
Ameriprise Financial
Third Quarter 2026 Conference Call October 29, 2026
© 2026 Ameriprise Financial, Inc. All rights reserved.
Consolidated ResultsGAAP | 2026 | Quarter-Ended September 30, 2025 Better/(Worse) | |
Net Revenues ($M) | $5,117 | $4,791 | 7% |
Expenses ($M) | $3,690 | $3,617 | (2)% |
Net Income ($M) | $1,126 | $912 | 23% |
Diluted EPS | $12.32 | $9.33 | 32% |
Return on Equity, ex. AOCI (1) | 55.2% | 50.9% | 430 bps |
2026 | Year-To-Date September 30, 2025 Better/(Worse) | |
$14,869 | $13,520 | 10% |
$10,856 | $10,308 | (5)% |
$3,154 | $2,555 | 23% |
$33.95 | $25.83 | 31% |
55.2% | 50.9% | 430 bps |
Adjusted Operating | 2026 | Quarter-Ended September 30, 2025 Better/(Worse) | |
Net Revenues ($M) | $5,075 | $4,733 | 7% |
Expenses ($M) | $3,772 | $3,491 | (8)% |
Earnings ($M) | $1,029 | $965 | 7% |
Diluted EPS | $11.26 | $9.87 | 14% |
Return on Equity, ex. AOCI (1) | 55.3% | 52.8% | 250 bps |
2026 | Year-To-Date September 30, 2025 Better/(Worse) | |
$14,748 | $13,377 | 10% |
$10,778 | $9,835 | (10)% |
$3,121 | $2,815 | 11% |
$33.60 | $28.46 | 18% |
55.3% | 52.8% | 250 bps |
Adjusted Operating, excluding Unlocking (2) | 2026 | Quarter-Ended September 30, 2025 Better/(Worse) | |
Net Revenues ($M) | $5,074 | $4,613 | 10% |
Expenses ($M) | $3,677 | $3,365 | (9)% |
Earnings ($M) | $1,103 | $970 | 14% |
Diluted EPS | $12.07 | $9.92 | 22% |
Return on Equity, ex. AOCI (1) | 56.2% | 52.8% | 340 bps |
2026 | Year-To-Date September 30, 2025 Better/(Worse) | |
$14,747 | $13,257 | 11% |
$10,683 | $9,709 | (10)% |
$3,195 | $2,820 | 13% |
$34.39 | $28.51 | 21% |
56.2% | 52.8% | 340 bps |
Calculated on a trailing 12-month basis.
Unlocking impacts reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.
Walter Berman
Chief Financial Officer
Strong financial results demonstrate our continued focus on profitable growth and benefits of our integrated modelAdjusted operating earnings per diluted share increased 22% to $12.07(1) and adjusted operating earnings increased 14% to $1.1 billion(1) driven by:
Total assets under management, administration and advisement increased 8% to $1.8 trillion
Adjusted operating net revenues increased 10% to $5.1 billion(1)
General and administrative expenses increased 3% to $975 million primarily from volume-related expenses and investments for growth
Pretax adjusted operating margin was strong at 28%(1)
Balance sheet fundamentals remain strong
Excess capital of $2.0 billion and holding company available liquidity of $2.3 billion
Returned 93% of adjusted operating earnings(1) to shareholders through share repurchases and dividends, including the repurchase of 1.6 million shares in the quarter
(1) Results exclude unlocking impacts which reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.
Wealth Management delivered excellent and sustainable financial resultsPretax Adjusted Operating Earnings
12%
$881
$989
$ in millions
Q3 2025 Q3 2026
Pretax Adjusted Operating Margin
29.5%
Q3 2025 Q3 2026
Revenue increased 13% to $3.4 billion
Total expenses increased by 13%
Distribution expense up 15%, with advisor compensation up in line with advisor-driven revenues
29.3%
(20) bps
G&A increased 4% from volume-related expenses and continued growth investments
Pretax adjusted operating earnings increased 12% to $989 million and margin remained strong at 29%
Core distribution earnings increased more than 20% and represented the majority of segment earnings, benefiting from higher client assets and advisory fees, strong activity levels and well-controlled expenses
Cash earnings were essentially flat with Bank earnings up in the mid-single-digit percent range
Our underlying business fundamentals coupled with strong operating and technology capabilities are foundational in driving sustained profitable growth
Total Wrap Assets
12%
$650
$729
$ in billions
Q3 2025 Q3 2026
Total client assets grew 8%, or $93 billion, to $1.2 trillion and wrap assets increased 12%, or $79 billion, to
$729 billion driven by solid organic growth, strong advisor productivity and equity market appreciation
Excluding Comerica, client net inflows were up 56% to
$5.3 billion and wrap net inflows were up 38% to $6.6 billion
Consistent same store sales levels in the 4% range
Added 79 experienced advisors
Advisor retention remains strong
Financial institutions partnerships remain an important source of growth
$28 billion of assets from Huntington will transition in Q4 2026 and Q1 2027
An additional $4 billion of client assets related to Huntington's acquisition of Cadence Bank will come onto our platform in mid-2027
Total client cash was down 5% to $81 billion primarily driven by third-party money market funds
Cash sweep balances were stable at $27 billion
Bank assets increased 2% to $25 billion
Advice & Wealth
fundamentals to
Total Client Assets
$ in billions
8%
Q3 2025
Q3 2026
$1,138
$1,231
Adjusted Operating Total Net Revenue
$ in millions
Q3 2025 Q3 2026
Pretax Adjusted Operating Earnings
9%
$906
$990
$260
$308
18%
$ in millions
Q3 2025 Q3 2026
Total Assets Under Management and Advisement increased 4% to $743 billion
Revenue increased 9% to $990 million reflecting solid asset growth and a consistent fee rate of 48 basis points
Total expenses increased 6%
Distribution expenses increased 11%
G&A expenses in the quarter were up 2% driven by higher compensation expense and volume-related expenses
Pretax adjusted operating earnings increased 18% to $308 million
Net pretax adjusted operating margin improved to 46%
Adjusted Operating Total Net Revenue(1)
$ in millions
Pretax Adjusted Operating Earnings(1)
$ in millions
Adjusted operating revenue increased 1% to $997 million(1) due to higher variable annuity account balances
Pretax adjusted operating earnings were $198 million(1) reflecting:
(1)%
$198
$200
Continued market appreciation and favorable life claims
Impacts from VA outflows and higher distribution expenses related to strong structured annuity sales
Sales increased 24% to $1.8 billion, providing important solutions for our wealth management clients
Estimated RBC ratio of 462% and hedge effectiveness of 97%
The company completed its annual actuarial assumption update, which resulted in an unfavorable after-tax impact of
$74 million on an adjusted operating basis. These businesses continue to perform in line with expectations.
1%
$997
$985
Q3 2025 Q3 2026 Q3 2025 Q3 2026
(1) Results exclude unlocking impacts which reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.
Differentiated capital return to shareholders supports best-in-class ROE of 56%(1)Return on Equity(1)
56%
53%
Q3 2025 Q3 2026
Capital Returned to Shareholders
24%
2,338
2,894
$ in millions
YTD Q3 2025 YTD Q3 2026
Sustainability of capital return to shareholders is supported by strong fundamentals
Holding company available liquidity of $2.3 billion
Excess capital position of $2.0 billion
Diversified, AA- rated investment portfolio is well positioned to navigate potential stress scenarios
Diversified and durable cash flow streams with ~90% free cash flow generation
Accelerated capital return by 24% to $2.9 billion on a year-to-date basis
In the quarter, returned $1.0 billion of capital to shareholders, which was 93% of operating earnings(1)
Announced a new share repurchase authorization of
$5.5 billion through September 30, 2028
Strong ERM capability and decisioning framework position us well to navigate stress and continue investing for
# Shares Repurchased
Average
Price
3.7M 4.9M
$508 $491
growth
(1) Results exclude AOCI and unlocking impacts which reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.
Our approach delivers sustained profitable growthOne Year Performance (TTM Q3 2026 vs TTM Q3 2025)
+11%
Revenue Growth(1)
+19%
EPS
Growth(2)
+340 bps Increase in Return on Equity, ex.
AOCI(1)
$3.9 billion Capital Returned to Shareholders
Five Year Performance (TTM Q3 2026 vs TTM Q3 2021)
+8%
Revenue CAGR(3)
Data on a trailing 12-month basis, except 5-year capital return.
+17% EPS CAGR(3)
+680 bps Increase in Return on Equity, ex.
AOCI(3)
$14.7 billion Capital Returned to Shareholders
Results exclude unlocking impacts which reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.
© 2026 Ameriprise Financial, Inc. All rights reserved.
Results exclude unlocking, severance and mark-to-market impact on share-based compensation expense in both periods. 11
Results exclude unlocking impacts. 2020 financial results have not been recast to reflect adoption of long duration targeted investments (LDTI).
Adjusted Operating Earnings Per Diluted Share
(in millions, except per share amounts, unaudited) | Quarter Ended September 30, 2026 2025 | % Better/ (Worse) | Per Diluted Share Quarter Ended September 30, 2026 2025 | % Better/ (Worse) | ||||
Net income | $ 1,126 | $ 912 | 23% | $ 12.32 | $ 9.33 | 32% | ||
Adjustments: | ||||||||
Net realized investment gains (losses) (1) | 7 | 11 | 0.08 | 0.11 | ||||
Market impact on non-traditional long-duration products (1) | 128 | (82) | 1.40 | (0.84) | ||||
Mean reversion-related impacts (1) | 1 | - | 0.01 - | |||||
Integration/restructuring charges (1) | (11) | - | (0.12) | - | ||||
Net income (loss) attributable to consolidated investment entities | (1) | 3 | (0.01) | 0.03 | ||||
Tax effect of adjustments (2) | (27) | 15 | (0.30) | 0.16 | ||||
Adjusted operating earnings | $ 1,029 | $ 965 | 7% | $ 11.26 | $ 9.87 | 14% | ||
Annual unlocking | (74) | (5) | (0.81) | (0.05) | ||||
Adjusted operating earnings, excluding unlocking | $ 1,103 | $ 970 | 14% | $ 12.07 $ 9.92 | 22% | |||
Weighted average common shares outstanding: | ||||||||
Basic | 90.3 | 96.3 | ||||||
Diluted | 91.4 | 97.8 | ||||||
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.
NM Not Meaningful - variance equal to or greater than 100%
Reconciliation tablesPretax Adjusted Operating Earnings
(in millions, unaudited) | Quarter Ended September 30, 2026 2025 | % Better/ (Worse) | |
Total net revenues | $ 5,117 | $ 4,791 | 7% |
Adjustments: | |||
Net realized investment gains (losses) | 7 | 11 | |
Market impact on non-traditional long-duration products | 1 | 1 | |
Mean Reversion related impacts | 1 | (1) | |
Revenues attributable to the CIEs | 33 | 47 | |
Adjusted operating total net revenues | $ 5,075 | $ 4,733 | 7% |
Annual unlocking | 1 120 | ||
Adjusted operating total net revenues, excluding unlocking | $ 5,074 $ 4,613 | 10% | |
Total expenses | $ 3,690 | $ 3,617 | (2)% |
Adjustments: | |||
Expenses attributable to the CIEs | 34 | 44 | |
Integration/restructuring charges | 11 | - | |
Market impact on non-traditional long-duration products | (127) 83 | ||
Mean reversion-related impacts | - (1) | ||
Adjusted operating expenses | $ 3,772 | $ 3,491 | (8)% |
Annual unlocking | 95 126 | ||
Adjusted Operating expenses, excluding unlocking | $ 3,677 $ 3,365 | (9)% | |
Pretax income | $ 1,427 | $ 1,174 | |
Pretax adjusted operating earnings | $ 1,303 | $ 1,242 | 5% |
Pretax adjusted operating earnings, excluding unlocking | $ 1,397 | $ 1,248 | 12% |
Pretax income margin | 27.9 % | 24.5 % | |
Pretax adjusted operating margin | 25.7 % | 26.2 % | |
Pretax adjusted operating margin, excluding unlocking | 27.5 % | 27.1 % | |
Adjusted Operating Earnings Per Diluted Share
(in millions, except per share amounts, unaudited) | Twelve Months ending September 30, 2026 2025 | % Better/ (Worse) | Per Diluted Share Twelve Months September 30, 2026 2025 | % Better/ (Worse) | ||
Total net revenues | $ 19,829 | $ 18,021 | ||||
Adjustments: Net realized investment gains (losses)(1) | 8 | (21) | ||||
Market impact on non-traditional long-duration products(1) | 2 | 7 | ||||
Mean Reversion related impacts(1) | 1 | - | ||||
CIEs revenue | 154 | 195 | ||||
Adjusted operating total net revenues | $ 19,664 | $ 17,840 | ||||
Annual unlocking | 1 | 120 | ||||
Adjusted operating total net revenues, excluding Unlocking | $ 19,663 | $ 17,720 | 11% | |||
Net income | $ 4,162 | $ 3,626 | 15% | $ 44.45 $ 36.47 | 22% | |
Adjustments: | ||||||
Net realized investment gains (losses)(1)(2) | 8 | (21) | 0.09 (0.21) | |||
Market impact on non-traditional long-duration products(1)(2) | 7 | (154) | 0.15 (1.55) | |||
Mean reversion-related impacts(1)(2) | 2 | 1 | 0.02 0.01 | |||
Integration/restructuring charges(1)(2) | (12) | - | (0.13) - | |||
Net income (loss) attributable to consolidated investment entities | (4) | 1 | (0.04) 0.01 | |||
Tax effect of adjustments(2) | (3) | 37 | (0.06) 0.37 | |||
Adjusted operating earnings | $ 4,164 | $ 3,762 | 11% | $ 44.42 $ 37.84 | 17% | |
Pretax impact of annual unlocking | (94) | (6) | (1.03) (0.06) | |||
Tax effect of annual unlocking(2) | 20 | 1 | 0.22 0.01 | |||
Adjusted operating earnings, excluding annual unlocking | $ 4,238 | $ 3,767 | 13% | $ 45.23 $ 37.89 | 19% | |
Pretax impact of severance and mark-to-market impact on share-based compensation expense | - | (20) | - (0.20) | |||
Tax effect of severance and mark-to-market on share-based compensation expense | - | 2 | - 0.02 | |||
Adjusted operating earnings, excluding unlocking, severance, and mark-to-market impact on share-based compensation expense | $ 4,238 | $ 3,785 | 12% | $ 45.23 $ 38.07 | 19% | |
Weighted average common shares outstanding | ||||||
Basic | 92.6 | 97.9 | ||||
Diluted | 93.8 | 99.5 | ||||
(1) Pretax adjusted operating adjustment.
(2) Ca©lcul2at0ed2u6sinAgmtheesrtiapturtiosryetaFx irnatae nofc2i1a%l,. Inc. All rights reserved. 15
Reconciliation tablesAdjusted Operating Earnings Per Diluted Share
(in millions, except per share amounts, unaudited) | Twelve Months ending September 30, 2026 2021 | CAGR | Per Diluted Share Twelve Months September 30, 2026 2021 | CAGR | ||
Total net revenues | $ 19,829 | $ 12,818 | ||||
Adjustments: | ||||||
Net realized investment gains (losses)(1) | 8 | 86 | ||||
Market impact on non-traditional long-duration products(1) | 2 | 22 | ||||
Mean Reversion related impacts(1) | 1 | 1 | ||||
Market impact of hedges on investments(1) | - | (40) | ||||
Block transfer reinsurance transaction impacts(1) | - | (644) | ||||
CIEs revenue | 154 | 111 | ||||
Adjusted operating total net revenues | $ 19,664 | $ 13,282 | ||||
Annual unlocking | 1 | 16 | ||||
Adjusted operating total net revenues, excluding Unlocking | $ 19,663 | $ 13,266 | 8% | |||
Net income | $ 4,162 | $ 2,894 | $ 44.45 | $ 23.88 | ||
Adjustments: | ||||||
Net realized investment gains (losses)(1)(2) | 8 | 85 | 0.09 | 0.69 | ||
Market impact on non-traditional long-duration products(1)(2) | 7 | (125) | 0.15 | (1.02) | ||
Mean reversion-related impacts(1)(2) | 2 | 118 | 0.02 | 0.96 | ||
Market impact on hedges on investments(1)(2) | - | (40) | - | (0.33) | ||
Block transfer reinsurance transaction impacts (1)(2) | - | 524 | - | 4.40 | ||
Integration/restructuring charges(1)(2) | (12) | (14) | (0.13) | (0.12) | ||
Net income (loss) attributable to consolidated investment entities | (4) | 4 | (0.04) | 0.04 | ||
Tax effect of adjustments(2) | (3) | (116) | (0.06) | (0.98) | ||
Adjusted operating earnings | $ 4,164 | $ 2,458 | $ 44.42 | $ 20.24 | ||
Pretax impact of annual unlocking | (94) | (113) | (1.03) | (0.94) | ||
Tax effect of annual unlocking(2) | 20 | 24 | 0.22 | 0.20 | ||
Adjusted operating earnings, excluding annual unlocking | $ 4,238 | $ 2,547 | $ 45.23 | $ 20.98 | 17% | |
Weighted average common shares outstanding | ||||||
Basic | 92.6 | 118.9 | ||||
Diluted | 93.8 | 121.5 | ||||
(1) Pretax adjusted operating adjustment.
(2) Calculated using the statutory tax rate of 21%.
Reconciliation tablesAsset Management Net Pretax Adjusted Operating Margin
(in millions, unaudited) | Quarter Ended September 30, 3 Qtr 2026 3 Qtr 2025 | |
Adjusted operating total net revenues | $ 990 | $ 906 |
Distribution pass through revenues | (223) | (202) |
Subadvisory and other pass through revenues | (100) | (112) |
Net adjusted operating revenues | $ 667 | $ 592 |
Pretax adjusted operating earnings | $ 308 | $ 260 |
Adjusted operating net investment income | (8) | (26) |
Amortization of intangibles | 5 | 15 |
Net adjusted operating earnings | $ 305 | $ 249 |
Pretax adjusted operating margin | 31.1 % | 28.7 % |
Net pretax adjusted operating margin (1) | 45.7 % | 42.1 % |
(1) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.
Reconciliation tablesAdjusted Operating Return on Equity
(in millions, unaudited) | Twelve Months Ended September 30, 2026 2025 2021 | ||||
Net income | $ 4,162 | $ 3,626 | $ 2,894 | ||
Less: Adjustments (1) | (2) | (136) | 436 | ||
Adjusted operating earnings | $ 4,164 | $ 3,762 | $ 2,458 | ||
Less: Annual unlocking (2) | (74) | (5) | (89) | ||
Adjusted operating earnings, excluding Unlocking | $ 4,238 | $ 3,767 | $ 2,547 | ||
Total Ameriprise Financial, Inc. shareholders' equity | $ 6,138 | $ 5,781 | $ 5,101 | ||
Less: Accumulated other comprehensive income, net of tax | (1,397) | (1,347) | (56) | ||
Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI | 7,535 | 7,128 | 5,157 | ||
Less: Equity impacts attributable to the consolidated investment entities | (1) | - | 2 | ||
Adjusted operating equity | $ 7,536 | $ 7,128 | $ 5,155 | ||
Return on equity excluding AOCI | 55.2 % | 50.9 % | 56.1 % | ||
Adjusted operating return on equity, excluding AOCI (2) | 55.3 % | 52.8 % | 47.7 % | ||
Adjusted operating return on equity, excluding AOCI and unlocking (2) | 56.2 % | 52.8 % | 49.4 % | ||
(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%.
Mature LTC block: last policy sold in 2002, average age 83We have a high-quality, mature closed block of business sold through our advisor network to our Wealth Management clients
Over 90% of policies have credible experience for their current attained age, which results in limited potential exposure
LTC sensitivities results remain within manageable levels, consistent with prior years
Potential additional risk mitigation strategies around rate increases and benefit reductions
Over 75% reduction in policy count with >70% terminating without claim
(Policy Count in Thousands)
Over 90% of policies have credible experience for their current attained age
Expect 2/3 of existing policies will run off over the next 10 years
Policies Issued Closed without
Claim
Closed with Claim
Policy Count as Expected
of 9-30-26 Policies in 2036
267
21
66
50
150
Data as of 9-30-26 | Total Block |
Issue Years | 1989-2002 |
# of Policies | 66,000 |
Average Attained Age of ALR / DLR | 83 / 87 |
% with Lifetime Benefits | 43% |
Statutory Reserves (ex. $0.3B of discretionary reserves) | $2.5 billion |
Average approved cumulative rate increases | 231% |
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