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Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
September 30, 2025December 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 loans1,043 982 
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 entities47 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 CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$15,295 $422 $(425)$— $15,292 
Residential mortgage backed securities27,216 251 (735)— 26,732 
Commercial mortgage backed securities3,898 15 (120)(3)3,790 
Asset backed securities4,309 24 (23)— 4,310 
State and municipal obligations635 39 (15)(1)658 
U.S. government and agency obligations1,784 1 — — 1,785 
Foreign government bonds and obligations7 — — — 7 
Total$53,144 $752 $(1,318)$(4)$52,574 
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
September 30, 2025December 31, 2024
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$21,208 $20,930 40 %$25,251 $24,614 47 %
AA16,183 15,933 30 13,498 12,909 25 
A4,358 4,406 8 2,979 2,935 5 
BBB11,049 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 SecuritiesSeptember 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 securities124 $1,869 $(72)276 $4,098 $(353)400 $5,967 $(425)
Residential mortgage backed securities79 1,992 (9)630 8,171 (726)709 10,163 (735)
Commercial mortgage backed securities8 117 (1)172 2,454 (119)180 2,571 (120)
Asset backed securities2 20 — 32 284 (23)34 304 (23)
State and municipal obligations9 53 (1)42 123 (14)51 176 (15)
U.S. government and agency obligations8 477 — — — — 8 477 — 
Foreign government bonds and obligations— — — 1 5 — 1 5 — 
Total230 $4,528 $(83)1,153 $15,135 $(1,235)1,383 $19,663 $(1,318)
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 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 nine 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 CostFair Value
(in millions)
Due within one year$2,264$2,266
Due after one year through five years3,4903,410
Due after five years through 10 years5,4385,468
Due after 10 years6,5296,598
 17,72117,742
Residential mortgage backed securities27,21626,732
Commercial mortgage backed securities3,8983,790
Asset backed securities4,3094,310
Total$53,144$52,574