2025 Annual Report
1 This Annual Report to Shareholders contains certain non-GAAP financial measures that management believes best reflect the underlying performance of our operations. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are located in the disclosure section. With regard to unlocking, the impacts are non-cash in nature and reflect the company's annual review of market-related inputs and model changes related to our market risk benefits valuation, insurance and annuity valuation assumptions relative to current experience and management expectations. To the extent that expectations change as a result of this review, the company updates its assumptions and models and the impact is reflected as part of annual unlocking.
JAMES M. CRACCHIOLO
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Dear fellow shareholders,
2025 was a distinctive and meaningful year for Ameriprise Financial as we recognized the 20th anniversary of our listing as a public company on the New York Stock Exchange. Gaining our independence in 2005 was a defining moment — one that empowered us to chart our own path, establish the Ameriprise Financial brand and elevate our position in the marketplace as a world-class firm.
Two decades later, our purpose remains strong. We’ve transformed and grown to become a leading, global financial services company dedicated to helping people feel confident about their financial future.
Throughout our 132-year history, we have remained steadfast in our mission while continuously evolving, innovating and adapting to better serve clients and create value for all our stakeholders.
This disciplined and consistent management approach was core to our performance in 2025, when we built on our progress and delivered record financial performance and strong asset growth that reflected the focused execution of our strategic priorities.
In the following pages, I will provide an overview of our business, highlight key achievements and outline actions we’re taking to capture the opportunities ahead.
2025 — a record year of financial performance
2025 was a year of solid growth and strategic progress for Ameriprise. We navigated the fluid global market environment, as well as the uncertainty of U.S. economic and tariff policy that led the U.S. Federal Reserve to further ease short-term interest rates. Inflation remained stubbornly above the Fed’s target and consumer confidence was weak, yet equity markets overall were quite positive.
In this environment, Ameriprise posted new records across a number of important areas. We experienced good client asset growth with total assets under management, administration and advisement increasing 11% to a new high of $1.7 trillion.
From a financial perspective, adjusted operating results were strong, reflecting the depth of our client relationships and breadth of our capabilities. Ameriprise generates multiple fee-, spread- and transaction-based revenue streams that we use to invest in the business and return to shareholders.
- Revenues grew by 6% to $18.2 billion from client inflows, consistently strong transactional activity and higher markets.
- Earnings increased nicely to $3.9 billion, reflecting solid business results and continued expense discipline, with earnings per diluted share growing 12% to $39.34.
- Return on equity, excluding unlocking, remained best-in-class at 53.3%, up 60 basis points.
These excellent results reflect how we remained focused on driving organic growth, maintaining expense discipline and reinforcing our differentiated capital return to shareholders.
Shareholders benefit from the consistency of our management approach demonstrated over decades
Regardless of the operating environment, Ameriprise takes a long-term view, and we don’t alter our strategy based on short-lived external factors. We make substantial multi-year investments to drive business growth — including in our top-tier client experience, product solutions, cybersecurity and technology — focusing on delivering value to more than 3.5 million individual, institutional and small business clients. And we work side-by-side with our financial advisors to serve clients and help them grow their practices and productivity.
Our thoughtful, consistent management approach is complemented by our spirit for always innovating and transforming to become better, which is underpinned by our three key management principles of stewardship, leadership excellence and operational efficiency.
Ameriprise Financial – a track record of shareholder value creation spanning two decades
Over the past 20 years, we’ve established Ameriprise as a leading wealth and global asset manager with a differentiated, high-quality insurance capability. Our strategic transformation drove an earnings mix shift led by our low-capital, fee-based businesses.
As you look at our shareholder value creation over that time, we’ve established a strong track record of generating and preserving shareholder value across market and economic cycles. And that consistency is reflected in Ameriprise delivering the No. 1 total shareholder return in the S&P 500 Financials Index since our spin-off.*
Results represent adjusted operating, excluding unlocking. See reconciliations.
Ameriprise Financial: One of TIME’s Most Iconic Companies
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Highest-ranked diversified financial services firm
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Being named in the Top 50 underscores the dedication of our talented, global team and our unwavering commitment to clients, innovation and excellence
Clients consistently rate their experience with Ameriprise
4.9/5
Wealth Management — a long-term growth driver
Core to Ameriprise is our Wealth Management business, which has long been a leader in financial planning and advice in the United States. Our complementary businesses – asset management, insurance and our bank – serve as high-quality solution providers to help meet the comprehensive needs of our Wealth Management clients.
We are leveraging the breadth of these capabilities to deliver strong results while continuing to invest to drive organic growth. Supported by the strength of our financial foundation, we’re making significant enterprise-wide investments in our top-tier technology ecosystem, including in AI and cloud infrastructure. We’re also expanding our product solutions and further building upon our digital capabilities and award-winning service.
Our continued investment in our client experience is generating good results. Client satisfaction remains excellent with clients consistently rating Ameriprise 4.9 out of 5. We are proud of these results and remain focused on delivering an exceptional experience for both clients and advisors.
In 2025, we advanced our Wealth Management platform with several important product launches, including in investment advisory and the Bank. These enhancements helped generate strong transactional activity, asset growth and good client flows.
Business highlights included:
- Robust client acquisition across asset tiers, particularly within our target market of investors with $500,000 to $5 million in investable assets
- Total client flows of more than $31 billion, largely into investment advisory wrap
- Client assets grew 13% to a record $1.2 trillion, with our wrap platform up 17% to $670 billion — one of the largest in the industry
- Advisor productivity reached new highs of $1.1 million in adjusted operating net revenue per advisor
- Continued strong advisor retention and satisfaction
- Record digital adoption and engagement on our award-winning mobile app
A key enhancement to drive growth was the midyear launch of the Ameriprise® Signature Wealth Program — a powerful new flexible unified managed account. It has proven to be one of the firm’s most successful product debuts, and it is just getting established as our advisors begin to incorporate it into their practices. Advisors are seeing real value in the enhanced personalization, automated portfolio rebalancing and reporting.
The Ameriprise advisor force grew to more than 10,500 at year end. And a central driver of our advisor satisfaction and retention is our industry-leading technology and systems that support advisor practice growth. We combine integrated client relationship management capabilities, extensive digital offerings, robust cybersecurity and data-driven analytics and AI tools – all designed to reinforce the strength of the advisor client experience.
Our best-in-class service also remains a key competitive advantage. Once again, we were recognized by J.D. Power for delivering an “outstanding customer experience” for phone support to clients and advisors.
Ameriprise Bank, FSB, is another important contributor within Wealth Management. We are growing our lending book, driven by our pledge business, while thoughtfully building out our broader lending and deposit capabilities over the past few years. In 2025, we launched new bank CDs that complement our certificate business, as well as home equity loans and checking accounts.
We are also extending our leading advisor experience to include partnerships with regional banks and credit unions to enhance their wealth management offerings by leveraging our deep expertise, robust product platform and best-in-class financial advisor and client technology. We’ve driven solid growth in our financial institutions business since its launch, and we see good opportunity to expand it further.
With our extensive, premium advisor support, trusted reputation and leading technology and tools, Ameriprise remains a top destination in the advisor recruiting marketplace.
Recruiting momentum was strong, especially in the second half of the year. In total, 336 experienced advisors joined Ameriprise in 2025, underscoring the strength of our advisor value proposition.
We feel very good about our wealth management capabilities, our competitive position and our ability to generate strong financial returns in this business that leads our growth. In 2025:
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Advice & Wealth Management revenues increased 9%, even with the pressure from lower net investment income in our spread business from the decline in interest rates.
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Pretax adjusted operating earnings increased 6%, and we delivered a strong margin of 29.1%.
We have built an excellent wealth management business, and we will continue to build upon it.
Our Ultimate Advisor Partnership is a powerful advisor support model that generates practice growth and drives advisor satisfaction.
PracticeTech® Platform
Industry-leading integrated technology and systems
Advice & Solutions
Extensive suite of products and solutions centered on personal advice
Brand & Marketing
Nationally recognized brand with local turnkey marketing
Service, Operations & Compliance
Top-tier services and systems to help advisors run their practices efficiently and compliantly
Practice Management
Personalized resources to drive efficiencies and increase practice value
Learning & Development
Resources to help advisors and staff grow professionally, operate efficiently and serve clients well
Transition Support
A dedicated team of transition specialists to customize advisors’ plans
Retirement and Protection Solutions – a differentiated advantage
Our insurance and annuity business provides important solutions to help protect clients’ assets and income while generating important free cash flow for Ameriprise.
- It serves as a key client of our asset management business, where we manage the RiverSource® investment portfolio.
- Importantly, clients in planning relationships that include RiverSource annuities and insurance are more satisfied, generate significantly more productivity and stay with the firm longer than those who aren’t.
This is a high-quality business built over decades with a strict focus on risk management with targeted growth opportunities.
Client assets in insurance and annuities remained stable with life insurance in force of $197 billion and variable annuity account balances of $91 billion.
We had a good level of sales in 2025. We continued to see solid interest in variable universal life insurance — where we are a leader — as well as structured annuities and variable annuities without living benefits.
Consistent with our firm-wide priorities, we’re leveraging technology enhancements and improved processes to drive an excellent client experience and enhance operational efficiencies.
In fact, we’ve seen good adoption of e-delivery capabilities within term insurance, variable universal life and annuity products, which we continue to build upon.
And we're using data and analytics to enhance insurance underwriting as our teams work with Wealth Management colleagues to better identify client needs for income and protection and further support advisor productivity.
Shareholders benefit from the consistency of the business’ returns. And we feel good about the risk management characteristics of the books and our ability to thoughtfully grow them as a complement to our larger fee-based opportunities.
RiverSource Insurance and Annuities — a differentiated, high-quality business directly aligned with helping Wealth Management clients protect and grow their assets and income.
Asset Management — a strategic transformation generating efficiencies
In the asset management industry, it’s essential for firms to consistently demonstrate value as fee pressure and client demand for new products, new vehicles and personalization re-shape the marketplace. Our Asset Management business is well positioned for this environment.
Today we manage and advise $721 billion for individuals, institutions and corporate clients around the world. We’re known for our research intensity and innovation. And we’re focused on delivering consistent, competitive investment performance for individual and institutional clients globally.
Flows remained challenged in 2025 but our retail flow rate in the U.S. reflected outperformance in equities and improvement in fixed income. We also had a higher level of institutional outflows during the year but saw a rebound in institutional sales as we finished the year across our three regions of North America, EMEA and Asia Pacific.
As we focus on generating consistent net inflows, we’re expanding beyond traditional mutual funds and growing assets in separately managed accounts (SMAs), tax-efficient strategies, model delivery, alternatives and ETFs. In fact, we’ve been a long-time player and are a top 10 firm for model-delivered SMAs. We have a number of strong track records across strategies and are seeing good interest from our distribution partners.
Expanding our ETF lineup is another important priority. In 2025, we launched active ETFs in Europe and significantly added to our U.S. lineup. We also see an important opportunity to serve more Ameriprise client needs through platforms like the Ameriprise Signature Wealth Program, where Columbia Threadneedle is a key partner and earning a good level of inflows.
Importantly, we drove significant operational improvements globally, leveraging our extensive Ameriprise capabilities, systems and resources, as well as our global footprint. We’re streamlining the organization and utilizing technology and AI to deliver better outcomes and achieve important efficiencies. This includes our work underway to outsource Columbia Threadneedle’s back office to drive efficiencies with continued strong service.
The asset management business continues to generate meaningful financial contributions to Ameriprise. For the year:
- Revenue increased 3%.
- Pretax adjusted operating earnings increased 10%.
- Adjusted operating margin was very strong at 41.0%.
*Investment performance as of Dec. 31, 2025. See source and disclosure information.
The linkages within our business enhance our client experience, support advisor practice growth and generate shareholder value across economic and market cycles.
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Our Wealth Management business is one of the largest in the industry, with clients benefiting from our complementary asset management, insurance and banking capabilities.
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Our Asset Management business extends our distribution reach globally and provides important capabilities and strategic relationships, including to Wealth Management, while also managing the assets of RiverSource and Ameriprise Bank, FSB.
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Enterprise capabilities span across businesses to fully leverage investments that create economies of scale, greater efficiencies and robust enterprise risk and capital management.
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And while we have multiple capabilities, we are one integrated business — one team.
Ameriprise Financial – a foundation of strong balance sheet fundamentals supporting shareholder value
Long-term investors value a clear strategy, proven execution, and financial strength and stability. At Ameriprise, we deliver on all.
Our approach is balanced and time-tested. Through steady investment, disciplined execution and a capital management strategy designed to preserve flexibility, liquidity and excess capital, we continue to generate differentiated returns.
With one of the highest returns in the industry, Ameriprise stands out. Our integrated model generates consistent, scalable free cash flow — giving us the ability to invest for growth and deliver a differentiated level of capital return to shareholders.
In 2025, we were opportunistic and increased our share buyback while also raising our dividend another 8% — the 21st increase over the past 20 years.
In total we returned 88% of our adjusted operating earnings to shareholders in 2025 — our 15th consecutive year of returning nearly 80% or more of our annual earnings to shareholders.
Our track record of best-in-class returns and disciplined capital management are critical to our consistent and exceptional shareholder value creation, as are our efforts to maintain a strong financial foundation — which are core to our management approach and priorities.
Generating shareholder value through
financial strength and consistency
~ 90%
free cash flow generation
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Strong enterprise risk management
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High-quality investment portfolio rated AA-
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Effective hedging through volatile periods and market cycles
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Substantial excess capital and liquidity
Increased our capital return in 2025 to 88% of adjusted operating earnings
Capital return – dividends/repurchase
($ in billions)
Consistently generating a leading ROE
Return on equity
excluding AOCI and unlocking
Maintaining a strong
excess capital position
$2.1B
We are proud of the industry recognition Ameriprise earns each year.
From our people to our performance to how we work together
to support the client-advisor relationship to the impact
Ameriprise makes every day, we are making the list.
Shaping our culture; guided by our values
Ameriprise is a global firm with more than 22,000 people in 19 countries, with the U.S. as our primary market. Our people share a common purpose: delivering an excellent client experience. In a fast-paced, dynamic marketplace, collaboration and innovation define how we work together.
Each day, our team strives to delight clients, exceed expectations and take our business to new heights. We operate with the highest level of care for our clients, employees and advisors. And we never stand still. Our values of client-focused, integrity always, excellence and respect guide our actions — across each and every interaction.
Ultimately, firms are defined by their culture, and we protect and nourish ours. Our people are highly engaged, and we consistently rank among the top firms as reflected in the accolades noted throughout this report and on the preceding page.
This extends to our culture of giving back and helping to improve the lives of others and supporting our communities.
I’m proud of what our firm has accomplished and energized about all that’s ahead. On behalf of all of us at Ameriprise Financial, thank you for your trust and confidence in our firm. We will continue to do all we can to earn it.
Sincerely,
James M. Cracchiolo
Chairman and Chief Executive Officer
Mission:
To help people feel confident about their financial future.
Vision:
To be the most respected and referred financial services brand.
Our values:
Client focused.
Integrity always.
Excellence in all we do.
Respect for the individuals and communities in which we live and work.
Performance Graph
The graphs below match Ameriprise Financial, Inc.’s cumulative total shareholder return on common stock with the cumulative total returns of the S&P 500 Index and the S&P 500 Financials Index for two time periods: five years and since Ameriprise Financial became an independent, public company in 2005. The graphs track the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) to Dec. 31, 2025.
*$100 invested on Dec. 31, 2020, and Oct. 1, 2005, in stock or index, including reinvestment of dividends.
Source: Bloomberg.
Fiscal year ending Dec. 31.
The Standard & Poor’s 500 Index (S&P 500® Index), an unmanaged index of common stocks, is frequently used as a general measure of market performance. The Index reflects reinvestment of all distributions and changes in market prices, but excludes brokerage commissions or other fees. The S&P 500 Financials Index measures the performance of financial components of the S&P 500 Index.
Past performance does not guarantee future results. It is not possible to invest directly in an index.
General Information
Executive Offices
Ameriprise Financial Center
901 3rd Avenue South
Minneapolis, MN 55402
612.671.3131
One World Trade Center
285 Fulton Street
New York, NY 10007
Information Available to Shareholders
Copies of our company’s Annual Report on Form 10-K, proxy statement, press releases and other documents, as well as information on financial results and products and services, are available through the Ameriprise Financial website at ameriprise.com. Written copies of these materials are available without charge upon written request to the corporate secretary’s office.
Stock Exchange Listing
New York Stock Exchange Symbol: AMP
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
45 South 7th Street, Suite #3400
Minneapolis, MN 55402
Transfer Agent
Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717
Phone: 866.337.4999
International/Toll free: 303.974.3777
Email: shareholder@broadridge.com
Website: shareholder.broadridge.com/amp
Annual Meeting
The Board of Directors of Ameriprise Financial intends to hold the annual shareholders meeting on Wednesday, April 29, 2026, at 11 a.m. Central time. Information about the event will be provided to shareholders in the company’s 2026 proxy statement and will be accessible online at ir.ameriprise.com. A transcript of the meeting will be available upon written request to the corporate secretary’s office.
Shareholders
As of Feb. 6, 2026, there were 10,465 shareholders of record. Copies of the Ameriprise Financial Corporate Governance Guidelines, as well as the charters of the four committees of the Board of Directors and the Ameriprise Financial Global Code of Conduct, are available on the company’s website at ir.ameriprise.com. Our website and proxy also provide important information about how and when we grant share-based compensation such as stock options and restricted stock, including the schedule of grant dates for 2026. We provide a copy of our Long-Term Incentive Awards Policy on our website and explain our policy for the approval of grants on a date when the Compensation and Benefits Committee of the Board of Directors or our chairman and chief executive officer is aware of material, nonpublic information about our company or its securities. Copies of these materials are available without charge upon written request to the corporate secretary’s office.
We filed the Certifications of our chief executive officer and chief financial officer with the Securities and Exchange Commission pursuant to section 302 of the Sarbanes-Oxley Act of 2002 as exhibits 31.1 and 31.2, respectively, to our Annual Report on Form 10-K for the year ended Dec. 31, 2025.
Shareholder and Investor Inquiries
Written shareholder inquiries may be sent to:
Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717
or to:
Corporate Secretary’s Office
901 3rd Avenue South S13/1098
Minneapolis, MN 55474
Written inquiries from the investment community should be sent to:
Investor Relations
901 3rd Avenue South N14/243
Minneapolis, MN 55474
Trademarks
The following service marks of Ameriprise Financial, Inc. and its affiliates appear in this report:
Ameriprise Financial ®
Ameriprise Signature Wealth Program ®
PracticeTech Platform ®
RiverSource ®
All other trademarks are property of their respective owners, and their use does not constitute an endorsement of Ameriprise Financial, Inc., its affiliates or subsidiaries, or its products or services.
Executive Leadership Team
James M. Cracchiolo
Chairman and Chief Executive Officer
Walter S. Berman
Executive Vice President, Chief Financial Officer
Gerard Smyth
Executive Vice President and Global Chief Information Officer
Kelli Hunter Petruzillo
Executive Vice President, Human Resources
Heather J. Melloh
Executive Vice President and General Counsel
Deirdre D. McGraw
Executive Vice President, Marketing, Strategy and Communications
Joseph E. Sweeney
President, Advice & Wealth Management Products and Service Delivery
William J. (Bill) Williams
Executive Vice President, Ameriprise Franchise Group & Ameriprise Personal Wealth Group
Patrick H. O’Connell
Executive Vice President, Ameriprise Advisor Group & Ameriprise Financial Institutions Group
Gumer Alvero
President, Insurance & Annuities
William F. (Ted) Truscott
Chief Executive Officer, Global Asset Management
William Davies
Executive Vice President, Global Chief Investment Officer
David Logan
Head of EMEA and Global Business Operations, Global Asset Management
Board of Directors
James M. Cracchiolo
Chairman and Chief Executive Officer
Ameriprise Financial, Inc.
Robert F. Sharpe, Jr.
Independent Presiding Director
Former President, Commercial Foods, and Chief Administrative Officer
ConAgra Foods, Inc.
Dianne Neal Blixt
Former Executive Vice President and Chief Financial Officer
Reynolds American, Inc.
Glynis A. Bryan
Former Chief Financial Officer
Insight Enterprises, Inc.
Amy DiGeso
Former Executive Vice President Global Human Resources
The Estée Lauder Companies Inc.
Liane J. Pelletier
Former Chairwoman, Chief Executive Officer and President
Alaska Communications Systems Group
Brian T. Shea
Former Vice Chairman and Chief Executive Officer, Investment Services
Bank of New York Mellon
W. Edward Walter III
Senior Advisor
Energy Impact Partners
Christopher J. Williams
Chairman
Siebert Williams Shank & Co., LLC
1 Pretax adjusted operating adjustment.
2 Calculated using the statutory tax rate of 21%.
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%.
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