Results
Second Quarter 2026 Results
Earnings Per Diluted ShareReturn on Equity, ex AOCI (1)
GAAP$11.98GAAP53.0%
Adjusted Operating$11.07Adjusted Operating55.0%
Second quarter adjusted operating earnings per diluted share increased 22 percent to $11.07, reflecting continued asset growth.
Second quarter GAAP net income per diluted share was $11.98 compared to $10.73 a year ago, driven by continued asset growth offset by less favorable market impacts on the valuation of derivatives and market risk benefits than a year ago.
4Assets under management, administration and advisement grew to a record $1.8 trillion, up 14 percent.
Adjusted operating net revenues increased 13 percent to $4.9 billion primarily from asset growth and strong client engagement.
Pretax adjusted operating margin was strong at 27 percent.
Capital return
Balance sheet fundamentals continued to be a core differentiator.
The company generated and returned significant capital to shareholders with $932 million, or 91 percent of operating earnings, returned in the quarter.
Results
Return on equity remains distinguished in the industry at 55 percent (1) .
Management commentary
Ameriprise is accelerating AI adoption across the firm, including bringing advanced AI capabilities into advisors’ workflows while keeping human engagement and relationships at the center of advice.
Corporate events
Fortune recognized Ameriprise Financial as one of America's Most Innovative Companies of 2026.
Ameriprise Financial was recently recognized by TIME as one of America’s Best Companies of 2026, ranking in the top quartile.
Management commentary
Perspective from Jim Cracchiolo, Chairman and Chief Executive Officer
“Ameriprise again delivered strong growth and excellent financial performance, including a record level of firm-wide assets.
The consistency of our results reflects the strength of our diversified business and disciplined execution.
Revenue and earnings increased by double digits, led by continued momentum in our fee-based wealth and asset management businesses.
Our ongoing investments are reinforcing our leadership in advice, wealth management solutions and our technology ecosystem, including our AI capabilities.
As we execute our strategy in the second half of the year, we remain focused on building on our excellent track record of innovation, disciplined execution and consistent value creation for Ameriprise clients, advisors and shareholders.“
Results
GAAP results in both the second quarter of 2025 and 2026 included favorable market impacts on the valuation of derivatives and market risk benefits, though the impact in the prior-year quarter was more favorable.
Advice & Wealth Management generated strong performance with pretax adjusted operating earnings of $939 million, up 16 percent, with a margin of 28.9 percent.
8Core distribution earnings increased in the low-30 percent range, resulting from strong operating fundamentals and our focus on profitable growth.
5Adjusted operating net revenues increased 16 percent to $3.2 billion, primarily driven by 15 percent growth in client assets.
Strong wrap net inflows and market appreciation contributed to growth in fee-based revenues, while increased sales of annuity products and brokerage transactions drove strong transactional activity.
7Adjusted operating expenses increased 16 percent to $2.3 billion, primarily driven by distribution expenses, which grew in line with advisor-driven revenues.
General and administrative expenses increased $28 million to $463 million, primarily driven by volume-related expenses and investments for growth, including bank expansion, AI transformation and automation initiatives.
Management commentary
The company delivered strong asset growth and higher advisor productivity, reflecting the strength of the Ameriprise client experience and the company’s focus on industry-leading tools, solutions and support.
Results
Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.2 million, up 12 percent.
The company added 79 experienced advisors in the quarter.
Total client assets grew $164 billion, or 15 percent, to $1.2 trillion and wrap assets increased $116 billion, or 19 percent, to $732 billion driven by organic growth and market appreciation.
Client flows were $3.1 billion and wrap flows were $6.9 billion in the quarter.
This reflected strong underlying organic activity, partially offset by advisor departures, including Comerica terminations.
Transactional activity increased 13 percent compared to the prior year.
Cash sweep balances were $28.8 billion compared to $29.4 billion in the prior quarter, reflecting normal seasonal patterns.
Bank assets increased 6 percent to $25.5 billion, with bank earnings up in the low-single digits percent.
Asset Management adjusted operating net revenues were $947 million.
3Pretax adjusted operating earnings increased 23 percent to $274 million reflecting asset growth, including the benefit of strong performance in our Seligman technology strategies.
2Net pretax adjusted operating margin increased 370 basis points to 42.7 percent, reflecting our discipline in pursuing growth that enhances shareholder value.
The underlying fee rate remained stable.
Adjusted operating expenses increased 11 percent.
General and administrative expenses increased 9 percent driven by higher compensation expense for Seligman from AUM growth and performance, volume-related expenses and an unfavorable foreign exchange impact.
6We continue to demonstrate expense discipline, with full-year general and administrative expenses expected to be flat excluding Seligman and other performance fee compensation, while investing in opportunities to drive growth.
Assets under management and advisement increased 10 percent to $759 billion.
Investment performance remained strong with 69 percent of retail funds above median versus peers on an asset-weighted basis for the 1-year period, 75 percent for the 3- and 5-year periods, and 87 percent for the 10-year period.
In addition, 97 Columbia Threadneedle funds globally earned four- or five-star ratings from Morningstar.
1Net outflows improved 26 percent to $6.5 billion.
Retail and model delivery net outflows improved to $1.4 billion, primarily reflecting higher gross sales in the U.S. and EMEA.
Institutional net outflows were $5.1 billion.
Flows from legacy insurance partners improved and were flat.
Retirement & Protection Solutions pretax adjusted operating earnings were $202 million, consistent with our target range.
Retirement & Protection Solutions sales increased 20 percent to $1.6 billion, with continued strong client demand for structured variable annuities, variable annuities without living benefit riders and variable universal life insurance.
Management commentary
Our high-quality books of business continued to generate strong earnings, margins and free cash flow, while delivering excellent risk-adjusted returns and are an important contributor to our diversified business model.
Results
Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was $77 million.
Results in the prior year period included the impact from acceleration of the firm’s transition to cloud-based technology platforms.
Long Term Care pretax adjusted operating earnings were $4 million in the quarter, a continuation of a solid performance trend.
Fixed Annuities pretax adjusted operating loss was in line with expectations at $8 million.
Taxes
Outlook
The operating effective tax rate was 22.9 percent for the second quarter.
The operating effective tax rate is expected to be 20 to 22 percent for the full year 2026.
statements concerning expected general and administrative expense for Asset Management;
statements estimating the expected full year 2026 operating effective tax rate; and
Corporate events
Fortune partnered with Statista to recognize America’s Most Innovative Companies for 2026 — U.S. companies that excel in developing innovative products, streamlining processes, and cultivating a forward-thinking corporate culture.
Statista surveyed more than 30,000 U.S. employees and 3,000 experts in various fields and evaluated patent data.
Surveys were conducted August through November 2025.
Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results.
TIME magazine partnered with Statista to recognize America’s Best Companies, chosen based on an independent survey of roughly 217,000 U.S. employees.
Eligible companies (those headquartered in the U.S. that generated over $100 million in revenue in 2024 or 2025) were evaluated across three key categories: employee satisfaction, revenue growth and sustainability transparency.
The final ranking reflects the period from January 2026 to May 2026.
Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results.
45 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.