Ameriprise Financial Reports Fourth Quarter and Full Year 2025 Results
MINNEAPOLIS--( BUSINESS WIRE)--Ameriprise Financial, Inc. (NYSE: AMP):
Earnings Per Diluted Share
Return on Equity, ex AOCI (1)
Q4 2025
FY 2025
Q4 2025
GAAP
$10.47
$36.28
GAAP
49.1%
Adjusted Operating
$10.83
$39.29
Adjusted Operating
53.2%
Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
“Ameriprise delivered a record fourth quarter with robust client activity, resulting in one of our best quarters for client inflows and strong asset growth. Our disciplined execution and excellent client experience are driving meaningful growth.
We generated all-time highs for revenue, earnings and EPS for both the quarter and the full year, and our return on equity continued to be best in class.
Leveraging our strong capital position, we increased our return to shareholders in the fourth quarter to more than 100% of adjusted operating earnings.
Building on our significant marketplace recognition, Ameriprise was honored to be the highest ranked diversified financial services firm on TIME’s list of “America’s Most Iconic Companies for 2026.”
(1) Return on equity excluding AOCI is calculated on a trailing 12-month basis.
Ameriprise Financial, Inc.
Fourth Quarter Summary
Quarter Ended
December 31,
%
Better/
(Worse)
Year-to-date
December 31,
%
Better/
(Worse)
(in millions, except per share amounts, unaudited)
2025
2024
2025
2024
GAAP net income
$
1,008
$
1,071
(6)%
$
3,563
$
3,401
5%
Adjusted operating earnings
(see reconciliation on p. 24 & 25)
$
1,043
$
947
10%
$
3,858
$
3,535
9%
GAAP net income per diluted share
$
10.47
$
10.58
(1)%
$
36.28
$
33.05
10%
Adjusted operating earnings per diluted share
(see reconciliation on p. 24 & 25)
$
10.83
$
9.36
16%
$
39.29
$
34.35
14%
GAAP Return on Equity, ex. AOCI
49.1
%
49.7
%
49.1
%
49.7
%
Adjusted Operating Return on Equity, ex. AOCI
(see reconciliation on p. 27)
53.2
51.6
53.2
51.6
Weighted average common shares outstanding:
Basic
94.8
99.2
96.7
101.0
Diluted
96.3
101.2
98.2
102.9
Fourth quarter 2025 GAAP results included unfavorable market impacts on the valuation of derivatives and market risk benefits, while the prior-year quarter included favorable market impacts on the valuation of derivatives and market risk benefits.
Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
Quarter Ended December 31,
% Better/
(Worse)
(in millions, unaudited)
2025
2024
Adjusted operating net revenues
$
3,162
$
2,834
12%
Distribution expenses
1,757
1,563
(12)%
Interest and debt expense
15
10
(50)%
General and administrative expenses
464
438
(6)%
Adjusted operating expenses
2,236
2,011
(11)%
Pretax adjusted operating earnings
$
926
$
823
13%
Pretax adjusted operating margin
29.3
%
29.0
%
30 bps
Quarter Ended December 31,
% Better/
(Worse)
(in billions, unless otherwise noted)
2025
2024
Total client assets
$
1,165
$
1,029
13%
Total client net flows
$
13.3
$
11.3
18%
Wrap assets
$
670
$
574
17%
Wrap net flows
$
12.1
$
11.1
9%
Cash sweep balances
$
29.9
$
29.8
—%
Adjusted operating net revenue per advisor (TTM in thousands)
$
1,122
$
1,037
8%
Advice & Wealth Management generated strong underlying growth and performance with record pretax adjusted operating earnings of $926 million, up 13 percent, with a margin of 29.3 percent. Core earnings increased in the mid-20 percentage range, benefiting from higher client assets and well-controlled expenses, while spread earnings increased very modestly.
Adjusted operating net revenues increased 12 percent to $3.2 billion reflecting strong client engagement in holistic financial planning and advice relationships. Strong wrap net inflows and market appreciation contributed to growth in fee-based revenues, while increased sales in annuity products and brokerage transactions drove strong transactional activity.
Adjusted operating expenses increased 11 percent to $2.2 billion, primarily driven by consistent growth in advisor productivity. General and administrative expenses were in line with expectations, up 6 percent to $464 million, primarily driven by volume- and growth-related expenses, offset by strong expense discipline. Full year G&A expenses increased 5 percent, in line with our prior guidance.
Performance metrics were strong across all measures, reflecting the strength of the Ameriprise client experience and the company’s focus on helping advisors drive productivity growth through industry-leading tools, solutions and support.
Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
Quarter Ended December 31,
% Better/
(Worse)
(in millions, unaudited)
2025
2024
Adjusted operating net revenues
$
1,039
$
930
12%
Distribution expenses
265
253
(5)%
Amortization of deferred acquisition costs
2
2
—%
Interest and debt expense
3
2
(50)%
General and administrative expenses
476
422
(13)%
Adjusted operating expenses
746
679
(10)%
Pretax adjusted operating earnings
$
293
$
251
17%
Net pretax adjusted operating margin (1)
40.4
%
39.0
%
Quarter Ended December 31,
% Better/
(Worse)
(in billions)
2025
2024
Assets Under Management and Advisement (2)
$
721
$
681
6%
Net Flows
Global Retail net AUM flows, ex. legacy insurance partners
$
3.1
$
5.7
(46)%
Model delivery AUA flows (2)
1.1
0.4
NM
Total retail net AUM flows and model delivery AUA flows (2)
4.2
6.1
(31)%
Global Institutional net AUM flows, ex. legacy insurance partners
(0.9
)
(3.9
)
77%
Legacy insurance partners AUM flows
(1.4
)
(0.9
)
(42)%
Total Net AUM and AUA flows (2)
$
1.9
$
1.3
48%
(1) See reconciliation on page 13.
(2) Model Delivery Assets Under Advisement are presented on a one-quarter lag. Flows are estimated based on the period-to-period change in assets less calculated performance based on strategy returns. Q4’25 includes $1.0 billion of inflows from an institutional client.
Asset Management adjusted operating net revenues were $1.0 billion. Pretax adjusted operating earnings increased 17 percent to $293 million reflecting asset growth, strong performance fees and the positive impact from expense management actions. Net pretax adjusted operating margin improved 140 basis points to 40 percent. The underlying fee rate remained stable.
Adjusted operating expenses increased 10 percent. General and administrative expenses increased 13 percent driven by higher performance fee compensation and the impact of foreign exchange translation.
Assets under management and advisement increased 6 percent to $721 billion. Investment performance remained strong across all time periods, most notably with more than 80 percent of retail funds above median versus peers on an asset-weighted basis for 3- and 10-year time periods. In addition, there were 103 funds globally earning four- or five-star ratings from Morningstar.
Net inflows were $1.9 billion, reflecting an improvement in institutional and model delivery flows.
Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
Quarter Ended December 31,
% Better/
(Worse)
(in millions, unaudited)
2025
2024
Adjusted operating net revenues
$
991
$
960
3%
Adjusted operating expenses
791
747
(6)%
Pretax adjusted operating earnings
$
200
$
213
(6)%
NM Not Meaningful - variance equal to or greater than 100%
Retirement & Protection Solutions pretax adjusted operating earnings were $200 million. Results in the quarter were impacted by the timing of certain general and administrative expenses, as well as higher life claim expenses than the prior year period.
Retirement & Protection Solutions sales increased 6 percent to $1.5 billion, with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life insurance.
These high-quality books of business continued to generate strong free cash flow with excellent risk-adjusted returns and are an important contributor to our diversified business model.
Ameriprise Financial, Inc.
Corporate & Other Segment Adjusted Operating Results
Quarter Ended December 31,
% Better/
(Worse)
(in millions, unaudited)
2025
2024
Corporate & Other
$
(80
)
$
(106
)
25%
Closed Blocks (1)
(4
)
14
NM
Pretax adjusted operating earnings/(loss)
$
(84
)
$
(92
)
9%
Long Term Care
$
3
$
21
(86)%
Fixed Annuities
(7
)
(7
)
—%
Pretax adjusted operating earnings/(loss)
$
(4
)
$
14
NM
(1) Long Term Care and Fixed Annuities.
NM Not Meaningful - variance equal to or greater than 100%
Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $80 million.
Long Term Care pretax adjusted operating earnings were $3 million in the quarter and $28 million for the full year excluding unlocking. Results in the prior year quarter reflected higher closed claims and recognition of new premium rate increases.
Fixed Annuities pretax adjusted operating loss was $7 million.
Taxes
The operating effective tax rate was 21.9 percent for the fourth quarter and 20.9 percent for the full year.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs.
Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited, Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle (EM) Investments Limited, and Pyrford International Ltd, are SEC- and FCA-registered investment adviser affiliates of Columbia Management Investment Advisers, LLC based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA.
Non-GAAP Financial Measures
The company believes the presentation of adjusted operating measures and other non-GAAP financial measures, and the corresponding ratios, best represents the underlying performance of our core operations and facilitates a more meaningful trend analysis without the distortion of various adjustment items. Management uses non-GAAP financial measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors and to provide a valuable perspective for investors. These non-GAAP financial measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures. Non-GAAP financial measure reconciliations can be found on the subsequent pages.
Forward-Looking Statements
This news release contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:
The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” ”continue,” “able to remain”, “resume,” “deliver,” “develop,” “evolve,” “drive,” ”enable,” “flexibility,” “commitment,” “scenario,” “case,” “appear,” “expands” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements.
The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Form 10-K for the period ended December 31, 2025.
Ameriprise Financial announces financial and other information to investors through the company’s investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this release or in any other report or document the company furnishes or files with the SEC.
Credential Sources
TIME magazine partnered with Statista to recognize America’s Most Iconic Companies, chosen based on an independent survey of roughly 10,000 participants. Ameriprise Financial, Inc. was the highest ranked diversified financial services firm in the ranking and its overall ranking was #48 out of 250 companies across all industry sectors. Eligible companies (founded and headquartered in the United States, with a market presence of at least 10 years.) were evaluated from July to August 2025, across several key categories: Recognition and familiarity, cultural significance and impact, emotional connection, resilience, Americanness, presence and legacy. Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results. Find more information at https://time.com/7339929/americas-most-iconic-companies/.
The Wall Street Journal partnered with the Drucker Institute to recognize the 250 Best-Managed Companies in the U.S., which is based on a holistic measure of corporate effectiveness developed by the Drucker Institute. Nearly 700 U.S. companies were evaluated on 34 indicators across five dimensions of corporate performance: Customer satisfaction; employee engagement and development; innovation; social responsibility; and financial strength. All data collected was the most current available as of June 30, 2025. Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results. Used with permission. ©2025 Dow Jones & Company, Inc. Find more information at https://drucker.institute/annual-data/methodology-2025-2/.
Ameriprise Financial, Inc.
Consolidated GAAP Results
(in millions, except per share amounts, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Revenues
Management and financial advice fees
$
3,096
$
2,715
14%
$
2,811
10%
Distribution fees
554
536
3%
539
3%
Net investment income
891
892
—%
920
(3)%
Premiums, policy and contract charges
373
379
(2)%
493
(24)%
Other revenues
133
127
5%
130
2%
Total revenues
5,047
4,649
9%
4,893
3%
Banking and deposit interest expense
87
148
41%
102
15%
Total net revenues
4,960
4,501
10%
4,791
4%
Expenses
Distribution expenses
1,819
1,616
(13)%
1,714
(6)%
Interest credited to fixed accounts
109
181
40%
141
23%
Benefits, claims, losses and settlement expenses
322
243
(33)%
343
6%
Remeasurement (gains) losses of future policy benefit reserves
1
(10
)
NM
22
95%
Change in fair value of market risk benefits
215
(30
)
NM
302
29%
Amortization of deferred acquisition costs
61
61
—%
60
(2)%
Interest and debt expense
80
77
(4)%
84
5%
General and administrative expense
1,061
1,011
(5)%
951
(12)%
Total expenses
3,668
3,149
(16)%
3,617
(1)%
Pretax income
1,292
1,352
(4)%
1,174
10%
Income tax provision
284
281
(1)%
262
(8)%
Net income
$
1,008
$
1,071
(6)%
$
912
11%
Earnings per share
Basic earnings per share
$
10.63
$
10.80
$
9.47
Earnings per diluted share
$
10.47
$
10.58
$
9.33
Weighted average common shares outstanding
Basic
94.8
99.2
96.3
Diluted
96.3
101.2
97.8
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Consolidated Highlights and Capital Summary
(in millions unless otherwise noted, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Assets Under Management, Administration and Advisement
Advice & Wealth Management AUM
$
666,437
$
570,064
17%
$
646,382
3%
Asset Management AUM
678,105
644,913
5%
674,720
1%
Corporate AUM
906
568
60%
774
17%
Eliminations
(47,630
)
(44,769
)
(6)%
(47,812
)
—%
Assets Under Management
1,297,818
1,170,776
11%
1,274,064
2%
Assets Under Administration
355,503
317,160
12%
347,923
2%
Assets Under Advisement (net of eliminations) (1)
40,830
34,017
20%
37,522
9%
Total Assets Under Management, Administration and Advisement
$
1,694,151
$
1,521,953
11%
$
1,659,509
2%
S&P 500
Daily average
6,776
5,911
15%
6,427
5%
Period end
6,846
5,882
16%
6,688
2%
Weighted Equity Index (WEI) (2)
Daily average
4,265
3,718
15%
4,055
5%
Period end
4,317
3,676
17%
4,210
3%
Common shares
Beginning balance
93.1
97.2
(4)%
94.4
(1)%
Repurchases
(1.8
)
(1.1
)
(64)%
(1.4
)
(29)%
Issuances
—
0.2
NM
0.2
NM
Other
—
(0.1
)
NM
(0.1
)
NM
Total common shares outstanding
91.3
96.2
(5)%
93.1
(2)%
Restricted stock units
2.4
2.5
(4)%
2.4
—%
Total basic common shares outstanding
93.7
98.7
(5)%
95.5
(2)%
Total potentially dilutive shares
1.5
1.9
(21)%
1.5
—%
Total diluted shares
95.2
100.6
(5)%
97.0
(2)%
Capital Returned to Shareholders
Dividends paid
$
153
$
149
3%
$
155
(1)%
Common stock share repurchases
897
619
45%
687
31%
Total Capital Returned to Shareholders
$
1,050
$
768
37%
$
842
25%
(1) Assets reported on a one quarter lag.
(2) Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P 500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets.
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Advice & Wealth Management Segment Adjusted Operating Results
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Revenues
Management and financial advice fees:
Advisory fees
$
1,785
$
1,519
18%
$
1,664
7%
Financial planning fees
146
137
7%
120
22%
Transaction and other fees
98
97
1%
102
(4)%
Total management and financial advice fees
2,029
1,753
16%
1,886
8%
Distribution fees:
Mutual funds
237
217
9%
227
4%
Insurance and annuity
275
264
4%
268
3%
Off-Balance sheet brokerage cash
20
32
(38)%
21
(5)%
Other products
130
120
8%
126
3%
Total distribution fees
662
633
5%
642
3%
Net investment income
475
521
(9)%
485
(2)%
Other revenues
83
75
11%
79
5%
Total revenues
3,249
2,982
9%
3,092
5%
Banking and deposit interest expense
87
148
41%
102
15%
Adjusted operating total net revenues
3,162
2,834
12%
2,990
6%
Expenses
Distribution expenses
1,757
1,563
(12)%
1,656
(6)%
Interest and debt expense
15
10
(50)%
14
(7)%
General and administrative expense
464
438
(6)%
439
(6)%
Adjusted operating expenses
2,236
2,011
(11)%
2,109
(6)%
Pretax adjusted operating earnings
$
926
$
823
13%
$
881
5%
Pretax adjusted operating margin
29.3
%
29.0
%
29.5
%
Ameriprise Financial, Inc.
Advice & Wealth Management Segment Operating Metrics
(in millions unless otherwise noted, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
AWM Total Client Assets
$
1,165,367
$
1,028,943
13%
$
1,138,392
2%
Total Client Flows
$
13,335
$
11,261
18%
$
3,442
NM
Total Wrap Accounts
Beginning assets
$
650,302
$
569,054
14%
$
615,189
6%
Net flows
12,052
11,073
9%
4,769
NM
Market appreciation (depreciation) and other
8,007
(6,246
)
NM
30,344
(74)%
Total wrap ending assets
$
670,361
$
573,881
17%
$
650,302
3%
Advisory wrap account assets ending balance (1)
$
664,427
$
568,348
17%
$
644,436
3%
AWM Cash Balances
On-balance sheet (Net Investment Income)
On-balance sheet - bank
$
23,663
$
22,307
6%
$
22,593
5%
On-balance sheet - certificate
8,155
11,213
(27)%
8,936
(9)%
On-balance sheet - broker dealer
1,948
2,334
(17)%
2,119
(8)%
Total on-balance sheet
33,766
35,854
(6)%
33,648
—%
Off-balance sheet (Distribution Fees)
Off-balance sheet - broker dealer
5,147
5,793
(11)%
3,216
60%
Total AWM Cash Balances
$
38,913
$
41,647
(7)%
$
36,864
6%
Bank - Net Investment Income
Average interest-bearing assets
$
24,663
$
23,789
4%
$
23,986
3%
Gross fee yield (2)
4.61
%
4.64
%
4.67
%
Certificates - Net Investment Income
Average interest-bearing assets
$
9,087
$
12,417
(27)%
$
10,038
(9)%
Gross fee yield (2)
4.83
%
5.31
%
5.00
%
Other - Net Investment Income
Average interest-bearing assets
$
5,371
$
5,348
—%
$
5,176
4%
Gross fee yield (2)
5.72
%
5.74
%
5.90
%
Off-balance sheet - broker dealer - Distribution Fees
Average balances
$
3,580
$
4,240
(16)%
$
3,297
9%
Net fee yield
2.28
%
3.02
%
2.51
%
(1) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
(2) Gross fee yield is calculated using amortized cost of investments. Prior to Q1 2025, it was calculated using fair value of investments. Prior periods have been restated to conform with current presentation.
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Asset Management Segment Adjusted Operating Results
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Revenues
Management and financial advice fees:
Asset management fees:
Retail
$
568
$
540
5%
$
557
2%
Institutional
266
194
37%
140
90%
Model delivery
26
22
18%
24
8%
Transaction and other fees
54
53
2%
52
4%
Revenue from other sources (1)
3
2
50%
2
50%
Total management and financial advice fees
917
811
13%
775
18%
Distribution fees:
Mutual funds
61
59
3%
58
5%
Insurance and annuity
40
40
—%
40
—%
Total distribution fees
101
99
2%
98
3%
Net investment income
15
15
—%
26
(42)%
Other revenues
6
5
20%
7
(14)%
Total revenues
1,039
930
12%
906
15%
Banking and deposit interest expense
—
—
—%
—
—%
Adjusted operating total net revenues
1,039
930
12%
906
15%
Expenses
Distribution expenses
265
253
(5)%
254
(4)%
Amortization of deferred acquisition costs
2
2
—%
2
—%
Interest and debt expense
3
2
(50)%
3
—%
General and administrative expense
476
422
(13)%
387
(23)%
Adjusted operating expenses
746
679
(10)%
646
(15)%
Pretax adjusted operating earnings
$
293
$
251
17%
$
260
13%
Net Pretax Adjusted Operating Margin Reconciliation
Adjusted operating total net revenues
$
1,039
$
930
12%
$
906
15%
Distribution pass through revenues
(208
)
(201
)
(3)%
(202
)
(3)%
Subadvisory and other pass through revenues
(106
)
(104
)
(2)%
(112
)
5%
Net adjusted operating revenues
725
625
16%
592
22%
Pretax adjusted operating earnings
$
293
$
251
17%
$
260
13%
Adjusted operating net investment income
(15
)
(15
)
—%
(26
)
42%
Amortization of intangibles
15
8
88%
15
—%
Net adjusted operating earnings
$
293
$
244
20%
$
249
18%
Pretax adjusted operating margin
28.2
%
27.0
%
28.7
%
Net pretax adjusted operating margin (2)
40.4
%
39.0
%
42.1
%
Total Performance fees (3)
Performance fees
$
120
$
51
NM
$
2
NM
General and administrative expense related to performance fees
77
32
NM
—
—%
Net performance fees
$
43
$
19
NM
$
2
NM
(1) Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards.
(2) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
(3) Performance fees do not include CLO incentive fees.
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Managed Assets Rollforward
Global Retail Funds
Beginning assets
$
378,306
$
362,419
4%
$
361,696
5%
Inflows
13,585
15,227
(11)%
14,762
(8)%
Outflows
(19,733
)
(17,807
)
(11)%
(17,593
)
(12)%
Net VP/VIT fund flows
(1,824
)
(1,730
)
(5)%
(1,760
)
(4)%
Net new flows
(7,972
)
(4,310
)
(85)%
(4,591
)
(74)%
Reinvested dividends
10,710
9,956
8%
1,684
NM
Net flows
2,738
5,646
(52)%
(2,907
)
NM
Distributions
(11,770
)
(11,086
)
(6)%
(1,808
)
NM
Market appreciation (depreciation) and other
8,608
436
NM
22,760
(62)%
Foreign currency translation (1)
141
(4,678
)
NM
(1,435
)
NM
Total ending assets
378,023
352,737
7%
378,306
—%
% of total retail assets sub-advised
13.2
%
15.8
%
13.2
%
Global Institutional
Beginning assets
296,414
309,691
(4)%
292,528
1%
Inflows (2)
12,088
7,992
51%
9,156
32%
Outflows (2)
(13,950
)
(12,727
)
(10)%
(11,421
)
(22)%
Net flows
(1,862
)
(4,735
)
61%
(2,265
)
18%
Market appreciation (depreciation) and other (3)
5,237
(3,145
)
NM
8,975
(42)%
Foreign currency translation (1)
293
(9,635
)
NM
(2,824
)
NM
Total ending assets
300,082
292,176
3%
296,414
1%
Total managed assets
$
678,105
$
644,913
5%
$
674,720
1%
Total Assets Under Advisement (4)
42,925
35,616
21%
39,443
9%
Total Assets Under Management & Advisement
$
721,030
$
680,529
6%
$
714,163
1%
Total AUM net flows
$
876
$
911
(4)%
$
(5,172
)
NM
Model delivery AUA flows (5)
1,085
412
NM
1,731
(37)%
Total AUM and AUA Flows (5)
$
1,961
$
1,323
48%
$
(3,441
)
NM
Legacy insurance partners flows
$
(1,351
)
$
(950
)
(42)%
$
(903
)
(50)%
(1) Amounts represent local currency to U.S. dollar translation for reporting purposes.
(2) Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB.
(3) Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balance excluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB.
(4) Assets are presented on a one-quarter lag.
(5) AUA flows are estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns on a one-quarter lag.
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Asset Management Segment Operating Metrics
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Total Managed Assets by Type
Equity
$
370,489
$
342,963
8%
$
368,610
1%
Fixed income
234,201
231,551
1%
234,682
—%
Money market
23,358
20,305
15%
21,545
8%
Alternative
29,659
30,872
(4)%
29,281
1%
Hybrid and other
20,398
19,222
6%
20,602
(1)%
Total managed assets by type
$
678,105
$
644,913
5%
$
674,720
1%
Average Managed Assets by Type (1)
Equity
$
370,584
$
349,847
6%
$
358,062
3%
Fixed income
234,022
238,137
(2)%
232,013
1%
Money market
21,567
20,535
5%
21,922
(2)%
Alternative
29,330
31,706
(7)%
28,644
2%
Hybrid and other
20,565
19,501
5%
20,106
2%
Total average managed assets by type
$
676,068
$
659,726
2%
$
660,747
2%
(1) Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period.
Ameriprise Financial, Inc.
Asset Management Segment Performance Metrics
4 Qtr 2025
Retail Fund Rankings in Top 2 Quartiles or Above Index Benchmark - Asset Weighted
1 year
3 year
5 year
10 year
Equity
70%
75%
76%
81%
Fixed Income
69%
89%
70%
84%
Asset Allocation
35%
88%
69%
88%
4- or 5-star Morningstar rated funds
Overall
3 year
5 year
10 year
Number of Rated Funds
103
73
75
83
Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e., Institutional if available, otherwise Institutional 3 share class), net of fees. Peer groupings of Threadneedle are defined by either IA or Morningstar index and are based on Primary Share Class. Comparisons to Index are measured Gross of Fees.
To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median.
Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income.
Morningstar as of 12/31/25. Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 47 received a 4-star Overall Rating. Out of 128 Threadneedle funds rated (based on highest-rated share class), 12 received a 5-star Overall Rating and 44 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms.
© 2025 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Adjusted Operating Results
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Revenues
Management and financial advice fees
$
194
$
194
—%
$
192
1%
Distribution fees
107
108
(1)%
105
2%
Net investment income
332
290
14%
326
2%
Premiums, policy and contract charges
357
367
(3)%
479
(25)%
Other revenues
1
1
—%
—
—%
Total revenues
991
960
3%
1,102
(10)%
Banking and deposit interest expense
—
—
—%
—
—%
Adjusted operating total net revenues
991
960
3%
1,102
(10)%
Expenses
Distribution expenses
137
131
(5)%
134
(2)%
Interest credited to fixed accounts
93
91
(2)%
95
2%
Benefits, claims, losses and settlement expenses
237
224
(6)%
256
7%
Remeasurement (gains) losses of future policy benefit reserves
(5
)
(4
)
25%
(9
)
(44)%
Change in fair value of market risk benefits
173
156
(11)%
257
33%
Amortization of deferred acquisition costs
58
56
(4)%
56
(4)%
Interest and debt expense
10
10
—%
11
9%
General and administrative expense
88
83
(6)%
85
(4)%
Adjusted operating expenses
791
747
(6)%
885
11%
Pretax adjusted operating earnings
$
200
$
213
(6)%
$
217
(8)%
Ameriprise Financial, Inc.
Retirement & Protection Solutions Segment Operating Metrics
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Variable Annuities Rollforwards
Beginning balance
$
90,950
$
87,653
4%
$
87,840
4%
Deposits
1,305
1,237
5%
1,256
4%
Withdrawals and terminations
(2,568
)
(2,315
)
(11)%
(2,387
)
(8)%
Net flows
(1,263
)
(1,078
)
(17)%
(1,131
)
(12)%
Investment performance and interest credited
1,609
(828
)
NM
4,241
(62)%
Total ending balance - contract accumulation values
$
91,296
$
85,747
6%
$
90,950
—%
Variable annuities fixed sub-accounts
$
3,391
$
3,727
(9)%
$
3,493
(3)%
Life Insurance In Force
$
197,479
$
198,123
—%
$
197,593
—%
Net Amount at Risk (Life)
$
37,167
$
38,025
(2)%
$
37,241
—%
Net Policyholder Reserves
VUL/UL
$
17,377
$
15,951
9%
$
17,144
1%
Term and whole life
166
169
(2)%
168
(1)%
Disability insurance
446
472
(6)%
457
(2)%
Other insurance
481
505
(5)%
488
(1)%
Total net policyholder reserves
$
18,470
$
17,097
8%
$
18,257
1%
DAC Ending Balances
Variable Annuities DAC
$
1,639
$
1,677
(2)%
$
1,646
—%
Life and Health DAC
$
945
$
955
(1)%
$
946
—%
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Corporate Excluding Long Term Care and Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—%
$
—
—%
Distribution fees
—
—
—%
—
—%
Net investment income
(7
)
(9
)
22%
(7
)
—%
Premiums, policy and contract charges
—
—
—%
—
—%
Other revenues
4
3
33%
2
NM
Total revenues
(3
)
(6
)
50%
(5
)
40%
Banking and deposit interest expense
8
8
—%
9
11%
Adjusted operating total net revenues
(11
)
(14
)
21%
(14
)
21%
Expenses
Distribution expenses
—
—
—%
—
—%
Interest credited to fixed accounts
—
—
—%
—
—%
Benefits, claims, losses and settlement expenses
—
—
—%
—
—%
Remeasurement (gains) losses of future policy benefit reserves
—
—
—%
—
—%
Change in fair value of market risk benefits
—
—
—%
—
—%
Amortization of deferred acquisition costs
—
—
—%
—
—%
Interest and debt expense
21
23
9%
23
9%
General and administrative expense
48
69
30%
50
4%
Adjusted operating expenses
69
92
25%
73
5%
Pretax adjusted operating earnings (loss)
$
(80
)
$
(106
)
25%
$
(87
)
8%
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results and Metrics
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Long Term Care Adjusted Operating Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—%
$
—
—%
Distribution fees
—
—
—%
—
—%
Net investment income
44
46
(4)%
47
(6)%
Premiums, policy and contract charges
23
24
(4)%
22
5%
Other revenues
—
—
—%
—
—%
Total revenues
67
70
(4)%
69
(3)%
Banking and deposit interest expense
—
(1
)
NM
—
—%
Adjusted operating total net revenues
67
71
(6)%
69
(3)%
Expenses
Distribution expenses
(4
)
(3
)
33%
(2
)
NM
Interest credited to fixed accounts
—
—
—%
—
—%
Benefits, claims, losses and settlement expenses
53
52
(2)%
53
—%
Remeasurement (gains) losses of future policy benefit reserves
6
(6
)
NM
31
81%
Change in fair value of market risk benefits
—
—
—%
—
—%
Amortization of deferred acquisition costs
—
—
—%
—
—%
Interest and debt expense
2
1
NM
4
50%
General and administrative expense
7
6
(17)%
5
(40)%
Adjusted operating expenses
64
50
(28)%
91
30%
Pretax adjusted operating earnings (loss)
$
3
$
21
(86)%
$
(22
)
NM
Long Term Care Policyholder Reserves, net of reinsurance
$
2,632
$
2,539
4%
$
2,643
—%
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Corporate Segment Adjusted Operating Results
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Fixed Annuities Adjusted Operating Income Statements
Revenues
Management and financial advice fees
$
—
$
—
—%
$
—
—%
Distribution fees
—
1
NM
—
—%
Net investment income
8
8
—%
7
14%
Premiums, policy and contract charges
—
—
—%
—
—%
Other revenues
39
42
(7)%
42
(7)%
Total revenues
47
51
(8)%
49
(4)%
Banking and deposit interest expense
—
1
NM
—
—%
Adjusted operating total net revenues
47
50
(6)%
49
(4)%
Expenses
Distribution expenses
—
—
—%
—
—%
Interest credited to fixed accounts
49
52
6%
51
4%
Benefits, claims, losses and settlement expenses
—
(1
)
NM
—
—%
Remeasurement (gains) losses of future policy benefit reserves
—
—
—%
—
—%
Change in fair value of market risk benefits
—
—
—%
—
—%
Amortization of deferred acquisition costs
1
3
67%
2
50%
Interest and debt expense
1
1
—%
—
—%
General and administrative expense
3
2
(50)%
3
—%
Adjusted operating expenses
54
57
5%
56
4%
Pretax adjusted operating earnings (loss)
$
(7
)
$
(7
)
—%
$
(7
)
—%
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Eliminations (1) Adjusted Operating Results
(in millions, unaudited)
4 Qtr 2025
4 Qtr 2024
% Better/
(Worse)
3 Qtr 2025
% Better/
(Worse)
Revenues
Management and financial advice fees
$
(42
)
$
(41
)
(2)%
$
(41
)
(2)%
Distribution fees
(316
)
(305
)
(4)%
(306
)
(3)%
Net investment income
(20
)
(21
)
5%
(23
)
13%
Premiums, policy and contract charges
(9
)
(8
)
(13)%
(8
)
(13)%
Other revenues
—
(1
)
NM
—
—%
Total revenues
(387
)
(376
)
(3)%
(378
)
(2)%
Banking and deposit interest expense
(8
)
(8
)
—%
(9
)
(11)%
Adjusted operating total net revenues
(379
)
(368
)
(3)%
(369
)
(3)%
Expenses
Distribution expenses
(337
)
(328
)
3%
(327
)
3%
Interest credited to fixed accounts
—
—
—%
—
—%
Benefits, claims, losses and settlement expenses
(4
)
(8
)
(50)%
(8
)
(50)%
Remeasurement (gains) losses of future policy benefit reserves
—
—
—%
—
—%
Change in fair value of market risk benefits
—
—
—%
—
—%
Amortization of deferred acquisition costs
—
—
—%
—
—%
Interest and debt expense
(12
)
(12
)
—%
(15
)
(20)%
General and administrative expense
(26
)
(20
)
30%
(19
)
37%
Adjusted operating expenses
(379
)
(368
)
3%
(369
)
3%
Pretax adjusted operating earnings (loss)
$
—
$
—
—%
$
—
—%
(1) The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses.
NM Not Meaningful - variance equal to or greater than 100%
Ameriprise Financial, Inc.
Capital Information
(in millions, unaudited)
December 31,
2025
December 31,
2024
September 30,
2025
Long-term Debt Summary
Senior notes
$
3,100
$
2,850
$
3,100
Finance lease liabilities
—
9
1
Other (1)
(23
)
(17
)
(24
)
Total Ameriprise Financial long-term debt
3,077
2,842
3,077
Non-recourse debt of consolidated investment entities
2,585
2,429
2,607
Total long-term debt
$
5,662
$
5,271
$
5,684
Total Ameriprise Financial long-term debt
$
3,077
$
2,842
$
3,077
Finance lease liabilities
—
(9
)
(1
)
Other (1)
23
17
24
Total Ameriprise Financial long-term debt excluding finance lease liabilities and other
$
3,100
$
2,850
$
3,100
Total equity (2)
$
6,549
$
5,228
$
6,455
Equity of consolidated investment entities
(1
)
(1
)
(1
)
Total equity excluding CIEs
$
6,548
$
5,227
$
6,454
Total Ameriprise Financial capital
$
9,626
$
8,070
$
9,532
Total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs
$
9,648
$
8,077
$
9,554
Debt to capital
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital
32.0
%
35.2
%
32.3
%
Total Ameriprise Financial long-term debt to total Ameriprise Financial capital excluding finance lease liabilities, other and equity of CIEs (2)
32.1
%
35.3
%
32.4
%
(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
(2) Includes accumulated other comprehensive income, net of tax.
Ameriprise Financial, Inc.
Consolidated Balance Sheets
(in millions, unaudited)
December 31,
2025
December 31,
2024
Assets
Cash and cash equivalents
$
9,953
$
8,149
Cash of consolidated investment entities
150
373
Investments
58,406
56,423
Investments of consolidated investment entities
2,618
2,387
Market risk benefits
2,274
2,182
Separate account assets
80,044
78,114
Receivables
14,920
14,472
Receivables of consolidated investment entities
30
31
Deferred acquisition costs
2,625
2,677
Restricted and segregated cash and investments
1,055
1,444
Other assets
18,829
15,149
Other assets of consolidated investment entities
—
2
Total Assets
$
190,904
$
181,403
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
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
159
314
Total Liabilities
184,355
176,175
Equity
Ameriprise Financial
Common shares ($.01 par)
3
3
Additional paid-in capital
10,377
10,141
Retained earnings
27,662
24,713
Treasury stock
(30,601
)
(27,721
)
Accumulated other comprehensive income, net of tax
(892
)
(1,908
)
Total Equity
6,549
5,228
Total Liabilities and Equity
$
190,904
$
181,403
Ameriprise Financial, Inc.
Reconciliation Table: Earnings
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%.
Ameriprise Financial, Inc.
Reconciliation Table: Earnings
Year-to-date
December 31,
% Better/
(Worse)
Per Diluted Share
Year-to-date
December 31,
% Better/
(Worse)
(in millions, except per share amounts, unaudited)
2025
2024
2025
2024
Net income
$
3,563
$
3,401
5%
$
36.28
$
33.05
10%
Adjustments:
Net realized investment gains (losses) (1)
(8
)
(21
)
(0.08
)
(0.20
)
Market impact on non-traditional long-duration products (1)
(366
)
(153
)
(3.73
)
(1.49
)
Mean reversion-related impacts (1)
1
1
0.01
0.01
Net income (loss) attributable to 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%
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%.
Ameriprise Financial, Inc.
Reconciliation Table: Pretax Adjusted Operating Earnings
Quarter Ended December 31,
(in millions, unaudited)
2025
2024
Total net revenues
$
4,960
$
4,501
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
Total expenses
$
3,668
$
3,149
Adjustments:
CIEs expenses
42
53
Market impact on non-traditional long-duration products
45
(172
)
Adjusted operating expenses
$
3,581
$
3,268
Pretax income
$
1,292
$
1,352
Pretax adjusted operating earnings
$
1,335
$
1,195
Pretax income margin
26.0
%
30.0
%
Pretax adjusted operating margin
27.2
%
26.8
%
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended
December 31, 2024
(in millions, unaudited)
GAAP
Adjusted
Operating
Pretax income
$
1,352
$
1,195
Income tax provision
$
281
$
248
Effective tax rate
20.8
%
20.8
%
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Quarter Ended
December 31, 2025
(in millions, unaudited)
GAAP
Adjusted
Operating
Pretax income
$
1,292
$
1,335
Income tax provision
$
284
$
292
Effective tax rate
22.0
%
21.9
%
Ameriprise Financial, Inc.
Reconciliation Table: Effective Tax Rate
Year-to-date
December 31, 2025
(in millions, unaudited)
GAAP
Adjusted
Operating
Pretax income
$
4,504
$
4,877
Income tax provision
$
941
$
1,019
Effective tax rate
20.9
%
20.9
%
Ameriprise Financial, Inc.
Reconciliation Table: Long Term Care Adjusted Operating Earnings
Year-to-date
December 31, 2025
(in millions, unaudited)
Long Term Care
Pretax adjusted operating earnings
$
2
Unlocking
(26
)
Pretax adjusted operating earnings, excluding unlocking
$
28
Ameriprise Financial, Inc.
Reconciliation Table: 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
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 (2)
53.2
%
51.6
%
(1) Adjustments reflect the sum of after-tax net realized investment gains or losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%.
(2) Adjusted operating return on equity, excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity, excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%.