Ameriprise Financial, Inc. · NYSE:AMP
Ameriprise Financial — Q4 2025 Earnings Presentation
18 slides from Ameriprise Financial's earnings presentation, Jan 29, 2026
Slide 1: Fourth Quarter 2025 Conference Call
Ameriprise Financial Fourth Quarter 2025 Conference Call January 29, 2026 © 2026 Ameriprise Financial, Inc. All rights reserved.
Slide 2: Forward-looking statements
Forward-looking statements Some of the statements made in our January 29, 2026 earnings release and/or in this presentation constitute forward-looking statements. These statements reflect management's estimates, plans, beliefs and expectations, and speak only as of January 29, 2026. These forward-lo
Slide 3: Consolidated Results
Consolidated Results Quarter-Ended December 31, Year-To-Date December 31, GAAP 2025 2024 Better/(Worse) 2025 2024 Better/(Worse) Net Revenues ($M) $4,960 $4,501 10% $18,480 $17,264 7% Expenses ($M) $3,668 $3,149 (16)% $13,976 $12,997 (8)% Net Income ($M) $1,008 $1,071 (6)% $3,563 $3,401 5% Diluted E
Slide 4: Q4 2025 Business & Financial Results
Q4 2025 Business & Financial Results Walter Berman Chief Financial Officer © 2026 Ameriprise Financial, Inc. All rights reserved. 4
Slide 5: Ameriprise delivered strong fourth quarter financial and operating results across all segments
Ameriprise delivered strong fourth quarter financial and operating results across all segments • Adjusted operating earnings per diluted share up 16% to $10.83 with a strong margin of 27% • Total assets under management, administration and advisement increased 11% to a record high of $1.7 trillion •
Slide 6: Advice & Wealth Management generated strong client and advisor growth in the quarter
Advice & Wealth Management generated strong client and advisor growth in the quarter Total Client Assets Total Client Flows TTM Revenue Per Advisor $ in billions $ in billions $ in thousands $1,165 8% $1,122 $1,029 $495 $13.3 13% 18% $1,037 $455 $11.3 17% $670 $574 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4
Slide 7: Wealth Management delivered excellent financial results
Wealth Management delivered excellent financial results Adjusted Operating Pretax Adjusted • Revenue increased 12% to $3.2 billion Total Net Revenue Operating Earnings • Core revenue increased in the low-teen percentage range $ in millions $ in millions driven by higher client assets along with incr
Slide 8: Asset Management generated strong financial results
Asset Management generated strong financial results with a 40% margin Adjusted Operating Pretax Adjusted • Total Assets Under Management and Advisement Total Net Revenue Operating Earnings increased to $721 billion $ in millions $ in millions • Revenues increased 12% to $1.0 billion, which included
Slide 9: Retirement & Protection Solutions generated consistent earnings and free cash flow
Retirement & Protection Solutions generated consistent earnings and free cash flow Pretax Adjusted • Retirement & Protection Solutions pretax adjusted operating earnings were in Operating Earnings our target range at $200 million $ in millions ◦ Compared to a year ago, results reflected the timing o
Slide 10: Created significant shareholder value through opportunistic capital return
Created significant shareholder value through opportunistic capital return • Sustainability of capital return to shareholders is supported by Capital Returned to Shareholders strong fundamentals $ in millions $1,050 ◦ Holding company available liquidity of $2.2 billion $153 ◦ Excess capital position
Slide 11: Our approach delivers sustained profitable growth
Our approach delivers sustained profitable growth One Year Performance (Full Year 2025 vs Full Year 2024)(1) • Strong full year financial performance +6% +12% • Exited 2025 with significant capacity to invest Revenue EPS in targeted growth initiatives Growth Growth • Excellent balance sheet foundati
Slide 12: Appendix
Appendix © 2026 Ameriprise Financial, Inc. All rights reserved. 12
Slide 13: Reconciliation tables
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Per Diluted Share Quarter Ended Quarter Ended December 31, December 31, % Better/ % Better/ (in millions, except per share amounts, unaudited) 2025 2024 (Worse) 2025 2024 (Worse) Net income $ 1,008 $ 1,071 (6)% $ 10.47 $ 10.58 (1)%
Slide 14: Reconciliation tables
Reconciliation tables Pretax Adjusted Operating Earnings Quarter Ended December 31, % Better/ (in millions, unaudited) 2025 2024 (Worse) Total net revenues $ 4,960 $ 4,501 10% Adjustments: Net realized investment gains (losses) 1 (12) Market impact on non-traditional long-duration products 2 (3) CIE
Slide 15: Reconciliation tables
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Twelve Months ending Per Diluted Share Twelve December 31, % Better/ Months December 31, % Better/ (in millions, except per share amounts, unaudited) 2025 2024 (Worse) 2025 2024 (Worse) Total net revenues $ 18,480 $ 17,264 Adjustmen
Slide 16: Reconciliation tables
Reconciliation tables Pretax Adjusted Operating Earnings Year-to-date December 31, % Better/ (in millions, unaudited) 2025 2024 (Worse) Total net revenues $ 18,480 $ 17,264 7% Adjustments: Net realized investment gains (losses) (8) (21) Market impact on non-traditional long-duration products 12 3 CI
Slide 17: Reconciliation tables
Reconciliation tables Asset Management Net Pretax Adjusted Operating Margin Quarter Ended December 31, (in millions, unaudited) 4 Qtr 2025 4 Qtr 2024 Adjusted operating total net revenues $ 1,039 $ 930 Distribution pass through revenues (208) (201) Subadvisory and other pass through revenues (106) (
Slide 18: Reconciliation tables
Reconciliation tables Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI” Twelve Months Ended December 31, (in millions, unaudited) 2025 2024 Net income $ 3,563 $ 3,401 Less: Adjustments (1) (295) (134) Adjusted operating earnings 3,858 3,535 Less: Annual unlocking (2) (5)