Ameriprise Financial : First Quarter 2026 Earning Presentation

Published: 2026-04-23 17:29:21 ET AMP

Published on 04/23/2026 at 05:29 pm EDT

Ameriprise Financial

First Quarter 2026 Conference Call April 23, 2026

GAAP

1 Qtr 2026

1 Qtr 2025

Better/(Worse)

Net Revenues ($M)

$4,812

$4,354

11%

Expenses ($M)

$3,668

$3,667

Net Income ($M)

$915

$583

57%

Diluted EPS

$9.68

$5.83

66%

Return on Equity, ex. AOCI (1)

53.3%

43.2%

1,010 bps

Adjusted Operating

1 Qtr 2026

1 Qtr 2025

Better/(Worse)

Net Revenues ($M)

$4,774

$4,309

11%

Expenses ($M)

$3,441

$3,158

(9)%

Earnings ($M)

$1,064

$950

12%

Diluted EPS

$11.26

$9.50

19%

Return on Equity, ex. AOCI (1)

54.3%

52.0%

230 bps

(1) Calculated on a trailing 12-month basis.

Q1 2026 Business & Financial Results

Walter Berman

Chief Financial Officer

Adjusted operating earnings per diluted share increased 19% to $11.26 with a strong margin of 28%

Total assets under management, administration and advisement increased 12% to $1.7 trillion

Adjusted operating net revenues increased 11% to $4.8 billion

Adjusted operating earnings increased 12% to $1.1 billion

Capital return to shareholders was 88% of adjusted operating earnings

Balance sheet fundamentals remained strong with both excess capital and holding company available liquidity of $2.3 billion

Pretax Adjusted Operating Earnings

20%

$792

$951

$ in millions

Q1 2025 Q1 2026

Pretax Adjusted Operating Margin

•

150 bps

28.5%

30.0%

Q1 2025 Q1 2026

Revenue increased 14% to $3.2 billion

Core distribution revenue(1) increased 17% driven by higher client assets and advisory fees, as well as increased transactional activity

Bank revenue was up 6% offset by lower cash sweep and certificate revenues

Total expenses increased by 12%

Distribution expense increased 14% as the increase in advisor compensation was aligned with GDC growth

G&A increased 4% from volume-related expenses and continued growth investments

Pretax adjusted operating earnings increased 20% to

$951 million. Excluding a one-time $25 million benefit from the termination of the Comerica Bank relationship:

Earnings increased 17%

Core distribution earnings(1) increased in the mid-30 percent range, benefiting from higher client assets and advisory fees, strong activity levels and well-controlled expenses

Bank earnings increased 6% offset by a decline in certificates

Margin increased 150 basis points to 30%, with our core

Core distribution revenue and earnings exclude Net investment income, Off-Balance sheet brokerage cash distribution

fees, and banking and deposit interest expense.

distribution margin exceeding 20 percent

Total Client Assets

$ in billions

Total Wrap Assets

$ in billions

Total client assets grew 12% to $1.1 trillion and wrap assets increased 16% to $664 billion, driven by:

16%

$573

$664

Solid organic growth

Strong advisor productivity

Equity market appreciation

Client flows were $4.2 billion and wrap flows were $6.0 billion

Consistent and strong growth in underlying organic activity

Termed advisor flows were elevated, including impacts from accelerated Comerica advisor attrition

Recruited 61 experienced advisors

$1,149

$1,023

12%

Q1 2025 Q1 2026 Q1 2025 Q1 2026

TTM Revenue Per Advisor

$1,160

$ in thousands 10%

Adjusted Operating Total Net Revenue

$ in millions

Advisor productivity reached a new high of $1.2 million, up 10%

•

14%

$2,782

$3,175

Transactional activity increased 10% driven by increased sales in annuity products and brokerage transactions

Strong growth in wrap assets and fees

$1,056

Total client cash was essentially flat at $86 billion

Bank assets increased 6% to $25.5 billion, with

the bank expected to be a stable source of earnings going forward

Cash sweep balances increased 3% to $29.4 billion

Certificate balances declined 29% to $7.6 billion given the declining rate environment

$47.8 billion remains in third-party money market funds and brokered CDs, which creates an opportunity for future deployment

Q1 2025 Q1 2026 Q1 2025 Q1 2026

Adjusted Operating Total Net Revenue

$ in millions

Pretax Adjusted Operating Earnings

$ in millions

Total Assets Under Management and Advisement increased to $706 billion, up 8%

13%

$241

$273

Revenues increased 8% to $910 million and the underlying fee rate remained stable

Total expenses increased 5%

Distribution expenses increased 7%

G&A expenses in the quarter were up 4% as a result of higher volume-related expenses and an unfavorable impact from foreign exchange translation

Pretax adjusted operating earnings increased 13% to $273 million reflecting asset growth and the positive impact from expense management actions

Net pretax adjusted operating margin improved to 44%

$846

$910

Q1 2025 Q1 2026 Q1 2025 Q1 2026

Pretax Adjusted Operating Earnings

$ in millions

Retirement & Protection Solutions pretax adjusted operating earnings were

$190 million

(12)%

$190

$215

Results reflected higher distribution expenses associated with strong sales levels and continued outflows from variable annuities with living benefits, partially offset by higher average equity markets

Retirement & Protection Solutions sales were solid at $1.3 billion,

with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life

These high-quality books of business continued to generate strong free cash flow with excellent risk-adjusted returns and remain an important contributor to our diversified business model

Estimated RBC ratio of 518% and hedge effectiveness of 99%

Q1 2025 Q1 2026

Capital Returned to Shareholders

Sustainability of capital return to shareholders is supported by strong fundamentals

$765 $731

$ in millions

$573

$617

$687

$158

$148

$784

$155

$897

$152

$153

$842

$1,050

$936

Holding company available liquidity of $2.3 billion

Excess capital position of $2.3 billion

Diversified, AA- rated investment portfolio is well positioned to navigate potential stress scenarios

Hedge effectiveness of 99%

~90% free cash flow generation

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

# Shares 1.2M 1.1M 1.4M 1.8M 1.6M

Avg Price $523 $492 $508 $474 $475

Returned $936 million of capital to shareholders, which was 88% of operating earnings

Opportunistically repurchased 1.6 million shares at an average price of $475

Announced a 6% increase in our quarterly dividend

Strong ERM capability and decisioning framework position us well to navigate stress and continue investing for growth

One Year Performance (TTM Q1 2026 vs TTM Q1 2025)

Revenue Growth(1)

EPS

Growth(2)

AOCI(1)

Five Year Performance (TTM Q1 2026 vs TTM Q1 2021)

Revenue CAGR(3)

Data on a trailing 12-month basis, except 5-year capital return.

AOCI(3)

Results exclude unlocking impacts which reflect both the company's annual review of insurance and annuity valuation assumptions and model changes.

Results exclude unlocking, severance and mark-to-market impact on share-based compensation expense in both periods. 12

Results exclude unlocking impacts. 2020 financial results have not been recast to reflect adoption of long duration targeted investments (LDTI).

Appendix

Adjusted Operating Earnings Per Diluted Share

(in millions, except per share amounts, unaudited)

Quarter Ended March 31, 2026 2025

% Better/ (Worse)

Per Diluted Share Quarter Ended March 31,

2026 2025

% Better/ (Worse)

Net income

$ 915

$ 583

57%

$ 9.68 $ 5.83

66%

Adjustments:

Net realized investment gains (losses) (1)

(5)

(2)

(0.05) (0.02)

Market impact on non-traditional long-duration products (1)

(184)

(460)

(1.95) (4.60)

Net income (loss) attributable to consolidated investment entities

(2)

- (0.02)

Tax effect of adjustments (2)

0.42 0.97

Adjusted operating earnings

$ 1,064

$ 950

12%

$ 11.26 $ 9.50

19%

Weighted average common shares outstanding:

Basic

93.3

98.5

Diluted

94.5

100.0

(1) Pretax adjusted operating adjustment.

(2) Calculated using the statutory tax rate of 21%.

Pretax Adjusted Operating Earnings

(in millions, unaudited)

Quarter Ended March 31, 2026 2025

% Better/ (Worse)

Total net revenues

$ 4,812

$ 4,354

11%

Adjustments:

Net realized investment gains (losses)

(5)

(2)

Market impact on non-traditional long-duration products

Revenues attributable to the CIEs

Adjusted operating total net revenues

$ 4,774 $ 4,309

11%

Total expenses

$ 3,668

$ 3,667

Adjustments:

Expenses attributable to the CIEs

Market impact on non-traditional long-duration products

186

465

Adjusted operating expenses

$ 3,441 $ 3,158

(9)%

Pretax income

$ 1,144

$ 687

Pretax adjusted operating earnings

$ 1,333

$ 1,151

16%

Pretax income margin

23.8 %

15.8 %

Pretax adjusted operating margin

27.9 %

26.7 %

Adjusted Operating Earnings Per Diluted Share

(in millions, except per share amounts, unaudited)

Twelve Months ending March 31, 2026 2025

% Better/ (Worse)

Per Diluted Share Twelve Months March 31,

2026 2025

% Better/ (Worse)

Total net revenues

$ 18,938

$ 17,472

Adjustments:

Net realized investment gains (losses)(1)

(11)

(23)

Market impact on non-traditional long-duration products(1)

CIEs revenue

182

201

Adjusted operating total net revenues

$ 18,758

$ 17,288

Annual unlocking

120

(5)

Adjusted operating total net revenues, excluding Unlocking

$ 18,638

$ 17,293

Net income

$ 3,895

$ 2,994

30%

$ 40.21 $ 29.43

37%

Adjustments:

Net realized investment gains (losses)(1)(2)

(11)

(23)

(0.11) (0.23)

Market impact on non-traditional long-duration products(1)(2)

(90)

(753)

(1.01) (7.44)

Mean reversion-related impacts(1)(2)

0.01 0.01

Net income (loss) attributable to consolidated investment entities

0.02 -

Tax effect of adjustments(2)

162

0.23 1.60

Adjusted operating earnings

$ 3,972

$ 3,607

10%

$ 41.07 $ 35.49

16%

Pretax impact of annual unlocking

(6)

(94)

(0.06) (0.92)

Tax effect of annual unlocking(2)

0.01 0.19

Adjusted operating earnings, excluding annual unlocking

$ 3,977

$ 3,681

$ 41.12 $ 36.22

14%

Pretax impact of severance and mark-to-market impact on share-based compensation expense

(73)

0.05 (0.71)

Tax effect of severance and mark-to-market on share-based compensation expense

- 0.12

Adjusted operating earnings, excluding unlocking, severance, and mark-to-market impact on share-based compensation expense

$ 3,972

$ 3,742

$ 41.07 $ 36.81

12%

Weighted average common shares outstanding

Basic

95.5

99.9

Diluted

96.9

101.7

(1) Pretax adjusted operating adjustment.

(2) Calculated using the statutory tax rate of 21%.

Adjusted Operating Earnings Per Diluted Share

(in millions, except per share amounts, unaudited)

Twelve Months ending March 31,

2026 2021

CAGR

Per Diluted Share Twelve Months March 31,

2026 2021

CAGR

Total net revenues

$ 18,938

$ 12,239

Adjustments:

Net realized investment gains (losses)(1)

(11)

Market impact on non-traditional long-duration products(1)

(45)

Mean Reversion related impacts(1)

CIEs revenue

182

Adjusted operating total net revenues

$ 18,758

$ 12,130

Annual unlocking

120

(1)

Adjusted operating total net revenues, excluding Unlocking

$ 18,638

$ 12,131

Net income

$ 3,895

$ 933

$ 40.21

$ 7.72

Adjustments:

Net realized investment gains (losses)(1)(2)

(11)

(0.11)

0.51

Market impact on non-traditional long-duration products(1)(2)

(90)

(1,218)

(1.01)

(9.56)

Mean reversion-related impacts(1)(2)

149

0.01

1.22

Integration/restructuring charges(1)(2)

(3)

(0.03)

Net income (loss) attributable to consolidated investment entities

0.02

0.03

Tax effect of adjustments(2)

211

0.23

1.65

Adjusted operating earnings

$ 3,972

$ 1,726

$ 41.07

$ 13.90

Pretax impact of annual unlocking

(6)

(442)

(0.06)

(3.54)

Tax effect of annual unlocking(2)

0.01

0.74

Adjusted operating earnings, excluding annual unlocking

$ 3,977

$ 2,075

$ 41.12

$ 16.70

20%

Weighted average common shares outstanding

Basic

95.5

122.2

Diluted

96.9

124.2

(1) Pretax adjusted operating adjustment.

(2) Calculated using the statutory tax rate of 21%.

Advice & Wealth Management Adjusted Pretax Operating Earnings

(in millions, unaudited)

Quarter Ended March 31, 2026 2025

% Better/ (Worse)

AWM pretax adjusted operating earnings

$ 951 $ 792

20%

Less: Impact of Comerica termination

25 -

AWM pretax adjusted operating earnings ex. impact of Comerica termination

$ 926 $ 792

17%

Asset Management Net Pretax Adjusted Operating Margin

(in millions, unaudited)

Quarter Ended March 31,

1 Qtr 2026 1 Qtr 2025

Adjusted operating total net revenues

$ 910

$ 846

Distribution pass through revenues

(206)

(195)

Subadvisory and other pass through revenues

(103)

(91)

Net adjusted operating revenues

$ 601

$ 560

Pretax adjusted operating earnings

$ 273

$ 241

Adjusted operating net investment income

(14)

(5)

Amortization of intangibles

Net adjusted operating earnings

$ 263

$ 239

Pretax adjusted operating margin

30.0 %

28.5 %

Net pretax adjusted operating margin (1)

43.8 %

42.7 %

(1) Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues.

Return on Equity (ROE) Excluding Accumulated Other Comprehensive Income "AOCI"

(in millions, unaudited)

Twelve Months Ended March 31,

2026

2025

2021

Net income

$ 3,895

$ 2,994

$ 933

Less: Adjustments (1)

(77)

(613)

(793)

Adjusted operating earnings

3,972

3,607

1,726

Less: Annual unlocking (2)

(5)

(74)

(349)

Adjusted operating earnings, excluding unlocking

$ 3,977

$ 3,681

$ 2,075

Total Ameriprise Financial, Inc. shareholders' equity

$ 6,145

$ 5,248

$ 5,853

Less: Accumulated other comprehensive income, net of tax

(1,164)

(1,690)

184

Total Ameriprise Financial, Inc. shareholders' equity excluding AOCI

7,309

6,938

5,669

Less: Equity impacts attributable to the consolidated investment entities

(1)

(2)

Adjusted operating equity

$ 7,310

$ 6,940

$ 5,668

Return on equity excluding AOCI

53.3

43.2

16.5 %

Adjusted operating return on equity, excluding AOCI (2)

54.3

52.0

30.5 %

Adjusted operating return on equity, excluding AOCI and unlocking (2)

54.4

53.0

36.6 %

(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%.

Disclaimer

Ameriprise Financial Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:20 UTC.