Ameriprise Financial, Inc. (NYSE:AMP):

Earnings Per Diluted Share			Return on Equity, ex AOCI ⁽¹⁾
	Q4 2025	FY 2025		Q4 2025
GAAP	$10.47	$36.28	GAAP	49.1%
Adjusted Operating	$10.83	$39.29	Adjusted Operating	53.2%

Fourth quarter adjusted operating earnings per diluted share increased 16 percent to a record $10.83. Results reflected continued asset growth and expense discipline. Full year 2025 adjusted operating earnings per diluted share increased 14 percent to $39.29. Fourth quarter GAAP net income per diluted share was $10.47 compared to $10.58 a year ago. Full year 2025 GAAP net income per diluted share was $36.28 compared to $33.05 in 2024. Assets under management, administration and advisement reached a record high of $1.7 trillion, up 11 percent. Adjusted operating net revenues increased 10 percent to $4.9 billion primarily from asset growth and strong client engagement. Pretax adjusted operating margin was very strong at 27 percent. The company increased its return of capital to shareholders to $1.1 billion or 101 percent of adjusted operating earnings in the quarter and $3.4 billion or 88 percent of adjusted operating earnings for the full year, reinforcing its substantial free cash flow generation and capital return track record. Balance sheet fundamentals remained excellent with significant excess capital and holding company available liquidity, as well as a best-in-class adjusted operating return on equity of 53 percent.⁽¹⁾ Ameriprise Financial was recognized as a Top 250 firm on the Wall Street Journal Best-Managed Companies of 2025 ranking. Ameriprise Financial ranked in the top 50 for TIME's 2026 list of America's Most Iconic Companies highlighting the firm's enduring legacy, industry leadership and positive impact on clients, advisors, employees and communities.	Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
	"Ameriprise delivered a record fourth quarter with robust client activity, resulting in one of our best quarters for client inflows and strong asset growth. Our disciplined execution and excellent client experience are driving meaningful growth. We generated all-time highs for revenue, earnings and EPS for both the quarter and the full year, and our return on equity continued to be best in class. Leveraging our strong capital position, we increased our return to shareholders in the fourth quarter to more than 100% of adjusted operating earnings. Building on our significant marketplace recognition, Ameriprise was honored to be the highest ranked diversified financial services firm on TIME's list of "America's Most Iconic Companies for 2026."

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

Ameriprise Financial, Inc.
Fourth Quarter Summary
	Quarter Ended December 31,						% Better/ (Worse)	Year-to-date December 31,						% Better/ (Worse)
(in millions, except per share amounts, unaudited)	2025			2024			% Better/ (Worse)	2025			2024			% Better/ (Worse)
GAAP net income	$	1,008		$	1,071		(6)%	$	3,563		$	3,401		5%
Adjusted operating earnings
(see reconciliation on p. 24 & 25)	$	1,043		$	947		10%	$	3,858		$	3,535		9%

GAAP net income per diluted share	$	10.47		$	10.58		(1)%	$	36.28		$	33.05		10%
Adjusted operating earnings per diluted share
(see reconciliation on p. 24 & 25)	$	10.83		$	9.36		16%	$	39.29		$	34.35		14%

GAAP Return on Equity, ex. AOCI		49.1	%		49.7	%			49.1	%		49.7	%
Adjusted Operating Return on Equity, ex. AOCI
(see reconciliation on p. 27)		53.2	%		51.6	%			53.2	%		51.6	%

Weighted average common shares outstanding:
Basic		94.8			99.2				96.7			101.0
Diluted		96.3			101.2				98.2			102.9

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

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
	Quarter Ended December 31,						% Better/ (Worse)
(in millions, unaudited)	2025			2024			% Better/ (Worse)
Adjusted operating net revenues	$	3,162		$	2,834		12%

Distribution expenses		1,757			1,563		(12)%
Interest and debt expense		15			10		(50)%
General and administrative expenses		464			438		(6)%
Adjusted operating expenses		2,236			2,011		(11)%
Pretax adjusted operating earnings	$	926		$	823		13%

Pretax adjusted operating margin		29.3	%		29.0	%	30 bps

	Quarter Ended December 31,				% Better/ (Worse)
(in billions, unless otherwise noted)	2025		2024		% Better/ (Worse)
Total client assets	$	1,165	$	1,029	13%
Total client net flows	$	13.3	$	11.3	18%
Wrap assets	$	670	$	574	17%
Wrap net flows	$	12.1	$	11.1	9%
Cash sweep balances	$	29.9	$	29.8	—%
Adjusted operating net revenue per advisor (TTM in thousands)	$	1,122	$	1,037	8%

Advice & Wealth Management generated strong underlying growth and performance with record pretax adjusted operating earnings of $926 million, up 13 percent, with a margin of 29.3 percent. Core earnings increased in the mid-20 percentage range, benefiting from higher client assets and well-controlled expenses, while spread earnings increased very modestly.

Adjusted operating net revenues increased 12 percent to $3.2 billion reflecting strong client engagement in holistic financial planning and advice relationships. Strong wrap net inflows and market appreciation contributed to growth in fee-based revenues, while increased sales in annuity products and brokerage transactions drove strong transactional activity.

Adjusted operating expenses increased 11 percent to $2.2 billion, primarily driven by consistent growth in advisor productivity. General and administrative expenses were in line with expectations, up 6 percent to $464 million, primarily driven by volume- and growth-related expenses, offset by strong expense discipline. Full year G&A expenses increased 5 percent, in line with our prior guidance.

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

Total client assets grew 13 percent to a record high of $1.2 trillion, with strong client flows of $13.3 billion, representing a 4.7 percent annualized flow rate.
Wrap assets increased 17 percent to a record high of $670 billion, with $12.1 billion of net inflows in the quarter, representing a 7.4 percent annualized flow rate.
Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.1 million, up 8 percent from enhanced productivity.
Experienced advisor recruiting remained strong with 91 experienced advisors moving their practices to Ameriprise in the quarter.
Transactional activity increased 5 percent compared to the prior year.
Cash sweep balances increased to $29.9 billion compared to $27.1 billion in the prior quarter.
Bank assets grew 7 percent to $25.3 billion, providing sustainable net investment income in this forecasted lower rate environment.

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
	Quarter Ended December 31,						% Better/ (Worse)
(in millions, unaudited)	2025			2024			% Better/ (Worse)
Adjusted operating net revenues	$	1,039		$	930		12%

Distribution expenses		265			253		(5)%
Amortization of deferred acquisition costs		2			2		—%
Interest and debt expense		3			2		(50)%
General and administrative expenses		476			422		(13)%
Adjusted operating expenses		746			679		(10)%
Pretax adjusted operating earnings	$	293		$	251		17%

Net pretax adjusted operating margin ⁽¹⁾		40.4	%		39.0	%


	Quarter Ended December 31,						% Better/ (Worse)
(in billions)	2025			2024			% Better/ (Worse)
Assets Under Management and Advisement ⁽²⁾	$	721		$	681		6%

Net Flows
Global Retail net AUM flows, ex. legacy insurance partners	$	3.1		$	5.7		(46)%
Model delivery AUA flows ⁽²⁾		1.1			0.4		NM
Total retail net AUM flows and model delivery AUA flows ⁽²⁾		4.2			6.1		(31)%

Global Institutional net AUM flows, ex. legacy insurance partners		(0.9	)		(3.9	)	77%

Legacy insurance partners AUM flows		(1.4	)		(0.9	)	(42)%

Total Net AUM and AUA flows ⁽²⁾	$	1.9		$	1.3		48%

⁽¹⁾ See reconciliation on page 13.
⁽²⁾ Model Delivery Assets Under Advisement are presented on a one-quarter lag. Flows are estimated based on the period-to-period change in assets less calculated performance based on strategy returns. Q4'25 includes $1.0 billion of inflows from an institutional client.

Asset Management adjusted operating net revenues were $1.0 billion. Pretax adjusted operating earnings increased 17 percent to $293 million reflecting asset growth, strong performance fees and the positive impact from expense management actions. Net pretax adjusted operating margin improved 140 basis points to 40 percent. The underlying fee rate remained stable.

Adjusted operating expenses increased 10 percent. General and administrative expenses increased 13 percent driven by higher performance fee compensation and the impact of foreign exchange translation.

Assets under management and advisement increased 6 percent to $721 billion. Investment performance remained strong across all time periods, most notably with more than 80 percent of retail funds above median versus peers on an asset-weighted basis for 3- and 10-year time periods. In addition, there were 103 funds globally earning four- or five-star ratings from Morningstar.

Net inflows were $1.9 billion, reflecting an improvement in institutional and model delivery flows.

Retail and model delivery net inflows were $4.2 billion. Results reflected inflows in model delivery and reinvested dividends.
Institutional net outflows improved to $0.9 billion, driven by higher gross sales globally and lower redemptions in North America.
Outflows related to legacy insurance partners were $1.4 billion.

Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
	Quarter Ended December 31,				% Better/ (Worse)
(in millions, unaudited)	2025		2024		% Better/ (Worse)
Adjusted operating net revenues	$	991	$	960	3%
Adjusted operating expenses		791		747	(6)%
Pretax adjusted operating earnings	$	200	$	213	(6)%

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

Retirement & Protection Solutions pretax adjusted operating earnings were $200 million. Results in the quarter were impacted by the timing of certain general and administrative expenses, as well as higher life claim expenses than the prior year period.

Retirement & Protection Solutions sales increased 6 percent to $1.5 billion, with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life insurance.

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

Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
	Quarter Ended December 31,						% Better/ (Worse)
(in millions, unaudited)	2025			2024			% Better/ (Worse)
Corporate & Other	$	(80	)	$	(106	)	25%
Closed Blocks ⁽¹⁾		(4	)		14		NM
Pretax adjusted operating earnings/(loss)	$	(84	)	$	(92	)	9%

Long Term Care	$	3		$	21		(86)%
Fixed Annuities		(7	)		(7	)	—%
Pretax adjusted operating earnings/(loss)	$	(4	)	$	14		NM

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

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $80 million.

Long Term Care pretax adjusted operating earnings were $3 million in the quarter and $28 million for the full year excluding unlocking. Results in the prior year quarter reflected higher closed claims and recognition of new premium rate increases.

Fixed Annuities pretax adjusted operating loss was $7 million.

Taxes

The operating effective tax rate was 21.9 percent for the fourth quarter and 20.9 percent for the full year.

About Ameriprise Financial

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

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

Non-GAAP Financial Measures

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

Forward-Looking Statements

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

statements of the company's plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;
other statements about future economic performance, the performance of equity markets and interest rate forecasts or variations, and the economic performance of the United States and of global markets; and
statements of assumptions underlying such statements.

The words "believe," "expect," "anticipate," "optimistic," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "forecast," "on track," "project," "continue," "able to remain", "resume," "deliver," "develop," "evolve," "drive," "enable," "flexibility," "commitment," "scenario," "case," "appear," "expands" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.

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

The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company's Form 10-K for the period ended December 31, 2025.

Ameriprise Financial announces financial and other information to investors through the company's investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this release or in any other report or document the company furnishes or files with the SEC.

Credential Sources

TIME magazine partnered with Statista to recognize America's Most Iconic Companies, chosen based on an independent survey of roughly 10,000 participants. Ameriprise Financial, Inc. was the highest ranked diversified financial services firm in the ranking and its overall ranking was #48 out of 250 companies across all industry sectors. Eligible companies (founded and headquartered in the United States, with a market presence of at least 10 years.) were evaluated from July to August 2025, across several key categories: Recognition and familiarity, cultural significance and impact, emotional connection, resilience, Americanness, presence and legacy. Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results. Find more information at https://time.com/7339929/americas-most-iconic-companies/.

The Wall Street Journal partnered with the Drucker Institute to recognize the 250 Best-Managed Companies in the U.S., which is based on a holistic measure of corporate effectiveness developed by the Drucker Institute. Nearly 700 U.S. companies were evaluated on 34 indicators across five dimensions of corporate performance: Customer satisfaction; employee engagement and development; innovation; social responsibility; and financial strength. All data collected was the most current available as of June 30, 2025. Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results. Used with permission. ©2025 Dow Jones & Company, Inc. Find more information at https://drucker.institute/annual-data/methodology-2025-2/.

Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)	4 Qtr 2025		4 Qtr 2024			% Better/ (Worse)	3 Qtr 2025		% Better/ (Worse)
Revenues
Management and financial advice fees	$	3,096	$	2,715		14%	$	2,811	10%
Distribution fees		554		536		3%		539	3%
Net investment income		891		892		—%		920	(3)%
Premiums, policy and contract charges		373		379		(2)%		493	(24)%
Other revenues		133		127		5%		130	2%
Total revenues		5,047		4,649		9%		4,893	3%
Banking and deposit interest expense		87		148		41%		102	15%
Total net revenues		4,960		4,501		10%		4,791	4%

Expenses
Distribution expenses		1,819		1,616		(13)%		1,714	(6)%
Interest credited to fixed accounts		109		181		40%		141	23%
Benefits, claims, losses and settlement expenses		322		243		(33)%		343	6%
Remeasurement (gains) losses of future policy benefit reserves		1		(10	)	NM		22	95%
Change in fair value of market risk benefits		215		(30	)	NM		302	29%
Amortization of deferred acquisition costs		61		61		—%		60	(2)%
Interest and debt expense		80		77		(4)%		84	5%
General and administrative expense		1,061		1,011		(5)%		951	(12)%
Total expenses		3,668		3,149		(16)%		3,617	(1)%

Pretax income		1,292		1,352		(4)%		1,174	10%
Income tax provision		284		281		(1)%		262	(8)%
Net income	$	1,008	$	1,071		(6)%	$	912	11%

Earnings per share
Basic earnings per share	$	10.63	$	10.80			$	9.47
Earnings per diluted share	$	10.47	$	10.58			$	9.33

Weighted average common shares outstanding
Basic		94.8		99.2				96.3
Diluted		96.3		101.2				97.8

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

Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)	4 Qtr 2025			4 Qtr 2024			% Better/ (Worse)	3 Qtr 2025			% Better/ (Worse)

Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM	$	666,437		$	570,064		17%	$	646,382		3%
Asset Management AUM		678,105			644,913		5%		674,720		1%
Corporate AUM		906			568		60%		774		17%
Eliminations		(47,630	)		(44,769	)	(6)%		(47,812	)	—%
Assets Under Management		1,297,818			1,170,776		11%		1,274,064		2%
Assets Under Administration		355,503			317,160		12%		347,923		2%
Assets Under Advisement (net of eliminations) ⁽¹⁾		40,830			34,017		20%		37,522		9%
Total Assets Under Management, Administration and Advisement	$	1,694,151		$	1,521,953		11%	$	1,659,509		2%

S&P 500
Daily average		6,776			5,911		15%		6,427		5%
Period end		6,846			5,882		16%		6,688		2%

Weighted Equity Index (WEI) ⁽²⁾
Daily average		4,265			3,718		15%		4,055		5%
Period end		4,317			3,676		17%		4,210		3%

Common shares
Beginning balance		93.1			97.2		(4)%		94.4		(1)%
Repurchases		(1.8	)		(1.1	)	(64)%		(1.4	)	(29)%
Issuances		—			0.2		NM		0.2		NM
Other		—			(0.1	)	NM		(0.1	)	NM
Total common shares outstanding		91.3			96.2		(5)%		93.1		(2)%
Restricted stock units		2.4			2.5		(4)%		2.4		—%
Total basic common shares outstanding		93.7			98.7		(5)%		95.5		(2)%
Total potentially dilutive shares		1.5			1.9		(21)%		1.5		—%
Total diluted shares		95.2			100.6		(5)%		97.0		(2)%

Capital Returned to Shareholders
Dividends paid	$	153		$	149		3%	$	155		(1)%
Common stock share repurchases		897			619		45%		687		31%
Total Capital Returned to Shareholders	$	1,050		$	768		37%	$	842		25%

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

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)	4 Qtr 2025			4 Qtr 2024			% Better/ (Worse)	3 Qtr 2025			% Better/ (Worse)

Revenues
Management and financial advice fees:
Advisory fees	$	1,785		$	1,519		18%	$	1,664		7%
Financial planning fees		146			137		7%		120		22%
Transaction and other fees		98			97		1%		102		(4)%
Total management and financial advice fees		2,029			1,753		16%		1,886		8%
Distribution fees:
Mutual funds		237			217		9%		227		4%
Insurance and annuity		275			264		4%		268		3%
Off-Balance sheet brokerage cash		20			32		(38)%		21		(5)%
Other products		130			120		8%		126		3%
Total distribution fees		662			633		5%		642		3%
Net investment income		475			521		(9)%		485		(2)%
Other revenues		83			75		11%		79		5%
Total revenues		3,249			2,982		9%		3,092		5%
Banking and deposit interest expense		87			148		41%		102		15%
Adjusted operating total net revenues		3,162			2,834		12%		2,990		6%

Expenses
Distribution expenses		1,757			1,563		(12)%		1,656		(6)%
Interest and debt expense		15			10		(50)%		14		(7)%
General and administrative expense		464			438		(6)%		439		(6)%
Adjusted operating expenses		2,236			2,011		(11)%		2,109		(6)%
Pretax adjusted operating earnings	$	926		$	823		13%	$	881		5%

Pretax adjusted operating margin		29.3	%		29.0	%			29.5	%

Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)	4 Qtr 2025			4 Qtr 2024			% Better/ (Worse)	3 Qtr 2025			% Better/ (Worse)
AWM Total Client Assets	$	1,165,367		$	1,028,943		13%	$	1,138,392		2%

Total Client Flows	$	13,335		$	11,261		18%	$	3,442		NM

Total Wrap Accounts
Beginning assets	$	650,302		$	569,054		14%	$	615,189		6%
Net flows		12,052			11,073		9%		4,769		NM
Market appreciation (depreciation) and other		8,007			(6,246	)	NM		30,344		(74)%
Total wrap ending assets	$	670,361		$	573,881		17%	$	650,302		3%

Advisory wrap account assets ending balance ⁽¹⁾	$	664,427		$	568,348		17%	$	644,436		3%

AWM Cash Balances
On-balance sheet (Net Investment Income)
On-balance sheet - bank	$	23,663		$	22,307		6%	$	22,593		5%
On-balance sheet - certificate		8,155			11,213		(27)%		8,936		(9)%
On-balance sheet - broker dealer		1,948			2,334		(17)%		2,119		(8)%
Total on-balance sheet		33,766			35,854		(6)%		33,648		—%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer		5,147			5,793		(11)%		3,216		60%
Total AWM Cash Balances	$	38,913		$	41,647		(7)%	$	36,864		6%

Bank - Net Investment Income
Average interest-bearing assets	$	24,663		$	23,789		4%	$	23,986		3%
Gross fee yield ⁽²⁾		4.61	%		4.64	%			4.67	%

Certificates - Net Investment Income
Average interest-bearing assets	$	9,087		$	12,417		(27)%	$	10,038		(9)%
Gross fee yield ⁽²⁾		4.83	%		5.31	%			5.00	%

Other - Net Investment Income
Average interest-bearing assets	$	5,371		$	5,348		—%	$	5,176		4%
Gross fee yield ⁽²⁾		5.72	%		5.74	%			5.90	%

Off-balance sheet - broker dealer - Distribution Fees
Average balances	$	3,580		$	4,240		(16)%	$	3,297		9%
Net fee yield		2.28	%		3.02	%			2.51	%

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

Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)	4 Qtr 2025			4 Qtr 2024			% Better/ (Worse)	3 Qtr 2025			% Better/ (Worse)

Revenues
Management and financial advice fees:
Asset management fees:
Retail	$	568		$	540		5%	$	557		2%
Institutional		266			194		37%		140		90%
Model delivery		26			22		18%		24		8%
Transaction and other fees		54			53		2%		52		4%
Revenue from other sources ⁽¹⁾		3			2		50%		2		50%
Total management and financial advice fees		917			811		13%		775		18%
Distribution fees:
Mutual funds		61			59		3%		58		5%
Insurance and annuity		40			40		—%		40		—%
Total distribution fees		101			99		2%		98		3%
Net investment income		15			15		—%		26		(42)%
Other revenues		6			5		20%		7		(14)%
Total revenues		1,039			930		12%		906		15%
Banking and deposit interest expense		—			—		—%		—		—%
Adjusted operating total net revenues		1,039			930		12%		906		15%

Expenses
Distribution expenses		265			253		(5)%		254		(4)%
Amortization of deferred acquisition costs		2			2		—%		2		—%
Interest and debt expense		3			2		(50)%		3		—%
General and administrative expense		476			422		(13)%		387		(23)%
Adjusted operating expenses		746			679		(10)%		646		(15)%
Pretax adjusted operating earnings	$	293		$	251		17%	$	260		13%

Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues	$	1,039		$	930		12%	$	906		15%
Distribution pass through revenues		(208	)		(201	)	(3)%		(202	)	(3)%
Subadvisory and other pass through revenues		(106	)		(104	)	(2)%		(112	)	5%
Net adjusted operating revenues		725			625		16%		592		22%

Pretax adjusted operating earnings	$	293		$	251		17%	$	260		13%
Adjusted operating net investment income		(15	)		(15	)	—%		(26	)	42%
Amortization of intangibles		15			8		88%		15		—%
Net adjusted operating earnings	$	293		$	244		20%	$	249		18%

Pretax adjusted operating margin		28.2	%		27.0	%			28.7	%
Net pretax adjusted operating margin ⁽²⁾		40.4	%		39.0	%			42.1	%

Total Performance fees⁽³⁾
Performance fees	$	120		$