Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Fair Values of Assets and Liabilities

Summary of significant unobservable inputs used in fair value measurements of Level 3 assets and liabilities

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:


	March 31, 2026
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range			Weighted Average
	(in millions)










Market risk benefits	$	(575)	Discounted cash flow	Utilization of guaranteed withdrawals (1)	0.0%	–	52.8%	12.1%
				Surrender rate (2)	0.4%	–	72.1%	3.6%
				Market volatility (3)	0.0%	–	25.9%	12.0%
				Nonperformance risk (4)	75 bps			75 bps
				Mortality rate (5)	0.0%	–	41.6%	1.7%


	December 31, 2025
	Fair Value		Valuation Technique	Significant Inputs and Assumptions	Range			Weighted Average
	(in millions)










Market risk benefits	$	(1,092)	Discounted cash flow	Utilization of guaranteed withdrawals (1)	0.0%	–	52.8%	12.2%
				Surrender rate (2)	0.4%	–	75.0%	3.6%
				Market volatility (3)	0.0%	–	24.9%	11.2%
				Nonperformance risk (4)	65 bps			65 bps
				Mortality rate (5)	0.0%	–	41.6%	1.8%

(1) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.

(2) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

(3) Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

(4) The nonperformance risk is the spread added to the U.S. Treasury curve.

(5) The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:


	March 31, 2026
	Fair Value		Valuation Technique	Unobservable Input	Range			Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	708	Discounted cash flow	Yield/spread to U.S. Treasuries (1)	0.9%	–	1.7%	1.2%
Asset backed securities	$	1	Discounted cash flow	Annual short-term default rate (2)	3.0%			3.0%
				Annual long-term default rate (2)	3.5%			3.5%
				Discount rate	15.0%			15.0%
				Constant prepayment rate	20.0%			20.0%
				Loss recovery	60.0%			60.0%
Fixed deferred indexed annuity ceded embedded derivatives	$	53	Discounted cash flow	Surrender rate (3)	0.5%	–	93.5%	9.0%
Fixed deferred indexed annuity embedded derivatives	$	52	Discounted cash flow	Surrender rate (3)	0.5%	–	93.5%	9.0%
				Nonperformance risk (4)	75 bps			75 bps
IUL embedded derivatives	$	1,002	Discounted cash flow	Nonperformance risk (4)	75 bps			75 bps




Structured variable annuity embedded derivatives	$	3,226	Discounted cash flow	Surrender rate (3)	0.5%	–	74.5%	2.2%
				Nonperformance risk (4)	75 bps			75 bps
Contingent consideration liabilities	$	78	Discounted cash flow	Discount rate (5)	0.0%	–	10.5%	2.2%


	December 31, 2025
	Fair Value		Valuation Technique	Unobservable Input	Range			Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	708	Discounted cash flow	Yield/spread to U.S. Treasuries (1)	0.9%	–	1.6%	1.2%
Asset backed securities	$	1	Discounted cash flow	Annual short-term default rate (2)	3.0%			3.0%
				Annual long-term default rate (2)	3.5%			3.5%
				Discount rate	15.0%			15.0%
				Constant prepayment rate	20.0%			20.0%
				Loss recovery	60.0%			60.0%
Fixed deferred indexed annuity ceded embedded derivatives	$	59	Discounted cash flow	Surrender rate (3)	0.5%	–	89.8%	5.1%
Fixed deferred indexed annuity embedded derivatives	$	58	Discounted cash flow	Surrender rate (3)	0.5%	–	89.8%	5.1%
				Nonperformance risk (4)	65 bps			65 bps
IUL embedded derivatives	$	1,042	Discounted cash flow	Nonperformance risk (4)	65 bps			65 bps




Structured variable annuity embedded derivatives	$	3,879	Discounted cash flow	Surrender rate (3)	0.5%	–	75.0%	2.0%
				Nonperformance risk (4)	65 bps			65 bps
Contingent consideration liabilities	$	71	Discounted cash flow	Discount rate (5)	0.0%	–	10.5%	2.4%

(1) The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

(2) The weighted average annual default rates of asset backed securities is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

(3) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

(4) The nonperformance risk is the spread added to the U.S. Treasury curve.

(5) The weighted average discount rate represents the average discount rate across all contingent consideration liabilities, weighted based on the size of the contingent consideration liability.

Schedule of carrying value and estimated fair value of financial instruments not reported at fair value

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:


	March 31, 2026
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in millions)
Financial Assets
Mortgage loans, net	$	2,919	$	—	$	866	$	1,954	$	2,820
Policy loans	1,067		—		1,067		—		1,067
Receivables	9,765		317		2,422		5,942		8,681
Restricted and segregated cash	486		486		—		—		486
Other investments and assets	243		—		184		60		244

Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	24,076	$	—	$	—	$	20,608	$	20,608
Investment certificate reserves	7,553		—		—		7,523		7,523
Banking and brokerage deposits	25,734		25,726		8		—		25,734
Separate account liabilities — investment contracts	2,662		—		2,662		—		2,662
Debt and other liabilities	3,671		371		3,325		3		3,699


	December 31, 2025
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in millions)
Financial Assets
Mortgage loans, net	$	2,824	$	—	$	774	$	1,979	$	2,753
Policy loans	1,056		—		1,056		—		1,056
Receivables	9,480		201		2,274		6,012		8,487
Restricted and segregated cash	616		616		—		—		616
Other investments and assets	250		—		194		57		251

Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	23,297	$	—	$	—	$	19,636	$	19,636
Investment certificate reserves	8,150		—		—		8,128		8,128
Banking and brokerage deposits	25,611		25,596		15		—		25,611
Separate account liabilities — investment contracts	2,765		—		2,765		—		2,765
Debt and other liabilities	3,545		245		3,376		3		3,624

Ameriprise Financial

Fair Values of Assets and Liabilities

Schedule of balances of assets and liabilities measured at fair value on a recurring basis

The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis (See Note 4 for the balances of assets and liabilities for consolidated investment entities):


	March 31, 2026
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Cash equivalents	$	3,008	$	2,039	$	—	$	5,047
Available-for-Sale securities:
Corporate debt securities	—		15,650		708		16,358
Residential mortgage backed securities	—		28,243		—		28,243
Commercial mortgage backed securities	—		3,486		135		3,621
Asset backed securities	—		3,547		1		3,548
State and municipal obligations	—		663		—		663
U.S. government and agency obligations	1,522		80		—		1,602
Foreign government bonds and obligations	—		1		—		1

Total Available-for-Sale securities	1,522		51,670		844		54,036

Investments at net asset value (“NAV”)							13		(1)
Trading and other securities	363		23		—		386
Separate account assets at NAV							76,466		(1)
Cash equivalents segregated for regulatory purposes	438		—		—		438
Market risk benefits	—		—		1,934		1,934		(2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives	—		—		53		53
Other assets:
Interest rate derivative contracts	—		155		—		155
Equity derivative contracts	323		11,198		—		11,521
Credit derivative contracts	—		60		—		60

Foreign exchange derivative contracts	—		22		—		22
Total other assets	323		11,435		—		11,758
Total assets at fair value	$	5,654	$	65,167	$	2,831	$	150,131

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	—	$	52	$	52
IUL embedded derivatives	—		—		1,002		1,002
Structured variable annuity embedded derivatives	—		—		3,226		3,226
Total policyholder account balances, future policy benefits and claims	—		—		4,280		4,280		(3)
Market risk benefits	—		—		1,359		1,359		(2)
Customer deposits	—		3		—		3
Other liabilities:
Interest rate derivative contracts	1		214		—		215
Equity derivative contracts	372		6,358		—		6,730


Foreign exchange derivative contracts	1		3		—		4
Other	365		9		78		452
Total other liabilities	739		6,584		78		7,401
Total liabilities at fair value	$	739	$	6,587	$	5,717	$	13,043


	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Cash equivalents	$	2,657	$	3,864	$	—	$	6,521
Available-for-Sale securities:
Corporate debt securities	—		15,131		711		15,842
Residential mortgage backed securities	—		28,149		24		28,173
Commercial mortgage backed securities	—		3,687		—		3,687
Asset backed securities	—		3,752		1		3,753
State and municipal obligations	—		677		—		677
U.S. government and agency obligations	1,359		99		—		1,458
Foreign government bonds and obligations	—		1		—		1

Total Available-for-Sale securities	1,359		51,496		736		53,591

Investments at NAV							13		(1)
Trading and other securities	372		21		—		393
Separate account assets at NAV							80,044		(1)
Cash equivalents segregated for regulatory purposes	439		—		—		439
Market risk benefits	—		—		2,274		2,274		(2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives	—		—		59		59
Other assets:
Interest rate derivative contracts	1		142		—		143
Equity derivative contracts	218		12,722		—		12,940
Credit derivative contracts	—		15		—		15

Foreign exchange derivative contracts	—		24		—		24
Total other assets	219		12,903		—		13,122
Total assets at fair value	$	5,046	$	68,284	$	3,069	$	156,456

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	—	$	58	$	58
IUL embedded derivatives	—		—		1,042		1,042
Structured variable annuity embedded derivatives	—		—		3,879		3,879
Total policyholder account balances, future policy benefits and claims	—		—		4,979		4,979		(3)
Market risk benefits	—		—		1,182		1,182		(2)
Customer deposits	—		4		—		4
Other liabilities:
Interest rate derivative contracts	1		218		—		219
Equity derivative contracts	346		7,651		—		7,997


Foreign exchange derivative contracts	—		1		—		1
Other	376		5		71		452
Total other liabilities	723		7,875		71		8,669
Total liabilities at fair value	$	723	$	7,879	$	6,232	$	14,834

(1) Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

(2) See Note 10 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

(3) The Company’s adjustment for nonperformance risk resulted in a $267 million and $258 million cumulative decrease to the embedded derivatives as of March 31, 2026 and December 31, 2025, respectively.

Summary of changes in Level 3 assets measured at fair value on a recurring basis

The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:



	Available-for-Sale Securities								Receivables
	Corporate Debt Securities		Residential Mortgage Backed Securities		Commercial Mortgage Backed Securities		Asset Backed Securities		Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
	(in millions)
Balance at January 1, 2026	$	711	$	24	$	—	$	1	$	736		$	59
Total gains (losses) included in:
Net income	1		—		—		—		1		(1)	(3)
Other comprehensive income (loss)	(6)		—		—		—		(6)			—
Purchases	14		—		135		—		149			—


Settlements	(12)		—		—		—		(12)			(3)

Transfers out of Level 3	—		(24)		—		—		(24)			—
Balance at March 31, 2026	$	708	$	—	$	135	$	1	$	844		$	53

Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2026	$	1	$	—	$	—	$	—	$	1	(1)	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2026	$	(6)	$	—	$	—	$	—	$	(6)		$	—



	Policyholder Account Balances, Future Policy Benefits and Claims									Other Liabilities
	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives							Total
	(in millions)
Balance at January 1, 2026	$	58		$	1,042		$	3,879		$	4,979	$	71
Total (gains) losses included in:
Net income	(3)		(2)	9		(2)	(505)		(3)	(499)		—

Issues	—			(17)			16			(1)		19
Settlements	(3)			(32)			(164)			(199)		(12)
Balance at March 31, 2026	$	52		$	1,002		$	3,226		$	4,280	$	78

Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2026	$	—		$	9	(2)	$	(505)	(3)	$	(496)	$	—


	Available-for-Sale Securities						Receivables
	Corporate Debt Securities		Residential Mortgage Backed Securities		Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
	(in millions)
Balance at January 1, 2025	$	583	$	38	$	126		$	747		$	55
Total gains (losses) included in:
Net income	1		—		—			1		(1)	—
Other comprehensive income (loss)	9		—		—			9			—
Purchases	49		25		—			74			—


Settlements	(13)		—		(20)			(33)			(2)

Transfers out of Level 3	—		(38)		—			(38)			—
Balance at March 31, 2025	$	629	$	25	$	106		$	760		$	53

Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2025	$	1	$	—	$	—		$	1	(1)	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2025	$	9	$	—	$	—		$	9		$	—



	Policyholder Account Balances, Future Policy Benefits and Claims								Other Liabilities
	Fixed Deferred Indexed Annuity Embedded Derivatives		IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives							Total
	(in millions)
Balance at January 1, 2025	$	53	$	1,002		$	2,461		$	3,516	$	68
Total (gains) losses included in:
Net income	—		5		(2)	(548)		(3)	(543)		(6)		(4)

Issues	—		(1)			13			12		10
Settlements	(2)		(37)			(85)			(124)		(7)
Balance at March 31, 2025	$	51	$	969		$	1,841		$	2,861	$	65

Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2025	$	—	$	5	(2)	$	(548)	(3)	$	(543)	$	—

(1) Included in Net investment income.

(2) Included in Interest credited to fixed accounts.

(3) Included in Benefits, claims, losses and settlement expenses.

(4) Included in General and administrative expense.

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis

The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:



	Available-for-Sale Securities								Receivables
	Corporate Debt Securities		Residential Mortgage Backed Securities		Commercial Mortgage Backed Securities		Asset Backed Securities		Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
	(in millions)
Balance at January 1, 2026	$	711	$	24	$	—	$	1	$	736		$	59
Total gains (losses) included in:
Net income	1		—		—		—		1		(1)	(3)
Other comprehensive income (loss)	(6)		—		—		—		(6)			—
Purchases	14		—		135		—		149			—


Settlements	(12)		—		—		—		(12)			(3)

Transfers out of Level 3	—		(24)		—		—		(24)			—
Balance at March 31, 2026	$	708	$	—	$	135	$	1	$	844		$	53

Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2026	$	1	$	—	$	—	$	—	$	1	(1)	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2026	$	(6)	$	—	$	—	$	—	$	(6)		$	—



	Policyholder Account Balances, Future Policy Benefits and Claims									Other Liabilities
	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives							Total
	(in millions)
Balance at January 1, 2026	$	58		$	1,042		$	3,879		$	4,979	$	71
Total (gains) losses included in:
Net income	(3)		(2)	9		(2)	(505)		(3)	(499)		—

Issues	—			(17)			16			(1)		19
Settlements	(3)			(32)			(164)			(199)		(12)
Balance at March 31, 2026	$	52		$	1,002		$	3,226		$	4,280	$	78

Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2026	$	—		$	9	(2)	$	(505)	(3)	$	(496)	$	—


	Available-for-Sale Securities						Receivables
	Corporate Debt Securities		Residential Mortgage Backed Securities		Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
	(in millions)
Balance at January 1, 2025	$	583	$	38	$	126		$	747		$	55
Total gains (losses) included in:
Net income	1		—		—			1		(1)	—
Other comprehensive income (loss)	9		—		—			9			—
Purchases	49		25		—			74			—


Settlements	(13)		—		(20)			(33)			(2)

Transfers out of Level 3	—		(38)		—			(38)			—
Balance at March 31, 2025	$	629	$	25	$	106		$	760		$	53

Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2025	$	1	$	—	$	—		$	1	(1)	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2025	$	9	$	—	$	—		$	9		$	—



	Policyholder Account Balances, Future Policy Benefits and Claims								Other Liabilities
	Fixed Deferred Indexed Annuity Embedded Derivatives		IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives							Total
	(in millions)
Balance at January 1, 2025	$	53	$	1,002		$	2,461		$	3,516	$	68
Total (gains) losses included in:
Net income	—		5		(2)	(548)		(3)	(543)		(6)		(4)

Issues	—		(1)			13			12		10
Settlements	(2)		(37)			(85)			(124)		(7)
Balance at March 31, 2025	$	51	$	969		$	1,841		$	2,861	$	65

Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2025	$	—	$	5	(2)	$	(548)	(3)	$	(543)	$	—

(1) Included in Net investment income.

(2) Included in Interest credited to fixed accounts.

(3) Included in Benefits, claims, losses and settlement expenses.

(4) Included in General and administrative expense.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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