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Investments

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Investments

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

Other investments primarily reflect the Company’s interests in affordable housing partnerships, trading securities, equity securities, seed money investments in proprietary funds, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days.

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

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

As of March 31, 2025 and December 31, 2024, accrued interest of $342 million and $326 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.

As of March 31, 2025 and December 31, 2024, fixed maturity securities comprised approximately 93% and 92%, respectively, of Ameriprise Financial investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of March 31, 2025 and December 31, 2024, the Company’s internal analysts rated $661 million and $508 million, respectively, of securities using criteria similar to those used by NRSROs.

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		%

As of March 31, 2025 and December 31, 2024, approximately 85% and 82% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively. No holdings of any issuer were greater than 10% of the Company’s total equity as of both March 31, 2025 and December 31, 2024.

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)

As part of the Company’s ongoing monitoring process, management determined that the decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the three months ended March 31, 2025 is primarily attributable to the impact of lower interest rates. As of March 31, 2025, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of both March 31, 2025 and December 31, 2024, approximately 97% of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

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

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.

See Note 15 for a rollforward of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) (“AOCI”).

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

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.

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- Definition

The entire disclosure for investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org/321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
-URI https://asc.fasb.org/325/tableOfContent

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