v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Investments Investments
The following is a summary of Ameriprise Financial investments:
March 31, 2026December 31, 2025
(in millions)
Available-for-Sale securities, at fair value
$54,036 $53,591 
Mortgage loans (allowance for credit losses: 2026, $14; 2025, $14)
2,919 2,824 
Policy loans1,067 1,056 
Other investments (allowance for credit losses: 2026, $7; 2025, $7)
947 935 
Total$58,969 $58,406 
Other investments primarily reflect the Company’s interests in affordable housing partnerships, trading securities, equity securities, seed money investments in proprietary funds, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days.
The following is a summary of Net investment income:
Three Months Ended March 31,
2026
2025
(in millions)
Available-for-Sale securities (1)
$637 $642 
Net realized gains (losses)3 5 
Consolidated investment entities35 37 
Other investments and receivables (1)
197 184 
Total$872 $868 
(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.
Available-for-Sale securities distributed by type were as follows:
March 31, 2026
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$16,694 $274 $(610)$— $16,358 
Residential mortgage backed securities28,848 141 (746)— 28,243 
Commercial mortgage backed securities3,722 8 (109)— 3,621 
Asset backed securities3,558 10 (20)— 3,548 
State and municipal obligations648 32 (16)(1)663 
U.S. government and agency obligations1,602 — — — 1,602 
Foreign government bonds and obligations1 — — — 1 
Total$55,073 $465 $(1,501)$(1)$54,036 
Description of SecuritiesDecember 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
(in millions)
Corporate debt securities$15,911 $395 $(464)$— $15,842 
Residential mortgage backed securities28,578 261 (666)— 28,173 
Commercial mortgage backed securities3,778 16 (103)(4)3,687 
Asset backed securities3,755 19 (21)— 3,753 
State and municipal obligations657 36 (15)(1)677 
U.S. government and agency obligations1,457 1 — — 1,458 
Foreign government bonds and obligations1 — — — 1 
Total$54,137 $728 $(1,269)$(5)$53,591 
As of March 31, 2026 and December 31, 2025, accrued interest of $359 million and $332 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.
As of both March 31, 2026 and December 31, 2025, fixed maturity securities comprised approximately 92% of Ameriprise Financial investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of March 31, 2026 and December 31, 2025, the Company’s internal analysts rated $726 million and $662 million, respectively, of securities using criteria similar to those used by NRSROs.
A summary of fixed maturity securities by rating was as follows:
Ratings
March 31, 2026December 31, 2025
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$18,868 $18,523 34 %$19,744 $19,489 36 %
AA19,708 19,375 36 18,446 18,259 34 
A5,006 4,956 9 4,445 4,468 8 
BBB11,100 10,828 20 11,169 11,067 21 
Below investment grade
391 354 1 333 308 1 
Total fixed maturities$55,073 $54,036 100 %$54,137 $53,591 100 %
As of both March 31, 2026 and December 31, 2025, approximately 86% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. No holdings of any issuer were greater than 10% of the Company’s total equity as of both March 31, 2026 and December 31, 2025.
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, 2026
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 securities248 $4,320 $(107)304 $5,043 $(503)552 $9,363 $(610)
Residential mortgage backed securities230 7,754 (75)581 6,895 (671)811 14,649 (746)
Commercial mortgage backed securities23 592 (7)155 2,039 (102)178 2,631 (109)
Asset backed securities32 1,049 (2)27 227 (18)59 1,276 (20)
State and municipal obligations15 80 (2)40 136 (14)55 216 (16)
U.S. government and agency obligations19 969 — — — — 19 969 — 
Total567 $14,764 $(193)1,107 $14,340 $(1,308)1,674 $29,104 $(1,501)
Description of SecuritiesDecember 31, 2025
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 securities108 $1,560 $(48)314 $5,175 $(416)422 $6,735 $(464)
Residential mortgage backed securities64 1,892 (3)636 8,033 (663)700 9,925 (666)
Commercial mortgage backed securities10 167 — 165 2,334 (103)175 2,501 (103)
Asset backed securities4 56 — 30 255 (21)34 311 (21)
State and municipal obligations14 90 (2)39 127 (13)53 217 (15)
U.S. government and agency obligations3 60 — — — — 3 60 — 
Total203 $3,825 $(53)1,184 $15,924 $(1,216)1,387 $19,749 $(1,269)
As part of the Company’s ongoing monitoring process, management determined that the increase in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the three months ended March 31, 2026 is primarily attributable to the impact of higher interest rates. As of March 31, 2026, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of March 31, 2026 and December 31, 2025, approximately 97% and 96%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.
The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:
Commercial Mortgage Backed SecuritiesState and Municipal ObligationsTotal
(in millions)
Balance at January 1, 2026
$4 $1 $5 
Reductions for securities sold during the period (realized)(4)— (4)
Balance at March 31, 2026
$— $1 $1 
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 
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,
2026
2025
(in millions)
Gross realized investment gains$11 $10 
Gross realized investment losses(12)(5)
Credit reversals (losses)4 — 
Total$3 $5 
See Note 15 for a rollforward of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) (“AOCI”).
Available-for-Sale securities by contractual maturity as of March 31, 2026 were as follows:
Amortized CostFair Value
(in millions)
Due within one year$1,964$1,964
Due after one year through five years4,0673,911
Due after five years through 10 years6,0656,060
Due after 10 years6,8496,689
 18,94518,624
Residential mortgage backed securities28,84828,243
Commercial mortgage backed securities3,7223,621
Asset backed securities3,5583,548
Total$55,073$54,036
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.