10-K/A: Ameriprise Amends 10-K to Correct Audit Report Date

Ameriprise Financial, Inc. filed an amendment to its annual report on Form 10-K solely to correct a typographical error regarding the as-of date for the effectiveness of internal control over financial reporting.

Summary

• The filing is an Amendment No. 1 on Form 10-K/A to the Annual Report for the fiscal year ended December 31, 2025, originally filed on February 19, 2026.
• The sole purpose of this amendment is to correct a typographical error in the Report of Independent Registered Public Accounting Firm, changing the internal control effectiveness date to December 31, 2025.
• The amendment includes Item 8 (Financial Statements and Supplementary Data) in its entirety, with no changes to previously reported financial results or subsequent events.
• New certifications from the CEO and CFO (Exhibit 31.1, 31.2, and 32) are filed with this amendment, as required by Rule 12b-15.
• Net income for 2025 was $3,563 million, up from $3,401 million in 2024 and $2,556 million in 2023.
• Diluted earnings per share for 2025 was $36.28, compared to $33.05 in 2024 and $23.71 in 2023.
• Total net revenues for 2025 reached $18,480 million, an increase from $17,264 million in 2024 and $15,535 million in 2023.
• Total assets as of December 31, 2025, were $190,904 million, up from $181,403 million in 2024.
• Total equity as of December 31, 2025, was $6,549 million, an increase from $5,228 million in 2024.
• The company repurchased 5.5 million shares for $2.8 billion in 2025, 4.9 million shares for $2.2 billion in 2024, and 5.9 million shares for $2.0 billion in 2023.
• A new share repurchase authorization of $4.5 billion was approved on April 22, 2025, through June 30, 2027, with $2.6 billion remaining as of December 31, 2025.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as neutral in its immediate impact, as it primarily corrects a clerical error. However, the underlying financial results for 2025, which are included without change, reflect solid growth in net income, EPS, and revenues, alongside strong capital management and regulatory compliance, contributing to a positive long-term outlook.

Positives

• Net income increased to $3,563 million in 2025 from $3,401 million in 2024 and $2,556 million in 2023, demonstrating consistent growth.
• Diluted EPS grew to $36.28 in 2025 from $33.05 in 2024 and $23.71 in 2023, indicating improved profitability per share.
• Total net revenues showed a positive trend, rising to $18,480 million in 2025 from $17,264 million in 2024 and $15,535 million in 2023.
• Total assets increased to $190,904 million in 2025 from $181,403 million in 2024, reflecting asset growth.
• Total equity grew to $6,549 million in 2025 from $5,228 million in 2024, strengthening the company's financial foundation.
• The company's BBA ratio was 989% as of December 31, 2025, significantly exceeding the 400% total capital requirement (250% minimum + 150% buffer), indicating strong regulatory capital adequacy.
• Life insurance subsidiaries, broker-dealer subsidiaries (AEIS and AFS), and Ameriprise Bank all met or exceeded their respective minimum regulatory capital requirements, with Ameriprise Bank categorized as well-capitalized.
• A new $4.5 billion share repurchase authorization was approved on April 22, 2025, with $2.6 billion remaining as of December 31, 2025, signaling continued commitment to shareholder returns.

Negatives

• Banking and deposit interest expense increased to $431 million in 2025 from $662 million in 2024, though it was lower than $561 million in 2023, indicating fluctuating interest cost pressures.
• The change in fair value of market risk benefits resulted in a $1,004 million expense in 2025, higher than $628 million in 2024 and $798 million in 2023, reflecting increased market volatility or guarantee costs.
• The allowance for credit losses on Available-for-Sale securities increased from $2 million in 2023 to $5 million in 2024 and remained at $5 million in 2025, suggesting some deterioration in credit quality for these assets.
• The allowance for credit losses on commercial loans decreased from $54 million in 2023 to $45 million in 2024 and $41 million in 2025, which could indicate either improved credit quality or a reduction in loan portfolio size/risk.
• The allowance for credit losses on consumer loans increased from $5 million in 2023 to $9 million in 2024 and $11 million in 2025, suggesting a potential increase in expected losses for consumer lending.

Risks

• Valuation of market risk benefits involves significant management and auditor judgment, subjectivity, and specialized skill, particularly concerning assumptions like utilization of guaranteed withdrawals, surrender rate, market volatility, and nonperformance risk, which could lead to material misstatements.
• The company is involved in various legal proceedings, including regulatory inquiries, arbitration, and litigation, which are subject to uncertainties and could result in adverse judgments, settlements, fines, or reputational damage.
• Uncertain economic conditions, heightened financial market volatility, and significant financial reform legislation may increase the likelihood of legal claims or regulatory scrutiny.
• The company is exposed to credit risk associated with its derivatives, where a counterparty may not perform, mitigated by guidelines, preapproval of counterparties, and master netting/collateral arrangements.
• Certain derivative contracts contain provisions that could require the company to post additional collateral or immediately settle net liability positions if its debt rating or life insurance subsidiaries' financial strength ratings fall below specific thresholds.
• The company's pension plans are exposed to actuarial gains/losses primarily due to changes in discount rate assumptions, which can impact benefit obligations.
• The company is subject to various capital requirements for its subsidiaries (insurance, broker-dealer, bank, investment company), and failure to meet these could result in regulatory actions or restrictions on fund transfers/dividends.
• The company is exposed to potential costs from guaranty fund assessments in the event of insolvency of unaffiliated insurance companies, with an estimated liability of $13 million as of December 31, 2025.

Future Outlook

The company is evaluating the impact of several new accounting standards, including ASU 2025-06 on internal-use software, ASU 2025-08 on purchased loans, and ASU 2025-09 on hedge accounting improvements, all effective for annual periods beginning after December 15, 2026 or 2027. The company does not expect a material impact from the 'One Big Beautiful Bill Act' (OBBBA) enacted on July 4, 2025, or from the Pillar Two model rules for minimum tax on multinational enterprises.

Industry Context

StockSavvy.ai notes that Ameriprise Financial's consistent growth in net income and EPS, coupled with strong capital ratios across its regulated subsidiaries, positions it favorably within the diversified financial services industry. The ongoing share repurchase program reflects a robust capital management strategy, aligning with broader industry trends of returning value to shareholders. The company's exposure to market risk benefits and the associated hedging activities are typical for firms with significant variable annuity offerings, requiring sophisticated risk management in volatile markets.

Comparison to Industry Standards

• Ameriprise Financial's BBA ratio of 989% significantly surpasses the 400% total capital requirement, indicating a very strong capital position compared to regulatory benchmarks for savings and loan holding companies engaged in insurance activities.
• The company's life insurance subsidiaries meeting minimum RBC requirements is standard for well-managed insurers, comparable to peers like Prudential Financial or MetLife.
• Broker-dealer subsidiaries (AEIS, AFS) meeting FINRA's Uniform Net Capital Rule requirements is a baseline for operational compliance in the brokerage sector, similar to major brokerages such as Charles Schwab or Fidelity's brokerage arms.
• Ameriprise Bank being categorized as 'well-capitalized' under Basel III capital framework rules demonstrates strong adherence to banking regulatory standards, comparable to regional banks or diversified financial institutions with banking operations.

Legal Proceedings

• The company and its subsidiaries are involved in legal proceedings, including regulatory inquiries, arbitration, and litigation, concerning matters arising from its diversified financial services activities.
• Regulatory activity remains elevated, with requests for information and examinations from various authorities (SEC, FINRA, OCC, FDIC, FCA, FRB, state regulators) regarding business practices.
• Pending matters include sales and distribution practices, wholesaler activity, advisor supervision, insurance/annuity claims administration, client information security, trading activity, recordkeeping, and transaction monitoring systems.
• An adverse outcome in any legal matter could result in adverse judgments, settlements, fines, penalties, or reputational damage.

Related Party Transactions

• The company may engage in transactions in the ordinary course of business with significant shareholders or their subsidiaries, between the company and its directors and officers, or with other companies whose directors or officers also serve for the company or its subsidiaries.
• Executive officers and directors may have transactions involving financial products and insurance services on customary terms, which have not had a material impact on consolidated results or financial condition.

Stakeholder Impact

• Shareholders: Benefit from consistent growth in net income and EPS, as well as ongoing share repurchase programs and dividends.
• Customers: Benefit from the company's strong capital position and regulatory compliance, ensuring stability and reliability of financial products and services.
• Employees: Impacted by share-based compensation plans and retirement plans, with new employees no longer enrolled in the defined benefit Retirement Plan.
• Regulators: The company's adherence to capital requirements (BBA, RBC, Net Capital) and ongoing cooperation with inquiries demonstrate compliance with regulatory expectations.

Next Steps

• The company will continue to monitor the adoption and implementation of the Pillar Two model rules for minimum tax on multinational enterprises.
• The company is evaluating the impact of ASU 2025-06 (Internal-Use Software), ASU 2025-08 (Purchased Loans), and ASU 2025-09 (Hedge Accounting Improvements) on its consolidated results of operations and financial condition.
• The Annual Meeting of Shareholders is scheduled for April 29, 2026.

Key Dates

Keywords

Ameriprise Financial, AMP, 10-K/A, SEC Filing, Annual Report Amendment, Internal Control, Financial Reporting, Audit Report, Financial Services, Wealth Management, Asset Management, Insurance, Annuities, Capital Adequacy, Share Repurchase, Earnings, Revenue, Equity