Ameriprise Financial, Inc. (AMP) — Q2 2026 Earnings Preview

1. Earnings Preview

Key Takeaway: The setup into Q2 2026 is a moderate beat, with the biggest swing factor being whether client flows have stabilized after the Comerica-driven attrition that weighed on Q1 — consensus is already pricing in a trough, so any upside surprise on wrap flows or adviser count could re-rate the stock meaningfully.

Bar: Consensus EPS for Q2 2026 stands at $10.75, implying roughly 18% YoY growth off a $9.11 Q2 2025 actual — a high absolute bar, but one management has consistently cleared given record adviser productivity and expanding AWM margins. The more important swing factor is wrap net flows, where consensus sits at ~$5.9B, well below the $12.1B Q4 2025 peak, reflecting the Comerica headwind that management explicitly guided to accelerate through Q2 and Q3 before fully winding down by end of Q3 2026.

Guidance/Tone: Management's posture on Q1's call was deliberately cautious on near-term flows while remaining confident on the underlying business — they reiterated the 4-5% long-term organic growth target, flagged ~$18B of total Comerica assets still flowing out (accelerating in Q2/Q3), and maintained AWM margin guidance in the 29-30% range. The Global CIO retirement (William Davies, effective June 30) adds a modest leadership transition overhang at Columbia Threadneedle but was framed as orderly. No guidance revisions have been issued since the Q1 print.

Estimate Trajectory: Q2 2026 EPS estimates have risen from $10.61 (as of April 28) to $10.75 currently — a modest +1.3% upward revision — suggesting the Street has incrementally grown more constructive post-Q1 despite the flow headwinds, likely driven by the strong equity market tailwind (S&P up ~6% since Q1 earnings) lifting AUM-based fee revenue. FY2026 EPS consensus has similarly moved from $44.13 to $45.22, a +2.5% revision, providing a cushion rather than a risk.

Stock Setup: AMP has outperformed meaningfully since Q1 earnings — up ~14.6% vs. KCE +4.2% and SPY +5.5% — driven by multiple expansion and positive estimate revisions. The stock trades at roughly 11.6x NTM EPS (vs. its historical 10-12x range), not stretched but not cheap given the near-term flow noise. Management's aggressive buyback posture (88% payout in Q1, targeting 85-90% for FY2026) provides a floor.

Wildcard: The single biggest surprise factor is the pace of Huntington Bank adviser onboarding (expected Q4 2026, ~260 advisers, ~$28B assets) — any pull-forward commentary or acceleration signal would be a meaningful positive catalyst, while any further delay or deterioration in the Comerica wind-down timeline could pressure the flow narrative heading into Q3.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus is a moderate bar on EPS (high absolute level but well-supported by record productivity and market tailwinds), while wrap net flows are the bigger swing factor — consensus at ~$5.9B is already pricing in Comerica-driven weakness, so any upside surprise there would be the key driver of stock reaction.

Table 1 — Q2 2026 Current Quarter Snapshot (All Key KPIs)

Source: Visible Alpha Consensus and Actuals Data. All consensus figures as of July 22, 2026.

Table 2 — Beat/Miss History (Last 8 Quarters, Top 2 KPIs)

KPI 1: Adjusted Operating EPS ($)

Pattern: AMP has beaten EPS consensus in 7 of the last 8 quarters, with the sole miss in Q3 2024 driven by a one-time item; the average beat over the last 4 quarters is approximately +5.7%, suggesting consensus consistently underestimates earnings power.

KPI 2: Wrap Net Flows ($B)

Pattern: Wrap flows are highly volatile and consensus has been a poor predictor — AMP has missed 4 of the last 8 quarters on this metric, with misses concentrated in periods of market volatility or adviser attrition (Q2-Q3 2025, Q1 2026). The Q4 2025 massive beat (+81%) reflects the lumpiness of this KPI. With Comerica attrition explicitly guided to accelerate in Q2, consensus at $5.9B may already be appropriately de-risked.

Source: Visible Alpha Consensus and Actuals Data.

3. Guidance & Commentary Evolution

Key Takeaway: No formal guidance revisions have been issued since the Q1 2026 earnings call (April 23); the baseline remains intact, with management tone cautious on near-term flows but confident on the underlying business trajectory and FY2026 EPS delivery.

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates have moved modestly higher since Q1 earnings — Q2 EPS up +1.3% and FY2026 EPS up +2.5% — suggesting the Street has grown incrementally more constructive despite the flow headwinds, likely driven by the strong equity market tailwind lifting AUM-based fee revenue; the gap between consensus and the long-term organic growth target remains the key debate.

Source: Visible Alpha Consensus and Actuals Data. Post-earnings baseline as of April 28, 2026 (5 trading days after Q1 2026 print on April 23, 2026).

Commentary: EPS estimates are tracking higher across all periods, driven by the strong equity market backdrop lifting AUM-based fee revenue. The divergence between near-term organic growth consensus (~1.3% Q2) and the 4-5% long-term target is the key debate — the Street is pricing in a trough, with FY2026 consensus implying a meaningful H2 recovery as Comerica attrition winds down and Huntington onboards. The risk is if the recovery is slower than expected.

5. Stock Performance

Key Takeaway: AMP has significantly outperformed since Q1 earnings (+14.6% vs. KCE +4.2% and SPY +5.5%), driven by a combination of positive estimate revisions, multiple expansion, and the broader equity market rally — the outperformance is durable given record EPS delivery, but the stock's premium to its recent range warrants monitoring heading into Q2.

AMP vs. KCE (Capital Markets ETF) vs. S&P 500 (SPY) — Indexed to 100 at Q1 2026 Earnings (April 23, 2026). Source: Stock Price Data (Yahoo Finance).

Sector ETF: KCE (SPDR S&P Capital Markets ETF) was used as the sector benchmark. KCE tracks the S&P Capital Markets Select Industry Index, which includes diversified financial services, asset management, and wealth management companies — a strong fit for AMP's core business mix.

Performance Summary (April 23 – July 22, 2026): AMP: +14.6% | KCE: +4.2% | SPY: +5.5%. AMP's outperformance of ~10pp vs. KCE and ~9pp vs. SPY reflects: (1) the Q1 2026 EPS beat of ~10.5% above consensus; (2) upward estimate revisions post-print (+2.5% FY2026 EPS); (3) the broader equity market rally lifting AUM-based fee revenue expectations; and (4) management's aggressive buyback posture providing a floor. The stock dipped in late May/early June (touching ~$440) before recovering sharply in July, likely driven by the Global CIO retirement announcement (May 20) creating temporary uncertainty, followed by re-rating as the market digested the constructive Q2 macro backdrop.

Material Events Marked: (1) May 20, 2026 — Global CIO William Davies retirement announced via 8-K (effective June 30); (2) June 30, 2026 — Comerica wind-down completes (end of Q3 2026 per management guidance, with Q2 being the peak attrition quarter).

Source: Stock Price Data (Yahoo Finance).

6. Material News & Developments

Key Takeaway: The most important development since Q1 earnings is the Global CIO retirement at Columbia Threadneedle, which adds a leadership transition overhang to the asset management segment; separately, the Comerica wind-down completing by end of Q3 is the key catalyst for flow recovery in H2 2026.

• May 20, 2026 — Global CIO William Davies to Retire (8-K Filed): Ameriprise announced that William Davies, EVP and Global Chief Investment Officer of Columbia Threadneedle Investments, will retire effective June 30, 2026. Davies was a senior leader at the asset management subsidiary.
• Implication: Leadership transitions at the CIO level can create short-term client uncertainty and potential outflows at Columbia Threadneedle. Management framed the transition as orderly, but investors will watch for any commentary on client retention and successor appointment on the Q2 call.
• April 30, 2026 — Annual Meeting: All Proposals Approved (8-K): Shareholders approved all proposals at the annual meeting, including executive compensation and director elections. No material governance changes.
• Implication: Routine; no impact on earnings setup.
• Q1 2026 Earnings (April 23, 2026) — Comerica Wind-Down Formalized: Comerica (acquired by Fifth Third) exercised its early termination option during Q1 2026, resulting in a one-time make-whole payment that finalized all financial obligations. Management confirmed ~$18B in total Comerica assets will continue flowing out, accelerating through Q2 and Q3, with the relationship fully winding down by end of Q3 2026.
• Implication: Q2 2026 will likely be the peak attrition quarter for Comerica-related adviser departures. The make-whole payment removes financial uncertainty, but the flow headwind is real and consensus is already pricing in a trough (~$5.9B wrap flows vs. $12.1B Q4 2025 peak).
• Huntington Bank Partnership — Q4 2026 Onboarding Expected: Management confirmed on the Q1 call that the Huntington Bank deal (~$28B in assets, ~260 advisers) is expected to onboard in Q4 2026, partially offsetting the Comerica drag.
• Implication: Any pull-forward commentary or acceleration signal on the Q2 call would be a meaningful positive catalyst. Conversely, any delay would pressure the H2 recovery narrative.
• Analyst Rating Actions (Post-Q1 2026): Piper Sandler boosted PT from $460 to $471 (Neutral, May 4); BMO Capital Markets raised PT from $470 to $490 (Market Perform, April 24); KBW initiated at Hold (April 10); Morgan Stanley raised PT from $467 to $489 (Underweight, July 10); Jefferies raised PT from $636 to $645 (Buy, July 10); Weiss Ratings upgraded from Hold to Buy (July 17). Consensus remains Hold with average PT ~$553.
• Implication: The Street remains cautious (Hold consensus) despite record EPS delivery, suggesting significant upside if flow recovery materializes faster than expected. Morgan Stanley's Underweight at $489 (below current price of ~$527) is the key bear case.
• Adviser Channel Reorganization — Single Leadership Structure: AMP consolidated its employee and franchisee adviser channels under a single leader (Bill Williams) following the planned retirement of Pat O'Connell (34-year company veteran). This organizational change streamlines oversight of both primary adviser units.
• Implication: May affect recruiting and retention strategy execution in the near term; investors will watch for any commentary on adviser count trajectory and TA package discipline on the Q2 call.
• ETF Platform Milestone: Columbia Threadneedle's ETF platform crossed a meaningful AUM milestone during Q1 2026, supported by offerings across both North America and EMEA. Active ETF momentum is a key growth driver for the AM segment.
• Implication: Positive read-through for AM segment organic growth; watch for Q2 ETF flow commentary as a signal of Columbia Threadneedle's competitive positioning.

7. Peer Commentaries — Q2 2026 Read-Throughs

Key Takeaway: Q2 2026 peer earnings (BLK, BK, STT, NTRS, SEIC) and conference commentary (IVZ, NTRS, STT at Morgan Stanley Financials Conference) paint a broadly constructive picture for AMP — strong equity markets lifted AUM-based fees, wealth management flows were healthy, and margin expansion continued — all positive read-throughs for AMP's AWM segment; the key watch item is whether AMP's wrap flows recovered from the Comerica-driven trough.

Note: Only commentary from Q2 2026 earnings calls and post-Q1 2026 conferences (i.e., commentary about the current reporting quarter or the period after AMP's last earnings) is included below. Q1 2026 earnings results from peers are excluded as they reflect the prior quarter.

BlackRock (BLK) — Q2 2026 Earnings (July 15, 2026)

Read-Through Relevance: HIGH — BLK is the largest global asset manager and a direct read-through for Columbia Threadneedle (AMP's AM segment) on flows, fee rates, and market environment.

• Record AUM and Flows: BLK reported $192B of net inflows in Q2 2026 (8% organic base fee growth), driving AUM to a record $15.3T. Flows in H1 2026 more than doubled H1 2025.
• AMP Read-Through: Constructive for Columbia Threadneedle — strong industry-wide flows suggest the market environment was supportive for AMP's AM segment in Q2. Watch for whether Columbia Threadneedle participated in the active ETF and fixed income flow momentum.
• Wealth Management Momentum: Aperio (BLK's direct indexing/SMA platform) saw $7B of net inflows in Q2, with 2026 flows of ~$20B already surpassing 2025's record $15B. The migration of client assets from brokerage to fee-based advisory accounts is accelerating.
• AMP Read-Through: Highly positive for AMP's AWM segment — the brokerage-to-advisory migration trend directly supports AMP's wrap account growth thesis. If BLK's Aperio is seeing record flows, AMP's wrap platform should benefit from the same secular tailwind.
• Active ETF Momentum: BLK's active ETFs gathered $20B in Q2 net inflows; iShares delivered its 5th consecutive quarter of double-digit organic base fee growth. Operating margin expanded to 45.9%, up 260bps YoY.
• AMP Read-Through: Positive for Columbia Threadneedle's ETF platform, which crossed a meaningful AUM milestone in Q1 2026. BLK's margin expansion is a positive read-through for AMP's AM segment margin trajectory.
• Market Environment: Larry Fink expressed strong optimism: 'US equity markets continue to climb to new highs, and returns are broadening beyond the US.' Strong corporate earnings and AI infrastructure investment cited as key drivers.
• AMP Read-Through: Directly positive for AMP's AUM-based fee revenue — higher equity markets lift average AUM and advisory fees. The broadening of returns beyond hyperscalers also benefits AMP's diversified adviser platform.

BNY Mellon (BK) — Q2 2026 Earnings (July 15, 2026)

Read-Through Relevance: MODERATE — BK's wealth management and investment management segments provide read-throughs for AMP's AWM and AM segments on fee growth, client flows, and NII dynamics.

• Record Revenue and Margin Expansion: BK reported total revenue up 13% YoY to a record $5.7B, with ~600bps of positive operating leverage and pre-tax margin expanding to 40%. Investment and Wealth Management revenue was up 8% YoY.
• AMP Read-Through: Positive for AMP's AWM margin trajectory — BK's operating leverage demonstrates that wealth/asset management businesses can expand margins even in a volatile rate environment.
• Wealth Solutions Net New Assets: BK's Wealth Solutions segment saw $25B of net new assets in Q2, representing a 4% annualized growth rate — consistent with AMP's 4-5% long-term organic growth target.
• AMP Read-Through: Constructive — BK achieving 4% annualized wealth growth in Q2 suggests the market environment was supportive for wealth management flows, which is a positive signal for AMP's wrap flow recovery from the Comerica-driven trough.
• NII and Deposit Dynamics: BK's NII was up 20% YoY to $1.4B, driven by reinvestment at higher yields. Average deposit balances moderated by 1% sequentially. Full-year 2026 NII expected up 12-13% YoY.
• AMP Read-Through: Relevant for AMP's cash sweep and bank NII dynamics — BK's stable deposit environment and NII growth suggest AMP's bank investment portfolio (positioned at 4.6% yield, 3.8-year duration) should continue generating stable NII.
• Organic Fee Growth: BK reported 14 consecutive quarters of YoY sales growth and organic fee growth improving from flat in 2022 to 4.5% in H1 2026.
• AMP Read-Through: Positive industry signal — sustained organic fee growth across the wealth/asset management industry supports AMP's long-term 4-5% organic growth target credibility.

State Street (STT) — Q2 2026 Earnings (July 16, 2026) & Morgan Stanley Financials Conference (June 10, 2026)

Read-Through Relevance: MODERATE — STT's investment management and servicing businesses provide read-throughs for AMP's AM segment on ETF flows, fee growth, and the macro environment.

• Record Fee Revenue and AUM: STT reported record Q2 fee revenue, with management fees up 29% YoY (9% organic growth) and AUM reaching a record $6.3T (+23% YoY). Net inflows of $114B marked the 5th consecutive quarter of positive organic growth, driven by ETFs, index, and cash.
• AMP Read-Through: Positive for Columbia Threadneedle — STT's strong ETF and index flows confirm the secular shift toward passive and active ETF wrappers, which AMP's AM segment is positioning to capture. The 9% organic fee growth is a positive industry benchmark.
• Pre-Earnings Conference Signal (June 10): STT CFO John Woods stated at the Morgan Stanley Financials Conference that Q2 revenues were tracking 'up around low teens percentage YoY' and 'a little better than expected,' with operating leverage of '400bps or more for the quarter.' Investment management flows were 'very strong in Q2, meaningfully higher than Q1,' primarily driven by ETFs across equities, fixed income, and cash.
• AMP Read-Through: Highly constructive pre-earnings signal — STT's early Q2 commentary (June 10) confirmed a strong market environment for asset management businesses, which is a positive read-through for AMP's AM and AWM segments heading into Q2 reporting.
• Margin Expansion: STT delivered its 10th consecutive quarter of positive operating leverage, with pre-tax margin expanding 470bps YoY to 34%. Full-year 2026 operating leverage now expected at ~500bps.
• AMP Read-Through: Positive for AMP's AWM margin trajectory — sustained margin expansion across the industry supports AMP's 29-30% AWM margin guidance.
• Equity Market Assumption: STT's 2026 outlook assumes global equity markets remain flat from end of Q2 through year-end. The S&P was up ~6-7% YTD as of the June conference, providing a 'nice equity tailwind.'
• AMP Read-Through: The equity market tailwind that benefited STT in Q2 similarly benefits AMP's AUM-based fee revenue. If markets remain constructive in H2, AMP's FY2026 EPS consensus of $45.22 has upside.

Northern Trust (NTRS) — Q2 2026 Earnings (July 22, 2026) & Morgan Stanley Financials Conference (June 9, 2026)

Read-Through Relevance: HIGH — NTRS is the most direct peer for AMP's AWM segment, serving ultra-high-net-worth clients with a similar wealth management model.

• 8th Consecutive Quarter of Positive Organic Fee Growth: NTRS delivered its 8th consecutive quarter of positive organic fee growth, with total revenue up 13% YoY and over 700bps of positive operating leverage. Wealth management AUM was up 14% YoY to $534B.
• AMP Read-Through: Highly positive — NTRS's sustained organic fee growth and AUM expansion confirm that the wealth management industry environment was constructive in Q2 2026, supporting AMP's AWM revenue trajectory.
• Wealth Management Flows: NTRS noted 'flows are good' in wealth management, with GFO (Global Family Office) revenue up 9% in H1 2026. However, wealth management fees were 'moderately down' sequentially due to quarterly aberrations in GFO billing (70% of fees on a lagged basis) and seasonal tax-related outflows.
• AMP Read-Through: Mixed — the sequential fee dip at NTRS due to billing timing is idiosyncratic and not directly applicable to AMP. The underlying flow momentum ('flows are good') is the more relevant signal for AMP's wrap flow recovery.
• Pre-Earnings Conference Signal (June 9): NTRS CFO Dave Fox described the market environment as a 'Goldilocks-type situation for banks with our kind of financial model,' with conditions 'very conducive' from Q1 into Q2. He confirmed 'everything I said last time still holds' and that capital plans and NII strategy were unchanged.
• AMP Read-Through: Constructive — NTRS's 'Goldilocks' characterization of the Q2 environment is a positive read-through for AMP's AWM segment, which benefits from stable rates and rising equity markets.
• Liquidity and Money Market Flows: NTRS reported a record quarter for liquidity flows, extending its streak to 14 consecutive quarters of positive organic liquidity flows. The robust IPO market also generated benefits as executives monetized wealth.
• AMP Read-Through: Positive for AMP's cash sweep and brokerage cash balances — strong money market flows and IPO activity suggest client cash balances remained elevated, supporting AMP's bank NII.
• Talent Acquisition Focus: NTRS emphasized adding 'revenue-generating professionals, particularly critical producer roles' as a key growth driver, with 'pending hires and active recruiting' providing confidence for H2 2026.
• AMP Read-Through: Relevant context for AMP's adviser recruiting discipline — NTRS is investing in talent while AMP is deliberately restraining TA packages. The competitive dynamics for adviser talent remain intense.

SEI Investments (SEIC) — Q2 2026 Earnings (July 22, 2026)

Read-Through Relevance: MODERATE — SEIC serves financial advisers and institutions with investment processing and asset management, providing read-throughs for adviser platform demand and outsourcing trends.

• Record Quarterly Results: SEIC reported revenue up 15%, adjusted operating profit up 36%, and adjusted EPS up 38% YoY — all quarterly records. Adjusted operating margins expanded 500bps YoY and 30bps sequentially.
• AMP Read-Through: Positive industry signal — SEIC's record margins and revenue growth confirm that the adviser platform and asset management services industry is in a strong operating environment, supportive of AMP's AWM margin expansion.
• Strong Demand for Outsourcing: SEIC noted 'significant demand for outsourcing across almost all segments,' with clients 'engaging across multiple capabilities rather than a single service.' Sales events totaled $43M in Q2, following a record $67M in Q1.
• AMP Read-Through: Positive for AMP's integrated adviser platform thesis — the outsourcing trend supports AMP's value proposition of providing advisers with a comprehensive technology and support ecosystem.
• Market Appreciation Drove AUM Growth: SEIC noted 'quarter-end assets finished substantially higher than where they began the quarter, driven by strong market appreciation.' Assets under administration increased 5%.
• AMP Read-Through: Directly positive for AMP's total client assets consensus of $1.221T for Q2 2026 — strong market appreciation in Q2 should lift AMP's ending AUM above the Q1 2026 level of $1.149T.
• ETF and Private Markets Momentum: SEIC's ETF business grew from $3B to over $8B in the last 12 months. Private markets partnership with Carlyle announced. Management believes retail alternatives and private markets in retirement plans could generate >$100M annual run rate revenue in 5 years.
• AMP Read-Through: Positive for Columbia Threadneedle's ETF and alternatives strategy — the industry-wide momentum in active ETFs and private markets validates AMP's AM segment growth initiatives.

Invesco (IVZ) — Q1 2026 Earnings (April 28, 2026) & Morgan Stanley Financials Conference (June 10, 2026)

Read-Through Relevance: MODERATE — IVZ is a direct peer for Columbia Threadneedle on active management flows, ETF momentum, and fee rate dynamics.

• Q2 2026 Flow Momentum (Conference, June 10): IVZ CEO Martin Flanagan reported at the Morgan Stanley conference that Q2 started with '$35-36B of inflows,' following a strong April ($17-18B) and May ($19B). The QQQ turned positive in Q2 after being negative in Q1. Fixed income demand was 'broad-based across all 3 regions globally.'
• AMP Read-Through: Highly constructive for Columbia Threadneedle's Q2 flow outlook — IVZ's strong Q2 flow momentum (especially in fixed income and ETFs) suggests the industry environment was supportive for active managers in Q2 2026.
• SMA Platform Growth: IVZ's SMA platform (~$40B AUM) was growing at 18-20% annualized, with 75% in fixed income SMAs. Personalization described as 'a really important trend that will continue to see demand.'
• AMP Read-Through: Positive for AMP's wrap account platform — the SMA/personalization trend directly supports AMP's fee-based advisory model and wrap flow recovery thesis.
• Fee Rate Stabilization: IVZ noted net revenue yield 'approaching stabilization or an inflection point' at 22.8bps, with the decline driven by mix shift to lower-fee products (ETFs, fixed income) rather than pricing pressure. 'We don't see fee rate pressure.'
• AMP Read-Through: Relevant for Columbia Threadneedle's fee rate trajectory — if the industry is approaching fee rate stabilization, AMP's AM segment revenue yield should also stabilize, supporting the revenue consensus.
• Market Environment: IVZ noted 'investor ease with volatility' and 'a lot of cash on the sidelines continuing to enter the market.' The AI trade driving QQQ demand. Strong rebound in April after Q1 volatility.
• AMP Read-Through: Positive for AMP's client flow recovery — if retail investors are re-engaging with markets after Q1 volatility, AMP's cautious client behavior headwind (cited on Q1 call) may have partially reversed in Q2.

T. Rowe Price (TROW) — Q1 2026 Earnings (April 30, 2026) — Q2 2026 Outlook Commentary

Read-Through Relevance: MODERATE — TROW is a direct peer for Columbia Threadneedle on active equity management flows and the wealth channel dynamics.

• Q2 2026 Market Outlook (from Q1 Call): TROW CEO Rob Sharps noted that 'market declines experienced in March have reversed in the early part of Q2, with the market recently reaching new highs.' Returns are broadening beyond hyperscalers, with energy and AI infrastructure sectors performing well. A trend toward non-US assets 'has picked back up in the most recent 4-5 weeks.'
• AMP Read-Through: Positive for AMP's Q2 AUM and fee revenue — the market recovery and broadening of returns in early Q2 supports higher average AUM for AMP's AWM segment, lifting advisory fee revenue.
• Institutional vs. Retail Behavior: TROW noted a 'distinction in behavior between institutional clients and individual investors' — institutional clients are 'viewing the current environment as an opportunity to lean in,' while individual investors are 'highly sentiment-driven and more reactive to negative headlines.'
• AMP Read-Through: Relevant for AMP's client flow dynamics — AMP's adviser-led model serves primarily individual investors, who were described as cautious on the Q1 call. TROW's observation that retail investors are sentiment-driven suggests AMP's flow recovery may be gradual rather than sharp.
• ETF and SMA Growth: TROW's ETF AUM surpassed $25B; SMA platform at $17B+ with $900M+ net flows in Q1. Target date franchise delivered $4.9B in net inflows. Multi-asset, fixed income, and alternatives all delivered positive net flows.
• AMP Read-Through: Positive for Columbia Threadneedle's ETF and SMA initiatives — TROW's success in these vehicles validates the product strategy and suggests AMP's AM segment can capture similar flows.
• Private Credit Market Commentary: TROW's OHA noted credit spreads widened ~25-50bps on new deals due to lower wealth channel demand, but institutional demand remains strong ('300-400bps in liquid credit or 500bps in private credit off today's absolute rates is a very attractive risk-adjusted return profile').
• AMP Read-Through: Relevant for AMP's Retirement & Protection segment and Columbia Threadneedle's fixed income platform — strong institutional demand for credit at current spread levels is a positive backdrop.

Principal Financial Group (PFG) — Q1 2026 Earnings (April 24, 2026) — Q2 2026 Outlook Commentary

Read-Through Relevance: LOW-MODERATE — PFG's retirement and asset management businesses provide read-throughs for AMP's Retirement & Protection segment and the SMB employer market.

• Q2 2026 Outlook: PFG expected Q2 to be 'seasonally highest for Dental' (higher loss ratio), with Specialty Benefits premium fee growth trending higher throughout the year. RIS flows expected to follow historical patterns with Q1 being the strongest quarter. PRT pipeline 'a little light in Q2, similar to 2025 pattern.'
• AMP Read-Through: Limited direct read-through for AMP's core AWM segment, but the SMB employer market commentary (90% of small business owners maintaining or increasing staff) is a positive backdrop for AMP's adviser-served client base.
• Asset Management Record Gross Sales: PFG reported record gross sales in Investment Management of $37B in Q1 (+21% YoY), with strong demand in private markets, ETFs, and UCITS. Commitment pipeline grew to over $9B.
• AMP Read-Through: Positive for Columbia Threadneedle's institutional pipeline — PFG's record gross sales and growing commitment pipeline suggest institutional demand for active management was robust heading into Q2.
• Market Uncertainty and Client Behavior: PFG noted 'uncertainty in the marketplace tends to have a static effect, leading employees to stay where they are and employers to hold true to existing plans.' Small business owners 'tend to be more optimistic once uncertainty clears.'
• AMP Read-Through: Relevant for AMP's client flow dynamics — the 'static effect' of uncertainty on individual investors aligns with AMP's Q1 commentary about cautious client behavior. If uncertainty has cleared in Q2 (markets at new highs), AMP's flows may have recovered.

Peer Read-Through Summary Table

Overall Peer Read-Through: The weight of peer evidence is constructive for AMP's Q2 2026 print. Strong equity markets lifted AUM-based fees across the industry, wealth management flows were healthy (BK, NTRS), active ETF and SMA momentum continued (BLK, IVZ, TROW), and operating margins expanded broadly (BLK, STT, SEIC, NTRS). The key AMP-specific risk — Comerica-driven wrap flow attrition — is idiosyncratic and not reflected in peer results. The constructive industry backdrop suggests AMP's EPS beat probability is high; the flow outcome is the swing factor.

8. Insider Transaction Activity

Key Takeaway: No open-market buys or discretionary sells were filed since Q1 earnings — all transactions are routine equity award settlements (phantom stock conversions, tax withholding) and director compensation grants, with one small trust sale by a director; the absence of discretionary selling by senior management at current price levels (~$527) is a mild positive signal given the stock's 14.6% post-earnings rally.

Source: Insider Transaction Data (SEC Form 4 filings).

Assessment: The insider transaction picture is benign. All executive transactions are routine equity award settlements (phantom stock conversions with associated tax withholding) — these are obligation-driven and carry no informational signal. The one open-market sale (Director Sharpe, 1,200 shares via family trust, May 8) is small in size and indirect. Notably, no senior executives (CEO Jim Cracchiolo, CFO, or other C-suite) have filed discretionary open-market sales despite the stock rallying ~14.6% since Q1 earnings — a mild positive signal that insiders are not using the post-earnings strength as an exit opportunity.