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v3.25.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments [Abstract] |
Summary of investments | The following is a summary of Ameriprise Financial investments:
| March 31, 2025 |  | December 31, 2024
(in millions)
Available-for-Sale securities, at fair value | $ | 54,150 |  |  | $ | 52,153 |
Mortgage loans (allowance for credit losses: 2025, $15; 2024, $14) | 2,423 |  |  | 2,354 |
Policy loans | 991 |  |  | 982 |
Other investments (allowance for credit losses: 2025, $6; 2024, $6) | 882 |  |  | 934 |
Total | $ | 58,446 |  |  | $ | 56,423 |
Summary of Net Investment income | The following is a summary of Net investment income:
|  |  | Three Months Ended March 31,
|  |  |  | 2025 |  | 2024
|  |  |  |  | (in millions)
Investment income on fixed maturities |  |  |  |  | $ | 746 |  |  | $ | 754 |
Net realized gains (losses) |  |  |  |  | 5 |  |  | 1 |
Consolidated investment entities |  |  |  |  | 37 |  |  | 45 |
Other |  |  |  |  | 80 |  |  | 101 |
Total |  |  |  |  | $ | 868 |  |  | $ | 901 |
Schedule of Available-for-Sale securities by type | Available-for-Sale securities distributed by type were as follows:
| March 31, 2025
Description of Securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
|  | (in millions)
Corporate debt securities |  | $ | 15,055 |  |  | $ | 270 |  |  | $ | (603) |  |  | $ | — |  |  | $ | 14,722 |
Residential mortgage backed securities |  | 27,338 |  |  | 139 |  |  | (925) |  |  | — |  |  | 26,552 |
Commercial mortgage backed securities |  | 4,636 |  |  | 9 |  |  | (177) |  |  | (4) |  |  | 4,464 |
Asset backed securities |  | 5,398 |  |  | 19 |  |  | (33) |  |  | — |  |  | 5,384 |
State and municipal obligations |  | 585 |  |  | 36 |  |  | (17) |  |  | (1) |  |  | 603 |
U.S. government and agency obligations |  | 2,412 |  |  | — |  |  | — |  |  | — |  |  | 2,412 |
Foreign government bonds and obligations |  | 13 |  |  | — |  |  | — |  |  | — |  |  | 13 |
Total |  | $ | 55,437 |  |  | $ | 473 |  |  | $ | (1,755) |  |  | $ | (5) |  |  | $ | 54,150 |
Description of Securities | December 31, 2024
Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
|  | (in millions)
Corporate debt securities |  | $ | 14,509 |  |  | $ | 201 |  |  | $ | (711) |  |  | $ | — |  |  | $ | 13,999 |
Residential mortgage backed securities |  | 24,396 |  |  | 81 |  |  | (1,133) |  |  | — |  |  | 23,344 |
Commercial mortgage backed securities |  | 5,339 |  |  | 10 |  |  | (219) |  |  | (4) |  |  | 5,126 |
Asset backed securities |  | 6,451 |  |  | 30 |  |  | (39) |  |  | — |  |  | 6,442 |
State and municipal obligations |  | 629 |  |  | 29 |  |  | (19) |  |  | (1) |  |  | 638 |
U.S. government and agency obligations |  | 2,589 |  |  | 2 |  |  | — |  |  | — |  |  | 2,591 |
Foreign government bonds and obligations |  | 13 |  |  | — |  |  | — |  |  | — |  |  | 13 |
Total |  | $ | 53,926 |  |  | $ | 353 |  |  | $ | (2,121) |  |  | $ | (5) |  |  | $ | 52,153 |
Summary of fixed maturity securities by rating | A summary of fixed maturity securities by rating was as follows:
Ratings | March 31, 2025 |  | December 31, 2024
Amortized Cost |  | Fair Value |  | Percent of Total Fair Value | Amortized Cost |  | Fair Value |  | Percent of Total Fair Value
| (in millions, except percentages)
AAA | $ | 24,491 |  |  | $ | 23,979 |  |  | 44 | % |  | $ | 25,251 |  |  | $ | 24,614 |  |  | 47 | %
AA | 15,297 |  |  | 14,889 |  |  | 27 |  |  | 13,498 |  |  | 12,909 |  |  | 25 |
A | 3,307 |  |  | 3,305 |  |  | 6 |  |  | 2,979 |  |  | 2,935 |  |  | 5 |
BBB | 12,022 |  |  | 11,663 |  |  | 22 |  |  | 11,896 |  |  | 11,402 |  |  | 22 |
Below investment grade | 320 |  |  | 314 |  |  | 1 |  |  | 302 |  |  | 293 |  |  | 1 |
Total fixed maturities | $ | 55,437 |  |  | $ | 54,150 |  |  | 100 | % |  | $ | 53,926 |  |  | $ | 52,153 |  |  | 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:
Description of Securities |  | March 31, 2025
| Less than 12 Months |  | 12 Months or More |  | Total
| Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses
|  | (in millions, except number of securities)
Corporate debt securities |  | 238 |  |  | $ | 4,168 |  |  | $ | (147) |  |  | 276 |  |  | $ | 3,980 |  |  | $ | (456) |  |  | 514 |  |  | $ | 8,148 |  |  | $ | (603) |
Residential mortgage backed securities |  | 139 |  |  | 4,886 |  |  | (38) |  |  | 646 |  |  | 8,878 |  |  | (887) |  |  | 785 |  |  | 13,764 |  |  | (925) |
Commercial mortgage backed securities |  | 19 |  |  | 391 |  |  | (3) |  |  | 199 |  |  | 3,050 |  |  | (174) |  |  | 218 |  |  | 3,441 |  |  | (177) |
Asset backed securities |  | 31 |  |  | 1,161 |  |  | (2) |  |  | 35 |  |  | 366 |  |  | (31) |  |  | 66 |  |  | 1,527 |  |  | (33) |
State and municipal obligations |  | 13 |  |  | 49 |  |  | (1) |  |  | 43 |  |  | 132 |  |  | (16) |  |  | 56 |  |  | 181 |  |  | (17) |
U.S. government and agency obligations |  | 7 |  |  | 687 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 687 |  |  | — |
Foreign government bonds and obligations |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 13 |  |  | — |  |  | 3 |  |  | 13 |  |  | — |
Total |  | 447 |  |  | $ | 11,342 |  |  | $ | (191) |  |  | 1,202 |  |  | $ | 16,419 |  |  | $ | (1,564) |  |  | 1,649 |  |  | $ | 27,761 |  |  | $ | (1,755) |
Description of Securities | December 31, 2024
Less than 12 Months |  | 12 Months or More |  | Total
Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses
|  | (in millions, except number of securities)
Corporate debt securities |  | 282 |  |  | $ | 5,328 |  |  | $ | (178) |  |  | 291 |  |  | $ | 4,042 |  |  | $ | (533) |  |  | 573 |  |  | $ | 9,370 |  |  | $ | (711) |
Residential mortgage backed securities |  | 203 |  |  | 6,728 |  |  | (96) |  |  | 659 |  |  | 9,122 |  |  | (1,037) |  |  | 862 |  |  | 15,850 |  |  | (1,133) |
Commercial mortgage backed securities |  | 24 |  |  | 478 |  |  | (6) |  |  | 233 |  |  | 3,298 |  |  | (213) |  |  | 257 |  |  | 3,776 |  |  | (219) |
Asset backed securities |  | 15 |  |  | 309 |  |  | (2) |  |  | 37 |  |  | 384 |  |  | (37) |  |  | 52 |  |  | 693 |  |  | (39) |
State and municipal obligations |  | 21 |  |  | 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 |  |  | — |
Total |  | 546 |  |  | $ | 13,000 |  |  | $ | (284) |  |  | 1,268 |  |  | $ | 16,991 |  |  | $ | (1,837) |  |  | 1,814 |  |  | $ | 29,991 |  |  | $ | (2,121) |
Rollforward of allowance for credit losses on Available-for-Sale securities | The following table presents rollforwards of the allowance for credit losses on Available-for-Sale securities:
| Corporate Debt Securities |  |  |  | Commercial Mortgage Backed Securities | State and Municipal Obligations |  | Total
(in millions)
Balance at January 1, 2025 | $ | — |  |  |  |  | $ | 4 |  | $ | 1 |  |  | $ | 5 |
Additional increases (decreases) on securities that had an allowance recorded in a previous period | — |  |  |  |  | — |  | — |  |  | — |
Balance at March 31, 2025 | $ | — |  |  |  |  | $ | 4 |  | $ | 1 |  |  | $ | 5 |
Balance at January 1, 2024 | $ | 1 |  |  |  |  | $ | — |  | $ | 1 |  |  | $ | 2 |
Additional increases (decreases) on securities that had an allowance recorded in a previous period | — |  |  |  |  |  | — |  |  | — |
Balance at March 31, 2024 | $ | 1 |  |  |  |  | $ | — |  | $ | 1 |  |  | $ | 2 |
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:
| Three Months Ended March 31, |  |
2025 |  | 2024 (1) |  |  |
(in millions)
Gross realized investment gains | $ | 10 |  |  | $ | — |  |  |  |  |
Gross realized investment losses | (5) |  |  | — |  |  |  |  |
Total | $ | 5 |  |  | $ | — |  |  |  |  |
(1) No realized gains or losses on Available-for-Sale securities, including credit losses and other impairments, exceeded $1 million for the three months ended March 31, 2024.
Schedule of Available-for-Sale securities by contractual maturity | Available-for-Sale securities by contractual maturity as of March 31, 2025 were as follows:
| Amortized Cost |  | Fair Value
| (in millions)
Due within one year | $ | 3,091 |  | $ | 3,091
Due after one year through five years | 2,675 |  | 2,609
Due after five years through 10 years | 5,869 |  | 5,691
Due after 10 years | 6,430 |  | 6,359
| 18,065 |  | 17,750
Residential mortgage backed securities | 27,338 |  | 26,552
Commercial mortgage backed securities | 4,636 |  | 4,464
Asset backed securities | 5,398 |  | 5,384
Total | $ | 55,437 |  | $ | 54,150

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