# AMERIPRISE FINANCIAL INC (AMP)

Informational only - not investment advice.

CIK: 0000820027
SIC: 6282 Investment Advice
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6282 Investment Advice](/industry/6282/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=820027
Filing source: https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-12 · accession 0000820027-26-000016 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000820027.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 18,911,000,000 USD | 2025 | verified |
| Net income | 3,563,000,000 USD | 2025 | verified |
| Assets | 190,904,000,000 USD | 2025 | verified |
| Free cash flow | 8,161,000,000 USD | 2025 | computed |
| Net margin | 18.84% | 2025 | computed |
| Revenue YoY | +5.49% | 2025 | computed |
| ROE | 54.41% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Asset managers and investment advisers](/compare/asset-managers/) · SIC 6282 Investment Advice

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including AMP

- Asset managers and investment advisers: [peer review](/compare/asset-managers/) · [market-risk page](/compare/asset-managers/risk/)

### Peer percentile fingerprint

| Ratio | AMP | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 18.8% | 15.3% | 67 | 34 |
| Revenue growth | 5.5% | 7.6% | 36 | 34 |
| FCF margin | 43.2% | 20.2% | 82 | 29 |
| ROE | 54.4% | 15.5% | 91 | 34 |
| ROA | 1.9% | 4.8% | 26 | 35 |
| Liabilities / equity | 28.15 | 1.57 | 100 | 34 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6282 Investment Advice, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 18911000000 | USD | 2025 | 2026-03-12 |
| Net income | 3563000000 | USD | 2025 | 2026-03-12 |
| Assets | 190904000000 | USD | 2025 | 2026-03-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000820027.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 11,839,000,000 | 12,180,000,000 | 12,924,000,000 | 13,103,000,000 | 11,958,000,000 | 13,389,000,000 | 14,334,000,000 | 16,096,000,000 | 17,926,000,000 | 18,911,000,000 |
| Net income | 1,313,000,000 | 1,480,000,000 | 2,098,000,000 | 1,893,000,000 | 1,534,000,000 | 3,417,000,000 | 3,149,000,000 | 2,556,000,000 | 3,401,000,000 | 3,563,000,000 |
| Diluted EPS | 7.81 | 9.44 | 14.20 | 13.92 | 12.20 | 28.48 | 27.70 | 23.71 | 33.05 | 36.28 |
| Operating cash flow | 2,331,000,000 | 1,523,000,000 | 2,597,000,000 | 2,341,000,000 | 4,623,000,000 | 3,325,000,000 | 4,407,000,000 | 4,685,000,000 | 6,595,000,000 | 8,323,000,000 |
| Capital expenditures | 92,000,000 | 162,000,000 | 162,000,000 | 143,000,000 | 147,000,000 | 120,000,000 | 182,000,000 | 184,000,000 | 176,000,000 | 162,000,000 |
| Dividends paid | 479,000,000 | 491,000,000 | 506,000,000 | 504,000,000 | 497,000,000 | 511,000,000 | 534,000,000 | 550,000,000 | 574,000,000 | 596,000,000 |
| Share buybacks | 1,707,000,000 | 1,485,000,000 | 1,630,000,000 | 1,943,000,000 | 1,441,000,000 | 2,030,000,000 | 1,978,000,000 | 2,127,000,000 | 2,448,000,000 | 2,907,000,000 |
| Assets | 139,821,000,000 | 147,480,000,000 | 137,216,000,000 | 151,828,000,000 | 165,883,000,000 | 177,735,000,000 | 158,852,000,000 | 175,191,000,000 | 181,403,000,000 | 190,904,000,000 |
| Liabilities | 133,529,000,000 | 141,485,000,000 | 131,628,000,000 | 146,099,000,000 | 160,016,000,000 | 172,898,000,000 | 155,049,000,000 | 170,462,000,000 | 176,175,000,000 | 184,355,000,000 |
| Stockholders' equity | 6,289,000,000 | 5,995,000,000 | 5,588,000,000 | 5,911,000,000 | 6,131,000,000 | 4,837,000,000 | 3,803,000,000 | 4,729,000,000 | 5,228,000,000 | 6,549,000,000 |
| Free cash flow | 2,239,000,000 | 1,361,000,000 | 2,435,000,000 | 2,198,000,000 | 4,476,000,000 | 3,205,000,000 | 4,225,000,000 | 4,501,000,000 | 6,419,000,000 | 8,161,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 11.09% | 12.15% | 16.23% | 14.45% | 12.83% | 25.52% | 21.97% | 15.88% | 18.97% | 18.84% |
| Return on equity | 20.88% | 24.69% | 37.54% | 32.03% | 25.02% | 70.64% | 82.80% | 54.05% | 65.05% | 54.41% |
| Return on assets | 0.94% | 1.00% | 1.53% | 1.25% | 0.92% | 1.92% | 1.98% | 1.46% | 1.87% | 1.87% |
| Liabilities / equity | 21.23 | 23.60 | 23.56 | 24.72 | 26.10 | 35.74 | 40.77 | 36.05 | 33.70 | 28.15 |

## As-reported value updates

9 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/AMP/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000820027.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 4.86 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 3.79 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 8.21 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 4,076,000,000 | 872,000,000 | 8.14 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 4,168,000,000 | 377,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 4,325,000,000 | 990,000,000 | 9.46 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 4,392,000,000 | 829,000,000 | 8.02 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 4,560,000,000 | 511,000,000 | 5.00 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 4,649,000,000 | 1,071,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 4,481,000,000 | 583,000,000 | 5.83 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 4,490,000,000 | 1,060,000,000 | 10.73 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 4,893,000,000 | 912,000,000 | 9.33 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 5,047,000,000 | 1,008,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 4,886,000,000 | 915,000,000 | 9.68 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 5,013,000,000 | 1,113,000,000 | 11.98 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AMP's latest 10-K: [/company/AMP/business/](/company/AMP/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AMP's latest 10-K: [/company/AMP/risk-factors/](/company/AMP/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/820027/000082002726000043/amp-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our consolidated results of operations and financial condition should be read in conjunction with the “Forward-Looking Statements” that follow and our Consolidated Financial Statements and Notes presented in Item 1. Our Management’s Discussion and Analysis should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 19, 2026 (“2025 10-K”), as well as our quarterly reports on Form 10-Q and current reports on Form 8-K. References below 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. We are a long-standing leader in financial planning and advice with $1.8 trillion in assets under management, administration and advisement as of June 30, 2026. We offer a broad range of products and services designed to achieve individual and institutional 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 investment market performance and the depth and breadth of our individual client relationships.

We operate our business in the broader context of the macroeconomic forces around us, including the global and U.S. economies, 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. 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 environments in which we operate are subject to elevated uncertainty and substantial, frequent change. Accordingly, we expect to continue focusing on our key strategic objectives and obtaining operational and strategic leverage from our core capabilities. The success of these and other strategies may be affected by the factors discussed in Item 1A, “Risk Factors” in our 2025 10-K and other factors as discussed herein.

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 with our variable annuities and the values of derivatives held to hedge these benefits and the “spread” income generated on our deposit products, fixed insurance, the fixed portion of variable annuities and variable insurance contracts and fixed deferred annuities. A higher (lower) interest rate environment may result in decreases (increases) to our long-duration contract reserves, which may impact our adjusted operating earnings after tax. For additional discussion on our interest rate risk, see Item 3. “Quantitative and Qualitative Disclosures About Market Risk.”

We consolidate certain variable interest entities for which we provide asset management services. These entities are defined as consolidated investment entities (“CIEs”). While the consolidation of the CIEs impacts our balance sheet and income statement, our exposure to these entities is unchanged and there is no impact to the underlying business results. For further information on CIEs, see Note 4 to our Consolidated Financial Statements. The results of operations of the CIEs are reflected in the Corporate & Other segment. On a consolidated basis, the management fees we earn for the services we provide to the CIEs and the related general and administrative expenses are eliminated and the changes in the fair value of assets and liabilities related to the CIEs, primarily syndicated loans and debt, are reflected in Net investment income. We include the fees from these entities in the Management and financial advice fees line within our Asset Management segment.

While our consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), management believes that adjusted operating earnings measures, which exclude net realized investment gains or losses, net of 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 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 impact; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; 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.

73

Index

AMERIPRISE FINANCIAL, INC. 

The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference 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 Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of our life insurance subsidiary’s nonperformance spread.

Management uses these non-GAAP measures to evaluate our financial performance and available capital on a basis comparable to that used by some securities analysts and investors. Also, certain of these non-GAAP measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Throughout our Management’s Discussion and Analysis, these non-GAAP measures are referred to as adjusted operating measures. These non-GAAP measures should not be viewed as a substitute for U.S. GAAP measures.

It is management’s priority to increase shareholder value over a multi-year horizon by achieving our on-average, over-time financial targets.

Our financial targets are:

•Adjusted operating earnings per diluted share growth of 12% to 15%, and

•Adjusted operating return on equity of over 30%.

The following tables reconcile our GAAP measures to adjusted operating measures:

[[GREPCENT_TABLE]]
[["","","","Per Diluted Share"],["","Three Months Ended June 30,","","Three Months Ended June 30,"],["","2026","","2025","2026","","2025"],["","(in millions, except per share amounts)"],["Net income (loss)","$","1,113","","","$","1,060","","","$","11.98","","","$","10.73"],["Less Adjustments:"],["Net realized investment gains (losses) (1)","5","","","(18)","","","0.05","","","(0.18)"],["Market impact on non-traditional long-duration products (1)","106","","","219","","","1.14","","","2.22"],["Mean reversion related impacts (1)","1","","","1","","","0.01","","","0.01"],["Integration/restructuring charges (1)","(1)","","","\u2014","","","(0.01)","","","\u2014"],["Net income (loss) attributable to CIEs","(2)","","","\u2014","","","(0.02)","","","\u2014"],["Tax effect of adjustments (2)","(24)","","","(42)","","","(0.26)","","","(0.43)"],["Adjusted operating earnings","$","1,028","","","$","900","","","$","11.07","","","$","9.11"],["Weighted average common shares outstanding:"],["Basic","91.8","","","97.4"],["Diluted","92.9","","","98.8"]]
[[/GREPCENT_TABLE]]

74

Index

AMERIPRISE FINANCIAL, INC. 

[[GREPCENT_TABLE]]
[["","","","","","Per Diluted Share"],["","Six Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","2026","","2025"],["","(in millions, except per share amounts)"],["Net income (loss)","$","2,028","","","$","1,643","","","$","21.64","","","$","16.53"],["Less Adjustments:"],["Net realized investment gains (losses) (1)","\u2014","","","(20)","","","\u2014","","","(0.20)"],["Market impact on non-traditional long-duration products (1)","(78)","","","(241)","","","(0.84)","","","(2.42)"],["Mean reversion related impacts (1)","1","","","1","","","0.01","","","0.01"],["Integration/restructuring charges (1)","(1)","","","\u2014","","","(0.01)","","","\u2014"],["Net income (loss) attributable to CIEs","(2)","","","(2)","","","(0.02)","","","(0.02)"],["Tax effect of adjustments (2)","16","","","55","","","0.17","","","0.55"],["Adjusted operating earnings","$","2,092","","","$","1,850","","","$","22.33","","","$","18.61"],["Weighted average common shares outstanding:"],["Basic","92.6","","","97.9"],["Diluted","93.7","","","99.4"]]
[[/GREPCENT_TABLE]]

(1) Pretax adjusted operating adjustments.

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

The following table reconciles the trailing twelve months’ sum of net income to adjusted operating earnings and the five-point average of quarter-end equity to adjusted operating equity:

[[GREPCENT_TABLE]]
[["","Twelve Months Ended June 30,"],["2026","","2025"],["(in millions)"],["Net income","$","3,948","","","$","3,225"],["Less: Adjustments (1)","(152)","","","(400)"],["Adjusted operating earnings","$","4,100","","","$","3,625"],["Total Ameriprise Financial, Inc. shareholders\u2019 equity","$","6,333","","","$","5,489"],["Less: AOCI, net of tax","(1,115)","","","(1,551)"],["Total Ameriprise Financial, Inc. shareholders\u2019 equity, excluding AOCI","7,448","","","7,040"],["Less: Equity impacts attributable to CIEs","(1)","","","(2)"],["Adjusted operating equity","$","7,449","","","$","7,042"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["Return on equity, excluding AOCI","53.0","%","","45.8","%"],["Adjusted operating return on equity, excluding AOCI (2)","55.0","%","","51.5","%"]]
[[/GREPCENT_TABLE]]

(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 accumulated

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm
Complete FY 2025 MD&A: /company/AMP/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with the “Forward-Looking Statements,” our Consolidated Financial Statements and Notes that follow and the “Risk Factors” included in our Annual Report on Form 10-K. 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. 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 additional discussion of our businesses, see Part I, 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 investment market performance and the depth and breadth of our individual client relationships.

We operate our business in the broader context of the macroeconomic forces around us, including 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 environments in which we operate are subject to elevated uncertainty and substantial, frequent change. Accordingly, we expect to continue focusing on our key strategic objectives and obtaining operational and strategic leverage from our core capabilities. The success of these and other strategies may be affected by the factors discussed in Item 1A of this Annual Report on Form 10-K - “Risk Factors” - and other factors as discussed herein.

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 with our variable annuities and the values of derivatives held to hedge these benefits and the “spread” income generated on our deposit products, fixed insurance, the fixed portion of variable annuities and variable insurance contracts and fixed deferred annuities. We have been operating in a historically low interest rate environment but have recently experienced a substantial increase in rates with uncertainty about where rates will go in the future. A higher (lower) interest rate environment may result in decreases (increases) to our long-duration contract reserves, which may impact our adjusted operating earnings after tax. For additional discussion on our interest rate risk, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk.”

In the third quarter, we conducted our annual review of life insurance, annuity and long term care (“LTC”) valuation assumptions relative to current experience and management expectations including modeling changes. 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. 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.

We consolidate certain variable interest entities for which we provide asset management services. These entities are defined as consolidated investment entities (“CIEs”). While the consolidation of the CIEs impacts our balance sheet and income statement, our exposure to these entities is unchanged and there is no impact to the underlying business results. For further information on CIEs, see Note 5 to our Consolidated Financial Statements. The results of operations of the CIEs are reflected in the Corporate & Other segment. On a consolidated basis, the management fees we earn for the services we provide to the CIEs and the related general and administrative expenses are eliminated and the changes in fair value of assets and liabilities related to the CIEs, primarily syndicated loans and debt, are reflected in Net investment income. We include the fees from these entities in the Management and financial advice fees line within our Asset Management segment.

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.

The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference 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 Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of our life insurance subsidiaries’ nonperformance spread.

Management uses these non-GAAP measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors. Also, certain of these non-GAAP measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Throughout our Management’s Discussion and Analysis, these non-GAAP measures are referred to as adjusted operating measures. These non-GAAP measures should not be viewed as a substitute for U.S. GAAP measures.

It is management’s priority to increase shareholder value over a multi-year horizon by achieving our on-average, over-time financial targets.

Our financial targets are:

•Adjusted operating earnings per diluted share growth of 12% to 15%, and

•Adjusted operating return on equity of over 30%.

The following table reconciles our GAAP measures to adjusted operating measures:

[[GREPCENT_TABLE]]
[["","","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","\u2014","","","3","","","\u2014","","","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"]]
[[/GREPCENT_TABLE]]

(1) Pretax adjusted operating adjustments.

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

32

Index

Ameriprise Financial, Inc.

The following table reconciles net income to adjusted operating earnings and the five-point average of quarter-end equity to adjusted operating equity:

[[GREPCENT_TABLE]]
[["","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\u2019 equity","$","5,948","","","$","5,109"],["Less: AOCI, net of tax","(1,305)","","","(1,739)"],["Total Ameriprise Financial, Inc. shareholders\u2019 equity, excluding AOCI","7,253","","","6,848"],["Less: Equity impacts attributable to CIEs","\u2014","","","(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","%"]]
[[/GREPCENT_TABLE]]

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

(2) Adjusted operating return on equity, excluding accumulated other comprehensive income (“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 rate of 21%.

Critical Accounting Estimates

The accounting and reporting policies that we use affect our Consolid

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AMP/mda/fy2025/
All MD&A years: /company/AMP/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AMP/mda/fy2024/): filed 2025-02-20; accession 0000820027-25-000013 (https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/amp-20241231.htm)
- [FY 2023 MD&A](/company/AMP/mda/fy2023/): filed 2024-02-22; accession 0000820027-24-000015 (https://www.sec.gov/Archives/edgar/data/820027/000082002724000015/amp-20231231.htm)
- [FY 2022 MD&A](/company/AMP/mda/fy2022/): filed 2023-02-23; accession 0000820027-23-000014 (https://www.sec.gov/Archives/edgar/data/820027/000082002723000014/amp-20221231.htm)
- [FY 2021 MD&A](/company/AMP/mda/fy2021/): filed 2022-02-25; accession 0000820027-22-000016 (https://www.sec.gov/Archives/edgar/data/820027/000082002722000016/amp-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6282 Investment Advice) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AMP.md · JSON record: /company/AMP.json · verified financials: /company/AMP/financials.json / /company/AMP/financials.csv · machine TOC for the whole site: /llms.txt