AMERIPRISE FINANCIAL INC, 10-K filed on 2/20/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 07, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 1-32525    
Entity Registrant Name AMERIPRISE FINANCIAL, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 13-3180631    
Entity Address, Address Line One 1099 Ameriprise Financial Center    
Entity Address, City or Town Minneapolis    
Entity Address, State or Province MN    
Entity Address, Postal Zip Code 55474    
City Area Code (612)    
Local Phone Number 671-3131    
Title of 12(b) Security Common Stock (par value $.01 per share)    
Trading Symbol AMP    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 42.0
Entity Common Stock, Shares Outstanding   96,118,499  
Documents Incorporated by Reference
Part III: Portions of the registrant’s Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on April 30, 2025 (“Proxy Statement”).
    
Entity Central Index Key 0000820027    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.0.1
Document - Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Minneapolis, Minnesota
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Net investment income $ 3,648 $ 3,206 $ 1,474
Premiums, policy and contract charges 1,559 1,539 1,397
Other revenues 516 513 491
Total revenues 17,926 16,096 14,334
Banking and deposit interest expense 662 561 76
Total net revenues 17,264 15,535 14,258
Benefits and expenses      
Distribution expenses 6,024 5,078 4,935
Interest credited to fixed accounts 616 654 665
Benefits, claims, losses and settlement expenses 1,299 1,350 242
Remeasurement (gains) losses of future policy benefit reserves (44) (20) 1
Change in fair value of market risk benefits 628 798 311
Amortization of deferred acquisition costs 242 246 252
Interest and debt expense 329 324 198
General and administrative expense 3,903 3,871 3,723
Total benefits and expenses 12,997 12,301 10,327
Pretax income 4,267 3,234 3,931
Income tax provision 866 678 782
Net income $ 3,401 $ 2,556 $ 3,149
Earnings per share      
Basic (in dollars per share) $ 33.67 $ 24.18 $ 28.29
Diluted (in dollars per share) $ 33.05 $ 23.71 $ 27.70
Management and financial advice fees      
Revenues      
Revenue from contracts with customers $ 10,143 $ 8,907 $ 9,033
Distribution fees      
Revenues      
Revenue from contracts with customers $ 2,060 $ 1,931 $ 1,939
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 3,401 $ 2,556 $ 3,149
Other comprehensive income (loss), net of tax:      
Net unrealized gains (losses) on securities (211) 802 (3,076)
Net unrealized gains (losses) on derivatives 0 2 (1)
Effect of changes in discount rate assumptions on certain long-duration contracts 153 (54) 861
Effect of changes in instrument-specific credit risk on market risk benefits (62) (65) 407
Defined benefit plans 15 15 76
Foreign currency translation adjustment (37) 80 (171)
Total other comprehensive income (loss), net of tax (142) 780 (1,904)
Total comprehensive income (loss) $ 3,259 $ 3,336 $ 1,245
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Market risk benefits $ 2,182 $ 1,427
Separate account assets 78,114 77,457
Deferred acquisition costs 2,677 2,713
Restricted and segregated cash, cash equivalents and investments 1,444 1,635
Total assets 181,403 175,191
Liabilities:    
Policyholder account balances, future policy benefits and claims 41,873 37,545
Market risk benefits 1,263 1,762
Separate account liabilities 78,114 77,457
Customer deposits 35,826 37,321
Short-term borrowings 201 201
Accounts payable and accrued liabilities 2,704 2,603
Total liabilities 176,175 170,462
Equity:    
Common shares ($0.01 par value; shares authorized, 1,250,000,000; shares issued, 337,729,050 and 336,780,893, respectively) 3 3
Additional paid-in capital 10,141 9,824
Retained earnings 24,713 21,905
Treasury shares, at cost (241,562,357 and 236,607,681 shares, respectively) (27,721) (25,237)
Accumulated other comprehensive income (loss), net of tax (1,908) (1,766)
Total equity 5,228 4,729
Total liabilities and equity 181,403 175,191
Ameriprise Financial    
Assets    
Cash and cash equivalents 8,149 7,477
Investments 56,423 55,489
Receivables 14,472 15,078
Other assets 15,149 11,700
Liabilities:    
Short-term borrowings 201 201
Long-term debt 2,842 3,399
Other liabilities 10,609 7,974
Consolidated investment entities    
Assets    
Cash and cash equivalents 373 87
Investments 2,387 2,099
Receivables 31 28
Other assets 2 1
Liabilities:    
Long-term debt 2,429 2,155
Other liabilities $ 314 $ 45
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Equity    
Common shares, par value (in dollars per share) $ 0.01 $ 0.01
Common shares, shares authorized (in shares) 1,250,000,000 1,250,000,000
Common shares, shares issued (in shares) 337,729,050 336,780,893
Treasury shares (in shares) 241,562,357 236,607,681
Ameriprise Financial    
Assets    
Investments, allowance for credit losses $ 25 $ 22
Receivables, allowance for credit losses $ 69 $ 81
v3.25.0.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Common Shares
Additional Paid-In Capital
Retained Earnings
Treasury Shares
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021   110,861,010        
Beginning balance at Dec. 31, 2021 $ 4,837 $ 3 $ 9,220 $ 17,322 $ (21,066) $ (642)
Increase (Decrease) in Stockholders' Equity            
Net income 3,149     3,149    
Other comprehensive income (loss), net of tax (1,904)         (1,904)
Dividends to shareholders (553)     (553)    
Repurchase of common shares (in shares)   (7,371,332)        
Repurchase of common shares (2,095)       (2,095)  
Share-based compensation plans (in shares)   1,789,312        
Share-based compensation plans 369   297   72  
Ending balance (in shares) at Dec. 31, 2022   105,278,990        
Ending balance at Dec. 31, 2022 3,803 $ 3 9,517 19,918 (23,089) (2,546)
Increase (Decrease) in Stockholders' Equity            
Net income 2,556     2,556    
Other comprehensive income (loss), net of tax 780         780
Dividends to shareholders (569)     (569)    
Repurchase of common shares (in shares)   (6,659,042)        
Repurchase of common shares (2,212)       (2,212)  
Share-based compensation plans (in shares)   1,553,264        
Share-based compensation plans 371   307   64  
Ending balance (in shares) at Dec. 31, 2023   100,173,212        
Ending balance at Dec. 31, 2023 4,729 $ 3 9,824 21,905 (25,237) (1,766)
Increase (Decrease) in Stockholders' Equity            
Net income 3,401     3,401    
Other comprehensive income (loss), net of tax (142)         (142)
Dividends to shareholders (593)     (593)    
Repurchase of common shares (in shares)   (5,717,527)        
Repurchase of common shares (2,566)       (2,566)  
Share-based compensation plans (in shares)   1,711,008        
Share-based compensation plans 399   317   82  
Ending balance (in shares) at Dec. 31, 2024   96,166,693        
Ending balance at Dec. 31, 2024 $ 5,228 $ 3 $ 10,141 $ 24,713 $ (27,721) $ (1,908)
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income $ 3,401 $ 2,556 $ 3,149
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation, amortization and accretion, net (159) (154) (40)
Deferred income tax expense (benefit) 125 18 155
Share-based compensation 193 187 170
Net realized investment (gains) losses 15 47 (1)
Net trading (gains) losses (7) (9) 16
Loss from equity method investments 19 27 36
Impairments and provision for loan and credit losses 9 (16) 98
Net (gains) losses of consolidated investment entities (13) 23 17
Changes in operating assets and liabilities      
Restricted and segregated investments 102 (8) (96)
Deferred acquisition costs 36 64 67
Policyholder account balances, future policy benefits and claims, and market risk benefits, net 3,831 3,071 623
Derivatives, net of collateral (1,696) (624) 315
Receivables 215 276 39
Brokerage deposits (55) (781) (345)
Accounts payable and accrued expenses 105 354 (219)
Current income tax, net 200 (387) 116
Other operating assets and liabilities of consolidated investment entities, net 1 (5) 2
Other, net 273 46 305
Net cash provided by (used in) operating activities 6,595 4,685 4,407
Available-for-Sale securities:      
Proceeds from sales 2,340 734 1,306
Maturities, sinking fund payments and calls 15,684 9,230 7,621
Purchases (18,536) (19,694) (22,034)
Proceeds from sales, maturities and repayments of mortgage loans 175 152 169
Funding of mortgage loans (413) (284) (207)
Proceeds from sales, maturities and collections of other investments 123 145 96
Purchase of other investments (158) (116) (99)
Purchase of investments by consolidated investment entities (1,125) (427) (961)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities 1,117 643 615
Purchase of land, buildings, equipment and software (176) (184) (182)
Cash paid for written options with deferred premiums (57) (59) (619)
Cash received from written options with deferred premiums 22 43 204
Cash returned (paid) for acquisition of business, net of cash acquired 0 0 34
Cash paid for deposit receivables (33) (39) (45)
Cash received for deposit receivables 592 774 550
Other, net (106) (180) (31)
Net cash provided by (used in) investing activities (551) (9,262) (13,583)
Investment certificates:      
Proceeds from additions 4,942 11,193 8,343
Maturities, withdrawals and cash surrenders (7,212) (7,039) (4,339)
Policyholder account balances:      
Deposits and other additions 1,470 1,476 1,169
Net transfers from (to) separate accounts (176) (132) (162)
Surrenders and other benefits (1,765) (2,102) (1,459)
Change in banking deposits, net 809 3,193 6,885
Cash paid for purchased options with deferred premiums (148) (53) (197)
Cash received for purchased options with deferred premiums 229 251 378
Issuance of long-term debt, net of issuance costs 0 1,335 495
Repayments of long-term debt (561) (760) (510)
Dividends paid to shareholders (574) (550) (534)
Repurchase of common shares (2,448) (2,127) (1,978)
Borrowings of consolidated investment entities 1,273 0 341
Repayments of debt by consolidated investment entities (1,004) (275) (4)
Other, net 0 1 2
Net cash provided by (used in) financing activities (5,165) 4,411 8,430
Effect of exchange rate changes on cash (10) 31 (68)
Net increase (decrease) in cash and cash equivalents, including amounts restricted 869 (135) (814)
Cash and cash equivalents, including amounts restricted at beginning of period 8,620 8,755 9,569
Cash and cash equivalents, including amounts restricted at end of period 9,489 8,620 8,755
Supplemental Disclosures:      
Income taxes paid, net 496 1,036 500
Leased assets obtained in exchange for operating lease liabilities 39 67 47
Reconciliation of cash and cash equivalents, including amounts restricted:      
Restricted and segregated cash, cash equivalents and investments 1,444 1,635  
Less: Restricted and segregated investments (477) (579)  
Total cash and cash equivalents, including amounts restricted per consolidated statements of cash flows 9,489 8,620 8,755
Ameriprise Financial      
Supplemental Disclosures:      
Interest paid on debt 834 682 152
Reconciliation of cash and cash equivalents, including amounts restricted:      
Cash and cash equivalents 8,149 7,477  
Consolidated investment entities      
Supplemental Disclosures:      
Interest paid 176 177 $ 75
Reconciliation of cash and cash equivalents, including amounts restricted:      
Cash and cash equivalents $ 373 $ 87  
v3.25.0.1
Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
Ameriprise Financial, Inc. is a holding company, which primarily conducts business through its subsidiaries to provide financial planning, products and services that are designed to be utilized as solutions for clients’ cash and liquidity, asset accumulation, income, protection and estate and wealth transfer needs. The foreign operations of Ameriprise Financial, Inc. (“Ameriprise Financial”) are conducted primarily through Columbia Threadneedle Investments UK International Limited, TAM UK International Holdings Limited and Ameriprise Asset Management Holdings Singapore (Pte.) Ltd. and their respective subsidiaries (collectively, “Threadneedle”).
The accompanying Consolidated Financial Statements include the accounts of Ameriprise Financial, Inc., companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation.
The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications of prior period amounts have been made to conform with the current presentation.
The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Principles of Consolidation
A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entity’s losses, or the rights to receive the entity’s returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities.
Voting interest entities (“VOEs”) are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less than a 20% voting interest and does not exercise significant influence. Under the measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar investments of the same issuer.
A VIE is consolidated by the reporting entity that determines it has both:
•the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and
•the obligation to absorb potentially significant losses or the right to receive potentially significant benefits to the VIE.
All VIEs are assessed for consolidation under this framework. When evaluating entities for consolidation, the Company considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. In determining whether the Company has this power, it considers whether it is acting in a role that enables it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in an agent role.
In determining whether the Company has the obligation to absorb potential significant losses of the VIE or the right to receive potential significant benefits from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as investment returns and its obligation to absorb losses associated with any investment in the VIE in conjunction with other qualitative factors. Management and incentive fees that are at market and commensurate with the level of services provided, and where the Company does not hold other interests in the VIE that would absorb more than an insignificant amount of the VIE’s expected losses or receive more than an insignificant amount of the VIE’s expected residual returns, are not considered a variable interest and are excluded from the analysis.
The consolidation guidance has a scope exception for reporting entities with interests in registered money market funds which do not have an explicit support agreement.
Foreign Currency Translation
Assets and liabilities of foreign subsidiaries, whose functional currency is other than the U.S. dollar, are translated into U.S. dollars based upon exchange rates prevailing at the end of each period. Revenues and expenses are translated at average daily exchange rates during the period. The resulting translation adjustment, along with any related hedge and tax effects, are included in accumulated other comprehensive income (loss) (“AOCI”). The determination of the functional currency is based on the primary economic environment in which the entity operates. Gains and losses from foreign currency transactions are included in General and administrative expenses.
Amounts Based on Estimates and Assumptions
Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments, valuation of derivative instruments, litigation reserves, future policy benefits, market risk benefits, and
income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.
Cash and Cash Equivalents
Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.
Investments
Available-for-Sale Securities
Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in AOCI, net of impacts to benefit reserves, reinsurance recoverables and income taxes. Available-for-Sale securities are recorded within Investments. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Operations upon disposition of the securities.
Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, the Company first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, the Company recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (loss) (“OCI”), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.
For securities that do not meet the above criteria, the Company determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to Net investment income. The allowance for credit losses is limited to the amount by which the security’s amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is recognized in OCI.
Factors the Company considers in determining whether declines in the fair value of fixed maturity securities are due to credit-related factors include: (i) the extent to which the market value is below amortized cost; (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iii) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors.
If through subsequent evaluation there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.
In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security’s effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company’s position in the debtor’s overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities, asset backed securities and other structured investments), the Company also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.
Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Receivables. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management’s evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Net investment income.
Financing Receivables
Commercial Loans
Commercial loans include commercial mortgage loans, syndicated loans, and advisor loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans and syndicated loans are recorded within Investments and advisor loans are recorded within Receivables. Commercial mortgage loans are loans on commercial properties that are originated by the Company. Syndicated loans represent the Company’s investment in loan syndications originated by unrelated third parties.
The Company offers loans to financial advisors primarily for recruiting, transitional cost assistance, retention purposes, practice operations, and growth strategies. These advisor loans are generally repaid over a five- to ten-year period. If the financial advisor is no longer affiliated with the Company, the unpaid balances generally become immediately due.
Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Net investment income. Interest income recognized on advisor loans is recorded in Other revenues.
Consumer Loans
Consumer loans consist of credit card receivables, residential mortgage loans, policy loans, brokerage margin loans and pledged asset lines of credit and are recorded at amortized cost less the allowance for loan losses. Credit card receivables, residential mortgage loans and policy loans are recorded within Investments. Brokerage margin loans and pledged asset lines of credit are recorded within Receivables. Credit card receivables are related to Ameriprise-branded credit cards issued to the Company’s customers by a third party. When originated, policy loan balances do not exceed the cash surrender value of the underlying products. The Company’s broker dealer subsidiaries enter into lending arrangements with clients through the normal course of business, which are primarily based on customer margin levels. Ameriprise Bank enters into revolving lines of credit with customers of the Company’s broker dealer subsidiaries, where certain of the customer’s assets held in brokerage accounts serve as collateral.
Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on consumer loans is recorded in Net investment income.
Deposit Receivables
For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability related to insurance risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits made and any related embedded derivatives are included in Receivables. As amounts are received, consistent with the underlying contracts, deposit receivables are adjusted. Deposit receivables are accreted using the interest method and the accretion is reported in Other revenues.
See Note 7 for additional information on financing receivables.
Allowance for Credit Losses
The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset’s expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management’s expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased. The methods and information used to develop the allowance for credit losses for each class of financing receivable are discussed below.
Commercial Loans
The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net investment income and is reduced/increased by net charge-offs/recoveries.
Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change.
While the Company may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.
When determining the allowance for credit losses for advisor loans, the Company considers its actual historical collection experience and advisor termination experience as well as other factors including amounts due at termination, the reasons for the terminated relationship, length of time since termination, and the former financial advisor’s overall financial position. Management may identify certain pools of advisors at higher risk of termination based on production metrics or other factors. Management uses its best estimate of future termination and collection rates to estimate expected credit losses over the expected life of the loans. The allowance for credit losses on advisor loans is recorded through provisions charged to Distribution expenses and is reduced/increased by net charge-offs/recoveries.
Consumer Loans
The allowance for loan losses for credit card receivables and residential mortgage loans are based on models that project the Company’s receivable exposure over the expected life of the loans using cohorts based on the age of the receivable, geographic
location, and credit scores. The models utilize industry data to derive probability of default and loss given default assumptions, adjusted for current and future economic conditions. Management evaluates actual historical charge-off experience and monitors risk factors including FICO scores and past-due status within the credit card portfolio, and FICO scores, LTV ratios, and past-due status within the residential mortgage loan portfolio, to ensure the allowance for loan losses based on industry data appropriately reserves for risks specific to the Company’s portfolios. The allowance for credit losses for credit card receivables and residential mortgage loans are recorded through provisions charged to Net investment income and are reduced/increased by net charge-offs/recoveries.
The Company monitors the market value of collateral supporting the margin loans and pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. Due to these ongoing monitoring procedures, the allowance for credit losses is only measured for the margin loan balances and pledged asset line of credit balances that are uncollateralized at the balance sheet date.
Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.
Deposit Receivables
The allowance for credit losses is calculated on an individual reinsurer basis. Deposit receivables are collateralized by underlying trust arrangements. Management evaluates the terms of the reinsurance and trust agreements, the nature of the underlying assets, and the potential for changes in the collateral value when considering the need for an allowance for credit losses.
Nonaccrual Loans
Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. Advisor loans are placed on nonaccrual status upon the advisor’s termination. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans, syndicated loans, and consumer loans.
Loan Modifications
A loan is modified when the Company makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.
Charge-off and Foreclosure
Commercial Loans
Charge-offs are recorded when the Company concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on property type and geographic location. Factors used by the Company to determine whether all amounts due on syndicated loans will be collected, include but are not limited to the borrower’s financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.
If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned within Other assets.
Concerns regarding the recoverability of loans to advisors primarily arise in the event that the financial advisor is no longer affiliated with the Company. When the review of these factors indicates that further collection activity is highly unlikely, the outstanding balance of the loan is written-off and the related allowance is reduced.
Consumer Loans
Credit card receivables are not placed on nonaccrual status at 90 days past due; however, they are fully charged off upon reaching 180 days past due.
Separate Account Assets and Liabilities
Separate account assets represent funds held for the benefit of, and Separate account liabilities represent the obligation to, the variable annuity contractholders and variable life insurance policyholders who have a contractual right to receive the benefits of their contract
or policy and bear the related investment risk. Gains and losses on separate account assets accrue directly to the contractholder or policyholder and are not reported in the Consolidated Statements of Operations. Included in separate account assets and liabilities is the fair value of the pooled pension funds that are offered by Threadneedle. Threadneedle provides a range of unitized pooled pension funds, which invest in property, stocks, bonds and cash. The investments are selected by the clients and are based on the level of risk they are willing to assume. All investment performance, net of fees, is passed through to the investors. Separate account assets are recorded at fair value and Separate account liabilities are equal to the assets recognized.
Restricted and Segregated Cash, Cash Equivalents and Investments
Amounts segregated under federal and other regulations are held in special reserve bank accounts for the exclusive benefit of the Company’s brokerage customers. Cash and cash equivalents included in Restricted and segregated cash, cash equivalents and investments are presented as part of cash balances in the Consolidated Statements of Cash Flows.
Land, Buildings, Equipment and Software
Land, buildings, equipment and internally developed software are carried at cost less accumulated depreciation or amortization and are reflected within Other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 39 years.
As of December 31, 2024 and 2023, land, buildings, equipment and software were $733 million and $681 million, respectively, net of accumulated depreciation of $2.0 billion and $1.9 billion, respectively. Depreciation and amortization expense for the years ended December 31, 2024, 2023 and 2022 was $142 million, $151 million and $142 million, respectively.
Leases
The Company has operating and finance leases for corporate and field offices. The Company determines if an arrangement is a lease at inception or modification. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and corresponding lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate to determine the present value of the future lease payments. The incremental borrowing rate is determined at lease commencement date using a secured rate for a similar term as the period of the lease. Certain lease incentives such as free rent periods are recorded as a reduction of the ROU asset. Lease costs for operating ROU assets is recognized on a straight-line basis over the lease term.
Certain leases include one or more options to renew with terms that can extend the lease from one year to 10 years. The exercise of any lease renewal option is at the sole discretion of the Company. Renewal options are included in the ROU assets and lease liabilities when they either provide an economic incentive to renew or when the costs related to the termination of a lease outweigh the benefits of signing a new lease.
Operating and finance ROU assets are reflected in Other assets. Operating lease liabilities and finance lease liabilities are reflected in Other liabilities and Long-term debt, respectively.
Goodwill and Other Intangible Assets
Goodwill represents the amount of an acquired company’s acquisition cost in excess of the fair value of assets acquired and liabilities assumed. The Company evaluates goodwill for impairment annually on the measurement date of July 1 and whenever events and circumstances indicate that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell or dispose of a reporting unit. Impairment is the amount carrying value exceeds fair value and is evaluated at the reporting unit level. The Company assesses various qualitative factors to determine whether impairment is likely to have occurred. If impairment were to occur, the Company would use the discounted cash flow method, a variation of the income approach.
Intangible assets are amortized over their estimated useful lives unless they are deemed to have indefinite useful lives. The Company evaluates the definite lived intangible assets remaining useful lives annually and tests for impairment whenever events and circumstances indicate that an impairment may have occurred, such as a significant adverse change in the business climate. For definite lived intangible assets, impairment to fair value is recognized if the carrying amount is not recoverable. Indefinite lived intangibles are also tested for impairment annually or whenever circumstances indicate an impairment may have occurred.
Goodwill and other intangible assets are reflected in Other assets.
Derivative Instruments and Hedging Activities
Freestanding derivative instruments are recorded at fair value and are reflected in Other assets or Other liabilities. The Company’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”), (ii) hedges of a forecasted
transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedges”), or (iii) hedges of foreign currency exposures of net investments in foreign operations (“net investment hedges in foreign operations”).
Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting.
For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Operations based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Operations with the corresponding change in the hedged asset or liability.
For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item.
For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Operations with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of Net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately.
For derivative instruments that qualify as net investment hedges in foreign operations, the effective portion of the change in fair value of the derivatives is recorded in AOCI as part of the foreign currency translation adjustment. Any ineffective portion of the net investment hedges in foreign operations is recognized in Net investment income during the period of change.
The equity component of indexed annuity, structured variable annuity, indexed universal life (“IUL”) and stock market certificate (“SMC”) obligations are considered embedded derivatives. Additionally, certain annuities contain guaranteed minimum accumulation benefits (“GMAB”) and guaranteed minimum withdrawal benefits (“GMWB”) provisions accounted for as market risk benefits.
See Note 16 for information regarding the Company’s fair value measurement of derivative instruments and Note 18 for the impact of derivatives on the Consolidated Statements of Operations.
Market Risk Benefits
Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits include guaranteed minimum death benefit (“GMDB”), guaranteed minimum income benefit (“GMIB”), GMWB and GMAB. If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.
Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in OCI.
Deferred Acquisition Costs
The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The deferred acquisition costs (“DAC”) associated with insurance policies or annuity contracts that are significantly
modified or internally replaced with another contract are accounted for as write-offs. These transactions are anticipated in establishing amortization periods and other valuation assumptions.
The Company monitors other DAC amortization assumptions, such as persistency, mortality, morbidity, and variable annuity benefit utilization each quarter and, when assessed independently, each could impact the Company’s DAC balances. Unamortized DAC is reduced for actual experience in excess of expected experience.
The analysis of DAC balances and the corresponding amortization considers all relevant factors and assumptions described previously. Unless the Company’s management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year.
DAC is amortized on a constant-level basis for the grouped contracts over the expected contract term to approximate straight-line amortization. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability for future policy benefits. DAC related to all long-duration product types (except for life contingent payout annuities) is grouped on a calendar-year annual basis for each legal entity. Further disaggregation is reported for any contracts that include an additional liability for death or other insurance benefit. DAC related to life contingent payout annuities is grouped on a calendar-year annual basis for each legal entity for policies issued prior to 2021 and on a quarterly basis for each legal entity thereafter.
DAC related to annuity products (including variable deferred annuities, structured variable annuities, fixed deferred annuities, and life contingent payout annuities) is amortized based on initial premium. DAC related to life insurance products (including universal life (“UL”) insurance, variable universal life (“VUL”) insurance, IUL insurance, term life insurance, and whole life insurance) is amortized based on original specified amount (i.e., face amount). DAC related to disability income (“DI”) insurance is amortized based on original monthly benefit.
The accounting contract term for annuity products (except for life contingent payout annuities) is the projected accumulation period. Life contingent payout annuities are amortized over the period which annuity payments are expected to be paid. The accounting contract term for life insurance products is the projected life of the contract. DI insurance is amortized over the projected life of the contract, including the claim paying period.
Deferred Sales Inducement Costs
Deferred sales inducements are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy. Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized on a constant level basis using the same methodology and assumptions used to amortize DAC. Deferred sales inducement costs (“DSIC”) is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.
Reinsurance
The Company cedes insurance risk to other insurers under reinsurance agreements.
Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums for traditional life, long term care (“LTC”) and DI insurance and life contingent payout annuities, net of the change in any prepaid reinsurance asset, are reported as a reduction of Premiums, policy and contract charges. Reinsurance recoveries are reported as components of Benefits, claims, losses and settlement expenses.
UL and VUL reinsurance premiums are reported as a reduction of Premiums, policy and contract charges. In addition, for UL and VUL insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset and amortized based on estimated gross profits over the period the reinsured policies are in force. Changes in the net cost of reinsurance are reflected as a component of Premiums, policy and contract charges.
Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Receivables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company’s reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the Company’s data. Such differences include that the Company has no actual history of significant losses and that industry data may contain non-life insurers. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.
The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within Policyholder account balances, future policy benefits and claims.
See Note 8 for additional information on reinsurance.
Policyholder Account Balances, Future Policy Benefits and Claims
The Company establishes reserves to cover the benefits associated with non-traditional and traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products include term life, whole life, DI and LTC insurance products and life contingent payout annuity products.
Non-Traditional Long-Duration Products
The liabilities for non-traditional long-duration products include fixed account values on variable and fixed annuities and UL and VUL policies, non-life contingent payout annuities, liabilities for guaranteed benefits associated with variable annuities (including structured variable annuities), and embedded derivatives for structured variable annuities, indexed annuities and IUL products.
Liabilities for fixed account values on variable annuities, structured variable annuities, fixed deferred annuities, and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. The liability for non-life contingent payout annuities is recognized as the present value of future payments using the effective yield at inception of the contract.
A portion of the Company’s UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined at the reporting date by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 11 for information regarding the liability for contracts with secondary guarantees.
Liabilities for fixed deferred indexed annuity, structured variable annuity and IUL products are equal to the accumulation of host contract values, guaranteed benefits, and the fair value of embedded derivatives.
See Note 13 for information regarding variable annuity guarantees.
Embedded Derivatives
The fair value of embedded derivatives related to structured variable annuities, indexed annuities and IUL fluctuate based on equity markets and interest rates and the estimate of the Company’s nonperformance risk and is recorded in Policyholder account balances, future policy benefits and claims. See Note 16 for information regarding the fair value measurement of embedded derivatives.
Traditional Long-Duration Products
The liabilities for traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI, LTC, and life contingent payout annuity policies as claims are incurred in the future. The claim liability (also referred to as disabled life reserve) is presented together as one liability for future policy benefits.
A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. Expected insurance benefits are accrued over the life of the contract in proportion to premium revenue recognized (referred to as the net premium approach). The net premium ratio reflects cash flows from contract inception to contract termination (i.e., through the claim paying period) and cannot exceed 100%.
Assumptions utilized in the net premium approach, including mortality, morbidity, and terminations, are reviewed as part of experience studies at least annually or more frequently if suggested by evidence. Expense assumptions and actual expenses are updated within the net premium calculation consistent with other policyholder assumptions.
The updated cash flows used in the calculation are discounted using a forward rate curve. The discount rate represents an upper-medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability. Discount rates are locked in annually, at the end of each year for all products, except life contingent payout annuities, and calculated as the monthly average discount rate curves for the year. For life contingent payout annuities, the discount rates are locked in quarterly at the end of each quarter based on the average of the three months for the quarter. 
The liability for future policy benefits will be updated for actual experience at least on an annual basis and concurrent with changes to cash flow assumptions. When net premiums are updated for cash flow changes, the estimated cash flows over the entire life of a group of contracts are updated using historical experience and updated future cash flow assumptions.
The revised net premiums are used to calculate an updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original locked in rate (i.e., contract issuance rate). The updated liability for future policy benefits as of the beginning of the reporting period is then compared with the carrying amount of the liability as of that date prior to updating cash flow assumptions to determine the current period remeasurement gain or loss reflected in current period earnings. The revised net premiums are then applied as of the beginning of the quarter to calculate the benefit expense for the current reporting period.
The difference between the updated carrying amount of the liability for future policy benefits measured using the current discount rate assumption and the original discount rate assumption is recognized in OCI. The interest accretion rate remains the original discount rate used at contract issue date.
If the updating of cash flow assumptions results in the present value of future benefits and expenses exceeding the present value of future gross premiums, a charge to net income is recorded for the current reporting period such that net premiums are set equal to gross premiums. In subsequent periods, the liability for future policy benefits is accrued with net premiums set equal to gross premiums.
Contracts (except for life contingent payout annuities sold subsequent to December 31, 2020) are grouped into cohorts by contract type and issue year, as well as by legal entity and reportable segment. Life contingent payout annuities sold in periods beginning in 2021 are grouped into quarterly cohorts.
See Note 11 for information regarding the liabilities for traditional long-duration products.
Deferred Profit Liability
For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.
The DPL is amortized and recognized as premium revenue in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or credit to premium revenue.
DPL is recorded in Policyholder account balances, future policy benefits and claims and included as a reconciling item within Note 11.
Unearned Revenue Liability
The Company’s UL and VUL policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized using the same assumptions and factors used to amortize DAC. The unearned revenue liability is recorded in Other liabilities and the amortization is recorded in Premiums, policy and contract charges.
For clients who pay financial planning fees prior to the advisor’s delivery of the financial plan, the financial planning fees received in advance are deferred as unearned revenue until the plan is delivered to the client.
Share-Based Compensation
The Company measures and recognizes the cost of share-based awards granted to employees and directors based on the grant-date fair value of the award and recognizes the expense (net of estimated forfeitures) on a straight-line basis over the vesting period. Excess tax benefits or deficiencies are created upon distribution or exercise of awards and are recognized within the Income tax provision. The fair value of each option is estimated on the grant date using a Black-Scholes option-pricing model. The Company recognizes the cost of performance share units granted to the Company’s Executive Leadership Team on a fair value basis until fully vested.
Income Taxes
The Company’s provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.
In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.
The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. With respect to the corporate alternative minimum tax (“CAMT”), we have adopted a policy of excluding future years’ CAMT as a consideration within the Company’s valuation allowance analysis. See Note 24 for additional information on the Company’s valuation allowance.
Changes in tax rates and tax law are accounted for in the period of enactment. Deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates and the effect is included in net income.
Revenue Recognition
Mortality and expense risk fees are generally calculated as a percentage of the fair value of assets held in separate accounts and recognized when assessed within Premiums, policy and contract charges.
Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Realized gains and losses on the sale of securities, other than trading securities and equity method investments, are recognized using the specific identification method on a trade date basis.
Premiums on traditional life, DI and LTC insurance and life contingent payout annuities are net of reinsurance ceded and are recognized as revenue when due.
Variable annuity guaranteed benefit rider charges and cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities and UL and VUL insurance are recognized as revenue when assessed within Premiums, policy and contract charges.
See Note 4 for further discussion of accounting policies on revenue from contracts with customers.
v3.25.0.1
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Adoption of New Accounting Standards
Segment Reporting – Improvements to Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting (“Topic 280”), primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company adopted the standard on January 1, 2024. The adoption of the standard did not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.
Future Adoption of New Accounting Standards
Income Taxes – Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is assessing changes to the income tax-related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.
Expenses – Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively, with an option for retrospective application and is effective for annual periods beginning after December 15, 2026, and interim
reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is assessing changes to footnote disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.
v3.25.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:
Year Ended December 31, 2024
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating RevenueTotal
(in millions)
Management and financial advice fees:
Asset management fees:
Retail
$— $2,132 $— $— $2,132 $— $2,132 
Institutional
— 618 — — 618 — 618 
Model delivery(2)
— 82 — — 82 — 82 
Advisory fees
5,634 — — — 5,634 — 5,634 
Financial planning fees
470 — — — 470 — 470 
Transaction and other fees
388 207 60 — 655 — 655 
Total management and financial advice fees6,492 3,039 60 — 9,591 — 9,591 
Distribution fees:
Mutual funds821 228 — — 1,049 — 1,049 
Insurance and annuity
1,037 160 341 — 1,538 — 1,538 
Off-balance sheet brokerage cash154 — — — 154 — 154 
Other products
441 — — — 441 — 441 
Total distribution fees2,453 388 341 — 3,182 — 3,182 
Other revenues255 13 — — 268 — 268 
Total revenue from contracts with customers9,200 3,440 401 — 13,041 — 13,041 
Revenue from other sources (1)
2,242 75 3,372 484 6,173 196 6,369 
Total segment gross revenues
11,442 3,515 3,773 484 19,214 196 19,410 
Banking and deposit interest expense(662)— — (30)(692)— (692)
Total segment net revenues
10,780 3,515 3,773 454 18,522 196 18,718 
Elimination of intersegment revenues(935)(96)(441)29 (1,443)(11)(1,454)
Total net revenues$9,845 $3,419 $3,332 $483 $17,079 $185 $17,264 
Year Ended December 31, 2023
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating RevenueTotal
(in millions)
Management and financial advice fees:
Asset management fees:
Retail
$— $1,959 $— $— $1,959 $— $1,959 
Institutional
— 612 — — 612 — 612 
Model delivery(2)
— 65 — — 65 — 65 
Advisory fees
4,687 — — — 4,687 — 4,687 
Financial planning fees
426 — — — 426 — 426 
Transaction and other fees
372 195 56 — 623 — 623 
Total management and financial advice fees5,485 2,831 56 — 8,372 — 8,372 
Distribution fees:
Mutual funds723 209 — — 932 — 932 
Insurance and annuity
895 154 324 — 1,373 — 1,373 
Off-balance sheet brokerage cash316 — — — 316 — 316 
Other products
339 — — — 339 — 339 
Total distribution fees2,273 363 324 — 2,960 — 2,960 
Other revenues227 20 — — 247 — 247 
Total revenue from contracts with customers7,985 3,214 380 — 11,579 — 11,579 
Revenue from other sources (1)
1,994 64 3,096 553 5,707 160 5,867 
Total segment gross revenues
9,979 3,278 3,476 553 17,286 160 17,446 
Banking and deposit interest expense(561)— — (20)(581)— (581)
Total segment net revenues
9,418 3,278 3,476 533 16,705 160 16,865 
Elimination of intersegment revenues(847)(79)(411)19 (1,318)(12)(1,330)
Total net revenues$8,571 $3,199 $3,065 $552 $15,387 $148 $15,535 
Year Ended December 31, 2022
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating RevenueTotal
(in millions)
Management and financial advice fees:
Asset management fees:
Retail
$— $2,179 $— $— $2,179 $— $2,179 
Institutional
— 617 — — 617 — 617 
Model delivery(2)
— 61 — — 61 — 61 
Advisory fees
4,526 — — — 4,526 — 4,526 
Financial planning fees
410 — — — 410 — 410 
Transaction and other fees
372 210 59 — 641 — 641 
Total management and financial advice fees5,308 3,067 59 — 8,434 — 8,434 
Distribution fees:
Mutual funds741 231 — — 972 — 972 
Insurance and annuity
845 166 348 — 1,359 — 1,359 
Off-balance sheet brokerage cash
324 — — — 324 — 324 
Other products339 — — — 339 — 339 
Total distribution fees2,249 397 348 — 2,994 — 2,994 
Other revenues211 10 — — 221 — 221 
Total revenue from contracts with customers7,768 3,474 407 — 11,649 — 11,649 
Revenue from other sources (1)
769 32 2,717 484 4,002 14 4,016 
Total segment gross revenues
8,537 3,506 3,124 484 15,651 14 15,665 
Banking and deposit interest expense(76)— — (5)(81)— (81)
Total segment net revenues
8,461 3,506 3,124 479 15,570 14 15,584 
Elimination of intersegment revenues(847)(52)(420)3 (1,316)(10)(1,326)
Total net revenues$7,614 $3,454 $2,704 $482 $14,254 $4 $14,258 
(1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.
(2) Current year disclosure has been expanded to separately state model delivery revenue. Prior periods have been updated to conform to current year presentation.
The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company’s contracts with customers on a consolidated basis.
Management and Financial Advice Fees
Asset Management Fees
The Company earns revenue for performing asset management services for retail and institutional clients (assets under management). The Company also earns revenue for performing advisory services for model portfolios that the Company does not have full discretionary investment authority (assets under advisement). The revenue is earned based on a fixed or tiered rate applied, as a percentage, to assets under management or advisement. Assets under management and advisement vary with market fluctuations and client behavior. The asset management and advisement performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Asset management fees are accrued, invoiced and collected on a monthly or quarterly basis.
The Company’s asset management contracts for Open Ended Investment Companies (“OEICs”) in the United Kingdom (“U.K.”) and Société d'Investissement à Capital Variable (“SICAVs”) in Europe include performance obligations for asset management and fund distribution services. The amounts received for these services are reported as Management and financial advice fees. The revenue recognition pattern is the same for both performance obligations as the fund distribution services revenue is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment) and not recognized until assets under management are known.
The Company may also earn performance-based management fees on institutional accounts, hedge funds, collateralized loan obligations (“CLOs”), OEICs, SICAVs and property and other funds based on a percentage of account returns in excess of either a benchmark index or a contractually specified level. This revenue is variable and impacted primarily by the performance of the assets being managed compared to the benchmark index or contractually specified level. The revenue is not recognized until it is probable that a significant reversal will not occur. Performance-based management fees are invoiced on a quarterly or annual basis.
Advisory Fees
The Company earns revenue for performing investment advisory services for certain brokerage customer’s discretionary and non-discretionary managed accounts. The revenue is earned based on a contractual fixed rate applied, as a percentage, to the market value of assets held in the account. The investment advisory performance obligation is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Advisory fees are billed on a monthly basis on the prior month end assets.
Financial Planning Fees
The Company earns revenue for providing financial plans to its clients. The revenue earned for each financial plan is either a fixed fee (received monthly, quarterly or annually) or a variable fee (received monthly) based on a contractual fixed rate applied, as a percentage, to the prior month end assets held in a client’s investment advisory account. The financial planning fee is based on the complexity of a client’s financial and life situation and his or her advisor’s experience. The performance obligation is satisfied at the time the financial plan is delivered to the customer. The Company records a contract liability for the unearned revenue when cash is received before the plan is delivered. The financial plan contracts with clients are annual contracts. Amounts recorded as a contract liability are recognized as revenue when the financial plan is delivered, which occurs within the annual contract period.
For fixed fee arrangements, revenue is recognized when the financial plan is delivered. The Company accrues revenue for any amounts that have not been received at the time the financial plan is delivered.
For variable fee arrangements, revenue is recognized for cash that has been received when the financial plan is delivered. The amount received after the plan is delivered is variably constrained due to factors outside the Company’s control including market volatility and client behavior. The revenue is recognized when it is probable that a significant reversal will not occur and is generally each month end as the advisory account balance uncertainty is resolved.
Contract liabilities for financial planning fees, which are included in Other liabilities, were $181 million and $168 million as of December 31, 2024 and 2023, respectively.
The Company pays sales commissions to advisors when a new financial planning contract is obtained or when an existing contract is renewed. The sales commissions paid to the advisors prior to financial plan delivery are considered costs to obtain a contract with a customer and are initially capitalized. When the performance obligation to deliver the financial plan is satisfied, the commission is recognized as distribution expense. Capitalized costs to obtain these contracts are reported in Other assets, and were $145 million and $135 million as of December 31, 2024 and 2023, respectively.
Transaction and Other Fees
The Company earns revenue for providing customer support, shareholder and administrative services (including transfer agent services) for affiliated mutual funds and networking, sub-accounting and administrative services for unaffiliated mutual funds. The Company also receives revenue for providing custodial services and account maintenance services on brokerage and retirement accounts that are not included in an advisory relationship. Transfer agent and administrative revenue is earned based on either a fixed rate applied, as a percentage, to assets under management or an annual fixed fee for each fund position. Networking and sub-accounting revenue is earned based on either an annual fixed fee for each account or an annual fixed fee for each fund position. Custodial and account maintenance revenue is generally earned based on a quarterly or annual fixed fee for each account. Each of the customer support and administrative services performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. Transaction and other fees (other than custodial service fees) are invoiced or charged to brokerage accounts on a monthly or quarterly basis. Custodial service fees are invoiced or charged to brokerage accounts on an annual basis.
The Company earns revenue for providing trade execution services to franchise advisors. The trade execution performance obligation is satisfied at the time of each trade and the revenue is primarily earned based on a fixed fee per trade. These fees are invoiced and collected on a semi-monthly basis.
Distribution Fees
Mutual Funds and Insurance and Annuity Products
The Company earns revenue for selling affiliated and unaffiliated mutual funds, fixed and variable annuities and insurance products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment or holds the contract and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the
fund, or the value of the insurance policy or annuity contract. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment, insurance policy or annuity contract). This ongoing revenue may be recognized for many years after the initial sale. The revenue will not be recognized until it is probable that a significant reversal will not occur.
The Company earns revenue for providing unaffiliated partners an opportunity to educate the Company’s advisors or to support availability and distribution of their products on the Company’s platforms. These payments allow the outside parties to train and support the advisors, explain the features of their products and distribute marketing and educational materials, and support trading and operational systems necessary to enable the Company’s client servicing and production distribution efforts. The Company earns revenue for placing and maintaining unaffiliated fund partners and insurance companies’ products on the Company’s sales platform (subject to the Company’s due diligence standards). The revenue is primarily earned based on a fixed fee or a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are invoiced and collected on monthly basis.
Off-Balance Sheet Brokerage Cash
The Company earns revenue for placing clients’ deposits in its brokerage sweep program with third-party banks. The amount received from the third-party banks is impacted by short-term interest rates. The performance obligation with the financial institutions that participate in the sweep program is considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The revenue is earned daily and settled monthly based on a rate applied, as a percentage, to the deposits placed.
Other Products
The Company earns revenue for selling unaffiliated alternative products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment and is earned generally based on a fixed rate applied, as a percentage, to the market value of the investment. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control including market volatility and client behavior (such as how long clients hold their investment). The revenue will not be recognized until it is probable that a significant reversal will not occur.
The Company earns revenue from brokerage clients for the execution of requested trades. The performance obligation is satisfied at the time of trade execution and amounts are received on the settlement date. The revenue varies for each trade based on various factors that include the type of investment, dollar amount of the trade and how the trade is executed (online or broker assisted).
Other Revenues
The Company earns revenue from fees charged to franchise advisors for providing various services the advisors need to manage and grow their practices. The primary services include: licensing of intellectual property and software, compliance supervision, insurance coverage, technology services and support, consulting and other services. The services are either provided by the Company or third- party providers. The Company controls the services provided by third parties as it has the right to direct the third parties to perform the services, is primarily responsible for performing the services and sets the prices the advisors are charged. The Company recognizes revenue for the gross amount of the fees received from the advisors. The fees are primarily collected monthly as a reduction of commission payments.
Intellectual property and software licenses, along with compliance supervision, insurance coverage, and technology services and support are primarily earned based on a monthly fixed fee. These services are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. The consulting and other services performance obligations are satisfied as the services are delivered and revenue is earned based upon the level of service requested.
Receivables
Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $538 million and $537 million as of December 31, 2024 and 2023
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Variable Interest Entities [Abstract]  
Variable Interest Entities Variable Interest Entities
The Company provides asset management services to investment entities which are considered to be VIEs, such as CLOs, hedge funds and other private funds, property funds, and certain non-U.S. series funds (such as OEICs and SICAVs) (collectively, “investment entities”), which are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates certain investment entities (collectively, “consolidated investment entities”) if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $2 million and $24 million as of December 31, 2024 and 2023, respectively.
See Note 2 for further discussion of the Company’s accounting policy on consolidation.
Structured Investments
The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities and commercial and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities.
Additionally, the Company invests in CLOs for which it is the sponsor. CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the value of the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary.
The Company's maximum exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 6 for additional information on these investments.
Other Non-Consolidated VIEs
The Company’s investments in other non-consolidated VIEs are recorded in other investments. The Company’s maximum exposure to loss with respect to its investments in these non-consolidated VIEs is limited to its carrying value. The carrying value of other non-consolidated VIEs was $161 million and $168 million as of December 31, 2024 and 2023, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both December 31, 2024 and 2023. The Company has not provided any additional support to the VIEs beyond the funding commitments.
Property Funds, Non-U.S. Series Funds, Hedge Funds and other Private Funds
The Company provides investment advice and other related services to property funds, non-U.S. series funds, hedge funds and other private funds, some of which are considered VIEs. For investment management services, the Company generally earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangements are at market and commensurate with the level of effort required to provide those services. The Company does not have a significant economic interest and is not required to consolidate any of these funds.
Affordable Housing Partnerships and Other Real Estate Partnerships
The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships. A majority of the limited partnerships are VIEs.
Fair Value of Assets and Liabilities
The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 16 for the definition of the three levels of the fair value hierarchy.
The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
 
December 31, 2024
Level 1Level 2Level 3Total
(in millions)
Assets    
Investments:    
Corporate debt securities$— $50 $— $50 
Common stocks— 2 1 3 
Syndicated loans— 2,216 118 2,334 
Total investments— 2,268 119 2,387 
Receivables— 31 — 31 
Other assets— 2 — 2 
Total assets at fair value$— $2,301 $119 $2,420 
Liabilities    
Debt (1)
$— $2,429 $— $2,429 
Other liabilities— 314 — 314 
Total liabilities at fair value$— $2,743 $— $2,743 
 
December 31, 2023
Level 1Level 2Level 3Total
(in millions)
Assets    
Investments:    
Corporate debt securities$— $40 $— $40 
Common stocks— 5 — 5 
Syndicated loans— 1,991 63 2,054 
Total investments— 2,036 63 2,099 
Receivables— 28 — 28 
Other assets— 1 — 1 
Total assets at fair value$— $2,065 $63 $2,128 
Liabilities    
Debt (1)
$— $2,155 $— $2,155 
Other liabilities— 45 — 45 
Total liabilities at fair value$— $2,200 $— $2,200 
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, respectively.
The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:
 Common StocksSyndicated Loans
(in millions)
Balance at January 1, 2024
$— $63 
Total gains (losses) included in:
Net income(1)(1)(7)(1)
Purchases
— 168 
Sales
(1)— 
Settlements
— (5)
Transfers into Level 3
4 103 
Transfers out of Level 3
(1)(204)
Balance at December 31, 2024
$1 $118 
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2024
$— (1)$— (1)
 Syndicated LoansOther Assets
(in millions)
Balance at January 1, 2023
$125 $1 
Total gains (losses) included in:
Net income(4)(1)— 
Purchases
45 — 
Sales
(10)— 
Settlements
(16)— 
Transfers into Level 3
122 — 
Transfers out of Level 3
(199)(1)
Balance at December 31, 2023
$63 $— 
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2023
$(1)(1)$— 
 Common StocksSyndicated LoansOther Assets
(in millions)
Balance at January 1, 2022
$— $64 $3 
Total gains (losses) included in:
Net income— (11)(1)— 
Purchases
— 69 — 
Sales
— (4)— 
Settlements
— (8)— 
Transfers into Level 3
2 218 1 
Transfers out of Level 3
(2)(203)(3)
Balance at December 31, 2022
$— $125 $1 
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2022
$— $(10)(1)$— 
(1) Included in Net investment income.
Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.
All Level 3 measurements as of December 31, 2024 and 2023 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.
Determination of Fair Value
Assets
Investments
The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 16 for a description of the Company’s determination of the fair value of corporate debt securities, common stocks and other investments.
Receivables
For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible. The fair value of these receivables is classified as Level 2.
Liabilities
Debt
The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets and is classified as Level 2.
Other Liabilities
Other liabilities consist primarily of securities purchased but not yet settled by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short-term. The fair value of these liabilities is classified as Level 2. Other liabilities also include accrued interest on CLO debt.
Fair Value Option
The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.
The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
 December 31,
20242023
(in millions)
Syndicated loans  
Unpaid principal balance$2,406 $2,190 
Excess unpaid principal over fair value(72)(136)
Fair value$2,334 $2,054 
Fair value of loans more than 90 days past due$1 $— 
Fair value of loans in nonaccrual status1 13 
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both5 40 
Debt  
Unpaid principal balance$2,633 $2,362 
Excess unpaid principal over fair value(204)(207)
Carrying value (1)
$2,429 $2,155 
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, respectively.
During 2024, the Company launched two new CLOs that issued debt of $816 million in total.
Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income. Gains and losses related to changes in the fair value of investments and gains and losses on sales of investments are also recorded in Net investment income. Interest expense on debt is recorded in Interest and debt expense with gains and losses related to changes in the fair value of debt recorded in Net investment income.
Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2024, 2023 and 2022.
Debt of the consolidated investment entities and the stated interest rates were as follows:
 Carrying ValueWeighted Average
Interest Rate
December 31,December 31,
2024202320242023
(in millions) 
Debt of consolidated CLOs due 2030 -2038
$2,429 $2,155 5.9 %6.6 %
The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 14.8%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Investments Investments
The following is a summary of Ameriprise Financial investments:
 December 31,
2024
2023
(in millions)
Available-for-Sale securities, at fair value $52,153 $51,562 
Mortgage loans (allowance for credit losses: 2024, $14; 2023, $14)
2,354 2,118 
Policy loans982 912 
Other investments (allowance for credit losses: 2024, $6; 2023, $6)
934 897 
Total$56,423 $55,489 
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:
 Years Ended December 31,
2024
2023
2022(1)
(in millions)
Investment income on fixed maturities$3,039 $2,637 $1,320 
Net realized gains (losses)(18)(27)(87)
Consolidated investment entities207 181 102 
Other420 415 139 
Total$3,648 $3,206 $1,474 
(1) Prior period amounts associated with affordable housing partnerships have been reclassified to Other to conform to current year presentation.
Available-for-Sale securities distributed by type were as follows:
December 31, 2024
Description of SecuritiesAmortized 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 
December 31, 2023
Description of SecuritiesAmortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$12,675 $409 $(507)$(1)$12,576 
Residential mortgage backed securities22,130 107 (1,171)— 21,066 
Commercial mortgage backed securities6,380 11 (341)— 6,050 
Asset backed securities8,353 25 (59)— 8,319 
State and municipal obligations719 62 (20)(1)760 
U.S. government and agency obligations2,739 1 — — 2,740 
Foreign government bonds and obligations19 — (1)— 18 
Other securities33 — — — 33 
Total$53,048 $615 $(2,099)$(2)$51,562 
As of December 31, 2024 and 2023, accrued interest of $326 million and $319 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 December 31, 2024 and 2023, fixed maturity securities comprised approximately 92% and 93%, respectively, 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 December 31, 2024 and 2023, the Company’s internal analysts rated $508 million and $282 million, respectively, of securities using criteria similar to those used by NRSROs.
A summary of fixed maturity securities by rating was as follows:
December 31, 2024
December 31, 2023
RatingsAmortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$25,251 $24,614 47 %$25,235 $24,342 47 %
AA13,498 12,909 25 14,013 13,534 26 
A2,979 2,935 5 3,073 3,139 6 
BBB11,896 11,402 22 10,396 10,216 20 
Below investment grade
302 293 1 331 331 1 
Total fixed maturities$53,926 $52,153 100 %$53,048 $51,562 100 %
As of December 31, 2024 and 2023, approximately 82% and 83% 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 December 31, 2024 and 2023.
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, 2024
Less than 12 months12 months or moreTotal
Description of SecuritiesNumber of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
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 obligations
1 100 — — — — 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)
December 31, 2023
Less than 12 months12 months or moreTotal
Description of SecuritiesNumber of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses
(in millions, except number of securities)
Corporate debt securities97 $1,276 $(11)376 $5,197 $(496)473 $6,473 $(507)
Residential mortgage backed securities
82 3,052 (25)734 10,677 (1,146)816 13,729 (1,171)
Commercial mortgage backed securities
31 747 (9)277 4,092 (332)308 4,839 (341)
Asset backed securities49 885 (2)116 2,840 (57)165 3,725 (59)
State and municipal obligations5 29 (1)49 138 (19)54 167 (20)
U.S. government and agency obligations
11 955 — 1 — — 12 955 — 
Foreign government bonds and obligations
— — — 3 12 (1)3 12 (1)
Total275 $6,944 $(48)1,556 $22,956 $(2,051)1,831 $29,900 $(2,099)
As part of the Company’s ongoing monitoring process, management determined that the increase in gross unrealized loss on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2024 is primarily attributable to higher interest rates. 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 December 31, 2024 and 2023, approximately 97% and 96%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.
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 ObligationsTotal
(in millions)
Balance at January 1, 2022
$— $— $1 $1 
Additions for which credit losses were not previously recorded20 — — 20 
Additional increases (decreases) on securities that had an allowance recorded in a previous period— — 1 1 
Balance at December 31, 2022
20 — 2 22 
Additions for which credit losses were not previously recorded1 — — 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 
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,
2024
2023
2022
(in millions)
Gross realized investment gains$41 $11 $28 
Gross realized investment losses(57)(58)(22)
Credit reversals (losses)(3)20 (21)
Other impairments— (2)(70)
Total$(19)$(29)$(85)
Credit losses recorded during the year ended December 31, 2022 and subsequently reversed due to sale of the security during the year ended December 31, 2023 relate to a corporate debt security in the communications industry. Other impairments for the years ended December 31, 2023 and 2022 related to Available-for-Sale securities which the Company intended to sell.
See Note 21 for a rollforward of net unrealized investment gains (losses) included in AOCI.
Available-for-Sale securities by contractual maturity as of December 31, 2024 were as follows:
 Amortized CostFair Value
(in millions)
Due within one year$3,537 $3,536 
Due after one year through five years2,423 2,361 
Due after five years through 10 years5,507 5,216 
Due after 10 years6,273 6,128 
 17,740 17,241 
Residential mortgage backed securities24,396 23,344 
Commercial mortgage backed securities5,339 5,126 
Asset backed securities6,451 6,442 
Total$53,926 $52,153 
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.
v3.25.0.1
Financing Receivables
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Financing Receivables Financing Receivables
Financing receivables are comprised of commercial loans, consumer loans and deposit receivables. See Note 2 for information regarding the Company’s accounting policies related to financing receivables and the allowance for credit losses.
Allowance for Credit Losses
The following table presents a rollforward of the allowance for credit losses:
 Commercial LoansConsumer LoansTotal
(in millions)
Balance at January 1, 2022
$47 $3 $50 
Provisions10 3 13 
Charge-offs(3)(1)(4)
Balance at December 31, 2022
54 5 59 
Provisions2 6 8 
Charge-offs(2)(2)(4)
Balance at December 31, 2023
54 9 63 
Provisions(5)3 (2)
Charge-offs(4)(4)(8)
Recoveries— 1 1 
Balance at December 31, 2024
$45 $9 $54 
As of December 31, 2024 and 2023, accrued interest on commercial loans was $20 million and $19 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.
Purchases and Sales
During the years ended December 31, 2024, 2023 and 2022, the Company purchased $7 million, $21 million and $67 million, respectively, of syndicated loans, and sold $6 million, $4 million and $1 million, respectively, of syndicated loans.
During the years ended December 31, 2024, 2023 and 2022, the Company purchased $212 million, $202 million and $72 million, respectively, of residential mortgage loans.
The Company has not acquired any loans with deteriorated credit quality as of the acquisition date.
Credit Quality Information
Nonperforming loans were $13 million and $12 million as of December 31, 2024 and 2023, respectively. All other loans were considered to be performing.
Commercial Loans
Commercial Mortgage Loans
The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.
Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2024 and 2023. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2024 and 2023.
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
December 31, 2024
Loan-to-Value Ratio
2024
2023202220212020PriorTotal
(in millions)
> 100%$— $— $— $— $— $15 $15 
80% - 100%— — — — 10 48 58 
60% - 80%86 44 18 9 5 130 292 
40% - 60%87 22 39 69 41 348 606 
< 40%15 10 48 102 50 706 931 
Total$188 $76 $105 $180 $106 $1,247 $1,902 
December 31, 2023
Loan-to-Value Ratio
2023
2022202120202019PriorTotal
(in millions)
> 100%$— $— $— $— $2 $22 $24 
80% - 100%— 5 — 2 11 50 68 
60% - 80%59 26 6 14 40 106 251 
40% - 60%8 47 133 53 70 348 659 
< 40%10 32 49 40 80 619 830 
Total$77 $110 $188 $109 $203 $1,145 $1,832 
Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the year ended December 31, 2024, write-offs of commercial mortgage loans were not material.
In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
 LoansPercentage
December 31,December 31,
2024
2023
2024
2023
(in millions)  
East North Central$185 $189 10 %10 %
East South Central45 52 2 3 
Middle Atlantic133 112 7 6 
Mountain157 138 8 8 
New England30 28 2 2 
Pacific633 624 33 34 
South Atlantic489 465 26 25 
West North Central119 109 6 6 
West South Central111 115 6 6 
Total$1,902 $1,832 100 %100 %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
LoansPercentage
December 31,December 31,
2024
2023
2024
2023
(in millions)  
Apartments$522 $485 27 %26 %
Hotel33 13 2 1 
Industrial362 317 19 17 
Mixed use68 64 4 4 
Office219 241 11 13 
Retail546 561 29 31 
Other152 151 8 8 
Total$1,902 $1,832 100 %100 %
Syndicated Loans
The investment in syndicated loans as of December 31, 2024 and 2023 was $92 million and $145 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of December 31, 2024 and syndicated loans past due were not material as of December 31, 2023. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the year ended December 31, 2024, write-offs of syndicated loans were not material.
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
December 31, 2024
Internal Risk Rating
2024
2023202220212020PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — — — — 2 2 
Risk 31 1 — 8 1 1 12 
Risk 229 5 — 3 — 8 45 
Risk 122 6 — 3 2 — 33 
Total$52 $12 $— $14 $3 $11 $92 
December 31, 2023
Internal Risk Rating
2023
2022202120202019PriorTotal
(in millions)
Risk 5$— $1 $— $— $— $— $1 
Risk 4— — — 1 2 — 3 
Risk 32 — 12 2 2 10 28 
Risk 226 3 17 5 11 2 64 
Risk 114 5 15 3 10 2 49 
Total$42 $9 $44 $11 $25 $14 $145 
Financial Advisor Loans
The Company offers loans to financial advisors for transitional cost assistance and practice operations. Repayment of the loan is highly dependent on the retention of the financial advisor. In the event a financial advisor is no longer affiliated with the Company, the unpaid balances generally become immediately due. Accordingly, the primary risk factor for advisor loans is termination status. The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $6 million and $7 million as of December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, write-offs of advisor loans were not material.
The tables below present the amortized cost basis of advisor loans by origination year and termination status:
December 31, 2024
Termination Status
2024
2023202220212020PriorTotal
(in millions)
Active$358 $351 $261 $121 $82 $150 $1,323 
Terminated— — 2 2 2 6 12 
Total$358 $351 $263 $123 $84 $156 $1,335 
December 31, 2023
Termination Status
2023
2022202120202019PriorTotal
(in millions)
Active$395 $310 $151 $107 $79 $157 $1,199 
Terminated— 2 1 1 4 4 12 
Total$395 $312 $152 $108 $83 $161 $1,211 
Consumer Loans
Residential Mortgage Loans
The Company reviews the credit worthiness of the borrower in order to determine the risk of loss on residential mortgage loans. Geographic location and FICO scores are the primary credit quality indicators included in the model that projects the Company’s risk of credit loss over the life of the residential mortgage loan portfolio. Delinquency rates are measured based on the number of days past due. Residential mortgage loans over 30 days past due were $4 million and $2 million as of December 31, 2024 and 2023, respectively. For the year end December 31, 2024, write-offs of residential mortgage loans were not material.
The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:
FICO Score
December 31, 2024
2024
2023202220212020
Total
(in millions)
> 810
$5 $9 $2 $2 $1 $19 
780 - 809
84 56 28 7 6 181 
740 - 779
64 77 25 7 5 178 
720 - 739
17 15 5 5 — 42 
700 - 719
9 8 5 3 1 26 
< 699
7 7 3 3 — 20 
Total$186 $172 $68 $27 $13 $466 
FICO Score
December 31, 2023
2023
202220212020
Total
(in millions)
> 810
$9 $3 $2 $— $14 
780 - 809
65 29 8 6 108 
740 - 779
80 26 8 6 120 
720 - 739
15 6 4 1 26 
700 - 719
8 5 4 1 18 
< 699
7 4 3 — 14 
Total$184 $73 $29 $14 $300 
The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:
Loans
Percentage
December 31,
December 31,
2024
2023
2024
2023
(in millions)
Minnesota
$284 $178 61 %59 %
Other U.S. States
182 122 39 41 
Total$466 $300 100 %100 %
Credit Card Receivables
The credit cards are co-branded with Ameriprise Financial, Inc. and issued to the Company’s customers by a third party. FICO scores and delinquency rates are the primary credit quality indicators for the credit card portfolio. Delinquency rates are measured based on the number of days past due. Credit card receivables over 30 days past due were 2% of total credit card receivables as of both December 31, 2024 and 2023.
The table below presents the amortized cost basis of credit card receivables by FICO score:
FICO Score
December 31,
2024
2023
(in millions)
> 800$38 $32 
750 - 79932 28 
700 - 74929 30 
650 - 69916 19 
< 6508 8 
Total$123 $117 
Policy Loans
Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.
Margin Loans
The margin loans balance was $1.1 billion as of both December 31, 2024 and 2023. The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As of both December 31, 2024 and 2023, there was no allowance for credit losses on margin loans.
Pledged Asset Lines of Credit
The pledged asset lines of credit balance was $737 million and $537 million as of December 31, 2024 and 2023, respectively. The Company monitors collateral supporting pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. As of both December 31, 2024 and 2023, there was no allowance for credit losses on pledged asset lines of credit.
Deposit Receivables
Deposit receivables were $5.8 billion and $6.5 billion as of December 31, 2024 and 2023, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2024 and 2023.
Modifications with Borrowers Experiencing Financial Difficulty
Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the years ended December 31, 2024 and 2023.
v3.25.0.1
Reinsurance
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance Reinsurance
The Company reinsures a portion of its insurance risks through reinsurance agreements with unaffiliated reinsurance companies. RiverSource Life Insurance Company (“RiverSource Life”) reinsures 100% of its insurance risk associated with its life contingent payout annuity policies in force as of June 30, 2021 through a reinsurance agreement with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company. Policies issued on or after July 1, 2021 and policies issued by RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”) are not subject to this reinsurance agreement.
Reinsurance contracts do not relieve the Company from its primary obligation to policyholders.
The Company generally reinsures 90% of the death benefit liability for new term life insurance policies beginning in 2001 and new individual UL and VUL insurance policies beginning in 2002. Policies issued prior to these dates are not subject to these same reinsurance levels.
However, for IUL policies issued after September 1, 2013 and VUL policies issued after January 1, 2014, the Company generally reinsures 50% of the death benefit liability. Similarly, the Company reinsures 50% of the death benefit and morbidity liabilities related to its UL product with LTC benefits.
The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual. Risk on UL and VUL policies is reinsured on a yearly renewable term basis. Risk on most term life policies starting in 2001 is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy.
For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. (“Genworth”) and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are about 90% of the total RiverSource Life of NY in force policies. Under these agreements, the Company has the right, but never the obligation, to recapture some, or all, of the risk ceded to Genworth.
Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold on other policy forms introduced prior to 2007. The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.
As of December 31, 2024 and 2023, traditional life and UL insurance policies in force were $198.1 billion and $198.8 billion, respectively, of which $143.5 billion and $144.7 billion as of December 31, 2024 and 2023 were reinsured at the respective year ends.
The effect of reinsurance on premiums for traditional long-duration products was as follows:
 Years Ended December 31,
2024
2023
2022
(in millions)
Direct premiums$696 $674 $530 
Reinsurance ceded(224)(226)(224)
Net premiums$472 $448 $306 
Cost of insurance and administrative charges for non-traditional long-duration products are reflected in Premiums, policy and contract charges and were net of reinsurance ceded of $188 million, $180 million and $165 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The amount of claims recovered through reinsurance on all contracts was $466 million, $438 million and $435 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Receivables included $4.0 billion and $4.3 billion of reinsurance recoverables as of December 31, 2024 and 2023, respectively, including $2.6 billion and $2.8 billion related to LTC risk ceded to Genworth, respectively.
Policyholder account balances, future policy benefits and claims include $351 million and $376 million related to previously assumed reinsurance arrangements as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests. There were $2 million, nil and nil of impairments of indefinite-lived intangible assets recorded for the years ended December 31, 2024, 2023 and 2022, respectively.
The changes in the carrying amount of goodwill reported in the Company’s reportable segments were as follows:
Advice & Wealth ManagementAsset
Management		Retirement & Protection SolutionsConsolidated
(in millions)
Balance at January 1, 2023
$279 $1,019 $91 $1,389 
Foreign currency translation— 27 — 27 
Other adjustments— (6)— (6)
Balance at December 31, 2023
279 1,040 91 1,410 
Foreign currency translation— (9)— (9)
Other adjustments— — — — 
Balance at December 31, 2024
$279 $1,031 $91 $1,401 
In 2024 and 2023, the Company completed the annual impairment evaluation for goodwill as of July 1. The Company concluded its goodwill was not impaired in either 2024 or 2023.
The carrying amount of indefinite-lived intangible assets consisted of the following:
December 31,
20242023
(in millions)
Customer contracts$844 $848 
Trade names65 67 
Total$909 $915 
Definite-lived intangible assets consisted of the following:
 
December 31, 2024
December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(in millions)
Customer relationships$370 $(204)$166 $380 $(191)$189 
Contracts226 (218)8 228 (219)9 
Other357 (269)88 343 (243)100 
Total$953 $(691)$262 $951 $(653)$298 
Definite-lived intangible assets acquired during the year ended December 31, 2024 were $29 million with a weighted average amortization period of 6 years. The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2024, 2023 and 2022 was $56 million, $52 million and $45 million, respectively. There were $8 million, $1 million and nil of impairments of definite-lived intangible assets recorded for the years ended December 31, 2024, 2023 and 2022, respectively. Impairments recorded through G&A expense during 2024 primarily relate to certain customer relationships within the Asset Management segment.

Estimated intangible amortization expense as of December 31, 2024 for the next five years is as follows:
 (in millions)
2025$53 
202648 
202736 
202826 
202922 
v3.25.0.1
Deferred Acquisition Costs and Deferred Sales Inducement Costs
 12 Months Ended
Dec. 31, 2024
Deferred Charges, Insurers [Abstract]  
Deferred Acquisition Costs and Deferred Sales Inducement Costs Deferred Acquisition Costs and Deferred Sales Inducement Costs
The following tables summarize the balances of and changes in DAC:
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance
(in millions)
Balance at January 1, 2024
$1,496 $208 $35 $5 $110 $534 
Capitalization of acquisition costs24 98 — — — 64 
Amortization(118)(30)(7)(1)(7)(45)
Balance at December 31, 2024
$1,402 $276 $28 $4 $103 $553 
Indexed Universal Life InsuranceOther Life InsuranceLife Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Total,
All Products
(in millions)
Balance at January 1, 2024
$223 $2 $6 $17 $75 $2,711 
Capitalization of acquisition costs3 — 5 2 3 199 
Amortization(16)— (1)(2)(8)(235)
Balance at December 31, 2024
$210 $2 $10 $17 $70 $2,675 
Other broker dealer acquisition costs2 
Balance at December 31, 2024 including broker dealer acquisition costs
$2,677 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance
(in millions)
Balance at January 1, 2023
$1,598 $149 $45 $6 $118 $521 
Capitalization of acquisition costs23 83 — — — 57 
Amortization(125)(24)(10)(1)(8)(44)
Balance at December 31, 2023
$1,496 $208 $35 $5 $110 $534 
Indexed Universal Life InsuranceOther Life InsuranceLife Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Total,
All Products
(in millions)
Balance at January 1, 2023
$236 $3 $2 $18 $79 $2,775 
Capitalization of acquisition costs4 — 4 1 4 176 
Amortization(17)(1)— (2)(8)(240)
Balance at December 31, 2023
$223 $2 $6 $17 $75 $2,711 
Other broker dealer acquisition costs2 
Balance at December 31, 2023 including broker dealer acquisition costs
$2,713 

The following tables summarize the balances of and changes in DSIC:
Variable AnnuitiesFixed AnnuitiesTotal,
All Products
(in millions)
Balance at January 1, 2024
$136 $12 $148 
Amortization(14)(2)(16)
Balance at December 31, 2024
$122 $10 $132 
Variable AnnuitiesFixed AnnuitiesTotal,
All Products
(in millions)
Balance at January 1, 2023
$151 $16 $167 
Amortization(15)(4)(19)
Balance at December 31, 2023
$136 $12 $148 
v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities
 12 Months Ended
Dec. 31, 2024
Policyholder Account Balance [Abstract]  
Policyholder Account Balances, Future Policy Benefits and Claims Policyholder Account Balances, Future Policy Benefits and Claims
Policyholder account balances, future policy benefits and claims consisted of the following:
December 31, 2024December 31, 2023
(in millions)
Policyholder account balances
Policyholder account balances$32,542 $27,947 
Future policy benefits
Reserve for future policy benefits
7,418 7,763 
Deferred profit liability118 81 
Additional liabilities for insurance guarantees1,389 1,321 
Other insurance and annuity liabilities192 213 
Total future policy benefits9,117 9,378 
Policy claims and other policyholders’ funds214 220 
Total policyholder account balances, future policy benefits and claims$41,873 $37,545 
Variable Annuities
Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.
Most of the variable annuity contracts issued by the Company contain a GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See Note 2 and Note 13 for additional information regarding the Company’s variable annuity guarantees. See Note 16 and Note 18 for additional information regarding the Company’s derivative instruments used to hedge risks related to these guarantees.
Structured Variable Annuities
Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.
Fixed Annuities
Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.
Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates.
The Company’s fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.
See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.
Insurance Liabilities
UL policies accumulate cash value that increases by a fixed interest rate. Purchasers of VUL can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders.
IUL is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments. See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL.
The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years.
Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.
The balances of and changes in policyholder account balances were as follows:
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2024
$4,173 $10,742 $5,982 $307 $444 
Contract deposits56 4,005 39 — 101 
Policy charges(14)(3)— — — 
Surrenders and other benefits(628)(383)(856)(16)(110)
Net transfer from (to) separate account liabilities(32)— — — — 
Variable account index-linked adjustments
— 1,968 — — — 
Interest credited125 1 204 14 12 
Balance at December 31, 2024
$3,680 $16,330 $5,369 $305 $447 
Weighted-average crediting rate3.3 %1.9 %3.7 %2.0 %N/A
Cash surrender value (1)
$3,658 $15,467 $5,365 $279 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,474 $1,569 $2,755 $501 $27,947 
Contract deposits117 333 181 — 4,832 
Policy charges(173)(93)(124)— (407)
Surrenders and other benefits(62)(80)(79)(52)(2,266)
Net transfer from (to) separate account liabilities— (145)— — (177)
Variable account index-linked adjustments
— — — — 1,968 
Interest credited49 63 161 16 645 
Balance at December 31, 2024
$1,405 $1,647 $2,894 $465 $32,542 
Weighted-average crediting rate3.6 %3.9 %2.3 %4.0 %
Net amount at risk$8,312 $57,473 $13,593 $130 
Cash surrender value (1)
$1,280 $1,092 $2,447 $298 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2023
$4,752 $6,410 $6,799 $312 $471 
Contract deposits73 3,084 47 — 91 
Policy charges(10)— — — — 
Surrenders and other benefits(759)(156)(1,086)(10)(127)
Net transfer from (to) separate account liabilities(25)— — — — 
Variable account index-linked adjustments
— 1,403 — — — 
Interest credited142 1 222 5 9 
Balance at December 31, 2023
$4,173 $10,742 $5,982 $307 $444 
Weighted-average crediting rate3.3 %1.8 %3.6 %2.0 %N/A
Cash surrender value (1)
$4,146 $10,129 $5,974 $278 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,544 $1,520 $2,654 $524 $24,986 
Contract deposits123 272 193 1 3,884 
Policy charges(176)(94)(121)— (401)
Surrenders and other benefits(69)(78)(53)(44)(2,382)
Net transfer from (to) separate account liabilities— (107)— — (132)
Variable account index-linked adjustments
— — — — 1,403 
Interest credited52 56 82 20 589 
Balance at December 31, 2023
$1,474 $1,569 $2,755 $501 $27,947 
Weighted-average crediting rate3.6 %3.9 %2.0 %4.0 %
Net amount at risk$8,740 $57,291 $14,407 $141 
Cash surrender value (1)
$1,330 $1,065 $2,271 $326 
(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.
Refer to Note 13 for the net amount at risk for market risk benefits associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.
The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2024 and 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.
December 31, 2024
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities1 %–1.99%$24 $95 $65 $17 $— $201 
2 %–2.99%112 — — — — 112 
3 %–3.99%1,894 7 — 1 — 1,902 
4 %–5.00%1,412 — — — — 1,412 
Total$3,442 $102 $65 $18 $— $3,627 
Fixed accounts of structured variable annuities1 %–1.99%$2 $20 $9 $— $— $31 
2 %–2.99%13 — — — — 13 
3 %–3.99%1 — — — — 1 
4 %–5.00%— — — — — — 
Total$16 $20 $9 $— $— $45 
Fixed annuities1 %–1.99%$85 $237 $152 $89 $14 $577 
2 %–2.99%22 14 2 — — 38 
3 %–3.99%2,410 — — — — 2,410 
4 %–5.00%2,331 — — — — 2,331 
Total$4,848 $251 $154 $89 $14 $5,356 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $5 $14 $— $21 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $5 $14 $— $21 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%50 4 15 — — 69 
3 %–3.99%821 — 4 6 — 831 
4 %–5.00%473 4 — — — 477 
Total$1,344 $8 $19 $6 $— $1,377 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable universal life insurance1 %–1.99%$— $— $4 $1 $41 $46 
2 %–2.99%7 14 — 1 12 34 
3 %–3.99%108 1 2 12 — 123 
4 %–5.00%564 21 — — — 585 
Total$679 $36 $6 $14 $53 $788 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $4 $2 $— $6 
2 %–2.99%— 125 — — — 125 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $125 $4 $2 $— $131 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%28 — — — — 28 
4 %–5.00%268 — — — — 268 
Total$296 $— $— $— $— $296 
Total1 %–1.99%$111 $354 $239 $123 $55 $882 
2 %–2.99%204 157 17 1 12 391 
3 %–3.99%5,262 8 6 19 — 5,295 
4 %–5.00%5,048 25 — — — 5,073 
Total$10,625 $544 $262 $143 $67 $11,641 
Percentage of total account values that reset in:
Next 12 months100.0 %100.0 %99.9 %100.0 %99.8 %100.0 %
> 12 months to 24 months— — — — — — 
> 24 months— — 0.1 — 0.2 — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
December 31, 2023
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities1 %–1.99%$43 $131 $52 $15 $2 $243 
2 %–2.99%137 1 — — — 138 
3 %–3.99%2,214 — — 1 — 2,215 
4 %–5.00%1,514 — — — — 1,514 
Total$3,908 $132 $52 $16 $2 $4,110 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of structured variable annuities1 %–1.99%$1 $18 $7 $2 $— $28 
2 %–2.99%11 — — — — 11 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$12 $18 $7 $2 $— $39 
Fixed annuities1 %–1.99%$107 $377 $183 $93 $— $760 
2 %–2.99%36 14 1 — — 51 
3 %–3.99%2,816 1 — — — 2,817 
4 %–5.00%2,339 — — — — 2,339 
Total$5,298 $392 $184 $93 $— $5,967 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $7 $13 $— $22 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $7 $13 $— $22 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%51 3 9 — — 63 
3 %–3.99%854 1 4 4 — 863 
4 %–5.00%518 1 — — — 519 
Total$1,423 $5 $13 $4 $— $1,445 
Fixed accounts of variable universal life insurance1 %–1.99%$— $2 $4 $— $24 $30 
2 %–2.99%13 12 — 1 8 34 
3 %–3.99%122 2 3 6 — 133 
4 %–5.00%607 6 — — — 613 
Total$742 $22 $7 $7 $32 $810 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $2 $— $— $2 
2 %–2.99%128 — — — — 128 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$128 $— $2 $— $— $130 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%30 — — — — 30 
4 %–5.00%295 — — — — 295 
Total$325 $— $— $— $— $325 
Total1 %–1.99%$151 $530 $255 $123 $26 $1,085 
2 %–2.99%376 30 10 1 8 425 
3 %–3.99%6,036 4 7 11 — 6,058 
4 %–5.00%5,273 7 — — — 5,280 
Total$11,836 $571 $272 $135 $34 $12,848 
Percentage of total account values that reset in:
Next 12 months99.9 %99.5 %99.3 %100.0 %100.0 %99.9 %
> 12 months to 24 months0.1 0.5 0.6 — — 0.1 
> 24 months— — 0.1 — — — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
The following tables summarize the balances of and changes in the liability for future policy benefits:
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2024
$— $703 $104 $1,146 $1,953 
Beginning balance at original discount rate— 708 105 1,137 1,950 
Effect of changes in cash flow assumptions— 57 (39)55 73 
Effect of actual variances from expected experience— (16)(13)(26)(55)
Adjusted beginning of year balance$— $749 $53 $1,166 $1,968 
Issuances201 63 9 — 273 
Interest accrual1 38 3 55 97 
Net premiums collected(202)(76)(6)(149)(433)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $774 $59 $1,072 $1,905 
Effect of changes in discount rate assumptions— (37)(6)(15)(58)
Balance at December 31, 2024
$— $737 $53 $1,057 $1,847 
Present Value of Future Policy Benefits:
Balance at January 1, 2024
$1,164 $1,325 $661 $6,561 $9,711 
Beginning balance at original discount rate1,222 1,291 621 6,507 9,641 
Effect of changes in cash flow assumptions(24)67 (61)58 40 
Effect of actual variances from expected experience(8)(16)(25)(48)(97)
Adjusted beginning of year balance$1,190 $1,342 $535 $6,517 $9,584 
Issuances201 63 9 — 273 
Interest accrual56 73 34 323 486 
Benefit payments(158)(125)(43)(432)(758)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,289 $1,353 $535 $6,408 $9,585 
Effect of changes in discount rate assumptions(85)(31)10 (221)(327)
Balance at December 31, 2024
$1,204 $1,322 $545 $6,187 $9,258 
Adjustment due to reserve flooring$— $7 $— $— $7 
Net liability for future policy benefits$1,204 $592 $492 $5,130 $7,418 
Less: reinsurance recoverable759 424 20 2,591 3,794 
Net liability for future policy benefits, after reinsurance recoverable$445 $168 $472 $2,539 $3,624 
Discounted expected future gross premiums$— $1,672 $836 $1,247 $3,755 
Expected future gross premiums$— $2,921 $1,196 $1,713 $5,830 
Expected future benefit payments$1,846 $2,286 $899 $10,522 $15,553 
Weighted average interest accretion rate4.5 %6.0 %6.3 %5.0 %
Weighted average discount rate5.4 %5.6 %5.6 %5.7 %
Weighted average duration of liability (in years)6778
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2023
$— $686 $134 $1,207 $2,027 
Beginning balance at original discount rate— 708 137 1,220 2,065 
Effect of changes in cash flow assumptions— (19)(19)19 (19)
Effect of actual variances from expected experience— (2)(18)(3)(23)
Adjusted beginning of year balance$— $687 $100 $1,236 $2,023 
Issuances177 55 12 — 244 
Interest accrual1 36 5 59 101 
Net premiums collected(178)(70)(12)(158)(418)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $708 $105 $1,137 $1,950 
Effect of changes in discount rate assumptions— (5)(1)9 3 
Balance at December 31, 2023
$— $703 $104 $1,146 $1,953 
Present Value of Future Policy Benefits:
Balance at January 1, 2023
$1,065 $1,319 $696 $6,439 $9,519 
Beginning balance at original discount rate1,155 1,313 669 6,569 9,706 
Effect of changes in cash flow assumptions— (18)(25)9 (34)
Effect of actual variances from expected experience(10)(1)(29)5 (35)
Adjusted beginning of year balance$1,145 $1,294 $615 $6,583 $9,637 
Issuances177 56 11 — 244 
Interest accrual50 73 37 329 489 
Benefit payments(150)(132)(42)(405)(729)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,222 $1,291 $621 $6,507 $9,641 
Effect of changes in discount rate assumptions(58)34 40 54 70 
Balance at December 31, 2023
$1,164 $1,325 $661 $6,561 $9,711 
Adjustment due to reserve flooring$— $5 $— $— $5 
Net liability for future policy benefits$1,164 $627 $557 $5,415 $7,763 
Less: reinsurance recoverable880 440 22 2,738 4,080 
Net liability for future policy benefits, after reinsurance recoverable$284 $187 $535 $2,677 $3,683 
Discounted expected future gross premiums$— $1,764 $904 $1,325 $3,993 
Expected future gross premiums$— $2,938 $1,269 $1,786 $5,993 
Expected future benefit payments$1,726 $2,166 $1,068 $10,850 $15,810 
Weighted average interest accretion rate4.2 %6.2 %6.1 %5.0 %
Weighted average discount rate4.9 %5.1 %5.1 %5.1 %
Weighted average duration of liability (in years)7788
Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates. The annual review of policy benefit reserves assumptions in the third quarter of 2023 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase assumptions.
The balances of and changes in additional liabilities related to insurance guarantees were as follows:
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,225 $81 $15 $1,321 
Interest accrual37 6 1 44 
Benefit accrual133 8 3 144 
Benefit payments(69)(13)(5)(87)
Effect of actual variances from expected experience(2)(1)(1)(4)
Impact of change in net unrealized (gains) losses on securities(23)(1)(5)(29)
Balance at December 31, 2024
$1,301 $80 $8 $1,389 
Weighted average interest accretion rate3.0 %7.0 %3.9 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,100 $74 $12 $1,186 
Interest accrual35 5 1 41 
Benefit accrual128 8 2 138 
Benefit payments(50)(18)(4)(72)
Effect of actual variances from expected experience(13)11 (2)(4)
Impact of change in net unrealized (gains) losses on securities25 1 6 32 
Balance at December 31, 2023
$1,225 $81 $15 $1,321 
Weighted average interest accretion rate3.0 %6.9 %4.0 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
The amount of revenue and interest recognized in the Statement of Operations was as follows:
Years Ended December 31,
20242023
Gross PremiumsInterest ExpenseGross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$226 $55 $196 $49 
Term and whole life insurance172 35 169 37 
Disability income insurance
119 31 124 32 
Long term care insurance179 268 185 270 
Total$696 $389 $674 $388 
The following tables summarize the balances of and changes in unearned revenue:
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceTotal,
All Products
(in millions)
Balance at January 1, 2024
$27 $196 $266 $489 
Deferral of revenue— 70 51 121 
Amortization(1)(17)(22)(40)
Balance at December 31, 2024
$26 $249 $295 $570 
Balance at January 1, 2023
$27 $150 $233 $410 
Deferral of revenue1 59 52 112 
Amortization(1)(13)(19)(33)
Balance at December 31, 2023
$27 $196 $266 $489 
Market Risk Benefits
Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.
The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract. The Company has the following primary GMDB provisions:
•Return of premium – provides purchase payments minus adjusted partial surrenders.
•Reset – provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered.
•Ratchet – provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders.
The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision.
The Company has GMWB riders in force, which contain one or more of the following provisions:
•Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.
•Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”).
•Withdrawals at a specified rate per year for joint contractholders while either is alive.
•Withdrawals based on performance of the contract.
•Withdrawals based on the age withdrawals begin.
•Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken.
Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value.
Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.
The following tables summarize the balances of and changes in market risk benefits:
Years Ended December 31,
2024
2023
2022
(in millions, except age)
Balance at beginning of period$335 $1,103 $2,901 
Issuances24 17 27 
Interest accrual and time decay(66)(53)(237)
Reserve increase from attributed fees collected790 788 810 
Reserve release for benefit payments and derecognition(11)(35)(29)
Effect of changes in interest rates and bond markets(1,078)(367)(4,193)
Effect of changes in equity markets and subaccount performance(1,228)(1,267)2,258 
Effect of changes in equity index volatility59 (67)205 
Actual policyholder behavior different from expected behavior71 5 17 
Effect of changes in other future expected assumptions106 128 (139)
Effect of changes in the instrument-specific credit risk on market risk benefits79 83 (517)
Balance at end of period$(919)$335 $1,103 
Reconciliation of the gross balances in an asset or liability position:
Asset position$2,182 $1,427 $1,015 
Liability position(1,263)(1,762)(2,118)
Net asset (liability) position$919 $(335)$(1,103)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits$462 $913 $2,781 
Living benefits$2,429 $2,513 $3,364 
Composite (greater of)$2,829 $3,308 $5,830 
Weighted average attained age of contractholders696968
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $(2,111)$(1,551)$(2,044)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
$85 $84 $(505)
The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:
December 31, 2024
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(919)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%11.9%
Surrender rate (2)
0.4%–75.0%3.3%
Market volatility (3)
0.0%–24.6%10.3%
Nonperformance risk (4)
65 bps65 bps
Mortality rate (5)
0.0%–41.6%1.7%
December 31, 2023
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$335 Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–48.0%11.6%
Surrender rate (2)
0.3%–75.0%3.7%
Market volatility (3)
0.0%–25.2%10.6%
Nonperformance risk (4)
85 bps85 bps
Mortality rate (5)
0.0%–41.6%1.6%
(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.
Changes to Significant Inputs and Assumptions:
During the years ended December 31, 2024 and 2023, the Company updated inputs and assumptions based on management’s review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:
Year ended December 31, 2024
•Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $15 million.
•Updates to surrender assumptions resulted in a decrease to pretax income of $83 million.
Year ended December 31, 2023
•Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $18 million.
•Updates to surrender assumptions resulted in a decrease to pretax income of $110 million.
Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.
Uncertainty of Fair Value Measurements
Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value.
Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.
Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair value measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.
Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calendar year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.
Determination of Fair Value
The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility, contractholder behavior assumptions that include margins for risk, and the Company’s nonperformance risk. These measurements are classified as Level 3.
v3.25.0.1
Separate Account Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Separate Account Assets and Liabilities Separate Account Assets and Liabilities
Aggregate fair value of separate account assets, by major asset category, consisted of the following:
December 31,
2024
2023
(in millions)
Variable annuities and variable universal life:
Mutual funds$75,576 $74,634 
Unitized pooled pension funds:
Property/real estate1,682 1,784 
Equity securities514 553 
Debt securities175 285 
Cash and cash equivalents120 147 
Other47 54 
Total$78,114 $77,457 
No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2024, 2023 and 2022.
The balances of and changes in separate account liabilities were as follows:
Variable AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2024
$65,839 $8,795 $2,823 $77,457 
Premiums and deposits933 500 153 1,586 
Policy charges(1,365)(307)(5)(1,677)
Surrenders and other benefits(6,990)(412)(594)(7,996)
Investment return7,293 1,199 202 8,694 
Net transfer from (to) general account27 64 — 91 
Other charges— — (41)(41)
Balance at December 31, 2024
$65,737 $9,839 $2,538 $78,114 
Cash surrender value$64,411 $9,220 $2,538 $76,169 
Variable AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2023
$63,223 $7,653 $3,086 $73,962 
Premiums and deposits835 459 194 1,488 
Policy charges(1,343)(292)(7)(1,642)
Surrenders and other benefits(5,378)(317)(777)(6,472)
Investment return8,477 1,250 170 9,897 
Net transfer from (to) general account25 42 — 67 
Other charges— — 157 157 
Balance at December 31, 2023
$65,839 $8,795 $2,823 $77,457 
Cash surrender value$64,280 $8,263 $2,823 $75,366 
v3.25.0.1
Market Risk Benefits
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Market Risk Benefits Policyholder Account Balances, Future Policy Benefits and Claims
Policyholder account balances, future policy benefits and claims consisted of the following:
December 31, 2024December 31, 2023
(in millions)
Policyholder account balances
Policyholder account balances$32,542 $27,947 
Future policy benefits
Reserve for future policy benefits
7,418 7,763 
Deferred profit liability118 81 
Additional liabilities for insurance guarantees1,389 1,321 
Other insurance and annuity liabilities192 213 
Total future policy benefits9,117 9,378 
Policy claims and other policyholders’ funds214 220 
Total policyholder account balances, future policy benefits and claims$41,873 $37,545 
Variable Annuities
Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.
Most of the variable annuity contracts issued by the Company contain a GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See Note 2 and Note 13 for additional information regarding the Company’s variable annuity guarantees. See Note 16 and Note 18 for additional information regarding the Company’s derivative instruments used to hedge risks related to these guarantees.
Structured Variable Annuities
Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.
Fixed Annuities
Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.
Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates.
The Company’s fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.
See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.
Insurance Liabilities
UL policies accumulate cash value that increases by a fixed interest rate. Purchasers of VUL can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders.
IUL is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments. See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL.
The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years.
Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.
The balances of and changes in policyholder account balances were as follows:
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2024
$4,173 $10,742 $5,982 $307 $444 
Contract deposits56 4,005 39 — 101 
Policy charges(14)(3)— — — 
Surrenders and other benefits(628)(383)(856)(16)(110)
Net transfer from (to) separate account liabilities(32)— — — — 
Variable account index-linked adjustments
— 1,968 — — — 
Interest credited125 1 204 14 12 
Balance at December 31, 2024
$3,680 $16,330 $5,369 $305 $447 
Weighted-average crediting rate3.3 %1.9 %3.7 %2.0 %N/A
Cash surrender value (1)
$3,658 $15,467 $5,365 $279 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,474 $1,569 $2,755 $501 $27,947 
Contract deposits117 333 181 — 4,832 
Policy charges(173)(93)(124)— (407)
Surrenders and other benefits(62)(80)(79)(52)(2,266)
Net transfer from (to) separate account liabilities— (145)— — (177)
Variable account index-linked adjustments
— — — — 1,968 
Interest credited49 63 161 16 645 
Balance at December 31, 2024
$1,405 $1,647 $2,894 $465 $32,542 
Weighted-average crediting rate3.6 %3.9 %2.3 %4.0 %
Net amount at risk$8,312 $57,473 $13,593 $130 
Cash surrender value (1)
$1,280 $1,092 $2,447 $298 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2023
$4,752 $6,410 $6,799 $312 $471 
Contract deposits73 3,084 47 — 91 
Policy charges(10)— — — — 
Surrenders and other benefits(759)(156)(1,086)(10)(127)
Net transfer from (to) separate account liabilities(25)— — — — 
Variable account index-linked adjustments
— 1,403 — — — 
Interest credited142 1 222 5 9 
Balance at December 31, 2023
$4,173 $10,742 $5,982 $307 $444 
Weighted-average crediting rate3.3 %1.8 %3.6 %2.0 %N/A
Cash surrender value (1)
$4,146 $10,129 $5,974 $278 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,544 $1,520 $2,654 $524 $24,986 
Contract deposits123 272 193 1 3,884 
Policy charges(176)(94)(121)— (401)
Surrenders and other benefits(69)(78)(53)(44)(2,382)
Net transfer from (to) separate account liabilities— (107)— — (132)
Variable account index-linked adjustments
— — — — 1,403 
Interest credited52 56 82 20 589 
Balance at December 31, 2023
$1,474 $1,569 $2,755 $501 $27,947 
Weighted-average crediting rate3.6 %3.9 %2.0 %4.0 %
Net amount at risk$8,740 $57,291 $14,407 $141 
Cash surrender value (1)
$1,330 $1,065 $2,271 $326 
(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.
Refer to Note 13 for the net amount at risk for market risk benefits associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.
The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2024 and 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.
December 31, 2024
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities1 %–1.99%$24 $95 $65 $17 $— $201 
2 %–2.99%112 — — — — 112 
3 %–3.99%1,894 7 — 1 — 1,902 
4 %–5.00%1,412 — — — — 1,412 
Total$3,442 $102 $65 $18 $— $3,627 
Fixed accounts of structured variable annuities1 %–1.99%$2 $20 $9 $— $— $31 
2 %–2.99%13 — — — — 13 
3 %–3.99%1 — — — — 1 
4 %–5.00%— — — — — — 
Total$16 $20 $9 $— $— $45 
Fixed annuities1 %–1.99%$85 $237 $152 $89 $14 $577 
2 %–2.99%22 14 2 — — 38 
3 %–3.99%2,410 — — — — 2,410 
4 %–5.00%2,331 — — — — 2,331 
Total$4,848 $251 $154 $89 $14 $5,356 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $5 $14 $— $21 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $5 $14 $— $21 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%50 4 15 — — 69 
3 %–3.99%821 — 4 6 — 831 
4 %–5.00%473 4 — — — 477 
Total$1,344 $8 $19 $6 $— $1,377 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable universal life insurance1 %–1.99%$— $— $4 $1 $41 $46 
2 %–2.99%7 14 — 1 12 34 
3 %–3.99%108 1 2 12 — 123 
4 %–5.00%564 21 — — — 585 
Total$679 $36 $6 $14 $53 $788 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $4 $2 $— $6 
2 %–2.99%— 125 — — — 125 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $125 $4 $2 $— $131 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%28 — — — — 28 
4 %–5.00%268 — — — — 268 
Total$296 $— $— $— $— $296 
Total1 %–1.99%$111 $354 $239 $123 $55 $882 
2 %–2.99%204 157 17 1 12 391 
3 %–3.99%5,262 8 6 19 — 5,295 
4 %–5.00%5,048 25 — — — 5,073 
Total$10,625 $544 $262 $143 $67 $11,641 
Percentage of total account values that reset in:
Next 12 months100.0 %100.0 %99.9 %100.0 %99.8 %100.0 %
> 12 months to 24 months— — — — — — 
> 24 months— — 0.1 — 0.2 — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
December 31, 2023
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities1 %–1.99%$43 $131 $52 $15 $2 $243 
2 %–2.99%137 1 — — — 138 
3 %–3.99%2,214 — — 1 — 2,215 
4 %–5.00%1,514 — — — — 1,514 
Total$3,908 $132 $52 $16 $2 $4,110 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of structured variable annuities1 %–1.99%$1 $18 $7 $2 $— $28 
2 %–2.99%11 — — — — 11 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$12 $18 $7 $2 $— $39 
Fixed annuities1 %–1.99%$107 $377 $183 $93 $— $760 
2 %–2.99%36 14 1 — — 51 
3 %–3.99%2,816 1 — — — 2,817 
4 %–5.00%2,339 — — — — 2,339 
Total$5,298 $392 $184 $93 $— $5,967 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $7 $13 $— $22 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $7 $13 $— $22 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%51 3 9 — — 63 
3 %–3.99%854 1 4 4 — 863 
4 %–5.00%518 1 — — — 519 
Total$1,423 $5 $13 $4 $— $1,445 
Fixed accounts of variable universal life insurance1 %–1.99%$— $2 $4 $— $24 $30 
2 %–2.99%13 12 — 1 8 34 
3 %–3.99%122 2 3 6 — 133 
4 %–5.00%607 6 — — — 613 
Total$742 $22 $7 $7 $32 $810 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $2 $— $— $2 
2 %–2.99%128 — — — — 128 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$128 $— $2 $— $— $130 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%30 — — — — 30 
4 %–5.00%295 — — — — 295 
Total$325 $— $— $— $— $325 
Total1 %–1.99%$151 $530 $255 $123 $26 $1,085 
2 %–2.99%376 30 10 1 8 425 
3 %–3.99%6,036 4 7 11 — 6,058 
4 %–5.00%5,273 7 — — — 5,280 
Total$11,836 $571 $272 $135 $34 $12,848 
Percentage of total account values that reset in:
Next 12 months99.9 %99.5 %99.3 %100.0 %100.0 %99.9 %
> 12 months to 24 months0.1 0.5 0.6 — — 0.1 
> 24 months— — 0.1 — — — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
The following tables summarize the balances of and changes in the liability for future policy benefits:
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2024
$— $703 $104 $1,146 $1,953 
Beginning balance at original discount rate— 708 105 1,137 1,950 
Effect of changes in cash flow assumptions— 57 (39)55 73 
Effect of actual variances from expected experience— (16)(13)(26)(55)
Adjusted beginning of year balance$— $749 $53 $1,166 $1,968 
Issuances201 63 9 — 273 
Interest accrual1 38 3 55 97 
Net premiums collected(202)(76)(6)(149)(433)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $774 $59 $1,072 $1,905 
Effect of changes in discount rate assumptions— (37)(6)(15)(58)
Balance at December 31, 2024
$— $737 $53 $1,057 $1,847 
Present Value of Future Policy Benefits:
Balance at January 1, 2024
$1,164 $1,325 $661 $6,561 $9,711 
Beginning balance at original discount rate1,222 1,291 621 6,507 9,641 
Effect of changes in cash flow assumptions(24)67 (61)58 40 
Effect of actual variances from expected experience(8)(16)(25)(48)(97)
Adjusted beginning of year balance$1,190 $1,342 $535 $6,517 $9,584 
Issuances201 63 9 — 273 
Interest accrual56 73 34 323 486 
Benefit payments(158)(125)(43)(432)(758)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,289 $1,353 $535 $6,408 $9,585 
Effect of changes in discount rate assumptions(85)(31)10 (221)(327)
Balance at December 31, 2024
$1,204 $1,322 $545 $6,187 $9,258 
Adjustment due to reserve flooring$— $7 $— $— $7 
Net liability for future policy benefits$1,204 $592 $492 $5,130 $7,418 
Less: reinsurance recoverable759 424 20 2,591 3,794 
Net liability for future policy benefits, after reinsurance recoverable$445 $168 $472 $2,539 $3,624 
Discounted expected future gross premiums$— $1,672 $836 $1,247 $3,755 
Expected future gross premiums$— $2,921 $1,196 $1,713 $5,830 
Expected future benefit payments$1,846 $2,286 $899 $10,522 $15,553 
Weighted average interest accretion rate4.5 %6.0 %6.3 %5.0 %
Weighted average discount rate5.4 %5.6 %5.6 %5.7 %
Weighted average duration of liability (in years)6778
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2023
$— $686 $134 $1,207 $2,027 
Beginning balance at original discount rate— 708 137 1,220 2,065 
Effect of changes in cash flow assumptions— (19)(19)19 (19)
Effect of actual variances from expected experience— (2)(18)(3)(23)
Adjusted beginning of year balance$— $687 $100 $1,236 $2,023 
Issuances177 55 12 — 244 
Interest accrual1 36 5 59 101 
Net premiums collected(178)(70)(12)(158)(418)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $708 $105 $1,137 $1,950 
Effect of changes in discount rate assumptions— (5)(1)9 3 
Balance at December 31, 2023
$— $703 $104 $1,146 $1,953 
Present Value of Future Policy Benefits:
Balance at January 1, 2023
$1,065 $1,319 $696 $6,439 $9,519 
Beginning balance at original discount rate1,155 1,313 669 6,569 9,706 
Effect of changes in cash flow assumptions— (18)(25)9 (34)
Effect of actual variances from expected experience(10)(1)(29)5 (35)
Adjusted beginning of year balance$1,145 $1,294 $615 $6,583 $9,637 
Issuances177 56 11 — 244 
Interest accrual50 73 37 329 489 
Benefit payments(150)(132)(42)(405)(729)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,222 $1,291 $621 $6,507 $9,641 
Effect of changes in discount rate assumptions(58)34 40 54 70 
Balance at December 31, 2023
$1,164 $1,325 $661 $6,561 $9,711 
Adjustment due to reserve flooring$— $5 $— $— $5 
Net liability for future policy benefits$1,164 $627 $557 $5,415 $7,763 
Less: reinsurance recoverable880 440 22 2,738 4,080 
Net liability for future policy benefits, after reinsurance recoverable$284 $187 $535 $2,677 $3,683 
Discounted expected future gross premiums$— $1,764 $904 $1,325 $3,993 
Expected future gross premiums$— $2,938 $1,269 $1,786 $5,993 
Expected future benefit payments$1,726 $2,166 $1,068 $10,850 $15,810 
Weighted average interest accretion rate4.2 %6.2 %6.1 %5.0 %
Weighted average discount rate4.9 %5.1 %5.1 %5.1 %
Weighted average duration of liability (in years)7788
Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates. The annual review of policy benefit reserves assumptions in the third quarter of 2023 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase assumptions.
The balances of and changes in additional liabilities related to insurance guarantees were as follows:
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,225 $81 $15 $1,321 
Interest accrual37 6 1 44 
Benefit accrual133 8 3 144 
Benefit payments(69)(13)(5)(87)
Effect of actual variances from expected experience(2)(1)(1)(4)
Impact of change in net unrealized (gains) losses on securities(23)(1)(5)(29)
Balance at December 31, 2024
$1,301 $80 $8 $1,389 
Weighted average interest accretion rate3.0 %7.0 %3.9 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,100 $74 $12 $1,186 
Interest accrual35 5 1 41 
Benefit accrual128 8 2 138 
Benefit payments(50)(18)(4)(72)
Effect of actual variances from expected experience(13)11 (2)(4)
Impact of change in net unrealized (gains) losses on securities25 1 6 32 
Balance at December 31, 2023
$1,225 $81 $15 $1,321 
Weighted average interest accretion rate3.0 %6.9 %4.0 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
The amount of revenue and interest recognized in the Statement of Operations was as follows:
Years Ended December 31,
20242023
Gross PremiumsInterest ExpenseGross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$226 $55 $196 $49 
Term and whole life insurance172 35 169 37 
Disability income insurance
119 31 124 32 
Long term care insurance179 268 185 270 
Total$696 $389 $674 $388 
The following tables summarize the balances of and changes in unearned revenue:
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceTotal,
All Products
(in millions)
Balance at January 1, 2024
$27 $196 $266 $489 
Deferral of revenue— 70 51 121 
Amortization(1)(17)(22)(40)
Balance at December 31, 2024
$26 $249 $295 $570 
Balance at January 1, 2023
$27 $150 $233 $410 
Deferral of revenue1 59 52 112 
Amortization(1)(13)(19)(33)
Balance at December 31, 2023
$27 $196 $266 $489 
Market Risk Benefits
Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.
The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract. The Company has the following primary GMDB provisions:
•Return of premium – provides purchase payments minus adjusted partial surrenders.
•Reset – provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered.
•Ratchet – provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders.
The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision.
The Company has GMWB riders in force, which contain one or more of the following provisions:
•Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.
•Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”).
•Withdrawals at a specified rate per year for joint contractholders while either is alive.
•Withdrawals based on performance of the contract.
•Withdrawals based on the age withdrawals begin.
•Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken.
Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value.
Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.
The following tables summarize the balances of and changes in market risk benefits:
Years Ended December 31,
2024
2023
2022
(in millions, except age)
Balance at beginning of period$335 $1,103 $2,901 
Issuances24 17 27 
Interest accrual and time decay(66)(53)(237)
Reserve increase from attributed fees collected790 788 810 
Reserve release for benefit payments and derecognition(11)(35)(29)
Effect of changes in interest rates and bond markets(1,078)(367)(4,193)
Effect of changes in equity markets and subaccount performance(1,228)(1,267)2,258 
Effect of changes in equity index volatility59 (67)205 
Actual policyholder behavior different from expected behavior71 5 17 
Effect of changes in other future expected assumptions106 128 (139)
Effect of changes in the instrument-specific credit risk on market risk benefits79 83 (517)
Balance at end of period$(919)$335 $1,103 
Reconciliation of the gross balances in an asset or liability position:
Asset position$2,182 $1,427 $1,015 
Liability position(1,263)(1,762)(2,118)
Net asset (liability) position$919 $(335)$(1,103)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits$462 $913 $2,781 
Living benefits$2,429 $2,513 $3,364 
Composite (greater of)$2,829 $3,308 $5,830 
Weighted average attained age of contractholders696968
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $(2,111)$(1,551)$(2,044)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
$85 $84 $(505)
The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:
December 31, 2024
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(919)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%11.9%
Surrender rate (2)
0.4%–75.0%3.3%
Market volatility (3)
0.0%–24.6%10.3%
Nonperformance risk (4)
65 bps65 bps
Mortality rate (5)
0.0%–41.6%1.7%
December 31, 2023
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$335 Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–48.0%11.6%
Surrender rate (2)
0.3%–75.0%3.7%
Market volatility (3)
0.0%–25.2%10.6%
Nonperformance risk (4)
85 bps85 bps
Mortality rate (5)
0.0%–41.6%1.6%
(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.
Changes to Significant Inputs and Assumptions:
During the years ended December 31, 2024 and 2023, the Company updated inputs and assumptions based on management’s review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:
Year ended December 31, 2024
•Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $15 million.
•Updates to surrender assumptions resulted in a decrease to pretax income of $83 million.
Year ended December 31, 2023
•Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $18 million.
•Updates to surrender assumptions resulted in a decrease to pretax income of $110 million.
Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.
Uncertainty of Fair Value Measurements
Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value.
Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.
Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair value measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.
Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calendar year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.
Determination of Fair Value
The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility, contractholder behavior assumptions that include margins for risk, and the Company’s nonperformance risk. These measurements are classified as Level 3.
v3.25.0.1
Customer Deposits
 12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
Customer Deposits Customer Deposits
Customer deposits consisted of the following:
 December 31,
20242023
(in millions)
Fixed rate certificates$11,083 $13,284 
Other
104 151 
Total investment certificate reserves11,187 13,435 
Interest bearing checking
1,438 1,258 
Money market
20,232 19,940 
Savings
637 301 
Brokerage deposits
2,332 2,387 
Total banking and brokerage deposits
24,639 23,886 
Total$35,826 $37,321 
Investment Certificates
The Company offers fixed rate investment certificates primarily in amounts ranging from $1 thousand to $2 million with interest crediting rate terms ranging from 3 months to 36 months. Investment certificates may be purchased either with a lump sum payment or installment payments. Certificate owners are entitled to receive a fixed sum at either maturity or upon demand depending on the type of certificate. Payments from certificate owners are credited to investment certificate reserves, which generally accumulate interest at specified percentage rates. Certain investment certificates allow for a surrender charge on premature surrenders. Reserves for certificates that do not allow for a surrender charge were $1.2 billion and $1.5 billion as of December 31, 2024 and 2023, respectively. The Company generally invests the proceeds from investment certificates in fixed and variable rate securities. The interest paid to certificate owners is included in Banking and deposit interest expense.
Banking and Brokerage Deposits
Banking and brokerage deposits are amounts payable to customers related to funds deposited by customers in checking and savings, brokerage sweep balances, free credit balances, and funds accruing to customers as a result of trades or contracts. Money market deposits represent brokerage sweep for client balances held at Ameriprise Bank. Brokerage deposits primarily represent our client’s free credit balances. The Company pays interest on certain customer deposit balances and the interest is included in Banking and deposit interest expense.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows: 
 Outstanding Balance Stated Interest Rate
December 31,December 31,
2024202320242023
(in millions) 
Long-term debt:
Senior notes due 2024$— $550 — %3.7 %
Senior notes due 2025500 500 3.0 3.0 
Senior notes due 2026500 500 2.9 2.9 
Senior notes due 2028
600 600 5.7 5.7 
Senior notes due 2032 500 500 4.5 4.5 
Senior notes due 2033750 750 5.2 5.2 
Finance lease liabilities9 20 N/AN/A
Other (1)
(17)(21)N/AN/A
Total long-term debt2,842 3,399    
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances201 201 4.6 %5.6 %
Total$3,043 $3,600    
(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
N/A  Not Applicable
Long-Term Debt
The Company’s senior notes may be redeemed, in whole or in part, at any time prior to maturity at a price equal to the greater of the principal amount and the present value of remaining scheduled payments, discounted to the redemption date, plus accrued interest.
On October 15, 2024, the Company repaid $550 million principal amount of its 3.7% senior notes at maturity.
Short-Term Borrowings
The Company’s life insurance and bank subsidiaries are members of the FHLB of Des Moines which provides access to collateralized borrowings. The Company’s life insurance subsidiary has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $964 million and $1.1 billion as of December 31, 2024 and 2023, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2024 and 2023. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date.
The Company’s bank subsidiary had no outstanding obligations to the FHLB as of both December 31, 2024 and 2023. The Company’s bank subsidiary maintains access to collateralized borrowings from the Federal Reserve. As of both December 31, 2024 and 2023, there were no outstanding obligations to the Federal Reserve.
On November 25, 2024, the Company entered into agreement to amend and restate its credit agreement that provides for an unsecured committed revolving credit facility of up to $1.0 billion that expires in November 2029. Under the terms of the credit agreement for the facility, the Company may increase the amount of this facility up to $1.25 billion upon satisfaction of certain approval requirements. As of both December 31, 2024 and 2023, the Company had no borrowings outstanding and $1 million of letters of credit issued against the facility. The Company’s credit facility contains various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants as of both December 31, 2024 and 2023.
American Enterprise Investment Services, Inc. (“AEIS”), a subsidiary of the Company, has credit agreements for uncommitted lines of credit with third party financial institutions, having a combined credit limit of $500 million. As of both December 31, 2024 and 2023, AEIS had no borrowings outstanding.
v3.25.0.1
Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Values of Assets and Liabilities Fair Values of Assets and Liabilities
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.
Valuation Hierarchy
The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.
The three levels of the fair value hierarchy are defined as follows:
Level 1    Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2      Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3     Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis (See Note 5 for the balances of assets and liabilities for consolidated investment entities): 
 
December 31, 2024
 
Level 1Level 2Level 3Total
(in millions)
Assets     
Cash equivalents$2,526 $2,504 $— $5,030  
Available-for-Sale securities:
Corporate debt securities— 13,416 583 13,999  
Residential mortgage backed securities— 23,306 38 23,344  
Commercial mortgage backed securities— 5,126 — 5,126  
Asset backed securities— 6,316 126 6,442  
State and municipal obligations— 638 — 638  
U.S. government and agency obligations2,591 — — 2,591  
Foreign government bonds and obligations— 13 — 13  
Total Available-for-Sale securities2,591 48,815 747 52,153  
Investments at net asset value (“NAV”)12 (1)
Trading and other securities321 25 — 346  
Separate account assets at NAV78,114 (1)
Investments and cash equivalents segregated for regulatory purposes557 — — 557 
Market risk benefits— — 2,182 2,182 (2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives— — 55 55 
Other assets:
Interest rate derivative contracts— 180 — 180  
Equity derivative contracts114 8,843 — 8,957  
Credit derivative contracts— 59 — 59 
Foreign exchange derivative contracts2 41 — 43  
Total other assets116 9,123 — 9,239  
Total assets at fair value$6,111 $60,467 $2,984 $147,688  
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives
$— $— $53 $53  
IUL embedded derivatives— — 1,002 1,002  
Structured variable annuity embedded derivatives
— — 2,461 2,461 
Total policyholder account balances, future policy benefits and claims— — 3,516 3,516 (3)
Market risk benefits
— — 1,263 1,263 (2)
Customer deposits— 7 — 7  
Other liabilities:
Interest rate derivative contracts1 323 — 324  
Equity derivative contracts173 5,189 — 5,362  
Credit derivative contracts— 4 — 4 
Foreign exchange derivative contracts— 13 — 13 
Other314 8 68 390  
Total other liabilities488 5,537 68 6,093  
Total liabilities at fair value$488 $5,544 $4,847 $10,879  
 
December 31, 2023
 
Level 1Level 2Level 3Total
(in millions)
Assets
Cash equivalents$704 $4,325 $— $5,029  
Available-for-Sale securities:
Corporate debt securities— 12,107 469 12,576  
Residential mortgage backed securities— 21,066 — 21,066  
Commercial mortgage backed securities— 6,050 — 6,050  
Asset backed securities— 8,318 1 8,319  
State and municipal obligations— 760 — 760  
U.S. government and agency obligations2,740 — — 2,740  
Foreign government bonds and obligations— 18 — 18  
Other securities— 33 — 33 
Total Available-for-Sale securities2,740 48,352 470 51,562  
Investments at NAV10 (1)
Trading and other securities265 25 — 290  
Separate account assets at NAV77,457 (1)
Investments and cash equivalents segregated for regulatory purposes699 — — 699 
Market risk benefits— — 1,427 1,427 (2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives— — 51 51 
Other assets:
Interest rate derivative contracts1 184 — 185  
Equity derivative contracts66 4,968 — 5,034  
Credit derivative contracts— 4 — 4 
Foreign exchange derivative contracts1 21 — 22  
Total other assets68 5,177 — 5,245  
Total assets at fair value$4,476 $57,879 $1,948 $141,770 
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives$— $3 $49 $52  
IUL embedded derivatives— — 873 873  
Structured variable annuity embedded derivatives
— — 1,011 1,011 
Total policyholder account balances, future policy benefits and claims— 3 1,933 1,936 (3)
Market risk benefits— — 1,762 1,762 (2)
Customer deposits— 9 — 9  
Other liabilities:
Interest rate derivative contracts1 304 — 305  
Equity derivative contracts96 3,368 — 3,464 
Credit derivative contracts— 107 — 107 
Foreign exchange derivative contracts1 6 — 7  
Other259 3 76 338  
Total other liabilities357 3,788 76 4,221 
Total liabilities at fair value$357 $3,800 $3,771 $7,928 
(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 13 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 $211 million and $195 million cumulative decrease to the embedded derivatives as of December 31, 2024 and 2023, respectfully.
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 SecuritiesReceivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2024
$469 $— $1 $470 $51 
Total gains (losses) included in:
Net income1 — — 1 (1)8 
Other comprehensive income (loss)1 — — 1 — 
Purchases228 150 148 526 — 
Settlements(116)(2)— (118)(4)
Transfers out of Level 3— (110)(23)(133)— 
Balance at December 31, 2024
$583 $38 $126 $747 $55 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024
$1 $— $— $1 (1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024
$(2)$— $— $(2)$— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2024
$49 $873 $1,011 $1,933 $76 
Total (gains) losses included in:
Net income8 (2)255 (2)1,670 (3)1,933 2 (4)
Issues— 23 114 137 21 
Settlements(4)(149)(334)(487)(31)
Balance at December 31, 2024
$53 $1,002 $2,461 $3,516 $68 
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2024
$— $255 (2)$1,670 (3)$1,925 $— 
 Available-for-Sale Securities Receivables
Corporate Debt SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2023
$405 $6 $411 $48 
Total gains (losses) included in:
Net income— — — (1)6 
Other comprehensive income (loss)11 — 11 — 
Purchases
126 — 126 — 
Settlements
(73)(5)(78)(3)
Balance at December 31, 2023
$469 $1 $470 $51 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023
$11 $— $11 $— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2023
$44 $739 $(137)(5)$646 $62 
Total (gains) losses included in:
Net income8 (2)198 (2)1,166 (3)1,372 2 (4)
Other comprehensive income (loss)— — — — 1 
Issues— 59 104 163 44 
Settlements(3)(123)(122)(248)(33)
Balance at December 31, 2023
$49 $873 $1,011 $1,933 $76 
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023
$— $198 (2)$1,166 (3)$1,364 $— 
 Available-for-Sale Securities Receivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesCommercial Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2022
$502 $— $35 $7 $544  $59 
Total gains (losses) included in:
Net income(1)— — — (1)(1)(8)
Other comprehensive income (loss)(44)(4)— (1)(49)— 
Purchases
39 389 112 32 572 — 
Settlements
(91)— — — (91)(3)
Transfers out of Level 3
— (385)(147)(32)(564)— 
Balance at December 31, 2022
$405 $— $— $6 $411 $48 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022
$(1)$— $— $— $(1)(1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022
$(42)$— $— $(1)$(43)$— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2022
$56 $905  $406 $1,367 $61 
Total (gains) losses included in:
Net income
(9)(2)(105)(2)(633)(3)(747)— (4)
Other comprehensive income (loss)— — — — (3)
Issues
— 51 90 141 37 
Settlements
(3)(112)— (115)(33)
Balance at December 31, 2022
$44 $739 $(137)(5)$646 $62 
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022
$— $(105)(2)$(633)(3)$(738)$— 
(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.
(5) The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and December 31, 2022 and the amounts are presented as contra liabilities.
The increase to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $14 million, $51 million and $45 million, net of the reinsurance accrual, for the years ended December 31, 2024, 2023 and 2022, respectively.
Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.
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:
 
December 31, 2024
Fair ValueValuation TechniqueUnobservable InputRange Weighted
 Average
(in millions)
Corporate debt securities (private placements)$583 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
0.8%– 1.7%1.1%
Asset backed securities$1 Discounted cash flow
Annual short-term default rate (2)
3.5%3.5%
Annual long-term default rate (2)
3.5%3.5%
Discount rate15.3%15.3%
Constant prepayment rate20.0%20.0%
Loss recovery60.0%60.0%
Fixed deferred indexed annuity ceded embedded derivatives$55 Discounted cash flow
Surrender rate (3)
0.0%–89.1%10.6%
Fixed deferred indexed annuity embedded derivatives$53 Discounted cash flow
Surrender rate (3)
0.0%– 89.1%10.6%
  
Nonperformance risk (4)
65 bps65 bps
IUL embedded derivatives$1,002 Discounted cash flow
Nonperformance risk (4)
65 bps65 bps
Structured variable annuity embedded derivatives$2,461 Discounted cash flow
Surrender rate (3)
0.5%–75.0%1.7%
Nonperformance risk (4)
65 bps65 bps
Contingent consideration liabilities$68 Discounted cash flow
Discount rate (5)
0.0 %–10.5%3.3%
 
December 31, 2023
Fair ValueValuation TechniqueUnobservable InputRange Weighted
 Average
(in millions)
Corporate debt securities (private placements)$469 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
1.0%– 2.4%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 rate29.0%29.0%
Constant prepayment rate10.0%10.0%
Loss recovery63.6%63.6%
Fixed deferred indexed annuity ceded embedded derivatives$51 Discounted cash flow
Surrender rate (3)
0.0%–66.8%1.4%
Fixed deferred indexed annuity embedded derivatives$49 Discounted cash flow
Surrender rate (3)
0.0%– 66.8%1.4%
Nonperformance risk (4)
85 bps85 bps
IUL embedded derivatives$873 Discounted cash flow
Nonperformance risk (4)
85 bps85 bps
Structured variable annuity embedded derivatives$1,011 Discounted cash flow
Surrender rate (3)
0.5%–75.0%2.6%
Nonperformance risk (4)
85 bps85 bps
Contingent consideration liabilities$76 Discounted cash flow
Discount rate (5)
0.0 %–10.5%2.9%
(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.
Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.
Uncertainty of Fair Value Measurements
Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would have resulted in a significantly lower (higher) fair value measurement.
Significant increases (decreases) in the annual default rate and discount rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss recovery in isolation would have resulted in a significantly lower (higher) fair value measurement.
Significant increases (decreases) in the constant prepayment rate in isolation would have resulted in a significantly lower (higher) fair value measurement.
Significant increases (decreases) in the surrender assumption used in the fair value measurement of the fixed deferred indexed annuity ceded embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.
Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.
Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.
Significant increases (decreases) in the discount rate used in the fair value measurement of the contingent consideration liability in isolation would have resulted in a significantly lower (higher) fair value measurement.
Determination of Fair Value
The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs.
The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.
Assets
Cash Equivalents
Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization.
Investments (Available-for-Sale Securities, Equity Securities and Trading Securities)
When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.
Level 1 securities primarily include trading securities and U.S. Treasuries.
Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations, foreign government securities and trading and other securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.
Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of certain asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in certain asset backed securities is classified as Level 3.
Management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third-party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise.
Separate Account Assets
The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy.
Investments and Cash Equivalents Segregated for Regulatory Purposes
Investments and cash equivalents segregated for regulatory purposes includes U.S. Treasuries that are classified as Level 1.
Receivables
The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.
Other Assets
Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options. The counterparties’ nonperformance risk associated with
uncollateralized derivative assets was immaterial as of both December 31, 2024 and 2023. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.
Liabilities
Policyholder Account Balances, Future Policy Benefits and Claims
There is no active market for the transfer of the Company’s embedded derivatives attributable to the provisions of fixed deferred indexed annuity, structured variable annuity and IUL products.
The Company uses a discounted cash flow model to determine the fair value of the embedded derivatives associated with the provisions of its equity index annuity product. The projected cash flows generated by this model are based on significant observable inputs related to interest rates, volatilities and equity index levels and, therefore, are classified as Level 2.
The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity market exposure and a fixed account. Each indexed account includes a protection option (a buffer or a floor). If the index has a negative return, contractholder losses will be reduced by a buffer or limited to a floor. The portion allocated to an indexed account is accounted for as an embedded derivative. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives are classified as Level 3.
The embedded derivatives attributable to these provisions are recorded in Policyholder account balances, future policy benefits and claims.
Customer Deposits
The Company uses Black-Scholes models to determine the fair value of the embedded derivative liability associated with the provisions of its stock market certificates (“SMC”). The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2.
Other Liabilities
Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both December 31, 2024 and 2023. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.
Securities sold but not yet purchased represent obligations of the Company to deliver specified securities that it does not yet own, creating a liability to purchase the security in the market at prevailing prices. When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from nationally-recognized pricing services, or other model-based valuation techniques such as the present value of cash flows. Level 1 securities sold but not yet purchased primarily include trading securities and U.S. Treasuries traded in active markets. Level 2 securities sold but not yet purchased primarily include corporate bonds.
Contingent consideration liabilities consist of earn-outs and/or deferred payments related to the Company’s acquisitions. Contingent consideration liabilities are recorded at fair value utilizing a discounted cash flow model using an unobservable input (discount rate). Given the use of a significant unobservable input, the fair value of contingent consideration liabilities is classified as Level 3 within the fair value hierarchy.
Fair Value on a Nonrecurring Basis
The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $27 million and $41 million as of December 31, 2024 and 2023, respectively, and is classified as Level 3 in the fair value hierarchy.
Assets and Liabilities 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:
 
December 31, 2024
Carrying ValueFair Value
Level 1Level 2Level 3Total
(in millions)
Financial Assets
Mortgage loans, net$2,354 $— $433 $1,768 $2,201 
Policy loans982 — 982 — 982 
Receivables9,236 218 1,879 5,964 8,061 
Restricted and segregated cash887 887 — — 887 
Other investments and assets272 — 220 53 273 
Financial Liabilities
Policyholder account balances, future policy benefits and claims
$20,097 $— $— $16,826 $16,826 
Investment certificate reserves11,205 — — 11,183 11,183 
Banking and brokerage deposits24,639 24,639 — — 24,639 
Separate account liabilities — investment contracts2,902 — 2,902 — 2,902 
Debt and other liabilities3,326 274 3,031 4 3,309 
 
December 31, 2023
Carrying ValueFair Value
Level 1Level 2Level 3Total
(in millions)
Financial Assets
Mortgage loans, net$2,118 $— $280 $1,692 $1,972 
Policy loans912 — 912 — 912 
Receivables9,453 146 1,621 6,577 8,344 
Restricted and segregated cash936 936 — — 936 
Other investments and assets338 — 283 55 338 
Financial Liabilities
Policyholder account balances, future policy benefits and claims
$16,641 $— $— $14,243 $14,243 
Investment certificate reserves13,461 — — 13,420 13,420 
Banking and brokerage deposits23,886 23,886 — — 23,886 
Separate account liabilities — investment contracts3,155 — 3,155 — 3,155 
Debt and other liabilities3,769 166 3,610 5 3,781 
Receivables include deposit receivables, brokerage margin loans, securities borrowed, pledged asset lines of credit and loans to financial advisors. Restricted and segregated cash includes cash segregated under federal and other regulations held in special reserve bank accounts for the exclusive benefit of the Company’s brokerage customers. Other investments and assets primarily include syndicated loans, credit card receivables, certificate of deposits with original or remaining maturities at the time of purchase of more than 90 days, the Company’s membership in the FHLB and investments related to the Community Reinvestment Act. See Note 7 for additional information on mortgage loans, policy loans, syndicated loans, credit card receivables and deposit receivables.
Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 11 for additional information on these liabilities. Investment certificate reserves represent customer deposits for fixed rate certificates and stock market certificates. Banking and brokerage deposits are amounts payable to customers related to free credit balances, funds deposited by customers and funds accruing to customers as a result of trades or contracts. Separate account liabilities are primarily investment contracts in pooled pension funds offered by Threadneedle. Debt and other liabilities include the Company’s long-term debt, short-term borrowings, securities loaned and future funding commitments to affordable housing partnerships and other real estate partnerships. See Note 15 for further information on the Company’s long-term debt and short-term borrowings.
v3.25.0.1
Offsetting Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Offsetting [Abstract]  
Offsetting Assets and Liabilities Offsetting Assets and Liabilities
Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments and securities borrowing and lending agreements are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Securities borrowed and securities loaned result from transactions between the Company’s broker dealer subsidiary and other financial institutions and are recorded at the amount of cash collateral advanced or received. Securities borrowed and securities loaned are primarily equity securities. The Company’s securities borrowed and securities loaned transactions generally do not have a fixed maturity date and may be terminated by either party under customary terms. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.
The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:
 December 31, 2024
Gross Amounts of Recognized AssetsGross Amounts Offset in the Consolidated Balance SheetsAmounts of Assets Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the
Consolidated Balance Sheets		Net Amount
Financial Instruments (1)
Cash CollateralSecurities Collateral
(in millions)
Derivatives:
OTC$9,126 $— $9,126 $(5,566)$(1,554)$(1,970)$36 
OTC cleared10 — 10 (10)— — — 
Exchange-traded103 — 103 (18)— — 85 
Total derivatives9,239 — 9,239 (5,594)(1,554)(1,970)121 
Securities borrowed218 — 218 (71)— (142)5 
Total$9,457 $— $9,457 $(5,665)$(1,554)$(2,112)$126 
 December 31, 2023
Gross Amounts of Recognized AssetsGross Amounts Offset in the Consolidated Balance SheetsAmounts of Assets Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the
Consolidated Balance Sheets		Net Amount
Financial Instruments (1)
Cash CollateralSecurities Collateral
(in millions)
Derivatives:
OTC$5,197 $— $5,197 $(3,707)$(1,114)$(357)$19 
OTC cleared9 — 9 (9)— — — 
Exchange-traded39 — 39 (18)— — 21 
Total derivatives5,245 — 5,245 (3,734)(1,114)(357)40 
Securities borrowed146 — 146 (32)— (111)3 
Total$5,391 $— $5,391 $(3,766)$(1,114)$(468)$43 
(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:
 December 31, 2024
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Consolidated Balance SheetsAmounts of Liabilities Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the
Consolidated Balance Sheets		Net Amount
Financial Instruments (1)
Cash CollateralSecurities Collateral
(in millions)
Derivatives:
OTC$5,662 $— $5,662 $(5,566)$(15)$(68)$13 
OTC cleared18 — 18 (10)— — 8 
Exchange-traded23 — 23 (18)— — 5 
Total derivatives5,703 — 5,703 (5,594)(15)(68)26 
Securities loaned273 — 273 (71)— (195)7 
Total$5,976 $— $5,976 $(5,665)$(15)$(263)$33 
 December 31, 2023
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Consolidated Balance SheetsAmounts of Liabilities Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the
Consolidated Balance Sheets		Net Amount
Financial Instruments (1)
Cash CollateralSecurities Collateral
(in millions)
Derivatives:
OTC$3,829 $— $3,829 $(3,707)$(36)$(78)$8 
OTC cleared35 — 35 (9)— — 26 
Exchange-traded19 — 19 (18)— — 1 
Total derivatives3,883 — 3,883 (3,734)(36)(78)35 
Securities loaned163 — 163 (32)— (126)5 
Total$4,046 $— $4,046 $(3,766)$(36)$(204)$40 
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
In the tables above, the amount of assets or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables.
When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral.
Freestanding derivative instruments are reflected in Other assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. Securities borrowing and lending agreements are reflected in Receivables and Other liabilities, respectively. See Note 18 for additional disclosures related to the Company’s derivative instruments and Note 5 for information related to derivatives held by consolidated investment entities.
v3.25.0.1
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity, foreign exchange and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations.
Certain of the Company’s freestanding derivative instruments are subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 17 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral.
Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
December 31, 2024
December 31, 2023
NotionalGross Fair ValueNotionalGross Fair Value
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts - net investment hedges— $— $— 61 $— $3 
Total qualifying hedges— — — 61 — 3 
Derivatives not designated as hedging instruments
Interest rate contracts39,111 180 324 42,523 185 305 
Equity contracts109,622 8,957 5,362 83,080 5,034 3,464 
Credit contracts3,122 59 4 3,436 4 107 
Foreign exchange contracts3,426 43 13 3,262 22 4 
Total non-designated hedges155,281 9,239 5,703 132,301 5,245 3,880 
Embedded derivatives
IULN/A— 1,002 N/A— 873 
Fixed deferred indexed annuities and deposit receivablesN/A55 53 N/A51 52 
Structured variable annuities (3)
N/A— 2,461 N/A— 1,011 
SMCN/A— 7 N/A— 9 
Total embedded derivativesN/A55 3,523 N/A51 1,945 
Total derivatives$155,281 $9,294 $9,226 $132,362 $5,296 $5,828 
N/A  Not applicable.
(1) The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.
(2) The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims. The fair value of the SMC embedded derivative liability is included in Customer deposits.
(3) The fair value of the structured variable annuity embedded derivatives as of December 31, 2024 included $2.5 billion of individual contracts in a liability position and $3 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included $1.0 billion of individual contracts in a liability position and $15 million of individual contracts in an asset position.
See Note 16 for additional information regarding the Company’s fair value measurement of derivative instruments.
As of both December 31, 2024 and 2023, investment securities with a fair value of $1.5 billion were pledged to meet contractual obligations under derivative contracts, of which $85 million and $145 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2024 and 2023, investment securities with a fair value of $2.2 billion and $376 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $2.0 billion and $314 million, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2024 and 2023, the Company had sold, pledged or rehypothecated none of these securities. In addition, as of both December 31, 2024 and 2023, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.
Derivatives Not Designated as Hedges
The following tables presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement Expenses
Change in Fair Value of Market Risk Benefits
General and Administrative Expense
(in millions)
Year Ended December 31, 2024
Interest rate contracts$1 $— $— $— $(10)$(1,128)$— 
Equity contracts(12)2 119 71 1,419 (1,021)10 
Credit contracts— — (3)— — 124 — 
Foreign exchange contracts— — — — — 64 (12)
IUL embedded derivatives— — — (106)— — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — 16 — — — 
Structured variable annuity embedded derivatives— — — — (1,670)— — 
SMC embedded derivatives— (2)— — — — — 
Total gain (loss)$(11)$— $116 $(19)$(261)$(1,961)$(2)
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement Expenses
Change in Fair Value of Market Risk Benefits
Interest and Debt ExpenseGeneral and Administrative Expense
(in millions)
Year Ended December 31, 2023
Interest rate contracts$— $— $— $— $(5)$(422)$(1)$— 
Equity contracts(3)4 128 79 770 (1,239)— 10 
Credit contracts— — 2 — — 7 — — 
Foreign exchange contracts— — — — — 5 — 7 
IUL embedded derivatives— — — (75)— — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (3)— — — — 
Structured variable annuity embedded derivatives— — — — (1,166)— — — 
SMC embedded derivatives— (5)— — — — — — 
Total gain (loss)$(3)$(1)$130 $1 $(401)$(1,649)$(1)$17 
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement Expenses
Change in Fair Value of Market Risk Benefits
Interest and Debt ExpenseGeneral and Administrative Expense
(in millions)
Year Ended December 31, 2022
Interest rate contracts$1 $— $(3)$— $(26)$(2,874)$(1)$— 
Equity contracts8 (1)(177)(126)(164)899 — (23)
Credit contracts— — (4)— — 279 — — 
Foreign exchange contracts2 — — — — 105 — (7)
IUL embedded derivatives— — — 217 — — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — 4 — — — — 
Structured variable annuity embedded derivatives— — — — 633 — — — 
Total gain (loss)$11 $(1)$(184)$95 $443 $(1,591)$(1)$(30)
The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.
The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2024:
 Premiums PayablePremiums Receivable
 (in millions)
2025$119 $20 
2026246 88 
202719 — 
202829 — 
2029135 — 
2030-2031234 — 
Total$782 $108 
Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.
Structured variable annuity, IUL and stock market certificate products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity, IUL and stock market certificate products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity, IUL and stock market certificate product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts.
As discussed in Note 13, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.
The Company enters into futures, credit default swaps, commodity swaps, total return swaps and foreign currency forwards to manage its exposure to price risk arising from seed money investments in proprietary investment products. The Company enters into foreign currency forward contracts to economically hedge its exposure to certain foreign transactions. The Company enters into futures contracts, total return swaps and foreign currency forwards to economically hedge its exposure related to compensation plans. The Company enters into interest rate swaps to offset interest rate changes on unrealized gains or losses for certain investments.
Cash Flow Hedges
The Company has designated derivative instruments as a cash flow hedge for equity exposure of certain compensation-related liabilities and interest rate exposure on forecasted debt interest payments. For derivative instruments that qualify as cash flow hedges, the gains or losses on the derivative instruments are reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented within the same line item as the earnings impact of the hedged item in Interest and debt expense.
For the years ended December 31, 2024, 2023 and 2022, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial. The estimated net amount recorded in AOCI as of December 31, 2024 that the Company expects to reclassify to earnings as a reduction to Interest and debt expense within the next twelve months is $0.8 million. Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 11 years and relates to forecasted debt interest payments. See Note 21 for a rollforward of net unrealized gains (losses) on derivatives included in AOCI related to cash flow hedges.
Net Investment Hedges
The Company entered into, and designated as net investment hedges in foreign operations, forward contracts to hedge a portion of the Company’s foreign currency exchange rate risk associated with its investment in Threadneedle. As the Company determined that the forward contracts are effective, the change in fair value of the derivatives is recognized in AOCI as part of the foreign currency translation adjustment. For the years ended December 31, 2024, 2023 and 2022 , the Company recognized nil, a loss of $3 million and a gain of $15 million, respectively, in OCI.
Credit Risk
Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical. See Note 17 for additional information on the Company’s credit exposure related to derivative assets.
Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s debt rating (or based on the financial strength of the Company’s life insurance subsidiaries for contracts in which those subsidiaries are the counterparty). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company’s debt does not maintain a specific credit rating (generally an investment grade rating) or the Company’s life insurance subsidiaries do not maintain a specific financial strength rating. If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of December 31, 2024 and 2023, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $69 million and $65 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2024 and 2023 was $68 million and $58 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of December 31, 2024 and 2023 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $1 million and $7 million, respectively.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The following table presents the balances for operating and finance ROU assets and lease liabilities:
LeasesBalance Sheet Classification
December 31, 2024
December 31, 2023
(in millions)
Assets
Operating lease assetsOther assets$246 $259 
Finance lease assetsOther assets8 18 
Total lease assets$254 $277 
Liabilities
Operating lease liabilitiesOther liabilities$313 $325 
Finance lease liabilitiesLong-term debt9 20 
Total lease liabilities$322 $345 
The following table presents the components of lease cost:
Years Ended December 31,
Lease CostIncome Statement Classification202420232022
(in millions)
Operating lease costGeneral and administrative expense$61 $55 $61 
Finance lease cost:
Amortization of ROU assetsGeneral and administrative expense10 10 10 
Interest on lease liabilitiesInterest and debt expense1 1 1 
Total lease cost$72 $66 $72 
The following table presents the weighted-average lease term and weighted-average discount rate related to operating and finance leases:
December 31, 2024
December 31, 2023
Lease Term and Discount RateFinance LeasesOperating LeasesFinance LeasesOperating Leases
Weighted-average remaining lease term (years)1626
Weighted-average discount rate3.4 %2.9 %3.4 %2.7 %
The following table presents supplemental cash flow information related to operating and finance leases:
Years Ended December 31,
Supplemental Cash Flow Information202420232022
(in millions)
Operating cash flows:
Cash paid for amounts included in measurement of operating lease liabilities$69 $68 $65 
Cash paid for amounts included in measurement of finance lease liabilities1 1 1 
Financing cash flows:
Cash paid for amounts included in measurement of finance lease liabilities$11 $10 $10 
The following table presents the maturities of lease liabilities:
Maturity of Lease Liabilities
December 31, 2024
Finance LeasesOperating Leases
(in millions)
2025$9 $72 
2026— 68 
2027— 56 
2028— 44 
2029— 35 
Thereafter— 65 
Total lease payments9 340 
Less: interest
— 27 
Present value of lease liabilities$9 $313 
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The Company’s share-based compensation plans consist of the Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan (the “2005 ICP”), the Ameriprise Financial Franchise Advisor Deferred Compensation Plan and the Ameriprise Advisor Group Deferred Compensation Plan.
The components of the Company’s share-based compensation expense, net of forfeitures, were as follows:
Years Ended December 31,
2024
2023
2022
(in millions)
Stock option$15 $16 $16 
Restricted stock25 27 27 
Restricted stock units and deferred share units
153 144 127 
Liability awards58 62 44 
Total$251 $249 $214 
For the years ended December 31, 2024, 2023 and 2022, total income tax benefit using the statutory rate related to share-based compensation expense was $53 million, $52 million and $45 million, respectively.
As of December 31, 2024, there was $183 million of total unrecognized compensation cost related to non-vested awards under the Company’s share-based compensation plans, which is expected to be recognized over a weighted-average period of 3 years.
Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan
The 2005 ICP, as amended and restated, was approved by shareholders on April 26, 2023, and provides for the grant of cash and equity incentive awards to directors, employees and independent contractors, including stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance shares and similar awards designed to comply with the applicable federal regulations and laws of jurisdiction. Under the 2005 ICP, as amended and restated a maximum of 58.1 million shares may be issued, of which 14.5 million shares are available to be issued as of December 31, 2024. Of this total, no more than 5.0 million shares may be issued after December 31, 2022 for full value awards, which are awards other than stock options and stock appreciation rights. Shares issued under the 2005 ICP may be authorized and unissued shares or treasury shares.
Ameriprise Financial 2008 Employment Incentive Equity Award Plan
Effective February 23, 2023, the Ameriprise Financial 2008 Employment Incentive Equity Award Plan (the “2008 Plan”), which was designed to grant equity incentive awards to new employees in compliance with applicable federal and foreign regulations, was terminated by the Company. At the time of termination, there were no unvested or unexercised awards outstanding under the 2008 Plan and, as a result of the termination of the plan, no future shares could be granted under the 2008 Plan.
Stock Options
Stock options granted under the 2005 ICP have an exercise price not less than 100% of the current fair market value of a share of the Company’s common stock on the grant date and a maximum term of 10 years. Stock options granted generally vest ratably over three to four years. Vesting of option awards may be accelerated based on age and length of service. Stock options granted are expensed on a straight-line basis over the vesting period based on the fair value of the awards on the date of grant. The grant date fair value of the options is calculated using a Black-Scholes option-pricing model.
The following weighted average assumptions were used for stock option grants:
2024
2023
2022
Dividend yield1.8 %2.0 %2.0 %
Expected volatility31 %33 %35 %
Risk-free interest rate4.0 %3.6 %1.7 %
Expected life of stock option (years)5.05.05.0
The dividend yield assumption represents the Company’s expected dividend yield based on its historical dividend payouts and management’s expectations. The expected volatility is based on the Company’s historical and implied volatilities. The risk-free interest rate for periods within the expected option life is based on the U.S. Treasury yield curve at the grant date. The expected life of the option is based on the Company’s past experience and other considerations.
The weighted average grant date fair value for options granted during 2024, 2023 and 2022 was $112.88, $99.86 and $80.48, respectively.
A summary of the Company’s stock option activity for 2024 is presented below (shares and intrinsic value in millions):
SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual
Term (Years)		Aggregate Intrinsic Value
Outstanding at January 12.3 $177.60 5$457 
Granted0.1 391.40 
Exercised(0.8)153.35 
Outstanding at December 311.6 207.11 5515 
Exercisable at December 311.3 173.69 5464 
The intrinsic value of a stock option is the amount by which the fair value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of options exercised was $238 million, $136 million and $130 million during the years ended December 31, 2024, 2023 and 2022, respectively.
Restricted Stock Awards
Restricted stock awards granted under the 2005 ICP generally vest ratably over three to four years or at the end of five years. Compensation expense for restricted stock awards is based on the market price of Ameriprise Financial common stock on the date of grant and is amortized on a straight-line basis over the vesting period. Quarterly dividends are paid on restricted stock, as declared by the Company’s Board of Directors, during the vesting period and are not subject to forfeiture.
Restricted Stock Units and Deferred Share Units
The 2005 ICP provides for the grant of deferred share units to non-employee directors of the Company and for the grant of restricted stock units or deferred share units to employees. The director awards are fully vested upon issuance and are settled for Ameriprise Financial common stock upon the director’s termination of service. The employee awards generally vest ratably over three to four years. Compensation expense for deferred share units and restricted stock units is based on the market price of Ameriprise Financial stock on the date of grant. Restricted stock units and deferred stock units granted to employees are expensed on a straight-line basis over the vesting period or on an accelerated basis if certain age and length of service requirements are met. Deferred share units granted to non-employee directors are expensed immediately. Dividends are paid on restricted stock units, as declared by the Company’s Board of Directors, during the vesting period and are not subject to forfeiture. Dividend equivalents are issued on deferred share units, as dividends are declared by the Company's Board of Directors, and are not paid until distribution of the award. Dividend equivalents on the director awards are not subject to forfeiture, but on employee awards they are forfeited if the award is forfeited.
Ameriprise Financial Deferred Compensation Plan
The Ameriprise Financial Deferred Compensation Plan (“DCP”) under the 2005 ICP gives certain employees the choice to defer a portion of their eligible compensation, which can be invested in investment options as provided by the DCP, including the Ameriprise Financial Stock Fund. The DCP is an unfunded non-qualified deferred compensation plan under section 409A of the Internal Revenue Code. The Company provides a match on certain deferrals. Participant deferrals vest immediately and the Company match vests after three years. Distributions are made in shares of the Company’s common stock for the portion of the deferral invested in the Ameriprise Financial Stock Fund and the Company match, for which the Company has recorded in equity. The DCP does allow for accelerated vesting of the share-based awards in cases of death, disability and qualified retirement. Compensation expense related to the Company match is recognized on a straight-line basis over the vesting period or on an accelerated basis if certain age and length of service requirements are met. Dividend equivalents are issued on deferrals into the Ameriprise Financial Stock Fund and the Company match. Dividend equivalents related to deferrals are not subject to forfeiture, whereas dividend equivalents related to the Company match are subject to forfeiture until fully vested.
Ameriprise Financial Franchise Advisor Deferred Compensation Plan
The Franchise Advisor Deferred Compensation Plan (the “AFG Deferral Plan”) is an unfunded, non-qualified deferred compensation plan that provides benefits to certain advisors and leaders associated with the Company. The AFG Deferral Plan has not been approved by the Company’s shareholders, and it is a value-neutral plan (as that term is used by proxy advisory firms) and there will be no additional premium or matching contributions. Under the AFG Deferral Plan, a maximum of 12.5 million Company shares may be issued, of which 10.1 million shares have been issued since inception.
The AFG Deferral Plan allows participants to voluntarily defer a portion of their cash commissions and elect crediting rate alternatives that includes a fund based on Ameriprise Financial stock or other investment options in lieu of receiving the applicable cash compensation. Amounts a participant chooses to invest in the fund tracking Ameriprise Financial stock will be settled in Ameriprise Financial shares; all voluntary deferrals invested in other investment options will be settled in cash. From 2006-2010, the Company provided advisors with a matching contribution with respect to these voluntary deferred amounts; however, the Company has not provided a match since 2010 and has amended the AFG Deferral Plan to remove any matching contributions. There are approximately 104,000 shares outstanding under this prior matching contribution. Other than this historical matching contribution, the Company does not provide any additional premium in connection with the deferred compensation.
In addition to the voluntary deferral of cash commissions, certain participants are eligible to earn amounts in recognition of certain performance achievements that vest ratably over three or four years. When earned, award amounts are credited to a participant’s account and receive a crediting rate based on Ameriprise Financial stock, and a participant elects (when an award is granted) whether to receive payout of these awards in cash or stock. The Company does not provide any additional premium or matching contribution in connection with the deferred compensation. Share units receive dividend equivalents, as dividends are declared by the Company’s Board of Directors, until distribution and are subject to forfeiture until vested.
Ameriprise Advisor Group Deferred Compensation Plan
The Advisor Group Deferred Compensation Plan (the “AAG Deferral Plan”) was established in 2009 as an unfunded, non-qualified deferred compensation plan that provides benefits to certain employee advisors and field leaders of the Company. The AAG Deferral Plan was not approved by the Company’s shareholders and is considered a value-neutral plan (as that term is used by proxy advisory firms) and there will be no additional premium or matching contributions. Under the AAG Deferral Plan, a maximum of 3.0 million Company shares may be issued, of which 1.2 million shares have been issued since inception.
The AAG Deferral Plan allows eligible employees to voluntarily defer a portion of their base salary, bonus and/or commissions and elect crediting rate alternatives that include a fund based on Ameriprise Financial stock or other investment options in lieu of receiving the applicable cash compensation. Such deferrals are fully vested and not subject to future service requirements or forfeitures and the Company does not provide any additional premium or matching contribution in connection with the deferred compensation. Amounts a participant chooses to invest in the fund tracking Ameriprise Financial stock will be settled in Ameriprise Financial shares; all voluntary deferrals invested in other investment options will be settled in cash.
In addition to the voluntary deferral component, participants may earn amounts in recognition of certain performance achievements. These amounts receive a crediting rate based on Ameriprise Financial stock or other investment options, at the participant’s election where applicable. For amounts allocated in the fund that tracks the performance of Ameriprise Financial stock, a participant elects (when an award is granted) whether to receive payout of these awards in cash or Ameriprise Financial shares. For amounts allocated to other options, the participant receives payout in cash. These award types are subject to future service requirements and forfeitures, and the Company does not provide any additional premium or matching contribution in connection with the deferred compensation. Share units receive dividend equivalents, as dividends are declared by the Company’s Board of Directors, until distribution and are subject to forfeiture until vested.
Full Value Share Award Activity
A summary of activity for the Company’s restricted stock awards, restricted stock units granted to employees (including advisors), compensation and commission deferrals into stock and deferred share units for 2024 is presented below (shares in millions):
SharesWeighted Average Grant-date
Fair Value
Non-vested shares at January 11.3 $250.16 
Granted0.3 405.99 
Deferred0.1 447.19 
Vested(0.6)283.08 
Forfeited— 321.45 
Non-vested shares at December 311.1 295.92 
The deferred shares in the table above primarily relate to franchise advisor voluntary deferrals of their commissions into Ameriprise Financial stock under the Franchise Advisor Deferral Plan that are fully vested at the deferral date.
The fair value of full value share awards vested during the years ended December 31, 2024, 2023 and 2022 was $263 million, $197 million and $191 million, respectively.
The weighted average grant date fair value for restricted shares, restricted stock units and deferred share units during 2024, 2023 and 2022 was $395.66, $342.66 and $296.50, respectively. The weighted average grant date fair value for franchise advisor and advisor group deferrals during 2024, 2023 and 2022 was $428.36, $336.62 and $280.49, respectively.
Performance Share Units
Under the 2005 ICP, the Company’s Executive Leadership Team may be awarded a target number of performance share units (“PSUs”). PSUs will be earned only to the extent that the Company attains certain goals relating to the Company’s performance and relative total shareholder returns against peers over a three-year period. The awards also have a three-year service condition with cliff vesting with an accelerated service condition based on age and length of service. The actual number of PSUs ultimately earned could vary from zero, if performance goals are not met, to as much as 175% of the target for awards made in 2018 or later, if performance goals are significantly exceeded. The value of each target PSU is equal to the value of one share of Ameriprise Financial common stock. The total number of target PSUs outstanding at the end of December 31, 2024, 2023 and 2022 was 0.1 million, 0.2 million and
0.3 million, respectively. The PSUs are liability awards. During the years ended December 31, 2024, 2023 and 2022, the value of shares settled for PSU awards was $63 million, $68 million and $85 million, respectively.
v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
The following tables present the amounts related to each component of OCI:
Year Ended December 31, 2024
PretaxIncome Tax Benefit (Expense)Net of Tax
(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)
$(303)$61 $(242)
Reclassification of net (gains) losses on securities included in net income (2)
19 (4)15 
Impact of benefit reserves and reinsurance recoverables20 (4)16 
Net unrealized gains (losses) on securities
(264)53 (211)
Net unrealized gains (losses) on derivatives:
Reclassification of net (gains) losses on derivatives included in net income (3)
(1)1 — 
Net unrealized gains (losses) on derivatives
(1)1 — 
Effect of changes in discount rate assumptions on certain long-duration contracts194 (41)153 
Effect of changes in instrument-specific credit risk on market risk benefits (“MRBs”)
(79)17 (62)
Defined benefit plans:
Prior service credits (costs)
(2)1 (1)
Net gains (losses)19 (3)16 
Defined benefit plans
17 (2)15 
Foreign currency translation
(37)— (37)
Total other comprehensive income (loss)
$(170)$28 $(142)
Year Ended December 31, 2023
PretaxIncome Tax Benefit (Expense)Net of Tax
(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)
$1,038 $(240)$798 
Reclassification of net (gains) losses on securities included in net income (2)
29 (6)23 
Impact of benefit reserves and reinsurance recoverables(24)5 (19)
Net unrealized gains (losses) on securities
1,043 (241)802 
Net unrealized gains (losses) on derivatives:
Net unrealized gains (losses) on derivatives arising during the period3 (1)2 
Reclassification of net (gains) losses on derivatives included in net income (3)
(1)1 — 
Net unrealized gains (losses) on derivatives
2 — 2 
Effect of changes in discount rate assumptions on certain long-duration contracts(69)15 (54)
Effect of changes in instrument-specific credit risk on MRBs(83)18 (65)
Defined benefit plans:
Prior service credits (costs)
(1)— (1)
Net gains (losses)20 (4)16 
Defined benefit plans
19 (4)15 
Foreign currency translation
79 1 80 
Total other comprehensive income (loss)
$991 $(211)$780 
Year Ended December 31, 2022
PretaxIncome Tax Benefit (Expense)Net of Tax
(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)
$(4,146)$918 $(3,228)
Reclassification of net (gains) losses on securities included in net income (2)
85 (18)67 
Impact of benefit reserves and reinsurance recoverables103 (18)85 
Net unrealized gains (losses) on securities
(3,958)882 (3,076)
Net unrealized gains (losses) on derivatives:
Reclassification of net (gains) losses on derivatives included in net income (3)
(1)— (1)
Net unrealized gains (losses) on derivatives
(1)— (1)
Effect of changes in discount rate assumptions on certain long-duration contracts1,095 (234)861 
Effect of changes in instrument-specific credit risk on MRBs517 (110)407 
Defined benefit plans:
Prior service credits (costs)
(1)— (1)
Net gains (losses)97 (20)77 
Defined benefit plans
96 (20)76 
Foreign currency translation
(216)45 (171)
Total other comprehensive income (loss)
$(2,467)$563 $(1,904)
(1) Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.
(2) Reclassification amounts are recorded in Net investment income.
(3) Reclassification amounts are recorded in Interest and debt expense.
Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.
The following table presents the changes in the balances of each component of AOCI, net of tax:
Net Unrealized Gains (Losses) on SecuritiesNet Unrealized Gains (Losses) on DerivativesEffect of Changes in Discount Rate AssumptionsEffect of Changes in Instrument-Specific Credit Risk on MRBsDefined Benefit PlansForeign Currency TranslationOtherTotal
(in millions)
Balance at January 1, 2022
$1,033 $4 $(933)$(427)$(151)$(167)$(1)$(642)
OCI before reclassifications
(3,143)— 861 407 61 (171)— (1,985)
Amounts reclassified from AOCI
67 (1)— — 15 — — 81 
Total OCI(3,076)(1)861 407 76 (171)— (1,904)
Balance at December 31, 2022
(2,043)3 (72)(20)(75)(338)(1)(2,546)
OCI before reclassifications
779 2 (54)(65)14 80 — 756 
Amounts reclassified from AOCI
23 — — — 1 — — 24 
Total OCI802 2 (54)(65)15 80 — 780 
Balance at December 31, 2023
(1,241)5 (126)(85)(60)(258)(1)(1,766)
OCI before reclassifications
(226)— 153 (62)15 (37)— (157)
Amounts reclassified from AOCI
15 — — — — — — 15 
Total OCI(211)— 153 (62)15 (37)— (142)
Balance at December 31, 2024
$(1,452)$5 $27 $(147)$(45)$(295)$(1)$(1,908)
For the years ended December 31, 2024, 2023 and 2022, the Company repurchased a total of 4.9 million shares, 5.9 million shares and 6.6 million shares, respectively, of its common stock for an aggregate cost of $2.2 billion, $2.0 billion and $1.9 billion, respectively. In July 2023, the Company’s Board of Directors authorized an additional $3.5 billion for the repurchase of the Company’s common stock through September 30, 2025. As of December 31, 2024, the Company had $888 million remaining under this share repurchase authorization.
The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises. The holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligation. These vested restricted shares are reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase.
For the years ended December 31, 2024, 2023 and 2022, the Company reacquired 0.3 million shares, 0.3 million shares and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $115 million, $99 million and $99 million, respectively, related to the holders’ income tax obligations on the vesting date. Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised. These shares are reacquired by the Company and recorded as treasury shares. For the years ended December 31, 2024, 2023 and 2022, the Company reacquired 0.5 million shares, 0.4 million shares and 0.5 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $220 million, $150 million and $145 million, respectively.
For the years ended December 31, 2024, 2023 and 2022, the Company reissued 0.8 million, 0.6 million and 0.8 million, respectively, treasury shares for restricted stock award grants, performance share units, and issuance of shares vested under advisor deferred compensation plans.
v3.25.0.1
Earnings per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The computations of basic and diluted earnings per share were as follows:
 Years Ended December 31,
202420232022
(in millions, except per share amounts)
Numerator:
Net income
$3,401 $2,556 $3,149 
Denominator:
Basic: Weighted-average common shares outstanding
101.0 105.7 111.3 
Effect of potentially dilutive nonqualified stock options and other share-based awards
1.9 2.1 2.4 
Diluted: Weighted-average common shares outstanding
102.9 107.8 113.7 
Earnings per share attributable to Ameriprise Financial, Inc. common shareholders:
Basic
$33.67 $24.18 $28.29 
Diluted
$33.05 $23.71 $27.70 
The calculation of diluted earnings per share includes the dilutive effect of the assumed exercise or issuance of stock-based awards using the treasury stock method. The calculation excludes the incremental effect of nil, 0.2 million and 0.2 million options for the years ended December 31, 2024, 2023 and 2022, respectively, due to their anti-dilutive effect.
v3.25.0.1
Regulatory Requirements
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Regulatory Requirements Regulatory Requirements
In October 2023, the Federal Reserve Board (“FRB”) issued its final rule establishing a consolidated capital framework termed the “Building Block Approach” (“BBA”) for savings and loan holding companies like Ameriprise Financial that are significantly engaged in insurance activities. The BBA is designed to adjust and aggregate existing legal entity available capital and capital requirements after translating the capital positions, if necessary, into terms of the National Association of Insurance Commissioners (“NAIC”) Risk-Based Capital (“RBC”) framework. The ratio of the amount of available capital to the capital requirement amount is referred to as the BBA ratio and is subject to a 250% minimum, effective January 1, 2024. An additional capital conservation buffer of 150% will be effective as of December 31, 2025, for a total capital requirement of at least 400%.
The BBA available capital, BBA capital requirement, and BBA ratio as of December 31, 2024 are as follows:
(in millions, except percentages)
BBA available capital
$3,833 
BBA capital requirement
392 
BBA ratio
978 %
Subsidiary regulatory requirements
Restrictions on the transfer of funds exist under regulatory requirements applicable to certain of the Company’s operating subsidiaries.
Insurance subsidiaries
The NAIC defines RBC requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company’s life insurance companies. The Company’s life insurance companies each met their respective minimum RBC requirements.
The Company’s life insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.
State insurance statutes contain limitations as to the amount of dividends that insurers may make without providing prior notification to state regulators. For RiverSource Life, payments in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce (“MN DOC”), RiverSource Life’s primary regulator, and are subject to potential disapproval. RiverSource Life’s statutory unassigned deficit was
$736 million and $582 million as of December 31, 2024 and 2023, respectively.
In addition, dividends whose fair market value, together with that of other dividends made within the preceding 12 months, exceed the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to the MN DOC, and are subject to potential disapproval. Statutory capital and surplus for RiverSource Life was $2.7 billion and $3.1 billion as of December 31, 2024 and 2023, respectively.
Statutory net gain from operations and net income are summarized as follows:
Years Ended December 31,
202420232022
(in millions)
RiverSource Life
Statutory net gain from operations$1,097 $1,331 $1,615 
Statutory net income (loss)
(91)845 1,769 
Government debt securities of $4 million as of both December 31, 2024 and 2023 held by the Company’s life insurance subsidiaries were on deposit with various states as required by law.
Broker-dealer subsidiaries
The Company’s broker-dealer subsidiaries are subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934. Rule 15c3-1 provides an “alternative net capital requirement” which AEIS and Ameriprise Financial Services, LLC (“AFS”) (significant broker dealers) have elected. Regulations require that minimum net capital, as defined, be equal to the greater of $250 thousand or 2% of aggregate debit items arising from client balances. Financial Industry Regulatory Authority (“FINRA”) may impose certain restrictions, such as restricting withdrawals of equity capital, if a member firm were to fall below a certain threshold or fail to meet minimum net capital requirements.
The following table presents the net capital position of both AEIS and AFS:
December 31,
20242023
(in millions, except percentages)
AEIS
Net capital as a percent of aggregate debit items9.49 %11.62 %
Net capital $141 $171 
Less: required net capital30 29 
Excess net capital$111 $142 
AFS
Net capital$113 $101 
Less: required net capital— — 
Excess net capital$113 $101 
Bank subsidiary
Ameriprise Bank is subject to regulation by the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) in its role as insurer of its deposits. Ameriprise Bank is required to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), Tier 1 Capital to average assets (as defined), and under rules defined under the Basel III capital framework, Common equity Tier 1 capital (“CEIT”) to risk-weighted assets. Ameriprise Bank calculates these ratios under the Basel III standardized approach in order to assess compliance with both regulatory requirements and Ameriprise Bank’s internal capital policies. As permitted under the rules of the Basel III capital framework, Ameriprise Bank has elected to exclude AOCI from its calculation of regulatory capital. Ameriprise Bank’s requirements to maintain adequate capital ratios in relation to its risk-weighted asset levels could affect its ability to take capital actions, such as the payment of dividends. As of December 31, 2024, Ameriprise Bank’s capital levels exceeded the capital conservation buffer requirement and was categorized as “well-capitalized.”
To meet requirements for capital adequacy purposes or to be categorized as “well-capitalized,”Ameriprise Bank must maintain minimum CEIT, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table:
Regulatory Capital

Actual		Requirement
for capital
adequacy purposes		To be well
capitalized under
regulatory provisions
AmountRatioAmount RatioAmountRatio
(in millions, except percentages)
At December 31, 2024
Common equity Tier 1 capital$1,763 33.88 %$234 4.50 %$338 6.50 %
Tier 1 capital
1,763 33.88 312 6.00 416 8.00 
Total capital1,772 34.06 416 8.00 520 10.00 
Tier 1 leverage1,763 7.35 959 4.00 1,199 5.00 
At December 31, 2023
Common equity Tier 1 capital$1,715 31.72 %$243 4.50 %$351 6.50 %
Tier 1 capital1,715 31.72 324 6.00 433 8.00 
Total capital1,724 31.89 433 8.00 541 10.00 
Tier 1 leverage1,715 7.44 922 4.00 1,153 5.00 
Asset manager subsidiaries
Actual capital and the regulatory capital requirement for TAM UK International Holdings Ltd. and Columbia Threadneedle Investments UK International Ltd. are calculated and reported as a single consolidated group under TAM UK International Holdings Ltd. Required capital for these entities is predominantly based on the requirements specified by its regulator, the Financial Conduct Authority (“FCA”), under its Capital Adequacy Requirements for investment firms. Required capital reflects 110% of the Own Funds Threshold Requirement (“OFTR”) and is determined by the group through its ongoing Internal Capital Adequacy and Risk Assessment (“ICARA”) process.
Actual capital and regulatory required capital determined in accordance with U.K. regulatory legislation are as follows:
December 31,
2024
2023
(in millions)
Actual capital
$692 $706 
Required capital
265 317 
Other subsidiaries
Ameriprise Certificate Company (“ACC”) is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”). ACC markets and sells investment certificates to clients. ACC is subject to various capital requirements under the 1940 Act, laws of the State of Minnesota and understandings with the Securities and Exchange Commission (“SEC”) and the MN DOC. The terms of the investment certificates issued by ACC and the provisions of the 1940 Act also require the maintenance by ACC of qualified assets. Under the provisions of its certificates and the 1940 Act, ACC was required to have qualified assets (as that term is defined in Section 28(b) of the 1940 Act) in the amount of $11.2 billion and $13.5 billion as of December 31, 2024 and 2023, respectively. ACC had qualified assets of $11.9 billion and $14.3 billion as of December 31, 2024 and 2023, respectively.
Ameriprise Trust Company is subject to capital adequacy requirements under the laws of the State of Minnesota as enforced by the MN DOC.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income tax provision attributable to continuing operations were as follows:
Years Ended December 31,
202420232022
(in millions)
Current income tax
Federal$583 $518 $509 
State and local137 124 93 
Foreign21 18 25 
Total current income tax741 660 627 
Deferred income tax
Federal164 45 155 
State and local(29)(14)6 
Foreign(10)(13)(6)
Total deferred income tax125 18 155 
Total income tax provision$866 $678 $782 
The geographic sources of pretax income from continuing operations were as follows:
Years Ended December 31,
202420232022
(in millions)
United States$4,221 $3,199 $3,824 
Foreign46 35 107 
Total$4,267 $3,234 $3,931 
The principal reasons that the aggregate income tax provision attributable to continuing operations is different from that computed by using the U.S. statutory rate of 21% were as follows:
Years Ended December 31,
202420232022
Tax at U.S. statutory rate21.0 %21.0 %21.0 %
Changes in taxes resulting from:
State taxes, net of federal benefit2.0 2.7 2.0 
Incentive compensation(1.6)(1.5)(1.0)
Low income housing tax credits
(0.6)(1.0)(1.1)
Non-deductible expenses
0.5 1.1 0.5 
Other, net(1.0)(1.3)(1.5)
Income tax provision20.3 %21.0 %19.9 %
The decrease in the Company’s effective tax rate for the year ended December 31, 2024 compared to 2023 does not contain any significant changes in effective tax rate reconciling items. The increase in the Company’s effective tax rate for the year ended December 31, 2023 compared to 2022 is primarily the result of an increase in state taxes, net of federal benefit, partially offset by incentive compensation and various other adjustments.
Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2024 and 2023. The significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:
December 31,
20242023
(in millions)
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges
$802 $1,244 
Deferred compensation including corresponding hedges
655 545 
Investments including net unrealized on Available-for-Sale securities
381 335 
Net operating loss and tax credit carryforward
221 74 
Other159 127 
Gross deferred income tax assets2,218 2,325 
Less: valuation allowance67 65 
Total deferred income tax assets2,151 2,260 
Deferred income tax liabilities
Deferred acquisition costs364 390 
Goodwill and intangibles
323 313 
Other137 131 
Gross deferred income tax liabilities824 834 
Net deferred income tax assets$1,327 $1,426 
Included in the Company’s deferred income tax assets are tax benefits related to foreign net operating losses of $52 million, which do not expire, CAMT credit carryforwards of $131 million, which do not expire, and state net operating losses of $38 million, net of federal benefit, which will expire beginning December 31, 2025. Based on analysis of the Company’s tax position as of December 31, 2024, management believes it is more likely than not that the Company will not realize certain state net operating losses of $32 million, state deferred tax assets of $2 million (both net of federal benefit), and foreign net operating losses of $33 million; therefore, a valuation allowance of $67 million has been established.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:
202420232022
(in millions)
Balance at January 1$150 $138 $125 
Additions for tax positions related to the current year
22 26 12 
Reductions for tax positions related to the current year
(2)(3)(1)
Additions for tax positions of prior years23 80 5 
Reductions for tax positions of prior years(8)(85)(1)
Reductions due to lapse of statutes of limitations
(20)(5)— 
Audit settlements(1)(1)(2)
Balance at December 31$164 $150 $138 
If recognized, approximately $134 million, $120 million and $106 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2024, 2023 and 2022, respectively, would affect the effective tax rate.
It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $16 million in the next 12 months primarily due to expected exam closures and state statutes of limitations expirations.
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $5 million, $12 million and $4 million in interest and penalties for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the Company had a payable of $31 million and $26 million, respectively, related to accrued interest and penalties.
The Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Internal Revenue Service (“IRS”) is currently auditing the Company’s U.S. income tax returns for 2019 and 2020.
The Company’s state income tax returns are currently under examination by various jurisdictions for years ranging from 2017 through 2023.
The Company is an applicable corporation required to compute CAMT. As of December 31, 2024 and 2023, the Company recorded an estimate of $131 million and nil, respectively, for the current provision of the CAMT. The provision was offset with a deferred tax asset for the CAMT credit carryover, which does not expire, resulting in no impact to the total tax provision. The estimate is based on interpretations and assumptions of available guidance the Company has made regarding the CAMT provisions of the Inflation Reduction Act of 2022. The U.S. Department of the Treasury issued proposed CAMT regulations in the third quarter of 2024. The proposed regulations are subject to public review and comment prior to finalizing. The Company is evaluating the potential impact of the proposed regulations.
In December 2021, the Organization for Economic Co-operation and Development published the Pillar Two model rules which introduce new taxing mechanisms aimed at ensuring multinational enterprises pay a minimum level of tax on profits from each jurisdiction in which they operate. Various jurisdictions that the Company operates in have enacted or substantively enacted legislation that became effective beginning January 1, 2024. The Company intends to rely on Pillar Two transitional safe harbors where available and, based on its current estimate, the tax impact is not material to the consolidated financial statements. The Company continues to monitor the adoption and implementation of these rules and evaluate the potential impact on its consolidated financial statements.
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans and Profit Sharing Arrangements Retirement Plans and Profit Sharing Arrangements
Defined Benefit Plans
Pension Plans and Other Postretirement Benefits
The Company’s U.S. non-advisor employees who were hired prior to April of 2019 are generally eligible for the Ameriprise Financial Retirement Plan (the “Retirement Plan”), a noncontributory defined benefit plan which is a qualified plan under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). However, effective April 2020, the Company no longer enrolls new employees in the Retirement Plan. Funding of costs for the Retirement Plan complies with the applicable minimum funding requirements specified by ERISA and is held in a trust. The Retirement Plan is a cash balance plan by which the employees’ accrued benefits are based on notional account balances, which are maintained for each individual. Each pay period these balances are credited with an amount equal to a percentage of eligible compensation as defined by the Retirement Plan (which includes, but is not limited to, base pay, performance based incentive pay, commissions, shift differential and overtime). The percentage ranges from 2.5% to 10% depending on several factors including years of service as of April 2020 and will no longer increase with more years of service. Employees’ balances are also credited with a fixed rate of interest that is updated each January 1 and is based on the average of the daily five-year U.S. Treasury Note yields for the previous October 1 through November 30, with a minimum crediting rate of 5% and maximum crediting rate of 10%. Employees are fully vested after 3 years of service or upon retirement at or after age 65, disability or death while employed. Employees have the option to receive annuity payments or a lump sum payout of vested balance after termination or retirement.
In addition, the Company sponsors the Ameriprise Financial Supplemental Retirement Plan (the “SRP”), an unfunded non-qualified deferred compensation plan subject to Section 409A of the Internal Revenue Code. This plan is for certain highly compensated employees to replace the benefit that cannot be provided by the Retirement Plan due to IRS limits. The SRP generally parallels the Retirement Plan but offers different payment options.
The Company also sponsors unfunded defined benefit postretirement plans that provide health care and life insurance to retired U.S. employees. On December 31, 2016, the access to retiree health care coverage was closed to all active employees who had previously met the qualification requirements. Instead, only existing retirees, as of January 1, 2017, qualifying for the plan and electing coverage will be provided a fixed amount to subsidize health care insurance purchased through other providers. Net periodic postretirement benefit costs were not material for the years ended December 31, 2024, 2023 and 2022.
Most employees outside the U.S. are covered by local retirement plans, some of which are funded, while other employees receive payments at the time of retirement or termination under applicable labor laws or agreements. All plans are closed to new participants. The plans provide benefits calculated using salary data of the participants. The plans are based on final salary payments and benefits are adjusted in line with plan rules (e.g. in line with price inflation in the U.K.) once in payment during retirement. The level of benefits provided depends on the member’s length of service and pensionable salary at retirement date or date of termination if earlier.
All components of the net periodic benefit cost are recorded in General and administrative expense and were as follows:
Years Ended December 31,
202420232022
(in millions)
Service cost$28 $29 $43 
Interest cost66 65 39 
Expected return on plan assets(79)(76)(70)
Amortization of prior service credits(1)(1)(1)
Amortization of net loss— — 18 
Other1 3 3 
Net periodic benefit cost$15 $20 $32 
The prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets are amortized on a straight-line basis over the expected average remaining service period of active participants.
The following table provides a reconciliation of changes in the benefit obligation:
Pension PlansOther Postretirement Plans
2024202320242023
(in millions)
Benefit obligation at January 1$1,355 $1,256 $11 $11 
Service cost28 29 — — 
Interest cost66 65 1 1 
Benefits paid(28)(23)(1)(1)
Actuarial (gain) loss(79)52 — — 
Divestiture
(18)— — — 
Settlements(50)(45)— — 
Foreign currency rate changes(9)21 — — 
Benefit obligation at December 31$1,265 $1,355 $11 $11 
The actuarial (gain) loss for pension plans were primarily due to changes in the discount rate assumption as of December 31, 2024 and 2023, respectively.
The following table provides a reconciliation of changes in the fair value of assets:
Pension Plans
20242023
(in millions)
Fair value of plan assets, January 1$1,292 $1,142 
Actual return on plan assets17 136 
Employer contributions50 56 
Benefits paid(28)(23)
Divestiture
(18)— 
Settlements(50)(45)
Foreign currency rate changes(10)26 
Fair value of plan assets, December 31$1,253 $1,292 
The Company complies with the minimum funding requirements in all countries. The following table provides the amounts recognized in the Consolidated Balance Sheets as of December 31, which equal the funded status of the plans:
Pension PlansOther Postretirement Plans
2024202320242023
(in millions)
Benefit liability$(139)$(169)$(11)$(11)
Benefit asset127 106 — — 
Net amount recognized$(12)$(63)$(11)$(11)
The accumulated benefit obligation for all pension plans as of December 31, 2024 and 2023 was $1.2 billion and $1.3 billion, respectively. The following table provides information for pension plans with benefit obligations in excess of plan assets:
December 31,
20242023
(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation$158 $945 
Fair value of plan assets27 803 
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation$166 $972 
Fair value of plan assets27 803 
The weighted average assumptions used to determine benefit obligations were as follows:
Pension PlansOther Postretirement Plans
2024202320242023
Discount rates5.57 %4.98 %5.38 %5.07 %
Rates of increase in compensation levels3.64 3.64 N/AN/A
Interest crediting rates for cash balance plans5.00 5.00 N/AN/A
N/A  Not Applicable
The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:
202420232022
Discount rates4.98 %5.30 %2.46 %
Rates of increase in compensation levels3.64 3.72 3.69 
Expected long-term rates of return on assets5.90 6.04 4.82 
Interest crediting rates for cash balance plans5.00 5.00 5.00 
In developing the expected long-term rate of return on assets, management evaluated input from an external consulting firm, including their projection of asset class return expectations and long-term inflation assumptions. The Company also considered historical returns on the plans’ assets. Discount rates are based on yields available on high-quality corporate bonds that would generate cash flows necessary to pay the benefits when due.
The Company’s pension plans’ assets are invested in an aggregate diversified portfolio to minimize the impact of any adverse or unexpected results from a security class on the entire portfolio. Diversification is interpreted to include diversification by asset type, performance and risk characteristics and number of investments. When appropriate and consistent with the objectives of the plans, derivative instruments may be used to mitigate risk or provide further diversification, subject to the investment policies of the plans. Asset classes and ranges considered appropriate for investment of the plans’ assets are determined by each plan’s investment committee. The target allocations are 70% equity securities, 20% debt securities and 10% all other types of investments, except for the assets in pooled pension funds and certain collective funds described below, and additional voluntary contribution assets outside the U.S. which are allocated at the discretion of the individual and will be converted at retirement into the defined benefit pension plan. Actual allocations will generally be within 5% of these targets. In addition, assets in pooled pension funds and certain collective funds reflect allocations between growth and liability matching portfolios and may shift based on manager discretion. These funds invest primarily in debt securities, equity securities, and certain derivatives, either directly or through other collective funds. As of December 31, 2024 and 2023, there were no significant holdings of any single issuer and the exposure to derivative instruments was not significant.
The following tables present the Company’s pension plans assets measured at fair value on a recurring basis:
Asset Category
December 31, 2024
Level 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. small cap stocks$46 $6 $— $52 
Registered investment companies69 — — 69 
Insurance contracts— — 21 21 
Cash equivalents at NAV7 
(1)
Collective investment funds at NAV1,057 
(1)
Real estate investment trusts at NAV20 
(1)
Hedge funds at NAV27 
(1)
Total$115 $6 $21 $1,253 
December 31, 2023
Asset CategoryLevel 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. small cap stocks$90 $7 $— $97 
Registered investment companies90 — — 90 
Insurance contracts— — 23 23 
Cash equivalents at NAV 3 
(1)
Collective investment funds at NAV 859 
(1)
Real estate investment trusts at NAV28 
(1)
Hedge funds at NAV24 
(1)
Pooled pension funds at NAV 168 
(1)
Total $180 $7 $23 $1,292 
(1) Amounts are comprised of certain investments 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.
Equity securities are managed to track the performance of common market indices for both U.S. and non-U.S. securities, primarily across large cap, small cap and emerging market asset classes. Cash equivalents consist of holdings in a money market fund that seeks to equal the return of the three month U.S. Treasury bill. Collective investment funds include equity and debt securities. Real estate funds are managed to track the performance of a broad population of investment grade non-agricultural income producing properties. The Company’s investments in hedge funds include investments in a multi-strategy fund and an off-shore fund managed to track the performance of broad fund of fund indices. Pooled pension funds are managed to track a specific benchmark based on the investment objectives of the fund.
The fair value of equity securities classified as Level 1 use quoted prices in active markets and the fair value of equity securities classified as Level 2 is determined based on a market approach using observable inputs. The fair value of the registered investment companies’ mutual funds is determined by the NAV which represents the exit price. These funds are classified as Level 1 as they are traded in active markets and quoted prices are available. Insurance contracts support certain non-U.S plans and are classified as Level 3.
The following table presents the amounts recognized in AOCI, net of tax, as of December 31, 2024 but not recognized as components of net periodic benefit cost:
Pension PlansOther
Postretirement Plans
(in millions)
Unrecognized actuarial gain (loss)
$(47)$2 
See Note 21 for a rollforward of AOCI related to the Company’s defined benefit plans.
The Company’s pension plans expect to make benefit payments to retirees as follows:
Pension PlansOther
Postretirement Plans
(in millions)
2025$81 $1 
202689 1 
202788 1 
202893 1 
2029101 1 
2030-2034
512 4 
The Company expects to contribute $32 million and nil to its pension plans and other postretirement plans, respectively, in 2025.
Defined Contribution Plans
The Company’s U.S. employees are generally eligible to participate in the Ameriprise Financial 401(k) Plan (the “401(k) Plan”). The 401(k) Plan allows eligible employees to make contributions through payroll deductions up to IRS limits and invest their contributions in one or more of the 401(k) Plan investment options, which include the Ameriprise Financial Stock Fund. The Company provides a dollar for dollar match up to the first 5% of eligible compensation an employee contributes on a pretax and/or Roth 401(k) basis for each annual period. Effective April 2020, employees not eligible to participate in the Retirement Plan will receive a 2% company contribution to their 401(k) Plan once they become eligible for contributions.
Under the 401(k) Plan, employees become eligible for contributions under the plan during the pay period they reach 60 days of service. Match contributions are fully vested after five years of service, vesting ratably over the first five years of service, or upon retirement at or after age 65, disability or death while employed. The Company’s defined contribution plan expense was $66 million, $67 million and $67 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Employees outside the U.S. who are not covered by the 401(k) may be covered by local defined contribution plans which are subject to applicable laws and rules of the country where the plan is administered. The Company’s expense related to defined contribution plans outside the U.S. was $16 million, $16 million and $8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
The following table presents the Company’s funding commitments as of December 31:
20242023
(in millions)
Commercial mortgage loans$58 $17 
Property funds63 27 
Pledged asset lines of credit2,399 1,864 
Total funding commitments$2,520 $1,908 
Contingencies
The Company and its subsidiaries are involved, in the normal course of business, in legal proceedings, which include regulatory inquiries, arbitration and litigation (including class actions), concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, leases and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the financial services industry generally.
As with other financial services firms, the level of regulatory activity concerning the Company’s businesses remains elevated. From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by the SEC, the Financial Industry Regulatory Authority, the OCC, the FDIC, the U.K. Financial Conduct Authority, the Federal Reserve Board, state insurance and securities regulators, state attorneys general and various other domestic and foreign governmental and quasi-governmental authorities on behalf of themselves or clients concerning the Company’s business activities and practices, and the practices of the Company’s financial advisors. The Company is cooperating with the applicable regulators.
The Company typically has numerous pending matters that include information requests, exams, inquiries or disputes regarding certain subjects, including from time to time: sales and distribution of, and disclosure practices related to, mutual and other pooled funds, exchange traded funds, private funds, segregated accounts, annuities, equity and fixed income securities, real estate investment trusts, insurance products, banking products, brokerage offerings, including money settlement options, and financial advice offerings, including managed accounts; wholesaler activity; supervision of the Company’s financial advisors and other associated persons; administration of insurance and annuity claims; security of client information; trading activity and the Company’s monitoring and supervision of such activity; recordkeeping requirements; and transaction monitoring systems and controls.
These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the Company’s consolidated results of operations, financial condition, or liquidity.
In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and     regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter.
Guaranty Fund Assessments
RiverSource Life and RiverSource Life of NY are required by law to be a member of the guaranty fund association in every state where they are licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated.
The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of December 31, 2024 and 2023, the estimated liability was $11 million and $34 million, respectively. As of December 31, 2024 and 2023, the related premium tax asset was $9 million and $29 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company may engage in transactions in the ordinary course of business with significant shareholders or their subsidiaries, between the Company and its directors and officers or with other companies whose directors or officers may also serve as directors or officers for the Company or its subsidiaries. The Company carries out these transactions on customary terms.
The Company’s executive officers and directors may have transactions with the Company or its subsidiaries involving financial products and insurance services. All obligations arising from these transactions are in the ordinary course of the Company’s business and are on the same terms in effect for comparable transactions with the general public. Such obligations involve normal risks of collection and do not have features or terms that are unfavorable to the Company or its subsidiaries.
These transactions have not had a material impact on the Company’s consolidated results of operations or financial condition.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s four reporting segments are Advice & Wealth Management, Asset Management, Retirement & Protection Solutions and Corporate & Other.
The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis.
The largest source of intersegment revenues and expenses is retail distribution services, where segments are charged transfer pricing rates that approximate arm’s length market prices for distribution through the Advice & Wealth Management segment. The Advice & Wealth Management segment provides distribution services for affiliated and non-affiliated products and services. The Asset Management segment provides investment management services for the Company’s owned assets and client assets, and accordingly charges investment and advisory management fees to the other segments. All intersegment activity is eliminated in the Company’s consolidated results.
All costs related to shared services are allocated to the segments based on a rate times volume or fixed basis.
The Advice & Wealth Management segment provides financial planning and advice, as well as full-service brokerage services, primarily to retail clients through the Company’s advisors. These services are centered on long-term, personal relationships between the Company’s advisors and its clients and focus on helping clients achieve their financial goals. The Company’s advisors provide a distinctive, holistic approach to financial planning and have access to a broad selection of both affiliated and non-affiliated products to help clients meet their financial needs and goals. Banking, lending, and cash management solutions help clients establish financial flexibility while planning for both short- and long-term needs. A significant portion of revenues in this segment are fee-based and driven by the level of client assets, which is impacted by both market movements and net asset flows. The Company also earns net investment income on owned assets primarily from certificate and banking products. This segment earns revenues (distribution fees) for distributing non-affiliated products and intersegment revenues for distributing the Company’s affiliated products and services provided to its retail clients. Intersegment expenses for this segment include expenses for investment management services provided by the Asset Management segment.
The Asset Management segment provides investment management, advice and products to retail, high net worth and institutional clients on a global scale through the Columbia Threadneedle Investments® brand, which represents the combined capabilities, resources and reach of Columbia Management Investment Advisers, LLC (“Columbia Management”) and Threadneedle. Columbia Management primarily provides products and services in the U.S. and Threadneedle primarily provides products and services internationally. The Company offers U.S. retail clients a range of products through both unaffiliated third-party financial institutions and the Advice & Wealth Management segment. The Company provides institutional products and services through its institutional sales force. Retail products for non-U.S. investors are primarily distributed through third-party financial institutions and unaffiliated financial advisors. Retail products include U.S. mutual funds and their non-U.S. equivalents, exchange-traded funds and variable product funds underlying insurance and annuity separate accounts. Institutional asset management services are designed to meet specific client objectives and may involve a range of products, including those that focus on traditional asset classes, separately managed accounts, individually managed accounts, CLOs, hedge fund or alternative strategies, collective funds and property and infrastructure funds. CLOs, hedge fund or alternative strategies and certain private funds are often classified as alternative assets. Revenues in this segment are primarily earned as fees based on managed asset balances, which are impacted by market movements, net asset flows, asset allocation and product mix. The Company may also earn performance fees from certain accounts where investment performance meets or exceeds certain pre-identified targets. The Asset Management segment also provides intercompany asset management services for Ameriprise Financial subsidiaries. The fees for these services are reflected within the Asset Management segment results through intersegment transfer pricing. Intersegment expenses for this segment include distribution expenses for services provided by the Advice & Wealth Management and Retirement & Protection Solutions segments.
The Retirement & Protection Solutions segment includes Retirement Solutions (variable annuities and payout annuities) and Protection Solutions (life and disability income insurance). Retirement Solutions provides variable annuity products of RiverSource Life companies to individual clients. The Company provides variable annuity products through its advisors. Revenues for the Company’s variable annuity products are primarily earned as fees based on a contractholder’s benefit base, contract value, or separate account value, which is impacted by both market movements and net asset flows. The Company also earns net investment income on general account assets supporting reserves for non-life contingent payout annuities, structured variable annuities, certain guaranteed benefits and fixed investment options offered with variable annuities and on capital supporting the business. Revenues for the Company’s life contingent payout annuities are earned as premium revenue. Protection Solutions offers a variety of products to address the protection and risk management needs of the Company’s retail clients including life and DI insurance. Life and DI products are primarily provided through the Company’s advisors and these policies are issued through its RiverSource Life companies. The primary sources of revenues for Protection Solutions are premiums, fees and charges that the Company receives to assume insurance-related risk. The Company earns net investment income on owned assets supporting insurance reserves and capital supporting the business. The Company also receives fees based on the level of the RiverSource Life companies’ separate account assets supporting VUL investment options. Intersegment revenues for this segment reflect fees paid by the Asset Management segment for marketing support and other services provided in connection with the availability of variable insurance trust funds under variable annuity contracts and VUL contracts. Intersegment expenses for this segment include distribution expenses for services provided by the Advice & Wealth Management segment, as well as expenses for investment management services provided by the Asset Management segment.
The Corporate & Other segment consists of net investment income or loss on corporate level assets, including excess capital held in the Company’s subsidiaries and other unallocated equity and other revenues as well as unallocated corporate expenses. The Corporate & Other segment also includes the results of the Company’s closed blocks of long term care insurance and fixed annuity and fixed
indexed annuity business. The Corporate & Other segment also includes revenues and expenses of consolidated investment entities, which are excluded on an operating basis. Revenues for the Company’s fixed deferred annuity products are primarily earned as net investment income on the RiverSource Life companies’ general account assets supporting fixed account balances, with profitability significantly impacted by the spread between net investment income earned and interest credited on the fixed account balances.
Management uses segment adjusted operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, adjusted operating earnings is the Company’s measure of segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment adjusted operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis. As its chief operating decision maker, (“CODM”) the Company’s Chairman and Chief Executive Officer utilizes these segment adjusted operating measures to allocate resources and assess performance.
Adjusted operating earnings is defined as adjusted operating net revenues less adjusted operating expenses. Adjusted operating net revenues and adjusted operating expenses exclude net realized investment gains or losses (net of reinsurance accrual); the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and reinsurance accrual; mean reversion related impacts (the impact on VUL products for the difference between assumed and updated separate account investment performance on the reinsurance accrual and additional insurance benefit reserves); the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and the impact of consolidating CIEs. The market impact on non-traditional long-duration products includes changes in market risk benefits and embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the RiverSource Life companies’ nonperformance spread.
The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
 December 31,
20242023
(in millions)
Advice & Wealth Management$41,514 $42,983 
Asset Management7,350 7,288 
Retirement & Protection Solutions116,609 108,451 
Corporate & Other15,930 16,469 
Total assets$181,403 $175,191 
 Years Ended December 31,
202420232022
(in millions)
Adjusted operating net revenues:
Advice & Wealth Management$10,780 $9,418 $8,461 
Asset Management3,515 3,278 3,506 
Retirement & Protection Solutions3,773 3,476 3,124 
Corporate & Other454 533 479 
Elimination of segment revenues (1)
(1,443)(1,318)(1,316)
Total segment adjusted operating net revenues17,079 15,387 14,254 
Adjustments:
Net realized investment gains (losses)(21)(32)(93)
Market impact on non-traditional long-duration products3 2 (1)
Mean reversion related impacts— — (1)
Revenue attributable to consolidated investment entities203 178 99 
Total net revenues per consolidated statements of operations$17,264 $15,535 $14,258 
(1) Represents the elimination of intersegment revenues recognized for the years ended December 31, 2024, 2023 and 2022 in each segment as follows: Advice and Wealth Management ($935, $847 and $847, respectively); Asset Management ($96, $79 and $52, respectively); Retirement & Protection Solutions ($441, $411 and $420, respectively); and Corporate & Other ($(29), $(19) and $(3), respectively).
 Years Ended December 31,
202420232022
(in millions)
Adjusted operating earnings:
Advice & Wealth Management$3,233 $2,851 $2,192 
Asset Management920 720 844 
Retirement & Protection Solutions726 685 867 
Corporate & Other(443)(320)(306)
Total segment adjusted operating earnings4,436 3,936 3,597 
Adjustments:
Net realized investment gains (losses)(21)(32)(93)
Market impact on non-traditional long-duration products(153)(608)483 
Mean reversion related impacts1 — (1)
Integration/restructuring charges— (62)(50)
Net income (loss) attributable to consolidated investment entities4 — (5)
Pretax income per consolidated statements of operations$4,267 $3,234 $3,931 
Adjusted operating earnings includes the following significant expense categories:
Year Ended December 31, 2024
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$5,823 $989 $515 $(10)
Interest credited to fixed accounts— — 367 216 
Benefits, claims, losses and settlement expenses— — 927 217 
Remeasurement (gains) losses of future policy benefit reserves— — (36)(8)
Change in fair value of market risk benefits— — 684 — 
Amortization of deferred acquisition costs— 7 227 8 
Interest and debt expense38 7 45 108 
General and administrative expense1,686 1,592 318 366 
Total expenses
$7,547 $2,595 $3,047 $897 

Year Ended December 31, 2023
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$4,888 $925 $464 $(10)
Interest credited to fixed accounts— — 369 234 
Benefits, claims, losses and settlement expenses— — 744 236 
Remeasurement (gains) losses of future policy benefit reserves— — (19)(1)
Change in fair value of market risk benefits— — 628 — 
Amortization of deferred acquisition costs— 6 229 11 
Interest and debt expense27 7 51 97 
General and administrative expense1,652 1,620 325 286 
Total expenses
$6,567 $2,558 $2,791 $853 

Year Ended December 31, 2022
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$4,719 $995 $448 $(10)
Interest credited to fixed accounts— — 386 242 
Benefits, claims, losses and settlement expenses— — 469 247 
Remeasurement (gains) losses of future policy benefit reserves— — 1 — 
Change in fair value of market risk benefits— — 372 — 
Amortization of deferred acquisition costs— 9 233 10 
Interest and debt expense10 5 39 70 
General and administrative expense1,540 1,653 309 226 
Total expenses
$6,269 $2,662 $2,257 $785 
v3.25.0.1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only)
Schedule I — Condensed Financial Information of Registrant
Condensed Statements of Operations
(Parent Company Only)
Years Ended December 31,
2024
2023
2022
(in millions)
Revenues
Net investment income$94 $77 $16 
Other revenues11 5 6 
Total revenues105 82 22 
Banking and deposit interest expense35 35 8 
Total net revenues70 47 14 
Expenses
Distribution expenses61 46 4 
Interest and debt expense144 138 104 
General and administrative expense328 306 265 
Total expenses533 490 373 
Pretax loss before equity in earnings of subsidiaries(463)(443)(359)
Income tax provision
182 142 139 
Loss before equity in earnings of subsidiaries(645)(585)(498)
Equity in earnings of subsidiaries, net of tax
4,046 3,141 3,647 
Net income3,401 2,556 3,149 
Other comprehensive income (loss), net of tax(142)780 (1,904)
Total comprehensive income (loss)
$3,259 $3,336 $1,245 
See Notes to Condensed Financial Information of Registrant.
Schedule I — Condensed Financial Information of Registrant
Condensed Balance Sheets
(Parent Company Only)
December 31,
2024
2023
(in millions, except share amounts)
Assets
Cash and cash equivalents$844 $519 
Investments921 841 
Loans to subsidiaries343 489 
Due from subsidiaries
273 246 
Receivables26 49 
Land, buildings, equipment, and software, net of accumulated depreciation of $779 and $791, respectively
303 265 
Investments in subsidiaries6,910 6,974 
Other assets1,605 1,580 
Total assets$11,225 $10,963 
Liabilities and Equity
Liabilities:
Accounts payable and accrued expenses$1,422 $1,229 
Due to subsidiaries347 347 
Borrowings from subsidiaries756 580 
Long-term debt2,842 3,398 
Other liabilities630 680 
Total liabilities5,997 6,234 
Equity:
Common shares ($0.01 par value; shares authorized, 1,250,000,000; shares issued, 337,729,050 and 336,780,893, respectively)
3 3 
Additional paid-in capital10,141 9,824 
Retained earnings24,713 21,905 
Treasury shares, at cost (241,562,357 and 236,607,681 shares, respectively)
(27,721)(25,237)
Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investments in subsidiaries(1,908)(1,766)
Total equity5,228 4,729 
Total liabilities and equity$11,225 $10,963 
See Notes to Condensed Financial Information of Registrant.
Schedule I — Condensed Financial Information of Registrant
Condensed Statements of Cash Flows
(Parent Company Only)
Years Ended December 31,
2024
2023
2022
(in millions)
Cash Flows from Operating Activities
Net income$3,401 $2,556 $3,149 
Equity in earnings of subsidiaries(4,046)(3,141)(3,647)
Dividends received from subsidiaries3,731 3,025 2,512 
Other operating activities, primarily with subsidiaries422 453 226 
Net cash provided by (used in) operating activities
3,508 2,893 2,240 
Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales— 4 — 
Maturities, sinking fund payments and calls55 43 153 
Purchases(128)(38)(124)
Proceeds from sales of other investments
— — 7 
Purchase of other investments— (10)(1)
Purchase of land, buildings, equipment and software(59)(87)(70)
Contributions to subsidiaries(145)(324)(743)
Return of capital from subsidiaries351 — 207 
Repayment of loans to subsidiaries
3,406 1,992 1,960 
Issuance of loans to subsidiaries(3,260)(2,232)(1,726)
Other, net(1)2 — 
Net cash provided by (used in) investing activities
219 (650)(337)
Cash Flows from Financing Activities
Dividends paid to shareholders(574)(550)(534)
Repurchase of common shares(2,448)(2,127)(1,978)
Issuance of long-term debt, net of issuance costs
— 1,335 495 
Repayments of long-term debt(561)(760)(510)
Borrowings from subsidiaries726 1,003 1,210 
Repayments of borrowings from subsidiaries(586)(951)(1,034)
Other, net41 (35)(18)
Net cash provided by (used in) financing activities
(3,402)(2,085)(2,369)
Net increase (decrease) in cash and cash equivalents325 158 (466)
Cash and cash equivalents at beginning of period
519 361 827 
Cash and cash equivalents at end of period
$844 $519 $361 
Supplemental Disclosures:
Interest paid on debt$148 $129 $98 
Income taxes paid, net
179 233 91 
Non-cash dividends from subsidiaries— 77 — 
See Notes to Condensed Financial Information of Registrant.
Schedule I — Condensed Financial Information of Registrant
Notes to Condensed Financial Information of Registrant
(Parent Company Only)
1. Basis of Presentation
The accompanying Condensed Financial Statements include the accounts of Ameriprise Financial, Inc. (the “Parent Company”) and, on an equity basis, its subsidiaries and affiliates. The Condensed Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles. The financial information of the Parent Company should be read in conjunction with the Consolidated Financial Statements and Notes of Ameriprise Financial, Inc. and its subsidiaries (“Ameriprise Financial”). Parent Company revenues and expenses, other than interest and debt expense, are primarily related to intercompany transactions with subsidiaries and affiliates.
2. Investments
On December 23, 2020, RiverSource Life Insurance Company (“RiverSource Life”) issued a $500 million unsecured 3.5% surplus note due December 31, 2050 to the Parent Company. The surplus note is subordinate in right of payment to the prior payment in full of RiverSource Life’s obligations to policyholders, claimants and beneficiaries and all other creditors. No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life’s statutory surplus. Interest payments, which commenced on June 30, 2021, are due semi-annually in arrears on June 30 and December 31. Subject to the preceding conditions, RiverSource Life may prepay all or a portion of the principal at any time. The held-to-maturity investment was $500 million as of both December 31, 2024 and 2023 and is recorded in Investments on the Parent Company’s Condensed Balance Sheets. For the years ended December 31, 2024, 2023 and 2022, interest income was $18 million and is reported in Net investment income on the Parent Company’s Condensed Statements of Operations.
In June of 2024, the Parent Company invested $69 million in an unrated residual tranche issued by Ameriprise Installment Financing, LLC, a subsidiary of the Parent Company. The residual tranche is collateralized by a portfolio of loans issued to advisors affiliated with Ameriprise Financial Services, LLC (“AFS”), a subsidiary of the Parent Company. As of December 31, 2024, the fair value of the residual tranche was $60 million and is reported in Investments on the Parent Company’s Condensed Balance Sheets. Interest income from the residual tranche was $2 million for the year ending December 31, 2024 and is reported in Net investment income on the Parent Company’s Condensed Statements of Operations.
In September of 2022, the Parent Company redeemed the outstanding unrated residual tranche issued by Ameriprise Advisor Financing, LLC (“AAF”), a subsidiary of the Parent Company, realizing a $23 million loss, and invested $30 million in a new unrated residual tranche issued by Ameriprise Advisor Financing 2, LLC (“AAF 2”). As of December 31, 2024 and 2023, the fair value of the residual tranche was $56 million and $30 million, respectively, and is reported in Investments on the Parent Company’s Condensed Balance Sheets. Interest income from the residual tranche was $7 million for the years ended December 31, 2024, 2023 and 2022 and is reported in Net investment income on the Parent Company’s Condensed Statements of Operations.
3. Debt
All of the debt of Ameriprise Financial is borrowings of the Parent Company, except as indicated below.
•As of both December 31, 2024 and 2023, Ameriprise Financial had $201 million of borrowings from the Federal Home Loan Bank of Des Moines, which is primarily collateralized with commercial mortgage backed securities and residential mortgage backed securities.
•As of December 31, 2024 and 2023, Ameriprise Financial debt included nil and $1 million, respectively, of other subsidiary lease obligations.
4. Borrowings from Subsidiaries
The Parent Company has intercompany lending arrangements with its subsidiaries. At the end of each business day, taking into consideration all legal and regulatory requirements associated with its subsidiaries, the Parent Company is entitled to draw on all funds in specified bank accounts. Repayment of all or a portion of the funds is due on demand. As of December 31, 2024 and 2023, the Company had $415 million and $375 million, respectively, available for repayment due on demand. The Parent Company also has revolving credit agreements with its subsidiaries as the borrower aggregating $1.3 billion as of both December 31, 2024 and 2023, of which $340 million and $205 million was outstanding as of December 31, 2024 and 2023, respectively.
5. Guarantees, Commitments and Contingencies
The Parent Company is the guarantor for operating leases of certain subsidiaries. All consolidated legal, regulatory and arbitration proceedings, including class actions of Ameriprise Financial are potential or current obligations of the Parent Company. The Parent Company has committed revolving credit agreements with its subsidiaries as the lender aggregating $363 million as of both December 31, 2024 and 2023, of which $99 million and $246 million was outstanding as of December 31, 2024 and 2023, respectively.
The Parent Company and Ameriprise Certificate Company (“ACC”) entered into a Capital Support Agreement on March 2, 2009, pursuant to which the Parent Company agrees to commit such capital to ACC as is necessary to satisfy applicable minimum capital requirements. Effective April 30, 2014, this agreement was amended to revise the maximum commitment to $50 million. For the years ended December 31, 2024, 2023 and 2022, ACC did not draw upon the Capital Support Agreement and had met all applicable capital requirements.
AFS entered into a Financial Industry Regulatory Authority (“FINRA”) approved subordinated loan agreement with the Parent Company on December 15, 2014 for regulatory net capital purposes. The agreement consists of a $200 million secured demand note. The note is secured by cash and securities equal to the principal value of the note pledged by the Parent Company. As of both December 31, 2024 and 2023, AFS had not made a demand of the principal amount.
Ameriprise Enterprise Investment Services, Inc. (“AEIS”) entered into a FINRA approved subordinated loan agreement with the Parent Company on January 25, 2017 for regulatory net capital purposes. Under this agreement, AEIS borrowed $60 million from the Parent Company with an initial term of five years to be repaid no later than January 25, 2022. Both companies have the option to renew the agreement in one year-increments in perpetuity. The agreement was renewed in January 2022 and each year thereafter, extending the current maturity date to January 25, 2026.
6. Subsequent Events
The Parent Company made two $30 million cash contributions to Ameriprise Advisor Capital, LLC. The first occured on January 6, 2025 and the second occurred on January 27, 2025.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 3,401 $ 2,556 $ 3,149
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
Cybersecurity is a key part of our business and client experience and is integrated into our enterprise risk management processes and policies. We maintain written policies, processes and procedures that seek to identify, protect, detect, respond to, and recover from known and emerging cybersecurity risks. Our program includes consuming threat intelligence and ongoing monitoring of known external threats. We also have operating policies and procedures designed to comply with applicable requirements in jurisdictions we operate in globally. Our policies and procedures are regularly reviewed and internally assessed to enhance our corporate security capabilities. We make ongoing investments in our technology infrastructure to support cybersecurity efforts and support reliability and the user experience. We offer clients and advisors a variety of options to help secure their information, including multi-factor authentication and the use of secure messaging sites. We provide our employees and advisors with ongoing security training and periodically test their skills and understanding with various cybersecurity exercises.
We remain vigilant against cybersecurity risks as part of operating our business. Our cybersecurity team is led by experienced staff, including our Chief Information Officer, who has been with the company in various technology positions since 2002. Previously, he worked for other companies holding senior delivery and architecture roles and holds both a bachelor’s degree in engineering and an MBA. Our Chief Information Security Officer has over 30 years of broad IT experience, with expertise in Information Security. His background also includes systems design and development, and he has expertise in database administration and database platforms across both mainframe and distributed platforms. Prior to joining the company, he worked as a consultant and a developer at other companies. Our risk management approach involves a matrixed structure of leaders who bring various levels of cybersecurity and technology expertise to their areas of risk management. Our technology team relies on their enterprise-wide colleagues’ expertise when needed to plan, respond, and mitigate incidents.
We conduct regular vulnerability scanning and related remediation activities for our applications and systems. We have documented expectations for the patching and updating of our software environment and set similar expectations for our financial advisors and third-party service providers where they retain control of their environment. Our cybersecurity approach supports both business
continuity and risk mitigation. Should an incident occur, we have plans in place that are designed to mitigate the impact to our operations while we respond and recover, if necessary. We run a global security operations center that continuously monitors our networks and systems and is prepared to contact the appropriate teams to respond to an incident should one occur. Depending on the incident, the response group may include participation from a wide variety of groups across the enterprise. We conduct regular exercises to verify that our business continuity plans are capable of recovering our operating capabilities in line with our business needs and expectations. In addition, our global privacy team provides oversight and support to business and staff groups in conducting annual risk assessments regarding the secure handling of personally identifiable information.
Additionally, as part of our formal procurement and vendor management process, we ask our third-party service providers to have and maintain cybersecurity programs that are consistent with our legal and regulatory obligations, and we review cybersecurity risk assessments of those third-party service providers who provide key technology and services. For third-party service providers that do go through our formal procurement process and vendor risk management assessment, our Enterprise Third-Party Risk Management team assigns tiers. The tiers are based on a combination of criteria, including the services provided and the information to which they have access, to focus the most detailed reviews and the most frequent assessments on highest tiered third-party service providers, while also maintaining an appropriate level of review and monitoring on lower tiers. Some third-party service providers contracted outside of the formal procurement process may still be subject to providing information about their security programs based on services performed.
Our Enterprise Third-Party Risk Management Office provides oversight and support to the business teams as end-users of the third-party service providers’ goods and services, while also providing a conduit through which oversight can be conducted by our management and Board of Directors. When a third-party service provider is off-boarded through our procurement and third-party risk management process, they are subject to an off-boarding review when the relationship ends that is designed to obtain the return or destruction of our information. Our Enterprise Third-Party Risk Management Office provides risk assessment reporting to business teams, internal risk management committees and our executive leadership. The reporting structure supports an effective design of the program, provides transparency, and drives regulatory compliance. Third-party service providers that participate in the delivery of services to us, as well as their fourth-parties, are also generally expected to have and maintain cybersecurity defenses, so long as they participate in the delivery of services to us to help protect our systems and our clients from incursions through third-party services’ systems. Should one of our third-party service providers suffer a breach in their or their fourth-party systems, we rely on them to inform us and work with us to protect our systems, remediate breaches, and mitigate the impact to our clients and our technology.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity is a key part of our business and client experience and is integrated into our enterprise risk management processes and policies. We maintain written policies, processes and procedures that seek to identify, protect, detect, respond to, and recover from known and emerging cybersecurity risks. Our program includes consuming threat intelligence and ongoing monitoring of known external threats. We also have operating policies and procedures designed to comply with applicable requirements in jurisdictions we operate in globally. Our policies and procedures are regularly reviewed and internally assessed to enhance our corporate security capabilities. We make ongoing investments in our technology infrastructure to support cybersecurity efforts and support reliability and the user experience. We offer clients and advisors a variety of options to help secure their information, including multi-factor authentication and the use of secure messaging sites. We provide our employees and advisors with ongoing security training and periodically test their skills and understanding with various cybersecurity exercises.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Board of Directors and the Audit and Risk Committee are central to the oversight of the company’s cybersecurity risk management program operated by senior management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] In addition to the Audit and Risk Committee receiving quarterly cybersecurity updates, the Audit and Risk Committee discusses with management, the General Auditor, and others the company’s enterprise-wide risk assessment and risk management processes. These updates to the Audit and Risk Committee include a review of prevailing material risks and exposures, including cybersecurity and data protection threats and risks, the actions taken to address these threats and mitigate these risks, and the design and effectiveness of our processes and controls in light of evolving market, business, regulatory, and other conditions.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit and Risk Committee has semiannual trainings, to which the full Board of Directors is also invited, to stay educated on ever-evolving cybersecurity topics. These processes and information sharing enable the Board of Directors, the Audit and Risk Committee, and our management team to remain informed and aligned about our approach to cybersecurity risk, and the monitoring of these risks and incidents, as appropriate. Our executive Vice President of Technology and Chief Information Officer, our Chief Information Security Officer, and other officers regularly review with our Board of Directors and the Audit and Risk Committee topics such as the following: the cyber threat landscape; the design, effectiveness and ongoing enhancement of our capabilities to identify, protect, detect, respond to and recover from cyber threats and events; and any incidents that merit discussion.
During 2024, the Audit and Risk Committee reviewed and received reports on our identity theft prevention and privacy programs, including the following topics: emerging risks, identity theft threats, experience and trends; the effectiveness of existing controls and planned enhancements to controls; and key areas of focus for the identity theft and privacy programs.
Cybersecurity Risk Role of Management [Text Block]
We conduct regular vulnerability scanning and related remediation activities for our applications and systems. We have documented expectations for the patching and updating of our software environment and set similar expectations for our financial advisors and third-party service providers where they retain control of their environment. Our cybersecurity approach supports both business
continuity and risk mitigation. Should an incident occur, we have plans in place that are designed to mitigate the impact to our operations while we respond and recover, if necessary. We run a global security operations center that continuously monitors our networks and systems and is prepared to contact the appropriate teams to respond to an incident should one occur. Depending on the incident, the response group may include participation from a wide variety of groups across the enterprise. We conduct regular exercises to verify that our business continuity plans are capable of recovering our operating capabilities in line with our business needs and expectations. In addition, our global privacy team provides oversight and support to business and staff groups in conducting annual risk assessments regarding the secure handling of personally identifiable information.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
We remain vigilant against cybersecurity risks as part of operating our business. Our cybersecurity team is led by experienced staff, including our Chief Information Officer, who has been with the company in various technology positions since 2002. Previously, he worked for other companies holding senior delivery and architecture roles and holds both a bachelor’s degree in engineering and an MBA. Our Chief Information Security Officer has over 30 years of broad IT experience, with expertise in Information Security. His background also includes systems design and development, and he has expertise in database administration and database platforms across both mainframe and distributed platforms. Prior to joining the company, he worked as a consultant and a developer at other companies. Our risk management approach involves a matrixed structure of leaders who bring various levels of cybersecurity and technology expertise to their areas of risk management. Our technology team relies on their enterprise-wide colleagues’ expertise when needed to plan, respond, and mitigate incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity team is led by experienced staff, including our Chief Information Officer, who has been with the company in various technology positions since 2002. Previously, he worked for other companies holding senior delivery and architecture roles and holds both a bachelor’s degree in engineering and an MBA. Our Chief Information Security Officer has over 30 years of broad IT experience, with expertise in Information Security. His background also includes systems design and development, and he has expertise in database administration and database platforms across both mainframe and distributed platforms. Prior to joining the company, he worked as a consultant and a developer at other companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our executive Vice President of Technology and Chief Information Officer, our Chief Information Security Officer, and other officers regularly review with our Board of Directors and the Audit and Risk Committee topics such as the following: the cyber threat landscape; the design, effectiveness and ongoing enhancement of our capabilities to identify, protect, detect, respond to and recover from cyber threats and events; and any incidents that merit discussion.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
The accompanying Consolidated Financial Statements include the accounts of Ameriprise Financial, Inc., companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation.
Principles of Consolidation
A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entity’s losses, or the rights to receive the entity’s returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities.
Voting interest entities (“VOEs”) are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less than a 20% voting interest and does not exercise significant influence. Under the measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar investments of the same issuer.
A VIE is consolidated by the reporting entity that determines it has both:
•the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and
•the obligation to absorb potentially significant losses or the right to receive potentially significant benefits to the VIE.
All VIEs are assessed for consolidation under this framework. When evaluating entities for consolidation, the Company considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. In determining whether the Company has this power, it considers whether it is acting in a role that enables it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in an agent role.
In determining whether the Company has the obligation to absorb potential significant losses of the VIE or the right to receive potential significant benefits from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as investment returns and its obligation to absorb losses associated with any investment in the VIE in conjunction with other qualitative factors. Management and incentive fees that are at market and commensurate with the level of services provided, and where the Company does not hold other interests in the VIE that would absorb more than an insignificant amount of the VIE’s expected losses or receive more than an insignificant amount of the VIE’s expected residual returns, are not considered a variable interest and are excluded from the analysis.
The consolidation guidance has a scope exception for reporting entities with interests in registered money market funds which do not have an explicit support agreement.
Basis of Accounting The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
Reclassifications Certain reclassifications of prior period amounts have been made to conform with the current presentation.
Foreign Currency Translation
Foreign Currency Translation
Assets and liabilities of foreign subsidiaries, whose functional currency is other than the U.S. dollar, are translated into U.S. dollars based upon exchange rates prevailing at the end of each period. Revenues and expenses are translated at average daily exchange rates during the period. The resulting translation adjustment, along with any related hedge and tax effects, are included in accumulated other comprehensive income (loss) (“AOCI”). The determination of the functional currency is based on the primary economic environment in which the entity operates. Gains and losses from foreign currency transactions are included in General and administrative expenses.
Amounts Based on Estimates and Assumptions
Amounts Based on Estimates and Assumptions
Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments, valuation of derivative instruments, litigation reserves, future policy benefits, market risk benefits, and
income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.
Investments
Investments
Available-for-Sale Securities
Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in AOCI, net of impacts to benefit reserves, reinsurance recoverables and income taxes. Available-for-Sale securities are recorded within Investments. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Operations upon disposition of the securities.
Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, the Company first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, the Company recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (loss) (“OCI”), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.
For securities that do not meet the above criteria, the Company determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to Net investment income. The allowance for credit losses is limited to the amount by which the security’s amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is recognized in OCI.
Factors the Company considers in determining whether declines in the fair value of fixed maturity securities are due to credit-related factors include: (i) the extent to which the market value is below amortized cost; (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iii) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors.
If through subsequent evaluation there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.
In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security’s effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company’s position in the debtor’s overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities, asset backed securities and other structured investments), the Company also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.
Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Receivables. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management’s evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Net investment income.
Financing Receivables
Financing Receivables
Commercial Loans
Commercial loans include commercial mortgage loans, syndicated loans, and advisor loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans and syndicated loans are recorded within Investments and advisor loans are recorded within Receivables. Commercial mortgage loans are loans on commercial properties that are originated by the Company. Syndicated loans represent the Company’s investment in loan syndications originated by unrelated third parties.
The Company offers loans to financial advisors primarily for recruiting, transitional cost assistance, retention purposes, practice operations, and growth strategies. These advisor loans are generally repaid over a five- to ten-year period. If the financial advisor is no longer affiliated with the Company, the unpaid balances generally become immediately due.
Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Net investment income. Interest income recognized on advisor loans is recorded in Other revenues.
Consumer Loans
Consumer loans consist of credit card receivables, residential mortgage loans, policy loans, brokerage margin loans and pledged asset lines of credit and are recorded at amortized cost less the allowance for loan losses. Credit card receivables, residential mortgage loans and policy loans are recorded within Investments. Brokerage margin loans and pledged asset lines of credit are recorded within Receivables. Credit card receivables are related to Ameriprise-branded credit cards issued to the Company’s customers by a third party. When originated, policy loan balances do not exceed the cash surrender value of the underlying products. The Company’s broker dealer subsidiaries enter into lending arrangements with clients through the normal course of business, which are primarily based on customer margin levels. Ameriprise Bank enters into revolving lines of credit with customers of the Company’s broker dealer subsidiaries, where certain of the customer’s assets held in brokerage accounts serve as collateral.
Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on consumer loans is recorded in Net investment income.
Deposit Receivables
For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability related to insurance risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits made and any related embedded derivatives are included in Receivables. As amounts are received, consistent with the underlying contracts, deposit receivables are adjusted. Deposit receivables are accreted using the interest method and the accretion is reported in Other revenues.
See Note 7 for additional information on financing receivables.
Allowance for Credit Losses
The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset’s expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management’s expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased. The methods and information used to develop the allowance for credit losses for each class of financing receivable are discussed below.
Commercial Loans
The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net investment income and is reduced/increased by net charge-offs/recoveries.
Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change.
While the Company may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.
When determining the allowance for credit losses for advisor loans, the Company considers its actual historical collection experience and advisor termination experience as well as other factors including amounts due at termination, the reasons for the terminated relationship, length of time since termination, and the former financial advisor’s overall financial position. Management may identify certain pools of advisors at higher risk of termination based on production metrics or other factors. Management uses its best estimate of future termination and collection rates to estimate expected credit losses over the expected life of the loans. The allowance for credit losses on advisor loans is recorded through provisions charged to Distribution expenses and is reduced/increased by net charge-offs/recoveries.
Consumer Loans
The allowance for loan losses for credit card receivables and residential mortgage loans are based on models that project the Company’s receivable exposure over the expected life of the loans using cohorts based on the age of the receivable, geographic
location, and credit scores. The models utilize industry data to derive probability of default and loss given default assumptions, adjusted for current and future economic conditions. Management evaluates actual historical charge-off experience and monitors risk factors including FICO scores and past-due status within the credit card portfolio, and FICO scores, LTV ratios, and past-due status within the residential mortgage loan portfolio, to ensure the allowance for loan losses based on industry data appropriately reserves for risks specific to the Company’s portfolios. The allowance for credit losses for credit card receivables and residential mortgage loans are recorded through provisions charged to Net investment income and are reduced/increased by net charge-offs/recoveries.
The Company monitors the market value of collateral supporting the margin loans and pledged asset lines of credit and requests additional collateral when necessary in order to mitigate the risk of loss. Due to these ongoing monitoring procedures, the allowance for credit losses is only measured for the margin loan balances and pledged asset line of credit balances that are uncollateralized at the balance sheet date.
Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.
Deposit Receivables
The allowance for credit losses is calculated on an individual reinsurer basis. Deposit receivables are collateralized by underlying trust arrangements. Management evaluates the terms of the reinsurance and trust agreements, the nature of the underlying assets, and the potential for changes in the collateral value when considering the need for an allowance for credit losses.
Nonaccrual Loans
Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. Advisor loans are placed on nonaccrual status upon the advisor’s termination. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans, syndicated loans, and consumer loans.
Loan Modifications
A loan is modified when the Company makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.
Charge-off and Foreclosure
Commercial Loans
Charge-offs are recorded when the Company concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on property type and geographic location. Factors used by the Company to determine whether all amounts due on syndicated loans will be collected, include but are not limited to the borrower’s financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.
If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned within Other assets.
Concerns regarding the recoverability of loans to advisors primarily arise in the event that the financial advisor is no longer affiliated with the Company. When the review of these factors indicates that further collection activity is highly unlikely, the outstanding balance of the loan is written-off and the related allowance is reduced.
Consumer Loans
Credit card receivables are not placed on nonaccrual status at 90 days past due; however, they are fully charged off upon reaching 180 days past due.
Separate Account Assets and Liabilities
Separate Account Assets and Liabilities
Separate account assets represent funds held for the benefit of, and Separate account liabilities represent the obligation to, the variable annuity contractholders and variable life insurance policyholders who have a contractual right to receive the benefits of their contract
or policy and bear the related investment risk. Gains and losses on separate account assets accrue directly to the contractholder or policyholder and are not reported in the Consolidated Statements of Operations. Included in separate account assets and liabilities is the fair value of the pooled pension funds that are offered by Threadneedle. Threadneedle provides a range of unitized pooled pension funds, which invest in property, stocks, bonds and cash. The investments are selected by the clients and are based on the level of risk they are willing to assume. All investment performance, net of fees, is passed through to the investors. Separate account assets are recorded at fair value and Separate account liabilities are equal to the assets recognized.
Restricted and Segregated Cash, Cash Equivalents and Investments
Restricted and Segregated Cash, Cash Equivalents and Investments
Amounts segregated under federal and other regulations are held in special reserve bank accounts for the exclusive benefit of the Company’s brokerage customers. Cash and cash equivalents included in Restricted and segregated cash, cash equivalents and investments are presented as part of cash balances in the Consolidated Statements of Cash Flows.
Land, Buildings, Equipment and Software
Land, Buildings, Equipment and Software
Land, buildings, equipment and internally developed software are carried at cost less accumulated depreciation or amortization and are reflected within Other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 39 years.
As of December 31, 2024 and 2023, land, buildings, equipment and software were $733 million and $681 million, respectively, net of accumulated depreciation of $2.0 billion and $1.9 billion, respectively. Depreciation and amortization expense for the years ended December 31, 2024, 2023 and 2022 was $142 million, $151 million and $142 million, respectively.
Leases
Leases
The Company has operating and finance leases for corporate and field offices. The Company determines if an arrangement is a lease at inception or modification. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and corresponding lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate to determine the present value of the future lease payments. The incremental borrowing rate is determined at lease commencement date using a secured rate for a similar term as the period of the lease. Certain lease incentives such as free rent periods are recorded as a reduction of the ROU asset. Lease costs for operating ROU assets is recognized on a straight-line basis over the lease term.
Certain leases include one or more options to renew with terms that can extend the lease from one year to 10 years. The exercise of any lease renewal option is at the sole discretion of the Company. Renewal options are included in the ROU assets and lease liabilities when they either provide an economic incentive to renew or when the costs related to the termination of a lease outweigh the benefits of signing a new lease.
Operating and finance ROU assets are reflected in Other assets. Operating lease liabilities and finance lease liabilities are reflected in Other liabilities and Long-term debt, respectively.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill represents the amount of an acquired company’s acquisition cost in excess of the fair value of assets acquired and liabilities assumed. The Company evaluates goodwill for impairment annually on the measurement date of July 1 and whenever events and circumstances indicate that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell or dispose of a reporting unit. Impairment is the amount carrying value exceeds fair value and is evaluated at the reporting unit level. The Company assesses various qualitative factors to determine whether impairment is likely to have occurred. If impairment were to occur, the Company would use the discounted cash flow method, a variation of the income approach.
Intangible assets are amortized over their estimated useful lives unless they are deemed to have indefinite useful lives. The Company evaluates the definite lived intangible assets remaining useful lives annually and tests for impairment whenever events and circumstances indicate that an impairment may have occurred, such as a significant adverse change in the business climate. For definite lived intangible assets, impairment to fair value is recognized if the carrying amount is not recoverable. Indefinite lived intangibles are also tested for impairment annually or whenever circumstances indicate an impairment may have occurred.
Goodwill and other intangible assets are reflected in Other assets.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
Freestanding derivative instruments are recorded at fair value and are reflected in Other assets or Other liabilities. The Company’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”), (ii) hedges of a forecasted
transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedges”), or (iii) hedges of foreign currency exposures of net investments in foreign operations (“net investment hedges in foreign operations”).
Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting.
For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Operations based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Operations with the corresponding change in the hedged asset or liability.
For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item.
For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Operations with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of Net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately.
For derivative instruments that qualify as net investment hedges in foreign operations, the effective portion of the change in fair value of the derivatives is recorded in AOCI as part of the foreign currency translation adjustment. Any ineffective portion of the net investment hedges in foreign operations is recognized in Net investment income during the period of change.
The equity component of indexed annuity, structured variable annuity, indexed universal life (“IUL”) and stock market certificate (“SMC”) obligations are considered embedded derivatives. Additionally, certain annuities contain guaranteed minimum accumulation benefits (“GMAB”) and guaranteed minimum withdrawal benefits (“GMWB”) provisions accounted for as market risk benefits.
See Note 16 for information regarding the Company’s fair value measurement of derivative instruments and Note 18 for the impact of derivatives on the Consolidated Statements of Operations.
Market Risk Benefits
Market Risk Benefits
Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits include guaranteed minimum death benefit (“GMDB”), guaranteed minimum income benefit (“GMIB”), GMWB and GMAB. If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.
Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in OCI.
Deferred Acquisition Costs
Deferred Acquisition Costs
The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The deferred acquisition costs (“DAC”) associated with insurance policies or annuity contracts that are significantly
modified or internally replaced with another contract are accounted for as write-offs. These transactions are anticipated in establishing amortization periods and other valuation assumptions.
The Company monitors other DAC amortization assumptions, such as persistency, mortality, morbidity, and variable annuity benefit utilization each quarter and, when assessed independently, each could impact the Company’s DAC balances. Unamortized DAC is reduced for actual experience in excess of expected experience.
The analysis of DAC balances and the corresponding amortization considers all relevant factors and assumptions described previously. Unless the Company’s management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year.
DAC is amortized on a constant-level basis for the grouped contracts over the expected contract term to approximate straight-line amortization. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability for future policy benefits. DAC related to all long-duration product types (except for life contingent payout annuities) is grouped on a calendar-year annual basis for each legal entity. Further disaggregation is reported for any contracts that include an additional liability for death or other insurance benefit. DAC related to life contingent payout annuities is grouped on a calendar-year annual basis for each legal entity for policies issued prior to 2021 and on a quarterly basis for each legal entity thereafter.
DAC related to annuity products (including variable deferred annuities, structured variable annuities, fixed deferred annuities, and life contingent payout annuities) is amortized based on initial premium. DAC related to life insurance products (including universal life (“UL”) insurance, variable universal life (“VUL”) insurance, IUL insurance, term life insurance, and whole life insurance) is amortized based on original specified amount (i.e., face amount). DAC related to disability income (“DI”) insurance is amortized based on original monthly benefit.
The accounting contract term for annuity products (except for life contingent payout annuities) is the projected accumulation period. Life contingent payout annuities are amortized over the period which annuity payments are expected to be paid. The accounting contract term for life insurance products is the projected life of the contract. DI insurance is amortized over the projected life of the contract, including the claim paying period.
Deferred Sales Inducement Costs
Deferred Sales Inducement Costs
Deferred sales inducements are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy. Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized on a constant level basis using the same methodology and assumptions used to amortize DAC. Deferred sales inducement costs (“DSIC”) is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.
Reinsurance
Reinsurance
The Company cedes insurance risk to other insurers under reinsurance agreements.
Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums for traditional life, long term care (“LTC”) and DI insurance and life contingent payout annuities, net of the change in any prepaid reinsurance asset, are reported as a reduction of Premiums, policy and contract charges. Reinsurance recoveries are reported as components of Benefits, claims, losses and settlement expenses.
UL and VUL reinsurance premiums are reported as a reduction of Premiums, policy and contract charges. In addition, for UL and VUL insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset and amortized based on estimated gross profits over the period the reinsured policies are in force. Changes in the net cost of reinsurance are reflected as a component of Premiums, policy and contract charges.
Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Receivables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company’s reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the Company’s data. Such differences include that the Company has no actual history of significant losses and that industry data may contain non-life insurers. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.
The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within Policyholder account balances, future policy benefits and claims.
See Note 8 for additional information on reinsurance.
Policyholder Account Balances, Future Policy Benefits and Claims
Policyholder Account Balances, Future Policy Benefits and Claims
The Company establishes reserves to cover the benefits associated with non-traditional and traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products include term life, whole life, DI and LTC insurance products and life contingent payout annuity products.
Non-Traditional Long-Duration Products
The liabilities for non-traditional long-duration products include fixed account values on variable and fixed annuities and UL and VUL policies, non-life contingent payout annuities, liabilities for guaranteed benefits associated with variable annuities (including structured variable annuities), and embedded derivatives for structured variable annuities, indexed annuities and IUL products.
Liabilities for fixed account values on variable annuities, structured variable annuities, fixed deferred annuities, and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. The liability for non-life contingent payout annuities is recognized as the present value of future payments using the effective yield at inception of the contract.
A portion of the Company’s UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined at the reporting date by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 11 for information regarding the liability for contracts with secondary guarantees.
Liabilities for fixed deferred indexed annuity, structured variable annuity and IUL products are equal to the accumulation of host contract values, guaranteed benefits, and the fair value of embedded derivatives.
See Note 13 for information regarding variable annuity guarantees.
Embedded Derivatives
The fair value of embedded derivatives related to structured variable annuities, indexed annuities and IUL fluctuate based on equity markets and interest rates and the estimate of the Company’s nonperformance risk and is recorded in Policyholder account balances, future policy benefits and claims. See Note 16 for information regarding the fair value measurement of embedded derivatives.
Traditional Long-Duration Products
The liabilities for traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI, LTC, and life contingent payout annuity policies as claims are incurred in the future. The claim liability (also referred to as disabled life reserve) is presented together as one liability for future policy benefits.
A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. Expected insurance benefits are accrued over the life of the contract in proportion to premium revenue recognized (referred to as the net premium approach). The net premium ratio reflects cash flows from contract inception to contract termination (i.e., through the claim paying period) and cannot exceed 100%.
Assumptions utilized in the net premium approach, including mortality, morbidity, and terminations, are reviewed as part of experience studies at least annually or more frequently if suggested by evidence. Expense assumptions and actual expenses are updated within the net premium calculation consistent with other policyholder assumptions.
The updated cash flows used in the calculation are discounted using a forward rate curve. The discount rate represents an upper-medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability. Discount rates are locked in annually, at the end of each year for all products, except life contingent payout annuities, and calculated as the monthly average discount rate curves for the year. For life contingent payout annuities, the discount rates are locked in quarterly at the end of each quarter based on the average of the three months for the quarter. 
The liability for future policy benefits will be updated for actual experience at least on an annual basis and concurrent with changes to cash flow assumptions. When net premiums are updated for cash flow changes, the estimated cash flows over the entire life of a group of contracts are updated using historical experience and updated future cash flow assumptions.
The revised net premiums are used to calculate an updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original locked in rate (i.e., contract issuance rate). The updated liability for future policy benefits as of the beginning of the reporting period is then compared with the carrying amount of the liability as of that date prior to updating cash flow assumptions to determine the current period remeasurement gain or loss reflected in current period earnings. The revised net premiums are then applied as of the beginning of the quarter to calculate the benefit expense for the current reporting period.
The difference between the updated carrying amount of the liability for future policy benefits measured using the current discount rate assumption and the original discount rate assumption is recognized in OCI. The interest accretion rate remains the original discount rate used at contract issue date.
If the updating of cash flow assumptions results in the present value of future benefits and expenses exceeding the present value of future gross premiums, a charge to net income is recorded for the current reporting period such that net premiums are set equal to gross premiums. In subsequent periods, the liability for future policy benefits is accrued with net premiums set equal to gross premiums.
Contracts (except for life contingent payout annuities sold subsequent to December 31, 2020) are grouped into cohorts by contract type and issue year, as well as by legal entity and reportable segment. Life contingent payout annuities sold in periods beginning in 2021 are grouped into quarterly cohorts.
See Note 11 for information regarding the liabilities for traditional long-duration products.
Deferred Profit Liability
For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.
The DPL is amortized and recognized as premium revenue in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or credit to premium revenue.
DPL is recorded in Policyholder account balances, future policy benefits and claims and included as a reconciling item within Note 11.
Unearned Revenue Liability
Unearned Revenue Liability
The Company’s UL and VUL policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized using the same assumptions and factors used to amortize DAC. The unearned revenue liability is recorded in Other liabilities and the amortization is recorded in Premiums, policy and contract charges.
For clients who pay financial planning fees prior to the advisor’s delivery of the financial plan, the financial planning fees received in advance are deferred as unearned revenue until the plan is delivered to the client.
Share-Based Compensation
Share-Based Compensation
The Company measures and recognizes the cost of share-based awards granted to employees and directors based on the grant-date fair value of the award and recognizes the expense (net of estimated forfeitures) on a straight-line basis over the vesting period. Excess tax benefits or deficiencies are created upon distribution or exercise of awards and are recognized within the Income tax provision. The fair value of each option is estimated on the grant date using a Black-Scholes option-pricing model. The Company recognizes the cost of performance share units granted to the Company’s Executive Leadership Team on a fair value basis until fully vested.
Income Taxes
Income Taxes
The Company’s provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.
In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.
The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. With respect to the corporate alternative minimum tax (“CAMT”), we have adopted a policy of excluding future years’ CAMT as a consideration within the Company’s valuation allowance analysis. See Note 24 for additional information on the Company’s valuation allowance.
Changes in tax rates and tax law are accounted for in the period of enactment. Deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates and the effect is included in net income.
Revenue Recognition
Revenue Recognition
Mortality and expense risk fees are generally calculated as a percentage of the fair value of assets held in separate accounts and recognized when assessed within Premiums, policy and contract charges.
Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Realized gains and losses on the sale of securities, other than trading securities and equity method investments, are recognized using the specific identification method on a trade date basis.
Premiums on traditional life, DI and LTC insurance and life contingent payout annuities are net of reinsurance ceded and are recognized as revenue when due.
Variable annuity guaranteed benefit rider charges and cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities and UL and VUL insurance are recognized as revenue when assessed within Premiums, policy and contract charges.
See Note 4 for further discussion of accounting policies on revenue from contracts with customers.
Adoption and Future Adoption of New Accounting Standards
Adoption of New Accounting Standards
Segment Reporting – Improvements to Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting (“Topic 280”), primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company adopted the standard on January 1, 2024. The adoption of the standard did not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.
Future Adoption of New Accounting Standards
Income Taxes – Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is assessing changes to the income tax-related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.
Expenses – Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively, with an option for retrospective application and is effective for annual periods beginning after December 15, 2026, and interim
reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is assessing changes to footnote disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated results of operations and financial condition as the standard is disclosure-related only.
v3.25.0.1
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregated revenue by segment
The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:
Year Ended December 31, 2024
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating RevenueTotal
(in millions)
Management and financial advice fees:
Asset management fees:
Retail
$— $2,132 $— $— $2,132 $— $2,132 
Institutional
— 618 — — 618 — 618 
Model delivery(2)
— 82 — — 82 — 82 
Advisory fees
5,634 — — — 5,634 — 5,634 
Financial planning fees
470 — — — 470 — 470 
Transaction and other fees
388 207 60 — 655 — 655 
Total management and financial advice fees6,492 3,039 60 — 9,591 — 9,591 
Distribution fees:
Mutual funds821 228 — — 1,049 — 1,049 
Insurance and annuity
1,037 160 341 — 1,538 — 1,538 
Off-balance sheet brokerage cash154 — — — 154 — 154 
Other products
441 — — — 441 — 441 
Total distribution fees2,453 388 341 — 3,182 — 3,182 
Other revenues255 13 — — 268 — 268 
Total revenue from contracts with customers9,200 3,440 401 — 13,041 — 13,041 
Revenue from other sources (1)
2,242 75 3,372 484 6,173 196 6,369 
Total segment gross revenues
11,442 3,515 3,773 484 19,214 196 19,410 
Banking and deposit interest expense(662)— — (30)(692)— (692)
Total segment net revenues
10,780 3,515 3,773 454 18,522 196 18,718 
Elimination of intersegment revenues(935)(96)(441)29 (1,443)(11)(1,454)
Total net revenues$9,845 $3,419 $3,332 $483 $17,079 $185 $17,264 
Year Ended December 31, 2023
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating RevenueTotal
(in millions)
Management and financial advice fees:
Asset management fees:
Retail
$— $1,959 $— $— $1,959 $— $1,959 
Institutional
— 612 — — 612 — 612 
Model delivery(2)
— 65 — — 65 — 65 
Advisory fees
4,687 — — — 4,687 — 4,687 
Financial planning fees
426 — — — 426 — 426 
Transaction and other fees
372 195 56 — 623 — 623 
Total management and financial advice fees5,485 2,831 56 — 8,372 — 8,372 
Distribution fees:
Mutual funds723 209 — — 932 — 932 
Insurance and annuity
895 154 324 — 1,373 — 1,373 
Off-balance sheet brokerage cash316 — — — 316 — 316 
Other products
339 — — — 339 — 339 
Total distribution fees2,273 363 324 — 2,960 — 2,960 
Other revenues227 20 — — 247 — 247 
Total revenue from contracts with customers7,985 3,214 380 — 11,579 — 11,579 
Revenue from other sources (1)
1,994 64 3,096 553 5,707 160 5,867 
Total segment gross revenues
9,979 3,278 3,476 553 17,286 160 17,446 
Banking and deposit interest expense(561)— — (20)(581)— (581)
Total segment net revenues
9,418 3,278 3,476 533 16,705 160 16,865 
Elimination of intersegment revenues(847)(79)(411)19 (1,318)(12)(1,330)
Total net revenues$8,571 $3,199 $3,065 $552 $15,387 $148 $15,535 
Year Ended December 31, 2022
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating RevenueTotal
(in millions)
Management and financial advice fees:
Asset management fees:
Retail
$— $2,179 $— $— $2,179 $— $2,179 
Institutional
— 617 — — 617 — 617 
Model delivery(2)
— 61 — — 61 — 61 
Advisory fees
4,526 — — — 4,526 — 4,526 
Financial planning fees
410 — — — 410 — 410 
Transaction and other fees
372 210 59 — 641 — 641 
Total management and financial advice fees5,308 3,067 59 — 8,434 — 8,434 
Distribution fees:
Mutual funds741 231 — — 972 — 972 
Insurance and annuity
845 166 348 — 1,359 — 1,359 
Off-balance sheet brokerage cash
324 — — — 324 — 324 
Other products339 — — — 339 — 339 
Total distribution fees2,249 397 348 — 2,994 — 2,994 
Other revenues211 10 — — 221 — 221 
Total revenue from contracts with customers7,768 3,474 407 — 11,649 — 11,649 
Revenue from other sources (1)
769 32 2,717 484 4,002 14 4,016 
Total segment gross revenues
8,537 3,506 3,124 484 15,651 14 15,665 
Banking and deposit interest expense(76)— — (5)(81)— (81)
Total segment net revenues
8,461 3,506 3,124 479 15,570 14 15,584 
Elimination of intersegment revenues(847)(52)(420)3 (1,316)(10)(1,326)
Total net revenues$7,614 $3,454 $2,704 $482 $14,254 $4 $14,258 
(1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.
(2) Current year disclosure has been expanded to separately state model delivery revenue. Prior periods have been updated to conform to current year presentation.
v3.25.0.1
Variable Interest Entities (Tables) - Consolidated investment entities
 12 Months Ended
Dec. 31, 2024
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 held by consolidated investment entities measured at fair value on a recurring basis:
 
December 31, 2024
Level 1Level 2Level 3Total
(in millions)
Assets    
Investments:    
Corporate debt securities$— $50 $— $50 
Common stocks— 2 1 3 
Syndicated loans— 2,216 118 2,334 
Total investments— 2,268 119 2,387 
Receivables— 31 — 31 
Other assets— 2 — 2 
Total assets at fair value$— $2,301 $119 $2,420 
Liabilities    
Debt (1)
$— $2,429 $— $2,429 
Other liabilities— 314 — 314 
Total liabilities at fair value$— $2,743 $— $2,743 
 
December 31, 2023
Level 1Level 2Level 3Total
(in millions)
Assets    
Investments:    
Corporate debt securities$— $40 $— $40 
Common stocks— 5 — 5 
Syndicated loans— 1,991 63 2,054 
Total investments— 2,036 63 2,099 
Receivables— 28 — 28 
Other assets— 1 — 1 
Total assets at fair value$— $2,065 $63 $2,128 
Liabilities    
Debt (1)
$— $2,155 $— $2,155 
Other liabilities— 45 — 45 
Total liabilities at fair value$— $2,200 $— $2,200 
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, 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 held by consolidated investment entities measured at fair value on a recurring basis:
 Common StocksSyndicated Loans
(in millions)
Balance at January 1, 2024
$— $63 
Total gains (losses) included in:
Net income(1)(1)(7)(1)
Purchases
— 168 
Sales
(1)— 
Settlements
— (5)
Transfers into Level 3
4 103 
Transfers out of Level 3
(1)(204)
Balance at December 31, 2024
$1 $118 
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2024
$— (1)$— (1)
 Syndicated LoansOther Assets
(in millions)
Balance at January 1, 2023
$125 $1 
Total gains (losses) included in:
Net income(4)(1)— 
Purchases
45 — 
Sales
(10)— 
Settlements
(16)— 
Transfers into Level 3
122 — 
Transfers out of Level 3
(199)(1)
Balance at December 31, 2023
$63 $— 
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2023
$(1)(1)$— 
 Common StocksSyndicated LoansOther Assets
(in millions)
Balance at January 1, 2022
$— $64 $3 
Total gains (losses) included in:
Net income— (11)(1)— 
Purchases
— 69 — 
Sales
— (4)— 
Settlements
— (8)— 
Transfers into Level 3
2 218 1 
Transfers out of Level 3
(2)(203)(3)
Balance at December 31, 2022
$— $125 $1 
Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2022
$— $(10)(1)$— 
(1) Included in Net investment income.
Schedule of fair value and unpaid principal balance of loans and debt for which fair value option has been elected
The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
 December 31,
20242023
(in millions)
Syndicated loans  
Unpaid principal balance$2,406 $2,190 
Excess unpaid principal over fair value(72)(136)
Fair value$2,334 $2,054 
Fair value of loans more than 90 days past due$1 $— 
Fair value of loans in nonaccrual status1 13 
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both5 40 
Debt  
Unpaid principal balance$2,633 $2,362 
Excess unpaid principal over fair value(204)(207)
Carrying value (1)
$2,429 $2,155 
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, respectively.
Schedule of debt and stated interest rates
Debt of the consolidated investment entities and the stated interest rates were as follows:
 Carrying ValueWeighted Average
Interest Rate
December 31,December 31,
2024202320242023
(in millions) 
Debt of consolidated CLOs due 2030 -2038
$2,429 $2,155 5.9 %6.6 %
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
 December 31,
2024
2023
(in millions)
Available-for-Sale securities, at fair value $52,153 $51,562 
Mortgage loans (allowance for credit losses: 2024, $14; 2023, $14)
2,354 2,118 
Policy loans982 912 
Other investments (allowance for credit losses: 2024, $6; 2023, $6)
934 897 
Total$56,423 $55,489 
Summary of Net Investment income
The following is a summary of Net investment income:
 Years Ended December 31,
2024
2023
2022(1)
(in millions)
Investment income on fixed maturities$3,039 $2,637 $1,320 
Net realized gains (losses)(18)(27)(87)
Consolidated investment entities207 181 102 
Other420 415 139 
Total$3,648 $3,206 $1,474 
(1) Prior period amounts associated with affordable housing partnerships have been reclassified to Other to conform to current year presentation.
Schedule of Available-for-Sale securities by type
Available-for-Sale securities distributed by type were as follows:
December 31, 2024
Description of SecuritiesAmortized 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 
December 31, 2023
Description of SecuritiesAmortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$12,675 $409 $(507)$(1)$12,576 
Residential mortgage backed securities22,130 107 (1,171)— 21,066 
Commercial mortgage backed securities6,380 11 (341)— 6,050 
Asset backed securities8,353 25 (59)— 8,319 
State and municipal obligations719 62 (20)(1)760 
U.S. government and agency obligations2,739 1 — — 2,740 
Foreign government bonds and obligations19 — (1)— 18 
Other securities33 — — — 33 
Total$53,048 $615 $(2,099)$(2)$51,562 
Summary of fixed maturity securities by rating
A summary of fixed maturity securities by rating was as follows:
December 31, 2024
December 31, 2023
RatingsAmortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$25,251 $24,614 47 %$25,235 $24,342 47 %
AA13,498 12,909 25 14,013 13,534 26 
A2,979 2,935 5 3,073 3,139 6 
BBB11,896 11,402 22 10,396 10,216 20 
Below investment grade
302 293 1 331 331 1 
Total fixed maturities$53,926 $52,153 100 %$53,048 $51,562 100 %
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, 2024
Less than 12 months12 months or moreTotal
Description of SecuritiesNumber of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
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 obligations
1 100 — — — — 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)
December 31, 2023
Less than 12 months12 months or moreTotal
Description of SecuritiesNumber of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses
(in millions, except number of securities)
Corporate debt securities97 $1,276 $(11)376 $5,197 $(496)473 $6,473 $(507)
Residential mortgage backed securities
82 3,052 (25)734 10,677 (1,146)816 13,729 (1,171)
Commercial mortgage backed securities
31 747 (9)277 4,092 (332)308 4,839 (341)
Asset backed securities49 885 (2)116 2,840 (57)165 3,725 (59)
State and municipal obligations5 29 (1)49 138 (19)54 167 (20)
U.S. government and agency obligations
11 955 — 1 — — 12 955 — 
Foreign government bonds and obligations
— — — 3 12 (1)3 12 (1)
Total275 $6,944 $(48)1,556 $22,956 $(2,051)1,831 $29,900 $(2,099)
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 ObligationsTotal
(in millions)
Balance at January 1, 2022
$— $— $1 $1 
Additions for which credit losses were not previously recorded20 — — 20 
Additional increases (decreases) on securities that had an allowance recorded in a previous period— — 1 1 
Balance at December 31, 2022
20 — 2 22 
Additions for which credit losses were not previously recorded1 — — 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 
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,
2024
2023
2022
(in millions)
Gross realized investment gains$41 $11 $28 
Gross realized investment losses(57)(58)(22)
Credit reversals (losses)(3)20 (21)
Other impairments— (2)(70)
Total$(19)$(29)$(85)
Schedule of Available-for-Sale securities by contractual maturity
Available-for-Sale securities by contractual maturity as of December 31, 2024 were as follows:
 Amortized CostFair Value
(in millions)
Due within one year$3,537 $3,536 
Due after one year through five years2,423 2,361 
Due after five years through 10 years5,507 5,216 
Due after 10 years6,273 6,128 
 17,740 17,241 
Residential mortgage backed securities24,396 23,344 
Commercial mortgage backed securities5,339 5,126 
Asset backed securities6,451 6,442 
Total$53,926 $52,153 
v3.25.0.1
Financing Receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Financing Receivables  
Rollforward of allowance for credit losses
The following table presents a rollforward of the allowance for credit losses:
 Commercial LoansConsumer LoansTotal
(in millions)
Balance at January 1, 2022
$47 $3 $50 
Provisions10 3 13 
Charge-offs(3)(1)(4)
Balance at December 31, 2022
54 5 59 
Provisions2 6 8 
Charge-offs(2)(2)(4)
Balance at December 31, 2023
54 9 63 
Provisions(5)3 (2)
Charge-offs(4)(4)(8)
Recoveries— 1 1 
Balance at December 31, 2024
$45 $9 $54 
Schedule of concentrations of credit risk of loans by region and property type Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
 LoansPercentage
December 31,December 31,
2024
2023
2024
2023
(in millions)  
East North Central$185 $189 10 %10 %
East South Central45 52 2 3 
Middle Atlantic133 112 7 6 
Mountain157 138 8 8 
New England30 28 2 2 
Pacific633 624 33 34 
South Atlantic489 465 26 25 
West North Central119 109 6 6 
West South Central111 115 6 6 
Total$1,902 $1,832 100 %100 %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
LoansPercentage
December 31,December 31,
2024
2023
2024
2023
(in millions)  
Apartments$522 $485 27 %26 %
Hotel33 13 2 1 
Industrial362 317 19 17 
Mixed use68 64 4 4 
Office219 241 11 13 
Retail546 561 29 31 
Other152 151 8 8 
Total$1,902 $1,832 100 %100 %
Commercial Loans | Commercial mortgage loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
December 31, 2024
Loan-to-Value Ratio
2024
2023202220212020PriorTotal
(in millions)
> 100%$— $— $— $— $— $15 $15 
80% - 100%— — — — 10 48 58 
60% - 80%86 44 18 9 5 130 292 
40% - 60%87 22 39 69 41 348 606 
< 40%15 10 48 102 50 706 931 
Total$188 $76 $105 $180 $106 $1,247 $1,902 
December 31, 2023
Loan-to-Value Ratio
2023
2022202120202019PriorTotal
(in millions)
> 100%$— $— $— $— $2 $22 $24 
80% - 100%— 5 — 2 11 50 68 
60% - 80%59 26 6 14 40 106 251 
40% - 60%8 47 133 53 70 348 659 
< 40%10 32 49 40 80 619 830 
Total$77 $110 $188 $109 $203 $1,145 $1,832 
Commercial Loans | Syndicated loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
December 31, 2024
Internal Risk Rating
2024
2023202220212020PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — — — — 2 2 
Risk 31 1 — 8 1 1 12 
Risk 229 5 — 3 — 8 45 
Risk 122 6 — 3 2 — 33 
Total$52 $12 $— $14 $3 $11 $92 
December 31, 2023
Internal Risk Rating
2023
2022202120202019PriorTotal
(in millions)
Risk 5$— $1 $— $— $— $— $1 
Risk 4— — — 1 2 — 3 
Risk 32 — 12 2 2 10 28 
Risk 226 3 17 5 11 2 64 
Risk 114 5 15 3 10 2 49 
Total$42 $9 $44 $11 $25 $14 $145 
Commercial Loans | Loans to financial advisors  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of advisor loans by origination year and termination status:
December 31, 2024
Termination Status
2024
2023202220212020PriorTotal
(in millions)
Active$358 $351 $261 $121 $82 $150 $1,323 
Terminated— — 2 2 2 6 12 
Total$358 $351 $263 $123 $84 $156 $1,335 
December 31, 2023
Termination Status
2023
2022202120202019PriorTotal
(in millions)
Active$395 $310 $151 $107 $79 $157 $1,199 
Terminated— 2 1 1 4 4 12 
Total$395 $312 $152 $108 $83 $161 $1,211 
Consumer Loans | Residential mortgage loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:
FICO Score
December 31, 2024
2024
2023202220212020
Total
(in millions)
> 810
$5 $9 $2 $2 $1 $19 
780 - 809
84 56 28 7 6 181 
740 - 779
64 77 25 7 5 178 
720 - 739
17 15 5 5 — 42 
700 - 719
9 8 5 3 1 26 
< 699
7 7 3 3 — 20 
Total$186 $172 $68 $27 $13 $466 
FICO Score
December 31, 2023
2023
202220212020
Total
(in millions)
> 810
$9 $3 $2 $— $14 
780 - 809
65 29 8 6 108 
740 - 779
80 26 8 6 120 
720 - 739
15 6 4 1 26 
700 - 719
8 5 4 1 18 
< 699
7 4 3 — 14 
Total$184 $73 $29 $14 $300 
The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:
Loans
Percentage
December 31,
December 31,
2024
2023
2024
2023
(in millions)
Minnesota
$284 $178 61 %59 %
Other U.S. States
182 122 39 41 
Total$466 $300 100 %100 %
Consumer Loans | Credit card receivables  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The table below presents the amortized cost basis of credit card receivables by FICO score:
FICO Score
December 31,
2024
2023
(in millions)
> 800$38 $32 
750 - 79932 28 
700 - 74929 30 
650 - 69916 19 
< 6508 8 
Total$123 $117 
v3.25.0.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Schedule of effect of reinsurance on premiums
The effect of reinsurance on premiums for traditional long-duration products was as follows:
 Years Ended December 31,
2024
2023
2022
(in millions)
Direct premiums$696 $674 $530 
Reinsurance ceded(224)(226)(224)
Net premiums$472 $448 $306 
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in carrying amount of goodwill reported in main operating segments
The changes in the carrying amount of goodwill reported in the Company’s reportable segments were as follows:
Advice & Wealth ManagementAsset
Management		Retirement & Protection SolutionsConsolidated
(in millions)
Balance at January 1, 2023
$279 $1,019 $91 $1,389 
Foreign currency translation— 27 — 27 
Other adjustments— (6)— (6)
Balance at December 31, 2023
279 1,040 91 1,410 
Foreign currency translation— (9)— (9)
Other adjustments— — — — 
Balance at December 31, 2024
$279 $1,031 $91 $1,401 
Schedule of components of indefinite-lived intangible assets
The carrying amount of indefinite-lived intangible assets consisted of the following:
December 31,
20242023
(in millions)
Customer contracts$844 $848 
Trade names65 67 
Total$909 $915 
Schedule of components of definite-lived intangible assets
Definite-lived intangible assets consisted of the following:
 
December 31, 2024
December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(in millions)
Customer relationships$370 $(204)$166 $380 $(191)$189 
Contracts226 (218)8 228 (219)9 
Other357 (269)88 343 (243)100 
Total$953 $(691)$262 $951 $(653)$298 
Schedule of estimated future intangible amortization expense
Estimated intangible amortization expense as of December 31, 2024 for the next five years is as follows:
 (in millions)
2025$53 
202648 
202736 
202826 
202922 
v3.25.0.1
Deferred Acquisition Costs and Deferred Sales Inducement Costs (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Charges, Insurers [Abstract]  
Schedule of balances of and changes in DAC
The following tables summarize the balances of and changes in DAC:
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance
(in millions)
Balance at January 1, 2024
$1,496 $208 $35 $5 $110 $534 
Capitalization of acquisition costs24 98 — — — 64 
Amortization(118)(30)(7)(1)(7)(45)
Balance at December 31, 2024
$1,402 $276 $28 $4 $103 $553 
Indexed Universal Life InsuranceOther Life InsuranceLife Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Total,
All Products
(in millions)
Balance at January 1, 2024
$223 $2 $6 $17 $75 $2,711 
Capitalization of acquisition costs3 — 5 2 3 199 
Amortization(16)— (1)(2)(8)(235)
Balance at December 31, 2024
$210 $2 $10 $17 $70 $2,675 
Other broker dealer acquisition costs2 
Balance at December 31, 2024 including broker dealer acquisition costs
$2,677 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance
(in millions)
Balance at January 1, 2023
$1,598 $149 $45 $6 $118 $521 
Capitalization of acquisition costs23 83 — — — 57 
Amortization(125)(24)(10)(1)(8)(44)
Balance at December 31, 2023
$1,496 $208 $35 $5 $110 $534 
Indexed Universal Life InsuranceOther Life InsuranceLife Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Total,
All Products
(in millions)
Balance at January 1, 2023
$236 $3 $2 $18 $79 $2,775 
Capitalization of acquisition costs4 — 4 1 4 176 
Amortization(17)(1)— (2)(8)(240)
Balance at December 31, 2023
$223 $2 $6 $17 $75 $2,711 
Other broker dealer acquisition costs2 
Balance at December 31, 2023 including broker dealer acquisition costs
$2,713 
Schedule of balances of and changes in DSIC
The following tables summarize the balances of and changes in DSIC:
Variable AnnuitiesFixed AnnuitiesTotal,
All Products
(in millions)
Balance at January 1, 2024
$136 $12 $148 
Amortization(14)(2)(16)
Balance at December 31, 2024
$122 $10 $132 
Variable AnnuitiesFixed AnnuitiesTotal,
All Products
(in millions)
Balance at January 1, 2023
$151 $16 $167 
Amortization(15)(4)(19)
Balance at December 31, 2023
$136 $12 $148 
v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims (Tables)
 12 Months Ended
Dec. 31, 2024
Policyholder Account Balance [Abstract]  
Schedule of components of policyholder account balances, future policy benefits and claims
Policyholder account balances, future policy benefits and claims consisted of the following:
December 31, 2024December 31, 2023
(in millions)
Policyholder account balances
Policyholder account balances$32,542 $27,947 
Future policy benefits
Reserve for future policy benefits
7,418 7,763 
Deferred profit liability118 81 
Additional liabilities for insurance guarantees1,389 1,321 
Other insurance and annuity liabilities192 213 
Total future policy benefits9,117 9,378 
Policy claims and other policyholders’ funds214 220 
Total policyholder account balances, future policy benefits and claims$41,873 $37,545 
Balances of and changes in policyholder account balances
The balances of and changes in policyholder account balances were as follows:
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2024
$4,173 $10,742 $5,982 $307 $444 
Contract deposits56 4,005 39 — 101 
Policy charges(14)(3)— — — 
Surrenders and other benefits(628)(383)(856)(16)(110)
Net transfer from (to) separate account liabilities(32)— — — — 
Variable account index-linked adjustments
— 1,968 — — — 
Interest credited125 1 204 14 12 
Balance at December 31, 2024
$3,680 $16,330 $5,369 $305 $447 
Weighted-average crediting rate3.3 %1.9 %3.7 %2.0 %N/A
Cash surrender value (1)
$3,658 $15,467 $5,365 $279 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,474 $1,569 $2,755 $501 $27,947 
Contract deposits117 333 181 — 4,832 
Policy charges(173)(93)(124)— (407)
Surrenders and other benefits(62)(80)(79)(52)(2,266)
Net transfer from (to) separate account liabilities— (145)— — (177)
Variable account index-linked adjustments
— — — — 1,968 
Interest credited49 63 161 16 645 
Balance at December 31, 2024
$1,405 $1,647 $2,894 $465 $32,542 
Weighted-average crediting rate3.6 %3.9 %2.3 %4.0 %
Net amount at risk$8,312 $57,473 $13,593 $130 
Cash surrender value (1)
$1,280 $1,092 $2,447 $298 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2023
$4,752 $6,410 $6,799 $312 $471 
Contract deposits73 3,084 47 — 91 
Policy charges(10)— — — — 
Surrenders and other benefits(759)(156)(1,086)(10)(127)
Net transfer from (to) separate account liabilities(25)— — — — 
Variable account index-linked adjustments
— 1,403 — — — 
Interest credited142 1 222 5 9 
Balance at December 31, 2023
$4,173 $10,742 $5,982 $307 $444 
Weighted-average crediting rate3.3 %1.8 %3.6 %2.0 %N/A
Cash surrender value (1)
$4,146 $10,129 $5,974 $278 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,544 $1,520 $2,654 $524 $24,986 
Contract deposits123 272 193 1 3,884 
Policy charges(176)(94)(121)— (401)
Surrenders and other benefits(69)(78)(53)(44)(2,382)
Net transfer from (to) separate account liabilities— (107)— — (132)
Variable account index-linked adjustments
— — — — 1,403 
Interest credited52 56 82 20 589 
Balance at December 31, 2023
$1,474 $1,569 $2,755 $501 $27,947 
Weighted-average crediting rate3.6 %3.9 %2.0 %4.0 %
Net amount at risk$8,740 $57,291 $14,407 $141 
Cash surrender value (1)
$1,330 $1,065 $2,271 $326 
(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.
Account values by guaranteed minimum interest rates
The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2024 and 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.
December 31, 2024
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities1 %–1.99%$24 $95 $65 $17 $— $201 
2 %–2.99%112 — — — — 112 
3 %–3.99%1,894 7 — 1 — 1,902 
4 %–5.00%1,412 — — — — 1,412 
Total$3,442 $102 $65 $18 $— $3,627 
Fixed accounts of structured variable annuities1 %–1.99%$2 $20 $9 $— $— $31 
2 %–2.99%13 — — — — 13 
3 %–3.99%1 — — — — 1 
4 %–5.00%— — — — — — 
Total$16 $20 $9 $— $— $45 
Fixed annuities1 %–1.99%$85 $237 $152 $89 $14 $577 
2 %–2.99%22 14 2 — — 38 
3 %–3.99%2,410 — — — — 2,410 
4 %–5.00%2,331 — — — — 2,331 
Total$4,848 $251 $154 $89 $14 $5,356 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $5 $14 $— $21 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $5 $14 $— $21 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%50 4 15 — — 69 
3 %–3.99%821 — 4 6 — 831 
4 %–5.00%473 4 — — — 477 
Total$1,344 $8 $19 $6 $— $1,377 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable universal life insurance1 %–1.99%$— $— $4 $1 $41 $46 
2 %–2.99%7 14 — 1 12 34 
3 %–3.99%108 1 2 12 — 123 
4 %–5.00%564 21 — — — 585 
Total$679 $36 $6 $14 $53 $788 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $4 $2 $— $6 
2 %–2.99%— 125 — — — 125 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $125 $4 $2 $— $131 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%28 — — — — 28 
4 %–5.00%268 — — — — 268 
Total$296 $— $— $— $— $296 
Total1 %–1.99%$111 $354 $239 $123 $55 $882 
2 %–2.99%204 157 17 1 12 391 
3 %–3.99%5,262 8 6 19 — 5,295 
4 %–5.00%5,048 25 — — — 5,073 
Total$10,625 $544 $262 $143 $67 $11,641 
Percentage of total account values that reset in:
Next 12 months100.0 %100.0 %99.9 %100.0 %99.8 %100.0 %
> 12 months to 24 months— — — — — — 
> 24 months— — 0.1 — 0.2 — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
December 31, 2023
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities1 %–1.99%$43 $131 $52 $15 $2 $243 
2 %–2.99%137 1 — — — 138 
3 %–3.99%2,214 — — 1 — 2,215 
4 %–5.00%1,514 — — — — 1,514 
Total$3,908 $132 $52 $16 $2 $4,110 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of structured variable annuities1 %–1.99%$1 $18 $7 $2 $— $28 
2 %–2.99%11 — — — — 11 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$12 $18 $7 $2 $— $39 
Fixed annuities1 %–1.99%$107 $377 $183 $93 $— $760 
2 %–2.99%36 14 1 — — 51 
3 %–3.99%2,816 1 — — — 2,817 
4 %–5.00%2,339 — — — — 2,339 
Total$5,298 $392 $184 $93 $— $5,967 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $7 $13 $— $22 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $7 $13 $— $22 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%51 3 9 — — 63 
3 %–3.99%854 1 4 4 — 863 
4 %–5.00%518 1 — — — 519 
Total$1,423 $5 $13 $4 $— $1,445 
Fixed accounts of variable universal life insurance1 %–1.99%$— $2 $4 $— $24 $30 
2 %–2.99%13 12 — 1 8 34 
3 %–3.99%122 2 3 6 — 133 
4 %–5.00%607 6 — — — 613 
Total$742 $22 $7 $7 $32 $810 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $2 $— $— $2 
2 %–2.99%128 — — — — 128 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$128 $— $2 $— $— $130 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%30 — — — — 30 
4 %–5.00%295 — — — — 295 
Total$325 $— $— $— $— $325 
Total1 %–1.99%$151 $530 $255 $123 $26 $1,085 
2 %–2.99%376 30 10 1 8 425 
3 %–3.99%6,036 4 7 11 — 6,058 
4 %–5.00%5,273 7 — — — 5,280 
Total$11,836 $571 $272 $135 $34 $12,848 
Percentage of total account values that reset in:
Next 12 months99.9 %99.5 %99.3 %100.0 %100.0 %99.9 %
> 12 months to 24 months0.1 0.5 0.6 — — 0.1 
> 24 months— — 0.1 — — — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Balances of and changes in liability for future policy benefits, and Revenue and interest recognized
The following tables summarize the balances of and changes in the liability for future policy benefits:
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2024
$— $703 $104 $1,146 $1,953 
Beginning balance at original discount rate— 708 105 1,137 1,950 
Effect of changes in cash flow assumptions— 57 (39)55 73 
Effect of actual variances from expected experience— (16)(13)(26)(55)
Adjusted beginning of year balance$— $749 $53 $1,166 $1,968 
Issuances201 63 9 — 273 
Interest accrual1 38 3 55 97 
Net premiums collected(202)(76)(6)(149)(433)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $774 $59 $1,072 $1,905 
Effect of changes in discount rate assumptions— (37)(6)(15)(58)
Balance at December 31, 2024
$— $737 $53 $1,057 $1,847 
Present Value of Future Policy Benefits:
Balance at January 1, 2024
$1,164 $1,325 $661 $6,561 $9,711 
Beginning balance at original discount rate1,222 1,291 621 6,507 9,641 
Effect of changes in cash flow assumptions(24)67 (61)58 40 
Effect of actual variances from expected experience(8)(16)(25)(48)(97)
Adjusted beginning of year balance$1,190 $1,342 $535 $6,517 $9,584 
Issuances201 63 9 — 273 
Interest accrual56 73 34 323 486 
Benefit payments(158)(125)(43)(432)(758)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,289 $1,353 $535 $6,408 $9,585 
Effect of changes in discount rate assumptions(85)(31)10 (221)(327)
Balance at December 31, 2024
$1,204 $1,322 $545 $6,187 $9,258 
Adjustment due to reserve flooring$— $7 $— $— $7 
Net liability for future policy benefits$1,204 $592 $492 $5,130 $7,418 
Less: reinsurance recoverable759 424 20 2,591 3,794 
Net liability for future policy benefits, after reinsurance recoverable$445 $168 $472 $2,539 $3,624 
Discounted expected future gross premiums$— $1,672 $836 $1,247 $3,755 
Expected future gross premiums$— $2,921 $1,196 $1,713 $5,830 
Expected future benefit payments$1,846 $2,286 $899 $10,522 $15,553 
Weighted average interest accretion rate4.5 %6.0 %6.3 %5.0 %
Weighted average discount rate5.4 %5.6 %5.6 %5.7 %
Weighted average duration of liability (in years)6778
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2023
$— $686 $134 $1,207 $2,027 
Beginning balance at original discount rate— 708 137 1,220 2,065 
Effect of changes in cash flow assumptions— (19)(19)19 (19)
Effect of actual variances from expected experience— (2)(18)(3)(23)
Adjusted beginning of year balance$— $687 $100 $1,236 $2,023 
Issuances177 55 12 — 244 
Interest accrual1 36 5 59 101 
Net premiums collected(178)(70)(12)(158)(418)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $708 $105 $1,137 $1,950 
Effect of changes in discount rate assumptions— (5)(1)9 3 
Balance at December 31, 2023
$— $703 $104 $1,146 $1,953 
Present Value of Future Policy Benefits:
Balance at January 1, 2023
$1,065 $1,319 $696 $6,439 $9,519 
Beginning balance at original discount rate1,155 1,313 669 6,569 9,706 
Effect of changes in cash flow assumptions— (18)(25)9 (34)
Effect of actual variances from expected experience(10)(1)(29)5 (35)
Adjusted beginning of year balance$1,145 $1,294 $615 $6,583 $9,637 
Issuances177 56 11 — 244 
Interest accrual50 73 37 329 489 
Benefit payments(150)(132)(42)(405)(729)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,222 $1,291 $621 $6,507 $9,641 
Effect of changes in discount rate assumptions(58)34 40 54 70 
Balance at December 31, 2023
$1,164 $1,325 $661 $6,561 $9,711 
Adjustment due to reserve flooring$— $5 $— $— $5 
Net liability for future policy benefits$1,164 $627 $557 $5,415 $7,763 
Less: reinsurance recoverable880 440 22 2,738 4,080 
Net liability for future policy benefits, after reinsurance recoverable$284 $187 $535 $2,677 $3,683 
Discounted expected future gross premiums$— $1,764 $904 $1,325 $3,993 
Expected future gross premiums$— $2,938 $1,269 $1,786 $5,993 
Expected future benefit payments$1,726 $2,166 $1,068 $10,850 $15,810 
Weighted average interest accretion rate4.2 %6.2 %6.1 %5.0 %
Weighted average discount rate4.9 %5.1 %5.1 %5.1 %
Weighted average duration of liability (in years)7788
The amount of revenue and interest recognized in the Statement of Operations was as follows:
Years Ended December 31,
20242023
Gross PremiumsInterest ExpenseGross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$226 $55 $196 $49 
Term and whole life insurance172 35 169 37 
Disability income insurance
119 31 124 32 
Long term care insurance179 268 185 270 
Total$696 $389 $674 $388 
Balances of and changes in additional liabilities related to insurance guarantees
The balances of and changes in additional liabilities related to insurance guarantees were as follows:
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,225 $81 $15 $1,321 
Interest accrual37 6 1 44 
Benefit accrual133 8 3 144 
Benefit payments(69)(13)(5)(87)
Effect of actual variances from expected experience(2)(1)(1)(4)
Impact of change in net unrealized (gains) losses on securities(23)(1)(5)(29)
Balance at December 31, 2024
$1,301 $80 $8 $1,389 
Weighted average interest accretion rate3.0 %7.0 %3.9 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,100 $74 $12 $1,186 
Interest accrual35 5 1 41 
Benefit accrual128 8 2 138 
Benefit payments(50)(18)(4)(72)
Effect of actual variances from expected experience(13)11 (2)(4)
Impact of change in net unrealized (gains) losses on securities25 1 6 32 
Balance at December 31, 2023
$1,225 $81 $15 $1,321 
Weighted average interest accretion rate3.0 %6.9 %4.0 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
Changes in unearned revenue
The following tables summarize the balances of and changes in unearned revenue:
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceTotal,
All Products
(in millions)
Balance at January 1, 2024
$27 $196 $266 $489 
Deferral of revenue— 70 51 121 
Amortization(1)(17)(22)(40)
Balance at December 31, 2024
$26 $249 $295 $570 
Balance at January 1, 2023
$27 $150 $233 $410 
Deferral of revenue1 59 52 112 
Amortization(1)(13)(19)(33)
Balance at December 31, 2023
$27 $196 $266 $489 
v3.25.0.1
Separate Account Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Aggregate fair value of separate account assets, by major asset category
Aggregate fair value of separate account assets, by major asset category, consisted of the following:
December 31,
2024
2023
(in millions)
Variable annuities and variable universal life:
Mutual funds$75,576 $74,634 
Unitized pooled pension funds:
Property/real estate1,682 1,784 
Equity securities514 553 
Debt securities175 285 
Cash and cash equivalents120 147 
Other47 54 
Total$78,114 $77,457 
Balances of and changes in separate account liabilities
The balances of and changes in separate account liabilities were as follows:
Variable AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2024
$65,839 $8,795 $2,823 $77,457 
Premiums and deposits933 500 153 1,586 
Policy charges(1,365)(307)(5)(1,677)
Surrenders and other benefits(6,990)(412)(594)(7,996)
Investment return7,293 1,199 202 8,694 
Net transfer from (to) general account27 64 — 91 
Other charges— — (41)(41)
Balance at December 31, 2024
$65,737 $9,839 $2,538 $78,114 
Cash surrender value$64,411 $9,220 $2,538 $76,169 
Variable AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2023
$63,223 $7,653 $3,086 $73,962 
Premiums and deposits835 459 194 1,488 
Policy charges(1,343)(292)(7)(1,642)
Surrenders and other benefits(5,378)(317)(777)(6,472)
Investment return8,477 1,250 170 9,897 
Net transfer from (to) general account25 42 — 67 
Other charges— — 157 157 
Balance at December 31, 2023
$65,839 $8,795 $2,823 $77,457 
Cash surrender value$64,280 $8,263 $2,823 $75,366 
v3.25.0.1
Market Risk Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Balances of and changes in market risk benefits
The following tables summarize the balances of and changes in market risk benefits:
Years Ended December 31,
2024
2023
2022
(in millions, except age)
Balance at beginning of period$335 $1,103 $2,901 
Issuances24 17 27 
Interest accrual and time decay(66)(53)(237)
Reserve increase from attributed fees collected790 788 810 
Reserve release for benefit payments and derecognition(11)(35)(29)
Effect of changes in interest rates and bond markets(1,078)(367)(4,193)
Effect of changes in equity markets and subaccount performance(1,228)(1,267)2,258 
Effect of changes in equity index volatility59 (67)205 
Actual policyholder behavior different from expected behavior71 5 17 
Effect of changes in other future expected assumptions106 128 (139)
Effect of changes in the instrument-specific credit risk on market risk benefits79 83 (517)
Balance at end of period$(919)$335 $1,103 
Reconciliation of the gross balances in an asset or liability position:
Asset position$2,182 $1,427 $1,015 
Liability position(1,263)(1,762)(2,118)
Net asset (liability) position$919 $(335)$(1,103)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits$462 $913 $2,781 
Living benefits$2,429 $2,513 $3,364 
Composite (greater of)$2,829 $3,308 $5,830 
Weighted average attained age of contractholders696968
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $(2,111)$(1,551)$(2,044)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
$85 $84 $(505)
Significant inputs and assumptions used in the fair value measurements
The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:
December 31, 2024
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(919)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%11.9%
Surrender rate (2)
0.4%–75.0%3.3%
Market volatility (3)
0.0%–24.6%10.3%
Nonperformance risk (4)
65 bps65 bps
Mortality rate (5)
0.0%–41.6%1.7%
December 31, 2023
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$335 Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–48.0%11.6%
Surrender rate (2)
0.3%–75.0%3.7%
Market volatility (3)
0.0%–25.2%10.6%
Nonperformance risk (4)
85 bps85 bps
Mortality rate (5)
0.0%–41.6%1.6%
(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:
 
December 31, 2024
Fair ValueValuation TechniqueUnobservable InputRange Weighted
 Average
(in millions)
Corporate debt securities (private placements)$583 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
0.8%– 1.7%1.1%
Asset backed securities$1 Discounted cash flow
Annual short-term default rate (2)
3.5%3.5%
Annual long-term default rate (2)
3.5%3.5%
Discount rate15.3%15.3%
Constant prepayment rate20.0%20.0%
Loss recovery60.0%60.0%
Fixed deferred indexed annuity ceded embedded derivatives$55 Discounted cash flow
Surrender rate (3)
0.0%–89.1%10.6%
Fixed deferred indexed annuity embedded derivatives$53 Discounted cash flow
Surrender rate (3)
0.0%– 89.1%10.6%
  
Nonperformance risk (4)
65 bps65 bps
IUL embedded derivatives$1,002 Discounted cash flow
Nonperformance risk (4)
65 bps65 bps
Structured variable annuity embedded derivatives$2,461 Discounted cash flow
Surrender rate (3)
0.5%–75.0%1.7%
Nonperformance risk (4)
65 bps65 bps
Contingent consideration liabilities$68 Discounted cash flow
Discount rate (5)
0.0 %–10.5%3.3%
 
December 31, 2023
Fair ValueValuation TechniqueUnobservable InputRange Weighted
 Average
(in millions)
Corporate debt securities (private placements)$469 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
1.0%– 2.4%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 rate29.0%29.0%
Constant prepayment rate10.0%10.0%
Loss recovery63.6%63.6%
Fixed deferred indexed annuity ceded embedded derivatives$51 Discounted cash flow
Surrender rate (3)
0.0%–66.8%1.4%
Fixed deferred indexed annuity embedded derivatives$49 Discounted cash flow
Surrender rate (3)
0.0%– 66.8%1.4%
Nonperformance risk (4)
85 bps85 bps
IUL embedded derivatives$873 Discounted cash flow
Nonperformance risk (4)
85 bps85 bps
Structured variable annuity embedded derivatives$1,011 Discounted cash flow
Surrender rate (3)
0.5%–75.0%2.6%
Nonperformance risk (4)
85 bps85 bps
Contingent consideration liabilities$76 Discounted cash flow
Discount rate (5)
0.0 %–10.5%2.9%
(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.
v3.25.0.1
Customer Deposits (Tables)
 12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
Schedule of components of customer deposits
Customer deposits consisted of the following:
 December 31,
20242023
(in millions)
Fixed rate certificates$11,083 $13,284 
Other
104 151 
Total investment certificate reserves11,187 13,435 
Interest bearing checking
1,438 1,258 
Money market
20,232 19,940 
Savings
637 301 
Brokerage deposits
2,332 2,387 
Total banking and brokerage deposits
24,639 23,886 
Total$35,826 $37,321 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Ameriprise Financial  
Debt  
Schedule of balances and stated interest rates of outstanding debt
The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows: 
 Outstanding Balance Stated Interest Rate
December 31,December 31,
2024202320242023
(in millions) 
Long-term debt:
Senior notes due 2024$— $550 — %3.7 %
Senior notes due 2025500 500 3.0 3.0 
Senior notes due 2026500 500 2.9 2.9 
Senior notes due 2028
600 600 5.7 5.7 
Senior notes due 2032 500 500 4.5 4.5 
Senior notes due 2033750 750 5.2 5.2 
Finance lease liabilities9 20 N/AN/A
Other (1)
(17)(21)N/AN/A
Total long-term debt2,842 3,399    
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances201 201 4.6 %5.6 %
Total$3,043 $3,600    
(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
N/A  Not Applicable
v3.25.0.1
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Values of Assets and Liabilities  
Summary of significant unobservable inputs used in fair value measurements of Level 3 assets and liabilities
The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:
December 31, 2024
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(919)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%11.9%
Surrender rate (2)
0.4%–75.0%3.3%
Market volatility (3)
0.0%–24.6%10.3%
Nonperformance risk (4)
65 bps65 bps
Mortality rate (5)
0.0%–41.6%1.7%
December 31, 2023
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$335 Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–48.0%11.6%
Surrender rate (2)
0.3%–75.0%3.7%
Market volatility (3)
0.0%–25.2%10.6%
Nonperformance risk (4)
85 bps85 bps
Mortality rate (5)
0.0%–41.6%1.6%
(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:
 
December 31, 2024
Fair ValueValuation TechniqueUnobservable InputRange Weighted
 Average
(in millions)
Corporate debt securities (private placements)$583 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
0.8%– 1.7%1.1%
Asset backed securities$1 Discounted cash flow
Annual short-term default rate (2)
3.5%3.5%
Annual long-term default rate (2)
3.5%3.5%
Discount rate15.3%15.3%
Constant prepayment rate20.0%20.0%
Loss recovery60.0%60.0%
Fixed deferred indexed annuity ceded embedded derivatives$55 Discounted cash flow
Surrender rate (3)
0.0%–89.1%10.6%
Fixed deferred indexed annuity embedded derivatives$53 Discounted cash flow
Surrender rate (3)
0.0%– 89.1%10.6%
  
Nonperformance risk (4)
65 bps65 bps
IUL embedded derivatives$1,002 Discounted cash flow
Nonperformance risk (4)
65 bps65 bps
Structured variable annuity embedded derivatives$2,461 Discounted cash flow
Surrender rate (3)
0.5%–75.0%1.7%
Nonperformance risk (4)
65 bps65 bps
Contingent consideration liabilities$68 Discounted cash flow
Discount rate (5)
0.0 %–10.5%3.3%
 
December 31, 2023
Fair ValueValuation TechniqueUnobservable InputRange Weighted
 Average
(in millions)
Corporate debt securities (private placements)$469 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
1.0%– 2.4%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 rate29.0%29.0%
Constant prepayment rate10.0%10.0%
Loss recovery63.6%63.6%
Fixed deferred indexed annuity ceded embedded derivatives$51 Discounted cash flow
Surrender rate (3)
0.0%–66.8%1.4%
Fixed deferred indexed annuity embedded derivatives$49 Discounted cash flow
Surrender rate (3)
0.0%– 66.8%1.4%
Nonperformance risk (4)
85 bps85 bps
IUL embedded derivatives$873 Discounted cash flow
Nonperformance risk (4)
85 bps85 bps
Structured variable annuity embedded derivatives$1,011 Discounted cash flow
Surrender rate (3)
0.5%–75.0%2.6%
Nonperformance risk (4)
85 bps85 bps
Contingent consideration liabilities$76 Discounted cash flow
Discount rate (5)
0.0 %–10.5%2.9%
(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:
 
December 31, 2024
Carrying ValueFair Value
Level 1Level 2Level 3Total
(in millions)
Financial Assets
Mortgage loans, net$2,354 $— $433 $1,768 $2,201 
Policy loans982 — 982 — 982 
Receivables9,236 218 1,879 5,964 8,061 
Restricted and segregated cash887 887 — — 887 
Other investments and assets272 — 220 53 273 
Financial Liabilities
Policyholder account balances, future policy benefits and claims
$20,097 $— $— $16,826 $16,826 
Investment certificate reserves11,205 — — 11,183 11,183 
Banking and brokerage deposits24,639 24,639 — — 24,639 
Separate account liabilities — investment contracts2,902 — 2,902 — 2,902 
Debt and other liabilities3,326 274 3,031 4 3,309 
 
December 31, 2023
Carrying ValueFair Value
Level 1Level 2Level 3Total
(in millions)
Financial Assets
Mortgage loans, net$2,118 $— $280 $1,692 $1,972 
Policy loans912 — 912 — 912 
Receivables9,453 146 1,621 6,577 8,344 
Restricted and segregated cash936 936 — — 936 
Other investments and assets338 — 283 55 338 
Financial Liabilities
Policyholder account balances, future policy benefits and claims
$16,641 $— $— $14,243 $14,243 
Investment certificate reserves13,461 — — 13,420 13,420 
Banking and brokerage deposits23,886 23,886 — — 23,886 
Separate account liabilities — investment contracts3,155 — 3,155 — 3,155 
Debt and other liabilities3,769 166 3,610 5 3,781 
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 5 for the balances of assets and liabilities for consolidated investment entities): 
 
December 31, 2024
 
Level 1Level 2Level 3Total
(in millions)
Assets     
Cash equivalents$2,526 $2,504 $— $5,030  
Available-for-Sale securities:
Corporate debt securities— 13,416 583 13,999  
Residential mortgage backed securities— 23,306 38 23,344  
Commercial mortgage backed securities— 5,126 — 5,126  
Asset backed securities— 6,316 126 6,442  
State and municipal obligations— 638 — 638  
U.S. government and agency obligations2,591 — — 2,591  
Foreign government bonds and obligations— 13 — 13  
Total Available-for-Sale securities2,591 48,815 747 52,153  
Investments at net asset value (“NAV”)12 (1)
Trading and other securities321 25 — 346  
Separate account assets at NAV78,114 (1)
Investments and cash equivalents segregated for regulatory purposes557 — — 557 
Market risk benefits— — 2,182 2,182 (2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives— — 55 55 
Other assets:
Interest rate derivative contracts— 180 — 180  
Equity derivative contracts114 8,843 — 8,957  
Credit derivative contracts— 59 — 59 
Foreign exchange derivative contracts2 41 — 43  
Total other assets116 9,123 — 9,239  
Total assets at fair value$6,111 $60,467 $2,984 $147,688  
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives
$— $— $53 $53  
IUL embedded derivatives— — 1,002 1,002  
Structured variable annuity embedded derivatives
— — 2,461 2,461 
Total policyholder account balances, future policy benefits and claims— — 3,516 3,516 (3)
Market risk benefits
— — 1,263 1,263 (2)
Customer deposits— 7 — 7  
Other liabilities:
Interest rate derivative contracts1 323 — 324  
Equity derivative contracts173 5,189 — 5,362  
Credit derivative contracts— 4 — 4 
Foreign exchange derivative contracts— 13 — 13 
Other314 8 68 390  
Total other liabilities488 5,537 68 6,093  
Total liabilities at fair value$488 $5,544 $4,847 $10,879  
 
December 31, 2023
 
Level 1Level 2Level 3Total
(in millions)
Assets
Cash equivalents$704 $4,325 $— $5,029  
Available-for-Sale securities:
Corporate debt securities— 12,107 469 12,576  
Residential mortgage backed securities— 21,066 — 21,066  
Commercial mortgage backed securities— 6,050 — 6,050  
Asset backed securities— 8,318 1 8,319  
State and municipal obligations— 760 — 760  
U.S. government and agency obligations2,740 — — 2,740  
Foreign government bonds and obligations— 18 — 18  
Other securities— 33 — 33 
Total Available-for-Sale securities2,740 48,352 470 51,562  
Investments at NAV10 (1)
Trading and other securities265 25 — 290  
Separate account assets at NAV77,457 (1)
Investments and cash equivalents segregated for regulatory purposes699 — — 699 
Market risk benefits— — 1,427 1,427 (2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives— — 51 51 
Other assets:
Interest rate derivative contracts1 184 — 185  
Equity derivative contracts66 4,968 — 5,034  
Credit derivative contracts— 4 — 4 
Foreign exchange derivative contracts1 21 — 22  
Total other assets68 5,177 — 5,245  
Total assets at fair value$4,476 $57,879 $1,948 $141,770 
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives$— $3 $49 $52  
IUL embedded derivatives— — 873 873  
Structured variable annuity embedded derivatives
— — 1,011 1,011 
Total policyholder account balances, future policy benefits and claims— 3 1,933 1,936 (3)
Market risk benefits— — 1,762 1,762 (2)
Customer deposits— 9 — 9  
Other liabilities:
Interest rate derivative contracts1 304 — 305  
Equity derivative contracts96 3,368 — 3,464 
Credit derivative contracts— 107 — 107 
Foreign exchange derivative contracts1 6 — 7  
Other259 3 76 338  
Total other liabilities357 3,788 76 4,221 
Total liabilities at fair value$357 $3,800 $3,771 $7,928 
(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 13 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 $211 million and $195 million cumulative decrease to the embedded derivatives as of December 31, 2024 and 2023, respectfully.
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 SecuritiesReceivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2024
$469 $— $1 $470 $51 
Total gains (losses) included in:
Net income1 — — 1 (1)8 
Other comprehensive income (loss)1 — — 1 — 
Purchases228 150 148 526 — 
Settlements(116)(2)— (118)(4)
Transfers out of Level 3— (110)(23)(133)— 
Balance at December 31, 2024
$583 $38 $126 $747 $55 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024
$1 $— $— $1 (1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024
$(2)$— $— $(2)$— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2024
$49 $873 $1,011 $1,933 $76 
Total (gains) losses included in:
Net income8 (2)255 (2)1,670 (3)1,933 2 (4)
Issues— 23 114 137 21 
Settlements(4)(149)(334)(487)(31)
Balance at December 31, 2024
$53 $1,002 $2,461 $3,516 $68 
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2024
$— $255 (2)$1,670 (3)$1,925 $— 
 Available-for-Sale Securities Receivables
Corporate Debt SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2023
$405 $6 $411 $48 
Total gains (losses) included in:
Net income— — — (1)6 
Other comprehensive income (loss)11 — 11 — 
Purchases
126 — 126 — 
Settlements
(73)(5)(78)(3)
Balance at December 31, 2023
$469 $1 $470 $51 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023
$11 $— $11 $— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2023
$44 $739 $(137)(5)$646 $62 
Total (gains) losses included in:
Net income8 (2)198 (2)1,166 (3)1,372 2 (4)
Other comprehensive income (loss)— — — — 1 
Issues— 59 104 163 44 
Settlements(3)(123)(122)(248)(33)
Balance at December 31, 2023
$49 $873 $1,011 $1,933 $76 
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023
$— $198 (2)$1,166 (3)$1,364 $— 
 Available-for-Sale Securities Receivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesCommercial Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2022
$502 $— $35 $7 $544  $59 
Total gains (losses) included in:
Net income(1)— — — (1)(1)(8)
Other comprehensive income (loss)(44)(4)— (1)(49)— 
Purchases
39 389 112 32 572 — 
Settlements
(91)— — — (91)(3)
Transfers out of Level 3
— (385)(147)(32)(564)— 
Balance at December 31, 2022
$405 $— $— $6 $411 $48 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022
$(1)$— $— $— $(1)(1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022
$(42)$— $— $(1)$(43)$— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2022
$56 $905  $406 $1,367 $61 
Total (gains) losses included in:
Net income
(9)(2)(105)(2)(633)(3)(747)— (4)
Other comprehensive income (loss)— — — — (3)
Issues
— 51 90 141 37 
Settlements
(3)(112)— (115)(33)
Balance at December 31, 2022
$44 $739 $(137)(5)$646 $62 
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022
$— $(105)(2)$(633)(3)$(738)$— 
(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.
(5) The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and December 31, 2022 and the amounts are presented as contra liabilities.
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 SecuritiesReceivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2024
$469 $— $1 $470 $51 
Total gains (losses) included in:
Net income1 — — 1 (1)8 
Other comprehensive income (loss)1 — — 1 — 
Purchases228 150 148 526 — 
Settlements(116)(2)— (118)(4)
Transfers out of Level 3— (110)(23)(133)— 
Balance at December 31, 2024
$583 $38 $126 $747 $55 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024
$1 $— $— $1 (1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024
$(2)$— $— $(2)$— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2024
$49 $873 $1,011 $1,933 $76 
Total (gains) losses included in:
Net income8 (2)255 (2)1,670 (3)1,933 2 (4)
Issues— 23 114 137 21 
Settlements(4)(149)(334)(487)(31)
Balance at December 31, 2024
$53 $1,002 $2,461 $3,516 $68 
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2024
$— $255 (2)$1,670 (3)$1,925 $— 
 Available-for-Sale Securities Receivables
Corporate Debt SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2023
$405 $6 $411 $48 
Total gains (losses) included in:
Net income— — — (1)6 
Other comprehensive income (loss)11 — 11 — 
Purchases
126 — 126 — 
Settlements
(73)(5)(78)(3)
Balance at December 31, 2023
$469 $1 $470 $51 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023
$11 $— $11 $— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2023
$44 $739 $(137)(5)$646 $62 
Total (gains) losses included in:
Net income8 (2)198 (2)1,166 (3)1,372 2 (4)
Other comprehensive income (loss)— — — — 1 
Issues— 59 104 163 44 
Settlements(3)(123)(122)(248)(33)
Balance at December 31, 2023
$49 $873 $1,011 $1,933 $76 
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023
$— $198 (2)$1,166 (3)$1,364 $— 
 Available-for-Sale Securities Receivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesCommercial Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2022
$502 $— $35 $7 $544  $59 
Total gains (losses) included in:
Net income(1)— — — (1)(1)(8)
Other comprehensive income (loss)(44)(4)— (1)(49)— 
Purchases
39 389 112 32 572 — 
Settlements
(91)— — — (91)(3)
Transfers out of Level 3
— (385)(147)(32)(564)— 
Balance at December 31, 2022
$405 $— $— $6 $411 $48 
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022
$(1)$— $— $— $(1)(1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022
$(42)$— $— $(1)$(43)$— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2022
$56 $905  $406 $1,367 $61 
Total (gains) losses included in:
Net income
(9)(2)(105)(2)(633)(3)(747)— (4)
Other comprehensive income (loss)— — — — (3)
Issues
— 51 90 141 37 
Settlements
(3)(112)— (115)(33)
Balance at December 31, 2022
$44 $739 $(137)(5)$646 $62 
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022
$— $(105)(2)$(633)(3)$(738)$— 
(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.
(5) The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and December 31, 2022 and the amounts are presented as contra liabilities.
v3.25.0.1
Offsetting Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Offsetting [Abstract]  
Schedule of gross and net information about assets subject to master netting arrangements
The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:
 December 31, 2024
Gross Amounts of Recognized AssetsGross Amounts Offset in the Consolidated Balance SheetsAmounts of Assets Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the
Consolidated Balance Sheets		Net Amount
Financial Instruments (1)
Cash CollateralSecurities Collateral
(in millions)
Derivatives:
OTC$9,126 $— $9,126 $(5,566)$(1,554)$(1,970)$36 
OTC cleared10 — 10 (10)— — — 
Exchange-traded103 — 103 (18)— — 85 
Total derivatives9,239 — 9,239 (5,594)(1,554)(1,970)121 
Securities borrowed218 — 218 (71)— (142)5 
Total$9,457 $— $9,457 $(5,665)$(1,554)$(2,112)$126 
 December 31, 2023
Gross Amounts of Recognized AssetsGross Amounts Offset in the Consolidated Balance SheetsAmounts of Assets Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the
Consolidated Balance Sheets		Net Amount
Financial Instruments (1)
Cash CollateralSecurities Collateral
(in millions)
Derivatives:
OTC$5,197 $— $5,197 $(3,707)$(1,114)$(357)$19 
OTC cleared9 — 9 (9)— — — 
Exchange-traded39 — 39 (18)— — 21 
Total derivatives5,245 — 5,245 (3,734)(1,114)(357)40 
Securities borrowed146 — 146 (32)— (111)3 
Total$5,391 $— $5,391 $(3,766)$(1,114)$(468)$43 
(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
Schedule of gross and net information about liabilities subject to master netting arrangements
The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:
 December 31, 2024
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Consolidated Balance SheetsAmounts of Liabilities Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the
Consolidated Balance Sheets		Net Amount
Financial Instruments (1)
Cash CollateralSecurities Collateral
(in millions)
Derivatives:
OTC$5,662 $— $5,662 $(5,566)$(15)$(68)$13 
OTC cleared18 — 18 (10)— — 8 
Exchange-traded23 — 23 (18)— — 5 
Total derivatives5,703 — 5,703 (5,594)(15)(68)26 
Securities loaned273 — 273 (71)— (195)7 
Total$5,976 $— $5,976 $(5,665)$(15)$(263)$33 
 December 31, 2023
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Consolidated Balance SheetsAmounts of Liabilities Presented in the Consolidated Balance SheetsGross Amounts Not Offset in the
Consolidated Balance Sheets		Net Amount
Financial Instruments (1)
Cash CollateralSecurities Collateral
(in millions)
Derivatives:
OTC$3,829 $— $3,829 $(3,707)$(36)$(78)$8 
OTC cleared35 — 35 (9)— — 26 
Exchange-traded19 — 19 (18)— — 1 
Total derivatives3,883 — 3,883 (3,734)(36)(78)35 
Securities loaned163 — 163 (32)— (126)5 
Total$4,046 $— $4,046 $(3,766)$(36)$(204)$40 
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.
v3.25.0.1
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional value and gross fair value of derivative instruments, including embedded derivatives The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
December 31, 2024
December 31, 2023
NotionalGross Fair ValueNotionalGross Fair Value
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts - net investment hedges— $— $— 61 $— $3 
Total qualifying hedges— — — 61 — 3 
Derivatives not designated as hedging instruments
Interest rate contracts39,111 180 324 42,523 185 305 
Equity contracts109,622 8,957 5,362 83,080 5,034 3,464 
Credit contracts3,122 59 4 3,436 4 107 
Foreign exchange contracts3,426 43 13 3,262 22 4 
Total non-designated hedges155,281 9,239 5,703 132,301 5,245 3,880 
Embedded derivatives
IULN/A— 1,002 N/A— 873 
Fixed deferred indexed annuities and deposit receivablesN/A55 53 N/A51 52 
Structured variable annuities (3)
N/A— 2,461 N/A— 1,011 
SMCN/A— 7 N/A— 9 
Total embedded derivativesN/A55 3,523 N/A51 1,945 
Total derivatives$155,281 $9,294 $9,226 $132,362 $5,296 $5,828 
N/A  Not applicable.
(1) The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.
(2) The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims. The fair value of the SMC embedded derivative liability is included in Customer deposits.
(3) The fair value of the structured variable annuity embedded derivatives as of December 31, 2024 included $2.5 billion of individual contracts in a liability position and $3 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included $1.0 billion of individual contracts in a liability position and $15 million of individual contracts in an asset position.
Summary of impact of derivatives not designated as hedging instruments, including embedded derivatives
The following tables presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement Expenses
Change in Fair Value of Market Risk Benefits
General and Administrative Expense
(in millions)
Year Ended December 31, 2024
Interest rate contracts$1 $— $— $— $(10)$(1,128)$— 
Equity contracts(12)2 119 71 1,419 (1,021)10 
Credit contracts— — (3)— — 124 — 
Foreign exchange contracts— — — — — 64 (12)
IUL embedded derivatives— — — (106)— — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — 16 — — — 
Structured variable annuity embedded derivatives— — — — (1,670)— — 
SMC embedded derivatives— (2)— — — — — 
Total gain (loss)$(11)$— $116 $(19)$(261)$(1,961)$(2)
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement Expenses
Change in Fair Value of Market Risk Benefits
Interest and Debt ExpenseGeneral and Administrative Expense
(in millions)
Year Ended December 31, 2023
Interest rate contracts$— $— $— $— $(5)$(422)$(1)$— 
Equity contracts(3)4 128 79 770 (1,239)— 10 
Credit contracts— — 2 — — 7 — — 
Foreign exchange contracts— — — — — 5 — 7 
IUL embedded derivatives— — — (75)— — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (3)— — — — 
Structured variable annuity embedded derivatives— — — — (1,166)— — — 
SMC embedded derivatives— (5)— — — — — — 
Total gain (loss)$(3)$(1)$130 $1 $(401)$(1,649)$(1)$17 
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement Expenses
Change in Fair Value of Market Risk Benefits
Interest and Debt ExpenseGeneral and Administrative Expense
(in millions)
Year Ended December 31, 2022
Interest rate contracts$1 $— $(3)$— $(26)$(2,874)$(1)$— 
Equity contracts8 (1)(177)(126)(164)899 — (23)
Credit contracts— — (4)— — 279 — — 
Foreign exchange contracts2 — — — — 105 — (7)
IUL embedded derivatives— — — 217 — — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — 4 — — — — 
Structured variable annuity embedded derivatives— — — — 633 — — — 
Total gain (loss)$11 $(1)$(184)$95 $443 $(1,591)$(1)$(30)
Summary of payments to make and receive for options The following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2024:
 Premiums PayablePremiums Receivable
 (in millions)
2025$119 $20 
2026246 88 
202719 — 
202829 — 
2029135 — 
2030-2031234 — 
Total$782 $108 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of balances for operating and finance ROU assets and lease liabilities
The following table presents the balances for operating and finance ROU assets and lease liabilities:
LeasesBalance Sheet Classification
December 31, 2024
December 31, 2023
(in millions)
Assets
Operating lease assetsOther assets$246 $259 
Finance lease assetsOther assets8 18 
Total lease assets$254 $277 
Liabilities
Operating lease liabilitiesOther liabilities$313 $325 
Finance lease liabilitiesLong-term debt9 20 
Total lease liabilities$322 $345 
Schedule of components of lease cost
The following table presents the components of lease cost:
Years Ended December 31,
Lease CostIncome Statement Classification202420232022
(in millions)
Operating lease costGeneral and administrative expense$61 $55 $61 
Finance lease cost:
Amortization of ROU assetsGeneral and administrative expense10 10 10 
Interest on lease liabilitiesInterest and debt expense1 1 1 
Total lease cost$72 $66 $72 
Schedule of weighted average lease term and discount rate related to operating and finance leases
The following table presents the weighted-average lease term and weighted-average discount rate related to operating and finance leases:
December 31, 2024
December 31, 2023
Lease Term and Discount RateFinance LeasesOperating LeasesFinance LeasesOperating Leases
Weighted-average remaining lease term (years)1626
Weighted-average discount rate3.4 %2.9 %3.4 %2.7 %
Schedule of supplemental cash flow Information
The following table presents supplemental cash flow information related to operating and finance leases:
Years Ended December 31,
Supplemental Cash Flow Information202420232022
(in millions)
Operating cash flows:
Cash paid for amounts included in measurement of operating lease liabilities$69 $68 $65 
Cash paid for amounts included in measurement of finance lease liabilities1 1 1 
Financing cash flows:
Cash paid for amounts included in measurement of finance lease liabilities$11 $10 $10 
Schedule of maturities of liabilities of finance leases
The following table presents the maturities of lease liabilities:
Maturity of Lease Liabilities
December 31, 2024
Finance LeasesOperating Leases
(in millions)
2025$9 $72 
2026— 68 
2027— 56 
2028— 44 
2029— 35 
Thereafter— 65 
Total lease payments9 340 
Less: interest
— 27 
Present value of lease liabilities$9 $313 
Schedule of maturities of liabilities of operating leases
The following table presents the maturities of lease liabilities:
Maturity of Lease Liabilities
December 31, 2024
Finance LeasesOperating Leases
(in millions)
2025$9 $72 
2026— 68 
2027— 56 
2028— 44 
2029— 35 
Thereafter— 65 
Total lease payments9 340 
Less: interest
— 27 
Present value of lease liabilities$9 $313 
v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Components of share-based compensation expense, net of forfeitures
The components of the Company’s share-based compensation expense, net of forfeitures, were as follows:
Years Ended December 31,
2024
2023
2022
(in millions)
Stock option$15 $16 $16 
Restricted stock25 27 27 
Restricted stock units and deferred share units
153 144 127 
Liability awards58 62 44 
Total$251 $249 $214 
Weighted average assumptions used for stock option grants
The following weighted average assumptions were used for stock option grants:
2024
2023
2022
Dividend yield1.8 %2.0 %2.0 %
Expected volatility31 %33 %35 %
Risk-free interest rate4.0 %3.6 %1.7 %
Expected life of stock option (years)5.05.05.0
Summary of stock option activity
A summary of the Company’s stock option activity for 2024 is presented below (shares and intrinsic value in millions):
SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual
Term (Years)		Aggregate Intrinsic Value
Outstanding at January 12.3 $177.60 5$457 
Granted0.1 391.40 
Exercised(0.8)153.35 
Outstanding at December 311.6 207.11 5515 
Exercisable at December 311.3 173.69 5464 
Summary of activity for restricted stock, restricted stock units and stock and deferred share units
A summary of activity for the Company’s restricted stock awards, restricted stock units granted to employees (including advisors), compensation and commission deferrals into stock and deferred share units for 2024 is presented below (shares in millions):
SharesWeighted Average Grant-date
Fair Value
Non-vested shares at January 11.3 $250.16 
Granted0.3 405.99 
Deferred0.1 447.19 
Vested(0.6)283.08 
Forfeited— 321.45 
Non-vested shares at December 311.1 295.92 
v3.25.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of amounts related to each component of OCI
The following tables present the amounts related to each component of OCI:
Year Ended December 31, 2024
PretaxIncome Tax Benefit (Expense)Net of Tax
(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)
$(303)$61 $(242)
Reclassification of net (gains) losses on securities included in net income (2)
19 (4)15 
Impact of benefit reserves and reinsurance recoverables20 (4)16 
Net unrealized gains (losses) on securities
(264)53 (211)
Net unrealized gains (losses) on derivatives:
Reclassification of net (gains) losses on derivatives included in net income (3)
(1)1 — 
Net unrealized gains (losses) on derivatives
(1)1 — 
Effect of changes in discount rate assumptions on certain long-duration contracts194 (41)153 
Effect of changes in instrument-specific credit risk on market risk benefits (“MRBs”)
(79)17 (62)
Defined benefit plans:
Prior service credits (costs)
(2)1 (1)
Net gains (losses)19 (3)16 
Defined benefit plans
17 (2)15 
Foreign currency translation
(37)— (37)
Total other comprehensive income (loss)
$(170)$28 $(142)
Year Ended December 31, 2023
PretaxIncome Tax Benefit (Expense)Net of Tax
(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)
$1,038 $(240)$798 
Reclassification of net (gains) losses on securities included in net income (2)
29 (6)23 
Impact of benefit reserves and reinsurance recoverables(24)5 (19)
Net unrealized gains (losses) on securities
1,043 (241)802 
Net unrealized gains (losses) on derivatives:
Net unrealized gains (losses) on derivatives arising during the period3 (1)2 
Reclassification of net (gains) losses on derivatives included in net income (3)
(1)1 — 
Net unrealized gains (losses) on derivatives
2 — 2 
Effect of changes in discount rate assumptions on certain long-duration contracts(69)15 (54)
Effect of changes in instrument-specific credit risk on MRBs(83)18 (65)
Defined benefit plans:
Prior service credits (costs)
(1)— (1)
Net gains (losses)20 (4)16 
Defined benefit plans
19 (4)15 
Foreign currency translation
79 1 80 
Total other comprehensive income (loss)
$991 $(211)$780 
Year Ended December 31, 2022
PretaxIncome Tax Benefit (Expense)Net of Tax
(in millions)
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period (1)
$(4,146)$918 $(3,228)
Reclassification of net (gains) losses on securities included in net income (2)
85 (18)67 
Impact of benefit reserves and reinsurance recoverables103 (18)85 
Net unrealized gains (losses) on securities
(3,958)882 (3,076)
Net unrealized gains (losses) on derivatives:
Reclassification of net (gains) losses on derivatives included in net income (3)
(1)— (1)
Net unrealized gains (losses) on derivatives
(1)— (1)
Effect of changes in discount rate assumptions on certain long-duration contracts1,095 (234)861 
Effect of changes in instrument-specific credit risk on MRBs517 (110)407 
Defined benefit plans:
Prior service credits (costs)
(1)— (1)
Net gains (losses)97 (20)77 
Defined benefit plans
96 (20)76 
Foreign currency translation
(216)45 (171)
Total other comprehensive income (loss)
$(2,467)$563 $(1,904)
(1) Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.
(2) Reclassification amounts are recorded in Net investment income.
(3) Reclassification amounts are recorded in Interest and debt expense.
Schedule of changes in the balances of each component of AOCI
The following table presents the changes in the balances of each component of AOCI, net of tax:
Net Unrealized Gains (Losses) on SecuritiesNet Unrealized Gains (Losses) on DerivativesEffect of Changes in Discount Rate AssumptionsEffect of Changes in Instrument-Specific Credit Risk on MRBsDefined Benefit PlansForeign Currency TranslationOtherTotal
(in millions)
Balance at January 1, 2022
$1,033 $4 $(933)$(427)$(151)$(167)$(1)$(642)
OCI before reclassifications
(3,143)— 861 407 61 (171)— (1,985)
Amounts reclassified from AOCI
67 (1)— — 15 — — 81 
Total OCI(3,076)(1)861 407 76 (171)— (1,904)
Balance at December 31, 2022
(2,043)3 (72)(20)(75)(338)(1)(2,546)
OCI before reclassifications
779 2 (54)(65)14 80 — 756 
Amounts reclassified from AOCI
23 — — — 1 — — 24 
Total OCI802 2 (54)(65)15 80 — 780 
Balance at December 31, 2023
(1,241)5 (126)(85)(60)(258)(1)(1,766)
OCI before reclassifications
(226)— 153 (62)15 (37)— (157)
Amounts reclassified from AOCI
15 — — — — — — 15 
Total OCI(211)— 153 (62)15 (37)— (142)
Balance at December 31, 2024
$(1,452)$5 $27 $(147)$(45)$(295)$(1)$(1,908)
v3.25.0.1
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of computations of basic and diluted earnings per share
The computations of basic and diluted earnings per share were as follows:
 Years Ended December 31,
202420232022
(in millions, except per share amounts)
Numerator:
Net income
$3,401 $2,556 $3,149 
Denominator:
Basic: Weighted-average common shares outstanding
101.0 105.7 111.3 
Effect of potentially dilutive nonqualified stock options and other share-based awards
1.9 2.1 2.4 
Diluted: Weighted-average common shares outstanding
102.9 107.8 113.7 
Earnings per share attributable to Ameriprise Financial, Inc. common shareholders:
Basic
$33.67 $24.18 $28.29 
Diluted
$33.05 $23.71 $27.70 
v3.25.0.1
Regulatory Requirements (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of bank regulatory capital
The BBA available capital, BBA capital requirement, and BBA ratio as of December 31, 2024 are as follows:
(in millions, except percentages)
BBA available capital
$3,833 
BBA capital requirement
392 
BBA ratio
978 %
To meet requirements for capital adequacy purposes or to be categorized as “well-capitalized,”Ameriprise Bank must maintain minimum CEIT, Tier 1 capital, Total capital and Tier 1 leverage amounts and ratios as set forth in the following table:
Regulatory Capital

Actual		Requirement
for capital
adequacy purposes		To be well
capitalized under
regulatory provisions
AmountRatioAmount RatioAmountRatio
(in millions, except percentages)
At December 31, 2024
Common equity Tier 1 capital$1,763 33.88 %$234 4.50 %$338 6.50 %
Tier 1 capital
1,763 33.88 312 6.00 416 8.00 
Total capital1,772 34.06 416 8.00 520 10.00 
Tier 1 leverage1,763 7.35 959 4.00 1,199 5.00 
At December 31, 2023
Common equity Tier 1 capital$1,715 31.72 %$243 4.50 %$351 6.50 %
Tier 1 capital1,715 31.72 324 6.00 433 8.00 
Total capital1,724 31.89 433 8.00 541 10.00 
Tier 1 leverage1,715 7.44 922 4.00 1,153 5.00 
Actual capital and regulatory required capital determined in accordance with U.K. regulatory legislation are as follows:
December 31,
2024
2023
(in millions)
Actual capital
$692 $706 
Required capital
265 317 
Summary of statutory net gain from operations and net income
Statutory net gain from operations and net income are summarized as follows:
Years Ended December 31,
202420232022
(in millions)
RiverSource Life
Statutory net gain from operations$1,097 $1,331 $1,615 
Statutory net income (loss)
(91)845 1,769 
Schedule of net capital position of broker-dealer companies
The following table presents the net capital position of both AEIS and AFS:
December 31,
20242023
(in millions, except percentages)
AEIS
Net capital as a percent of aggregate debit items9.49 %11.62 %
Net capital $141 $171 
Less: required net capital30 29 
Excess net capital$111 $142 
AFS
Net capital$113 $101 
Less: required net capital— — 
Excess net capital$113 $101 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of income tax provision
The components of income tax provision attributable to continuing operations were as follows:
Years Ended December 31,
202420232022
(in millions)
Current income tax
Federal$583 $518 $509 
State and local137 124 93 
Foreign21 18 25 
Total current income tax741 660 627 
Deferred income tax
Federal164 45 155 
State and local(29)(14)6 
Foreign(10)(13)(6)
Total deferred income tax125 18 155 
Total income tax provision$866 $678 $782 
Schedule of geographic sources of pretax income
The geographic sources of pretax income from continuing operations were as follows:
Years Ended December 31,
202420232022
(in millions)
United States$4,221 $3,199 $3,824 
Foreign46 35 107 
Total$4,267 $3,234 $3,931 
Schedule of reasons for aggregate income tax provision differences to U.S. statutory rate
The principal reasons that the aggregate income tax provision attributable to continuing operations is different from that computed by using the U.S. statutory rate of 21% were as follows:
Years Ended December 31,
202420232022
Tax at U.S. statutory rate21.0 %21.0 %21.0 %
Changes in taxes resulting from:
State taxes, net of federal benefit2.0 2.7 2.0 
Incentive compensation(1.6)(1.5)(1.0)
Low income housing tax credits
(0.6)(1.0)(1.1)
Non-deductible expenses
0.5 1.1 0.5 
Other, net(1.0)(1.3)(1.5)
Income tax provision20.3 %21.0 %19.9 %
Schedule of significant components of deferred income tax assets and liabilities The significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:
December 31,
20242023
(in millions)
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges
$802 $1,244 
Deferred compensation including corresponding hedges
655 545 
Investments including net unrealized on Available-for-Sale securities
381 335 
Net operating loss and tax credit carryforward
221 74 
Other159 127 
Gross deferred income tax assets2,218 2,325 
Less: valuation allowance67 65 
Total deferred income tax assets2,151 2,260 
Deferred income tax liabilities
Deferred acquisition costs364 390 
Goodwill and intangibles
323 313 
Other137 131 
Gross deferred income tax liabilities824 834 
Net deferred income tax assets$1,327 $1,426 
Reconciliation rollforward of gross unrecognized tax benefits
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:
202420232022
(in millions)
Balance at January 1$150 $138 $125 
Additions for tax positions related to the current year
22 26 12 
Reductions for tax positions related to the current year
(2)(3)(1)
Additions for tax positions of prior years23 80 5 
Reductions for tax positions of prior years(8)(85)(1)
Reductions due to lapse of statutes of limitations
(20)(5)— 
Audit settlements(1)(1)(2)
Balance at December 31$164 $150 $138 
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of components of net periodic benefit cost
All components of the net periodic benefit cost are recorded in General and administrative expense and were as follows:
Years Ended December 31,
202420232022
(in millions)
Service cost$28 $29 $43 
Interest cost66 65 39 
Expected return on plan assets(79)(76)(70)
Amortization of prior service credits(1)(1)(1)
Amortization of net loss— — 18 
Other1 3 3 
Net periodic benefit cost$15 $20 $32 
Reconciliation of changes in benefit obligation
The following table provides a reconciliation of changes in the benefit obligation:
Pension PlansOther Postretirement Plans
2024202320242023
(in millions)
Benefit obligation at January 1$1,355 $1,256 $11 $11 
Service cost28 29 — — 
Interest cost66 65 1 1 
Benefits paid(28)(23)(1)(1)
Actuarial (gain) loss(79)52 — — 
Divestiture
(18)— — — 
Settlements(50)(45)— — 
Foreign currency rate changes(9)21 — — 
Benefit obligation at December 31$1,265 $1,355 $11 $11 
Reconciliation of changes in fair value of assets
The following table provides a reconciliation of changes in the fair value of assets:
Pension Plans
20242023
(in millions)
Fair value of plan assets, January 1$1,292 $1,142 
Actual return on plan assets17 136 
Employer contributions50 56 
Benefits paid(28)(23)
Divestiture
(18)— 
Settlements(50)(45)
Foreign currency rate changes(10)26 
Fair value of plan assets, December 31$1,253 $1,292 
Schedule of amounts recognized in Consolidated Balance Sheets The following table provides the amounts recognized in the Consolidated Balance Sheets as of December 31, which equal the funded status of the plans:
Pension PlansOther Postretirement Plans
2024202320242023
(in millions)
Benefit liability$(139)$(169)$(11)$(11)
Benefit asset127 106 — — 
Net amount recognized$(12)$(63)$(11)$(11)
Schedule of pension plans with benefit obligations in excess of plan assets The following table provides information for pension plans with benefit obligations in excess of plan assets:
December 31,
20242023
(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation$158 $945 
Fair value of plan assets27 803 
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation$166 $972 
Fair value of plan assets27 803 
Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost of pension plans
The weighted average assumptions used to determine benefit obligations were as follows:
Pension PlansOther Postretirement Plans
2024202320242023
Discount rates5.57 %4.98 %5.38 %5.07 %
Rates of increase in compensation levels3.64 3.64 N/AN/A
Interest crediting rates for cash balance plans5.00 5.00 N/AN/A
N/A  Not Applicable
The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:
202420232022
Discount rates4.98 %5.30 %2.46 %
Rates of increase in compensation levels3.64 3.72 3.69 
Expected long-term rates of return on assets5.90 6.04 4.82 
Interest crediting rates for cash balance plans5.00 5.00 5.00 
Schedule of pension plan assets measured at fair value on a recurring basis
The following tables present the Company’s pension plans assets measured at fair value on a recurring basis:
Asset Category
December 31, 2024
Level 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. small cap stocks$46 $6 $— $52 
Registered investment companies69 — — 69 
Insurance contracts— — 21 21 
Cash equivalents at NAV7 
(1)
Collective investment funds at NAV1,057 
(1)
Real estate investment trusts at NAV20 
(1)
Hedge funds at NAV27 
(1)
Total$115 $6 $21 $1,253 
December 31, 2023
Asset CategoryLevel 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. small cap stocks$90 $7 $— $97 
Registered investment companies90 — — 90 
Insurance contracts— — 23 23 
Cash equivalents at NAV 3 
(1)
Collective investment funds at NAV 859 
(1)
Real estate investment trusts at NAV28 
(1)
Hedge funds at NAV24 
(1)
Pooled pension funds at NAV 168 
(1)
Total $180 $7 $23 $1,292 
(1) Amounts are comprised of certain investments 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.
Schedule of amounts in AOCI to be recognized
The following table presents the amounts recognized in AOCI, net of tax, as of December 31, 2024 but not recognized as components of net periodic benefit cost:
Pension PlansOther
Postretirement Plans
(in millions)
Unrecognized actuarial gain (loss)
$(47)$2 
Schedule of expected pension plan benefit payments to retirees
The Company’s pension plans expect to make benefit payments to retirees as follows:
Pension PlansOther
Postretirement Plans
(in millions)
2025$81 $1 
202689 1 
202788 1 
202893 1 
2029101 1 
2030-2034
512 4 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of funding commitments
The following table presents the Company’s funding commitments as of December 31:
20242023
(in millions)
Commercial mortgage loans$58 $17 
Property funds63 27 
Pledged asset lines of credit2,399 1,864 
Total funding commitments$2,520 $1,908 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summary of selected financial information by segment and reconciliation to consolidated
The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
 December 31,
20242023
(in millions)
Advice & Wealth Management$41,514 $42,983 
Asset Management7,350 7,288 
Retirement & Protection Solutions116,609 108,451 
Corporate & Other15,930 16,469 
Total assets$181,403 $175,191 
 Years Ended December 31,
202420232022
(in millions)
Adjusted operating net revenues:
Advice & Wealth Management$10,780 $9,418 $8,461 
Asset Management3,515 3,278 3,506 
Retirement & Protection Solutions3,773 3,476 3,124 
Corporate & Other454 533 479 
Elimination of segment revenues (1)
(1,443)(1,318)(1,316)
Total segment adjusted operating net revenues17,079 15,387 14,254 
Adjustments:
Net realized investment gains (losses)(21)(32)(93)
Market impact on non-traditional long-duration products3 2 (1)
Mean reversion related impacts— — (1)
Revenue attributable to consolidated investment entities203 178 99 
Total net revenues per consolidated statements of operations$17,264 $15,535 $14,258 
(1) Represents the elimination of intersegment revenues recognized for the years ended December 31, 2024, 2023 and 2022 in each segment as follows: Advice and Wealth Management ($935, $847 and $847, respectively); Asset Management ($96, $79 and $52, respectively); Retirement & Protection Solutions ($441, $411 and $420, respectively); and Corporate & Other ($(29), $(19) and $(3), respectively).
 Years Ended December 31,
202420232022
(in millions)
Adjusted operating earnings:
Advice & Wealth Management$3,233 $2,851 $2,192 
Asset Management920 720 844 
Retirement & Protection Solutions726 685 867 
Corporate & Other(443)(320)(306)
Total segment adjusted operating earnings4,436 3,936 3,597 
Adjustments:
Net realized investment gains (losses)(21)(32)(93)
Market impact on non-traditional long-duration products(153)(608)483 
Mean reversion related impacts1 — (1)
Integration/restructuring charges— (62)(50)
Net income (loss) attributable to consolidated investment entities4 — (5)
Pretax income per consolidated statements of operations$4,267 $3,234 $3,931 
Adjusted operating earnings includes the following significant expense categories:
Year Ended December 31, 2024
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$5,823 $989 $515 $(10)
Interest credited to fixed accounts— — 367 216 
Benefits, claims, losses and settlement expenses— — 927 217 
Remeasurement (gains) losses of future policy benefit reserves— — (36)(8)
Change in fair value of market risk benefits— — 684 — 
Amortization of deferred acquisition costs— 7 227 8 
Interest and debt expense38 7 45 108 
General and administrative expense1,686 1,592 318 366 
Total expenses
$7,547 $2,595 $3,047 $897 

Year Ended December 31, 2023
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$4,888 $925 $464 $(10)
Interest credited to fixed accounts— — 369 234 
Benefits, claims, losses and settlement expenses— — 744 236 
Remeasurement (gains) losses of future policy benefit reserves— — (19)(1)
Change in fair value of market risk benefits— — 628 — 
Amortization of deferred acquisition costs— 6 229 11 
Interest and debt expense27 7 51 97 
General and administrative expense1,652 1,620 325 286 
Total expenses
$6,567 $2,558 $2,791 $853 

Year Ended December 31, 2022
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$4,719 $995 $448 $(10)
Interest credited to fixed accounts— — 386 242 
Benefits, claims, losses and settlement expenses— — 469 247 
Remeasurement (gains) losses of future policy benefit reserves— — 1 — 
Change in fair value of market risk benefits— — 372 — 
Amortization of deferred acquisition costs— 9 233 10 
Interest and debt expense10 5 39 70 
General and administrative expense1,540 1,653 309 226 
Total expenses
$6,269 $2,662 $2,257 $785 
v3.25.0.1
Summary of Significant Accounting Policies - Investments and Financing Receivables (Details)
 12 Months Ended
Dec. 31, 2024
Available-for-Sale securities:  
Period past due for nonaccrual status 90 days
Financing Receivables  
Period past due for nonaccrual status 90 days
Commercial Loans | Commercial mortgage loans  
Financing Receivables  
Period past due for nonaccrual status 90 days
Commercial Loans | Syndicated loans  
Financing Receivables  
Period past due for nonaccrual status 90 days
Consumer Loans | Credit card receivables  
Financing Receivables  
Period past due receivables are fully charged off 180 days
v3.25.0.1
Summary of Significant Accounting Policies - Land, Buildings, Equipment and Software and Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Land, buildings, equipment and software      
Land, buildings, equipment and software, net of accumulated depreciation $ 733 $ 681  
Accumulated depreciation 2,000 1,900  
Depreciation and amortization expense $ 142 $ 151 $ 142
Minimum      
Land, buildings, equipment and software      
Depreciation and amortization period 3 years    
Leases      
Lease renewal term 1 year    
Maximum      
Land, buildings, equipment and software      
Depreciation and amortization period 39 years    
Leases      
Lease renewal term 10 years    
v3.25.0.1
Revenue from Contracts with Customers - Disaggregated Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue disaggregated by segment      
Total revenues $ 17,926 $ 16,096 $ 14,334
Banking and deposit interest expense (662) (561) (76)
Total net revenues 17,264 15,535 14,258
Management and financial advice fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 10,143 8,907 9,033
Distribution fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 2,060 1,931 1,939
Reportable segments      
Revenue disaggregated by segment      
Revenue from contracts with customers 13,041 11,579 11,649
Revenue from other sources 6,173 5,707 4,002
Total revenues 19,214 17,286 15,651
Banking and deposit interest expense (692) (581) (81)
Total net revenues 18,522 16,705 15,570
Reportable segments | Management and financial advice fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 9,591 8,372 8,434
Reportable segments | Asset Management: Retail      
Revenue disaggregated by segment      
Revenue from contracts with customers 2,132 1,959 2,179
Reportable segments | Asset Management: Institutional      
Revenue disaggregated by segment      
Revenue from contracts with customers 618 612 617
Reportable segments | Asset Management: Model delivery      
Revenue disaggregated by segment      
Revenue from contracts with customers 82 65 61
Reportable segments | Advisory fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 5,634 4,687 4,526
Reportable segments | Financial planning fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 470 426 410
Reportable segments | Transaction and other fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 655 623 641
Reportable segments | Distribution fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 3,182 2,960 2,994
Reportable segments | Mutual Funds      
Revenue disaggregated by segment      
Revenue from contracts with customers 1,049 932 972
Reportable segments | Insurance and annuity      
Revenue disaggregated by segment      
Revenue from contracts with customers 1,538 1,373 1,359
Reportable segments | Off-balance sheet brokerage cash      
Revenue disaggregated by segment      
Revenue from contracts with customers 154 316 324
Reportable segments | Other products      
Revenue disaggregated by segment      
Revenue from contracts with customers 441 339 339
Reportable segments | Other revenues      
Revenue disaggregated by segment      
Revenue from contracts with customers 268 247 221
Reportable segments | Advice & Wealth Management      
Revenue disaggregated by segment      
Revenue from contracts with customers 9,200 7,985 7,768
Revenue from other sources 2,242 1,994 769
Total revenues 11,442 9,979 8,537
Banking and deposit interest expense (662) (561) (76)
Total net revenues 10,780 9,418 8,461
Reportable segments | Advice & Wealth Management | Management and financial advice fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 6,492 5,485 5,308
Reportable segments | Advice & Wealth Management | Asset Management: Retail      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Advice & Wealth Management | Asset Management: Institutional      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Advice & Wealth Management | Asset Management: Model delivery      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Advice & Wealth Management | Advisory fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 5,634 4,687 4,526
Reportable segments | Advice & Wealth Management | Financial planning fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 470 426 410
Reportable segments | Advice & Wealth Management | Transaction and other fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 388 372 372
Reportable segments | Advice & Wealth Management | Distribution fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 2,453 2,273 2,249
Reportable segments | Advice & Wealth Management | Mutual Funds      
Revenue disaggregated by segment      
Revenue from contracts with customers 821 723 741
Reportable segments | Advice & Wealth Management | Insurance and annuity      
Revenue disaggregated by segment      
Revenue from contracts with customers 1,037 895 845
Reportable segments | Advice & Wealth Management | Off-balance sheet brokerage cash      
Revenue disaggregated by segment      
Revenue from contracts with customers 154 316 324
Reportable segments | Advice & Wealth Management | Other products      
Revenue disaggregated by segment      
Revenue from contracts with customers 441 339 339
Reportable segments | Advice & Wealth Management | Other revenues      
Revenue disaggregated by segment      
Revenue from contracts with customers 255 227 211
Reportable segments | Asset Management      
Revenue disaggregated by segment      
Revenue from contracts with customers 3,440 3,214 3,474
Revenue from other sources 75 64 32
Total revenues 3,515 3,278 3,506
Banking and deposit interest expense 0 0 0
Total net revenues 3,515 3,278 3,506
Reportable segments | Asset Management | Management and financial advice fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 3,039 2,831 3,067
Reportable segments | Asset Management | Asset Management: Retail      
Revenue disaggregated by segment      
Revenue from contracts with customers 2,132 1,959 2,179
Reportable segments | Asset Management | Asset Management: Institutional      
Revenue disaggregated by segment      
Revenue from contracts with customers 618 612 617
Reportable segments | Asset Management | Asset Management: Model delivery      
Revenue disaggregated by segment      
Revenue from contracts with customers 82 65 61
Reportable segments | Asset Management | Advisory fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Asset Management | Financial planning fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Asset Management | Transaction and other fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 207 195 210
Reportable segments | Asset Management | Distribution fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 388 363 397
Reportable segments | Asset Management | Mutual Funds      
Revenue disaggregated by segment      
Revenue from contracts with customers 228 209 231
Reportable segments | Asset Management | Insurance and annuity      
Revenue disaggregated by segment      
Revenue from contracts with customers 160 154 166
Reportable segments | Asset Management | Off-balance sheet brokerage cash      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Asset Management | Other products      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Asset Management | Other revenues      
Revenue disaggregated by segment      
Revenue from contracts with customers 13 20 10
Reportable segments | Retirement & Protection Solutions      
Revenue disaggregated by segment      
Revenue from contracts with customers 401 380 407
Revenue from other sources 3,372 3,096 2,717
Total revenues 3,773 3,476 3,124
Banking and deposit interest expense 0 0 0
Total net revenues 3,773 3,476 3,124
Reportable segments | Retirement & Protection Solutions | Management and financial advice fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 60 56 59
Reportable segments | Retirement & Protection Solutions | Asset Management: Retail      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Retirement & Protection Solutions | Asset Management: Institutional      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Retirement & Protection Solutions | Asset Management: Model delivery      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Retirement & Protection Solutions | Advisory fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Retirement & Protection Solutions | Financial planning fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Retirement & Protection Solutions | Transaction and other fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 60 56 59
Reportable segments | Retirement & Protection Solutions | Distribution fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 341 324 348
Reportable segments | Retirement & Protection Solutions | Mutual Funds      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Retirement & Protection Solutions | Insurance and annuity      
Revenue disaggregated by segment      
Revenue from contracts with customers 341 324 348
Reportable segments | Retirement & Protection Solutions | Off-balance sheet brokerage cash      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Retirement & Protection Solutions | Other products      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Retirement & Protection Solutions | Other revenues      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Revenue from other sources 484 553 484
Total revenues 484 553 484
Banking and deposit interest expense (30) (20) (5)
Total net revenues 454 533 479
Reportable segments | Corporate & Other | Management and financial advice fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Asset Management: Retail      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Asset Management: Institutional      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Asset Management: Model delivery      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Advisory fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Financial planning fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Transaction and other fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Distribution fees      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Mutual Funds      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Insurance and annuity      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Off-balance sheet brokerage cash      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Other products      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Reportable segments | Corporate & Other | Other revenues      
Revenue disaggregated by segment      
Revenue from contracts with customers 0 0 0
Non-operating      
Revenue disaggregated by segment      
Revenue from other sources 196 160 14
Total revenues 196 160 14
Total net revenues 196 160 14
Operating segments and non-operating      
Revenue disaggregated by segment      
Revenue from other sources 6,369 5,867 4,016
Total revenues 19,410 17,446 15,665
Total net revenues 18,718 16,865 15,584
Intersegment eliminations      
Revenue disaggregated by segment      
Total net revenues (1,443) (1,318) (1,316)
Intersegment eliminations | Advice & Wealth Management      
Revenue disaggregated by segment      
Total net revenues (935) (847) (847)
Intersegment eliminations | Asset Management      
Revenue disaggregated by segment      
Total net revenues (96) (79) (52)
Intersegment eliminations | Retirement & Protection Solutions      
Revenue disaggregated by segment      
Total net revenues (441) (411) (420)
Intersegment eliminations | Corporate & Other      
Revenue disaggregated by segment      
Total net revenues 29 19 3
Segment reconciling items      
Revenue disaggregated by segment      
Total net revenues (11) (12) (10)
Eliminations And Reconciling Items      
Revenue disaggregated by segment      
Total net revenues (1,454) (1,330) (1,326)
Operating segments excluding intersegment elimination      
Revenue disaggregated by segment      
Total net revenues 17,079 15,387 14,254
Operating segments excluding intersegment elimination | Advice & Wealth Management      
Revenue disaggregated by segment      
Total net revenues 9,845 8,571 7,614
Operating segments excluding intersegment elimination | Asset Management      
Revenue disaggregated by segment      
Total net revenues 3,419 3,199 3,454
Operating segments excluding intersegment elimination | Retirement & Protection Solutions      
Revenue disaggregated by segment      
Total net revenues 3,332 3,065 2,704
Operating segments excluding intersegment elimination | Corporate & Other      
Revenue disaggregated by segment      
Total net revenues 483 552 482
Corporate and reconciling items      
Revenue disaggregated by segment      
Total net revenues $ 185 $ 148 $ 4
v3.25.0.1
Revenue from Contracts with Customers - Contract Liabilities, Capitalized Costs and Receivables (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Revenue disaggregated by segment    
Receivables for revenue from contracts with customers $ 538 $ 537
Financial planning fees | Other liabilities    
Revenue disaggregated by segment    
Contract liabilities 181 168
Financial planning fees | Other assets    
Revenue disaggregated by segment    
Capitalized contract costs $ 145 $ 135
v3.25.0.1
Variable Interest Entities - Investment Entities Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
debt_instrument
Dec. 31, 2023
USD ($)
VIEs, not primary beneficiary    
Variable interest entities    
Obligation to provide financial or other support to VIEs $ 0  
VIEs, not primary beneficiary | Property Funds, Non-U.S. Series Funds, Hedge Funds and other Private Funds, and Affordable Housing Partnerships and Other Real Estate Partnerships    
Variable interest entities    
Maximum loss exposure 161 $ 168
Other investments $ 161 168
Consolidated investment entities | CLOs    
Variable interest entities    
Debt instrument, number | debt_instrument 2  
Debt issued $ 816  
Consolidated investment entities | Unfunded commitments    
Variable interest entities    
Loans $ 2 $ 24
v3.25.0.1
Variable Interest Entities - Fair Value of Assets and Liabilities (Details) - Consolidated investment entities - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Liabilities    
Debt $ 2,429 $ 2,155
Recurring basis    
Assets    
Investments 2,387 2,099
Receivables 31 28
Other assets 2 1
Total assets at fair value 2,420 2,128
Liabilities    
Debt 2,429 2,155
Other liabilities 314 45
Total liabilities at fair value 2,743 2,200
Recurring basis | Corporate debt securities    
Assets    
Investments 50 40
Recurring basis | Common stocks    
Assets    
Investments 3 5
Recurring basis | Syndicated loans    
Assets    
Investments 2,334 2,054
Recurring basis | Level 1    
Assets    
Investments 0 0
Receivables 0 0
Other assets 0 0
Total assets at fair value 0 0
Liabilities    
Debt 0 0
Other liabilities 0 0
Total liabilities at fair value 0 0
Recurring basis | Level 1 | Corporate debt securities    
Assets    
Investments 0 0
Recurring basis | Level 1 | Common stocks    
Assets    
Investments 0 0
Recurring basis | Level 1 | Syndicated loans    
Assets    
Investments 0 0
Recurring basis | Level 2    
Assets    
Investments 2,268 2,036
Receivables 31 28
Other assets 2 1
Total assets at fair value 2,301 2,065
Liabilities    
Debt 2,429 2,155
Other liabilities 314 45
Total liabilities at fair value 2,743 2,200
Recurring basis | Level 2 | Corporate debt securities    
Assets    
Investments 50 40
Recurring basis | Level 2 | Common stocks    
Assets    
Investments 2 5
Recurring basis | Level 2 | Syndicated loans    
Assets    
Investments 2,216 1,991
Recurring basis | Level 3    
Assets    
Investments 119 63
Receivables 0 0
Other assets 0 0
Total assets at fair value 119 63
Liabilities    
Debt 0 0
Other liabilities 0 0
Total liabilities at fair value 0 0
Recurring basis | Level 3 | Corporate debt securities    
Assets    
Investments 0 0
Recurring basis | Level 3 | Common stocks    
Assets    
Investments 1 0
Recurring basis | Level 3 | Syndicated loans    
Assets    
Investments 118 63
CLOs    
Liabilities    
Debt $ 2,400 $ 2,100
v3.25.0.1
Variable Interest Entities - Changes in Level 3 Assets (Details) - Consolidated investment entities - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Common stocks      
Summary of changes in Level 3 assets measured at fair value on a recurring basis      
Balance, beginning $ 0 $ 0 $ 0
Total gains (losses) included in Net income (1)   0
Purchases 0   0
Sales (1)   0
Settlements 0   0
Transfers into Level 3 4   2
Transfers out of Level 3 (1)   (2)
Balance, ending 1 0 0
Changes in unrealized gains (losses) in net income relating to assets held at end of period 0   0
Syndicated loans      
Summary of changes in Level 3 assets measured at fair value on a recurring basis      
Balance, beginning 63 125 64
Total gains (losses) included in Net income (7) (4) (11)
Purchases 168 45 69
Sales 0 (10) (4)
Settlements (5) (16) (8)
Transfers into Level 3 103 122 218
Transfers out of Level 3 (204) (199) (203)
Balance, ending 118 63 125
Changes in unrealized gains (losses) in net income relating to assets held at end of period 0 (1) (10)
Other assets      
Summary of changes in Level 3 assets measured at fair value on a recurring basis      
Balance, beginning $ 0 1 3
Total gains (losses) included in Net income   0 0
Purchases   0 0
Sales   0 0
Settlements   0 0
Transfers into Level 3   0 1
Transfers out of Level 3   (1) (3)
Balance, ending   0 1
Changes in unrealized gains (losses) in net income relating to assets held at end of period   $ 0 $ 0
v3.25.0.1
Variable Interest Entities - Fair Value Option (Details) - Consolidated investment entities - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Loans    
Unpaid principal balance $ 2,406 $ 2,190
Excess unpaid principal over fair value (72) (136)
Fair Value 2,334 2,054
Fair value of loans more than 90 days past due 1 0
Fair value of loans in nonaccrual status 1 13
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both 5 40
Debt    
Unpaid principal balance 2,633 2,362
Excess unpaid principal over fair value (204) (207)
Carrying value 2,429 2,155
CLOs    
Debt    
Carrying value $ 2,400 $ 2,100
v3.25.0.1
Variable Interest Entities - Debt and Stated Interest Rates (Details) - Consolidated investment entities - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt and stated interest rates    
Debt, Carrying Value $ 2,429 $ 2,155
Weighted Average Interest Rate 5.90% 6.60%
Minimum    
Debt and stated interest rates    
Interest rate 0.00%  
Maximum    
Debt and stated interest rates    
Interest rate 14.80%  
v3.25.0.1
Investments - Summary (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary of investments      
Allowance for credit losses $ 54 $ 63 $ 59
Ameriprise Financial      
Summary of investments      
Available-for-Sale securities, at fair value 52,153 51,562  
Mortgage loans (allowance for credit losses: 2024, $14; 2023, $14) 2,354 2,118  
Policy loans 982 912  
Other investments (allowance for credit losses: 2024, $6; 2023, $6) 934 897  
Total 56,423 55,489  
Ameriprise Financial | Mortgage loans      
Summary of investments      
Allowance for credit losses 14 14  
Ameriprise Financial | Other securities      
Summary of investments      
Allowance for credit losses $ 6 $ 6  
v3.25.0.1
Investments - Summary of Net Investment Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary of Net investment income      
Net investment income $ 3,648 $ 3,206 $ 1,474
Ameriprise Financial      
Summary of Net investment income      
Investment income on fixed maturities 3,039 2,637 1,320
Net realized gains (losses) (18) (27) (87)
Other 420 415 139
Consolidated investment entities      
Summary of Net investment income      
Net investment income $ 207 $ 181 $ 102
v3.25.0.1
Investments - Available-for-Sale Securities by Type (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments        
Accrued interest excluded from amortized cost basis, location Receivables Receivables    
Ameriprise Financial        
Investments        
Amortized Cost $ 53,926 $ 53,048    
Gross Unrealized Gains 353 615    
Gross Unrealized Losses (2,121) (2,099)    
Allowance for Credit Loss (5) (2) $ (22) $ (1)
Fair Value 52,153 51,562    
Accrued interest excluded from amortized cost basis 326 319    
Ameriprise Financial | Corporate debt securities        
Investments        
Amortized Cost 14,509 12,675    
Gross Unrealized Gains 201 409    
Gross Unrealized Losses (711) (507)    
Allowance for Credit Loss 0 (1) (20) 0
Fair Value 13,999 12,576    
Ameriprise Financial | Residential mortgage backed securities        
Investments        
Amortized Cost 24,396 22,130    
Gross Unrealized Gains 81 107    
Gross Unrealized Losses (1,133) (1,171)    
Allowance for Credit Loss 0 0    
Fair Value 23,344 21,066    
Ameriprise Financial | Commercial mortgage backed securities        
Investments        
Amortized Cost 5,339 6,380    
Gross Unrealized Gains 10 11    
Gross Unrealized Losses (219) (341)    
Allowance for Credit Loss (4) 0 0 0
Fair Value 5,126 6,050    
Ameriprise Financial | Asset backed securities        
Investments        
Amortized Cost 6,451 8,353    
Gross Unrealized Gains 30 25    
Gross Unrealized Losses (39) (59)    
Allowance for Credit Loss 0 0    
Fair Value 6,442 8,319    
Ameriprise Financial | State and municipal obligations        
Investments        
Amortized Cost 629 719    
Gross Unrealized Gains 29 62    
Gross Unrealized Losses (19) (20)    
Allowance for Credit Loss (1) (1) $ (2) $ (1)
Fair Value 638 760    
Ameriprise Financial | U.S. government and agency obligations        
Investments        
Amortized Cost 2,589 2,739    
Gross Unrealized Gains 2 1    
Gross Unrealized Losses 0 0    
Allowance for Credit Loss 0 0    
Fair Value 2,591 2,740    
Ameriprise Financial | Foreign government bonds and obligations        
Investments        
Amortized Cost 13 19    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses 0 (1)    
Allowance for Credit Loss 0 0    
Fair Value $ 13 18    
Ameriprise Financial | Other securities        
Investments        
Amortized Cost   33    
Gross Unrealized Gains   0    
Gross Unrealized Losses   0    
Allowance for Credit Loss   0    
Fair Value   $ 33    
v3.25.0.1
Investments - Summary of Fixed Maturity Securities by Rating (Details) - Ameriprise Financial - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Investments    
Amortized Cost $ 53,926 $ 53,048
Fair Value 52,153 51,562
Fixed maturity securities rated internally 508 282
Holdings of single issuer greater than 10% of equity 0 0
AAA    
Investments    
Amortized Cost 25,251 25,235
Fair Value 24,614 24,342
AA    
Investments    
Amortized Cost 13,498 14,013
Fair Value 12,909 13,534
A    
Investments    
Amortized Cost 2,979 3,073
Fair Value 2,935 3,139
BBB    
Investments    
Amortized Cost 11,896 10,396
Fair Value 11,402 10,216
Below investment grade    
Investments    
Amortized Cost 302 331
Fair Value $ 293 $ 331
Total investments | Credit concentration risk    
Investments    
Concentration risk 92.00% 93.00%
Fixed maturity securities | Credit concentration risk    
Investments    
Percentage of total 100.00% 100.00%
Fixed maturity securities | Credit concentration risk | AAA    
Investments    
Percentage of total 47.00% 47.00%
Fixed maturity securities | Credit concentration risk | AA    
Investments    
Percentage of total 25.00% 26.00%
Fixed maturity securities | Credit concentration risk | A    
Investments    
Percentage of total 5.00% 6.00%
Fixed maturity securities | Credit concentration risk | BBB    
Investments    
Percentage of total 22.00% 20.00%
Fixed maturity securities | Credit concentration risk | Below investment grade    
Investments    
Percentage of total 1.00% 1.00%
Fixed maturity securities | Credit concentration risk | GNMA, FNMA and FHLMC mortgage backed securities. | AAA    
Investments    
Concentration risk   83.00%
Fixed maturity securities | Credit concentration risk | GNMA, FNMA and FHLMC mortgage backed securities. | AA    
Investments    
Concentration risk 82.00%  
v3.25.0.1
Investments - Available-for Sale Securities in Continuous Unrealized Loss Position (Details)
$ in Millions
Dec. 31, 2024
USD ($)
position
Dec. 31, 2023
USD ($)
position
Unrealized losses    
Available -for-sale securities with gross unrealized losses considered investment grade 97.00% 96.00%
Ameriprise Financial    
Number of Securities    
Less than 12 months | position 546 275
12 months or more | position 1,268 1,556
Total | position 1,814 1,831
Fair Value    
Less than 12 months $ 13,000 $ 6,944
12 months or more 16,991 22,956
Total 29,991 29,900
Unrealized losses    
Less than 12 months (284) (48)
12 months or more (1,837) (2,051)
Total $ (2,121) $ (2,099)
Ameriprise Financial | Corporate debt securities    
Number of Securities    
Less than 12 months | position 282 97
12 months or more | position 291 376
Total | position 573 473
Fair Value    
Less than 12 months $ 5,328 $ 1,276
12 months or more 4,042 5,197
Total 9,370 6,473
Unrealized losses    
Less than 12 months (178) (11)
12 months or more (533) (496)
Total $ (711) $ (507)
Ameriprise Financial | Residential mortgage backed securities    
Number of Securities    
Less than 12 months | position 203 82
12 months or more | position 659 734
Total | position 862 816
Fair Value    
Less than 12 months $ 6,728 $ 3,052
12 months or more 9,122 10,677
Total 15,850 13,729
Unrealized losses    
Less than 12 months (96) (25)
12 months or more (1,037) (1,146)
Total $ (1,133) $ (1,171)
Ameriprise Financial | Commercial mortgage backed securities    
Number of Securities    
Less than 12 months | position 24 31
12 months or more | position 233 277
Total | position 257 308
Fair Value    
Less than 12 months $ 478 $ 747
12 months or more 3,298 4,092
Total 3,776 4,839
Unrealized losses    
Less than 12 months (6) (9)
12 months or more (213) (332)
Total $ (219) $ (341)
Ameriprise Financial | Asset backed securities    
Number of Securities    
Less than 12 months | position 15 49
12 months or more | position 37 116
Total | position 52 165
Fair Value    
Less than 12 months $ 309 $ 885
12 months or more 384 2,840
Total 693 3,725
Unrealized losses    
Less than 12 months (2) (2)
12 months or more (37) (57)
Total $ (39) $ (59)
Ameriprise Financial | State and municipal obligations    
Number of Securities    
Less than 12 months | position 21 5
12 months or more | position 45 49
Total | position 66 54
Fair Value    
Less than 12 months $ 57 $ 29
12 months or more 133 138
Total 190 167
Unrealized losses    
Less than 12 months (2) (1)
12 months or more (17) (19)
Total $ (19) $ (20)
Ameriprise Financial | U.S. government and agency obligations    
Number of Securities    
Less than 12 months | position 1 11
12 months or more | position 0 1
Total | position 1 12
Fair Value    
Less than 12 months $ 100 $ 955
12 months or more 0 0
Total 100 955
Unrealized losses    
Less than 12 months 0 0
12 months or more 0 0
Total $ 0 $ 0
Ameriprise Financial | Foreign government bonds and obligations    
Number of Securities    
Less than 12 months | position 0 0
12 months or more | position 3 3
Total | position 3 3
Fair Value    
Less than 12 months $ 0 $ 0
12 months or more 12 12
Total 12 12
Unrealized losses    
Less than 12 months 0 0
12 months or more 0 (1)
Total $ 0 $ (1)
v3.25.0.1
Investments - Rollforward of Allowance for Credit Losses (Details) - Ameriprise Financial - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Rollforward of available-for-Sale securities allowance for credit losses      
Beginning Balance $ 2 $ 22 $ 1
Additions for which credit losses were not previously recorded 4 1 20
Additional increases (decreases) on securities that had an allowance recorded in a previous period     1
Reductions for securities sold during the period (realized) (1) (21)  
Ending Balance 5 2 22
Corporate debt securities      
Rollforward of available-for-Sale securities allowance for credit losses      
Beginning Balance 1 20 0
Additions for which credit losses were not previously recorded 0 1 20
Additional increases (decreases) on securities that had an allowance recorded in a previous period     0
Reductions for securities sold during the period (realized) (1) (20)  
Ending Balance 0 1 20
Commercial mortgage backed securities      
Rollforward of available-for-Sale securities allowance for credit losses      
Beginning Balance 0 0 0
Additions for which credit losses were not previously recorded 4 0 0
Additional increases (decreases) on securities that had an allowance recorded in a previous period     0
Reductions for securities sold during the period (realized) 0 0  
Ending Balance 4 0 0
State and municipal obligations      
Rollforward of available-for-Sale securities allowance for credit losses      
Beginning Balance 1 2 1
Additions for which credit losses were not previously recorded 0 0 0
Additional increases (decreases) on securities that had an allowance recorded in a previous period     1
Reductions for securities sold during the period (realized) 0 (1)  
Ending Balance $ 1 $ 1 $ 2
v3.25.0.1
Investments - Net Realized Gains and Losses on Available-for-Sale Securities (Details) - Ameriprise Financial - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net realized gains and losses on Available-for-Sale securities      
Gross realized investment gains $ 41 $ 11 $ 28
Gross realized investment losses (57) (58) (22)
Credit reversals (losses) (3) 20 (21)
Other impairments 0 (2) (70)
Total $ (19) $ (29) $ (85)
v3.25.0.1
Investments - Available-for-Sale Securities by Contractual Maturity (Details) - Ameriprise Financial - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost    
Due within one year $ 3,537  
Due after one year through five years 2,423  
Due after five years through 10 years 5,507  
Due after 10 years 6,273  
Total having single maturity dates 17,740  
Amortized Cost 53,926 $ 53,048
Fair Value    
Due within one year 3,536  
Due after one year through five years 2,361  
Due after five years through 10 years 5,216  
Due after 10 years 6,128  
Total having single maturity dates 17,241  
Fair Value 52,153 51,562
Residential mortgage backed securities    
Amortized Cost    
Without single maturity dates 24,396  
Amortized Cost 24,396 22,130
Fair Value    
Without single maturity dates 23,344  
Fair Value 23,344 21,066
Commercial mortgage backed securities    
Amortized Cost    
Without single maturity dates 5,339  
Amortized Cost 5,339 6,380
Fair Value    
Without single maturity dates 5,126  
Fair Value 5,126 6,050
Asset backed securities    
Amortized Cost    
Without single maturity dates 6,451  
Amortized Cost 6,451 8,353
Fair Value    
Without single maturity dates 6,442  
Fair Value $ 6,442 $ 8,319
v3.25.0.1
Financing Receivables - Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Rollforward of allowance for credit losses      
Beginning balance $ 63 $ 59  
Provisions (2) 8 $ 13
Charge-offs (8) (4) (4)
Recoveries 1    
Ending balance 54 63 59
Cumulative Effect, Period of Adoption, Adjusted Balance      
Rollforward of allowance for credit losses      
Beginning balance     50
Commercial Loans      
Rollforward of allowance for credit losses      
Beginning balance 54 54  
Provisions (5) 2 10
Charge-offs (4) (2) (3)
Recoveries 0    
Ending balance 45 54 54
Commercial Loans | Cumulative Effect, Period of Adoption, Adjusted Balance      
Rollforward of allowance for credit losses      
Beginning balance     47
Commercial Loans | Receivables      
Financing receivables      
Accrued interest on loans 20 19  
Consumer Loans      
Rollforward of allowance for credit losses      
Beginning balance 9 5  
Provisions 3 6 3
Charge-offs (4) (2) (1)
Recoveries 1    
Ending balance $ 9 $ 9 5
Consumer Loans | Cumulative Effect, Period of Adoption, Adjusted Balance      
Rollforward of allowance for credit losses      
Beginning balance     $ 3
v3.25.0.1
Financing Receivables - Purchases, Sales and Nonperforming (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Nonperforming      
Financing Receivables      
Loans $ 13 $ 12  
Deteriorated credit quality      
Financing Receivables      
Loans purchased 0    
Commercial Loans | Commercial mortgage loans      
Financing Receivables      
Loans 1,902 1,832  
Commercial Loans | Syndicated loans      
Financing Receivables      
Loans sold 6 4 $ 1
Loans purchased 7 21 67
Loans 92 145  
Consumer Loans | Residential mortgage loans      
Financing Receivables      
Loans purchased 212 202 $ 72
Loans $ 466 $ 300  
v3.25.0.1
Financing Receivables - General Credit Quality Information - Commercial Mortgage Loans Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commercial Loans | Commercial mortgage loans    
Financing Receivables    
Loans $ 1,902 $ 1,832
Commercial Loans | Commercial mortgage loans | Past due    
Financing Receivables    
Loans $ 0 $ 0
Total commercial mortgage loans | Credit concentration risk | Risk Level, High    
Financing Receivables    
Percentage of total, less than 1.00% 1.00%
Total commercial mortgage loans | Credit concentration risk | Commercial Loans | Commercial mortgage loans    
Financing Receivables    
Percentage of total, less than 100.00% 100.00%
v3.25.0.1
Financing Receivables - Credit Quality - Commercial Mortgage Loans by LTV Ratio and Year of Origination (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amortized cost basis by year of origination and loan-to-value ratio      
Loan write-offs $ 8 $ 4 $ 4
Commercial Loans      
Amortized cost basis by year of origination and loan-to-value ratio      
Loan write-offs 4 2 $ 3
Commercial Loans | Commercial mortgage loans      
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 188 77  
Originated in fiscal year before latest fiscal year 76 110  
Originated two years before latest fiscal year 105 188  
Originated three years before latest fiscal year 180 109  
Originated four years before latest fiscal year 106 203  
Originated five or more years before latest fiscal year 1,247 1,145  
Total 1,902 1,832  
Loan write-offs 0    
Commercial Loans | Commercial mortgage loans | > 100%      
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 0 0  
Originated in fiscal year before latest fiscal year 0 0  
Originated two years before latest fiscal year 0 0  
Originated three years before latest fiscal year 0 0  
Originated four years before latest fiscal year 0 2  
Originated five or more years before latest fiscal year 15 22  
Total 15 24  
Commercial Loans | Commercial mortgage loans | 80% - 100%      
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 0 0  
Originated in fiscal year before latest fiscal year 0 5  
Originated two years before latest fiscal year 0 0  
Originated three years before latest fiscal year 0 2  
Originated four years before latest fiscal year 10 11  
Originated five or more years before latest fiscal year 48 50  
Total 58 68  
Commercial Loans | Commercial mortgage loans | 60% - 80%      
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 86 59  
Originated in fiscal year before latest fiscal year 44 26  
Originated two years before latest fiscal year 18 6  
Originated three years before latest fiscal year 9 14  
Originated four years before latest fiscal year 5 40  
Originated five or more years before latest fiscal year 130 106  
Total 292 251  
Commercial Loans | Commercial mortgage loans | 40% - 60%      
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 87 8  
Originated in fiscal year before latest fiscal year 22 47  
Originated two years before latest fiscal year 39 133  
Originated three years before latest fiscal year 69 53  
Originated four years before latest fiscal year 41 70  
Originated five or more years before latest fiscal year 348 348  
Total 606 659  
Commercial Loans | Commercial mortgage loans | Less than 40%      
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 15 10  
Originated in fiscal year before latest fiscal year 10 32  
Originated two years before latest fiscal year 48 49  
Originated three years before latest fiscal year 102 40  
Originated four years before latest fiscal year 50 80  
Originated five or more years before latest fiscal year 706 619  
Total $ 931 $ 830  
v3.25.0.1
Financing Receivables - Credit Quality - Commercial Mortgage Loans by Region (Details) - Commercial Loans - Commercial mortgage loans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing receivables - credit quality information    
Loans $ 1,902 $ 1,832
East North Central    
Financing receivables - credit quality information    
Loans 185 189
East South Central    
Financing receivables - credit quality information    
Loans 45 52
Middle Atlantic    
Financing receivables - credit quality information    
Loans 133 112
Mountain    
Financing receivables - credit quality information    
Loans 157 138
New England    
Financing receivables - credit quality information    
Loans 30 28
Pacific    
Financing receivables - credit quality information    
Loans 633 624
South Atlantic    
Financing receivables - credit quality information    
Loans 489 465
West North Central    
Financing receivables - credit quality information    
Loans 119 109
West South Central    
Financing receivables - credit quality information    
Loans $ 111 $ 115
Total commercial mortgage loans | Credit concentration risk    
Financing receivables - credit quality information    
Percentage of total 100.00% 100.00%
Total commercial mortgage loans | Credit concentration risk | East North Central    
Financing receivables - credit quality information    
Percentage of total 10.00% 10.00%
Total commercial mortgage loans | Credit concentration risk | East South Central    
Financing receivables - credit quality information    
Percentage of total 2.00% 3.00%
Total commercial mortgage loans | Credit concentration risk | Middle Atlantic    
Financing receivables - credit quality information    
Percentage of total 7.00% 6.00%
Total commercial mortgage loans | Credit concentration risk | Mountain    
Financing receivables - credit quality information    
Percentage of total 8.00% 8.00%
Total commercial mortgage loans | Credit concentration risk | New England    
Financing receivables - credit quality information    
Percentage of total 2.00% 2.00%
Total commercial mortgage loans | Credit concentration risk | Pacific    
Financing receivables - credit quality information    
Percentage of total 33.00% 34.00%
Total commercial mortgage loans | Credit concentration risk | South Atlantic    
Financing receivables - credit quality information    
Percentage of total 26.00% 25.00%
Total commercial mortgage loans | Credit concentration risk | West North Central    
Financing receivables - credit quality information    
Percentage of total 6.00% 6.00%
Total commercial mortgage loans | Credit concentration risk | West South Central    
Financing receivables - credit quality information    
Percentage of total 6.00% 6.00%
v3.25.0.1
Financing Receivables - Credit Quality - Commercial Mortgage Loans by Property Type (Details) - Commercial Loans - Commercial mortgage loans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing receivables - credit quality information    
Loans $ 1,902 $ 1,832
Apartments    
Financing receivables - credit quality information    
Loans 522 485
Hotel    
Financing receivables - credit quality information    
Loans 33 13
Industrial    
Financing receivables - credit quality information    
Loans 362 317
Mixed Use    
Financing receivables - credit quality information    
Loans 68 64
Office    
Financing receivables - credit quality information    
Loans 219 241
Retail    
Financing receivables - credit quality information    
Loans 546 561
Other    
Financing receivables - credit quality information    
Loans $ 152 $ 151
Total commercial mortgage loans | Credit concentration risk    
Financing receivables - credit quality information    
Percentage of total 100.00% 100.00%
Total commercial mortgage loans | Credit concentration risk | Apartments    
Financing receivables - credit quality information    
Percentage of total 27.00% 26.00%
Total commercial mortgage loans | Credit concentration risk | Hotel    
Financing receivables - credit quality information    
Percentage of total 2.00% 1.00%
Total commercial mortgage loans | Credit concentration risk | Industrial    
Financing receivables - credit quality information    
Percentage of total 19.00% 17.00%
Total commercial mortgage loans | Credit concentration risk | Mixed Use    
Financing receivables - credit quality information    
Percentage of total 4.00% 4.00%
Total commercial mortgage loans | Credit concentration risk | Office    
Financing receivables - credit quality information    
Percentage of total 11.00% 13.00%
Total commercial mortgage loans | Credit concentration risk | Retail    
Financing receivables - credit quality information    
Percentage of total 29.00% 31.00%
Total commercial mortgage loans | Credit concentration risk | Other    
Financing receivables - credit quality information    
Percentage of total 8.00% 8.00%
v3.25.0.1
Financing Receivables - Credit Quality Information - Syndicated Loans (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing receivables - credit quality information      
Loan write-offs $ 8,000,000 $ 4,000,000 $ 4,000,000
Commercial Loans      
Financing receivables - credit quality information      
Loan write-offs 4,000,000 2,000,000 $ 3,000,000
Commercial Loans | Syndicated loans      
Financing receivables - credit quality information      
Recorded investment 92,000,000 145,000,000  
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 52,000,000 42,000,000  
Originated in fiscal year before latest fiscal year 12,000,000 9,000,000  
Originated two years before latest fiscal year 0 44,000,000  
Originated three years before latest fiscal year 14,000,000 11,000,000  
Originated four years before latest fiscal year 3,000,000 25,000,000  
Originated five or more years before latest fiscal year 11,000,000 14,000,000  
Total 92,000,000 145,000,000  
Commercial Loans | Syndicated loans | Risk 5      
Financing receivables - credit quality information      
Recorded investment 0 1,000,000  
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 0 0  
Originated in fiscal year before latest fiscal year 0 1,000,000  
Originated two years before latest fiscal year 0 0  
Originated three years before latest fiscal year 0 0  
Originated four years before latest fiscal year 0 0  
Originated five or more years before latest fiscal year 0 0  
Total 0 1,000,000  
Commercial Loans | Syndicated loans | Risk 4      
Financing receivables - credit quality information      
Recorded investment 2,000,000 3,000,000  
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 0 0  
Originated in fiscal year before latest fiscal year 0 0  
Originated two years before latest fiscal year 0 0  
Originated three years before latest fiscal year 0 1,000,000  
Originated four years before latest fiscal year 0 2,000,000  
Originated five or more years before latest fiscal year 2,000,000 0  
Total 2,000,000 3,000,000  
Commercial Loans | Syndicated loans | Risk 3      
Financing receivables - credit quality information      
Recorded investment 12,000,000 28,000,000  
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 1,000,000 2,000,000  
Originated in fiscal year before latest fiscal year 1,000,000 0  
Originated two years before latest fiscal year 0 12,000,000  
Originated three years before latest fiscal year 8,000,000 2,000,000  
Originated four years before latest fiscal year 1,000,000 2,000,000  
Originated five or more years before latest fiscal year 1,000,000 10,000,000  
Total 12,000,000 28,000,000  
Commercial Loans | Syndicated loans | Risk 2      
Financing receivables - credit quality information      
Recorded investment 45,000,000 64,000,000  
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 29,000,000 26,000,000  
Originated in fiscal year before latest fiscal year 5,000,000 3,000,000  
Originated two years before latest fiscal year 0 17,000,000  
Originated three years before latest fiscal year 3,000,000 5,000,000  
Originated four years before latest fiscal year 0 11,000,000  
Originated five or more years before latest fiscal year 8,000,000 2,000,000  
Total 45,000,000 64,000,000  
Commercial Loans | Syndicated loans | Risk 1      
Financing receivables - credit quality information      
Recorded investment 33,000,000 49,000,000  
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 22,000,000 14,000,000  
Originated in fiscal year before latest fiscal year 6,000,000 5,000,000  
Originated two years before latest fiscal year 0 15,000,000  
Originated three years before latest fiscal year 3,000,000 3,000,000  
Originated four years before latest fiscal year 2,000,000 10,000,000  
Originated five or more years before latest fiscal year 0 2,000,000  
Total 33,000,000 49,000,000  
Commercial Loans | Syndicated loans | Past due      
Financing receivables - credit quality information      
Recorded investment 0 0  
Amortized cost basis by year of origination and loan-to-value ratio      
Total $ 0 $ 0  
v3.25.0.1
Financing Receivables - Credit Quality Information - Financial Advisor Loans (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing receivables - credit quality information      
Allowance for credit losses $ 54,000,000 $ 63,000,000 $ 59,000,000
Loan write-offs 8,000,000 4,000,000 4,000,000
Commercial Loans      
Financing receivables - credit quality information      
Allowance for credit losses 45,000,000 54,000,000 54,000,000
Loan write-offs 4,000,000 2,000,000 $ 3,000,000
Commercial Loans | Loans to financial advisors      
Financing receivables - credit quality information      
Loan write-offs 0    
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 358,000,000 395,000,000  
Originated in fiscal year before latest fiscal year 351,000,000 312,000,000  
Originated two years before latest fiscal year 263,000,000 152,000,000  
Originated three years before latest fiscal year 123,000,000 108,000,000  
Originated four years before latest fiscal year 84,000,000 83,000,000  
Originated five or more years before latest fiscal year 156,000,000 161,000,000  
Total 1,335,000,000 1,211,000,000  
Commercial Loans | Loans to financial advisors | Active      
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 358,000,000 395,000,000  
Originated in fiscal year before latest fiscal year 351,000,000 310,000,000  
Originated two years before latest fiscal year 261,000,000 151,000,000  
Originated three years before latest fiscal year 121,000,000 107,000,000  
Originated four years before latest fiscal year 82,000,000 79,000,000  
Originated five or more years before latest fiscal year 150,000,000 157,000,000  
Total 1,323,000,000 1,199,000,000  
Commercial Loans | Loans to financial advisors | Terminated      
Financing receivables - credit quality information      
Allowance for credit losses 6,000,000 7,000,000  
Amortized cost basis by year of origination and loan-to-value ratio      
Originated in current fiscal year 0 0  
Originated in fiscal year before latest fiscal year 0 2,000,000  
Originated two years before latest fiscal year 2,000,000 1,000,000  
Originated three years before latest fiscal year 2,000,000 1,000,000  
Originated four years before latest fiscal year 2,000,000 4,000,000  
Originated five or more years before latest fiscal year 6,000,000 4,000,000  
Total $ 12,000,000 $ 12,000,000  
v3.25.0.1
Financing Receivables - Credit Quality Information - Residential Mortgage Loans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Residential mortgage loans      
Loan write-offs $ 8 $ 4 $ 4
Consumer Loans      
Residential mortgage loans      
Loan write-offs 4 2 $ 1
Consumer Loans | Residential mortgage loans      
Residential mortgage loans      
Loan write-offs 0    
Originated in current fiscal year 186 184  
Originated in fiscal year before latest fiscal year 172 73  
Originated two years before latest fiscal year 68 29  
Originated three years before latest fiscal year 27 14  
Originated four years before latest fiscal year 13    
Total 466 300  
Consumer Loans | Residential mortgage loans | Past due      
Residential mortgage loans      
Total 4 2  
Consumer Loans | Residential mortgage loans | > 810      
Residential mortgage loans      
Originated in current fiscal year 5 9  
Originated in fiscal year before latest fiscal year 9 3  
Originated two years before latest fiscal year 2 2  
Originated three years before latest fiscal year 2 0  
Originated four years before latest fiscal year 1    
Total 19 14  
Consumer Loans | Residential mortgage loans | 780 - 809      
Residential mortgage loans      
Originated in current fiscal year 84 65  
Originated in fiscal year before latest fiscal year 56 29  
Originated two years before latest fiscal year 28 8  
Originated three years before latest fiscal year 7 6  
Originated four years before latest fiscal year 6    
Total 181 108  
Consumer Loans | Residential mortgage loans | 740 - 779      
Residential mortgage loans      
Originated in current fiscal year 64 80  
Originated in fiscal year before latest fiscal year 77 26  
Originated two years before latest fiscal year 25 8  
Originated three years before latest fiscal year 7 6  
Originated four years before latest fiscal year 5    
Total 178 120  
Consumer Loans | Residential mortgage loans | 720 - 739      
Residential mortgage loans      
Originated in current fiscal year 17 15  
Originated in fiscal year before latest fiscal year 15 6  
Originated two years before latest fiscal year 5 4  
Originated three years before latest fiscal year 5 1  
Originated four years before latest fiscal year 0    
Total 42 26  
Consumer Loans | Residential mortgage loans | 700 - 719      
Residential mortgage loans      
Originated in current fiscal year 9 8  
Originated in fiscal year before latest fiscal year 8 5  
Originated two years before latest fiscal year 5 4  
Originated three years before latest fiscal year 3 1  
Originated four years before latest fiscal year 1    
Total 26 18  
Consumer Loans | Residential mortgage loans | Less than 699      
Residential mortgage loans      
Originated in current fiscal year 7 7  
Originated in fiscal year before latest fiscal year 7 4  
Originated two years before latest fiscal year 3 3  
Originated three years before latest fiscal year 3 0  
Originated four years before latest fiscal year 0    
Total $ 20 $ 14  
v3.25.0.1
Financing Receivables - Credit Quality - Residential Mortgage Loans by Region (Details) - Consumer Loans - Residential mortgage loans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing receivables - credit quality information    
Loans $ 466 $ 300
Minnesota    
Financing receivables - credit quality information    
Loans 284 178
Other U.S. States    
Financing receivables - credit quality information    
Loans $ 182 $ 122
Total residential mortgage loans | Credit concentration risk    
Financing receivables - credit quality information    
Percentage of total 100.00% 100.00%
Total residential mortgage loans | Credit concentration risk | Minnesota    
Financing receivables - credit quality information    
Percentage of total 61.00% 59.00%
Total residential mortgage loans | Credit concentration risk | Other U.S. States    
Financing receivables - credit quality information    
Percentage of total 39.00% 41.00%
v3.25.0.1
Financing Receivables - Credit Quality Information - Credit Card Receivables (Details) - Consumer Loans - Credit card receivables - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Residential mortgage loans    
Total $ 123 $ 117
Percentage of receivables past due 2.00% 2.00%
> 800    
Residential mortgage loans    
Total $ 38 $ 32
750 - 799    
Residential mortgage loans    
Total 32 28
700 - 749    
Residential mortgage loans    
Total 29 30
650 - 699    
Residential mortgage loans    
Total 16 19
Less than 650    
Residential mortgage loans    
Total $ 8 $ 8
v3.25.0.1
Financing Receivables -Credit Quality Information - Other Loans and Deposit Receivable Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing receivables - credit quality information      
Allowance for credit losses $ 54 $ 63 $ 59
Receivable      
Reinsurance deposit receivable 5,800 6,500  
Deposit Receivables      
Financing receivables - credit quality information      
Allowance for credit losses 0 0  
Consumer Loans      
Financing receivables - credit quality information      
Allowance for credit losses 9 9 $ 5
Consumer Loans | Policy Loans      
Financing receivables - credit quality information      
Allowance for credit losses 0 0  
Consumer Loans | Margin Loans      
Financing receivables - credit quality information      
Allowance for credit losses 0 0  
Loans 1,100 1,100  
Consumer Loans | Pledged Asset Lines of Credit      
Financing receivables - credit quality information      
Allowance for credit losses 0 0  
Lines of credit balance $ 737 $ 537  
v3.25.0.1
Financing Receivables - Modifications with Borrowers Experiencing Financial Difficulty (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Modifications with Borrowers Experiencing Financial Difficulty    
Modifications of financing receivables $ 0 $ 0
v3.25.0.1
Reinsurance - Products and Risks Reinsured (Details) - USD ($)
 12 Months Ended 108 Months Ended 112 Months Ended 144 Months Ended 264 Months Ended
Jul. 01, 2021
Dec. 31, 2024
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2013
Dec. 31, 2022
Term life insurance policies            
Reinsured risk            
Percentage of risk reinsured           90.00%
Universal Life Insurance            
Reinsured risk            
Percentage of risk reinsured   50.00%     90.00%  
Variable Universal Life Insurance            
Reinsured risk            
Percentage of risk reinsured     50.00%   90.00%  
Indexed Universal Life Insurance            
Reinsured risk            
Percentage of risk reinsured       50.00%    
Single life or flexible premium survivorship life policy            
Reinsured risk            
Maximum amount of risk retained per policy   $ 1,500,000        
Single life insurance policy            
Reinsured risk            
Maximum amount of risk retained per policy   10,000,000        
Flexible premium survivorship life policy            
Reinsured risk            
Maximum amount of risk retained per policy   $ 10,000,000        
Long term care insurance            
Reinsured risk            
Percentage of risk reinsured   50.00%        
Disability Income Insurance            
Reinsured risk            
Maximum amount of risk retained per policy   $ 5,000        
RiverSource Life Insurance Company | Long term care insurance            
Reinsured risk            
Percentage of risk reinsured   90.00%        
Subsidiary | RiverSource Life Insurance Company | Fixed deferred and immediate annuity policies            
Reinsured risk            
Percentage of risk reinsured 100.00%          
v3.25.0.1
Reinsurance - Effect of Reinsurance - Traditional Long Duration Contracts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Traditional and universal life insurance policies      
Life Insurance policies in force      
Insurance policies in force, gross $ 198,100 $ 198,800  
Insurance policies in force, reinsured 143,500 144,700  
Traditional long-duration contracts      
Effect of reinsurance on premiums      
Direct premiums 696 674 $ 530
Reinsurance ceded (224) (226) (224)
Net premiums $ 472 $ 448 $ 306
v3.25.0.1
Reinsurance - Non-Traditional Long-Duration Contracts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Non-traditional long-duration products      
Reinsurance      
Reinsurance ceded $ 188 $ 180 $ 165
v3.25.0.1
Reinsurance - Recoverables and Claims (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance      
Claims recovered through reinsurance $ 466 $ 438 $ 435
Reinsurance recoverables 4,000 4,300  
Liabilities for assumed reinsurance arrangements 351 376  
Long term care insurance      
Reinsurance      
Reinsurance recoverable related to LTC risk ceded to Genworth $ 2,600 $ 2,800  
v3.25.0.1
Goodwill and Other Intangible Assets - Impairments and Changes in Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Impairments of indefinite-lived intangible assets excluding goodwill      
Impairments of indefinite-lived intangible assets $ 2 $ 0 $ 0
Changes in the carrying amount of goodwill, by segment:      
Beginning balance 1,410 1,389  
Foreign currency translation (9) 27  
Other adjustments 0 (6)  
Ending balance 1,401 1,410 1,389
Advice & Wealth Management      
Changes in the carrying amount of goodwill, by segment:      
Beginning balance 279 279  
Foreign currency translation 0 0  
Other adjustments 0 0  
Ending balance 279 279 279
Asset Management      
Changes in the carrying amount of goodwill, by segment:      
Beginning balance 1,040 1,019  
Foreign currency translation (9) 27  
Other adjustments 0 (6)  
Ending balance 1,031 1,040 1,019
Retirement & Protection Solutions      
Changes in the carrying amount of goodwill, by segment:      
Beginning balance 91 91  
Foreign currency translation 0 0  
Other adjustments 0 0  
Ending balance $ 91 $ 91 $ 91
v3.25.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Definite lived intangible assets acquired $ 29    
Definite-lived intangible assets acquired, weighted-average amortization period 6 years    
Aggregate amortization expense for definite-lived intangible assets $ 56 $ 52 $ 45
Impairments of finite-lived intangible assets $ 8 $ 1 $ 0
v3.25.0.1
Goodwill and Other Intangible Assets - Components of Indefinite-lived Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Components of indefinite-lived intangible assets    
Indefinite-lived intangible assets $ 909 $ 915
Customer contracts    
Components of indefinite-lived intangible assets    
Indefinite-lived intangible assets 844 848
Trade Names    
Components of indefinite-lived intangible assets    
Indefinite-lived intangible assets $ 65 $ 67
v3.25.0.1
Goodwill and Other Intangible Assets - Definite-lived Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Definite-lived Intangible assets      
Gross Carrying Amount $ 953 $ 951  
Accumulated Amortization (691) (653)  
Net Carrying Amount 262 298  
Aggregate amortization expense for definite-lived intangible assets 56 52 $ 45
Impairments of finite-lived intangible assets 8 1 $ 0
Estimated future intangible amortization expense      
2025 53    
2026 48    
2027 36    
2028 26    
2029 22    
Customer relationships      
Definite-lived Intangible assets      
Gross Carrying Amount 370 380  
Accumulated Amortization (204) (191)  
Net Carrying Amount 166 189  
Contracts      
Definite-lived Intangible assets      
Gross Carrying Amount 226 228  
Accumulated Amortization (218) (219)  
Net Carrying Amount 8 9  
Other      
Definite-lived Intangible assets      
Gross Carrying Amount 357 343  
Accumulated Amortization (269) (243)  
Net Carrying Amount $ 88 $ 100  
v3.25.0.1
Deferred Acquisition Costs and Deferred Sales Inducement Costs - Deferred Acquisition Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balances of and changes in DAC      
Beginning balance $ 2,713    
Amortization (242) $ (246) $ (252)
Ending balance 2,677 2,713  
Variable Annuities      
Balances of and changes in DAC      
Beginning balance 1,496 1,598  
Capitalization of acquisition costs 24 23  
Amortization (118) (125)  
Ending balance 1,402 1,496 1,598
Structured Variable Annuities      
Balances of and changes in DAC      
Beginning balance 208 149  
Capitalization of acquisition costs 98 83  
Amortization (30) (24)  
Ending balance 276 208 149
Fixed Annuities      
Balances of and changes in DAC      
Beginning balance 35 45  
Capitalization of acquisition costs 0 0  
Amortization (7) (10)  
Ending balance 28 35 45
Fixed Indexed Annuities      
Balances of and changes in DAC      
Beginning balance 5 6  
Capitalization of acquisition costs 0 0  
Amortization (1) (1)  
Ending balance 4 5 6
Universal Life Insurance      
Balances of and changes in DAC      
Beginning balance 110 118  
Capitalization of acquisition costs 0 0  
Amortization (7) (8)  
Ending balance 103 110 118
Variable Universal Life Insurance      
Balances of and changes in DAC      
Beginning balance 534 521  
Capitalization of acquisition costs 64 57  
Amortization (45) (44)  
Ending balance 553 534 521
Indexed Universal Life Insurance      
Balances of and changes in DAC      
Beginning balance 223 236  
Capitalization of acquisition costs 3 4  
Amortization (16) (17)  
Ending balance 210 223 236
Other Life Insurance      
Balances of and changes in DAC      
Beginning balance 2 3  
Capitalization of acquisition costs 0 0  
Amortization 0 (1)  
Ending balance 2 2 3
Life Contingent Payout Annuities      
Balances of and changes in DAC      
Beginning balance 6 2  
Capitalization of acquisition costs 5 4  
Amortization (1) 0  
Ending balance 10 6 2
Term and Whole Life Insurance      
Balances of and changes in DAC      
Beginning balance 17 18  
Capitalization of acquisition costs 2 1  
Amortization (2) (2)  
Ending balance 17 17 18
Disability Income Insurance      
Balances of and changes in DAC      
Beginning balance 75 79  
Capitalization of acquisition costs 3 4  
Amortization (8) (8)  
Ending balance 70 75 79
Total, All Products      
Balances of and changes in DAC      
Beginning balance 2,711 2,775  
Capitalization of acquisition costs 199 176  
Amortization (235) (240)  
Ending balance 2,675 2,711 $ 2,775
Other broker dealer acquisition costs      
Balances of and changes in DAC      
Beginning balance 2    
Ending balance $ 2 $ 2  
v3.25.0.1
Deferred Acquisition Costs and Deferred Sales Inducement Costs - Deferred Sales Inducement Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Balances of and changes in DSIC    
Beginning balance $ 148 $ 167
Amortization (16) (19)
Ending balance 132 148
Variable Annuities    
Balances of and changes in DSIC    
Beginning balance 136 151
Amortization (14) (15)
Ending balance 122 136
Fixed Annuities    
Balances of and changes in DSIC    
Beginning balance 12 16
Amortization (2) (4)
Ending balance $ 10 $ 12
v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims - Composition (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Policyholder account balances      
Policyholder account balances $ 32,542 $ 27,947 $ 24,986
Future policy benefits      
Reserve for future policy benefits 7,418 7,763  
Deferred profit liability 118 81  
Additional liabilities for insurance guarantees 1,389 1,321  
Other insurance and annuity liabilities 192 213  
Total future policy benefits 9,117 9,378  
Policy claims and other policyholders' funds 214 220  
Total policyholder account balances, future policy benefits and claims $ 41,873 $ 37,545  
v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims - Balance of and Changes in Policyholder Account Balances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Policyholder Account Balance [Roll Forward]    
Beginning balance $ 27,947 $ 24,986
Contract deposits 4,832 3,884
Policy charges (407) (401)
Surrenders and other benefits (2,266) (2,382)
Net transfer from (to) separate account liabilities (177) (132)
Other variable account adjustments 1,968 1,403
Interest credited 645 589
Ending balance 32,542 27,947
Variable Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 4,173 4,752
Contract deposits 56 73
Policy charges (14) (10)
Surrenders and other benefits (628) (759)
Net transfer from (to) separate account liabilities (32) (25)
Other variable account adjustments 0 0
Interest credited 125 142
Ending balance $ 3,680 $ 4,173
Weighted-average crediting rate 3.30% 3.30%
Cash surrender value $ 3,658 $ 4,146
Structured Variable Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 10,742 6,410
Contract deposits 4,005 3,084
Policy charges (3) 0
Surrenders and other benefits (383) (156)
Net transfer from (to) separate account liabilities 0 0
Other variable account adjustments 1,968 1,403
Interest credited 1 1
Ending balance $ 16,330 $ 10,742
Weighted-average crediting rate 1.90% 1.80%
Cash surrender value $ 15,467 $ 10,129
Fixed Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 5,982 6,799
Contract deposits 39 47
Policy charges 0 0
Surrenders and other benefits (856) (1,086)
Net transfer from (to) separate account liabilities 0 0
Other variable account adjustments 0 0
Interest credited 204 222
Ending balance $ 5,369 $ 5,982
Weighted-average crediting rate 3.70% 3.60%
Cash surrender value $ 5,365 $ 5,974
Fixed Indexed Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 307 312
Contract deposits 0 0
Policy charges 0 0
Surrenders and other benefits (16) (10)
Net transfer from (to) separate account liabilities 0 0
Other variable account adjustments 0 0
Interest credited 14 5
Ending balance $ 305 $ 307
Weighted-average crediting rate 2.00% 2.00%
Cash surrender value $ 279 $ 278
Non-Life Contingent Payout Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 444 471
Contract deposits 101 91
Policy charges 0 0
Surrenders and other benefits (110) (127)
Net transfer from (to) separate account liabilities 0 0
Other variable account adjustments 0 0
Interest credited 12 9
Ending balance 447 444
Universal Life Insurance    
Policyholder Account Balance [Roll Forward]    
Beginning balance 1,474 1,544
Contract deposits 117 123
Policy charges (173) (176)
Surrenders and other benefits (62) (69)
Net transfer from (to) separate account liabilities 0 0
Other variable account adjustments 0 0
Interest credited 49 52
Ending balance $ 1,405 $ 1,474
Weighted-average crediting rate 3.60% 3.60%
Net amount at risk $ 8,312 $ 8,740
Cash surrender value 1,280 1,330
Variable Universal Life Insurance    
Policyholder Account Balance [Roll Forward]    
Beginning balance 1,569 1,520
Contract deposits 333 272
Policy charges (93) (94)
Surrenders and other benefits (80) (78)
Net transfer from (to) separate account liabilities (145) (107)
Other variable account adjustments 0 0
Interest credited 63 56
Ending balance $ 1,647 $ 1,569
Weighted-average crediting rate 3.90% 3.90%
Net amount at risk $ 57,473 $ 57,291
Cash surrender value 1,092 1,065
Indexed Universal Life Insurance    
Policyholder Account Balance [Roll Forward]    
Beginning balance 2,755 2,654
Contract deposits 181 193
Policy charges (124) (121)
Surrenders and other benefits (79) (53)
Net transfer from (to) separate account liabilities 0 0
Other variable account adjustments 0 0
Interest credited 161 82
Ending balance $ 2,894 $ 2,755
Weighted-average crediting rate 2.30% 2.00%
Net amount at risk $ 13,593 $ 14,407
Cash surrender value 2,447 2,271
Other Life Insurance, Netting    
Policyholder Account Balance [Roll Forward]    
Beginning balance 501 524
Contract deposits 0 1
Policy charges 0 0
Surrenders and other benefits (52) (44)
Net transfer from (to) separate account liabilities 0 0
Other variable account adjustments 0 0
Interest credited 16 20
Ending balance $ 465 $ 501
Weighted-average crediting rate 4.00% 4.00%
Net amount at risk $ 130 $ 141
Cash surrender value $ 298 $ 326
v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims - Account Balances by Guaranteed Minimum Interest Rates (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 32,542 $ 27,947 $ 24,986
Percentage of total account values that reset in:      
Next 12 months 100.00% 99.90%  
Greater than 12 months to 24 months 0.00% 0.10%  
Greater than 24 months 0.00% 0.00%  
Total 100.00% 100.00%  
At Guaranteed Minimum      
Percentage of total account values that reset in:      
Next 12 months 100.00% 99.90%  
Greater than 12 months to 24 months 0.00% 0.10%  
Greater than 24 months 0.00% 0.00%  
Total 100.00% 100.00%  
1-49 bps above Guaranteed Minimum      
Percentage of total account values that reset in:      
Next 12 months 100.00% 99.50%  
Greater than 12 months to 24 months 0.00% 0.50%  
Greater than 24 months 0.00% 0.00%  
Total 100.00% 100.00%  
1-49 bps above Guaranteed Minimum | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balance above guaranteed minimum crediting rate 0.0001 0.0001  
1-49 bps above Guaranteed Minimum | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder account balance above guaranteed minimum crediting rate 0.0049 0.0049  
50-99 bps above Guaranteed Minimum      
Percentage of total account values that reset in:      
Next 12 months 99.90% 99.30%  
Greater than 12 months to 24 months 0.00% 0.60%  
Greater than 24 months 0.10% 0.10%  
Total 100.00% 100.00%  
50-99 bps above Guaranteed Minimum | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balance above guaranteed minimum crediting rate 0.0050 0.0050  
50-99 bps above Guaranteed Minimum | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder account balance above guaranteed minimum crediting rate 0.0099 0.0099  
100-150 bps above Guaranteed Minimum      
Percentage of total account values that reset in:      
Next 12 months 100.00% 100.00%  
Greater than 12 months to 24 months 0.00% 0.00%  
Greater than 24 months 0.00% 0.00%  
Total 100.00% 100.00%  
100-150 bps above Guaranteed Minimum | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balance above guaranteed minimum crediting rate 0.0100 0.0100  
100-150 bps above Guaranteed Minimum | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder account balance above guaranteed minimum crediting rate 0.0150 0.0150  
Greater than 150 bps above Guaranteed Minimum      
Percentage of total account values that reset in:      
Next 12 months 99.80% 100.00%  
Greater than 12 months to 24 months 0.00% 0.00%  
Greater than 24 months 0.20% 0.00%  
Total 100.00% 100.00%  
Greater than 150 bps above Guaranteed Minimum | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balance above guaranteed minimum crediting rate 0.0150 0.0150  
Total      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 11,641 $ 12,848  
Total | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 10,625 11,836  
Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 544 571  
Total | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 262 272  
Total | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 143 135  
Total | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 67 34  
Fixed accounts of variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 3,627 4,110  
Fixed accounts of variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 3,442 3,908  
Fixed accounts of variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 102 132  
Fixed accounts of variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 65 52  
Fixed accounts of variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 18 16  
Fixed accounts of variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 2  
Fixed accounts of structured variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 45 39  
Fixed accounts of structured variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 16 12  
Fixed accounts of structured variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 20 18  
Fixed accounts of structured variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 9 7  
Fixed accounts of structured variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 2  
Fixed accounts of structured variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Fixed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 5,356 5,967  
Fixed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4,848 5,298  
Fixed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 251 392  
Fixed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 154 184  
Fixed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 89 93  
Fixed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 14 0  
Non-indexed accounts of fixed indexed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 21 22  
Non-indexed accounts of fixed indexed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Non-indexed accounts of fixed indexed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 2  
Non-indexed accounts of fixed indexed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 5 7  
Non-indexed accounts of fixed indexed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 14 13  
Non-indexed accounts of fixed indexed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1,377 1,445  
Universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1,344 1,423  
Universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 8 5  
Universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 19 13  
Universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 6 4  
Universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Fixed accounts of variable universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances 788 810  
Fixed accounts of variable universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 679 742  
Fixed accounts of variable universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 36 22  
Fixed accounts of variable universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 6 7  
Fixed accounts of variable universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 14 7  
Fixed accounts of variable universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 53 32  
Non-indexed accounts of indexed universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances 131 130  
Non-indexed accounts of indexed universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 128  
Non-indexed accounts of indexed universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 125 0  
Non-indexed accounts of indexed universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4 2  
Non-indexed accounts of indexed universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 0  
Non-indexed accounts of indexed universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Other life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances 296 325  
Other life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 296 325  
Other life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Other life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Other life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Other life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Total      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 882 $ 1,085  
1% - 1.99% | Total | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%  
1% - 1.99% | Total | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%  
1% - 1.99% | Total | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 111 $ 151  
1% - 1.99% | Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 354 530  
1% - 1.99% | Total | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 239 255  
1% - 1.99% | Total | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 123 123  
1% - 1.99% | Total | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 55 26  
1% - 1.99% | Fixed accounts of variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 201 $ 243  
1% - 1.99% | Fixed accounts of variable annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%  
1% - 1.99% | Fixed accounts of variable annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%  
1% - 1.99% | Fixed accounts of variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 24 $ 43  
1% - 1.99% | Fixed accounts of variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 95 131  
1% - 1.99% | Fixed accounts of variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 65 52  
1% - 1.99% | Fixed accounts of variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 17 15  
1% - 1.99% | Fixed accounts of variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 2  
1% - 1.99% | Fixed accounts of structured variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 31 $ 28  
1% - 1.99% | Fixed accounts of structured variable annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%  
1% - 1.99% | Fixed accounts of structured variable annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%  
1% - 1.99% | Fixed accounts of structured variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 2 $ 1  
1% - 1.99% | Fixed accounts of structured variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 20 18  
1% - 1.99% | Fixed accounts of structured variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 9 7  
1% - 1.99% | Fixed accounts of structured variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 2  
1% - 1.99% | Fixed accounts of structured variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Fixed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 577 $ 760  
1% - 1.99% | Fixed annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%  
1% - 1.99% | Fixed annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%  
1% - 1.99% | Fixed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 85 $ 107  
1% - 1.99% | Fixed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 237 377  
1% - 1.99% | Fixed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 152 183  
1% - 1.99% | Fixed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 89 93  
1% - 1.99% | Fixed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 14 0  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 21 $ 22  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 2  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 5 7  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 14 13  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
1% - 1.99% | Universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%  
1% - 1.99% | Universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%  
1% - 1.99% | Universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
1% - 1.99% | Universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Fixed accounts of variable universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 46 $ 30  
1% - 1.99% | Fixed accounts of variable universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%  
1% - 1.99% | Fixed accounts of variable universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%  
1% - 1.99% | Fixed accounts of variable universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
1% - 1.99% | Fixed accounts of variable universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 2  
1% - 1.99% | Fixed accounts of variable universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4 4  
1% - 1.99% | Fixed accounts of variable universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1 0  
1% - 1.99% | Fixed accounts of variable universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 41 24  
1% - 1.99% | Non-indexed accounts of indexed universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 6 $ 2  
1% - 1.99% | Non-indexed accounts of indexed universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%  
1% - 1.99% | Non-indexed accounts of indexed universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%  
1% - 1.99% | Non-indexed accounts of indexed universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
1% - 1.99% | Non-indexed accounts of indexed universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Non-indexed accounts of indexed universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4 2  
1% - 1.99% | Non-indexed accounts of indexed universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 0  
1% - 1.99% | Non-indexed accounts of indexed universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Other life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
1% - 1.99% | Other life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%  
1% - 1.99% | Other life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%  
1% - 1.99% | Other life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
1% - 1.99% | Other life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Other life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Other life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Other life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Total      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 391 $ 425  
2% - 2.99% | Total | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%  
2% - 2.99% | Total | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%  
2% - 2.99% | Total | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 204 $ 376  
2% - 2.99% | Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 157 30  
2% - 2.99% | Total | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 17 10  
2% - 2.99% | Total | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1 1  
2% - 2.99% | Total | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 12 8  
2% - 2.99% | Fixed accounts of variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 112 $ 138  
2% - 2.99% | Fixed accounts of variable annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%  
2% - 2.99% | Fixed accounts of variable annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%  
2% - 2.99% | Fixed accounts of variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 112 $ 137  
2% - 2.99% | Fixed accounts of variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 1  
2% - 2.99% | Fixed accounts of variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed accounts of variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed accounts of variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed accounts of structured variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 13 $ 11  
2% - 2.99% | Fixed accounts of structured variable annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%  
2% - 2.99% | Fixed accounts of structured variable annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%  
2% - 2.99% | Fixed accounts of structured variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 13 $ 11  
2% - 2.99% | Fixed accounts of structured variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed accounts of structured variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed accounts of structured variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed accounts of structured variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 38 $ 51  
2% - 2.99% | Fixed annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%  
2% - 2.99% | Fixed annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%  
2% - 2.99% | Fixed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 22 $ 36  
2% - 2.99% | Fixed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 14 14  
2% - 2.99% | Fixed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 1  
2% - 2.99% | Fixed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Non-indexed accounts of fixed indexed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
2% - 2.99% | Non-indexed accounts of fixed indexed annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%  
2% - 2.99% | Non-indexed accounts of fixed indexed annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%  
2% - 2.99% | Non-indexed accounts of fixed indexed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
2% - 2.99% | Non-indexed accounts of fixed indexed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Non-indexed accounts of fixed indexed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Non-indexed accounts of fixed indexed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Non-indexed accounts of fixed indexed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 69 $ 63  
2% - 2.99% | Universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%  
2% - 2.99% | Universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%  
2% - 2.99% | Universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 50 $ 51  
2% - 2.99% | Universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4 3  
2% - 2.99% | Universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 15 9  
2% - 2.99% | Universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed accounts of variable universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 34 $ 34  
2% - 2.99% | Fixed accounts of variable universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%  
2% - 2.99% | Fixed accounts of variable universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%  
2% - 2.99% | Fixed accounts of variable universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 7 $ 13  
2% - 2.99% | Fixed accounts of variable universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 14 12  
2% - 2.99% | Fixed accounts of variable universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Fixed accounts of variable universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1 1  
2% - 2.99% | Fixed accounts of variable universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 12 8  
2% - 2.99% | Non-indexed accounts of indexed universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 125 $ 128  
2% - 2.99% | Non-indexed accounts of indexed universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%  
2% - 2.99% | Non-indexed accounts of indexed universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%  
2% - 2.99% | Non-indexed accounts of indexed universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 128  
2% - 2.99% | Non-indexed accounts of indexed universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 125 0  
2% - 2.99% | Non-indexed accounts of indexed universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Non-indexed accounts of indexed universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Non-indexed accounts of indexed universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Other life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
2% - 2.99% | Other life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%  
2% - 2.99% | Other life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%  
2% - 2.99% | Other life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
2% - 2.99% | Other life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Other life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Other life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
2% - 2.99% | Other life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Total      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 5,295 $ 6,058  
3% - 3.99% | Total | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%  
3% - 3.99% | Total | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.99% 3.99%  
3% - 3.99% | Total | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 5,262 $ 6,036  
3% - 3.99% | Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 8 4  
3% - 3.99% | Total | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 6 7  
3% - 3.99% | Total | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 19 11  
3% - 3.99% | Total | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed accounts of variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1,902 $ 2,215  
3% - 3.99% | Fixed accounts of variable annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%  
3% - 3.99% | Fixed accounts of variable annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.99% 3.99%  
3% - 3.99% | Fixed accounts of variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1,894 $ 2,214  
3% - 3.99% | Fixed accounts of variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 7 0  
3% - 3.99% | Fixed accounts of variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed accounts of variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1 1  
3% - 3.99% | Fixed accounts of variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed accounts of structured variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1 $ 0  
3% - 3.99% | Fixed accounts of structured variable annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%  
3% - 3.99% | Fixed accounts of structured variable annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.99% 3.99%  
3% - 3.99% | Fixed accounts of structured variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1 $ 0  
3% - 3.99% | Fixed accounts of structured variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed accounts of structured variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed accounts of structured variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed accounts of structured variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 2,410 $ 2,817  
3% - 3.99% | Fixed annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%  
3% - 3.99% | Fixed annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.99% 3.99%  
3% - 3.99% | Fixed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 2,410 $ 2,816  
3% - 3.99% | Fixed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 1  
3% - 3.99% | Fixed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Non-indexed accounts of fixed indexed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
3% - 3.99% | Non-indexed accounts of fixed indexed annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%  
3% - 3.99% | Non-indexed accounts of fixed indexed annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.99% 3.99%  
3% - 3.99% | Non-indexed accounts of fixed indexed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
3% - 3.99% | Non-indexed accounts of fixed indexed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Non-indexed accounts of fixed indexed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Non-indexed accounts of fixed indexed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Non-indexed accounts of fixed indexed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 831 $ 863  
3% - 3.99% | Universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%  
3% - 3.99% | Universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.99% 3.99%  
3% - 3.99% | Universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 821 $ 854  
3% - 3.99% | Universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 1  
3% - 3.99% | Universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4 4  
3% - 3.99% | Universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 6 4  
3% - 3.99% | Universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Fixed accounts of variable universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 123 $ 133  
3% - 3.99% | Fixed accounts of variable universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%  
3% - 3.99% | Fixed accounts of variable universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.99% 3.99%  
3% - 3.99% | Fixed accounts of variable universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 108 $ 122  
3% - 3.99% | Fixed accounts of variable universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1 2  
3% - 3.99% | Fixed accounts of variable universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 3  
3% - 3.99% | Fixed accounts of variable universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 12 6  
3% - 3.99% | Fixed accounts of variable universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Non-indexed accounts of indexed universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
3% - 3.99% | Non-indexed accounts of indexed universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%  
3% - 3.99% | Non-indexed accounts of indexed universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.99% 3.99%  
3% - 3.99% | Non-indexed accounts of indexed universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
3% - 3.99% | Non-indexed accounts of indexed universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Non-indexed accounts of indexed universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Non-indexed accounts of indexed universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Non-indexed accounts of indexed universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Other life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 28 $ 30  
3% - 3.99% | Other life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%  
3% - 3.99% | Other life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 3.99% 3.99%  
3% - 3.99% | Other life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 28 $ 30  
3% - 3.99% | Other life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Other life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Other life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Other life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Total      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 5,073 $ 5,280  
4% - 5.00% | Total | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%  
4% - 5.00% | Total | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 5.00% 5.00%  
4% - 5.00% | Total | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 5,048 $ 5,273  
4% - 5.00% | Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 25 7  
4% - 5.00% | Total | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Total | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Total | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1,412 $ 1,514  
4% - 5.00% | Fixed accounts of variable annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%  
4% - 5.00% | Fixed accounts of variable annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 5.00% 5.00%  
4% - 5.00% | Fixed accounts of variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1,412 $ 1,514  
4% - 5.00% | Fixed accounts of variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of structured variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
4% - 5.00% | Fixed accounts of structured variable annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%  
4% - 5.00% | Fixed accounts of structured variable annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 5.00% 5.00%  
4% - 5.00% | Fixed accounts of structured variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
4% - 5.00% | Fixed accounts of structured variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of structured variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of structured variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of structured variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 2,331 $ 2,339  
4% - 5.00% | Fixed annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%  
4% - 5.00% | Fixed annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 5.00% 5.00%  
4% - 5.00% | Fixed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 2,331 $ 2,339  
4% - 5.00% | Fixed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Non-indexed accounts of fixed indexed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
4% - 5.00% | Non-indexed accounts of fixed indexed annuities | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%  
4% - 5.00% | Non-indexed accounts of fixed indexed annuities | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 5.00% 5.00%  
4% - 5.00% | Non-indexed accounts of fixed indexed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
4% - 5.00% | Non-indexed accounts of fixed indexed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Non-indexed accounts of fixed indexed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Non-indexed accounts of fixed indexed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Non-indexed accounts of fixed indexed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 477 $ 519  
4% - 5.00% | Universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%  
4% - 5.00% | Universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 5.00% 5.00%  
4% - 5.00% | Universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 473 $ 518  
4% - 5.00% | Universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4 1  
4% - 5.00% | Universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of variable universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 585 $ 613  
4% - 5.00% | Fixed accounts of variable universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%  
4% - 5.00% | Fixed accounts of variable universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 5.00% 5.00%  
4% - 5.00% | Fixed accounts of variable universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 564 $ 607  
4% - 5.00% | Fixed accounts of variable universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 21 6  
4% - 5.00% | Fixed accounts of variable universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of variable universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Fixed accounts of variable universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Non-indexed accounts of indexed universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
4% - 5.00% | Non-indexed accounts of indexed universal life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%  
4% - 5.00% | Non-indexed accounts of indexed universal life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 5.00% 5.00%  
4% - 5.00% | Non-indexed accounts of indexed universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
4% - 5.00% | Non-indexed accounts of indexed universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Non-indexed accounts of indexed universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Non-indexed accounts of indexed universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Non-indexed accounts of indexed universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Other life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 268 $ 295  
4% - 5.00% | Other life insurance | Minimum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%  
4% - 5.00% | Other life insurance | Maximum      
Policyholder Account Balance [Line Items]      
Range of Guaranteed Minimum Crediting Rates 5.00% 5.00%  
4% - 5.00% | Other life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 268 $ 295  
4% - 5.00% | Other life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Other life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Other life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
4% - 5.00% | Other life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0 $ 0  
v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims - Balances of and Changes in Liability for Future Policy Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]      
Balance $ 9,117 $ 9,378  
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Beginning balance 1,953 2,027  
Beginning balance at original discount rate 1,950 2,065  
Effect of changes in cash flow assumptions   73 $ (19)
Effect of actual variances from expected experience   (55) (23)
Adjusted beginning of year balance   1,968 2,023
Issuances 273 244  
Interest accrual 97 101  
Net premiums collected (433) (418)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 1,905 1,950  
Effect of changes in discount rate assumptions (58) 3  
Ending balance 1,847 1,953  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Beginning balance 9,711 9,519  
Beginning balance at original discount rate 9,641 9,706  
Effect of changes in cash flow assumptions   40 (34)
Effect of actual variances from expected experience   (97) (35)
Adjusted beginning of year balance   9,584 9,637
Issuances 273 244  
Interest accrual 486 489  
Benefit payments (758) (729)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 9,585 9,641  
Effect of changes in discount rate assumptions (327) 70  
Ending balance 9,258 9,711  
Adjustment due to reserve flooring 7 5  
Reserve for future policy benefits 7,418 7,763  
Less: reinsurance recoverable 3,794 4,080  
Net liability for future policy benefits, after reinsurance recoverable 3,624 3,683  
Discounted expected future gross premiums 3,755 3,993  
Expected future gross premiums 5,830 5,993  
Expected future benefit payments 15,553 15,810  
Life Contingent Payout Annuities      
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Beginning balance 0 0  
Beginning balance at original discount rate 0 0  
Effect of changes in cash flow assumptions   0 0
Effect of actual variances from expected experience   0 0
Adjusted beginning of year balance   0 0
Issuances 201 177  
Interest accrual 1 1  
Net premiums collected (202) (178)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 0 0  
Effect of changes in discount rate assumptions 0 0  
Ending balance 0 0  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Beginning balance 1,164 1,065  
Beginning balance at original discount rate 1,222 1,155  
Effect of changes in cash flow assumptions   (24) 0
Effect of actual variances from expected experience   (8) (10)
Adjusted beginning of year balance   1,190 1,145
Issuances 201 177  
Interest accrual 56 50  
Benefit payments (158) (150)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 1,289 1,222  
Effect of changes in discount rate assumptions (85) (58)  
Ending balance 1,204 1,164  
Adjustment due to reserve flooring 0 0  
Reserve for future policy benefits 1,204 1,164  
Less: reinsurance recoverable 759 880  
Net liability for future policy benefits, after reinsurance recoverable 445 284  
Discounted expected future gross premiums 0 0  
Expected future gross premiums 0 0  
Expected future benefit payments $ 1,846 $ 1,726  
Weighted average interest accretion rate 4.50% 4.20%  
Weighted average discount rate 5.40% 4.90%  
Weighted average duration of liability (in years) 6 years 7 years  
Term and Whole Life Insurance      
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Beginning balance $ 703 $ 686  
Beginning balance at original discount rate 708 708  
Effect of changes in cash flow assumptions   57 (19)
Effect of actual variances from expected experience   (16) (2)
Adjusted beginning of year balance   749 687
Issuances 63 55  
Interest accrual 38 36  
Net premiums collected (76) (70)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 774 708  
Effect of changes in discount rate assumptions (37) (5)  
Ending balance 737 703  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Beginning balance 1,325 1,319  
Beginning balance at original discount rate 1,291 1,313  
Effect of changes in cash flow assumptions   67 (18)
Effect of actual variances from expected experience   (16) (1)
Adjusted beginning of year balance   1,342 1,294
Issuances 63 56  
Interest accrual 73 73  
Benefit payments (125) (132)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 1,353 1,291  
Effect of changes in discount rate assumptions (31) 34  
Ending balance 1,322 1,325  
Adjustment due to reserve flooring 7 5  
Reserve for future policy benefits 592 627  
Less: reinsurance recoverable 424 440  
Net liability for future policy benefits, after reinsurance recoverable 168 187  
Discounted expected future gross premiums 1,672 1,764  
Expected future gross premiums 2,921 2,938  
Expected future benefit payments $ 2,286 $ 2,166  
Weighted average interest accretion rate 6.00% 6.20%  
Weighted average discount rate 5.60% 5.10%  
Weighted average duration of liability (in years) 7 years 7 years  
Disability Income Insurance      
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Beginning balance $ 104 $ 134  
Beginning balance at original discount rate 105 137  
Effect of changes in cash flow assumptions   (39) (19)
Effect of actual variances from expected experience   (13) (18)
Adjusted beginning of year balance   53 100
Issuances 9 12  
Interest accrual 3 5  
Net premiums collected (6) (12)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 59 105  
Effect of changes in discount rate assumptions (6) (1)  
Ending balance 53 104  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Beginning balance 661 696  
Beginning balance at original discount rate 621 669  
Effect of changes in cash flow assumptions   (61) (25)
Effect of actual variances from expected experience   (25) (29)
Adjusted beginning of year balance   535 615
Issuances 9 11  
Interest accrual 34 37  
Benefit payments (43) (42)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 535 621  
Effect of changes in discount rate assumptions 10 40  
Ending balance 545 661  
Adjustment due to reserve flooring 0 0  
Reserve for future policy benefits 492 557  
Less: reinsurance recoverable 20 22  
Net liability for future policy benefits, after reinsurance recoverable 472 535  
Discounted expected future gross premiums 836 904  
Expected future gross premiums 1,196 1,269  
Expected future benefit payments $ 899 $ 1,068  
Weighted average interest accretion rate 6.30% 6.10%  
Weighted average discount rate 5.60% 5.10%  
Weighted average duration of liability (in years) 7 years 8 years  
Long Term Care Insurance      
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Beginning balance $ 1,146 $ 1,207  
Beginning balance at original discount rate 1,137 1,220  
Effect of changes in cash flow assumptions   55 19
Effect of actual variances from expected experience   (26) (3)
Adjusted beginning of year balance   1,166 1,236
Issuances 0 0  
Interest accrual 55 59  
Net premiums collected (149) (158)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 1,072 1,137  
Effect of changes in discount rate assumptions (15) 9  
Ending balance 1,057 1,146  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Beginning balance 6,561 6,439  
Beginning balance at original discount rate 6,507 6,569  
Effect of changes in cash flow assumptions   58 9
Effect of actual variances from expected experience   (48) 5
Adjusted beginning of year balance   6,517 $ 6,583
Issuances 0 0  
Interest accrual 323 329  
Benefit payments (432) (405)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 6,408 6,507  
Effect of changes in discount rate assumptions (221) 54  
Ending balance 6,187 6,561  
Adjustment due to reserve flooring 0 0  
Reserve for future policy benefits 5,130 5,415  
Less: reinsurance recoverable 2,591 2,738  
Net liability for future policy benefits, after reinsurance recoverable 2,539 2,677  
Discounted expected future gross premiums 1,247 1,325  
Expected future gross premiums 1,713 1,786  
Expected future benefit payments $ 10,522 $ 10,850  
Weighted average interest accretion rate 5.00% 5.00%  
Weighted average discount rate 5.70% 5.10%  
Weighted average duration of liability (in years) 8 years 8 years  
v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims - Additional Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Additional Liability, Long-Duration Insurance [Roll Forward]      
Beginning balance $ 1,321 $ 1,186  
Interest accrual 44 41  
Benefit accrual 144 138  
Benefit payments (87) (72)  
Effect of actual variances from expected experience   (4) $ (4)
Impact of change in net unrealized (gains) losses on securities (29) 32  
Ending balance 1,389 1,321  
Universal Life Insurance      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Beginning balance 1,225 1,100  
Interest accrual 37 35  
Benefit accrual 133 128  
Benefit payments (69) (50)  
Effect of actual variances from expected experience   (2) (13)
Impact of change in net unrealized (gains) losses on securities (23) 25  
Ending balance $ 1,301 $ 1,225  
Weighted average interest accretion rate 3.00% 3.00%  
Weighted average discount rate 3.20% 3.20%  
Weighted average duration of reserves (in years) 10 years 10 years  
Variable Universal Life Insurance      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Beginning balance $ 81 $ 74  
Interest accrual 6 5  
Benefit accrual 8 8  
Benefit payments (13) (18)  
Effect of actual variances from expected experience   (1) 11
Impact of change in net unrealized (gains) losses on securities (1) 1  
Ending balance $ 80 $ 81  
Weighted average interest accretion rate 7.00% 6.90%  
Weighted average discount rate 7.10% 7.10%  
Weighted average duration of reserves (in years) 8 years 8 years  
Other Life Insurance      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Beginning balance $ 15 $ 12  
Interest accrual 1 1  
Benefit accrual 3 2  
Benefit payments (5) (4)  
Effect of actual variances from expected experience   (1) $ (2)
Impact of change in net unrealized (gains) losses on securities (5) 6  
Ending balance $ 8 $ 15  
Weighted average interest accretion rate 3.90% 4.00%  
Weighted average discount rate 4.00% 4.00%  
Weighted average duration of reserves (in years) 6 years 6 years  
v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims - Amounts Recognized in Statement of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums $ 696 $ 674
Interest Expense 389 388
Life contingent payout annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 226 196
Interest Expense 55 49
Term and whole life insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 172 169
Interest Expense 35 37
Disability Income Insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 119 124
Interest Expense 31 32
Long term care insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 179 185
Interest Expense $ 268 $ 270
v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims - Change in Unearned Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Deferred Income [Roll Forward]    
Beginning balance $ 489 $ 410
Deferral of revenue 121 112
Amortization (40) (33)
Ending balance 570 489
Universal Life Insurance    
Deferred Income [Roll Forward]    
Beginning balance 27 27
Deferral of revenue 0 1
Amortization (1) (1)
Ending balance 26 27
Variable Universal Life Insurance    
Deferred Income [Roll Forward]    
Beginning balance 196 150
Deferral of revenue 70 59
Amortization (17) (13)
Ending balance 249 196
Indexed Universal Life Insurance    
Deferred Income [Roll Forward]    
Beginning balance 266 233
Deferral of revenue 51 52
Amortization (22) (19)
Ending balance $ 295 $ 266
v3.25.0.1
Separate Account Assets and Liabilities - Separate Account Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Separate Account Asset      
Separate account assets $ 78,114 $ 77,457  
Gain (loss) recognized on assets transferred to separate account 0 0 $ 0
Mutual funds      
Fair Value, Separate Account Asset      
Separate account assets 75,576 74,634  
Property/real estate      
Fair Value, Separate Account Asset      
Separate account assets 1,682 1,784  
Equity securities      
Fair Value, Separate Account Asset      
Separate account assets 514 553  
Debt securities      
Fair Value, Separate Account Asset      
Separate account assets 175 285  
Cash and cash equivalents      
Fair Value, Separate Account Asset      
Separate account assets 120 147  
Other      
Fair Value, Separate Account Asset      
Separate account assets $ 47 $ 54  
v3.25.0.1
Separate Account Assets and Liabilities - Separate Account Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Separate Account, Liability [Roll Forward]    
Beginning balance $ 77,457 $ 73,962
Premiums and deposits 1,586 1,488
Policy charges (1,677) (1,642)
Surrenders and other benefits (7,996) (6,472)
Investment return 8,694 9,897
Net transfer from (to) general account 91 67
Other charges (41) 157
Ending balance 78,114 77,457
Cash surrender value 76,169 75,366
Variable Annuities    
Separate Account, Liability [Roll Forward]    
Beginning balance 65,839 63,223
Premiums and deposits 933 835
Policy charges (1,365) (1,343)
Surrenders and other benefits (6,990) (5,378)
Investment return 7,293 8,477
Net transfer from (to) general account 27 25
Other charges 0 0
Ending balance 65,737 65,839
Cash surrender value 64,411 64,280
Variable Universal Life    
Separate Account, Liability [Roll Forward]    
Beginning balance 8,795 7,653
Premiums and deposits 500 459
Policy charges (307) (292)
Surrenders and other benefits (412) (317)
Investment return 1,199 1,250
Net transfer from (to) general account 64 42
Other charges 0 0
Ending balance 9,839 8,795
Cash surrender value 9,220 8,263
Unitized Pooled Pension Funds    
Separate Account, Liability [Roll Forward]    
Beginning balance 2,823 3,086
Premiums and deposits 153 194
Policy charges (5) (7)
Surrenders and other benefits (594) (777)
Investment return 202 170
Net transfer from (to) general account 0 0
Other charges (41) 157
Ending balance 2,538 2,823
Cash surrender value $ 2,538 $ 2,823
v3.25.0.1
Market Risk Benefits - Balances of and Changes in Market Risk Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Market Risk Benefit [Roll Forward]      
Beginning balance $ 335 $ 1,103 $ 2,901
Issuances 24 17 27
Interest accrual and time decay (66) (53) (237)
Reserve increase from attributed fees collected 790 788 810
Reserve release for benefit payments and derecognition (11) (35) (29)
Effect of changes in interest rates and bond markets (1,078) (367) (4,193)
Effect of changes in equity markets and subaccount performance (1,228) (1,267) 2,258
Effect of changes in equity index volatility 59 (67) 205
Actual policyholder behavior different from expected behavior 71 5 17
Effect of changes in other future expected assumptions 106 128 (139)
Effect of changes in the instrument-specific credit risk on market risk benefits 79 83 (517)
Ending balance (919) 335 1,103
Reconciliation of the gross balances in an asset or liability position:      
Asset position 2,182 1,427 1,015
Liability position (1,263) (1,762) (2,118)
Net asset (liability) position $ 919 $ (335) $ (1,103)
Weighted average attained age of contractholders 69 years 69 years 68 years
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $ (2,111) $ (1,551) $ (2,044)
Changes in unrealized (gains) losses in other comprehensive income relating to liabilities held at end of period 85 84 (505)
Death benefits      
Reconciliation of the gross balances in an asset or liability position:      
Guaranteed benefit amount in excess of current account balances (net amount at risk) 462 913 2,781
Living benefits      
Reconciliation of the gross balances in an asset or liability position:      
Guaranteed benefit amount in excess of current account balances (net amount at risk) 2,429 2,513 3,364
Composite (greater of)      
Reconciliation of the gross balances in an asset or liability position:      
Guaranteed benefit amount in excess of current account balances (net amount at risk) $ 2,829 $ 3,308 $ 5,830
v3.25.0.1
Market Risk Benefits - Significant Inputs and Assumptions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Market Risk Benefit [Line Items]        
Market risk benefits $ (919) $ 335 $ 1,103 $ 2,901
Utilization of guaranteed withdrawals        
Market Risk Benefit [Line Items]        
Increase (decrease) in net income from change in assumptions (15) (18)    
Surrender rate        
Market Risk Benefit [Line Items]        
Increase (decrease) in net income from change in assumptions $ (83) $ (110)    
Discounted cash flow | Nonperformance risk        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.0065 0.0085    
Minimum | Discounted cash flow | Utilization of guaranteed withdrawals        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.000 0.000    
Minimum | Discounted cash flow | Surrender rate        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.004 0.003    
Minimum | Discounted cash flow | Market volatility        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.000 0.000    
Minimum | Discounted cash flow | Mortality rate        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.000 0.000    
Maximum | Discounted cash flow | Utilization of guaranteed withdrawals        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.528 0.480    
Maximum | Discounted cash flow | Surrender rate        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.750 0.750    
Maximum | Discounted cash flow | Market volatility        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.246 0.252    
Maximum | Discounted cash flow | Mortality rate        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.416 0.416    
Weighted average | Discounted cash flow | Utilization of guaranteed withdrawals        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.119 0.116    
Weighted average | Discounted cash flow | Surrender rate        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.033 0.037    
Weighted average | Discounted cash flow | Market volatility        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.103 0.106    
Weighted average | Discounted cash flow | Nonperformance risk        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.0065 0.0085    
Weighted average | Discounted cash flow | Mortality rate        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.017 0.016    
v3.25.0.1
Customer Deposits - Components (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Customer deposits    
Fixed rate certificates $ 11,083 $ 13,284
Other 104 151
Total investment certificate reserves 11,187 13,435
Interest bearing checking 1,438 1,258
Money market 20,232 19,940
Savings 637 301
Brokerage deposits 2,332 2,387
Total banking and brokerage deposits 24,639 23,886
Total $ 35,826 $ 37,321
v3.25.0.1
Customer Deposits - Investment Certificates (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Investment Certificates    
Amount of reserves that do not allow for a surrender charge $ 1,200,000 $ 1,500,000
Minimum    
Investment Certificates    
Amount of fixed rate investment certificates $ 1  
Term of fixed rate investment certificates 3 months  
Maximum    
Investment Certificates    
Amount of fixed rate investment certificates $ 2,000  
Term of fixed rate investment certificates 36 months  
v3.25.0.1
Debt - Balances and Stated Interest Rates (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt and stated interest rates    
Finance lease liabilities $ 9 $ 20
Short-term borrowings 201 201
Ameriprise Financial    
Debt and stated interest rates    
Finance lease liabilities 9 20
Other (17) (21)
Total long-term debt 2,842 3,399
Short-term borrowings 201 201
Total $ 3,043 $ 3,600
Ameriprise Financial | Weighted average    
Debt and stated interest rates    
FHLB advances, Stated interest rate 4.60% 5.60%
Ameriprise Financial | Senior notes due 2024    
Debt and stated interest rates    
Long-term debt $ 0 $ 550
Stated interest rate long-term debt (as a percent) 0.00% 3.70%
Ameriprise Financial | Senior notes due 2025    
Debt and stated interest rates    
Long-term debt $ 500 $ 500
Stated interest rate long-term debt (as a percent) 3.00% 3.00%
Ameriprise Financial | Senior notes due 2026    
Debt and stated interest rates    
Long-term debt $ 500 $ 500
Stated interest rate long-term debt (as a percent) 2.90% 2.90%
Ameriprise Financial | Senior notes due 2028    
Debt and stated interest rates    
Long-term debt $ 600 $ 600
Stated interest rate long-term debt (as a percent) 5.70% 5.70%
Ameriprise Financial | Senior notes due 2032    
Debt and stated interest rates    
Long-term debt $ 500 $ 500
Stated interest rate long-term debt (as a percent) 4.50% 4.50%
Ameriprise Financial | Senior notes due 2033    
Debt and stated interest rates    
Long-term debt $ 750 $ 750
Stated interest rate long-term debt (as a percent) 5.20% 5.20%
v3.25.0.1
Debt - Long-Term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Oct. 15, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt and stated interest rates        
Repayments of long-term debt   $ 561 $ 760 $ 510
Senior notes 2024        
Debt and stated interest rates        
Repayments of long-term debt $ 550      
Stated interest rate long-term debt (as a percent) 3.70%      
v3.25.0.1
Debt - Short-term Borrowings Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2022
Dec. 31, 2023
Federal Home Loan Bank borrowings | Ameriprise Bank      
Short-term borrowings      
Short-term borrowings $ 0   $ 0
Federal Home Loan Bank borrowings | Maximum | RiverSource Life Insurance Company      
Short-term borrowings      
Term, less than 3 months 3 months  
Federal Home Loan Bank borrowings | Commercial mortgage backed securities | RiverSource Life Insurance Company      
Short-term borrowings      
FHLB advances, securities pledged as collateral $ 964   1,100
Federal Reserve Bank Advances | Ameriprise Bank      
Short-term borrowings      
Short-term borrowings $ 0   $ 0
v3.25.0.1
Debt - Revolving Credit Facility (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Current borrowing capacity under line of credit $ 1,000  
Maximum borrowing capacity for line of credit facility 1,250  
Line of credit borrowings outstanding 0 $ 0
Outstanding letters of credit issued against line of credit facility 1 1
American Enterprise Investment Services, Inc.    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity for line of credit facility 500  
Line of credit borrowings outstanding $ 0 $ 0
v3.25.0.1
Fair Values of Assets and Liabilities - Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets      
Separate account assets at NAV $ 78,114 $ 77,457  
Market risk benefits 2,182 1,427 $ 1,015
Other assets: derivative contracts 9,239 5,245  
Liabilities      
Liabilities embedded derivatives, net (3,523) (1,945)  
Market risk benefits 1,263 1,762 $ 2,118
Other liabilities: derivative contracts 5,703 3,883  
Ameriprise Financial      
Assets      
Available-for-Sale securities, at fair value 52,153 51,562  
Ameriprise Financial | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 13,999 12,576  
Ameriprise Financial | Residential mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 23,344 21,066  
Ameriprise Financial | Commercial mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 5,126 6,050  
Ameriprise Financial | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 6,442 8,319  
Ameriprise Financial | State and municipal obligations      
Assets      
Available-for-Sale securities, at fair value 638 760  
Ameriprise Financial | U.S. government and agency obligations      
Assets      
Available-for-Sale securities, at fair value 2,591 2,740  
Ameriprise Financial | Foreign government bonds and obligations      
Assets      
Available-for-Sale securities, at fair value 13 18  
Ameriprise Financial | Other securities      
Assets      
Available-for-Sale securities, at fair value   33  
Ameriprise Financial | Policyholder account balances, future policy benefits and claims embedded derivatives      
Liabilities      
Cumulative increase (decrease) in embedded derivatives due to nonperformance (211) (195)  
Ameriprise Financial | Level 3 | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 583 469  
Ameriprise Financial | Level 3 | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 1 1  
Ameriprise Financial | Level 3 | Fixed deferred indexed annuities ceded embedded derivatives      
Assets      
Receivables: embedded derivatives 55 51  
Ameriprise Financial | Level 3 | Fixed deferred indexed annuities embedded derivatives      
Liabilities      
Liabilities embedded derivatives 53 49  
Ameriprise Financial | Level 3 | IUL embedded derivatives      
Liabilities      
Liabilities embedded derivatives 1,002 873  
Ameriprise Financial | Level 3 | Structured variable annuity embedded derivatives      
Liabilities      
Liabilities embedded derivatives, net 2,461 1,011  
Ameriprise Financial | Recurring basis      
Assets      
Cash equivalents 5,030 5,029  
Available-for-Sale securities, at fair value 52,153 51,562  
Investments at net asset value 12 10  
Trading and other securities 346 290  
Separate account assets at NAV 78,114 77,457  
Investments and cash equivalents segregated for regulatory purposes 557 699  
Market risk benefits 2,182 1,427  
Other assets: derivative contracts 9,239 5,245  
Total assets at fair value 147,688 141,770  
Liabilities      
Market risk benefits 1,263 1,762  
Other 390 338  
Other liabilities 6,093 4,221  
Total liabilities at fair value 10,879 7,928  
Ameriprise Financial | Recurring basis | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 13,999 12,576  
Ameriprise Financial | Recurring basis | Residential mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 23,344 21,066  
Ameriprise Financial | Recurring basis | Commercial mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 5,126 6,050  
Ameriprise Financial | Recurring basis | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 6,442 8,319  
Ameriprise Financial | Recurring basis | State and municipal obligations      
Assets      
Available-for-Sale securities, at fair value 638 760  
Ameriprise Financial | Recurring basis | U.S. government and agency obligations      
Assets      
Available-for-Sale securities, at fair value 2,591 2,740  
Ameriprise Financial | Recurring basis | Foreign government bonds and obligations      
Assets      
Available-for-Sale securities, at fair value 13 18  
Ameriprise Financial | Recurring basis | Other securities      
Assets      
Available-for-Sale securities, at fair value   33  
Ameriprise Financial | Recurring basis | Fixed deferred indexed annuities ceded embedded derivatives      
Assets      
Receivables: embedded derivatives 55 51  
Ameriprise Financial | Recurring basis | Policyholder account balances, future policy benefits and claims embedded derivatives      
Liabilities      
Liabilities embedded derivatives, net 3,516 1,936  
Ameriprise Financial | Recurring basis | Fixed deferred indexed annuities embedded derivatives      
Liabilities      
Liabilities embedded derivatives 53 52  
Ameriprise Financial | Recurring basis | IUL embedded derivatives      
Liabilities      
Liabilities embedded derivatives 1,002 873  
Ameriprise Financial | Recurring basis | Structured variable annuity embedded derivatives      
Liabilities      
Liabilities embedded derivatives, net 2,461 1,011  
Ameriprise Financial | Recurring basis | Customer deposits - SMC embedded derivatives      
Liabilities      
Liabilities embedded derivatives 7 9  
Ameriprise Financial | Recurring basis | Interest rate derivative contracts      
Assets      
Other assets: derivative contracts 180 185  
Liabilities      
Other liabilities: derivative contracts 324 305  
Ameriprise Financial | Recurring basis | Equity derivate dontracts      
Assets      
Other assets: derivative contracts 8,957 5,034  
Liabilities      
Other liabilities: derivative contracts 5,362 3,464  
Ameriprise Financial | Recurring basis | Credit derivative contracts      
Assets      
Other assets: derivative contracts 59 4  
Liabilities      
Other liabilities: derivative contracts 4 107  
Ameriprise Financial | Recurring basis | Foreign exchange derivative contracts      
Assets      
Other assets: derivative contracts 43 22  
Liabilities      
Other liabilities: derivative contracts 13 7  
Ameriprise Financial | Recurring basis | Level 1      
Assets      
Cash equivalents 2,526 704  
Available-for-Sale securities, at fair value 2,591 2,740  
Trading and other securities 321 265  
Investments and cash equivalents segregated for regulatory purposes 557 699  
Market risk benefits 0 0  
Other assets: derivative contracts 116 68  
Total assets at fair value 6,111 4,476  
Liabilities      
Market risk benefits 0 0  
Other 314 259  
Other liabilities 488 357  
Total liabilities at fair value 488 357  
Ameriprise Financial | Recurring basis | Level 1 | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Residential mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Commercial mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 1 | State and municipal obligations      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 1 | U.S. government and agency obligations      
Assets      
Available-for-Sale securities, at fair value 2,591 2,740  
Ameriprise Financial | Recurring basis | Level 1 | Foreign government bonds and obligations      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Other securities      
Assets      
Available-for-Sale securities, at fair value   0  
Ameriprise Financial | Recurring basis | Level 1 | Fixed deferred indexed annuities ceded embedded derivatives      
Assets      
Receivables: embedded derivatives 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Policyholder account balances, future policy benefits and claims embedded derivatives      
Liabilities      
Liabilities embedded derivatives, net 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Fixed deferred indexed annuities embedded derivatives      
Liabilities      
Liabilities embedded derivatives 0 0  
Ameriprise Financial | Recurring basis | Level 1 | IUL embedded derivatives      
Liabilities      
Liabilities embedded derivatives 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Structured variable annuity embedded derivatives      
Liabilities      
Liabilities embedded derivatives, net 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Customer deposits - SMC embedded derivatives      
Liabilities      
Liabilities embedded derivatives 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Interest rate derivative contracts      
Assets      
Other assets: derivative contracts 0 1  
Liabilities      
Other liabilities: derivative contracts 1 1  
Ameriprise Financial | Recurring basis | Level 1 | Equity derivate dontracts      
Assets      
Other assets: derivative contracts 114 66  
Liabilities      
Other liabilities: derivative contracts 173 96  
Ameriprise Financial | Recurring basis | Level 1 | Credit derivative contracts      
Assets      
Other assets: derivative contracts 0 0  
Liabilities      
Other liabilities: derivative contracts 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Foreign exchange derivative contracts      
Assets      
Other assets: derivative contracts 2 1  
Liabilities      
Other liabilities: derivative contracts 0 1  
Ameriprise Financial | Recurring basis | Level 2      
Assets      
Cash equivalents 2,504 4,325  
Available-for-Sale securities, at fair value 48,815 48,352  
Trading and other securities 25 25  
Investments and cash equivalents segregated for regulatory purposes 0 0  
Market risk benefits 0 0  
Other assets: derivative contracts 9,123 5,177  
Total assets at fair value 60,467 57,879  
Liabilities      
Market risk benefits 0 0  
Other 8 3  
Other liabilities 5,537 3,788  
Total liabilities at fair value 5,544 3,800  
Ameriprise Financial | Recurring basis | Level 2 | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 13,416 12,107  
Ameriprise Financial | Recurring basis | Level 2 | Residential mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 23,306 21,066  
Ameriprise Financial | Recurring basis | Level 2 | Commercial mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 5,126 6,050  
Ameriprise Financial | Recurring basis | Level 2 | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 6,316 8,318  
Ameriprise Financial | Recurring basis | Level 2 | State and municipal obligations      
Assets      
Available-for-Sale securities, at fair value 638 760  
Ameriprise Financial | Recurring basis | Level 2 | U.S. government and agency obligations      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 2 | Foreign government bonds and obligations      
Assets      
Available-for-Sale securities, at fair value 13 18  
Ameriprise Financial | Recurring basis | Level 2 | Other securities      
Assets      
Available-for-Sale securities, at fair value   33  
Ameriprise Financial | Recurring basis | Level 2 | Fixed deferred indexed annuities ceded embedded derivatives      
Assets      
Receivables: embedded derivatives 0 0  
Ameriprise Financial | Recurring basis | Level 2 | Policyholder account balances, future policy benefits and claims embedded derivatives      
Liabilities      
Liabilities embedded derivatives, net 0 3  
Ameriprise Financial | Recurring basis | Level 2 | Fixed deferred indexed annuities embedded derivatives      
Liabilities      
Liabilities embedded derivatives 0 3  
Ameriprise Financial | Recurring basis | Level 2 | IUL embedded derivatives      
Liabilities      
Liabilities embedded derivatives 0 0  
Ameriprise Financial | Recurring basis | Level 2 | Structured variable annuity embedded derivatives      
Liabilities      
Liabilities embedded derivatives, net 0 0  
Ameriprise Financial | Recurring basis | Level 2 | Customer deposits - SMC embedded derivatives      
Liabilities      
Liabilities embedded derivatives 7 9  
Ameriprise Financial | Recurring basis | Level 2 | Interest rate derivative contracts      
Assets      
Other assets: derivative contracts 180 184  
Liabilities      
Other liabilities: derivative contracts 323 304  
Ameriprise Financial | Recurring basis | Level 2 | Equity derivate dontracts      
Assets      
Other assets: derivative contracts 8,843 4,968  
Liabilities      
Other liabilities: derivative contracts 5,189 3,368  
Ameriprise Financial | Recurring basis | Level 2 | Credit derivative contracts      
Assets      
Other assets: derivative contracts 59 4  
Liabilities      
Other liabilities: derivative contracts 4 107  
Ameriprise Financial | Recurring basis | Level 2 | Foreign exchange derivative contracts      
Assets      
Other assets: derivative contracts 41 21  
Liabilities      
Other liabilities: derivative contracts 13 6  
Ameriprise Financial | Recurring basis | Level 3      
Assets      
Cash equivalents 0 0  
Available-for-Sale securities, at fair value 747 470  
Trading and other securities 0 0  
Investments and cash equivalents segregated for regulatory purposes 0 0  
Market risk benefits 2,182 1,427  
Other assets: derivative contracts 0 0  
Total assets at fair value 2,984 1,948  
Liabilities      
Market risk benefits 1,263 1,762  
Other 68 76  
Other liabilities 68 76  
Total liabilities at fair value 4,847 3,771  
Ameriprise Financial | Recurring basis | Level 3 | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 583 469  
Ameriprise Financial | Recurring basis | Level 3 | Residential mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 38 0  
Ameriprise Financial | Recurring basis | Level 3 | Commercial mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 3 | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 126 1  
Ameriprise Financial | Recurring basis | Level 3 | State and municipal obligations      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 3 | U.S. government and agency obligations      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 3 | Foreign government bonds and obligations      
Assets      
Available-for-Sale securities, at fair value 0 0  
Ameriprise Financial | Recurring basis | Level 3 | Other securities      
Assets      
Available-for-Sale securities, at fair value   0  
Ameriprise Financial | Recurring basis | Level 3 | Fixed deferred indexed annuities ceded embedded derivatives      
Assets      
Receivables: embedded derivatives 55 51  
Ameriprise Financial | Recurring basis | Level 3 | Policyholder account balances, future policy benefits and claims embedded derivatives      
Liabilities      
Liabilities embedded derivatives, net 3,516 1,933  
Ameriprise Financial | Recurring basis | Level 3 | Fixed deferred indexed annuities embedded derivatives      
Liabilities      
Liabilities embedded derivatives 53 49  
Ameriprise Financial | Recurring basis | Level 3 | IUL embedded derivatives      
Liabilities      
Liabilities embedded derivatives 1,002 873  
Ameriprise Financial | Recurring basis | Level 3 | Structured variable annuity embedded derivatives      
Liabilities      
Liabilities embedded derivatives, net 2,461 1,011  
Ameriprise Financial | Recurring basis | Level 3 | Customer deposits - SMC embedded derivatives      
Liabilities      
Liabilities embedded derivatives 0 0  
Ameriprise Financial | Recurring basis | Level 3 | Interest rate derivative contracts      
Assets      
Other assets: derivative contracts 0 0  
Liabilities      
Other liabilities: derivative contracts 0 0  
Ameriprise Financial | Recurring basis | Level 3 | Equity derivate dontracts      
Assets      
Other assets: derivative contracts 0 0  
Liabilities      
Other liabilities: derivative contracts 0 0  
Ameriprise Financial | Recurring basis | Level 3 | Credit derivative contracts      
Assets      
Other assets: derivative contracts 0 0  
Liabilities      
Other liabilities: derivative contracts 0 0  
Ameriprise Financial | Recurring basis | Level 3 | Foreign exchange derivative contracts      
Assets      
Other assets: derivative contracts 0 0  
Liabilities      
Other liabilities: derivative contracts $ 0 $ 0  
v3.25.0.1
Fair Values of Assets and Liabilities - Changes in Level 3 Assets (Details) - Ameriprise Financial - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Available-for-Sale securities      
Changes in Level 3 assets measured at fair value on a recurring basis      
Balance, beginning $ 470 $ 411 $ 544
Total gains (losses) included in Net income 1 0 (1)
Total gains (losses) included in Other comprehensive income (loss) 1 11 (49)
Purchases 526 126 572
Settlements (118) (78) (91)
Transfers out of Level 3 (133)   (564)
Balance, ending 747 470 411
Changes in unrealized gains (losses) in net income relating to assets held at end of period 1   (1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at end of period (2) 11 (43)
Corporate debt securities      
Changes in Level 3 assets measured at fair value on a recurring basis      
Balance, beginning 469 405 502
Total gains (losses) included in Net income 1 0 (1)
Total gains (losses) included in Other comprehensive income (loss) 1 11 (44)
Purchases 228 126 39
Settlements (116) (73) (91)
Transfers out of Level 3 0   0
Balance, ending 583 469 405
Changes in unrealized gains (losses) in net income relating to assets held at end of period 1   (1)
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at end of period (2) 11 (42)
Residential mortgage backed securities      
Changes in Level 3 assets measured at fair value on a recurring basis      
Balance, beginning 0 0 0
Total gains (losses) included in Net income 0   0
Total gains (losses) included in Other comprehensive income (loss) 0   (4)
Purchases 150   389
Settlements (2)   0
Transfers out of Level 3 (110)   (385)
Balance, ending 38 0 0
Changes in unrealized gains (losses) in net income relating to assets held at end of period 0   0
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at end of period 0   0
Commercial mortgage backed securities      
Changes in Level 3 assets measured at fair value on a recurring basis      
Balance, beginning   0 35
Total gains (losses) included in Net income     0
Total gains (losses) included in Other comprehensive income (loss)     0
Purchases     112
Settlements     0
Transfers out of Level 3     (147)
Balance, ending     0
Changes in unrealized gains (losses) in net income relating to assets held at end of period     0
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at end of period     0
Asset backed securities      
Changes in Level 3 assets measured at fair value on a recurring basis      
Balance, beginning 1 6 7
Total gains (losses) included in Net income 0 0 0
Total gains (losses) included in Other comprehensive income (loss) 0 0 (1)
Purchases 148 0 32
Settlements 0 (5) 0
Transfers out of Level 3 (23)   (32)
Balance, ending 126 1 6
Changes in unrealized gains (losses) in net income relating to assets held at end of period 0   0
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at end of period 0 0 (1)
Fixed deferred indexed annuities ceded embedded derivatives      
Changes in Level 3 assets measured at fair value on a recurring basis      
Balance, beginning 51 48 59
Total gains (losses) included in Net income 8 6 (8)
Total gains (losses) included in Other comprehensive income (loss) 0 0 0
Purchases 0 0 0
Settlements (4) (3) (3)
Transfers out of Level 3 0   0
Balance, ending 55 51 48
Changes in unrealized gains (losses) in net income relating to assets held at end of period 0   0
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at end of period $ 0 $ 0 $ 0
v3.25.0.1
Fair Values of Assets and Liabilities - Changes in Level 3 Liabilities (Details) - Ameriprise Financial - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in Level 3 liabilities measured at fair value on a recurring basis      
Net increase (decrease) to pretax income from adjustment for nonperformance risk on fair value of embedded derivatives $ 14 $ 51 $ 45
Policyholder account balances, future policy benefits and claims embedded derivatives      
Changes in Level 3 liabilities measured at fair value on a recurring basis      
Balance, beginning 1,933 646 1,367
Total (gains) included in Net income 1,933 1,372 (747)
Total gains (losses) included in Other comprehensive income (loss)   0 0
Issues 137 163 141
Settlements (487) (248) (115)
Balance, ending 3,516 1,933 646
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period 1,925 1,364 (738)
Fixed deferred indexed annuities embedded derivatives      
Changes in Level 3 liabilities measured at fair value on a recurring basis      
Balance, beginning 49 44 56
Total (gains) included in Net income 8 8 (9)
Total gains (losses) included in Other comprehensive income (loss)   0 0
Issues 0 0 0
Settlements (4) (3) (3)
Balance, ending 53 49 44
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period 0 0 0
IUL embedded derivatives      
Changes in Level 3 liabilities measured at fair value on a recurring basis      
Balance, beginning 873 739 905
Total (gains) included in Net income 255 198 (105)
Total gains (losses) included in Other comprehensive income (loss)   0 0
Issues 23 59 51
Settlements (149) (123) (112)
Balance, ending 1,002 873 739
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period 255 198 (105)
Structured variable annuity embedded derivatives      
Changes in Level 3 liabilities measured at fair value on a recurring basis      
Balance, beginning 1,011 (137) 406
Total (gains) included in Net income 1,670 1,166 (633)
Total gains (losses) included in Other comprehensive income (loss)   0 0
Issues 114 104 90
Settlements (334) (122) 0
Balance, ending 2,461 1,011 (137)
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period 1,670 1,166 (633)
Other liabilities      
Changes in Level 3 liabilities measured at fair value on a recurring basis      
Balance, beginning 76 62 61
Total (gains) included in Net income 2 2 0
Total gains (losses) included in Other comprehensive income (loss)   1 (3)
Issues 21 44 37
Settlements (31) (33) (33)
Balance, ending 68 76 62
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $ 0 $ 0 $ 0
v3.25.0.1
Fair Values of Assets and Liabilities - Significant Unobservable inputs (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Significant unobservable inputs used in fair value measurements    
Liabilities embedded derivatives, net $ (3,523) $ (1,945)
Ameriprise Financial    
Significant unobservable inputs used in fair value measurements    
Available-for-Sale securities, at fair value 52,153 51,562
Ameriprise Financial | Corporate debt securities    
Significant unobservable inputs used in fair value measurements    
Available-for-Sale securities, at fair value 13,999 12,576
Ameriprise Financial | Asset backed securities    
Significant unobservable inputs used in fair value measurements    
Available-for-Sale securities, at fair value 6,442 8,319
Ameriprise Financial | Level 3 | Corporate debt securities    
Significant unobservable inputs used in fair value measurements    
Available-for-Sale securities, at fair value 583 469
Ameriprise Financial | Level 3 | Asset backed securities    
Significant unobservable inputs used in fair value measurements    
Available-for-Sale securities, at fair value 1 1
Ameriprise Financial | Level 3 | Fixed deferred indexed annuities ceded embedded derivatives    
Significant unobservable inputs used in fair value measurements    
Receivables: embedded derivatives 55 51
Ameriprise Financial | Level 3 | IUL embedded derivatives    
Significant unobservable inputs used in fair value measurements    
Liabilities embedded derivatives 1,002 873
Ameriprise Financial | Level 3 | Fixed deferred indexed annuities embedded derivatives    
Significant unobservable inputs used in fair value measurements    
Liabilities embedded derivatives 53 49
Ameriprise Financial | Level 3 | Structured variable annuity embedded derivatives    
Significant unobservable inputs used in fair value measurements    
Liabilities embedded derivatives, net 2,461 1,011
Ameriprise Financial | Level 3 | Contingent consideration liabilities    
Significant unobservable inputs used in fair value measurements    
Contingent consideration liabilities, fair value $ 68 $ 76
Ameriprise Financial | Level 3 | Discounted cash flow | Corporate debt securities | Minimum | Yield/spread to U.S. Treasuries    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.008 0.010
Ameriprise Financial | Level 3 | Discounted cash flow | Corporate debt securities | Maximum | Yield/spread to U.S. Treasuries    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.017 0.024
Ameriprise Financial | Level 3 | Discounted cash flow | Corporate debt securities | Weighted Average | Yield/spread to U.S. Treasuries    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.011 0.012
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Annual short-term default rate    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.035 0.030
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Annual long-term default rate    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.035 0.035
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Discount rate    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.153 0.290
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Constant prepayment rate    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.200 0.100
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Loss recovery    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.600 0.636
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Weighted Average | Annual short-term default rate    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.035 0.030
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Weighted Average | Annual long-term default rate    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.035 0.035
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Weighted Average | Discount rate    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.153 0.290
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Weighted Average | Constant prepayment rate    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.200 0.100
Ameriprise Financial | Level 3 | Discounted cash flow | Asset backed securities | Weighted Average | Loss recovery    
Significant unobservable inputs used in fair value measurements    
Available-for-sale securities, measurement inputs 0.600 0.636
Ameriprise Financial | Level 3 | Discounted cash flow | Fixed deferred indexed annuities ceded embedded derivatives | Minimum | Surrender rate    
Significant unobservable inputs used in fair value measurements    
Embedded derivative asset, measurement input 0.000 0.000
Ameriprise Financial | Level 3 | Discounted cash flow | Fixed deferred indexed annuities ceded embedded derivatives | Maximum | Surrender rate    
Significant unobservable inputs used in fair value measurements    
Embedded derivative asset, measurement input 0.891 0.668
Ameriprise Financial | Level 3 | Discounted cash flow | Fixed deferred indexed annuities ceded embedded derivatives | Weighted Average | Surrender rate    
Significant unobservable inputs used in fair value measurements    
Embedded derivative asset, measurement input 0.106 0.014
Ameriprise Financial | Level 3 | Discounted cash flow | IUL embedded derivatives | Nonperformance risk    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.0065 0.0085
Ameriprise Financial | Level 3 | Discounted cash flow | IUL embedded derivatives | Weighted Average | Nonperformance risk    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.0065 0.0085
Ameriprise Financial | Level 3 | Discounted cash flow | Fixed deferred indexed annuities embedded derivatives | Nonperformance risk    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.0065 0.0085
Ameriprise Financial | Level 3 | Discounted cash flow | Fixed deferred indexed annuities embedded derivatives | Minimum | Surrender rate    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.000 0.000
Ameriprise Financial | Level 3 | Discounted cash flow | Fixed deferred indexed annuities embedded derivatives | Maximum | Surrender rate    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.891 0.668
Ameriprise Financial | Level 3 | Discounted cash flow | Fixed deferred indexed annuities embedded derivatives | Weighted Average | Surrender rate    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.106 0.014
Ameriprise Financial | Level 3 | Discounted cash flow | Fixed deferred indexed annuities embedded derivatives | Weighted Average | Nonperformance risk    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.0065 0.0085
Ameriprise Financial | Level 3 | Discounted cash flow | Structured variable annuity embedded derivatives | Nonperformance risk    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.0065 0.0085
Ameriprise Financial | Level 3 | Discounted cash flow | Structured variable annuity embedded derivatives | Minimum | Surrender rate    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.005 0.005
Ameriprise Financial | Level 3 | Discounted cash flow | Structured variable annuity embedded derivatives | Maximum | Surrender rate    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.750 0.750
Ameriprise Financial | Level 3 | Discounted cash flow | Structured variable annuity embedded derivatives | Weighted Average | Surrender rate    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.017 0.026
Ameriprise Financial | Level 3 | Discounted cash flow | Structured variable annuity embedded derivatives | Weighted Average | Nonperformance risk    
Significant unobservable inputs used in fair value measurements    
Embedded derivative liability, measurement input 0.0065 0.0085
Ameriprise Financial | Level 3 | Discounted cash flow | Contingent consideration liabilities | Minimum | Discount rate    
Significant unobservable inputs used in fair value measurements    
Contingent consideration liabilities, measurement input 0.000 0.000
Ameriprise Financial | Level 3 | Discounted cash flow | Contingent consideration liabilities | Maximum | Discount rate    
Significant unobservable inputs used in fair value measurements    
Contingent consideration liabilities, measurement input 0.105 0.105
Ameriprise Financial | Level 3 | Discounted cash flow | Contingent consideration liabilities | Weighted Average | Discount rate    
Significant unobservable inputs used in fair value measurements    
Contingent consideration liabilities, measurement input 0.033 0.029
v3.25.0.1
Fair Values of Assets and Liabilities - Non-Recurring Basis Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
VIEs, not primary beneficiary | Affordable Housing Partnerships | Nonrecurring basis | Level 3    
Assets and liabilities measured at fair value    
Investment balance $ 27 $ 41
v3.25.0.1
Fair Values of Assets and Liabilities - Financial Instruments Not Reported at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financial Liabilities      
Separate account liabilities - investment contracts $ 78,114 $ 77,457 $ 73,962
Ameriprise Financial      
Financial Assets      
Mortgage loans, net 2,354 2,118  
Policy loans 982 912  
Ameriprise Financial | Carrying Value      
Financial Assets      
Mortgage loans, net 2,354 2,118  
Policy loans 982 912  
Receivables 9,236 9,453  
Restricted and segregated cash 887 936  
Other investments and assets 272 338  
Financial Liabilities      
Policyholder account balances, future policy benefits and claims 20,097 16,641  
Investment certificate reserves 11,205 13,461  
Banking and brokerage deposits 24,639 23,886  
Debt and other liabilities 3,326 3,769  
Ameriprise Financial | Carrying Value | Investment Contracts      
Financial Liabilities      
Separate account liabilities - investment contracts 2,902 3,155  
Ameriprise Financial | Fair Value      
Financial Assets      
Mortgage loans, net 2,201 1,972  
Policy loans 982 912  
Receivables 8,061 8,344  
Restricted and segregated cash 887 936  
Other investments and assets 273 338  
Financial Liabilities      
Policyholder account balances, future policy benefits and claims 16,826 14,243  
Investment certificate reserves 11,183 13,420  
Banking and brokerage deposits 24,639 23,886  
Separate account liabilities - investment contracts 2,902 3,155  
Debt and other liabilities 3,309 3,781  
Ameriprise Financial | Level 1 | Fair Value      
Financial Assets      
Mortgage loans, net 0 0  
Policy loans 0 0  
Receivables 218 146  
Restricted and segregated cash 887 936  
Other investments and assets 0 0  
Financial Liabilities      
Policyholder account balances, future policy benefits and claims 0 0  
Investment certificate reserves 0 0  
Banking and brokerage deposits 24,639 23,886  
Debt and other liabilities 274 166  
Ameriprise Financial | Level 1 | Fair Value | Investment Contracts      
Financial Liabilities      
Separate account liabilities - investment contracts 0 0  
Ameriprise Financial | Level 2 | Fair Value      
Financial Assets      
Mortgage loans, net 433 280  
Policy loans 982 912  
Receivables 1,879 1,621  
Restricted and segregated cash 0 0  
Other investments and assets 220 283  
Financial Liabilities      
Policyholder account balances, future policy benefits and claims 0 0  
Investment certificate reserves 0 0  
Banking and brokerage deposits 0 0  
Debt and other liabilities 3,031 3,610  
Ameriprise Financial | Level 2 | Fair Value | Investment Contracts      
Financial Liabilities      
Separate account liabilities - investment contracts 2,902 3,155  
Ameriprise Financial | Level 3 | Fair Value      
Financial Assets      
Mortgage loans, net 1,768 1,692  
Policy loans 0 0  
Receivables 5,964 6,577  
Restricted and segregated cash 0 0  
Other investments and assets 53 55  
Financial Liabilities      
Policyholder account balances, future policy benefits and claims 16,826 14,243  
Investment certificate reserves 11,183 13,420  
Banking and brokerage deposits 0 0  
Debt and other liabilities 4 5  
Ameriprise Financial | Level 3 | Fair Value | Investment Contracts      
Financial Liabilities      
Separate account liabilities - investment contracts $ 0 $ 0  
v3.25.0.1
Offsetting Assets and Liabilities - Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives:    
Gross Amounts of Recognized Assets $ 9,239 $ 5,245
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 9,239 5,245
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (5,594) (3,734)
Cash Collateral (1,554) (1,114)
Securities Collateral (1,970) (357)
Net Amount 121 40
Securities borrowed    
Gross Amounts of Recognized Assets 218 146
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 218 146
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (71) (32)
Cash Collateral 0 0
Securities Collateral (142) (111)
Net Amount 5 3
Total    
Gross Amounts of Recognized Assets 9,457 5,391
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 9,457 5,391
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (5,665) (3,766)
Cash Collateral (1,554) (1,114)
Securities Collateral (2,112) (468)
Net Amount 126 43
OTC    
Derivatives:    
Gross Amounts of Recognized Assets 9,126 5,197
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 9,126 5,197
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (5,566) (3,707)
Cash Collateral (1,554) (1,114)
Securities Collateral (1,970) (357)
Net Amount 36 19
OTC cleared    
Derivatives:    
Gross Amounts of Recognized Assets 10 9
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 10 9
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (10) (9)
Cash Collateral 0 0
Securities Collateral 0 0
Net Amount 0 0
Exchange-traded    
Derivatives:    
Gross Amounts of Recognized Assets 103 39
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 103 39
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (18) (18)
Cash Collateral 0 0
Securities Collateral 0 0
Net Amount $ 85 $ 21
v3.25.0.1
Offsetting Assets and Liabilities - Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives:    
Gross Amounts of Recognized Liabilities $ 5,703 $ 3,883
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 5,703 3,883
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (5,594) (3,734)
Cash Collateral (15) (36)
Securities Collateral (68) (78)
Net Amount 26 35
Securities loaned    
Gross Amounts of Recognized Liabilities 273 163
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 273 163
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (71) (32)
Cash Collateral 0 0
Securities Collateral (195) (126)
Net Amount 7 5
Total    
Gross Amounts of Recognized Liabilities 5,976 4,046
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 5,976 4,046
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (5,665) (3,766)
Cash Collateral (15) (36)
Securities Collateral (263) (204)
Net Amount 33 40
OTC    
Derivatives:    
Gross Amounts of Recognized Liabilities 5,662 3,829
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 5,662 3,829
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (5,566) (3,707)
Cash Collateral (15) (36)
Securities Collateral (68) (78)
Net Amount 13 8
OTC cleared    
Derivatives:    
Gross Amounts of Recognized Liabilities 18 35
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 18 35
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (10) (9)
Cash Collateral 0 0
Securities Collateral 0 0
Net Amount 8 26
Exchange-traded    
Derivatives:    
Gross Amounts of Recognized Liabilities 23 19
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 23 19
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial Instruments (18) (18)
Cash Collateral 0 0
Securities Collateral 0 0
Net Amount $ 5 $ 1
v3.25.0.1
Derivatives and Hedging Activities - Notional Value and Gross Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives and Hedging Activities    
Notional $ 155,281 $ 132,362
Gross Fair Value Assets, freestanding derivatives 9,239 5,245
Gross Fair Value Liabilities, freestanding derivatives 5,703 3,883
Fair Value, embedded derivatives, net (3,523) (1,945)
Total Gross Fair Value, derivative assets 9,294 5,296
Total Gross Fair Value, derivative liabilities 9,226 5,828
Fair value of investment securities received as collateral 2,200 376
Fair value of investment securities received as collateral that can be repledged 2,000 314
Fair value of investment securities received as collateral that were repledged 0 0
Ameriprise Financial    
Derivatives and Hedging Activities    
Available-for-Sale securities, at fair value 52,153 51,562
Ameriprise Financial | Assets pledged to meet contractual obligations    
Derivatives and Hedging Activities    
Available-for-Sale securities, at fair value 1,500  
Ameriprise Financial | Assets pledged to meet contractual obligations, which may be sold, pledged or rehypothecated by the counterparty    
Derivatives and Hedging Activities    
Available-for-Sale securities, at fair value 85 145
Receivables    
Derivatives and Hedging Activities    
Gross Fair Value Assets, embedded derivatives 55 51
IUL embedded derivatives | Policyholder account balances, future policy benefits and claims    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, embedded derivatives $ 1,002 $ 873
Fixed deferred indexed annuities ceded embedded derivatives    
Derivatives and Hedging Activities    
Derivative assets, location Receivables Receivables
Fixed deferred indexed annuities ceded embedded derivatives | Receivables    
Derivatives and Hedging Activities    
Gross Fair Value Assets, embedded derivatives $ 55 $ 51
Fixed deferred indexed annuities embedded derivatives | Policyholder account balances, future policy benefits and claims    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, embedded derivatives 53 52
Structured variable annuity embedded derivatives    
Derivatives and Hedging Activities    
Gross Fair Value Assets, embedded derivatives 3 15
Gross Fair Value Liabilities, embedded derivatives 2,500 1,000
Structured variable annuity embedded derivatives | Policyholder account balances, future policy benefits and claims    
Derivatives and Hedging Activities    
Fair Value, embedded derivatives, net $ 2,461 $ 1,011
SMC embedded derivatives    
Derivatives and Hedging Activities    
Derivative liabilities, location Customer deposits Customer deposits
SMC embedded derivatives | Customer deposits    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, embedded derivatives $ 7 $ 9
Instruments excluding ceded embedded derivatives    
Derivatives and Hedging Activities    
Derivative assets, location Other assets Other assets
Derivative liabilities, location Other liabilities Other liabilities
IUL, fixed deferred indexed annuity and structured variable annuity derivatives    
Derivatives and Hedging Activities    
Derivative liabilities, location Policyholder account balances, future policy benefits and claims Policyholder account balances, future policy benefits and claims
Designated as hedging instruments    
Derivatives and Hedging Activities    
Notional $ 0 $ 61
Designated as hedging instruments | Other assets    
Derivatives and Hedging Activities    
Gross Fair Value Assets, freestanding derivatives 0 0
Designated as hedging instruments | Other liabilities    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, freestanding derivatives 0 3
Designated as hedging instruments | Foreign exchange contracts    
Derivatives and Hedging Activities    
Notional 0 61
Designated as hedging instruments | Foreign exchange contracts | Other assets    
Derivatives and Hedging Activities    
Gross Fair Value Assets, freestanding derivatives 0 0
Designated as hedging instruments | Foreign exchange contracts | Other liabilities    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, freestanding derivatives 0 3
Not designated as hedging instruments    
Derivatives and Hedging Activities    
Notional 155,281 132,301
Not designated as hedging instruments | Other assets    
Derivatives and Hedging Activities    
Gross Fair Value Assets, freestanding derivatives 9,239 5,245
Not designated as hedging instruments | Other liabilities    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, freestanding derivatives 5,703 3,880
Not designated as hedging instruments | Foreign exchange contracts    
Derivatives and Hedging Activities    
Notional 3,426 3,262
Not designated as hedging instruments | Foreign exchange contracts | Other assets    
Derivatives and Hedging Activities    
Gross Fair Value Assets, freestanding derivatives 43 22
Not designated as hedging instruments | Foreign exchange contracts | Other liabilities    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, freestanding derivatives 13 4
Not designated as hedging instruments | Interest rate contracts    
Derivatives and Hedging Activities    
Notional 39,111 42,523
Not designated as hedging instruments | Interest rate contracts | Other assets    
Derivatives and Hedging Activities    
Gross Fair Value Assets, freestanding derivatives 180 185
Not designated as hedging instruments | Interest rate contracts | Other liabilities    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, freestanding derivatives 324 305
Not designated as hedging instruments | Equity contracts    
Derivatives and Hedging Activities    
Notional 109,622 83,080
Not designated as hedging instruments | Equity contracts | Other assets    
Derivatives and Hedging Activities    
Gross Fair Value Assets, freestanding derivatives 8,957 5,034
Not designated as hedging instruments | Equity contracts | Other liabilities    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, freestanding derivatives 5,362 3,464
Not designated as hedging instruments | Credit contracts    
Derivatives and Hedging Activities    
Notional 3,122 3,436
Not designated as hedging instruments | Credit contracts | Other assets    
Derivatives and Hedging Activities    
Gross Fair Value Assets, freestanding derivatives 59 4
Not designated as hedging instruments | Credit contracts | Other liabilities    
Derivatives and Hedging Activities    
Gross Fair Value Liabilities, freestanding derivatives $ 4 $ 107
v3.25.0.1
Derivatives and Hedging Activities - Derivatives Not Designated as Hedges Impact (Details) - Not designated as hedging instruments - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net Investment Income      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) $ (11) $ (3) $ 11
Net Investment Income | Interest rate contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 1 0 1
Net Investment Income | Equity contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (12) (3) 8
Net Investment Income | Credit contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Net Investment Income | Foreign exchange contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 2
Net Investment Income | IUL embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Net Investment Income | Fixed deferred indexed annuity and deposit receivables embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Net Investment Income | Structured variable annuity embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Net Investment Income | SMC embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0  
Banking and Deposit Interest Expense      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 (1) (1)
Banking and Deposit Interest Expense | Interest rate contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Banking and Deposit Interest Expense | Equity contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 2 4 (1)
Banking and Deposit Interest Expense | Credit contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Banking and Deposit Interest Expense | Foreign exchange contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Banking and Deposit Interest Expense | IUL embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Banking and Deposit Interest Expense | Fixed deferred indexed annuity and deposit receivables embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Banking and Deposit Interest Expense | Structured variable annuity embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Banking and Deposit Interest Expense | SMC embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (2) (5)  
Distribution Expenses      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 116 130 (184)
Distribution Expenses | Interest rate contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 (3)
Distribution Expenses | Equity contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 119 128 (177)
Distribution Expenses | Credit contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (3) 2 (4)
Distribution Expenses | Foreign exchange contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Distribution Expenses | IUL embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Distribution Expenses | Fixed deferred indexed annuity and deposit receivables embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Distribution Expenses | Structured variable annuity embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Distribution Expenses | SMC embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0  
Interest Credited to Fixed Accounts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (19) 1 95
Interest Credited to Fixed Accounts | Interest rate contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Interest Credited to Fixed Accounts | Equity contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 71 79 (126)
Interest Credited to Fixed Accounts | Credit contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Interest Credited to Fixed Accounts | Foreign exchange contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Interest Credited to Fixed Accounts | IUL embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (106) (75) 217
Interest Credited to Fixed Accounts | Fixed deferred indexed annuity and deposit receivables embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 16 (3) 4
Interest Credited to Fixed Accounts | Structured variable annuity embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Interest Credited to Fixed Accounts | SMC embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0  
Benefits, Claims, Losses and Settlement Expenses      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (261) (401) 443
Benefits, Claims, Losses and Settlement Expenses | Interest rate contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (10) (5) (26)
Benefits, Claims, Losses and Settlement Expenses | Equity contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 1,419 770 (164)
Benefits, Claims, Losses and Settlement Expenses | Credit contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Benefits, Claims, Losses and Settlement Expenses | Foreign exchange contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Benefits, Claims, Losses and Settlement Expenses | IUL embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Benefits, Claims, Losses and Settlement Expenses | Fixed deferred indexed annuity and deposit receivables embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Benefits, Claims, Losses and Settlement Expenses | Structured variable annuity embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (1,670) (1,166) 633
Benefits, Claims, Losses and Settlement Expenses | SMC embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0  
Change in Fair Value of Market Risk Benefits      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (1,961) (1,649) (1,591)
Change in Fair Value of Market Risk Benefits | Interest rate contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (1,128) (422) (2,874)
Change in Fair Value of Market Risk Benefits | Equity contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (1,021) (1,239) 899
Change in Fair Value of Market Risk Benefits | Credit contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 124 7 279
Change in Fair Value of Market Risk Benefits | Foreign exchange contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 64 5 105
Change in Fair Value of Market Risk Benefits | IUL embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Change in Fair Value of Market Risk Benefits | Fixed deferred indexed annuity and deposit receivables embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Change in Fair Value of Market Risk Benefits | Structured variable annuity embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
Change in Fair Value of Market Risk Benefits | SMC embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0  
Interest And Debt Expense      
Impact of derivatives not designated as hedging instruments      
Total gain (loss)   (1) (1)
Interest And Debt Expense | Interest rate contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss)   (1) (1)
Interest And Debt Expense | Equity contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss)   0 0
Interest And Debt Expense | Credit contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss)   0 0
Interest And Debt Expense | Foreign exchange contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss)   0 0
Interest And Debt Expense | IUL embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss)   0 0
Interest And Debt Expense | Fixed deferred indexed annuity and deposit receivables embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss)   0 0
Interest And Debt Expense | Structured variable annuity embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss)   0 0
Interest And Debt Expense | SMC embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss)   0  
General and administrative expense      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (2) 17 (30)
General and administrative expense | Interest rate contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
General and administrative expense | Equity contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 10 10 (23)
General and administrative expense | Credit contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
General and administrative expense | Foreign exchange contracts      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) (12) 7 (7)
General and administrative expense | IUL embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
General and administrative expense | Fixed deferred indexed annuity and deposit receivables embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 0
General and administrative expense | Structured variable annuity embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) 0 0 $ 0
General and administrative expense | SMC embedded derivatives      
Impact of derivatives not designated as hedging instruments      
Total gain (loss) $ 0 $ 0  
v3.25.0.1
Derivatives and Hedging Activities - Deferred Premium, Options (Details) - Options
$ in Millions
Dec. 31, 2024
USD ($)
Premiums Payable  
2025 $ 119
2026 246
2027 19
2028 29
2029 135
2030-2031 234
Total 782
Premiums Receivable  
2025 20
2026 88
2027 0
2028 0
2029 0
2030-2031 0
Total $ 108
v3.25.0.1
Derivatives and Hedging Activities - Hedges and Credit Risk (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flow Hedges      
Longest period of time over which the entity hedges exposure to the variability in future cash flows 11 years    
Net Investment Hedges      
Gain (loss) on net investment hedge recorded in OCI $ 0.0 $ 3.0 $ 15.0
Credit Risk      
Aggregate fair value of derivative contracts in net liability position containing credit contingent provisions 69.0 65.0  
Aggregate fair value of assets posted as collateral 68.0 58.0  
Aggregate fair value of additional assets required to be posted or needed to settle 1.0 $ 7.0  
Interest and debt expense      
Cash Flow Hedges      
Expected net gain (loss) related to cash flow hedges in AOCI that will be reclassified to earnings $ 0.8    
v3.25.0.1
Leases - Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Balances for operating and finance ROU assets and lease liabilities    
Operating lease assets $ 246 $ 259
Operating lease assets Balance Sheet Classification Other assets Other assets
Finance lease assets $ 8 $ 18
Finance lease assets Balance Sheet Classification Other assets Other assets
Total lease assets $ 254 $ 277
Operating lease liabilities $ 313 $ 325
Operating lease liabilities Balance Sheet Classification Other liabilities Other liabilities
Finance lease liabilities $ 9 $ 20
Finance lease liabilities Balance Sheet Classification Long-term debt Long-term debt
Total lease liabilities $ 322 $ 345
v3.25.0.1
Leases - Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Components of lease expense      
Total lease cost $ 72 $ 66 $ 72
General and administrative expenses      
Components of lease expense      
Operating lease costs 61 55 61
Amortization of ROU assets 10 10 10
Interest and debt expense      
Components of lease expense      
Finance lease interest expense $ 1 $ 1 $ 1
v3.25.0.1
Leases - Lease Term and Discount Rate and Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finance Leases      
Weighted-average remaining lease term 1 year 2 years  
Weighted-average discount rate 3.40% 3.40%  
Operating Leases      
Weighted-average remaining lease term 6 years 6 years  
Weighted-average discount rate 2.90% 2.70%  
Operating cash flows:      
Cash paid for amounts included in measurement of operating lease liabilities $ 69 $ 68 $ 65
Cash paid for amounts included in measurement of finance lease liabilities 1 1 1
Financing cash flows:      
Cash paid for amounts included in measurement of finance lease liabilities $ 11 $ 10 $ 10
v3.25.0.1
Leases - Maturity of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Maturity of Lease Liabilities, Finance Leases    
2025 $ 9  
2026 0  
2027 0  
2028 0  
2029 0  
Thereafter 0  
Total lease payments 9  
Less: Interest 0  
Finance lease liabilities 9 $ 20
Maturity of Lease Liabilities, Operating Leases    
2025 72  
2026 68  
2027 56  
2028 44  
2029 35  
Thereafter 65  
Total lease payments 340  
Less: Interest 27  
Operating lease liabilities $ 313 $ 325
v3.25.0.1
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation      
Share-based compensation expense $ 251 $ 249 $ 214
Total income tax benefit recognized related to share-based compensation expense 53 52 45
Total unrecognized compensation cost related to non-vested awards $ 183    
Weighted-average period unrecognized compensation cost expected to be recognized 3 years    
Stock option      
Share-based Compensation      
Share-based compensation expense $ 15 16 16
Restricted stock      
Share-based Compensation      
Share-based compensation expense 25 27 27
Restricted stock units and deferred share units      
Share-based Compensation      
Share-based compensation expense 153 144 127
Liability awards      
Share-based Compensation      
Share-based compensation expense $ 58 $ 62 $ 44
v3.25.0.1
Share-Based Compensation - Incentive Plans (Details) - 2005 ICP
shares in Millions
Dec. 31, 2024
shares
Share-based Compensation  
Maximum shares that may be issued (in shares) 58.1
Number of shares available (in shares) 14.5
Awards other than stock options and stock appreciation rights  
Share-based Compensation  
Maximum shares that may be issued (in shares) 5.0
v3.25.0.1
Share-Based Compensation - Stock Option General Information and Grants Assumptions (Details) - Stock Options - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation      
Percentage of current fair market value of common stock, not less than 100.00%    
Term of award, maximum 10 years    
Weighted average assumptions used for stock option grants      
Weighted average grant date fair value for options granted (in dollars per share) $ 112.88 $ 99.86 $ 80.48
Minimum      
Share-based Compensation      
Award vesting period 3 years    
Maximum      
Share-based Compensation      
Award vesting period 4 years    
Weighted average      
Weighted average assumptions used for stock option grants      
Dividend yield 1.80% 2.00% 2.00%
Expected volatility 31.00% 33.00% 35.00%
Risk-free interest rate 4.00% 3.60% 1.70%
Expected life of stock option 5 years 5 years 5 years
v3.25.0.1
Share-Based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Outstanding, beginning (in shares) 2.3    
Granted (in shares) 0.1    
Exercised (in shares) (0.8)    
Outstanding, ending (in shares) 1.6 2.3  
Exercisable (in shares) 1.3    
Weighted Average Exercise Price      
Outstanding (in dollars per share) $ 207.11 $ 177.60  
Granted (in dollars per share) 391.40    
Exercised (in dollars per share) 153.35    
Exercisable (in dollars per share) $ 173.69    
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value      
Weighted Average Remaining Contractual Term, Outstanding 5 years 5 years  
Weighted Average Remaining Contractual Term, Exercisable 5 years    
Aggregate Intrinsic Value, Outstanding $ 515 $ 457  
Aggregate Intrinsic Value, Exercisable 464    
Aggregate Intrinsic Value, Exercised $ 238 $ 136 $ 130
v3.25.0.1
Share-Based Compensation - Restricted Stock Awards and Units and Deferred Share Units General Information (Details)
 12 Months Ended
Dec. 31, 2024
Restricted Stock Awards | Graded vesting | Minimum  
Share-based Compensation  
Award vesting period 3 years
Restricted Stock Awards | Graded vesting | Maximum  
Share-based Compensation  
Award vesting period 4 years
Restricted Stock Awards | Cliff vesting  
Share-based Compensation  
Award vesting period 5 years
Restricted stock units and deferred share units | Minimum  
Share-based Compensation  
Award vesting period 3 years
Restricted stock units and deferred share units | Maximum  
Share-based Compensation  
Award vesting period 4 years
Deferred Share Units | Minimum  
Share-based Compensation  
Award vesting period 3 years
Deferred Share Units | Maximum  
Share-based Compensation  
Award vesting period 4 years
v3.25.0.1
Share-Based Compensation - Deferred Compensation Plans and Cash Settle Awards (Details) - Compensation and commission deferrals
shares in Thousands
 12 Months Ended
Dec. 31, 2024
shares
Ameriprise Financial Deferred Compensation Plan  
Deferred Compensation Plans  
Vesting period 3 years
Ameriprise Financial Franchise Advisor Deferral Plan  
Deferred Compensation Plans  
Maximum awards that may be granted (in shares) 12,500
Shares issued since inception 10,100
Awards outstanding 104
Ameriprise Financial Franchise Advisor Deferral Plan | Minimum  
Deferred Compensation Plans  
Vesting period 3 years
Ameriprise Financial Franchise Advisor Deferral Plan | Maximum  
Deferred Compensation Plans  
Vesting period 4 years
Ameriprise Advisor Group Deferred Compensation Plan  
Deferred Compensation Plans  
Maximum awards that may be granted (in shares) 3,000
Shares issued since inception 1,200
v3.25.0.1
Share-Based Compensation - Full Value Share Award Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Full value share awards      
Summary of full value share award activity, Shares      
Non-vested at beginning (in shares) 1.3    
Granted (in shares) 0.3    
Deferred (in shares) 0.1    
Vested (in shares) (0.6)    
Forfeited (in shares) 0.0    
Non-vested at ending (in shares) 1.1 1.3  
Summary of full value share award activity, Weighted Average Grant-date Fair Value      
Non-vested outstanding (in dollars per share) $ 295.92 $ 250.16  
Granted (in dollars per share) 405.99    
Deferred (in dollars per share) 447.19    
Vested (in dollars per share) 283.08    
Forfeited (in dollars per share) $ 321.45    
Full value share awards      
Fair value of equity instruments other than options vested in period $ 263 $ 197 $ 191
Restricted shares, restricted stock units and deferred share units      
Summary of full value share award activity, Weighted Average Grant-date Fair Value      
Granted (in dollars per share) $ 395.66 $ 342.66 $ 296.50
Compensation and commission deferrals      
Summary of full value share award activity, Weighted Average Grant-date Fair Value      
Granted (in dollars per share) $ 428.36 $ 336.62 $ 280.49
v3.25.0.1
Share-Based Compensation - Performance Share Units (Details) - Performance share units - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation      
Performance period 3 years    
Service condition period 3 years    
Number of shares for each target PSU 1    
Value of shares settled for awards $ 63 $ 68 $ 85
Minimum      
Share-based Compensation      
Percentage of award earned 0.00%    
Maximum | 2018 or later      
Share-based Compensation      
Percentage of award earned 175.00%    
Target      
Share-based Compensation      
Awards outstanding (in shares) 100,000 200,000 300,000
v3.25.0.1
Shareholders' Equity - OCI Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pretax      
Total other comprehensive income (loss) $ (170) $ 991 $ (2,467)
Income Tax Benefit (Expense)      
Total other comprehensive income (loss) 28 (211) 563
Net of Tax      
Arising during the period (157) 756 (1,985)
Reclassification to net income 15 24 81
Total other comprehensive income (loss), net of tax (142) 780 (1,904)
Net unrealized gains (losses) on securities      
Pretax      
Total other comprehensive income (loss) (264) 1,043 (3,958)
Income Tax Benefit (Expense)      
Total other comprehensive income (loss) 53 (241) 882
Net of Tax      
Arising during the period (226) 779 (3,143)
Reclassification to net income 15 23 67
Total other comprehensive income (loss), net of tax (211) 802 (3,076)
Net unrealized gains (losses) on securities arising during the period      
Pretax      
Arising during the period (303) 1,038 (4,146)
Income Tax Benefit (Expense)      
Arising during the period 61 (240) 918
Net of Tax      
Arising during the period (242) 798 (3,228)
Reclassification of net (gains) losses on securities included in net income      
Pretax      
Reclassification to net income 19 29 85
Income Tax Benefit (Expense)      
Reclassification to net income (4) (6) (18)
Net of Tax      
Reclassification to net income 15 23 67
Impact of benefit reserves and reinsurance recoverables      
Pretax      
Arising during the period 20 (24) 103
Income Tax Benefit (Expense)      
Arising during the period (4) 5 (18)
Net of Tax      
Arising during the period 16 (19) 85
Net unrealized gains (losses) on derivatives      
Pretax      
Arising during the period   3  
Reclassification to net income (1) (1) (1)
Total other comprehensive income (loss) (1) 2 (1)
Income Tax Benefit (Expense)      
Arising during the period   (1)  
Reclassification to net income 1 1 0
Total other comprehensive income (loss) 1 0 0
Net of Tax      
Arising during the period 0 2 0
Reclassification to net income 0 0 (1)
Total other comprehensive income (loss), net of tax 0 2 (1)
Effect of changes in discount rate assumptions on certain long-duration contracts      
Pretax      
Total other comprehensive income (loss) 194 (69) 1,095
Income Tax Benefit (Expense)      
Total other comprehensive income (loss) (41) 15 (234)
Net of Tax      
Arising during the period 153 (54) 861
Reclassification to net income 0 0 0
Total other comprehensive income (loss), net of tax 153 (54) 861
Effect of changes in instrument-specific credit risk on market risk benefits (“MRBs”)      
Pretax      
Total other comprehensive income (loss) (79) (83) 517
Income Tax Benefit (Expense)      
Total other comprehensive income (loss) 17 18 (110)
Net of Tax      
Arising during the period (62) (65) 407
Reclassification to net income 0 0 0
Total other comprehensive income (loss), net of tax (62) (65) 407
Defined benefit plans      
Pretax      
Total other comprehensive income (loss) 17 19 96
Income Tax Benefit (Expense)      
Total other comprehensive income (loss) (2) (4) (20)
Net of Tax      
Arising during the period 15 14 61
Reclassification to net income 0 1 15
Total other comprehensive income (loss), net of tax 15 15 76
Prior service credits (costs)      
Pretax      
Total other comprehensive income (loss) (2) (1) (1)
Income Tax Benefit (Expense)      
Total other comprehensive income (loss) 1 0 0
Net of Tax      
Total other comprehensive income (loss), net of tax (1) (1) (1)
Net gains (losses)      
Pretax      
Total other comprehensive income (loss) 19 20 97
Income Tax Benefit (Expense)      
Total other comprehensive income (loss) (3) (4) (20)
Net of Tax      
Total other comprehensive income (loss), net of tax 16 16 77
Foreign currency translation      
Pretax      
Total other comprehensive income (loss) (37) 79 (216)
Income Tax Benefit (Expense)      
Total other comprehensive income (loss) 0 1 45
Net of Tax      
Arising during the period (37) 80 (171)
Reclassification to net income 0 0 0
Total other comprehensive income (loss), net of tax $ (37) $ 80 $ (171)
v3.25.0.1
Shareholder's Equity - Changes in AOCI Components (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in balances of each component of AOCI, net of tax      
Beginning balance $ 4,729 $ 3,803 $ 4,837
OCI before reclassifications (157) 756 (1,985)
Amounts reclassified from AOCI 15 24 81
Total other comprehensive income (loss), net of tax (142) 780 (1,904)
Ending balance 5,228 4,729 3,803
Total AOCI      
Changes in balances of each component of AOCI, net of tax      
Beginning balance (1,766) (2,546) (642)
Total other comprehensive income (loss), net of tax (142) 780 (1,904)
Ending balance (1,908) (1,766) (2,546)
Net Unrealized Gains (Losses) on Securities      
Changes in balances of each component of AOCI, net of tax      
Beginning balance (1,241) (2,043) 1,033
OCI before reclassifications (226) 779 (3,143)
Amounts reclassified from AOCI 15 23 67
Total other comprehensive income (loss), net of tax (211) 802 (3,076)
Ending balance (1,452) (1,241) (2,043)
Net Unrealized Gains (Losses) on Derivatives      
Changes in balances of each component of AOCI, net of tax      
Beginning balance 5 3 4
OCI before reclassifications 0 2 0
Amounts reclassified from AOCI 0 0 (1)
Total other comprehensive income (loss), net of tax 0 2 (1)
Ending balance 5 5 3
Effect of changes in discount rate assumptions on certain long-duration contracts      
Changes in balances of each component of AOCI, net of tax      
Beginning balance (126) (72) (933)
OCI before reclassifications 153 (54) 861
Amounts reclassified from AOCI 0 0 0
Total other comprehensive income (loss), net of tax 153 (54) 861
Ending balance 27 (126) (72)
Effect of changes in instrument-specific credit risk on market risk benefits (“MRBs”)      
Changes in balances of each component of AOCI, net of tax      
Beginning balance (85) (20) (427)
OCI before reclassifications (62) (65) 407
Amounts reclassified from AOCI 0 0 0
Total other comprehensive income (loss), net of tax (62) (65) 407
Ending balance (147) (85) (20)
Defined Benefit Plans      
Changes in balances of each component of AOCI, net of tax      
Beginning balance (60) (75) (151)
OCI before reclassifications 15 14 61
Amounts reclassified from AOCI 0 1 15
Total other comprehensive income (loss), net of tax 15 15 76
Ending balance (45) (60) (75)
Foreign Currency Translation      
Changes in balances of each component of AOCI, net of tax      
Beginning balance (258) (338) (167)
OCI before reclassifications (37) 80 (171)
Amounts reclassified from AOCI 0 0 0
Total other comprehensive income (loss), net of tax (37) 80 (171)
Ending balance (295) (258) (338)
Other      
Changes in balances of each component of AOCI, net of tax      
Beginning balance (1) (1) (1)
OCI before reclassifications 0 0 0
Amounts reclassified from AOCI 0 0 0
Total other comprehensive income (loss), net of tax 0 0 0
Ending balance $ (1) $ (1) $ (1)
v3.25.0.1
Shareholders' Equity - Shares Repurchased and Reissued (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jul. 24, 2023
Share repurchases        
Repurchase of common shares $ 2,566 $ 2,212 $ 2,095  
Stock repurchase program, authorized amount       $ 3,500
Remaining balance under stock repurchase program $ 888      
Shares surrendered upon vesting for income tax obligation (in shares) 0.3 0.3 0.3  
Income tax obligations paid on vesting date $ 115 $ 99 $ 99  
Shares reacquired through net settlement of options (in shares) 0.5 0.4 0.5  
Aggregate value of shares reacquired through net settlement of options $ 220 $ 150 $ 145  
Treasury shares reissued for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans (in shares) 0.8 0.6 0.8  
Share repurchase authorization        
Share repurchases        
Repurchase of common shares (in shares) 4.9 5.9 6.6  
Repurchase of common shares $ 2,200 $ 2,000 $ 1,900  
v3.25.0.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income, basic $ 3,401 $ 2,556 $ 3,149
Net income, diluted $ 3,401 $ 2,556 $ 3,149
Denominator:      
Basic: Weighted-average common shares outstanding (in shares) 101.0 105.7 111.3
Effect of potentially dilutive nonqualified stock options and other share-based awards (in shares) 1.9 2.1 2.4
Diluted: Weighted-average common shares outstanding (in shares) 102.9 107.8 113.7
Earnings Per Share, Basic:      
Basic (in dollars per share) $ 33.67 $ 24.18 $ 28.29
Earnings Per Share, Diluted:      
Diluted (in dollars per share) $ 33.05 $ 23.71 $ 27.70
Options excluded from earnings per share calculation due to their anti-dilutive effect (in shares) 0.0 0.2 0.2
v3.25.0.1
Regulatory Requirements - Schedule of Building Block Approach (Details) - Banking Regulation, Building Block Approach
$ in Millions
Dec. 31, 2024
USD ($)
Rate
Regulatory capital  
BBA available capital $ 3,833
BBA capital requirement $ 392
BBA ratio | Rate 978.00%
v3.25.0.1
Regulatory Requirements - Fund Transfer Restrictions and General Insurance Company Information (Details) - Subsidiaries - RiverSource Life Insurance Company - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Regulatory Requirements    
Statutory unassigned (deficit)/surplus $ (736) $ (582)
Percentage of previous year-end statutory capital and surplus 10.00%  
Statutory capital and surplus $ 2,700 $ 3,100
v3.25.0.1
Regulatory Requirements - Insurance Company Statutory Financial Information and Securities on Deposit (Details) - Subsidiaries - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
RiverSource Life Insurance Company      
Regulatory Requirements      
Statutory net gain from operations $ 1,097 $ 1,331 $ 1,615
Statutory net income (loss) (91) 845 $ 1,769
Life insurance subsidiaries      
Regulatory Requirements      
Government debt securities on deposit with states as required by law $ 4 $ 4  
v3.25.0.1
Regulatory Requirements - Broker Dealer Companies (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Broker-dealer net capital requirement    
Minimum broker-dealer subsidiary net capital required under alternative SEC regulation $ 250  
Minimum percentage of aggregate debit items arising from broker-dealer client balances 2.00%  
Subsidiaries | American Enterprise Investment Services, Inc.    
Broker-dealer alternative excess net capital    
Net capital as a percent of aggregate debit items 9.49% 11.62%
Net capital $ 141,000 $ 171,000
Less: required net capital 30,000 29,000
Excess net capital 111,000 142,000
Subsidiaries | Ameriprise Financial Services, LLC    
Broker-dealer alternative excess net capital    
Net capital 113,000 101,000
Less: required net capital 0 0
Excess net capital $ 113,000 $ 101,000
v3.25.0.1
Regulatory Requirements - Bank Regulatory Capital (Details) - Subsidiaries - Ameriprise Bank - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Regulatory capital    
Common equity Tier 1 capital, Actual Amount $ 1,763 $ 1,715
Tier 1 capital, Actual Amount 1,763 1,715
Total capital, Actual Amount 1,772 1,724
Tier 1 leverage, Actual Amount $ 1,763 $ 1,715
Common equity Tier 1 capital, Actual Ratio (as a percent) 33.88% 31.72%
Tier 1 capital, Actual Ratio (as a percent) 33.88% 31.72%
Total capital, Actual Ratio (as a percent) 34.06% 31.89%
Tier 1 leverage, Actual Ratio (as a percent) 7.35% 7.44%
Common equity Tier 1, Requirement for capital adequacy, Amount $ 234 $ 243
Tier 1 capital, Requirement for capital adequacy, Amount 312 324
Total capital, Requirement for capital adequacy, Amount 416 433
Tier 1 leverage, Requirement for capital adequacy, Amount $ 959 $ 922
Common equity Tier 1 capital, Requirement for capital adequacy, Ratio (as a percent) 4.50% 4.50%
Tier 1 capital, Requirement for capital adequacy, Ratio (as a percent) 6.00% 6.00%
Total capital, Requirement for capital adequacy, Ratio (as a percent) 8.00% 8.00%
Tier 1 leverage, Requirement for capital adequacy, Ratio (as a percent) 4.00% 4.00%
Common equity Tier 1 capital, To be well capitalized, Amount $ 338 $ 351
Tier 1 capital, To be well capitalized, Amount 416 433
Total capital, To be well capitalized, Amount 520 541
Tier 1 leverage, To be well capitalized, Amount $ 1,199 $ 1,153
Common equity Tier 1 capital, To be well capitalized, Ratio (as a percent) 6.50% 6.50%
Tier 1 capital, To be well capitalized, Ratio (as a percent) 8.00% 8.00%
Total capital, To be well capitalized, Ratio (as a percent) 10.00% 10.00%
Tier 1 leverage, To be well capitalized, Ratio (as a percent) 5.00% 5.00%
v3.25.0.1
Regulatory Requirements - Asset Manager Subsidiaries (Details) - Subsidiaries - TAM UK International Holdings Ltd. - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investment company information    
Actual capital $ 692 $ 706
Required capital $ 265 $ 317
v3.25.0.1
Regulatory Requirements - Registered Investment Company Information (Details) - Subsidiaries - Ameriprise Certificate Company - USD ($)
$ in Billions
Dec. 31, 2024
Dec. 31, 2023
Investment company information    
Required qualified assets under Investment Company Act of 1940 $ 11.2 $ 13.5
Actual amount of qualified assets $ 11.9 $ 14.3
v3.25.0.1
Income Taxes - Components of income Tax Provision (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current income tax:      
Federal $ 583 $ 518 $ 509
State and local 137 124 93
Foreign 21 18 25
Total current income tax 741 660 627
Deferred income tax:      
Federal 164 45 155
State and local (29) (14) 6
Foreign (10) (13) (6)
Total deferred income tax 125 18 155
Total income tax provision $ 866 $ 678 $ 782
v3.25.0.1
Income Taxes - Geographic Sources of Pretax Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Geographic sources of pretax income      
United States $ 4,221 $ 3,199 $ 3,824
Foreign 46 35 107
Pretax income $ 4,267 $ 3,234 $ 3,931
v3.25.0.1
Income Taxes - Reasons for Income Tax Provision Differences to Statutory Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Tax at U.S. statutory rate 21.00% 21.00% 21.00%
Changes in taxes resulting from :      
State taxes, net of federal benefit 2.00% 2.70% 2.00%
Incentive compensation (1.60%) (1.50%) (1.00%)
Low income housing tax credits (0.60%) (1.00%) (1.10%)
Non-deductible expenses 0.50% 1.10% 0.50%
Other, net (1.00%) (1.30%) (1.50%)
Income tax provision 20.30% 21.00% 19.90%
v3.25.0.1
Income Taxes - Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred income tax assets and liabilities      
Statutory rate 21.00% 21.00% 21.00%
Deferred income tax assets      
Insurance and annuity benefits including corresponding hedges $ 802 $ 1,244  
Deferred compensation including corresponding hedges 655 545  
Investments including net unrealized on Available-for-Sale securities 381 335  
Net operating loss and tax credit carryforward 221 74  
Other 159 127  
Gross deferred income tax assets 2,218 2,325  
Less: valuation allowance 67 65  
Total deferred income tax assets 2,151 2,260  
Deferred income tax liabilities      
Deferred acquisition costs 364 390  
Goodwill and intangibles 323 313  
Other 137 131  
Gross deferred income tax liabilities 824 834  
Net deferred income tax assets $ 1,327 $ 1,426  
v3.25.0.1
Income Taxes - Net Operating Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating loss carryforwards    
Net operating loss and tax credit carryforward $ 221 $ 74
Valuation allowance 67 $ 65
Foreign    
Operating loss carryforwards    
Net operating loss and tax credit carryforward 52  
Valuation allowance 33  
Domestic Tax Jurisdiction    
Operating loss carryforwards    
Net operating loss and tax credit carryforward 131  
State    
Operating loss carryforwards    
Net operating loss and tax credit carryforward 38  
Valuation allowance, net operating losses 32  
Valuation allowance $ 2  
v3.25.0.1
Income Taxes - Reconciliation Rollforward of Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of gross unrecognized tax benefits      
Beginning balance $ 150 $ 138 $ 125
Additions for tax positions related to the current year 22 26 12
Reductions for tax positions related to the current year (2) (3) (1)
Additions for tax positions of prior years 23 80 5
Reductions for tax positions of prior years (8) (85) (1)
Reductions due to lapse of statutes of limitations (20) (5) 0
Audit settlements (1) (1) (2)
Ending balance 164 150 138
Unrecognized tax benefits, net of federal tax benefits, that would affect the effective tax rate if recognized 134 120 106
Estimated decrease in gross amount of unrecognized tax benefits reasonably possible in next 12 months 16    
Interest and penalties related to unrecognized tax benefits      
Interest and penalties expense (credit) 5 12 $ 4
Payable related to accrued interest and penalties 31 26  
Estimated CAMT $ 131 $ 0  
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - U.S. Non-Advisor Employee Pension Plan General Information (Details) - Pension Plans - Retirement Plan
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans  
Maturity period of U.S. Treasury Note 5 years
Minimum fixed interest crediting rate 5.00%
Maximum fixed interest crediting rate 10.00%
Period of service to be fully vested in employer defined benefit plan contributions 3 years
Minimum  
Defined Benefit Plans  
Percentage of eligible compensation credited to participant account balances 2.50%
Maximum  
Defined Benefit Plans  
Percentage of eligible compensation credited to participant account balances 10.00%
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans      
Net periodic benefit cost, location General and administrative expense General and administrative expense General and administrative expense
Pension Plans      
Components of net periodic benefit cost      
Service cost $ 28 $ 29 $ 43
Interest cost 66 65 39
Expected return on plan assets (79) (76) (70)
Amortization of prior service credits (1) (1) (1)
Amortization of net loss 0 0 18
Other 1 3 3
Net periodic benefit cost $ 15 $ 20 $ 32
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Reconciliation of Changes in Benefit Obligation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plans      
Change in benefit obligation      
Benefit obligation, beginning $ 1,355 $ 1,256  
Service cost 28 29 $ 43
Interest cost 66 65 39
Benefits paid (28) (23)  
Actuarial (gain) loss (79) 52  
Divestiture (18) 0  
Settlements (50) (45)  
Foreign currency rate changes (9) 21  
Benefit obligation, ending 1,265 1,355 1,256
Other Postretirement Plans      
Change in benefit obligation      
Benefit obligation, beginning 11 11  
Service cost 0 0  
Interest cost 1 1  
Benefits paid (1) (1)  
Actuarial (gain) loss 0 0  
Divestiture 0 0  
Settlements 0 0  
Foreign currency rate changes 0 0  
Benefit obligation, ending $ 11 $ 11 $ 11
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Reconciliation of Changes in Fair Value of Assets (Details) - Pension Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Change in fair value of plan assets    
Fair value of plan assets, beginning $ 1,292 $ 1,142
Actual return on plan assets 17 136
Employer contributions 50 56
Benefits paid (28) (23)
Acquisitions (18) 0
Settlements (50) (45)
Foreign currency rate changes (10) 26
Fair value of plan assets, ending $ 1,253 $ 1,292
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Amounts recognized in Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Plans    
Amounts recognized in Consolidated Balance Sheets    
Benefit liability $ (139) $ (169)
Benefit asset 127 106
Net amount recognized (12) (63)
Other Postretirement Plans    
Amounts recognized in Consolidated Balance Sheets    
Benefit liability (11) (11)
Benefit asset 0 0
Net amount recognized $ (11) $ (11)
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Pension Plans with Benefit Obligations in Excess of Plan Assets (Details) - Pension Plans - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans    
Accumulated benefit obligation $ 1,200 $ 1,300
Pension plans with accumulated benefit obligations in excess of plan assets:    
Accumulated benefit obligation 158 945
Fair value of plan assets 27 803
Pension plans with projected benefit obligations in excess of plan assets:    
Projected benefit obligation 166 972
Fair value of plan assets $ 27 $ 803
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Weighted Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plans      
Weighted average assumptions used to determine benefit obligations      
Discount rates 5.57% 4.98%  
Rates of increase in compensation levels 3.64% 3.64%  
Interest crediting rates for cash balance plans 5.00% 5.00%  
Weighted average assumptions used to determine net periodic benefit cost      
Discount rates 4.98% 5.30% 2.46%
Rates of increase in compensation levels 3.64% 3.72% 3.69%
Expected long term rates of return on assets 5.90% 6.04% 4.82%
Interest crediting rates for cash balance plans 5.00% 5.00% 5.00%
Other Postretirement Plans      
Weighted average assumptions used to determine benefit obligations      
Discount rates 5.38% 5.07%  
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Pension Plan Assets Target Allocations (Details) - Pension Plans
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plan, Assets, Target Allocations  
Actual allocations within target allocations 5.00%
Equity securities  
Defined Benefit Plan, Assets, Target Allocations  
Target allocations 70.00%
Debt securities  
Defined Benefit Plan, Assets, Target Allocations  
Target allocations 20.00%
All other types of investments  
Defined Benefit Plan, Assets, Target Allocations  
Target allocations 10.00%
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Pension Plan Assets Measured at Fair Value on a Recurring Basis (Details) - Pension Plans - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets $ 1,253 $ 1,292 $ 1,142
Level 1      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 115 180  
Level 2      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 6 7  
Level 3      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 21 23  
U.S. small cap stocks | Total, Level 1, 2 and 3      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 52 97  
U.S. small cap stocks | Level 1      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 46 90  
U.S. small cap stocks | Level 2      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 6 7  
U.S. small cap stocks | Level 3      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 0 0  
Registered investment companies | Total, Level 1, 2 and 3      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 69 90  
Registered investment companies | Level 1      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 69 90  
Registered investment companies | Level 2      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 0 0  
Registered investment companies | Level 3      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 0 0  
Insurance contracts | Total, Level 1, 2 and 3      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 21 23  
Insurance contracts | Level 1      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 0 0  
Insurance contracts | Level 2      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 0 0  
Insurance contracts | Level 3      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 21 23  
Cash equivalents | NAV      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 7 3  
Collective investment funds | NAV      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 1,057 859  
Real estate investment trusts | NAV      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets 20 28  
Hedge funds | NAV      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets $ 27 24  
Pooled pension funds at NAV | NAV      
Pension plan assets measured at fair value on a recurring basis:      
Fair value of plan assets   $ 168  
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Defined Benefit Plan Amounts in AOCI (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Plans  
Amounts recognized in AOCI, net of tax  
Unrecognized actuarial gain (loss) $ (47)
Other Postretirement Plans  
Amounts recognized in AOCI, net of tax  
Unrecognized actuarial gain (loss) $ 2
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Expected Benefit Payments to Retirees (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Plans  
Expected benefit payments to retirees  
2025 $ 81
2026 89
2027 88
2028 93
2029 101
2030-2034 512
Expected employer contributions in next fiscal year 32
Other Postretirement Plans  
Expected benefit payments to retirees  
2025 1
2026 1
2027 1
2028 1
2029 1
2030-2034 4
Expected employer contributions in next fiscal year $ 0
v3.25.0.1
Retirement Plans and Profit Sharing Arrangements - Defined Contribution Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S.      
Defined contribution plans      
Employer percentage match of eligible employee compensation 5.00%    
Company contribution for employees not eligible for Retirement Plan 2.00%    
Employer contribution requisite service period 60 days    
Period of graded schedule for vesting of employer contributions 5 years    
Defined contribution plan expense $ 66 $ 67 $ 67
Plans outside the U.S.      
Defined contribution plans      
Defined contribution plan expense $ 16 $ 16 $ 8
v3.25.0.1
Commitments and Contingencies - Funding Commitments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commitments    
Funding commitments $ 2,520 $ 1,908
Commercial mortgage loans    
Commitments    
Funding commitments 58 17
Property funds    
Commitments    
Funding commitments 63 27
Pledged asset lines of credit    
Commitments    
Funding commitments $ 2,399 $ 1,864
v3.25.0.1
Commitments and Contingencies - Guaranty Fund Assessments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Estimated liability related to guaranty fund assessments $ 11 $ 34
Related premium tax offset $ 9 $ 29
v3.25.0.1
Segment Information - Reportable Segments and Total Assets (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Reporting segments    
Number of reportable segments | segment 4  
Summary of assets by segment    
Total assets $ 181,403 $ 175,191
Advice & Wealth Management    
Summary of assets by segment    
Total assets 41,514 42,983
Asset Management    
Summary of assets by segment    
Total assets 7,350 7,288
Retirement & Protection Solutions    
Summary of assets by segment    
Total assets 116,609 108,451
Corporate & Other    
Summary of assets by segment    
Total assets $ 15,930 $ 16,469
v3.25.0.1
Segment Information - Net Revenues and Operating Earnings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net revenues      
Total net revenues $ 17,264 $ 15,535 $ 14,258
Operating earnings      
Pretax income 4,267 3,234 3,931
Reportable segments      
Net revenues      
Total net revenues 18,522 16,705 15,570
Reportable segments | Advice & Wealth Management      
Net revenues      
Total net revenues 10,780 9,418 8,461
Operating earnings      
Pretax income 3,233 2,851 2,192
Reportable segments | Asset Management      
Net revenues      
Total net revenues 3,515 3,278 3,506
Operating earnings      
Pretax income 920 720 844
Reportable segments | Retirement & Protection Solutions      
Net revenues      
Total net revenues 3,773 3,476 3,124
Operating earnings      
Pretax income 726 685 867
Reportable segments | Corporate & Other      
Net revenues      
Total net revenues 454 533 479
Operating earnings      
Pretax income (443) (320) (306)
Intersegment eliminations      
Net revenues      
Total net revenues (1,443) (1,318) (1,316)
Intersegment eliminations | Advice & Wealth Management      
Net revenues      
Total net revenues (935) (847) (847)
Intersegment eliminations | Asset Management      
Net revenues      
Total net revenues (96) (79) (52)
Intersegment eliminations | Retirement & Protection Solutions      
Net revenues      
Total net revenues (441) (411) (420)
Intersegment eliminations | Corporate & Other      
Net revenues      
Total net revenues 29 19 3
Segment reconciling items      
Net revenues      
Total net revenues (11) (12) (10)
Segment reconciling items | Net realized investment gains (losses)      
Net revenues      
Total net revenues (21) (32) (93)
Operating earnings      
Pretax income (21) (32) (93)
Segment reconciling items | Market impact on non-traditional long-duration products      
Net revenues      
Total net revenues 3 2 (1)
Operating earnings      
Pretax income (153) (608) 483
Segment reconciling items | Mean reversion related impacts      
Net revenues      
Total net revenues 0 0 (1)
Operating earnings      
Pretax income 1 0 (1)
Segment reconciling items | Integration/restructuring charges      
Operating earnings      
Pretax income 0 (62) (50)
Total Segments after intersegment eliminations | Reportable segments      
Net revenues      
Total net revenues 17,079 15,387 14,254
Operating earnings      
Pretax income 4,436 3,936 3,597
Consolidated investment entities | Segment reconciling items      
Net revenues      
Total net revenues 203 178 99
Operating earnings      
Pretax income $ 4 $ 0 $ (5)
v3.25.0.1
Segment Information - Significant Expense Categories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Expenses:      
Interest credited to fixed accounts $ 616 $ 654 $ 665
Remeasurement (gains) losses of future policy benefit reserves (44) (20) 1
Change in fair value of market risk benefits 628 798 311
Amortization of deferred acquisition costs 242 246 252
Interest and debt expense 329 324 198
Advice & Wealth Management      
Expenses:      
Distribution expenses 5,823 4,888 4,719
Interest credited to fixed accounts 0 0 0
Benefits, claims, losses and settlement expenses 0 0 0
Remeasurement (gains) losses of future policy benefit reserves 0 0 0
Change in fair value of market risk benefits 0 0 0
Amortization of deferred acquisition costs 0 0 0
Interest and debt expense 38 27 10
General and administrative expense 1,686 1,652 1,540
Total expenses 7,547 6,567 6,269
Asset Management      
Expenses:      
Distribution expenses 989 925 995
Interest credited to fixed accounts 0 0 0
Benefits, claims, losses and settlement expenses 0 0 0
Remeasurement (gains) losses of future policy benefit reserves 0 0 0
Change in fair value of market risk benefits 0 0 0
Amortization of deferred acquisition costs 7 6 9
Interest and debt expense 7 7 5
General and administrative expense 1,592 1,620 1,653
Total expenses 2,595 2,558 2,662
Retirement & Protection Solutions      
Expenses:      
Distribution expenses 515 464 448
Interest credited to fixed accounts 367 369 386
Benefits, claims, losses and settlement expenses 927 744 469
Remeasurement (gains) losses of future policy benefit reserves (36) (19) 1
Change in fair value of market risk benefits 684 628 372
Amortization of deferred acquisition costs 227 229 233
Interest and debt expense 45 51 39
General and administrative expense 318 325 309
Total expenses 3,047 2,791 2,257
Corporate & Other      
Expenses:      
Distribution expenses (10) (10) (10)
Interest credited to fixed accounts 216 234 242
Benefits, claims, losses and settlement expenses 217 236 247
Remeasurement (gains) losses of future policy benefit reserves (8) (1) 0
Change in fair value of market risk benefits 0 0 0
Amortization of deferred acquisition costs 8 11 10
Interest and debt expense 108 97 70
General and administrative expense 366 286 226
Total expenses $ 897 $ 853 $ 785
v3.25.0.1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only) - Statement of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Net investment income $ 3,648 $ 3,206 $ 1,474
Other revenues 516 513 491
Total revenues 17,926 16,096 14,334
Banking and deposit interest expense 662 561 76
Total net revenues 17,264 15,535 14,258
Benefits and expenses      
Distribution expenses 6,024 5,078 4,935
Interest and debt expense 329 324 198
General and administrative expense 3,903 3,871 3,723
Total benefits and expenses 12,997 12,301 10,327
Income tax benefit 866 678 782
Net income 3,401 2,556 3,149
Other comprehensive income (loss), net of tax (142) 780 (1,904)
Total comprehensive income (loss) 3,259 3,336 1,245
Ameriprise Financial, Inc.      
Revenues      
Net investment income 94 77 16
Other revenues 11 5 6
Total revenues 105 82 22
Banking and deposit interest expense 35 35 8
Total net revenues 70 47 14
Benefits and expenses      
Distribution expenses 61 46 4
Interest and debt expense 144 138 104
General and administrative expense 328 306 265
Total benefits and expenses 533 490 373
Pretax loss before equity in earnings of subsidiaries (463) (443) (359)
Income tax benefit 182 142 139
Loss before equity in earnings of subsidiaries (645) (585) (498)
Equity in earnings of subsidiaries, net of tax 4,046 3,141 3,647
Net income 3,401 2,556 3,149
Other comprehensive income (loss), net of tax (142) 780 (1,904)
Total comprehensive income (loss) $ 3,259 $ 3,336 $ 1,245
v3.25.0.1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only) - Balance Sheet (Details ) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets        
Land, buildings, equipment, and software, net of accumulated depreciation of $779 and $791, respectively $ 733 $ 681    
Total assets 181,403 175,191    
Liabilities:        
Accounts payable and accrued expenses 2,704 2,603    
Total liabilities 176,175 170,462    
Equity:        
Common shares ($0.01 par value; shares authorized, 1,250,000,000; shares issued, 337,729,050 and 336,780,893, respectively) 3 3    
Additional paid-in capital 10,141 9,824    
Retained earnings 24,713 21,905    
Treasury shares, at cost (241,562,357 and 236,607,681 shares, respectively) (27,721) (25,237)    
Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investment in subsidiaries (1,908) (1,766)    
Total equity 5,228 4,729 $ 3,803 $ 4,837
Total liabilities and equity 181,403 175,191    
Ameriprise Financial, Inc.        
Assets        
Cash and cash equivalents 844 519    
Investments 921 841    
Receivables 26 49    
Land, buildings, equipment, and software, net of accumulated depreciation of $779 and $791, respectively 303 265    
Investments in Subsidiaries 6,910 6,974    
Total assets 11,225 10,963    
Liabilities:        
Accounts payable and accrued expenses 1,422 1,229    
Long-term debt 2,842 3,398    
Total liabilities 5,997 6,234    
Equity:        
Common shares ($0.01 par value; shares authorized, 1,250,000,000; shares issued, 337,729,050 and 336,780,893, respectively) 3 3    
Additional paid-in capital 10,141 9,824    
Retained earnings 24,713 21,905    
Treasury shares, at cost (241,562,357 and 236,607,681 shares, respectively) (27,721) (25,237)    
Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investment in subsidiaries (1,908) (1,766)    
Total equity 5,228 4,729    
Total liabilities and equity 11,225 10,963    
Ameriprise Financial, Inc. | Subsidiaries        
Assets        
Loans to subsidiaries 343 489    
Other assets 273 246    
Liabilities:        
Other liabilities 347 347    
Borrowings from subsidiaries 756 580    
Ameriprise Financial, Inc. | Nonrelated Party        
Assets        
Other assets 1,605 1,580    
Liabilities:        
Other liabilities $ 630 $ 680    
v3.25.0.1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only) - Balance Sheet - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accumulated depreciation $ 2,000 $ 1,900
Common shares, par value (in dollars per share) $ 0.01 $ 0.01
Common shares, shares authorized (in shares) 1,250,000,000 1,250,000,000
Common shares, shares issued (in shares) 337,729,050 336,780,893
Treasury shares (in shares) 241,562,357 236,607,681
Ameriprise Financial, Inc.    
Accumulated depreciation $ 779 $ 791
Common shares, par value (in dollars per share) $ 0.01 $ 0.01
Common shares, shares authorized (in shares) 1,250,000,000 1,250,000,000
Common shares, shares issued (in shares) 337,729,050 336,780,893
Treasury shares (in shares) 241,562,357 236,607,681
v3.25.0.1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only) - Statement of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income $ 3,401 $ 2,556 $ 3,149
Net cash provided by (used in) operating activities 6,595 4,685 4,407
Available-for-Sale securities:      
Proceeds from sales 2,340 734 1,306
Maturities, sinking fund payments and calls 15,684 9,230 7,621
Purchases (18,536) (19,694) (22,034)
Purchase of other investments (158) (116) (99)
Purchase of land, buildings, equipment and software (176) (184) (182)
Other, net (106) (180) (31)
Net cash provided by (used in) investing activities (551) (9,262) (13,583)
Cash Flows from Financing Activities      
Dividends paid to shareholders (574) (550) (534)
Repurchase of common shares (2,448) (2,127) (1,978)
Repayments of long-term debt (561) (760) (510)
Other, net 0 1 2
Net cash provided by (used in) financing activities (5,165) 4,411 8,430
Net increase (decrease) in cash and cash equivalents, including amounts restricted 869 (135) (814)
Cash and cash equivalents, including amounts restricted at beginning of period 8,620 8,755 9,569
Cash and cash equivalents, including amounts restricted at end of period 9,489 8,620 8,755
Supplemental Disclosures:      
Income taxes paid, net 496 1,036 500
Ameriprise Financial, Inc.      
Cash Flows from Operating Activities      
Net income 3,401 2,556 3,149
Equity in earnings of subsidiaries (4,046) (3,141) (3,647)
Dividends received from subsidiaries 3,731 3,025 2,512
Other operating activities, primarily with subsidiaries 422 453 226
Net cash provided by (used in) operating activities 3,508 2,893 2,240
Available-for-Sale securities:      
Proceeds from sales 0 4 0
Maturities, sinking fund payments and calls 55 43 153
Purchases (128) (38) (124)
Proceeds from sale of other investments 0 0 7
Purchase of other investments 0 (10) (1)
Purchase of land, buildings, equipment and software (59) (87) (70)
Contributions to subsidiaries (145) (324) (743)
Return of capital from subsidiaries 351 0 207
Repayment of loans from subsidiaries 3,406 1,992 1,960
Issuance of loans to subsidiaries (3,260) (2,232) (1,726)
Other, net (1) 2 0
Net cash provided by (used in) investing activities 219 (650) (337)
Cash Flows from Financing Activities      
Dividends paid to shareholders (574) (550) (534)
Repurchase of common shares (2,448) (2,127) (1,978)
Issuance of long-term debt, net of issuance costs 0 1,335 495
Repayments of long-term debt (561) (760) (510)
Borrowings from subsidiaries 726 1,003 1,210
Repayments of borrowings from subsidiaries (586) (951) (1,034)
Other, net 41 (35) (18)
Net cash provided by (used in) financing activities (3,402) (2,085) (2,369)
Net increase (decrease) in cash and cash equivalents, including amounts restricted 325 158 (466)
Cash and cash equivalents, including amounts restricted at beginning of period 519 361 827
Cash and cash equivalents, including amounts restricted at end of period 844 519 361
Supplemental Disclosures:      
Interest paid on debt 148 129 98
Income taxes paid, net 179 233 91
Non-cash dividends from subsidiaries $ 0 $ 77 $ 0
v3.25.0.1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only) - Notes - Investments (Details) - Ameriprise Financial, Inc. - Subsidiaries - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Sep. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 23, 2020
RVSL Unsecured surplus note due December 31, 2050            
Related party transactions            
Investment in note           $ 500
Investment interest rate           3.50%
RVSL Unsecured surplus note due December 31, 2050 | Net investment income            
Related party transactions            
Interest income     $ 18 $ 18 $ 18  
RVSL Unsecured surplus note due December 31, 2050 | Investments            
Related party transactions            
Investment in note     500 500    
Residual Tranche of Ameriprise Installment Financing asset backed security structure | Net investment income            
Related party transactions            
Interest income     2      
Residual Tranche of Ameriprise Installment Financing asset backed security structure | Investments            
Related party transactions            
Investment in security of subsidiary     60      
Residual Tranche of Ameriprise Advisor Financing asset backed security structure            
Related party transactions            
Net realized gains (losses)   $ (23)        
Investment $ 69 $ 30        
Residual Tranche of Ameriprise Advisor Financing asset backed security structure | Net investment income            
Related party transactions            
Interest income     7 7 $ 7  
Residual Tranche of Ameriprise Advisor Financing asset backed security structure | Investments            
Related party transactions            
Investment in security of subsidiary     $ 56 $ 30    
v3.25.0.1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only) - Notes - Debt and Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt    
Short-term borrowings $ 201,000 $ 201,000
Finance lease liabilities 9,000 20,000
Ameriprise Financial, Inc. | Subsidiaries | Subsidiary intercompany lending arrangements    
Borrowings from Subsidiaries    
Borrowings from subsidiaries 415,000 375,000
Ameriprise Financial, Inc. | Subsidiaries | Revolving credit borrowing agreements with subsidiaries    
Borrowings from Subsidiaries    
Borrowings from subsidiaries 340,000 205,000
Current borrowing capacity under line of credit 1,300,000 1,300,000
Subsidiaries    
Debt    
Short-term borrowings 201,000 201,000
Finance lease liabilities $ 0 $ 1,000
v3.25.0.1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only) - Notes - Guarantees, Commitments and Contingencies (Details) - Ameriprise Financial, Inc. - Subsidiaries - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revolving credit lending agreements with subsidiaries    
Guarantees, Commitments and Contingencies    
Revolving credit agreement lending commitment $ 363 $ 363
Loan to subsidiary 99 $ 246
Ameriprise Certificate Company Capital Support Agreement    
Guarantees, Commitments and Contingencies    
Maximum commitment under Capital Support Agreement 50  
AFS Financial Industry Regulatory Authority approved subordinated loan agreement    
Guarantees, Commitments and Contingencies    
Face amount of borrowing arrangement 200  
AEIS FINRA approved subordinated loan agreement    
Guarantees, Commitments and Contingencies    
Loan to subsidiary $ 60  
Loan to subsidiary term 5 years  
Loan to subsidiary, renewal option term 1 year  
v3.25.0.1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Parent Company Only) - Notes - Subsequent Event (Details) - Ameriprise Financial, Inc. - USD ($)
$ in Millions
 12 Months Ended
Jan. 27, 2025
Jan. 06, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Subsequent event          
Cash Contributions Paid from Parent Company to Consolidated Subsidiaries     $ (145) $ (324) $ (743)
Subsequent event          
Subsequent event          
Cash Contributions Paid from Parent Company to Consolidated Subsidiaries $ (30) $ (30)