| UNITED STATES |
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| SECURITIES AND EXCHANGE COMMISSION |
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| WASHINGTON, D.C. 20549 |
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| FORM | 10-Q |
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| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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| For the Quarterly Period Ended | March 31, 2026 |
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| OR |
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| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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| For the Transition Period from_______________________to_______________________ |
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| Commission File No. | 1-32525 |
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AMERIPRISE FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 13-3180631 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
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| 1099 Ameriprise Financial Center | Minneapolis | Minnesota | 55474 |
| (Address of principal executive offices) | (Zip Code) | |
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| Registrant’s telephone number, including area code: | (612) | 671-3131 |
| Former name, former address and former fiscal year, if changed since last report: | Not Applicable |
| Securities registered pursuant to Section 12(b) of the Act: |
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| Title of each class | | Trading Symbol | Name of each exchange on which registered |
| Common Stock (par value $0.01 per share) | AMP | New York Stock Exchange | |
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| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ☒ | No | ☐ |
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| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Yes | ☒ | No | ☐ |
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| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. |
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| Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
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| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
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| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | ☒ |
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| Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. |
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| Class | Outstanding at April 24, 2026 |
| Common Stock (par value $0.01 per share) | 89,897,084 shares | |
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Index
FORM 10-Q
INDEX
| Part I. Financial Information | 3 | |
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| Item 1. Financial Statements (Unaudited) | 3 | |
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| Consolidated Statements of Operations — Three months ended March 31, 2026 and 2025 | 3 | |
| Consolidated Statements of Comprehensive Income — Three months ended March 31, 2026 and 2025 | 4 | |
| Consolidated Balance Sheets — March 31, 2026 and December 31, 2025 | 5 | |
| Consolidated Statements of Equity — Three months ended March 31, 2026 and 2025 | 6 | |
| Consolidated Statements of Cash Flows — Three months ended March 31, 2026 and 2025 | 7 | |
| Notes to Consolidated Financial Statements | 9 | |
| 1. | Basis of Presentation | 9 |
| 2. | Recent Accounting Pronouncements | 9 |
| 3. | Revenue from Contracts with Customers | 10 |
| 4. | Variable Interest Entities | 13 |
| 5. | Investments | 17 |
| 6. | Financing Receivables | 21 |
| 7. | Deferred Acquisition Costs and Deferred Sales Inducement Costs | 25 |
| 8. | Policyholder Account Balances, Future Policy Benefits and Claims | 26 |
| 9. | Separate Account Assets and Liabilities | 37 |
| 10. | Market Risk Benefits | 38 |
| 11. | Debt | 43 |
| 12. | Fair Values of Assets and Liabilities | 44 |
| 13. | Offsetting Assets and Liabilities | 53 |
| 14. | Derivatives and Hedging Activities | 55 |
| 15. | Shareholders’ Equity | 59 |
| 16. | Income Taxes | 60 |
| 17. | Contingencies | 62 |
| 18. | Earnings per Share | 63 |
| 19. | Segment Information | 63 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 66 | |
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| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 84 | |
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| Item 4. Controls and Procedures | 87 | |
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| Part II. Other Information | 88 | |
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| Item 1. Legal Proceedings | 88 | |
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| Item 1A. Risk Factors | 88 | |
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| Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 88 | |
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| Item 5. Other Information | 88 | |
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| Item 6. Exhibits | 89 | |
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| Signatures | 90 | |
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