Ameriprise Financial, Inc.NYSE: AMP

Third Quarter 2026 Earning Presentation

· Issued by Ameriprise Financial, Inc.

Key figures

  • Adjusted operating earnings per diluted share increased 22% to $12.07 and adjusted operating earnings increased 14% to $1.1 billion driven by
  • Adjusted operating net revenues increased 10% to $5.1 billion
  • General and administrative expenses increased 3% to $975 million primarily from volume-related expenses and investments for growth
  • Pretax adjusted operating margin was strong at 28%
  • Revenue increased 13% to $3.4 billion

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Watch Ameriprise Financial explain itAmeriprise Financial (NYSE:AMP) Q3 2026 Earnings Call · Replay · Oct 29, 2026 · From 0:00 · Wealth Management Results and Advisor Productivity

Ameriprise Financial

Third Quarter 2026 Conference Call October 29, 2026

© 2026 Ameriprise Financial, Inc. All rights reserved.

Consolidated Results

GAAP

2026

Quarter-Ended September 30,

2025 Better/(Worse)

Net Revenues ($M)

$5,117

$4,791

7%

Expenses ($M)

$3,690

$3,617

(2)%

Net Income ($M)

$1,126

$912

23%

Diluted EPS

$12.32

$9.33

32%

Return on Equity, ex. AOCI (1)

55.2%

50.9%

430 bps

2026

Year-To-Date September 30,

2025 Better/(Worse)

$14,869

$13,520

10%

$10,856

$10,308

(5)%

$3,154

$2,555

23%

$33.95

$25.83

31%

55.2%

50.9%

430 bps

Adjusted Operating

2026

Quarter-Ended September 30,

2025 Better/(Worse)

Net Revenues ($M)

$5,075

$4,733

7%

Expenses ($M)

$3,772

$3,491

(8)%

Earnings ($M)

$1,029

$965

7%

Diluted EPS

$11.26

$9.87

14%

Return on Equity, ex. AOCI (1)

55.3%

52.8%

250 bps

2026

Year-To-Date September 30,

2025 Better/(Worse)

$14,748

$13,377

10%

$10,778

$9,835

(10)%

$3,121

$2,815

11%

$33.60

$28.46

18%

55.3%

52.8%

250 bps

Adjusted Operating, excluding Unlocking (2)

2026

Quarter-Ended September 30,

2025 Better/(Worse)

Net Revenues ($M)

$5,074

$4,613

10%

Expenses ($M)

$3,677

$3,365

(9)%

Earnings ($M)

$1,103

$970

14%

Diluted EPS

$12.07

$9.92

22%

Return on Equity, ex. AOCI (1)

56.2%

52.8%

340 bps

2026

Year-To-Date September 30,

2025 Better/(Worse)

$14,747

$13,257

11%

$10,683

$9,709

(10)%

$3,195

$2,820

13%

$34.39

$28.51

21%

56.2%

52.8%

340 bps

  1. Calculated on a trailing 12-month basis.

  2. Unlocking impacts reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.

Q3 2026 Business & Financial Results

Walter Berman

Chief Financial Officer

Strong financial results demonstrate our continued focus on profitable growth and benefits of our integrated model

  • Adjusted operating earnings per diluted share increased 22% to $12.07(1) and adjusted operating earnings increased 14% to $1.1 billion(1) driven by:

    • Total assets under management, administration and advisement increased 8% to $1.8 trillion

    • Adjusted operating net revenues increased 10% to $5.1 billion(1)

    • General and administrative expenses increased 3% to $975 million primarily from volume-related expenses and investments for growth

    • Pretax adjusted operating margin was strong at 28%(1)

  • Balance sheet fundamentals remain strong

    • Excess capital of $2.0 billion and holding company available liquidity of $2.3 billion

    • Returned 93% of adjusted operating earnings(1) to shareholders through share repurchases and dividends, including the repurchase of 1.6 million shares in the quarter

(1) Results exclude unlocking impacts which reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.

Wealth Management delivered excellent and sustainable financial results

Pretax Adjusted Operating Earnings

12%

$881

$989

$ in millions

Q3 2025 Q3 2026

Pretax Adjusted Operating Margin

29.5%

Q3 2025 Q3 2026

  • Revenue increased 13% to $3.4 billion

  • Total expenses increased by 13%

    • Distribution expense up 15%, with advisor compensation up in line with advisor-driven revenues

      29.3%

(20) bps

    • G&A increased 4% from volume-related expenses and continued growth investments

  • Pretax adjusted operating earnings increased 12% to $989 million and margin remained strong at 29%

    • Core distribution earnings increased more than 20% and represented the majority of segment earnings, benefiting from higher client assets and advisory fees, strong activity levels and well-controlled expenses

    • Cash earnings were essentially flat with Bank earnings up in the mid-single-digit percent range

  • Our underlying business fundamentals coupled with strong operating and technology capabilities are foundational in driving sustained profitable growth

Management delivering strong underlying drive sustained profitable growth

Total Wrap Assets

12%

$650

$729

$ in billions

Q3 2025 Q3 2026

  • Total client assets grew 8%, or $93 billion, to $1.2 trillion and wrap assets increased 12%, or $79 billion, to

    $729 billion driven by solid organic growth, strong advisor productivity and equity market appreciation

  • Excluding Comerica, client net inflows were up 56% to

    $5.3 billion and wrap net inflows were up 38% to $6.6 billion

    • Consistent same store sales levels in the 4% range

    • Added 79 experienced advisors

    • Advisor retention remains strong

  • Financial institutions partnerships remain an important source of growth

    • $28 billion of assets from Huntington will transition in Q4 2026 and Q1 2027

    • An additional $4 billion of client assets related to Huntington's acquisition of Cadence Bank will come onto our platform in mid-2027

  • Total client cash was down 5% to $81 billion primarily driven by third-party money market funds

    • Cash sweep balances were stable at $27 billion

    • Bank assets increased 2% to $25 billion

      Advice & Wealth

      fundamentals to

      Total Client Assets

      $ in billions

      8%

      Q3 2025

      Q3 2026

      $1,138

$1,231

Asset Management generated strong financial results with a 46% margin

Adjusted Operating Total Net Revenue

$ in millions

Q3 2025 Q3 2026

Pretax Adjusted Operating Earnings

9%

$906

$990

$260

$308

18%

$ in millions

Q3 2025 Q3 2026

  • Total Assets Under Management and Advisement increased 4% to $743 billion

  • Revenue increased 9% to $990 million reflecting solid asset growth and a consistent fee rate of 48 basis points

  • Total expenses increased 6%

    • Distribution expenses increased 11%

    • G&A expenses in the quarter were up 2% driven by higher compensation expense and volume-related expenses

  • Pretax adjusted operating earnings increased 18% to $308 million

  • Net pretax adjusted operating margin improved to 46%

Retirement & Protection Solutions generated consistent earnings and free cash flow

Adjusted Operating Total Net Revenue(1)

$ in millions

Pretax Adjusted Operating Earnings(1)

$ in millions

  • Adjusted operating revenue increased 1% to $997 million(1) due to higher variable annuity account balances

  • Pretax adjusted operating earnings were $198 million(1) reflecting:

    (1)%

    $198

$200

    • Continued market appreciation and favorable life claims

    • Impacts from VA outflows and higher distribution expenses related to strong structured annuity sales

  • Sales increased 24% to $1.8 billion, providing important solutions for our wealth management clients

  • Estimated RBC ratio of 462% and hedge effectiveness of 97%

  • The company completed its annual actuarial assumption update, which resulted in an unfavorable after-tax impact of

$74 million on an adjusted operating basis. These businesses continue to perform in line with expectations.

1%

$997

$985

Q3 2025 Q3 2026 Q3 2025 Q3 2026

(1) Results exclude unlocking impacts which reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.

Differentiated capital return to shareholders supports best-in-class ROE of 56%(1)

Return on Equity(1)

56%

53%

Q3 2025 Q3 2026

Capital Returned to Shareholders

24%

2,338

2,894

$ in millions

YTD Q3 2025 YTD Q3 2026

  • Sustainability of capital return to shareholders is supported by strong fundamentals

    • Holding company available liquidity of $2.3 billion

    • Excess capital position of $2.0 billion

    • Diversified, AA- rated investment portfolio is well positioned to navigate potential stress scenarios

    • Diversified and durable cash flow streams with ~90% free cash flow generation

  • Accelerated capital return by 24% to $2.9 billion on a year-to-date basis

    • In the quarter, returned $1.0 billion of capital to shareholders, which was 93% of operating earnings(1)

    • Announced a new share repurchase authorization of

      $5.5 billion through September 30, 2028

  • Strong ERM capability and decisioning framework position us well to navigate stress and continue investing for

# Shares Repurchased

Average

Price

3.7M 4.9M

$508 $491

growth

(1) Results exclude AOCI and unlocking impacts which reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.

Our approach delivers sustained profitable growth

One Year Performance (TTM Q3 2026 vs TTM Q3 2025)

+11%

Revenue Growth(1)

+19%

EPS

Growth(2)

+340 bps Increase in Return on Equity, ex.

AOCI(1)

$3.9 billion Capital Returned to Shareholders

Five Year Performance (TTM Q3 2026 vs TTM Q3 2021)

+8%

Revenue CAGR(3)

Data on a trailing 12-month basis, except 5-year capital return.

+17% EPS CAGR(3)

+680 bps Increase in Return on Equity, ex.

AOCI(3)

$14.7 billion Capital Returned to Shareholders

  1. Results exclude unlocking impacts which reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.

    © 2026 Ameriprise Financial, Inc. All rights reserved.

  2. Results exclude unlocking, severance and mark-to-market impact on share-based compensation expense in both periods. 11

  3. Results exclude unlocking impacts. 2020 financial results have not been recast to reflect adoption of long duration targeted investments (LDTI).

Appendix Reconciliation tables

Adjusted Operating Earnings Per Diluted Share

(in millions, except per share amounts, unaudited)

Quarter Ended September 30,

2026 2025

% Better/ (Worse)

Per Diluted Share Quarter Ended September 30,

2026 2025

% Better/ (Worse)

Net income

$ 1,126

$ 912

23%

$ 12.32

$ 9.33

32%

Adjustments:

Net realized investment gains (losses) (1)

7

11

0.08

0.11

Market impact on non-traditional long-duration products (1)

128

(82)

1.40

(0.84)

Mean reversion-related impacts (1)

1

-

0.01 -

Integration/restructuring charges (1)

(11)

-

(0.12)

-

Net income (loss) attributable to consolidated investment entities

(1)

3

(0.01)

0.03

Tax effect of adjustments (2)

(27)

15

(0.30)

0.16

Adjusted operating earnings

$ 1,029

$ 965

7%

$ 11.26

$ 9.87

14%

Annual unlocking

(74)

(5)

(0.81)

(0.05)

Adjusted operating earnings, excluding unlocking

$ 1,103

$ 970

14%

$ 12.07 $ 9.92

22%

Weighted average common shares outstanding:

Basic

90.3

96.3

Diluted

91.4

97.8

(1) Pretax adjusted operating adjustment.

(2) Calculated using the statutory tax rate of 21%.

NM Not Meaningful - variance equal to or greater than 100%

Reconciliation tables

Pretax Adjusted Operating Earnings

(in millions, unaudited)

Quarter Ended September 30, 2026 2025

% Better/ (Worse)

Total net revenues

$ 5,117

$ 4,791

7%

Adjustments:

Net realized investment gains (losses)

7

11

Market impact on non-traditional long-duration products

1

1

Mean Reversion related impacts

1

(1)

Revenues attributable to the CIEs

33

47

Adjusted operating total net revenues

$ 5,075

$ 4,733

7%

Annual unlocking

1 120

Adjusted operating total net revenues, excluding unlocking

$ 5,074 $ 4,613

10%

Total expenses

$ 3,690

$ 3,617

(2)%

Adjustments:

Expenses attributable to the CIEs

34

44

Integration/restructuring charges

11

-

Market impact on non-traditional long-duration products

(127) 83

Mean reversion-related impacts

- (1)

Adjusted operating expenses

$ 3,772

$ 3,491

(8)%

Annual unlocking

95 126

Adjusted Operating expenses, excluding unlocking

$ 3,677 $ 3,365

(9)%

Pretax income

$ 1,427

$ 1,174

Pretax adjusted operating earnings

$ 1,303

$ 1,242

5%

Pretax adjusted operating earnings, excluding unlocking

$ 1,397

$ 1,248

12%

Pretax income margin

27.9 %

24.5 %

Pretax adjusted operating margin

25.7 %

26.2 %

Pretax adjusted operating margin, excluding unlocking

27.5 %

27.1 %

Reconciliation tables

Adjusted Operating Earnings Per Diluted Share

(in millions, except per share amounts, unaudited)

Twelve Months ending September 30,

2026 2025

% Better/ (Worse)

Per Diluted Share Twelve Months September 30,

2026 2025

% Better/ (Worse)

Total net revenues

$ 19,829

$ 18,021

Adjustments:

Net realized investment gains (losses)(1)

8

(21)

Market impact on non-traditional long-duration products(1)

2

7

Mean Reversion related impacts(1)

1

-

CIEs revenue

154

195

Adjusted operating total net revenues

$ 19,664

$ 17,840

Annual unlocking

1

120

Adjusted operating total net revenues, excluding Unlocking

$ 19,663

$ 17,720

11%

Net income

$ 4,162

$ 3,626

15%

$ 44.45 $ 36.47

22%

Adjustments:

Net realized investment gains (losses)(1)(2)

8

(21)

0.09 (0.21)

Market impact on non-traditional long-duration products(1)(2)

7

(154)

0.15 (1.55)

Mean reversion-related impacts(1)(2)

2

1

0.02 0.01

Integration/restructuring charges(1)(2)

(12)

-

(0.13) -

Net income (loss) attributable to consolidated investment entities

(4)

1

(0.04) 0.01

Tax effect of adjustments(2)

(3)

37

(0.06) 0.37

Adjusted operating earnings

$ 4,164

$ 3,762

11%

$ 44.42 $ 37.84

17%

Pretax impact of annual unlocking

(94)

(6)

(1.03) (0.06)

Tax effect of annual unlocking(2)

20

1

0.22 0.01

Adjusted operating earnings, excluding annual unlocking

$ 4,238

$ 3,767

13%

$ 45.23 $ 37.89

19%

Pretax impact of severance and mark-to-market impact on share-based compensation expense

-

(20)

- (0.20)

Tax effect of severance and mark-to-market on share-based compensation expense

-

2

- 0.02

Adjusted operating earnings, excluding unlocking, severance, and mark-to-market impact on share-based compensation expense

$ 4,238

$ 3,785

12%

$ 45.23 $ 38.07

19%

Weighted average common shares outstanding

Basic

92.6

97.9

Diluted

93.8

99.5

(1) Pretax adjusted operating adjustment.

(2) Ca©lcul2at0ed2u6sinAgmtheesrtiapturtiosryetaFx irnatae nofc2i1a%l,. Inc. All rights reserved. 15

Reconciliation tables

Adjusted Operating Earnings Per Diluted Share

(in millions, except per share amounts, unaudited)

Twelve Months ending September 30,

2026 2021

CAGR

Per Diluted Share Twelve Months September 30,

2026 2021

CAGR

Total net revenues

$ 19,829

$ 12,818

Adjustments:

Net realized investment gains (losses)(1)

8

86

Market impact on non-traditional long-duration products(1)

2

22

Mean Reversion related impacts(1)

1

1

Market impact of hedges on investments(1)

-

(40)

Block transfer reinsurance transaction impacts(1)

-

(644)

CIEs revenue

154

111

Adjusted operating total net revenues

$ 19,664

$ 13,282

Annual unlocking

1

16

Adjusted operating total net revenues, excluding Unlocking

$ 19,663

$ 13,266

8%

Net income

$ 4,162

$ 2,894

$ 44.45

$ 23.88

Adjustments:

Net realized investment gains (losses)(1)(2)

8

85

0.09

0.69

Market impact on non-traditional long-duration products(1)(2)

7

(125)

0.15

(1.02)

Mean reversion-related impacts(1)(2)

2

118

0.02

0.96

Market impact on hedges on investments(1)(2)

-

(40)

-

(0.33)

Block transfer reinsurance transaction impacts (1)(2)

-

524

-

4.40

Integration/restructuring charges(1)(2)

(12)

(14)

(0.13)

(0.12)

Net income (loss) attributable to consolidated investment entities

(4)

4

(0.04)

0.04

Tax effect of adjustments(2)

(3)

(116)

(0.06)

(0.98)

Adjusted operating earnings

$ 4,164

$ 2,458

$ 44.42

$ 20.24

Pretax impact of annual unlocking

(94)

(113)

(1.03)

(0.94)

Tax effect of annual unlocking(2)

20

24

0.22

0.20

Adjusted operating earnings, excluding annual unlocking

$ 4,238

$ 2,547

$ 45.23

$ 20.98

17%

Weighted average common shares outstanding

Basic

92.6

118.9

Diluted

93.8

121.5

(1) Pretax adjusted operating adjustment.

(2) Calculated using the statutory tax rate of 21%.

Reconciliation tables

Asset Management Net Pretax Adjusted Operating Margin

(in millions, unaudited)

Quarter Ended September 30, 3 Qtr 2026 3 Qtr 2025

Adjusted operating total net revenues

$ 990

$ 906

Distribution pass through revenues

(223)

(202)

Subadvisory and other pass through revenues

(100)

(112)

Net adjusted operating revenues

$ 667

$ 592

Pretax adjusted operating earnings

$ 308

$ 260

Adjusted operating net investment income

(8)

(26)

Amortization of intangibles

5

15

Net adjusted operating earnings

$ 305

$ 249

Pretax adjusted operating margin

31.1 %

28.7 %

Net pretax adjusted operating margin (1)

45.7 %

42.1 %

(1) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.

Reconciliation tables

Adjusted Operating Return on Equity

(in millions, unaudited)

Twelve Months Ended September 30, 2026 2025 2021

Net income

$ 4,162

$ 3,626

$ 2,894

Less: Adjustments (1)

(2)

(136)

436

Adjusted operating earnings

$ 4,164

$ 3,762

$ 2,458

Less: Annual unlocking (2)

(74)

(5)

(89)

Adjusted operating earnings, excluding Unlocking

$ 4,238

$ 3,767

$ 2,547

Total Ameriprise Financial, Inc. shareholders' equity

$ 6,138

$ 5,781

$ 5,101

Less: Accumulated other comprehensive income, net of tax

(1,397)

(1,347)

(56)

Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI

7,535

7,128

5,157

Less: Equity impacts attributable to the consolidated investment entities

(1)

-

2

Adjusted operating equity

$ 7,536

$ 7,128

$ 5,155

Return on equity excluding AOCI

55.2 %

50.9 %

56.1 %

Adjusted operating return on equity, excluding AOCI (2)

55.3 %

52.8 %

47.7 %

Adjusted operating return on equity, excluding AOCI and unlocking (2)

56.2 %

52.8 %

49.4 %

(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 related 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. After-tax is calculated using the statutory tax rate of 21%.

(2) Adjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders' equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.

Mature LTC block: last policy sold in 2002, average age 83

  • We have a high-quality, mature closed block of business sold through our advisor network to our Wealth Management clients

  • Over 90% of policies have credible experience for their current attained age, which results in limited potential exposure

  • LTC sensitivities results remain within manageable levels, consistent with prior years

  • Potential additional risk mitigation strategies around rate increases and benefit reductions

Over 75% reduction in policy count with >70% terminating without claim

(Policy Count in Thousands)

Over 90% of policies have credible experience for their current attained age

Expect 2/3 of existing policies will run off over the next 10 years

Policies Issued Closed without

Claim

Closed with Claim

Policy Count as Expected

of 9-30-26 Policies in 2036

267

21

66

50

150

Data as of 9-30-26

Total Block

Issue Years

1989-2002

# of Policies

66,000

Average Attained Age of ALR / DLR

83 / 87

% with Lifetime Benefits

43%

Statutory Reserves

(ex. $0.3B of discretionary reserves)

$2.5 billion

Average approved cumulative rate increases

231%

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