Ameriprise Financial, Inc. Q1 FY2026 earnings call

• Ameriprise delivered strong first quarter results with adjusted operating revenues up 11% to $4.8 billion, EPS up 19% to $11.26, and ROE over 54%. - Assets on management, administration, and advisement grew 12% to $1.7 trillion. - Signed a multi-year agreement with Huntington Bank to be the retail investment program provider, expected to add ~260 advisors and $28 billion in assets. - Invested in technology platform with embedded AI and automation, and expanded Signature Wealth UMA product capabilities. - Bank assets exceed $25 billion, with plans to strengthen pledge lending.

Wealth management: Adjusted operating net revenues increased 14% to $3.2 billion. Client assets grew 12% to $1.1 trillion, and WRAP assets increased 16% to $664 billion. Advisor productivity reached a new high of $1.2 million per advisor, up 10% year-over-year. Asset management: Operating earnings increased 13% to $273 million. Total assets under management, administration, and advisement increased 8% to $706 billion. Retirement and protection solutions: Pre-tax adjusted operating earnings was $190 million. Balance sheet: Excess capital position of $2.3 billion and available liquidity of $2.3 billion.

• Continued to view shares as an attractive buying opportunity and increased share repurchases. - Board approved a 6% increase in dividend. - Anticipated Huntington Bank inflow in the fourth quarter.

• Market volatility and economic uncertainty leading to cautious client behavior. - Aggressive recruiting environment with potential impact on flows and profitability. - Geopolitical volatility affecting retail flows in EMEA.

Q: Why didn't Ameriprise lean in more to return more than 88% of operating earnings in 1Q26 and should we expect 2Q26 capital return levels more in line with 4Q25 if the stock stays at current level?

A: As indicated, will be buying back 85% to 90%, looking at PE ratio.

Q: Could you quantify the outflows from the Comerica advisors?

A: ECO America outflow started with acquisition in fourth quarter, expected to continue and accelerate in second and third quarter, Huntington inflow in fourth quarter.

Q: How are you thinking about AI tools optimization of cash?

A: Cash contribution is small to earnings, bank development with lending and savings programs, not major change to cash held.