Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments [Abstract] |
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| Summary of investments |
The following is a summary of Ameriprise Financial investments: | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (in millions) | Available-for-Sale securities, at fair value | $ | 54,382 | | | $ | 53,591 | | | | | | Mortgage loans (allowance for credit losses: 2026, $15; 2025, $14) | 3,170 | | | 2,824 | | | Policy loans | 1,085 | | | 1,056 | | | | | | Other investments (allowance for credit losses: 2026, $8; 2025, $7) | 1,012 | | | 935 | | | Total | $ | 59,649 | | | $ | 58,406 | |
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| Summary of Net Investment income |
The following is a summary of Net investment income: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | 2026 | | 2025 | | (in millions) | Available-for-Sale securities (1) | $ | 647 | | | $ | 659 | | | $ | 1,284 | | | $ | 1,301 | | | Net realized gains (losses) | (10) | | | (16) | | | (7) | | | (11) | | | | | | | | | | | | | | | | | | | Consolidated investment entities | 56 | | | 53 | | | 91 | | | 90 | | Other investments and receivables (1) | 200 | | | 195 | | | 397 | | | 379 | | | Total | $ | 893 | | | $ | 891 | | | $ | 1,765 | | | $ | 1,759 | |
(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.
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| Schedule of Available-for-Sale securities by type |
Available-for-Sale securities distributed by type were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | Description of Securities | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Fair Value | | | (in millions) | | Corporate debt securities | | $ | 17,136 | | | $ | 271 | | | $ | (555) | | | $ | — | | | $ | 16,852 | | | Residential mortgage backed securities | | 28,649 | | | 109 | | | (785) | | | — | | | 27,973 | | | Commercial mortgage backed securities | | 3,590 | | | 4 | | | (108) | | | — | | | 3,486 | | | Asset backed securities | | 3,820 | | | 7 | | | (23) | | | — | | | 3,804 | | | State and municipal obligations | | 677 | | | 31 | | | (17) | | | (1) | | | 690 | | | U.S. government and agency obligations | | 1,576 | | | — | | | — | | | — | | | 1,576 | | | Foreign government bonds and obligations | | 1 | | | — | | | — | | | — | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 55,449 | | | $ | 422 | | | $ | (1,488) | | | $ | (1) | | | $ | 54,382 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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| Summary of fixed maturity securities by rating |
A summary of fixed maturity securities by rating was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ratings | June 30, 2026 | | December 31, 2025 | | Amortized Cost | | Fair Value | | Percent of Total Fair Value | Amortized Cost | | Fair Value | | Percent of Total Fair Value | | (in millions, except percentages) | | AAA | $ | 18,154 | | | $ | 17,786 | | | 33 | % | | $ | 19,744 | | | $ | 19,489 | | | 36 | % | | AA | 20,426 | | | 20,032 | | | 37 | | | 18,446 | | | 18,259 | | | 34 | | | A | 5,310 | | | 5,251 | | | 9 | | | 4,445 | | | 4,468 | | | 8 | | | BBB | 11,120 | | | 10,897 | | | 20 | | | 11,169 | | | 11,067 | | | 21 | | Below investment grade | 439 | | | 416 | | | 1 | | | 333 | | | 308 | | | 1 | | | Total fixed maturities | $ | 55,449 | | | $ | 54,382 | | | 100 | % | | $ | 54,137 | | | $ | 53,591 | | | 100 | % |
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| 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 | | June 30, 2026 | | 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 | | 269 | | | $ | 4,627 | | | $ | (87) | | | 299 | | | $ | 5,061 | | | $ | (468) | | | 568 | | | $ | 9,688 | | | $ | (555) | | | Residential mortgage backed securities | | 284 | | | 9,364 | | | (105) | | | 579 | | | 6,588 | | | (680) | | | 863 | | | 15,952 | | | (785) | | | Commercial mortgage backed securities | | 31 | | | 876 | | | (8) | | | 149 | | | 1,970 | | | (100) | | | 180 | | | 2,846 | | | (108) | | | Asset backed securities | | 36 | | | 850 | | | (2) | | | 25 | | | 212 | | | (21) | | | 61 | | | 1,062 | | | (23) | | | State and municipal obligations | | 13 | | | 84 | | | (2) | | | 39 | | | 134 | | | (15) | | | 52 | | | 218 | | | (17) | | | U.S. government and agency obligations | | 26 | | | 1,343 | | | — | | | — | | | — | | | — | | | 26 | | | 1,343 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | 659 | | | $ | 17,144 | | | $ | (204) | | | 1,091 | | | $ | 13,965 | | | $ | (1,284) | | | 1,750 | | | $ | 31,109 | | | $ | (1,488) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description of Securities | December 31, 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 | | 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) | |
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| Rollforward of allowance for credit losses on Available-for-Sale securities |
The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial Mortgage Backed Securities | | State and Municipal Obligations | | | Total | | | | | (in millions) | Balance at April 1, 2026 | | | | | $ | — | | | $ | 1 | | | | $ | 1 | | | | | | | | | | | | | | | | | | | | | | | | | Reductions for securities sold during the period (realized) | | | | | — | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | Balance at June 30, 2026 | | | | | $ | — | | | $ | 1 | | | | $ | 1 | | | | | | | | | | | | | Balance at April 1, 2025 | | | | | $ | 4 | | | $ | 1 | | | | $ | 5 | | | | | | | | | | | | | | | | | | | | | | | | | Additional increases (decreases) on securities that had an allowance recorded in a previous period | | | | | — | | | — | | | | — | | | | | | | | | | | | | Balance at June 30, 2025 | | | | | $ | 4 | | | $ | 1 | | | | $ | 5 | | | | | | | | | | | | | Balance at January 1, 2026 | | | | | $ | 4 | | | $ | 1 | | | | $ | 5 | | | | | | | | | | | | | | | | | | | | | | | | | Reductions for securities sold during the period (realized) | | | | | (4) | | | — | | | | (4) | | | | | | | | | | | | | | | | | | | | | | | | Balance at June 30, 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 June 30, 2025 | | | | | $ | 4 | | | $ | 1 | | | | $ | 5 | |
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| 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 June 30, | | Six Months Ended June 30, | 2026 | | 2025 | 2026 | | 2025 | | (in millions) | | Gross realized investment gains | $ | 3 | | | $ | 5 | | | $ | 14 | | | $ | 15 | | | Gross realized investment losses | — | | | (20) | | | (12) | | | (25) | | | Credit reversals (losses) | — | | | — | | | 4 | | | — | | | Other impairments | (12) | | | — | | | (12) | | | — | | | Total | $ | (9) | | | $ | (15) | | | $ | (6) | | | $ | (10) | |
Other impairments for the three and six months ended June 30, 2026 are related to Available-for-Sale securities which the Company intends to sell (tender).
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| Schedule of Available-for-Sale securities by contractual maturity |
Available-for-Sale securities by contractual maturity as of June 30, 2026 were as follows: | | | | | | | | | | | | | Amortized Cost | | Fair Value | | (in millions) | | Due within one year | $ | 1,958 | | $ | 1,958 | | Due after one year through five years | 4,339 | | 4,158 | | Due after five years through 10 years | 6,243 | | 6,249 | | Due after 10 years | 6,850 | | 6,754 | | 19,390 | | 19,119 | | Residential mortgage backed securities | 28,649 | | 27,973 | | Commercial mortgage backed securities | 3,590 | | 3,486 | | Asset backed securities | 3,820 | | 3,804 | | Total | $ | 55,449 | | $ | 54,382 |
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