Ameriprise Financial, Inc. · NYSE:AMP
Ameriprise Financial — Q3 2025 Earnings Presentation
20 slides from Ameriprise Financial's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Conference Call
Ameriprise Financial Third Quarter 2025 Conference Call October 30, 2025 © 2025 Ameriprise Financial, Inc. All rights reserved.
Slide 2: Forward-looking statements
Forward-looking statements Some of the statements made in our October 30, 2025 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 October 30, 2025. These forward-lo
Slide 3: Consolidated Results
Consolidated Results Quarter-Ended September 30, Year-To-Date September 30, GAAP 2025 2024 Better/(Worse) 2025 2024 Better/(Worse) Net Revenues ($M) $4,791 $4,397 9% $13,520 $12,763 6% Expenses ($M) $3,617 $3,752 4% $10,308 $9,848 (5)% Net Income ($M) $912 $511 78% $2,555 $2,330 10% Diluted EPS $9.3
Slide 4: Q3 2025 Business & Financial Results
Q3 2025 Business & Financial Results Walter Berman Chief Financial Officer © 2025 Ameriprise Financial, Inc. All rights reserved. 4
Slide 5: Ameriprise delivered continued solid performance with exceptional balance sheet strength
Ameriprise delivered continued solid performance with exceptional balance sheet strength • Adjusted operating earnings per diluted share up 12% to $9.92(1) with a strong margin of 27%(1) ◦ Total assets under management, administration and advisement increased 8% to a record high of $1.7 trillion ◦ A
Slide 6: Strong EPS growth of 12% demonstrates the strength and leverage across our businesses
Strong EPS growth of 12% demonstrates the strength and leverage across our businesses Total Assets Under Adjusted Operating Management, Administration Earnings Per and Advisement Diluted Share (1) • Total assets under management, administration and $ in trillions advisement increased 8% to a record
Slide 7: Wealth Management metrics remained solid
Wealth Management metrics remained solid Total Client Assets Total Wrap Flows TTM Revenue Per Advisor $ in billions $ in billions $ in thousands $1,138 $29.9 11% $29.0 $1,024 $488 $25.1 10% $1,093 $21.0 $455 $997 14% $650 $569 $8.0 $4.8 Q3 2024 Q3 2025 TTM 2024 TTM 2025 Q3 2024 Q3 2025 Wrap Assets N
Slide 8: Wealth Management delivered excellent underlying financial and business performance
Wealth Management delivered excellent underlying financial and business performance Adjusted Operating Pretax Adjusted • Revenue increased 9% to $3.0 billion Total Net Revenue Operating Earnings • Core revenue increased in the low-teen percentage range driven $ in millions $ in millions by higher cl
Slide 9: Asset Management generated strong financial results with a 42% margin
Asset Management generated strong financial results with a 42% margin • Total Assets Under Management and Advisement increased Adjusted Operating Pretax Adjusted to $714 billion Total Net Revenue Operating Earnings $ in millions • Net outflows improved significantly on a sequential basis to $ in mil
Slide 10: Retirement & Protection Solutions: consistent earnings and free cash flow generation
Retirement & Protection Solutions: consistent earnings and free cash flow generation Pretax Adjusted • Retirement & Protection Solutions pretax adjusted operating earnings were Operating Earnings(1) $200 million(1) reflecting continued benefit from stronger interest earnings and $ in millions higher
Slide 11: Created significant shareholder value through differentiated capital return
Created significant shareholder value through differentiated capital return Returned 82% of Earnings to Shareholders • Strong balance sheet fundamentals and capital management Over Trailing 12 Months Through 9-30-25 – Holding company available liquidity of $2.5 billion $ in billions – Excess capital
Slide 12: Our approach delivers sustained profitable growth across market cycles
Our approach delivers sustained profitable growth across market cycles One Year Performance (TTM Q3 2025 vs TTM Q3 2024) +210 bps $3.1 billion +7% +12% Increase in Capital Revenue EPS Return on Returned to Growth (1) Growth (2) Equity, ex. Shareholders AOCI (1) Five Year Performance (TTM Q3 2025 vs
Slide 13: Appendix
Appendix © 2025 Ameriprise Financial, Inc. All rights reserved. 13
Slide 14: Reconciliation tables
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Per Diluted Share Quarter Ended September Quarter Ended 30, September 30, % Better/ % Better/ (in millions, except per share amounts, unaudited) 2025 2024 (Worse) 2025 2024 (Worse) Net income $ 912 $ 511 78% $ 9.33 $ 5.00 87% Adjust
Slide 15: Reconciliation tables
Reconciliation tables Pretax Adjusted Operating Earnings Quarter Ended September 30, % Better/ (in millions, unaudited) 2025 2024 (Worse) Total net revenues $ 4,791 $ 4,397 9% Adjustments: Net realized investment gains (losses) 11 (6) Market impact on non-traditional long-duration products 1 5 Mean
Slide 16: Reconciliation tables
Reconciliation tables Asset Management Net Pretax Adjusted Operating Margin Quarter Ended September 30, (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 Adjusted operating total net revenues $ 906 $ 882 Distribution pass through revenues (202) (198) Subadvisory and other pass through revenues (112) (1
Slide 17: Reconciliation tables
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Trailing Twelve Months ending Per Diluted Share Trailing September 30, % Better/ Twelve Months September 30, % Better/ (in millions, except per share amounts, unaudited) 2025 2024 (Worse) 2025 2024 (Worse) Total net revenues $ 18,02
Slide 18: Reconciliation tables
Reconciliation tables Adjusted Operating Earnings Per Diluted Share Trailing Twelve Months Per Diluted Share Trailing ending September 30, Twelve Months September 30, (in millions, except per share amounts, unaudited) 2025 2020 CAGR 2025 2020 CAGR Total net revenues $ 18,021 $ 12,003 Adjustments: Ne
Slide 19: Return on Equity (ROE) Excluding AOCI
Reconciliation tables Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI” Twelve Months Ended September 30, (in millions, unaudited) 2025 2024 2020 Net income $ 3,626 $ 2,707 $ 1,820 Less: Adjustments (1) (136) (642) 58 Adjusted operating earnings 3,762 3,349 1,762 Less: A
Slide 20: Mature LTC block: last policy sold in 2002, average age 82
Mature LTC block: last policy sold in 2002, average age 82 • We have a high-quality, mature closed block of business sold Over 70% reduction in policy count through our advisor network to our Wealth Management clients with >75% terminating without claim • 91% of policies have credible experience for