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© 2026 Ameriprise Financial, Inc. All rights reserved. Ameriprise Financial Fourth Quarter 2025 Conference Call January 29, 2026
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© 2026 Ameriprise Financial, Inc. All rights reserved. 2 Forward-looking statements Some of the statements made in our January 29, 2026 earnings release and/or in this presentation constitute forward-looking statements. These statements reflect management's estimates, plans, beliefs and expectations, and speak only as of January 29, 2026. These forward-looking statements involve a number of risks and uncertainties. A list of certain factors that could cause actual results to be materially different from those expressed or implied by any of these forward-looking statements is set forth under the heading "Forward-looking statements" in our January 29, 2026 earnings release, a copy of which is available on our website, and risks described under the heading "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024. We undertake no obligation to update publicly or revise these forward-looking statements for any reason. In addition, the financial results and values presented in our fourth quarter earnings release and/or in this presentation are based upon asset valuations that represent estimates as of January 29, 2026 and may be revised in our Form 10-K for the year ended December 31, 2025. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures that our management believes best reflects the underlying performance of our operations. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measure have been provided along with the presentation and can be found on our website at www.ir.ameriprise.com.
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© 2026 Ameriprise Financial, Inc. All rights reserved. 3 Quarter-Ended December 31, Year-To-Date December 31, GAAP 2025 2024 Better/(Worse) 2025 2024 Better/(Worse) Net Revenues ($M) $4,960 $4,501 10% $18,480 $17,264 7% Expenses ($M) $3,668 $3,149 (16)% $13,976 $12,997 (8)% Net Income ($M) $1,008 $1,071 (6)% $3,563 $3,401 5% Diluted EPS $10.47 $10.58 (1)% $36.28 $33.05 10% Return on Equity, ex. AOCI (1) 49.1% 49.7% (60) bps 49.1% 49.7% (60) bps Quarter-Ended December 31, Year-To-Date December 31, Adjusted Operating 2025 2024 Better/(Worse) 2025 2024 Better/(Worse) Net Revenues ($M) $4,916 $4,463 10% $18,293 $17,079 7% Expenses ($M) $3,581 $3,268 (10)% $13,416 $12,643 (6)% Earnings ($M) $1,043 $947 10% $3,858 $3,535 9% Diluted EPS $10.83 $9.36 16% $39.29 $34.35 14% Return on Equity, ex. AOCI (1) 53.2% 51.6% 160 bps 53.2% 51.6% 160 bps Adjusted Operating, Quarter-Ended December 31, Year-To-Date December 31, excluding Unlocking (2) 2025 2024 Better/(Worse) 2025 2024 Better/(Worse) Net Revenues ($M) $4,916 $4,463 10% $18,173 $17,084 6% Expenses ($M) $3,581 $3,268 (10)% $13,290 $12,554 (6)% Earnings ($M) $1,043 $947 10% $3,863 $3,609 7% Diluted EPS $10.83 $9.36 16% $39.34 $35.07 12% Return on Equity, ex. AOCI (1) 53.3% 52.7% 60 bps 53.3% 52.7% 60 bps (1) Calculated on a trailing 12-month basis. (2) Unlocking impacts reflect both the company’s annual review of insurance and annuity valuation assumptions and model changes. Consolidated Results
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© 2026 Ameriprise Financial, Inc. All rights reserved. 4 Walter Berman Chief Financial Officer Q4 2025 Business & Financial Results
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© 2026 Ameriprise Financial, Inc. All rights reserved. 5 up 1% from a year ago Ameriprise delivered strong fourth quarter financial and operating results across all segments • Adjusted operating earnings per diluted share up 16% to $10.83 with a strong margin of 27% • Total assets under management, administration and advisement increased 11% to a record high of $1.7 trillion • Strong activity metrics across segments • Adjusted operating net revenues increased 10% to $4.9 billion • Adjusted operating earnings increased 10% to $1.0 billion • Capital return to shareholders exceeded 100% of adjusted operating earnings • Balance sheet fundamentals remained strong with excess capital and holding company available liquidity of $2.1 billion and $2.2 billion, respectively
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© 2026 Ameriprise Financial, Inc. All rights reserved. 6 $1,029 $1,165 $574 $670 $455 $495 Wrap Assets Non-wrap Assets Q4 2024 Q4 2025 Advice & Wealth Management generated strong client and advisor growth in the quarter Total Client Flows $ in billions Total Client Assets $ in billions $1,037 $1,122 Q4 2024 Q4 2025 TTM Revenue Per Advisor $ in thousands 13% 8% $11.3 $13.3 Q4 2024 Q4 2025 18% 4.7% Annualized Flow Rate 4.4% Annualized Flow Rate 17% Advisor Headcount up 1% to 10,503
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© 2026 Ameriprise Financial, Inc. All rights reserved. 7 $2,834 $3,162 Q4 2024 Q4 2025 $823 $926 Q4 2024 Q4 2025 Wealth Management delivered excellent financial results Adjusted Operating Total Net Revenue $ in millions Pretax Adjusted Operating Earnings $ in millions 12% 13% • Revenue increased 12% to $3.2 billion • Core revenue increased in the low-teen percentage range driven by higher client assets along with increased transactional activity • Cash revenue(1) increased modestly despite the impact of federal funds effective rate reductions since September 2024 • Total expenses increased by 11% ◦ Distribution expense increased 12% as the increase in advisor compensation was aligned with GDC growth ◦ G&A increased 6% from volume-related expenses and continued investment spending • Pretax adjusted operating earnings increased 13% to a record $926 million • Core earnings increased in the mid-20 percentage range, benefiting from higher client assets and advisory fees, strong activity levels and well controlled expenses • Cash earnings(1) increased very modestly despite the impact of federal funds effective rate reductions since September 2024 • Excellent margin of 29.3% (1) Cash revenues and earnings includes Net investment income, Off-Balance sheet brokerage cash distribution fees, and banking and deposit interest expense.
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© 2026 Ameriprise Financial, Inc. All rights reserved. 8 $930 $1,039 Q4 2024 Q4 2025 $251 $293 Q4 2024 Q4 2025 Asset Management generated strong financial results with a 40% margin Adjusted Operating Total Net Revenue $ in millions Pretax Adjusted Operating Earnings $ in millions 12% 17% • Total Assets Under Management and Advisement increased to $721 billion • Revenues increased 12% to $1.0 billion, which included higher performance fees; the underlying fee rate remained stable • Total expenses increased 10% ◦ Distribution expenses increased 5% ◦ G&A expenses in the quarter were up 13% as a result of higher performance fee compensation and the impact of foreign exchange translation • Pretax adjusted operating earnings increased 17% to $293 million, which included higher net performance fees • Net pretax adjusted operating margin improved to 40% including performance fees
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© 2026 Ameriprise Financial, Inc. All rights reserved. 9 $213 $200 Q4 2024 Q4 2025 Retirement & Protection Solutions generated consistent earnings and free cash flow Pretax Adjusted Operating Earnings $ in millions • Retirement & Protection Solutions pretax adjusted operating earnings were in our target range at $200 million ◦ Compared to a year ago, results reflected the timing of certain general and administrative expenses, as well as higher life claim expenses • Retirement & Protection Solutions sales were solid at $1.5 billion, with continued client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life • These high-quality books of business continued to generate strong free cash flow with excellent risk-adjusted returns and remains an important contributor to our diversified business model • Estimated RBC ratio of 536% and hedge effectiveness of 98% (6)%
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© 2026 Ameriprise Financial, Inc. All rights reserved. 10 $619 $617 $573 $687 $897 $149 $148 $158 $155 $153 Buyback Dividends Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Created significant shareholder value through opportunistic capital return Capital Returned to Shareholders $ in millions • Sustainability of capital return to shareholders is supported by strong fundamentals ◦ Holding company available liquidity of $2.2 billion ◦ Excess capital position of $2.1 billion ◦ Diversified, AA- rated investment portfolio is well positioned to navigate potential stress scenarios ◦ Hedge effectiveness of 98% ◦ ~90% free cash flow generation • Increased capital return by 37% year-over-year to $1.1 billion, which was 101% of operating earnings • Returned $3.4 billion of capital to shareholders in 2025, which was 88% of operating earnings • Strong ERM capability and decisioning framework position us well to navigate stress and continue investing for growth# Shares 1.1M 1.2M 1.1M 1.4M 1.8M Avg Price $ 535 $523 $492 $508 $474 $768 $765 $731 $842 $1,050
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© 2026 Ameriprise Financial, Inc. All rights reserved. 11 (1) Results exclude unlocking impacts which reflect both the company’s annual review of insurance and annuity valuation assumptions and model changes. One Year Performance (Full Year 2025 vs Full Year 2024)(1) Our approach delivers sustained profitable growth +6% Revenue Growth +12% EPS Growth +60 bps Increase in Return on Equity, ex. AOCI $3.4 billion Capital Returned to Shareholders • Strong full year financial performance • Exited 2025 with significant capacity to invest in targeted growth initiatives • Excellent balance sheet foundation and free cash flow generation that enables both investment in the business and capital return while navigating all environments
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© 2026 Ameriprise Financial, Inc. All rights reserved. 12 Appendix
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© 2026 Ameriprise Financial, Inc. All rights reserved. 13 Reconciliation tables Quarter Ended December 31, % Better/ (Worse) Per Diluted Share Quarter Ended December 31, % Better/ (Worse)(in millions, except per share amounts, unaudited) 2025 2024 2025 2024 Net income $ 1,008 $ 1,071 (6)% $ 10.47 $ 10.58 (1)% Adjustments: Net realized investment gains (losses) (1) 1 (12) 0.01 (0.12) Market impact on non-traditional long-duration products (1) (43) 169 (0.44) 1.67 Net income (loss) attributable to consolidated investment entities (1) — (0.01) — Tax effect of adjustments (2) 8 (33) 0.08 (0.33) Adjusted operating earnings $ 1,043 $ 947 10% $ 10.83 $ 9.36 16% Weighted average common shares outstanding: Basic 94.8 99.2 Diluted 96.3 101.2 (1) Pretax adjusted operating adjustment. (2) Calculated using the statutory tax rate of 21%. Adjusted Operating Earnings Per Diluted Share
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© 2026 Ameriprise Financial, Inc. All rights reserved. 14 Reconciliation tables Quarter Ended December 31, % Better/ (Worse)(in millions, unaudited) 2025 2024 Total net revenues $ 4,960 $ 4,501 10% Adjustments: Net realized investment gains (losses) 1 (12) Market impact on non-traditional long-duration products 2 (3) CIEs revenue 41 53 Adjusted operating total net revenues $ 4,916 $ 4,463 10% Total expenses $ 3,668 $ 3,149 (16)% Adjustments: CIEs expenses 42 53 Market impact on non-traditional long-duration products 45 (172) Adjusted operating expenses $ 3,581 $ 3,268 (10)% Pretax income $ 1,292 $ 1,352 Pretax adjusted operating earnings $ 1,335 $ 1,195 12% Pretax income margin 26.0 % 30.0 % Pretax adjusted operating margin 27.2 % 26.8 % Pretax Adjusted Operating Earnings
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© 2026 Ameriprise Financial, Inc. All rights reserved. 15 Reconciliation tables Twelve Months ending December 31, % Better/ (Worse) Per Diluted Share Twelve Months December 31, % Better/ (Worse)(in millions, except per share amounts, unaudited) 2025 2024 2025 2024 Total net revenues $ 18,480 $ 17,264 Adjustments: Net realized investment gains (losses)(1) (8) (21) Market impact on non-traditional long-duration products(1) 12 3 CIEs revenue 183 203 Adjusted operating total net revenues $ 18,293 $ 17,079 Annual unlocking 120 (5) Adjusted operating total net revenues, excluding Unlocking $ 18,173 $ 17,084 6% Net income $ 3,563 $ 3,401 5% $ 36.28 $ 33.05 10% Adjustments: Net realized investment gains (losses)(1)(2) (8) (21) (0.08) (0.20) Market impact on non-traditional long-duration products(1)(2) (366) (153) (3.73) (1.49) Mean reversion-related impacts(1)(2) 1 1 0.01 0.01 Net income (loss) attributable to consolidated investment entities — 3 — 0.03 Tax effect of adjustments(2) 78 36 0.79 0.35 Adjusted operating earnings $ 3,858 $ 3,535 9% $ 39.29 $ 34.35 14% Pretax impact of annual unlocking (6) (94) (0.06) (0.91) Tax effect of annual unlocking(2) 1 20 0.01 0.19 Adjusted operating earnings, excluding annual unlocking $ 3,863 $ 3,609 7% $ 39.34 $ 35.07 12% Weighted average common shares outstanding Basic 96.7 101.0 Diluted 98.2 102.9 (1) Pretax adjusted operating adjustment. (2) Calculated using the statutory tax rate of 21%. Adjusted Operating Earnings Per Diluted Share
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© 2026 Ameriprise Financial, Inc. All rights reserved. 16 Reconciliation tables Year-to-date December 31, % Better/ (Worse)(in millions, unaudited) 2025 2024 Total net revenues $ 18,480 $ 17,264 7% Adjustments: Net realized investment gains (losses) (8) (21) Market impact on non-traditional long-duration products 12 3 CIEs revenue 183 203 Adjusted operating total net revenues $ 18,293 $ 17,079 7% Annual unlocking 120 (5) Adjusted operating total net revenues excluding unlocking $ 18,173 $ 17,084 6% Total expenses $ 13,976 $ 12,997 (8)% Adjustments: CIEs expenses 183 199 Market impact on non-traditional long-duration products 378 156 Mean reversion-related impacts (1) (1) Adjusted operating expenses $ 13,416 $ 12,643 (6)% Annual unlocking 126 89 Adjusted operating total net expenses, excluding unlocking $ 13,290 $ 12,554 (6)% Pretax income $ 4,504 $ 4,267 Pretax adjusted operating earnings $ 4,877 $ 4,436 Pretax adjusted operating earnings excluding unlocking $ 4,883 $ 4,530 Pretax income margin 24.4 % 24.7 % Pretax adjusted operating margin 26.7 % 26.0 % Pretax adjusted operating margin excluding unlocking 26.9 % 26.5 % Pretax Adjusted Operating Earnings
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© 2026 Ameriprise Financial, Inc. All rights reserved. 17 Reconciliation tables Quarter Ended December 31, (in millions, unaudited) 4 Qtr 2025 4 Qtr 2024 Adjusted operating total net revenues $ 1,039 $ 930 Distribution pass through revenues (208) (201) Subadvisory and other pass through revenues (106) (104) Net adjusted operating revenues $ 725 $ 625 Pretax adjusted operating earnings $ 293 $ 251 Adjusted operating net investment income (15) (15) Amortization of intangibles 15 8 Net adjusted operating earnings $ 293 $ 244 Pretax adjusted operating margin 28.2 % 27.0 % Net pretax adjusted operating margin (1) 40.4 % 39.0 % Asset Management Net Pretax Adjusted Operating Margin (1) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
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© 2026 Ameriprise Financial, Inc. All rights reserved. 18 Reconciliation tables Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income “AOCI” Twelve Months Ended December 31, (in millions, unaudited) 2025 2024 Net income $ 3,563 $ 3,401 Less: Adjustments (1) (295) (134) Adjusted operating earnings 3,858 3,535 Less: Annual unlocking (2) (5) (74) Adjusted operating earnings, excluding unlocking $ 3,863 $ 3,609 Total Ameriprise Financial, Inc. shareholders’ equity $ 5,948 $ 5,109 Less: Accumulated other comprehensive income, net of tax (1,305) (1,739) Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI 7,253 6,848 Less: Equity impacts attributable to the consolidated investment entities — (3) Adjusted operating equity $ 7,253 $ 6,851 Return on equity excluding AOCI 49.1 % 49.7 % Adjusted operating return on equity, excluding AOCI (3) 53.2 % 51.6 % Adjusted operating return on equity, excluding AOCI and unlocking (3) 53.3 % 52.7 % (1) Adjustments reflect the sum of after-tax net realized investment gains or losses, net of the reinsurance accrual; the market impact on non-traditional long- duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%. (2) After-tax is calculated using the statutory tax rate of 21%. (3) Adjusted operating return on equity excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.