AMP

Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the values of market risk benefits and embedded derivatives associated wit

Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the values of market risk benefits and embedded derivatives associated wit

Other Revenues Other revenues primarily include the accretion on the fixed annuities reinsurance deposit receivables and other miscellaneous revenues. Banking and Deposit Interest Expense Banking and deposit interest expense primarily includes interest expense related to investment certificates and banking deposits. Distribution Expenses Distribution expenses primarily include compensation paid to our financial advisors, registered representatives, third-party distributors and wholesalers. The portion of these c

Net investment income 872 868 4 — Premiums, policy and contract charges 341 360 (19) (5) Other revenues 166 129 37 29 Total revenues 4,886 4,481 405 9 Banking and deposit interest expense 74 127 (53) (42) Total net revenues 4,812 4,354 458 11 Expenses Distribution expenses 1,773 1,612 161 10 Interest credited to fixed accounts 142 130 12 9 Benefits, claims, losses and settlement expenses 317 381 (64) (17) Remeasurement (gains) losses of future policy benefit reserves (1) (10) 9 90 Change in fair value of market

Distribution fees 563 522 Net investment income 872 868 Premiums, policy and contract charges 341 360 Other revenues 166 129 Total revenues 4,886 4,481 Banking and deposit interest expense 74 127 Total net revenues 4,812 4,354 Benefits and expenses Distribution expenses 1,773 1,612 Interest credited to fixed accounts 142 130 Benefits, claims, losses and settlement expenses 317 381 Remeasurement (gains) losses of future policy benefit reserves ( 1 ) ( 10 ) Change in fair value of market risk benefits 378 497 Amort

Certain of our insurance, annuity, investment products, wrap fees and banking products are sensitive to interest rate fluctuations (inclusive of changes in credit spreads), which could cause future impacts associated with such fluctuations to differ from our historical results of operations

The amount received from the third-party banks is impacted by short-term interest rates

(i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers

(x) periods of elevated inflation

• Universal life insurance that credits interest at fixed interest rates

and assumptions of available guidance, including proposed regulations and notices, that the Company has made regarding the CAMT provisions of the Inflation Reduction Act of 2022

changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments

changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments

Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the values of market risk benefits and embedded derivatives associated wit

(i) the level and volatility of the markets, including equity prices, interest rates, commodity prices, currency values and other market indices and drivers

The amount received from the third-party banks is impacted by short-term interest rates

• Universal life insurance that credits interest at fixed interest rates

Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the values of market risk benefits and embedded derivatives associated wit

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. We also earn revenue and income through other sources, including the following: • We earn net investment income on owned assets from Ameriprise Certificate Company (“ACC”) and Ameriprise Bank, both who

Item 1 of this Annual Report on Form 10-K. The products and services we provide retail clients and, to a lesser extent, institutional clients, are the primary source of our revenues and net income. Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies. These factors, in turn, are largely determined by overall investme

clients’ financial objectives. The products and services we provide retail clients and, to a lesser extent, institutional clients, are the primary source of our revenues and net income. Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies. These factors, in turn, are largely determined by overall investme

offer appropriate product alternatives which encourage clients to continue purchasing in the face of actual or perceived market volatility, our sales and management fee revenues could decline. 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. Because the profitability of th

ON ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2026 2025 (in millions, except per share amounts) Revenues Management and financial advice fees $ 2,944 $ 2,602 Distribution fees 563 522 Net investment income 872 868 Premiums, policy and contract charges 341 360 Other revenues 166 129 Total revenues 4,886 4,481 Banking and deposit interest expense 74 127 Total net revenues 4,812 4,354 Benefits and expenses Distribution expenses 1,773 1,612 I

offer appropriate product alternatives which encourage clients to continue purchasing in the face of actual or perceived market volatility, our sales and management fee revenues could decline. 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. Because the profitability of th

Item 1 of this Annual Report on Form 10-K. The products and services we provide retail clients and, to a lesser extent, institutional clients, are the primary source of our revenues and net income. Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies. These factors, in turn, are largely determined by overall investme

clients’ financial objectives. The products and services we provide retail clients and, to a lesser extent, institutional clients, are the primary source of our revenues and net income. Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies. These factors, in turn, are largely determined by overall investme

ON ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2026 2025 (in millions, except per share amounts) Revenues Management and financial advice fees $ 2,944 $ 2,602 Distribution fees 563 522 Net investment income 872 868 Premiums, policy and contract charges 341 360 Other revenues 166 129 Total revenues 4,886 4,481 Banking and deposit interest expense 74 127 Total net revenues 4,812 4,354 Benefits and expenses Distribution expenses 1,773 1,612 I

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. We also earn revenue and income through other sources, including the following: • We earn net investment income on owned assets from Ameriprise Certificate Company (“ACC”) and Ameriprise Bank, both who

Restricted and segregated cash includes cash segregated under federal and other regulations held in special reserve bank accounts for the exclusive benefit of the Company’s brokerage customers

For information on the impact of the BBA, see “Business - Regulation - Federal Banking and Financial Holding Company Regulation” included in Part I, Item 1 in our 2025 10-K

For information on the impact of the BBA, see “Business - Regulation - Federal Banking and Financial Holding Company Regulation” included in Part I, Item 1 of this Annual Report on Form 10-K

At that time, Ameriprise Financial became a savings and loan holding company subject to regulation, supervision and examination by the Board of Governors for the Federal Reserve System (“FRB”), and Ameriprise Financial elected to be classified as a financial holding company subject to applicable regulation under the Bank Holding Company Act o

institutions, some of which have a larger market share, greater investments in technology and analytics, greater investment in advertising and brand, less regulation or greater financial resources than we do

, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K

institutions, some of which have a larger market share, greater investments in technology and analytics, greater investment in advertising and brand, less regulation or greater financial resources than we do

For information on the impact of the BBA, see “Business - Regulation - Federal Banking and Financial Holding Company Regulation” included in Part I, Item 1 of this Annual Report on Form 10-K

, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K

For information on the impact of the BBA, see “Business - Regulation - Federal Banking and Financial Holding Company Regulation” included in Part I, Item 1 in our 2025 10-K

Restricted and segregated cash includes cash segregated under federal and other regulations held in special reserve bank accounts for the exclusive benefit of the Company’s brokerage customers

At that time, Ameriprise Financial became a savings and loan holding company subject to regulation, supervision and examination by the Board of Governors for the Federal Reserve System (“FRB”), and Ameriprise Financial elected to be classified as a financial holding company subject to applicable regulation under the Bank Holding Company Act o

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 othe

decreased $8 million, or 4%, for 2025 compared to the prior year primarily reflecting lower investment portfolio yields, partially offset by the impact of our affordable housing partnerships. Other revenues decreased $11 million, or 6%, for 2025 compared to the prior year primarily reflecting the yield on deposit receivables arising from reinsurance transactions. Expenses Remeasurement (gains) losses of future policy benefit reserves increased $42 million for 2025 compared to the prior year primarily 48 Index A

in investment losses to be realized in our results of operations. Also, increases in market interest rates may result in extension of certain cash flows from structured mortgage assets. An increase in policy surrenders and withdrawals also may require us to accelerate amortization of deferred acquisition costs (“DAC”) or other intangibles or cause an impairment of goodwill, which would increase our expenses and reduce our net earnings in the period. If higher market interest rates lead to inflows into inte

$1.1 billion and $987 million, respectively, in cash, cash equivalents, and unencumbered liquid securities. Liquid securities predominantly include U.S. government agency mortgage backed securities. Additional sources of liquidity at the parent company include a line of credit with an affiliate up to $773 million and an unsecured revolving committed credit facility for up to $1.0 billion that expires in November 2029. Management’s estimate of liquidity available to the parent company in a volatile and uncertai

“investment entities”), which are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates certain investment entities (collectively, “consolidated investment entities”) if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and exi

decreased $8 million, or 4%, for 2025 compared to the prior year primarily reflecting lower investment portfolio yields, partially offset by the impact of our affordable housing partnerships. Other revenues decreased $11 million, or 6%, for 2025 compared to the prior year primarily reflecting the yield on deposit receivables arising from reinsurance transactions. Expenses Remeasurement (gains) losses of future policy benefit reserves increased $42 million for 2025 compared to the prior year primarily 48 Index A

“investment entities”), which are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates certain investment entities (collectively, “consolidated investment entities”) if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and exi

in investment losses to be realized in our results of operations. Also, increases in market interest rates may result in extension of certain cash flows from structured mortgage assets. An increase in policy surrenders and withdrawals also may require us to accelerate amortization of deferred acquisition costs (“DAC”) or other intangibles or cause an impairment of goodwill, which would increase our expenses and reduce our net earnings in the period. If higher market interest rates lead to inflows into inte

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 othe

$1.1 billion and $987 million, respectively, in cash, cash equivalents, and unencumbered liquid securities. Liquid securities predominantly include U.S. government agency mortgage backed securities. Additional sources of liquidity at the parent company include a line of credit with an affiliate up to $773 million and an unsecured revolving committed credit facility for up to $1.0 billion that expires in November 2029. Management’s estimate of liquidity available to the parent company in a volatile and uncertai

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. 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 s

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

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

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. As an international company, we continuously monitor developments in EU legislation, as well as in the other markets in which we operate, to ensure that we comply with all applicable legal requirements, including EU directives applicable to financial institutions as implemented in the various member states. Because o

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

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. 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 s

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

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. As an international company, we continuously monitor developments in EU legislation, as well as in the other markets in which we operate, to ensure that we comply with all applicable legal requirements, including EU directives applicable to financial institutions as implemented in the various member states. Because o

(ii) geopolitical strain, terrorism and armed conflicts, (iii) political dynamics or elections and social, economic and market conditions

changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments

changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments

changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments

(ii) geopolitical strain, terrorism and armed conflicts, (iii) political dynamics or elections and social, economic and market conditions

changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments

between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosure s, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of our life insu

between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosure s, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of our life insurance subsidiaries’ nonperform

between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosure s, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the RiverSource Life companies’ nonperforma

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

clients confidently achieve their financial goals. 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. As part of our goal-based approach to financial advice, our

Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below, that could have a material adverse effect on our business, financial condition or results of operations and could cause the trading price of our common stock to decline

use of artificial intelligence (“AI”)

use of artificial intelligence (“AI”)

Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below, that could have a material adverse effect on our business, financial condition or results of operations and could cause the trading price of our common stock to decline

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

2 Foreign currency translation (1) 5

8) Foreign currency translation (1) (1

in discount rate assumptions on certain long-duration contracts 65 ( 30 ) Effect of changes in instrument-specific credit risk on market risk benefits 30 1 Foreign currency translation adjustment ( 26 ) 52 Total other comprehensive income (loss), net of tax ( 313 ) 389 Total comprehensive income (loss) $ 602 $ 972 See Notes to Consolidated Financial Statements

As a result, we are exposed to certain foreign currency exchange risks that could reduce U

in discount rate assumptions on certain long-duration contracts 65 ( 30 ) Effect of changes in instrument-specific credit risk on market risk benefits 30 1 Foreign currency translation adjustment ( 26 ) 52 Total other comprehensive income (loss), net of tax ( 313 ) 389 Total comprehensive income (loss) $ 602 $ 972 See Notes to Consolidated Financial Statements

As a result, we are exposed to certain foreign currency exchange risks that could reduce U

2 Foreign currency translation (1) 5

8) Foreign currency translation (1) (1

is based on interpretations and assumptions of available guidance, including proposed regulations and notices, that we have made regarding the CAMT provisions of the Inflation Reduction Act of 2022. In December 2021, the Organization for Economic Co-operation and Development published the Pillar Two model rules which introduce new taxing mechanisms aimed at ensuring multinational enterprises pay a minimum level of tax on profits from each jurisdiction in which they operate. As of March 31, 2026, the tax imp

based on interpretations and assumptions of available guidance, including proposed regulations and notices, that the Company has made regarding the CAMT provisions of the Inflation Reduction Act of 2022. In December 2021, the Organization for Economic Co-operation and Development published the Pillar Two model rules which introduce new taxing mechanisms aimed at ensuring multinational enterprises pay a minimum level of tax on profits from each jurisdiction in which they operate. As of March 31, 2026, the tax imp

age of policyholders on claim is 89. Fifty-four percent of daily benefits in force in this block are lifetime benefits. 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. The average attained age is 81 and the average attained age of poli

We discontinued offering LTC insurance as of December 31, 2002. A large majority of our closed block LTC is comprised of nursing home indemnity LTC or comprehensive reimbursement LTC. 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

strategies to grow our wealth management business such as experienced advisor recruiting, practice acquisitions, advisor loans, and partnerships with banks and credit unions. Over the years, we have also sought to optimize the organizational structure in which we offer certain banking products. In May 2019, we converted Ameriprise National Trust Bank to Ameriprise Bank, FSB (“Ameriprise Bank”) to expand the products and services we provide directly to our clients. At that time, Ameriprise Financial becam

of third‑party technology, and how we manage AI use in our business. 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. Management of operational, legal and regulatory risks requires, among other things, policies and procedures to record properly and verify a large number of transactions a

of third‑party technology, and how we manage AI use in our business. 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. Management of operational, legal and regulatory risks requires, among other things, policies and procedures to record properly and verify a large number of transactions a

strategies to grow our wealth management business such as experienced advisor recruiting, practice acquisitions, advisor loans, and partnerships with banks and credit unions. Over the years, we have also sought to optimize the organizational structure in which we offer certain banking products. In May 2019, we converted Ameriprise National Trust Bank to Ameriprise Bank, FSB (“Ameriprise Bank”) to expand the products and services we provide directly to our clients. At that time, Ameriprise Financial becam

affect our investment portfolio or investor sentiment. This includes the potential for an increase in the frequency and severity of weather-related disasters and pandemics. In addition, climate change regulation may affect the prospects of companies and other entities whose securities we hold, or our willingness to continue to hold their securities. Climate change may also influence investor sentiment with respect to Ameriprise and investments in our portfolio and those available to clients through thir

the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on our operating and performance results. In addition, the business, political and regulatory envi

the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on our operating and performance results. In addition, the business, political and regulatory envi

affect our investment portfolio or investor sentiment. This includes the potential for an increase in the frequency and severity of weather-related disasters and pandemics. In addition, climate change regulation may affect the prospects of companies and other entities whose securities we hold, or our willingness to continue to hold their securities. Climate change may also influence investor sentiment with respect to Ameriprise and investments in our portfolio and those available to clients through thir

of CIEs; the pro rata share of net income or loss on equity method investments; realized gains and losses on the sale of investments; and changes for the allowance for credit losses. Premiums, Policy and Contract Charges Premiums include premiums on traditional life, DI and LTC insurance and payout annuities with a life contingent feature and are net of reinsurance premiums. Policy and contract charges include variable annuity rider charges and UL and VUL insurance charges, 35 Index Ameriprise Financial, Inc

U.S. and global financial services institutions are interconnected and a decline in the financial condition of one or more financial services institutions may expose us to credit losses or defaults, limit our access to liquidity or otherwise disrupt the operations of our businesses. While we regularly assess our exposure to different industries and counterparties, the performance and financial strength of specific institutions are subject to rapid change, the timing and extent of which cannot be known. Many trans

31, 2025 (in millions, except share amounts) Assets Cash and cash equivalents $ 8,341 $ 9,953 Cash of consolidated investment entities 128 150 Investments (allowance for credit losses: 2026, $ 22 ; 2025, $ 26 ) 58,969 58,406 Investments of consolidated investment entities, at fair value 2,507 2,618 Market risk benefits 1,934 2,274 Separate account assets 76,466 80,044 Receivables (allowance for credit losses: 2026, $ 72 ; 2025, $ 71 ) 15,144 14,920 Receivables of consolidated investment entities, at fair value

Globally and regionally, we continue to see enhanced legislative and regulatory interest regarding retirement investing and fiduciary initiatives, cybersecurity, technology, and operational resilience

or potential clients’ perceived failure of how we address certain political, environmental, social or governance topics, technological breakdowns, cybersecurity attacks, or other security breaches (including attempted breaches, breaches impacting our vendors or their subcontractors or inadvertent disclosures) resulting in system unavailability, improper disclosure or loss of data integrity relating to cl