阿默普莱斯金融 2025年度报告

2025 Ameriprise FinancialConsolidated Highlights (In millions, except per share amounts and as noted) 1This Annual Report to Shareholders contains certain non-GAAP financial measures that management believes best reflectthe underlying performance of our operations. Reconciliations of non-GAAP measures to the most directly comparable GAAPmeasure are on page 16. With regard to unlocking, the impacts are non-cash in nature and reflect the company’s annual reviewof market-related inputs and model changes related to our market risk benefits valuation, insurance and annuity valuationassumptions relative to current experience and management expectations. To the extent that expectations change as a resultof this review, the company updates its assumptions and models and the impact is reflected as part of annual unlocking. JAMES M. CRACCHIOLOCHAIRMAN AND CHIEF EXECUTIVE OFFICER Dear fellow shareholders, 2025 was a distinctive and meaningful year for Ameriprise Financial as werecognized the 20thanniversary of our listing as a public company on the New YorkStock Exchange. Gaining our independence in 2005 was a defining moment —one that empowered us to chart our own path, establish the Ameriprise Financialbrand and elevate our position in the marketplace as a world-class firm. Two decades later, our purpose remainsstrong. We’ve transformed and grown tobecome a leading, global financial servicescompany dedicated to helping people feelconfident about their financial future. This disciplined and consistentmanagement approach was core to ourperformance in 2025, when we built on ourprogress and delivered record financialperformance and strong asset growth thatreflected the focused execution of ourstrategic priorities. Throughout our 132-year history, we haveremained steadfast in our mission whilecontinuously evolving, innovating andadapting to better serve clients andcreate value for all our stakeholders. In the following pages, I will provide anoverview of our business, highlight keyachievements and outline actions we’retaking to capture the opportunities ahead. (continued on next page) 2025 — arecord yearof financialperformance 2025 was a year of solid growth and strategic progress2025 was a year of solid growth and strategic progressfor Ameriprise.for Ameriprise.We navigated the fluid global market environment, as well as the uncertainty of U.S. economicand tariff policy that led the U.S. Federal Reserve to furtherease short-term interest rates. Inflation remainedstubbornly above the Fed’s target and consumer confidencewas weak, yet equity markets overall were quite positive. Assets under management,administration and advisement ($ in billions) In this environment, Ameriprise posted new records acrossa number of important areas. We experienced good clientasset growth with total assets under management,administration and advisement increasing 11% to a newhigh of $1.7 trillion. From a financial perspective, adjusted operating resultsFrom a financial perspective, adjusted operating resultswere strong, reflecting the depth of our client relationshipswere strong, reflecting the depth of our client relationshipsand breadth of our capabilities.and breadth of our capabilities. Ameriprise generatesmultiple fee-, spread- and transaction-based revenuestreams that we use to invest in the business and returncapital to shareholders. •Revenues grew by 6% to $18.2 billion from client inflows,consistently strong transactional activity and highermarkets. •Earnings increased nicely to $3.9 billion, reflecting solidbusiness results and continued expense discipline, withearnings 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 ondriving organic growth, maintaining expense discipline andreinforcing our differentiated capital return to shareholders. Shareholders benefit from theconsistency of our managementapproach demonstrated over decades Return on equity, ex. AOCI53.3%Up 60 basis pointsyear-over-year Regardless of the operating environment, Ameriprise takesRegardless of the operating environment, Ameriprise takesa long-term view, and we don’t alter our strategy based ona long-term view, and we don’t alter our strategy based onshort-lived external factors.short-lived external factors. We make substantial multi-yearinvestments to drive business growth — including in ourtop-tier client experience, product solutions, cybersecurityand technology — focusing on delivering value to more than3.5 million individual, institutional and small business clients. Celebrating the20thanniversaryof our independence. And we work side-by-side with our financialadvisors to serve clients and help them grow theirpractices and productivity. insurance capability. Our strategic transformationdrove an earnings mix shift led by our low-capital,fee-based businesses. As you look at our shareholder value c