<div id="readability-page-1"><div>Fitch Ratings-New York-19 December 2025:Fitch Ratings has affirmed Ameriprise Financial, Inc.'s (AMP) Long-Term Issuer Default Rating (IDR) and senior debt rating at 'A-'. Fitch has also affirmed AMP's Short-Term IDR at 'F1'. The Rating Outlook is Stable.Key Rating DriversStrong Franchise:The ratings affirmation reflects AMP's strong franchises in the U.S. advice and wealth management (AWM) business, asset management (AM) business, through its Columbia Threadneedle subsidiaries, and life insurance, disability and annuity products business offered through its RiverSource Life subsidiaries.Evolution of Business Model: The ratings also incorporate the benefits of AMP's vertically integrated business model, experienced management team and revenue diversification. Fitch views AMP's shift away from more volatile and capital-intensive insurance products toward the wealth and asset management businesses favorably given the more predictable, recurring fee nature and sizable free cash flow generation.Inherent Market and Operational Risks: The ratings are constrained by inherent market risk driven by significant equity market and interest rate sensitivities. Constraints also include execution risk as AMP develops new bank products; the complex regulatory, legal and operational landscape; and sustained fee compression and net outflows in the AM segment.AM Industry Headwinds Pressure Net Flows: Total client net flows in the AWM business remained positive for the TTM ended 3Q25, while net flows within the AM segment have been consistently negative since 1Q22. The AM segment flow pressure reflects evolving product preferences for passive and alternative strategies that challenge many traditional active managers. Fitch expects AM net client flows will remain challenged in the near term given the industry headwinds but total AMP flows will continue to be supported by the growing AWM business.Strong Profitability Through Market Cycles: AMP's adjusted EBITDA margin for the TTM ended 3Q25 was 26.8%, above the trailing four-year (2021-2024) average of 25.1%. AMP's AWM and AM businesses generate strong profitability and returns on capital, despite the inherent sensitivity to equity market and interest rate volatility. The operating margin in the AWM segment has remained strong since peaking in 2023, driven by positive client flows, equity market appreciation and increased spread revenue given higher interest rates.AWM's pre-tax operating margin for the TTM ended 3Q25 was 29.0%, above the four-year average of 27.0%. The margin is expected to remain strong in the near term supported by healthy advisor retention rates, increased advisor productivity, and growth in client deposits at Ameriprise Bank, FSB, partially offset by the expectation for lower rates.AM Segment Margin Supported by Expense Discipline: Results within the AM segment have been impacted by net outflows and continued fee compression in a highly competitive business. The AM segment reported a pre-tax operating margin of 40.7% for the TTM ended 3Q25, up from 38.2% in 2024, as the firm focuses on expense management and improving operational efficiencies. The operating margin in the retirement and protection services segment has remained relatively stable over the past several years, in the low-20% range.Modest Leverage: AMP's 3Q25 TTM leverage, on a gross debt to adjusted EBITDA basis, was 0.7x and ranged between 0.8x-1.0x over the prior four years (2021-2024). This is within Fitch's 'a' category quantitative benchmark range for investment managers of 0.5x-1.5x. Fitch also considers the capitalization of AMP's bank and insurance subsidiaries in relation to regulatory minimums, which are solid.Ample Liquidity: AMP's funding sources consist of senior unsecured notes, FHLB advances (through its bank and insurance subsidiaries), Federal Reserve Discount Window access at the bank, a $1 billion committed unsecured revolving bank credit facility, and sweep deposits at its bank. The holding company also has an intercompany line of credit with AMP's RiverSource Life subsidiary for up to $750 million.Fitch believes AMP's liquidity position provides sufficient capacity to meet its near-term obligations. Interest coverage, as measured by EBITDA to interest expense, was also strong at 32.1x for the TTM 3Q25 period, above the four-year average of 32.0x, bolstered by strong EBITDA growth.Stable Outlook: The Stable Outlook reflects Fitch's expectations that AMP will effectively manage and mitigate market risks particularly as it relates to the insurance business, maintain gross debt to adjusted EBITDA below 1.5x, and maintain available liquidity at its Holdco in excess of its short-term obligations. The Stable Outlook also reflects Fitch's expectation that AMP will sustain strong operating performance and maintain a conservative credit risk profile.Short-Term IDR: According to Fitch's &#34;Non-Bank Financial Institutions Rating Criteria,&#34; a Long-Term IDR of 'A-' maps to a Short-Term IDR of 'F1' or 'F2'. To achieve the higher rating, AMP would need to have a minimum Funding, Liquidity and Coverage (FLC) score of 'a'. At this time, AMP's FLC score is 'a'. Accordingly, Fitch has assigned AMP a Short-Term IDR of 'F1'.RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade--Adverse regulatory actions or litigation, or reputational damage that leads to impairment of the firm's franchise or funding profile;--A significant and sustained decline in AUM and/or a meaningful erosion in segment operating margins;--An adverse alteration of the firm's risk appetite or inability of its risk management framework to identify and mitigate outsized risk exposures;--A sustained increase in gross debt to adjusted EBITDA of above 1.5x and/or a meaningful erosion in regulatory capital buffers, or a sharp and sustained decline in available Holdco liquidity in relation to near-term obligations.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade--Meaningful market share gains, geographical expansion, and sustained growth in AUM in the AWM and AM business segments;--A reduction in gross debt to adjusted EBITDA to 0.5x or below on a sustained basis while maintaining strong liquidity and conservative regulatory capital ratios; or adjusted EBITDA margin expansion above 30% on a sustained basis.AMP's Short-Term IDR is primarily sensitive to the Long-Term IDR and would move in tandem in accordance with the linkages outlined in Fitch's &#34;Non-Bank Financial Institutions Rating Criteria&#34;. Aside from changes in AMP's Long-Term IDR, if AMP's FLC score were to be downgraded from 'a', the Short-Term IDR would be downgraded to 'F2'.DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERSThe unsecured debt rating is equalized with the Long-Term IDR and reflects the firms' largely unsecured corporate funding profile and Fitch's expectation for average recovery prospects on the debt under a stressed scenario.DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIESThe unsecured debt rating is equalized with the Long-Term IDR and is expected to move in tandem.ADJUSTMENTSThe Standalone Credit Profile (SCP) has been assigned in-line with the implied SCP.The Funding, Liquidity &amp; Coverage score has been assigned below the implied score due to the following adjustment reason(s): Fungibility (negative).REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visithttps://www.fitchratings.com/topics/esg/products#esg-relevance-scores.Ameriprise Financial, Inc.; Long Term Issuer Default Rating; Affirmed; A-; Rating Outlook Stable; Short Term Issuer Default Rating; Affirmed; F1----senior unsecured; Long Term Rating; Affirmed; A-Contacts:Primary Rating AnalystBrian Jarmakowicz, CFADirector+1 646 582 4586brian.jarmakowicz@fitchratings.comFitch Ratings, Inc.Hearst Tower 300 W. 57th StreetNew York, NY 10019Secondary Rating AnalystHenry Ye, CFADirector+1 647 800 9167henry.ye@fitchratings.comCommittee ChairpersonChelsea Richardson,Senior Director+1 212 612 7899chelsea.richardson@fitchratings.comMEDIA RELATIONS: Cristina Bermudez, New York, Tel: +1 212 612 7892, Email: cristina.bermudez@thefitchgroup.comAdditional information is available on www.fitchratings.comADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has affirmed Ameriprise Financial's Long-Term IDR at 'A-' and Short-Term IDR at 'F1', with a Stable Outlook. The affirmation reflects AMP's strong franchise in wealth management, asset management, and insurance products, supported by a vertically integrated business model. Despite market risks and industry headwinds, AMP maintains strong profitability and liquidity, with modest leverage and stable operating margins. Fitch expects AMP to manage market risks effectively and sustain strong performance, maintaining a conservative credit risk profile.

Fitch Affirms Ameriprise Financial at 'A-'; Outlook Stable