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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
 December 31,
2024
2023
(in millions)
Available-for-Sale securities, at fair value $52,153 $51,562 
Mortgage loans (allowance for credit losses: 2024, $14; 2023, $14)
2,354 2,118 
Policy loans982 912 
Other investments (allowance for credit losses: 2024, $6; 2023, $6)
934 897 
Total$56,423 $55,489 
Summary of Net Investment income
The following is a summary of Net investment income:
 Years Ended December 31,
2024
2023
2022(1)
(in millions)
Investment income on fixed maturities$3,039 $2,637 $1,320 
Net realized gains (losses)(18)(27)(87)
Consolidated investment entities207 181 102 
Other420 415 139 
Total$3,648 $3,206 $1,474 
(1) Prior period amounts associated with affordable housing partnerships have been reclassified to Other to conform to current year presentation.
Schedule of Available-for-Sale securities by type
Available-for-Sale securities distributed by type were as follows:
December 31, 2024
Description of SecuritiesAmortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$14,509 $201 $(711)$— $13,999 
Residential mortgage backed securities24,396 81 (1,133)— 23,344 
Commercial mortgage backed securities5,339 10 (219)(4)5,126 
Asset backed securities6,451 30 (39)— 6,442 
State and municipal obligations629 29 (19)(1)638 
U.S. government and agency obligations2,589 2 — — 2,591 
Foreign government bonds and obligations13 — — — 13 
Total$53,926 $353 $(2,121)$(5)$52,153 
December 31, 2023
Description of SecuritiesAmortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$12,675 $409 $(507)$(1)$12,576 
Residential mortgage backed securities22,130 107 (1,171)— 21,066 
Commercial mortgage backed securities6,380 11 (341)— 6,050 
Asset backed securities8,353 25 (59)— 8,319 
State and municipal obligations719 62 (20)(1)760 
U.S. government and agency obligations2,739 1 — — 2,740 
Foreign government bonds and obligations19 — (1)— 18 
Other securities33 — — — 33 
Total$53,048 $615 $(2,099)$(2)$51,562 
Summary of fixed maturity securities by rating
A summary of fixed maturity securities by rating was as follows:
December 31, 2024
December 31, 2023
RatingsAmortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$25,251 $24,614 47 %$25,235 $24,342 47 %
AA13,498 12,909 25 14,013 13,534 26 
A2,979 2,935 5 3,073 3,139 6 
BBB11,896 11,402 22 10,396 10,216 20 
Below investment grade
302 293 1 331 331 1 
Total fixed maturities$53,926 $52,153 100 %$53,048 $51,562 100 %
Summary of fair value and gross unrealized losses on Available-for-Sale securities in continuous unrealized loss position
The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:
December 31, 2024
Less than 12 months12 months or moreTotal
Description of SecuritiesNumber of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses
 (in millions, except number of securities)
Corporate debt securities282 $5,328 $(178)291 $4,042 $(533)573 $9,370 $(711)
Residential mortgage backed securities203 6,728 (96)659 9,122 (1,037)862 15,850 (1,133)
Commercial mortgage backed securities24 478 (6)233 3,298 (213)257 3,776 (219)
Asset backed securities15 309 (2)37 384 (37)52 693 (39)
State and municipal obligations21 57 (2)45 133 (17)66 190 (19)
U.S. government and agency obligations
1 100 — — — — 1 100 — 
Foreign government bonds and obligations— — — 3 12 — 3 12 — 
Total546 $13,000 $(284)1,268 $16,991 $(1,837)1,814 $29,991 $(2,121)
December 31, 2023
Less than 12 months12 months or moreTotal
Description of SecuritiesNumber of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses
(in millions, except number of securities)
Corporate debt securities97 $1,276 $(11)376 $5,197 $(496)473 $6,473 $(507)
Residential mortgage backed securities
82 3,052 (25)734 10,677 (1,146)816 13,729 (1,171)
Commercial mortgage backed securities
31 747 (9)277 4,092 (332)308 4,839 (341)
Asset backed securities49 885 (2)116 2,840 (57)165 3,725 (59)
State and municipal obligations5 29 (1)49 138 (19)54 167 (20)
U.S. government and agency obligations
11 955 — 1 — — 12 955 — 
Foreign government bonds and obligations
— — — 3 12 (1)3 12 (1)
Total275 $6,944 $(48)1,556 $22,956 $(2,051)1,831 $29,900 $(2,099)
Rollforward of allowance for credit losses on Available-for-Sale securities
The following table presents a rollforward of the allowance for credit losses on Available-for-Sale securities:
 Corporate Debt Securities
Commercial Mortgage Backed Securities
State and Municipal ObligationsTotal
(in millions)
Balance at January 1, 2022
$— $— $1 $1 
Additions for which credit losses were not previously recorded20 — — 20 
Additional increases (decreases) on securities that had an allowance recorded in a previous period— — 1 1 
Balance at December 31, 2022
20 — 2 22 
Additions for which credit losses were not previously recorded1 — — 1 
Reductions for securities sold during the period (realized)(20)— (1)(21)
Balance at December 31, 2023
1 — 1 2 
Additions for which credit losses were not previously recorded— 4 — 4 
Reductions for securities sold during the period (realized)(1)— — (1)
Balance at December 31, 2024
$— $4 $1 $5 
Schedule of net realized gains and losses on Available-for-Sale securities
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:
 Years Ended December 31,
2024
2023
2022
(in millions)
Gross realized investment gains$41 $11 $28 
Gross realized investment losses(57)(58)(22)
Credit reversals (losses)(3)20 (21)
Other impairments— (2)(70)
Total$(19)$(29)$(85)
Schedule of Available-for-Sale securities by contractual maturity
Available-for-Sale securities by contractual maturity as of December 31, 2024 were as follows:
 Amortized CostFair Value
(in millions)
Due within one year$3,537 $3,536 
Due after one year through five years2,423 2,361 
Due after five years through 10 years5,507 5,216 
Due after 10 years6,273 6,128 
 17,740 17,241 
Residential mortgage backed securities24,396 23,344 
Commercial mortgage backed securities5,339 5,126 
Asset backed securities6,451 6,442 
Total$53,926 $52,153