Ameriprise Financial

“Revenues in the Asset Management segment are primarily earned based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix.”

Annual report 2025A · The company itself

“Our Asset Management segment competes on a global basis against a substantial number of firms to acquire and retain managed and administered assets, including firms in the categories listed above. Competitive factors influencing our performance in this industry include investment performance, product offerings and innovation, product ratings, fee structures, advertising, technology and service quality, brand recognition, reputation and the ability to attract and retain investment personnel.”

Annual report 2025A · The company itself

“Furthermore, changes in investment preferences or investment management strategy (for example, “active” or “passive” investing styles), client interest in funds with particular value-based investment practices, client or regulatory requirements on use of client commissions for research, and downward pressure on fees may present various challenges to our business and could cause clients to favor certain competitors.”

Annual report 2025A · The company itself

“Revenues for our variable annuity products are primarily earned as fees based on a contractholder’s benefit base, contract value or separate account values, which is impacted by both market movements and net asset flows.”

Annual report 2025A · The company itself

“Such factors, which can be global, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers; (ii) geopolitical strain, terrorism and armed conflicts, (iii) political dynamics or elections and social, economic and market conditions; (iv) the availability and cost of capital; (v) global health emergencies; (vi) technological changes and events; (vii) U.S. and foreign government regulatory, fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets.”

Annual report 2025A · The company itself

“Our businesses have been, and in the future may be, adversely affected by U.S. and global capital market and credit crises, the repricing of credit risk, equity market volatility and decline, and stress or recession in the U.S. and global economies generally. Each of our segments operates in these markets with exposure for us and our clients in securities, loans, derivatives, alternative investments, seed capital and other commitments.”

Annual report 2025A · The company itself

“Market downturns, stagnation, and volatility may cause, and have caused, individual investors to limit or decrease their participation in global markets, which may negatively impact our retail business and/or our product sales.”

Annual report 2025A · The company itself

“Because the profitability of these products and services depends on fees related primarily to the value of assets under management, declines in the markets will reduce our revenues because the value of the investment assets we manage will be reduced.”

Annual report 2025A · The company itself

“Our clients can also reduce the aggregate amount of managed assets or shift their funds to other types of accounts with different fee rate structures, for any number of reasons, including investment performance, changes in prevailing interest rates, changes in investment preferences or investment management strategy (for example, “active” or “passive” investing styles or the proliferation of ETFs or other vehicles like separately managed accounts (“SMAs”)), changes in our (or our advisors’) reputation in the marketplace, a client’s view of sustainability factors, changes in client or relationship management, loss of key investment management personnel and financial market performance.”

Annual report 2025A · The company itself

“Most of our variable annuity products contain guaranteed minimum death benefits and a majority of our variable annuity products in force contain guaranteed minimum withdrawal and accumulation benefits. Decline or volatility in equity and/or bond markets could result in guaranteed minimum benefits being higher than what current account values would support, which would adversely affect our financial condition and results of operations.”

Annual report 2025A · The company itself

“Although we hedge a portion of the guarantees for the variable annuity contracts to mitigate the financial loss of equity and/or bond market declines or volatility, there can be no assurance that such a decline or volatility would not materially impact the profitability of certain products or product lines or our financial condition or results of operations.”

Annual report 2025A · The company itself

“Adverse capital and credit market conditions or a downgrade in our credit ratings may significantly affect our ability to meet liquidity needs, our access to capital and our cost of capital. Volatility, uncertainty and disruption in the capital and credit markets may decrease available liquidity, which we may need to run our business and pay dividends.”

Annual report 2025A · The company itself

“Investment performance is a key competitive factor for our retail and institutional asset management products and services and is a key driver of growing assets under management and advisement and obtaining the benefits of economies of scale.”

Annual report 2025A · The company itself

“Any drop or perceived drop in investment performance as compared to our competitors could cause a decline in sales of our investment products, an increase in redemptions and the termination of asset management relationships.”

Annual report 2025A · The company itself

“During periods of market disruption, including periods of significantly rising or high interest rates and rapidly widening credit spreads or illiquidity, it may be difficult to value certain of our securities and the value of our securities as reported within our Consolidated Financial Statements and the period-to-period changes in value could vary significantly. There may be certain asset classes that were in active markets with significant observable data that become illiquid due to the financial environment. In such cases, the valuation of certain securities may require additional subjectivity and management judgment.”

Annual report 2025A · The company itself

“The following impacts were significant drivers of the year-over-year change in pretax income: •The favorable impact from the cumulative impact of wrap net inflows and improved transactional activity. •A favorable impact from higher average equity markets compared to the prior year.”

Annual report 2025A · The company itself

“The primary drivers of the unlocking impact for 2025 included net unfavorable changes to variable annuity surrender and utilization assumptions, net unfavorable changes in LTC morbidity and mortality assumptions, favorable claims incidence rates on disability insurance, and net favorable model changes primarily related to cost of reinsurance and index credits associated with non-traditional insurance products.”

Annual report 2025A · The company itself

“Average advisory wrap account assets increased $77.9 billion, or 15%, compared to the prior year reflecting net inflows and market appreciation.”

Annual report 2025A · The company itself

“Total segment AUM increased $33.2 billion, or 5%, during 2025 primarily driven by equity market appreciation and a favorable foreign exchange impact, partially offset by net outflows.”

Annual report 2025A · The company itself

“Variable annuity account balances increased 6% to $91.3 billion as of December 31, 2025 compared to the prior year due to market appreciation, partially offset by net outflows of $4.5 billion.”

Annual report 2025A · The company itself

“Remeasurement (gains) losses of future policy benefit reserves increased $12 million, or 33%, for 2025 compared to the prior year reflecting the less favorable impact of unlocking in the current year compared to the prior year.”

Annual report 2025A · The company itself

“Equity price and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the spread income generated on our brokerage client cash balances, banking deposits, face-amount certificate products, fixed portion of our variable annuities and variable insurance contracts, fixed annuity and insurance contracts, the value of market risk benefits and other liabilities associated with our variable annuities and the value of derivatives held to hedge related benefits.”

Annual report 2025A · The company itself

“Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Products We currently offer the following RiverSource Life products: •Variable annuities that provide investment returns linked to underlying investment accounts of the contractholder’s choice of certain funds, as well as additional benefits, such as guaranteed minimum death benefits (but without living benefits for new sales after mid-2022). •Structured variable annuities that use the performance of an underlying equity market index to determine earnings, subject to either a cap or floor. •Variable universal life insurance that provides life insurance coverage along with investment returns linked to underlying investment accounts of the policyholder’s choice. •Universal life insurance that credits interest at fixed interest rates.”

Annual report 2025A · The company itself

“In addition, a significant portion of our revenue is derived from investment management agreements with the Columbia Management family of mutual funds or other investment managers which are terminable on 60 days’ notice.”

Annual report 2025A · The company itself

“Variable Annuities We have approximately $91 billion of variable annuity account value that has been issued over a period of more than fifty years. The diversified variable annuity block consists of $49 billion of account value with no living benefit guarantees and $42 billion of account value with living benefit guarantees, primarily GMWB provisions.”

Annual report 2025A · The company itself

“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).”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Market conditions, regulatory actions, tax laws, and our competitive industry environment are among the reasons current shareholders in our mutual funds, closed-end funds, ETFs, hedge funds, OEICs, SICAVs, unit trusts, investment trusts and other pooled investment vehicles, contractholders in our annuity products and policyholders in our protection products may opt to withdraw cash values for those products (or for certain protection products, to reduce their withdrawal activity).”

Annual report 2025A · The company itself

“Regulation Nearly all aspects of our business, including the activities of Ameriprise Financial, are subject to various federal, state, local and foreign laws and regulations. These laws and regulations provide broad regulatory, administrative and enforcement powers to supervisory agencies and other bodies, including U.S. federal and state regulatory and law enforcement agencies, foreign government agencies or regulatory bodies and U.S. and foreign securities exchanges. The costs of complying with such laws and regulations are significant and increasing, and the consequences for failing to comply may include civil or criminal charges, fines, censure, the suspension of individual employees, restrictions on or prohibitions from engaging in certain lines of business (or in certain states or countries), revocation of certain registrations and reputational damage.”

Annual report 2025A · The company itself

“Regulatory developments, both in and outside of the U.S., have resulted or are expected to result in greater regulatory oversight and internal compliance obligations for firms across the financial services industry.”

Annual report 2025A · The company itself

“Globally and regionally, we continue to see enhanced legislative and regulatory interest regarding retirement investing and fiduciary initiatives, cybersecurity, technology, and operational resilience; the use of artificial intelligence (“AI”); responsible information and data collection, storage and use; financial crime prevention; and privacy matters, and we will continue to closely review and monitor any legislative or regulatory proposals and changes.”

Annual report 2025A · The company itself

“Furthermore, several states have either issued their own best interest or fiduciary rules or are considering doing so and those rules may be limited to certain types of products (e.g., insurance and annuities, financial planning, etc.) or may broadly cover all recommendations made by financial advisors.”

Annual report 2025A · The company itself

“Insurance Regulation Our insurance subsidiaries are subject to supervision and regulation by states and other territories where they are domiciled or otherwise licensed to do business. These regulations impact our Retirement & Protection Solutions segment and our closed blocks included in Corporate & Other segment.”

Annual report 2025A · The company itself

“We operate in a highly scrutinized regulatory environment that remains subject to change.”

Annual report 2025A · The company itself

“•Financial Resilience: U.K. regulators have revised the prudential regime applying to asset managers. This is being phased in over a five-year period and introduces a number of new capital requirements. •FCA Consumer Duty: The FCA recently introduced the Consumer Duty that sets higher expectations for the standard of care that firms provide to retail consumers. •Sustainability Disclosure Requirements: The FCA has introduced requirements relating to new sustainability product labels, naming and marketing rules, additional disclosure requirements both at an entity and product level, and an anti-greenwashing rule covering client communications. •Non-Financial Conduct: The FCA consultation incorporated additional rules around firms’ handling of non-financial misconduct in the context of adherence to the FCA’s conduct and fitness and propriety regimes.”

Annual report 2025A · The company itself

“For example, certain of our asset management subsidiaries are required to comply with the Markets in Financial Instruments Directive (“MiFID II”), the Alternative Investment Fund Managers Directive (“AIFMD”), the European Market Infrastructure Regulation (“EMIR”), UCITS, the Sustainable Finance Disclosure Regulation (“SFDR”) and the Packaged Retail and Insurance-based Investment Products Regulation (“PRIIPs”).”

Annual report 2025A · The company itself

“Our businesses are heavily regulated, and changes to the laws and regulations applicable to our businesses may have an adverse effect on our operations, reputation and financial condition. Virtually all aspects of our business, including the activities of our parent company and our various subsidiaries, are subject to various federal, state and international laws and regulations.”

Annual report 2025A · The company itself

“As a Savings and Loan Holding Company, we are subject to supervision by the FRB and various prudential standards that may limit our activities and strategies. Ameriprise Financial is subject to ongoing supervision by the FRB, including supervision and prudential standards, capital requirements, stress-testing, resolution planning, information security and privacy, and risk management requirements.”

Annual report 2025A · The company itself

“Changes in corporate tax laws and regulations and changes in the interpretation of such laws and regulations, as well as adverse determinations regarding the application of such laws and regulations, could adversely affect our earnings and could make some of our products less attractive to clients. We are subject to the income tax laws of the U.S., its states and municipalities and those of the foreign jurisdictions in which we have significant business operations.”

Annual report 2025A · The company itself

“We are a long-standing leader in financial planning and advice offering a broad range of products and services designed to assist individual and institutional clients achieve their financial objectives. Our strategy is centered on helping clients confidently achieve their goals by providing holistic advice and by managing and protecting their assets and income.”

Annual report 2025A · The company itself

“Wealth Management Our wealth management business is the primary growth engine of Ameriprise with a significant market opportunity.”

Annual report 2025A · The company itself

“Revenues in the Asset Management segment are primarily earned based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix.”

Annual report 2025A · The company itself

“Our businesses have been, and in the future may be, adversely affected by U.S. and global capital market and credit crises, the repricing of credit risk, equity market volatility and decline, and stress or recession in the U.S. and global economies generally. Each of our segments operates in these markets with exposure for us and our clients in securities, loans, derivatives, alternative investments, seed capital and other commitments.”

Annual report 2025A · The company itself

“Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.”

Annual report 2025A · The company itself

“We continue to execute on our strategy to grow our Advice & Wealth Management business with complementary Asset Management and Retirement & Protection Solutions businesses. Our integrated model leverages key business linkages to drive growth and consistency across market cycles.”

Annual report 2025A · The company itself

“In 2009, RiverSource Life established an agreement to protect its exposure to Genworth Life Insurance Company (“GLIC”) for its reinsured LTC. In 2016, substantial enhancements to this reinsurance protection agreement were finalized.”

Annual report 2025A · The company itself

“Market conditions, regulatory actions, tax laws, and our competitive industry environment are among the reasons current shareholders in our mutual funds, closed-end funds, ETFs, hedge funds, OEICs, SICAVs, unit trusts, investment trusts and other pooled investment vehicles, contractholders in our annuity products and policyholders in our protection products may opt to withdraw cash values for those products (or for certain protection products, to reduce their withdrawal activity).”

Annual report 2025A · The company itself

“Our Corporate & Other segment includes our closed blocks of LTC insurance and fixed annuity and fixed indexed annuity (“FA”) business.”

Annual report 2025A · The company itself

“Premiums, Policy and Contract Charges Premiums include premiums on traditional life, DI and LTC insurance and payout annuities with a life contingent feature and are net of reinsurance premiums. Policy and contract charges include variable annuity rider charges and UL and VUL insurance charges, 35 Index Ameriprise Financial, Inc. which consist of cost of insurance charges (net of reinsurance premiums and cost of reinsurance for UL and VUL insurance products) and administrative charges.”

Annual report 2025A · The company itself

“Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products include term life insurance, whole life insurance, disability income (“DI”) and LTC insurance and life contingent payout annuity products.”

Annual report 2025A · The company itself

“Our Segments - Advice & Wealth Management We provide financial planning and advice, as well as full-service brokerage services, to more than 3.5 million retail clients through our financial advisors.”

Annual report 2025A · The company itself

“Our primary target market is households with $500,000 to $5,000,000 in investable assets. We are also well-suited to serve those outside this asset range as we also offer products and services designed for higher-net worth households.”

Annual report 2025A · The company itself

“We distribute many of our investment products through unaffiliated third-party advisors and financial institutions. Maintaining and deepening relationships with these unaffiliated distributors is an important part of our growth strategy, as strong third-party distribution arrangements enhance our ability to market our products or service our clients and to increase our assets under management and advisement, revenues and profitability.”

Annual report 2025A · The company itself

“Assets Under Management, Administration, and Advisement Assets under management (“AUM”) include external client assets for which we provide investment management services, such as the assets of the Columbia Threadneedle Investments funds, institutional clients and clients in our advisor platform held in wrap accounts as well as assets managed by sub-advisors selected by us.”

Annual report 2025A · The company itself

“•Face-amount certificates through ACC. •Mutual fund offerings from our Columbia funds as well as approximately 130 unaffiliated mutual fund families, representing approximately 2,125 mutual funds on our brokerage platform for which mutual fund families and other companies generally pay us a portion of the revenue generated from sales of those funds, administrative fees, and fees from the ongoing management attributable to our clients’ ownership in the fund. •Exchange traded funds (“ETFs”), closed-end funds and model offerings from our Columbia funds. •Insurance and annuities products from both RiverSource Life companies as well as third parties, and we receive a portion of the revenue generated from the sale of unaffiliated products and certain administrative fees. Our Segments - Asset Management Through Columbia Threadneedle, we provide investment management, advice and products to retail, high net worth and institutional clients on a global scale.”

Annual report 2025A · The company itself

“We face risks arising from acquisitions and divestitures. We have made acquisitions and divestitures in the past and may pursue similar strategic transactions in the future.”

Annual report 2025A · The company itself

“•Face-amount certificates through ACC. •Mutual fund offerings from our Columbia funds as well as approximately 130 unaffiliated mutual fund families, representing approximately 2,125 mutual funds on our brokerage platform for which mutual fund families and other companies generally pay us a portion of the revenue generated from sales of those funds, administrative fees, and fees from the ongoing management attributable to our clients’ ownership in the fund. •Exchange traded funds (“ETFs”), closed-end funds and model offerings from our Columbia funds. •Insurance and annuities products from both RiverSource Life companies as well as third parties, and we receive a portion of the revenue generated from the sale of unaffiliated products and certain administrative fees. Our Segments - Asset Management Through Columbia Threadneedle, we provide investment management, advice and products to retail, high net worth and institutional clients on a global scale.”

Annual report 2025A · The company itself

“Revenues for our variable annuity products are primarily earned as fees based on a contractholder’s benefit base, contract value or separate account values, which is impacted by both market movements and net asset flows.”

Annual report 2025A · The company itself

“Such factors, which can be global, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers; (ii) geopolitical strain, terrorism and armed conflicts, (iii) political dynamics or elections and social, economic and market conditions; (iv) the availability and cost of capital; (v) global health emergencies; (vi) technological changes and events; (vii) U.S. and foreign government regulatory, fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets.”

Annual report 2025A · The company itself

“Our clients can also reduce the aggregate amount of managed assets or shift their funds to other types of accounts with different fee rate structures, for any number of reasons, including investment performance, changes in prevailing interest rates, changes in investment preferences or investment management strategy (for example, “active” or “passive” investing styles or the proliferation of ETFs or other vehicles like separately managed accounts (“SMAs”)), changes in our (or our advisors’) reputation in the marketplace, a client’s view of sustainability factors, changes in client or relationship management, loss of key investment management personnel and financial market performance.”

Annual report 2025A · The company itself

“Collateral requirements for the hedging program are market-sensitive, and certain market environments (e.g., rising interest rates) will result in increased needs for liquidity to satisfy these requirements. Depending on how rapidly the market moves and other factors, we may need to access liquidity sources that are more costly, which could have an adverse impact on profitability or our results of operations or financial condition.”

Annual report 2025A · The company itself

“Certain of our insurance, annuity, investment products, wrap fees and banking products are sensitive to interest rate fluctuations (inclusive of changes in credit spreads), which could cause future impacts associated with such fluctuations to differ from our historical results of operations. In addition, interest rate fluctuations could result in fluctuations in the valuation of certain minimum guaranteed benefits contained in some of our variable annuity products. Although we typically hedge to mitigate some of the effect of such fluctuations, significant changes in interest rates (or prolonged periods of low interest rates) could have a material adverse impact on the profitability of certain products or product lines or our results of operations or financial condition.”

Annual report 2025A · The company itself

“During periods of declining market interest rates or stagnancy of low interest rates, the interest we receive on variable interest rate investments decreases and we are forced to reinvest the cash we receive as interest or return of principal on our investments in lower-yielding high-grade instruments or in lower-credit instruments to maintain comparable returns.”

Annual report 2025A · The company itself

“If there is a return to a period of prolonged low interest rates, our spread may be reduced or could become negative. Due to the long-term nature of the liabilities associated with certain of our businesses, such as long term care and universal life with secondary guarantees as well as guaranteed benefits on variable annuities, sustained declines in or stagnancy of low long-term interest rates may subject us to reinvestment risks and increased hedging costs.”

Annual report 2025A · The company itself

“As market interest rates increase or sustain at relatively higher rates, we may credit clients higher rates on interest-sensitive products, such as universal life insurance, face-amount certificates, and banking products and we may increase these rates on in force products to keep these products competitive (which could have an adverse effect on our financial condition and results of operations). Because yields on invested assets may not increase as quickly as current interest rates, we may have to accept a lower spread and thus lower profitability or face a decline in sales and greater loss of existing contracts and related assets.”

Annual report 2025A · The company itself

“In addition, increases in market interest rates would further increase the unrealized loss position of our investment portfolio and may cause outflows and other negative impacts through increased policy surrenders, withdrawals from life insurance policies and annuity contracts and requests for policy loans, or changes in demands of certain bank or certificate products as policyholders, contractholders and clients seek to shift assets to products with perceived higher returns. This process may lead to an earlier than expected outflow of cash from many different areas of our business. These withdrawals, surrenders and other client actions may require investment assets to be sold at a time when the prices of those assets are lower because of the increase in market interest rates, which may result in investment losses to be realized in our results of operations.”

Annual report 2025A · The company itself

“If higher market interest rates lead to inflows into interest-sensitive products (such as face-amount certificates and certain banking products) or other changes in product behavior, our capital requirements may increase as well.”

Annual report 2025A · The company itself

“During periods of market disruption, including periods of significantly rising or high interest rates and rapidly widening credit spreads or illiquidity, it may be difficult to value certain of our securities and the value of our securities as reported within our Consolidated Financial Statements and the period-to-period changes in value could vary significantly. There may be certain asset classes that were in active markets with significant observable data that become illiquid due to the financial environment. In such cases, the valuation of certain securities may require additional subjectivity and management judgment.”

Annual report 2025A · The company itself

“Banking and deposit interest expense decreased $231 million, or 35%, for 2025 compared to the prior year primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank cash deposits. •The average certificate reserve balance for ACC was $9.8 billion for 2025 compared to $12.5 billion for the prior year with the average crediting rate of 3.64% for 2025 compared to 4.42% for 2024. •The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.3 billion for 2025 compared to $21.5 billion for the prior year with the average interest rate paid on deposits decreasing to 0.28% for 2025 from 0.44% for 2024, which included both cash sweep and savings products.”

Annual report 2025A · The company itself

“Net investment income, which excludes net realized investment gains or losses, increased $183 million, or 17%, for 2025 compared to the prior year primarily due to increased SVA balances and higher investment portfolio yields from investment portfolio repositioning.”

Annual report 2025A · The company itself

“LTC insurance had pretax adjusted operating earnings of $2 million for 2025 compared to pretax adjusted operating earnings of $58 million for the prior year primarily reflecting the impact of unlocking from updating morbidity and mortality assumptions and lower investment portfolio yields in 2025 as well as a higher level of closed claims in 2024.”

Annual report 2025A · The company itself

“Equity price and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the spread income generated on our brokerage client cash balances, banking deposits, face-amount certificate products, fixed portion of our variable annuities and variable insurance contracts, fixed annuity and insurance contracts, the value of market risk benefits and other liabilities associated with our variable annuities and the value of derivatives held to hedge related benefits.”

Annual report 2025A · The company itself

“In general, the change in interest paid lags the change in revenues earned.”

Annual report 2025A · The company itself

“Payments collected from clients are primarily invested in fixed income securities to fund the client credited rate with the spread between the rate earned from investments and the rate credited to clients recorded as earned income. Client liabilities and investment assets generally differ as it relates to basis, repricing or maturity characteristics.”

Annual report 2025A · The company itself

“Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.”

Annual report 2025A · The company itself

“If this nonperformance credit spread moves to a zero spread over the U.S. Treasury curve, the reduction to future total equity would be approximately $481 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on December 31, 2025 credit spreads.”

Annual report 2025A · The company itself

“The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through 2027 due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were $2.5 billion and 4.1%, respectively, as of December 31, 2025. In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled $28.2 billion and had a 57 Index Ameriprise Financial, Inc. weighted average yield of 4.7% as of December 31, 2025.”

Annual report 2025A · The company itself

“Banking Deposits and Brokerage Client Cash Balances We pay interest on banking deposits and certain brokerage client cash balances and have the ability to reset these rates from time to time based on prevailing economic and business conditions. We earn revenue to fund the interest paid from interest-earning assets or fees from off-balance sheet deposits at Federal Deposit Insurance Corporation insured institutions, which are indexed to short-term interest rates.”

Annual report 2025A · The company itself

“Certain of our competitors offer web-based or mobile-based financial services and discount brokerage services, usually with lower levels of service, to individual clients, and we increasingly compete with various financial technology companies.”

Annual report 2025A · The company itself

“Our businesses operate in intensely competitive industries, including broker-dealers, banks, asset managers, insurers and other financial institutions, some of which have a larger market share, greater investments in technology and analytics, greater investment in advertising and brand, less regulation or greater financial resources than we do. Furthermore, new and existing competitors may be better able to address trends, structural changes, or movement of assets resulting from new technologies, including Generative AI and blockchain, or adapt to industry changes or in response to the uncertain regulatory environment in the U.S. and around the world.”

Annual report 2025A · The company itself

“We are also subject to deepfake threats that use AI to digitally alter images, video or audio to make it appear as though someone said or did something that could cause damage to our reputation.”

Annual report 2025A · The company itself

“The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of AI makes these attempts look more legitimate and is leveraged to improve their effectiveness.”

Annual report 2025A · The company itself

“AI, including Generative AI, presents many benefits in terms of operating efficiency, but also certain risks that we need to seek to mitigate through our strategic and risk management policies, such as reliance on information that may be inaccurate or unfairly discriminatory results.”

Annual report 2025A · The company itself

“Globally and regionally, we continue to see enhanced legislative and regulatory interest regarding retirement investing and fiduciary initiatives, cybersecurity, technology, and operational resilience; the use of artificial intelligence (“AI”); responsible information and data collection, storage and use; financial crime prevention; and privacy matters, and we will continue to closely review and monitor any legislative or regulatory proposals and changes.”

Annual report 2025A · The company itself

“Key U.K. regulatory developments and trends include the following: •Operational Resilience: Under this U.K. regulatory requirement, in scope firms must identify their important business services, which, if unavailable, could cause intolerable harm to clients, which they could not reasonably recover, or market disruption. The regulations introduce a new concept of impact tolerance and firms are also required to stress test their important business services and appoint a senior manager accountable for the regime.”

Annual report 2025A · The company itself

“Reputational damage may arise from numerous sources, including litigation or regulatory actions, failing to deliver minimum standards of service and quality, compliance failures, any perceived or actual weakness in our financial strength or liquidity, clients’ or potential clients’ perceived failure of how we address certain political, environmental, social or governance topics, technological breakdowns, cybersecurity attacks, or other security breaches (including attempted breaches, breaches impacting our vendors or their subcontractors or inadvertent disclosures) resulting in system unavailability, improper disclosure or loss of data integrity relating to client or employee personal information, unethical or improper behavior and the misconduct or error of our employees, advisors and counterparties.”

Annual report 2025A · The company itself

“The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of AI makes these attempts look more legitimate and is leveraged to improve their effectiveness.”

Annual report 2025A · The company itself

“In addition, the ever-increasing reliance on technology systems and networks and the occurrence and potential adverse impact of attacks on such systems and networks, both generally and in the financial services industry, have enhanced government and regulatory scrutiny of the measures taken by companies to protect against cybersecurity threats and report incidents they suffer. As these threats, and government and regulatory oversight of associated risks, continue to evolve, we may be required to expend significant additional resources (both direct financial resources and indirect costs like people) to enhance or expand upon the technical and operational security and response measures we currently maintain or that we allow franchise advisors to maintain and control locally.”

Annual report 2025A · The company itself

“In the United States (“U.S.”), the ongoing transition of baby boomers into retirement, as well as younger generations currently building their wealth and planning for retirement, continues to drive demand for financial advice and solutions.”

Annual report 2025A · The company itself

“Furthermore, changes in consumer economic variables, such as the number and size of personal bankruptcy filings, the rate of unemployment, decreases in property values, and the level of consumer confidence and consumer debt, may substantially affect consumer financials, which, in turn, could impact client activity in our businesses.”

Annual report 2025A · The company itself

“In the United States (“U.S.”), the ongoing transition of baby boomers into retirement, as well as younger generations currently building their wealth and planning for retirement, continues to drive demand for financial advice and solutions.”

Annual report 2025A · The company itself

“Such factors, which can be global, regional, national or local in nature, include: (i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers; (ii) geopolitical strain, terrorism and armed conflicts, (iii) political dynamics or elections and social, economic and market conditions; (iv) the availability and cost of capital; (v) global health emergencies; (vi) technological changes and events; (vii) U.S. and foreign government regulatory, fiscal and tax policies; (viii) U.S. and foreign government ability, real or perceived, to avoid defaulting on government securities; (ix) the availability and cost of credit and hedge markets; (x) periods of elevated inflation; (xi) natural disasters such as weather catastrophes; and (xii) other factors affecting investor sentiment and confidence in the financial markets.”

Annual report 2025A · The company itself

“Our Financial Advisor Platform With more than 10,000 advisors, Ameriprise is one of the top branded advisor platforms in the U.S. market. We offer a choice in how advisors can affiliate with us to grow their practices through one of our four advisor channels that provide advisors with different levels of support and compensation in delivering the Ameriprise client experience. •The Ameriprise Franchise Group is our largest channel and advisors affiliate with us as independent franchisees of Ameriprise. •The Ameriprise Advisor Group provides advisors with the benefits and support of an employment relationship. •The Ameriprise Personal Wealth Group employs advisors who deliver personalized advice to clients through a centralized team-based model virtually. •The Ameriprise Financial Institutions Group supports advisors based in third-party regional banks and credit unions.”

Annual report 2025A · The company itself

“Our Advice & Wealth Management segment competes with securities broker-dealers, independent broker-dealers, financial planning firms, registered investment advisers, insurance companies and other banks and financial institutions to attract and retain financial advisors and clients.”

Annual report 2025A · The company itself

“•We have also continued to attract experienced, productive advisors, with 336 advisors moving their practices to Ameriprise in 2025 and approximately 1,691 advisors over the last 5 years.”

Annual report 2025A · The company itself

“Workforce Overview We are committed to attracting, retaining, engaging, and developing a high-performing workforce. Our global team includes approximately 13,600 employees (including corporate staff and employee financial advisors) and about 8,500 non-employee advisors affiliated through our franchise advisor group.”

Annual report 2025A · The company itself

“Globally and regionally, we continue to see enhanced legislative and regulatory interest regarding retirement investing and fiduciary initiatives, cybersecurity, technology, and operational resilience; the use of artificial intelligence (“AI”); responsible information and data collection, storage and use; financial crime prevention; and privacy matters, and we will continue to closely review and monitor any legislative or regulatory proposals and changes.”

Annual report 2025A · The company itself

“For example, the enacted European Union (“EU”) Artificial Intelligence Act and other laws related to AI are likely to influence how financial services firms design, build and deploy products and services incorporating AI, and process non-personal data.”

Annual report 2025A · The company itself

“If we experience a sustained interruption to our telecommunications or data processing systems, or other failure in operational execution, it could harm our business. Operating errors and system or network interruptions could delay and disrupt our operations.”

Annual report 2025A · The company itself

“We rely on third-party service providers and vendors for certain communications, technology and business functions and other services, and we face the risk of their operational failure (including, without limitation, loss of staff due to widespread illness, failure caused by an inaccuracy, untimeliness or other deficiency in data reporting), technical or security failures, termination or capacity constraints of any of the clearing agents, exchanges, clearing houses or other third-party service providers that we use to facilitate or are component providers to our securities transactions and other product manufacturing and distribution activities.”

Annual report 2025A · The company itself

“The occurrence of natural or man-made disasters and catastrophes could adversely affect our results of operations and financial condition. The occurrence of natural disasters and catastrophes, including earthquakes, hurricanes, floods, tornadoes, fires, blackouts, severe winter weather, explosions, pandemic disease and global health emergencies and man-made disasters, including acts of terrorism, riots, civil unrest, including large-scale protests, insurrections and military actions, could adversely affect our results of operations or financial condition.”

Annual report 2025A · The company itself

“Certain of our competitors offer web-based or mobile-based financial services and discount brokerage services, usually with lower levels of service, to individual clients, and we increasingly compete with various financial technology companies.”

Annual report 2025A · The company itself

“Furthermore, changes in consumer economic variables, such as the number and size of personal bankruptcy filings, the rate of unemployment, decreases in property values, and the level of consumer confidence and consumer debt, may substantially affect consumer financials, which, in turn, could impact client activity in our businesses.”

Annual report 2025A · The company itself

“In addition, climate change regulation may affect the prospects of companies and other entities whose securities we hold, or our willingness to continue to hold their securities. Climate change may also influence investor sentiment with respect to Ameriprise and investments in our portfolio and those available to clients through third parties.”

Annual report 2025A · The company itself

“Furthermore, changes in consumer economic variables, such as the number and size of personal bankruptcy filings, the rate of unemployment, decreases in property values, and the level of consumer confidence and consumer debt, may substantially affect consumer financials, which, in turn, could impact client activity in our businesses.”

Annual report 2025A · The company itself

“The occurrence of natural or man-made disasters and catastrophes could adversely affect our results of operations and financial condition. The occurrence of natural disasters and catastrophes, including earthquakes, hurricanes, floods, tornadoes, fires, blackouts, severe winter weather, explosions, pandemic disease and global health emergencies and man-made disasters, including acts of terrorism, riots, civil unrest, including large-scale protests, insurrections and military actions, could adversely affect our results of operations or financial condition.”

Annual report 2025A · The company itself

“As a result, we are exposed to certain foreign currency exchange risks that could reduce U.S. dollar equivalent earnings as well as negatively impact our general account and other proprietary investment portfolios. Appreciation of the U.S. dollar could, and has, unfavorably affect net income from foreign operations, the value of non-U.S. dollar denominated investments and investments in foreign subsidiaries.”

Annual report 2025A · The company itself

“Investment Management Capabilities and Products Our investment management business has a presence in 16 key markets globally, including France, Germany, Luxembourg, the Netherlands, Singapore, the U.K. and the U.S.”

Annual report 2025A · The company itself

“We have expanded beyond our traditional strengths in the U.S. and the United Kingdom (“U.K.”) to serve more clients and gather assets worldwide.”

Annual report 2025A · The company itself

“Investment Management Capabilities and Products Our investment management business has a presence in 16 key markets globally, including France, Germany, Luxembourg, the Netherlands, Singapore, the U.K. and the U.S.”

Annual report 2025A · The company itself

“We have expanded beyond our traditional strengths in the U.S. and the United Kingdom (“U.K.”) to serve more clients and gather assets worldwide.”

Annual report 2025A · The company itself

“Investment Management Capabilities and Products Our investment management business has a presence in 16 key markets globally, including France, Germany, Luxembourg, the Netherlands, Singapore, the U.K. and the U.S.”

Annual report 2025A · The company itself

“We have expanded beyond our traditional strengths in the U.S. and the United Kingdom (“U.K.”) to serve more clients and gather assets worldwide.”

Annual report 2025A · The company itself

“Item 7A. Quantitative and Qualitative Disclosures About Market Risk Market Risk Our primary market risk exposures are interest rate, equity price, foreign currency exchange rate and credit risk.”

Annual report 2025A · The company itself

“The operation of our business in foreign markets and our investments in non-U.S. denominated securities and investment products subjects us to exchange rate and other risks in connection with international operations and earnings and income generated overseas. While we are a U.S.-based company, a portion of our business operations occurs outside of the U.S. and some of our investments are not denominated in U.S. dollars.”

Annual report 2025A · The company itself

“Total AUM net outflows were $31.7 billion for 2025 and included a large institutional client repositioning into passive strategies and $3.9 billion of outflows from our U.S. real estate products.”

Annual report 2025A · The company itself