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1 Annual Report 2014

2 Ameriprise Ameriprise Financial Financial Consolidated Highlights Highlights ($ in millions, ($ in millions, except per except share per and share as noted) and as noted) GAAP GAAP Operating Operating Net revenues Net revenues $12,268 $12,268 $11,199 $11,199 $10,217 $10,217Net revenues Net revenues $11,591 $11,591 $10,857 $10,857 $10,143 $10,143 Net income Net income from from continuing continuing operations operations attributable attributable to to Ameriprise Ameriprise Financial Financial $1,621 $1,621 $1,337 $1,337 $1,031 $1,031Earnings Earnings $1,662 $1,662 $1,460 $1,460 $1,245 $1,245 Earnings Earnings from continuing from continuing operations operations diluted per diluted Earnings Earnings per per share attributable share attributable to to $8.31 $8.31 $6.46 $6.46 $4.63 $4.63 diluted diluted share share Ameriprise Ameriprise Financial Financial common common shareholders shareholders Return Return on equity on equity from from continuing continuing operations operations Return Return on equity on equity excluding excluding accumulated accumulated 21.5% 21.5% 17.2% 17.2% 12.8% 12.8% excluding excluding accumulated accumulated other comprehensive other comprehensive other comprehensive other comprehensive income, income, net of net tax of tax income, income, net of net tax of tax $8.52 $8.52 $7.05 $7.05 $5.59 $ % 23.0% 19.7% 19.7% 16.2% 16.2% Shareholders Shareholders equity equity $8,124 $8,124 $8,192 $8,192 $9,092 $9,092 Shareholders Shareholders equity equity excluding excluding accumulated accumulated other comprehensive other comprehensive income, income, net of net tax of tax $7,462 $7,462 $7,597 $7,597 $7,898 $7, Assets Assets under management under management and administration and administration (in billions) (in billions) $806 $806 $771 $771 $681 $681 Weighted Weighted average average common common shares shares outstanding outstanding diluted diluted Cash dividends Cash dividends paid per paid common per common share share $2.26 $2.26 $2.01 $2.01 $1.43 $1.43 Common Common stock shares stock shares repurchased repurchased This Annual This Report Annual to Report Shareholders to Shareholders contains contains certain non-gaap certain non-gaap financial financial measures measures that management that management believes believes best reflect best the reflect underlying the underlying performance performance of of our operations. our operations. Reconciliations Reconciliations of non-gaap of non-gaap measures measures to the most to the directly most directly comparable comparable GAAP measure GAAP measure are on page are on 14. page 14.

3 Dear fellow shareholders, In 2014, Ameriprise Financial marked its 120th anniversary. Our longevity and legacy of success come from our clarity of focus on who we serve our clients. Later this year, we will recognize another important milestone, our 10th anniversary as an independent, public company. We have made incredible progress and Ameriprise has never been stronger. As always, we remain true to our mission to help people feel confident about their financial future. We take pride in the position we ve earned and progress we ve made, and I feel confident about our ability to further our growth. Our consistent strategy to advise, manage and protect assets and income for individual and institutional clients is working. We do this through a powerful, diversified business model firmly centered on serving our clients needs. As I will share in this letter, Ameriprise is performing well. And in many ways, we are outperforming. (continued on next page) JAMES M. CRACCHIOLO CHAIRMAN AND CHIEF EXECUTIVE OFFICER Annual Report

4 Our values: Client focus, integrity always, excellence in all we do and respect for individuals and communities A recognized leader One of the most trusted investment firms No. 1 customer experience investment firm category Highest forgiveness rating in the investment industry Financial planning leader No. 1 provider of quality investment advice No. 2 most influential brokerage in social media No. 2 mutual fund advisory program in assets No. 5 preferred rollover IRA destination Top 30 global asset manager No. 11 long-term mutual fund manager in the U.S. (see source information on pg. 14) Top 10 variable universal life insurance provider Strong financial strength ratings 2 Annual Report 2014

5 A year of record performance From financials to business performance, Ameriprise delivered record results across many dimensions. Aided by continued improvement in consumer sentiment and appreciating equity markets in the U.S., we grew assets across the firm while managing continued headwinds from low interest rates. We completed the year with $806 billion of assets under management and administration. In terms of our financials, we ve consistently demonstrated our ability to grow. With solid revenue growth and continued expense management, operating earnings reached a record $1.7 billion a 14% increase for the year and operating earnings per diluted share increased 21% to $8.52. As a result of good business growth and effective capital management, we continue to expand our return on equity, an important measure of how efficiently we use the equity our shareholders entrust to us. At the conclusion of 2014, operating ROE reached a new high of 23%, which we ve more than doubled over the last five years. Few financial services companies generate this level and growth of return. $7.05 $8.52 Investors have noticed. The total return of Ameriprise common stock was 17% for the year, continuing our record of outperforming relevant indices. Since becoming an independent, public company in 2005, total shareholder return at the end of 2014 was 337%, ranking Ameriprise second overall in the S&P 500 Financials Index. $4.10 $5.17 $5.59 Significant growth opportunity There continues to be a tremendous need for advice to help consumers prepare for and live in retirement. Ameriprise remains at the heart of this large opportunity. Whether it s individuals searching for reliable income sources or institutions looking to achieve their own goals, we have the expertise and capabilities they need We serve clients through our primary growth engines: Advice & Wealth Management and Asset Management, Operating earnings per diluted share Annual Report

6 Growth in assets Assets under management and administration $ in billions $647 $631 $681 $771 $806 complemented by our Protection and Annuity businesses. This combination provides multiple revenue streams, strong asset persistency and lower volatility than many of our peers. While other companies in financial services compete either as a manufacturer or distributor, we offer an integrated business. Our approach allows us to offer an excellent client experience and results in deep, long-lasting client relationships. A powerful wealth manager Retail client assets $ in billions $304 $310 $ $ $444 We re striving to be an unparalleled provider of retail financial services. And the key is the relationship our advisors have with clients, centered on comprehensive financial planning and advice. These relationships are developed and strengthened over many decades. We proudly serve multiple generations of families because they appreciate the value and peace of mind Ameriprise can provide over a lifetime. Our growth strategy is simple yet powerful: serve more clients who are accumulating wealth and transitioning to retirement; deepen relationships with existing clients through our comprehensive advice and solutions; and further enhance our advisor value proposition to continue to build a highly productive and growing advisor force. Our strategy is consistent the results we re generating reflect years of effective execution and steady investment to bring it to life. Ameriprise is the leader in financial planning and we ve long held that position. Our high client satisfaction and referral rates are essential to our growth. In fact, Forrester Research named us a client-obsessed firm, and also rated Ameriprise no. 1 in customer experience across investment firms Our offering appeals to mass affluent and affluent consumers alike. Many of our clients have experienced our Confident Retirement approach they feel more confident and believe 4 Annual Report 2014

7 the advice addresses their needs. Our approach simplifies the challenges of saving for retirement, making it easier for clients to understand and take action, as well as for advisors to increase their productivity. Building on this success, we re expanding our Confident Retirement approach beyond those transitioning to retirement to the many consumers who are at an earlier life stage and are more focused on growing their wealth. In 2014, we formally introduced Confident Retirement to the marketplace through our Real Questions. Real Answers. advertising campaign. It includes digital advertising, social media, the 3-Minute Confident Retirement SM check and the opportunity to engage in a conversation with an Ameriprise financial advisor. At the end of 2014, our brand awareness was at an all-time high. In addition to our investment in the Ameriprise brand, we re also investing in leading technology and systems. We re working with our advisors to run highly productive and efficient practices. In 2014, we completed a major upgrade to our infrastructure. Today, our capabilities are stronger and even more secure. Tools such as Paperless Office are saving resources and increasing efficiency. We launched Total View, an account aggregation tool clients use to view their accounts held at Ameriprise as well as assets held at more than 10,000 financial institutions. In 2015, we ll introduce our new Money Movement System as well as expand advisor mobile capabilities to serve clients when, where and how they want. $7.6 $7.3 $9.6 $13.1 $14.2 We believe delivering an exceptional experience to our clients and advisors differentiates Ameriprise. With our strong reputation, consistent investment and support, our advisor force is strong and motivated to grow. Advisor satisfaction and retention rates remain high. Advisors in the industry are taking notice. In 2014, 284 experienced, productive advisors moved their practices to Ameriprise, bringing the total to more than 1,300 experienced advisors who have joined us over the past four years Client net inflows into fee-based, investment advisory accounts $ in billions Annual Report

8 Increasing advisor productivity Operating net revenue per advisor $ in thousands $342 $384 $396 $440 $496l Because of the experience we deliver and the support we provide advisors, clients are entrusting record levels of assets to Ameriprise. During the year, clients added more than $14 billion of net inflows into investment advisory accounts, up 9%, helping to increase total wrap assets under management by 14% to $175 billion. Total client assets increased substantially to $444 billion. In fact, over the last five years, we ve averaged 10% annual growth in client assets. This strong growth trend is also reflected in the productivity of our advisors. In 2014, operating net revenue per financial advisor increased to $496,000 a record high. We re working with our advisors to fully benefit from the resources we invest in, enabling them to deliver a terrific client experience and to continue to increase their productivity. With strong asset and productivity growth, Advice & Wealth Management pretax operating earnings topped $790 million up a robust 34% and our operating margin grew substantially to an attractive 16.5%. These are excellent results. We feel confident that with the value and experience we offer, Ameriprise is well positioned for further growth. Protection and Annuities central to our diversified model Our RiverSource insurance and annuity businesses help clients protect what matters most, offer important tax benefits and generate reliable sources of retirement income. We ve built high-quality businesses with products and solutions that we stand behind and not only contribute to our high client satisfaction, but also deliver appropriate shareholder returns These businesses are differentiated through our distribution, product design and effective risk management. Our products are central to our Confident Retirement approach. They help clients protect their assets and income and provide the 6 Annual Report 2014

9 company with additional asset gathering opportunities. We offer our life and health insurance and annuities products largely to Ameriprise clients through an advice relationship, not as transactional sales. And we benefit from our deep understanding of our clients goals and behavior. We continue to focus on educating clients and advisors about the role insurance and annuity products play in a comprehensive financial plan. And consistent with our priority to make it easy to conduct business, we simplified our sales processes and enabled our advisors to submit new business more efficiently. In 2014, variable annuity balances grew to $77 billion, as we benefited from equity market growth. Assets in fixed annuities declined due to low sales given that interest rates remain at historically low levels. As we work with clients to help ensure their retirement lifestyle through tax management and protection, we re selling more variable annuities without living benefits. This complements sales with living benefits as a way for clients to cover lifestyle expenses in retirement. In life and health insurance, we remain focused on permanent cash value insurance and other fixed, indexed and variable solutions, and we recently launched our next generation multi-index universal life product. In addition, we generated solid sales of universal life policies as a result of our new RiverSource TrioSource SM insurance product, which includes a tax-qualified long-term care rider that fits well within our comprehensive approach. Delivering results with the Confident Retirement approach 93% feel more confident about retirement 96% feel the advice addresses their needs Source: Company reports Annual Report

10 Strong global asset manager $506 billion in AUM Locations in 18 countries 118 four- and five-star funds 11th largest manager of long-term funds in the U.S. Fifth largest retail manager in the U.K. 2% 1% 4% 38% 55% In addition, we have a good Auto & Home insurance business in a highly competitive industry. We ve consistently grown our policy count, focusing on affinity channels, and have earned a strong reputation for service and satisfaction. More recently, we increased reserves related to prior-year auto liability claims. We are taking the right steps to strengthen the business and believe we can profitably grow and continue to serve more clients as we move forward. In terms of financials, Annuity and Protection pretax operating earnings were $879 million in 2014, reflecting higher non-cash expenses, as well as the impact of low interest rates. That said, the underlying performance of our annuity, life and health businesses was in line with our expectations. AUM by asset type Equity Fixed income Hybrid and other 7% 1% 36% Money market Alternative 56% The Protection and Annuities businesses are key contributors to Ameriprise. While we expect a slower growth rate over time than Advice & Wealth Management and Asset Management, they are important to our diversified model and client experience. We ll continue to work with clients and advisors to educate them on the benefits these products can provide. Building a global asset manager Asset management industry AUM is projected to grow considerably in the U.S. and U.K.-Europe, where Columbia Management and Threadneedle Investments operate from positions of strength, and at even higher rates in Asia-Pacific, Latin America and the Middle East, where we are establishing a strong foothold. AUM by client type Retail Institutional Alternative Owned Assets (Data as of , see source information on pg. 14) Over the years, we ve built a competitive business through both organic growth and acquisitions. Our talented teams at Columbia and Threadneedle have been working for more than two years to bring together 8 Annual Report 2014

11 the best of our capabilities on a global basis for the benefit of our clients. We re expanding our product offering, delivering client-focused solutions and generating good investment performance. We have the size, scale, investment track records and capabilities to serve individuals, institutions and corporate clients around the world. We are a $500+ billion player with more than 450 investment professionals and a presence in 18 countries. We re transforming the business to take an even greater share of the global opportunity. We have grown AUM and earnings consistently while remaining focused on moving to net inflows over time. In 2014, we continued to experience outflow pressure, including from former parent relationships from our previous acquisitions and, like other active managers, in certain equity asset classes. We helped offset that pressure with solid sales, including winning an important $5.6 billion mandate from a leading U.K. wealth manager, and benefited from equity market growth. Our asset management growth strategy is consistent increase our higher fee retail and institutional AUM while maintaining strategic relationships that provide a solid asset and fee base. $457 $436 $455 $501 $506 We ve also taken an important strategic step, announcing a new global brand for the business Columbia Threadneedle Investments SM that we will introduce in the first half of Our new name builds on the brand equity we ve earned over many years as separate businesses and strengthens our positioning around the world under a single brand. We continue to see product opportunities in three areas: traditional products, where we have 118 four- and five-star Morningstar-rated funds; global products; and multi-asset strategies and solutions. Our work centers on helping our clients achieve the outcomes they need and enables us to drive profitable net flows Asset Management assets under management $ in billions Annual Report

12 Evolving our business mix Each of our diversified businesses delivers for clients, advisors and shareholders. As we ve grown, we ve transformed our business mix with the majority of our pretax operating earnings driven by our less capital-demanding advisory and asset management businesses. We introduced a number of new products in 2014, including the Columbia Diversified Real Return Fund, the Threadneedle Global Multi Asset Income Fund and four locally managed Asian equity and fixed income funds for investors in Asia. * We also built on the successful launch of the Columbia Adaptive Risk Allocation Fund, a key fund within our solutions business that s gaining interest from individual and institutional investors alike. In fact, Chief Investment Officer Magazine recently recognized the team with an innovation award for its work. 2014: $2.5 billion 2012: $1.9 billion 64% 52% 45% In terms of distribution, the retail business at Threadneedle continues to perform well, even as we experienced higher market volatility in the second half of the year. Investment performance remains quite strong overall. We re building on the traction we have in the U.K. and Europe and expanding in Asia-Pacific. As investor confidence improves, we expect to accelerate sales in At Columbia, we made a number of moves to strengthen the U.S. intermediary business. We enhanced our leadership team; better aligned our product and distribution efforts; and reinforced our business intelligence capabilities. Our team is engaged and motivated. The right people, strategy and tools are in place. We remain focused on driving value to advisors and intermediary clients and earning a greater share of flows in equity, fixed income and multi-asset products. 2010: $1.6 billion Advice & Wealth Management and Asset Management Annuities & Protection Our retail business is complemented by a strong and growing traditional third-party institutional business. We manage it globally across sales, consultant relations and client service. We re earning important (data excludes Corporate & Other segment results) Source: Company reports 10 Annual Report 2014 * All asset management products are not available in all jurisdictions.

13 equity and fixed income mandates in the U.S., Europe and Asia. We ve generated several quarters of positive flows and have a solid new business pipeline. Financially, Asset Management delivered a record year. Operating net revenues grew 5% to $3.3 billion, pretax operating earnings were up 14% to $788 million and our adjusted net pretax operating margin was a competitive 40%. In Asset Management, we re focused on our clients and are channeling resources to the areas where we see the best growth opportunities. We re moving in a positive direction, and I feel good about the opportunities before us. Transforming our business mix and deploying capital The effective execution of our growth strategy is transforming our business mix and reinforcing our ability to deliver shareholder value consistently. Advice & Wealth Management and Asset Management generated 64% of 2014 pretax operating earnings, up from 45% in The strong growth in these feebased, higher P/E businesses is complemented by the strength, stability and differentiation of our Protection and Annuity businesses. Our financial strength and capital position differentiate Ameriprise. Our diversified model generates significant free cash flow. As we ve grown, we ve prudently reduced overall capital requirements a combination that has allowed us to continue to invest in the business while returning capital to shareholders at one of the highest rates in financial services. $183 $ $212 $1, $314 $1, $411 $1, $ $1,372 Dividends/share repurchases $ in millions Dividends paid Common stock share repurchases Annual Report

14 During the year, we raised our quarterly dividend again, increasing it 12% the seventh increase over the past five years. We also announced a new $2.5 billion share repurchase authorization, which we ve put to work. In 2014, we returned $1.8 billion to shareholders, marking the fourth consecutive year we returned more than 100% of our operating earnings to shareholders, while continuing to hold more than $2 billion in excess capital and maintaining our strong ratings. As I look forward, our goal is to continue to return a large majority of our earnings to shareholders annually. I believe that as we execute our strategy, the contributions from Advice & Wealth Management and Asset Management will continue to expand. A Culture of Giving Back Our culture of giving back is integral to who we are at Ameriprise. Our employees and financial advisors gave more than ever in We support them in their giving of time and money through volunteer programs, company gift matching and our Annual Giving Campaign. We re proud of the collective difference we make through 6,000 nonprofits across the globe. 66,000 volunteer hours $12 million in grants, individual giving and matching funds We continue to set the bar on corporate giving campaigns with 80 percent of corporate employees giving through our Annual Giving Campaign. Respect for individuals and for the communities in which we live and work One in six Americans continue to struggle with hunger. We re working to change that. In 2014, Ameriprise, our employees and financial advisors donated more than 10 million meals. Since beginning our partnership with Feeding America in 2009, we have donated more than 40 million meals and 130,000 volunteer hours to support hunger relief. In 2014, Ameriprise held its fifth annual National Day of Service with more than 12,000 Ameriprise employees, financial advisors and clients volunteering at Feeding America food banks and other hunger relief organizations across all 50 states, Washington, D.C., and in the U.K.

15 Thank you We had an excellent year in The results we achieved are the continuation of the decisions and steps we ve taken to further strengthen our position as a financial services leader. We remain sharply focused on serving our clients needs and capturing growth opportunities. A company is only as strong as the people behind it. Earning trust for the way we work with our clients is paramount to all of us at Ameriprise. In fact, we were ranked the second-most trusted among all investment firms in Our engagement with employees is industry leading and an important differentiator. We have a talented and committed team that has executed our plans well. From our commitment to clients to our opportunity to serve more clients with strong products and solutions supported by our leading capabilities and resources, we have everything we need to continue our success. To our clients, thank you for placing your trust in Ameriprise. We value you and your business and will continue to work on your behalf. To our more than 19,000 employees and advisors, thank you for all that you do for our clients and the dedication you bring to your work. To my fellow members of the Ameriprise Financial Board of Directors, thank you for your counsel and support. And finally, to you, our shareholders, thank you for your trust and confidence in Ameriprise. We will continue to do all that we can to reward it. Sincerely, James M. Cracchiolo Chairman and Chief Executive Officer Annual Report

16 This report is not a solicitation for any of the products or services mentioned. Investment products, including shares of mutual funds, are not FDIC or otherwise federally insured, are not deposits or obligations, or guaranteed by any financial institution, and involve investment risks, including possible loss of principal and fluctuation in value. Past performance does not guarantee future results. Actual results may vary materially from our plans, estimates and beliefs. Please review carefully the discussion captioned Forward-Looking Statements contained in Part II, Item 7 in our Annual Report on Form 10-K for the year ended Dec. 31, For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk- Adjusted Return measure that accounts for variation in a fund s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar Rating is for class Z shares only; other classes may have different performance characteristics and may have different ratings. The following describes the principal subsidiaries that conduct the financial planning, asset accumulation and income, and protection business of Ameriprise Financial, Inc. Columbia Mutual Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited is an FCA- and an SEC-registered investment adviser and an affiliate of Columbia Management Investment Advisers, LLC, based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company and, in New York, by RiverSource Life Insurance Co. of New York, Albany, NY, and distributed by RiverSource Distributors, Inc. Auto and home insurance is underwritten by IDS Property Casualty Insurance Company, or in certain states, Ameriprise Insurance Company. Personal trust services are offered through Ameriprise National Trust Bank. Ameriprise Financial Services, Inc. Member FINRA and SIPC. Investment advisory services and products are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Sources: #1 Customer Experience Investment firm category ( The Customer Experience Index, 2014 Forrester Research, Inc.); #2 Most Trusted Firm Investment firm category (2014 Temkin Ratings); Highest Forgiveness Rating Investment firm category (2014 Temkin Ratings); Recognized as customer-obsessed firm Investment firm category (Forrester Customer Advocacy: How US Consumers Rate Their Financial Services Firms, November 2013); #1 provider of quality financial advice (Cogent Reports Investor Brandscape, Dec. 2014); Social media (wealthmanagement.com 2015); #2 mutual fund advisory AUM Cerulli Edge Managed Accounts through 3Q14; #5 IRA roll-over destination Cogent Reports, Feb 2015; #30 Global Asset Manager Pensions & Investments Nov. 10, 2014; #11 LT MF manager ICI data through 3Q14; #5 retail AUM in UK - investmentuk.org; top 10 VUL provider LIMRA through 3Q14; see ir.ameriprise.com for current financial strength ratings. Ameriprise helped pioneer the financial planning process more than 30 years ago. We have more financial planning clients and more CERTIFIED FINANCIAL PLANNER professionals than any other company in the U.S. based on data filed at adviserinfo.sec.gov and documented by the CFP Board of Standards, as of ($ in millions) Total net revenues $12,268 $11,199 $10,217 Less: Revenues attributable to the CIEs Less: Net realized gains Less: Market impact on indexed universal life benefits (11) (10) Less: Integration/restructuring charges (4) Operating total net revenues $11,591 $10,857 $10,143 ($ in millions) 2014 Asset Management operating total net revenues $3,320 Less: Distribution pass through revenues 929 Less: Subadvisory and other pass through revenues 400 Asset Management adjusted operating revenues $1,991 Asset Management pretax operating earnings $788 Less: Operating net investment income 30 Add: Amortization of intangibles 34 Asset Management adjusted operating earnings $792 Asset Management adjusted net pretax operating margin 39.8% ($ in millions) Net income attributable to Ameriprise Financial $1,619 $1,334 $1,029 $634 Less: Income (loss) from discontinued operations, net of tax (2) (3) (2) 1 Net income from continuing operations attributable to Ameriprise Financial 1,621 1,337 1, Less: Adjustments (1) (41) (123) (214) (88) Operating earnings $1,662 $1,460 $1,245 $721 Ameriprise Financial shareholders $8,270 $8,582 $9,071 $6,431 equity (2) Less: Assets and liabilities held 100 for sale (2) Less: Accumulated other comprehensive income (loss), net of tax ,001 (436) "AOCI" (2) Ameriprise Financial shareholders equity from continuing operations excluding 7,536 7,761 8,070 6,767 AOCI (2) Less: Equity impacts attributable to the consolidated investment entities (2) Operating equity (2) $7,225 $7,428 $7,673 $6,767 Return on equity from continuing operations, excluding AOCI 21.5% 17.2% 12.8% 9.4% Operating return on equity, excluding AOCI (3) 23.0% 19.7% 16.2% 10.7% (1) Adjustments reflect the trailing twelve months sum of after-tax net realized gains/losses; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual; and integration/ restructuring charges. After-tax is calculated using the statutory tax rate of 35%. (2) Amounts represent the five-point average of quarter-end balances, except for Amounts for 2009 represent a two-point average of beginning of year and end of year balances. (3) Operating return on equity excluding accumulated other comprehensive income/loss (AOCI) is calculated using the trailing twelve months of earnings excluding the after-tax net realized gains/losses; market impact on variable annuity guaranteed benefits, net of hedges and related DSIC and DAC amortization; the market impact on indexed universal life benefits, net of hedges and related DAC amortization, unearned revenue amortization, and the reinsurance accrual; integration/restructuring charges; and discontinued operations in the numerator, and Ameriprise Financial shareholders equity excluding AOCI; the impact of consolidating investment entities; and the assets and liabilities held for sale using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 35%. Per Diluted Share ($ in millions, except per share amounts) Net income attributable to Ameriprise Financial $1,619 $1,334 $1,029 $8.30 $6.44 $4.62 Less: Income (loss) from discontinued operations, net of tax (2) (3) (2) (0.01) (0.02) (0.01) Net income from continuing operations attributable to Ameriprise Financial 1,621 1,337 1, Less: Net realized gains, net of tax (1) Add: Integration/restructuring charges, net of tax (1) Add: Market impact on variable annuity guaranteed benefits, net of tax (1) Add: Market impact on indexed universal life benefits, net of tax (1) Operating earnings $1,662 $1,460 $1,245 $8.52 $7.05 $5.59 (1) Calculated using the statutory tax rate of 35%.

17 Ameriprise Financial, Inc Form 10-K

18 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2014 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from Commission File No to AMERIPRISE FINANCIAL, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1099 Ameriprise Financial Center, Minneapolis, Minnesota (Address of principal executive offices) (Zip Code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock (par value $.01 per share) Registrant s telephone number, including area code: (612) Name on each exchange on which registered The New York Stock Exchange, Inc. Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T ( of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. Large Accelerated Filer Accelerated Filer Non-Accelerated Filer (Do not check if a smaller reporting company) Smaller reporting company Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The aggregate market value, as of June 30, 2014, of voting shares held by non-affiliates of the registrant was approximately $22.5 billion. Indicate the number of shares outstanding of each of the registrant s classes of common stock, as of the latest practicable date. Class Outstanding at February 13, 2015 Common Stock (par value $.01 per share) 182,511,452 shares DOCUMENTS INCORPORATED BY REFERENCE Part III: Portions of the registrant s Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on April 29, 2015 ( Proxy Statement ).

19 Ameriprise Financial, Inc. Form 10-K Index Part I. Part II. Part III. Part IV. Item 1. Business... 1 Item 1A. Risk Factors Item 1B. Unresolved Staff Comments Item 2. Properties Item 3. Legal Proceedings Item 4. Mine Safety Disclosures Item 5. Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Item 6. Selected Financial Data Item 7. Management s Discussion and Analysis of Financial Condition and Results of Operations Item 7A. Quantitative and Qualitative Disclosures About Market Risk Item 8. Financial Statements and Supplementary Data Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Item 9A. Controls and Procedures Item 9B. Other Information Item 10. Directors, Executive Officers and Corporate Governance Item 11. Executive Compensation Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Item 13. Certain Relationships and Related Transactions, and Director Independence Item 14. Principal Accountant Fees and Services Item 15. Exhibits and Financial Statement Schedules Signatures Condensed Financial Information of Registrant... F-2 Exhibit Index... E-1

20 PART I. Item 1. Business Overview Ameriprise Financial, Inc. is a holding company incorporated in Delaware primarily engaged in business through its subsidiaries. Accordingly, references below to Ameriprise, Ameriprise Financial, the Company, we, us, and our may refer to Ameriprise Financial, Inc. exclusively, to our entire family of companies, or to one or more of our subsidiaries. Our headquarters is located at 55 Ameriprise Financial Center, Minneapolis, Minnesota We also maintain executive offices in New York City. Ameriprise Financial is a diversified financial services company with a 120 year history of providing financial solutions. We offer a broad range of products and services designed to achieve the financial objectives of individual and institutional clients. We are America s leader in financial planning and a leading global financial institution with $806 billion in assets under management and administration as of December 31, Our strategy is centered on helping our clients confidently achieve their goals by providing advice and by managing and protecting their assets and income. We utilize two go-to-market approaches in carrying out this strategy: Wealth Management and Asset Management. Our wealth management capabilities are centered on the long-term, personal relationships between our clients and our financial advisors (our advisors ). Through our advisors, we offer financial planning, products and services designed to be used as solutions for our clients cash and liquidity, asset accumulation, income, protection, and estate and wealth transfer needs. Our focus on personal relationships, as demonstrated by our exclusive Confident Retirement approach to financial planning, allows us to address the evolving financial and retirement-related needs of our clients, including our primary target market segment, the mass affluent and affluent, which we define as households with investable assets of more than $100,000. The financial product solutions we offer through our advisors include both our own products and services and the products of other companies. Our advisor network is the primary channel through which we offer our own insurance and annuity products and services. Our network of more than 9,600 advisors is the primary means through which we engage in our wealth management activities. We offer our advisors training, tools, leadership, marketing programs and other field and centralized support to assist them in serving their clients. We believe that our nationally recognized brand and practice vision, local marketing support, integrated operating platform and comprehensive set of products and solutions constitute a compelling value proposition for financial advisors, as evidenced by our strong advisor retention rate and our ability to attract and retain experienced and productive advisors. We have and will continue to invest in and develop capabilities and tools designed to maximize advisor productivity and client satisfaction. We are in a compelling position to capitalize on significant demographic and market trends driving increased demand for financial advice and solutions. In the U.S., the ongoing transition of baby boomers into retirement, as well as recent economic and financial market crises, continues to drive demand for financial advice and solutions. In addition, the amount of investable assets held by mass affluent and affluent households, our target market, has grown and accounts for over half of U.S. investable assets. We believe our differentiated financial planning model, broad range of products and solutions, as well as our demonstrated financial strength throughout the economic downturn of recent past years, will help us capitalize on these trends. Our asset management capabilities are increasingly global in scale, with Columbia Management as the primary provider of products and services in the U.S. and Threadneedle Investments as the primary provider of products and services outside of the U.S. We offer a broad spectrum of investment advice and products to individual, institutional and high-net worth investors. These investment products are primarily provided through third parties, though we also provide our asset management products through our advisor channel. Our underlying asset management philosophy is based on delivering consistently strong, competitive investment performance. The quality and breadth of our asset management capabilities are demonstrated by 118 of our mutual funds being rated as four- and five-star funds by Morningstar. We are positioned to continue to grow our assets under management and to strengthen our asset management offerings to existing and new clients. Our asset management capabilities are well positioned to address mature markets in the U.S. and Europe. We also have the capability to leverage existing strengths to effectively expand into new global and emerging markets. In the past few years, we have expanded beyond our traditional strengths in the U.S. and UK to gather assets in Continental Europe, Asia, Australia, the Middle East and Africa. In addition, we continue to pursue opportunities to leverage the collective capabilities of Columbia Management and Threadneedle in order to enhance our current range of investment solutions, to develop new solutions that are responsive to client demand in an increasingly complex marketplace and to maximize the distribution capabilities of our global business. 1