Ameriprise Financial, Inc. (NYSE: AMP):
| Earnings Per Diluted Share | Return on Equity, ex AOCI (1) | |||
| Q1 2026 | Q1 2026 | |||
| GAAP | $9.68 | GAAP | 53.3% | |
| Adjusted Operating | $11.26 | Adjusted Operating | 54.3% | |
Raised Quarterly Dividend 6 Percent
| First quarter adjusted operating earnings per diluted share increased 19 percent to a record $11.26, reflecting continued asset growth.First quarter GAAP net income per diluted share was $9.68 compared to $5.83 a year ago due to market impacts on the valuation of derivatives and market risk benefits.Assets under management, administration and advisement grew to $1.7 trillion, up 12 percent.Adjusted operating net revenues increased 11 percent to $4.8 billion primarily from asset growth and strong client engagement.Pretax adjusted operating margin was strong at 28 percent.During the quarter, Huntington National Bank selected Ameriprise Financial as its new retail investment program provider, which will bring approximately 260 financial advisors and nearly $28 billion in combined advisory, brokerage and insurance assets to the company.Balance sheet fundamentals continued to be a core differentiator. The company generated and returned significant capital to shareholders with $936 million, or 88 percent of operating earnings, returned in the quarter. Return on equity remains distinguished in the industry at 54 percent(1).Ameriprise earned one of the highest investor satisfaction scores in the JD Power 2026 U.S. Investor Satisfaction StudySM, ranking third in the advised investors segment.Columbia Threadneedle Investments ranked in the top 10 across all time periods in the Barron’s Best Fund Families of 2025 ranking. | Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer | |
| “Ameriprise delivered a strong start to the year, with significant revenue and earnings growth driven by the durability of our business and consistent execution of our strategy. In an environment of heightened market volatility and uncertainty, clients remain highly engaged and well-served by our personalized advice, expert investment perspective and broad product range. We continue to invest across the business with a clear long-term focus – further enhancing our strong client experience, solutions, technology and AI capabilities. Our capital strength remains a clear differentiator. During the quarter, we returned 88% of operating earnings to shareholders and today announced an additional 6% increase in our quarterly dividend, further reinforcing our confidence in the business and strong track record of generating shareholder value.” | ||
| (1) Return on equity excluding AOCI is calculated on a trailing 12-month basis. | ||
| Ameriprise Financial, Inc. | ||||||||
| First Quarter Summary | ||||||||
| Quarter EndedMarch 31, | % Better/(Worse) | |||||||
| (in millions, except per share amounts, unaudited) | 2026 | 2025 | ||||||
| GAAP net income | $ | 915 | $ | 583 | 57% | |||
| Adjusted operating earnings | ||||||||
| (see reconciliation on p. 24) | $ | 1,064 | $ | 950 | 12% | |||
| GAAP net income per diluted share | $ | 9.68 | $ | 5.83 | 66% | |||
| Adjusted operating earnings per diluted share | ||||||||
| (see reconciliation on p. 24) | $ | 11.26 | $ | 9.50 | 19% | |||
| GAAP Return on Equity, ex. AOCI | 53.3 | % | 43.2 | % | ||||
| Adjusted Operating Return on Equity, ex. AOCI | ||||||||
| (see reconciliation on p. 26) | 54.3 | % | 52.0 | % | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 93.3 | 98.5 | ||||||
| Diluted | 94.5 | 100.0 | ||||||
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.
| Ameriprise Financial, Inc. | |||||||
| Advice & Wealth Management Segment Adjusted Operating Results | |||||||
| Quarter Ended March 31, | % Better/(Worse) | ||||||
| (in millions, unaudited) | 2026 | 2025 | |||||
| Adjusted operating net revenues | $ | 3,175 | $ | 2,782 | 14% | ||
| Distribution expenses | 1,770 | 1,554 | (14)% | ||||
| Interest and debt expense | 15 | 12 | (25)% | ||||
| General and administrative expenses | 439 | 424 | (4)% | ||||
| Adjusted operating expenses | 2,224 | 1,990 | (12)% | ||||
| Pretax adjusted operating earnings | $ | 951 | $ | 792 | 20% | ||
| Pretax adjusted operating margin | 30.0 | % | 28.5 | % | 150 bps | ||
| Quarter Ended March 31, | % Better/(Worse) | |||||
| (in billions, unless otherwise noted) | 2026 | 2025 | ||||
| Total client assets | $ | 1,149 | $ | 1,023 | 12% | |
| Total client net flows | $ | 4.2 | $ | 10.3 | (59)% | |
| Wrap assets | $ | 664 | $ | 573 | 16% | |
| Wrap net flows | $ | 6.0 | $ | 8.7 | (31)% | |
| Cash sweep balances | $ | 29.4 | $ | 28.6 | 3% | |
| Adjusted operating net revenue per advisor (TTM in thousands) | $ | 1,160 | $ | 1,056 | 10% | |
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.
| Ameriprise Financial, Inc. | |||||||||
| Asset Management Segment Adjusted Operating Results | |||||||||
| Quarter Ended March 31, | % Better/(Worse) | ||||||||
| (in millions, unaudited) | 2026 | 2025 | |||||||
| Adjusted operating net revenues | $ | 910 | $ | 846 | 8% | ||||
| Distribution expenses | 262 | 246 | (7)% | ||||||
| Amortization of deferred acquisition costs | 2 | 2 | —% | ||||||
| Interest and debt expense | 4 | 3 | (33)% | ||||||
| General and administrative expenses | 369 | 354 | (4)% | ||||||
| Adjusted operating expenses | 637 | 605 | (5)% | ||||||
| Pretax adjusted operating earnings | $ | 273 | $ | 241 | 13% | ||||
| Net pretax adjusted operating margin (1) | 43.8 | % | 42.7 | % | |||||
| Quarter Ended March 31, | % Better/(Worse) | ||||||||
| (in billions) | 2026 | 2025 | |||||||
| Assets Under Management and Advisement (2) | $ | 706 | $ | 657 | 8% | ||||
| Net Flows | |||||||||
| Global Retail net AUM flows, ex. legacy insurance partners | $ | (4.2 | ) | $ | (5.8 | ) | 28% | ||
| Model delivery AUA flows (2) | 0.3 | — | —% | ||||||
| Total retail net AUM flows and model delivery AUA flows (2) | (3.9 | ) | (5.8 | ) | 33% | ||||
| Global Institutional net AUM flows, ex. legacy insurance partners | (1.2 | ) | (11.5 | ) | 90% | ||||
| Legacy insurance partners AUM flows | (0.8 | ) | (1.0 | ) | 14% | ||||
| Total Net AUM and AUA flows (2) | $ | (5.9 | ) | $ | (18.3 | ) | 68% | ||
| (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. | |||||||||
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.
| Ameriprise Financial, Inc. | ||||||
| Retirement & Protection Solutions Segment Adjusted Operating Results | ||||||
| Quarter Ended March 31, | % Better/(Worse) | |||||
| (in millions, unaudited) | 2026 | 2025 | ||||
| Adjusted operating net revenues | $ | 952 | $ | 926 | 3% | |
| Adjusted operating expenses | 762 | 711 | (7)% | |||
| Pretax adjusted operating earnings | $ | 190 | $ | 215 | (12)% | |
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.
| Ameriprise Financial, Inc. | ||||||||
| Corporate & Other Segment Adjusted Operating Results | ||||||||
| Quarter Ended March 31, | % Better/(Worse) | |||||||
| (in millions, unaudited) | 2026 | 2025 | ||||||
| Corporate & Other | $ | (79 | ) | $ | (103 | ) | 23% | |
| Closed Blocks (1) | (2 | ) | 6 | NM | ||||
| Pretax adjusted operating earnings/(loss) | $ | (81 | ) | $ | (97 | ) | 16% | |
| Long Term Care | $ | 7 | $ | 14 | (50)% | |||
| Fixed Annuities | (9 | ) | (8 | ) | (13)% | |||
| Pretax adjusted operating earnings/(loss) | $ | (2 | ) | $ | 6 | 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 $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.
