| Reconciliation of the gross balances in an asset or liability position: |  |  |  |
| &nbsp;&nbsp;Asset position | $2274 | $2182 | $1427 |
| &nbsp;&nbsp;Liability position | (1182) | (1263) | (1762) |
| &nbsp;&nbsp;&nbsp;Net asset (liability) position | $1092 | $919 | $(335) |
| Guaranteed benefit amount in excess of current account balances (net amount at risk): | Guaranteed benefit amount in excess of current account balances (net amount at risk): |  |  |
| &nbsp;&nbsp;Death benefits | $291 | $462 | $913 |
| &nbsp;&nbsp;Living benefits | $1811 | $2429 | $2513 |
| &nbsp;&nbsp;Composite (greater of) | $2084 | $2829 | $3308 |
| Weighted average attained age of contractholders | 70 | 69 | 69 |
| Changes in unrealized (gains) losses in net income relating to liabilities held at end of period | $(966) | $(2111) | $(1551) |
| Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period | $(20) | $85 | $84 |

---

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **Valuation Technique** | **Significant Inputs and Assumptions** | **Range** | **Range** | **Weighted <br> Average** |
| | **(in millions)** | | | | | |
| Market risk benefits | $(1092) | Discounted cash flow | Utilization of guaranteed withdrawals <sup>(1)</sup> | 0.0% | 52.8% | 12.2% |
|  |  |  | Surrender rate <sup>(2)</sup> | 0.4% | 75.0% | 3.6% |
|  |  |  | Market volatility <sup>(3)</sup> | 0.0% | 24.9% | 11.2% |
|  |  |  | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
|  |  |  | Mortality rate <sup>(5)</sup> | 0.0% | 41.6% | 1.8% |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Valuation Technique** | **Significant Inputs and Assumptions** | **Range** | **Range** | **Weighted <br> Average** |
| | **(in millions)** | | | | | |
| Market risk benefits | $(919) | Discounted cash flow | Utilization of guaranteed withdrawals <sup>(1)</sup> | 0.0% | 52.8% | 11.9% |
|  |  |  | Surrender rate <sup>(2)</sup> | 0.4% | 75.0% | 3.3% |
|  |  |  | Market volatility <sup>(3)</sup> | 0.0% | 24.6% | 10.3% |
|  |  |  | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
|  |  |  | Mortality rate <sup>(5)</sup> | 0.0% | 41.6% | 1.7% |

---

<sup>(1)</sup> The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.

<sup>(2)</sup> The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

<sup>(3)</sup> Market volatility represents the implied volatility of each contractholder's mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

<sup>(4)</sup> The nonperformance risk is the spread added to the U.S. Treasury curve.

<sup>(5)</sup> The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.

**Changes to Significant Inputs and Assumptions:**

During the years ended December 31, 2025 and 2024, the Company updated inputs and assumptions based on management's review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:

Year ended December 31, 2025

• Updates to surrender assumptions resulted in a decrease to pretax income of $70 million.

• Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $14 million.

Year ended December 31, 2024

• Updates to surrender assumptions resulted in a decrease to pretax income of $83 million.

• Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $15 million.

Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.

**Uncertainty of Fair Value Measurements**

Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value.

Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair value measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calendar year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.

**Determination of Fair Value**

The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility, contractholder behavior assumptions that include margins for risk, and the Company's nonperformance risk. These measurements are classified as Level 3.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**14. Customer Deposits**

Customer deposits consisted of the following:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| Fixed rate certificates | $8064 | $11083 |
| Other | 75 | 104 |
| &nbsp;&nbsp;&nbsp;Total investment certificate reserves | 8139 | 11187 |
| Interest bearing checking | 696 | 1438 |
| Money market | 22112 | 20232 |
| Savings | 840 | 637 |
| Brokerage deposits | 1948 | 2332 |
| Time certificates of deposit | 15 |  |
| &nbsp;&nbsp;&nbsp;Total banking and brokerage deposits | 25611 | 24639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $33750 | $35826 |

---

*Investment Certificates*

The Company offers fixed rate investment certificates primarily in amounts ranging from $1 thousand to $2 million with interest crediting rate terms ranging from 3 months to 36 months. Investment certificates may be purchased either with a lump sum payment or installment payments. Certificate owners are entitled to receive a fixed sum at either maturity or upon demand depending on the type of certificate. Payments from certificate owners are credited to investment certificate reserves, which generally accumulate interest at specified percentage rates. Certain investment certificates allow for a surrender charge on premature surrenders. Reserves for certificates that do not allow for a surrender charge were $1.1 billion and $1.2 billion as of December 31, 2025 and 2024, respectively. The Company generally invests the proceeds from investment certificates in fixed and variable rate securities. The interest paid to certificate owners is included in Banking and deposit interest expense.

*Banking and Brokerage Deposits*

Banking and brokerage deposits are amounts payable to customers related to funds deposited by customers in checking and savings, certificates of deposit, brokerage sweep balances, free credit balances, and funds accruing to customers as a result of trades or contracts. Money market deposits represent brokerage sweep for client balances held at Ameriprise Bank. Brokerage deposits primarily represent our client's free credit balances. The Company pays interest on certain customer deposit balances and the interest is included in Banking and deposit interest expense.

**15. Debt** 

The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Outstanding Balance** | **Outstanding Balance** | **Stated Interest Rate** | **Stated Interest Rate** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | | |
| Long-term debt: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior notes due 2025 | $— | $500 | —% | 3.0% |
| &nbsp;&nbsp;&nbsp;Senior notes due 2026 | 500 | 500 | 2.9 | 2.9 |
| &nbsp;&nbsp;Senior notes due 2028 | 600 | 600 | 5.7 | 5.7 |
| &nbsp;&nbsp;&nbsp;Senior notes due 2032 | 500 | 500 | 4.5 | 4.5 |
| &nbsp;&nbsp;&nbsp;Senior notes due 2033 | 750 | 750 | 5.2 | 5.2 |
| &nbsp;&nbsp;Senior notes due 2035 | 750 |  | 5.2 |  |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities |  | 9 | N/A | N/A |
| &nbsp;&nbsp;Other <sup>(1)</sup> | (23) | (17) | N/A | N/A |
| Total long-term debt | 3077 | 2842 |  |  |
| Short-term borrowings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank ("FHLB") advances | 200 | 201 | 4.0% | 4.6% |
| Total | $3277 | $3043 |  |  |

---

<sup>(1)</sup> Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.

N/A Not Applicable

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

*Long-Term Debt*

The Company's senior notes may be redeemed, in whole or in part, at any time prior to maturity at a price equal to the greater of the principal amount and the present value of remaining scheduled payments, discounted to the redemption date, plus accrued interest.

On February 28, 2025, the Company issued $750 million of 5.20% unsecured senior notes due on April 15, 2035 and incurred debt issuance costs of $7 million. Interest payments are due semi-annually in arrears on April 15 and October 15.

On April 2, 2025, the Company repaid $500 million principal amount of its 3.0% senior notes at maturity.

*Short-Term Borrowings*

The Company's life insurance and bank subsidiaries are members of the FHLB of Des Moines which provides access to collateralized borrowings. The Company's life insurance subsidiary has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $1.1 billion and $964 million as of December 31, 2025 and 2024, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2025 and 2024. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date.

The Company's bank subsidiary had no outstanding obligations to the FHLB as of both December 31, 2025 and 2024. The Company's bank subsidiary maintains access to collateralized borrowings from the Federal Reserve. As of both December 31, 2025 and 2024, there were no outstanding obligations to the Federal Reserve.

On November 25, 2024, the Company entered into agreement to amend and restate its credit agreement that provides for an unsecured committed revolving credit facility of up to $1.0 billion that expires in November 2029. Under the terms of the credit agreement for the facility, the Company may increase the amount of this facility up to $1.25 billion upon satisfaction of certain approval requirements. As of both December 31, 2025 and 2024, the Company had no borrowings outstanding and $1 million of letters of credit issued against the facility. The Company's credit facility contains various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants as of both December 31, 2025 and 2024.

American Enterprise Investment Services, Inc. ("AEIS"), a subsidiary of the Company, has credit agreements for uncommitted lines of credit with third party financial institutions, having a combined credit limit of $500 million. As of both December 31, 2025 and 2024, AEIS had no borrowings outstanding.

**16. Fair Values of Assets and Liabilities**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.

**Valuation Hierarchy**

The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company's valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:

Level 1&nbsp;&nbsp;&nbsp;&nbsp;Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

Level 2&nbsp;&nbsp;&nbsp;&nbsp; Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3&nbsp;&nbsp;&nbsp;&nbsp; Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis (See Note 5 for the balances of assets and liabilities for consolidated investment entities):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | |
| | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | |
| **Assets** | | | | | |
| &nbsp;&nbsp;Cash equivalents | $2657 | $3864 | $— | $6521 |  |
| &nbsp;&nbsp;Available-for-Sale securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities |  | 15131 | 711 | 15842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage backed securities |  | 28149 | 24 | 28173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage backed securities |  | 3687 |  | 3687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities |  | 3752 | 1 | 3753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal obligations |  | 677 |  | 677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and agency obligations | 1359 | 99 |  | 1458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds and obligations |  | 1 |  | 1 |  |
| &nbsp;&nbsp;Total Available-for-Sale securities | 1359 | 51496 | 736 | 53591 |  |
| &nbsp;&nbsp;Investments at net asset value ("NAV") |  |  |  | 13 | (1) |
| &nbsp;&nbsp;Trading and other securities | 372 | 21 |  | 393 |  |
| &nbsp;&nbsp;Separate account assets at NAV |  |  |  | 80044 | (1) |
| &nbsp;&nbsp;Investments and cash equivalents segregated for regulatory purposes | 439 |  |  | 439 |  |
| &nbsp;&nbsp;Market risk benefits |  |  | 2274 | 2274 | (2) |
| &nbsp;&nbsp;Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity ceded embedded derivatives |  |  | 59 | 59 |  |
| &nbsp;&nbsp;Other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivative contracts | 1 | 142 |  | 143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivative contracts | 218 | 12722 |  | 12940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit derivative contracts |  | 15 |  | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange derivative contracts |  | 24 |  | 24 |  |
| &nbsp;&nbsp;Total other assets | 219 | 12903 |  | 13122 |  |
| Total assets at fair value | $5046 | $68284 | $3069 | $156456 |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Policyholder account balances, future policy benefits and claims: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity embedded derivatives | $— | $— | $58 | $58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IUL embedded derivatives |  |  | 1042 | 1042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured variable annuity embedded derivatives |  |  | 3879 | 3879 |  |
| &nbsp;&nbsp;Total policyholder account balances, future policy benefits and claims |  |  | 4979 | 4979 | (3) |
| &nbsp;&nbsp;Market risk benefits |  |  | 1182 | 1182 | (2) |
| &nbsp;&nbsp;Customer deposits |  | 4 |  | 4 |  |
| &nbsp;&nbsp;Other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivative contracts | 1 | 218 |  | 219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivative contracts | 346 | 7651 |  | 7997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange derivative contracts |  | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 376 | 5 | 71 | 452 |  |
| &nbsp;&nbsp;Total other liabilities | 723 | 7875 | 71 | 8669 |  |
| Total liabilities at fair value | $723 | $7879 | $6232 | $14834 |  |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | |
| | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | |
| **Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Cash equivalents | $2526 | $2504 | $— | $5030 |  |
| &nbsp;&nbsp;&nbsp;Available-for-Sale securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities |  | 13416 | 583 | 13999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage backed securities |  | 23306 | 38 | 23344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage backed securities |  | 5126 |  | 5126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities |  | 6316 | 126 | 6442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal obligations |  | 638 |  | 638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and agency obligations | 2591 |  |  | 2591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds and obligations |  | 13 |  | 13 |  |
| &nbsp;&nbsp;&nbsp;Total Available-for-Sale securities | 2591 | 48815 | 747 | 52153 |  |
| &nbsp;&nbsp;&nbsp;Investments at NAV |  |  |  | 12 | (1) |
| &nbsp;&nbsp;&nbsp;Trading and other securities | 321 | 25 |  | 346 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets at NAV |  |  |  | 78114 | (1) |
| &nbsp;&nbsp;&nbsp;Investments and cash equivalents segregated for regulatory purposes | 557 |  |  | 557 |  |
| &nbsp;&nbsp;Market risk benefits |  |  | 2182 | 2182 | (2) |
| &nbsp;&nbsp;Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity ceded embedded derivatives |  |  | 55 | 55 |  |
| &nbsp;&nbsp;&nbsp;Other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivative contracts |  | 180 |  | 180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivative contracts | 114 | 8843 |  | 8957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit derivative contracts |  | 59 |  | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange derivative contracts | 2 | 41 |  | 43 |  |
| &nbsp;&nbsp;&nbsp;Total other assets | 116 | 9123 |  | 9239 |  |
| Total assets at fair value | $6111 | $60467 | $2984 | $147688 |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Policyholder account balances, future policy benefits and claims: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity embedded derivatives | $— | $— | $53 | $53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IUL embedded derivatives |  |  | 1002 | 1002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured variable annuity embedded derivatives |  |  | 2461 | 2461 |  |
| &nbsp;&nbsp;Total policyholder account balances, future policy benefits and claims |  |  | 3516 | 3516 | (3) |
| &nbsp;&nbsp;&nbsp;Market risk benefits |  |  | 1263 | 1263 | (2) |
| &nbsp;&nbsp;&nbsp;Customer deposits |  | 7 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;Other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivative contracts | 1 | 323 |  | 324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivative contracts | 173 | 5189 |  | 5362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit derivative contracts |  | 4 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange derivative contracts |  | 13 |  | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 314 | 8 | 68 | 390 |  |
| &nbsp;&nbsp;&nbsp;Total other liabilities | 488 | 5537 | 68 | 6093 |  |
| Total liabilities at fair value | $488 | $5544 | $4847 | $10879 |  |

---

<sup>(1)</sup> Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

<sup>(2)</sup> See Note 13 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

<sup>(3)</sup> The Company's adjustment for nonperformance risk resulted in a $258 million and $211 million cumulative decrease to the embedded derivatives as of December 31, 2025 and 2024, respectively.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | | **Receivables** |
| | **Corporate Debt Securities** | **Residential Mortgage Backed Securities** | **Asset Backed Securities** | **Total** | | **Fixed Deferred Indexed Annuity Ceded Embedded Derivatives** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $583 | $38 | $126 | $747 |  | $55 |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 2 |  |  | 2 | (1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 18 |  |  | 18 |  |  |
| &nbsp;&nbsp;Purchases | 169 | 49 |  | 218 |  |  |
| &nbsp;&nbsp;Settlements | (61) | (2) | (58) | (121) |  | (5) |
| &nbsp;&nbsp;Transfers out of Level 3 |  | (61) | (67) | (128) |  |  |
| Balance at December 31, 2025 | $711 | $24 | $1 | $736 |  | $59 |
| Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2025 | $2 | $— | $— | $2 | (1) | $— |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2025 | $18 | $— | $— | $18 |  | $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Other Liabilities** | |
| | **Fixed Deferred Indexed Annuity Embedded Derivatives** | | **IUL Embedded Derivatives** | | **Structured Variable Annuity Embedded Derivatives** | | **Total** | **Other Liabilities** | |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | |
| Balance at January 1, 2025  | $53 |  | $1002 |  | $2461 |  | $3516 | $68 |  |
| &nbsp;&nbsp;Total (gains) losses included in: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 10 | (2) | 204 | (2) | 1758 | (3) | 1972 | (5) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  |  |  |  | 1 |  |
| &nbsp;&nbsp;Issues |  |  | (20) |  | 102 |  | 82 | 41 |  |
| &nbsp;&nbsp;Settlements | (5) |  | (144) |  | (442) |  | (591) | (34) |  |
| Balance at December 31, 2025 | $58 |  | $1042 |  | $3879 |  | $4979 | $71 |  |
| Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2025 | $— |  | $204 | (2) | $1758 | (3) | $1962 | $— |  |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | | **Receivables** |
| | **Corporate Debt Securities** | **Residential Mortgage Backed Securities** | **Asset Backed Securities** | **Total** | | **Fixed Deferred Indexed Annuity Ceded Embedded Derivatives** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $469 | $— | $1 | $470 |  | $51 |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 1 |  |  | 1 | (1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 1 |  |  | 1 |  |  |
| &nbsp;&nbsp;Purchases | 228 | 150 | 148 | 526 |  |  |
| &nbsp;&nbsp;Settlements | (116) | (2) |  | (118) |  | (4) |
| &nbsp;&nbsp;Transfers out of Level 3 |  | (110) | (23) | (133) |  |  |
| Balance at December 31, 2024 | $583 | $38 | $126 | $747 |  | $55 |
| Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024 | $1 | $— | $— | $1 | (1) | $— |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024 | $(2) | $— | $— | $(2) |  | $— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Other Liabilities** | |
| | **Fixed Deferred Indexed Annuity Embedded Derivatives** | | **IUL Embedded Derivatives** | | **Structured Variable Annuity Embedded Derivatives** | | **Total** | **Other Liabilities** | |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | |
| Balance at January 1, 2024 | $49 |  | $873 |  | $1011 |  | $1933 | $76 |  |
| &nbsp;&nbsp;Total (gains) losses included in: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 8 | (2) | 255 | (2) | 1670 | (3) | 1933 | 2 | (4) |
| &nbsp;&nbsp;Issues |  |  | 23 |  | 114 |  | 137 | 21 |  |
| &nbsp;&nbsp;Settlements | (4) |  | (149) |  | (334) |  | (487) | (31) |  |
| Balance at December 31, 2024 | $53 |  | $1002 |  | $2461 |  | $3516 | $68 |  |
| Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2024 | $— |  | $255 | (2) | $1670 | (3) | $1925 | $— |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Receivables** |
| | **Corporate Debt Securities** | **Asset Backed Securities** | **Total** | **Fixed Deferred Indexed Annuity Ceded Embedded Derivatives** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2023  | $405 | $6 | $411 | $48 |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 11 |  | 11 |  |
| &nbsp;&nbsp;Purchases | 126 |  | 126 |  |
| &nbsp;&nbsp;Settlements | (73) | (5) | (78) | (3) |
| Balance at December 31, 2023 | $469 | $1 | $470 | $51 |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023 | $11 | $— | $11 | $— |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Other Liabilities** | |
| | **Fixed Deferred Indexed Annuity Embedded Derivatives** | | **IUL Embedded Derivatives** | | **Structured Variable Annuity Embedded Derivatives** | | **Total** | **Other Liabilities** | |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | |
| Balance at January 1, 2023 | $44 |  | $739 |  | $(137) | (5) | $646 | $62 |  |
| &nbsp;&nbsp;Total (gains) losses included in: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 8 | (2) | 198 | (2) | 1166 | (3) | 1372 | 2 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  |  |  |  | 1 |  |
| &nbsp;&nbsp;Issues |  |  | 59 |  | 104 |  | 163 | 44 |  |
| &nbsp;&nbsp;Settlements | (3) |  | (123) |  | (122) |  | (248) | (33) |  |
| Balance at December 31, 2023 | $49 |  | $873 |  | $1011 |  | $1933 | $76 |  |
| Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023 | $— |  | $198 | (2) | $1166 | (3) | $1364 | $— |  |

---

<sup>(1)</sup> Included in Net investment income.

<sup>(2)</sup> Included in Interest credited to fixed accounts.

<sup>(3)</sup> Included in Benefits, claims, losses and settlement expenses.

<sup>(4)</sup> Included in General and administrative expense.

<sup>(5)</sup> The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and presented as a contra liability.

The increase to pretax income of the Company's adjustment for nonperformance risk on the fair value of its embedded derivatives was $42 million, $14 million and $51 million, net of the reinsurance accrual, for the years ended December 31, 2025, 2024 and 2023, respectively.

Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Range** | **Weighted <br> Average** |
| | **(in millions)** | | | | | |
| Corporate debt securities (private placements) | $708 | Discounted cash flow | Yield/spread to U.S. Treasuries <sup>(1)</sup> | 0.9% | 1.6% | 1.2% |
| Asset backed securities | $1 | Discounted cash flow | Annual short-term default rate <sup>(2)</sup> | 3.0% | 3.0% | 3.0% |
|  |  |  | Annual long-term default rate <sup>(2)</sup> | 3.5% | 3.5% | 3.5% |
|  |  |  | Discount rate | 15.0% | 15.0% | 15.0% |
|  |  |  | Constant prepayment rate | 20.0% | 20.0% | 20.0% |
|  |  |  | Loss recovery | 60.0% | 60.0% | 60.0% |
| Fixed deferred indexed annuity ceded embedded derivatives | $59 | Discounted cash flow | Surrender rate <sup>(3)</sup> | 0.5% | 89.8% | 5.1% |
| Fixed deferred indexed annuity embedded derivatives | $58 | Discounted cash flow | Surrender rate <sup>(3)</sup> | 0.5% | 89.8% | 5.1% |
|  |  |  | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
| IUL embedded derivatives | $1042 | Discounted cash flow | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
| Structured variable annuity embedded derivatives | $3879 | Discounted cash flow | Surrender rate <sup>(3)</sup> | 0.5% | 75.0% | 2.0% |
|  |  |  | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
| Contingent consideration liabilities | $71 | Discounted cash flow | Discount rate <sup>(5)</sup> | 0.0% | 10.5% | 2.4% |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Range** | **Weighted <br> Average** |
| | **(in millions)** | | | | | |
| Corporate debt securities (private placements) | $583 | Discounted cash flow | Yield/spread to U.S. Treasuries <sup>(1)</sup> | 0.8% | 1.7% | 1.1% |
| Asset backed securities | $1 | Discounted cash flow | Annual short-term default rate <sup>(2)</sup> | 3.5% | 3.5% | 3.5% |
|  |  |  | Annual long-term default rate <sup>(2)</sup> | 3.5% | 3.5% | 3.5% |
|  |  |  | Discount rate | 15.3% | 15.3% | 15.3% |
|  |  |  | Constant prepayment rate | 20.0% | 20.0% | 20.0% |
|  |  |  | Loss recovery | 60.0% | 60.0% | 60.0% |
| Fixed deferred indexed annuity ceded embedded derivatives | $55 | Discounted cash flow | Surrender rate <sup>(3)</sup> | 0.0% | 89.1% | 10.6% |
| Fixed deferred indexed annuity embedded derivatives | $53 | Discounted cash flow | Surrender rate <sup>(3)</sup> | 0.0% | 89.1% | 10.6% |
|  |  |  | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
| IUL embedded derivatives | $1002 | Discounted cash flow | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
| Structured variable annuity embedded derivatives | $2461 | Discounted cash flow | Surrender rate <sup>(3)</sup> | 0.5% | 75.0% | 1.7% |
|  |  |  | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
| Contingent consideration liabilities | $68 | Discounted cash flow | Discount rate <sup>(5)</sup> | 0.0% | 10.5% | 3.3% |

---

<sup>(1)</sup> The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security's market value as a percentage of the aggregate market value of the securities.

<sup>(2)</sup> The weighted average annual default rates of asset backed securities is weighted based on the security's market value as a percentage of the aggregate market value of the securities.

<sup>(3)</sup> The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

<sup>(4)</sup> The nonperformance risk is the spread added to the U.S. Treasury curve.

<sup>(5)</sup> The weighted average discount rate represents the average discount rate across all contingent consideration liabilities, weighted based on the size of the contingent consideration liability.

Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

**Uncertainty of Fair Value Measurements**

Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the annual default rate and discount rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss recovery in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the constant prepayment rate used in the fair value measurement of Level 3 asset backed securities in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the surrender assumption used in the fair value measurement of the fixed deferred indexed annuity ceded embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.

Significant increases (decreases) in the discount rate used in the fair value measurement of the contingent consideration liability in isolation would have resulted in a significantly lower (higher) fair value measurement.

**Determination of Fair Value**

The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company's market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company's income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

**Assets**

*Cash Equivalents*

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company's remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.

*Investments (Available-for-Sale Securities, Equity Securities and Trading Securities)*

When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.

Level 1 securities primarily include trading securities and U.S. Treasuries.

Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations, U.S. government and agency obligations, foreign government securities, and trading and other securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company's privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of certain asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in certain asset backed securities is classified as Level 3.

Management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third-party pricing services. The Company's due diligence procedures include assessing the vendor's valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise.

*Separate Account Assets*

The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy.

*Investments and Cash Equivalents Segregated for Regulatory Purposes*

Investments and cash equivalents segregated for regulatory purposes includes U.S. Treasuries that are classified as Level 1.

*Receivables*

The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.

*Other Assets*

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter ("OTC") markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options. The counterparties' nonperformance risk associated with

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

uncollateralized derivative assets was immaterial as of both December 31, 2025 and 2024. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

**Liabilities**

*Policyholder Account Balances, Future Policy Benefits and Claims*

There is no active market for the transfer of the Company's embedded derivatives attributable to the provisions of fixed deferred indexed annuity, structured variable annuity and IUL products.

The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company's nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3.

The embedded derivatives attributable to these provisions are recorded in Policyholder account balances, future policy benefits and claims.

*Customer Deposits*

The Company uses Black-Scholes models to determine the fair value of the embedded derivative liability associated with the provisions of its stock market certificates ("SMC"). The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2.

*Other Liabilities*

Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options. The Company's nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2025 and 2024. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.

Securities sold but not yet purchased represent obligations of the Company to deliver specified securities that it does not yet own, creating a liability to purchase the security in the market at prevailing prices. When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from nationally-recognized pricing services, or other model-based valuation techniques such as the present value of cash flows. Level 1 securities sold but not yet purchased primarily include trading securities and U.S. Treasuries traded in active markets. Level 2 securities sold but not yet purchased primarily include corporate bonds.

Contingent consideration liabilities consist of earn-outs and/or deferred payments related to the Company's acquisitions. Contingent consideration liabilities are recorded at fair value utilizing a discounted cash flow model using an unobservable input (discount rate). Given the use of a significant unobservable input, the fair value of contingent consideration liabilities is classified as Level 3 within the fair value hierarchy.

**Fair Value on a Nonrecurring Basis**

The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $17 million and $27 million as of December 31, 2025 and 2024, respectively, and is classified as Level 3 in the fair value hierarchy.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**Assets and Liabilities Not Reported at Fair Value**

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| | **Carrying Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Financial Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Mortgage loans, net | $2824 | $— | $774 | $1979 | $2753 |
| &nbsp;&nbsp;&nbsp;Policy loans | 1056 |  | 1056 |  | 1056 |
| &nbsp;&nbsp;&nbsp;Receivables | 9480 | 201 | 2274 | 6012 | 8487 |
| &nbsp;&nbsp;&nbsp;Restricted and segregated cash | 616 | 616 |  |  | 616 |
| &nbsp;&nbsp;&nbsp;Other investments and assets | 250 |  | 194 | 57 | 251 |
| **Financial Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Policyholder account balances, future policy benefits and claims | $23297 | $— | $— | $19636 | $19636 |
| &nbsp;&nbsp;&nbsp;Investment certificate reserves | 8150 |  |  | 8128 | 8128 |
| &nbsp;&nbsp;&nbsp;Banking and brokerage deposits | 25611 | 25596 | 15 |  | 25611 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities — investment contracts | 2765 |  | 2765 |  | 2765 |
| &nbsp;&nbsp;&nbsp;Debt and other liabilities | 3545 | 245 | 3376 | 3 | 3624 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| | **Carrying Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Financial Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Mortgage loans, net | $2354 | $— | $433 | $1768 | $2201 |
| &nbsp;&nbsp;&nbsp;Policy loans | 982 |  | 982 |  | 982 |
| &nbsp;&nbsp;&nbsp;Receivables | 9236 | 218 | 1879 | 5964 | 8061 |
| &nbsp;&nbsp;&nbsp;Restricted and segregated cash | 887 | 887 |  |  | 887 |
| &nbsp;&nbsp;&nbsp;Other investments and assets | 272 |  | 220 | 53 | 273 |
| **Financial Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Policyholder account balances, future policy benefits and claims | $20097 | $— | $— | $16826 | $16826 |
| &nbsp;&nbsp;&nbsp;Investment certificate reserves | 11205 |  |  | 11183 | 11183 |
| &nbsp;&nbsp;&nbsp;Banking and brokerage deposits | 24639 | 24639 |  |  | 24639 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities — investment contracts | 2902 |  | 2902 |  | 2902 |
| &nbsp;&nbsp;&nbsp;Debt and other liabilities | 3326 | 274 | 3031 | 4 | 3309 |

---

Receivables include deposit receivables, advisor loans, securities borrowed, margin loans and pledged asset lines of credit. Restricted and segregated cash includes cash segregated under federal and other regulations held in special reserve bank accounts for the exclusive benefit of the Company's brokerage customers. Other investments and assets primarily include syndicated loans, credit card receivables, certificate of deposits with original or remaining maturities at the time of purchase of more than 90 days, the Company's membership in the FHLB and investments related to the Community Reinvestment Act. See Note 7 for additional information on mortgage loans, policy loans, syndicated loans, credit card receivables and deposit receivables.

Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 11 for additional information on these liabilities. Investment certificate reserves represent customer deposits for fixed rate certificates and stock market certificates. Banking and brokerage deposits are amounts payable to customers related to free credit balances, funds deposited by customers and funds accruing to customers as a result of trades or contracts. Separate account liabilities are primarily investment contracts in pooled pension funds offered by Threadneedle. Debt and other liabilities include the Company's long-term debt, short-term borrowings, securities loaned and future funding commitments to affordable housing partnerships and other real estate partnerships. See Note 15 for further information on the Company's long-term debt and short-term borrowings.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**17. Offsetting Assets and Liabilities** 

Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company's derivative instruments and securities borrowing and lending agreements are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Securities borrowed and securities loaned result from transactions between the Company's broker dealer subsidiary and other financial institutions and are recorded at the amount of cash collateral advanced or received. Securities borrowed and securities loaned are primarily equity securities. The Company's securities borrowed and securities loaned transactions generally do not have a fixed maturity date and may be terminated by either party under customary terms. The Company's policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

The following tables present the gross and net information about the Company's assets subject to master netting arrangements:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Amounts of Assets Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Net Amount** |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Amounts of Assets Presented in the Consolidated Balance Sheets** | **Financial Instruments** <sup>(1)</sup> | **Cash Collateral** | **Securities Collateral** | **Net Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC | $12908 | $— | $12908 | $(8032) | $(2486) | $(2299) | $91 |
| &nbsp;&nbsp;&nbsp;OTC cleared | 9 |  | 9 | (9) |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-traded | 205 |  | 205 | (41) |  |  | 164 |
| Total derivatives | 13122 |  | 13122 | (8082) | (2486) | (2299) | 255 |
| &nbsp;&nbsp;Securities borrowed | 202 |  | 202 | (65) |  | (130) | 7 |
| Total | $13324 | $— | $13324 | $(8147) | $(2486) | $(2429) | $262 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Amounts of Assets Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Net Amount** |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Amounts of Assets Presented in the Consolidated Balance Sheets** | **Financial Instruments** <sup>(1)</sup> | **Cash Collateral** | **Securities Collateral** | **Net Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC | $9126 | $— | $9126 | $(5566) | $(1554) | $(1970) | $36 |
| &nbsp;&nbsp;&nbsp;OTC cleared | 10 |  | 10 | (10) |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-traded | 103 |  | 103 | (18) |  |  | 85 |
| Total derivatives | 9239 |  | 9239 | (5594) | (1554) | (1970) | 121 |
| &nbsp;&nbsp;Securities borrowed | 218 |  | 218 | (71) |  | (142) | 5 |
| Total | $9457 | $— | $9457 | $(5665) | $(1554) | $(2112) | $126 |

---

<sup>(1)</sup> Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

The following tables present the gross and net information about the Company's liabilities subject to master netting arrangements:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Net Amount** |
| | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Financial Instruments** <sup>(1)</sup> | **Cash Collateral** | **Securities Collateral** | **Net Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC | $8146 | $— | $8146 | $(8032) | $(3) | $(103) | $8 |
| &nbsp;&nbsp;&nbsp;OTC cleared | 19 |  | 19 | (9) |  |  | 10 |
| &nbsp;&nbsp;&nbsp;Exchange-traded | 52 |  | 52 | (41) |  |  | 11 |
| Total derivatives | 8217 |  | 8217 | (8082) | (3) | (103) | 29 |
| &nbsp;&nbsp;Securities loaned | 244 |  | 244 | (65) |  | (170) | 9 |
| Total | $8461 | $— | $8461 | $(8147) | $(3) | $(273) | $38 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the <br>Consolidated Balance Sheets** | **Net Amount** |
| | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Financial Instruments** <sup>(1)</sup> | **Cash Collateral** | **Securities Collateral** | **Net Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC | $5662 | $— | $5662 | $(5566) | $(15) | $(68) | $13 |
| &nbsp;&nbsp;&nbsp;OTC cleared | 18 |  | 18 | (10) |  |  | 8 |
| &nbsp;&nbsp;&nbsp;Exchange-traded | 23 |  | 23 | (18) |  |  | 5 |
| Total derivatives | 5703 |  | 5703 | (5594) | (15) | (68) | 26 |
| &nbsp;&nbsp;Securities loaned | 273 |  | 273 | (71) |  | (195) | 7 |
| Total | $5976 | $— | $5976 | $(5665) | $(15) | $(263) | $33 |

---

<sup>(1)</sup> Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.

When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral.

Freestanding derivative instruments are reflected in Other assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. Securities borrowing and lending agreements are reflected in Receivables and Other liabilities, respectively. See Note 18 for additional disclosures related to the Company's derivative instruments.

**18. Derivatives and Hedging Activities** 

Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity, foreign exchange and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company's products and operations.

Certain of the Company's freestanding derivative instruments are subject to master netting arrangements. The Company's policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 17 for additional information regarding the estimated fair value of the Company's freestanding derivatives after considering the effect of master netting arrangements and collateral.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Notional** | **Gross Fair Value** | **Gross Fair Value** | **Notional** | **Gross Fair Value** | **Gross Fair Value** |
| | **Notional** | **Assets** <sup>(1)</sup> | **Liabilities** <sup>(2)</sup> | **Notional** | **Assets** <sup>(1)</sup> | **Liabilities** <sup>(2)</sup> |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Derivatives not designated as hedging instruments** | | | | | | |
| &nbsp;&nbsp;Interest rate contracts | $36011 | $143 | $219 | $39111 | $180 | $324 |
| &nbsp;&nbsp;Equity contracts | 132590 | 12940 | 7997 | 109622 | 8957 | 5362 |
| &nbsp;&nbsp;Credit contracts | 3297 | 15 |  | 3122 | 59 | 4 |
| &nbsp;&nbsp;Foreign exchange contracts | 2459 | 24 | 1 | 3426 | 43 | 13 |
| &nbsp;&nbsp;&nbsp;Total non-designated hedges | 174357 | 13122 | 8217 | 155281 | 9239 | 5703 |
| **Embedded derivatives** |  |  |  |  |  |  |
| &nbsp;&nbsp;IUL | N/A |  | 1042 | N/A |  | 1002 |
| &nbsp;&nbsp;Fixed deferred indexed annuities and deposit receivables | N/A | 59 | 58 | N/A | 55 | 53 |
| &nbsp;&nbsp;Structured variable annuities <sup>(3)</sup> | N/A |  | 3879 | N/A |  | 2461 |
| &nbsp;&nbsp;SMC | N/A |  | 4 | N/A |  | 7 |
| &nbsp;&nbsp;&nbsp;Total embedded derivatives | N/A | 59 | 4983 | N/A | 55 | 3523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivatives | $174357 | $13181 | $13200 | $155281 | $9294 | $9226 |

---

N/A Not applicable.

<sup>(1)</sup> The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.

<sup>(2)</sup> The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims. The fair value of the SMC embedded derivative liability is included in Customer deposits.

<sup>(3)</sup> The fair value of the structured variable annuity embedded derivatives as of December 31, 2025 included $3.9 billion of individual contracts in a liability position and $1 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2024 included $2.5 billion of individual contracts in a liability position and $3 million of individual contracts in an asset position.

See Note 16 for additional information regarding the Company's fair value measurement of derivative instruments.

As of December 31, 2025 and 2024, investment securities with a fair value of $1.7 billion and $1.5 billion, respectively, were pledged to meet contractual obligations under derivative contracts, of which $104 million and $85 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2025 and 2024, investment securities with a fair value of $2.8 billion and $2.2 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $2.4 billion and $2.0 billion, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2025 and 2024, the Company had sold, pledged or rehypothecated none of these securities. In addition, as of both December 31, 2025 and 2024, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company's Consolidated Balance Sheets.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**Derivatives Not Designated as Hedges**

The following tables presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Investment Income** | **Banking and Deposit Interest Expense** | **Distribution Expenses** | **Interest Credited to Fixed Accounts** | **Benefits, Claims, Losses and Settlement Expenses** | **Change in Fair Value of Market Risk Benefits** | **General and Administrative Expense** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | | | | | | |
| Interest rate contracts | $(1) | $— | $— | $— | $2 | $(198) | $— |
| Equity contracts | (7) | 1 | 148 | 100 | 1554 | (842) | 15 |
| Credit contracts | (3) |  | 6 |  |  | (82) | 1 |
| Foreign exchange contracts |  |  |  |  |  | (29) | 23 |
| IUL embedded derivatives |  |  |  | (60) |  |  |  |
| Fixed deferred indexed annuity and deposit receivables embedded derivatives |  |  |  | 18 |  |  |  |
| Structured variable annuity embedded derivatives |  |  |  |  | (1758) |  |  |
| SMC embedded derivatives |  | (1) |  |  |  |  |  |
| &nbsp;&nbsp;Total gain (loss) | $(11) | $— | $154 | $58 | $(202) | $(1151) | $39 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Investment Income** | **Banking and Deposit Interest Expense** | **Distribution Expenses** | **Interest Credited to Fixed Accounts** | **Benefits, Claims, Losses and Settlement Expenses** | **Change in Fair Value of Market Risk Benefits** | **General and Administrative Expense** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | | | | | | |
| Interest rate contracts | $1 | $— | $— | $— | $(10) | $(1128) | $— |
| Equity contracts | (12) | 2 | 119 | 71 | 1419 | (1021) | 10 |
| Credit contracts |  |  | (3) |  |  | 124 |  |
| Foreign exchange contracts |  |  |  |  |  | 64 | (12) |
| IUL embedded derivatives |  |  |  | (106) |  |  |  |
| Fixed deferred indexed annuity and deposit receivables embedded derivatives |  |  |  | 16 |  |  |  |
| Structured variable annuity embedded derivatives |  |  |  |  | (1670) |  |  |
| SMC embedded derivatives |  | (2) |  |  |  |  |  |
| &nbsp;&nbsp;Total gain (loss) | $(11) | $— | $116 | $(19) | $(261) | $(1961) | $(2) |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Investment Income** | **Banking and Deposit Interest Expense** | **Distribution Expenses** | **Interest Credited to Fixed Accounts** | **Benefits, Claims, Losses and Settlement Expenses** | **Change in Fair Value of Market Risk Benefits** | **Interest and Debt Expense** | **General and Administrative Expense** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | | | | | | | |
| Interest rate contracts | $— | $— | $— | $— | $(5) | $(422) | $(1) | $— |
| Equity contracts | (3) | 4 | 128 | 79 | 770 | (1239) |  | 10 |
| Credit contracts |  |  | 2 |  |  | 7 |  |  |
| Foreign exchange contracts |  |  |  |  |  | 5 |  | 7 |
| IUL embedded derivatives |  |  |  | (75) |  |  |  |  |
| Fixed deferred indexed annuity and deposit receivables embedded derivatives |  |  |  | (3) |  |  |  |  |
| Structured variable annuity embedded derivatives |  |  |  |  | (1166) |  |  |  |
| SMC embedded derivatives |  | (5) |  |  |  |  |  |  |
| &nbsp;&nbsp;Total gain (loss) | $(3) | $(1) | $130 | $1 | $(401) | $(1649) | $(1) | $17 |

---

The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.

The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Premiums Payable** | **Premiums Receivable** |
| | **(in millions)** | **(in millions)** |
| 2026 | $247 | $88 |
| 2027 | 21 |  |
| 2028 | 31 |  |
| 2029 | 135 |  |
| 2030 | 217 |  |
| 2031 | 16 |  |
| &nbsp;&nbsp;&nbsp;Total | $667 | $88 |

---

Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.

Structured variable annuity, IUL and stock market certificate products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity, IUL and stock market certificate products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity, IUL and stock market certificate product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts.

As discussed in Note 13, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.

The Company enters into futures, credit default swaps, commodity swaps, total return swaps and foreign currency forwards to manage its exposure to price risk arising from seed money investments in proprietary investment products. The Company enters into foreign currency forward contracts to economically hedge its exposure to certain foreign transactions. The Company enters into futures

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

contracts, total return swaps and foreign currency forwards to economically hedge its exposure related to compensation plans. The Company enters into interest rate swaps to offset interest rate changes on unrealized gains or losses for certain investments.

***Cash Flow Hedges***

The Company has designated derivative instruments as a cash flow hedge for equity exposure of certain compensation-related liabilities and interest rate exposure on forecasted debt interest payments. For derivative instruments that qualify as cash flow hedges, the gains or losses on the derivative instruments are reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented within the same line item as the earnings impact of the hedged item in Interest and debt expense.

For the years ended December 31, 2025, 2024 and 2023, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial. The estimated net amount recorded in AOCI as of December 31, 2025 that the Company expects to reclassify to earnings as a reduction to Interest and debt expense within the next twelve months is not material. Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 10 years and relates to forecasted debt interest payments. See Note 21 for a rollforward of net unrealized gains (losses) on derivatives included in AOCI related to cash flow hedges.

***Net Investment Hedges***

The Company entered into, and designated as net investment hedges in foreign operations, forward contracts to hedge a portion of the Company's foreign currency exchange rate risk associated with its investment in Threadneedle. As the Company determined that the forward contracts are effective, the change in fair value of the derivatives is recognized in AOCI as part of the foreign currency translation adjustment. For the years ended December 31, 2025, 2024 and 2023, the Company recognized nil, nil and a loss of $3 million, respectively, in OCI.

***Credit Risk***

Credit risk associated with the Company's derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 17 for additional information on the Company's credit exposure related to derivative assets.

Certain of the Company's derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company's debt rating (or based on the financial strength of the Company's life insurance subsidiaries for contracts in which those subsidiaries are the counterparty). Additionally, certain of the Company's derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company's debt does not maintain a specific credit rating (generally an investment grade rating) or the Company's life insurance subsidiaries do not maintain a specific financial strength rating. If these termination provisions were to be triggered, the Company's counterparty could require immediate settlement of any net liability position. As of December 31, 2025 and 2024, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $104 million and $69 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2025 and 2024 was $103 million and $68 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of December 31, 2025 and 2024 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $1 million as of both December 31, 2025 and 2024, respectively.

**19. Leases** 

The following table presents the balances for operating and finance ROU assets and lease liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Leases** | **Balance Sheet Classification** | **December 31, 2025** | **December 31, 2024** |
| | | **(in millions)** | **(in millions)** |
| **Assets** | | | |
| Operating lease assets | Other assets | $223 | $246 |
| Finance lease assets | Other assets |  | 8 |
| &nbsp;&nbsp;Total lease assets |  | $223 | $254 |
| **Liabilities** |  |  |  |
| Operating lease liabilities | Other liabilities | $276 | $313 |
| Finance lease liabilities | Long-term debt |  | 9 |
| &nbsp;&nbsp;Total lease liabilities |  | $276 | $322 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The finance lease the Company held at the Ameriprise Financial Center expired on October 31, 2025. For additional discussion, see Part I, Item 2 of this Annual Report on Form 10-K.

The following table presents the components of lease cost:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|<br>**Lease Cost** |<br>**Income Statement Classification** | **2025** | **2024** | **2023** |
| | | **(in millions)** | **(in millions)** | **(in millions)** |
| Operating lease cost | General and administrative expense | $62 | $61 | $55 |
| Finance lease cost: |  |  |  |  |
| &nbsp;&nbsp;Amortization of ROU assets | General and administrative expense | 8 | 10 | 10 |
| &nbsp;&nbsp;Interest on lease liabilities | Interest and debt expense |  | 1 | 1 |
| Total lease cost |  | $70 | $72 | $66 |

---

The following table presents the weighted-average lease term and weighted-average discount rate related to operating and finance leases:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Lease Term and Discount Rate** | **Operating Leases** | **Finance Leases** | **Operating Leases** |
| Weighted-average remaining lease term (years) | 6 | 1 | 6 |
| Weighted-average discount rate | 3.4% | 3.4% | 2.9% |

---

The following table presents supplemental cash flow information related to operating and finance leases:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|<br>**Supplemental Cash Flow Information** | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Operating cash flows: |  |  |  |
| &nbsp;&nbsp;Cash paid for amounts included in measurement of operating lease liabilities | $73 | $69 | $68 |
| &nbsp;&nbsp;Cash paid for amounts included in measurement of finance lease liabilities |  | 1 | 1 |
| Financing cash flows: |  |  |  |
| &nbsp;&nbsp;Cash paid for amounts included in measurement of finance lease liabilities | $9 | $11 | $10 |

---

The following table presents the maturities of lease liabilities:

---

| | |
|:---|:---|
| **Maturity of Lease Liabilities** | **December 31, 2025** |
| **Maturity of Lease Liabilities** | **Operating Leases** |
| | **(in millions)** |
| &nbsp;&nbsp;2026 | $68 |
| &nbsp;&nbsp;2027 | 60 |
| &nbsp;&nbsp;2028 | 52 |
| &nbsp;&nbsp;2029 | 40 |
| &nbsp;&nbsp;2030 | 29 |
| &nbsp;&nbsp;Thereafter | 53 |
| Total lease payments | 302 |
| &nbsp;&nbsp;Less: interest | 26 |
| Present value of lease liabilities | $276 |

---

**20. Share-Based Compensation** 

The Company's share-based compensation plans consist of the Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan (the "2005 ICP"), the Ameriprise Financial Franchise Advisor Deferred Compensation Plan and the Ameriprise Advisor Group Deferred Compensation Plan.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The components of the Company's share-based compensation expense, net of forfeitures, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Stock option | $16 | $15 | $16 |
| Restricted stock | 17 | 25 | 27 |
| Restricted stock units and deferred share units | 173 | 153 | 144 |
| Liability awards | 35 | 58 | 62 |
| &nbsp;&nbsp;&nbsp;Total | $241 | $251 | $249 |

---

For the years ended December 31, 2025, 2024 and 2023, total income tax benefit using the statutory rate related to share-based compensation expense was $51 million, $53 million and $52 million, respectively.

As of December 31, 2025, there was $183 million of total unrecognized compensation cost related to non-vested awards under the Company's share-based compensation plans, which is expected to be recognized over a weighted-average period of 3 years.

**Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan**

The 2005 ICP, as amended and restated, was approved by shareholders on April 26, 2023, and provides for the grant of cash and equity incentive awards to directors, employees and independent contractors, including stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance shares and similar awards designed to comply with the applicable federal regulations and laws of jurisdiction. Under the 2005 ICP, as amended and restated a maximum of 58.1 million shares may be issued, of which 11.7 million shares are available to be issued as of December 31, 2025. Of this total, no more than 5.0 million shares may be issued after December 31, 2022 for full value awards, which are awards other than stock options and stock appreciation rights. Shares issued under the 2005 ICP may be authorized and unissued shares or treasury shares.

**Ameriprise Financial 2008 Employment Incentive Equity Award Plan**

Effective February 23, 2023, the Ameriprise Financial 2008 Employment Incentive Equity Award Plan (the "2008 Plan"), which was designed to grant equity incentive awards to new employees in compliance with applicable federal and foreign regulations, was terminated by the Company. At the time of termination, there were no unvested or unexercised awards outstanding under the 2008 Plan and, as a result of the termination of the plan, no future shares could be granted under the 2008 Plan.

**Stock Options**

Stock options granted under the 2005 ICP have an exercise price not less than 100% of the current fair market value of a share of the Company's common stock on the grant date and a maximum term of 10 years. Stock options granted generally vest ratably over three to four years. Vesting of option awards may be accelerated based on age and length of service. Stock options granted are expensed on a straight-line basis over the vesting period based on the fair value of the awards on the date of grant. The grant date fair value of the options is calculated using a Black-Scholes option-pricing model.

The following weighted average assumptions were used for stock option grants:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Dividend yield | 1.5% | 1.8% | 2.0% |
| Expected volatility | 31% | 31% | 33% |
| Risk-free interest rate | 4.3% | 4.0% | 3.6% |
| Expected life of stock option (years) | 5.0 | 5.0 | 5.0 |

---

The dividend yield assumption represents the Company's expected dividend yield based on its historical dividend payouts and management's expectations. The expected volatility is based on the Company's historical and implied volatilities. The risk-free interest rate for periods within the expected option life is based on the U.S. Treasury yield curve at the grant date. The expected life of the option is based on the Company's past experience and other considerations.

The weighted average grant date fair value for options granted during 2025, 2024 and 2023 was $164.48, $112.88 and $99.86, respectively.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

A summary of the Company's stock option activity for 2025 is presented below (shares and intrinsic value in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares** | **Weighted Average Exercise Price** | **Weighted Average Remaining Contractual <br>Term (Years)** | **Aggregate Intrinsic Value** |
| Outstanding at January 1 | 1.6 | $207.11 | 5 | $515 |
| &nbsp;&nbsp;Granted | 0.1 | 543.36 |  |  |
| &nbsp;&nbsp;Exercised | (0.3) | 163.17 |  |  |
| Outstanding at December 31 | 1.4 | 237.73 | 5 | 365 |
| Exercisable at December 31 | 1.2 | 197.43 | 4 | 350 |

---

The intrinsic value of a stock option is the amount by which the fair value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of options exercised was $89 million, $238 million and $136 million during the years ended December 31, 2025, 2024 and 2023, respectively.

**Restricted Stock Awards**

Restricted stock awards granted under the 2005 ICP generally vest ratably over three to four years or at the end of five years. Compensation expense for restricted stock awards is based on the market price of Ameriprise Financial common stock on the date of grant and is amortized on a straight-line basis over the vesting period. Quarterly dividends are paid on restricted stock, as declared by the Company's Board of Directors, during the vesting period and are not subject to forfeiture.

**Restricted Stock Units and Deferred Share Units**

The 2005 ICP provides for the grant of deferred share units to non-employee directors of the Company and for the grant of restricted stock units or deferred share units to employees. The director awards are fully vested upon issuance and are settled for Ameriprise Financial common stock upon the director's termination of service. The employee awards generally vest ratably over three to four years. Compensation expense for deferred share units and restricted stock units is based on the market price of Ameriprise Financial stock on the date of grant. Restricted stock units and deferred stock units granted to employees are expensed on a straight-line basis over the vesting period or on an accelerated basis if certain age and length of service requirements are met. Deferred share units granted to non-employee directors are expensed immediately. Dividends are paid on restricted stock units, as declared by the Company's Board of Directors, during the vesting period and are not subject to forfeiture. Dividend equivalents are issued on deferred share units, as dividends are declared by the Company's Board of Directors, and are not paid until distribution of the award. Dividend equivalents on the director awards are not subject to forfeiture, but on employee awards they are forfeited if the award is forfeited.

**Ameriprise Financial Deferred Compensation Plan**

The Ameriprise Financial Deferred Compensation Plan ("DCP") under the 2005 ICP gives certain employees the choice to defer a portion of their eligible compensation, which can be invested in investment options as provided by the DCP, including the Ameriprise Financial Stock Fund. The DCP is an unfunded non-qualified deferred compensation plan governed by section 409A of the Internal Revenue Code. The Company provides a matching contribution on certain employee deferrals. Participant deferrals vest immediately and the Company's matching contributions vest after three years. Distributions are made in shares of the Company's common stock for the portion of the deferral elected to be invested in the Ameriprise Financial Stock Fund and the Company match, for which the Company has recorded in equity. The DCP does allow for accelerated vesting of the share-based awards in cases of death, disability and qualified retirement. Compensation expense related to the Company's matching contributions invested in the Ameriprise Financial Stock Fund is recognized on a straight-line basis over the vesting period or on an accelerated basis if certain age and length of service requirements are met. Dividend equivalents are credited on both employee deferrals into the Ameriprise Financial Stock Fund and Company matching contributions invested into the Ameriprise Financial Stock Fund. Dividend equivalents associated with matching contributions are subject to forfeiture until the underlying match becomes fully vested.

**Ameriprise Financial Franchise Advisor Deferred Compensation Plan**

The Franchise Advisor Deferred Compensation Plan (the "AFG Deferral Plan") is an unfunded, non-qualified deferred compensation plan that provides benefits to certain advisors and leaders associated with the Company. The AFG Deferral Plan has not been approved by the Company's shareholders, and it is a value-neutral plan (as that term is used by proxy advisory firms) and there will be no additional premium or matching contributions. Under the AFG Deferral Plan, a maximum of 12.5 million Company shares may be issued, of which 10.3 million shares have been issued since inception.

The AFG Deferral Plan allows participants to voluntarily defer a portion of their cash commissions and elect crediting rate alternatives that includes a fund based on Ameriprise Financial stock or other investment options in lieu of receiving the applicable cash compensation. Amounts a participant chooses to invest in the fund tracking Ameriprise Financial stock will be settled in Ameriprise Financial shares; all voluntary deferrals invested in other investment options will be settled in cash. From 2006-2010, the Company provided advisors with a matching contribution with respect to these voluntary deferred amounts; however, the Company has not provided a match since 2010 and has amended the AFG Deferral Plan to remove any matching contributions. There are approximately

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

94,000 shares outstanding under this prior matching contribution. Other than this historical matching contribution, the Company does not provide any additional premium in connection with the deferred compensation.

In addition to the voluntary deferral of cash commissions, certain participants are eligible to earn amounts in recognition of certain performance achievements that vest ratably over three or four years. When earned, award amounts are credited to a participant's account and receive a crediting rate based on Ameriprise Financial stock, and a participant elects (when an award is granted) whether to receive payout of these awards in cash or stock. The Company does not provide any additional premium or matching contribution in connection with the deferred compensation. Share units receive dividend equivalents, as dividends are declared by the Company's Board of Directors, until distribution and are subject to forfeiture until vested.

**Ameriprise Advisor Group Deferred Compensation Plan**

The Advisor Group Deferred Compensation Plan (the "AAG Deferral Plan") was established in 2009 as an unfunded, non-qualified deferred compensation plan that provides benefits to certain employee advisors and field leaders of the Company. The AAG Deferral Plan was not approved by the Company's shareholders and is considered a value-neutral plan (as that term is used by proxy advisory firms) and there will be no additional premium or matching contributions. Under the AAG Deferral Plan, a maximum of 3.0 million Company shares may be issued, of which 1.5 million shares have been issued since inception.

The AAG Deferral Plan allows eligible employees to voluntarily defer a portion of their base salary, bonus and/or commissions and elect crediting rate alternatives that include a fund based on Ameriprise Financial stock or other investment options in lieu of receiving the applicable cash compensation. Such deferrals are fully vested and not subject to future service requirements or forfeitures and the Company does not provide any additional premium or matching contribution in connection with the deferred compensation. Amounts a participant chooses to invest in the fund tracking Ameriprise Financial stock will be settled in Ameriprise Financial shares; all voluntary deferrals invested in other investment options will be settled in cash.

In addition to the voluntary deferral component, participants may earn amounts in recognition of certain performance achievements. These amounts receive a crediting rate based on Ameriprise Financial stock or other investment options, at the participant's election where applicable. For amounts allocated in the fund that tracks the performance of Ameriprise Financial stock, a participant elects (when an award is granted) whether to receive payout of these awards in cash or Ameriprise Financial shares. For amounts allocated to other options, the participant receives payout in cash. These award types are subject to future service requirements and forfeitures, and the Company does not provide any additional premium or matching contribution in connection with the deferred compensation. Share units receive dividend equivalents, as dividends are declared by the Company's Board of Directors, until distribution and are subject to forfeiture until vested.

**Full Value Share Award Activity** 

A summary of activity for the Company's restricted stock awards, restricted stock units granted to employees (including advisors), compensation and commission deferrals into stock and deferred share units for 2025 is presented below (shares in millions):

---

| | | |
|:---|:---|:---|
| | **Shares** | **Weighted Average Grant-date <br>Fair Value** |
| Non-vested shares at January 1 | 1.1 | $295.92 |
| &nbsp;&nbsp;Granted | 0.3 | 530.67 |
| &nbsp;&nbsp;Deferred | 0.1 | 497.26 |
| &nbsp;&nbsp;Vested | (0.7) | 330.27 |
| &nbsp;&nbsp;Forfeited |  | 391.17 |
| Non-vested shares at December 31 | 0.8 | 371.86 |

---

The deferred shares in the table above primarily relate to franchise advisor voluntary deferrals of their commissions into Ameriprise Financial stock under the Franchise Advisor Deferral Plan that are fully vested at the deferral date.

The fair value of full value share awards vested during the years ended December 31, 2025, 2024 and 2023 was $315 million, $263 million and $197 million, respectively.

The weighted average grant date fair value for restricted shares, restricted stock units and deferred share units during 2025, 2024 and 2023 was $536.71, $395.66 and $342.66, respectively. The weighted average grant date fair value for franchise advisor and advisor group deferrals during 2025, 2024 and 2023 was $515.25, $428.36 and $336.62, respectively.

**Performance Share Units**

Under the 2005 ICP, the Company's Executive Leadership Team may be awarded a target number of performance share units ("PSUs"). PSUs will be earned only to the extent that the Company attains certain goals relating to the Company's performance and relative total shareholder returns against peers over a three-year period. The awards also have a three-year service condition with cliff vesting with an accelerated service condition based on age and length of service. The actual number of PSUs ultimately earned could vary from zero, if performance goals are not met, to as much as 175% of the target for awards made in 2018 or later, if performance

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

goals are significantly exceeded. The value of each target PSU is equal to the value of one share of Ameriprise Financial common stock. The total number of target PSUs outstanding at the end of December 31, 2025, 2024 and 2023 was 0.1 million, 0.1 million and 0.2 million, respectively. The PSUs are liability awards. During the years ended December 31, 2025, 2024 and 2023, the value of shares settled for PSU awards was $49 million, $63 million and $68 million, respectively.

**21. Shareholders' Equity**

The following table presents the amounts related to each component of OCI:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Pretax** | **Income Tax Benefit (Expense)** | **Net of Tax** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Net unrealized gains (losses) on securities: |  |  |  |
| &nbsp;&nbsp;Net unrealized gains (losses) on securities arising during the period <sup>(1)</sup> | $1230 | $(277) | $953 |
| &nbsp;&nbsp;Reclassification of net (gains) losses on securities included in net income <sup>(2)</sup> | (3) | 1 | (2) |
| &nbsp;&nbsp;Impact of benefit reserves and reinsurance recoverables | (9) | 2 | (7) |
| Net unrealized gains (losses) on securities | 1218 | (274) | 944 |
| Net unrealized gains (losses) on derivatives: |  |  |  |
| &nbsp;&nbsp;Net unrealized gains (losses) on derivatives arising during the period | (11) | 2 | (9) |
| Net unrealized gains (losses) on derivatives | (11) | 2 | (9) |
| Effect of changes in discount rate assumptions on certain long-duration contracts | (91) | 19 | (72) |
| Effect of changes in instrument-specific credit risk on market risk benefits ("MRBs") | 26 | (6) | 20 |
| Defined benefit plans: |  |  |  |
| &nbsp;&nbsp;Net gains (losses) | 17 | (3) | 14 |
| Defined benefit plans | 17 | (3) | 14 |
| Foreign currency translation | 121 | (3) | 118 |
| Other | 1 |  | 1 |
| Total other comprehensive income (loss) | $1281 | $(265) | $1016 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Pretax** | **Income Tax Benefit (Expense)** | **Net of Tax** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Net unrealized gains (losses) on securities: |  |  |  |
| &nbsp;&nbsp;Net unrealized gains (losses) on securities arising during the period <sup>(1)</sup> | $(303) | $61 | $(242) |
| &nbsp;&nbsp;Reclassification of net (gains) losses on securities included in net income <sup>(2)</sup> | 19 | (4) | 15 |
| &nbsp;&nbsp;Impact of benefit reserves and reinsurance recoverables | 20 | (4) | 16 |
| Net unrealized gains (losses) on securities | (264) | 53 | (211) |
| Net unrealized gains (losses) on derivatives: |  |  |  |
| &nbsp;&nbsp;Reclassification of net (gains) losses on derivatives included in net income <sup>(3)</sup> | (1) | 1 |  |
| Net unrealized gains (losses) on derivatives | (1) | 1 |  |
| Effect of changes in discount rate assumptions on certain long-duration contracts | 194 | (41) | 153 |
| Effect of changes in instrument-specific credit risk on MRBs | (79) | 17 | (62) |
| Defined benefit plans: |  |  |  |
| &nbsp;&nbsp;Prior service credits (costs) | (2) | 1 | (1) |
| &nbsp;&nbsp;Net gains (losses) | 19 | (3) | 16 |
| Defined benefit plans | 17 | (2) | 15 |
| Foreign currency translation | (37) |  | (37) |
| Total other comprehensive income (loss) | $(170) | $28 | $(142) |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| | **Pretax** | **Income Tax Benefit (Expense)** | **Net of Tax** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Net unrealized gains (losses) on securities: |  |  |  |
| &nbsp;&nbsp;Net unrealized gains (losses) on securities arising during the period <sup>(1)</sup> | $1038 | $(240) | $798 |
| &nbsp;&nbsp;Reclassification of net (gains) losses on securities included in net income <sup>(2)</sup> | 29 | (6) | 23 |
| &nbsp;&nbsp;Impact of benefit reserves and reinsurance recoverables | (24) | 5 | (19) |
| Net unrealized gains (losses) on securities | 1043 | (241) | 802 |
| Net unrealized gains (losses) on derivatives: |  |  |  |
| &nbsp;&nbsp;Net unrealized gains (losses) on derivatives arising during the period | 3 | (1) | 2 |
| &nbsp;&nbsp;Reclassification of net (gains) losses on derivatives included in net income <sup>(3)</sup> | (1) | 1 |  |
| Net unrealized gains (losses) on derivatives | 2 |  | 2 |
| Effect of changes in discount rate assumptions on certain long-duration contracts | (69) | 15 | (54) |
| Effect of changes in instrument-specific credit risk on MRBs | (83) | 18 | (65) |
| Defined benefit plans: |  |  |  |
| &nbsp;&nbsp;Prior service credits (costs) | (1) |  | (1) |
| &nbsp;&nbsp;Net gains (losses) | 20 | (4) | 16 |
| Defined benefit plans | 19 | (4) | 15 |
| Foreign currency translation | 79 | 1 | 80 |
| Total other comprehensive income (loss) | $991 | $(211) | $780 |

---

<sup>(1)</sup> Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.

<sup>(2)</sup> Reclassification amounts are recorded in Net investment income.

<sup>(3)</sup> Includes a $1 million and $1 million pretax gain reclassified to Interest and debt expense.

Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following table presents the changes in the balances of each component of AOCI, net of tax:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Unrealized Gains (Losses) on Securities** | **Net Unrealized Gains (Losses) on Derivatives** | **Effect of Changes in Discount Rate Assumptions on Certain Long - Duration Contracts** | **Effect of Changes in Instrument-Specific Credit Risk on MRBs** | **Defined Benefit Plans** | **Foreign Currency Translation** | **Other** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance at January 1, 2023** | $(2043) | $3 | $(72) | $(20) | $(75) | $(338) | $(1) | $(2546) |
| &nbsp;&nbsp;OCI before reclassifications | 779 | 2 | (54) | (65) | 14 | 80 |  | 756 |
| &nbsp;&nbsp;Amounts reclassified from AOCI | 23 |  |  |  | 1 |  |  | 24 |
| Total OCI | 802 | 2 | (54) | (65) | 15 | 80 |  | 780 |
| **Balance at December 31, 2023** | (1241) | 5 | (126) | (85) | (60) | (258) | (1) | (1766) |
| &nbsp;&nbsp;OCI before reclassifications | (226) |  | 153 | (62) | 15 | (37) |  | (157) |
| &nbsp;&nbsp;Amounts reclassified from AOCI | 15 |  |  |  |  |  |  | 15 |
| Total OCI | (211) |  | 153 | (62) | 15 | (37) |  | (142) |
| **Balance at December 31, 2024** | (1452) | 5 | 27 | (147) | (45) | (295) | (1) | (1908) |
| &nbsp;&nbsp;OCI before reclassifications | 946 | (9) | (72) | 20 | 14 | 118 | 1 | 1018 |
| &nbsp;&nbsp;Amounts reclassified from AOCI | (2) |  |  |  |  |  |  | (2) |
| Total OCI | 944 | (9) | (72) | 20 | 14 | 118 | 1 | 1016 |
| **Balance at December 31, 2025** | $(508) | $(4) | $(45) | $(127) | $(31) | $(177) | $— | $(892) |

---

For the years ended December 31, 2025, 2024 and 2023, the Company repurchased a total of 5.5 million shares, 4.9 million shares and 5.9 million shares, respectively, of its common stock for an aggregate cost of $2.8 billion, $2.2 billion and $2.0 billion, respectively. On July 24, 2023, the Company's Board of Directors authorized $3.5 billion for the repurchase of the Company's common stock through September 30, 2025, which was exhausted during the second quarter of 2025. On April 22, 2025, the Company's Board of Directors authorized $4.5 billion for the repurchase of the Company's common stock through June 30, 2027. As of December 31, 2025, the Company had $2.6 billion remaining under this share repurchase authorization.

The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises. The holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligation. These vested restricted shares are reacquired by the Company and the Company's payment of the holders' income tax obligations are recorded as a treasury share purchase.

For the years ended December 31, 2025, 2024 and 2023, the Company reacquired 0.2 million shares, 0.3 million shares and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $132 million, $115 million and $99 million, respectively, related to the holders' income tax obligations on the vesting date. Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised. These shares are reacquired by the Company and recorded as treasury shares. For the years ended December 31, 2025, 2024 and 2023, the Company reacquired 0.1 million shares, 0.5 million shares and 0.4 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $75 million, $220 million and $150 million, respectively.

For the years ended December 31, 2025, 2024 and 2023, the Company reissued 0.7 million, 0.8 million and 0.6 million, respectively, treasury shares for restricted stock award grants, performance share units, and issuance of shares vested under advisor deferred compensation plans.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**22. Earnings per Share** 

The computations of basic and diluted earnings per share were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** |
| **Numerator:** |  |  |  |
| &nbsp;&nbsp;Net income | $3563 | $3401 | $2556 |
| **Denominator:** |  |  |  |
| &nbsp;&nbsp;Basic: Weighted-average common shares outstanding | 96.7 | 101.0 | 105.7 |
| &nbsp;&nbsp;Effect of potentially dilutive nonqualified stock options and other share-based awards | 1.5 | 1.9 | 2.1 |
| &nbsp;&nbsp;Diluted: Weighted-average common shares outstanding | 98.2 | 102.9 | 107.8 |
| **Earnings per share attributable to Ameriprise Financial, Inc. common shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $36.85 | $33.67 | $24.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $36.28 | $33.05 | $23.71 |

---

The calculation of diluted earnings per share includes the dilutive effect of the assumed exercise or issuance of stock-based awards using the treasury stock method. The calculation excludes the incremental effect of 0.1 million, nil and 0.2 million options for the years ended December 31, 2025, 2024 and 2023, respectively, due to their anti-dilutive effect.

**23. Regulatory Requirements** 

In October 2023, the Federal Reserve Board ("FRB") issued its final rule establishing a consolidated capital framework termed the "Building Block Approach" ("BBA") for savings and loan holding companies like Ameriprise Financial that are significantly engaged in insurance activities. The BBA is designed to adjust and aggregate existing legal entity available capital and capital requirements after translating the capital positions, if necessary, into terms of the National Association of Insurance Commissioners ("NAIC") Risk-Based Capital ("RBC") framework. The ratio of the amount of available capital to the capital requirement amount is referred to as the BBA ratio and is subject to a 250% minimum, effective January 1, 2024. An additional capital conservation buffer of 150% was effective as of December 31, 2025, for a total capital requirement of at least 400%.

The BBA available capital, BBA capital requirement, and BBA ratio as of December 31, 2025 are as follows:

---

| | |
|:---|:---|
| | **(in millions, except percentages)** |
| BBA available capital | $4144 |
| BBA capital requirement | 419 |
| BBA ratio | 989% |

---

*Subsidiary regulatory requirements*

Restrictions on the transfer of funds exist under regulatory requirements applicable to certain of the Company's operating subsidiaries.

*Insurance subsidiaries*

The NAIC defines RBC requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company's life insurance companies. The Company's life insurance companies each met their respective minimum RBC requirements.

The Company's life insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.

State insurance statutes contain limitations as to the amount of dividends that insurers may make without providing prior notification to state regulators. For RiverSource Life, payments in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce ("MN DOC"), RiverSource Life's primary regulator, and are subject to potential disapproval. RiverSource Life's statutory unassigned deficit was

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

$275 million and $736 million as of December 31, 2025 and 2024, respectively.

In addition, dividends whose fair market value, together with that of other dividends made within the preceding 12 months, exceed the greater of the previous year's statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as "extraordinary dividends." Extraordinary dividends also require advance notice to the MN DOC, and are subject to potential disapproval. Statutory capital and surplus for RiverSource Life was $2.5 billion and $2.7 billion as of December 31, 2025 and 2024, respectively.

Statutory net gain from operations and net income are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| RiverSource Life |  |  |  |
| &nbsp;&nbsp;&nbsp;Statutory net gain from operations | $1855 | $1097 | $1331 |
| &nbsp;&nbsp;Statutory net income (loss) | 1101 | (91) | 845 |

---

Government debt securities of $4 million as of both December 31, 2025 and 2024 held by the Company's life insurance subsidiaries were on deposit with various states as required by law.

*Broker-dealer subsidiaries*

The Company's broker-dealer subsidiaries are subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. Rule 15c3-1 provides an "alternative net capital requirement" which AEIS and Ameriprise Financial Services, LLC ("AFS") (significant broker dealers) have elected. Regulations require that minimum net capital, as defined, be equal to the greater of $250 thousand or 2% of aggregate debit items arising from client balances. Financial Industry Regulatory Authority ("FINRA") may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements.

The following table presents the net capital position of both AEIS and AFS:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** |
| **AEIS** |  |  |
| &nbsp;&nbsp;Net capital as a percent of aggregate debit items | 9.85% | 9.49% |
| &nbsp;&nbsp;Net capital | $173 | $141 |
| &nbsp;&nbsp;Less: required net capital | 35 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess net capital | $138 | $111 |
| **AFS** |  |  |
| &nbsp;&nbsp;Net capital | $138 | $113 |
| &nbsp;&nbsp;Less: required net capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess net capital | $138 | $113 |

---

*Bank subsidiary*

Ameriprise Bank is subject to regulation by the Office of the Comptroller of the Currency ("OCC") and the Federal Deposit Insurance Corporation ("FDIC") in its role as insurer of its deposits. Ameriprise Bank is required to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), Tier 1 Capital to average assets (as defined), and under rules defined under the Basel III capital framework, Common equity Tier 1 capital ("CEIT") to risk-weighted assets. Ameriprise Bank calculates these ratios under the Basel III standardized approach in order to assess compliance with both regulatory requirements and Ameriprise Bank's internal capital policies. As permitted under the rules of the Basel III capital framework, Ameriprise Bank has elected to exclude AOCI from its calculation of regulatory capital. Ameriprise Bank's requirements to maintain adequate capital ratios in relation to its risk-weighted asset levels could affect its ability to take capital actions, such as the payment of dividends. As of December 31, 2025, Ameriprise Bank's capital levels exceeded the capital conservation buffer requirement and was categorized as "well-capitalized."

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

To meet requirements for capital adequacy purposes or to be categorized as "well-capitalized," Ameriprise Bank must maintain minimum CEIT, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Regulatory Capital** | **Actual** | **Actual** | **Requirement <br>for capital <br>adequacy purposes** | **Requirement <br>for capital <br>adequacy purposes** | **To be well <br>capitalized under <br>regulatory provisions** | **To be well <br>capitalized under <br>regulatory provisions** |
| **Regulatory Capital** | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| **At December 31, 2025** | | | | | | |
| &nbsp;&nbsp;Common equity Tier 1 capital | $1821 | 32.63% | $251 | 4.50% | $363 | 6.50% |
| &nbsp;&nbsp;Tier 1 capital | 1821 | 32.63 | 335 | 6.00 | 447 | 8.00 |
| &nbsp;&nbsp;Total capital | 1833 | 32.83 | 447 | 8.00 | 558 | 10.00 |
| &nbsp;&nbsp;Tier 1 leverage | 1821 | 7.32 | 996 | 4.00 | 1245 | 5.00 |
| **At December 31, 2024** |  |  |  |  |  |  |
| &nbsp;&nbsp;Common equity Tier 1 capital | $1763 | 33.88% | $234 | 4.50% | $338 | 6.50% |
| &nbsp;&nbsp;Tier 1 capital | 1763 | 33.88 | 312 | 6.00 | 416 | 8.00 |
| &nbsp;&nbsp;Total capital | 1772 | 34.06 | 416 | 8.00 | 520 | 10.00 |
| &nbsp;&nbsp;Tier 1 leverage | 1763 | 7.35 | 959 | 4.00 | 1199 | 5.00 |

---

*Asset manager subsidiaries*

Actual capital and the regulatory capital requirement for TAM UK International Holdings Ltd. and Columbia Threadneedle Investments UK International Ltd. are calculated and reported as a single consolidated group under TAM UK International Holdings Ltd. Required capital for these entities is predominantly based on the requirements specified by its regulator, the Financial Conduct Authority ("FCA"), under its Capital Adequacy Requirements for investment firms. Required capital reflects 110% of the Own Funds Threshold Requirement ("OFTR") and is determined by the group through its ongoing Internal Capital Adequacy and Risk Assessment ("ICARA") process.

Actual capital and regulatory required capital determined in accordance with U.K. regulatory legislation are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| Actual capital | $471 | $692 |
| Required capital | 302 | 265 |

---

*Other subsidiaries*

Ameriprise Certificate Company ("ACC") is registered as an investment company under the Investment Company Act of 1940 (the "1940 Act"). ACC markets and sells investment certificates to clients. ACC is subject to various capital requirements under the 1940 Act, laws of the State of Minnesota and understandings with the Securities and Exchange Commission ("SEC") and the MN DOC. The terms of the investment certificates issued by ACC and the provisions of the 1940 Act also require the maintenance by ACC of qualified assets. Under the provisions of its certificates and the 1940 Act, ACC was required to have qualified assets (as that term is defined in Section 28(b) of the 1940 Act) in the amount of $8.2 billion and $11.2 billion as of December 31, 2025 and 2024, respectively. ACC had qualified assets of $8.7 billion and $11.9 billion as of December 31, 2025 and 2024, respectively.

Ameriprise Trust Company is subject to capital adequacy requirements under the laws of the State of Minnesota as enforced by the MN DOC.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

**24. Income Taxes** 

The components of income tax provision attributable to continuing operations were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| **Current income tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal | $605 | $583 | $518 |
| &nbsp;&nbsp;&nbsp;State and local | 154 | 137 | 124 |
| &nbsp;&nbsp;&nbsp;Foreign | 25 | 21 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current income tax | 784 | 741 | 660 |
| **Deferred income tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal | 157 | 164 | 45 |
| &nbsp;&nbsp;&nbsp;State and local | (2) | (29) | (14) |
| &nbsp;&nbsp;&nbsp;Foreign | 2 | (10) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred income tax | 157 | 125 | 18 |
| Total income tax provision | $941 | $866 | $678 |

---

The geographic sources of pretax income from continuing operations were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| United States | $4406 | $4221 | $3199 |
| Foreign | 98 | 46 | 35 |
| &nbsp;&nbsp;Total | $4504 | $4267 | $3234 |

---

The principal reasons that the aggregate income tax provision attributable to continuing operations is different from that computed by using the U.S. statutory rate of 21% were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| | Amount | Percentage | Amount | Percentage | Amount | Percentage |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| U.S. federal statutory tax rate | $946 | 21.0% | $896 | 21.0% | $679 | 21.0% |
| &nbsp;&nbsp;State and local income taxes, net of federal income tax effect <sup>(1)</sup> | 103 | 2.3 | 85 | 2.0 | 87 | 2.7 |
| &nbsp;&nbsp;&nbsp;Foreign tax effects | 6 | 0.1 | 1 |  | (2) | (0.1) |
| &nbsp;&nbsp;Effect of cross-border tax laws | 2 |  | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax credits | (46) | (1.0) | (47) | (1.1) | (61) | (1.9) |
| &nbsp;&nbsp;Nontaxable or nondeductible items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation | (61) | (1.4) | (66) | (1.6) | (47) | (1.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (12) | (0.2) | (12) | (0.3) | 3 | 0.1 |
| &nbsp;&nbsp;Changes in unrecognized tax benefits | 13 | 0.3 | 19 | 0.5 | 26 | 0.8 |
| &nbsp;&nbsp;Other adjustments  | (10) | (0.2) | (11) | (0.2) | (7) | (0.1) |
| Effective tax rate  | $941 | 20.9% | $866 | 20.3% | $678 | 21.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> State taxes in California, Minnesota, New York, Massachusetts and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category for 2025. State taxes in Minnesota, California, New York, Georgia, and Wisconsin made up the majority (greater than 50 percent) of the tax effect in this category for 2024. State taxes in California, Minnesota, New York and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category for 2023.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2025 and 2024. The significant components of the Company's deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| **Deferred income tax assets** | **Deferred income tax assets** | **Deferred income tax assets** |
| &nbsp;&nbsp;Deferred compensation including corresponding hedges | $715 | $655 |
| &nbsp;&nbsp;Insurance and annuity benefits including corresponding hedges | 525 | 802 |
| &nbsp;&nbsp;Investments including net unrealized on Available-for-Sale securities | 195 | 381 |
| &nbsp;&nbsp;Net operating loss and tax credit carryforward | 159 | 221 |
| &nbsp;&nbsp;&nbsp;Other | 200 | 159 |
| Gross deferred income tax assets | 1794 | 2218 |
| &nbsp;&nbsp;&nbsp;Less: valuation allowance | 65 | 67 |
| Total deferred income tax assets | 1729 | 2151 |
| **Deferred income tax liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Deferred acquisition costs | 333 | 364 |
| &nbsp;&nbsp;Goodwill and intangibles | 323 | 323 |
| &nbsp;&nbsp;&nbsp;Other | 153 | 137 |
| Gross deferred income tax liabilities | 809 | 824 |
| &nbsp;&nbsp;&nbsp;Net deferred income tax assets | $920 | $1327 |

---

Included in the Company's deferred income tax assets are tax benefits related to foreign net operating losses of $50 million, which do not expire, corporate alternative minimum tax ("CAMT") credit carryforwards of $75 million, which do not expire, and state net operating losses of $34 million, net of federal benefit, which will expire beginning December 31, 2026. Based on analysis of the Company's tax position as of December 31, 2025, management believes it is more likely than not that the Company will not realize certain state net operating losses of $29 million, state deferred tax assets of $2 million (both net of federal benefit), and foreign net operating losses of $34 million; therefore, a valuation allowance of $65 million has been established.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1 | $164 | $150 | $138 |
| &nbsp;&nbsp;Additions for tax positions related to the current year | 19 | 22 | 26 |
| &nbsp;&nbsp;Reductions for tax positions related to the current year | (2) | (2) | (3) |
| &nbsp;&nbsp;Additions for tax positions of prior years | 15 | 23 | 80 |
| &nbsp;&nbsp;Reductions for tax positions of prior years | (20) | (8) | (85) |
| &nbsp;&nbsp;Reductions due to lapse of statutes of limitations | (5) | (20) | (5) |
| &nbsp;&nbsp;Audit settlements | (3) | (1) | (1) |
| Balance at December 31 | $168 | $164 | $150 |

---

If recognized, approximately $137 million, $134 million and $120 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2025, 2024 and 2023, respectively, would affect the effective tax rate.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $16 million, $5 million and $12 million in interest and penalties for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, the Company had a payable of $55 million and $31 million, respectively, related to accrued interest and penalties.

The Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The federal statutes of limitations are closed on years through 2018, except for two issues for 2016 which were claimed on an amended return. During the second quarter of 2025, the Internal Revenue Service ("IRS") finalized the audit of tax years 2019 and 2020, except for one issue for 2020, which remains open. The IRS is currently auditing the Company's U.S. income tax returns for 2021 through 2023. The Company's state income tax returns are currently under examination by various jurisdictions for years ranging from 2018 through 2023.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The Company is an applicable corporation required to compute CAMT, however, as of December 31, 2025, based on current estimates, the Company does not expect to be liable for CAMT in 2025. This estimate is based on interpretations and assumptions of available guidance, including proposed regulations and notices, that the Company has made regarding the CAMT provisions of the Inflation Reduction Act of 2022.

In December 2021, the Organization for Economic Co-operation and Development published the Pillar Two model rules which introduce new taxing mechanisms aimed at ensuring multinational enterprises pay a minimum level of tax on profits from each jurisdiction in which they operate. As of December 31, 2025, the tax impact was not material to the consolidated financial statements. The Company continues to monitor the adoption and implementation of these rules and evaluate the potential impact on its consolidated financial statements.

The legislation commonly referred to as the One Big Beautiful Bill Act ("OBBBA") was enacted on July 4, 2025. The corporate tax law changes resulting from the OBBBA did not have a material impact to the Company's consolidated financial statements for the year ended December 31, 2025 and, based on current guidance, the Company does not expect to record any material impacts in the future.

Income taxes paid were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Income taxes paid, net | $885 | $496 | $1036 |
| &nbsp;&nbsp;Federal | 716 | 366 | 885 |
| &nbsp;&nbsp;State and local  | 146 | 117 | 129 |
| &nbsp;&nbsp;Foreign | 23 | 13 | 22 |

---

**25. Retirement Plans and Profit Sharing Arrangements**

**Defined Benefit Plans**

*Pension Plans and Other Postretirement Benefits*

The Company's U.S. non-advisor employees who were hired prior to April of 2019 are generally eligible for the Ameriprise Financial Retirement Plan (the "Retirement Plan"), a noncontributory defined benefit plan which is a qualified plan under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). However, effective April 2020, the Company no longer enrolls new employees in the Retirement Plan. Funding of costs for the Retirement Plan complies with the applicable minimum funding requirements specified by ERISA and is held in a trust. The Retirement Plan is a cash balance plan by which the employees' accrued benefits are based on notional account balances, which are maintained for each individual. Each pay period these balances are credited with an amount equal to a percentage of eligible compensation as defined by the Retirement Plan (which includes, but is not limited to, base pay, performance based incentive pay, commissions, shift differential and overtime). The percentage ranges from 2.5% to 10% depending on several factors including years of service as of April 2020 and will no longer increase with more years of service. Employees' balances are also credited with a fixed rate of interest that is updated each January 1 and is based on the average of the daily five-year U.S. Treasury Note yields for the previous October 1 through November 30, with a minimum crediting rate of 5% and maximum crediting rate of 10%. Employees are fully vested after 3 years of service or upon retirement at or after age 65, disability or death while employed. Employees have the option to receive annuity payments or a lump sum payout of vested balance after termination or retirement.

In addition, the Company sponsors the Ameriprise Financial Supplemental Retirement Plan (the "SRP"), an unfunded non-qualified deferred compensation plan subject to Section 409A of the Internal Revenue Code. This plan is for certain highly compensated employees to replace the benefit that cannot be provided by the Retirement Plan due to IRS limits. The SRP generally parallels the Retirement Plan but offers different payment options.

The Company also sponsors unfunded defined benefit postretirement plans that provide health care and life insurance to retired U.S. employees. On December 31, 2016, the access to retiree health care coverage was closed to all active employees who had previously met the qualification requirements. Instead, only existing retirees, as of January 1, 2017, qualifying for the plan and electing coverage will be provided a fixed amount to subsidize health care insurance purchased through other providers. Net periodic postretirement benefit costs were not material for the years ended December 31, 2025, 2024 and 2023.

Most employees outside the U.S. are covered by local retirement plans, some of which are funded, while other employees receive payments at the time of retirement or termination under applicable labor laws or agreements. All plans are closed to new participants. The plans provide benefits calculated using salary data of the participants. The plans are based on final salary payments and benefits are adjusted in line with plan rules (e.g. in line with price inflation in the U.K.) once in payment during retirement. The level of benefits provided depends on the member's length of service and pensionable salary at retirement date or date of termination if earlier.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

All components of the net periodic benefit cost are recorded in General and administrative expense and were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Service cost | $25 | $28 | $29 |
| Interest cost | 67 | 66 | 65 |
| Expected return on plan assets | (83) | (79) | (76) |
| Amortization of prior service credits | (1) | (1) | (1) |
| Amortization of net loss | 1 |  |  |
| Other | 1 | 1 | 3 |
| &nbsp;&nbsp;Net periodic benefit cost | $10 | $15 | $20 |

---

The prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets are amortized on a straight-line basis over the expected average remaining service period of active participants.

The following table provides a reconciliation of changes in the benefit obligation:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Plans** | **Pension Plans** | **Other Postretirement Plans** | **Other Postretirement Plans** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Benefit obligation at January 1 | $1265 | $1355 | $11 | $11 |
| &nbsp;&nbsp;Service cost | 25 | 28 |  |  |
| &nbsp;&nbsp;Interest cost | 67 | 66 | 1 | 1 |
| &nbsp;&nbsp;Benefits paid | (27) | (28) | (1) | (1) |
| &nbsp;&nbsp;Actuarial (gain) loss | 21 | (79) |  |  |
| &nbsp;&nbsp;Acquisition (divestiture) | 19 | (18) |  |  |
| &nbsp;&nbsp;Settlements | (48) | (50) |  |  |
| &nbsp;&nbsp;Foreign currency rate changes | 29 | (9) |  |  |
| Benefit obligation at December 31 | $1351 | $1265 | $11 | $11 |

---

The actuarial (gain) loss for pension plans was primarily due to changes in the discount rate assumption as of both December 31, 2025 and 2024.

The following table provides a reconciliation of changes in the fair value of assets:

---

| | | |
|:---|:---|:---|
| | **Pension Plans** | **Pension Plans** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| Fair value of plan assets, January 1 | $1253 | $1292 |
| &nbsp;&nbsp;Actual return on plan assets | 120 | 17 |
| &nbsp;&nbsp;Employer contributions | 39 | 50 |
| &nbsp;&nbsp;Benefits paid | (27) | (28) |
| &nbsp;&nbsp;Acquisition (divestiture) | 19 | (18) |
| &nbsp;&nbsp;Settlements | (48) | (50) |
| &nbsp;&nbsp;Foreign currency rate changes | 36 | (10) |
| Fair value of plan assets, December 31 | $1392 | $1253 |

---

The Company complies with the minimum funding requirements in all countries. The following table provides the amounts recognized in the Consolidated Balance Sheets as of December 31, which equal the funded status of the plans:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Plans** | **Pension Plans** | **Other Postretirement Plans** | **Other Postretirement Plans** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Benefit liability | $(147) | $(139) | $(11) | $(11) |
| Benefit asset | 188 | 127 |  |  |
| &nbsp;&nbsp;Net amount recognized | $41 | $(12) | $(11) | $(11) |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The accumulated benefit obligation for all pension plans as of December 31, 2025 and 2024 was $1.3 billion and $1.2 billion, respectively. The following table provides information for pension plans with benefit obligations in excess of plan assets:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| Pension plans with accumulated benefit obligations in excess of plan assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated benefit obligation | $166 | $158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of plan assets | 27 | 27 |
| Pension plans with projected benefit obligations in excess of plan assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Projected benefit obligation | $174 | $166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of plan assets | 27 | 27 |

---

The weighted average assumptions used to determine benefit obligations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Plans** | **Pension Plans** | **Other Postretirement Plans** | **Other Postretirement Plans** |
| | **2025** | **2024** | **2025** | **2024** |
| Discount rates | 5.39% | 5.57% | 4.80% | 5.38% |
| Rates of increase in compensation levels | 3.59 | 3.64 | N/A | N/A |
| Interest crediting rates for cash balance plans | 5.00 | 5.00 | N/A | N/A |

---

N/A Not Applicable

The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Discount rates | 5.57% | 4.98% | 5.30% |
| Rates of increase in compensation levels | 3.64 | 3.64 | 3.72 |
| Expected long-term rates of return on assets | 6.34 | 5.90 | 6.04 |
| Interest crediting rates for cash balance plans | 5.00 | 5.00 | 5.00 |

---

In developing the expected long-term rate of return on assets, management evaluated input from an external consulting firm, including their projection of asset class return expectations and long-term inflation assumptions. The Company also considered historical returns on the plans' assets. Discount rates are based on yields available on high-quality corporate bonds that would generate cash flows necessary to pay the benefits when due.

The Company's pension plans' assets are invested in an aggregate diversified portfolio to minimize the impact of any adverse or unexpected results from a security class on the entire portfolio. Diversification is interpreted to include diversification by asset type, performance and risk characteristics and number of investments. When appropriate and consistent with the objectives of the plans, derivative instruments may be used to mitigate risk or provide further diversification, subject to the investment policies of the plans. Asset classes and ranges considered appropriate for investment of the plans' assets are determined by each plan's investment committee. The target allocations are 70% equity securities, 20% debt securities and 10% all other types of investments, except for the assets in pooled pension funds and certain collective funds described below, and additional voluntary contribution assets outside the U.S. which are allocated at the discretion of the individual and will be converted at retirement into the defined benefit pension plan. Actual allocations will generally be within 5% of these targets. In addition, assets in pooled pension funds and certain collective funds reflect allocations between growth and liability matching portfolios and may shift based on manager discretion. These funds invest primarily in debt securities, equity securities, and certain derivatives, either directly or through other collective funds. As of December 31, 2025 and 2024, there were no significant holdings of any single issuer and the exposure to derivative instruments was not significant.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The following tables present the Company's pension plans assets measured at fair value on a recurring basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Category** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | |
| **Asset Category** | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | |
| Equity securities: |  |  |  |  |  |
| &nbsp;&nbsp;U.S. small cap stocks | $36 | $5 | $— | $41 |  |
| Registered investment companies | 28 |  |  | 28 |  |
| Insurance contracts |  |  | 21 | 21 |  |
| Cash equivalents at NAV |  |  |  | 4 | <sup>(1)</sup> |
| Collective investment funds at NAV |  |  |  | 1230 | <sup>(1)</sup> |
| Real estate investment trusts at NAV |  |  |  | 22 | <sup>(1)</sup> |
| Hedge funds at NAV |  |  |  | 46 | <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Total | $64 | $5 | $21 | $1392 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | |
|<br>**Asset Category** | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | |
| Equity securities: |  |  |  |  |  |
| &nbsp;&nbsp;U.S. small cap stocks | $46 | $6 | $— | $52 |  |
| Registered investment companies | 69 |  |  | 69 |  |
| Insurance contracts |  |  | 21 | 21 |  |
| Cash equivalents at NAV |  |  |  | 7 | <sup>(1)</sup> |
| Collective investment funds at NAV |  |  |  | 1057 | <sup>(1)</sup> |
| Real estate investment trusts at NAV |  |  |  | 20 | <sup>(1)</sup> |
| Hedge funds at NAV |  |  |  | 27 | <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Total | $115 | $6 | $21 | $1253 |  |

---

<sup>(1)</sup> Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

Equity securities are managed to track the performance of common market indices for both U.S. and non-U.S. securities, primarily across large cap, small cap and emerging market asset classes. Cash equivalents consist of holdings in a money market fund that seeks to equal the return of the three month U.S. Treasury bill. Collective investment funds include equity and debt securities. Real estate funds are managed to track the performance of a broad population of investment grade non-agricultural income producing properties. The Company's investments in hedge funds include investments in a multi-strategy fund and an off-shore fund managed to track the performance of broad fund of fund indices. Pooled pension funds are managed to track a specific benchmark based on the investment objectives of the fund.

The fair value of equity securities classified as Level 1 use quoted prices in active markets and the fair value of equity securities classified as Level 2 is determined based on a market approach using observable inputs. The fair value of the registered investment companies' mutual funds is determined by the NAV which represents the exit price. These funds are classified as Level 1 as they are traded in active markets and quoted prices are available. Insurance contracts support certain non-U.S plans and are classified as Level 3.

The following table presents the amounts recognized in AOCI, net of tax, as of December 31, 2025 but not recognized as components of net periodic benefit cost:

---

| | | |
|:---|:---|:---|
| | **Pension Plans** | **Other <br>Postretirement Plans** |
| | **(in millions)** | **(in millions)** |
| Unrecognized actuarial gain (loss) | $(33) | $1 |

---

See Note 21 for a rollforward of AOCI related to the Company's defined benefit plans.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The Company's pension plans expect to make benefit payments to retirees as follows:

---

| | | |
|:---|:---|:---|
| | **Pension Plans** | **Other <br>Postretirement Plans** |
| | **(in millions)** | **(in millions)** |
| 2026 | $86 | $2 |
| 2027 | 95 | 1 |
| 2028 | 95 | 1 |
| 2029 | 103 | 1 |
| 2030 | 95 | 1 |
| 2031-2035 | 531 | 4 |

---

The Company expects to contribute $22 million and nilto its pension plans and other postretirement plans, respectively, in 2026.

**Defined Contribution Plans**

The Company's U.S. employees are generally eligible to participate in the Ameriprise Financial 401(k) Plan (the "401(k) Plan"). The 401(k) Plan allows eligible employees to make contributions through payroll deductions up to IRS limits and invest their contributions in one or more of the 401(k) Plan investment options, which include the Ameriprise Financial Stock Fund. The Company provides a dollar for dollar match up to the first 5% of eligible compensation an employee contributes on a pretax and/or Roth 401(k) basis for each annual period. Effective April 2020, employees not eligible to participate in the Retirement Plan will receive a 2% company contribution to their 401(k) Plan once they become eligible for contributions.

Under the 401(k) Plan, employees become eligible for contributions under the plan during the pay period they reach 60 days of service. Match contributions are fully vested after five years of service, vesting ratably over the first five years of service, or upon retirement at or after age 65, disability or death while employed. The Company's defined contribution plan expense was $69 million, $66 million and $67 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Employees outside the U.S. who are not covered by the 401(k) may be covered by local defined contribution plans which are subject to applicable laws and rules of the country where the plan is administered. The Company's expense related to defined contribution plans outside the U.S. was $15 million, $16 million and $16 million for the years ended December 31, 2025, 2024 and 2023, respectively.

**26. Commitments and Contingencies**

***Commitments***

The following table presents the Company's funding commitments as of December 31:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| Commercial mortgage loans | $32 | $58 |
| Property funds | 1 | 63 |
| Private funds | 7 |  |
| Pledged asset lines of credit | 3258 | 2399 |
| Home equity lines of credit | 24 |  |
| &nbsp;&nbsp;Total funding commitments | $3322 | $2520 |

---

***Contingencies***

The Company and its subsidiaries are involved, in the normal course of business, in legal proceedings, which include regulatory inquiries, arbitration and litigation (including class actions), concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, leases and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the financial services industry generally.

As with other financial services firms, the level of regulatory activity concerning the Company's businesses remains elevated. From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by the SEC, the Financial Industry Regulatory Authority, the OCC, the FDIC, the U.K. Financial Conduct Authority, the Federal Reserve Board, state insurance and securities regulators, state attorneys general and various other domestic and foreign governmental and quasi-governmental authorities on behalf of themselves or clients concerning the Company's business activities and practices, and the practices of the Company's financial advisors. The Company is cooperating with the applicable regulators.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The Company typically has numerous pending matters that include information requests, exams, inquiries or disputes regarding certain subjects, including from time to time: sales and distribution of, and disclosure practices related to, mutual and other pooled funds, exchange traded funds, private funds, segregated accounts, annuities, equity and fixed income securities, real estate investment trusts, insurance products, banking products, brokerage offerings, including money settlement options, and financial advice offerings, including managed accounts; wholesaler activity; supervision of the Company's financial advisors and other associated persons; administration of insurance and annuity claims; security of client information; trading activity and the Company's monitoring and supervision of such activity; recordkeeping requirements; and transaction monitoring systems and controls.

These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the Company's consolidated results of operations, financial condition, or liquidity.

In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and&nbsp;&nbsp;&nbsp;&nbsp; regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to the Company's consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter.

***Guaranty Fund Assessments***

RiverSource Life and RiverSource Life of NY are required by law to be a member of the guaranty fund association in every state where they are licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated.

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of December 31, 2025 and 2024, the estimated liability was $13 million and $11 million, respectively. As of December 31, 2025 and 2024, the related premium tax asset was $11 million and $9 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

**27. Related Party Transactions**

The Company may engage in transactions in the ordinary course of business with significant shareholders or their subsidiaries, between the Company and its directors and officers or with other companies whose directors or officers may also serve as directors or officers for the Company or its subsidiaries. The Company carries out these transactions on customary terms.

The Company's executive officers and directors may have transactions with the Company or its subsidiaries involving financial products and insurance services. All obligations arising from these transactions are in the ordinary course of the Company's business and are on the same terms in effect for comparable transactions with the general public. Such obligations involve normal risks of collection and do not have features or terms that are unfavorable to the Company or its subsidiaries.

These transactions have not had a material impact on the Company's consolidated results of operations or financial condition.

**28. Segment Information** 

The Company's four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other.

The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis.

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

The largest source of intersegment revenues and expenses is retail distribution services, where segments are charged transfer pricing rates that approximate arm's length market prices for distribution through the Advice & Wealth Management segment. The Advice & Wealth Management segment provides distribution services for affiliated and non-affiliated products and services. The Asset Management segment provides investment management services for the Company's owned assets and client assets, and accordingly charges investment and advisory management fees to the other segments. All intersegment activity is eliminated in the Company's consolidated results.

All costs related to shared services are allocated to the segments based on a rate times volume or fixed basis.

The Advice & Wealth Management segment provides financial planning and advice, as well as full-service brokerage services, primarily to retail clients through the Company's advisors. These services are centered on long-term, personal relationships between the Company's advisors and its clients and focus on helping clients achieve their financial goals. The Company's advisors provide a distinctive, holistic approach to financial planning and have access to a broad selection of both affiliated and non-affiliated products to help clients meet their financial needs and goals. Banking, lending, and cash management solutions help clients establish financial flexibility while planning for both short- and long-term needs. A significant portion of revenues in this segment are fee-based and driven by the level of client assets, which is impacted by both market movements and net asset flows. The Company also earns net investment income on owned assets primarily from certificate and banking products. This segment earns revenues (distribution fees) for distributing non-affiliated products and intersegment revenues for distributing the Company's affiliated products and services provided to its retail clients. Intersegment expenses for this segment include expenses for investment management services provided by the Asset Management segment.

The Asset Management segment provides investment management, advice and products to retail, high net worth and institutional clients on a global scale through the Columbia Threadneedle Investments<sup>®</sup> brand, which represents the combined capabilities, resources and reach of Columbia Management Investment Advisers, LLC ("Columbia Management") and Threadneedle. Columbia Management primarily provides products and services in the U.S., and Threadneedle primarily provides products and services internationally. The Company offers U.S. retail clients a range of products through both unaffiliated third-party financial institutions and the Advice & Wealth Management segment. The Company provides institutional products and services through its institutional sales force. Retail products for non-U.S. investors are primarily distributed through third-party financial institutions and unaffiliated financial advisors. Retail products include U.S. mutual funds and their non-U.S. equivalents, exchange-traded funds and variable product funds underlying insurance and annuity separate accounts. Institutional asset management services are designed to meet specific client objectives and may involve a range of products, including those that focus on traditional asset classes, separately managed accounts, individually managed accounts, CLOs, hedge fund or alternative strategies, collective funds and property and infrastructure funds. CLOs, hedge fund or alternative strategies and certain private funds are often classified as alternative assets. Revenues in this segment are primarily earned as fees based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix. The Company may also earn performance fees from certain accounts where investment performance meets or exceeds certain pre-identified targets. The Asset Management segment also provides intercompany asset management services for Ameriprise Financial subsidiaries. The fees for these services are reflected within the Asset Management segment results through intersegment transfer pricing. Intersegment expenses for this segment include distribution expenses for services provided by the Advice & Wealth Management and Retirement & Protection Solutions segments.

The Retirement & Protection Solutions segment includes Retirement Solutions (variable annuities and payout annuities) and Protection Solutions (life and DI insurance). Retirement Solutions provides variable annuity products of RiverSource Life companies to individual clients. The Company provides variable annuity products through its advisors. Revenues for the Company's variable annuity products are primarily earned as fees based on a contractholder's benefit base, contract value, or separate account value, which is impacted by both market movements and net asset flows. The Company also earns net investment income on general account assets supporting reserves for non-life contingent payout annuities, structured variable annuities, certain guaranteed benefits and fixed investment options offered with variable annuities and on capital supporting the business. Revenues for the Company's life contingent payout annuities are earned as premium revenue. Protection Solutions offers a variety of products to address the protection and risk management needs of the Company's retail clients including life and DI insurance. Life and DI insurance products are primarily provided through the Company's advisors and these policies are issued through its RiverSource Life companies. The primary sources of revenues for Protection Solutions are premiums, fees and charges that the Company receives to assume insurance-related risk. The Company earns net investment income on owned assets supporting insurance reserves and capital supporting the business. The Company also receives fees based on the level of the RiverSource Life companies' separate account assets supporting VUL investment options. Intersegment revenues for this segment reflect fees paid by the Asset Management segment for marketing support and other services provided in connection with the availability of variable insurance trust funds under variable annuity contracts and VUL contracts. Intersegment expenses for this segment include distribution expenses for services provided by the Advice & Wealth Management segment, as well as expenses for investment management services provided by the Asset Management segment.

The Corporate & Other segment consists of net investment income or loss on corporate level assets, including excess capital held in the Company's subsidiaries and other unallocated equity and other revenues as well as unallocated corporate expenses. The Corporate & Other segment also includes the results of the Company's closed blocks of long term care insurance and fixed annuity and fixed indexed annuity business. The Corporate & Other segment also includes revenues and expenses of consolidated investment entities,

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

which are excluded on an operating basis. Revenues for the Company's fixed deferred annuity products are primarily earned as net investment income on the RiverSource Life companies' general account assets supporting fixed account balances, with profitability significantly impacted by the spread between net investment income earned and interest credited on the fixed account balances.

Management uses segment adjusted operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, adjusted operating earnings is the Company's measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis. As its chief operating decision maker ("CODM"), the Company's Chairman and Chief Executive Officer utilizes these segment adjusted operating measures to allocate resources and assess performance.

Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted operating expenses 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 UL insurance contracts), net of hedges and reinsurance accrual; mean reversion related impacts (the impact on 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 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 the impact of consolidating CIEs. 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 FASB 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 the RiverSource Life companies' nonperformance spread.

The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| Advice & Wealth Management | $40038 | $41514 |
| Asset Management | 6723 | 7350 |
| Retirement & Protection Solutions | 127778 | 116609 |
| Corporate & Other | 16365 | 15930 |
| &nbsp;&nbsp;Total assets | $190904 | $181403 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Adjusted operating net revenues: |  |  |  |
| &nbsp;&nbsp;Advice & Wealth Management | $11741 | $10780 | $9418 |
| &nbsp;&nbsp;Asset Management | 3621 | 3515 | 3278 |
| &nbsp;&nbsp;Retirement & Protection Solutions | 3955 | 3773 | 3476 |
| &nbsp;&nbsp;Corporate & Other | 427 | 454 | 533 |
| &nbsp;&nbsp;Elimination of segment revenues <sup>(1)</sup> | (1451) | (1443) | (1318) |
| Total segment adjusted operating net revenues | 18293 | 17079 | 15387 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;Net realized investment gains (losses) | (8) | (21) | (32) |
| &nbsp;&nbsp;Market impact on non-traditional long-duration products | 12 | 3 | 2 |
| &nbsp;&nbsp;Revenue attributable to consolidated investment entities | 183 | 203 | 178 |
| Total net revenues per consolidated statements of operations | $18480 | $17264 | $15535 |

---

<sup>(1)</sup> Represents the elimination of intersegment revenues recognized for the years ended December 31, 2025, 2024 and 2023 in each segment as follows: Advice & Wealth Management ($936, $935 and $847, respectively); Asset Management ($103, $96 and $79, respectively); Retirement & Protection Solutions ($443, $441 and $411, respectively); and Corporate & Other ($(31), $(29) and $(19), respectively).

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Adjusted operating earnings: |  |  |  |
| &nbsp;&nbsp;Advice & Wealth Management | $3411 | $3233 | $2851 |
| &nbsp;&nbsp;Asset Management | 1016 | 920 | 720 |
| &nbsp;&nbsp;Retirement & Protection Solutions | 846 | 726 | 685 |
| &nbsp;&nbsp;Corporate & Other | (396) | (443) | (320) |
| Total segment adjusted operating earnings | 4877 | 4436 | 3936 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;Net realized investment gains (losses) | (8) | (21) | (32) |
| &nbsp;&nbsp;Market impact on non-traditional long-duration products | (366) | (153) | (608) |
| &nbsp;&nbsp;Mean reversion related impacts | 1 | 1 |  |
| &nbsp;&nbsp;Integration/restructuring charges |  |  | (62) |
| &nbsp;&nbsp;Net income (loss) attributable to consolidated investment entities |  | 4 |  |
| Pretax income per consolidated statements of operations | $4504 | $4267 | $3234 |

---

Adjusted operating earnings includes the following significant expense categories:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Advice & Wealth Management** | **Asset Management** | **Retirement & Protection Solutions** | **Corporate & Other** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution expenses | $6513 | $1005 | $520 | $(11) |
| &nbsp;&nbsp;&nbsp;Interest credited to fixed accounts |  |  | 373 | 202 |
| &nbsp;&nbsp;&nbsp;Benefits, claims, losses and settlement expenses |  |  | 913 | 215 |
| &nbsp;&nbsp;&nbsp;Remeasurement (gains) losses of future policy benefit reserves |  |  | (24) | 34 |
| &nbsp;&nbsp;&nbsp;Change in fair value of market risk benefits |  |  | 726 |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs |  | 7 | 229 | 6 |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | 55 | 12 | 40 | 105 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 1762 | 1581 | 332 | 272 |
| Total expenses | $8330 | $2605 | $3109 | $823 |

---

------

<u>[Index](#ia251ca4667c14a909df3d736176e9f91_10)</u>

**Ameriprise Financial, Inc.**

**Notes to Consolidated Financial Statements (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Advice & Wealth Management** | **Asset Management** | **Retirement & Protection Solutions** | **Corporate & Other** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution expenses | $5823 | $989 | $515 | $(10) |
| &nbsp;&nbsp;&nbsp;Interest credited to fixed accounts |  |  | 367 | 216 |
| &nbsp;&nbsp;&nbsp;Benefits, claims, losses and settlement expenses |  |  | 927 | 217 |
| &nbsp;&nbsp;&nbsp;Remeasurement (gains) losses of future policy benefit reserves |  |  | (36) | (8) |
| &nbsp;&nbsp;&nbsp;Change in fair value of market risk benefits |  |  | 684 |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs |  | 7 | 227 | 8 |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | 38 | 7 | 45 | 108 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 1686 | 1592 | 318 | 366 |
| Total expenses | $7547 | $2595 | $3047 | $897 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| | **Advice & Wealth Management** | **Asset Management** | **Retirement & Protection Solutions** | **Corporate & Other** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| &nbsp;&nbsp;Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution expenses | $4888 | $925 | $464 | $(10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to fixed accounts |  |  | 369 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefits, claims, losses and settlement expenses |  |  | 744 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement (gains) losses of future policy benefit reserves |  |  | (19) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of market risk benefits |  |  | 628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs |  | 6 | 229 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and debt expense | 27 | 7 | 51 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 1652 | 1620 | 325 | 286 |
| Total expenses | $6567 | $2558 | $2791 | $853 |

---

------

**Ameriprise Financial, Inc.**

**PART IV.** 

**Item 15. Exhibits and Financial Statement Schedules**

---

| | | |
|:---|:---|:---|
| (a) 1. | Financial Statements:<br>The information required herein has been provided in Item 8, which is incorporated herein by reference. | Financial Statements:<br>The information required herein has been provided in Item 8, which is incorporated herein by reference. |
| 2. | Financial schedules required to be filed by Item 8 of this form, and by Item 15(b):<br>Schedule I-Condensed Financial Information of Registrant (Parent Company Only)  | Financial schedules required to be filed by Item 8 of this form, and by Item 15(b):<br>Schedule I-Condensed Financial Information of Registrant (Parent Company Only)  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Statements of Operations – December 31, 2025, 2024 and 2023](#ia251ca4667c14a909df3d736176e9f91_319)</u> | <u>[100](#ia251ca4667c14a909df3d736176e9f91_319)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Balance Sheets - December 31, 2025 and 2024](#ia251ca4667c14a909df3d736176e9f91_322)</u> | <u>[101](#ia251ca4667c14a909df3d736176e9f91_322)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Condensed Statements of Cash Flows – December 31, 2025, 2024 and 2023](#ia251ca4667c14a909df3d736176e9f91_325)</u> | <u>[102](#ia251ca4667c14a909df3d736176e9f91_325)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Condensed Financial Information of Registrant](#ia251ca4667c14a909df3d736176e9f91_328)</u> | <u>[103](#ia251ca4667c14a909df3d736176e9f91_328)</u> |
|  | All other financial schedules are not required under the related instructions, or are inapplicable and therefore have been omitted. | All other financial schedules are not required under the related instructions, or are inapplicable and therefore have been omitted. |
| 3. | Exhibits: <br>Pursuant to the rules and regulations of the Securities and Exchange Commission, we have filed certain agreements as exhibits to this Annual Report on Form 10-K/A. These agreements may contain representations and warranties by the parties. These representations and warranties have been made solely for the benefit of the other party or parties to such agreements and (i) may have been qualified by disclosures made to such other party or parties, (ii) were made only as of the date of such agreements or such other date(s) as may be specified in such agreements and are subject to more recent developments, which may not be fully reflected in our public disclosure, (iii) may reflect the allocation of risk among the parties to such agreements and (iv) may apply materiality standards different from what may be viewed as material to investors. Accordingly, these representations and warranties may not describe our actual state of affairs at the date hereof and should not be relied upon.<br>The following exhibits are filed as part of this Annual Report on Form 10-K/A. The exhibit numbers followed by an asterisk (\*) indicate exhibits electronically filed herewith. All other exhibit numbers indicate exhibits previously filed and are hereby incorporated herein by reference.  | Exhibits: <br>Pursuant to the rules and regulations of the Securities and Exchange Commission, we have filed certain agreements as exhibits to this Annual Report on Form 10-K/A. These agreements may contain representations and warranties by the parties. These representations and warranties have been made solely for the benefit of the other party or parties to such agreements and (i) may have been qualified by disclosures made to such other party or parties, (ii) were made only as of the date of such agreements or such other date(s) as may be specified in such agreements and are subject to more recent developments, which may not be fully reflected in our public disclosure, (iii) may reflect the allocation of risk among the parties to such agreements and (iv) may apply materiality standards different from what may be viewed as material to investors. Accordingly, these representations and warranties may not describe our actual state of affairs at the date hereof and should not be relied upon.<br>The following exhibits are filed as part of this Annual Report on Form 10-K/A. The exhibit numbers followed by an asterisk (\*) indicate exhibits electronically filed herewith. All other exhibit numbers indicate exhibits previously filed and are hereby incorporated herein by reference.  |

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/820027/000110465914033504/a14-11678_1ex3d1.htm)</u> | Amended Restated Certificate of Incorporation of Ameriprise Financial, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, File No. 1-32525, filed on May 1, 2014). |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/820027/000110465924052593/tm2412755d1_ex3-1.htm)</u> | Certificate of Amendment to the Amended and Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, File No. 1-32525, filed on April 26, 2024). |
| <u>[3.3](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit33-ampxx12312024.htm)</u> | Amended and Restated Bylaws of Ameriprise Financial, Inc. (incorporated by reference to Exhibit 3.3 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/820027/000082002720000010/ampexhibit41-x12312019.htm)</u> | Description of Securities (incorporated by reference to Exhibit 4.1 to the Annual Report on Form 10-K, File No. 1-32525 filed on February 26, 2020). |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/820027/000104746905021761/a2161340zex-4_1.htm)</u> | Form of Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Amendment No. 3 to Form 10 Registration Statement, File No. 1-32525, filed on August 19, 2005). <br>Other instruments defining the rights of holders of long-term debt securities of the registrant are omitted pursuant to Section (b)(4)(iii)(A) of Item 601 of Regulation S-K. The registrant agrees to furnish copies of these instruments to the SEC upon request. |
| <u>[4.3](https://www.sec.gov/Archives/edgar/data/820027/000110465905047325/a05-17057_1ex4da.htm)</u> | Indenture dated as of October 5, 2005, between Ameriprise Financial, Inc. and U.S. Bank National Association, trustee (incorporated by reference to Exhibit 4(a) to the Registration Statement on Form S-3, File No. 333-128834, filed on October 5, 2005). |
| <u>[4.4](https://www.sec.gov/Archives/edgar/data/820027/000110465906031632/a06-11226_1ex4da.htm)</u> | Indenture dated as of May 5, 2006, between Ameriprise Financial, Inc. and U.S. Bank National Association, trustee (incorporated by reference to Exhibit 4.A to the Registration Statement on Form S-3ASR, File No. 333-133860, filed on May 5, 2006). |
| <u>[4.5](https://www.sec.gov/Archives/edgar/data/820027/000110465906031632/a06-11226_1ex4dc.htm)</u> | Junior Subordinated Debt Indenture, dated as of May 5, 2006, between Ameriprise Financial, Inc. and U.S. Bank National Association, trustee (incorporated by reference to Exhibit 4.C to the Registration Statement on Form S-3ASR, File No. 333-133860, filed on May 5, 2006). |
| <u>[4.6](https://www.sec.gov/Archives/edgar/data/820027/000110465906031632/a06-11226_1ex4db.htm)</u> | Subordinated Debt Indenture, dated as of May 5, 2006, between Ameriprise Financial, Inc. and U.S. Bank National Association, trustee (incorporated by reference to Exhibit 4.B to the Registration Statement on Form S-3ASR, File No. 333-133860, filed on May 5, 2006). |

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------

**Ameriprise Financial, Inc.**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/820027/000110465924123103/tm2429390d1_ex10-1.htm)</u> | Amendment to Amend and Restate Credit Agreement as the Fifth Amended and Restated Credit Agreement, dated as of November 25, 2024, among Ameriprise Financial, Inc., as Borrower, the lenders party thereto, Wells Fargo Bank, National Association as Administrative Agent, Swingline Lender and Issuing Lender, Bank of America, N.A. and Citibank, N.A. as Co-Syndication Agents, and Barclays Bank PLC, Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A. and U.S. Bank National Association as Co-Documentation Agents, and Wells Fargo Securities, LLC, BofA Securities, Inc. and CitiGroup Global Markets Inc. as Joint Lead Arrangers and Joint Bookrunners (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, File No. 1-32525, filed on November 26, 2024). |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/820027/000104746914002531/a2219018zdef14a.htm)</u>† | Ameriprise Financial 2005 Incentive Compensation Plan, as amended and restated effective April 30, 2014 (incorporated by reference to Exhibit B to the Proxy Statement for the Annual Meeting of Shareholders held on April 30, 2014, File No. 001-32525, filed on March 17, 2014). |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/820027/000110465923052515/tm2313762d1_ex10-1.htm)</u>† | Ameriprise Financial 2005 Incentive Compensation Plan, as amended and restated (for awards made after April 26, 2023) (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K File No. 1-32525, filed on April 28, 2023). |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/820027/000104746912001474/a2207255zex-10_3.htm)</u>† | Ameriprise Financial Deferred Compensation Plan, as amended and restated effective January 1, 2012 (incorporated by reference to Exhibit 10.3 of the Annual Report on Form 10-K, File No. 1-32525, filed on February 24, 2012). |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/820027/000082002718000008/ampexhibit1042017.htm)</u>† | Ameriprise Financial Supplemental Retirement Plan, as amended and restated effective October 3, 2017 (incorporated by reference to Exhibit 10.4 of the Annual Report on Form 10-K, File No. 1-32525, filed on February 23, 2018). |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_4.htm)</u>† | Ameriprise Financial Form of Award Certificate — Non-Qualified Stock Option Award (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K, File No. 1-32525, filed on October 4, 2005). |
| <u>[10.7](https://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_5.htm)</u>† | Ameriprise Financial Form of Award Certificate — Restricted Stock Award (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K, File No. 1-32525, filed on October 4, 2005). |
| <u>[10.8](https://www.sec.gov/Archives/edgar/data/820027/000104746905023844/a2163292zex-10_6.htm)</u>† | Ameriprise Financial Form of Award Certificate — Restricted Stock Unit Award (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K, File No. 1-32525, filed on October 4, 2005). |
| <u>[10.9](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit109-ampxx12312025.htm)</u>#† | Ameriprise Financial, Inc. 2026 Global Long-Term Incentive Award Program Guide |
| <u>[10.10](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1010-ampxx1231202.htm)</u>#† | Senior Executive 2026 Global Long-Term Incentive Award Program Guide |
| <u>[10.11](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1011-ampxx1231202.htm)</u>#† | Ameriprise Financial, Inc. Performance Cash Unit Supplement to the 2026 Global Long-Term Incentive Award Program Guide |
| <u>[10.12](https://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1012.htm)</u>† | Ameriprise Financial Form of Award Certificate — Performance Cash Unit Plan Award (incorporated by reference to Exhibit 10.12 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2016). |
| <u>[10.13](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1012-ampxx1231202.htm)</u>† | Ameriprise Financial, Inc Performance Share Unit Supplement to the Global Long-Term Incentive Award Program Guide (incorporated by reference to Exhibit 10.12 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[10.14](https://www.sec.gov/Archives/edgar/data/820027/000082002716000168/exhibit1014.htm)</u>† | Ameriprise Financial Form of Award Certificate — Performance Share Unit Plan Award (incorporated by reference to Exhibit 10.14 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2016). |
| <u>[10.15](https://www.sec.gov/Archives/edgar/data/820027/000082002715000024/exhibit1015.htm)</u>† | Ameriprise Financial Deferred Share Plan for Outside Directors, as amended and restated effective December 3, 2014 (incorporated by reference to Exhibit 10.15 of the Annual Report on Form 10-K File No. 1-32525, filed on February 24, 2015). |
| <u>[10.16](https://www.sec.gov/Archives/edgar/data/820027/000110465905051129/a05-18818_28k.htm)</u>† | CEO Security and Compensation Arrangements (incorporated by reference to Item 1.01 of the Current Report on Form 8-K, File No. 1-32525, filed on October 31, 2005). |
| <u>[10.17](https://www.sec.gov/Archives/edgar/data/820027/000104746912001474/a2207255zex-10_17.htm)</u>† | Ameriprise Financial Senior Executive Severance Plan, as amended and restated effective January 1, 2012 (incorporated by reference to Exhibit 10.17 of the Annual Report on Form 10-K, File No. 1-32525, filed on February 24, 2012). |
| <u>[10.18](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1040-ampxx12312023x.htm)</u>† | First Amendment to the Ameriprise Financial Senior Executive Severance Plan (incorporated by reference to Exhibit 10.40 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). |
| <u>[10.19](https://www.sec.gov/Archives/edgar/data/820027/000110465912028857/a12-10450_1ex10d1.htm)</u>† | Form of Indemnification Agreement for directors, Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer and any other officers designated by the Chief Executive Officer (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, File No. 1-32525, filed on April 26, 2012). |
| <u>[10.20](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1019-ampxx1231202.htm)</u>† | Ameriprise Financial Global Annual Incentive Award Plan, as amended and restated as of January 1, 2025 (incorporated by reference to Exhibit 10.19 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[10.21](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1020-ampxx1231202.htm)</u>† | Threadneedle Deferral Plan (as amended and restated effective January 1, 2025) (incorporated by reference to Exhibit 10.20 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025).  |
| <u>[10.22](https://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1026-12312021.htm)</u>† | Deferred Stock Unit Award Certificate - Threadneedle Deferral Plan (incorporated by reference to Exhibit 10.26 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022). |
| <u>[10.23](https://www.sec.gov/Archives/edgar/data/0000820027/000082002722000016/exhibit1027-12312021.htm)</u>† | Form of Deferred Stock Unit Award - Threadneedle Deferral Plan (incorporated by reference to Exhibit 10.27 of the Annual Report on Form 10-K File No. 1-32525, filed on February 25, 2022). |
| <u>[10.24](https://www.sec.gov/Archives/edgar/data/820027/000082002723000067/exhibit101-03312023.htm)</u>† | Severance Plan for William Davies (incorporated by reference to Exhibit 10.1 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on May 2, 2023). |

---

------

**Ameriprise Financial, Inc.**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| <u>[10.25](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit102-06302023.htm)</u>† | Deferred Stock Unit Award Certificate - Threadneedle Deferral Plan (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.2 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on August 8, 2023). |
| <u>[10.26](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit103-06302023.htm)</u>† | Deferred Stock Option Award Certificate - Threadneedle Deferral Plan (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.3 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on August 8, 2023). |
| <u>[10.27](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit104-06302023.htm)</u>† | Form of Deferred Stock Option Award - Threadneedle Deferral Plan (incorporated by reference to Exhibit 10.4 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on August 8, 2023). |
| <u>[10.28](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1027-ampxx1231202.htm)</u>† | Threadneedle Deferral Plan Deferred Stock Unit and Deferred Stock Option Programme Guide (incorporated by reference to Exhibit 10.27 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[10.29](https://www.sec.gov/Archives/edgar/data/820027/000082002723000082/exhibit108-06302023.htm)</u>† | Ameriprise Financial Form of Award Certificate - EMEA Performance Share Unit Plan Award (incorporated by reference to Exhibit 10.8 of the Quarterly Report on Form 10-Q File No. 1-32525, filed on August 8, 2023). |
| <u>[10.30](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1033-ampxx12312023x.htm)</u>† | Ameriprise Financial Form of Award Certificate - EMEA Performance Share Unit Plan Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.33 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). |
| <u>[10.31](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1034-ampxx12312023x.htm)</u>† | Ameriprise Financial Form of Award Certificate - Performance Cash Unit Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.34 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). |
| <u>[10.32](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1035-ampxx12312023x.htm)</u>† | Ameriprise Financial Form of Award Certificate - Performance Share Unit Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.35 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). |
| <u>[10.33](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1036-ampxx12312023x.htm)</u>† | Ameriprise Financial Form of Award Certificate - Restricted Stock Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.36 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). |
| <u>[10.34](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1037-ampxx12312023x.htm)</u>† | Ameriprise Financial Form of Award Certificate - Restricted Stock Unit Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.37 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). |
| <u>[10.35](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit1038-ampxx12312023x.htm)</u>† | Ameriprise Financial Form of Award Certificate - Non-Qualified Stock Option Award (for grants after April 26, 2023) (incorporated by reference to Exhibit 10.38 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 22, 2024). |
| <u>[10.36](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1035-ampxx1231202.htm)</u>† | Ameriprise Financial Form of Award Certificate - Performance Cash Unit Award (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.35 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[10.37](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1036-ampxx1231202.htm)</u>† | Ameriprise Financial Form of Award Certificate - Performance Share Unit Award (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.36 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[10.38](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1037-ampxx1231202.htm)</u>† | Ameriprise Financial Form of Award Certificate - Restricted Stock Unit Award (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.37 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[10.39](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1038-ampxx1231202.htm)</u>† | Ameriprise Financial Form of Award Certificate - Non-Qualified Stock Option Award (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.38 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[10.40](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1040-ampxx1231202.htm)</u>#† | Ameriprise Financial Form of Award Certificate - Performance Cash Unit Award (for grants after January 1, 2026) |
| <u>[10.41](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1041-ampxx1231202.htm)</u>#† | Ameriprise Financial Form of Award Certificate - Performance Share Unit Award Certificate (for grants after January 1, 2026) |
| <u>[10.42](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1042-ampxx1231202.htm)</u>#† | Ameriprise Financial Form of Award Certificate - Restricted Stock Unit Award Certificate (for grants after January 1, 2026) |
| <u>[10.43](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit1043-ampxx1231202.htm)</u>#† | Ameriprise Financial Form of Award Certificate - Non-Qualified Stock Option Award Certificate (for grants after January 1, 2026) |
| <u>[10.44](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1039-ampxx1231202.htm)</u>† | Deferred Stock Unit Award Certificate - Threadneedle Deferral Plan (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.39 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[10.45](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit1040-ampxx1231202.htm)</u>† | Deferred Stock Option Award Certificate - Threadneedle Deferral Plan (for grants after January 1, 2025) (incorporated by reference to Exhibit 10.40 to the Annual Report on Form 10-K, File No. 1-32525, filed on February 20, 2025). |
| <u>[13](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit13-ampxx12312025.htm)</u># | Portions of the Ameriprise Financial, Inc. 2025 Annual Report to Shareholders, which are furnished solely for the information of the SEC and are not to be deemed "filed." |
| <u>[19.1](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit191-ampxx12312024.htm)</u> | Securities Trading Policy for Directors, Section 16 Officers and Executive Leadership Team (incorporated by reference to Exhibit 19.1 to the Annual Report on Form 10-K, file No. 1-32525, filed on February 20, 2025). |
| <u>[19.2](https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/exhibit192-ampxx12312024.htm)</u> | Enterprise Securities Trading Policies (incorporated by reference to Exhibit 19.2 to the Annual Report on Form 10-K, file No. 1-32525, filed on February 20, 2025). |
| <u>[21](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit21-ampxx12312025.htm)</u># | Subsidiaries of Ameriprise Financial, Inc. |

---

------

**Ameriprise Financial, Inc.**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| <u>[23](exhibit23-consentofpwcxamp.htm)</u>\* | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm. |
| <u>[24](https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/exhibit24-ampxx12312025.htm)</u># | Powers of attorney |
| <u>[31.1](exhibit311-ampxx12312025a.htm)</u>\* | Certification of James M. Cracchiolo pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |
| <u>[31.2](exhibit312-ampxx12312025a.htm)</u>\* | Certification of Walter S. Berman pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |
| <u>[32](exhibit32-ampxx1231202510ka.htm)</u>\* | Certification of James M. Cracchiolo and Walter S. Berman pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| <u>[97](https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/exhibit97-ampxx12312023xuse.htm)</u> | Ameriprise Financial, Inc. Policy for the Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 to the Annual Report on Form 10-K File No. 1-32525, filed on February 22, 2024). |
| 101 | The following materials from Ameriprise Financial, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2025 are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023; (ii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023; (iii) Consolidated Balance Sheets at December 31, 2025 and 2024; (iv) Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023; (v) Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023; and (vi) Notes to the Consolidated Financial Statements. |
| 104 | The cover page from Ameriprise Financial, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2025 is formatted in iXBRL and contained in Exhibit 101. |
| *\* Filed electronically herewith.* | *\* Filed electronically herewith.* |
| *# Filed with the original Form 10-K on February 19, 2026* | *# Filed with the original Form 10-K on February 19, 2026* |
| *† Management contract or compensation plan or arrangement* | *† Management contract or compensation plan or arrangement* |

---

------

**Ameriprise Financial, Inc.**

**Signatures** 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**AMERIPRISE FINANCIAL, INC.**

Registrant

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 12, 2026 | By | /s/ Walter S. Berman |
| Date: | | By | Walter S. Berman<br>Executive Vice President and Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp; |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 12, 2026 | By | /s/ James M. Cracchiolo |
| Date: | | By | James M. Cracchiolo<br>Chairman and Chief Executive Officer<br>(Principal Executive Officer and Director) |

---

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 12, 2026 | By | /s/ Walter S. Berman |
| Date: | | By | Walter S. Berman<br>Executive Vice President and Chief Financial Officer<br>(Principal Financial Officer) |

---

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 12, 2026 | By | /s/ Dawn M. Brockman |
| Date: | | By | Dawn M. Brockman<br>Senior Vice President and Controller<br>(Principal Accounting Officer) |

---

------

**Ameriprise Financial, Inc.**

**Schedule I - Condensed Financial Information of Registrant**

***(Parent Company Only)***

---

| | |
|:---|:---|
| <u>[Condensed Statements of Operations - Years ended December 31, 2025, 2024 and 2023](#ia251ca4667c14a909df3d736176e9f91_319)</u> | <u>[100](#ia251ca4667c14a909df3d736176e9f91_319)</u> |
| <u>[Condensed Balance Sheets - December 31, 2025 and 2024](#ia251ca4667c14a909df3d736176e9f91_322)</u> | <u>[101](#ia251ca4667c14a909df3d736176e9f91_322)</u> |
| <u>[Condensed Statements of Cash Flows - Years ended December 31, 2025, 2024 and 2023](#ia251ca4667c14a909df3d736176e9f91_325)</u> | <u>[102](#ia251ca4667c14a909df3d736176e9f91_325)</u> |
| <u>[Notes to Condensed Financial Information of Registrant](#ia251ca4667c14a909df3d736176e9f91_328)</u> | <u>[103](#ia251ca4667c14a909df3d736176e9f91_328)</u> |

---

------

**Ameriprise Financial, Inc.**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule I — Condensed Financial Information of Registrant<br>Condensed Statements of Operations**<br>***(Parent Company Only)*** | **Schedule I — Condensed Financial Information of Registrant<br>Condensed Statements of Operations**<br>***(Parent Company Only)*** | **Schedule I — Condensed Financial Information of Registrant<br>Condensed Statements of Operations**<br>***(Parent Company Only)*** | **Schedule I — Condensed Financial Information of Registrant<br>Condensed Statements of Operations**<br>***(Parent Company Only)*** |
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in millions)** | **(in millions)** | **(in millions)** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;Net investment income | $78 | $94 | $77 |
| &nbsp;&nbsp;Other revenues | 8 | 11 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 86 | 105 | 82 |
| &nbsp;&nbsp;Banking and deposit interest expense | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | 52 | 70 | 47 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Distribution expenses | 59 | 61 | 46 |
| &nbsp;&nbsp;Interest and debt expense | 150 | 144 | 138 |
| &nbsp;&nbsp;General and administrative expense | 253 | 328 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 462 | 533 | 490 |
| Pretax loss before equity in earnings of subsidiaries | (410) | (463) | (443) |
| Income tax provision | 205 | 182 | 142 |
| Loss before equity in earnings of subsidiaries | (615) | (645) | (585) |
| Equity in earnings of subsidiaries, net of tax | 4178 | 4046 | 3141 |
| Net income | 3563 | 3401 | 2556 |
| Other comprehensive income (loss), net of tax | 1016 | (142) | 780 |
| Total comprehensive income (loss) | $4579 | $3259 | $3336 |

---

*See Notes to Condensed Financial Information of Registrant.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100

------

**Ameriprise Financial, Inc.**

---

| | | |
|:---|:---|:---|
| **Schedule I — Condensed Financial Information of Registrant<br>Condensed Balance Sheets**<br>***(Parent Company Only)*** | **Schedule I — Condensed Financial Information of Registrant<br>Condensed Balance Sheets**<br>***(Parent Company Only)*** | **Schedule I — Condensed Financial Information of Registrant<br>Condensed Balance Sheets**<br>***(Parent Company Only)*** |
| | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in millions, except share amounts)** | **(in millions, except share amounts)** |
| **Assets** |  |  |
| Cash and cash equivalents | $961 | $844 |
| Investments | 963 | 921 |
| Loans to subsidiaries | 348 | 343 |
| Due from subsidiaries | 340 | 273 |
| Receivables | 20 | 26 |
| Land, buildings, equipment, and software, net of accumulated depreciation of $707 and $779, respectively | 301 | 303 |
| Investments in subsidiaries | 8024 | 6910 |
| Other assets | 1766 | 1605 |
| Total assets | $12723 | $11225 |
| **Liabilities and Equity** |  |  |
| **Liabilities:** |  |  |
| Accounts payable and accrued expenses | $1618 | $1422 |
| Due to subsidiaries | 354 | 347 |
| Borrowings from subsidiaries | 506 | 756 |
| Long-term debt | 3077 | 2842 |
| Other liabilities | 619 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6174 | 5997 |
| **Equity:** |  |  |
| Common shares ($0.01 par value; shares authorized, 1,250,000,000; shares issued, 338,058,287 and 337,729,050, respectively) | 3 | 3 |
| Additional paid-in capital | 10377 | 10141 |
| Retained earnings | 27662 | 24713 |
| Treasury shares, at cost (246,794,407 and 241,562,357 shares, respectively) | (30601) | (27721) |
| Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investments in subsidiaries | (892) | (1908) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 6549 | 5228 |
| Total liabilities and equity | $12723 | $11225 |

---

*See Notes to Condensed Financial Information of Registrant.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101

------

**Ameriprise Financial, Inc.**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule I — Condensed Financial Information of Registrant<br>Condensed Statements of Cash Flows**<br>***(Parent Company Only)*** | **Schedule I — Condensed Financial Information of Registrant<br>Condensed Statements of Cash Flows**<br>***(Parent Company Only)*** | **Schedule I — Condensed Financial Information of Registrant<br>Condensed Statements of Cash Flows**<br>***(Parent Company Only)*** | **Schedule I — Condensed Financial Information of Registrant<br>Condensed Statements of Cash Flows**<br>***(Parent Company Only)*** |
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in millions)** | **(in millions)** | **(in millions)** |
| **Cash Flows from Operating Activities** |  |  |  |
| Net income | $3563 | $3401 | $2556 |
| Equity in earnings of subsidiaries, net of tax | (4178) | (4046) | (3141) |
| Dividends received from subsidiaries | 4245 | 3731 | 3025 |
| Other operating activities, primarily with subsidiaries | 241 | 422 | 453 |
| Net cash provided by (used in) operating activities | 3871 | 3508 | 2893 |
| **Cash Flows from Investing Activities** |  |  |  |
| Available-for-Sale securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities, sinking fund payments and calls | 66 | 55 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | (73) | (128) | (38) |
| Purchase of other investments |  |  | (10) |
| Proceeds from sales of land, buildings, equipment and software | 2 |  |  |
| Purchase of land, buildings, equipment and software | (47) | (59) | (87) |
| Contributions to subsidiaries | (330) | (145) | (324) |
| Return of capital from subsidiaries | 146 | 351 |  |
| Repayment of loans to subsidiaries | 3858 | 3406 | 1992 |
| Issuance of loans to subsidiaries | (3863) | (3260) | (2232) |
| Other, net |  | (1) | 2 |
| Net cash provided by (used in) investing activities | (241) | 219 | (650) |
| **Cash Flows from Financing Activities** |  |  |  |
| Dividends paid to shareholders | (596) | (574) | (550) |
| Repurchase of common shares | (2907) | (2448) | (2127) |
| Issuance of long-term debt, net of issuance costs | 741 |  | 1335 |
| Repayments of long-term debt | (510) | (561) | (760) |
| Borrowings from subsidiaries | 193 | 726 | 1003 |
| Repayments of borrowings from subsidiaries | (472) | (586) | (951) |
| Other, net | 38 | 41 | (35) |
| Net cash provided by (used in) financing activities | (3513) | (3402) | (2085) |
| Net increase (decrease) in cash and cash equivalents | 117 | 325 | 158 |
| Cash and cash equivalents at beginning of period | 844 | 519 | 361 |
| Cash and cash equivalents at end of period | $961 | $844 | $519 |
| Supplemental Disclosures: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid on debt | $142 | $148 | $129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net | 343 | 179 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | 278 | 147 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and local | 65 | 32 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 21 | \* | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other state and local | 44 | 32 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividends from subsidiaries |  |  | 77 |

---

\* The amount of income taxes paid during the year is below the required 5% disaggregation threshold.

*See Notes to Condensed Financial Information of Registrant.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102

------

**Ameriprise Financial, Inc.**

**Schedule I — Condensed Financial Information of Registrant**

**Notes to Condensed Financial Information of Registrant**

***(Parent Company Only)***

**1. Basis of Presentation**

The accompanying Condensed Financial Statements include the accounts of Ameriprise Financial, Inc. (the "Parent Company") and, on an equity basis, its subsidiaries and affiliates. The Condensed Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles. The financial information of the Parent Company should be read in conjunction with the Consolidated Financial Statements and Notes of Ameriprise Financial, Inc. and its subsidiaries ("Ameriprise Financial"). Parent Company revenues and expenses, other than interest and debt expense, are primarily related to intercompany transactions with subsidiaries and affiliates.

**2. Investments**

On December 23, 2020, RiverSource Life Insurance Company ("RiverSource Life") issued a $500 million unsecured 3.5% surplus note due December 31, 2050 to the Parent Company. The surplus note is subordinate in right of payment to the prior payment in full of RiverSource Life's obligations to policyholders, claimants and beneficiaries and all other creditors. No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life's statutory surplus. Interest payments, which commenced on June 30, 2021, are due semi-annually in arrears on June 30 and December 31. Subject to the preceding conditions, RiverSource Life may prepay all or a portion of the principal at any time. The held-to-maturity investment was $500 million as of both December 31, 2025 and 2024 and is recorded in Investments on the Parent Company's Condensed Balance Sheets. For the years ended December 31, 2025, 2024 and 2023, interest income was $18 million and is reported in Net investment income on the Parent Company's Condensed Statements of Operations.

The Parent Company has holdings of unrated residual tranches issued by Ameriprise Installment Financing, LLC or Ameriprise Advisor Financing 2, LLC, subsidiaries of the Parent Company. The residual tranches are collateralized by portfolios of loans issued to advisors affiliated with Ameriprise Financial Services, LLC ("AFS"), a subsidiary of the Parent Company. As of December 31, 2025 and 2024, the fair value of the residual tranches was $143 million and $116 million, respectively, and is reported in Investments on the Parent Company's Condensed Balance Sheets. Interest income from the residual tranches was $14 million, $9 million and $7 million for the year ending December 31, 2025, 2024 and 2023, respectively, and is reported in Net investment income on the Parent Company's Condensed Statements of Operations.

**3. Debt**

All of the debt of Ameriprise Financial is borrowings of the Parent Company, except as indicated below.

• As of December 31, 2025 and 2024, Ameriprise Financial had $200 million and $201 million, respectively, of borrowings from the Federal Home Loan Bank of Des Moines, which is primarily collateralized with commercial mortgage backed securities and residential mortgage backed securities.

**4. Borrowings from Subsidiaries**

The Parent Company has intercompany lending arrangements with its subsidiaries. At the end of each business day, taking into consideration all legal and regulatory requirements associated with its subsidiaries, the Parent Company is entitled to draw on all funds in specified bank accounts. Repayment of all or a portion of the funds is due on demand. As of December 31, 2025 and 2024, the Company had $452 million and $415 million, respectively, available for repayment due on demand. The Parent Company also has revolving credit agreements with its subsidiaries as the borrower aggregating $1.4 billion and $1.3 billion as of December 31, 2025 and 2024, respectively, of which $54 million and $340 million was outstanding as of December 31, 2025 and 2024, respectively.

**5. Guarantees, Commitments and Contingencies**

The Parent Company is the guarantor for operating leases of certain subsidiaries. All consolidated legal, regulatory and arbitration proceedings, including class actions of Ameriprise Financial are potential or current obligations of the Parent Company. The Parent Company has committed revolving credit agreements with its subsidiaries as the lender aggregating $365 million and $363 million as of December 31, 2025 and 2024, respectively, of which $99 million was outstanding as of both December 31, 2025 and 2024.

The Parent Company and Ameriprise Certificate Company ("ACC") entered into a Capital Support Agreement on March 2, 2009, pursuant to which the Parent Company agrees to commit such capital to ACC as is necessary to satisfy applicable minimum capital requirements. Effective April 30, 2014, this agreement was amended to revise the maximum commitment to $50 million. For the years ended December 31, 2025, 2024 and 2023, ACC did not draw upon the Capital Support Agreement and had met all applicable capital requirements.

AFS entered into a Financial Industry Regulatory Authority ("FINRA") approved subordinated loan agreement with the Parent Company on December 15, 2014 for regulatory net capital purposes. The agreement consists of a $200 million secured demand note. The note is secured by cash and securities equal to the principal value of the note pledged by the Parent Company. As of both December 31, 2025 and 2024, AFS had not made a demand of the principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103

------

**Ameriprise Financial, Inc.**

American Enterprise Investment Services, Inc. ("AEIS") entered into a FINRA approved subordinated loan agreement with the Parent Company on January 25, 2017 for regulatory net capital purposes. Under this agreement, AEIS borrowed $60 million from the Parent Company with an initial term of five years to be repaid no later than January 25, 2022. Both companies have the option to renew the agreement in one year-increments in perpetuity. The agreement was renewed in January 2022 and each year thereafter, extending the current maturity date to January 25, 2027.

**6. Subsequent Events**

The Parent Company made three $30 million cash contributions to Ameriprise Advisor Capital, LLC. The first occurred on January 6, 2026, the second on January 9, 2026 and the third on January 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104

## Ex-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-277307) and on Form S-8 (Nos. 333-128789, 333-195690, 333-128790, 333-156074, 333-128791, 333-150677, 333-181008, 333-219786, 333-159025, 333-238913, and 333-271497) of Ameriprise Financial, Inc. of our report dated February 19, 2026 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K/A.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

March 12, 2026

## Exhibit 31.1

**Exhibit 31.1**

**AMERIPRISE FINANCIAL, INC.**

**CERTIFICATION**

I, James M. Cracchiolo, certify that:

1. I have reviewed this Annual Report on Form 10-K/A of Ameriprise Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 12, 2026 | By | /s/ James M. Cracchiolo |
| Date: | | By | James M. Cracchiolo<br>Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**AMERIPRISE FINANCIAL, INC.**

**CERTIFICATION**

I, Walter S. Berman, certify that:

1. I have reviewed this Annual Report on Form 10-K/A of Ameriprise Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 12, 2026 | By | /s/ Walter S. Berman |
| Date: | | By | Walter S. Berman&nbsp;&nbsp;&nbsp;&nbsp;<br>Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp; |

---

## Ex-32

**Exhibit 32**

**AMERIPRISE FINANCIAL, INC.**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 10-K/A of Ameriprise Financial, Inc. (the "Company") for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), James M. Cracchiolo, as Chief Executive Officer of the Company, and Walter S. Berman as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 12, 2026 | By | /s/ James M. Cracchiolo |
| Date: | | By | James M. Cracchiolo<br>Chief Executive Officer |

---

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 12, 2026 | By | /s/ Walter S. Berman |
| Date: | | By | Walter S. Berman&nbsp;&nbsp;&nbsp;&nbsp;<br>Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp; |

---

<br>