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v3.25.3

Investments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Investments [Abstract] |
Summary of investments | The following is a summary of Ameriprise Financial investments:
| September 30, 2025 |  | December 31, 2024
(in millions)
Available-for-Sale securities, at fair value | $ | 52,574 |  |  | $ | 52,153 |
Mortgage loans (allowance for credit losses: 2025, $14; 2024, $14) | 2,650 |  |  | 2,354 |
Policy loans | 1,043 |  |  | 982 |
Other investments (allowance for credit losses: 2025, $7; 2024, $6) | 911 |  |  | 934 |
Total | $ | 57,178 |  |  | $ | 56,423 |
Summary of Net Investment income | The following is a summary of Net investment income:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 | 2025 |  | 2024
| (in millions)
Investment income on fixed maturities | $ | 758 |  |  | $ | 769 |  |  | $ | 2,260 |  |  | $ | 2,291 |
Net realized gains (losses) | 12 |  |  | — |  |  | 1 |  |  | (3) |
Consolidated investment entities | 47 |  |  | 52 |  |  | 137 |  |  | 150 |
Other | 103 |  |  | 113 |  |  | 281 |  |  | 318 |
Total | $ | 920 |  |  | $ | 934 |  |  | $ | 2,679 |  |  | $ | 2,756 |
Schedule of Available-for-Sale securities by type | Available-for-Sale securities distributed by type were as follows:
| September 30, 2025
Description of Securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
|  | (in millions)
Corporate debt securities |  | $ | 15,295 |  |  | $ | 422 |  |  | $ | (425) |  |  | $ | — |  |  | $ | 15,292 |
Residential mortgage backed securities |  | 27,216 |  |  | 251 |  |  | (735) |  |  | — |  |  | 26,732 |
Commercial mortgage backed securities |  | 3,898 |  |  | 15 |  |  | (120) |  |  | (3) |  |  | 3,790 |
Asset backed securities |  | 4,309 |  |  | 24 |  |  | (23) |  |  | — |  |  | 4,310 |
State and municipal obligations |  | 635 |  |  | 39 |  |  | (15) |  |  | (1) |  |  | 658 |
U.S. government and agency obligations |  | 1,784 |  |  | 1 |  |  | — |  |  | — |  |  | 1,785 |
Foreign government bonds and obligations |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Total |  | $ | 53,144 |  |  | $ | 752 |  |  | $ | (1,318) |  |  | $ | (4) |  |  | $ | 52,574 |
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 | September 30, 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 | $ | 21,208 |  |  | $ | 20,930 |  |  | 40 | % |  | $ | 25,251 |  |  | $ | 24,614 |  |  | 47 | %
AA | 16,183 |  |  | 15,933 |  |  | 30 |  |  | 13,498 |  |  | 12,909 |  |  | 25 |
A | 4,358 |  |  | 4,406 |  |  | 8 |  |  | 2,979 |  |  | 2,935 |  |  | 5 |
BBB | 11,049 |  |  | 10,985 |  |  | 21 |  |  | 11,896 |  |  | 11,402 |  |  | 22 |
Below investment grade | 346 |  |  | 320 |  |  | 1 |  |  | 302 |  |  | 293 |  |  | 1 |
Total fixed maturities | $ | 53,144 |  |  | $ | 52,574 |  |  | 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 |  | September 30, 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 |  | 124 |  |  | $ | 1,869 |  |  | $ | (72) |  |  | 276 |  |  | $ | 4,098 |  |  | $ | (353) |  |  | 400 |  |  | $ | 5,967 |  |  | $ | (425) |
Residential mortgage backed securities |  | 79 |  |  | 1,992 |  |  | (9) |  |  | 630 |  |  | 8,171 |  |  | (726) |  |  | 709 |  |  | 10,163 |  |  | (735) |
Commercial mortgage backed securities |  | 8 |  |  | 117 |  |  | (1) |  |  | 172 |  |  | 2,454 |  |  | (119) |  |  | 180 |  |  | 2,571 |  |  | (120) |
Asset backed securities |  | 2 |  |  | 20 |  |  | — |  |  | 32 |  |  | 284 |  |  | (23) |  |  | 34 |  |  | 304 |  |  | (23) |
State and municipal obligations |  | 9 |  |  | 53 |  |  | (1) |  |  | 42 |  |  | 123 |  |  | (14) |  |  | 51 |  |  | 176 |  |  | (15) |
U.S. government and agency obligations |  | 8 |  |  | 477 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 477 |  |  | — |
Foreign government bonds and obligations |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 5 |  |  | — |  |  | 1 |  |  | 5 |  |  | — |
Total |  | 230 |  |  | $ | 4,528 |  |  | $ | (83) |  |  | 1,153 |  |  | $ | 15,135 |  |  | $ | (1,235) |  |  | 1,383 |  |  | $ | 19,663 |  |  | $ | (1,318) |
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 July 1, 2025 | $ | — |  |  |  |  | $ | 4 |  | $ | 1 |  |  | $ | 5 |
Additional increases (decreases) on securities that had an allowance recorded in a previous period | — |  |  |  |  | (1) |  | — |  |  | (1) |
Balance at September 30, 2025 | $ | — |  |  |  |  | $ | 3 |  | $ | 1 |  |  | $ | 4 |
Balance at July 1, 2024 | $ | — |  |  |  |  | $ | 4 |  | $ | 1 |  |  | $ | 5 |
Additional increases (decreases) on securities that had an allowance recorded in a previous period | — |  |  |  |  | — |  | — |  |  | — |
Balance at September 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 | — |  |  |  |  | (1) |  | — |  |  | (1) |
Balance at September 30, 2025 | $ | — |  |  |  |  | $ | 3 |  | $ | 1 |  |  | $ | 4 |
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 September 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 September 30, |  | Nine Months Ended September 30,
2025 |  | 2024 | 2025 |  | 2024 (1)
(in millions)
Gross realized investment gains | $ | 12 |  |  | $ | 31 |  |  | $ | 27 |  |  | $ | 35 |
Gross realized investment losses | (2) |  |  | (33) |  |  | (27) |  |  | (36) |
Credit reversals (losses) | 1 |  |  | — |  |  | 1 |  |  | (3) |
Total | $ | 11 |  |  | $ | (2) |  |  | $ | 1 |  |  | $ | (4) |
(1) Credit losses for the n ine months ended September 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 September 30, 2025 were as follows:
| Amortized Cost |  | Fair Value
| (in millions)
Due within one year | $ | 2,264 |  | $ | 2,266
Due after one year through five years | 3,490 |  | 3,410
Due after five years through 10 years | 5,438 |  | 5,468
Due after 10 years | 6,529 |  | 6,598
| 17,721 |  | 17,742
Residential mortgage backed securities | 27,216 |  | 26,732
Commercial mortgage backed securities | 3,898 |  | 3,790
Asset backed securities | 4,309 |  | 4,310
Total | $ | 53,144 |  | $ | 52,574

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