
Schedule I — Condensed Financial Information of Registrant Condensed Statements of Operations (Parent Company Only)
	Years Ended December 31,
	2025		2024		2023
	(in millions)
Revenues

Net investment income	$	78	$	94	$	77
Other revenues	8		11		5

Total revenues	86		105		82
Banking and deposit interest expense	34		35		35
Total net revenues	52		70		47

Expenses

Distribution expenses	59		61		46
Interest and debt expense	150		144		138
General and administrative expense	253		328		306
Total expenses	462		533		490
Pretax loss before equity in earnings of subsidiaries	(410)		(463)		(443)
Income tax provision	205		182		142
Loss before equity in earnings of subsidiaries	(615)		(645)		(585)
Equity in earnings of subsidiaries, net of tax	4,178		4,046		3,141
Net income	3,563		3,401		2,556
Other comprehensive income (loss), net of tax	1,016		(142)		780
Total comprehensive income (loss)	$	4,579	$	3,259	$	3,336


Schedule I — Condensed Financial Information of Registrant Condensed Balance Sheets (Parent Company Only)
	December 31,
	2025		2024
	(in millions, except share amounts)
Assets
Cash and cash equivalents	$	961	$	844
Investments	963		921
Loans to subsidiaries	348		343
Due from subsidiaries	340		273
Receivables	20		26
Land, buildings, equipment, and software, net of accumulated depreciation of $707 and $779, respectively	301		303
Investments in subsidiaries	8,024		6,910
Other assets	1,766		1,605
Total assets	$	12,723	$	11,225

Liabilities and Equity
Liabilities:
Accounts payable and accrued expenses	$	1,618	$	1,422
Due to subsidiaries	354		347
Borrowings from subsidiaries	506		756
Long-term debt	3,077		2,842
Other liabilities	619		630
Total liabilities	6,174		5,997

Equity:
Common shares ($0.01 par value; shares authorized, 1,250,000,000; shares issued, 338,058,287 and 337,729,050, respectively)	3		3
Additional paid-in capital	10,377		10,141
Retained earnings	27,662		24,713
Treasury shares, at cost (246,794,407 and 241,562,357 shares, respectively)	(30,601)		(27,721)
Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investments in subsidiaries	(892)		(1,908)
Total equity	6,549		5,228
Total liabilities and equity	$	12,723	$	11,225


Schedule I — Condensed Financial Information of Registrant Condensed Statements of Cash Flows (Parent Company Only)
	Years Ended December 31,
	2025		2024		2023
	(in millions)
Cash Flows from Operating Activities
Net income	$	3,563	$	3,401	$	2,556
Equity in earnings of subsidiaries, net of tax	(4,178)		(4,046)		(3,141)
Dividends received from subsidiaries	4,245		3,731		3,025

Other operating activities, primarily with subsidiaries	241		422		453
Net cash provided by (used in) operating activities	3,871		3,508		2,893

Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales	—		—		4
Maturities, sinking fund payments and calls	66		55		43
Purchases	(73)		(128)		(38)

Purchase of other investments	—		—		(10)
Proceeds from sales of land, buildings, equipment and software	2		—		—
Purchase of land, buildings, equipment and software	(47)		(59)		(87)



Contributions to subsidiaries	(330)		(145)		(324)
Return of capital from subsidiaries	146		351		—
Repayment of loans to subsidiaries	3,858		3,406		1,992
Issuance of loans to subsidiaries	(3,863)		(3,260)		(2,232)

Other, net	—		(1)		2
Net cash provided by (used in) investing activities	(241)		219		(650)

Cash Flows from Financing Activities
Dividends paid to shareholders	(596)		(574)		(550)
Repurchase of common shares	(2,907)		(2,448)		(2,127)

Issuance of long-term debt, net of issuance costs	741		—		1,335
Repayments of long-term debt	(510)		(561)		(760)
Borrowings from subsidiaries	193		726		1,003
Repayments of borrowings from subsidiaries	(472)		(586)		(951)

Other, net	38		41		(35)
Net cash provided by (used in) financing activities	(3,513)		(3,402)		(2,085)
Net increase (decrease) in cash and cash equivalents	117		325		158
Cash and cash equivalents at beginning of period	844		519		361
Cash and cash equivalents at end of period	$	961	$	844	$	519

Supplemental Disclosures:
Interest paid on debt	$	142	$	148	$	129
Income taxes paid, net	343		179		233
Federal	278		147		193
State and local	65		32		40
New York	21		*		14
Other state and local	44		32		26
Non-cash dividends from subsidiaries	—		—		77

The accompanying Condensed Financial Statements include the accounts of Ameriprise Financial, Inc. (the “Parent Company”) and, on an equity basis, its subsidiaries and affiliates. The Condensed Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles. The financial information of the Parent Company should be read in conjunction with the Consolidated Financial Statements and Notes of Ameriprise Financial, Inc. and its subsidiaries (“Ameriprise Financial”). Parent Company revenues and expenses, other than interest and debt expense, are primarily related to intercompany transactions with subsidiaries and affiliates.

On December 23, 2020, RiverSource Life Insurance Company (“RiverSource Life”) issued a $500 million unsecured 3.5% surplus note due December 31, 2050 to the Parent Company. The surplus note is subordinate in right of payment to the prior payment in full of RiverSource Life’s obligations to policyholders, claimants and beneficiaries and all other creditors. No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life’s statutory surplus. Interest payments, which commenced on June 30, 2021, are due semi-annually in arrears on June 30 and December 31. Subject to the preceding conditions, RiverSource Life may prepay all or a portion of the principal at any time. The held-to-maturity investment was $500 million as of both December 31, 2025 and 2024 and is recorded in Investments on the Parent Company’s Condensed Balance Sheets. For the years ended December 31, 2025, 2024 and 2023, interest income was $18 million and is reported in Net investment income on the Parent Company’s Condensed Statements of Operations.

The Parent Company has holdings of unrated residual tranches issued by Ameriprise Installment Financing, LLC or Ameriprise Advisor Financing 2, LLC, subsidiaries of the Parent Company. The residual tranches are collateralized by portfolios of loans issued to advisors affiliated with Ameriprise Financial Services, LLC (“AFS”), a subsidiary of the Parent Company. As of December 31, 2025 and 2024, the fair value of the residual tranches was $143 million and $116 million, respectively, and is reported in Investments on the Parent Company’s Condensed Balance Sheets. Interest income from the residual tranches was $14 million, $9 million and $7 million for the year ending December 31, 2025, 2024 and 2023, respectively, and is reported in Net investment income on the Parent Company’s Condensed Statements of Operations.

The Parent Company has intercompany lending arrangements with its subsidiaries. At the end of each business day, taking into consideration all legal and regulatory requirements associated with its subsidiaries, the Parent Company is entitled to draw on all funds in specified bank accounts. Repayment of all or a portion of the funds is due on demand. As of December 31, 2025 and 2024, the Company had $452 million and $415 million, respectively, available for repayment due on demand. The Parent Company also has revolving credit agreements with its subsidiaries as the borrower aggregating $1.4 billion and $1.3 billion as of December 31, 2025 and 2024, respectively, of which $54 million and $340 million was outstanding as of December 31, 2025 and 2024, respectively.

The Parent Company is the guarantor for operating leases of certain subsidiaries. All consolidated legal, regulatory and arbitration proceedings, including class actions of Ameriprise Financial are potential or current obligations of the Parent Company. The Parent Company has committed revolving credit agreements with its subsidiaries as the lender aggregating $365 million and $363 million as of December 31, 2025 and 2024, respectively, of which $99 million was outstanding as of both December 31, 2025 and 2024.

The Parent Company and Ameriprise Certificate Company (“ACC”) entered into a Capital Support Agreement on March 2, 2009, pursuant to which the Parent Company agrees to commit such capital to ACC as is necessary to satisfy applicable minimum capital requirements. Effective April 30, 2014, this agreement was amended to revise the maximum commitment to $50 million. For the years ended December 31, 2025, 2024 and 2023, ACC did not draw upon the Capital Support Agreement and had met all applicable capital requirements.

AFS entered into a Financial Industry Regulatory Authority (“FINRA”) approved subordinated loan agreement with the Parent Company on December 15, 2014 for regulatory net capital purposes. The agreement consists of a $200 million secured demand note. The note is secured by cash and securities equal to the principal value of the note pledged by the Parent Company. As of both December 31, 2025 and 2024, AFS had not made a demand of the principal amount.

American Enterprise Investment Services, Inc. (“AEIS”) entered into a FINRA approved subordinated loan agreement with the Parent Company on January 25, 2017 for regulatory net capital purposes. Under this agreement, AEIS borrowed $60 million from the Parent Company with an initial term of five years to be repaid no later than January 25, 2022. Both companies have the option to renew the agreement in one year-increments in perpetuity. The agreement was renewed in January 2022 and each year thereafter, extending the current maturity date to January 25, 2027.