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Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
June 30, 2025December 31, 2024
(in millions)
Available-for-Sale securities, at fair value
$53,165 $52,153 
Mortgage loans (allowance for credit losses: 2025, $15; 2024, $14)
2,506 2,354 
Policy loans1,019 982 
Other investments (allowance for credit losses: 2025, $6; 2024, $6)
934 934 
Total$57,624 $56,423 
Summary of Net Investment income
The following is a summary of Net investment income:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
(in millions)
Investment income on fixed maturities$756 $768 $1,502 $1,522 
Net realized gains (losses)(16)(4)(11)(3)
Consolidated investment entities53 53 90 98 
Other
98 104 178 205 
Total$891 $921 $1,759 $1,822 
Schedule of Available-for-Sale securities by type
Available-for-Sale securities distributed by type were as follows:
June 30, 2025
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$15,341 $321 $(549)$— $15,113 
Residential mortgage backed securities27,292 167 (850)— 26,609 
Commercial mortgage backed securities4,211 12 (144)(4)4,075 
Asset backed securities4,705 21 (28)— 4,698 
State and municipal obligations584 32 (16)(1)599 
U.S. government and agency obligations2,058 — — — 2,058 
Foreign government bonds and obligations13 — — — 13 
Total$54,204 $553 $(1,587)$(5)$53,165 
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
June 30, 2025December 31, 2024
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$22,964 $22,572 43 %$25,251 $24,614 47 %
AA15,474 15,091 28 13,498 12,909 25 
A3,896 3,888 7 2,979 2,935 5 
BBB11,485 11,256 21 11,896 11,402 22 
Below investment grade
385 358 1 302 293 1 
Total fixed maturities$54,204 $53,165 100 %$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 SecuritiesJune 30, 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 securities191 $3,558 $(144)250 $3,748 $(405)441 $7,306 $(549)
Residential mortgage backed securities124 3,849 (31)640 8,540 (819)764 12,389 (850)
Commercial mortgage backed securities8 121 (4)188 2,801 (140)196 2,922 (144)
Asset backed securities12 165 — 32 315 (28)44 480 (28)
State and municipal obligations11 63 (2)44 124 (14)55 187 (16)
U.S. government and agency obligations16 1,193 — — — — 16 1,193 — 
Foreign government bonds and obligations— — — 2 6 — 2 6 — 
Total362 $8,949 $(181)1,156 $15,534 $(1,406)1,518 $24,483 $(1,587)
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 April 1, 2025
$— $4 $1 $5 
Additional increases (decreases) on securities that had an allowance recorded in a previous period— — — — 
Balance at June 30, 2025
$— $4 $1 $5 
Balance at April 1, 2024
$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 June 30, 2024
$— $4 $1 $5 
Balance at January 1, 2025
$— $4 $1 $5 
Additional increases (decreases) on securities that had an allowance recorded in a previous period— — — — 
Balance at June 30, 2025
$— $4 $1 $5 
Balance at January 1, 2024
$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 June 30, 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:
 
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024 (1)
2025
2024 (1)
(in millions)
Gross realized investment gains$5 $4 $15 $4 
Gross realized investment losses(20)(3)(25)(3)
Credit reversals (losses)— (3)— (3)
Total$(15)$(2)$(10)$(2)
(1) Credit losses for the three and six months ended June 30, 2024 primarily related to recording an allowance for credit losses on a downgraded commercial mortgage backed security.
Schedule of Available-for-Sale securities by contractual maturity
Available-for-Sale securities by contractual maturity as of June 30, 2025 were as follows:
Amortized CostFair Value
(in millions)
Due within one year$2,612$2,612
Due after one year through five years3,3983,300
Due after five years through 10 years5,6375,593
Due after 10 years6,3496,278
 17,99617,783
Residential mortgage backed securities27,29226,609
Commercial mortgage backed securities4,2114,075
Asset backed securities4,7054,698
Total$54,204$53,165