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What changed in Ameriprise Financial's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Ameriprise Financial's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+342 added−355 removedSource: 10-K (2026-02-19) vs 10-K (2025-02-20)

Top changes in Ameriprise Financial's 2025 10-K

342 paragraphs added · 355 removed · 312 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

80 edited+10 added−16 removed130 unchanged
Biggest changeWe are committed to providing an excellent employee and advisor experience for our global workforce. This includes approximately 13,600 employees, including our corporate employees and employee financial advisors. We have approximately 8,200 non-employee advisors who choose to affiliate with us through our franchise advisor group. Leadership skills and development of all our employees are core to our culture and history.
Biggest changeOur 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. Learning and Development Advancing leadership capability and enabling employees to realize their potential while equipping them with technical and leadership skills to support business objectives are central to our long-term success.
In the U.S. and other jurisdictions, we have established and registered, or filed applications to register, certain trademarks and service marks that we consider important to the marketing of our products and services, including but not limited to the Ameriprise Financial, Threadneedle, RiverSource, Columbia Threadneedle and Columbia Threadneedle Investments brands.
In the U.S. and other jurisdictions, we have established and registered, or filed applications to register, certain trademarks and service marks that we consider important to the marketing of our products and services, including but not limited to the Ameriprise Financial, RiverSource, Columbia Threadneedle and Columbia Threadneedle Investments brands.
We have an established fund range domiciled in Luxembourg (both UCITS and Alternative Investment Funds), Ireland and the Netherlands, along with Luxembourg-based and Netherlands-based affiliated management companies. Our Luxembourg and Netherlands affiliates may perform fund management, administration and distribution functions. Therefore, we are well placed to continue to serve investors in the EU. Pan-European and Other Non-U.S.
We have an established fund range domiciled in Luxembourg (both UCITS and Alternative Investment Funds) and Ireland, along with Luxembourg-based and Netherlands-based affiliated management companies. Our Luxembourg and Netherlands affiliates may perform fund management, administration and distribution functions. Therefore, we are well placed to continue to serve investors in the EU. Pan-European and Other Non-U.S.
Products We currently offer the following RiverSource Life products: • Variable annuities that provide returns linked to underlying investments 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.
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.
Our capabilities are centered on establishing long-term personal relationships between clients and advisors. Through our affiliated advisors, we offer financial planning and advice, cash management and banking products, and full-service brokerage services, primarily to retail clients. Our branded advisor force is among the largest in the industry and is central to how we serve our clients.
Our capabilities are centered on establishing long-term personal relationships between clients and advisors. Through our branded affiliated advisors, we offer financial planning and advice, cash management and banking products, and full-service brokerage services, primarily to retail clients. Our advisor force is among the largest branded advisor platforms in the industry and is central to how we serve our clients.
We offer or make available the following products and services through our Asset Management segment with a range of investment strategies across these different vehicles and accounts: • U.S. registered funds through the Columbia Management family of funds, including retail mutual funds, exchange-traded funds and U.S. closed-end funds and variable insurance trust funds (“VIT Funds”) on which we earn management fees based on the underlying value of the assets and service fees. • Non-U.S. retail focused funds through Columbia Threadneedle, which include different risk-return options across regions, markets, asset classes and product structures, including retail funds that are similar to U.S. mutual funds (such as Undertakings for the Collective Investment in Transferable Securities (“UCITS”) funds organized as Luxembourg-based investment companies with variable capital (“SICAVs”) and Irish and U.K. open-end investment companies (“OEICs”)).
We offer or make available the following products and services through our Asset Management segment with a range of investment strategies across these different vehicles and accounts: • U.S. registered funds through the Columbia Management family of funds, including retail mutual funds, exchange-traded funds and U.S. closed-end funds and variable insurance trust funds (“VIT Funds”) on which we earn management fees based on the underlying value of the assets and service fees. • Non-U.S. retail focused funds through Columbia Threadneedle, which include different risk-return options across regions, markets, asset classes and product structures, including ETFs, retail funds that are similar to U.S. mutual funds (such as Undertakings for the Collective Investment in Transferable Securities (“UCITS”) funds organized as Luxembourg-based investment companies with variable capital (“SICAVs”) and Irish and U.K. open-end investment companies (“OEICs” and “ICVCs”)).
We distribute our life and disability income insurance, as well as annuity products, through our advisor channel under the RiverSource ® brand. Asset Management Our global asset management business, represented by the Columbia Threadneedle Investments ® brand, offers a broad spectrum of capabilities to individual, institutional and high net worth investors.
We distribute our life and disability income insurance, as well as annuity products, through our advisor channel under the RiverSource ® brand. Asset Management Our global asset management business, represented by Columbia Threadneedle Investments ® as a key brand, offers a broad spectrum of capabilities to individual, institutional and high net worth investors.
Key U.K. regulatory developments and trends include the following: • Operational Resilience: Under this new 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.
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.
In addition, this also includes a range of listed Investment Trusts. • European-based pooled investment funds designed for pensions, insurance companies and other institutional investors seeking solutions for liability or balance sheet asset management (“Liability Driven Investment” or “LDI”). • Institutional and retail separately managed accounts for a range of clients, including pension, profit-sharing, employee savings, sovereign wealth funds and endowment funds, accounts of large- and medium-sized businesses and governmental clients, as well as the accounts of high net worth individuals and smaller institutional clients, including tax-exempt and not-for-profit organizations for which we receive management and performance-related fees. • Other separately managed accounts, including those offered through models that represent assets under advisement, for which we earn asset management fees based on model delivery assets under advisement. • Management of owned assets such as assets held in the general account of our RiverSource Life companies, ACC and Ameriprise Bank. • Management of CLOs, which includes providing collateral management services to special purpose vehicles that primarily invest in syndicated bank loans and issue multiple tranches of securities collateralized by the assets for which we earn fees based on the value of assets and performance-based fees. • Private funds of various types where we provide investment management and related services to private, pooled investment vehicles organized as limited partnerships, limited liability companies, or other entities for which we may receive fees based on the value of the assets or performance-based fees. • Collective funds and separately managed accounts sponsored by Ameriprise Trust Company (“ATC”), a wholly owned subsidiary, and offered to certain qualified institutional clients such as retirement, pension, and profit-sharing plans for which we receive management fees. • Sub-advised accounts for certain U.S. and non-U.S. funds, private banking individually managed accounts, common trust funds, and other portfolios sponsored or advised by other firms for which we earn management fees and performance-based fees.
In addition, this also includes a range of listed Investment Trusts. • European-based pooled investment funds designed for pensions, insurance companies and other institutional investors seeking solutions for liability or balance sheet asset management (“Liability Driven Investment” or “LDI”). • Institutional and retail separately managed accounts for a range of clients, including pension, profit-sharing, employee savings, sovereign wealth funds and endowment funds, accounts of large- and medium-sized businesses and governmental clients, as well as the accounts of high net worth individuals and smaller institutional clients, including tax-exempt and not-for-profit organizations for which we receive management and performance-related fees. • Other separately managed accounts, including those offered through models that represent assets under advisement, for which we earn asset management fees based on model delivery assets under advisement. • Management of owned assets such as assets held in the general account of our RiverSource Life companies, ACC and Ameriprise Bank. • Management of CLOs, which includes providing collateral management services to special purpose vehicles that primarily invest in syndicated bank loans and issue multiple tranches of securities collateralized by the assets for which we earn fees based on the value of assets and performance-based fees. • Private funds of various types where we provide investment management and related services to private, pooled investment vehicles organized as limited partnerships, limited liability companies, or other entities for which we may receive fees based on the value of the assets or performance-based fees. • Collective investment trust funds and separately managed accounts sponsored by Ameriprise Trust Company (“ATC”), a wholly owned subsidiary, and offered to certain qualified institutional clients such as retirement, pension, and profit-sharing plans for which we receive management fees. • Sub-advised accounts for certain U.S. and non-U.S. funds, private banking individually managed accounts, common trust funds, and other portfolios sponsored or advised by other firms for which we earn management fees and performance-based fees. 5 Index Ameriprise Financial, Inc.
All operating subsidiaries of Ameriprise must comply with our enterprise risk management policy and framework, which: (i) establishes a structure for effective enterprise risk management, including oversight and governance; (ii) delineates key constituent roles and responsibilities; and (iii) imposes a number of core risk management processes.
All operating subsidiaries of Ameriprise Financial must comply with our enterprise risk management policy and framework, which: (i) establishes a structure for effective enterprise risk management, including oversight and governance; (ii) delineates key constituent roles and responsibilities; and (iii) imposes a number of core risk management processes.
Universal life insurance may also contain product features that credit interest at a rate linked to an underlying equity market index. • Term life insurance that provides a death benefit, but does not accumulate cash value. • Disability income insurance that provides monthly benefits to individuals who are unable to earn income either at their occupation at time of disability or at any suitable occupation for premium payments that are guaranteed not to change.
Universal life insurance may also contain product features that credit interest at a rate linked to an underlying equity market index subject to a floor. • Term life insurance that provides a death benefit, but does not accumulate cash value. • Disability income insurance that provides monthly benefits to individuals who are unable to earn income either at their occupation at time of disability or at any suitable occupation for premium payments that are guaranteed not to change.
Columbia Threadneedle companies or activities are also subject to various local country or jurisdiction regulations and to corresponding regulators in Europe, Canada, Dubai, Hong Kong, Singapore, South America and Australia. With our growth in the EU, we have (and will continue to have) greater engagement with the Luxembourg, Irish and Dutch regulators.
Columbia Threadneedle companies or activities are also subject to various local country or jurisdiction regulations and to corresponding regulators in Europe, Canada, Dubai, Hong Kong, Singapore, South Korea, Japan, South America and Australia. With our growth in the EU, we have (and will continue to have) greater engagement with the Luxembourg, Irish and Dutch regulators.
We offer the following products and services through our Advice & Wealth Management segment: • Financial planning and advice services to provide personalized financial planning and financial solutions for which we charge fees and may receive sales commissions for selling products that aid in our clients’ plans. • Discretionary and non-discretionary investment advisory accounts (also known as managed accounts) for which we receive fees based on the assets held in that account, as well as related fees or costs associated with the underlying securities held in that account. • Brokerage products and services for retail and institutional clients. • Cash management and banking products, including brokerage sweep programs, cash management accounts, savings accounts, residential mortgage loans, credit cards, margin loans and pledged asset lines of credit. • 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. • 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.
We offer the following products and services through our Advice & Wealth Management segment: • Financial planning and advice services to provide personalized financial planning and financial solutions for which we charge fees and may receive sales commissions for selling products that aid in our clients’ plans. • Discretionary and non-discretionary investment advisory accounts (also known as managed accounts) for which we receive fees based on the assets held in that account, as well as related fees or costs associated with the underlying securities held in that account. • Brokerage products and services for retail and institutional clients. • Cash management and banking products, including brokerage sweep programs, cash management accounts, savings accounts, residential mortgage loans, credit cards, margin loans, and pledged asset lines of credit. • 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.
Item 1. Business Overview Ameriprise Financial, Inc. is a diversified financial services company with a 130-year history of providing solutions to help clients confidently achieve their financial objectives. Ameriprise Financial, Inc. is a holding company incorporated in Delaware that primarily engages in business through its subsidiaries.
Item 1. Business Overview Ameriprise Financial, Inc. is a diversified financial services company with a more than 130-year history of providing solutions to help clients confidently achieve their financial objectives. Ameriprise Financial, Inc. is a holding company incorporated in Delaware that primarily engages in business through its subsidiaries.
Intersegment expenses for this segment include investment management services provided by our Asset Management segment. All intersegment activity is eliminated in our consolidated results. Our Financial Advisor Platform With more than 10,000 advisors, we are one of the top branded advisor platforms in the U.S. market.
Intersegment expenses for this segment include investment management services provided by our Asset Management segment. All intersegment activity is eliminated in our consolidated results. Our Financial Advisor Platform With more than 10,000 advisors, Ameriprise is one of the top branded advisor platforms in the U.S. market.
Our Principal Brands Our diversified products and services are offered through our brands: We use the Ameriprise Financial ® brand as our enterprise brand, as well as the name of our advisor network and certain of our retail products and services.
Our Principal Brands Our diversified products and services are offered through these primary brands: We use the Ameriprise Financial ® brand as our enterprise brand, as well as the name of our advisor network and certain of our retail products and services.
In this closed block, as of December 31, 2024, we have $5.7 billion of account value associated with our fixed annuities of which 89% has been ceded by RiverSource Life on a coinsurance basis to Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company (“Commonwealth”) under customary reinsurance arrangements with a comfort trust.
In this closed block, as of December 31, 2025, we have $5.2 billion of account value associated with our fixed annuities of which 89% has been ceded by RiverSource Life on a coinsurance basis to Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company (“Commonwealth”) under customary reinsurance arrangements with a comfort trust.
As part of our goal-based approach to financial advice, our advisors help clients actively manage investing, saving and spending so they have a more complete financial picture. 3 Index Ameriprise Financial, Inc. 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 flows.
As part of our goal-based approach to financial advice, our advisors help clients actively manage investing, saving and spending so they have a more complete financial picture. 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 flows.
In addition, we will continue to comply with anti-money laundering legislation in the U.K. derived from applicable EU directives and international initiatives adopted in other jurisdictions in which we conduct business. Exchange Act Reports and Additional Information We maintain an Investor Relations website at ir.ameriprise.com.
In addition, we will continue to comply with anti-money laundering legislation in the U.K. derived from applicable EU directives and international initiatives adopted in other jurisdictions in which we conduct business. 15 Index Ameriprise Financial, Inc. Exchange Act Reports and Additional Information We maintain an Investor Relations website at ir.ameriprise.com.
Competitive factors affecting the sale of variable annuity and insurance products include distribution capabilities, price, product features and innovation, hedging capability, investment performance, commission structure, reinsurance availability and pricing, perceived 8 Index Ameriprise Financial, Inc. financial strength and financial strength ratings, claims-paying ratings, technology and service, advertising, brand recognition and financial strength ratings from rating agencies.
Competitive factors affecting the sale of variable annuity and insurance products include distribution capabilities, price, product features and innovation, hedging capability, investment performance, commission structure, reinsurance availability and pricing, perceived financial strength and financial strength ratings, claims-paying ratings, technology and service, advertising, brand recognition and financial strength ratings from rating agencies.
We are subject to what is commonly referred to as the Volcker Rule. The Volcker Rule prohibits “banking entities,” including Ameriprise and our affiliates, from engaging in certain “proprietary trading” activities, as defined in the Volcker Rule, subject to exemptions for underwriting, market-making-related activities, asset management, risk-mitigating hedging and certain other activities.
We are subject to what is commonly referred to as the Volcker Rule. The Volcker Rule prohibits “banking entities,” including Ameriprise and our affiliates, from engaging in certain “proprietary trading” activities, as defined in the Volcker Rule, subject to exemptions for underwriting, market-making-related activities, asset management, risk-mitigating hedging and certain other activities. 14 Index Ameriprise Financial, Inc.
We directly compete for the provision of products and services to clients, as well as for our financial advisors and investment management personnel. 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.
We directly compete for the provision of products and services to clients, as well as for our financial advisors and investment management 7 Index Ameriprise Financial, Inc. personnel. 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.
Our financial advisors provide a distinctive, holistic approach to financial planning and have access to a broad selection of both our and other providers’ 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.
Our financial advisors provide a distinctive, holistic approach to financial planning and have access to a broad selection of both our and other providers’ 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 3 Index Ameriprise Financial, Inc. long-term needs.
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. 12 Index Ameriprise Financial, Inc. • Financial Resilience: U.K. regulators have revised the prudential regime applying to asset managers.
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. • Financial Resilience: U.K. regulators have revised the prudential regime applying to asset managers.
For example, Columbia Management Investment Distributors, Inc., a wholly owned subsidiary, is registered as a broker-dealer for the limited purpose of acting as the principal underwriter and distributor for Columbia Management funds and other products.
For example, Columbia Management Investment Distributors, Inc., a wholly owned subsidiary, is registered as a broker-dealer for the limited purpose of acting as the principal underwriter and distributor for Columbia Management funds and other products and is also a member of FINRA.
See Note 2 and Note 5 to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional information on consolidation principles and details regarding the consolidated collateralized loan obligations (“CLOs”).
See Note 2 and Note 5 to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional information on 4 Index Ameriprise Financial, Inc. consolidation principles and details regarding the consolidated collateralized loan obligations (“CLOs”).
In addition to regulations noted in this section, within the EU and the U.K. we have been and will continue to address regulatory reforms or structural changes including but not limited to: Consumer Composite Investments, Retail Investment Strategy, AIFMD 2.0, EMIR 3.0 , SFDR 2.0, Digital Operational Resilience Act (“DORA”), Corporate Sustainability Reporting Directive (“CSRD”), and Corporate Sustainability Due Diligence Directive (“CSDDD”).
In addition to regulations noted in this section, within the EU and the U.K. we have been and will continue to address regulatory reforms or structural changes including but not limited to: the Dutch Pension Reform Act, T+1 settlements, Consumer Composite Investments, Retail Investment Strategy, AIFMD 2.0, EMIR 3.0 , SFDR 2.0, Digital Operational Resilience Act (“DORA”), Corporate Sustainability Reporting Directive (“CSRD”), and Corporate Sustainability Due Diligence Directive (“CSDDD”).
Furthermore, changes in investment preferences or investment management strategy (for example, “active” or “passive” investing styles), client interest in funds with particular environmental, social, or governance 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.
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.
As a diversified financial services firm, we believe our ability to gather and retain assets is best measured by our aggregate assets under management and administration metric. As of December 31, 2024, we had $1.5 trillion in assets under management, administration, and advisement, compared to $1.4 trillion as of December 31, 2023.
As a diversified financial services firm, we believe our ability to gather and retain assets is best measured by our aggregate assets under management, administration and advisement metric. As of December 31, 2025, we had $1.7 trillion in assets under management, administration, and advisement, compared to $1.5 trillion as of December 31, 2024.
Generally, our policyholders are eligible for LTC benefits if they become cognitively impaired or unable to perform certain activities of daily living. 7 Index Ameriprise Financial, Inc. Nursing home indemnity LTC policies provide a predefined daily benefit if the insured is confined to a nursing home, subject to various maximum benefit periods, regardless of actual expenses of the policyholder.
Generally, our policyholders are eligible for LTC benefits if they become cognitively impaired or unable to perform certain activities of daily living. Nursing home indemnity LTC policies provide a predefined daily benefit if the insured is confined to a nursing home, subject to various maximum benefit periods, regardless of actual expenses of the policyholder.
The ORSA Model Act requires that an insurer create and file, annually, its ORSA, which is a complete self-assessment of its risk management functions and capital adequacy. These laws were enacted by the 14 Index Ameriprise Financial, Inc. Domiciliary Regulators. We complete and file these reports as required by the laws and regulations of those states.
The ORSA Model Act requires that an insurer create and file, annually, its ORSA, which is a complete self-assessment of its risk management functions and capital adequacy. These laws were enacted by the Domiciliary Regulators. We complete and file these reports as required by the laws and regulations of those states.
Reinsurance We reinsure a portion of the insurance risks associated with our currently offered life and disability income products (as well as previously sold fixed annuity, fixed indexed annuity, life contingent payout annuity and long term care products) through reinsurance agreements with unaffiliated reinsurance companies.
Reinsurance We reinsure a portion of the insurance risks associated with our currently offered life and disability income products (as well as previously sold fixed annuity, fixed indexed annuity, life contingent payout annuity and long term care products) through reinsurance 6 Index Ameriprise Financial, Inc. agreements with unaffiliated reinsurance companies.
Data Protection Act, 2018 and U.K. GDPR, and data protection rules in other regions in which we operate outside the U.S. and the EU. We have also implemented policies and procedures in response to such requirements.
Data Protection Act, 2018 and U.K. GDPR, India’s Digital Personal Data Protection Act 2023 and data protection rules in other regions in which we operate outside the U.S. and the EU. We have also implemented policies and procedures in response to such requirements.
SEC regulations also impose notice requirements and capital limitations on the payment of dividends by a broker-dealer to a parent, and they have proposed regulations regarding cybersecurity programs and the public reporting of incidents impacting broker-dealers like ours. 11 Index Ameriprise Financial, Inc.
SEC regulations also impose notice requirements and capital limitations on the payment of dividends by a broker-dealer to a parent, and they have proposed regulations regarding cybersecurity programs and the public reporting of incidents impacting broker-dealers like ours.
In this regard, we are subject to additional registration and reporting requirements with respect to certain registered investment companies and other pooled vehicles that use or trade in futures, swaps and other derivatives that are subject to CFTC regulation. U.K.
In this regard, we are subject to additional registration and reporting requirements with respect to certain registered investment companies and other pooled vehicles that use or trade in futures, swaps and other derivatives that are subject to CFTC regulation. 11 Index Ameriprise Financial, Inc. U.K.
Our Segments - Advice & Wealth Management We provide financial planning and advice, as well as full-service brokerage services, primarily to retail clients through our financial advisors. These services are centered on long-term, personal relationships between our advisors and our clients and focus on helping clients confidently achieve their financial goals.
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. These services are centered on long-term, personal relationships between our advisors and our clients and focus on helping clients confidently achieve their financial goals.
We utilize two go-to-market approaches in carrying out this strategy: Wealth Management and Asset Management. Wealth Management Our wealth management business is the primary growth engine of Ameriprise with a significant market opportunity. We are in a compelling position to capitalize on significant demographic and market trends driving increased demand for financial advice and solutions.
We carry out our strategy through two primary go-to-market approaches: Wealth Management and Asset Management. Wealth Management Our wealth management business is the primary growth engine of Ameriprise with a significant market opportunity. We are in a compelling position to capitalize on significant long-term demographic and market trends driving increased demand for financial advice and solutions.
To the extent we do experience an incident, we have developed and implemented a cybersecurity incident response manual, which we regularly exercise and update, as appropriate. As the owner and operator of real property, we are subject to federal, state, local and foreign environmental laws and regulations.
To the extent we do experience a privacy breach incident, we have developed and implemented incident response protocols, which we regularly exercise and update, as appropriate. As the owner and operator of real property, we are subject to federal, state, local and foreign environmental laws and regulations.
RiverSource Life and RiverSource Life of NY maintain capital levels well in excess of the company action level required by state insurance regulators as noted below as of December 31, 2024: Entity Company Action Level RBC Total Adjusted Capital % of Company Action Level RBC (in millions, except percentages) RiverSource Life $ 489 $ 2,700 552 % RiverSource Life of NY 38 219 579 % Ameriprise Financial, as a direct and indirect owner of its insurance subsidiaries, is subject to the insurance holding company laws of Minnesota and New York (the states where its insurance subsidiaries are domiciled).
RiverSource Life and RiverSource Life of NY maintain capital levels well in excess of the company action level required by state insurance regulators as noted below as of December 31, 2025: Entity Company Action Level RBC Total Adjusted Capital % of Company Action Level RBC (in millions, except percentages) RiverSource Life $ 522 $ 2,731 523 % RiverSource Life of NY 38 216 576 % Ameriprise Financial, as a direct and indirect owner of its insurance subsidiaries, is subject to the insurance holding company laws of Minnesota and New York (the states where its insurance subsidiaries are domiciled).
For example, the enacted European Union (“EU”) Artificial Intelligence (“AI”) Act and proposed U.S. laws on AI are likely to influence how financial services firms design, build and deploy products and services incorporating AI, and process non-personal data.
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.
Our investment management capabilities and products span a broad range of asset classes and investment styles to meet a variety of client needs with our $645 billion in assets under management diversified across geographies, strategies and clients as depicted in the graphic below. 5 Index Ameriprise Financial, Inc.
Our investment management capabilities and products span a broad range of asset classes and investment styles to meet a variety of client needs with our $721 billion in assets under management and advisement diversified across geographies, strategies and clients as depicted in the graphic below.
Our advisor network is the only distributor of new RiverSource annuity products, although our advisors offer fixed, variable, and structured annuities from selected unaffiliated insurers. As part of the continued evolution of the business model for our Retirement & Protection Solutions segment, we focus on the accumulation solutions clients want (such as the structured variable annuity, a registered index-linked annuity).
Our advisor network is the only distributor of new RiverSource annuity products, although our advisors offer fixed, variable, and structured annuities from selected unaffiliated insurers. Our Retirement & Protection Solutions segment focuses on the accumulation solutions clients want (such as the structured annuity, a registered index-linked annuity).
Protection Solutions We provide life and disability income insurance products to address the protection and risk management needs of our retail clients. New RiverSource insurance products are exclusively offered through our advisor network. Our advisors also offer insurance products of unaffiliated carriers.
All intersegment activity is eliminated in our consolidated results. Protection Solutions We provide life and disability income insurance products to address the protection and risk management needs of our retail clients. RiverSource insurance products are exclusively offered through our advisor network. Our advisors also offer insurance products of unaffiliated carriers.
Intersegment revenues for this segment reflect fees paid by our Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds.
Intersegment revenues for this segment reflect fees paid by our Asset Management segment for marketing support and other services provided in connection with the availability of VIT Funds. Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management segment, as well as expenses for investment management services provided by our Asset Management segment.
Intersegment expenses for this segment include distribution expenses for services provided by our Advice & Wealth Management and Retirement & Protection Solutions segments. All intersegment activity is eliminated in our consolidated results. Managed assets include external client assets and owned assets.
The fees for such 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 our Advice & Wealth Management and Retirement & Protection Solutions segments. All intersegment activity is eliminated in our consolidated results. Managed assets include external client assets and owned assets.
Our sales of RiverSource individual life insurance in 2024, as measured by scheduled annual premiums, lump sum and excess premiums and single premiums, consisted of approximately 96% variable universal life, 1% universal life and 3% term life.
Our sales of RiverSource individual life insurance in 2025, as measured by scheduled annual premiums, lump sum and excess premiums and single premiums, consisted of approximately 89% variable universal life, 9% universal life and 2% term life.
Regulation Virtually all aspects of our business, including the activities of our parent company and subsidiaries, are subject to various federal, state, local and foreign laws and regulations.
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.
In addition, we continue to see enhanced legislative and regulatory interest regarding retirement investing and fiduciary initiatives, as well as environmental, social and governance (“ESG”) consideration and responsible investing; cybersecurity and resilience; the use of artificial intelligence; 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.
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.
The discussion and overview set forth below provides a general framework of the primary laws and regulations impacting our businesses. Certain of our subsidiaries may be subject to one or more elements of this regulatory framework depending on the nature of their business, the products and services they provide and the geographic locations in which they operate.
Certain of our subsidiaries may be subject to one or more elements of this regulatory framework depending on the nature of their business, the products and services they provide and the geographic locations in which they operate.
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.
We benefit from key strategic relationships we have established, and we have strong retail, institutional and alternative capabilities. 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.
We evaluate these laws and changes to understand if and when they impact our business, such as the laws in California requiring certain climate-related disclosure.
Certain states enact regulations or requirements that can drive enterprise-wide action or disclosures. We evaluate these laws and changes to understand if and when they impact our business, such as the laws in California requiring certain climate-related disclosure.
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 a new Consumer Duty that sets higher expectations for the standard of care that firms provide to retail consumers. • Sustainability Disclosure Requirements : The FCA recently finalized new requirements that have started to take effect relating to new sustainability product labels, naming and marketing rules, additional ESG disclosure requirements both at an entity and product level, and an anti-greenwashing rule covering client communications. • Diversity, Equity and Inclusion : The FCA recently launched a consultation on a potential new regulatory framework on diversity and inclusion in the financial sector.
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.
Our earliest predecessor company, Investors Syndicate, was founded in 1894 to provide face-amount certificates to consumers. In 1983, our company was formed as a Delaware corporation in connection with American Express’ acquisition of IDS Financial Services from Alleghany Corporation.
History and Development Our company has provided solutions to help clients confidently achieve their financial objectives for more than 130 years. Our earliest predecessor company, Investors Syndicate, was founded in 1894 to provide face-amount certificates to consumers. In 1983, our company was formed as a Delaware corporation in connection with American Express’ acquisition of IDS Financial Services from Alleghany Corporation.
The National Association of Insurance Commissioners (“NAIC”) has established RBC standards that all state insurance departments have adopted. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. The NAIC RBC report is completed as of December 31 and filed annually, along with the statutory financial statements.
The National Association of Insurance Commissioners (“NAIC”) has established RBC standards that all state insurance departments have adopted and has proposed changes to the RBC framework that could increase the required capital. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders.
Our RiverSource Life companies would be subject to various levels of regulatory intervention if their total adjusted statutory capital falls below defined RBC action levels. At the “company action level,” defined as total adjusted capital level between 100% and 75% of the RBC requirement, an insurer must submit a plan for corrective action with its primary state regulator.
At the “company action level,” defined as total adjusted capital level between 100% and 75% of the RBC requirement, an insurer must submit a plan for corrective action with its primary state regulator. The level of regulatory intervention is greater at lower levels of total adjusted capital relative to the RBC requirement. 13 Index Ameriprise Financial, Inc.
Department of Labor (“DOL”) finalized its voluntary exemption for providing investment advice to retirement account clients and has reinstated prior guidance for determining who is an investment advice fiduciary under pension regulations. The DOL finalized a new regulation expanding the definition of investment advice fiduciary, but that regulation has been stayed by the courts.
Department of Labor (“DOL”) finalized its voluntary exemption for providing investment advice to retirement account clients and has reinstated prior guidance for determining who is an investment advice fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), in 2024. The regulation has been stayed by the courts and is awaiting resolution.
Our registered investment advisers may also be subject to certain obligations of the Investment Company Act based on their status as investment advisers to U.S. registered investment companies that we, or third parties, sponsor. As noted earlier, we continue to see enhanced legislative and regulatory interest regarding financial services in the U.S. through rules, regulatory priorities or general discussion.
Our registered investment advisers may also be subject to certain obligations of the Investment Company Act of 1940 based on their status as investment advisers to U.S. registered investment companies that we, or third parties, sponsor.
Additionally, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the SEC’s best interest standards, state and other fiduciary or best interest rules, as well as other similar standards and any rulemaking from the DOL would be relevant to our global asset management business.
Additionally, ERISA, the SEC’s best interest standards, state and other fiduciary or best interest rules, as well as other similar standards and any rulemaking from the DOL would be relevant to our global asset management business. We continue to review and analyze the potential impact of these regulations across each of our business lines.
We continue to review and analyze the potential impact of these regulations across each of our business lines. In addition, certain of our asset management subsidiaries are registered with the CFTC as a commodity trading advisor and commodity pool operator and are also members of the NFA.
In addition, certain of our asset management subsidiaries are registered with the CFTC as a commodity trading advisor and commodity pool operator and is also a member of the NFA.
We continue to pursue opportunities to leverage the collective capabilities of our global asset management business in order to enhance our investment solutions and to develop new solutions that are responsive to client demand in an increasingly complex and competitive marketplace. History and Development Our company has provided solutions to help clients confidently achieve their financial objectives for 130 years.
We are positioned to grow our assets under management and advisement and are pursuing opportunities to leverage the collective capabilities of our global asset management business in order to enhance our investment solutions and to develop new solutions that are responsive to client demand in an increasingly complex and competitive marketplace.
We use our RiverSource ® brand for our annuity and protection products issued by RiverSource Life Insurance Company (“RiverSource Life”) and RiverSource Life Insurance Co. of New York (“RiverSource Life of NY” and, together with RiverSource Life, the “RiverSource Life companies” or “RiverSource”).
Through our “RiverSource Life companies” or “RiverSource”, which is the combination of RiverSource Life Insurance Company (“RiverSource Life”) and RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”, we make available annuity, insurance and disability income products.
In addition, we invested in a comprehensive modern learning platform for all employees to ensure they have access to relevant curriculum to help support their growth and career development, while still prioritizing our annual compliance training. • In addition to recruiting talented professionals to join Ameriprise, we retained 95% of our high-performing employees. • Within our advisor force, the retention rate among affiliated advisors who have been with us for more than 10 years remained strong at 94%. • We have also continued to attract experienced, productive advisors, with 278 experienced advisors moving their practices to Ameriprise in 2024 and approximately 1,691 over the last 5 years.
In addition, nearly 60% of global employees use LinkedIn Learning, driving continuous skill development. • In addition to recruiting talented professionals to join Ameriprise, we retained 96% of our high-performing employees. • Within our advisor force, retention among advisors affiliated with us for 10+ years remained strong at 94%. • 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.
In general, state insurance laws and regulations govern standards of solvency, capital requirements, the licensing of insurers and their agents, premium rates, policy forms, the nature of and limitations on investments, periodic reporting requirements and other matters. In addition, state regulators conduct periodic examinations into insurer market conduct and 13 Index Ameriprise Financial, Inc. compliance with insurance and securities laws.
In general, state insurance laws and regulations govern standards of solvency, capital requirements, the licensing of insurers and their agents, premium rates, policy forms, the nature of and limitations on investments, periodic reporting requirements, the protection of consumer data, and in most states, the responsible development and use of AI, as well as other matters.
Additional Parent Company Regulation and Other Regulation We are a publicly traded company subject to SEC and New York Stock Exchange (“NYSE”) rules and regulation and have operations in a number of geographical regions across the U.S. and outside of the U.S. Certain states enact regulations or requirements that can drive enterprise-wide action or disclosures.
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 $ 4,144 BBA capital requirement 419 BBA ratio 989 % Additional Parent Company Regulation and Other Regulation We are a publicly traded company subject to SEC and New York Stock Exchange (“NYSE”) rules and regulation and have operations in a number of geographical regions across the U.S. and outside of the U.S.
Intellectual Property We rely on a combination of contractual rights and copyright, trademark, and patent registrations and trade secret laws to establish and protect our intellectual property.
In an evolving and highly competitive industry, our human capital strategy and strong values-driven culture have enabled us to effectively execute our business strategy and deliver strong performance. Intellectual Property We rely on a combination of contractual rights and copyright, trademark, and patent registrations and trade secret laws to establish and protect our intellectual property.
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. Columbia Management primarily provides products and services in the U.S. Threadneedle primarily provides products and services internationally. 4 Index Ameriprise Financial, Inc.
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. 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.
Consistent with prior years, we had strong input with 93% of employees participating in the survey. • We prioritize professional development, and in 2024, we introduced an enhanced learning curriculum to support leadership excellence across the firm. Over 90% of our global people leaders participated in these leadership development programs.
In our Inclusion Index, we achieved a score of 85%, which also exceeds our external benchmarks. Consistent with prior years, we had strong input with 93% of employees participating in the survey. • Over 80% of our global people leaders have now participated in our learning curriculum to support leadership excellence.
Ameriprise Certificate Company pays dividends to the parent company and is subject to capital requirements under applicable law and understandings with the SEC and the Minnesota Department of Commerce (“MN DOC”) (Banking Division). ATC is primarily regulated by the MN DOC (Banking Division) and is subject to capital adequacy requirements under Minnesota law.
As a registered investment company, ACC must observe certain governance, disclosure, record-keeping, operational and marketing requirements. ACC pays dividends to the parent company and is subject to capital requirements under applicable law and understandings with the SEC and the Minnesota Department of Commerce (“MN DOC”) (Banking Division). 12 Index Ameriprise Financial, Inc.
Similar complexity resulting from multiple standards exists for retirement investing where individual states and federal regulators continue to propose or enact their own rules. These legal and regulatory changes have impacted and may in the future impact how we are regulated and how we operate and govern our businesses.
We expect this trend to continue. Similar complexity resulting from 9 Index Ameriprise Financial, Inc. multiple standards exists for retirement investing where individual states and federal regulators continue to propose or enact their own rules.
This trend is especially true globally where regulators remain active, including in Europe. Any future regulation could potentially require new approaches which increase our regulatory burdens and costs. Many aspects of the regulation that applies to our Advice & Wealth Management segment also apply to our Asset Management segment.
As noted earlier, we continue to see enhanced legislative and regulatory interest regarding financial services in the U.S. through rules, regulatory priorities or general discussion. This trend is especially true globally where regulators remain active, including in Europe. Any future regulation could potentially require new approaches which increase our regulatory burdens and costs.
We expect the current U.S. administration will seek to implement a regulatory reform agenda that is significantly different from that of the previous administration, impacting the rulemaking, supervision, examination and enforcement priorities of the federal regulators and agencies.
In the U.S., we have seen a shift in the regulatory development and reform agenda that has impacted the supervision, examination and enforcement priorities of the federal regulators and agencies.
Our total rewards programs are designed to attract, retain, and motivate employees and align their pay outcomes to the achievement of the organization and business unit results, in addition to their individual performance. Weighing both individual goal achievement (the “what”) and leadership performance (the “how”) is critical to driving strong business results.
Total Rewards and Well-being Our total rewards program is designed to attract, retain, and motivate employees, aligning compensation with the best interests of our clients, recognizing organizational and individual performance. We consider both goal achievement (the “what”) and leadership performance (the “how”) as critical components of delivering business results.
States in the U.S. and jurisdictions outside the U.S. continue to add new complexity to the patchwork of laws and regulations already in existence relating to privacy, cybersecurity, artificial intelligence and other areas, and we expect this to continue at the federal and state level.
As states in the U.S. and other jurisdictions, both inside and outside the U.S., continue to add new complexity to these and other laws and regulations already in existence relating to privacy, sustainability and responsible investing, cybersecurity, AI and other areas, the potential for a patchwork of laws makes it more difficult for highly-regulated companies to address requirements.
As of December 31, 2024, our Asset Management segment had $681 billion in managed and advised assets. Our Asset Management segment also provides asset management services for Ameriprise Financial subsidiaries. The fees for such services are reflected within the Asset Management segment results through intersegment transfer pricing.
We may also earn performance fees from certain strategies where investment performance meets or exceeds certain pre-identified targets. As of December 31, 2025, our Asset Management segment had $721 billion in managed and advised assets. Our Asset Management segment also provides asset management services for Ameriprise Financial subsidiaries.
We have a competitive total compensation approach that includes base salary, annual cash awards and long-term incentives, as well as a comprehensive benefits strategy for employees that focuses on physical, social, emotional and financial wellness.
The program includes base salary, annual cash awards, long-term incentives and a comprehensive benefits strategy that supports physical, social, emotional and financial well-being. In 2025, we further enhanced our enterprise recognition program, reinforcing our commitment to appreciation and high-performance.
In 2024, our strong corporate culture yielded the following results: • Our overall employee engagement remains strong at 84% favorable - exceeding external benchmarks with key strengths in the categories of integrity, leader effectiveness, respect, and client focus.
The Compensation and Benefits Committee establishes the company’s compensation and benefits philosophy and objectives, while overseeing and approving the approach for senior leadership, ensuring disclosure to shareholders. 2025 Highlights • Our overall employee engagement remains strong at 83% favorable with key strengths in integrity, leader effectiveness, and client focus, with results for most questions exceeding our external benchmarks.
It is prohibited from accepting deposits or making personal or commercial loans.
ATC is primarily regulated by the MN DOC (Banking Division) and is subject to capital adequacy requirements under Minnesota law. It is prohibited from accepting deposits or making personal or commercial loans.
We continue to invest in the development of our leaders and employees with a comprehensive and modern learning strategy to help them grow and achieve their career potential at Ameriprise. We work closely with leaders to prioritize organizational stewardship, leadership excellence and operating effectiveness as we executed our business plans.
We offer programs and learning opportunities that build critical capabilities, strengthen leadership effectiveness, and support career advancement across the organization. In 2025, we worked with leaders to prioritize organizational stewardship, leadership excellence, and operating effectiveness as we executed our plans.
We continually invest in our human capital programs and capabilities to ensure a highly competitive employee value proposition. We seek to offer a comprehensive and competitive total rewards program that supports our employees in their overall financial and personal health and well-being.
Alongside, we continually invest in programs and capabilities to ensure a highly competitive employee value proposition, focused on culture, career, well-being, rewards and work environment. Workforce Overview We are committed to attracting, retaining, engaging, and developing a high-performing workforce.
Human Capital Management Ameriprise Financial has a strong values-driven and inclusive culture that is the foundation of all that we do. While our individual business lines serve different client needs, we have a common vision and values that drive our business and how we work with clients and each other.
Human Capital Management Ameriprise Financial’s values-driven culture is the foundation that guides our relentless focus on our clients. Our values of client focus, integrity, excellence and respect are foundational across all business lines and underpin our approach to human capital management.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAdverse developments with respect to our industry may also, by association, negatively impact our reputation or result in greater regulatory or legislative scrutiny or litigation against us. Misconduct by our employees and advisors may be difficult to detect and deter and may damage our reputation. This can include improper use of their authorized access to sensitive information.
Biggest changeMisconduct by our employees and advisors may be difficult to detect and deter and may damage our reputation. This can include improper use of their authorized access to sensitive information. Misconduct or errors by our employees and advisors could result in violations of law, regulatory sanctions and/or serious reputational or financial harm.
Fixed maturity, equity, trading securities and short-term investments, which are reported at fair value on the Consolidated Balance Sheets, represent the majority of our total cash and invested assets.
Fixed maturity, equity, trading securities and short-term investments, which are reported at fair value on our Consolidated Balance Sheets, represent the majority of our total cash and invested assets.
The potential effects of natural and man-made disasters and catastrophes on certain of our businesses include but are not limited to the following: (i) a catastrophic loss of life may materially increase the amount of or accelerate the timing in which benefits are paid under our insurance policies; (ii) an increase in claims and any resulting increase in claims reserves caused by a disaster may harm the financial condition of our reinsurers, thereby impacting the cost and availability of reinsurance and the probability of default on reinsurance recoveries; (iii) widespread unavailability of staff; and (iv) declines and volatility in the financial markets that may decrease the value of our assets under management and administration, which could harm our financial condition and reduce our management fees.
The potential effects of natural and man-made disasters and catastrophes on certain of our businesses include but are not limited to the following: (i) a catastrophic loss of life may materially increase the amount of or accelerate the timing in which benefits are paid under our insurance policies; (ii) an increase in claims and any resulting increase in claims reserves caused by a disaster may harm the financial condition of our reinsurers, thereby impacting the cost and availability of reinsurance and the probability of default on reinsurance recoveries; (iii) widespread unavailability of staff; and (iv) declines and volatility in the financial markets that may decrease the value of our assets under management, administration and advisement, which could harm our financial condition and reduce our management fees.
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, revenues and profitability.
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.
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 all of our businesses.
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.
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 ESG factors, changes in client or relationship management, loss of key investment management personnel and financial market performance.
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.
These impacts may reduce our aggregate amount of assets under management and reduce management fees. Poor investment performance could also adversely affect our ability to expand the distribution of our products through unaffiliated third parties.
These impacts may reduce our aggregate amount of assets under management and advisement and reduce management fees. Poor investment performance could also adversely affect our ability to expand the distribution of our products through unaffiliated third parties.
In July 2016, we finalized various confidential enhancements with Genworth Life Insurance Company that have been shared, in the normal course of regular reviews, with our Domiciliary Regulators and rating agencies.
In 2016, we finalized various confidential enhancements with Genworth Life Insurance Company that have been shared, in the normal course of regular reviews, with our Domiciliary Regulators and rating agencies.
We invest a portion of our owned assets in certain privately placed fixed income securities, mortgage loans, and limited partnership interests, all of which are relatively illiquid. These asset classes represented 8% of the carrying value of our investment portfolio as of December 31, 2024.
We invest a portion of our owned assets in certain privately placed fixed income securities, mortgage loans, and limited partnership interests, all of which are relatively illiquid. These asset classes represented 8% of the carrying value of our investment portfolio as of December 31, 2025.
Climate change may also influence investor sentiment with respect to the Company and investments in our portfolio and those available to clients through third parties. It may also impact other counterparties, including reinsurers, and affect the value of investments, including real estate investments we hold or manage for others.
Climate change may also influence investor sentiment with respect to Ameriprise and investments in our portfolio and those available to clients through third parties. It may also impact other counterparties, including reinsurers, and affect the value of investments, including real estate investments we hold or manage for others.
Such factors, which can be global, regional, national or local in nature, include: (i) the level and 16 Index Ameriprise Financial, Inc. 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 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.
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.
Failure to meet one or more of these requirements could, depending on the violation, limit Ameriprise’s ability to undertake new activities, continue certain activities, or make acquisitions other than those permitted generally for bank holding companies.
Failure to meet one or more of these requirements could, depending on the violation, limit our ability to undertake new activities, continue certain activities, or make acquisitions other than those permitted generally for bank holding companies.
As a result, these factors could materially adversely impact our financial condition and results of operations. These factors will also impact client behavior. Market downturns, stagnation, and volatility may cause, and have caused, individual investors to limit or decrease their participation in global markets negatively impacting our retail business and/or our product sales.
As a result, these factors could materially adversely impact our financial condition and results of operations. These factors may also impact client behavior. 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.
Although we have hedged 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.
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.
Artificial intelligence (including generative artificial intelligence) 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.
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.
Market conditions, regulatory actions, tax laws, and our competitive industry environment are among the reasons current shareholders in our mutual funds, closed-end funds, exchange traded 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).
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).
Business Risks Intense competition and the economies of scale for larger competitors could negatively impact our ability to maintain or increase our market share and profitability.
Business Risks Intense competition, new technologies and the economies of scale for larger competitors could negatively impact our ability to maintain or increase our market share and profitability.
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 pay our expenses and dividends.
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.
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. Discontinuing the sale of new fixed annuities and variable annuities with living benefits will lessen this risk over time.
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. We discontinued the sale of new fixed annuities and variable annuities with living benefits, which we believe will lessen this risk over time.
Further, a number of the products and services we make available to our clients are those offered by third parties and negative perceptions of these financial products and services (or the financial industry in general) may impact the number of withdrawals and redemptions or reduce purchases made by our clients, which would adversely impact the levels of our assets under management.
Further, a number of the products and services we make available to our clients are those offered by third parties and negative perceptions of these financial products and services (or the financial industry in general) may impact the number of withdrawals and 16 Index Ameriprise Financial, Inc. redemptions or reduce purchases made by our clients, which would adversely impact the levels of our assets under management.
Depending on 17 Index Ameriprise Financial, Inc. 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. Changes in interest rates may affect our results of operations and financial condition.
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. Changes in interest rates may affect our results of operations and financial condition.
The occurrence of any one of these risks could negatively affect our international business and, consequently, our results of operations generally. Additionally, operating in international markets also requires significant management attention and financial resources and we cannot be certain these operations will produce desired levels of revenues or profitability. 25 Index Ameriprise Financial, Inc.
The occurrence of any one of these risks could negatively affect our international business and, consequently, our results of operations generally. Additionally, operating in international markets also requires significant management attention and financial resources and we cannot be certain these operations will produce desired levels of revenues or profitability.
Risks in divestiture transactions (many of which are present in sales of insurance blocks via reinsurance) include difficulties in the separation of the disposed business, retention of obligations to indemnify for certain liabilities, the failure of counterparties to satisfy payment obligations, unfavorable market conditions that may impact any earnout or contingency payment due to us, if any, and unexpected difficulties in losing employees of the disposed business.
Risks in divestiture transactions (many of which are present in sales of insurance blocks via reinsurance) include difficulties in the separation of the disposed business, retention of obligations to indemnify for certain liabilities, the failure of counterparties to satisfy 25 Index Ameriprise Financial, Inc. payment obligations, unfavorable market conditions that may impact any earnout or contingency payment due to us, if any, and unexpected difficulties in losing employees of the disposed business.
For most of our life insurance 21 Index Ameriprise Financial, Inc. and deferred annuity products, actual persistency that is lower than our persistency assumptions could have an adverse impact on profitability, especially in the early years of a policy or contract because we would be required to accelerate the amortization of expenses we deferred in connection with the acquisition of the policy or contract.
For most of our life insurance and deferred annuity products, actual persistency that is lower than our persistency assumptions could have an adverse impact on profitability, especially in the early years of a policy or contract because we would be required to accelerate the amortization of expenses we deferred in connection with the acquisition of the policy or contract.
Many of the products we offer or on which our businesses are based (including both insurance products and non-insurance products) receive favorable treatment under current U.S. federal income or estate tax law.
Many of the products we offer or on which our businesses are based (including both insurance products and non-insurance products) receive favorable treatment under current income or estate tax law.
We have established policies and implemented such technical and operational measures ourselves and have in place policies that require our service providers and franchisee advisors, each of which control locally their own technology operations, to do the same. The hybrid work environment among our employees adds complexity to monitoring and processing procedures.
We have established policies and implemented 22 Index Ameriprise Financial, Inc. such technical and operational measures ourselves and have in place policies that require our service providers and franchisee advisors, each of which control locally their own technology operations, to do the same. The hybrid work environment among our employees adds complexity to monitoring and processing procedures.
Downturns and volatility in markets or the departure of a key client have had, and may in the future have, an adverse effect on the revenues and returns from our asset management services, retail advisory accounts, variable annuity contracts, banking products and other products.
Downturns and volatility in markets or the departure of key clients or advisors have had, and may in the future have, an adverse effect on the revenues and returns from our asset management services, retail advisory accounts, variable annuity contracts, banking products and other products.
Costs of compliance may be driven by how these laws and regulations and the scale of Ameriprise Bank evolves over the course of time as well as strategic acquisitions and other growth strategies we pursue in the future.
Costs of compliance may be driven by how 26 Index Ameriprise Financial, Inc. these laws and regulations and the scale of Ameriprise Bank evolves over the course of time as well as strategic acquisitions and other growth strategies we pursue in the future.
Reserves do not represent an exact calculation of the liability but, rather, are estimates of contract benefits and related expenses we expect to incur over time. The assumptions and estimates we make in establishing reserves require certain judgments about future experience and, therefore, are inherently uncertain.
Reserves do not represent an exact calculation of the liability but, rather, are estimates of contract 20 Index Ameriprise Financial, Inc. benefits and related expenses we expect to incur over time. The assumptions and estimates we make in establishing reserves require certain judgments about future experience and, therefore, are inherently uncertain.
Also, it is possible that the regulatory scrutiny of, and litigation in connection with, conflicts of interest will make our clients less willing to enter into transactions with us or in certain products or services we offer, which would adversely affect our businesses. 22 Index Ameriprise Financial, Inc.
Also, it is possible that the regulatory scrutiny of, and litigation in connection with, conflicts of interest will make our clients less willing to enter into transactions with us or in certain products or services we offer, which would adversely affect our businesses.
Despite the measures we have taken and may in the future take to address and mitigate cybersecurity, privacy and technology risks, we cannot be certain that our systems and networks, or those used by our vendors and franchisees, will not be subject to successful 23 Index Ameriprise Financial, Inc. attacks, breaches or interference.
Despite the measures we have taken and may in the future take to address and mitigate cybersecurity, privacy and technology risks, we cannot be certain that our systems and networks, or those used by our vendors and franchisees, will not be subject to successful attacks, breaches or interference.
The sale of third-party products to our clients (and further expansion of our advisor network’s product suite to include additional products of unaffiliated insurance companies and asset managers) may lower sales of our companies’ own products, lead to higher surrenders or redemptions, or other developments which might not be fully offset by higher distribution revenues or other benefits, possibly resulting in an adverse effect on our results of operations.
The sale of third-party products to our clients (and further expansion of our advisor network’s product suite to include additional products of unaffiliated insurance companies and asset managers) may lower sales of our products, lead to higher surrenders or redemptions, or other developments which might not be fully offset by higher distribution revenues or other benefits, possibly resulting in an adverse effect on our results of operations. 19 Index Ameriprise Financial, Inc.
Pending legal and regulatory actions include proceedings relating to aspects of our businesses and operations that are specific to us and proceedings that are typical of the industries and businesses in which we operate. Some of these proceedings have been brought on behalf of various alleged classes of complainants. 26 Index Ameriprise Financial, Inc.
Pending legal and regulatory actions include proceedings relating to aspects of our businesses and operations that are specific to us and proceedings that are typical of the industries and businesses in which we operate. Some of these proceedings have been brought on behalf of various alleged classes of complainants.
Although we are not required to do so, we have elected in the past, and we may elect in the future, to compensate clients for losses incurred in response to such events, provide clients with temporary credit or liquidity or other support related to products that we manage, or provide credit liquidity or other support to the financial products we manage.
Although we are not required to do so, we may elect to compensate clients for losses incurred in response to such events, provide clients with temporary credit or liquidity or other support related to products that we manage, or provide credit liquidity or other support to the financial products we manage.
With respect to secured transactions, our credit risk may be exacerbated when the collateral we 19 Index Ameriprise Financial, Inc. hold cannot be realized upon or is liquidated at prices insufficient to recover the full amount of the loan or derivative exposure.
With respect to secured transactions, our credit risk may be exacerbated when the collateral we hold cannot be realized upon or is liquidated at prices insufficient to recover the full amount of the loan or derivative exposure.
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.
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. 17 Index Ameriprise Financial, Inc.
In 18 Index Ameriprise Financial, Inc. addition, rating agencies continually evolve their ratings and other methodologies, and these changes can be to our detriment or benefit and have a material impact on how we view our liquidity and capital.
In addition, rating agencies continually evolve their ratings and other methodologies, and these changes can be to our detriment or benefit and have a material impact on how we view our liquidity and capital.
Additionally, in the past we have found it necessary and advisable to provide support to certain of our subsidiaries in order to maintain adequate capital for regulatory or other purposes and we may provide such support in the future.
Additionally, in the past we have found it necessary and 24 Index Ameriprise Financial, Inc. advisable to provide support to certain of our subsidiaries in order to maintain adequate capital for regulatory or other purposes and we may provide such support in the future.
The development and introduction of new products and services, including the creation of Asset Management and other products with a focus on environmental, social and governance matters, require continued innovative effort and may require significant time, resources, and ongoing support.
The development and introduction of new products and services, including the creation of Asset Management and other products with a focus on values-based matters, require continued innovative effort and may require significant time, resources, and ongoing support.
Any such failure, termination or constraint or flawed execution or response could adversely impact our ability to effect transactions, service our clients, manage our exposure to risk, or otherwise achieve desired outcomes.
Any such failure, termination or constraint or flawed execution or response could adversely impact our ability to effect transactions, service our clients, manage our exposure to risk, or otherwise achieve desired outcomes. 23 Index Ameriprise Financial, Inc.
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 (including in recent well-publicized security breaches at other companies), 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.
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.
Further, avoiding introducing or encouraging certain new products (such as cryptocurrency) creates the risk of losing assets or new flows to 24 Index Ameriprise Financial, Inc. competitors who encourage or support those products.
Further, avoiding introducing or encouraging certain new products (such as cryptocurrency) creates the risk of losing assets or new flows to competitors who encourage or support those products.
Fully integrating an acquired company or business into our operations (such as our 2021 acquisition of the BMO Global Asset Management (EMEA) business) takes a significant amount of time and attention and incurs both expected and unexpected integration costs over several years. Integrations, particularly larger and more global integrations, are time-consuming and expensive and could significantly disrupt our business.
Fully integrating an acquired company or business into our operations takes a significant amount of time and attention and incurs both expected and unexpected integration costs over several years. Integrations, particularly larger and more global integrations, are time-consuming and expensive and could significantly disrupt our business.
Capital and credit market volatility or a sudden devaluation of a specific product or security (such as the broad impacts experienced from the 2023 regional bank crisis) can exacerbate, and has exacerbated, the risk of third-party defaults, bankruptcy filings, foreclosures, legal actions and other events that may limit the value of or restrict our access and our clients’ access to cash and investments.
Capital and credit market volatility or a sudden devaluation of a specific product or security can exacerbate, and has exacerbated, the risk of third-party defaults, bankruptcy filings, foreclosures, legal actions and other events that may limit the value of or restrict our access and our clients’ access to cash and investments.
In some cases, we could be required to apply a new or revised standard retrospectively, resulting in our restating prior period financial statements. Item 1B. Unresolved Staff Comments None.
In some cases, we could be required to apply a new or revised standard retrospectively, resulting in our restating prior period financial statements.
The number of threats and events has increased substantially every year, which is expected to continue, particularly as the use of artificial intelligence makes these attempts look more legitimate.
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.
Misconduct or errors by our employees and advisors could result in violations of law, regulatory sanctions and/or serious reputational or financial harm. Misconduct or mistakes can occur in each of our businesses. We cannot always prevent misconduct by our employees and advisors, and the precautions we take to prevent and detect this activity may not be effective in all cases.
Misconduct or mistakes can occur in each of our businesses. We cannot always prevent misconduct by our employees and advisors, and the precautions we take to prevent and detect this activity may not be effective in all cases.
Decreases in value may have a material adverse effect on our results of operations or financial condition. The determination of the amount of allowances taken on certain loans and investments is subject to management’s evaluation and judgment and could materially impact our results of operations or financial position.
The determination of the amount of allowances taken on certain loans and investments is subject to management’s evaluation and judgment and could materially impact our results of operations or financial position.
As such, valuations may include inputs and assumptions that are less observable and may require greater estimation as well as valuation methods that are more sophisticated, 20 Index Ameriprise Financial, Inc. which may result in values less than the value at which the investments may be ultimately sold.
As such, valuations may include inputs and assumptions that are less observable and may require greater estimation as well as valuation methods that are more sophisticated, which may result in values less than the value at which the investments may be ultimately sold. Decreases in value may have a material adverse effect on our results of operations or financial condition.
Although we use a broad range of measures to protect our intellectual property rights, third parties may infringe or misappropriate our intellectual property or attempt to use the same to defraud others.
We rely on a combination of contractual rights and copyright, trademark, patent registrations and trade secret laws to establish and protect our intellectual property. Although we use a broad range of measures to protect our intellectual property rights, third parties may infringe or misappropriate our intellectual property or attempt to use the same to defraud others.
Additionally, a failure to develop new products and services, or successfully manage associated operational risks, could harm our reputation and potentially expose us to additional costs, or negative public relations or social media campaigns. Any negative incidents can quickly erode trust and confidence, particularly if they result in adverse mainstream and social media publicity, governmental audits or investigations or litigation.
Additionally, a failure to develop new products and services, or successfully manage associated operational risks, could harm our reputation and potentially expose us to additional costs, or negative public relations or social media campaigns.
Changes in U.S. federal income or estate tax law could 27 Index Ameriprise Financial, Inc. reduce or eliminate the tax advantages of certain of our products and thus make such products less attractive to clients or cause a change in client demand and activity.
Changes in current income or estate tax law could reduce or eliminate the tax advantages of certain of our products and thus make such products less attractive to clients or cause a change in client demand and activity. We may not be able to protect our intellectual property and may be subject to infringement claims.
A drop in our investment performance as compared to that of our competitors could negatively impact our revenues and profitability. 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 economies of scale.
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.
Furthermore, our competitors may be better able to address trends, structural changes, or movement of assets resulting from industry changes or in response to the uncertain regulatory environment in the U.S. and around the world. We could experience lower sales, higher costs, technology obsolescence or other developments that could negatively impact our results of operations.
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.
If we experience a prolonged inability to attract and retain qualified individuals or our recruiting and retention costs increase significantly, our financial condition and results of operations could be materially adversely impacted. The negative performance or default by other financial institutions or other third parties could adversely affect us.
Prolonged challenges in attracting and retaining talent, or significant increases in related costs, could materially impact our financial performance. The negative performance or default by other financial institutions or other third parties could adversely affect us.
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Our continued success depends on our ability to attract, motivate, engage and retain high-performing and high-potential talent in a highly competitive industry. Although the employment market is stabilizing compared to recent years, the financial services sector remains a highly competitive industry, especially for top talent.
Added
We could experience lower sales, higher costs, talent loss, technology obsolescence or other developments that could negatively impact our results of operations. A drop in our investment performance as compared to that of our competitors could negatively impact our revenues and profitability.
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We proactively assess retention risks and invest in our employees to remain an employer of choice. Additionally, we have diversified our geographic footprint to attract and retain top talent globally, including expanding our workforce in India.
Added
Our success relies on attracting, engaging and retaining top talent in an increasingly competitive market. While the job market has cooled in some industries, financial services remains exceptionally competitive for the best talent. We actively manage retention risks and invest in our people to sustain our position as an employer of choice.
Removed
We are also dependent on our network of advisors to drive growth and results in our wealth management business (and for a significant portion of the sales of our products). Recruiting and retaining financial advisors is highly competitive and constantly evolving.
Added
To expand access to top talent, we have strategically broadened our footprint, ensuring we have the right capabilities in place to support long-term growth. 18 Index Ameriprise Financial, Inc. A robust advisor network underpins our wealth management growth, requiring focused recruitment, retention, and succession planning as demographics shift.
Removed
The investment performance of our asset management products and services, as well as retention of our products and services by our clients, depend on the strategies and decisions of our portfolio managers and analysts.
Added
In asset management, delivering strong performance and sustaining client relationships depends on the strategic decisions of our portfolio managers and analysts. Regulatory changes and industry trends can alter competitive dynamics or adversely affect our business. Loss of employees or advisors without succession plans increases the risk of client attrition.
Removed
From time to time there are regulatory-driven or other trends and developments within the industry that could potentially impact the dynamics between us and our competitors or negatively impact our business.
Added
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.
Removed
If employees or advisors who maintain relationships with our clients leave or retire without succession plans, we may not be able to retain valuable relationships, and our clients may choose to leave for a competitor.
Added
Any negative incidents can quickly erode trust and confidence, particularly if they result in adverse mainstream and social media publicity, governmental audits or investigations or litigation. Adverse developments with respect to our industry may also, by association, negatively impact our reputation or result in greater regulatory or legislative scrutiny or litigation against us. 21 Index Ameriprise Financial, Inc.
Removed
In addition, the regulatory framework and expectations relating to the use of artificial intelligence are in their early stages as is the use (and how we manage the use) of artificial intelligence in our business.
Added
We and our vendors, along with developers of AI solutions, rely on third‑party and commercial AI technologies that could introduce risks that are not anticipated by existing governance, vendor risk management and model oversight frameworks. Failure to adequately mitigate such risks at the design or development stage could lead to problems when AI technologies are deployed.
Removed
We may not be able to protect our intellectual property and may be subject to infringement claims. We rely on a combination of contractual rights and copyright, trademark, patent registrations and trade secret laws to establish and protect our intellectual property.
Added
A growing patchwork of state AI laws with differing definitions, obligations and compliance expectations may require adjustments to our processes, documentation and oversight of third‑party technology, and how we manage AI use in our business.
Added
At the same time, more prescriptive frameworks in certain jurisdictions—such as the European Union—include detailed governance, transparency and reporting expectations that may not align with expectations or requirements elsewhere, increasing operational complexity.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur executive Vice President of Technology and Chief Information Officer, our Chief Information Security Officer, and other officers regularly review with our Board of Directors and the Audit and Risk Committee topics such as the following: the cyber threat landscape; the design, effectiveness and ongoing enhancement of our capabilities to identify, protect, detect, respond to and recover from cyber threats and events; and any incidents that merit discussion.
Biggest changeOur executive Vice President of Technology and Chief Information Officer, our Chief Information Security Officer, our Chief Risk Officer and other officers regularly review with our Board of Directors and the Audit and Risk Committee topics such as the following: the cyber threat landscape, including evolving trends such as the use of Generative AI in cyber threats; the design, effectiveness and ongoing enhancement of our capabilities to identify, protect, detect, respond to and recover from cyber threats and events; and any incidents that merit discussion.
We make ongoing investments in our technology infrastructure to support cybersecurity efforts and support reliability and the user experience. We offer clients and advisors a variety of options to help secure their information, including multi-factor authentication and the use of secure messaging sites.
We make ongoing investments in our technology infrastructure to support cybersecurity efforts and support reliability and the user experience. We offer clients and advisors a variety of options to help secure their information, including requiring multi-factor authentication and the use of secure messaging sites.
We have documented expectations for the patching and updating of our software environment and set similar expectations for our financial advisors and third-party service providers where they retain control of their environment. Our cybersecurity approach supports both business 28 Index Ameriprise Financial, Inc. continuity and risk mitigation.
We have documented expectations for the patching and updating of our software environment and set similar expectations for our financial advisors and third-party service providers where they retain control of their environment. Our cybersecurity approach supports both business continuity and risk mitigation.
These updates to the Audit and Risk Committee include a review of prevailing material risks and exposures, including cybersecurity and data protection threats and risks, the actions taken to address these threats and mitigate these risks, and the design and effectiveness of our processes and controls in light of evolving market, business, regulatory, and other conditions.
These updates to the Audit and Risk Committee include a review of prevailing material risks and exposures, including cybersecurity and data 28 Index Ameriprise Financial, Inc. protection threats and risks, the actions taken to address these threats and mitigate these risks, and the design and effectiveness of our processes and controls in light of evolving market, business, regulatory, and other conditions.
During 2024, the Audit and Risk Committee reviewed and received reports on our identity theft prevention and privacy programs, including the following topics: emerging risks, identity theft threats, experience and trends; the effectiveness of existing controls and planned enhancements to controls; and key areas of focus for the identity theft and privacy programs. 29 Index Ameriprise Financial, Inc.
During 2025, the Audit and Risk Committee reviewed and received reports on our identity theft prevention and privacy programs, including the following topics: emerging risks, identity theft threats, experience and trends; the effectiveness of existing controls and planned enhancements to controls; and key areas of focus for the identity theft and privacy programs.
Some third-party service providers contracted outside of the formal procurement process may still be subject to providing information about their security programs based on services performed.
Some third-party service providers who enter into contracts with us outside of the formal procurement process may still be subject to providing information about their security programs based on services performed.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeItem 2. Properties We operate our business from two principal locations, both of which are located in Minneapolis, Minnesota: the Ameriprise Financial Center, a 959,000 square foot building that we lease, and the Ameriprise Financial Headquarters, an 871,000 square foot building, that we own.
Biggest changeItem 2. Properties The Ameriprise Financial Headquarters is an 871,000 square foot building that we own, located in Minneapolis, Minnesota. In 2025, we completed the process to consolidate our Minneapolis office footprint, and we completed the move of all our Minneapolis based employees to the Ameriprise Financial Headquarters on April 21, 2025.
We are also opening a new support office in Hyderabad, India in early 2025. • We also occupy a Charlotte, North Carolina location in a 53,000 square feet space that we lease for corporate and business support. We believe that the facilities owned or occupied by our company suit our needs and are well maintained.
We also opened a new support office in Hyderabad, India in early 2025. • We also occupy a Charlotte, North Carolina location in a 53,000 square feet space that we lease for corporate and business support. We believe that the facilities owned or occupied by our company suit our needs and are well maintained.
Columbia Threadneedle also leases approximately 66,000 square feet of a shared building in London plus an additional 60,000 square feet in three shared buildings in London (as well as additional locations in Swindon, U.K., Dorking, U.K. and Edinburgh, U.K.), approximately 39,000 square feet of a shared building in New York and also leases property in a number of other cities to support its global operations; • Las Vegas, Nevada (supporting aspects of our Advice & Wealth Management businesses) and Gurugram and Noida, India (supporting our broader business in the U.S. and globally).
Columbia Threadneedle also leases approximately 74,000 square feet of shared buildings in London (as well as additional locations in Swindon, U.K., Dorking, U.K. and Edinburgh, U.K.), approximately 39,000 square feet of a shared building in New York and also leases property in a number of other cities to support its global operations. • Las Vegas, Nevada (supporting aspects of our Advice & Wealth Management businesses) and Gurugram and Noida, India (supporting our broader business in the U.S. and globally).
Generally, we lease the premises we occupy in other locations, including the 38,000 square foot executive offices that we lease in New York City and branch offices for our employee advisors throughout the U.S. Our other principal leases are in the following locations: • Columbia Threadneedle occupies 82,000 square feet of offices in Boston.
The long-term lease we held at the Ameriprise Financial Center, a 959,000 square foot building we previously occupied, expired on October 31, 2025. Generally, we lease the premises we occupy in other locations, including the 38,000 square foot executive offices that we lease in New York City and branch offices for our employee advisors throughout the U.S.
Removed
In 2023, we started the process to consolidate our Minneapolis office footprint, and we plan to move all our Minneapolis based employees to the Ameriprise Financial Headquarters by June 30, 2025.
Added
Our other principal leases are in the following locations: • Columbia Threadneedle occupies 82,000 square feet of offices in Boston.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeItem 3. Legal Proceedings For a discussion of material legal proceedings, see Note 26 to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference. Item 4. Mine Safety Disclosures Not applicable. 30 Index Ameriprise Financial, Inc. PART II.
Biggest changeItem 3. Legal Proceedings For a discussion of material legal proceedings, see Note 26 to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference. Item 4. Mine Safety Disclosures Not applicable. 29 Index Ameriprise Financial, Inc. PART II.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeItem 4. Mine Safety Disclosures 30 PART II 31 Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 56 Item 8.
Biggest changeItem 4. Mine Safety Disclosures 29 PART II 30 Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 30 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 55 Item 8.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest change(1) On July 24, 2023, our Board of Directors authorized an additional $3.5 billion for the repurchase of our common stock through September 30, 2025.
Biggest change(1) On July 24, 2023, our Board of Directors authorized $3.5 billion for the repurchase of our common stock through September 30, 2025, which was exhausted during the second quarter of 2025. On April 22, 2025, our Board of Directors authorized $4.5 billion for the repurchase of our common stock through June 30, 2027.
Information regarding our equity compensation plans can be found in Part III, Item 12 of this Annual Report on Form 10-K. Information comparing the cumulative total shareholder return on our common stock to the cumulative total return for certain indices is set forth under the heading “Performance Graph” provided in our 2024 Annual Report to Shareholders and is furnished herewith.
Information regarding our equity compensation plans can be found in Part III, Item 12 of this Annual Report on Form 10-K. Information comparing the cumulative total shareholder return on our common stock to the cumulative total return for certain indices is set forth under the heading “Performance Graph” provided in our 2025 Annual Report to Shareholders and is furnished herewith.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock trades principally on The New York Stock Exchange under the trading symbol AMP. As of February 7, 2025, we had approximately 11,118 common shareholders of record.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock trades principally on The New York Stock Exchange under the trading symbol AMP. As of February 6, 2026, we had approximately 10,465 common shareholders of record.
Share Repurchases The following table presents the information with respect to purchases made by or on behalf of Ameriprise Financial, Inc. or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act), of our common stock during the fourth quarter of 2024: (a) (b) (c) (d) Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) October 1, 2024 to October 31, 2024 Share repurchase program (1) 355,544 $ 510.95 355,544 $ 1,325,717,875 Employee transactions (2) 25,979 $ 502.42 N/A N/A November 1, 2024 to November 30, 2024 Share repurchase program (1) 406,996 $ 554.89 406,996 $ 1,099,878,072 Employee transactions (2) 93,420 $ 560.03 N/A N/A December 1, 2024 to December 31, 2024 Share repurchase program (1) 384,296 $ 551.67 384,296 $ 887,872,922 Employee transactions (2) 18,229 $ 556.12 N/A N/A Totals Share repurchase program (1) 1,146,836 $ 540.19 1,146,836 Employee transactions (2) 137,628 $ 548.64 N/A 1,284,464 1,146,836 N/A Not applicable.
Share Repurchases The following table presents the information with respect to purchases made by or on behalf of Ameriprise Financial, Inc. or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act), of our common stock during the fourth quarter of 2025: (a) (b) (c) (d) Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) October 1, 2025 to October 31, 2025 Share repurchase program (1) 286,271 $ 485.73 286,271 $ 3,371,951,866 Employee transactions (2) 504 $ 475.52 N/A N/A November 1, 2025 to November 30, 2025 Share repurchase program (1) 703,992 $ 459.36 703,992 $ 3,048,564,577 Employee transactions (2) 4,690 $ 456.88 N/A N/A December 1, 2025 to December 31, 2025 Share repurchase program (1) 890,318 $ 488.31 890,318 $ 2,613,814,046 Employee transactions (2) 12,574 $ 487.39 N/A N/A Totals Share repurchase program (1) 1,880,581 $ 477.08 1,880,581 Employee transactions (2) 17,768 $ 479.00 N/A 1,898,349 1,880,581 N/A Not applicable.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThe following table presents the segment pretax adjusted operating impacts on our revenues and expenses attributable to our annual assumption updates, referred to as unlocking, for the years ended December 31: Segment Pretax Adjusted Operating Increase (Decrease) 2024 2023 Retirement & Protection Solutions Corporate Retirement & Protection Solutions Corporate (in millions) Premiums, policy and contract charges $ (5) $ — $ 1 $ — Total revenues (5) — 1 — Benefits, claims, losses and settlement expenses 4 — (17) — Remeasurement (gains) losses of future policy benefit reserves: LTC unlocking — 4 — (5) Unlocking, excluding LTC (24) — (6) — Total remeasurement (gains) losses of future policy benefit reserves (24) 4 (6) (5) Change in fair value of market risk benefits 105 — 128 — Total benefits and expenses 85 4 105 (5) Pretax income (loss) $ (90) $ (4) $ (104) $ 5 Advice & Wealth Management The following table presents Advice & Wealth Management total client assets as of December 31: 2024 2023 (in billions) Wrap assets (1) $ 573.9 $ 488.2 Brokerage and other assets (1) 455.0 412.3 Total client assets $ 1,028.9 $ 900.5 (1) Total cash balances (included in the wrap and brokerage and other assets above) $ 85.4 $ 81.5 Total client assets increased $128.4 billion, or 14%, to $1.0 trillion compared to a year ago primarily due to market appreciation and client net inflows.
Biggest changeThe following table presents summary financial information by segment: Years Ended December 31, 2025 2024 (in millions) Advice & Wealth Management Net revenues $ 11,741 $ 10,780 Expenses 8,330 7,547 Adjusted operating earnings $ 3,411 $ 3,233 Asset Management Net revenues $ 3,621 $ 3,515 Expenses 2,605 2,595 Adjusted operating earnings $ 1,016 $ 920 Retirement & Protection Solutions Net revenues $ 3,955 $ 3,773 Expenses 3,109 3,047 Adjusted operating earnings $ 846 $ 726 Corporate & Other Net revenues $ 427 $ 454 Expenses 823 897 Adjusted operating loss $ (396) $ (443) The following table presents the segment pretax adjusted operating impacts on our revenues and expenses attributable to our annual assumption updates, referred to as unlocking, for the years ended December 31: Segment Pretax Adjusted Operating Increase (Decrease) 2025 2024 Retirement & Protection Solutions Corporate Retirement & Protection Solutions Corporate (in millions) Premiums, policy and contract charges $ 117 $ — $ (5) $ — Other revenues — 3 — — Total revenues 117 3 (5) — Benefits, claims, losses and settlement expenses 16 — 4 — Remeasurement (gains) losses of future policy benefit reserves: LTC unlocking — 26 — 4 Unlocking, excluding LTC (10) — (24) — Total remeasurement (gains) losses of future policy benefit reserves (10) 26 (24) 4 Change in fair value of market risk benefits 94 — 105 — Total benefits and expenses 100 26 85 4 Pretax income (loss) $ 17 $ (23) $ (90) $ (4) Advice & Wealth Management The following table presents Advice & Wealth Management total client assets as of December 31: 2025 2024 (in billions) Wrap assets (1) $ 670.4 $ 573.9 Brokerage and other assets (1) 495.0 455.0 Total client assets $ 1,165.4 $ 1,028.9 (1) Total cash balances (included in the wrap and brokerage and other assets above) $ 87.0 $ 85.4 Total client assets increased $136.5 billion, or 13%, to $1.2 trillion compared to a year ago primarily due to market appreciation and client net inflows. 41 Index Ameriprise Financial, Inc.
While our Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), management believes that adjusted operating measures, which exclude net realized investment gains or losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and universal life (“UL”) insurance contracts), net of hedges and the reinsurance accrual; mean reversion related impacts (the impact on variable annuity and variable universal life (“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; 32 Index Ameriprise Financial, Inc. income (loss) from discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.
While our Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), management believes that adjusted operating measures, which exclude net realized investment gains or losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and universal life (“UL”) insurance contracts), net of hedges and the reinsurance accrual; mean reversion related impacts (the impact on variable annuity and variable universal life (“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; 31 Index Ameriprise Financial, Inc. income (loss) from discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.
Such factors include, but are not limited to: • market fluctuations and general economic and political factors, including volatility in the U.S. and global market conditions, client behavior and volatility in the markets for our products; • changes in interest rates; • adverse capital and credit market conditions or any downgrade in our credit ratings; • effects of competition and our larger competitors’ economies of scale; • declines in our investment management performance; • our ability to compete in attracting and retaining talent, including financial advisors; • impairment, negative performance or default by financial institutions or other counterparties; • the ability to maintain our unaffiliated third-party distribution channels and the impacts of sales of unaffiliated products; • changes in valuation of securities and investments included in our assets; • the determination of the amount of allowances taken on loans and investments; • the illiquidity of some of our investments; • failures or defaults by counterparties to our reinsurance arrangements; • failures by other insurers that lead to higher assessments we owe to state insurance guaranty funds; • inadequate reserves for future policy benefits and claims or for future redemptions and maturities; • deviations from our assumptions regarding morbidity, mortality and persistency affecting our insurance profitability; • damage to our reputation arising from employee or advisor misconduct or otherwise; • direct or indirect effects of or responses to climate change; • interruptions or other failures in our operating systems and networks, including errors or failures caused by third-party service providers, interference or third-party attacks; • interruptions or other errors in our telecommunications or data processing systems; • identification and mitigation of risk exposure in market environments, new products, vendors and other types of risk; • ability of our subsidiaries to transfer funds to us to pay dividends; • changes in exchange rates and other risks in connection with our international operations and earnings and income generated overseas; • occurrence of natural or man-made disasters and catastrophes; • risks in acquisition transactions, or other potential strategic acquisitions or divestitures; • legal and regulatory actions brought against us; • changes to laws and regulations that govern operation of our business; • supervision by bank regulators and related regulatory and prudential standards as a savings and loan holding company that may limit our activities and strategies; • changes in corporate tax laws and regulations and interpretations and determinations of tax laws impacting our products; • protection of our intellectual property and claims we infringe the intellectual property of others; and • changes in and the adoption of new accounting standards.
Such factors include, but are not limited to: • market fluctuations and general economic and political factors, including volatility in the U.S. and global market conditions, client behavior and volatility in the markets for our products; • changes in interest rates; • adverse capital and credit market conditions or any downgrade in our credit ratings; • effects of competition and our larger competitors’ economies of scale; • declines in our investment management performance; • our ability to compete in attracting and retaining talent, including financial advisors; • impairment, negative performance or default by financial institutions or other counterparties; • the ability to maintain our unaffiliated third-party distribution channels and the impacts of sales of unaffiliated products; • changes in valuation of securities and investments included in our assets; • the determination of the amount of allowances taken on loans and investments; • the illiquidity of some of our investments; • failures or defaults by counterparties to our reinsurance arrangements; • failures by other insurers that lead to higher assessments we owe to state insurance guaranty funds; • inadequate reserves for future policy benefits and claims or for future redemptions and maturities; 54 Index Ameriprise Financial, Inc. • deviations from our assumptions regarding morbidity, mortality and persistency affecting our insurance profitability; • damage to our reputation arising from employee or advisor misconduct or otherwise; • direct or indirect effects of or responses to climate change; • interruptions or other failures in our operating systems and networks, including errors or failures caused by third-party service providers, interference or third-party attacks; • interruptions or other errors in our telecommunications or data processing systems; • identification and mitigation of risk exposure in market environments, new products, vendors and other types of risk; • ability of our subsidiaries to transfer funds to us to pay dividends; • changes in exchange rates and other risks in connection with our international operations and earnings and income generated overseas; • occurrence of natural or man-made disasters and catastrophes; • risks in acquisition transactions, or other potential strategic acquisitions or divestitures; • legal and regulatory actions brought against us; • changes to laws and regulations that govern operation of our business; • supervision by bank regulators and related regulatory and prudential standards as a savings and loan holding company that may limit our activities and strategies; • changes in corporate tax laws and regulations and interpretations and determinations of tax laws impacting our products; • protection of our intellectual property and claims we infringe the intellectual property of others; and • changes in and the adoption of new accounting standards.
(2) Global Institutional inflows and outflows include net flows from our SVA product and Ameriprise Bank. (3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance, excluding net flows related to our structured variable annuity product and Ameriprise Bank. (4) Assets under advisement are presented on a one-quarter lag.
(2) Global Institutional inflows and outflows include flows from our structured variable annuity product and Ameriprise Bank. (3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance, excluding net flows related to our structured variable annuity product and Ameriprise Bank. (4) Assets under advisement are presented on a one-quarter lag.
References to “Ameriprise Financial,” “Ameriprise,” the “Company,” “we,” “us,” and “our” refer to Ameriprise Financial, Inc. exclusively, to our entire family of companies, or to one or more of our subsidiaries. Overview Ameriprise Financial is a diversified financial services company with a 130-year history of providing financial solutions.
References to “Ameriprise Financial,” “Ameriprise,” the “Company,” “we,” “us,” and “our” refer to Ameriprise Financial, Inc. exclusively, to our entire family of companies, or to one or more of our subsidiaries. Overview Ameriprise Financial is a diversified financial services company with a more than 130-year history of providing financial solutions.
Thus, management believes that our agreement and offsetting non-LTC legacy arrangements with Genworth will enable RiverSource Life to recover on all net exposure in all material respects in the event of a rehabilitation or insolvency of GLIC.
Thus, management believes that our agreement and offsetting non-LTC legacy arrangements with GLIC will enable RiverSource Life to recover on all net exposure in all material respects in the event of a rehabilitation or insolvency of GLIC.
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, acquisition integration, benefits and claims expenses, general and administrative costs, consolidated tax rate, return of capital to shareholders, debt repayment and excess capital position and financial flexibility to capture additional growth 54 Index Ameriprise Financial, Inc. opportunities; • statements about the expected trend in the shift to lower-risk products, including the exit from variable annuities with living benefit riders; • statements about the anticipated deposit growth or statements about rising interest rates and the impacts on investment portfolio yield; • other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets; and • statements of assumptions underlying such 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, acquisition integration, benefits and claims expenses, general and administrative costs, consolidated tax rate, return of capital to shareholders, debt repayment and excess capital position and financial flexibility to capture additional growth opportunities; • statements about the expected trend in the shift to lower-risk products, including the exit from variable annuities with living benefit riders; • statements about the anticipated deposit growth or statements about rising interest rates and the impacts on investment portfolio yield; • other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets; and • statements of assumptions underlying such statements.
We also previously offered contracts containing GMWB, GMAB or GMIB provisions. See Note 13 to our Consolidated Financial Statements for further discussion of our variable annuity contracts. 34 Index Ameriprise Financial, Inc. In determining the assets or liabilities for market risk benefits, we project these benefits and contract assessments using actuarial models to simulate various equity market scenarios.
We also previously offered contracts containing GMWB, GMAB or GMIB provisions. See Note 13 to our Consolidated Financial Statements for further discussion of our variable annuity contracts. 33 Index Ameriprise Financial, Inc. In determining the assets or liabilities for market risk benefits, we project these benefits and contract assessments using actuarial models to simulate various equity market scenarios.
See our segment results of operations discussion below for additional information on how changes in the economic environment have and may continue to impact our results.
See our segment results of operations discussion below for additional information on how changes in the economic environment have impacted and may continue to impact our results.
Our credit facility contains various administrative, reporting, legal and financial covenants. We remained in compliance with all such covenants as of December 31, 2024. In addition, we have access to collateralized borrowings, which may include repurchase agreements, Federal Home Loan Bank (“FHLB”) advances, and advances at the Federal Reserve.
Our credit facility contains various administrative, reporting, legal and financial covenants. We remained in compliance with all such covenants as of December 31, 2025. In addition, we have access to collateralized borrowings, which may include repurchase agreements, Federal Home Loan Bank (“FHLB”) advances, and advances at the Federal Reserve.
Guarantees accounted for as market risk benefits include guaranteed minimum death benefit (“GMDB”), guaranteed minimum income benefit (“GMIB”), guaranteed minimum withdrawal benefit (“GMWB”) and guaranteed minimum accumulation benefit (“GMAB”). Variable Annuities We have approximately $86 billion of variable annuity account value that has been issued over a period of more than fifty years.
Guarantees accounted for as market risk benefits include guaranteed minimum death benefit (“GMDB”), guaranteed minimum income benefit (“GMIB”), guaranteed minimum withdrawal benefit (“GMWB”) and guaranteed minimum accumulation benefit (“GMAB”). 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 nonperformance risk adjustment is based on observable market data adjusted to estimate the risk of our life insurance company subsidiaries not fulfilling these liabilities. Consistent with general market conditions, this estimate resulted in a spread over the U.S. Treasury curve as of December 31, 2024.
The nonperformance risk adjustment is based on observable market data adjusted to estimate the risk of our life insurance company subsidiaries not fulfilling these liabilities. Consistent with general market conditions, this estimate resulted in a spread over the U.S. Treasury curve as of December 31, 2025.
Liquid securities predominantly include U.S. government agency mortgage back securities. Additional sources of liquidity for Ameriprise Financial, Inc. include a line of credit with an affiliate up to $714 million and an unsecured revolving committed credit facility for up to $1.0 billion that expires in November 2029.
Liquid securities predominantly include U.S. government agency mortgage back securities. Additional sources of liquidity for Ameriprise Financial, Inc. include a line of credit with an affiliate up to $750 million and an unsecured revolving committed credit facility for up to $1.0 billion that expires in November 2029.
General and Administrative Expense General and administrative expense includes compensation, share-based awards and other benefits for employees (other than employees directly related to distribution, such as financial advisors), professional and consultant fees, information technology, facilities and equipment, advertising and promotion, legal and regulatory and corporate related expenses. 37 Index Ameriprise Financial, Inc.
General and Administrative Expense General and administrative expense includes compensation, share-based awards and other benefits for employees (other than employees directly related to distribution, such as financial advisors), professional and consultant fees, information technology, facilities and equipment, advertising and promotion, legal and regulatory and corporate related expenses. 36 Index Ameriprise Financial, Inc.
(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the twelve months ended December 31, 2024 and 2023, which is reflective of our billing cycle.
(2) Average advisory wrap account assets are calculated using an average of the prior period’s ending balance and all months in the current period excluding the most recent month for the twelve months ended December 31, 2025 and 2024, which is reflective of our billing cycle.
Under the terms of the committed credit facility, we can increase the availability to $1.25 billion upon satisfaction of certain approval requirements. Available borrowings under this facility are reduced by any outstanding letters of credit. At December 31, 2024, we had no outstanding borrowings under this credit facility and had $1 million of letters of credit issued against the facility.
Under the terms of the committed credit facility, we can increase the availability to $1.25 billion upon satisfaction of certain approval requirements. Available borrowings under this facility are reduced by any outstanding letters of credit. At December 31, 2025, we had no outstanding borrowings under this credit facility and had $1 million of letters of credit issued against the facility.
We continue to monitor the adoption and implementation of these rules and evaluate the potential impact on our consolidated financial statements. 51 Index Ameriprise Financial, Inc. Dividends from Subsidiaries Ameriprise Financial, Inc. is primarily a parent holding company for the operations carried out by our wholly-owned subsidiaries.
We continue to monitor the adoption and implementation of these rules and evaluate the potential impact on our consolidated financial statements. 50 Index Ameriprise Financial, Inc. Dividends from Subsidiaries Ameriprise Financial is primarily a parent holding company for the operations carried out by our wholly-owned subsidiaries.
Results of Operations by Segment Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Adjusted operating earnings is the measure of segment profit or loss management uses to evaluate segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income.
Results of Operations by Segment Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Adjusted operating earnings is the measure of segment profit or loss management uses to evaluate segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income.
Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income. (2) Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 5 received a 5-star Overall Rating and 35 received a 4-star Overall Rating.
Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income. (2) Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 47 received a 4-star Overall Rating.
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. 52 Index Ameriprise Financial, Inc.
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. 51 Index Ameriprise Financial, Inc.
Management’s estimate of liquidity available to the Ameriprise Financial, Inc. in a volatile and uncertain economic environment as of December 31, 2024 was $2.1 billion which includes cash, cash equivalents, unencumbered liquid securities, the line of credit with an affiliate and a portion of the committed credit facility.
Management’s estimate of liquidity available to the Ameriprise Financial, Inc. in a volatile and uncertain economic environment as of December 31, 2025 was $2.2 billion which includes cash, cash equivalents, unencumbered liquid securities, the line of credit with an affiliate and a portion of the committed credit facility.
Policy and contract charges include variable annuity rider charges and UL and VUL insurance charges, 36 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.
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.
The diversified variable annuity block consists of $43 billion of account value with no living benefit guarantees and $43 billion of account value with living benefit guarantees, primarily GMWB provisions. The business is predominately issued through the Ameriprise Financial ® advisor network. The majority of the variable annuity contracts currently offered by us contain GMDB provisions.
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. The business is predominately issued through the Ameriprise Financial ® advisor network. The majority of the variable annuity contracts currently offered by us contain GMDB provisions.
See Note 16 to our Consolidated Financial Statements for information regarding the fair value measurement of embedded derivatives. 35 Index Ameriprise Financial, Inc.
See Note 16 to our Consolidated Financial Statements for information regarding the fair value measurement of embedded derivatives. 34 Index Ameriprise Financial, Inc.
The average attained age is 80 and the average attained age of policyholders on claim is 86. Thirty-four percent of daily benefits in force in this block are lifetime benefits. We utilize three primary levers to manage our LTC business.
The average attained age is 81 and the average attained age of policyholders on claim is 86. Thirty-three percent of daily benefits in force in this block are lifetime benefits. We utilize three primary levers to manage our LTC business.
Traditional Long-Duration Products The liabilities 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, LTC, and life contingent payout annuity policies as claims are incurred in the future.
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 and life contingent payout annuity policies as claims are incurred in the future.
Account values with living benefit riders declined to 50% as of December 31, 2024 compared to 54% a year ago reflecting our actions to optimize our business mix. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.
Account values with living benefit riders declined to 46% as of December 31, 2025 compared to 50% a year ago reflecting our actions to optimize our business mix. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.
Our statutory reserves are $346 million higher than our GAAP reserves as they include margins on key assumptions for morbidity and mortality and include $330 million in asset adequacy reserves as of December 31, 2024. Lastly, we have prudently managed our investment portfolio primarily through a liquid, investment grade portfolio.
Our statutory reserves are $238 million higher than our GAAP reserves as they include margins on key assumptions for morbidity and mortality and include $330 million in asset adequacy reserves as of December 31, 2025. Lastly, we have prudently managed our investment portfolio primarily through a liquid, investment grade portfolio.
Cash held by CIEs is not available for general use by Ameriprise Financial, nor is Ameriprise Financial cash available for general use by its CIEs. Cash and cash equivalents segregated under federal and other regulations is held for the exclusive benefit of our brokerage customers and is not available for general use by Ameriprise Financial.
Cash held by CIEs is not available for general use by Ameriprise Financial, nor is Ameriprise Financial cash available for general use by its CIEs. Cash and cash equivalents segregated under federal and other regulations is held for the exclusive benefit of our brokerage customers and is not available for general use by Ameriprise Financial. 53 Index Ameriprise Financial, Inc.
See our segment results of operations discussion for additional information on changes in our AUM. 38 Index Ameriprise Financial, Inc.
See our segment results of operations discussion for additional information on changes in our AUM. 37 Index Ameriprise Financial, Inc.
(2)(3) 19 17 # # N/A Not applicable. # Amounts are less than $1 million. (1) Actual capital is determined on a statutory basis. Regulatory capital requirement is the company action level and is based on the statutory risk-based capital filing. (2) Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of December 31, 2024 and 2023.
(2)(3) 30 19 # # N/A Not applicable. # Amounts are less than $1 million. (1) Actual capital is determined on a statutory basis. Regulatory capital requirement is the company action level and is based on the statutory risk-based capital filing. (2) Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of December 31, 2025 and 2024.
We are a long-standing leader in financial planning and advice with $1.5 trillion in assets under management, administration, and advisement as of December 31, 2024. We offer a broad range of products and services designed to achieve individual and institutional clients’ financial objectives.
We are a long-standing leader in financial planning and advice with $1.7 trillion in assets under management, administration, and advisement as of December 31, 2025. We offer a broad range of products and services designed to achieve individual and institutional clients’ financial objectives.
For a discussion of our 2022 results and for a comparison of results for 2023 and 2022, see Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, 2023 , which was filed with the SEC on February 22, 2024.
For a discussion and comparison of results for 2024 and 2023, see Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, 2024 , which was filed with the SEC on February 20, 2025.
In addition to the particular regulations restricting dividend payments and establishing subsidiary capitalization requirements, we take into account the overall health of the business, capital levels and risk management considerations in determining a strategy for payments to our parent holding company from our subsidiaries, and in deciding to use cash to make capital contributions to our subsidiaries.
In addition to the particular regulations restricting dividend payments and establishing subsidiary capitalization requirements, we take into account the overall health of the business, capital levels and risk management considerations in determining a strategy for payments to our parent holding company from our subsidiaries, and in deciding to use cash to make capital contributions to our subsidiaries. 52 Index Ameriprise Financial, Inc.
First, we have taken an active approach of steadily increasing rates since 2005, with cumulative rate increases of 268% on our nursing home indemnity LTC block (excluding home care riders) and 164% on our comprehensive reimbursement LTC block as of December 31, 2024. Second, we have a reserving process that reflects the policy features and risk characteristics of our blocks.
First, we have taken an active approach of steadily increasing rates since 2005, with cumulative rate increases of 283% on our nursing home indemnity LTC block (excluding home care riders) and 174% on our comprehensive reimbursement LTC block as of December 31, 2025. Second, we have a reserving process that reflects the policy features and risk characteristics of our blocks.
Treasury curve, the reduction to future total equity would be approximately $496 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on December 31, 2024 credit spreads. 50 Index Ameriprise Financial, Inc. Liquidity and Capital Resources Overview We maintained substantial liquidity during the year ended December 31, 2024.
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. 49 Index Ameriprise Financial, Inc. Liquidity and Capital Resources Overview We maintained substantial liquidity during the year ended December 31, 2025.
The main market drivers contributing to these changes are summarized below: • Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a higher benefit for 2024 compared to the prior year. • Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a higher benefit for 2024 compared to the prior year. • Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a higher expense for 2024 compared to the prior year. • Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for 2024 compared to the prior year. • An increase in expense due to market appreciation on contractual fees.
The main market drivers contributing to these changes are summarized below: • Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower benefit for 2025 compared to the prior year. • Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in an expense for 2025 compared to a benefit in the prior year. • Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for 2025 compared to the prior year. • Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for 2025 compared to the prior year.
These annual assumption updates are collectively referred to as unlocking throughout this document. See our Consolidated and Segment Results of Operations sections for the pretax impacts on our revenues and expenses attributable to unlocking. The following discussion includes a comparison of our 2024 and 2023 results.
These annual assumption updates, including model changes, are collectively referred to as unlocking throughout this document. See our Consolidated and Segment Results of Operations sections for the pretax impacts on our revenues and expenses attributable to unlocking. The following discussion includes a comparison of our 2025 and 2024 results.
Expenses Distribution expenses increased $946 million, or 19%, for 2024 compared to the prior year primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity, as well as investments in recruiting experienced advisors, partially offset by the cumulative impact of Asset Management net outflows.
Expenses Distribution expenses increased $717 million, or 12%, for 2025 compared to the prior year primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity, as well as investments in recruiting experienced advisors, partially offset by the cumulative impact of Asset Management net outflows.
(2) Calculated using the statutory tax rate of 21%. 33 Index Ameriprise Financial, Inc.
(2) Calculated using the statutory tax rate of 21%. 32 Index Ameriprise Financial, Inc.
As of December 31, 2024, our comprehensive reimbursement LTC block had approximately $111 million in gross in force annual premium and future policyholder benefits and claim reserves of approximately $1.3 billion, net of reinsurance. This block has higher premiums per policy than the nursing home indemnity LTC policies.
As of December 31, 2025, our comprehensive reimbursement LTC block had approximately $108 million in gross in force annual premium and future policyholder benefits and claim reserves of approximately $1.4 billion, net of reinsurance. This block has higher premiums per policy than the nursing home indemnity LTC policies.
As of December 31, 2024, we had 46,000 policies that were closed with claim activity, as well as 7,000 open claims. We apply this experience to our in force policies, which were 75,000 as of December 31, 2024, at a very granular level by issue year, attained age and benefit features.
As of December 31, 2025, we had 48,000 policies that were closed with claim activity, as well as 7,000 open claims. We apply this experience to our in force policies, which were 70,000 as of December 31, 2025, at a very granular level by issue year, attained age and benefit features.
The Ameriprise Bank investment portfolio securities are mostly rated AAA and primarily consist of structured assets, of which 17% were floating rate and sensitive to changes in short-term interest rates as of December 31, 2024. We took action to reduce the floating rate allocation from 27% as of December 31, 2023.
The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, of which 9% were floating rate and sensitive to changes in short-term interest rates as of December 31, 2025. We took action to reduce the floating rate allocation from 17% as of December 31, 2024.
Out of 137 Threadneedle funds rated (based on highest-rated share class), 20 received a 5-star Overall Rating and 48 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.
Out of 128 Threadneedle funds rated (based on highest-rated share class), 12 received a 5-star Overall Rating and 44 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.
Closed Block LTC Insurance As of December 31, 2024, our nursing home indemnity LTC block had approximately $63 million in gross in force annual premium and future policyholder benefits and claim reserves of approximately $1.3 billion, net of reinsurance, which was 50% of GAAP reserves.
Closed Block LTC Insurance As of December 31, 2025, our nursing home indemnity LTC block had approximately $59 million in gross in force annual premium and future policyholder benefits and claim reserves of approximately $1.3 billion, net of reinsurance, which was 48% of GAAP reserves.
The following table reconciles net income to adjusted operating earnings and the five-point average of quarter-end equity to adjusted operating equity: Years Ended December 31, 2024 2023 (in millions) Net income $ 3,401 $ 2,556 Less: Adjustments (1) (134) (555) Adjusted operating earnings $ 3,535 $ 3,111 Total Ameriprise Financial, Inc. shareholders’ equity $ 5,109 $ 4,116 Less: AOCI, net of tax (1,739) (2,297) Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI 6,848 6,413 Less: Equity impacts attributable to CIEs (3) (4) Adjusted operating equity $ 6,851 $ 6,417 Return on equity, excluding AOCI 49.7 % 39.9 % Adjusted operating return on equity, excluding AOCI (2) 51.6 % 48.5 % (1) Adjustments reflect the sum of after-tax net realized investment gains/losses, net of the 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 the reinsurance accrual; mean reversion related impacts; block transfer reinsurance transaction impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities.
The following table reconciles net income to adjusted operating earnings and the five-point average of quarter-end equity to adjusted operating equity: Years Ended December 31, 2025 2024 (in millions) Net income $ 3,563 $ 3,401 Less: Adjustments (1) (295) (134) Adjusted operating earnings $ 3,858 $ 3,535 Total Ameriprise Financial, Inc. shareholders’ equity $ 5,948 $ 5,109 Less: AOCI, net of tax (1,305) (1,739) Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI 7,253 6,848 Less: Equity impacts attributable to CIEs — (3) Adjusted operating equity $ 7,253 $ 6,851 Return on equity, excluding AOCI 49.1 % 49.7 % Adjusted operating return on equity, excluding AOCI (2) 53.2 % 51.6 % (1) Adjustments reflect the sum of after-tax net realized investment gains or losses, net of the 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 the reinsurance accrual; mean reversion related impacts; 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 net income (loss) from consolidated investment entities.
See Note 28 to the Consolidated Financial Statements for further information on the presentation of segment results and our definition of adjusted operating earnings.
See Note 28 to the Consolidated Financial Statements for further information on the presentation of segment results and our definition of adjusted operating earnings. 40 Index Ameriprise Financial, Inc.
Dividends Paid to Shareholders and Share Repurchases We paid regular quarterly dividends to our shareholders totaling $593 million and $569 million for the years ended December 31, 2024 and 2023, respectively. On January 29, 2025, we announced a quarterly dividend of $1.48 per common share.
Dividends Paid to Shareholders and Share Repurchases We paid regular quarterly dividends to our shareholders totaling $614 million and $593 million for the years ended December 31, 2025 and 2024, respectively. On January 29, 2026, we announced a quarterly dividend of $1.60 per common share.
Expenses Distribution expenses increased $935 million, or 19%, for 2024 compared to the prior year primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity, as well as continued investments in recruiting experienced advisors.
Expenses Distribution expenses increased $690 million, or 12%, for 2025 compared to the prior year primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity, as well as continued investments in recruiting experienced advisors.
The following table presents client cash balances as of December 31: Cash and Certificates Balances 2024 2023 (in billions) On-balance sheet - Ameriprise Bank $ 22.3 $ 21.5 On-balance sheet - Ameriprise Certificate Company 11.2 13.5 On-balance sheet - broker dealer 2.3 2.4 Total on-balance sheet $ 35.8 $ 37.4 Off-balance sheet - broker dealer 5.8 7.1 Total cash and certificate balances $ 41.6 $ 44.5 Third party cash products (money market funds and brokered CDs) 43.8 37.0 Total client cash balances $ 85.4 $ 81.5 Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 4% from the prior year to $22.3 billion as of December 31, 2024.
The following table presents client cash balances as of December 31: Cash and Certificates Balances 2025 2024 (in billions) On-balance sheet - Ameriprise Bank $ 23.7 $ 22.3 On-balance sheet - Ameriprise Certificate Company 8.2 11.2 On-balance sheet - broker dealer 1.9 2.3 Total on-balance sheet $ 33.8 $ 35.8 Off-balance sheet - broker dealer 5.1 5.8 Total cash and certificate balances $ 38.9 $ 41.6 Third party cash products (money market funds and brokered CDs) 48.1 43.8 Total client cash balances $ 87.0 $ 85.4 Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 6% from the prior year to $23.7 billion as of December 31, 2025.
Income Taxes Our effective tax rate was 20.3% for 2024 compared to 21.0% for the prior year. See Note 24 to our Consolidated Financial Statements for additional discussion on income taxes.
Income Taxes Our effective tax rate was 20.9% for 2025 compared to 20.3% for the prior year. See Note 24 to our Consolidated Financial Statements for additional discussion on income taxes.
Short-term contractual obligations for the year 2025 include investment certificate maturities of $10.8 billion and estimated insurance and annuity benefits of $2.8 billion in addition to operating liquidity needs and maturing long-term debt in April 2025 of $500 million. We also hold banking and brokerage deposits of $24.6 billion that are payable on demand.
Short-term contractual obligations for the year 2026 include investment certificate maturities of $7.8 billion and estimated insurance and annuity benefits of $2.9 billion in addition to operating liquidity needs and maturing long-term debt in September 2026 of $500 million. We also hold banking and brokerage deposits of $25.6 billion that are payable on demand.
Long-term contractual obligations for years after 2025 include estimated insurance and annuity benefits of $57.7 billion. See Note 15 to our Consolidated Financial Statements for further information about our long-term debt maturities.
Long-term contractual obligations for years after 2026 include estimated insurance and annuity benefits of $73.3 billion. See Note 15 to our Consolidated Financial Statements for further information about our long-term debt maturities.
As of December 31, 2024 and 2023, we had $8.5 billion and $8.6 billion, respectively, of estimated borrowing capacity under the FHLB facilities, of which $201 million was outstanding as of both December 31, 2024 and 2023, and is collateralized with commercial mortgage backed securities and residential mortgage backed securities.
As of December 31, 2025 and 2024, we had $13.7 billion and $8.5 billion, respectively, of estimated borrowing capacity under the FHLB facilities, of which $200 million and $201 million was outstanding as of December 31, 2025 and 2024, respectively, and is collateralized with commercial mortgage backed securities and residential mortgage backed securities.
Net investment income, which excludes net realized investment gains or losses, increased $222 million, or 26%, for 2024 compared to the prior year primarily due to increased SVA balances and higher investment portfolio yields from investment portfolio repositioning.
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.
As of December 31, 2024 and 2023, we estimated $11.9 billion and $12.3 billion, respectively, of borrowing capacity from the Federal Reserve in addition to the FHLB capacity and there were no outstanding obligations.
As of December 31, 2025 and 2024, we estimated $8.5 billion and $11.9 billion, respectively, of borrowing capacity from the Federal Reserve in addition to the FHLB capacity and there were no outstanding obligations.
Ameriprise Certificate Company (“ACC”) client deposits decreased $2.3 billion from the prior year to $11.2 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during 2024.
Ameriprise Certificate Company (“ACC”) client deposits decreased $3.0 billion from the prior year to $8.2 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past eight quarters.
Net Revenues Management and financial advice fees increased $207 million, or 7%, for 2024 compared to the prior year primarily driven by market appreciation and an increase in performance fees, partially offset by the cumulative impact of net outflows.
Net Revenues Management and financial advice fees increased $102 million, or 3%, for 2025 compared to the prior year primarily driven by market appreciation and an increase of $55 million in performance fees, partially offset by the cumulative impact of net outflows.
FA business had a pretax adjusted operating loss of $28 million for 2024 compared to a pretax adjusted operating loss of $29 million for the prior year. Fixed deferred annuity account balances declined 10% to $5.7 billion as of December 31, 2024, compared to the prior year as policies continue to lapse.
FA business had a pretax adjusted operating loss of $28 million for 2025 compared to a pretax adjusted operating loss of $28 million for the prior year. Fixed deferred annuity account balances declined 8% to $5.2 billion as of December 31, 2025, compared to the prior year as policies continue to lapse.
During the year ended December 31, 2024, we repurchased a total of 4.9 million shares of our common stock at an average price of $453.15 per share. Cash Flows Cash flows of CIEs and restricted and segregated cash and cash equivalents are reflected in our cash flows provided by (used in) operating activities, investing activities and financing activities.
During the year ended December 31, 2025, we repurchased a total of 5.5 million shares of our common stock at an average price of $500.18 per share. Cash Flows Cash flows of CIEs and restricted and segregated cash and cash equivalents are reflected in our cash flows provided by (used in) operating activities, investing activities and financing activities.
Third party cash products increased $6.8 billion to $43.8 billion driven by an increase of money market funds of $9.1 billion, partially offset by a decline in brokered CDs.
Third party cash products increased $4.3 billion to $48.1 billion driven by an increase of money market funds of $6.3 billion, partially offset by a decline in brokered CDs.
The duration of Ameriprise Bank investments was 3.6 years as of December 31, 2024 compared to 3.4 years as of December 31, 2023.
The duration of Ameriprise Bank investments was 3.8 years as of December 31, 2025 compared to 3.6 years as of December 31, 2024.
The following table presents the changes in wrap account assets and average balances for the years ended December 31: 2024 2023 (in billions) Beginning balance $ 488.2 $ 412.1 Net flows 33.1 24.2 Market appreciation (depreciation) and other 52.6 51.9 Ending balance $ 573.9 $ 488.2 Advisory wrap account assets ending balance (1) $ 568.3 $ 483.3 Average advisory wrap account assets (2) $ 528.3 $ 437.8 (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.
The following table presents the changes in wrap account assets and average balances for the years ended December 31: 2025 2024 (in billions) Beginning balance $ 573.9 $ 488.2 Net flows 30.9 33.1 Market appreciation (depreciation) and other 65.6 52.6 Ending balance $ 670.4 $ 573.9 Advisory wrap account assets ending balance (1) $ 664.4 $ 568.3 Average advisory wrap account assets (2) $ 606.2 $ 528.3 (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.
Distribution fees increased $129 million, or 7%, for 2024 compared to the prior year primarily due to higher transactional activity and market appreciation, partially offset by $162 million of lower fees on off-balance sheet brokerage cash.
Distribution fees increased $57 million, or 3%, for 2025 compared to the prior year primarily due to market appreciation and higher transactional activity, partially offset by $52 million of lower fees on off-balance sheet brokerage cash.
At December 31, 2024 and 2023, we had $8.1 billion and $7.5 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis. At December 31, 2024 and 2023, Ameriprise Financial, Inc. had $856 million and $544 million, respectively, in cash, cash equivalents, and unencumbered liquid securities.
At December 31, 2025 and 2024, we had $10.0 billion and $8.1 billion, respectively, in cash and cash equivalents excluding CIEs and other restricted cash on a consolidated basis. At December 31, 2025 and 2024, Ameriprise Financial, Inc. had $987 million and $856 million, respectively, in cash, cash equivalents, and unencumbered liquid securities.
Our average WEI, which is a proxy for equity movements on AUM, increased 23% in 2024 compared to the prior year. • The market impact on non-traditional long-duration products, net of hedges was an expense of $153 million for 2024 compared to an expense of $608 million for the prior year. • The unfavorable impact from the cumulative impact of Asset Management net outflows. 39 Index Ameriprise Financial, Inc.
Our average WEI, which is a proxy for equity movements on AUM, increased 13% in 2025 compared to the prior year. • The favorable impact of unlocking was $22 million for 2025 compared to an unfavorable impact of $77 million for the prior year. • The market impact on non-traditional long-duration products, net of hedges was an expense of $366 million for 2025 compared to an expense of $153 million for the prior year. • The unfavorable impact from the cumulative impact of Asset Management net outflows. 38 Index Ameriprise Financial, Inc.
The following table presents the changes in global assets under management and advisement: Years Ended December 31, 2024 2023 (in billions) Global Retail Funds Beginning managed assets $ 334.9 $ 309.3 Inflows 54.9 47.9 Outflows (68.5) (65.2) Net VP/VIT fund flows (6.6) (5.0) Net new flows (20.2) (22.3) Reinvested dividends 14.3 8.1 Net flows (5.9) (14.2) Distributions (16.2) (9.4) Market appreciation (depreciation) and other 41.2 45.1 Foreign currency translation (1) (1.3) 4.1 Total ending managed assets 352.7 334.9 Global Institutional Beginning managed assets 302.0 274.7 Inflows (2) 35.8 42.7 Outflows (2) (50.3) (45.7) Net flows (14.5) (3.0) Market appreciation (depreciation) and other (3) 7.4 21.9 Foreign currency translation (1) (2.7) 8.4 Total ending managed assets 292.2 302.0 Total managed assets 644.9 636.9 Total assets under advisement (4) 35.6 26.2 Total assets under management and advisement $ 680.5 $ 663.1 Total assets under management net flows $ (20.4) $ (17.2) Model delivery assets under advisement flows (5) 2.8 0.7 Total assets under management and advisement flows (5) $ (17.6) $ (16.5) Legacy insurance partners net flows (6) $ (11.7) $ (4.3) (1) Amounts represent local currency to U.S. dollar translation for reporting purposes.
The following table presents the changes in global assets under management and advisement: Years Ended December 31, 2025 2024 (in billions) Global Retail Funds Beginning managed assets $ 352.7 $ 334.9 Inflows 57.1 54.9 Outflows (75.6) (68.5) Net VP/VIT fund flows (6.8) (6.6) Net new flows (25.3) (20.2) Reinvested dividends 15.7 14.3 Net flows (9.6) (5.9) Distributions (17.1) (16.2) Market appreciation (depreciation) and other 46.9 41.2 Foreign currency translation (1) 5.1 (1.3) Total ending managed assets 378.0 352.7 Global Institutional Beginning managed assets 292.2 302.0 Inflows (2) 40.9 35.8 Outflows (2) (63.0) (50.3) Net flows (22.1) (14.5) Market appreciation (depreciation) and other (3) 20.0 7.4 Foreign currency translation (1) 10.0 (2.7) Total ending managed assets 300.1 292.2 Total managed assets 678.1 644.9 Total assets under advisement (4) 42.9 35.6 Total assets under management and advisement $ 721.0 $ 680.5 Total assets under management net flows $ (31.7) $ (20.4) Model delivery assets under advisement flows (5) 3.2 2.8 Total assets under management and advisement flows (5) $ (28.5) $ (17.6) Legacy insurance partners net flows (6) $ (4.1) $ (11.7) (1) Amounts represent local currency to U.S. dollar translation for reporting purposes.
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.
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.
Net Revenues Management and financial advice fees increased $33 million, or 4%, for 2024 compared to the prior year primarily reflecting market appreciation, partially offset by the impact from variable annuity net outflows.
Net Revenues Management and financial advice fees decreased $14 million, or 2%, for 2025 compared to the prior year primarily reflecting the impact from variable annuity net outflows, partially offset by market appreciation.
This decrease was the result of a favorable $538 million change in the market impact on variable annuity guaranteed benefits reserves and an unfavorable $311 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits.
This increase was the result of an unfavorable $1.1 billion change in the market impact on variable annuity guaranteed benefits reserves and a favorable $810 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits.
Interest credited to fixed accounts decreased $38 million, or 6%, for 2024 compared to the prior year primarily reflecting the following items: • A $22 million decrease in expense from other market impacts on IUL benefits, net of hedges, which was an expense of $12 million for 2024 compared to an expense of $34 million for the prior year.
Interest credited to fixed accounts decreased $141 million, or 23%, for 2025 compared to the prior year primarily reflecting the following items: • A $121 million decrease in expense from other market impacts on IUL benefits, net of hedges, which was a benefit of $109 million for 2025 compared to an expense of $12 million for the prior year.
Actual capital and regulatory capital requirements for our wholly owned subsidiaries subject to regulatory capital requirements were as follows: Actual Capital Regulatory Capital Requirements December 31, December 31, 2024 2023 2024 2023 (in millions) RiverSource Life (1) $ 2,700 $ 3,093 $ 489 $ 512 RiverSource Life of NY (1) 219 244 38 40 ACC (3)(4) 644 765 596 717 TAM UK International Holdings Ltd.
Actual capital and regulatory capital requirements for our wholly owned subsidiaries subject to regulatory capital requirements were as follows: Actual Capital Regulatory Capital Requirements December 31, December 31, 2025 2024 2025 2024 (in millions) RiverSource Life (1) $ 2,731 $ 2,700 $ 522 $ 489 RiverSource Life of NY (1) 216 219 38 38 ACC (3)(4) 476 644 434 596 TAM UK International Holdings Ltd.
Asset Management The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of December 31, 2024: Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted (1) 1 year 3 year 5 year 10 year Equity 68% 69% 79% 87% Fixed Income 69% 69% 80% 93% Asset Allocation 89% 67% 82% 91% 4- or 5-star Morningstar Rated Funds (2) Overall 3 year 5 year 10 year Number of rated funds 108 73 79 99 (1) Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index.
Asset Management The following tables present the mutual fund performance of our retail Columbia Threadneedle Investments funds as of December 31, 2025: Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted (1) 1 year 3 year 5 year 10 year Equity 70% 75% 76% 81% Fixed Income 69% 89% 70% 84% Asset Allocation 35% 88% 69% 88% 4- or 5-star Morningstar Rated Funds (2) Overall 3 year 5 year 10 year Number of rated funds 103 73 75 83 (1) Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index.
The following table presents relevant market indices: Years Ended December 31, 2024 2023 Change S&P 500 Daily average 5,428 4,285 27% Period end 5,882 4,770 23% Weighted Equity Index (“WEI”) (1) Daily average 3,456 2,808 23% Period end 3,676 3,102 19% (1) 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.
The following table presents relevant market indices: Years Ended December 31, 2025 2024 Change S&P 500 Daily average 6,211 5,428 14% Period end 6,846 5,882 16% Weighted Equity Index (“WEI”) (1) Daily average 3,920 3,456 13% Period end 4,317 3,676 17% (1) 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.
Change in fair value of market risk benefits, which exclude the market impact on variable annuity guaranteed benefits (net of hedges), increased $56 million, or 9%, for 2024 compared to the prior year primarily reflecting market appreciation on contractual fees.
Change in fair value of market risk benefits, which exclude the market impact on variable annuity guaranteed benefits (net of hedges), increased $42 million, or 6%, for 2025 compared to the prior year primarily reflecting market appreciation on contractual fees, partially offset by the impacts of unlocking.
The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking, for the years ended December 31: Pretax Increase (Decrease) 2024 2023 (in millions) Premiums, policy and contract charges $ (4) $ 1 Total revenues (4) 1 Interest credited to fixed accounts (10) — Benefits, claims, losses and settlement expenses (4) (17) Remeasurement (gains) losses of future policy benefit reserves: LTC unlocking 4 (5) Unlocking impact, excluding LTC (24) (6) Total remeasurement (gains) losses of future policy benefit reserves (20) (11) Change in fair value of market risk benefits 107 128 Total benefits and expenses 73 100 Pretax income (loss) (1) $ (77) $ (99) (1) Includes a $17 million net benefit related to model changes associated with the market impact on IUL and SVA embedded derivatives for 2024, which is excluded from adjusted operating earnings.
The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking, for the years ended December 31: Pretax Increase (Decrease) 2025 2024 (in millions) Premiums, policy and contract charges $ 118 $ (4) Other revenues 3 — Total revenues 121 (4) Interest credited to fixed accounts (21) (10) Benefits, claims, losses and settlement expenses 16 (4) Remeasurement (gains) losses of future policy benefit reserves: LTC unlocking 26 4 Unlocking impact, excluding LTC (10) (24) Total remeasurement (gains) losses of future policy benefit reserves 16 (20) Change in fair value of market risk benefits 88 107 Total benefits and expenses 99 73 Pretax income (loss) (1) $ 22 $ (77) (1) Includes a $28 million net benefit for 2025 and a $17 million net benefit for 2024 primarily related to the market impact on IUL benefits, which are excluded from adjusted operating earnings.
The following table presents managed assets by type: December 31, Change Average (1) Change December 31, 2024 2023 2024 2023 (in billions) (in billions) Equity $ 343.0 $ 323.0 $ 20.0 6 % $ 340.1 $ 309.2 $ 30.9 10 % Fixed income 231.5 238.4 (6.9) (3) 234.3 221.7 12.6 6 Money market 20.3 23.8 (3.5) (15) 21.9 22.6 (0.7) (3) Alternative 30.9 33.5 (2.6) (8) 32.7 34.5 (1.8) (5) Hybrid and other 19.2 18.2 1.0 5 19.0 17.3 1.7 10 Total managed assets $ 644.9 $ 636.9 $ 8.0 1 % $ 648.0 $ 605.3 $ 42.7 7 % (1) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period. 45 Index Ameriprise Financial, Inc.
The following table presents managed assets by type: December 31, Change Average (1) Change December 31, 2025 2024 2025 2024 (in billions) (in billions) Equity $ 370.5 $ 343.0 $ 27.5 8 % $ 351.4 $ 340.1 $ 11.3 3 % Fixed income 234.2 231.5 2.7 1 232.1 234.3 (2.2) (1) Money market 23.3 20.3 3.0 15 21.1 21.9 (0.8) (4) Alternative 29.7 30.9 (1.2) (4) 29.1 32.7 (3.6) (11) Hybrid and other 20.4 19.2 1.2 6 19.8 19.0 0.8 4 Total managed assets $ 678.1 $ 644.9 $ 33.2 5 % $ 653.5 $ 648.0 $ 5.5 1 % (1) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period. 44 Index Ameriprise Financial, Inc.
Banking and deposit interest expense increased $101 million, or 18%, for 2024 compared to the prior year primarily reflecting higher average crediting rates and higher average balances on certificates and bank cash deposits. • The average certificate reserve balance for ACC was $12.5 billion for 2024 compared to $11.8 billion for the prior year with the average crediting rate of 4.40% for 2024 compared to 3.96% for 2023. • The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $21.5 billion for 2024 compared to $20.4 billion for the prior year with the average interest rate paid on deposits increasing to 0.44% for 2024 from 0.41% for 2023, which included both cash sweep and savings products.
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.
Distribution fees increased $25 million, or 7%, for 2024 compared to the prior year primarily due to market appreciation, partially offset by the cumulative impact from net outflows. Expenses Distribution expenses increased $64 million, or 7%, for 2024 compared to the prior year primarily due to market appreciation, partially offset by the cumulative impact of net outflows.
Expenses Distribution expenses increased $16 million, or 2%, for 2025 compared to the prior year primarily due to market appreciation, partially offset by the cumulative impact of net outflows.
The following table reconciles our GAAP measures to adjusted operating measures: Per Diluted Share Years Ended December 31, Years Ended December 31, 2024 2023 2024 2023 (in millions, except per share amounts) Net income $ 3,401 $ 2,556 $ 33.05 $ 23.71 Less Adjustments: Net realized investment gains (losses) (1) (21) (32) (0.20) (0.30) Market impact on non-traditional long-duration products (1) (153) (608) (1.49) (5.63) Mean reversion related impacts (1) 1 — 0.01 — Integration/restructuring charges (1) — (62) — (0.58) Net income (loss) attributable to CIEs 3 — 0.03 — Tax effect of adjustments (2) 36 147 0.35 1.36 Adjusted operating earnings $ 3,535 $ 3,111 $ 34.35 $ 28.86 Weighted average common shares outstanding: Basic 101.0 105.7 Diluted 102.9 107.8 (1) Pretax adjusted operating adjustments.
The following table reconciles our GAAP measures to adjusted operating measures: Per Diluted Share Years Ended December 31, Years Ended December 31, 2025 2024 2025 2024 (in millions, except per share amounts) Net income $ 3,563 $ 3,401 $ 36.28 $ 33.05 Less Adjustments: Net realized investment gains (losses) (1) (8) (21) (0.08) (0.20) Market impact on non-traditional long-duration products (1) (366) (153) (3.73) (1.49) Mean reversion related impacts (1) 1 1 0.01 0.01 Net income (loss) attributable to CIEs — 3 — 0.03 Tax effect of adjustments (2) 78 36 0.79 0.35 Adjusted operating earnings $ 3,858 $ 3,535 $ 39.29 $ 34.35 Weighted average common shares outstanding: Basic 96.7 101.0 Diluted 98.2 102.9 (1) Pretax adjusted operating adjustments.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

24 edited+1 added−2 removed45 unchanged
Biggest changeInterest Rate Increase 100 Basis Points Interest Rate Exposure to Pretax Income Before Hedge Impact Hedge Impact Net Impact (in millions) Asset-based management and distribution fees (1) $ (62) $ — $ (62) Variable annuity and structured variable annuity benefits: Market risk benefits 1,044 (776) 268 Indexing feature for structured variable annuities (12) 174 162 Total variable annuity and structured variable annuity benefits 1,032 (602) 430 Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products 41 — 41 Banking deposits 49 — 49 Brokerage client cash balances 52 — 52 Certificates 1 — 1 IUL insurance 15 3 18 Total $ 1,128 $ (599) $ 529 (1) Excludes incentive income which is impacted by market and fund performance during the period and cannot be readily estimated.
Biggest changeThe following tables present our estimate of the impact on pretax income from the above defined hypothetical market movements as of December 31, 2025: Equity Price Decline 10% Equity Price Exposure to Pretax Income Before Hedge Impact Hedge Impact Net Impact (in millions) Asset-based management and distribution fees (1) $ (381) $ 2 $ (379) Variable annuity and structured variable annuity benefits: Market risk benefits (804) 655 (149) Indexing feature for structured variable annuities 1,360 (1,335) 25 Total variable annuity and structured variable annuity benefits 556 (680) (124) IUL insurance 66 (73) (7) Total $ 241 $ (751) $ (510) (2) Interest Rate Increase 100 Basis Points Interest Rate Exposure to Pretax Income Before Hedge Impact Hedge Impact Net Impact (in millions) Asset-based management and distribution fees (1) $ (66) $ — $ (66) Variable annuity and structured variable annuity benefits: Market risk benefits 974 (693) 281 Indexing feature for structured variable annuities (24) 191 167 Total variable annuity and structured variable annuity benefits 950 (502) 448 Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products 32 — 32 Banking deposits 40 — 40 Brokerage client cash balances 52 — 52 Certificates (2) — (2) IUL insurance 7 3 10 Total $ 1,013 $ (499) $ 514 (1) Excludes incentive income which is impacted by market and fund performance during the period and cannot be readily estimated.
See Note 11 to our Consolidated Financial Statements for more information on the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of GMIRs and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2024 and 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.
See Note 11 to our Consolidated Financial Statements for more information on the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of 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.
The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. As of December 31, 2024, we had $2.9 billion in liabilities related to the indexed accounts of IUL. Equity Price Risk The equity-linked return to investors creates equity price risk as the amount credited depends on changes in equity prices.
The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. As of December 31, 2025, we had $2.9 billion in liabilities related to the indexed accounts of IUL. Equity Price Risk The equity-linked return to investors creates equity price risk as the amount credited depends on changes in equity prices.
In addition, we regularly evaluate their financial strength during the terms of the treaties. As of December 31, 2024, our largest reinsurance credit risks are related to coinsurance treaties with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company and with life insurance subsidiaries of Genworth Financial, Inc.
In addition, we regularly evaluate their financial strength during the terms of the treaties. As of December 31, 2025, our largest reinsurance credit risks are related to coinsurance treaties with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company and with life insurance subsidiaries of Genworth Financial, Inc.
The core derivative instruments with which we hedge the equity price risk of these benefits are longer dated put and call options; these core instruments are supplemented with equity futures and total return swaps. See Note 18 to our Consolidated Financial Statements 57 Index Ameriprise Financial, Inc. for further information on our derivative instruments.
The core derivative instruments with which we hedge the equity price risk of these benefits are longer dated put and call options; these core instruments are supplemented with equity futures and total return swaps. See Note 18 to our Consolidated Financial Statements for further information on our derivative instruments.
The average yield for investment purchases during the year ended December 31, 2024 was approximately 5.4%. The reinvestment of proceeds from maturities, calls and prepayments at rates above the current portfolio yields will create potential upside impact to future operating results.
The average yield for investment purchases during the year ended December 31, 2025 was approximately 5.1%. The reinvestment of proceeds from maturities, calls and prepayments at rates above the current portfolio yields will create potential upside impact to future operating results.
As of December 31, 2024, the value of our assets under management was $1.2 trillion. These sources of revenue are subject to both interest rate and equity price risk since the value of these assets and the fees they earn fluctuate inversely with interest rates and directly with equity prices.
As of December 31, 2025, the value of our assets under management was $1.3 trillion. These sources of revenue are subject to both interest rate and equity price risk since the value of these assets and the fees they earn fluctuate inversely with interest rates and directly with equity prices.
See Note 7 and Note 8 to our Consolidated Financial Statements for additional information on reinsurance. 60 Index Ameriprise Financial, Inc.
See Note 7 and Note 8 to our Consolidated Financial Statements for additional information on reinsurance. 59 Index Ameriprise Financial, Inc.
Foreign Currency Risk We have foreign currency risk through our net investment in foreign subsidiaries and our operations in foreign countries. We are primarily exposed to changes in British Pounds related to our net investment in Threadneedle, which was approximately £1.3 billion as of December 31, 2024.
Foreign Currency Risk We have foreign currency risk through our net investment in foreign subsidiaries and our operations in foreign countries. We are primarily exposed to changes in British Pounds related to our net investment in Threadneedle, which was approximately £1.2 billion as of December 31, 2025.
In this volatile rate environment, we assess reinvestment risk in our investment portfolio and monitor this risk in accordance with our asset/liability management framework. In addition, we may update the crediting rates on our fixed products when warranted, subject to guaranteed minimums. 58 Index Ameriprise Financial, Inc.
In this volatile rate environment, we assess reinvestment risk in our investment portfolio and monitor this risk in accordance with our asset/liability management framework. In addition, we may update the crediting rates on our fixed products when warranted, subject to guaranteed minimums.
This dynamic would result in widening spreads under a modestly rising rate scenario given the current relationship between the current level of interest rates and the underlying GMIRs on the business. Of the $41.9 billion in Policyholder account balances, future policy benefits and claims as of December 31, 2024, $15.9 billion is related to liabilities created by these products.
This dynamic would result in widening spreads under a modestly rising rate scenario given the current relationship between the current level of interest rates and the underlying GMIRs on the business. Of the $46.5 billion in Policyholder account balances, future policy benefits and claims as of December 31, 2025, $15.2 billion is related to liabilities created by these products.
The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through 2026 due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were $4.1 billion and 4.7%, respectively, as of December 31, 2024.
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.
As of December 31, 2024 we had $22.3 billion of bank deposits and $2.3 billion of brokerage deposits. Certificate Products Fixed Rate Certificates We have interest rate risk from our investment certificates generally ranging in amounts from $1 thousand to $2 million with interest crediting rate terms ranging from 3 months to 36 months.
As of December 31, 2025 we had $23.7 billion of bank deposits and $1.9 billion of brokerage deposits. Certificate Products Fixed Rate Certificates We have interest rate risk from our investment certificates generally ranging in amounts from $1 thousand to $2 million with interest crediting rate terms ranging from 3 months to 36 months.
Our earnings are based upon the spread between investment income earned and the credits made to the fixed account and benefits reflected in an indexed account of the structured variable annuities. As of December 31, 2024, we had $16.3 billion in liabilities related to structured variable annuities.
Our earnings are based upon the spread between investment income earned and the credits made to the fixed account and benefits reflected in an indexed account of the structured variable annuities. As of December 31, 2025, we had $21.5 billion in liabilities related to structured variable annuities.
In estimating the values of variable annuities, indexed annuities, indexed universal life (“IUL”) insurance and the associated hedging instruments, we assume no change in implied market volatility despite the 10% drop in equity prices.
In estimating the values of variable annuities, indexed annuities, indexed universal life (“IUL”) insurance and the associated hedging instruments, we assume no change in implied market volatility despite the 10% drop in equity prices. 55 Index Ameriprise Financial, Inc.
The above results compare to an estimated negative net impact to pretax income of $332 million related to a 10% equity price decline and an estimated positive net impact to pretax income of $561 million related to a 100 basis point increase in interest rates as of December 31, 2023 .
The above results compare to an estimated negative net impact to pretax income of $509 million related to a 10% equity price decline and an estimated positive net impact to pretax income of $529 million related to a 100 basis point increase in interest rates as of December 31, 2024.
(2) Represents the net impact to pretax income. The estimated net impact to pretax adjusted operating income is $(346) million as of December 31, 2024.
(2) Represents the net impact to pretax income. The estimated net impact to pretax adjusted operating income is $(379) million as of December 31, 2025.
As of December 31, 2024 we had $11.1 billion related to reserves for our fixed rate certificate products.
As of December 31, 2025 we had $8.1 billion related to reserves for our fixed rate certificate products.
We currently only hedge certain equity price risk for this exposure, primarily using futures and swaps. We currently do not hedge any of the interest rate risk for this exposure. Market Risk Benefits The total contract value of all variable annuities as of December 31, 2024 was $85.7 billion.
We currently only hedge certain equity price risk for this exposure, primarily using futures and swaps. We currently do not hedge any of the interest rate risk for this exposure. 56 Index Ameriprise Financial, Inc. Market Risk Benefits The total contract value of all variable annuities as of December 31, 2025 was $91.3 billion.
As of December 31, 2024, the notional value of outstanding contracts and our remaining foreign currency risk related to operations in foreign countries were not material. Interest Rate Risk on External Debt The stated interest rates on our $2.9 billion of senior unsecured notes are fixed.
As of December 31, 2025, the notional value of outstanding contracts and our remaining foreign currency risk related to operations in foreign countries were not material. 58 Index Ameriprise Financial, Inc. Interest Rate Risk on External Debt The stated interest rates on our $3.1 billion of senior unsecured notes are fixed.
Exchange-traded derivatives are effected through regulated exchanges that require contract standardization and initial margin to transact through the exchange. Because exchange-traded futures are marked to market and generally cash settled on a daily basis, we have minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative instruments.
Because exchange-traded futures are marked to market and generally cash settled on a daily basis, we have minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative instruments.
In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled $23.3 billion and had a weighted average yield of 4.6% as of December 31, 2024.
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.
We consider our total potential credit exposure to each counterparty and its affiliates to ensure compliance with pre-established credit guidelines at the time we enter into a transaction which would potentially increase our credit risk.
We consider our total potential credit exposure to each counterparty and its affiliates to ensure compliance with pre-established credit guidelines at the time we enter into a transaction which would potentially increase our credit risk. These guidelines and oversight of credit risk are managed through a comprehensive enterprise risk management program that includes members of senior management.
The counterparty risk for centrally cleared over-the-counter derivatives is transferred to a central clearing party through contract novation. The central clearing party requires both daily settlement of mark-to-market and initial margin. Because the central clearing party monitors open positions and adjusts collateral requirements daily, we have minimal credit exposure from such derivative instruments.
The central clearing party requires both daily settlement of mark-to-market and initial margin. Because the central clearing party monitors open positions and adjusts collateral requirements daily, we have minimal credit exposure from such derivative instruments. Exchange-traded derivatives are effected through regulated exchanges that require contract standardization and initial margin to transact through the exchange.
Removed
The following tables present our estimate of the impact on pretax income from the above defined hypothetical market movements as of December 31, 2024: Equity Price Decline 10% Equity Price Exposure to Pretax Income Before Hedge Impact Hedge Impact Net Impact (in millions) Asset-based management and distribution fees (1) $ (348) $ 2 $ (346) Variable annuity and structured variable annuity benefits: Market risk benefits (845) 702 (143) Indexing feature for structured variable annuities 1,022 (1,043) (21) Total variable annuity and structured variable annuity benefits 177 (341) (164) IUL insurance 60 (59) 1 Total $ (111) $ (398) $ (509) (2) 56 Index Ameriprise Financial, Inc.
Added
For certain OTC derivatives, our counterparties are required to both post and collect initial margin above a regulatory threshold providing us and our counterparties with additional protection above the daily collateralization of net market value of the positions. The counterparty risk for centrally cleared over-the-counter derivatives is transferred to a central clearing party through contract novation.
Removed
These guidelines and oversight of credit risk are managed through a comprehensive enterprise risk management program that includes members of senior management. 59 Index Ameriprise Financial, Inc.

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