UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM	10-K/A
(Amendment 1)

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended		December 31, 2025
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from_______________________to_______________________

Commission File No. 1-32525

AMERIPRISE FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	13-3180631
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1099 Ameriprise Financial Center	Minneapolis	Minnesota	55474
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (612) 671-3131

Securities registered pursuant to Section 12(b) of the Act:
	Title of each class	Trading Symbol	Name of each exchange on which registered
	Common Stock (par value $.01 per share)	AMP	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer	☒	Accelerated Filer	☐	Non-accelerated Filer	☐	Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐ No ☒

The aggregate market value, as of June 30, 2025, of voting shares held by non-affiliates of the registrant was approximately $50.3 billion.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
	Class	Outstanding at February 6, 2026
	Common Stock (par value $.01 per share)	91,178,997 shares

DOCUMENTS INCORPORATED BY REFERENCE

Part III: Portions of the registrant’s Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on April 29, 2026 (“Proxy Statement”).

Ameriprise Financial, Inc.

EXPLANATORY NOTE

On February 19, 2026, Ameriprise Financial, Inc. (the “Company”) filed its annual report on Form 10-K for the fiscal year ended December 31, 2025 (the “Original Filing”). This Amendment No. 1 on Form 10-K/A (the “Amendment”) is being filed solely to correct a typographical error in the Original Filing to reflect the correct “as-of” date for the effectiveness of internal control over financial reporting within the Report of Independent Registered Public Accounting Firm to be December 31, 2025. At the time of the Original Filing, the Company had received a manually signed opinion with the correct “as-of” date.

This Amendment includes Item 8 of Part II, “Financial Statements and Supplementary Data” in its entirety and without change from the Original Filing other than the correction of the “as-of” date of the internal control assessment within the Report of Independent Registered Public Accounting Firm; and Item 15 of Part IV, including Exhibit 23, which includes the updated consent of PricewaterhouseCoopers LLP to reference this Form 10-K/A.

In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications of the Company’s Chief Executive Officer and Chief Financial Officer are filed herewith as Exhibit 31.1, Exhibit 31.2, and Exhibit 32 to this Amendment.

Except as described above, this Amendment does not amend, update or change any other items or disclosures in the Original Filing. Further, this Amendment does not change any previously reported financial results, nor does it reflect subsequent events occurring after the filing date of the Original Filing. This Amendment should be read in conjunction with the Original Filing and the Company’s other filings with the Securities and Exchange Commission.

Ameriprise Financial, Inc.

Item 8. Financial Statements and Supplementary Data

Consolidated Financial Statements:

Report of Independent Registered Public Accounting Firm (PCAOB Firm ID 238)		1
Consolidated Statements of Operations — Years ended December 31, 2025, 2024 and 2023		3
Consolidated Statements of Comprehensive Income — Years ended December 31, 2025, 2024 and 2023		4
Consolidated Balance Sheets — December 31, 2025 and 2024		5
Consolidated Statements of Equity — Years ended December 31, 2025, 2024 and 2023		6
Consolidated Statements of Cash Flows — Years ended December 31, 2025, 2024 and 2023		7
Notes to Consolidated Financial Statements		9
1.	Basis of Presentation	9
2.	Summary of Significant Accounting Policies	9
3.	Recent Accounting Pronouncements	18
4.	Revenue from Contracts with Customers	20
5.	Variable Interest Entities	24
6.	Investments	28
7.	Financing Receivables	32
8.	Reinsurance	36
9.	Goodwill and Other Intangible Assets	37
10.	Deferred Acquisition Costs and Deferred Sales Inducement Costs	38
11.	Policyholder Account Balances, Future Policy Benefits and Claims	39
12.	Separate Account Assets and Liabilities	50
13.	Market Risk Benefits	51
14.	Customer Deposits	55
15.	Debt	55
16.	Fair Values of Assets and Liabilities	56
17.	Offsetting Assets and Liabilities	66
18.	Derivatives and Hedging Activities	67
19.	Leases	71
20.	Share-Based Compensation	72
21.	Shareholders’ Equity	76
22.	Earnings per Share	79
23.	Regulatory Requirements	79
24.	Income Taxes	82
25.	Retirement Plans and Profit Sharing Arrangements	84
26.	Commitments and Contingencies	88
27.	Related Party Transactions	89
28.	Segment Information	89

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Ameriprise Financial, Inc.

Opinions on the Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of Ameriprise Financial, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

1

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of market risk benefits

As described in Notes 2 and 13 to the consolidated financial statements, market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. The significant assumptions used by management to develop the fair value measurements of market risk benefits include utilization of guaranteed withdrawals, surrender rate, market volatility and nonperformance risk. As of December 31, 2025, the market risk benefits asset was $2,274 million and the market risk benefits liability was $1,182 million.

The principal considerations for our determination that performing procedures relating to the valuation of market risk benefits is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the market risk benefits, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to management’s significant assumptions related to utilization of guaranteed withdrawals, surrender rate, market volatility and nonperformance risk (collectively, the significant market risk benefit assumptions), and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to market risk benefits, including controls over the reasonableness of the significant market risk benefit assumptions. These procedures also included, among others, (i) evaluating management’s process for developing the fair value estimate of the market risk benefits, (ii) testing, on a sample basis, the completeness and accuracy of data used in the estimate, and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of the significant market risk benefit assumptions based on industry knowledge and data as well as historical Company data and experience, and the continued appropriateness of unchanged assumptions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 19, 2026

We have served as the Company’s auditor since 2010.

2

Ameriprise Financial, Inc.

Consolidated Statements of Operations

	Years Ended December 31,
	2025		2024		2023
	(in millions, except per share amounts)
Revenues
Management and financial advice fees	$	11,109	$	10,143	$	8,907
Distribution fees	2,117		2,060		1,931
Net investment income	3,570		3,648		3,206
Premiums, policy and contract charges	1,587		1,559		1,539
Other revenues	528		516		513
Total revenues	18,911		17,926		16,096
Banking and deposit interest expense	431		662		561
Total net revenues	18,480		17,264		15,535
Benefits and expenses
Distribution expenses	6,741		6,024		5,078
Interest credited to fixed accounts	475		616		654
Benefits, claims, losses and settlement expenses	1,303		1,299		1,350
Remeasurement (gains) losses of future policy benefit reserves	10		(44)		(20)
Change in fair value of market risk benefits	1,004		628		798
Amortization of deferred acquisition costs	242		242		246
Interest and debt expense	326		329		324
General and administrative expense	3,875		3,903		3,871
Total benefits and expenses	13,976		12,997		12,301
Pretax income	4,504		4,267		3,234
Income tax provision	941		866		678
Net income	$	3,563	$	3,401	$	2,556
Earnings per share
Basic	$	36.85	$	33.67	$	24.18
Diluted	$	36.28	$	33.05	$	23.71

See Notes to Consolidated Financial Statements.

3

Ameriprise Financial, Inc.

Consolidated Statements of Comprehensive Income

	Years Ended December 31,
	2025		2024		2023
	(in millions)
Net income	$	3,563	$	3,401	$	2,556
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities	944		(211)		802
Net unrealized gains (losses) on derivatives	(9)		—		2
Effect of changes in discount rate assumptions on certain long-duration contracts	(72)		153		(54)
Effect of changes in instrument-specific credit risk on market risk benefits	20		(62)		(65)
Defined benefit plans	14		15		15
Foreign currency translation adjustment	118		(37)		80
Other	1		—		—
Total other comprehensive income (loss), net of tax	1,016		(142)		780
Total comprehensive income (loss)	$	4,579	$	3,259	$	3,336

See Notes to Consolidated Financial Statements.

4

Ameriprise Financial, Inc.

Consolidated Balance Sheets

	December 31,
	2025		2024
	(in millions, except share amounts)
Assets
Cash and cash equivalents	$	9,953	$	8,149
Cash of consolidated investment entities	150		373
Investments (allowance for credit losses: 2025, $26; 2024, $25)	58,406		56,423
Investments of consolidated investment entities, at fair value	2,618		2,387
Market risk benefits	2,274		2,182
Separate account assets	80,044		78,114
Receivables (allowance for credit losses: 2025, $71; 2024, $69)	14,920		14,472
Receivables of consolidated investment entities, at fair value	30		31
Deferred acquisition costs	2,625		2,677
Restricted and segregated cash, cash equivalents and investments	1,055		1,444
Other assets	18,829		15,149
Other assets of consolidated investment entities, at fair value	—		2
Total assets	$	190,904	$	181,403
Liabilities and Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	46,498	$	41,873
Market risk benefits	1,182		1,263
Separate account liabilities	80,044		78,114
Customer deposits	33,750		35,826
Short-term borrowings	200		201
Long-term debt	3,077		2,842
Debt of consolidated investment entities, at fair value	2,585		2,429
Accounts payable and accrued expenses	2,982		2,704
Other liabilities	13,878		10,609
Other liabilities of consolidated investment entities, at fair value	159		314
Total liabilities	184,355		176,175
Equity:
Common shares ($0.01 par value; shares authorized, 1,250,000,000; shares issued, 338,058,287 and 337,729,050, respectively)	3		3
Additional paid-in capital	10,377		10,141
Retained earnings	27,662		24,713
Treasury shares, at cost (246,794,407 and 241,562,357 shares, respectively)	(30,601)		(27,721)
Accumulated other comprehensive income (loss), net of tax	(892)		(1,908)
Total equity	6,549		5,228
Total liabilities and equity	$	190,904	$	181,403

See Notes to Consolidated Financial Statements.

5

Ameriprise Financial, Inc.

Consolidated Statements of Equity

	Number of Outstanding Shares	Common Shares		Additional Paid-In Capital		Retained Earnings		Treasury Shares		Accumulated Other Comprehensive Income (Loss)		Total
	(in millions, except share amounts)
Balances at January 1, 2023	105,278,990	$	3	$	9,517	$	19,918	$	(23,089)	$	(2,546)	$	3,803
Net income	—	—		—		2,556		—		—		2,556
Other comprehensive income (loss), net of tax	—	—		—		—		—		780		780
Dividends to shareholders	—	—		—		(569)		—		—		(569)
Repurchase of common shares	(6,659,042)	—		—		—		(2,212)		—		(2,212)
Share-based compensation plans	1,553,264	—		307		—		64		—		371
Balances at December 31, 2023	100,173,212	3		9,824		21,905		(25,237)		(1,766)		4,729
Net income	—	—		—		3,401		—		—		3,401
Other comprehensive income (loss), net of tax	—	—		—		—		—		(142)		(142)
Dividends to shareholders	—	—		—		(593)		—		—		(593)
Repurchase of common shares	(5,717,527)	—		—		—		(2,566)		—		(2,566)
Share-based compensation plans	1,711,008	—		317		—		82		—		399
Balances at December 31, 2024	96,166,693	3		10,141		24,713		(27,721)		(1,908)		5,228
Net income	—	—		—		3,563		—		—		3,563
Other comprehensive income (loss), net of tax	—	—		—		—		—		1,016		1,016
Dividends to shareholders	—	—		—		(614)		—		—		(614)
Repurchase of common shares	(5,893,906)	—		—		—		(2,957)		—		(2,957)
Share-based compensation plans	991,093	—		236		—		77		—		313
Balances at December 31, 2025	91,263,880	$	3	$	10,377	$	27,662	$	(30,601)	$	(892)	$	6,549

See Notes to Consolidated Financial Statements.

6

Ameriprise Financial, Inc.

Consolidated Statements of Cash Flows

	Years Ended December 31,
	2025		2024		2023
	(in millions)
Cash Flows from Operating Activities
Net income	$	3,563	$	3,401	$	2,556
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net	(93)		(159)		(154)
Deferred income tax expense (benefit)	157		125		18
Share-based compensation	206		193		187
Net realized investment (gains) losses	(3)		15		47
Net trading (gains) losses	(6)		(7)		(9)
Loss from equity method investments	8		19		27
Impairments and provision for loan and credit losses	19		9		(16)
Net (gains) losses of consolidated investment entities	12		(13)		23
Changes in operating assets and liabilities
Restricted and segregated investments	477		102		(8)
Deferred acquisition costs	52		36		64
Policyholder account balances, future policy benefits and claims, and market risk benefits, net	4,610		3,831		3,071
Derivatives, net of collateral	(394)		(1,696)		(624)
Receivables	(159)		215		276
Brokerage deposits	(385)		(55)		(781)
Accounts payable and accrued expenses	261		105		354
Current income tax, net	(108)		200		(387)
Other operating assets and liabilities of consolidated investment entities, net	6		1		(5)
Other, net	100		273		46
Net cash provided by (used in) operating activities	8,323		6,595		4,685
Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales	2,154		2,340		734
Maturities, sinking fund payments and calls	16,919		15,684		9,230
Purchases	(19,504)		(18,536)		(19,694)
Proceeds from sales, maturities and repayments of mortgage loans	240		175		152
Funding of mortgage loans	(713)		(413)		(284)
Proceeds from sales, maturities and collections of other investments	70		123		145
Purchase of other investments	(51)		(158)		(116)
Purchase of investments by consolidated investment entities	(1,431)		(1,125)		(427)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities	988		1,117		643
Purchase of land, buildings, equipment and software	(162)		(176)		(184)
Cash paid for written options with deferred premiums	(50)		(57)		(59)
Cash received from written options with deferred premiums	20		22		43
Cash paid for deposit receivables	(29)		(33)		(39)
Cash received for deposit receivables	427		592		774
Other, net	(406)		(106)		(180)
Net cash provided by (used in) investing activities	$	(1,528)	$	(551)	$	(9,262)
See Notes to Consolidated Financial Statements.

        7

Ameriprise Financial, Inc.

Consolidated Statements of Cash Flows (Continued)

	Years Ended December 31,
	2025		2024		2023
	(in millions)
Cash Flows from Financing Activities
Investment certificates:
Proceeds from additions	$	3,064	$	4,942	$	11,193
Maturities, withdrawals and cash surrenders	(6,123)		(7,212)		(7,039)
Policyholder account balances:
Deposits and other additions	1,293		1,470		1,476
Net transfers from (to) separate accounts	(163)		(176)		(132)
Surrenders and other benefits	(1,487)		(1,765)		(2,102)
Change in banking deposits, net	1,356		809		3,193
Cash paid for purchased options with deferred premiums	(121)		(148)		(53)
Cash received for purchased options with deferred premiums	96		229		251
Issuance of long-term debt, net of issuance costs	741		—		1,335
Repayments of long-term debt	(510)		(561)		(760)
Dividends paid to shareholders	(596)		(574)		(550)
Repurchase of common shares	(2,907)		(2,448)		(2,127)
Borrowings of consolidated investment entities	1,120		1,273		—
Repayments of debt by consolidated investment entities	(922)		(1,004)		(275)
Other, net	2		—		1
Net cash provided by (used in) financing activities	(5,157)		(5,165)		4,411
Effect of exchange rate changes on cash	31		(10)		31
Net increase (decrease) in cash and cash equivalents, including amounts restricted	1,669		869		(135)
Cash and cash equivalents, including amounts restricted at beginning of period	9,489		8,620		8,755
Cash and cash equivalents, including amounts restricted at end of period	$	11,158	$	9,489	$	8,620
Supplemental Disclosures:
Interest paid excluding consolidated investment entities	$	592	$	834	$	682
Interest paid by consolidated investment entities	160		176		177
Leased assets obtained in exchange for operating lease liabilities	50		39		67
			December 31,
			2025		2024
			(in millions)
Reconciliation of cash and cash equivalents, including amounts restricted:
Cash and cash equivalents			$	9,953	$	8,149
Cash of consolidated investment entities			150		373
Restricted and segregated cash, cash equivalents and investments			1,055		1,444
Less: Restricted and segregated investments			—		(477)
Total cash and cash equivalents, including amounts restricted per consolidated statements of cash flows			$	11,158	$	9,489

See Notes to Consolidated Financial Statements.

8

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements

1.  Basis of Presentation

Ameriprise Financial, Inc. is a holding company, which primarily conducts business through its subsidiaries to provide financial planning, products and services that are designed to be utilized as solutions for clients’ cash and liquidity, asset accumulation, income, protection and estate and wealth transfer needs. The foreign operations of Ameriprise Financial, Inc. (“Ameriprise Financial”) are conducted primarily through Columbia Threadneedle Investments UK International Limited, TAM UK International Holdings Limited and Ameriprise Asset Management Holdings Singapore (Pte.) Ltd. and their respective subsidiaries (collectively, “Threadneedle”).

The accompanying Consolidated Financial Statements include the accounts of Ameriprise Financial, Inc., companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation.

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications of prior period amounts have been made to conform with the current presentation.

The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.

2. Summary of Significant Accounting Policies

Principles of Consolidation

A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entity’s losses, or the rights to receive the entity’s returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities.

Voting interest entities (“VOEs”) are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less than a 20% voting interest and does not exercise significant influence. Under the measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar investments of the same issuer.

A VIE is consolidated by the reporting entity that determines it has both:

•the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and

•the obligation to absorb potentially significant losses or the right to receive potentially significant benefits to the VIE.

All VIEs are assessed for consolidation under this framework. When evaluating entities for consolidation, the Company considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. In determining whether the Company has this power, it considers whether it is acting in a role that enables it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in an agent role.

In determining whether the Company has the obligation to absorb potential significant losses of the VIE or the right to receive potential significant benefits from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as investment returns and its obligation to absorb losses associated with any investment in the VIE in conjunction with other qualitative factors. Management and incentive fees that are at market and commensurate with the level of services provided, and where the Company does not hold other interests in the VIE that would absorb more than an insignificant amount of the VIE’s expected losses or receive more than an insignificant amount of the VIE’s expected residual returns, are not considered a variable interest and are excluded from the analysis.

The consolidation guidance has a scope exception for reporting entities with interests in registered money market funds which do not have an explicit support agreement.

Foreign Currency Translation

Assets and liabilities of foreign subsidiaries, whose functional currency is other than the U.S. dollar, are translated into U.S. dollars based upon exchange rates prevailing at the end of each period. Revenues and expenses are translated at average daily exchange rates during the period. The resulting translation adjustment, along with any related hedge and tax effects, are included in accumulated other comprehensive income (loss) (“AOCI”). The determination of the functional currency is based on the primary economic environment in which the entity operates. Gains and losses from foreign currency transactions are included in General and administrative expenses.

Amounts Based on Estimates and Assumptions

Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments, valuation of derivative instruments, litigation reserves, future policy benefits, market risk benefits, and

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income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.

Cash and Cash Equivalents

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.

Investments

Available-for-Sale Securities

Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in AOCI, net of impacts to benefit reserves, reinsurance recoverables and income taxes. Available-for-Sale securities are recorded within Investments. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Operations upon disposition of the securities.

Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, the Company first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, the Company recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (loss) (“OCI”), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.

For securities that do not meet the above criteria, the Company determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to Net investment income. The allowance for credit losses is limited to the amount by which the security’s amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is recognized in OCI.

Factors the Company considers in determining whether declines in the fair value of fixed maturity securities are due to credit-related factors include: (i) the extent to which the market value is below amortized cost; (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iii) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors.

If through subsequent evaluation there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.

In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security’s effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company’s position in the debtor’s overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities, asset backed securities and other structured investments), the Company also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.

Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Receivables. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management’s evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Net investment income.

Financing Receivables

Commercial Loans

Commercial loans include commercial mortgage loans, syndicated loans, and advisor loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans and syndicated loans are recorded within Investments and advisor loans are recorded within Receivables. Commercial mortgage loans are loans on commercial properties that are originated by the Company. Syndicated loans represent the Company’s investment in loan syndications originated by unrelated third parties.

The Company offers loans to financial advisors primarily for recruiting, transitional cost assistance, retention purposes, practice operations, and growth strategies. These advisor loans are generally repaid over a five- to ten-year period. If the financial advisor is no longer affiliated with the Company, the unpaid balances generally become immediately due.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Net investment income. Interest income recognized on advisor loans is recorded in Other revenues.

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Consumer Loans

Consumer loans consist of credit card receivables, residential mortgage loans, policy loans, margin loans and pledged asset lines of credit and are recorded at amortized cost less the allowance for loan losses. Credit card receivables, residential mortgage loans and policy loans are recorded within Investments. Margin loans and pledged asset lines of credit are recorded within Receivables. Credit card receivables are related to Ameriprise-branded credit cards issued to the Company’s customers by a third party. When originated, policy loan balances do not exceed the cash surrender value of the underlying products. The Company’s broker dealer subsidiaries enter into lending arrangements with clients through the normal course of business, which are primarily based on customer margin levels. Ameriprise Bank, FSB (“Ameriprise Bank”) enters into pledged asset lines of credit with customers of the Company’s broker dealer subsidiaries, where certain of the customer’s assets held in brokerage accounts serve as collateral.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on consumer loans is recorded in Net investment income.

Deposit Receivables

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability related to insurance risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits made and any related embedded derivatives are included in Receivables. As amounts are received, consistent with the underlying contracts, deposit receivables are adjusted. Deposit receivables are accreted using the interest method and the accretion is reported in Other revenues.

See Note 7 for additional information on financing receivables.

Allowance for Credit Losses

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset’s expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management’s expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased. The methods and information used to develop the allowance for credit losses for each class of financing receivable are discussed below.

Commercial Loans

The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net investment income and is reduced/increased by net charge-offs/recoveries.

Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change.

While the Company may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.

When determining the allowance for credit losses for advisor loans, the Company considers its actual historical collection experience and advisor termination experience as well as other factors including amounts due at termination, the reasons for the terminated relationship, length of time since termination, and the former financial advisor’s overall financial position. Management may identify certain pools of advisors at higher risk of termination based on production metrics or other factors. Management uses its best estimate of future termination and collection rates to estimate expected credit losses over the expected life of the loans. The allowance for credit losses on advisor loans is recorded through provisions charged to Distribution expenses and is reduced/increased by net charge-offs/recoveries.

Consumer Loans

The allowance for loan losses for credit card receivables and residential mortgage loans are based on models that project the Company’s receivable exposure over the expected life of the loans using cohorts based on the age of the receivable, geographic location, and credit scores. The models utilize industry data to derive probability of default and loss given default assumptions, adjusted for current and future economic conditions. Management evaluates actual historical charge-off experience and monitors risk factors including FICO scores and past-due status within the credit card portfolio, and FICO scores, LTV ratios, and past-due status within the residential mortgage loan portfolio, to ensure the allowance for loan losses based on industry data appropriately reserves for

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risks specific to the Company’s portfolios. The allowance for credit losses for credit card receivables and residential mortgage loans are recorded through provisions charged to Net investment income and are reduced/increased by net charge-offs/recoveries.

The Company monitors the market value of collateral supporting margin loans and pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. Due to these ongoing monitoring procedures, the allowance for credit losses is only measured for the margin loan and pledged asset line of credit balances that are uncollateralized at the balance sheet date.

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

Deposit Receivables

The allowance for credit losses is calculated on an individual reinsurer basis. Deposit receivables are collateralized by underlying trust arrangements. Management evaluates the terms of the reinsurance and trust agreements, the nature of the underlying assets, and the potential for changes in the collateral value when considering the need for an allowance for credit losses.

Nonaccrual Loans

Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. Advisor loans are placed on nonaccrual status upon the advisor’s termination. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans, syndicated loans, and consumer loans.

Loan Modifications

A loan is modified when the Company makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.

Charge-off and Foreclosure

Commercial Loans

Charge-offs are recorded when the Company concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on property type and geographic location. Factors used by the Company to determine whether all amounts due on syndicated loans will be collected, include but are not limited to the borrower’s financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.

If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned within Other assets.

Concerns regarding the recoverability of loans to advisors primarily arise in the event that the financial advisor is no longer affiliated with the Company. When the review of these factors indicates that further collection activity is highly unlikely, the outstanding balance of the loan is written-off and the related allowance is reduced.

Consumer Loans

Credit card receivables are not placed on nonaccrual status at 90 days past due; however, they are fully charged off upon reaching 180 days past due.

Separate Account Assets and Liabilities

Separate account assets represent funds held for the benefit of, and Separate account liabilities represent the obligation to, the variable annuity contractholders and variable life insurance policyholders who have a contractual right to receive the benefits of their contract or policy and bear the related investment risk. Gains and losses on separate account assets accrue directly to the contractholder or policyholder and are not reported in the Consolidated Statements of Operations. Included in separate account assets and liabilities is the fair value of the pooled pension funds that are offered by Threadneedle. Threadneedle provides a range of unitized pooled pension funds, which invest in property, stocks, bonds and cash. The investments are selected by the clients and are based on the level of risk they are willing to assume. All investment performance, net of fees, is passed through to the investors. Separate account assets are recorded at fair value and Separate account liabilities are equal to the assets recognized.

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Restricted and Segregated Cash, Cash Equivalents and Investments

Amounts segregated under federal and other regulations are held in special reserve bank accounts for the exclusive benefit of the Company’s brokerage customers. Cash and cash equivalents included in Restricted and segregated cash, cash equivalents and investments are presented as part of cash balances in the Consolidated Statements of Cash Flows.

Land, Buildings, Equipment and Software

Land, buildings, equipment and internally developed software are carried at cost less accumulated depreciation or amortization and are reflected within Other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 39 years.

As of December 31, 2025 and 2024, land, buildings, equipment and software were $744 million and $733 million, respectively, net of accumulated depreciation of $2.0 billion and $2.0 billion, respectively. Depreciation and amortization expense for the years ended December 31, 2025, 2024 and 2023 was $151 million, $142 million and $151 million, respectively.

Leases

The Company has operating and finance leases for corporate and field offices. The Company determines if an arrangement is a lease at inception or modification. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and corresponding lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate to determine the present value of the future lease payments. The incremental borrowing rate is determined at lease commencement date using a secured rate for a similar term as the period of the lease. Certain lease incentives such as free rent periods are recorded as a reduction of the ROU asset. Lease costs for operating ROU assets is recognized on a straight-line basis over the lease term.

Certain leases include one or more options to renew with terms that can extend the lease from one year to 10 years. The exercise of any lease renewal option is at the sole discretion of the Company. Renewal options are included in the ROU assets and lease liabilities when they either provide an economic incentive to renew or when the costs related to the termination of a lease outweigh the benefits of signing a new lease.

Operating and finance ROU assets are reflected in Other assets. Operating lease liabilities and finance lease liabilities are reflected in Other liabilities and Long-term debt, respectively.

Goodwill and Other Intangible Assets

Goodwill represents the amount of an acquired company’s acquisition cost in excess of the fair value of assets acquired and liabilities assumed. The Company evaluates goodwill for impairment annually on the measurement date of July 1 and whenever events and circumstances indicate that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell or dispose of a reporting unit. Impairment is the amount carrying value exceeds fair value and is evaluated at the reporting unit level. The Company assesses various qualitative factors to determine whether impairment is likely to have occurred. If impairment were to occur, the Company would use the discounted cash flow method, a variation of the income approach.

Intangible assets are amortized over their estimated useful lives unless they are deemed to have indefinite useful lives. The Company evaluates the definite lived intangible assets remaining useful lives annually and tests for impairment whenever events and circumstances indicate that an impairment may have occurred, such as a significant adverse change in the business climate. For definite lived intangible assets, impairment to fair value is recognized if the carrying amount is not recoverable. Indefinite lived intangibles are also tested for impairment annually or whenever circumstances indicate an impairment may have occurred.

Goodwill and other intangible assets are reflected in Other assets.

Derivative Instruments and Hedging Activities

Freestanding derivative instruments are recorded at fair value and are reflected in Other assets or Other liabilities. The Company’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”), (ii) hedges of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedges”), or (iii) hedges of foreign currency exposures of net investments in foreign operations (“net investment hedges in foreign operations”).

Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged

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items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting.

For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Operations based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Operations with the corresponding change in the hedged asset or liability.

For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item.

For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Operations with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of Net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately.

For derivative instruments that qualify as net investment hedges in foreign operations, the effective portion of the change in fair value of the derivatives is recorded in AOCI as part of the foreign currency translation adjustment. Any ineffective portion of the net investment hedges in foreign operations is recognized in Net investment income during the period of change.

The equity component of indexed annuity, structured variable annuity, indexed universal life (“IUL”) and stock market certificate (“SMC”) obligations are considered embedded derivatives.

See Note 16 for information regarding the Company’s fair value measurement of derivative instruments and Note 18 for the impact of derivatives on the Consolidated Statements of Operations.

Market Risk Benefits

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits include guaranteed minimum death benefit (“GMDB”), guaranteed minimum income benefit (“GMIB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum accumulation benefits (“GMAB”). If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.

Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in OCI.

Deferred Acquisition Costs

The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The deferred acquisition costs (“DAC”) associated with insurance policies or annuity contracts that are significantly modified or internally replaced with another contract are accounted for as write-offs. These transactions are anticipated in establishing amortization periods and other valuation assumptions.

The Company monitors other DAC amortization assumptions, such as persistency, mortality, morbidity, and variable annuity benefit utilization each quarter and, when assessed independently, each could impact the Company’s DAC balances. Unamortized DAC is reduced for actual experience in excess of expected experience.

The analysis of DAC balances and the corresponding amortization considers all relevant factors and assumptions described previously. Unless the Company’s management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year.

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DAC is amortized on a constant-level basis for the grouped contracts over the expected contract term to approximate straight-line amortization. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability for future policy benefits. DAC related to all long-duration product types (except for life contingent payout annuities) is grouped on a calendar-year annual basis for each legal entity. Further disaggregation is reported for any contracts that include an additional liability for death or other insurance benefit. DAC related to life contingent payout annuities is grouped on a calendar-year annual basis for each legal entity for policies issued prior to 2021 and on a quarterly basis for each legal entity thereafter.

DAC related to annuity products (including variable deferred annuities, structured variable annuities, fixed deferred annuities, and life contingent payout annuities) is amortized based on initial premium. DAC related to life insurance products (including universal life (“UL”) insurance, variable universal life (“VUL”) insurance, IUL insurance, term life insurance, and whole life insurance) is amortized based on original specified amount (i.e., face amount). DAC related to disability income (“DI”) insurance is amortized based on original monthly benefit.

The accounting contract term for annuity products (except for life contingent payout annuities) is the projected accumulation period. Life contingent payout annuities are amortized over the period which annuity payments are expected to be paid. The accounting contract term for life insurance products is the projected life of the contract. DI insurance is amortized over the projected life of the contract, including the claim paying period.

Deferred Sales Inducement Costs

Deferred sales inducements are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy. Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized on a constant level basis using the same methodology and assumptions used to amortize DAC. Deferred sales inducement costs (“DSIC”) is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.

Reinsurance

The Company cedes insurance risk to other insurers under reinsurance agreements.

Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums for traditional life, long term care (“LTC”) and DI insurance and life contingent payout annuities, net of the change in any prepaid reinsurance asset, are reported as a reduction of Premiums, policy and contract charges. Reinsurance recoveries are reported as components of Benefits, claims, losses and settlement expenses.

UL and VUL reinsurance premiums are reported as a reduction of Premiums, policy and contract charges. In addition, for UL and VUL insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset and amortized based on estimated gross profits over the period the reinsured policies are in force. Changes in the net cost of reinsurance are reflected as a component of Premiums, policy and contract charges.

Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Receivables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company’s reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the Company’s data. Such differences include that the Company has no actual history of significant losses and that industry data may contain non-life insurers. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.

The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within Policyholder account balances, future policy benefits and claims.

See Note 8 for additional information on reinsurance.

Policyholder Account Balances, Future Policy Benefits and Claims

The Company establishes reserves to cover the benefits associated with non-traditional and traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL

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policies. Traditional long-duration products include term life, whole life, DI and LTC insurance products and life contingent payout annuity products.

Non-Traditional Long-Duration Products

The liabilities for non-traditional long-duration products include fixed account values on variable and fixed annuities and UL and VUL policies, non-life contingent payout annuities, liabilities for guaranteed benefits associated with variable annuities (including structured variable annuities), and embedded derivatives for structured variable annuities, indexed annuities and IUL products.

Liabilities for fixed account values on variable annuities, structured variable annuities, fixed deferred annuities, and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. The liability for non-life contingent payout annuities is recognized as the present value of future payments using the effective yield at inception of the contract.

A portion of the Company’s UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined at the reporting date by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 11 for information regarding the liability for contracts with secondary guarantees.

Liabilities for fixed deferred indexed annuity, structured variable annuity and IUL products are equal to the accumulation of host contract values, guaranteed benefits, and the fair value of embedded derivatives.

See Note 13 for information regarding variable annuity guarantees.

Embedded Derivatives

The fair value of embedded derivatives related to structured variable annuities, indexed annuities and IUL fluctuate based on equity markets and interest rates and the estimate of the Company’s nonperformance risk and is recorded in Policyholder account balances, future policy benefits and claims. See Note 16 for information regarding the fair value measurement of embedded derivatives.

Traditional Long-Duration Products

The liability for future policy benefits for traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI and LTC insurance policies and life contingent payout annuity policies as claims are incurred in the future. A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. Expected insurance benefits are accrued over the life of the contract in proportion to premium revenue recognized (referred to as the net premium approach). The net premium ratio reflects cash flows from contract inception to contract termination (i.e., through the claim paying period) and cannot exceed 100%.

Assumptions utilized in the net premium approach, including mortality, morbidity, and terminations, are reviewed as part of experience studies at least annually or more frequently if suggested by evidence. Expense assumptions and actual expenses are updated within the net premium calculation consistent with other policyholder assumptions.

The updated cash flows used in the calculation are discounted using a forward rate curve. The discount rate represents an upper-medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability. Discount rates are locked in annually, at the end of each year for all products, except life contingent payout annuities, and calculated as the monthly average discount rate curves for the year. For life contingent payout annuities, the discount rates are locked in quarterly at the end of each quarter based on the average of the three months for the quarter. 

The liability for future policy benefits will be updated for actual experience at least on an annual basis and concurrent with changes to cash flow assumptions. When net premiums are updated for cash flow changes, the estimated cash flows over the entire life of a group of contracts are updated using historical experience and updated future cash flow assumptions.

The revised net premiums are used to calculate an updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original locked in rate (i.e., contract issuance rate). The updated liability for future policy benefits as of the beginning of the reporting period is then compared with the carrying amount of the liability as of that date prior to updating cash flow assumptions to determine the current period remeasurement gain or loss reflected in current period earnings. The revised net premiums are then applied as of the beginning of the quarter to calculate the benefit expense for the current reporting period.

The difference between the updated carrying amount of the liability for future policy benefits measured using the current discount rate assumption and the original discount rate assumption is recognized in OCI. The interest accretion rate remains the original discount rate used at contract issue date.

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Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

If the updating of cash flow assumptions results in the present value of future benefits and expenses exceeding the present value of future gross premiums, a charge to net income is recorded for the current reporting period such that net premiums are set equal to gross premiums. In subsequent periods, the liability for future policy benefits is accrued with net premiums set equal to gross premiums.

Contracts (except for life contingent payout annuities sold subsequent to December 31, 2020) are grouped into cohorts by contract type and issue year, as well as by legal entity and reportable segment. Life contingent payout annuities sold in periods beginning in 2021 are grouped into quarterly cohorts.

See Note 11 for information regarding the liabilities for traditional long-duration products.

Deferred Profit Liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.

The DPL is amortized and recognized as premium revenue in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or credit to premium revenue.

DPL is recorded in Policyholder account balances, future policy benefits and claims and included as a reconciling item within Note 11.

Unearned Revenue Liability

The Company’s UL and VUL policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized using the same assumptions and factors used to amortize DAC. The unearned revenue liability is recorded in Other liabilities and the amortization is recorded in Premiums, policy and contract charges.

For clients who pay financial planning fees prior to the advisor’s delivery of the financial plan, the financial planning fees received in advance are deferred as unearned revenue until the plan is delivered to the client.

Share-Based Compensation

The Company measures and recognizes the cost of share-based awards granted to employees and directors based on the grant-date fair value of the award and recognizes the expense (net of estimated forfeitures) on a straight-line basis over the vesting period. Excess tax benefits or deficiencies are created upon distribution or exercise of awards and are recognized within the Income tax provision. The fair value of each option is estimated on the grant date using a Black-Scholes option-pricing model. The Company recognizes the cost of performance share units granted to the Company’s Executive Leadership Team on a fair value basis until fully vested.

Income Taxes

The Company’s provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.

In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.

The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. With respect to the corporate alternative minimum tax (“CAMT”), we have adopted a policy of excluding future years’ CAMT as a consideration within the Company’s valuation allowance analysis. See Note 24 for additional information on the Company’s valuation allowance.

Changes in tax rates and tax law are accounted for in the period of enactment. Deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates and the effect is included in net income.

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Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

Revenue Recognition

Mortality and expense risk fees are generally calculated as a percentage of the fair value of assets held in separate accounts and recognized when assessed within Premiums, policy and contract charges.

Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Realized gains and losses on the sale of securities, other than trading securities and equity method investments, are recognized using the specific identification method on a trade date basis.

Premiums on traditional life, DI and LTC insurance and life contingent payout annuities are net of reinsurance ceded and are recognized as revenue when due.

Variable annuity guaranteed benefit rider charges and cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities and UL and VUL insurance are recognized as revenue when assessed within Premiums, policy and contract charges.

See Note 4 for further discussion of accounting policies on revenue from contracts with customers.

3.  Recent Accounting Pronouncements

Adoption of New Accounting Standards

Income Taxes – Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024. The Company elected retrospective application and adopted the standard on January 1, 2025. The adoption of the standard did not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.

Future Adoption of New Accounting Standards

Expenses – Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing changes to disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.

Financial Instruments – Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows all entities to apply a practical expedient when estimating expected credit losses that assumes current conditions as of the balance sheet date will remain unchanged over the asset’s remaining life. The standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those years. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition.

Intangibles – Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to clarify and modernize the accounting treatment for internal-use software costs by eliminating the use of the sequential software development project stages method and provide further guidance on when an entity is required to start capitalizing eligible costs. Under the new guidance, capitalization begins when both of the following occur: (a) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed, and the software will be used to perform the function intended. The Company can elect prospective, retrospective, or modified retrospective adoption. The standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those years. The Company is evaluating the impact of the standard on its consolidated results of operations and financial condition.

Financial Instruments – Credit Losses: Purchased Loans

In November 2025, the FASB issued ASU 2025‑08, Purchased Loans, which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up method). The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years,

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Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

and applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition.

Derivatives and Hedging – Hedge Accounting Improvements

In November 2025, the FASB issued ASU 2025‑09, Hedge Accounting Improvements, to make targeted changes within the hedge accounting model. The updates primarily relate to cash flow hedges and certain fair value and net investment hedges. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition.

Interim Reporting – Narrow-Scope Improvements

In December 2025, the FASB issued ASU 2025‑11, Narrow-Scope Improvements, which enhances the navigability of the required interim disclosures and clarifies when that guidance applies. The ASU addresses the form and content of interim financial statements and notes prepared in accordance with GAAP, adds lists of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.

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Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

4. Revenue from Contracts with Customers

The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:

	Year Ended December 31, 2025
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	2,170	$	—	$	—	$	2,170	$	—	$	2,170
Institutional	—		671		—		—		671		—		671
Model delivery	—		95		—		—		95		—		95
Advisory fees	6,481		—		—		—		6,481		—		6,481
Financial planning fees	496		—		—		—		496		—		496
Transaction and other fees	394		206		60		—		660		—		660
Total management and financial advice fees	7,371		3,142		60		—		10,573		—		10,573
Distribution fees:
Mutual funds	890		227		—		—		1,117		—		1,117
Insurance and annuity	1,044		157		337		—		1,538		—		1,538
Off-balance sheet brokerage cash	102		—		—		—		102		—		102
Other products	484		—		—		—		484		—		484
Total distribution fees	2,520		384		337		—		3,241		—		3,241
Other revenues	279		15		—		3		297		—		297
Total revenue from contracts with customers	10,170		3,541		397		3		14,111		—		14,111
Revenue from other sources (1)	2,002		80		3,558		457		6,097		202		6,299
Total segment gross revenues	12,172		3,621		3,955		460		20,208		202		20,410
Banking and deposit interest expense	(431)		—		—		(33)		(464)		—		(464)
Total segment net revenues	11,741		3,621		3,955		427		19,744		202		19,946
Elimination of intersegment revenues	(936)		(103)		(443)		31		(1,451)		(15)		(1,466)
Total net revenues	$	10,805	$	3,518	$	3,512	$	458	$	18,293	$	187	$	18,480

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Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	Year Ended December 31, 2024
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	2,132	$	—	$	—	$	2,132	$	—	$	2,132
Institutional	—		618		—		—		618		—		618
Model delivery	—		82		—		—		82		—		82
Advisory fees	5,634		—		—		—		5,634		—		5,634
Financial planning fees	470		—		—		—		470		—		470
Transaction and other fees	388		207		60		—		655		—		655
Total management and financial advice fees	6,492		3,039		60		—		9,591		—		9,591
Distribution fees:
Mutual funds	821		228		—		—		1,049		—		1,049
Insurance and annuity	1,037		160		341		—		1,538		—		1,538
Off-balance sheet brokerage cash	154		—		—		—		154		—		154
Other products	441		—		—		—		441		—		441
Total distribution fees	2,453		388		341		—		3,182		—		3,182
Other revenues	255		13		—		—		268		—		268
Total revenue from contracts with customers	9,200		3,440		401		—		13,041		—		13,041
Revenue from other sources (1)	2,242		75		3,372		484		6,173		196		6,369
Total segment gross revenues	11,442		3,515		3,773		484		19,214		196		19,410
Banking and deposit interest expense	(662)		—		—		(30)		(692)		—		(692)
Total segment net revenues	10,780		3,515		3,773		454		18,522		196		18,718
Elimination of intersegment revenues	(935)		(96)		(441)		29		(1,443)		(11)		(1,454)
Total net revenues	$	9,845	$	3,419	$	3,332	$	483	$	17,079	$	185	$	17,264

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Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	Year Ended December 31, 2023
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	1,959	$	—	$	—	$	1,959	$	—	$	1,959
Institutional	—		612		—		—		612		—		612
Model delivery	—		65		—		—		65		—		65
Advisory fees	4,687		—		—		—		4,687		—		4,687
Financial planning fees	426		—		—		—		426		—		426
Transaction and other fees	372		195		56		—		623		—		623
Total management and financial advice fees	5,485		2,831		56		—		8,372		—		8,372
Distribution fees:
Mutual funds	723		209		—		—		932		—		932
Insurance and annuity	895		154		324		—		1,373		—		1,373
Off-balance sheet brokerage cash	316		—		—		—		316		—		316
Other products	339		—		—		—		339		—		339
Total distribution fees	2,273		363		324		—		2,960		—		2,960
Other revenues	227		20		—		—		247		—		247
Total revenue from contracts with customers	7,985		3,214		380		—		11,579		—		11,579
Revenue from other sources (1)	1,994		64		3,096		553		5,707		160		5,867
Total segment gross revenues	9,979		3,278		3,476		553		17,286		160		17,446
Banking and deposit interest expense	(561)		—		—		(20)		(581)		—		(581)
Total segment net revenues	9,418		3,278		3,476		533		16,705		160		16,865
Elimination of intersegment revenues	(847)		(79)		(411)		19		(1,318)		(12)		(1,330)
Total net revenues	$	8,571	$	3,199	$	3,065	$	552	$	15,387	$	148	$	15,535

(1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company’s contracts with customers on a consolidated basis.

Management and Financial Advice Fees

Asset Management Fees

The Company earns revenue for performing asset management services for retail and institutional clients (assets under management). The Company also earns revenue for performing advisory services for model portfolios that the Company does not have full discretionary investment authority (assets under advisement). The revenue is earned based on a fixed or tiered rate applied, as a percentage, to assets under management or advisement. Assets under management and advisement vary with market fluctuations and client behavior. The asset management and advisement performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Asset management fees are accrued, invoiced and collected on a monthly or quarterly basis.

The Company’s asset management contracts for Open Ended Investment Companies (“OEICs”) in the United Kingdom (“U.K.”) and Société d'Investissement à Capital Variable (“SICAVs”) in Europe include performance obligations for asset management and fund distribution services. The amounts received for these services are reported as Management and financial advice fees. The revenue recognition pattern is the same for both performance obligations as the fund distribution services revenue is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment) and not recognized until assets under management are known.

The Company may also earn performance-based management fees on institutional accounts, hedge funds, collateralized loan obligations (“CLOs”), OEICs, SICAVs and property and other funds based on a percentage of account returns in excess of either a benchmark index or a contractually specified level. This revenue is variable and impacted primarily by the performance of the assets being managed compared to the benchmark index or contractually specified level. The revenue is not recognized until it is probable that a significant reversal will not occur. Performance-based management fees are invoiced on a quarterly or annual basis.

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Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

Advisory Fees

The Company earns revenue for performing investment advisory services for certain brokerage customer’s discretionary and non-discretionary managed accounts. The revenue is earned based on a contractual fixed rate applied, as a percentage, to the market value of assets held in the account. The investment advisory performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Advisory fees are billed on a monthly basis on the prior month end assets.

Financial Planning Fees

The Company earns revenue for providing financial plans to its clients. The revenue earned for each financial plan is either a fixed fee (received monthly, quarterly or annually) or a variable fee (received monthly) based on a contractual fixed rate applied, as a percentage, to the prior month end assets held in a client’s investment advisory account. The financial planning fee is based on the complexity of a client’s financial and life situation and his or her advisor’s experience. The performance obligation is satisfied at the time the financial plan is delivered to the customer. The Company records a contract liability for the unearned revenue when cash is received before the plan is delivered. The financial plan contracts with clients are annual contracts. Amounts recorded as a contract liability are recognized as revenue when the financial plan is delivered, which occurs within the annual contract period.

For fixed fee arrangements, revenue is recognized when the financial plan is delivered. The Company accrues revenue for any amounts that have not been received at the time the financial plan is delivered.

For variable fee arrangements, revenue is recognized for cash that has been received when the financial plan is delivered. The amount received after the plan is delivered is variably constrained due to factors outside the Company’s control including market volatility and client behavior. The revenue is recognized when it is probable that a significant reversal will not occur and is generally each month end as the advisory account balance uncertainty is resolved.

Contract liabilities for financial planning fees, which are included in Other liabilities, were $187 million and $181 million as of December 31, 2025 and 2024, respectively.

The Company pays sales commissions to advisors when a new financial planning contract is obtained or when an existing contract is renewed. The sales commissions paid to the advisors prior to financial plan delivery are considered costs to obtain a contract with a customer and are initially capitalized. When the performance obligation to deliver the financial plan is satisfied, the commission is recognized as distribution expense. Capitalized costs to obtain these contracts are reported in Other assets, and were $150 million and $145 million as of December 31, 2025 and 2024, respectively.

Transaction and Other Fees

The Company earns revenue for providing customer support, shareholder and administrative services (including transfer agent services) for affiliated mutual funds and networking, sub-accounting and administrative services for unaffiliated mutual funds. The Company also receives revenue for providing custodial services and account maintenance services on brokerage and retirement accounts that are not included in an advisory relationship. Transfer agent and administrative revenue is earned based on either a fixed rate applied, as a percentage, to assets under management or an annual fixed fee for each fund position. Networking and sub-accounting revenue is earned based on either an annual fixed fee for each account or an annual fixed fee for each fund position. Custodial and account maintenance revenue is generally earned based on a quarterly or annual fixed fee for each account. Each of the customer support and administrative services performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Transaction and other fees (other than custodial service fees) are invoiced or charged to brokerage accounts on a monthly or quarterly basis. Custodial service fees are invoiced or charged to brokerage accounts on an annual basis.

The Company earns revenue for providing trade execution services to franchise advisors. The trade execution performance obligation is satisfied at the time of each trade and the revenue is primarily earned based on a fixed fee per trade. These fees are invoiced and collected on a semi-monthly basis.

Distribution Fees

Mutual Funds and Insurance and Annuity Products

The Company earns revenue for selling affiliated and unaffiliated mutual funds, fixed and variable annuities and insurance products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment or holds the contract and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund, or the value of the insurance policy or annuity contract. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment, insurance policy or annuity contract). This ongoing revenue may be recognized for many years after the initial sale. The revenue will not be recognized until it is probable that a significant reversal will not occur.

The Company earns revenue for providing unaffiliated partners an opportunity to educate the Company’s advisors or to support availability and distribution of their products on the Company’s platforms. These payments allow the outside parties to train and

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Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

support the advisors, explain the features of their products and distribute marketing and educational materials, and support trading and operational systems necessary to enable the Company’s client servicing and production distribution efforts. The Company earns revenue for placing and maintaining unaffiliated fund partners and insurance companies’ products on the Company’s sales platform (subject to the Company’s due diligence standards). The revenue is primarily earned based on a fixed fee or a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are invoiced and collected on monthly basis.

Off-Balance Sheet Brokerage Cash

The Company earns revenue for placing clients’ deposits in its brokerage sweep program with third-party banks. The amount received from the third-party banks is impacted by short-term interest rates. The performance obligation with the financial institutions that participate in the sweep program is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The revenue is earned daily and settled monthly based on a rate applied, as a percentage, to the deposits placed.

Other Products

The Company earns revenue for selling unaffiliated alternative products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment and is earned generally based on a fixed rate applied, as a percentage, to the market value of the investment. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment). The revenue will not be recognized until it is probable that a significant reversal will not occur.

The Company earns revenue from brokerage clients for the execution of requested trades. The performance obligation is satisfied at the time of trade execution and amounts are received on the settlement date. The revenue varies for each trade based on various factors that include the type of investment, dollar amount of the trade and how the trade is executed (online or broker assisted).

Other Revenues

The Company earns revenue from fees charged to franchise advisors for providing various services the advisors need to manage and grow their practices. The primary services include: licensing of intellectual property and software, compliance supervision, insurance coverage, technology services and support, consulting and other services. The services are either provided by the Company or third- party providers. The Company controls the services provided by third parties as it has the right to direct the third parties to perform the services, is primarily responsible for performing the services and sets the prices the advisors are charged. The Company recognizes revenue for the gross amount of the fees received from the advisors. The fees are primarily collected monthly as a reduction of commission payments.

Intellectual property and software licenses, along with compliance supervision, insurance coverage, and technology services and support are primarily earned based on a monthly fixed fee. These services are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The consulting and other services performance obligations are satisfied as the services are delivered and revenue is earned based upon the level of service requested.

Receivables

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $590 million and $538 million as of December 31, 2025 and 2024, respectively.

5.  Variable Interest Entities

The Company provides asset management services to investment entities which are considered to be VIEs, such as CLOs, hedge funds and other private funds, property funds, and certain non-U.S. series funds (such as OEICs and SICAVs) (collectively, “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 existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $6 million and $2 million as of December 31, 2025 and 2024, respectively.

See Note 2 for further discussion of the Company’s accounting policy on consolidation.

Structured Investments

The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities and commercial and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities.

24

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

Additionally, the Company invests in CLOs for which it is the sponsor. CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the value of the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary.

The Company's maximum exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 6 for additional information on these investments.

Other Non-Consolidated VIEs

The Company’s investments in other non-consolidated VIEs are recorded in other investments. The Company’s maximum exposure to loss with respect to its investments in these non-consolidated VIEs is limited to its carrying value. The carrying value of other non-consolidated VIEs was $105 million and $161 million as of December 31, 2025 and 2024, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both December 31, 2025 and 2024. The Company has not provided any additional support to the VIEs beyond the funding commitments.

Property Funds, Non-U.S. Series Funds, Hedge Funds and other Private Funds

The Company provides investment advice and other related services to property funds, non-U.S. series funds, hedge funds and other private funds, some of which are considered VIEs. For investment management services, the Company generally earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangements are at market and commensurate with the level of effort required to provide those services. The Company does not have a significant economic interest and is not required to consolidate any of these funds.

Affordable Housing Partnerships and Other Real Estate Partnerships

The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships. A majority of the limited partnerships are VIEs.

Fair Value of Assets and Liabilities

The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 16 for the definition of the three levels of the fair value hierarchy.

The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:

	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments:
Corporate debt securities	$	—	$	71	$	—	$	71
Syndicated loans	—		2,458		89		2,547
Total investments	—		2,529		89		2,618
Receivables	—		30		—		30
Total assets at fair value	$	—	$	2,559	$	89	$	2,648
Liabilities
Debt (1)	$	—	$	2,585	$	—	$	2,585
Other liabilities	—		159		—		159
Total liabilities at fair value	$	—	$	2,744	$	—	$	2,744

25

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments:
Corporate debt securities	$	—	$	50	$	—	$	50
Common stocks	—		2		1		3
Syndicated loans	—		2,216		118		2,334
Total investments	—		2,268		119		2,387
Receivables	—		31		—		31
Other assets	—		2		—		2
Total assets at fair value	$	—	$	2,301	$	119	$	2,420
Liabilities
Debt (1)	$	—	$	2,429	$	—	$	2,429
Other liabilities	—		314		—		314
Total liabilities at fair value	$	—	$	2,743	$	—	$	2,743

(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.6 billion and $2.4 billion as of December 31, 2025 and 2024, respectively.

The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:

	Common Stocks		Syndicated Loans
	(in millions)
Balance at January 1, 2025	$	1	$	118
Total gains (losses) included in:
Net income	—		(3)		(1)
Purchases	—		145
Sales	—		(84)
Settlements	—		(14)
Transfers into Level 3	—		186
Transfers out of Level 3	(1)		(259)
Balance at December 31, 2025	$	—	$	89
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2025	$	—	$	(1)	(1)

	Common Stocks			Syndicated Loans
	(in millions)
Balance at January 1, 2024	$	—		$	63
Total gains (losses) included in:
Net income	(1)		(1)	(7)		(1)
Purchases	—			168
Sales	(1)			—
Settlements	—			(5)
Transfers into Level 3	4			103
Transfers out of Level 3	(1)			(204)
Balance at December 31, 2024	$	1		$	118

26

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	Syndicated Loans			Other Assets
	(in millions)
Balance at January 1, 2023	$	125		$	1
Total gains (losses) included in:
Net income	(4)		(1)	—
Purchases	45			—
Sales	(10)			—
Settlements	(16)			—
Transfers into Level 3	122			—
Transfers out of Level 3	(199)			(1)
Balance at December 31, 2023	$	63		$	—
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2023	$	(1)	(1)	$	—

(1) Included in Net investment income.

Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.

All Level 3 measurements as of December 31, 2025 and 2024 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

Determination of Fair Value

Assets

Investments

The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 16 for a description of the Company’s determination of the fair value of corporate debt securities.

Receivables

For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible. The fair value of these receivables is classified as Level 2.

Liabilities

Debt

The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets and is classified as Level 2.

Other Liabilities

Other liabilities consist primarily of securities purchased but not yet settled by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short-term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on CLO debt.

Fair Value Option

The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.

27

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:

	December 31,
	2025		2024
	(in millions)
Syndicated Loans
Unpaid principal balance	$	2,632	$	2,406
Excess unpaid principal over fair value	(85)		(72)
Fair value	$	2,547	$	2,334
Fair value of loans more than 90 days past due	$	1	$	1
Fair value of loans in nonaccrual status	$	1	$	1
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both	$	14	$	5
Debt
Unpaid principal balance	$	2,819	$	2,633
Excess unpaid principal over fair value	(234)		(204)
Carrying value (1)	$	2,585	$	2,429

(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.6 billion and $2.4 billion as of December 31, 2025 and 2024, respectively.

During 2025, the Company launched one new CLO that issued debt of $406 million.

Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income. Gains and losses related to changes in the fair value of investments and gains and losses on sales of investments are also recorded in Net investment income. Interest expense on debt is recorded in Interest and debt expense with gains and losses related to changes in the fair value of debt recorded in Net investment income.

Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2025, 2024 and 2023.

Debt of the consolidated investment entities and the stated interest rates were as follows:

	Carrying Value				Weighted Average Interest Rate
	December 31,				December 31,
	2025		2024		2025		2024
	(in millions)
Debt of consolidated CLOs due 2030-2038	$	2,585	$	2,429	5.1	%	5.9	%

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 13.3%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.

6.  Investments

The following is a summary of Ameriprise Financial investments:

	December 31,
	2025		2024
	(in millions)
Available-for-Sale securities, at fair value	$	53,591	$	52,153
Mortgage loans (allowance for credit losses: 2025, $14; 2024, $14)	2,824		2,354
Policy loans	1,056		982
Other investments (allowance for credit losses: 2025, $7; 2024, $6)	935		934
Total	$	58,406	$	56,423

Other investments primarily reflect the Company’s interests in affordable housing partnerships, trading securities, equity securities, seed money investments in proprietary funds, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days.

28

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The following is a summary of Net investment income:

	Years Ended December 31,
	2025		2024		2023
	(in millions)
Available-for-Sale securities (1)	$	2,589	$	2,611	$	2,252
Net realized gains (losses)	3		(18)		(27)
Consolidated investment entities	179		207		181
Other investments and receivables (1)	799		848		800
Total	$	3,570	$	3,648	$	3,206

(1) Prior period amounts associated with investment income from Available-for-Sale securities have been disaggregated (as the largest component of fixed maturities) to conform with current period presentation with remaining amounts included in Other investments and receivables.

Available-for-Sale securities distributed by type were as follows:

	December 31, 2025
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	15,911	$	395	$	(464)	$	—	$	15,842
Residential mortgage backed securities	28,578		261		(666)		—		28,173
Commercial mortgage backed securities	3,778		16		(103)		(4)		3,687
Asset backed securities	3,755		19		(21)		—		3,753
State and municipal obligations	657		36		(15)		(1)		677
U.S. government and agency obligations	1,457		1		—		—		1,458
Foreign government bonds and obligations	1		—		—		—		1
Total	$	54,137	$	728	$	(1,269)	$	(5)	$	53,591

	December 31, 2024
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	14,509	$	201	$	(711)	$	—	$	13,999
Residential mortgage backed securities	24,396		81		(1,133)		—		23,344
Commercial mortgage backed securities	5,339		10		(219)		(4)		5,126
Asset backed securities	6,451		30		(39)		—		6,442
State and municipal obligations	629		29		(19)		(1)		638
U.S. government and agency obligations	2,589		2		—		—		2,591
Foreign government bonds and obligations	13		—		—		—		13
Total	$	53,926	$	353	$	(2,121)	$	(5)	$	52,153

As of December 31, 2025 and 2024, accrued interest of $332 million and $326 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.

As of both December 31, 2025 and 2024, fixed maturity securities comprised approximately 92% of Ameriprise Financial investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2025 and 2024, the Company’s internal analysts rated $662 million and $508 million, respectively, of securities using criteria similar to those used by NRSROs.

29

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

A summary of fixed maturity securities by rating was as follows:

	December 31, 2025						December 31, 2024
Ratings	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	19,744	$	19,489	36	%	$	25,251	$	24,614	47	%
AA	18,446		18,259		34		13,498		12,909		25
A	4,445		4,468		8		2,979		2,935		5
BBB	11,169		11,067		21		11,896		11,402		22
Below investment grade	333		308		1		302		293		1
Total fixed maturities	$	54,137	$	53,591	100	%	$	53,926	$	52,153	100	%

As of December 31, 2025 and 2024, approximately 86% and 82% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively. No holdings of any issuer were greater than 10% of the Company’s total equity as of both December 31, 2025 and 2024.

The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:

	December 31, 2025
	Less than 12 Months					12 Months or More					Total
Description of Securities	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
	(in millions, except number of securities)
Corporate debt securities	108	$	1,560	$	(48)	314	$	5,175	$	(416)	422	$	6,735	$	(464)
Residential mortgage backed securities	64	1,892		(3)		636	8,033		(663)		700	9,925		(666)
Commercial mortgage backed securities	10	167		—		165	2,334		(103)		175	2,501		(103)
Asset backed securities	4	56		—		30	255		(21)		34	311		(21)
State and municipal obligations	14	90		(2)		39	127		(13)		53	217		(15)
U.S. government and agency obligations	3	60		—		—	—		—		3	60		—
Total	203	$	3,825	$	(53)	1,184	$	15,924	$	(1,216)	1,387	$	19,749	$	(1,269)

	December 31, 2024
	Less than 12 Months					12 Months or More					Total
Description of Securities	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
	(in millions, except number of securities)
Corporate debt securities	282	$	5,328	$	(178)	291	$	4,042	$	(533)	573	$	9,370	$	(711)
Residential mortgage backed securities	203	6,728		(96)		659	9,122		(1,037)		862	15,850		(1,133)
Commercial mortgage backed securities	24	478		(6)		233	3,298		(213)		257	3,776		(219)
Asset backed securities	15	309		(2)		37	384		(37)		52	693		(39)
State and municipal obligations	21	57		(2)		45	133		(17)		66	190		(19)
U.S. government and agency obligations	1	100		—		—	—		—		1	100		—
Foreign government bonds and obligations	—	—		—		3	12		—		3	12		—
Total	546	$	13,000	$	(284)	1,268	$	16,991	$	(1,837)	1,814	$	29,991	$	(2,121)

30

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

As part of the Company’s ongoing monitoring process, management determined that the decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2025 is primarily attributable to interest rate movements. As of December 31, 2025, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2025 and 2024, approximately 96% and 97%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

The following table presents a rollforward of the allowance for credit losses on Available-for-Sale securities:

	Corporate Debt Securities		Commercial Mortgage Backed Securities		State and Municipal Obligations		Total
	(in millions)
Balance at January 1, 2023	$	20	$	—	$	2	$	22
Additions for which credit losses were not previously recorded	1		—		—		1
Reductions for securities sold during the period (realized)	(20)		—		(1)		(21)
Balance at December 31, 2023	1		—		1		2
Additions for which credit losses were not previously recorded	—		4		—		4
Reductions for securities sold during the period (realized)	(1)		—		—		(1)
Balance at December 31, 2024	—		4		1		5
Additions for which credit losses were not previously recorded	—		—		—		—
Balance at December 31, 2025	$	—	$	4	$	1	$	5

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:

	Years Ended December 31,
	2025		2024		2023
	(in millions)
Gross realized investment gains	$	30	$	41	$	11
Gross realized investment losses	(27)		(57)		(58)
Credit reversals (losses)	—		(3)		20
Other impairments	—		—		(2)
Total	$	3	$	(19)	$	(29)

Credit reversals for the year ended December 31, 2023 were the result of the sale of a corporate debt security in the communications industry. Other impairments for the year ended December 31, 2023 related to Available-for-Sale securities which the Company intended to sell.

See Note 21 for a rollforward of net unrealized investment gains (losses) included in AOCI.

Available-for-Sale securities by contractual maturity as of December 31, 2025 were as follows:

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	1,788	$	1,789
Due after one year through five years	3,606		3,530
Due after five years through 10 years	5,955		5,995
Due after 10 years	6,677		6,664
	18,026		17,978
Residential mortgage backed securities	28,578		28,173
Commercial mortgage backed securities	3,778		3,687
Asset backed securities	3,755		3,753
Total	$	54,137	$	53,591

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.

31

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

7.  Financing Receivables

Financing receivables are comprised of commercial loans, consumer loans and deposit receivables. See Note 2 for information regarding the Company’s accounting policies related to financing receivables and the allowance for credit losses.

Allowance for Credit Losses

The following table presents a rollforward of the allowance for credit losses:

	Commercial Loans		Consumer Loans		Total
	(in millions)
Balance at January 1, 2023	$	54	$	5	$	59
Provisions	2		6		8
Charge-offs	(2)		(2)		(4)
Balance at December 31, 2023	54		9		63
Provisions	(5)		3		(2)
Charge-offs	(4)		(4)		(8)
Recoveries	—		1		1
Balance at December 31, 2024	45		9		54
Provisions	(3)		5		2
Charge-offs	(1)		(4)		(5)
Recoveries	—		1		1
Balance at December 31, 2025	$	41	$	11	$	52

As of December 31, 2025 and 2024, accrued interest on commercial loans was $22 million and $20 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.

Purchases and Sales

During the years ended December 31, 2025, 2024 and 2023, the Company purchased $21 million, $7 million and $21 million, respectively, of syndicated loans, and sold $8 million, $6 million and $4 million, respectively, of syndicated loans.

During the years ended December 31, 2025, 2024 and 2023, the Company purchased $432 million, $212 million and $202 million, respectively, of residential mortgage loans.

The Company has not acquired any loans with deteriorated credit quality as of the acquisition date.

Credit Quality Information

Nonperforming loans were $13 million as of both December 31, 2025 and 2024.

Commercial Loans

Commercial Mortgage Loans

The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2025 and 2024. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2025 and 2024.

The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:

	December 31, 2025
Loan-to-Value Ratio	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	—	$	—	$	15	$	15
80% - 100%	—		—		—		—		—		56		56
60% - 80%	83		82		18		12		—		103		298
40% - 60%	129		87		42		26		62		339		685
< 40%	45		15		11		65		108		741		985
Total	$	257	$	184	$	71	$	103	$	170	$	1,254	$	2,039

32

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	December 31, 2024
Loan-to-Value Ratio	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
> 100%	$	—	$	—	$	—	$	—	$	—	$	15	$	15
80% - 100%	—		—		—		—		10		48		58
60% - 80%	86		44		18		9		5		130		292
40% - 60%	87		22		39		69		41		348		606
< 40%	15		10		48		102		50		706		931
Total	$	188	$	76	$	105	$	180	$	106	$	1,247	$	1,902

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type.

In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:

	Loans				Percentage
	December 31,				December 31,
	2025		2024		2025		2024
	(in millions)
East North Central	$	185	$	185	9	%	10	%
East South Central	51		45		3		2
Middle Atlantic	126		133		6		7
Mountain	168		157		8		8
New England	35		30		2		2
Pacific	696		633		34		33
South Atlantic	552		489		27		26
West North Central	110		119		5		6
West South Central	116		111		6		6
Total	$	2,039	$	1,902	100	%	100	%

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

	Loans				Percentage
	December 31,				December 31,
	2025		2024		2025		2024
	(in millions)
Apartments	$	600	$	522	29	%	27	%
Hotel	40		33		2		2
Industrial	404		362		20		19
Mixed use	83		68		4		4
Office	190		219		9		11
Retail	528		546		26		29
Other	194		152		10		8
Total	$	2,039	$	1,902	100	%	100	%

Syndicated Loans

The investment in syndicated loans as of December 31, 2025 and 2024 was $79 million and $92 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2025 and 2024. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality.

33

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:

	December 31, 2025
Internal Risk Rating	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		—		—		—		—		1		1
Risk 3	7		1		1		—		—		—		9
Risk 2	11		15		3		—		3		3		35
Risk 1	14		15		5		—		—		—		34
Total	$	32	$	31	$	9	$	—	$	3	$	4	$	79

	December 31, 2024
Internal Risk Rating	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4	—		—		—		—		—		2		2
Risk 3	1		1		—		8		1		1		12
Risk 2	29		5		—		3		—		8		45
Risk 1	22		6		—		3		2		—		33
Total	$	52	$	12	$	—	$	14	$	3	$	11	$	92

Advisor Loans

The Company offers loans to financial advisors for transitional cost assistance and practice operations. Repayment of the loan is highly dependent on the retention of the financial advisor. In the event a financial advisor is no longer affiliated with the Company, the unpaid balances generally become immediately due. Accordingly, the primary risk factor for advisor loans is termination status. The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $7 million and $6 million as of December 31, 2025 and 2024, respectively.

The tables below present the amortized cost basis of advisor loans by origination year and termination status:

	December 31, 2025
Termination Status	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Active	$	637	$	309	$	280	$	215	$	79	$	142	$	1,662
Terminated	—		1		—		1		1		8		11
Total	$	637	$	310	$	280	$	216	$	80	$	150	$	1,673

	December 31, 2024
Termination Status	2024		2023		2022		2021		2020		Prior		Total
	(in millions)
Active	$	358	$	351	$	261	$	121	$	82	$	150	$	1,323
Terminated	—		—		2		2		2		6		12
Total	$	358	$	351	$	263	$	123	$	84	$	156	$	1,335

Consumer Loans

Residential Mortgage Loans

The Company reviews the credit worthiness of the borrower in order to determine the risk of loss on residential mortgage loans. Geographic location and FICO scores are the primary credit quality indicators included in the model that projects the Company’s risk of credit loss over the life of the residential mortgage loan portfolio. Delinquency rates are measured based on the number of days past due. Residential mortgage loans over 30 days past due were $8 million and $4 million as of December 31, 2025 and 2024, respectively.

34

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:

FICO Score	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
> 810	$	23	$	8	$	7	$	2	$	2	$	1	$	43
780 - 809	177		76		50		22		7		5		337
740 - 779	128		56		62		22		7		4		279
720 - 739	29		17		13		4		4		—		67
700 - 719	16		8		8		5		3		1		41
< 699	14		6		6		3		3		—		32
Total	$	387	$	171	$	146	$	58	$	26	$	11	$	799

FICO Score	December 31, 2024
	2024		2023		2022		2021		2020		Total
	(in millions)
> 810	$	5	$	9	$	2	$	2	$	1	$	19
780 - 809	84		56		28		7		6		181
740 - 779	64		77		25		7		5		178
720 - 739	17		15		5		5		—		42
700 - 719	9		8		5		3		1		26
< 699	7		7		3		3		—		20
Total	$	186	$	172	$	68	$	27	$	13	$	466

The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:

	Loans				Percentage
	December 31,				December 31,
	2025		2024		2025		2024
	(in millions)
Minnesota	$	420	$	284	53	%	61	%
Other U.S. States	379		182		47		39
Total	$	799	$	466	100	%	100	%

Credit Card Receivables

The credit cards are co-branded with Ameriprise Financial, Inc. and issued to the Company’s customers by a third party. FICO scores and delinquency rates are the primary credit quality indicators for the credit card portfolio. Delinquency rates are measured based on the number of days past due. Credit card receivables over 30 days past due were 2% of total credit card receivables as of both December 31, 2025 and 2024.

The table below presents the amortized cost basis of credit card receivables by FICO score:

FICO Score	December 31,
	2025		2024
	(in millions)
> 800	$	39	$	38
750 - 799	31		32
700 - 749	27		29
650 - 699	16		16
< 650	9		8
Total	$	122	$	123

Policy Loans

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

35

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

Margin Loans

The margin loans balance was $1.3 billion and $1.1 billion as of December 31, 2025 and 2024, respectively. The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As of both December 31, 2025 and 2024, there was no allowance for credit losses on margin loans.

Pledged Asset Lines of Credit

The pledged asset lines of credit balance was $1.0 billion and $737 million as of December 31, 2025 and 2024, respectively. The Company monitors collateral supporting pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. As of both December 31, 2025 and 2024, there was no allowance for credit losses on pledged asset lines of credit.

Deposit Receivables

Deposit receivables were $5.4 billion and $5.8 billion as of December 31, 2025 and 2024, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2025 and 2024.

8. Reinsurance

The Company reinsures a portion of its insurance risks through reinsurance agreements with unaffiliated reinsurance companies. RiverSource Life Insurance Company (“RiverSource Life”) reinsures 100% of its insurance risk associated with its life contingent payout annuity policies in force as of June 30, 2021 through a reinsurance agreement with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company. Policies issued on or after July 1, 2021 and policies issued by RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”) are not subject to this reinsurance agreement.

Reinsurance contracts do not relieve the Company from its primary obligation to policyholders.

The Company generally reinsures 90% of the death benefit liability for new term life insurance policies beginning in 2001 and new individual UL and VUL insurance policies beginning in 2002. Policies issued prior to these dates are not subject to these same reinsurance levels.

For IUL policies issued after September 1, 2013 and VUL policies issued after January 1, 2014, the Company generally reinsures 50% of the death benefit liability. Similarly, the Company reinsures 50% of the death benefit and morbidity liabilities related to its UL product with LTC benefits.

The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual. Risk on UL and VUL policies is reinsured on a yearly renewable term basis. Risk on most term life policies starting in 2001 is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy.

For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. (“Genworth”) and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are about 91% of the total RiverSource Life of NY in force policies. Under these agreements, the Company has the right, but never the obligation, to recapture some, or all, of the risk ceded to Genworth.

Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold on other policy forms introduced prior to 2007. The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.

As of December 31, 2025 and 2024, traditional life and UL insurance policies in force were $197.5 billion and $198.1 billion, respectively, of which $142.3 billion and $143.5 billion as of December 31, 2025 and 2024 were reinsured at the respective year ends.

The effect of reinsurance on premiums for traditional long-duration products was as follows:

	Years Ended December 31,
	2025		2024		2023
	(in millions)
Direct premiums	$	616	$	696	$	674
Reinsurance ceded	(224)		(224)		(226)
Net premiums	$	392	$	472	$	448

Cost of insurance and administrative charges for non-traditional long-duration products are reflected in Premiums, policy and contract charges and were net of reinsurance ceded of $199 million, $188 million and $180 million for the years ended December 31, 2025, 2024 and 2023, respectively.

36

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The amount of claims recovered through reinsurance on all contracts was $561 million, $466 million and $438 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Receivables included $4.2 billion and $4.0 billion of reinsurance recoverables as of December 31, 2025 and 2024, respectively, including $2.7 billion and $2.6 billion related to LTC risk ceded to Genworth, respectively.

Policyholder account balances, future policy benefits and claims include $333 million and $351 million related to previously assumed reinsurance arrangements as of December 31, 2025 and 2024, respectively.

9. Goodwill and Other Intangible Assets

Goodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests.

The changes in the carrying amount of goodwill reported in the Company’s reportable segments were as follows:

	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Consolidated
	(in millions)
Balance at January 1, 2024	$	279	$	1,040	$	91	$	1,410
Foreign currency translation	—		(9)		—		(9)
Balance at December 31, 2024	279		1,031		91		1,401
Foreign currency translation	—		39		—		39
Balance at December 31, 2025	$	279	$	1,070	$	91	$	1,440

In 2025 and 2024, the Company completed the annual impairment evaluation for goodwill as of July 1. The Company concluded its goodwill was not impaired in either 2025 or 2024.

The carrying amount of indefinite-lived intangible assets consisted of the following:

	December 31,
	2025		2024
	(in millions)
Customer contracts	$	748	$	844
Trade names	56		65
Total	$	804	$	909

Definite-lived intangible assets consisted of the following:

	December 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in millions)
Customer relationships	$	486	$	(235)	$	251	$	370	$	(204)	$	166
Contracts	235		(227)		8		226		(218)		8
Other	406		(309)		97		357		(269)		88
Total	$	1,127	$	(771)	$	356	$	953	$	(691)	$	262

Definite-lived intangible assets acquired during the year ended December 31, 2025 were $51 million with a weighted average amortization period of 5 years. During the year ended December 31, 2025, it was determined that the useful life of certain customer contracts was no longer indefinite. Customer contracts of $98 million were reclassified from indefinite lived to definite lived customer relationships with an estimated life of 30 years to be amortized prospectively. The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2025, 2024 and 2023 was $61 million, $56 million and $52 million, respectively.

Estimated intangible amortization expense as of December 31, 2025 for the next five years is as follows:

	(in millions)
2026	$	63
2027	51
2028	41
2029	36
2030	29

37

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

10.  Deferred Acquisition Costs and Deferred Sales Inducement Costs

The following tables summarize the balances of and changes in DAC:

	Variable Annuities		Structured Variable Annuities		Fixed Annuities		Fixed Indexed Annuities		Universal Life Insurance		Variable Universal Life Insurance
	(in millions)
Balance at January 1, 2025	$	1,402	$	276	$	28	$	4	$	103	$	553
Capitalization of acquisition costs	23		88		—		—		—		62
Amortization	(112)		(39)		(5)		(1)		(7)		(45)
Balance at December 31, 2025	$	1,313	$	325	$	23	$	3	$	96	$	570
	Indexed Universal Life Insurance		Other Life Insurance		Life Contingent Payout Annuities		Term and Whole Life Insurance		Disability Income Insurance		Total, All Products
	(in millions)
Balance at January 1, 2025	$	210	$	2	$	10	$	17	$	70	$	2,675
Capitalization of acquisition costs	2		—		3		2		3		183
Amortization	(15)		(1)		—		(2)		(8)		(235)
Balance at December 31, 2025	$	197	$	1	$	13	$	17	$	65	2,623
Other broker dealer acquisition costs											2
Balance at December 31, 2025 including broker dealer acquisition costs											$	2,625

	Variable Annuities		Structured Variable Annuities		Fixed Annuities		Fixed Indexed Annuities		Universal Life Insurance		Variable Universal Life Insurance
	(in millions)
Balance at January 1, 2024	$	1,496	$	208	$	35	$	5	$	110	$	534
Capitalization of acquisition costs	24		98		—		—		—		64
Amortization	(118)		(30)		(7)		(1)		(7)		(45)
Balance at December 31, 2024	$	1,402	$	276	$	28	$	4	$	103	$	553
	Indexed Universal Life Insurance		Other Life Insurance		Life Contingent Payout Annuities		Term and Whole Life Insurance		Disability Income Insurance		Total, All Products
	(in millions)
Balance at January 1, 2024	$	223	$	2	$	6	$	17	$	75	$	2,711
Capitalization of acquisition costs	3		—		5		2		3		199
Amortization	(16)		—		(1)		(2)		(8)		(235)
Balance at December 31, 2024	$	210	$	2	$	10	$	17	$	70	2,675
Other broker dealer acquisition costs											2
Balance at December 31, 2024 including broker dealer acquisition costs											$	2,677

38

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The following tables summarize the balances of and changes in DSIC:

	Variable Annuities		Fixed Annuities		Total, All Products
	(in millions)
Balance at January 1, 2025	$	122	$	10	$	132
Amortization	(12)		(2)		(14)
Balance at December 31, 2025	$	110	$	8	$	118

	Variable Annuities		Fixed Annuities		Total, All Products
	(in millions)
Balance at January 1, 2024	$	136	$	12	$	148
Amortization	(14)		(2)		(16)
Balance at December 31, 2024	$	122	$	10	$	132

11.  Policyholder Account Balances, Future Policy Benefits and Claims

Policyholder account balances, future policy benefits and claims consisted of the following:

	December 31, 2025		December 31, 2024
	(in millions)
Policyholder account balances
Policyholder account balances	$	37,005	$	32,542
Future policy benefits
Reserve for future policy benefits	7,601		7,418
Deferred profit liability	130		118
Additional liabilities for insurance guarantees	1,500		1,389
Other insurance and annuity liabilities	78		192
Total future policy benefits	9,309		9,117
Policy claims and other policyholders’ funds	184		214
Total policyholder account balances, future policy benefits and claims	$	46,498	$	41,873

Variable Annuities

Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.

Most of the variable annuity contracts issued by the Company contain a GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See Note 2 and Note 13 for additional information regarding the Company’s variable annuity guarantees. See Note 16 and Note 18 for additional information regarding the Company’s derivative instruments used to hedge risks related to these guarantees.

Structured Variable Annuities

Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices, subject to either a cap or floor. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.

Fixed Annuities

Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.

Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates.

39

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The Company’s fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.

See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.

Insurance Liabilities

UL policies accumulate cash value that increases by a fixed interest rate. Purchasers of VUL can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders.

IUL is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments. See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL.

The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years.

Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.

40

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The balances of and changes in policyholder account balances were as follows:

	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
	(in millions, except percentages)
Balance at January 1, 2025	$	3,680		$	16,330		$	5,369		$	305		$	447
Contract deposits	57			3,816			35			—			73
Policy charges	(13)			(4)			—			—			—
Surrenders and other benefits	(486)			(846)			(677)			(26)			(99)
Net transfer from (to) separate account liabilities	(31)			—			—			—			—
Variable account index-linked adjustments	—			2,206			—			—			—
Interest credited	113			2			191			10			14
Balance at December 31, 2025	$	3,320		$	21,504		$	4,918		$	289		$	435
Weighted-average crediting rate	3.3		%	1.9		%	3.8		%	2.1		%	N/A
Cash surrender value (1)	$	3,302		$	20,582		$	4,916		$	272		N/A
	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2025	$	1,405		$	1,647		$	2,894		$	465		$	32,542
Contract deposits	138			318			165			—			4,602
Policy charges	(169)			(91)			(123)			—			(400)
Surrenders and other benefits	(72)			(102)			(71)			(45)			(2,424)
Net transfer from (to) separate account liabilities	—			(132)			—			—			(163)
Variable account index-linked adjustments	—			—			—			—			2,206
Interest credited	47			65			183			17			642
Balance at December 31, 2025	$	1,349		$	1,705		$	3,048		$	437		$	37,005
Weighted-average crediting rate	3.6		%	3.9		%	3.0		%	4.0		%
Net amount at risk	$	7,944		$	57,269		$	13,040		$	121
Cash surrender value (1)	$	1,241		$	1,109		$	2,640		$	274

41

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
	(in millions, except percentages)
Balance at January 1, 2024	$	4,173		$	10,742		$	5,982		$	307		$	444
Contract deposits	56			4,005			39			—			101
Policy charges	(14)			(3)			—			—			—
Surrenders and other benefits	(628)			(383)			(856)			(16)			(110)
Net transfer from (to) separate account liabilities	(32)			—			—			—			—
Variable account index-linked adjustments	—			1,968			—			—			—
Interest credited	125			1			204			14			12
Balance at December 31, 2024	$	3,680		$	16,330		$	5,369		$	305		$	447
Weighted-average crediting rate	3.3		%	1.9		%	3.7		%	2.0		%	N/A
Cash surrender value (1)	$	3,658		$	15,467		$	5,365		$	279		N/A
	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2024	$	1,474		$	1,569		$	2,755		$	501		$	27,947
Contract deposits	117			333			181			—			4,832
Policy charges	(173)			(93)			(124)			—			(407)
Surrenders and other benefits	(62)			(80)			(79)			(52)			(2,266)
Net transfer from (to) separate account liabilities	—			(145)			—			—			(177)
Variable account index-linked adjustments	—			—			—			—			1,968
Interest credited	49			63			161			16			645
Balance at December 31, 2024	$	1,405		$	1,647		$	2,894		$	465		$	32,542
Weighted-average crediting rate	3.6		%	3.9		%	2.3		%	4.0		%
Net amount at risk	$	8,312		$	57,473		$	13,593		$	130
Cash surrender value (1)	$	1,280		$	1,092		$	2,447		$	298

(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.

Refer to Note 13 for the net amount at risk for market risk benefits associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.

42

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2025 and 2024 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.

December 31, 2025
					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
					(in millions, except percentages)
Fixed accounts of variable annuities	1	%	–	1.99%	$	7	$	62	$	82	$	20	$	—	$	171
	2	%	–	2.99%	89		8		—		—		—		97
	3	%	–	3.99%	1,686		—		—		1		—		1,687
	4	%	–	5.00%	1,321		—		—		—		—		1,321
	Total				$	3,103	$	70	$	82	$	21	$	—	$	3,276
Fixed accounts of structured variable annuities	1	%	–	1.99%	$	—	$	26	$	26	$	1	$	—	$	53
	2	%	–	2.99%	16		—		—		—		—		16
	3	%	–	3.99%	1		—		—		—		—		1
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	17	$	26	$	26	$	1	$	—	$	70
Fixed annuities	1	%	–	1.99%	$	—	$	182	$	143	$	103	$	19	$	447
	2	%	–	2.99%	13		16		2		—		—		31
	3	%	–	3.99%	2,116		1		1		—		—		2,118
	4	%	–	5.00%	2,312		—		—		—		—		2,312
	Total				$	4,441	$	199	$	146	$	103	$	19	$	4,908
Non-indexed accounts of fixed indexed annuities	1	%	–	1.99%	$	—	$	2	$	4	$	13	$	—	$	19
	2	%	–	2.99%	—		—		—		—		—		—
	3	%	–	3.99%	—		—		—		—		—		—
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	—	$	2	$	4	$	13	$	—	$	19
Universal life insurance	1	%	–	1.99%	$	—	$	—	$	—	$	—	$	—	$	—
	2	%	–	2.99%	47		6		19		2		1		75
	3	%	–	3.99%	789		—		4		7		—		800
	4	%	–	5.00%	442		5		—		—		—		447
	Total				$	1,278	$	11	$	23	$	9	$	1	$	1,322

43

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
					(in millions, except percentages)
Fixed accounts of variable universal life insurance	1	%	–	1.99%	$	—		$	—		$	3		$	1		$	48		$	52
	2	%	–	2.99%	1			16			2			1			14			34
	3	%	–	3.99%	98			1			3			14			—			116
	4	%	–	5.00%	524			25			—			—			—			549
	Total				$	623		$	42		$	8		$	16		$	62		$	751
Non-indexed accounts of indexed universal life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	2		$	2
	2	%	–	2.99%	—			—			—			135			—			135
	3	%	–	3.99%	—			—			—			—			—			—
	4	%	–	5.00%	—			—			—			—			—			—
	Total				$	—		$	—		$	—		$	135		$	2		$	137
Other life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	—		$	—
	2	%	–	2.99%	—			—			—			—			—			—
	3	%	–	3.99%	24			—			—			—			—			24
	4	%	–	5.00%	249			—			—			—			—			249
	Total				$	273		$	—		$	—		$	—		$	—		$	273
Total	1	%	–	1.99%	$	7		$	272		$	258		$	138		$	69		$	744
	2	%	–	2.99%	166			46			23			138			15			388
	3	%	–	3.99%	4,714			2			8			22			—			4,746
	4	%	–	5.00%	4,848			30			—			—			—			4,878
	Total				$	9,735		$	350		$	289		$	298		$	84		$	10,756
Percentage of total account values that reset in:
Next 12 months					100.0		%	100.0		%	99.9		%	100.0		%	99.8		%	100.0		%
> 12 months to 24 months					—			—			—			—			—			—
> 24 months					—			—			0.1			—			0.2			—
Total					100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

44

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024
					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
					(in millions, except percentages)
Fixed accounts of variable annuities	1	%	–	1.99%	$	24	$	95	$	65	$	17	$	—	$	201
	2	%	–	2.99%	112		—		—		—		—		112
	3	%	–	3.99%	1,894		7		—		1		—		1,902
	4	%	–	5.00%	1,412		—		—		—		—		1,412
	Total				$	3,442	$	102	$	65	$	18	$	—	$	3,627
Fixed accounts of structured variable annuities	1	%	–	1.99%	$	2	$	20	$	9	$	—	$	—	$	31
	2	%	–	2.99%	13		—		—		—		—		13
	3	%	–	3.99%	1		—		—		—		—		1
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	16	$	20	$	9	$	—	$	—	$	45
Fixed annuities	1	%	–	1.99%	$	85	$	237	$	152	$	89	$	14	$	577
	2	%	–	2.99%	22		14		2		—		—		38
	3	%	–	3.99%	2,410		—		—		—		—		2,410
	4	%	–	5.00%	2,331		—		—		—		—		2,331
	Total				$	4,848	$	251	$	154	$	89	$	14	$	5,356
Non-indexed accounts of fixed indexed annuities	1	%	–	1.99%	$	—	$	2	$	5	$	14	$	—	$	21
	2	%	–	2.99%	—		—		—		—		—		—
	3	%	–	3.99%	—		—		—		—		—		—
	4	%	–	5.00%	—		—		—		—		—		—
	Total				$	—	$	2	$	5	$	14	$	—	$	21
Universal life insurance	1	%	–	1.99%	$	—	$	—	$	—	$	—	$	—	$	—
	2	%	–	2.99%	50		4		15		—		—		69
	3	%	–	3.99%	821		—		4		6		—		831
	4	%	–	5.00%	473		4		—		—		—		477
	Total				$	1,344	$	8	$	19	$	6	$	—	$	1,377
Fixed accounts of variable universal life insurance	1	%	–	1.99%	$	—	$	—	$	4	$	1	$	41	$	46
	2	%	–	2.99%	7		14		—		1		12		34
	3	%	–	3.99%	108		1		2		12		—		123
	4	%	–	5.00%	564		21		—		—		—		585
	Total				$	679	$	36	$	6	$	14	$	53	$	788

45

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

					Account Values with Crediting Rates
	Range of Guaranteed Minimum Crediting Rates				At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
					(in millions, except percentages)
Non-indexed accounts of indexed universal life insurance	1	%	–	1.99%	$	—		$	—		$	4		$	2		$	—		$	6
	2	%	–	2.99%	—			125			—			—			—			125
	3	%	–	3.99%	—			—			—			—			—			—
	4	%	–	5.00%	—			—			—			—			—			—
	Total				$	—		$	125		$	4		$	2		$	—		$	131
Other life insurance	1	%	–	1.99%	$	—		$	—		$	—		$	—		$	—		$	—
	2	%	–	2.99%	—			—			—			—			—			—
	3	%	–	3.99%	28			—			—			—			—			28
	4	%	–	5.00%	268			—			—			—			—			268
	Total				$	296		$	—		$	—		$	—		$	—		$	296
Total	1	%	–	1.99%	$	111		$	354		$	239		$	123		$	55		$	882
	2	%	–	2.99%	204			157			17			1			12			391
	3	%	–	3.99%	5,262			8			6			19			—			5,295
	4	%	–	5.00%	5,048			25			—			—			—			5,073
	Total				$	10,625		$	544		$	262		$	143		$	67		$	11,641
Percentage of total account values that reset in:
Next 12 months					100.0		%	100.0		%	99.9		%	100.0		%	99.8		%	100.0		%
> 12 months to 24 months					—			—			—			—			—			—
> 24 months					—			—			0.1			—			0.2			—
Total					100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

46

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The following tables summarize the balances of and changes in the liability for future policy benefits:

	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
	(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2025	$	—		$	737		$	53		$	1,057		$	1,847
Beginning balance at original discount rate	—			774			59			1,072			1,905
Effect of changes in cash flow assumptions	—			58			(19)			(8)			31
Effect of actual variances from expected experience	—			(17)			(12)			1			(28)
Adjusted beginning of year balance	$	—		$	815		$	28		$	1,065		$	1,908
Issuances	141			60			9			—			210
Interest accrual	1			39			2			50			92
Net premiums collected	(142)			(78)			(2)			(138)			(360)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	—		$	836		$	37		$	977		$	1,850
Effect of changes in discount rate assumptions	—			(23)			(4)			11			(16)
Balance at December 31, 2025	$	—		$	813		$	33		$	988		$	1,834
Present Value of Future Policy Benefits:
Balance at January 1, 2025	$	1,204		$	1,322		$	545		$	6,187		$	9,258
Beginning balance at original discount rate	1,289			1,353			535			6,408			9,585
Effect of changes in cash flow assumptions	(2)			27			(30)			25			20
Effect of actual variances from expected experience	(5)			(20)			(25)			13			(37)
Adjusted beginning of year balance	$	1,282		$	1,360		$	480		$	6,446		$	9,568
Issuances	141			60			9			—			210
Interest accrual	57			74			30			316			477
Benefit payments	(162)			(114)			(41)			(440)			(757)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	1,318		$	1,380		$	478		$	6,322		$	9,498
Effect of changes in discount rate assumptions	(45)			(2)			21			(45)			(71)
Balance at December 31, 2025	$	1,273		$	1,378		$	499		$	6,277		$	9,427
Adjustment due to reserve flooring	$	—		$	8		$	—		$	—		$	8
Net liability for future policy benefits	$	1,273		$	573		$	466		$	5,289		$	7,601
Less: reinsurance recoverable	703			408			20			2,657			3,788
Net liability for future policy benefits, after reinsurance recoverable	$	570		$	165		$	446		$	2,632		$	3,813
Discounted expected future gross premiums	$	—		$	1,971		$	809		$	1,173		$	3,953
Expected future gross premiums	$	—		$	3,334		$	1,126		$	1,554		$	6,014
Expected future benefit payments	$	1,906		$	2,328		$	789		$	10,218		$	15,241
Weighted average interest accretion rate	4.4		%	6.2		%	6.3		%	5.0		%
Weighted average discount rate	5.0		%	5.3		%	5.2		%	5.3		%
Weighted average duration of liability (in years)	6			7			6			8

47

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
	(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2024	$	—		$	703		$	104		$	1,146		$	1,953
Beginning balance at original discount rate	—			708			105			1,137			1,950
Effect of changes in cash flow assumptions	—			57			(39)			55			73
Effect of actual variances from expected experience	—			(16)			(13)			(26)			(55)
Adjusted beginning of year balance	$	—		$	749		$	53		$	1,166		$	1,968
Issuances	201			63			9			—			273
Interest accrual	1			38			3			55			97
Net premiums collected	(202)			(76)			(6)			(149)			(433)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	—		$	774		$	59		$	1,072		$	1,905
Effect of changes in discount rate assumptions	—			(37)			(6)			(15)			(58)
Balance at December 31, 2024	$	—		$	737		$	53		$	1,057		$	1,847
Present Value of Future Policy Benefits:
Balance at January 1, 2024	$	1,164		$	1,325		$	661		$	6,561		$	9,711
Beginning balance at original discount rate	1,222			1,291			621			6,507			9,641
Effect of changes in cash flow assumptions	(24)			67			(61)			58			40
Effect of actual variances from expected experience	(8)			(16)			(25)			(48)			(97)
Adjusted beginning of year balance	$	1,190		$	1,342		$	535		$	6,517		$	9,584
Issuances	201			63			9			—			273
Interest accrual	56			73			34			323			486
Benefit payments	(158)			(125)			(43)			(432)			(758)
Derecognition (lapses)	—			—			—			—			—
Ending balance at original discount rate	$	1,289		$	1,353		$	535		$	6,408		$	9,585
Effect of changes in discount rate assumptions	(85)			(31)			10			(221)			(327)
Balance at December 31, 2024	$	1,204		$	1,322		$	545		$	6,187		$	9,258
Adjustment due to reserve flooring	$	—		$	7		$	—		$	—		$	7
Net liability for future policy benefits	$	1,204		$	592		$	492		$	5,130		$	7,418
Less: reinsurance recoverable	759			424			20			2,591			3,794
Net liability for future policy benefits, after reinsurance recoverable	$	445		$	168		$	472		$	2,539		$	3,624
Discounted expected future gross premiums	$	—		$	1,672		$	836		$	1,247		$	3,755
Expected future gross premiums	$	—		$	2,921		$	1,196		$	1,713		$	5,830
Expected future benefit payments	$	1,846		$	2,286		$	899		$	10,522		$	15,553
Weighted average interest accretion rate	4.5		%	6.0		%	6.3		%	5.0		%
Weighted average discount rate	5.4		%	5.6		%	5.6		%	5.7		%
Weighted average duration of liability (in years)	6			7			7			8

48

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2025 resulted in a net increase in future policy benefit reserves, primarily due to net unfavorable changes in LTC morbidity and mortality assumptions partially offset by favorable changes to disability income insurance claim incidence rates. The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates.

The balances of and changes in additional liabilities related to insurance guarantees were as follows:

	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2025	$	1,301		$	80		$	8		$	1,389
Interest accrual	40			5			1			46
Benefit accrual	132			10			2			144
Benefit payments	(84)			(14)			(4)			(102)
Effect of actual variances from expected experience	11			(1)			2			12
Impact of change in net unrealized (gains) losses on securities	9			—			2			11
Balance at December 31, 2025	$	1,409		$	80		$	11		$	1,500
Weighted average interest accretion rate	2.9		%	6.8		%	3.8		%
Weighted average discount rate	3.1		%	7.1		%	3.9		%
Weighted average duration of reserves (in years)	9			8			7

	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
	(in millions, except percentages)
Balance at January 1, 2024	$	1,225		$	81		$	15		$	1,321
Interest accrual	37			6			1			44
Benefit accrual	133			8			3			144
Benefit payments	(69)			(13)			(5)			(87)
Effect of actual variances from expected experience	(2)			(1)			(1)			(4)
Impact of change in net unrealized (gains) losses on securities	(23)			(1)			(5)			(29)
Balance at December 31, 2024	$	1,301		$	80		$	8		$	1,389
Weighted average interest accretion rate	3.0		%	7.0		%	3.9		%
Weighted average discount rate	3.2		%	7.1		%	4.0		%
Weighted average duration of reserves (in years)	10			8			6

49

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The amount of revenue and interest recognized in the Statements of Operations was as follows:

	Years Ended December 31,
	2025				2024
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
	(in millions)
Life contingent payout annuities	$	157	$	56	$	226	$	55
Term and whole life insurance	174		35		172		35
Disability income insurance	114		28		119		31
Long term care insurance	171		266		179		268
Total	$	616	$	385	$	696	$	389

The following tables summarize the balances of and changes in unearned revenue:

	Universal Life Insurance		Variable Universal Life Insurance		Indexed Universal Life Insurance		Total, All Products
	(in millions)
Balance at January 1, 2025	$	26	$	249	$	295	$	570
Deferral of revenue	1		79		47		127
Amortization	(1)		(21)		(24)		(46)
Balance at December 31, 2025	$	26	$	307	$	318	$	651
Balance at January 1, 2024	$	27	$	196	$	266	$	489
Deferral of revenue	—		70		51		121
Amortization	(1)		(17)		(22)		(40)
Balance at December 31, 2024	$	26	$	249	$	295	$	570

12.  Separate Account Assets and Liabilities

Aggregate fair value of separate account assets, by major asset category, consisted of the following:

	December 31,
	2025		2024
	(in millions)
Variable annuities and variable universal life:
Mutual funds	$	77,645	$	75,576
Unitized pooled pension funds:
Property/real estate	1,755		1,682
Equity securities	454		514
Debt securities	116		175
Cash and cash equivalents	56		120
Other	18		47
Total	$	80,044	$	78,114

No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2025, 2024 and 2023.

50

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The balances of and changes in separate account liabilities were as follows:

	Variable Annuities		Variable Universal Life		Unitized Pooled Pension Funds		Total
	(in millions)
Balance at January 1, 2025	$	65,737	$	9,839	$	2,538	$	78,114
Premiums and deposits	996		526		83		1,605
Policy charges	(1,318)		(321)		(5)		(1,644)
Surrenders and other benefits	(7,347)		(413)		(583)		(8,343)
Investment return	8,373		1,495		179		10,047
Net transfer from (to) general account	30		48		—		78
Other charges	—		—		187		187
Balance at December 31, 2025	$	66,471	$	11,174	$	2,399	$	80,044
Cash surrender value	$	65,338	$	10,463	$	2,399	$	78,200

	Variable Annuities		Variable Universal Life		Unitized Pooled Pension Funds		Total
	(in millions)
Balance at January 1, 2024	$	65,839	$	8,795	$	2,823	$	77,457
Premiums and deposits	933		500		153		1,586
Policy charges	(1,365)		(307)		(5)		(1,677)
Surrenders and other benefits	(6,990)		(412)		(594)		(7,996)
Investment return	7,293		1,199		202		8,694
Net transfer from (to) general account	27		64		—		91
Other charges	—		—		(41)		(41)
Balance at December 31, 2024	$	65,737	$	9,839	$	2,538	$	78,114
Cash surrender value	$	64,411	$	9,220	$	2,538	$	76,169

13.  Market Risk Benefits

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.

The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract.

The Company has the following primary GMDB provisions:

•Return of premium – provides purchase payments minus adjusted partial surrenders.

•Reset – provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered.

•Ratchet – provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders.

The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision.

51

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The Company has GMWB riders in force, which contain one or more of the following provisions:

•Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.

•Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”).

•Withdrawals at a specified rate per year for joint contractholders while either is alive.

•Withdrawals based on performance of the contract.

•Withdrawals based on the age withdrawals begin.

•Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken.

Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value.

Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.

52

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The following table summarizes the balances of and changes in market risk benefits:

	Years Ended December 31,
	2025		2024		2023
	(in millions, except age)
Balance at beginning of period	$	(919)	$	335	$	1,103
Issuances	23		24		17
Interest accrual and time decay	(116)		(66)		(53)
Reserve increase from attributed fees collected	761		790		788
Reserve release for benefit payments and derecognition	(9)		(11)		(35)
Effect of changes in interest rates and bond markets	(51)		(1,078)		(367)
Effect of changes in equity markets and subaccount performance	(1,006)		(1,228)		(1,267)
Effect of changes in equity index volatility	90		59		(67)
Actual policyholder behavior different from expected behavior	68		71		5
Effect of changes in future expected assumptions	93		106		128
Effect of changes in the instrument-specific credit risk on market risk benefits	(26)		79		83
Balance at end of period	$	(1,092)	$	(919)	$	335
Reconciliation of the gross balances in an asset or liability position:
Asset position	$	2,274	$	2,182	$	1,427
Liability position	(1,182)		(1,263)		(1,762)
Net asset (liability) position	$	1,092	$	919	$	(335)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits	$	291	$	462	$	913
Living benefits	$	1,811	$	2,429	$	2,513
Composite (greater of)	$	2,084	$	2,829	$	3,308
Weighted average attained age of contractholders	70		69		69
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period	$	(966)	$	(2,111)	$	(1,551)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period	$	(20)	$	85	$	84

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:

	December 31, 2025
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range			Weighted  Average
	(in millions)
Market risk benefits	$	(1,092)	Discounted cash flow	Utilization of guaranteed withdrawals (1)	0.0%	–	52.8%	12.2%
				Surrender rate (2)	0.4%	–	75.0%	3.6%
				Market volatility (3)	0.0%	–	24.9%	11.2%
				Nonperformance risk (4)	65 bps			65 bps
				Mortality rate (5)	0.0%	–	41.6%	1.8%

53

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	December 31, 2024
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range			Weighted  Average
	(in millions)
Market risk benefits	$	(919)	Discounted cash flow	Utilization of guaranteed withdrawals (1)	0.0%	–	52.8%	11.9%
				Surrender rate (2)	0.4%	–	75.0%	3.3%
				Market volatility (3)	0.0%	–	24.6%	10.3%
				Nonperformance risk (4)	65 bps			65 bps
				Mortality rate (5)	0.0%	–	41.6%	1.7%

(1) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.

(2) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

(3) Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

(4) The nonperformance risk is the spread added to the U.S. Treasury curve.

(5) The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.

Changes to Significant Inputs and Assumptions:

During the years ended December 31, 2025 and 2024, the Company updated inputs and assumptions based on management’s review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:

Year ended December 31, 2025

•Updates to surrender assumptions resulted in a decrease to pretax income of $70 million.

•Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $14 million.

Year ended December 31, 2024

•Updates to surrender assumptions resulted in a decrease to pretax income of $83 million.

•Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $15 million.

Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.

Uncertainty of Fair Value Measurements

Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value.

Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair value measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calendar year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.

Determination of Fair Value

The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility, contractholder behavior assumptions that include margins for risk, and the Company’s nonperformance risk. These measurements are classified as Level 3.

54

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

14. Customer Deposits

Customer deposits consisted of the following:

	December 31,
	2025		2024
	(in millions)
Fixed rate certificates	$	8,064	$	11,083
Other	75		104
Total investment certificate reserves	8,139		11,187
Interest bearing checking	696		1,438
Money market	22,112		20,232
Savings	840		637
Brokerage deposits	1,948		2,332
Time certificates of deposit	15		—
Total banking and brokerage deposits	25,611		24,639
Total	$	33,750	$	35,826

Investment Certificates

The Company offers fixed rate investment certificates primarily in amounts ranging from $1 thousand to $2 million with interest crediting rate terms ranging from 3 months to 36 months. Investment certificates may be purchased either with a lump sum payment or installment payments. Certificate owners are entitled to receive a fixed sum at either maturity or upon demand depending on the type of certificate. Payments from certificate owners are credited to investment certificate reserves, which generally accumulate interest at specified percentage rates. Certain investment certificates allow for a surrender charge on premature surrenders. Reserves for certificates that do not allow for a surrender charge were $1.1 billion and $1.2 billion as of December 31, 2025 and 2024, respectively. The Company generally invests the proceeds from investment certificates in fixed and variable rate securities. The interest paid to certificate owners is included in Banking and deposit interest expense.

Banking and Brokerage Deposits

Banking and brokerage deposits are amounts payable to customers related to funds deposited by customers in checking and savings, certificates of deposit, brokerage sweep balances, free credit balances, and funds accruing to customers as a result of trades or contracts. Money market deposits represent brokerage sweep for client balances held at Ameriprise Bank. Brokerage deposits primarily represent our client’s free credit balances. The Company pays interest on certain customer deposit balances and the interest is included in Banking and deposit interest expense.

15. Debt

The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows: 

	Outstanding Balance				Stated Interest Rate
	December 31,				December 31,
	2025		2024		2025		2024
	(in millions)
Long-term debt:
Senior notes due 2025	$	—	$	500	—	%	3.0	%
Senior notes due 2026	500		500		2.9		2.9
Senior notes due 2028	600		600		5.7		5.7
Senior notes due 2032	500		500		4.5		4.5
Senior notes due 2033	750		750		5.2		5.2
Senior notes due 2035	750		—		5.2		—
Finance lease liabilities	—		9		N/A		N/A
Other (1)	(23)		(17)		N/A		N/A
Total long-term debt	3,077		2,842
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances	200		201		4.0	%	4.6	%
Total	$	3,277	$	3,043

(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.

N/A  Not Applicable

55

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

Long-Term Debt

The Company’s senior notes may be redeemed, in whole or in part, at any time prior to maturity at a price equal to the greater of the principal amount and the present value of remaining scheduled payments, discounted to the redemption date, plus accrued interest.

On February 28, 2025, the Company issued $750 million of 5.20% unsecured senior notes due on April 15, 2035 and incurred debt issuance costs of $7 million. Interest payments are due semi-annually in arrears on April 15 and October 15.

On April 2, 2025, the Company repaid $500 million principal amount of its 3.0% senior notes at maturity.

Short-Term Borrowings

The Company’s life insurance and bank subsidiaries are members of the FHLB of Des Moines which provides access to collateralized borrowings. The Company’s life insurance subsidiary has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $1.1 billion and $964 million as of December 31, 2025 and 2024, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2025 and 2024. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date.

The Company’s bank subsidiary had no outstanding obligations to the FHLB as of both December 31, 2025 and 2024. The Company’s bank subsidiary maintains access to collateralized borrowings from the Federal Reserve. As of both December 31, 2025 and 2024, there were no outstanding obligations to the Federal Reserve.

On November 25, 2024, the Company entered into agreement to amend and restate its credit agreement that provides for an unsecured committed revolving credit facility of up to $1.0 billion that expires in November 2029. Under the terms of the credit agreement for the facility, the Company may increase the amount of this facility up to $1.25 billion upon satisfaction of certain approval requirements. As of both December 31, 2025 and 2024, the Company had no borrowings outstanding and $1 million of letters of credit issued against the facility. The Company’s credit facility contains various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants as of both December 31, 2025 and 2024.

American Enterprise Investment Services, Inc. (“AEIS”), a subsidiary of the Company, has credit agreements for uncommitted lines of credit with third party financial institutions, having a combined credit limit of $500 million. As of both December 31, 2025 and 2024, AEIS had no borrowings outstanding.

16.  Fair Values of Assets and Liabilities

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.

Valuation Hierarchy

The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:

Level 1    Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

Level 2      Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3     Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

56

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis (See Note 5 for the balances of assets and liabilities for consolidated investment entities): 

	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Cash equivalents	$	2,657	$	3,864	$	—	$	6,521
Available-for-Sale securities:
Corporate debt securities	—		15,131		711		15,842
Residential mortgage backed securities	—		28,149		24		28,173
Commercial mortgage backed securities	—		3,687		—		3,687
Asset backed securities	—		3,752		1		3,753
State and municipal obligations	—		677		—		677
U.S. government and agency obligations	1,359		99		—		1,458
Foreign government bonds and obligations	—		1		—		1
Total Available-for-Sale securities	1,359		51,496		736		53,591
Investments at net asset value (“NAV”)							13		(1)
Trading and other securities	372		21		—		393
Separate account assets at NAV							80,044		(1)
Investments and cash equivalents segregated for regulatory purposes	439		—		—		439
Market risk benefits	—		—		2,274		2,274		(2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives	—		—		59		59
Other assets:
Interest rate derivative contracts	1		142		—		143
Equity derivative contracts	218		12,722		—		12,940
Credit derivative contracts	—		15		—		15
Foreign exchange derivative contracts	—		24		—		24
Total other assets	219		12,903		—		13,122
Total assets at fair value	$	5,046	$	68,284	$	3,069	$	156,456
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	—	$	58	$	58
IUL embedded derivatives	—		—		1,042		1,042
Structured variable annuity embedded derivatives	—		—		3,879		3,879
Total policyholder account balances, future policy benefits and claims	—		—		4,979		4,979		(3)
Market risk benefits	—		—		1,182		1,182		(2)
Customer deposits	—		4		—		4
Other liabilities:
Interest rate derivative contracts	1		218		—		219
Equity derivative contracts	346		7,651		—		7,997
Foreign exchange derivative contracts	—		1		—		1
Other	376		5		71		452
Total other liabilities	723		7,875		71		8,669
Total liabilities at fair value	$	723	$	7,879	$	6,232	$	14,834

57

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Cash equivalents	$	2,526	$	2,504	$	—	$	5,030
Available-for-Sale securities:
Corporate debt securities	—		13,416		583		13,999
Residential mortgage backed securities	—		23,306		38		23,344
Commercial mortgage backed securities	—		5,126		—		5,126
Asset backed securities	—		6,316		126		6,442
State and municipal obligations	—		638		—		638
U.S. government and agency obligations	2,591		—		—		2,591
Foreign government bonds and obligations	—		13		—		13
Total Available-for-Sale securities	2,591		48,815		747		52,153
Investments at NAV							12		(1)
Trading and other securities	321		25		—		346
Separate account assets at NAV							78,114		(1)
Investments and cash equivalents segregated for regulatory purposes	557		—		—		557
Market risk benefits	—		—		2,182		2,182		(2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives	—		—		55		55
Other assets:
Interest rate derivative contracts	—		180		—		180
Equity derivative contracts	114		8,843		—		8,957
Credit derivative contracts	—		59		—		59
Foreign exchange derivative contracts	2		41		—		43
Total other assets	116		9,123		—		9,239
Total assets at fair value	$	6,111	$	60,467	$	2,984	$	147,688
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	—	$	53	$	53
IUL embedded derivatives	—		—		1,002		1,002
Structured variable annuity embedded derivatives	—		—		2,461		2,461
Total policyholder account balances, future policy benefits and claims	—		—		3,516		3,516		(3)
Market risk benefits	—		—		1,263		1,263		(2)
Customer deposits	—		7		—		7
Other liabilities:
Interest rate derivative contracts	1		323		—		324
Equity derivative contracts	173		5,189		—		5,362
Credit derivative contracts	—		4		—		4
Foreign exchange derivative contracts	—		13		—		13
Other	314		8		68		390
Total other liabilities	488		5,537		68		6,093
Total liabilities at fair value	$	488	$	5,544	$	4,847	$	10,879

(1) Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

(2) See Note 13 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

(3) The Company’s adjustment for nonperformance risk resulted in a $258 million and $211 million cumulative decrease to the embedded derivatives as of December 31, 2025 and 2024, respectively.

58

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:

	Available-for-Sale Securities									Receivables
	Corporate Debt Securities		Residential Mortgage Backed Securities		Asset Backed Securities		Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
	(in millions)
Balance at January 1, 2025	$	583	$	38	$	126	$	747		$	55
Total gains (losses) included in:
Net income	2		—		—		2		(1)	9
Other comprehensive income (loss)	18		—		—		18			—
Purchases	169		49		—		218			—
Settlements	(61)		(2)		(58)		(121)			(5)
Transfers out of Level 3	—		(61)		(67)		(128)			—
Balance at December 31, 2025	$	711	$	24	$	1	$	736		$	59
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2025	$	2	$	—	$	—	$	2	(1)	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2025	$	18	$	—	$	—	$	18		$	—

	Policyholder Account Balances, Future Policy Benefits and Claims											Other Liabilities
	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
	(in millions)
Balance at January 1, 2025	$	53		$	1,002		$	2,461		$	3,516	$	68
Total (gains) losses included in:
Net income	10		(2)	204		(2)	1,758		(3)	1,972		(5)		(4)
Other comprehensive income (loss)	—			—			—			—		1
Issues	—			(20)			102			82		41
Settlements	(5)			(144)			(442)			(591)		(34)
Balance at December 31, 2025	$	58		$	1,042		$	3,879		$	4,979	$	71
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2025	$	—		$	204	(2)	$	1,758	(3)	$	1,962	$	—

59

Ameriprise Financial, Inc.

Notes to Consolidated Financial Statements (Continued)

	Available-for-Sale Securities									Receivables
	Corporate Debt Securities		Residential Mortgage Backed Securities		Asset Backed Securities		Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
	(in millions)
Balance at January 1, 2024	$	469	$	—	$	1	$	470		$	51
Total gains (losses) included in:
Net income	1		—		—		1		(1)	8
Other comprehensive income (loss)	1		—		—		1			—
Purchases	228		150		148		526			—
Settlements	(116)		(2)		—		(118)			(4)
Transfers out of Level 3