AMERIPRISE FINANCIAL INC

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 discontinued operations; and the impact of consolidating CIEs, best reflect the underlying performance of our core operations and facilitate a more meaningful trend analysis.

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

Previous wording

Total AUM increased $176.0 billion, or 14%, to $1.4 trillion as of June 30, 2026 compared to $1.2 trillion as of June 30, 2025 due to a $116.4 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $60.6 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows. Total Assets Under Administration increased $43.6 billion, or 13%, to $374.6 billion as of June 30, 2026 compared to the prior year period primarily driven by equity market appreciation. Total Assets Under Advisement increased $8.2 billion, or 24%, to $42.0 billion as of June 30, 2026 compared to the prior year period 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 $100.1 billion, or 8%, to $1.4 trillion as of September 30, 2026 compared to $1.3 trillion as of September 30, 2025 due to a $78.8 billion increase in Advice & Wealth Management AUM driven by equity market appreciation and wrap account net inflows, and a $17.3 billion increase in Asset Management AUM primarily driven by equity market appreciation, partially offset by net outflows. Total Assets Under Administration increased $15.1 billion, or 4%, to $363.0 billion as of September 30, 2026 compared to the prior year period primarily driven by equity market appreciation. Total Assets Under Advisement increased $9.8 billion, or 26%, to $47.3 billion as of September 30, 2026 compared to the prior year period 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 $91 million, or 7%, for the three months ended June 30, 2026 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 $253 million, or 22%, for the three months ended September 30, 2026 compared to the prior year period. The following impacts were significant drivers of the period-over-period change in pretax income:

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 27% in the three months ended June 30, 2026 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 19% in the three months ended September 30, 2026 compared to the prior year period.

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 a benefit of $106 million for the three months ended June 30, 2026 compared to a benefit of $219 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 a benefit of $128 million for the three months ended September 30, 2026 compared to an expense of $82 million for the prior year period.

Previous wording

Management and financial advice fees increased $808 million, or 16%, for the six months ended June 30, 2026 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows.

Current wording

Management and financial advice fees increased $419 million, or 15%, for the three months ended September 30, 2026 compared to the prior year period reflecting market appreciation and continued wrap account net inflows, partially offset by the cumulative impact of Asset Management net outflows.

Previous wording

Distribution fees increased $71 million, or 14%, for the three months ended June 30, 2026 compared to the prior year period primarily due to higher transactional activity and market appreciation.

Current wording

Distribution fees increased $29 million, or 5%, for the three months ended September 30, 2026 compared to the prior year period primarily due to higher transactional activity and market appreciation.

Previous wording

Benefits, claims, losses and settlement expenses increased $37 million, or 14%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

Current wording

Distribution expenses increased $241 million, or 14%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.

Previous wording

Interest credited to fixed accounts increased $74 million, or 78%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting the following items:

Current wording

Interest credited to fixed accounts decreased $69 million, or 49%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting the following items:

Previous wording

•A $66 million increase in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was an expense of $4 million for the three months ended June 30, 2026 compared to a benefit of $62 million for the prior year period. The increase in expense was primarily due to a decrease in the IUL embedded derivatives in the prior period, which reflected more discounting due to higher forward rates.

Current wording

•A $71 million decrease in expense from other market impacts on indexed universal life (“IUL”) benefits, net of hedges, which was a benefit of $82 million for the three months ended September 30, 2026 compared to a benefit of $11 million for the prior year period. The decrease in expense was primarily due to a decrease in the IUL embedded derivatives in the current period, which reflected more discounting due to higher forward rates.

Previous wording

•A $6 million increase in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $16 million for the three months ended June 30, 2026 compared to an unfavorable impact of $10 million for the prior year period.

Current wording

•A $5 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The impact of the nonperformance credit spread was nil for the three months ended September 30, 2026 compared to an unfavorable impact of $5 million for the prior year period.

Previous wording

•An $18 million increase in expense from market impacts on structured variable annuities (“SVA”) embedded derivatives, net of hedging activity. This increase was primarily the result of a favorable $898 million change in the market impact on derivatives hedging the SVA embedded derivatives and an unfavorable $916 million change in the market impact on SVA embedded derivatives.

Current wording

•A $16 million decrease in expense from market impacts on structured variable annuities (“SVA”) embedded derivatives, net of hedging activity. This decrease was primarily the result of a favorable $656 million change in the market impact on SVA embedded derivatives and an unfavorable $640 million change in the market impact on derivatives hedging the SVA embedded derivatives.

Previous wording

Distribution expenses increased $520 million, or 33%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher advisor compensation from higher average wrap account assets and increased transactional activity.

Current wording

Change in fair value of market risk benefits decreased $100 million, or 33%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting the following items:

Previous wording

•A $229 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $163 million change in the market impact on variable annuity guaranteed benefits reserves and a favorable $66 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 $62 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges. This decrease was the result of a favorable $145 million change in the market impact on variable annuity guaranteed benefits reserves and an unfavorable $83 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

•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 six months ended June 30, 2026 compared to an expense for 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 September 30, 2026 compared to an expense for 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 June 30, 2026 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 September 30, 2026 compared to the prior year period.

Previous wording

General and administrative expense increased $55 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and strong investment performance, volume-related expenses and investments for growth.

Current wording

General and administrative expense increased $31 million, or 3%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting higher compensation expense for our Seligman investment team from AUM growth and strong investment performance, volume-related expenses and investments for growth.

Previous wording

Our effective tax rate was 22.8% for the three months ended June 30, 2026 compared to 21.6% for the prior year period. The increase in the effective tax rate for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to an increase in state income taxes, net of federal income tax effect. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Current wording

Our effective tax rate was 21.1% for the three months ended September 30, 2026 compared to 22.3% for the prior year period. The decrease in the effective tax rate for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily due to a decrease in state income taxes, net of federal income tax effect, and a decrease in unrecognized tax benefits. See Note 16 to our Consolidated Financial Statements for additional discussion on income taxes.

Previous wording

Total client assets increased $163.8 billion, or 15%, to $1.2 trillion compared to a year ago primarily due to market appreciation and client net inflows.

Current wording

Total client assets increased $92.5 billion, or 8%, to $1.2 trillion compared to a year ago primarily due to market appreciation and client net inflows.

Previous wording

Ending wrap account assets increased $67.3 billion to $731.5 billion during the three months ended June 30, 2026 due to market appreciation of $60.4 billion and net inflows of $6.9 billion. Average advisory wrap account assets increased $119.6 billion, or 21%, compared to the prior year period primarily reflecting market appreciation and net inflows.

Current wording

Ending wrap account assets decreased $2.6 billion to $728.9 billion during the three months ended September 30, 2026 due to market depreciation of $7.5 billion, partially offset by net inflows of $4.9 billion. Average advisory wrap account assets increased $109.9 billion, or 18%, 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 6% from the prior year to $23.9 billion as of June 30, 2026. Ameriprise Certificate Company (“ACC”) client deposits decreased $2.5 billion from the prior year to $7.4 billion. After a period of strong growth during a rising interest rate environment, ACC has experienced net outflows during the past ten quarters. Third-party cash products decreased $0.5 billion to $46.7 billion driven by a decline in brokered CDs.

Current wording

Ameriprise Bank, FSB (“Ameriprise Bank”) is continuing its deposit growth trend, with bank deposit balances increasing 4% from the prior year to $23.6 billion as of September 30, 2026. Ameriprise Certificate Company (“ACC”) client deposits decreased $1.6 billion from the prior year to $7.3 billion. After a period of strong growth, ACC has experienced net outflows during the past eleven quarters. Third-party cash products decreased $2.8 billion to $45.1 billion driven by a decline in money market funds and brokered CDs.

Previous wording

•In Ameriprise Bank, assets included $20.6 billion of Available-for-Sale securities, $2.5 billion of cash and cash equivalents, and $2.6 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, of which 6% were floating rate and sensitive to changes in short-term interest rates as of June 30, 2026. We took action to reduce the floating rate allocation from 13% as of June 30, 2025. The duration of Ameriprise Bank investments was 4.2 years as of June 30, 2026 compared to 3.7 years as of June 30, 2025. In the three months ended June 30, 2026, we purchased $1.1 billion of investments, which was primarily funded from security maturities and prepayments.

Current wording

•In Ameriprise Bank, assets included $20.3 billion of Available-for-Sale securities, $2.3 billion of cash and cash equivalents, and $2.9 billion of other assets, primarily loans. The Ameriprise Bank investment portfolio securities are mostly rated AA+ and primarily consist of structured assets, with floating rate securities sensitive to changes in short-term interest rates representing 6% of the portfolio as of September 30, 2026, compared to 11% as of September 30, 2025. The duration of Ameriprise Bank investments was 4.7 years as of September 30, 2026 compared to 3.7 years as of September 30, 2025. In the three months ended September 30, 2026, we purchased over $600 million of investments, which were primarily funded by security maturities and prepayments.

Previous wording

•In ACC, assets include $7.1 billion of Available-for-Sale securities, $0.7 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 38% were floating rate and approximately 25% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of June 30, 2026. The duration of ACC investments was 1.4 years as of both June 30, 2026 and June 30, 2025.

Current wording

•In ACC, assets include $7.1 billion of Available-for-Sale securities, $0.6 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 37% were floating rate and approximately 28% were 6-month Treasury Bills or short-term Federal Home Loan Bank securities as of September 30, 2026. The duration of ACC investments was 1.7 years as of September 30, 2026 compared to 1.4 years as of September 30, 2025.

Previous wording

Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $127 million, or 16%, for the three months ended June 30, 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 28.9% for the three months ended June 30, 2026 compared to 28.9% 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 $108 million, or 12%, for the three months ended September 30, 2026 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 and higher transactional revenue. Pretax adjusted operating margin was 29.3% for the three months ended September 30, 2026 compared to 29.5% for the prior year period.

Previous wording

Management and financial advice fees increased $353 million, or 20%, for the three months ended June 30, 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 $119.6 billion, or 21%, compared to the prior year period primarily reflecting net inflows and market appreciation.

Current wording

Management and financial advice fees increased $329 million, or 17%, for the three months ended September 30, 2026 compared to the prior year period primarily due to growth in average wrap account assets. Average advisory wrap account assets increased $109.9 billion, or 18%, compared to the prior year period primarily reflecting net inflows and market appreciation.

Previous wording

Distribution fees increased $81 million, or 13%, for the three months ended June 30, 2026 compared to the prior year period from strong transactional activity and market appreciation, while brokerage cash revenue decreased $5 million due to a lower off-balance sheet brokerage cash yield.

Current wording

Distribution fees increased $39 million, or 6%, for the three months ended September 30, 2026 compared to the prior year period from strong transactional activity and market appreciation.

Previous wording

Net investment income, which excludes net realized investment gains or losses, decreased $41 million, or 8%, for the three months ended June 30, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolio supporting certificate products, partially offset by higher average invested assets supporting Ameriprise Bank cash deposits.

Current wording

Net investment income, which excludes net realized investment gains or losses, decreased $24 million, or 5%, for the three months ended September 30, 2026 compared to the prior year period primarily due to lower average invested assets and lower investment yields on the investment portfolio 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 $7.4 billion for the three months ended June 30, 2026 compared to $10.3 billion for the prior year period with the average crediting rate of 3.05% for the three months ended June 30, 2026 compared to 3.74% for the prior year period.

Current wording

•The average certificate reserve balance for ACC was $7.4 billion for the three months ended September 30, 2026 compared to $9.4 billion for the prior year period with the average crediting rate of 3.04% for the three months ended September 30, 2026 compared to 3.48% for the prior year period.

Previous wording

•The daily average interest-bearing deposit balance for the Ameriprise Bank increased to $23.6 billion for the three months ended June 30, 2026 compared to $22.4 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.21% for the three months ended June 30, 2026 from 0.28% for the prior year period.

Current wording

•The daily average interest-bearing deposit balance for Ameriprise Bank increased to $23.5 billion for the three months ended September 30, 2026 compared to $22.1 billion for the prior year period with the average interest rate paid on deposits decreasing to 0.22% for the three months ended September 30, 2026 from 0.30% for the prior year period.

Previous wording

General and administrative expense increased $28 million, or 6%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting volume-related expenses and investments for growth.

Current wording

General and administrative expense increased $16 million, or 4%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting volume-related expenses and investments for growth.

Previous wording

(2) Columbia funds are available for purchase by U.S. customers. Out of 86 Columbia funds rated (based on primary share class), 4 received a 5-star Overall Rating and 38 received a 4-star Overall Rating. Out of 129 Threadneedle funds rated (based on highest-rated share class), 13 received a 5-star Overall Rating and 42 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 85 Columbia funds rated (based on primary share class), 5 received a 5-star Overall Rating and 38 received a 4-star Overall Rating. Out of 128 Threadneedle funds rated (based on highest-rated share class), 13 received a 5-star Overall Rating and 36 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

Total segment AUM increased $53.2 billion, or 8%, during the three months ended June 30, 2026 primarily due to market appreciation, partially offset by net outflows. Net outflows were $6.5 billion for the three months ended June 30, 2026.

Current wording

Total segment AUM decreased $22.8 billion, or 3%, during the three months ended September 30, 2026 primarily due to market depreciation and net outflows. Net outflows were $9.3 billion for the three months ended September 30, 2026.

Previous wording

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $52 million, or 23%, for the three months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation and the benefit of strong performance in our Seligman technology strategies, partially offset by the cumulative impact from net outflows.

Current wording

Our Asset Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $48 million, or 18%, for the three months ended September 30, 2026 compared to the prior year period primarily due to equity market appreciation and the benefit of strong performance in our Seligman technology strategies, partially offset by the cumulative impact from net outflows.

Previous wording

Management and financial advice fees increased $109 million, or 15%, for the three months ended June 30, 2026 compared to the prior year period primarily due to higher average equity markets and the growth in AUM in Seligman funds, partially offset by the cumulative impact from net outflows.

Current wording

Management and financial advice fees increased $94 million, or 12%, for the three months ended September 30, 2026 compared to the prior year period primarily due to higher average equity markets and the growth in AUM in Seligman funds, partially offset by the cumulative impact from net outflows.

Previous wording

Distribution expenses increased $30 million, or 13%, for the three months ended June 30, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact of net outflows.

Current wording

Distribution expenses increased $28 million, or 11%, for the three months ended September 30, 2026 compared to the prior year period primarily due to equity market appreciation, partially offset by the cumulative impact of net outflows.

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 decreased $12 million, or 6%, for the three months ended June 30, 2026 compared to prior year period primarily reflecting the cumulative impact of variable annuity net outflows and higher sales volume.

Current wording

Our Retirement & Protection Solutions segment pretax adjusted operating earnings, which exclude 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 $85 million, or 39%, for the three months ended September 30, 2026 compared to prior year period primarily reflecting unlocking impacts.

Previous wording

Variable annuity account balances increased 7% to $94.4 billion as of June 30, 2026 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $5.2 billion. Variable annuity sales increased 21% compared to the prior year period primarily reflecting a strong level of sales of SVAs. Account values with living benefit riders declined to 44% as of June 30, 2026 compared to 48% 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 2% to $92.8 billion as of September 30, 2026 compared to the prior year period primarily due to market appreciation, partially offset by net outflows of $5.1 billion. Variable annuity sales increased 28% compared to the prior year period primarily reflecting a strong level of sales of SVAs. Account values with living benefit riders declined to 43% as of September 30, 2026 compared to 47% 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

Distribution expenses increased $13 million, or 10%, for the three months ended June 30, 2026 compared to the prior year period primarily reflecting higher annuity sales and higher equity markets.

Current wording

Distribution expenses increased $7 million, or 5%, for the three months ended September 30, 2026 compared to the prior year period primarily reflecting higher annuity sales and higher equity markets.

Previous wording

Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed annuity benefits (net of hedges), 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, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss decreased $18 million, or 18%, for the three months ended June 30, 2026 compared to the prior year period, primarily reflecting improved general and administrative expenses.

Current wording

Our Corporate & Other segment pretax adjusted operating loss excludes net realized investment gains or losses, the market impact on fixed annuity benefits (net of hedges), 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, and the impact of consolidating CIEs. Our Corporate & Other segment pretax adjusted operating loss increased $10 million, or 9%, for the three months ended September 30, 2026 compared to the prior year period, primarily reflecting higher general and administrative expenses.

Previous wording

LTC insurance had pretax adjusted operating earnings of $11 million for the six months ended June 30, 2026 compared to pretax adjusted operating earnings of $21 million for the prior year period primarily reflecting higher claims experience.

Current wording

LTC insurance had pretax adjusted operating loss of $25 million for the three months ended September 30, 2026 compared to pretax adjusted operating loss of $22 million for the prior year period.