AMERIPRISE FINANCIAL INC

Previous wording

Ameriprise Financial is a diversified financial services company with a 130-year history of providing financial solutions. We are a long-standing leader in financial planning and advice with $1.7 trillion in assets under management, administration and advisement as of September 30, 2025. We offer a broad range of products and services designed to achieve individual and institutional clients’ financial objectives.

Current wording

Ameriprise Financial is a diversified financial services company with a more than 130-year history of providing financial solutions. We are a long-standing leader in financial planning and advice with $1.7 trillion in assets under management, administration and advisement as of March 31, 2026. We offer a broad range of products and services designed to achieve individual and institutional clients’ financial objectives.

Previous wording

While our consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), management believes that adjusted operating earnings measures, which exclude net realized investment gains or losses, net of reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and universal life (“UL”) insurance contracts), net of hedges and the reinsurance accrual; mean reversion related impacts (the impact on variable universal life (“VUL”) products for the difference between assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impact; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from

Current wording

While our consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), management believes that adjusted operating earnings measures, which exclude net realized investment gains or losses, net of reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and universal life (“UL”) insurance contracts), net of hedges and the reinsurance accrual; mean reversion related impacts (the impact on variable universal life (“VUL”) products for the difference between assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impact; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.

Previous wording

Total AUM increased $82.2 billion, or 7%, to $1.3 trillion as of September 30, 2025 compared to $1.2 trillion as of September 30, 2024 due to an $81.2 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $2.6 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows. Total Assets Under Administration increased $33.7 billion, or 11%, to $347.9 billion as of September 30, 2025 compared to the prior year period primarily driven by equity market appreciation and an increase in third-party money market funds. Total Assets Under Advisement increased $5.6 billion, or 18%, to $37.5 billion as September 30, 2025 due to net inflows and market appreciation. See our segment results of operations discussion below for additional information on changes in our AUM.

Current wording

Total AUM increased $130.4 billion, or 11%, to $1.3 trillion as of March 31, 2026 compared to $1.1 trillion as of March 31, 2025 due to a $91.5 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $40.2 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows. Total Assets Under Administration increased $34.6 billion, or 11%, to $348.7 billion as of March 31, 2026 compared to the prior year period primarily driven by equity market appreciation. Total Assets Under Advisement increased $8.5 billion, or 25%, to $42.2 billion as of March 31, 2026 due to net inflows and market appreciation. See our segment results of operations discussion below for additional information on changes in our AUM.

Previous wording

Pretax income increased $529 million, or 82%, for the three months ended September 30, 2025 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:

Current wording

Pretax income increased $457 million, or 67%, for the three months ended March 31, 2026 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:

Previous wording

•The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual was an expense of $82 million for the three months ended September 30, 2025 compared to an expense of $402 million for the prior year period.

Current wording

•The market impact on non-traditional long duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and the reinsurance accrual was an expense of $184 million for the three months ended March 31, 2026 compared to an expense of $460 million for the prior year period.

Previous wording

•A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 15% in the three months ended September 30, 2025 compared to the prior year period.

Current wording

•A favorable impact from higher average equity markets compared to the prior year period. Our average WEI, which is a proxy for equity movements on AUM, increased 17% in the three months ended March 31, 2026 compared to the prior year period.

Previous wording

Management and financial advice fees increased $603 million, or 13%, for the nine months ended September 30, 2025 compared to the prior year period primarily due to higher average wrap account assets. Average advisory wrap account assets increased $75.4 billion, or 15%, compared to the prior year period reflecting market appreciation and net inflows.

Current wording

Management and financial advice fees increased $342 million, or 13%, for the three months ended March 31, 2026 compared to the prior year period reflecting market appreciation, continued wrap account net inflows and a higher average advisory fee rate, partially offset by the cumulative impact of Asset Management net outflows.

Previous wording

Banking and deposit interest expense decreased $61 million, or 37%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank, FSB (“Ameriprise Bank”) cash deposits.

Current wording

Banking and deposit interest expense decreased $53 million, or 42%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting lower balances and lower average crediting rates on certificates and lower average crediting rates on Ameriprise Bank, FSB (“Ameriprise Bank”) cash deposits.

Previous wording

Interest credited to fixed accounts decreased $69 million, or 16%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the following items:

Current wording

Interest credited to fixed accounts increased $12 million, or 9%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting the following items:

Previous wording

•A $57 million decrease in expense from other market impacts on IUL benefits, net of hedges, which was a benefit of $80 million for the nine months ended September 30, 2025 compared to a benefit of $23 million for the prior year period. The decrease in expense was primarily due to a decrease in the IUL embedded derivative in the current period, which reflected more discounting due to higher forward rates.

Current wording

•A $22 million increase in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was an expense of $15 million for the three months ended March 31, 2026 compared to a benefit of $7 million for the prior year period. The increase in expense was primarily due to an increase in the IUL embedded derivative in the current period, which reflected higher option costs due to a higher new money rate.

Previous wording

•A $6 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $11 million for the nine months ended September 30, 2025 compared to an unfavorable impact of $17 million for the prior year period.

Current wording

•A $9 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The favorable impact of the nonperformance credit spread was $13 million for the three months ended March 31, 2026 compared to a favorable impact of $4 million for the prior year period.

Previous wording

Benefits, claims, losses and settlement expenses decreased $87 million, or 20%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting a $91 million decrease in expense from market impacts on structured variable annuities (“SVA”) embedded derivative, net of hedging activity. This decrease was primarily the result of a favorable $557 million change in the market impact on derivatives hedging the SVA embedded derivative and an unfavorable $466 million change in the market impact on SVA embedded derivative. The decrease in expense also reflects the impact of lower sales of life contingent payout annuities, partially offset by the impact of increased volume in SVAs.

Current wording

•A $98 million decrease in expense from market impacts on structured variable annuities (“SVA”) embedded derivative, net of hedging activity. This decrease was primarily the result of a favorable $140 million change in the market impact on derivatives hedging the SVA embedded derivative and an unfavorable $42 million change in the market impact on SVA embedded derivative.

Previous wording

•A $265 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $779 million change in the market impact on variable annuity guaranteed benefits reserves, partially offset by an unfavorable $514 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits. The main market drivers contributing to these changes are summarized below:

Current wording

•A $130 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $262 million change in the market impact on variable annuity guaranteed benefits reserves, partially offset by an unfavorable $132 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits. The main market drivers contributing to these changes are summarized below:

Previous wording

•Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger benefit for the three months ended September 30, 2025 compared to the prior year period.

Current wording

•Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger expense for the three months ended March 31, 2026 compared to the prior year period.

Previous wording

•Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the three months ended September 30, 2025 compared to the prior year period.

Current wording

•Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a benefit for the three months ended March 31, 2026 compared to an expense in the prior year period.

Previous wording

•Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger expense for the nine months ended September 30, 2025 compared to the prior year period.

Current wording

•Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a larger expense for the three months ended March 31, 2026 compared to the prior year period.

Previous wording

•Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a larger net expense for the three months ended September 30, 2025 compared to the prior year period.

Current wording

•Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the three months ended March 31, 2026 compared to the prior year period.

Previous wording

Our effective tax rate was 22.3% for the three months ended September 30, 2025 compared to 20.7% for the prior year period. The increase in the effective tax rate for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to higher pretax income in the current period compared to the prior year period and the related impact on tax preferred items. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Current wording

Our effective tax rate was 20.0% for the three months ended March 31, 2026 compared to 15.1% for the prior year period. The increase in the effective tax rate for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to higher pretax income in the current period compared to the prior year period and the related impact on tax preferred items and a decrease in the benefit for incentive compensation. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Previous wording

Total client assets increased $113.9 billion, or 11%, to $1.1 trillion compared to a year ago primarily due to market appreciation and client net inflows.

Current wording

Total client assets increased $126.0 billion, or 12%, to $1.1 trillion compared to a year ago primarily due to market appreciation and client net inflows.

Previous wording

Ending wrap account assets increased $35.1 billion to $650.3 billion during the three months ended September 30, 2025 due to market appreciation of $30.3 billion and net inflows of $4.8 billion. Average advisory wrap account assets increased $76.5 billion, or 14%, compared to the prior year period primarily reflecting market appreciation and net inflows.

Current wording

Ending wrap account assets decreased $6.2 billion to $664.2 billion during the three months ended March 31, 2026 due to market depreciation of $12.2 billion, partially offset by net inflows of $6.0 billion. Average advisory wrap account assets increased $97.6 billion, or 17%, compared to the prior year period primarily reflecting market appreciation and net inflows.

Previous wording

Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 4% from the prior year to $22.6 billion as of September 30, 2025. Ameriprise Certificate Company (“ACC”) client deposits decreased $3.1 billion from the prior year to $8.9 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past seven quarters. Third party cash products increased $5.0 billion to $47.9 billion driven by an increase of money market funds of $7.2 billion, partially offset by a decline in brokered CDs.

Current wording

Ameriprise Bank is continuing its deposit growth trend, with bank deposit balances increasing 5% from the prior year to $23.8 billion as of March 31, 2026. Ameriprise Certificate Company (“ACC”) client deposits decreased $3.2 billion from the prior year to $7.5 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past nine quarters. Third party cash products increased $1.8 billion to $47.8 billion driven by an increase of money market funds of $3.3 billion, partially offset by a decline in brokered CDs.

Previous wording

•In Ameriprise Bank, assets included $19.4 billion of Available-for-Sale securities, $3.3 billion of cash and cash equivalents, and $1.7 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AAA and primarily consist of structured assets, of which 11% were floating rate and sensitive to changes in short-term interest rates as of September 30, 2025. We took action to reduce the floating rate allocation from 19% as of September 30, 2024. The duration of Ameriprise Bank investments was 3.7 years as of September 30, 2025 compared to 3.1 years as of September 30, 2024. In the three months ended September 30, 2025, we purchased $0.7 billion of investments, which was primarily funded from security maturities and prepayments.

Current wording

•In Ameriprise Bank, assets included $20.7 billion of Available-for-Sale securities, $2.7 billion of cash and cash equivalents, and $2.3 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, of which 7% were floating rate and sensitive to changes in short-term interest rates as of March 31, 2026. We took action to reduce the floating rate allocation from 15% as of March 31, 2025. The duration of Ameriprise Bank investments was 4.0 years as of March 31, 2026 compared to 3.6 years as of March 31, 2025. In the three months ended March 31, 2026, we purchased $1.9 billion of investments, which was primarily funded from security maturities and prepayments.

Previous wording

•In ACC, assets include $8.8 billion of Available-for-Sale securities, $0.5 billion of cash and cash equivalents, and $0.1 billion of loans and other assets. The ACC investment portfolio securities are mostly rated AAA and primarily consist of structured assets and government bonds, of which 40% were floating rate and approximately 20% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of September 30, 2025. The duration of ACC investments was 1.4 years as of September 30, 2025 compared to 0.8 years as of September 30, 2024.

Current wording

•In ACC, assets include $7.4 billion of Available-for-Sale securities, $0.5 billion of cash and cash equivalents, and $0.1 billion of loans and other assets. The ACC investment portfolio securities are mostly rated AA+ and primarily consist of structured assets and government bonds, of which 40% were floating rate and approximately 21% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of March 31, 2026. The duration of ACC investments was 1.4 years as of March 31, 2026 compared to 1.3 years as of March 31, 2025.

Previous wording

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $55 million, or 7%, for the three months ended September 30, 2025 compared to the prior year period. This reflected the benefit from market appreciation and increased advisor productivity through the cumulative impact of client net inflows, partially offset by lower interest revenue. Pretax adjusted operating margin was 29.5% for the three months ended September 30, 2025 compared to 30.1% for the prior year period.

Current wording

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $159 million, or 20%, for the three months ended March 31, 2026 compared to the prior year period. This reflected the benefit from market appreciation, increased advisor productivity through the cumulative impact of client net inflows and higher transactional revenue. Pretax adjusted operating margin was 30.0% for the three months ended March 31, 2026 compared to 28.5% for the prior year period.

Previous wording

Management and financial advice fees increased $227 million, or 14%, for the three months ended September 30, 2025 compared to the prior year period primarily due to growth in average wrap account assets. Average advisory wrap account assets increased $76.5 billion, or 14%, compared to the prior year period primarily reflecting net inflows and market appreciation.

Current wording

Management and financial advice fees increased $292 million, or 17%, for the three months ended March 31, 2026 compared to the prior year period primarily due to growth in average wrap account assets and a higher average advisory fee rate. Average advisory wrap account assets increased $97.6 billion, or 17%, compared to the prior year period primarily reflecting net inflows and market appreciation.

Previous wording

Net investment income, which excludes net realized investment gains or losses, decreased $69 million, or 12%, for the three months ended September 30, 2025 compared to the prior year period primarily due to lower average invested assets supporting certificates and the unfavorable impact of lower investment yields on the investment portfolios supporting the bank cash deposits and certificate products.

Current wording

Net investment income, which excludes net realized investment gains or losses, decreased $45 million, or 9%, for the three months ended March 31, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolios supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.

Previous wording

•The average certificate reserve balance for ACC was $9.4 billion for the three months ended September 30, 2025 compared to $12.2 billion for the prior year period with the average crediting rate of 3.48% for the three months ended September 30, 2025 compared to 4.36% for the prior year period.

Current wording

•The average certificate reserve balance for ACC was $7.8 billion for the three months ended March 31, 2026 compared to $10.9 billion for the prior year period with the average crediting rate of 3.21% for the three months ended March 31, 2026 compared to 3.95% for the prior year period.

Previous wording

•The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $22.1 billion for the three months ended September 30, 2025 compared to $21.6 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.30% for the three months ended September 30, 2025 from 0.46% for the prior year period, which included both cash sweep and savings products.

Current wording

•The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.4 billion for the three months ended March 31, 2026 compared to $22.2 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.17% for the three months ended March 31, 2026 from 0.31% for the prior year period.

Previous wording

(2) Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 1 received a 5-star Overall Rating and 46 received a 4-star Overall Rating. Out of 134 Threadneedle funds rated (based on highest-rated share class), 11 received a 5-star Overall Rating and 46 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

Current wording

(2) Columbia funds are available for purchase by U.S. customers. Out of 86 Columbia funds rated (based on primary share class), 3 received a 5-star Overall Rating and 40 received a 4-star Overall Rating. Out of 129 Threadneedle funds rated (based on highest-rated share class), 12 received a 5-star Overall Rating and 40 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

Previous wording

(2) Global Institutional inflows and outflows include net flows from our structured annuity product and Ameriprise Bank.

Current wording

(2) Global Institutional inflows and outflows include net flows from our structured variable annuity product and Ameriprise Bank.

Previous wording

Total segment AUM increased $20.5 billion, or 3%, during the three months ended September 30, 2025 primarily due to market appreciation, partially offset by an unfavorable foreign exchange impact and net outflows. Net outflows were $3.4 billion for the three months ended September 30, 2025.

Current wording

Total segment AUM decreased $16.5 billion, or 2%, during the three months ended March 31, 2026 primarily due to net outflows, market depreciation, and an unfavorable foreign exchange impact. Net outflows were $5.9 billion for the three months ended March 31, 2026.

Previous wording

Total segment AUM increased $29.8 billion, or 5%, during the nine months ended September 30, 2025 primarily due to equity market appreciation and a favorable foreign exchange impact, partially offset by net outflows. Total AUM net outflows were $32.5 billion for the nine months ended September 30, 2025 and included a large institutional client repositioning into passive strategies and $3.9 billion of outflows from our U.S. real estate business. Model delivery assets under advisement net inflows were $2.1 billion for the nine months ended September 30, 2025 compared to $2.4 billion for the prior year period.

Current wording

Management and financial advice fees increased $50 million, or 7%, for the three months ended March 31, 2026 compared to the prior year period primarily due to higher average equity markets and a favorable foreign exchange impact, partially offset by the cumulative impact from net outflows.

Previous wording

General and administrative expense increased $20 million, or 5%, for the three months ended September 30, 2025 compared to the prior year period primarily reflecting higher volume related expenses and investments for business growth.

Current wording

General and administrative expense increased $15 million, or 4%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher volume-related expenses and an unfavorable foreign exchange impact.

Previous wording

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts increased $99 million, or 84%, for the three months ended September 30, 2025 compared to prior year period primarily reflecting unlocking impacts, higher investment portfolio yields and market appreciation.

Current wording

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which excludes net realized investment gains or losses (net of the reinsurance accrual), the market impact on variable annuity guaranteed benefits (net of hedges), the market impact on IUL benefits (net of hedges and the reinsurance accrual), mean reversion related impacts, and block transfer reinsurance transaction impacts decreased $25 million, or 12%, for the three months ended March 31, 2026 compared to prior year period primarily reflecting the cumulative impact of variable annuity net outflows and higher sales volume.

Previous wording

Variable annuity account balances increased 4% to $91.0 billion as of September 30, 2025 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $4.3 billion. Variable annuity sales increased 2% compared to the prior year period primarily reflecting a strong level of sales of SVAs. Account values with living benefit riders declined to 47% as of September 30, 2025 compared to 51% a year ago reflecting our actions to optimize our business mix. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.

Current wording

Variable annuity account balances increased 6% to $88.1 billion as of March 31, 2026 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $4.7 billion. Variable annuity sales increased 10% compared to the prior year period primarily reflecting a strong level of sales of SVAs. Account values with living benefit riders declined to 45% as of March 31, 2026 compared to 49% a year ago reflecting our actions to optimize our business mix. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.

Previous wording

Net investment income, which excludes net realized investment gains or losses, increased $45 million, or 16%, for the three months ended September 30, 2025 compared to the prior year period primarily due to higher SVA balances and higher investment portfolio yields from investment portfolio repositioning.

Current wording

Net investment income, which excludes net realized investment gains or losses, increased $40 million, or 14%, for the three months ended March 31, 2026 compared to the prior year period primarily due to higher SVA balances.

Previous wording

Net investment income increased $9 million, or 53%, for the three months ended September 30, 2025 compared to the prior year period primarily related to income from a seed investment.

Current wording

Distribution expenses increased $9 million, or 7%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting higher equity markets.

Previous wording

Benefits, claims, losses and settlement expenses, which exclude the market impact on SVA indexed account embedded derivative (net of hedges) and mean reversion related impacts, decreased $27 million, or 4%, for the nine months ended September 30, 2025 compared to the prior year period primarily reflecting the impact of lower sales of life contingent payout annuities and favorable life claims, partially offset by increased volume in SVAs.

Current wording

Benefits, claims, losses and settlement expenses, which exclude the market impact on structured variable annuities indexed account embedded derivative (net of hedges) and mean reversion related impacts increased $24 million, or 11%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting increased volume in SVAs.

Previous wording

Change in fair value of market risk benefits, which exclude the market impact on variable annuity guaranteed benefits (net of hedges), increased $25 million, or 5%, for the nine months ended September 30, 2025 compared to the prior year period reflecting market appreciation on contractual fees, partially offset by the impacts of unlocking.

Current wording

Change in fair value of market risk benefits increased $12 million, or 8%, for the three months ended March 31, 2026 compared to the prior year period primarily reflecting market appreciation on contractual fees.

Previous wording

Our Corporate & Other segment includes our closed blocks of LTC insurance and fixed annuity and fixed indexed annuity (“FA”) business.

Current wording

Our Corporate & Other segment includes our closed blocks of long term care (“LTC”) insurance and fixed annuity and fixed indexed annuity (“FA”) business.