Ameriprise Financial Reports First Quarter 2026 Results

Ameriprise Financial, Inc. (NYSE:AMP):

Raised Quarterly Dividend 6 Percent

First quarter 2026 GAAP results included unfavorable market impacts on the valuation of derivatives and market risk benefits, while the prior-year quarter included larger unfavorable market impacts on the valuation of derivatives and market risk benefits.

Advice & Wealth Management generated strong performance with pretax adjusted operating earnings of $951 million, up 20 percent, with a margin of 30.0 percent. Pretax adjusted operating earnings included a $25 million benefit due to the termination of the Comerica Bank relationship. Core distribution earnings increased in the mid-30 percent range, excluding the benefit from Comerica, resulting from strong operating fundamentals, while spread earnings were essentially flat.

Adjusted operating net revenues increased 14 percent to $3.2 billion reflecting strong client engagement in holistic financial planning and advice relationships. Wrap net inflows and market appreciation contributed to growth in fee-based revenues, while increased sales of annuity products and brokerage transactions drove strong transactional activity.

Adjusted operating expenses increased 12 percent to $2.2 billion, primarily driven by distribution expenses. General and administrative expenses increased $15 million to $439 million, primarily driven by volume-related expenses and investments for growth.

The company delivered strong asset growth and higher advisor productivity, reflecting the strength of the Ameriprise client experience and the company's focus on industry-leading tools, solutions and support.

• Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.2 million, up 10 percent. The company added 61 experienced advisors in the quarter.
• Total client assets grew $126 billion, or 12 percent, to $1.1 trillion and wrap assets increased $91 billion, or 16 percent, to $664 billion driven by organic growth and advisor productivity in a higher but more volatile market environment.
• Client flows were $4.2 billion and wrap flows were $6.0 billion in the quarter. This reflected strong underlying organic activity, partially offset by elevated advisor departures, including an acceleration of Comerica advisors.
• Transactional activity increased 10 percent compared to the prior year.
• Cash sweep balances were stable at $29.4 billion compared to $29.9 billion in the prior quarter, reflecting normal seasonal patterns.
• Bank assets increased 6 percent to $25.5 billion, with bank earnings increasing in the mid-single digits percent.

Asset Management adjusted operating net revenues were $910 million. Pretax adjusted operating earnings increased 13 percent to $273 million reflecting asset growth and the positive impact from expense management actions. Net pretax adjusted operating margin increased to 44 percent. The underlying fee rate remained stable.

Adjusted operating expenses increased 5 percent. General and administrative expenses increased 4 percent driven by volume-related expenses and an unfavorable foreign exchange impact.

Assets under management and advisement increased 8 percent to $706 billion. Investment performance remained strong, most notably with more than 70 percent of retail funds above median versus peers on an asset-weighted basis across 1-, 3- and 5-year periods and 85 percent for the 10-year period. In addition, 95 Columbia Threadneedle funds globally earned four- or five-star ratings from Morningstar.

Net outflows were $5.9 billion, reflecting an improvement in both retail and institutional channels.

• Retail and model delivery net outflows improved to $3.9 billion, primarily reflecting higher gross sales in the U.S.
• Institutional net outflows improved to $1.2 billion. Stronger gross sales in the quarter included notable wins in Japan equity and liability-driven investment strategies.
• Outflows related to legacy insurance partners were $0.8 billion.

Retirement & Protection Solutions pretax adjusted operating earnings were $190 million, reflecting higher distribution expenses associated with strong sales levels and continued outflows from variable annuities with living benefits, partially offset by higher average equity markets. We continue to expect earnings to be in our target range over time.

Retirement & Protection Solutions sales increased 10 percent to $1.3 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.

Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $79 million.

Long Term Care pretax adjusted operating earnings were $7 million in the quarter, a continuation of a solid performance trend.

Fixed Annuities pretax adjusted operating loss was $9 million.

Taxes

The operating effective tax rate was 20.2 percent for the first quarter. The operating effective tax rate is expected to be 20 to 22 percent for the full year 2026.

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:

• statements of the company's plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities;
• other statements about future economic performance, the performance of equity markets and interest rate forecasts or variations, and the economic performance of the United States and of global markets; and
• statements regarding the expected earnings for our Retirement and Protection Solutions segment;
• statements estimating the expected full year 2026 operating effective tax rate; and
• statements of assumptions underlying such statements.

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, 2025 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-Q for the period ended March 31, 2026.

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

JD Power 2026 U.S. Investor Satisfaction Study^SM recognition is based on feedback provided by investors, including 399 Ameriprise Financial clients, about their primary wealth management firm. Data was collected January 2025 through January 2026, resulting in 7,982 completed surveys overall among advised investors. Ameriprise Financial ranked third among advised investors in overall satisfaction. This ranking is not indicative of future performance or representative of any one client's experience, which may vary. Ameriprise did not pay a fee to be evaluated but did pay a fee to review and publicly cite the results. For more information: https://www.jdpower.com/business/investor-satisfaction-study.

Barron's: March 2, 2026

Barron's Best Fund Families Methodology Barron's evaluates fund families based on the asset‑weighted returns of their actively managed funds relative to peers in their respective Lipper categories. Key components of the methodology include:

• Each fund's performance is ranked within its LSEG Lipper category on a percentile basis.
• Rankings are asset‑weighted relative to the fund family's other assets in its general classification, meaning larger funds have a proportionally greater impact on a firm's overall score.
• Excluded from consideration are index funds, but actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies, are included.
• Finally, the score is multiplied by the weighting of its general classification, as determined by the Lipper universe of funds.

To qualify, a firm must offer a minimum number of funds across equity and fixed income categories.