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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
March 31, 2025December 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 loans991 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 entities37 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 CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$15,055 $270 $(603)$— $14,722 
Residential mortgage backed securities27,338 139 (925)— 26,552 
Commercial mortgage backed securities4,636 9 (177)(4)4,464 
Asset backed securities5,398 19 (33)— 5,384 
State and municipal obligations585 36 (17)(1)603 
U.S. government and agency obligations2,412 — — — 2,412 
Foreign government bonds and obligations13 — — — 13 
Total$55,437 $473 $(1,755)$(5)$54,150 
Description of SecuritiesDecember 31, 2024
Amortized 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 
Summary of fixed maturity securities by rating
A summary of fixed maturity securities by rating was as follows:
Ratings
March 31, 2025December 31, 2024
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$24,491 $23,979 44 %$25,251 $24,614 47 %
AA15,297 14,889 27 13,498 12,909 25 
A3,307 3,305 6 2,979 2,935 5 
BBB12,022 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 SecuritiesMarch 31, 2025
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized Losses Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
 (in millions, except number of securities)
Corporate debt securities238 $4,168 $(147)276 $3,980 $(456)514 $8,148 $(603)
Residential mortgage backed securities139 4,886 (38)646 8,878 (887)785 13,764 (925)
Commercial mortgage backed securities19 391 (3)199 3,050 (174)218 3,441 (177)
Asset backed securities31 1,161 (2)35 366 (31)66 1,527 (33)
State and municipal obligations13 49 (1)43 132 (16)56 181 (17)
U.S. government and agency obligations7 687 — — — — 7 687 — 
Foreign government bonds and obligations— — — 3 13 — 3 13 — 
Total447 $11,342 $(191)1,202 $16,419 $(1,564)1,649 $27,761 $(1,755)
Description of SecuritiesDecember 31, 2024
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized 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 obligations1 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)
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 SecuritiesCommercial Mortgage Backed SecuritiesState and Municipal ObligationsTotal
(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 CostFair Value
(in millions)
Due within one year$3,091$3,091
Due after one year through five years2,6752,609
Due after five years through 10 years5,8695,691
Due after 10 years6,4306,359
 18,06517,750
Residential mortgage backed securities27,33826,552
Commercial mortgage backed securities4,6364,464
Asset backed securities5,3985,384
Total$55,437$54,150