Market Risk Our primary market risk exposures are interest rate, equity price, foreign currency exchange rate and credit risk. Equity price and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the spread income generated on our brokerage client cash balances, banking deposits, face-amount certificate products, fixed portion of our variable annuities and variable insurance contracts, fixed annuity and insurance contracts, the value of market risk benefits and other liabilities associated with our variable annuities and the value of derivatives held to hedge related benefits. Market risk benefits continue to be managed by utilizing a hedging program which attempts to match the sensitivity of the assets with the sensitivity of the benefits. This approach works with the premise that matched sensitivities will produce a highly effective hedging result. Our comprehensive hedging program focuses mainly on first order sensitivities of assets and liabilities: Equity Market Level (Delta), Interest Rate Level (Rho) and Volatility (Vega). Additionally, various second order sensitivities are managed. We use various options, swaptions, swaps and futures to manage risk exposures. The exposures are measured and monitored daily, and adjustments to the hedge portfolio are made as necessary. To evaluate interest rate and equity price risk, we perform sensitivity testing which measures the impact on pretax income from the sources listed below for a 12-month period following a hypothetical 100 basis point increase in interest rates or a hypothetical 10% decline in equity prices. The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months. The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months. In estimating the values of variable annuities, indexed annuities, indexed 99 Index AMERIPRISE FINANCIAL, INC. universal life (“IUL”) insurance and the associated hedging instruments, we assume no change in implied market volatility despite the 10% drop in equity prices. The following tables present our estimate of the impact on pretax income from the above defined hypothetical market movements as of June 30, 2026: Equity Price Decline 10% Equity Price Exposure to Pretax Income Before Hedge Impact Hedge Impact Net Impact (in millions) Asset-based management and distribution fees (1) $ (413) $ 3 $ (410) Variable annuity and structured variable annuity benefits: Market risk benefits (721) 395 (326) Indexing feature for structured variable annuities 1,405 (1,446) (41) Total variable annuity and structured variable annuity benefits 684 (1,051) (367) IUL insurance 63 (74) (11) Total $ 334 $ (1,122) $ (788) (2) Interest Rate Increase 100 Basis Points Interest Rate Exposure to Pretax Income Before Hedge Impact Hedge Impact Net Impact (in millions) Asset-based management and distribution fees (1) $ (69) $ — $ (69) Variable annuity and structured variable annuity benefits: Market risk benefits 850 (623) 227 Indexing feature for structured variable annuities (26) 176 150 Total variable annuity and structured variable annuity benefits 824 (447) 377 Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products 33 — 33 Banking deposits 33 — 33 Brokerage client cash balances 41 — 41 Certificates (7) — (7) IUL insurance 8 2 10 Total $ 863 $ (445) $ 418 (1) Excludes incentive income which is impacted by market and fund performance during the period and cannot be readily estimated. (2) Represents the net impact to pretax income. The estimated net impact to pretax adjusted operating income is $(410) million as of June 30, 2026. The above results compare to an estimated negative net impact to pretax income of $510 million related to a 10% equity price decline and an estimated positive net impact to pretax income of $514 million related to a 100 basis point increase in interest rates as of December 31, 2025. Net impacts shown in the above tables from market risk benefits result largely from differences between the liability valuation basis and the hedging basis. Liabilities are valued using fair value accounting principles, with risk margins incorporated in contractholder behavior assumptions. Our hedging is based on our determination of economic risk, which excludes certain items in the liability valuation. Actual results could and likely will differ materially from those illustrated above as fair values have a number of estimates and assumptions. For example, the illustration above includes assuming that implied market volatility does not change when equity prices fall by 10% and that the 100 basis point increase in interest rates is a parallel shift of the yield curve. Furthermore, we have not tried to anticipate changes in client preferences for different types of assets or other changes in client behavior, nor have we tried to anticipate all strategic actions management might take to increase revenues or reduce expenses in these scenarios. The selection of a 100 basis point interest rate increase as well as a 10% equity price decline should not be construed as a prediction of future market events. Impacts of larger or smaller changes in interest rates or equity prices will not be proportional to those shown for a 100 basis point increase in interest rates or a 10% decline in equity prices. Fixed Annuities, Fixed Insurance and Fixed Portion of Variable Annuities and Variable Insurance Contracts Our earnings from fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts are based upon the spread between rates earned on assets held and the rates at which interest is credited to accounts. We primarily invest in fixed rate securities to fund the rate credited to clients. We guarantee an interest rate to the holders of these products. Investment assets and client liabilities generally differ as it relates to basis, repricing or maturity characteristics. Rates credited to clients’ accounts generally reset at shorter intervals than the yield on the underlying investments. Therefore, in an 100 Index AMERIPRISE FINANCIAL, INC. increasing interest rate environment, higher interest rates may be reflected in crediting rates to clients sooner than in rates earned on invested assets, which could result in a reduced spread between the two rates, reduced earned income and a negative impact on pretax income. While interest rates under the current environment have relieved some pressure from the liability guaranteed minimum interest rates (“GMIRs”), there are still some GMIRs above current levels. Hence, liability credited rates will move more slowly under a modest rise in interest rates while projected asset purchases would capture the full increase in interest rates. This dynamic would result in widening spreads under a modestly rising rate scenario given the current relationship between the current level of interest rates and the underlying GMIRs on the business. Of the $49.2 billion in Policyholder account balances, future policy benefits and claims as of June 30, 2026, $14.9 billion is related to liabilities created by these products. We do not hedge this exposure. As a result of the current market environment, reinvestment yields are becoming more aligned with the current portfolio yield. The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through June 30, 2028 due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were $3.0 billion and 4.1%, respectively, as of June 30, 2026. In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled $28.0 billion and had a weighted average yield of 4.7% as of June 30, 2026. While these amounts represent investments that could be subject to reinvestment risk, it is also possible that these investments will be used to fund liabilities or may not be prepaid and will remain invested at their current yields. In addition to the interest rate environment, the mix of benefit payments versus product sales as well as the timing and volumes associated with such mix may impact our investment yield. Furthermore, reinvestment activities and the associated investment yield may also be impacted by corporate strategies implemented at management’s discretion. The average yield for investment purchases during the six months ended June 30, 2026 was approximately 4.8%. The reinvestment of proceeds from maturities, calls and prepayments at rates above the current portfolio yields will create potential upside impact to future operating results. In this volatile rate environment, we assess reinvestment risk in our investment portfolio and monitor this risk in accordance with our asset/liability management framework. In addition, we may update the crediting rates on our fixed products when warranted, subject to guaranteed minimums. See Note 8 to our Consolidated Financial Statements for more information on the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of GMIRs and the range of the difference between rates credited to policyholders and contractholders as of June 30, 2026 and December 31, 2025 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. 101 Index AMERIPRISE FINANCIAL, INC.