Investments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Investments [Abstract] |
|
| Summary of investments |
The following is a summary of Ameriprise Financial investments: | | | | | | | | | | | | | | December 31, | 2025 | | 2024 | | (in millions) | | Available-for-Sale securities, at fair value | $ | 53,591 | | | $ | 52,153 | | Mortgage loans (allowance for credit losses: 2025, $14; 2024, $14) | 2,824 | | | 2,354 | | | Policy loans | 1,056 | | | 982 | | Other investments (allowance for credit losses: 2025, $7; 2024, $6) | 935 | | | 934 | | | Total | $ | 58,406 | | | $ | 56,423 | |
|
| Summary of net investment income |
The following is a summary of Net investment income: | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | 2025 | | 2024 | | 2023 | | (in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Available-for-Sale securities (1) | $ | 2,589 | | | $ | 2,611 | | | $ | 2,252 | | | Net realized gains (losses) | 3 | | | (18) | | | (27) | | | | | | | | | | | | | | | | | | | | | | | | | | | Consolidated investment entities | 179 | | | 207 | | | 181 | | Other investments and receivables (1) | 799 | | | 848 | | | 800 | | | Total | $ | 3,570 | | | $ | 3,648 | | | $ | 3,206 | |
(1) Prior period amounts associated with investment income from Available-for-Sale securities have been disaggregated (as the largest component of fixed maturities) to conform with current period presentation with remaining amounts included in Other investments and receivables.
|
| Schedule of available-for-sale securities by type |
Available-for-Sale securities distributed by type were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Description of Securities | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Fair Value | | | (in millions) | | Corporate debt securities | | $ | 15,911 | | | $ | 395 | | | $ | (464) | | | $ | — | | | $ | 15,842 | | | Residential mortgage backed securities | | 28,578 | | | 261 | | | (666) | | | — | | | 28,173 | | | Commercial mortgage backed securities | | 3,778 | | | 16 | | | (103) | | | (4) | | | 3,687 | | | Asset backed securities | | 3,755 | | | 19 | | | (21) | | | — | | | 3,753 | | | State and municipal obligations | | 657 | | | 36 | | | (15) | | | (1) | | | 677 | | | U.S. government and agency obligations | | 1,457 | | | 1 | | | — | | | — | | | 1,458 | | | Foreign government bonds and obligations | | 1 | | | — | | | — | | | — | | | 1 | | | | | | | | | | | | | | Total | | $ | 54,137 | | | $ | 728 | | | $ | (1,269) | | | $ | (5) | | | $ | 53,591 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Description of Securities | | 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 | |
|
| Schedule of investments with fixed maturities disclosure |
A summary of fixed maturity securities by rating was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Ratings | | Amortized Cost | | Fair Value | | Percent of Total Fair Value | Amortized Cost | | Fair Value | | Percent of Total Fair Value | | | (in millions, except percentages) | | AAA | | $ | 19,744 | | | $ | 19,489 | | | 36 | % | | $ | 25,251 | | | $ | 24,614 | | | 47 | % | | AA | | 18,446 | | | 18,259 | | | 34 | | | 13,498 | | | 12,909 | | | 25 | | | A | | 4,445 | | | 4,468 | | | 8 | | | 2,979 | | | 2,935 | | | 5 | | | BBB | | 11,169 | | | 11,067 | | | 21 | | | 11,896 | | | 11,402 | | | 22 | | Below investment grade | | 333 | | | 308 | | | 1 | | | 302 | | | 293 | | | 1 | | | Total fixed maturities | | $ | 54,137 | | | $ | 53,591 | | | 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Less than 12 Months | | 12 Months or More | | Total | | Description of Securities | | 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 | | 108 | | | $ | 1,560 | | | $ | (48) | | | 314 | | | $ | 5,175 | | | $ | (416) | | | 422 | | | $ | 6,735 | | | $ | (464) | | | Residential mortgage backed securities | | 64 | | | 1,892 | | | (3) | | | 636 | | | 8,033 | | | (663) | | | 700 | | | 9,925 | | | (666) | | | Commercial mortgage backed securities | | 10 | | | 167 | | | — | | | 165 | | | 2,334 | | | (103) | | | 175 | | | 2,501 | | | (103) | | | Asset backed securities | | 4 | | | 56 | | | — | | | 30 | | | 255 | | | (21) | | | 34 | | | 311 | | | (21) | | | State and municipal obligations | | 14 | | | 90 | | | (2) | | | 39 | | | 127 | | | (13) | | | 53 | | | 217 | | | (15) | | U.S. government and agency obligations | | 3 | | | 60 | | | — | | | — | | | — | | | — | | | 3 | | | 60 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | 203 | | | $ | 3,825 | | | $ | (53) | | | 1,184 | | | $ | 15,924 | | | $ | (1,216) | | | 1,387 | | | $ | 19,749 | | | $ | (1,269) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Less than 12 Months | | 12 Months or More | | Total | | Description of Securities | | 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 a rollforward 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, 2023 | $ | 20 | | | $ | — | | | | | $ | 2 | | | $ | 22 | | | Additions for which credit losses were not previously recorded | 1 | | | — | | | | | — | | | 1 | | | Reductions for securities sold during the period (realized) | (20) | | | — | | | | | (1) | | | (21) | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | 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 December 31, 2024 | — | | | 4 | | | | | 1 | | | 5 | | | Additions for which credit losses were not previously recorded | — | | | — | | | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2025 | $ | — | | | $ | 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: | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | 2025 | | 2024 | | 2023 | | (in millions) | | Gross realized investment gains | $ | 30 | | | $ | 41 | | | $ | 11 | | | Gross realized investment losses | (27) | | | (57) | | | (58) | | | Credit reversals (losses) | — | | | (3) | | | 20 | | | Other impairments | — | | | — | | | (2) | | | Total | $ | 3 | | | $ | (19) | | | $ | (29) | |
|
| Schedule of available-for-sale securities by contractual maturity |
Available-for-Sale securities by contractual maturity as of December 31, 2025 were as follows: | | | | | | | | | | | | | | Amortized Cost | | Fair Value | | (in millions) | | Due within one year | $ | 1,788 | | | $ | 1,789 | | | Due after one year through five years | 3,606 | | | 3,530 | | | Due after five years through 10 years | 5,955 | | | 5,995 | | | Due after 10 years | 6,677 | | | 6,664 | | | | 18,026 | | | 17,978 | | | Residential mortgage backed securities | 28,578 | | | 28,173 | | | Commercial mortgage backed securities | 3,778 | | | 3,687 | | | Asset backed securities | 3,755 | | | 3,753 | | | Total | $ | 54,137 | | | $ | 53,591 | |
|