AMERIPRISE FINANCIAL INC, 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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 $0.01 per share)  
Trading Symbol AMP  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   89,897,084
Entity Central Index Key 0000820027  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Net investment income $ 872 $ 868
Premiums, policy and contract charges 341 360
Other revenues 166 129
Total revenues 4,886 4,481
Banking and deposit interest expense 74 127
Total net revenues 4,812 4,354
Benefits and expenses    
Distribution expenses 1,773 1,612
Interest credited to fixed accounts 142 130
Benefits, claims, losses and settlement expenses 317 381
Remeasurement (gains) losses of future policy benefit reserves (1) (10)
Change in fair value of market risk benefits 378 497
Amortization of deferred acquisition costs 61 61
Interest and debt expense 80 80
General and administrative expense 918 916
Total benefits and expenses 3,668 3,667
Pretax income 1,144 687
Income tax provision 229 104
Net income $ 915 $ 583
Earnings per share    
Basic (in dollars per share) $ 9.81 $ 5.92
Diluted (in dollars per share) $ 9.68 $ 5.83
Management and financial advice fees    
Revenues    
Revenue from contracts with customers $ 2,944 $ 2,602
Distribution fees    
Revenues    
Revenue from contracts with customers $ 563 $ 522
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 915 $ 583
Other comprehensive income (loss), net of tax:    
Net unrealized gains (losses) on securities (382) 374
Net unrealized gains (losses) on derivatives 0 (8)
Effect of changes in discount rate assumptions on certain long-duration contracts 65 (30)
Effect of changes in instrument-specific credit risk on market risk benefits 30 1
Foreign currency translation adjustment (26) 52
Total other comprehensive income (loss), net of tax (313) 389
Total comprehensive income (loss) $ 602 $ 972
v3.26.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets    
Market risk benefits $ 1,934 $ 2,274
Separate account assets 76,466 80,044
Deferred acquisition costs 2,612 2,625
Restricted and segregated cash and cash equivalents 924 1,055
Total assets 184,448 190,904
Liabilities:    
Policyholder account balances, future policy benefits and claims 46,401 46,498
Market risk benefits 1,359 1,182
Separate account liabilities 76,466 80,044
Customer deposits 33,278 33,750
Short-term borrowings 200 200
Accounts payable and accrued expenses 2,513 2,982
Total liabilities 178,236 184,355
Equity:    
Common shares ($0.01 par value; shares authorized, 1,250,000,000; shares issued, 338,240,364 and 338,058,287, respectively) 3 3
Additional paid-in capital 10,437 10,377
Retained earnings 28,425 27,662
Treasury shares, at cost (248,160,045 and 246,794,407 shares, respectively) (31,448) (30,601)
Accumulated other comprehensive income (loss), net of tax (1,205) (892)
Total equity 6,212 6,549
Total liabilities and equity 184,448 190,904
Ameriprise Financial    
Assets    
Cash and cash equivalents 8,341 9,953
Investments 58,969 58,406
Receivables 15,144 14,920
Other assets 17,393 18,829
Liabilities:    
Short-term borrowings 200 200
Long-term debt 3,079 3,077
Other liabilities 12,319 13,878
Consolidated investment entities    
Assets    
Cash and cash equivalents 128 150
Investments 2,507 2,618
Receivables 30 30
Liabilities:    
Long-term debt 2,535 2,585
Other liabilities $ 86 $ 159
v3.26.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Equity:    
Common shares, par value (in dollars per share) $ 0.01 $ 0.01
Common shares, authorized (in shares) 1,250,000,000 1,250,000,000
Common shares, issued (in shares) 338,240,364 338,058,287
Treasury shares (in shares) 248,160,045 246,794,407
Ameriprise Financial    
Assets    
Investments, allowance for credit losses $ 22 $ 26
Receivables, allowance for credit losses $ 72 $ 71
v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - 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, 2024   96,166,693        
Beginning balance at Dec. 31, 2024 $ 5,228 $ 3 $ 10,141 $ 24,713 $ (27,721) $ (1,908)
Increase (decrease) in stockholders' equity            
Net income 583     583    
Other comprehensive income (loss), net of tax 389         389
Dividends to shareholders (148)     (148)    
Repurchase of common shares (in shares)   (1,404,594)        
Repurchase of common shares (744)       (744)  
Share-based compensation plans (in shares)   775,088        
Share-based compensation plans 118   47   71  
Ending balance (in shares) at Mar. 31, 2025   95,537,187        
Ending balance at Mar. 31, 2025 5,426 $ 3 10,188 25,148 (28,394) (1,519)
Beginning balance (in shares) at Dec. 31, 2025   91,263,880        
Beginning balance at Dec. 31, 2025 6,549 $ 3 10,377 27,662 (30,601) (892)
Increase (decrease) in stockholders' equity            
Net income 915     915    
Other comprehensive income (loss), net of tax (313)         (313)
Dividends to shareholders (152)     (152)    
Repurchase of common shares (in shares)   (1,836,001)        
Repurchase of common shares (886)       (886)  
Share-based compensation plans (in shares)   652,440        
Share-based compensation plans 99   60   39  
Ending balance (in shares) at Mar. 31, 2026   90,080,319        
Ending balance at Mar. 31, 2026 $ 6,212 $ 3 $ 10,437 $ 28,425 $ (31,448) $ (1,205)
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net income $ 915 $ 583
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, amortization and accretion, net (9) (27)
Deferred income tax expense (benefit) (19) (95)
Share-based compensation 39 49
Net realized investment (gains) losses 0 (5)
Net trading (gains) losses (1) (1)
Loss from equity method investments 6 13
Impairments and provision for loan and credit losses (1) (5)
Net (gains) losses of consolidated investment entities 9 12
Changes in operating assets and liabilities:    
Restricted and segregated investments 0 158
Deferred acquisition costs 13 16
Policyholder account balances, future policy benefits and claims, and market risk benefits, net 728 940
Derivatives, net of collateral (1,040) 270
Receivables (269) (220)
Brokerage deposits 14 (25)
Accounts payable and accrued expenses (467) (452)
Current income tax, net 240 180
Other operating assets and liabilities of consolidated investment entities, net (7) 2
Other, net 308 293
Net cash provided by (used in) operating activities 459 1,686
Available-for-Sale securities:    
Proceeds from sales 602 1,075
Maturities, sinking fund payments and calls 2,919 4,221
Purchases (4,070) (6,834)
Proceeds from sales, maturities and repayments of mortgage loans 111 37
Funding of mortgage loans (207) (107)
Proceeds from sales, maturities and collections of other investments 13 22
Purchase of other investments (3) (26)
Purchase of investments by consolidated investment entities (259) (354)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities 245 167
Purchase of land, buildings, equipment and software (29) (36)
Cash paid for written options with deferred premiums (73) 0
Cash received from written options with deferred premiums 18 0
Cash paid for deposit receivables (7) (8)
Cash received for deposit receivables 97 112
Other, net (26) (10)
Net cash provided by (used in) investing activities (669) (1,741)
Investment certificates:    
Proceeds from additions 586 961
Maturities, withdrawals and cash surrenders (1,173) (1,471)
Policyholder account balances:    
Deposits and other additions 266 254
Net transfers from (to) separate accounts (39) (36)
Surrenders and other benefits (327) (395)
Change in banking deposits, net 109 363
Cash paid for purchased options with deferred premiums (55) (3)
Cash received for purchased options with deferred premiums 110 0
Issuance of long-term debt, net of issuance costs 0 740
Repayments of long-term debt 0 (3)
Dividends paid to shareholders (148) (144)
Repurchase of common shares (874) (730)
Borrowings of consolidated investment entities 0 304
Repayments of debt by consolidated investment entities (1) (328)
Net cash provided by (used in) financing activities (1,546) (488)
Effect of exchange rate changes on cash (9) 13
Net increase (decrease) in cash and cash equivalents, including amounts restricted (1,765) (530)
Cash and cash equivalents, including amounts restricted, at beginning of period 11,158 9,489
Cash and cash equivalents, including amounts restricted, at end of period 9,393 8,959
Supplemental Disclosures:    
Leased assets obtained in exchange for operating lease liabilities 11 22
Ameriprise Financial    
Supplemental Disclosures:    
Interest paid excluding consolidated investment entities 87 131
Consolidated investment entities    
Supplemental Disclosures:    
Interest paid by consolidated investment entities $ 48 $ 39
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Reconciliation of cash and cash equivalents, including amounts restricted:    
Restricted and segregated cash and cash equivalents $ 924 $ 1,055
Total cash and cash equivalents, including amounts restricted per consolidated statements of cash flows 9,393 11,158
Ameriprise Financial    
Reconciliation of cash and cash equivalents, including amounts restricted:    
Cash and cash equivalents 8,341 9,953
Consolidated investment entities    
Reconciliation of cash and cash equivalents, including amounts restricted:    
Cash and cash equivalents $ 128 $ 150
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
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 interim financial information in this report has not been audited. In the opinion of management, all adjustments necessary for a fair statement of the consolidated results of operations and financial position for the interim periods have been made. All adjustments made were of a normal recurring nature.
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. Results of operations reported for interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes in the Company’s Annual Report on Form 10-K and 10-K/A for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 19, 2026 and March 12, 2026, respectively, (“2025 10-K”).
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.
v3.26.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Future Adoption of New Accounting Standards
Expenses – Disaggregation of Income Statement Expenses
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing changes to 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.
Intangibles – Internal-Use Software
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to clarify and modernize the accounting treatment for internal-use software costs by eliminating the use of the sequential software development project stages method and provide further guidance on when an entity is required to start capitalizing eligible costs. Under the new guidance, capitalization begins when both of the following occur: (a) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed, and the software will be used to perform the function intended. The Company can elect prospective, retrospective, or modified retrospective adoption. The standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those years. The Company is evaluating the impact of the standard on its consolidated results of operations and financial condition.
Financial Instruments – Credit Losses: Purchased Loans
In November 2025, the FASB issued ASU 2025‑08, Purchased Loans, which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up method). The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition.
Derivatives and Hedging – Hedge Accounting Improvements
In November 2025, the FASB issued ASU 2025‑09, Hedge Accounting Improvements, to make targeted changes within the hedge accounting model. The updates primarily relate to cash flow hedges and certain fair value and net investment hedges. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition.
Interim Reporting – Narrow-Scope Improvements
In December 2025, the FASB issued ASU 2025‑11, Narrow-Scope Improvements, which enhances the navigability of the required interim disclosures and clarifies when that guidance applies. The ASU addresses the form and content of interim financial statements and notes prepared in accordance with GAAP, adds lists of the interim disclosures required by all other codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. 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.
v3.26.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2026
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:

Three Months Ended March 31, 2026
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating
Revenue		Total
(in millions)
Management and financial advice fees:
Asset management fees:
Retail$— $563 $— $— $563 $— $563 
Institutional— 145 — — 145 — 145 
Model delivery— 27 — — 27 — 27 
Advisory fees1,797 — — — 1,797 — 1,797 
Financial planning fees115 — — — 115 — 115 
Transaction and other fees99 53 15 — 167 — 167 
Total management and financial advice fees2,011 788 15 — 2,814 — 2,814 
Distribution fees:
Mutual funds237 61 — — 298 — 298 
Insurance and annuity260 39 83 — 382 — 382 
Off-balance sheet brokerage cash26 — — — 26 — 26 
Other products141 — — — 141 — 141 
Total distribution fees664 100 83 — 847 — 847 
Other revenues78 5 — — 83 — 83 
Total revenue from contracts with customers2,753 893 98 — 3,744 — 3,744 
Revenue from other sources (1)
496 17 854 107 1,474 42 1,516 
Total segment gross revenues3,249 910 952 107 5,218 42 5,260 
Banking and deposit interest expense(74)— — (4)(78)— (78)
Total segment net revenues3,175 910 952 103 5,140 42 5,182 
Elimination of intersegment revenues(239)(23)(108)4 (366)(4)(370)
Total net revenues$2,936 $887 $844 $107 $4,774 $38 $4,812 
Three Months Ended March 31, 2025
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating
Revenue		Total
(in millions)
Management and financial advice fees:
Asset management fees:
Retail$— $530 $— $— $530 $— $530 
Institutional— 134 — — 134 — 134 
Model delivery
— 22 — — 22 — 22 
Advisory fees1,515 — — — 1,515 — 1,515 
Financial planning fees110 — — — 110 — 110 
Transaction and other fees94 50 15 — 159 — 159 
Total management and financial advice fees1,719 736 15 — 2,470 — 2,470 
Distribution fees:
Mutual funds214 55 — — 269 — 269 
Insurance and annuity243 39 82 — 364 — 364 
Off-balance sheet brokerage cash
36 — — — 36 — 36 
Other products120 — — — 120 — 120 
Total distribution fees613 94 82 — 789 — 789 
Other revenues69 5 — — 74 — 74 
Total revenue from contracts with customers2,401 835 97 — 3,333 — 3,333 
Revenue from other sources (1)
508 11 829 112 1,460 49 1,509 
Total segment gross revenues2,909 846 926 112 4,793 49 4,842 
Banking and deposit interest expense(127)— — (8)(135)— (135)
Total segment net revenues2,782 846 926 104 4,658 49 4,707 
Elimination of intersegment revenues(222)(26)(109)8 (349)(4)(353)
Total net revenues$2,560 $820 $817 $112 $4,309 $45 $4,354 
(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.
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, was $187 million as of both March 31, 2026 and December 31, 2025.
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 $149 million and $150 million as of March 31, 2026 and December 31, 2025, 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. Contract liabilities for custodial service fees, which are included in Other liabilities, were $35 million and nil as of March 31, 2026 and December 31, 2025, respectively.
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 $483 million and $590 million as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2026
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 $7 million and $6 million as of March 31, 2026 and December 31, 2025, respectively.
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 5 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 $93 million and $105 million as of March 31, 2026 and December 31, 2025, respectively. The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both March 31, 2026 and December 31, 2025. The Company has not provided any additional support to the VIEs beyond the funding commitments.
Property Funds, Non-U.S. Series Funds, Hedge Funds and other Private Funds
The Company provides investment advice and other related services to property funds, non-U.S. series funds, hedge funds and other private funds, some of which are considered VIEs. For investment management services, the Company generally earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangements are at market and commensurate with the level of effort required to provide those services. The Company does not have a significant economic interest and is not required to consolidate any of these funds.
Affordable Housing Partnerships and Other Real Estate Partnerships
The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships. A majority of the limited partnerships are VIEs.
Fair Value of Assets and Liabilities
The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 12 for the definition of the three levels of the fair value hierarchy.
The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
 March 31, 2026
Level 1Level 2Level 3Total
(in millions)
Assets
Investments:
Corporate debt securities$— $71 $— $71 
Syndicated loans— 2,282 154 2,436 
Total investments— 2,353 154 2,507 
Receivables— 30 — 30 
Total assets at fair value$— $2,383 $154 $2,537 
Liabilities
Debt (1)
$— $2,535 $— $2,535 
Other liabilities— 86 — 86 
Total liabilities at fair value$— $2,621 $— $2,621 
 December 31, 2025
Level 1Level 2Level 3Total
(in millions)
Assets
Investments:
Corporate debt securities$— $71 $— $71 
Syndicated loans— 2,458 89 2,547 
Total investments— 2,529 89 2,618 
Receivables— 30 — 30 
Total assets at fair value$— $2,559 $89 $2,648 
Liabilities
Debt (1)
$— $2,585 $— $2,585 
Other liabilities— 159 — 159 
Total liabilities at fair value$— $2,744 $— $2,744 
(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 $2.5 billion and $2.6 billion as of March 31, 2026 and December 31, 2025, 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:
Syndicated Loans
(in millions)
Balance at January 1, 2026
$89 
Total gains (losses) included in:
Net income(4)(1)
Purchases
23 
Sales
(11)
Settlements
(5)
Transfers into Level 3
102 
Transfers out of Level 3
(40)
Balance at March 31, 2026
$154 
Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2026
$(4)(1)
 Common StocksSyndicated Loans
(in millions)
Balance at January 1, 2025
$1 $118 
Total gains (losses) included in:
Net income— (2)(1)
Purchases
— 16 
Settlements
— (1)
Transfers into Level 3
— 67 
Transfers out of Level 3
(1)(68)
Balance at March 31, 2025
$— $130 
Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2025
$— $(1)(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 March 31, 2026 and December 31, 2025 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 12 for a description of the Company’s determination of the fair value of corporate debt securities.
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:
 March 31, 2026December 31, 2025
(in millions)
Syndicated Loans
Unpaid principal balance$2,575 $2,632 
Excess unpaid principal over fair value(139)(85)
Fair value$2,436 $2,547 
Fair value of loans more than 90 days past due$2 $1 
Fair value of loans in nonaccrual status$4 $1 
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both$36 $14 
Debt
Unpaid principal balance$2,818 $2,819 
Excess unpaid principal over fair value(283)(234)
Carrying value (1)
$2,535 $2,585 
(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 $2.5 billion and $2.6 billion as of March 31, 2026 and December 31, 2025, respectively.
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 three months ended March 31, 2026 and 2025.
Debt of the consolidated investment entities and the stated interest rates were as follows:
 Carrying ValueWeighted Average Interest Rate
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
(in millions) 
Debt of consolidated CLOs due 2030 - 2038
$2,535 $2,585 4.9 %5.1 %
The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 13.1%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Investments Investments
The following is a summary of Ameriprise Financial investments:
March 31, 2026December 31, 2025
(in millions)
Available-for-Sale securities, at fair value
$54,036 $53,591 
Mortgage loans (allowance for credit losses: 2026, $14; 2025, $14)
2,919 2,824 
Policy loans1,067 1,056 
Other investments (allowance for credit losses: 2026, $7; 2025, $7)
947 935 
Total$58,969 $58,406 
Other investments primarily reflect the Company’s interests in affordable housing partnerships, trading securities, equity securities, seed money investments in proprietary funds, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days.
The following is a summary of Net investment income:
Three Months Ended March 31,
2026
2025
(in millions)
Available-for-Sale securities (1)
$637 $642 
Net realized gains (losses)3 5 
Consolidated investment entities35 37 
Other investments and receivables (1)
197 184 
Total$872 $868 
(1) Prior period amounts associated with investment income from Available-for-Sale securities have been disaggregated (as the largest component of fixed maturities) to conform with current period presentation with remaining amounts included in Other investments and receivables.
Available-for-Sale securities distributed by type were as follows:
March 31, 2026
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$16,694 $274 $(610)$— $16,358 
Residential mortgage backed securities28,848 141 (746)— 28,243 
Commercial mortgage backed securities3,722 8 (109)— 3,621 
Asset backed securities3,558 10 (20)— 3,548 
State and municipal obligations648 32 (16)(1)663 
U.S. government and agency obligations1,602 — — — 1,602 
Foreign government bonds and obligations1 — — — 1 
Total$55,073 $465 $(1,501)$(1)$54,036 
Description of SecuritiesDecember 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
(in millions)
Corporate debt securities$15,911 $395 $(464)$— $15,842 
Residential mortgage backed securities28,578 261 (666)— 28,173 
Commercial mortgage backed securities3,778 16 (103)(4)3,687 
Asset backed securities3,755 19 (21)— 3,753 
State and municipal obligations657 36 (15)(1)677 
U.S. government and agency obligations1,457 1 — — 1,458 
Foreign government bonds and obligations1 — — — 1 
Total$54,137 $728 $(1,269)$(5)$53,591 
As of March 31, 2026 and December 31, 2025, accrued interest of $359 million and $332 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.
As of both March 31, 2026 and December 31, 2025, fixed maturity securities comprised approximately 92% of Ameriprise Financial investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of March 31, 2026 and December 31, 2025, the Company’s internal analysts rated $726 million and $662 million, respectively, of securities using criteria similar to those used by NRSROs.
A summary of fixed maturity securities by rating was as follows:
Ratings
March 31, 2026December 31, 2025
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$18,868 $18,523 34 %$19,744 $19,489 36 %
AA19,708 19,375 36 18,446 18,259 34 
A5,006 4,956 9 4,445 4,468 8 
BBB11,100 10,828 20 11,169 11,067 21 
Below investment grade
391 354 1 333 308 1 
Total fixed maturities$55,073 $54,036 100 %$54,137 $53,591 100 %
As of both March 31, 2026 and December 31, 2025, approximately 86% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. No holdings of any issuer were greater than 10% of the Company’s total equity as of both March 31, 2026 and December 31, 2025.
The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:
Description of SecuritiesMarch 31, 2026
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized Losses Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
 (in millions, except number of securities)
Corporate debt securities248 $4,320 $(107)304 $5,043 $(503)552 $9,363 $(610)
Residential mortgage backed securities230 7,754 (75)581 6,895 (671)811 14,649 (746)
Commercial mortgage backed securities23 592 (7)155 2,039 (102)178 2,631 (109)
Asset backed securities32 1,049 (2)27 227 (18)59 1,276 (20)
State and municipal obligations15 80 (2)40 136 (14)55 216 (16)
U.S. government and agency obligations19 969 — — — — 19 969 — 
Total567 $14,764 $(193)1,107 $14,340 $(1,308)1,674 $29,104 $(1,501)
Description of SecuritiesDecember 31, 2025
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
(in millions, except number of securities)
Corporate debt securities108 $1,560 $(48)314 $5,175 $(416)422 $6,735 $(464)
Residential mortgage backed securities64 1,892 (3)636 8,033 (663)700 9,925 (666)
Commercial mortgage backed securities10 167 — 165 2,334 (103)175 2,501 (103)
Asset backed securities4 56 — 30 255 (21)34 311 (21)
State and municipal obligations14 90 (2)39 127 (13)53 217 (15)
U.S. government and agency obligations3 60 — — — — 3 60 — 
Total203 $3,825 $(53)1,184 $15,924 $(1,216)1,387 $19,749 $(1,269)
As part of the Company’s ongoing monitoring process, management determined that the increase in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the three months ended March 31, 2026 is primarily attributable to the impact of higher interest rates. As of March 31, 2026, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of March 31, 2026 and December 31, 2025, approximately 97% and 96%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.
The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:
Commercial Mortgage Backed SecuritiesState and Municipal ObligationsTotal
(in millions)
Balance at January 1, 2026
$4 $1 $5 
Reductions for securities sold during the period (realized)(4)— (4)
Balance at March 31, 2026
$— $1 $1 
Balance at January 1, 2025
$4 $1 $5 
Additional increases (decreases) on securities that had an allowance recorded in a previous period— — — 
Balance at March 31, 2025
$4 $1 $5 
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:
 
Three Months Ended March 31,
2026
2025
(in millions)
Gross realized investment gains$11 $10 
Gross realized investment losses(12)(5)
Credit reversals (losses)4 — 
Total$3 $5 
See Note 15 for a rollforward of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) (“AOCI”).
Available-for-Sale securities by contractual maturity as of March 31, 2026 were as follows:
Amortized CostFair Value
(in millions)
Due within one year$1,964$1,964
Due after one year through five years4,0673,911
Due after five years through 10 years6,0656,060
Due after 10 years6,8496,689
 18,94518,624
Residential mortgage backed securities28,84828,243
Commercial mortgage backed securities3,7223,621
Asset backed securities3,5583,548
Total$55,073$54,036
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.
v3.26.1
Financing Receivables
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Financing Receivables Financing Receivables
Financing receivables are comprised of commercial loans, consumer loans and deposit receivables.
Allowance for Credit Losses
The following tables present a rollforward of the allowance for credit losses:
 Commercial LoansConsumer LoansTotal
(in millions)
Balance at January 1, 2026
$41 $11 $52 
Provisions3 — 3 
Charge-offs(1)— (1)
Balance at March 31, 2026
$43 $11 $54 
Balance at January 1, 2025
$45 $9 $54 
Provisions(9)2 (7)
Charge-offs— (1)(1)
Balance at March 31, 2025
$36 $10 $46 
As of March 31, 2026 and December 31, 2025, accrued interest on commercial loans was $20 million and $22 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.
Purchases and Sales
During the three months ended March 31, 2026 and 2025, the Company purchased $3 million and $4 million, respectively, of syndicated loans, and sold $6 million and $3 million, respectively, of syndicated loans.
During the three months ended March 31, 2026 and 2025, the Company purchased $159 million and $40 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 $13 million as of both March 31, 2026 and December 31, 2025.
Commercial Loans
Commercial Mortgage Loans
The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.
Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both March 31, 2026 and December 31, 2025. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both March 31, 2026 and December 31, 2025.
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
March 31, 2026
Loan-to-Value Ratio20262025202420232022PriorTotal
(in millions)
> 100%$— $— $— $— $— $18 $18 
80% - 100%3 — 3 — — 69 75 
60% - 80%23 75 68 15 11 72 264 
40% - 60%20 133 90 44 27 380 694 
< 40%— 48 15 11 64 839 977 
Total$46 $256 $176 $70 $102 $1,378 $2,028 
December 31, 2025
Loan-to-Value Ratio20252024202320222021PriorTotal
(in millions)
> 100%$— $— $— $— $— $15 $15 
80% - 100%— — — — — 56 56 
60% - 80%83 82 18 12 — 103 298 
40% - 60%129 87 42 26 62 339 685 
< 40%45 15 11 65 108 741 985 
Total$257 $184 $71 $103 $170 $1,254 $2,039 
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.
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
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
(in millions)  
East North Central$192 $185 9 %9 %
East South Central55 51 3 3 
Middle Atlantic126 126 6 6 
Mountain164 168 8 8 
New England34 35 2 2 
Pacific684 696 34 34 
South Atlantic547 552 27 27 
West North Central112 110 5 5 
West South Central114 116 6 6 
Total
$2,028 $2,039 100 %100 %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
 LoansPercentage
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
(in millions)  
Apartments$609 $600 30 %29 %
Hotel40 40 2 2 
Industrial402 404 20 20 
Mixed use82 83 4 4 
Office186 190 9 9 
Retail515 528 25 26 
Other194 194 10 10 
Total
$2,028 $2,039 100 %100 %
Syndicated Loans
The investment in syndicated loans as of March 31, 2026 and December 31, 2025 was $75 million and $79 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both March 31, 2026 and December 31, 2025. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality.
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
March 31, 2026
Internal Risk Rating20262025202420232022PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — — — — 1 1 
Risk 33 6 1 1 — 3 14 
Risk 26 13 9 3 — 3 34 
Risk 11 9 13 3 — — 26 
Total$10 $28 $23 $7 $— $7 $75 
December 31, 2025
Internal Risk Rating20252024202320222021PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — — — — 1 1 
Risk 37 1 1 — — — 9 
Risk 211 15 3 — 3 3 35 
Risk 114 15 5 — — — 34 
Total$32 $31 $9 $— $3 $4 $79 
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 $8 million and $7 million as of March 31, 2026 and December 31, 2025, respectively.
The tables below present the amortized cost basis of advisor loans by origination year and termination status:
March 31, 2026
Termination Status20262025202420232022PriorTotal
(in millions)
Active$199 $623 $299 $267 $203 $197 $1,788 
Terminated— 2 1 — 1 10 14 
Total$199 $625 $300 $267 $204 $207 $1,802 
December 31, 2025
Termination Status20252024202320222021PriorTotal
(in millions)
Active$637 $309 $280 $215 $79 $142 $1,662 
Terminated— 1 — 1 1 8 11 
Total$637 $310 $280 $216 $80 $150 $1,673 
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 $8 million as of March 31, 2026 and December 31, 2025, respectively.
The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:
FICO Score
March 31, 2026
2026
2025202420232022
Prior
Total
(in millions)
> 810
$3 $22 $4 $4 $2 $2 $37 
780 - 809
40 184 71 48 22 12 377 
740 - 779
40 147 52 58 22 12 331 
720 - 739
10 32 16 13 3 4 78 
700 - 719
7 17 7 7 5 4 47 
< 699
1 15 7 6 3 3 35 
Total$101 $417 $157 $136 $57 $37 $905 
FICO Score
December 31, 2025
2025
2024202320222021
Prior
Total
(in millions)
> 810
$23 $8 $7 $2 $2 $1 $43 
780 - 809
177 76 50 22 7 5 337 
740 - 779
128 56 62 22 7 4 279 
720 - 739
29 17 13 4 4 — 67 
700 - 719
16 8 8 5 3 1 41 
< 699
14 6 6 3 3 — 32 
Total$387 $171 $146 $58 $26 $11 $799 
The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:
Loans
Percentage
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
(in millions)
Minnesota
$438 $420 48 %53 %
Other U.S. States
467 379 52 47 
Total$905 $799 100 %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 March 31, 2026 and December 31, 2025.
The table below presents the amortized cost basis of credit card receivables by FICO score:
FICO Score
March 31, 2026
December 31, 2025
(in millions)
> 800$36 $39 
750 - 79929 31 
700 - 74927 27 
650 - 69916 16 
< 6509 9 
Total$117 $122 
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 $1.3 billion as of both March 31, 2026 and December 31, 2025. The Company monitors collateral, which had a fair value of $1.7 billion as of both March 31, 2026 and December 31, 2025, supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As of both March 31, 2026 and December 31, 2025, there was
no allowance for credit losses on margin loans. Terms of the margin arrangements allow for the Company to pledge the collateral to others, of which $470 million and $478 million had been pledged at the Options Clearing Corporation as of March 31, 2026 and December 31, 2025, respectively.
Pledged Asset Lines of Credit
The pledged asset lines of credit balance was $1.1 billion and $1.0 billion as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, there was no allowance for credit losses on pledged asset lines of credit.
Deposit Receivables
Deposit receivables were $5.3 billion and $5.4 billion as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025.
v3.26.1
Deferred Acquisition Costs and Deferred Sales Inducement Costs
 3 Months Ended
Mar. 31, 2026
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 deferred acquisition costs (“DAC”):
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance
(in millions)
Balance at January 1, 2026
$1,313 $325 $23 $3 $96 $570 
Capitalization of acquisition costs6 23 — — — 15 
Amortization(27)(11)(1)— (2)(12)
Balance at March 31, 2026
$1,292 $337 $22 $3 $94 $573 
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, 2026
$197 $1 $13 $17 $65 $2,623 
Capitalization of acquisition costs1 — — — 1 46 
Amortization(4)— — — (2)(59)
Balance at March 31, 2026
$194 $1 $13 $17 $64 2,610 
Other broker dealer acquisition costs2 
Balance at March 31, 2026 including broker dealer acquisition costs
$2,612 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance
(in millions)
Balance at January 1, 2025
$1,402 $276 $28 $4 $103 $553 
Capitalization of acquisition costs23 88 — — — 62 
Amortization(112)(39)(5)(1)(7)(45)
Balance at December 31, 2025
$1,313 $325 $23 $3 $96 $570 
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, 2025
$210 $2 $10 $17 $70 $2,675 
Capitalization of acquisition costs2 — 3 2 3 183 
Amortization(15)(1)— (2)(8)(235)
Balance at December 31, 2025
$197 $1 $13 $17 $65 2,623 
Other broker dealer acquisition costs2 
Balance at December 31, 2025 including broker dealer acquisition costs
$2,625 
The following tables summarize the balances of and changes in deferred sales inducement costs (“DSIC”):
Variable AnnuitiesFixed AnnuitiesTotal,
All Products
(in millions)
Balance at January 1, 2026
$110 $8 $118 
Amortization(3)— (3)
Balance at March 31, 2026
$107 $8 $115 
Variable AnnuitiesFixed AnnuitiesTotal,
All Products
(in millions)
Balance at January 1, 2025
$122 $10 $132 
Amortization(12)(2)(14)
Balance at December 31, 2025
$110 $8 $118 
v3.26.1
Policyholder Account Balances, Future Policy Benefits and Claims
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026December 31, 2025
(in millions)
Policyholder account balances
Policyholder account balances$36,988 $37,005 
Future policy benefits
Reserve for future policy benefits7,426 7,601 
Deferred profit liability135 130 
Additional liabilities for insurance guarantees1,510 1,500 
Other insurance and annuity liabilities124 78 
Total future policy benefits9,195 9,309 
Policy claims and other policyholders’ funds218 184 
Total policyholder account balances, future policy benefits and claims$46,401 $46,498 
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 guaranteed minimum death benefit (“GMDB”). The Company previously offered contracts with guaranteed minimum accumulation benefit (“GMAB”), guaranteed minimum withdrawal benefit (“GMWB”), and guaranteed minimum income benefit (“GMIB”) provisions. See Note 10 for additional information regarding the Company’s variable annuity guarantees. See Note 12 and Note 14 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, subject to either a cap or floor. 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 14 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.
Insurance Liabilities
Universal life (“UL”) policies accumulate cash value that increases by a fixed interest rate. Purchasers of variable universal life (“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.
Indexed universal life (“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 14 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 disability income (“DI”) insurance products. The Company no longer offers standalone long term care (“LTC”) insurance 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, 2026
$3,320 $21,504 $4,918 $289 $435 
Contract deposits13 902 8 — 21 
Policy charges(3)(1)— — — 
Surrenders and other benefits(111)(286)(147)(13)(25)
Net transfer from (to) separate account liabilities(5)— — — — 
Variable account index-linked adjustments
— (482)— — — 
Interest credited26 1 46 3 3 
Balance at March 31, 2026
$3,240 $21,638 $4,825 $279 $434 
Weighted-average crediting rate3.3 %1.9 %3.9 %2.1 %N/A
Cash surrender value (1)
$3,223 $20,582 $4,824 $263 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2026
$1,349 $1,705 $3,048 $437 $37,005 
Contract deposits26 80 38 — 1,088 
Policy charges(41)(23)(30)— (98)
Surrenders and other benefits(14)(23)(16)(14)(649)
Net transfer from (to) separate account liabilities— (34)— — (39)
Variable account index-linked adjustments
— — — — (482)
Interest credited11 17 52 4 163 
Balance at March 31, 2026
$1,331 $1,722 $3,092 $427 $36,988 
Weighted-average crediting rate3.6 %3.9 %3.0 %4.0 %
Net amount at risk$7,858 $57,545 $12,947 $117 
Cash surrender value (1)
$1,229 $1,113 $2,696 $269 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2025
$3,680 $16,330 $5,369 $305 $447 
Contract deposits57 3,816 35 — 73 
Policy charges(13)(4)— — — 
Surrenders and other benefits(486)(846)(677)(26)(99)
Net transfer from (to) separate account liabilities(31)— — — — 
Variable account index-linked adjustments
— 2,206 — — — 
Interest credited113 2 191 10 14 
Balance at December 31, 2025
$3,320 $21,504 $4,918 $289 $435 
Weighted-average crediting rate3.3 %1.9 %3.8 %2.1 %N/A
Cash surrender value (1)
$3,302 $20,582 $4,916 $272 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2025
$1,405 $1,647 $2,894 $465 $32,542 
Contract deposits138 318 165 — 4,602 
Policy charges(169)(91)(123)— (400)
Surrenders and other benefits(72)(102)(71)(45)(2,424)
Net transfer from (to) separate account liabilities— (132)— — (163)
Variable account index-linked adjustments
— — — — 2,206 
Interest credited47 65 183 17 642 
Balance at December 31, 2025
$1,349 $1,705 $3,048 $437 $37,005 
Weighted-average crediting rate3.6 %3.9 %3.0 %4.0 %
Net amount at risk$7,944 $57,269 $13,040 $121 
Cash surrender value (1)
$1,241 $1,109 $2,640 $274 
(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 10 for the net amount at risk for market risk benefits (“MRB”) 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 March 31, 2026 and December 31, 2025 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.
March 31, 2026
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%$5 $57 $82 $19 $— $163 
2 %–2.99%86 8 — — — 94 
3 %–3.99%1,638 — — 1 — 1,639 
4 %–5.00%1,298 — — — — 1,298 
Total$3,027 $65 $82 $20 $— $3,194 
Fixed accounts of structured variable annuities1 %–1.99%$— $50 $14 $1 $— $65 
2 %–2.99%36 — — — — 36 
3 %–3.99%1 — — — — 1 
4 %–5.00%— — — — — — 
Total$37 $50 $14 $1 $— $102 
Fixed annuities1 %–1.99%$— $159 $138 $109 $17 $423 
2 %–2.99%12 16 2 — — 30 
3 %–3.99%2,057 1 — — — 2,058 
4 %–5.00%2,307 — — — — 2,307 
Total$4,376 $176 $140 $109 $17 $4,818 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $1 $4 $13 $— $18 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $1 $4 $13 $— $18 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%47 6 18 4 1 76 
3 %–3.99%779 — 5 6 — 790 
4 %–5.00%435 4 — — — 439 
Total$1,261 $10 $23 $10 $1 $1,305 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable universal life insurance1 %–1.99%$— $— $2 $2 $55 $59 
2 %–2.99%1 15 2 1 14 33 
3 %–3.99%96 1 5 14 — 116 
4 %–5.00%520 23 — — — 543 
Total$617 $39 $9 $17 $69 $751 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $— $— $2 $2 
2 %–2.99%— — — 137 — 137 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $— $— $137 $2 $139 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%23 — — — — 23 
4 %–5.00%245 — — — — 245 
Total$268 $— $— $— $— $268 
Total1 %–1.99%$5 $267 $240 $144 $74 $730 
2 %–2.99%182 45 22 142 15 406 
3 %–3.99%4,594 2 10 21 — 4,627 
4 %–5.00%4,805 27 — — — 4,832 
Total$9,586 $341 $272 $307 $89 $10,595 
Percentage of total account values that reset in:
Next 12 months100.0 %99.9 %99.9 %100.0 %99.9 %100.0 %
> 12 months to 24 months— — — — — — 
> 24 months— 0.1 0.1 — 0.1 — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
December 31, 2025
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%$7 $62 $82 $20 $— $171 
2 %–2.99%89 8 — — — 97 
3 %–3.99%1,686 — — 1 — 1,687 
4 %–5.00%1,321 — — — — 1,321 
Total$3,103 $70 $82 $21 $— $3,276 
Fixed accounts of structured variable annuities1 %–1.99%$— $26 $26 $1 $— $53 
2 %–2.99%16 — — — — 16 
3 %–3.99%1 — — — — 1 
4 %–5.00%— — — — — — 
Total$17 $26 $26 $1 $— $70 
Fixed annuities1 %–1.99%$— $182 $143 $103 $19 $447 
2 %–2.99%13 16 2 — — 31 
3 %–3.99%2,116 1 1 — — 2,118 
4 %–5.00%2,312 — — — — 2,312 
Total$4,441 $199 $146 $103 $19 $4,908 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $4 $13 $— $19 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $4 $13 $— $19 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%47 6 19 2 1 75 
3 %–3.99%789 — 4 7 — 800 
4 %–5.00%442 5 — — — 447 
Total$1,278 $11 $23 $9 $1 $1,322 
Fixed accounts of variable universal life insurance1 %–1.99%$— $— $3 $1 $48 $52 
2 %–2.99%1 16 2 1 14 34 
3 %–3.99%98 1 3 14 — 116 
4 %–5.00%524 25 — — — 549 
Total$623 $42 $8 $16 $62 $751 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $— $— $2 $2 
2 %–2.99%— — — 135 — 135 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $— $— $135 $2 $137 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%24 — — — — 24 
4 %–5.00%249 — — — — 249 
Total$273 $— $— $— $— $273 
Total1 %–1.99%$7 $272 $258 $138 $69 $744 
2 %–2.99%166 46 23 138 15 388 
3 %–3.99%4,714 2 8 22 — 4,746 
4 %–5.00%4,848 30 — — — 4,878 
Total$9,735 $350 $289 $298 $84 $10,756 
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 %
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, 2026
$— $813 $33 $988 $1,834 
Beginning balance at original discount rate— 836 37 977 1,850 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience— (13)— (6)(19)
Adjusted beginning of year balance$— $823 $37 $971 $1,831 
Issuances27 15 3 — 45 
Interest accrual— 10 — 12 22 
Net premiums collected(27)(19)— (33)(79)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $829 $40 $950 $1,819 
Effect of changes in discount rate assumptions— (39)(5)(4)(48)
Balance at March 31, 2026
$— $790 $35 $946 $1,771 
Present Value of Future Policy Benefits:
Balance at January 1, 2026
$1,273 $1,378 $499 $6,277 $9,427 
Beginning balance at original discount rate1,318 1,380 478 6,322 9,498 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(5)(17)(1)(7)(30)
Adjusted beginning of year balance$1,313 $1,363 $477 $6,315 $9,468 
Issuances27 15 3 — 45 
Interest accrual14 18 7 78 117 
Benefit payments(42)(20)(10)(107)(179)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,312 $1,376 $477 $6,286 $9,451 
Effect of changes in discount rate assumptions(65)(33)11 (175)(262)
Balance at March 31, 2026
$1,247 $1,343 $488 $6,111 $9,189 
Adjustment due to reserve flooring$— $8 $— $— $8 
Net liability for future policy benefits$1,247 $561 $453 $5,165 $7,426 
Less: reinsurance recoverable672 401 21 2,593 3,687 
Net liability for future policy benefits, after reinsurance recoverable$575 $160 $432 $2,572 $3,739 
Discounted expected future gross premiums$— $1,910 $785 $1,128 $3,823 
Expected future gross premiums$— $3,293 $1,110 $1,513 $5,916 
Expected future benefit payments$1,901 $2,321 $785 $10,109 $15,116 
Weighted average interest accretion rate4.4 %6.0 %6.3 %5.1 %
Weighted average discount rate5.3 %5.6 %5.5 %5.6 %
Weighted average duration of liability (in years)6768
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, 2025
$— $737 $53 $1,057 $1,847 
Beginning balance at original discount rate— 774 59 1,072 1,905 
Effect of changes in cash flow assumptions— 58 (19)(8)31 
Effect of actual variances from expected experience— (17)(12)1 (28)
Adjusted beginning of year balance$— $815 $28 $1,065 $1,908 
Issuances141 60 9 — 210 
Interest accrual1 39 2 50 92 
Net premiums collected(142)(78)(2)(138)(360)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $836 $37 $977 $1,850 
Effect of changes in discount rate assumptions— (23)(4)11 (16)
Balance at December 31, 2025
$— $813 $33 $988 $1,834 
Present Value of Future Policy Benefits:
Balance at January 1, 2025
$1,204 $1,322 $545 $6,187 $9,258 
Beginning balance at original discount rate1,289 1,353 535 6,408 9,585 
Effect of changes in cash flow assumptions(2)27 (30)25 20 
Effect of actual variances from expected experience(5)(20)(25)13 (37)
Adjusted beginning of year balance$1,282 $1,360 $480 $6,446 $9,568 
Issuances141 60 9 — 210 
Interest accrual57 74 30 316 477 
Benefit payments(162)(114)(41)(440)(757)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,318 $1,380 $478 $6,322 $9,498 
Effect of changes in discount rate assumptions(45)(2)21 (45)(71)
Balance at December 31, 2025
$1,273 $1,378 $499 $6,277 $9,427 
Adjustment due to reserve flooring$— $8 $— $— $8 
Net liability for future policy benefits$1,273 $573 $466 $5,289 $7,601 
Less: reinsurance recoverable703 408 20 2,657 3,788 
Net liability for future policy benefits, after reinsurance recoverable$570 $165 $446 $2,632 $3,813 
Discounted expected future gross premiums$— $1,971 $809 $1,173 $3,953 
Expected future gross premiums$— $3,334 $1,126 $1,554 $6,014 
Expected future benefit payments$1,906 $2,328 $789 $10,218 $15,241 
Weighted average interest accretion rate4.4 %6.2 %6.3 %5.0 %
Weighted average discount rate5.0 %5.3 %5.2 %5.3 %
Weighted average duration of liability (in years)6768
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 2025 resulted in a net increase in future policy benefit reserves, primarily due to net unfavorable changes in LTC morbidity and mortality assumptions partially offset by favorable changes to disability income insurance claim incidence rates.
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, 2026
$1,409 $80 $11 $1,500 
Interest accrual11 1 — 12 
Benefit accrual31 2 — 33 
Benefit payments(21)(3)(2)(26)
Effect of actual variances from expected experience— 1 1 2 
Impact of change in net unrealized (gains) losses on securities(9)— (2)(11)
Balance at March 31, 2026
$1,421 $81 $8 $1,510 
Weighted average interest accretion rate3.0 %7.1 %3.9 %
Weighted average discount rate3.1 %7.1 %3.9 %
Weighted average duration of reserves (in years)887
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2025
$1,301 $80 $8 $1,389 
Interest accrual40 5 1 46 
Benefit accrual132 10 2 144 
Benefit payments(84)(14)(4)(102)
Effect of actual variances from expected experience11 (1)2 12 
Impact of change in net unrealized (gains) losses on securities9 — 2 11 
Balance at December 31, 2025
$1,409 $80 $11 $1,500 
Weighted average interest accretion rate2.9 %6.8 %3.8 %
Weighted average discount rate3.1 %7.1 %3.9 %
Weighted average duration of reserves (in years)987
The amount of revenue and interest recognized in the Statements of Operations was as follows:
Three Months Ended March 31,
2026
Gross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$32 $14 
Term and whole life insurance43 8 
Disability income insurance
27 7 
Long term care insurance40 66 
Total$142 $95 
Year Ended December 31,
2025
Gross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$157 $56 
Term and whole life insurance174 35 
Disability income insurance
114 28 
Long term care insurance171 266 
Total$616 $385 
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, 2026
$26 $307 $318 $651 
Deferral of revenue— 21 11 32 
Amortization— (6)(7)(13)
Balance at March 31, 2026
$26 $322 $322 $670 
Balance at January 1, 2025
$26 $249 $295 $570 
Deferral of revenue1 79 47 127 
Amortization(1)(21)(24)(46)
Balance at December 31, 2025
$26 $307 $318 $651 
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:
Three Months Ended March 31,
2026
2025
(in millions, except age)
Balance at beginning of period$(1,092)$(919)
Issuances7 5 
Interest accrual and time decay(21)(18)
Reserve increase from attributed fees collected177 181 
Reserve release for benefit payments and derecognition(3)(2)
Effect of changes in interest rates and bond markets(5)269 
Effect of changes in equity markets and subaccount performance297 322 
Effect of changes in equity index volatility83 25 
Actual policyholder behavior different from expected behavior20 25 
Effect of changes in future expected assumptions
— (1)
Effect of changes in the instrument-specific credit risk on market risk benefits(38)(1)
Balance at end of period$(575)$(114)
Reconciliation of the gross balances in an asset or liability position:
Asset position$1,934 $1,742 
Liability position(1,359)(1,628)
Net asset (liability) position$575 $114 
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits$424 $626 
Living benefits$2,379 $2,761 
Composite (greater of)$2,773 $3,318 
Weighted average attained age of contractholders7069
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $347 $603 
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
$(37)$— 
Year Ended December 31,
2025
(in millions, except age)
Balance at beginning of period$(919)
Issuances23 
Interest accrual and time decay(116)
Reserve increase from attributed fees collected761 
Reserve release for benefit payments and derecognition(9)
Effect of changes in interest rates and bond markets(51)
Effect of changes in equity markets and subaccount performance(1,006)
Effect of changes in equity index volatility90 
Actual policyholder behavior different from expected behavior68 
Effect of changes in future expected assumptions
93 
Effect of changes in the instrument-specific credit risk on market risk benefits(26)
Balance at end of period$(1,092)
Reconciliation of the gross balances in an asset or liability position:
Asset position$2,274 
Liability position(1,182)
Net asset (liability) position$1,092 
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits$291 
Living benefits$1,811 
Composite (greater of)$2,084 
Weighted average attained age of contractholders70
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $(966)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
$(20)
The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:
March 31, 2026
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(575)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%12.1%
Surrender rate (2)
0.4%–72.1%3.6%
Market volatility (3)
0.0%–25.9%12.0%
Nonperformance risk (4)
75 bps75 bps
Mortality rate (5)
0.0%–41.6%1.7%
December 31, 2025
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(1,092)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%12.2%
Surrender rate (2)
0.4%–75.0%3.6%
Market volatility (3)
0.0%–24.9%11.2%
Nonperformance risk (4)
65 bps65 bps
Mortality rate (5)
0.0%–41.6%1.8%
(1) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.
(2) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.
(3) Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.
(4) The nonperformance risk is the spread added to the U.S. Treasury curve.
(5) The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.
Changes to Significant Inputs and Assumptions:
During the year ended December 31, 2025, 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, 2025
•Updates to surrender assumptions resulted in a decrease to pretax income of $70 million.
•Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $14 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.
v3.26.1
Separate Account Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026December 31, 2025
(in millions)
Variable annuities and variable universal life:
Mutual funds$74,139 $77,645 
Unitized pooled pension funds:
Property/real estate1,701 1,755 
Equity securities417 454 
Debt securities111 116 
Cash and cash equivalents78 56 
Other20 18 
Total$76,466 $80,044 
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, 2026
$66,471 $11,174 $2,399 $80,044 
Premiums and deposits259 136 20 415 
Policy charges(314)(82)(1)(397)
Surrenders and other benefits(1,931)(118)(34)(2,083)
Investment return(1,254)(225)(15)(1,494)
Net transfer from (to) general account6 18 — 24 
Other charges— — (43)(43)
Balance at March 31, 2026
$63,237 $10,903 $2,326 $76,466 
Cash surrender value$62,152 $10,183 $2,326 $74,661 
Variable AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2025
$65,737 $9,839 $2,538 $78,114 
Premiums and deposits996 526 83 1,605 
Policy charges(1,318)(321)(5)(1,644)
Surrenders and other benefits(7,347)(413)(583)(8,343)
Investment return8,373 1,495 179 10,047 
Net transfer from (to) general account30 48 — 78 
Other charges— — 187 187 
Balance at December 31, 2025
$66,471 $11,174 $2,399 $80,044 
Cash surrender value$65,338 $10,463 $2,399 $78,200 
v3.26.1
Market Risk Benefits
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026December 31, 2025
(in millions)
Policyholder account balances
Policyholder account balances$36,988 $37,005 
Future policy benefits
Reserve for future policy benefits7,426 7,601 
Deferred profit liability135 130 
Additional liabilities for insurance guarantees1,510 1,500 
Other insurance and annuity liabilities124 78 
Total future policy benefits9,195 9,309 
Policy claims and other policyholders’ funds218 184 
Total policyholder account balances, future policy benefits and claims$46,401 $46,498 
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 guaranteed minimum death benefit (“GMDB”). The Company previously offered contracts with guaranteed minimum accumulation benefit (“GMAB”), guaranteed minimum withdrawal benefit (“GMWB”), and guaranteed minimum income benefit (“GMIB”) provisions. See Note 10 for additional information regarding the Company’s variable annuity guarantees. See Note 12 and Note 14 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, subject to either a cap or floor. 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 14 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.
Insurance Liabilities
Universal life (“UL”) policies accumulate cash value that increases by a fixed interest rate. Purchasers of variable universal life (“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.
Indexed universal life (“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 14 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 disability income (“DI”) insurance products. The Company no longer offers standalone long term care (“LTC”) insurance 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, 2026
$3,320 $21,504 $4,918 $289 $435 
Contract deposits13 902 8 — 21 
Policy charges(3)(1)— — — 
Surrenders and other benefits(111)(286)(147)(13)(25)
Net transfer from (to) separate account liabilities(5)— — — — 
Variable account index-linked adjustments
— (482)— — — 
Interest credited26 1 46 3 3 
Balance at March 31, 2026
$3,240 $21,638 $4,825 $279 $434 
Weighted-average crediting rate3.3 %1.9 %3.9 %2.1 %N/A
Cash surrender value (1)
$3,223 $20,582 $4,824 $263 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2026
$1,349 $1,705 $3,048 $437 $37,005 
Contract deposits26 80 38 — 1,088 
Policy charges(41)(23)(30)— (98)
Surrenders and other benefits(14)(23)(16)(14)(649)
Net transfer from (to) separate account liabilities— (34)— — (39)
Variable account index-linked adjustments
— — — — (482)
Interest credited11 17 52 4 163 
Balance at March 31, 2026
$1,331 $1,722 $3,092 $427 $36,988 
Weighted-average crediting rate3.6 %3.9 %3.0 %4.0 %
Net amount at risk$7,858 $57,545 $12,947 $117 
Cash surrender value (1)
$1,229 $1,113 $2,696 $269 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2025
$3,680 $16,330 $5,369 $305 $447 
Contract deposits57 3,816 35 — 73 
Policy charges(13)(4)— — — 
Surrenders and other benefits(486)(846)(677)(26)(99)
Net transfer from (to) separate account liabilities(31)— — — — 
Variable account index-linked adjustments
— 2,206 — — — 
Interest credited113 2 191 10 14 
Balance at December 31, 2025
$3,320 $21,504 $4,918 $289 $435 
Weighted-average crediting rate3.3 %1.9 %3.8 %2.1 %N/A
Cash surrender value (1)
$3,302 $20,582 $4,916 $272 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2025
$1,405 $1,647 $2,894 $465 $32,542 
Contract deposits138 318 165 — 4,602 
Policy charges(169)(91)(123)— (400)
Surrenders and other benefits(72)(102)(71)(45)(2,424)
Net transfer from (to) separate account liabilities— (132)— — (163)
Variable account index-linked adjustments
— — — — 2,206 
Interest credited47 65 183 17 642 
Balance at December 31, 2025
$1,349 $1,705 $3,048 $437 $37,005 
Weighted-average crediting rate3.6 %3.9 %3.0 %4.0 %
Net amount at risk$7,944 $57,269 $13,040 $121 
Cash surrender value (1)
$1,241 $1,109 $2,640 $274 
(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 10 for the net amount at risk for market risk benefits (“MRB”) 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 March 31, 2026 and December 31, 2025 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.
March 31, 2026
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%$5 $57 $82 $19 $— $163 
2 %–2.99%86 8 — — — 94 
3 %–3.99%1,638 — — 1 — 1,639 
4 %–5.00%1,298 — — — — 1,298 
Total$3,027 $65 $82 $20 $— $3,194 
Fixed accounts of structured variable annuities1 %–1.99%$— $50 $14 $1 $— $65 
2 %–2.99%36 — — — — 36 
3 %–3.99%1 — — — — 1 
4 %–5.00%— — — — — — 
Total$37 $50 $14 $1 $— $102 
Fixed annuities1 %–1.99%$— $159 $138 $109 $17 $423 
2 %–2.99%12 16 2 — — 30 
3 %–3.99%2,057 1 — — — 2,058 
4 %–5.00%2,307 — — — — 2,307 
Total$4,376 $176 $140 $109 $17 $4,818 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $1 $4 $13 $— $18 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $1 $4 $13 $— $18 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%47 6 18 4 1 76 
3 %–3.99%779 — 5 6 — 790 
4 %–5.00%435 4 — — — 439 
Total$1,261 $10 $23 $10 $1 $1,305 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable universal life insurance1 %–1.99%$— $— $2 $2 $55 $59 
2 %–2.99%1 15 2 1 14 33 
3 %–3.99%96 1 5 14 — 116 
4 %–5.00%520 23 — — — 543 
Total$617 $39 $9 $17 $69 $751 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $— $— $2 $2 
2 %–2.99%— — — 137 — 137 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $— $— $137 $2 $139 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%23 — — — — 23 
4 %–5.00%245 — — — — 245 
Total$268 $— $— $— $— $268 
Total1 %–1.99%$5 $267 $240 $144 $74 $730 
2 %–2.99%182 45 22 142 15 406 
3 %–3.99%4,594 2 10 21 — 4,627 
4 %–5.00%4,805 27 — — — 4,832 
Total$9,586 $341 $272 $307 $89 $10,595 
Percentage of total account values that reset in:
Next 12 months100.0 %99.9 %99.9 %100.0 %99.9 %100.0 %
> 12 months to 24 months— — — — — — 
> 24 months— 0.1 0.1 — 0.1 — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
December 31, 2025
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%$7 $62 $82 $20 $— $171 
2 %–2.99%89 8 — — — 97 
3 %–3.99%1,686 — — 1 — 1,687 
4 %–5.00%1,321 — — — — 1,321 
Total$3,103 $70 $82 $21 $— $3,276 
Fixed accounts of structured variable annuities1 %–1.99%$— $26 $26 $1 $— $53 
2 %–2.99%16 — — — — 16 
3 %–3.99%1 — — — — 1 
4 %–5.00%— — — — — — 
Total$17 $26 $26 $1 $— $70 
Fixed annuities1 %–1.99%$— $182 $143 $103 $19 $447 
2 %–2.99%13 16 2 — — 31 
3 %–3.99%2,116 1 1 — — 2,118 
4 %–5.00%2,312 — — — — 2,312 
Total$4,441 $199 $146 $103 $19 $4,908 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $4 $13 $— $19 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $4 $13 $— $19 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%47 6 19 2 1 75 
3 %–3.99%789 — 4 7 — 800 
4 %–5.00%442 5 — — — 447 
Total$1,278 $11 $23 $9 $1 $1,322 
Fixed accounts of variable universal life insurance1 %–1.99%$— $— $3 $1 $48 $52 
2 %–2.99%1 16 2 1 14 34 
3 %–3.99%98 1 3 14 — 116 
4 %–5.00%524 25 — — — 549 
Total$623 $42 $8 $16 $62 $751 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $— $— $2 $2 
2 %–2.99%— — — 135 — 135 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $— $— $135 $2 $137 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%24 — — — — 24 
4 %–5.00%249 — — — — 249 
Total$273 $— $— $— $— $273 
Total1 %–1.99%$7 $272 $258 $138 $69 $744 
2 %–2.99%166 46 23 138 15 388 
3 %–3.99%4,714 2 8 22 — 4,746 
4 %–5.00%4,848 30 — — — 4,878 
Total$9,735 $350 $289 $298 $84 $10,756 
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 %
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, 2026
$— $813 $33 $988 $1,834 
Beginning balance at original discount rate— 836 37 977 1,850 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience— (13)— (6)(19)
Adjusted beginning of year balance$— $823 $37 $971 $1,831 
Issuances27 15 3 — 45 
Interest accrual— 10 — 12 22 
Net premiums collected(27)(19)— (33)(79)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $829 $40 $950 $1,819 
Effect of changes in discount rate assumptions— (39)(5)(4)(48)
Balance at March 31, 2026
$— $790 $35 $946 $1,771 
Present Value of Future Policy Benefits:
Balance at January 1, 2026
$1,273 $1,378 $499 $6,277 $9,427 
Beginning balance at original discount rate1,318 1,380 478 6,322 9,498 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(5)(17)(1)(7)(30)
Adjusted beginning of year balance$1,313 $1,363 $477 $6,315 $9,468 
Issuances27 15 3 — 45 
Interest accrual14 18 7 78 117 
Benefit payments(42)(20)(10)(107)(179)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,312 $1,376 $477 $6,286 $9,451 
Effect of changes in discount rate assumptions(65)(33)11 (175)(262)
Balance at March 31, 2026
$1,247 $1,343 $488 $6,111 $9,189 
Adjustment due to reserve flooring$— $8 $— $— $8 
Net liability for future policy benefits$1,247 $561 $453 $5,165 $7,426 
Less: reinsurance recoverable672 401 21 2,593 3,687 
Net liability for future policy benefits, after reinsurance recoverable$575 $160 $432 $2,572 $3,739 
Discounted expected future gross premiums$— $1,910 $785 $1,128 $3,823 
Expected future gross premiums$— $3,293 $1,110 $1,513 $5,916 
Expected future benefit payments$1,901 $2,321 $785 $10,109 $15,116 
Weighted average interest accretion rate4.4 %6.0 %6.3 %5.1 %
Weighted average discount rate5.3 %5.6 %5.5 %5.6 %
Weighted average duration of liability (in years)6768
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, 2025
$— $737 $53 $1,057 $1,847 
Beginning balance at original discount rate— 774 59 1,072 1,905 
Effect of changes in cash flow assumptions— 58 (19)(8)31 
Effect of actual variances from expected experience— (17)(12)1 (28)
Adjusted beginning of year balance$— $815 $28 $1,065 $1,908 
Issuances141 60 9 — 210 
Interest accrual1 39 2 50 92 
Net premiums collected(142)(78)(2)(138)(360)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $836 $37 $977 $1,850 
Effect of changes in discount rate assumptions— (23)(4)11 (16)
Balance at December 31, 2025
$— $813 $33 $988 $1,834 
Present Value of Future Policy Benefits:
Balance at January 1, 2025
$1,204 $1,322 $545 $6,187 $9,258 
Beginning balance at original discount rate1,289 1,353 535 6,408 9,585 
Effect of changes in cash flow assumptions(2)27 (30)25 20 
Effect of actual variances from expected experience(5)(20)(25)13 (37)
Adjusted beginning of year balance$1,282 $1,360 $480 $6,446 $9,568 
Issuances141 60 9 — 210 
Interest accrual57 74 30 316 477 
Benefit payments(162)(114)(41)(440)(757)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,318 $1,380 $478 $6,322 $9,498 
Effect of changes in discount rate assumptions(45)(2)21 (45)(71)
Balance at December 31, 2025
$1,273 $1,378 $499 $6,277 $9,427 
Adjustment due to reserve flooring$— $8 $— $— $8 
Net liability for future policy benefits$1,273 $573 $466 $5,289 $7,601 
Less: reinsurance recoverable703 408 20 2,657 3,788 
Net liability for future policy benefits, after reinsurance recoverable$570 $165 $446 $2,632 $3,813 
Discounted expected future gross premiums$— $1,971 $809 $1,173 $3,953 
Expected future gross premiums$— $3,334 $1,126 $1,554 $6,014 
Expected future benefit payments$1,906 $2,328 $789 $10,218 $15,241 
Weighted average interest accretion rate4.4 %6.2 %6.3 %5.0 %
Weighted average discount rate5.0 %5.3 %5.2 %5.3 %
Weighted average duration of liability (in years)6768
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 2025 resulted in a net increase in future policy benefit reserves, primarily due to net unfavorable changes in LTC morbidity and mortality assumptions partially offset by favorable changes to disability income insurance claim incidence rates.
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, 2026
$1,409 $80 $11 $1,500 
Interest accrual11 1 — 12 
Benefit accrual31 2 — 33 
Benefit payments(21)(3)(2)(26)
Effect of actual variances from expected experience— 1 1 2 
Impact of change in net unrealized (gains) losses on securities(9)— (2)(11)
Balance at March 31, 2026
$1,421 $81 $8 $1,510 
Weighted average interest accretion rate3.0 %7.1 %3.9 %
Weighted average discount rate3.1 %7.1 %3.9 %
Weighted average duration of reserves (in years)887
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2025
$1,301 $80 $8 $1,389 
Interest accrual40 5 1 46 
Benefit accrual132 10 2 144 
Benefit payments(84)(14)(4)(102)
Effect of actual variances from expected experience11 (1)2 12 
Impact of change in net unrealized (gains) losses on securities9 — 2 11 
Balance at December 31, 2025
$1,409 $80 $11 $1,500 
Weighted average interest accretion rate2.9 %6.8 %3.8 %
Weighted average discount rate3.1 %7.1 %3.9 %
Weighted average duration of reserves (in years)987
The amount of revenue and interest recognized in the Statements of Operations was as follows:
Three Months Ended March 31,
2026
Gross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$32 $14 
Term and whole life insurance43 8 
Disability income insurance
27 7 
Long term care insurance40 66 
Total$142 $95 
Year Ended December 31,
2025
Gross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$157 $56 
Term and whole life insurance174 35 
Disability income insurance
114 28 
Long term care insurance171 266 
Total$616 $385 
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, 2026
$26 $307 $318 $651 
Deferral of revenue— 21 11 32 
Amortization— (6)(7)(13)
Balance at March 31, 2026
$26 $322 $322 $670 
Balance at January 1, 2025
$26 $249 $295 $570 
Deferral of revenue1 79 47 127 
Amortization(1)(21)(24)(46)
Balance at December 31, 2025
$26 $307 $318 $651 
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:
Three Months Ended March 31,
2026
2025
(in millions, except age)
Balance at beginning of period$(1,092)$(919)
Issuances7 5 
Interest accrual and time decay(21)(18)
Reserve increase from attributed fees collected177 181 
Reserve release for benefit payments and derecognition(3)(2)
Effect of changes in interest rates and bond markets(5)269 
Effect of changes in equity markets and subaccount performance297 322 
Effect of changes in equity index volatility83 25 
Actual policyholder behavior different from expected behavior20 25 
Effect of changes in future expected assumptions
— (1)
Effect of changes in the instrument-specific credit risk on market risk benefits(38)(1)
Balance at end of period$(575)$(114)
Reconciliation of the gross balances in an asset or liability position:
Asset position$1,934 $1,742 
Liability position(1,359)(1,628)
Net asset (liability) position$575 $114 
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits$424 $626 
Living benefits$2,379 $2,761 
Composite (greater of)$2,773 $3,318 
Weighted average attained age of contractholders7069
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $347 $603 
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
$(37)$— 
Year Ended December 31,
2025
(in millions, except age)
Balance at beginning of period$(919)
Issuances23 
Interest accrual and time decay(116)
Reserve increase from attributed fees collected761 
Reserve release for benefit payments and derecognition(9)
Effect of changes in interest rates and bond markets(51)
Effect of changes in equity markets and subaccount performance(1,006)
Effect of changes in equity index volatility90 
Actual policyholder behavior different from expected behavior68 
Effect of changes in future expected assumptions
93 
Effect of changes in the instrument-specific credit risk on market risk benefits(26)
Balance at end of period$(1,092)
Reconciliation of the gross balances in an asset or liability position:
Asset position$2,274 
Liability position(1,182)
Net asset (liability) position$1,092 
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits$291 
Living benefits$1,811 
Composite (greater of)$2,084 
Weighted average attained age of contractholders70
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $(966)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
$(20)
The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:
March 31, 2026
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(575)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%12.1%
Surrender rate (2)
0.4%–72.1%3.6%
Market volatility (3)
0.0%–25.9%12.0%
Nonperformance risk (4)
75 bps75 bps
Mortality rate (5)
0.0%–41.6%1.7%
December 31, 2025
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(1,092)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%12.2%
Surrender rate (2)
0.4%–75.0%3.6%
Market volatility (3)
0.0%–24.9%11.2%
Nonperformance risk (4)
65 bps65 bps
Mortality rate (5)
0.0%–41.6%1.8%
(1) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.
(2) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.
(3) Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.
(4) The nonperformance risk is the spread added to the U.S. Treasury curve.
(5) The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.
Changes to Significant Inputs and Assumptions:
During the year ended December 31, 2025, 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, 2025
•Updates to surrender assumptions resulted in a decrease to pretax income of $70 million.
•Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $14 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.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows: 
 Outstanding BalanceStated Interest Rate
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
(in millions) 
Long-term debt:
Senior notes due 2026$500 $500 2.9 %2.9 %
Senior notes due 2028
600 600 5.7 5.7 
Senior notes due 2032500 500 4.5 4.5 
Senior notes due 2033750 750 5.2 5.2 
Senior notes due 2035
750 750 5.2 5.2 
Other (1)
(21)(23)N/AN/A
Total long-term debt3,079 3,077 
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances200 200 3.8 %4.0 %
Total$3,279 $3,277   
(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.
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 $1.0 billion and $1.1 billion as of March 31, 2026 and December 31, 2025, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both March 31, 2026 and December 31, 2025. 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 March 31, 2026 and December 31, 2025. The Company’s bank subsidiary maintains access to collateralized borrowings from the Federal Reserve. As of both March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025.
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 March 31, 2026 and December 31, 2025, AEIS had no borrowings outstanding.
v3.26.1
Fair Values of Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
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 4 for the balances of assets and liabilities for consolidated investment entities): 
 March 31, 2026 
Level 1Level 2Level 3Total
(in millions)
Assets
Cash equivalents$3,008 $2,039 $— $5,047  
Available-for-Sale securities:
Corporate debt securities— 15,650 708 16,358  
Residential mortgage backed securities— 28,243 — 28,243  
Commercial mortgage backed securities— 3,486 135 3,621  
Asset backed securities— 3,547 1 3,548  
State and municipal obligations— 663 — 663  
U.S. government and agency obligations1,522 80 — 1,602  
Foreign government bonds and obligations— 1 — 1  
Total Available-for-Sale securities1,522 51,670 844 54,036  
Investments at net asset value (“NAV”)13 (1)
Trading and other securities363 23 — 386 
Separate account assets at NAV76,466 (1)
Cash equivalents segregated for regulatory purposes
438 — — 438 
Market risk benefits— — 1,934 1,934 (2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives— — 53 53 
Other assets:
Interest rate derivative contracts— 155 — 155  
Equity derivative contracts323 11,198 — 11,521  
Credit derivative contracts— 60 — 60 
Foreign exchange derivative contracts— 22 — 22  
Total other assets 323 11,435 — 11,758  
Total assets at fair value$5,654 $65,167 $2,831 $150,131  
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives$— $— $52 $52  
IUL embedded derivatives— — 1,002 1,002  
Structured variable annuity embedded derivatives— — 3,226 3,226 
Total policyholder account balances, future policy benefits and claims— — 4,280 4,280 (3)
Market risk benefits— — 1,359 1,359 (2)
Customer deposits— 3 — 3  
Other liabilities:
Interest rate derivative contracts1 214 — 215  
Equity derivative contracts372 6,358 — 6,730  
Foreign exchange derivative contracts1 3 — 4 
Other365 9 78 452  
Total other liabilities739 6,584 78 7,401  
Total liabilities at fair value$739 $6,587 $5,717 $13,043  
 December 31, 2025
 
Level 1Level 2Level 3Total
(in millions)
Assets
Cash equivalents$2,657 $3,864 $— $6,521  
Available-for-Sale securities:
Corporate debt securities— 15,131 711 15,842  
Residential mortgage backed securities— 28,149 24 28,173  
Commercial mortgage backed securities— 3,687 — 3,687  
Asset backed securities— 3,752 1 3,753  
State and municipal obligations— 677 — 677  
U.S. government and agency obligations1,359 99 — 1,458  
Foreign government bonds and obligations— 1 — 1  
Total Available-for-Sale securities1,359 51,496 736 53,591  
Investments at NAV13 (1)
Trading and other securities372 21 — 393  
Separate account assets at NAV80,044 (1)
Cash equivalents segregated for regulatory purposes
439 — — 439 
Market risk benefits— — 2,274 2,274 (2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives— — 59 59 
Other assets:
Interest rate derivative contracts1 142 — 143  
Equity derivative contracts218 12,722 — 12,940  
Credit derivative contracts— 15 — 15 
Foreign exchange derivative contracts— 24 — 24  
Total other assets219 12,903 — 13,122  
Total assets at fair value$5,046 $68,284 $3,069 $156,456  
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives$— $— $58 $58  
IUL embedded derivatives— — 1,042 1,042  
Structured variable annuity embedded derivatives— — 3,879 3,879 
Total policyholder account balances, future policy benefits and claims— — 4,979 4,979 (3)
Market risk benefits— — 1,182 1,182 (2)
Customer deposits— 4 — 4  
Other liabilities:
Interest rate derivative contracts1 218 — 219  
Equity derivative contracts346 7,651 — 7,997  
Foreign exchange derivative contracts— 1 — 1 
Other376 5 71 452  
Total other liabilities723 7,875 71 8,669  
Total liabilities at fair value$723 $7,879 $6,232 $14,834  
(1) Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.
(2) See Note 10 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.
(3) The Company’s adjustment for nonperformance risk resulted in a $267 million and $258 million cumulative decrease to the embedded derivatives as of March 31, 2026 and December 31, 2025, respectively.
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 SecuritiesCommercial Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2026
$711 $24 $— $1 $736 $59 
Total gains (losses) included in:
Net income1 — — — 1 (1)(3)
Other comprehensive income (loss)(6)— — — (6)— 
Purchases14 — 135 — 149 — 
Settlements(12)— — — (12)(3)
Transfers out of Level 3— (24)— — (24)— 
Balance at March 31, 2026
$708 $— $135 $1 $844 $53 
Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2026
$1 $— $— $— $1 (1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2026
$(6)$— $— $— $(6)$— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2026
$58 $1,042 $3,879 $4,979 $71 
Total (gains) losses included in:
Net income(3)(2)9 (2)(505)(3)(499)— 

Issues— (17)16 (1)19 
Settlements(3)(32)(164)(199)(12)
Balance at March 31, 2026
$52 $1,002 $3,226 $4,280 $78 
Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2026
$— $9 
(2)
$(505)
(3)
$(496)$— 
Available-for-Sale SecuritiesReceivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2025
$583 $38 $126 $747 $55 
Total gains (losses) included in:
Net income1 — — 1 (1)— 
Other comprehensive income (loss)9 — — 9 — 
Purchases49 25 — 74 — 
Settlements(13)— (20)(33)(2)
Transfers out of Level 3— (38)— (38)— 
Balance at March 31, 2025
$629 $25 $106 $760 $53 
Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2025
$1 $— $— $1 (1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2025
$9 $— $— $9 $— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2025
$53 $1,002 $2,461 $3,516 $68 
Total (gains) losses included in:
Net income— 5 (2)(548)(3)(543)(6)(4)
Issues— (1)13 12 10 
Settlements(2)(37)(85)(124)(7)
Balance at March 31, 2025
$51 $969 $1,841 $2,861 $65 
Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2025
$— $5 
(2)
$(548)
(3)
$(543)$— 
(1) Included in Net investment income.
(2) Included in Interest credited to fixed accounts.
(3) Included in Benefits, claims, losses and settlement expenses.
(4) Included in General and administrative expense.
The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $16 million and $(16) million, net of the reinsurance accrual, for the three months ended March 31, 2026 and 2025, 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:
 
March 31, 2026
Fair ValueValuation TechniqueUnobservable InputRange Weighted Average
(in millions)
Corporate debt securities (private placements)$708 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
0.9%–1.7%1.2%
Asset backed securities$1 Discounted cash flow
Annual short-term default rate (2)
3.0%3.0%
Annual long-term default rate (2)
3.5%3.5%
Discount rate15.0%15.0%
Constant prepayment rate20.0%20.0%
Loss recovery60.0%60.0%
Fixed deferred indexed annuity ceded embedded derivatives$53 Discounted cash flow
Surrender rate (3)
0.5%–93.5%9.0%
Fixed deferred indexed annuity embedded derivatives$52 Discounted cash flow
Surrender rate (3)
0.5%–93.5%9.0%
 
 
 
Nonperformance risk (4)
75 bps75 bps
IUL embedded derivatives$1,002 Discounted cash flow
Nonperformance risk (4)
75 bps75 bps
Structured variable annuity embedded derivatives $3,226 Discounted cash flow
Surrender rate (3)
0.5%–74.5%2.2%
Nonperformance risk (4)
75 bps75 bps
Contingent consideration liabilities$78 Discounted cash flow
Discount rate (5)
0.0%–10.5%2.2%

 
December 31, 2025
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(in millions)
Corporate debt securities (private placements)$708 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
0.9%–1.6%1.2%
Asset backed securities$1 Discounted cash flow
Annual short-term default rate (2)
3.0%3.0%
Annual long-term default rate (2)
3.5%3.5%
Discount rate15.0%15.0%
Constant prepayment rate20.0%20.0%
Loss recovery60.0%60.0%
Fixed deferred indexed annuity ceded embedded derivatives$59 Discounted cash flow
Surrender rate (3)
0.5%–89.8%5.1%
Fixed deferred indexed annuity embedded derivatives$58 Discounted cash flow
Surrender rate (3)
0.5%–89.8%5.1%
 
Nonperformance risk (4)
65 bps65 bps
IUL embedded derivatives$1,042 Discounted cash flow
Nonperformance risk (4)
65 bps65 bps
Structured variable annuity embedded derivatives$3,879 Discounted cash flow
Surrender rate (3)
0.5%–75.0%2.0%
Nonperformance risk (4)
65 bps65 bps
Contingent consideration liabilities$71 Discounted cash flow
Discount rate (5)
0.0%–10.5%2.4%
(1) The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.
(2) The weighted average annual default rates of asset backed securities is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.
(3) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.
(4) The nonperformance risk is the spread added to the U.S. Treasury curve.
(5) The weighted average discount rate represents the average discount rate across all contingent consideration liabilities, weighted based on the size of the contingent consideration liability.
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 used in the fair value measurement of Level 3 asset backed securities 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, U.S. government and agency 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, 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.
Cash Equivalents Segregated for Regulatory Purposes
Cash equivalents segregated for regulatory purposes include 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 March 31, 2026 and December 31, 2025. See Note 13 and Note 14 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 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 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 March 31, 2026 and December 31, 2025. See Note 13 and Note 14 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 $14 million and $17 million as of March 31, 2026 and December 31, 2025, 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:
 March 31, 2026
Carrying ValueFair Value
Level 1Level 2Level 3Total
(in millions)
Financial Assets
Mortgage loans, net$2,919 $— $866 $1,954 $2,820 
Policy loans1,067 — 1,067 — 1,067 
Receivables 9,765 317 2,422 5,942 8,681 
Restricted and segregated cash486 486 — — 486 
Other investments and assets243 — 184 60 244 
Financial Liabilities
Policyholder account balances, future policy benefits and claims
$24,076 $— $— $20,608 $20,608 
Investment certificate reserves7,553 — — 7,523 7,523 
Banking and brokerage deposits25,734 25,726 8 — 25,734 
Separate account liabilities — investment contracts2,662 — 2,662 — 2,662 
Debt and other liabilities3,671 371 3,325 3 3,699 
 December 31, 2025
Carrying ValueFair Value
Level 1Level 2Level 3Total
(in millions)
Financial Assets
Mortgage loans, net$2,824 $— $774 $1,979 $2,753 
Policy loans1,056 — 1,056 — 1,056 
Receivables9,480 201 2,274 6,012 8,487 
Restricted and segregated cash616 616 — — 616 
Other investments and assets250 — 194 57 251 
Financial Liabilities
Policyholder account balances, future policy benefits and claims$23,297 $— $— $19,636 $19,636 
Investment certificate reserves8,150 — — 8,128 8,128 
Banking and brokerage deposits25,611 25,596 15 — 25,611 
Separate account liabilities — investment contracts2,765 — 2,765 — 2,765 
Debt and other liabilities3,545 245 3,376 3 3,624 
Receivables include deposit receivables, advisor loans, securities borrowed, margin loans and pledged asset lines of credit. 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 6 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 8 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 11 for further information on the Company’s long-term debt and short-term borrowings.
v3.26.1
Offsetting Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
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. Securities borrowed transactions are on terms which permit the Company to pledge the securities to others, most of which are pledged under securities loaned transactions as a conduit to facilitate client transactions. Securities borrowed and securities loaned are primarily equity securities and are recorded at the amount of cash collateral advanced or received. 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:
 
March 31, 2026
Gross Amounts of Recognized Assets
Gross Amounts Offset in the Consolidated Balance Sheets
Amounts of Assets Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Net Amount
Financial Instruments (1)
Cash Collateral
Securities Collateral
(in millions)
Derivatives:
OTC$11,488 $— $11,488 $(6,786)$(1,389)$(3,084)$229 
OTC cleared19 — 19 (10)— — 9 
Exchange-traded251 — 251 (45)— — 206 
Total derivatives11,758 — 11,758 (6,841)(1,389)(3,084)444 
Securities borrowed317 — 317 (62)— (259)(4)
Total$12,075 $— $12,075 $(6,903)$(1,389)$(3,343)$440 
 December 31, 2025
Gross Amounts of Recognized Assets
Gross Amounts Offset in the Consolidated Balance Sheets
Amounts of Assets Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Net Amount
Financial Instruments (1)
Cash Collateral
Securities Collateral
(in millions)
Derivatives:
OTC$12,908 $— $12,908 $(8,032)$(2,486)$(2,299)$91 
OTC cleared9 — 9 (9)— — — 
Exchange-traded205 — 205 (41)— — 164 
Total derivatives13,122 — 13,122 (8,082)(2,486)(2,299)255 
Securities borrowed202 — 202 (65)— (130)7 
Total$13,324 $— $13,324 $(8,147)$(2,486)$(2,429)$262 
(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:
 
March 31, 2026
Gross Amounts of Recognized Liabilities
Gross Amounts Offset in the
Consolidated Balance Sheets
Amounts of Liabilities Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Net Amount
Financial Instruments (1)
Cash Collateral
Securities Collateral
(in millions)
Derivatives:
OTC$6,882 $— $6,882 $(6,786)$(2)$(93)$1 
OTC cleared10 — 10 (10)— — — 
Exchange-traded57 — 57 (45)— — 12 
Total derivatives6,949 — 6,949 (6,841)(2)(93)13 
Securities loaned371 — 371 (62)— (313)(4)
Total$7,320 $— $7,320 $(6,903)$(2)$(406)$9 
 
December 31, 2025
Gross Amounts of Recognized Liabilities
Gross Amounts Offset in the
Consolidated Balance Sheets
Amounts of Liabilities Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Net Amount
Financial Instruments (1)
Cash Collateral
Securities Collateral
(in millions)
Derivatives:
OTC$8,146 $— $8,146 $(8,032)$(3)$(103)$8 
OTC cleared19 — 19 (9)— — 10 
Exchange-traded52 — 52 (41)— — 11 
Total derivatives8,217 — 8,217 (8,082)(3)(103)29 
Securities loaned244 — 244 (65)— (170)9 
Total$8,461 $— $8,461 $(8,147)$(3)$(273)$38 
(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 14 for additional disclosures related to the Company’s derivative instruments.
v3.26.1
Derivatives and Hedging Activities
 3 Months Ended
Mar. 31, 2026
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 13 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:
March 31, 2026December 31, 2025
NotionalGross Fair ValueNotionalGross Fair Value
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
(in millions)
Derivatives not designated as hedging instruments
Interest rate contracts
$35,135 $155 $215 $36,011 $143 $219 
Equity contracts
134,185 11,521 6,730 132,590 12,940 7,997 
Credit contracts
2,920 60 — 3,297 15 — 
Foreign exchange contracts
2,552 22 4 2,459 24 1 
Total non-designated hedges174,792 11,758 6,949 174,357 13,122 8,217 
Embedded derivatives
IULN/A— 1,002 N/A— 1,042 
Fixed deferred indexed annuities and deposit receivablesN/A53 52 N/A59 58 
Structured variable annuities (3)
N/A— 3,226 N/A— 3,879 
SMCN/A— 3 N/A— 4 
Total embedded derivatives
N/A53 4,283 N/A59 4,983 
Total derivatives
$174,792 $11,811 $11,232 $174,357 $13,181 $13,200 
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 March 31, 2026 included $3.2 billion of individual contracts in a liability position and $22 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2025 included $3.9 billion of individual contracts in a liability position and $1 million of individual contracts in an asset position.
See Note 12 for additional information regarding the Company’s fair value measurement of derivative instruments.
As of March 31, 2026 and December 31, 2025, investment securities with a fair value of $1.8 billion and $1.7 billion respectively, were pledged to meet contractual obligations under derivative contracts, of which $98 million and $104 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of March 31, 2026 and December 31, 2025, investment securities with a fair value of $3.6 billion and $2.8 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $3.0 billion and $2.4 billion, respectively, may be sold, pledged or rehypothecated by the Company. As of both March 31, 2026 and December 31, 2025, the Company had sold, pledged or rehypothecated none of these securities. In addition, as of both March 31, 2026 and December 31, 2025, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.
Derivatives Not Designated as Hedges
The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:                        
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement ExpensesChange in Fair Value of Market Risk BenefitsGeneral and Administrative Expense
(in millions)
Three Months Ended March 31, 2026
Interest rate contracts$— $— $— $— $(2)$(28)$— 
Equity contracts3 — 15 (25)(530)167 1 
Credit contracts— — — — — 29 — 
Foreign exchange contracts— — — — — 8 (3)
IUL embedded derivatives— — — 23 — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (6)— — — 
Structured variable annuity embedded derivatives— — — — 505 — — 
SMC embedded derivatives— — — — — — — 
Total gain (loss)$3 $— $15 $(8)$(27)$176 $(2)
Three Months Ended March 31, 2025
Interest rate contracts$— $— $— $— $2 $120 $— 
Equity contracts(2)(1)(75)(29)(674)247 (5)
Credit contracts— — 2 — — (48)— 
Foreign exchange contracts— — — — — (10)12 
IUL embedded derivatives— — — 32 — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (1)— — — 
Structured variable annuity embedded derivatives— — — — 548 — — 
SMC embedded derivatives— 1 — — — — — 
Total gain (loss)$(2)$— $(73)$2 $(124)$309 $7 
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 March 31, 2026:
 Premiums PayablePremiums Receivable
(in millions)
2026 (1)
$181 $70 
202720 — 
202830 — 
2029135 — 
2030
217 — 
2031
16 — 
Total$599 $70 
(1) 2026 amounts represent the amounts payable and receivable for the period from April 1, 2026 to December 31, 2026.
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 10, 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 both the three months ended March 31, 2026 and 2025, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial. The estimated net amount recorded in AOCI as of March 31, 2026 that the Company expects to reclassify to earnings as a reduction to Interest and debt expense within the next twelve months is not material. Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 10 years and relates to forecasted debt interest payments. See Note 15 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 three months ended March 31, 2026, the Company did not recognize a gain or loss in other comprehensive income (loss) (“OCI”). For the three months ended March 31, 2025, the Company recognized an immaterial gain 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 13 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 March 31, 2026 and December 31, 2025, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $94 million and $104 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of March 31, 2026 and December 31, 2025 was $93 million and $103 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of March 31, 2026 and December 31, 2025 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 as of both March 31, 2026 and December 31, 2025,
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
The following table presents the amounts related to each component of OCI:
Three Months Ended March 31,
20262025
PretaxIncome Tax Benefit (Expense)Net of TaxPretaxIncome 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)
$(492)$107 $(385)$491 $(110)$381 
Reclassification of net (gains) losses on securities included in net income (2)
(3)1 (2)(5)1 (4)
Impact of benefit reserves and reinsurance recoverables6 (1)5 (4)1 (3)
Net unrealized gains (losses) on securities(489)107 (382)482 (108)374 
Net unrealized gains (losses) on derivatives:
Net unrealized gains (losses) on derivatives arising during the period
— — — (10)2 (8)
Net unrealized gains (losses) on derivatives— — — (10)2 (8)
Effect of changes in discount rate assumptions on certain long-duration contracts83 (18)65 (38)8 (30)
Effect of changes in instrument-specific credit risk on MRBs38 (8)30 1 — 1 
Foreign currency translation(28)2 (26)52 — 52 
Total other comprehensive income (loss)$(396)$83 $(313)$487 $(98)$389 
(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.
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 Securities		Net Unrealized Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate Assumptions on Certain Long-Duration ContractsEffect of Changes in Instrument-Specific Credit Risk on MRBsDefined
Benefit Plans		Foreign Currency TranslationOtherTotal
(in millions)
Balance at January 1, 2026
$(508)$(4)$(45)$(127)$(31)$(177)$—$(892)
OCI before reclassifications(380)—6530—(26)—(311)
Amounts reclassified from AOCI(2)——————(2)
Total OCI(382)—6530—(26)—(313)
Balance at March 31, 2026
$(890)$(4)$20$(97)$(31)$(203)$—$(1,205)
Balance at January 1, 2025
$(1,452)$5$27$(147)$(45)$(295)$(1)$(1,908)
OCI before reclassifications378(8)(30)1—52—393
Amounts reclassified from AOCI(4)——————(4)
Total OCI374(8)(30)1—52—389
Balance at March 31, 2025
$(1,078)$(3)$(3)$(146)$(45)$(243)$(1)$(1,519)
For the three months ended March 31, 2026 and 2025, the Company repurchased a total of 1.6 million shares and 1.2 million shares, respectively, of its common stock for an aggregate cost of $784 million and $617 million, respectively. On April 22, 2025, the Company’s Board of Directors authorized $4.5 billion for the repurchase of the Company’s common stock through June 30, 2027. As of March 31, 2026, the Company had $1.8 billion 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 three months ended March 31, 2026 and 2025, the Company reacquired 0.2 million shares, in both periods, of its common stock through the surrender of shares upon vesting and paid in the aggregate $84 million and $122 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 three months ended March 31, 2026 and 2025, the Company reacquired 0.1 million shares, in both periods, of its common stock through the net settlement of options for an aggregate value of $30 million and $28 million, respectively.
During the three months ended March 31, 2026 and 2025, the Company reissued 0.5 million and 0.6 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate was 20.0% and 15.1% for the three months ended March 31, 2026 and 2025, respectively.
The effective tax rate for the three months ended March 31, 2026 was lower than the statutory rate as a result of tax preferred items including incentive compensation and foreign tax credits, net of addback, partially offset by state income taxes, net of federal income tax effect.
The effective tax rate for the three months ended March 31, 2025 was lower than the statutory rate as a result of tax preferred items including incentive compensation and foreign tax credits, net of addback, partially offset by state income taxes, net of federal income tax effect and unrecognized tax benefits.
The increase in the effective tax rate for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to higher pretax income in the current period compared to the prior year period and the related impact on tax preferred items and a decrease in the benefit for incentive compensation.
Included in the Company’s deferred income tax assets are tax benefits related to foreign net operating losses of $48 million, which do not expire, corporate alternative minimum tax (“CAMT”) credit carryforwards of $60 million, which do not expire, and state net operating losses of $34 million, net of federal income tax effect, which will expire beginning December 31, 2026.
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. Based on analysis of the Company’s tax position as of March 31, 2026, management believes it is more likely than not that the Company will not realize certain state net operating losses of $29 million, state deferred tax assets of $2 million (both net of federal income tax effect), and foreign net operating losses of $33 million; therefore, a valuation allowance has been established. The valuation allowance was $64 million and $65 million as of March 31, 2026 and December 31, 2025, respectively.
As of March 31, 2026 and December 31, 2025, the Company had $169 million and $168 million, respectively, of gross unrecognized tax benefits. If recognized, approximately $140 million and $137 million, net of federal income tax effect, of unrecognized tax benefits as of March 31, 2026 and December 31, 2025, respectively, would affect the effective tax rate.
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 $4 million and $7 million in interest and penalties for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, the Company had a payable of $59 million and $55 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 federal statutes of limitations are closed on years through 2018, except for two issues for 2016 which were claimed on an amended return. During 2025, the Internal Revenue Service (“IRS”) finalized the audit of tax years 2019 and 2020, except for one issue for 2020, which remains open. The IRS is currently auditing the Company’s U.S income tax returns for 2021 through 2023. The Company’s state income tax returns are currently under examination by various jurisdictions for years ranging from 2018 through 2024.
The Company is an applicable corporation required to compute CAMT, however, as of March 31, 2026, based on current estimates, the Company does not expect to be liable for CAMT in 2026. This estimate is based on interpretations and assumptions of available guidance, including proposed regulations and notices, that the Company has made regarding the CAMT provisions of the Inflation Reduction Act of 2022.
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. As of March 31, 2026, the tax impact was 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.
The legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted on July 4, 2025. The corporate tax law changes resulting from the OBBBA did not have a material impact to the Company’s consolidated financial statements as of March 31, 2026 and, based on current guidance, the Company does not expect to record any material impacts in the future.
v3.26.1
Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
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 Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, 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 Insurance Company (“RiverSource Life”) and RiverSource Life Insurance Co. of New York (“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 both March 31, 2026 and December 31, 2025, the estimated liability was $13 million. As of both March 31, 2026 and December 31, 2025, the related premium tax asset was $11 million. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.
v3.26.1
Earnings per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The computations of basic and diluted earnings per share were as follows:
Three Months Ended March 31,
2026
2025
(in millions, except per share amounts)
Numerator:
Net income$915 $583 
Denominator:
Basic: Weighted-average common shares outstanding93.3 98.5 
Effect of potentially dilutive nonqualified stock options and other share-based awards1.2 1.5 
Diluted: Weighted-average common shares outstanding94.5 100.0 
Earnings per share:
Basic$9.81 $5.92 
Diluted$9.68 $5.83 
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 0.2 million and 0.1 million options for the three months ended March 31, 2026 and 2025, respectively, due to their anti-dilutive effect.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
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.
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.
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:
 March 31, 2026December 31, 2025
(in millions)
Advice & Wealth Management$40,171 $40,038 
Asset Management6,548 6,723 
Retirement & Protection Solutions
122,100 127,778 
Corporate & Other15,629 16,365 
Total assets$184,448 $190,904 

 
Three Months Ended March 31,
20262025
(in millions)
Adjusted operating net revenues:
Advice & Wealth Management
$3,175 $2,782 
Asset Management
910 846 
Retirement & Protection Solutions952 926 
Corporate & Other
103 104 
Elimination of segment revenues (1)
(366)(349)
Total segment adjusted operating net revenues
4,774 4,309 
Adjustments:
Net realized investment gains (losses)
(5)(2)
Market impact on non-traditional long-duration products2 5 
Revenue attributable to consolidated investment entities41 42 
Total net revenues per consolidated statements of operations$4,812 $4,354 
(1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2026 and 2025 in each segment as follows: Advice & Wealth Management ($239 million and $222 million, respectively); Asset Management ($23 million and $26 million, respectively); Retirement & Protection Solutions ($108 million and $109 million, respectively); and Corporate & Other ($(4) million and $(8) million, respectively).
 
Three Months Ended March 31,
20262025
(in millions)
Adjusted operating earnings:
Advice & Wealth Management
$951 $792 
Asset Management
273 241 
Retirement & Protection Solutions190 215 
Corporate & Other
(81)(97)
Total segment adjusted operating earnings
1,333 1,151 
Adjustments:
Net realized investment gains (losses)(5)(2)
Market impact on non-traditional long-duration products(184)(460)
Net income (loss) attributable to consolidated investment entities
— (2)
Pretax income per consolidated statements of operations$1,144 $687 
Adjusted operating earnings includes the following significant expense categories:

Three Months Ended March 31, 2026
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,770 $262 $132 $(2)
Interest credited to fixed accounts— — 93 50 
Benefits, claims, losses and settlement expenses— — 235 53 
Remeasurement (gains) losses of future policy benefit reserves— — (2)1 
Change in fair value of market risk benefits— — 155 — 
Amortization of deferred acquisition costs— 2 58 1 
Interest and debt expense15 4 10 24 
General and administrative expense439 369 81 57 
Total expenses
$2,224 $637 $762 $184 
Three Months Ended March 31, 2025
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,554 $246 $123 $(2)
Interest credited to fixed accounts— — 92 51 
Benefits, claims, losses and settlement expenses— — 211 56 
Remeasurement (gains) losses of future policy benefit reserves— — (3)(7)
Change in fair value of market risk benefits— — 143 — 
Amortization of deferred acquisition costs— 2 57 2 
Interest and debt expense12 3 8 28 
General and administrative expense424 354 80 73 
Total expenses
$1,990 $605 $711 $201 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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.
Basis of Accounting The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
Future Adoption of New Accounting Standards
Future Adoption of New Accounting Standards
Expenses – Disaggregation of Income Statement Expenses
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing changes to 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.
Intangibles – Internal-Use Software
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to clarify and modernize the accounting treatment for internal-use software costs by eliminating the use of the sequential software development project stages method and provide further guidance on when an entity is required to start capitalizing eligible costs. Under the new guidance, capitalization begins when both of the following occur: (a) management, with the relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed, and the software will be used to perform the function intended. The Company can elect prospective, retrospective, or modified retrospective adoption. The standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those years. The Company is evaluating the impact of the standard on its consolidated results of operations and financial condition.
Financial Instruments – Credit Losses: Purchased Loans
In November 2025, the FASB issued ASU 2025‑08, Purchased Loans, which amends the accounting for certain acquired seasoned loans to require recognizing them at their purchase price plus an allowance for expected credit losses (referred to as the gross-up method). The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition.
Derivatives and Hedging – Hedge Accounting Improvements
In November 2025, the FASB issued ASU 2025‑09, Hedge Accounting Improvements, to make targeted changes within the hedge accounting model. The updates primarily relate to cash flow hedges and certain fair value and net investment hedges. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those years, and must be applied prospectively. The Company is evaluating the impact of this standard on its consolidated results of operations and financial condition.
Interim Reporting – Narrow-Scope Improvements
In December 2025, the FASB issued ASU 2025‑11, Narrow-Scope Improvements, which enhances the navigability of the required interim disclosures and clarifies when that guidance applies. The ASU addresses the form and content of interim financial statements and notes prepared in accordance with GAAP, adds lists of the interim disclosures required by all other codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. 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.
v3.26.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2026
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:

Three Months Ended March 31, 2026
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating
Revenue		Total
(in millions)
Management and financial advice fees:
Asset management fees:
Retail$— $563 $— $— $563 $— $563 
Institutional— 145 — — 145 — 145 
Model delivery— 27 — — 27 — 27 
Advisory fees1,797 — — — 1,797 — 1,797 
Financial planning fees115 — — — 115 — 115 
Transaction and other fees99 53 15 — 167 — 167 
Total management and financial advice fees2,011 788 15 — 2,814 — 2,814 
Distribution fees:
Mutual funds237 61 — — 298 — 298 
Insurance and annuity260 39 83 — 382 — 382 
Off-balance sheet brokerage cash26 — — — 26 — 26 
Other products141 — — — 141 — 141 
Total distribution fees664 100 83 — 847 — 847 
Other revenues78 5 — — 83 — 83 
Total revenue from contracts with customers2,753 893 98 — 3,744 — 3,744 
Revenue from other sources (1)
496 17 854 107 1,474 42 1,516 
Total segment gross revenues3,249 910 952 107 5,218 42 5,260 
Banking and deposit interest expense(74)— — (4)(78)— (78)
Total segment net revenues3,175 910 952 103 5,140 42 5,182 
Elimination of intersegment revenues(239)(23)(108)4 (366)(4)(370)
Total net revenues$2,936 $887 $844 $107 $4,774 $38 $4,812 
Three Months Ended March 31, 2025
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating
Revenue		Total
(in millions)
Management and financial advice fees:
Asset management fees:
Retail$— $530 $— $— $530 $— $530 
Institutional— 134 — — 134 — 134 
Model delivery
— 22 — — 22 — 22 
Advisory fees1,515 — — — 1,515 — 1,515 
Financial planning fees110 — — — 110 — 110 
Transaction and other fees94 50 15 — 159 — 159 
Total management and financial advice fees1,719 736 15 — 2,470 — 2,470 
Distribution fees:
Mutual funds214 55 — — 269 — 269 
Insurance and annuity243 39 82 — 364 — 364 
Off-balance sheet brokerage cash
36 — — — 36 — 36 
Other products120 — — — 120 — 120 
Total distribution fees613 94 82 — 789 — 789 
Other revenues69 5 — — 74 — 74 
Total revenue from contracts with customers2,401 835 97 — 3,333 — 3,333 
Revenue from other sources (1)
508 11 829 112 1,460 49 1,509 
Total segment gross revenues2,909 846 926 112 4,793 49 4,842 
Banking and deposit interest expense(127)— — (8)(135)— (135)
Total segment net revenues2,782 846 926 104 4,658 49 4,707 
Elimination of intersegment revenues(222)(26)(109)8 (349)(4)(353)
Total net revenues$2,560 $820 $817 $112 $4,309 $45 $4,354 
(1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.
v3.26.1
Variable Interest Entities (Tables) - Consolidated investment entities
 3 Months Ended
Mar. 31, 2026
Assets and liabilities measured at fair value  
Schedule of balances of assets and liabilities measured at fair value on a recurring basis
The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
 March 31, 2026
Level 1Level 2Level 3Total
(in millions)
Assets
Investments:
Corporate debt securities$— $71 $— $71 
Syndicated loans— 2,282 154 2,436 
Total investments— 2,353 154 2,507 
Receivables— 30 — 30 
Total assets at fair value$— $2,383 $154 $2,537 
Liabilities
Debt (1)
$— $2,535 $— $2,535 
Other liabilities— 86 — 86 
Total liabilities at fair value$— $2,621 $— $2,621 
 December 31, 2025
Level 1Level 2Level 3Total
(in millions)
Assets
Investments:
Corporate debt securities$— $71 $— $71 
Syndicated loans— 2,458 89 2,547 
Total investments— 2,529 89 2,618 
Receivables— 30 — 30 
Total assets at fair value$— $2,559 $89 $2,648 
Liabilities
Debt (1)
$— $2,585 $— $2,585 
Other liabilities— 159 — 159 
Total liabilities at fair value$— $2,744 $— $2,744 
(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 $2.5 billion and $2.6 billion as of March 31, 2026 and December 31, 2025, respectively.
Summary of changes in Level 3 assets measured at fair value on a recurring basis
The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:
Syndicated Loans
(in millions)
Balance at January 1, 2026
$89 
Total gains (losses) included in:
Net income(4)(1)
Purchases
23 
Sales
(11)
Settlements
(5)
Transfers into Level 3
102 
Transfers out of Level 3
(40)
Balance at March 31, 2026
$154 
Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2026
$(4)(1)
 Common StocksSyndicated Loans
(in millions)
Balance at January 1, 2025
$1 $118 
Total gains (losses) included in:
Net income— (2)(1)
Purchases
— 16 
Settlements
— (1)
Transfers into Level 3
— 67 
Transfers out of Level 3
(1)(68)
Balance at March 31, 2025
$— $130 
Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2025
$— $(1)(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:
 March 31, 2026December 31, 2025
(in millions)
Syndicated Loans
Unpaid principal balance$2,575 $2,632 
Excess unpaid principal over fair value(139)(85)
Fair value$2,436 $2,547 
Fair value of loans more than 90 days past due$2 $1 
Fair value of loans in nonaccrual status$4 $1 
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both$36 $14 
Debt
Unpaid principal balance$2,818 $2,819 
Excess unpaid principal over fair value(283)(234)
Carrying value (1)
$2,535 $2,585 
(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 $2.5 billion and $2.6 billion as of March 31, 2026 and December 31, 2025, 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
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
(in millions) 
Debt of consolidated CLOs due 2030 - 2038
$2,535 $2,585 4.9 %5.1 %
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
March 31, 2026December 31, 2025
(in millions)
Available-for-Sale securities, at fair value
$54,036 $53,591 
Mortgage loans (allowance for credit losses: 2026, $14; 2025, $14)
2,919 2,824 
Policy loans1,067 1,056 
Other investments (allowance for credit losses: 2026, $7; 2025, $7)
947 935 
Total$58,969 $58,406 
Summary of Net Investment income
The following is a summary of Net investment income:
Three Months Ended March 31,
2026
2025
(in millions)
Available-for-Sale securities (1)
$637 $642 
Net realized gains (losses)3 5 
Consolidated investment entities35 37 
Other investments and receivables (1)
197 184 
Total$872 $868 
(1) Prior period amounts associated with investment income from Available-for-Sale securities have been disaggregated (as the largest component of fixed maturities) to conform with current period presentation with remaining amounts included in Other investments and receivables.
Schedule of Available-for-Sale securities by type
Available-for-Sale securities distributed by type were as follows:
March 31, 2026
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$16,694 $274 $(610)$— $16,358 
Residential mortgage backed securities28,848 141 (746)— 28,243 
Commercial mortgage backed securities3,722 8 (109)— 3,621 
Asset backed securities3,558 10 (20)— 3,548 
State and municipal obligations648 32 (16)(1)663 
U.S. government and agency obligations1,602 — — — 1,602 
Foreign government bonds and obligations1 — — — 1 
Total$55,073 $465 $(1,501)$(1)$54,036 
Description of SecuritiesDecember 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
(in millions)
Corporate debt securities$15,911 $395 $(464)$— $15,842 
Residential mortgage backed securities28,578 261 (666)— 28,173 
Commercial mortgage backed securities3,778 16 (103)(4)3,687 
Asset backed securities3,755 19 (21)— 3,753 
State and municipal obligations657 36 (15)(1)677 
U.S. government and agency obligations1,457 1 — — 1,458 
Foreign government bonds and obligations1 — — — 1 
Total$54,137 $728 $(1,269)$(5)$53,591 
Summary of fixed maturity securities by rating
A summary of fixed maturity securities by rating was as follows:
Ratings
March 31, 2026December 31, 2025
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$18,868 $18,523 34 %$19,744 $19,489 36 %
AA19,708 19,375 36 18,446 18,259 34 
A5,006 4,956 9 4,445 4,468 8 
BBB11,100 10,828 20 11,169 11,067 21 
Below investment grade
391 354 1 333 308 1 
Total fixed maturities$55,073 $54,036 100 %$54,137 $53,591 100 %
Summary of fair value and gross unrealized losses on Available-for-Sale securities in continuous unrealized loss position
The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:
Description of SecuritiesMarch 31, 2026
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized Losses Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
 (in millions, except number of securities)
Corporate debt securities248 $4,320 $(107)304 $5,043 $(503)552 $9,363 $(610)
Residential mortgage backed securities230 7,754 (75)581 6,895 (671)811 14,649 (746)
Commercial mortgage backed securities23 592 (7)155 2,039 (102)178 2,631 (109)
Asset backed securities32 1,049 (2)27 227 (18)59 1,276 (20)
State and municipal obligations15 80 (2)40 136 (14)55 216 (16)
U.S. government and agency obligations19 969 — — — — 19 969 — 
Total567 $14,764 $(193)1,107 $14,340 $(1,308)1,674 $29,104 $(1,501)
Description of SecuritiesDecember 31, 2025
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
(in millions, except number of securities)
Corporate debt securities108 $1,560 $(48)314 $5,175 $(416)422 $6,735 $(464)
Residential mortgage backed securities64 1,892 (3)636 8,033 (663)700 9,925 (666)
Commercial mortgage backed securities10 167 — 165 2,334 (103)175 2,501 (103)
Asset backed securities4 56 — 30 255 (21)34 311 (21)
State and municipal obligations14 90 (2)39 127 (13)53 217 (15)
U.S. government and agency obligations3 60 — — — — 3 60 — 
Total203 $3,825 $(53)1,184 $15,924 $(1,216)1,387 $19,749 $(1,269)
Rollforward of allowance for credit losses on Available-for-Sale securities
The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:
Commercial Mortgage Backed SecuritiesState and Municipal ObligationsTotal
(in millions)
Balance at January 1, 2026
$4 $1 $5 
Reductions for securities sold during the period (realized)(4)— (4)
Balance at March 31, 2026
$— $1 $1 
Balance at January 1, 2025
$4 $1 $5 
Additional increases (decreases) on securities that had an allowance recorded in a previous period— — — 
Balance at March 31, 2025
$4 $1 $5 
Schedule of net realized gains and losses on Available-for-Sale securities
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:
 
Three Months Ended March 31,
2026
2025
(in millions)
Gross realized investment gains$11 $10 
Gross realized investment losses(12)(5)
Credit reversals (losses)4 — 
Total$3 $5 
Schedule of Available-for-Sale securities by contractual maturity
Available-for-Sale securities by contractual maturity as of March 31, 2026 were as follows:
Amortized CostFair Value
(in millions)
Due within one year$1,964$1,964
Due after one year through five years4,0673,911
Due after five years through 10 years6,0656,060
Due after 10 years6,8496,689
 18,94518,624
Residential mortgage backed securities28,84828,243
Commercial mortgage backed securities3,7223,621
Asset backed securities3,5583,548
Total$55,073$54,036
v3.26.1
Financing Receivables (Tables)
 3 Months Ended
Mar. 31, 2026
Financing Receivables  
Rollforward of allowance for credit losses
The following tables present a rollforward of the allowance for credit losses:
 Commercial LoansConsumer LoansTotal
(in millions)
Balance at January 1, 2026
$41 $11 $52 
Provisions3 — 3 
Charge-offs(1)— (1)
Balance at March 31, 2026
$43 $11 $54 
Balance at January 1, 2025
$45 $9 $54 
Provisions(9)2 (7)
Charge-offs— (1)(1)
Balance at March 31, 2025
$36 $10 $46 
Commercial Loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
March 31, 2026
Loan-to-Value Ratio20262025202420232022PriorTotal
(in millions)
> 100%$— $— $— $— $— $18 $18 
80% - 100%3 — 3 — — 69 75 
60% - 80%23 75 68 15 11 72 264 
40% - 60%20 133 90 44 27 380 694 
< 40%— 48 15 11 64 839 977 
Total$46 $256 $176 $70 $102 $1,378 $2,028 
December 31, 2025
Loan-to-Value Ratio20252024202320222021PriorTotal
(in millions)
> 100%$— $— $— $— $— $15 $15 
80% - 100%— — — — — 56 56 
60% - 80%83 82 18 12 — 103 298 
40% - 60%129 87 42 26 62 339 685 
< 40%45 15 11 65 108 741 985 
Total$257 $184 $71 $103 $170 $1,254 $2,039 
Commercial Loans | Commercial mortgage loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
 LoansPercentage
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
(in millions)  
East North Central$192 $185 9 %9 %
East South Central55 51 3 3 
Middle Atlantic126 126 6 6 
Mountain164 168 8 8 
New England34 35 2 2 
Pacific684 696 34 34 
South Atlantic547 552 27 27 
West North Central112 110 5 5 
West South Central114 116 6 6 
Total
$2,028 $2,039 100 %100 %
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
 LoansPercentage
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
(in millions)  
Apartments$609 $600 30 %29 %
Hotel40 40 2 2 
Industrial402 404 20 20 
Mixed use82 83 4 4 
Office186 190 9 9 
Retail515 528 25 26 
Other194 194 10 10 
Total
$2,028 $2,039 100 %100 %
Commercial Loans | Syndicated loans  
Financing Receivables  
Schedule of amortized cost basis of loans and credit quality information
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
March 31, 2026
Internal Risk Rating20262025202420232022PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — — — — 1 1 
Risk 33 6 1 1 — 3 14 
Risk 26 13 9 3 — 3 34 
Risk 11 9 13 3 — — 26 
Total$10 $28 $23 $7 $— $7 $75 
December 31, 2025
Internal Risk Rating20252024202320222021PriorTotal
(in millions)
Risk 5$— $— $— $— $— $— $— 
Risk 4— — — — — 1 1 
Risk 37 1 1 — — — 9 
Risk 211 15 3 — 3 3 35 
Risk 114 15 5 — — — 34 
Total$32 $31 $9 $— $3 $4 $79 
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:
March 31, 2026
Termination Status20262025202420232022PriorTotal
(in millions)
Active$199 $623 $299 $267 $203 $197 $1,788 
Terminated— 2 1 — 1 10 14 
Total$199 $625 $300 $267 $204 $207 $1,802 
December 31, 2025
Termination Status20252024202320222021PriorTotal
(in millions)
Active$637 $309 $280 $215 $79 $142 $1,662 
Terminated— 1 — 1 1 8 11 
Total$637 $310 $280 $216 $80 $150 $1,673 
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
March 31, 2026
2026
2025202420232022
Prior
Total
(in millions)
> 810
$3 $22 $4 $4 $2 $2 $37 
780 - 809
40 184 71 48 22 12 377 
740 - 779
40 147 52 58 22 12 331 
720 - 739
10 32 16 13 3 4 78 
700 - 719
7 17 7 7 5 4 47 
< 699
1 15 7 6 3 3 35 
Total$101 $417 $157 $136 $57 $37 $905 
FICO Score
December 31, 2025
2025
2024202320222021
Prior
Total
(in millions)
> 810
$23 $8 $7 $2 $2 $1 $43 
780 - 809
177 76 50 22 7 5 337 
740 - 779
128 56 62 22 7 4 279 
720 - 739
29 17 13 4 4 — 67 
700 - 719
16 8 8 5 3 1 41 
< 699
14 6 6 3 3 — 32 
Total$387 $171 $146 $58 $26 $11 $799 
The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:
Loans
Percentage
March 31, 2026
December 31, 2025
March 31, 2026
December 31, 2025
(in millions)
Minnesota
$438 $420 48 %53 %
Other U.S. States
467 379 52 47 
Total$905 $799 100 %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
March 31, 2026
December 31, 2025
(in millions)
> 800$36 $39 
750 - 79929 31 
700 - 74927 27 
650 - 69916 16 
< 6509 9 
Total$117 $122 
v3.26.1
Deferred Acquisition Costs and Deferred Sales Inducement Costs (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Charges, Insurers [Abstract]  
Schedule of balances of and changes in DAC
The following tables summarize the balances of and changes in deferred acquisition costs (“DAC”):
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance
(in millions)
Balance at January 1, 2026
$1,313 $325 $23 $3 $96 $570 
Capitalization of acquisition costs6 23 — — — 15 
Amortization(27)(11)(1)— (2)(12)
Balance at March 31, 2026
$1,292 $337 $22 $3 $94 $573 
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, 2026
$197 $1 $13 $17 $65 $2,623 
Capitalization of acquisition costs1 — — — 1 46 
Amortization(4)— — — (2)(59)
Balance at March 31, 2026
$194 $1 $13 $17 $64 2,610 
Other broker dealer acquisition costs2 
Balance at March 31, 2026 including broker dealer acquisition costs
$2,612 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesUniversal Life InsuranceVariable Universal Life Insurance
(in millions)
Balance at January 1, 2025
$1,402 $276 $28 $4 $103 $553 
Capitalization of acquisition costs23 88 — — — 62 
Amortization(112)(39)(5)(1)(7)(45)
Balance at December 31, 2025
$1,313 $325 $23 $3 $96 $570 
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, 2025
$210 $2 $10 $17 $70 $2,675 
Capitalization of acquisition costs2 — 3 2 3 183 
Amortization(15)(1)— (2)(8)(235)
Balance at December 31, 2025
$197 $1 $13 $17 $65 2,623 
Other broker dealer acquisition costs2 
Balance at December 31, 2025 including broker dealer acquisition costs
$2,625 
Schedule of balances of and changes in DSIC
The following tables summarize the balances of and changes in deferred sales inducement costs (“DSIC”):
Variable AnnuitiesFixed AnnuitiesTotal,
All Products
(in millions)
Balance at January 1, 2026
$110 $8 $118 
Amortization(3)— (3)
Balance at March 31, 2026
$107 $8 $115 
Variable AnnuitiesFixed AnnuitiesTotal,
All Products
(in millions)
Balance at January 1, 2025
$122 $10 $132 
Amortization(12)(2)(14)
Balance at December 31, 2025
$110 $8 $118 
v3.26.1
Policyholder Account Balances, Future Policy Benefits and Claims (Tables)
 3 Months Ended
Mar. 31, 2026
Policyholder Account Balance [Abstract]  
Policyholder account balances, future policy benefits and claims
Policyholder account balances, future policy benefits and claims consisted of the following:
March 31, 2026December 31, 2025
(in millions)
Policyholder account balances
Policyholder account balances$36,988 $37,005 
Future policy benefits
Reserve for future policy benefits7,426 7,601 
Deferred profit liability135 130 
Additional liabilities for insurance guarantees1,510 1,500 
Other insurance and annuity liabilities124 78 
Total future policy benefits9,195 9,309 
Policy claims and other policyholders’ funds218 184 
Total policyholder account balances, future policy benefits and claims$46,401 $46,498 
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, 2026
$3,320 $21,504 $4,918 $289 $435 
Contract deposits13 902 8 — 21 
Policy charges(3)(1)— — — 
Surrenders and other benefits(111)(286)(147)(13)(25)
Net transfer from (to) separate account liabilities(5)— — — — 
Variable account index-linked adjustments
— (482)— — — 
Interest credited26 1 46 3 3 
Balance at March 31, 2026
$3,240 $21,638 $4,825 $279 $434 
Weighted-average crediting rate3.3 %1.9 %3.9 %2.1 %N/A
Cash surrender value (1)
$3,223 $20,582 $4,824 $263 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2026
$1,349 $1,705 $3,048 $437 $37,005 
Contract deposits26 80 38 — 1,088 
Policy charges(41)(23)(30)— (98)
Surrenders and other benefits(14)(23)(16)(14)(649)
Net transfer from (to) separate account liabilities— (34)— — (39)
Variable account index-linked adjustments
— — — — (482)
Interest credited11 17 52 4 163 
Balance at March 31, 2026
$1,331 $1,722 $3,092 $427 $36,988 
Weighted-average crediting rate3.6 %3.9 %3.0 %4.0 %
Net amount at risk$7,858 $57,545 $12,947 $117 
Cash surrender value (1)
$1,229 $1,113 $2,696 $269 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2025
$3,680 $16,330 $5,369 $305 $447 
Contract deposits57 3,816 35 — 73 
Policy charges(13)(4)— — — 
Surrenders and other benefits(486)(846)(677)(26)(99)
Net transfer from (to) separate account liabilities(31)— — — — 
Variable account index-linked adjustments
— 2,206 — — — 
Interest credited113 2 191 10 14 
Balance at December 31, 2025
$3,320 $21,504 $4,918 $289 $435 
Weighted-average crediting rate3.3 %1.9 %3.8 %2.1 %N/A
Cash surrender value (1)
$3,302 $20,582 $4,916 $272 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2025
$1,405 $1,647 $2,894 $465 $32,542 
Contract deposits138 318 165 — 4,602 
Policy charges(169)(91)(123)— (400)
Surrenders and other benefits(72)(102)(71)(45)(2,424)
Net transfer from (to) separate account liabilities— (132)— — (163)
Variable account index-linked adjustments
— — — — 2,206 
Interest credited47 65 183 17 642 
Balance at December 31, 2025
$1,349 $1,705 $3,048 $437 $37,005 
Weighted-average crediting rate3.6 %3.9 %3.0 %4.0 %
Net amount at risk$7,944 $57,269 $13,040 $121 
Cash surrender value (1)
$1,241 $1,109 $2,640 $274 
(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 March 31, 2026 and December 31, 2025 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.
March 31, 2026
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%$5 $57 $82 $19 $— $163 
2 %–2.99%86 8 — — — 94 
3 %–3.99%1,638 — — 1 — 1,639 
4 %–5.00%1,298 — — — — 1,298 
Total$3,027 $65 $82 $20 $— $3,194 
Fixed accounts of structured variable annuities1 %–1.99%$— $50 $14 $1 $— $65 
2 %–2.99%36 — — — — 36 
3 %–3.99%1 — — — — 1 
4 %–5.00%— — — — — — 
Total$37 $50 $14 $1 $— $102 
Fixed annuities1 %–1.99%$— $159 $138 $109 $17 $423 
2 %–2.99%12 16 2 — — 30 
3 %–3.99%2,057 1 — — — 2,058 
4 %–5.00%2,307 — — — — 2,307 
Total$4,376 $176 $140 $109 $17 $4,818 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $1 $4 $13 $— $18 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $1 $4 $13 $— $18 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%47 6 18 4 1 76 
3 %–3.99%779 — 5 6 — 790 
4 %–5.00%435 4 — — — 439 
Total$1,261 $10 $23 $10 $1 $1,305 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable universal life insurance1 %–1.99%$— $— $2 $2 $55 $59 
2 %–2.99%1 15 2 1 14 33 
3 %–3.99%96 1 5 14 — 116 
4 %–5.00%520 23 — — — 543 
Total$617 $39 $9 $17 $69 $751 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $— $— $2 $2 
2 %–2.99%— — — 137 — 137 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $— $— $137 $2 $139 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%23 — — — — 23 
4 %–5.00%245 — — — — 245 
Total$268 $— $— $— $— $268 
Total1 %–1.99%$5 $267 $240 $144 $74 $730 
2 %–2.99%182 45 22 142 15 406 
3 %–3.99%4,594 2 10 21 — 4,627 
4 %–5.00%4,805 27 — — — 4,832 
Total$9,586 $341 $272 $307 $89 $10,595 
Percentage of total account values that reset in:
Next 12 months100.0 %99.9 %99.9 %100.0 %99.9 %100.0 %
> 12 months to 24 months— — — — — — 
> 24 months— 0.1 0.1 — 0.1 — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
December 31, 2025
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%$7 $62 $82 $20 $— $171 
2 %–2.99%89 8 — — — 97 
3 %–3.99%1,686 — — 1 — 1,687 
4 %–5.00%1,321 — — — — 1,321 
Total$3,103 $70 $82 $21 $— $3,276 
Fixed accounts of structured variable annuities1 %–1.99%$— $26 $26 $1 $— $53 
2 %–2.99%16 — — — — 16 
3 %–3.99%1 — — — — 1 
4 %–5.00%— — — — — — 
Total$17 $26 $26 $1 $— $70 
Fixed annuities1 %–1.99%$— $182 $143 $103 $19 $447 
2 %–2.99%13 16 2 — — 31 
3 %–3.99%2,116 1 1 — — 2,118 
4 %–5.00%2,312 — — — — 2,312 
Total$4,441 $199 $146 $103 $19 $4,908 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $4 $13 $— $19 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $4 $13 $— $19 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%47 6 19 2 1 75 
3 %–3.99%789 — 4 7 — 800 
4 %–5.00%442 5 — — — 447 
Total$1,278 $11 $23 $9 $1 $1,322 
Fixed accounts of variable universal life insurance1 %–1.99%$— $— $3 $1 $48 $52 
2 %–2.99%1 16 2 1 14 34 
3 %–3.99%98 1 3 14 — 116 
4 %–5.00%524 25 — — — 549 
Total$623 $42 $8 $16 $62 $751 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $— $— $2 $2 
2 %–2.99%— — — 135 — 135 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $— $— $135 $2 $137 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%24 — — — — 24 
4 %–5.00%249 — — — — 249 
Total$273 $— $— $— $— $273 
Total1 %–1.99%$7 $272 $258 $138 $69 $744 
2 %–2.99%166 46 23 138 15 388 
3 %–3.99%4,714 2 8 22 — 4,746 
4 %–5.00%4,848 30 — — — 4,878 
Total$9,735 $350 $289 $298 $84 $10,756 
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 %
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, 2026
$— $813 $33 $988 $1,834 
Beginning balance at original discount rate— 836 37 977 1,850 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience— (13)— (6)(19)
Adjusted beginning of year balance$— $823 $37 $971 $1,831 
Issuances27 15 3 — 45 
Interest accrual— 10 — 12 22 
Net premiums collected(27)(19)— (33)(79)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $829 $40 $950 $1,819 
Effect of changes in discount rate assumptions— (39)(5)(4)(48)
Balance at March 31, 2026
$— $790 $35 $946 $1,771 
Present Value of Future Policy Benefits:
Balance at January 1, 2026
$1,273 $1,378 $499 $6,277 $9,427 
Beginning balance at original discount rate1,318 1,380 478 6,322 9,498 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(5)(17)(1)(7)(30)
Adjusted beginning of year balance$1,313 $1,363 $477 $6,315 $9,468 
Issuances27 15 3 — 45 
Interest accrual14 18 7 78 117 
Benefit payments(42)(20)(10)(107)(179)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,312 $1,376 $477 $6,286 $9,451 
Effect of changes in discount rate assumptions(65)(33)11 (175)(262)
Balance at March 31, 2026
$1,247 $1,343 $488 $6,111 $9,189 
Adjustment due to reserve flooring$— $8 $— $— $8 
Net liability for future policy benefits$1,247 $561 $453 $5,165 $7,426 
Less: reinsurance recoverable672 401 21 2,593 3,687 
Net liability for future policy benefits, after reinsurance recoverable$575 $160 $432 $2,572 $3,739 
Discounted expected future gross premiums$— $1,910 $785 $1,128 $3,823 
Expected future gross premiums$— $3,293 $1,110 $1,513 $5,916 
Expected future benefit payments$1,901 $2,321 $785 $10,109 $15,116 
Weighted average interest accretion rate4.4 %6.0 %6.3 %5.1 %
Weighted average discount rate5.3 %5.6 %5.5 %5.6 %
Weighted average duration of liability (in years)6768
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, 2025
$— $737 $53 $1,057 $1,847 
Beginning balance at original discount rate— 774 59 1,072 1,905 
Effect of changes in cash flow assumptions— 58 (19)(8)31 
Effect of actual variances from expected experience— (17)(12)1 (28)
Adjusted beginning of year balance$— $815 $28 $1,065 $1,908 
Issuances141 60 9 — 210 
Interest accrual1 39 2 50 92 
Net premiums collected(142)(78)(2)(138)(360)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $836 $37 $977 $1,850 
Effect of changes in discount rate assumptions— (23)(4)11 (16)
Balance at December 31, 2025
$— $813 $33 $988 $1,834 
Present Value of Future Policy Benefits:
Balance at January 1, 2025
$1,204 $1,322 $545 $6,187 $9,258 
Beginning balance at original discount rate1,289 1,353 535 6,408 9,585 
Effect of changes in cash flow assumptions(2)27 (30)25 20 
Effect of actual variances from expected experience(5)(20)(25)13 (37)
Adjusted beginning of year balance$1,282 $1,360 $480 $6,446 $9,568 
Issuances141 60 9 — 210 
Interest accrual57 74 30 316 477 
Benefit payments(162)(114)(41)(440)(757)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,318 $1,380 $478 $6,322 $9,498 
Effect of changes in discount rate assumptions(45)(2)21 (45)(71)
Balance at December 31, 2025
$1,273 $1,378 $499 $6,277 $9,427 
Adjustment due to reserve flooring$— $8 $— $— $8 
Net liability for future policy benefits$1,273 $573 $466 $5,289 $7,601 
Less: reinsurance recoverable703 408 20 2,657 3,788 
Net liability for future policy benefits, after reinsurance recoverable$570 $165 $446 $2,632 $3,813 
Discounted expected future gross premiums$— $1,971 $809 $1,173 $3,953 
Expected future gross premiums$— $3,334 $1,126 $1,554 $6,014 
Expected future benefit payments$1,906 $2,328 $789 $10,218 $15,241 
Weighted average interest accretion rate4.4 %6.2 %6.3 %5.0 %
Weighted average discount rate5.0 %5.3 %5.2 %5.3 %
Weighted average duration of liability (in years)6768
The amount of revenue and interest recognized in the Statements of Operations was as follows:
Three Months Ended March 31,
2026
Gross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$32 $14 
Term and whole life insurance43 8 
Disability income insurance
27 7 
Long term care insurance40 66 
Total$142 $95 
Year Ended December 31,
2025
Gross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$157 $56 
Term and whole life insurance174 35 
Disability income insurance
114 28 
Long term care insurance171 266 
Total$616 $385 
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, 2026
$1,409 $80 $11 $1,500 
Interest accrual11 1 — 12 
Benefit accrual31 2 — 33 
Benefit payments(21)(3)(2)(26)
Effect of actual variances from expected experience— 1 1 2 
Impact of change in net unrealized (gains) losses on securities(9)— (2)(11)
Balance at March 31, 2026
$1,421 $81 $8 $1,510 
Weighted average interest accretion rate3.0 %7.1 %3.9 %
Weighted average discount rate3.1 %7.1 %3.9 %
Weighted average duration of reserves (in years)887
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2025
$1,301 $80 $8 $1,389 
Interest accrual40 5 1 46 
Benefit accrual132 10 2 144 
Benefit payments(84)(14)(4)(102)
Effect of actual variances from expected experience11 (1)2 12 
Impact of change in net unrealized (gains) losses on securities9 — 2 11 
Balance at December 31, 2025
$1,409 $80 $11 $1,500 
Weighted average interest accretion rate2.9 %6.8 %3.8 %
Weighted average discount rate3.1 %7.1 %3.9 %
Weighted average duration of reserves (in years)987
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, 2026
$26 $307 $318 $651 
Deferral of revenue— 21 11 32 
Amortization— (6)(7)(13)
Balance at March 31, 2026
$26 $322 $322 $670 
Balance at January 1, 2025
$26 $249 $295 $570 
Deferral of revenue1 79 47 127 
Amortization(1)(21)(24)(46)
Balance at December 31, 2025
$26 $307 $318 $651 
v3.26.1
Separate Account Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026December 31, 2025
(in millions)
Variable annuities and variable universal life:
Mutual funds$74,139 $77,645 
Unitized pooled pension funds:
Property/real estate1,701 1,755 
Equity securities417 454 
Debt securities111 116 
Cash and cash equivalents78 56 
Other20 18 
Total$76,466 $80,044 
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, 2026
$66,471 $11,174 $2,399 $80,044 
Premiums and deposits259 136 20 415 
Policy charges(314)(82)(1)(397)
Surrenders and other benefits(1,931)(118)(34)(2,083)
Investment return(1,254)(225)(15)(1,494)
Net transfer from (to) general account6 18 — 24 
Other charges— — (43)(43)
Balance at March 31, 2026
$63,237 $10,903 $2,326 $76,466 
Cash surrender value$62,152 $10,183 $2,326 $74,661 
Variable AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2025
$65,737 $9,839 $2,538 $78,114 
Premiums and deposits996 526 83 1,605 
Policy charges(1,318)(321)(5)(1,644)
Surrenders and other benefits(7,347)(413)(583)(8,343)
Investment return8,373 1,495 179 10,047 
Net transfer from (to) general account30 48 — 78 
Other charges— — 187 187 
Balance at December 31, 2025
$66,471 $11,174 $2,399 $80,044 
Cash surrender value$65,338 $10,463 $2,399 $78,200 
v3.26.1
Market Risk Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Balances of and changes in market risk benefits
The following tables summarize the balances of and changes in market risk benefits:
Three Months Ended March 31,
2026
2025
(in millions, except age)
Balance at beginning of period$(1,092)$(919)
Issuances7 5 
Interest accrual and time decay(21)(18)
Reserve increase from attributed fees collected177 181 
Reserve release for benefit payments and derecognition(3)(2)
Effect of changes in interest rates and bond markets(5)269 
Effect of changes in equity markets and subaccount performance297 322 
Effect of changes in equity index volatility83 25 
Actual policyholder behavior different from expected behavior20 25 
Effect of changes in future expected assumptions
— (1)
Effect of changes in the instrument-specific credit risk on market risk benefits(38)(1)
Balance at end of period$(575)$(114)
Reconciliation of the gross balances in an asset or liability position:
Asset position$1,934 $1,742 
Liability position(1,359)(1,628)
Net asset (liability) position$575 $114 
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits$424 $626 
Living benefits$2,379 $2,761 
Composite (greater of)$2,773 $3,318 
Weighted average attained age of contractholders7069
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $347 $603 
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
$(37)$— 
Year Ended December 31,
2025
(in millions, except age)
Balance at beginning of period$(919)
Issuances23 
Interest accrual and time decay(116)
Reserve increase from attributed fees collected761 
Reserve release for benefit payments and derecognition(9)
Effect of changes in interest rates and bond markets(51)
Effect of changes in equity markets and subaccount performance(1,006)
Effect of changes in equity index volatility90 
Actual policyholder behavior different from expected behavior68 
Effect of changes in future expected assumptions
93 
Effect of changes in the instrument-specific credit risk on market risk benefits(26)
Balance at end of period$(1,092)
Reconciliation of the gross balances in an asset or liability position:
Asset position$2,274 
Liability position(1,182)
Net asset (liability) position$1,092 
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits$291 
Living benefits$1,811 
Composite (greater of)$2,084 
Weighted average attained age of contractholders70
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $(966)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
$(20)
Significant inputs and assumptions used in the fair value measurements
The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:
March 31, 2026
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(575)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%12.1%
Surrender rate (2)
0.4%–72.1%3.6%
Market volatility (3)
0.0%–25.9%12.0%
Nonperformance risk (4)
75 bps75 bps
Mortality rate (5)
0.0%–41.6%1.7%
December 31, 2025
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(1,092)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%12.2%
Surrender rate (2)
0.4%–75.0%3.6%
Market volatility (3)
0.0%–24.9%11.2%
Nonperformance risk (4)
65 bps65 bps
Mortality rate (5)
0.0%–41.6%1.8%
(1) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.
(2) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.
(3) Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.
(4) The nonperformance risk is the spread added to the U.S. Treasury curve.
(5) The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.
The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:
 
March 31, 2026
Fair ValueValuation TechniqueUnobservable InputRange Weighted Average
(in millions)
Corporate debt securities (private placements)$708 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
0.9%–1.7%1.2%
Asset backed securities$1 Discounted cash flow
Annual short-term default rate (2)
3.0%3.0%
Annual long-term default rate (2)
3.5%3.5%
Discount rate15.0%15.0%
Constant prepayment rate20.0%20.0%
Loss recovery60.0%60.0%
Fixed deferred indexed annuity ceded embedded derivatives$53 Discounted cash flow
Surrender rate (3)
0.5%–93.5%9.0%
Fixed deferred indexed annuity embedded derivatives$52 Discounted cash flow
Surrender rate (3)
0.5%–93.5%9.0%
 
 
 
Nonperformance risk (4)
75 bps75 bps
IUL embedded derivatives$1,002 Discounted cash flow
Nonperformance risk (4)
75 bps75 bps
Structured variable annuity embedded derivatives $3,226 Discounted cash flow
Surrender rate (3)
0.5%–74.5%2.2%
Nonperformance risk (4)
75 bps75 bps
Contingent consideration liabilities$78 Discounted cash flow
Discount rate (5)
0.0%–10.5%2.2%

 
December 31, 2025
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(in millions)
Corporate debt securities (private placements)$708 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
0.9%–1.6%1.2%
Asset backed securities$1 Discounted cash flow
Annual short-term default rate (2)
3.0%3.0%
Annual long-term default rate (2)
3.5%3.5%
Discount rate15.0%15.0%
Constant prepayment rate20.0%20.0%
Loss recovery60.0%60.0%
Fixed deferred indexed annuity ceded embedded derivatives$59 Discounted cash flow
Surrender rate (3)
0.5%–89.8%5.1%
Fixed deferred indexed annuity embedded derivatives$58 Discounted cash flow
Surrender rate (3)
0.5%–89.8%5.1%
 
Nonperformance risk (4)
65 bps65 bps
IUL embedded derivatives$1,042 Discounted cash flow
Nonperformance risk (4)
65 bps65 bps
Structured variable annuity embedded derivatives$3,879 Discounted cash flow
Surrender rate (3)
0.5%–75.0%2.0%
Nonperformance risk (4)
65 bps65 bps
Contingent consideration liabilities$71 Discounted cash flow
Discount rate (5)
0.0%–10.5%2.4%
(1) The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.
(2) The weighted average annual default rates of asset backed securities is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.
(3) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.
(4) The nonperformance risk is the spread added to the U.S. Treasury curve.
(5) The weighted average discount rate represents the average discount rate across all contingent consideration liabilities, weighted based on the size of the contingent consideration liability.
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
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 BalanceStated Interest Rate
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
(in millions) 
Long-term debt:
Senior notes due 2026$500 $500 2.9 %2.9 %
Senior notes due 2028
600 600 5.7 5.7 
Senior notes due 2032500 500 4.5 4.5 
Senior notes due 2033750 750 5.2 5.2 
Senior notes due 2035
750 750 5.2 5.2 
Other (1)
(21)(23)N/AN/A
Total long-term debt3,079 3,077 
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances200 200 3.8 %4.0 %
Total$3,279 $3,277   
(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
N/A Not Applicable
v3.26.1
Fair Values of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Values of Assets and Liabilities  
Summary of significant unobservable inputs used in fair value measurements of Level 3 assets and liabilities
The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:
March 31, 2026
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(575)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%12.1%
Surrender rate (2)
0.4%–72.1%3.6%
Market volatility (3)
0.0%–25.9%12.0%
Nonperformance risk (4)
75 bps75 bps
Mortality rate (5)
0.0%–41.6%1.7%
December 31, 2025
Fair ValueValuation TechniqueSignificant Inputs and AssumptionsRangeWeighted
 Average
(in millions)
Market risk benefits$(1,092)Discounted cash flow
Utilization of guaranteed withdrawals (1)
0.0%–52.8%12.2%
Surrender rate (2)
0.4%–75.0%3.6%
Market volatility (3)
0.0%–24.9%11.2%
Nonperformance risk (4)
65 bps65 bps
Mortality rate (5)
0.0%–41.6%1.8%
(1) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.
(2) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.
(3) Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.
(4) The nonperformance risk is the spread added to the U.S. Treasury curve.
(5) The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.
The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:
 
March 31, 2026
Fair ValueValuation TechniqueUnobservable InputRange Weighted Average
(in millions)
Corporate debt securities (private placements)$708 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
0.9%–1.7%1.2%
Asset backed securities$1 Discounted cash flow
Annual short-term default rate (2)
3.0%3.0%
Annual long-term default rate (2)
3.5%3.5%
Discount rate15.0%15.0%
Constant prepayment rate20.0%20.0%
Loss recovery60.0%60.0%
Fixed deferred indexed annuity ceded embedded derivatives$53 Discounted cash flow
Surrender rate (3)
0.5%–93.5%9.0%
Fixed deferred indexed annuity embedded derivatives$52 Discounted cash flow
Surrender rate (3)
0.5%–93.5%9.0%
 
 
 
Nonperformance risk (4)
75 bps75 bps
IUL embedded derivatives$1,002 Discounted cash flow
Nonperformance risk (4)
75 bps75 bps
Structured variable annuity embedded derivatives $3,226 Discounted cash flow
Surrender rate (3)
0.5%–74.5%2.2%
Nonperformance risk (4)
75 bps75 bps
Contingent consideration liabilities$78 Discounted cash flow
Discount rate (5)
0.0%–10.5%2.2%

 
December 31, 2025
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(in millions)
Corporate debt securities (private placements)$708 Discounted cash flow
Yield/spread to U.S. Treasuries (1)
0.9%–1.6%1.2%
Asset backed securities$1 Discounted cash flow
Annual short-term default rate (2)
3.0%3.0%
Annual long-term default rate (2)
3.5%3.5%
Discount rate15.0%15.0%
Constant prepayment rate20.0%20.0%
Loss recovery60.0%60.0%
Fixed deferred indexed annuity ceded embedded derivatives$59 Discounted cash flow
Surrender rate (3)
0.5%–89.8%5.1%
Fixed deferred indexed annuity embedded derivatives$58 Discounted cash flow
Surrender rate (3)
0.5%–89.8%5.1%
 
Nonperformance risk (4)
65 bps65 bps
IUL embedded derivatives$1,042 Discounted cash flow
Nonperformance risk (4)
65 bps65 bps
Structured variable annuity embedded derivatives$3,879 Discounted cash flow
Surrender rate (3)
0.5%–75.0%2.0%
Nonperformance risk (4)
65 bps65 bps
Contingent consideration liabilities$71 Discounted cash flow
Discount rate (5)
0.0%–10.5%2.4%
(1) The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.
(2) The weighted average annual default rates of asset backed securities is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.
(3) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.
(4) The nonperformance risk is the spread added to the U.S. Treasury curve.
(5) The weighted average discount rate represents the average discount rate across all contingent consideration liabilities, weighted based on the size of the contingent consideration liability.
Schedule of carrying value and estimated fair value of financial instruments not reported at fair value
The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:
 March 31, 2026
Carrying ValueFair Value
Level 1Level 2Level 3Total
(in millions)
Financial Assets
Mortgage loans, net$2,919 $— $866 $1,954 $2,820 
Policy loans1,067 — 1,067 — 1,067 
Receivables 9,765 317 2,422 5,942 8,681 
Restricted and segregated cash486 486 — — 486 
Other investments and assets243 — 184 60 244 
Financial Liabilities
Policyholder account balances, future policy benefits and claims
$24,076 $— $— $20,608 $20,608 
Investment certificate reserves7,553 — — 7,523 7,523 
Banking and brokerage deposits25,734 25,726 8 — 25,734 
Separate account liabilities — investment contracts2,662 — 2,662 — 2,662 
Debt and other liabilities3,671 371 3,325 3 3,699 
 December 31, 2025
Carrying ValueFair Value
Level 1Level 2Level 3Total
(in millions)
Financial Assets
Mortgage loans, net$2,824 $— $774 $1,979 $2,753 
Policy loans1,056 — 1,056 — 1,056 
Receivables9,480 201 2,274 6,012 8,487 
Restricted and segregated cash616 616 — — 616 
Other investments and assets250 — 194 57 251 
Financial Liabilities
Policyholder account balances, future policy benefits and claims$23,297 $— $— $19,636 $19,636 
Investment certificate reserves8,150 — — 8,128 8,128 
Banking and brokerage deposits25,611 25,596 15 — 25,611 
Separate account liabilities — investment contracts2,765 — 2,765 — 2,765 
Debt and other liabilities3,545 245 3,376 3 3,624 
Ameriprise Financial  
Fair Values of Assets and Liabilities  
Schedule of balances of assets and liabilities measured at fair value on a recurring basis
The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis (See Note 4 for the balances of assets and liabilities for consolidated investment entities): 
 March 31, 2026 
Level 1Level 2Level 3Total
(in millions)
Assets
Cash equivalents$3,008 $2,039 $— $5,047  
Available-for-Sale securities:
Corporate debt securities— 15,650 708 16,358  
Residential mortgage backed securities— 28,243 — 28,243  
Commercial mortgage backed securities— 3,486 135 3,621  
Asset backed securities— 3,547 1 3,548  
State and municipal obligations— 663 — 663  
U.S. government and agency obligations1,522 80 — 1,602  
Foreign government bonds and obligations— 1 — 1  
Total Available-for-Sale securities1,522 51,670 844 54,036  
Investments at net asset value (“NAV”)13 (1)
Trading and other securities363 23 — 386 
Separate account assets at NAV76,466 (1)
Cash equivalents segregated for regulatory purposes
438 — — 438 
Market risk benefits— — 1,934 1,934 (2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives— — 53 53 
Other assets:
Interest rate derivative contracts— 155 — 155  
Equity derivative contracts323 11,198 — 11,521  
Credit derivative contracts— 60 — 60 
Foreign exchange derivative contracts— 22 — 22  
Total other assets 323 11,435 — 11,758  
Total assets at fair value$5,654 $65,167 $2,831 $150,131  
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives$— $— $52 $52  
IUL embedded derivatives— — 1,002 1,002  
Structured variable annuity embedded derivatives— — 3,226 3,226 
Total policyholder account balances, future policy benefits and claims— — 4,280 4,280 (3)
Market risk benefits— — 1,359 1,359 (2)
Customer deposits— 3 — 3  
Other liabilities:
Interest rate derivative contracts1 214 — 215  
Equity derivative contracts372 6,358 — 6,730  
Foreign exchange derivative contracts1 3 — 4 
Other365 9 78 452  
Total other liabilities739 6,584 78 7,401  
Total liabilities at fair value$739 $6,587 $5,717 $13,043  
 December 31, 2025
 
Level 1Level 2Level 3Total
(in millions)
Assets
Cash equivalents$2,657 $3,864 $— $6,521  
Available-for-Sale securities:
Corporate debt securities— 15,131 711 15,842  
Residential mortgage backed securities— 28,149 24 28,173  
Commercial mortgage backed securities— 3,687 — 3,687  
Asset backed securities— 3,752 1 3,753  
State and municipal obligations— 677 — 677  
U.S. government and agency obligations1,359 99 — 1,458  
Foreign government bonds and obligations— 1 — 1  
Total Available-for-Sale securities1,359 51,496 736 53,591  
Investments at NAV13 (1)
Trading and other securities372 21 — 393  
Separate account assets at NAV80,044 (1)
Cash equivalents segregated for regulatory purposes
439 — — 439 
Market risk benefits— — 2,274 2,274 (2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives— — 59 59 
Other assets:
Interest rate derivative contracts1 142 — 143  
Equity derivative contracts218 12,722 — 12,940  
Credit derivative contracts— 15 — 15 
Foreign exchange derivative contracts— 24 — 24  
Total other assets219 12,903 — 13,122  
Total assets at fair value$5,046 $68,284 $3,069 $156,456  
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives$— $— $58 $58  
IUL embedded derivatives— — 1,042 1,042  
Structured variable annuity embedded derivatives— — 3,879 3,879 
Total policyholder account balances, future policy benefits and claims— — 4,979 4,979 (3)
Market risk benefits— — 1,182 1,182 (2)
Customer deposits— 4 — 4  
Other liabilities:
Interest rate derivative contracts1 218 — 219  
Equity derivative contracts346 7,651 — 7,997  
Foreign exchange derivative contracts— 1 — 1 
Other376 5 71 452  
Total other liabilities723 7,875 71 8,669  
Total liabilities at fair value$723 $7,879 $6,232 $14,834  
(1) Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.
(2) See Note 10 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.
(3) The Company’s adjustment for nonperformance risk resulted in a $267 million and $258 million cumulative decrease to the embedded derivatives as of March 31, 2026 and December 31, 2025, respectively.
Summary of changes in Level 3 assets measured at fair value on a recurring basis
The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
Available-for-Sale SecuritiesReceivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesCommercial Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2026
$711 $24 $— $1 $736 $59 
Total gains (losses) included in:
Net income1 — — — 1 (1)(3)
Other comprehensive income (loss)(6)— — — (6)— 
Purchases14 — 135 — 149 — 
Settlements(12)— — — (12)(3)
Transfers out of Level 3— (24)— — (24)— 
Balance at March 31, 2026
$708 $— $135 $1 $844 $53 
Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2026
$1 $— $— $— $1 (1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2026
$(6)$— $— $— $(6)$— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2026
$58 $1,042 $3,879 $4,979 $71 
Total (gains) losses included in:
Net income(3)(2)9 (2)(505)(3)(499)— 

Issues— (17)16 (1)19 
Settlements(3)(32)(164)(199)(12)
Balance at March 31, 2026
$52 $1,002 $3,226 $4,280 $78 
Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2026
$— $9 
(2)
$(505)
(3)
$(496)$— 
Available-for-Sale SecuritiesReceivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2025
$583 $38 $126 $747 $55 
Total gains (losses) included in:
Net income1 — — 1 (1)— 
Other comprehensive income (loss)9 — — 9 — 
Purchases49 25 — 74 — 
Settlements(13)— (20)(33)(2)
Transfers out of Level 3— (38)— (38)— 
Balance at March 31, 2025
$629 $25 $106 $760 $53 
Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2025
$1 $— $— $1 (1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2025
$9 $— $— $9 $— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2025
$53 $1,002 $2,461 $3,516 $68 
Total (gains) losses included in:
Net income— 5 (2)(548)(3)(543)(6)(4)
Issues— (1)13 12 10 
Settlements(2)(37)(85)(124)(7)
Balance at March 31, 2025
$51 $969 $1,841 $2,861 $65 
Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2025
$— $5 
(2)
$(548)
(3)
$(543)$— 
(1) Included in Net investment income.
(2) Included in Interest credited to fixed accounts.
(3) Included in Benefits, claims, losses and settlement expenses.
(4) Included in General and administrative expense.
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis
The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
Available-for-Sale SecuritiesReceivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesCommercial Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2026
$711 $24 $— $1 $736 $59 
Total gains (losses) included in:
Net income1 — — — 1 (1)(3)
Other comprehensive income (loss)(6)— — — (6)— 
Purchases14 — 135 — 149 — 
Settlements(12)— — — (12)(3)
Transfers out of Level 3— (24)— — (24)— 
Balance at March 31, 2026
$708 $— $135 $1 $844 $53 
Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2026
$1 $— $— $— $1 (1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2026
$(6)$— $— $— $(6)$— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2026
$58 $1,042 $3,879 $4,979 $71 
Total (gains) losses included in:
Net income(3)(2)9 (2)(505)(3)(499)— 

Issues— (17)16 (1)19 
Settlements(3)(32)(164)(199)(12)
Balance at March 31, 2026
$52 $1,002 $3,226 $4,280 $78 
Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2026
$— $9 
(2)
$(505)
(3)
$(496)$— 
Available-for-Sale SecuritiesReceivables
Corporate Debt SecuritiesResidential Mortgage Backed SecuritiesAsset Backed SecuritiesTotalFixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
Balance at January 1, 2025
$583 $38 $126 $747 $55 
Total gains (losses) included in:
Net income1 — — 1 (1)— 
Other comprehensive income (loss)9 — — 9 — 
Purchases49 25 — 74 — 
Settlements(13)— (20)(33)(2)
Transfers out of Level 3— (38)— (38)— 
Balance at March 31, 2025
$629 $25 $106 $760 $53 
Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2025
$1 $— $— $1 (1)$— 
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2025
$9 $— $— $9 $— 
Policyholder Account Balances, Future Policy Benefits and ClaimsOther Liabilities
Fixed Deferred Indexed Annuity Embedded DerivativesIUL Embedded DerivativesStructured Variable Annuity Embedded DerivativesTotal
(in millions)
Balance at January 1, 2025
$53 $1,002 $2,461 $3,516 $68 
Total (gains) losses included in:
Net income— 5 (2)(548)(3)(543)(6)(4)
Issues— (1)13 12 10 
Settlements(2)(37)(85)(124)(7)
Balance at March 31, 2025
$51 $969 $1,841 $2,861 $65 
Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2025
$— $5 
(2)
$(548)
(3)
$(543)$— 
(1) Included in Net investment income.
(2) Included in Interest credited to fixed accounts.
(3) Included in Benefits, claims, losses and settlement expenses.
(4) Included in General and administrative expense.
v3.26.1
Offsetting Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
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:
 
March 31, 2026
Gross Amounts of Recognized Assets
Gross Amounts Offset in the Consolidated Balance Sheets
Amounts of Assets Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Net Amount
Financial Instruments (1)
Cash Collateral
Securities Collateral
(in millions)
Derivatives:
OTC$11,488 $— $11,488 $(6,786)$(1,389)$(3,084)$229 
OTC cleared19 — 19 (10)— — 9 
Exchange-traded251 — 251 (45)— — 206 
Total derivatives11,758 — 11,758 (6,841)(1,389)(3,084)444 
Securities borrowed317 — 317 (62)— (259)(4)
Total$12,075 $— $12,075 $(6,903)$(1,389)$(3,343)$440 
 December 31, 2025
Gross Amounts of Recognized Assets
Gross Amounts Offset in the Consolidated Balance Sheets
Amounts of Assets Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Net Amount
Financial Instruments (1)
Cash Collateral
Securities Collateral
(in millions)
Derivatives:
OTC$12,908 $— $12,908 $(8,032)$(2,486)$(2,299)$91 
OTC cleared9 — 9 (9)— — — 
Exchange-traded205 — 205 (41)— — 164 
Total derivatives13,122 — 13,122 (8,082)(2,486)(2,299)255 
Securities borrowed202 — 202 (65)— (130)7 
Total$13,324 $— $13,324 $(8,147)$(2,486)$(2,429)$262 
(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:
 
March 31, 2026
Gross Amounts of Recognized Liabilities
Gross Amounts Offset in the
Consolidated Balance Sheets
Amounts of Liabilities Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Net Amount
Financial Instruments (1)
Cash Collateral
Securities Collateral
(in millions)
Derivatives:
OTC$6,882 $— $6,882 $(6,786)$(2)$(93)$1 
OTC cleared10 — 10 (10)— — — 
Exchange-traded57 — 57 (45)— — 12 
Total derivatives6,949 — 6,949 (6,841)(2)(93)13 
Securities loaned371 — 371 (62)— (313)(4)
Total$7,320 $— $7,320 $(6,903)$(2)$(406)$9 
 
December 31, 2025
Gross Amounts of Recognized Liabilities
Gross Amounts Offset in the
Consolidated Balance Sheets
Amounts of Liabilities Presented in the Consolidated Balance Sheets
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Net Amount
Financial Instruments (1)
Cash Collateral
Securities Collateral
(in millions)
Derivatives:
OTC$8,146 $— $8,146 $(8,032)$(3)$(103)$8 
OTC cleared19 — 19 (9)— — 10 
Exchange-traded52 — 52 (41)— — 11 
Total derivatives8,217 — 8,217 (8,082)(3)(103)29 
Securities loaned244 — 244 (65)— (170)9 
Total$8,461 $— $8,461 $(8,147)$(3)$(273)$38 
(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.
v3.26.1
Derivatives and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of notional value and gross fair value of derivative instruments, including embedded derivatives
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:
March 31, 2026December 31, 2025
NotionalGross Fair ValueNotionalGross Fair Value
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
(in millions)
Derivatives not designated as hedging instruments
Interest rate contracts
$35,135 $155 $215 $36,011 $143 $219 
Equity contracts
134,185 11,521 6,730 132,590 12,940 7,997 
Credit contracts
2,920 60 — 3,297 15 — 
Foreign exchange contracts
2,552 22 4 2,459 24 1 
Total non-designated hedges174,792 11,758 6,949 174,357 13,122 8,217 
Embedded derivatives
IULN/A— 1,002 N/A— 1,042 
Fixed deferred indexed annuities and deposit receivablesN/A53 52 N/A59 58 
Structured variable annuities (3)
N/A— 3,226 N/A— 3,879 
SMCN/A— 3 N/A— 4 
Total embedded derivatives
N/A53 4,283 N/A59 4,983 
Total derivatives
$174,792 $11,811 $11,232 $174,357 $13,181 $13,200 
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 March 31, 2026 included $3.2 billion of individual contracts in a liability position and $22 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2025 included $3.9 billion of individual contracts in a liability position and $1 million of individual contracts in an asset position.
Summary of impact of derivatives not designated as hedging instruments, including embedded derivatives
The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:                        
Net Investment IncomeBanking and Deposit Interest ExpenseDistribution ExpensesInterest Credited to Fixed AccountsBenefits, Claims, Losses and Settlement ExpensesChange in Fair Value of Market Risk BenefitsGeneral and Administrative Expense
(in millions)
Three Months Ended March 31, 2026
Interest rate contracts$— $— $— $— $(2)$(28)$— 
Equity contracts3 — 15 (25)(530)167 1 
Credit contracts— — — — — 29 — 
Foreign exchange contracts— — — — — 8 (3)
IUL embedded derivatives— — — 23 — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (6)— — — 
Structured variable annuity embedded derivatives— — — — 505 — — 
SMC embedded derivatives— — — — — — — 
Total gain (loss)$3 $— $15 $(8)$(27)$176 $(2)
Three Months Ended March 31, 2025
Interest rate contracts$— $— $— $— $2 $120 $— 
Equity contracts(2)(1)(75)(29)(674)247 (5)
Credit contracts— — 2 — — (48)— 
Foreign exchange contracts— — — — — (10)12 
IUL embedded derivatives— — — 32 — — — 
Fixed deferred indexed annuity and deposit receivables embedded derivatives— — — (1)— — — 
Structured variable annuity embedded derivatives— — — — 548 — — 
SMC embedded derivatives— 1 — — — — — 
Total gain (loss)$(2)$— $(73)$2 $(124)$309 $7 
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 March 31, 2026:
 Premiums PayablePremiums Receivable
(in millions)
2026 (1)
$181 $70 
202720 — 
202830 — 
2029135 — 
2030
217 — 
2031
16 — 
Total$599 $70 
(1) 2026 amounts represent the amounts payable and receivable for the period from April 1, 2026 to December 31, 2026.
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule of amounts related to each component of OCI
The following table presents the amounts related to each component of OCI:
Three Months Ended March 31,
20262025
PretaxIncome Tax Benefit (Expense)Net of TaxPretaxIncome 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)
$(492)$107 $(385)$491 $(110)$381 
Reclassification of net (gains) losses on securities included in net income (2)
(3)1 (2)(5)1 (4)
Impact of benefit reserves and reinsurance recoverables6 (1)5 (4)1 (3)
Net unrealized gains (losses) on securities(489)107 (382)482 (108)374 
Net unrealized gains (losses) on derivatives:
Net unrealized gains (losses) on derivatives arising during the period
— — — (10)2 (8)
Net unrealized gains (losses) on derivatives— — — (10)2 (8)
Effect of changes in discount rate assumptions on certain long-duration contracts83 (18)65 (38)8 (30)
Effect of changes in instrument-specific credit risk on MRBs38 (8)30 1 — 1 
Foreign currency translation(28)2 (26)52 — 52 
Total other comprehensive income (loss)$(396)$83 $(313)$487 $(98)$389 
(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.
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 Securities		Net Unrealized Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate Assumptions on Certain Long-Duration ContractsEffect of Changes in Instrument-Specific Credit Risk on MRBsDefined
Benefit Plans		Foreign Currency TranslationOtherTotal
(in millions)
Balance at January 1, 2026
$(508)$(4)$(45)$(127)$(31)$(177)$—$(892)
OCI before reclassifications(380)—6530—(26)—(311)
Amounts reclassified from AOCI(2)——————(2)
Total OCI(382)—6530—(26)—(313)
Balance at March 31, 2026
$(890)$(4)$20$(97)$(31)$(203)$—$(1,205)
Balance at January 1, 2025
$(1,452)$5$27$(147)$(45)$(295)$(1)$(1,908)
OCI before reclassifications378(8)(30)1—52—393
Amounts reclassified from AOCI(4)——————(4)
Total OCI374(8)(30)1—52—389
Balance at March 31, 2025
$(1,078)$(3)$(3)$(146)$(45)$(243)$(1)$(1,519)
v3.26.1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 31,
2026
2025
(in millions, except per share amounts)
Numerator:
Net income$915 $583 
Denominator:
Basic: Weighted-average common shares outstanding93.3 98.5 
Effect of potentially dilutive nonqualified stock options and other share-based awards1.2 1.5 
Diluted: Weighted-average common shares outstanding94.5 100.0 
Earnings per share:
Basic$9.81 $5.92 
Diluted$9.68 $5.83 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
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:
 March 31, 2026December 31, 2025
(in millions)
Advice & Wealth Management$40,171 $40,038 
Asset Management6,548 6,723 
Retirement & Protection Solutions
122,100 127,778 
Corporate & Other15,629 16,365 
Total assets$184,448 $190,904 

 
Three Months Ended March 31,
20262025
(in millions)
Adjusted operating net revenues:
Advice & Wealth Management
$3,175 $2,782 
Asset Management
910 846 
Retirement & Protection Solutions952 926 
Corporate & Other
103 104 
Elimination of segment revenues (1)
(366)(349)
Total segment adjusted operating net revenues
4,774 4,309 
Adjustments:
Net realized investment gains (losses)
(5)(2)
Market impact on non-traditional long-duration products2 5 
Revenue attributable to consolidated investment entities41 42 
Total net revenues per consolidated statements of operations$4,812 $4,354 
(1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2026 and 2025 in each segment as follows: Advice & Wealth Management ($239 million and $222 million, respectively); Asset Management ($23 million and $26 million, respectively); Retirement & Protection Solutions ($108 million and $109 million, respectively); and Corporate & Other ($(4) million and $(8) million, respectively).
 
Three Months Ended March 31,
20262025
(in millions)
Adjusted operating earnings:
Advice & Wealth Management
$951 $792 
Asset Management
273 241 
Retirement & Protection Solutions190 215 
Corporate & Other
(81)(97)
Total segment adjusted operating earnings
1,333 1,151 
Adjustments:
Net realized investment gains (losses)(5)(2)
Market impact on non-traditional long-duration products(184)(460)
Net income (loss) attributable to consolidated investment entities
— (2)
Pretax income per consolidated statements of operations$1,144 $687 
Adjusted operating earnings includes the following significant expense categories:

Three Months Ended March 31, 2026
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,770 $262 $132 $(2)
Interest credited to fixed accounts— — 93 50 
Benefits, claims, losses and settlement expenses— — 235 53 
Remeasurement (gains) losses of future policy benefit reserves— — (2)1 
Change in fair value of market risk benefits— — 155 — 
Amortization of deferred acquisition costs— 2 58 1 
Interest and debt expense15 4 10 24 
General and administrative expense439 369 81 57 
Total expenses
$2,224 $637 $762 $184 
Three Months Ended March 31, 2025
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & Other
(in millions)
Expenses:
Distribution expenses$1,554 $246 $123 $(2)
Interest credited to fixed accounts— — 92 51 
Benefits, claims, losses and settlement expenses— — 211 56 
Remeasurement (gains) losses of future policy benefit reserves— — (3)(7)
Change in fair value of market risk benefits— — 143 — 
Amortization of deferred acquisition costs— 2 57 2 
Interest and debt expense12 3 8 28 
General and administrative expense424 354 80 73 
Total expenses
$1,990 $605 $711 $201 
v3.26.1
Revenue from Contracts with Customers - Disaggregated Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue disaggregated by segment    
Total revenues $ 4,886 $ 4,481
Banking and deposit interest expense (74) (127)
Total net revenues 4,812 4,354
Management and financial advice fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 2,944 2,602
Distribution fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 563 522
Reportable segments    
Revenue disaggregated by segment    
Revenue from contracts with customers 3,744 3,333
Revenue from other sources 1,474 1,460
Total revenues 5,218 4,793
Banking and deposit interest expense (78) (135)
Total net revenues 5,140 4,658
Reportable segments | Management and financial advice fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 2,814 2,470
Reportable segments | Asset Management: Retail    
Revenue disaggregated by segment    
Revenue from contracts with customers 563 530
Reportable segments | Asset Management: Institutional    
Revenue disaggregated by segment    
Revenue from contracts with customers 145 134
Reportable segments | Asset Management: Model Delivery    
Revenue disaggregated by segment    
Revenue from contracts with customers 27 22
Reportable segments | Advisory fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 1,797 1,515
Reportable segments | Financial planning fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 115 110
Reportable segments | Transaction and other fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 167 159
Reportable segments | Distribution fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 847 789
Reportable segments | Mutual funds    
Revenue disaggregated by segment    
Revenue from contracts with customers 298 269
Reportable segments | Insurance and annuity    
Revenue disaggregated by segment    
Revenue from contracts with customers 382 364
Reportable segments | Off-balance sheet brokerage cash    
Revenue disaggregated by segment    
Revenue from contracts with customers 26 36
Reportable segments | Other products    
Revenue disaggregated by segment    
Revenue from contracts with customers 141 120
Reportable segments | Other revenues    
Revenue disaggregated by segment    
Revenue from contracts with customers 83 74
Reportable segments | Advice & Wealth Management    
Revenue disaggregated by segment    
Revenue from contracts with customers 2,753 2,401
Revenue from other sources 496 508
Total revenues 3,249 2,909
Banking and deposit interest expense (74) (127)
Total net revenues 3,175 2,782
Reportable segments | Advice & Wealth Management | Management and financial advice fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 2,011 1,719
Reportable segments | Advice & Wealth Management | Asset Management: Retail    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Advice & Wealth Management | Asset Management: Institutional    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Advice & Wealth Management | Asset Management: Model Delivery    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Advice & Wealth Management | Advisory fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 1,797 1,515
Reportable segments | Advice & Wealth Management | Financial planning fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 115 110
Reportable segments | Advice & Wealth Management | Transaction and other fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 99 94
Reportable segments | Advice & Wealth Management | Distribution fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 664 613
Reportable segments | Advice & Wealth Management | Mutual funds    
Revenue disaggregated by segment    
Revenue from contracts with customers 237 214
Reportable segments | Advice & Wealth Management | Insurance and annuity    
Revenue disaggregated by segment    
Revenue from contracts with customers 260 243
Reportable segments | Advice & Wealth Management | Off-balance sheet brokerage cash    
Revenue disaggregated by segment    
Revenue from contracts with customers 26 36
Reportable segments | Advice & Wealth Management | Other products    
Revenue disaggregated by segment    
Revenue from contracts with customers 141 120
Reportable segments | Advice & Wealth Management | Other revenues    
Revenue disaggregated by segment    
Revenue from contracts with customers 78 69
Reportable segments | Asset Management    
Revenue disaggregated by segment    
Revenue from contracts with customers 893 835
Revenue from other sources 17 11
Total revenues 910 846
Banking and deposit interest expense 0 0
Total net revenues 910 846
Reportable segments | Asset Management | Management and financial advice fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 788 736
Reportable segments | Asset Management | Asset Management: Retail    
Revenue disaggregated by segment    
Revenue from contracts with customers 563 530
Reportable segments | Asset Management | Asset Management: Institutional    
Revenue disaggregated by segment    
Revenue from contracts with customers 145 134
Reportable segments | Asset Management | Asset Management: Model Delivery    
Revenue disaggregated by segment    
Revenue from contracts with customers 27 22
Reportable segments | Asset Management | Advisory fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Asset Management | Financial planning fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Asset Management | Transaction and other fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 53 50
Reportable segments | Asset Management | Distribution fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 100 94
Reportable segments | Asset Management | Mutual funds    
Revenue disaggregated by segment    
Revenue from contracts with customers 61 55
Reportable segments | Asset Management | Insurance and annuity    
Revenue disaggregated by segment    
Revenue from contracts with customers 39 39
Reportable segments | Asset Management | Off-balance sheet brokerage cash    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Asset Management | Other products    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Asset Management | Other revenues    
Revenue disaggregated by segment    
Revenue from contracts with customers 5 5
Reportable segments | Retirement & Protection Solutions    
Revenue disaggregated by segment    
Revenue from contracts with customers 98 97
Revenue from other sources 854 829
Total revenues 952 926
Banking and deposit interest expense 0 0
Total net revenues 952 926
Reportable segments | Retirement & Protection Solutions | Management and financial advice fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 15 15
Reportable segments | Retirement & Protection Solutions | Asset Management: Retail    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Retirement & Protection Solutions | Asset Management: Institutional    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Retirement & Protection Solutions | Asset Management: Model Delivery    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Retirement & Protection Solutions | Advisory fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Retirement & Protection Solutions | Financial planning fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Retirement & Protection Solutions | Transaction and other fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 15 15
Reportable segments | Retirement & Protection Solutions | Distribution fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 83 82
Reportable segments | Retirement & Protection Solutions | Mutual funds    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Retirement & Protection Solutions | Insurance and annuity    
Revenue disaggregated by segment    
Revenue from contracts with customers 83 82
Reportable segments | Retirement & Protection Solutions | Off-balance sheet brokerage cash    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Retirement & Protection Solutions | Other products    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Retirement & Protection Solutions | Other revenues    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Revenue from other sources 107 112
Total revenues 107 112
Banking and deposit interest expense (4) (8)
Total net revenues 103 104
Reportable segments | Corporate & Other | Management and financial advice fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Asset Management: Retail    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Asset Management: Institutional    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Asset Management: Model Delivery    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Advisory fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Financial planning fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Transaction and other fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Distribution fees    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Mutual funds    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Insurance and annuity    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Off-balance sheet brokerage cash    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Other products    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Reportable segments | Corporate & Other | Other revenues    
Revenue disaggregated by segment    
Revenue from contracts with customers 0 0
Non-operating    
Revenue disaggregated by segment    
Revenue from other sources 42 49
Total revenues 42 49
Total net revenues 42 49
Operating segments and non-operating    
Revenue disaggregated by segment    
Revenue from other sources 1,516 1,509
Total revenues 5,260 4,842
Total net revenues 5,182 4,707
Intersegment eliminations    
Revenue disaggregated by segment    
Total net revenues (366) (349)
Intersegment eliminations | Advice & Wealth Management    
Revenue disaggregated by segment    
Total net revenues (239) (222)
Intersegment eliminations | Asset Management    
Revenue disaggregated by segment    
Total net revenues (23) (26)
Intersegment eliminations | Retirement & Protection Solutions    
Revenue disaggregated by segment    
Total net revenues (108) (109)
Intersegment eliminations | Corporate & Other    
Revenue disaggregated by segment    
Total net revenues 4 8
Segment reconciling items    
Revenue disaggregated by segment    
Total net revenues (4) (4)
Eliminations and reconciling items    
Revenue disaggregated by segment    
Total net revenues (370) (353)
Operating segments excluding intersegment elimination    
Revenue disaggregated by segment    
Total net revenues 4,774 4,309
Operating segments excluding intersegment elimination | Advice & Wealth Management    
Revenue disaggregated by segment    
Total net revenues 2,936 2,560
Operating segments excluding intersegment elimination | Asset Management    
Revenue disaggregated by segment    
Total net revenues 887 820
Operating segments excluding intersegment elimination | Retirement & Protection Solutions    
Revenue disaggregated by segment    
Total net revenues 844 817
Operating segments excluding intersegment elimination | Corporate & Other    
Revenue disaggregated by segment    
Total net revenues 107 112
Corporate and reconciling items    
Revenue disaggregated by segment    
Total net revenues $ 38 $ 45
v3.26.1
Revenue from Contracts with Customers - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue disaggregated by segment    
Receivables for revenue from contracts with customers $ 483 $ 590
Financial planning fees | Other liabilities    
Revenue disaggregated by segment    
Contract liabilities 187 187
Financial planning fees | Other assets    
Revenue disaggregated by segment    
Capitalized contract costs 149 150
Custodial service fees | Other liabilities    
Revenue disaggregated by segment    
Contract liabilities $ 35 $ 0
v3.26.1
Variable Interest Entities - Investment Entities Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
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 93 $ 105
Other investments 93 105
Consolidated investment entities | Unfunded commitments    
Variable interest entities    
Loans $ 7 $ 6
v3.26.1
Variable Interest Entities - Fair Value of Assets and Liabilities (Details) - Consolidated investment entities - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Liabilities    
Debt $ 2,535 $ 2,585
Recurring basis    
Assets    
Investments 2,507 2,618
Receivables 30 30
Total assets at fair value 2,537 2,648
Liabilities    
Debt 2,535 2,585
Other liabilities 86 159
Total liabilities at fair value 2,621 2,744
Recurring basis | Corporate debt securities    
Assets    
Investments 71 71
Recurring basis | Syndicated loans    
Assets    
Investments 2,436 2,547
Recurring basis | Level 1    
Assets    
Investments 0 0
Receivables 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 | Syndicated loans    
Assets    
Investments 0 0
Recurring basis | Level 2    
Assets    
Investments 2,353 2,529
Receivables 30 30
Total assets at fair value 2,383 2,559
Liabilities    
Debt 2,535 2,585
Other liabilities 86 159
Total liabilities at fair value 2,621 2,744
Recurring basis | Level 2 | Corporate debt securities    
Assets    
Investments 71 71
Recurring basis | Level 2 | Syndicated loans    
Assets    
Investments 2,282 2,458
Recurring basis | Level 3    
Assets    
Investments 154 89
Receivables 0 0
Total assets at fair value 154 89
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 | Syndicated loans    
Assets    
Investments 154 89
CLOs    
Liabilities    
Debt $ 2,500 $ 2,600
v3.26.1
Variable Interest Entities - Changes in Level 3 Assets (Details) - Consolidated investment entities - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Common stocks    
Summary of changes in Level 3 assets measured at fair value on a recurring basis    
Balance, beginning   $ 1
Total gains (losses) included in net income   0
Purchases   0
Settlements   0
Transfers into Level 3   0
Transfers out of Level 3   (1)
Balance, ending   0
Changes in unrealized gains (losses) included in net income relating to assets held at end of period   0
Syndicated loans    
Summary of changes in Level 3 assets measured at fair value on a recurring basis    
Balance, beginning $ 89 118
Total gains (losses) included in net income (4) (2)
Purchases 23 16
Sales (11)  
Settlements (5) (1)
Transfers into Level 3 102 67
Transfers out of Level 3 (40) (68)
Balance, ending 154 130
Changes in unrealized gains (losses) included in net income relating to assets held at end of period $ (4) $ (1)
v3.26.1
Variable Interest Entities - Fair Value Option (Details) - Consolidated investment entities - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Loans    
Unpaid principal balance $ 2,575 $ 2,632
Excess unpaid principal over fair value (139) (85)
Fair value 2,436 2,547
Fair value of loans more than 90 days past due 2 1
Fair value of loans in nonaccrual status 4 1
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both 36 14
Debt    
Unpaid principal balance 2,818 2,819
Excess unpaid principal over fair value (283) (234)
Carrying value 2,535 2,585
CLOs    
Debt    
Carrying value $ 2,500 $ 2,600
v3.26.1
Variable Interest Entities - Debt and Stated Interest Rates (Details) - Consolidated investment entities - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt    
Carrying value $ 2,535 $ 2,585
Weighted average interest rate 4.90% 5.10%
Minimum    
Debt    
Interest rates 0.00%  
Maximum    
Debt    
Interest rates 13.10%  
v3.26.1
Investments - Summary (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Summary of investments        
Allowance for credit losses $ 54 $ 52 $ 46 $ 54
Ameriprise Financial        
Summary of investments        
Available-for-Sale securities, at fair value 54,036 53,591    
Mortgage loans (allowance for credit losses: 2026, $14; 2025, $14) 2,919 2,824    
Policy loans 1,067 1,056    
Other investments (allowance for credit losses: 2026, $7; 2025, $7) 947 935    
Total 58,969 58,406    
Ameriprise Financial | Mortgage loans        
Summary of investments        
Allowance for credit losses 14 14    
Ameriprise Financial | Other investments        
Summary of investments        
Allowance for credit losses $ 7 $ 7    
v3.26.1
Investments - Summary of Net Investment Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Summary of Net investment income    
Net investment income $ 872 $ 868
Ameriprise Financial    
Summary of Net investment income    
Investment income on fixed maturities 637 642
Net realized gains (losses) 3 5
Other 197 184
Consolidated investment entities    
Summary of Net investment income    
Net investment income $ 35 $ 37
v3.26.1
Investments - Available-for-Sale Securities by Type (Details) - Ameriprise Financial - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Investments        
Amortized Cost $ 55,073 $ 54,137    
Gross Unrealized Gains 465 728    
Gross Unrealized Losses (1,501) (1,269)    
Allowance for Credit Losses (1) (5) $ (5) $ (5)
Fair Value 54,036 53,591    
Accrued interest excluded from amortized cost basis $ 359 $ 332    
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Receivables Receivables    
Total investments | Credit concentration risk        
Investments        
Percentage of total 92.00% 92.00%    
Corporate debt securities        
Investments        
Amortized Cost $ 16,694 $ 15,911    
Gross Unrealized Gains 274 395    
Gross Unrealized Losses (610) (464)    
Allowance for Credit Losses 0 0    
Fair Value 16,358 15,842    
Residential mortgage backed securities        
Investments        
Amortized Cost 28,848 28,578    
Gross Unrealized Gains 141 261    
Gross Unrealized Losses (746) (666)    
Allowance for Credit Losses 0 0    
Fair Value 28,243 28,173    
Commercial mortgage backed securities        
Investments        
Amortized Cost 3,722 3,778    
Gross Unrealized Gains 8 16    
Gross Unrealized Losses (109) (103)    
Allowance for Credit Losses 0 (4) (4) (4)
Fair Value 3,621 3,687    
Asset backed securities        
Investments        
Amortized Cost 3,558 3,755    
Gross Unrealized Gains 10 19    
Gross Unrealized Losses (20) (21)    
Allowance for Credit Losses 0 0    
Fair Value 3,548 3,753    
State and municipal obligations        
Investments        
Amortized Cost 648 657    
Gross Unrealized Gains 32 36    
Gross Unrealized Losses (16) (15)    
Allowance for Credit Losses (1) (1) $ (1) $ (1)
Fair Value 663 677    
U.S. government and agency obligations        
Investments        
Amortized Cost 1,602 1,457    
Gross Unrealized Gains 0 1    
Gross Unrealized Losses 0 0    
Allowance for Credit Losses 0 0    
Fair Value 1,602 1,458    
Foreign government bonds and obligations        
Investments        
Amortized Cost 1 1    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses 0 0    
Allowance for Credit Losses 0 0    
Fair Value $ 1 $ 1    
v3.26.1
Investments - Summary of Fixed Maturity Securities by Rating (Details) - Ameriprise Financial - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Investments    
Fixed maturity securities rated internally $ 726 $ 662
Amortized Cost 55,073 54,137
Fair Value 54,036 53,591
AAA    
Investments    
Amortized Cost 18,868 19,744
Fair Value 18,523 19,489
AA    
Investments    
Amortized Cost 19,708 18,446
Fair Value 19,375 18,259
A    
Investments    
Amortized Cost 5,006 4,445
Fair Value 4,956 4,468
BBB    
Investments    
Amortized Cost 11,100 11,169
Fair Value 10,828 11,067
Below investment grade    
Investments    
Amortized Cost 391 333
Fair Value $ 354 $ 308
Total investments | Credit concentration risk    
Investments    
Percentage of total 92.00% 92.00%
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 34.00% 36.00%
Fixed maturity securities | Credit concentration risk | AA    
Investments    
Percentage of total 36.00% 34.00%
Fixed maturity securities | Credit concentration risk | A    
Investments    
Percentage of total 9.00% 8.00%
Fixed maturity securities | Credit concentration risk | BBB    
Investments    
Percentage of total 20.00% 21.00%
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. | AA    
Investments    
Risk concentration, percentage 86.00% 86.00%
Total equity    
Investments    
Holdings of single issuer greater than 10% of equity $ 0 $ 0
v3.26.1
Investments - Available-for Sale Securities in Continuous Unrealized Loss Position (Details) - Ameriprise Financial
$ in Millions
Mar. 31, 2026
USD ($)
security
Dec. 31, 2025
USD ($)
security
Number of securities    
Less than 12 months | security 567 203
12 months or more | security 1,107 1,184
Total | security 1,674 1,387
Fair Value    
Less than 12 months $ 14,764 $ 3,825
12 months or more 14,340 15,924
Total 29,104 19,749
Unrealized Losses    
Less than 12 months (193) (53)
12 months or more (1,308) (1,216)
Total $ (1,501) $ (1,269)
Available-for-sale securities with gross unrealized losses considered investment grade (as a percent) 97.00% 96.00%
Corporate debt securities    
Number of securities    
Less than 12 months | security 248 108
12 months or more | security 304 314
Total | security 552 422
Fair Value    
Less than 12 months $ 4,320 $ 1,560
12 months or more 5,043 5,175
Total 9,363 6,735
Unrealized Losses    
Less than 12 months (107) (48)
12 months or more (503) (416)
Total $ (610) $ (464)
Residential mortgage backed securities    
Number of securities    
Less than 12 months | security 230 64
12 months or more | security 581 636
Total | security 811 700
Fair Value    
Less than 12 months $ 7,754 $ 1,892
12 months or more 6,895 8,033
Total 14,649 9,925
Unrealized Losses    
Less than 12 months (75) (3)
12 months or more (671) (663)
Total $ (746) $ (666)
Commercial mortgage backed securities    
Number of securities    
Less than 12 months | security 23 10
12 months or more | security 155 165
Total | security 178 175
Fair Value    
Less than 12 months $ 592 $ 167
12 months or more 2,039 2,334
Total 2,631 2,501
Unrealized Losses    
Less than 12 months (7) 0
12 months or more (102) (103)
Total $ (109) $ (103)
Asset backed securities    
Number of securities    
Less than 12 months | security 32 4
12 months or more | security 27 30
Total | security 59 34
Fair Value    
Less than 12 months $ 1,049 $ 56
12 months or more 227 255
Total 1,276 311
Unrealized Losses    
Less than 12 months (2) 0
12 months or more (18) (21)
Total $ (20) $ (21)
State and municipal obligations    
Number of securities    
Less than 12 months | security 15 14
12 months or more | security 40 39
Total | security 55 53
Fair Value    
Less than 12 months $ 80 $ 90
12 months or more 136 127
Total 216 217
Unrealized Losses    
Less than 12 months (2) (2)
12 months or more (14) (13)
Total $ (16) $ (15)
U.S. government and agency obligations    
Number of securities    
Less than 12 months | security 19 3
12 months or more | security 0 0
Total | security 19 3
Fair Value    
Less than 12 months $ 969 $ 60
12 months or more 0 0
Total 969 60
Unrealized Losses    
Less than 12 months 0 0
12 months or more 0 0
Total $ 0 $ 0
v3.26.1
Investments - Rollforward of Allowance for Credit Losses (Details) - Ameriprise Financial - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Rollforward of Available-for-Sale securities allowance for credit losses    
Beginning balance $ 5 $ 5
Reductions for securities sold during the period (realized) (4)  
Additional increases (decreases) on securities that had an allowance recorded in a previous period   0
Ending balance 1 5
Corporate debt securities    
Rollforward of Available-for-Sale securities allowance for credit losses    
Beginning balance 0  
Ending balance 0  
Commercial mortgage backed securities    
Rollforward of Available-for-Sale securities allowance for credit losses    
Beginning balance 4 4
Reductions for securities sold during the period (realized) (4)  
Additional increases (decreases) on securities that had an allowance recorded in a previous period   0
Ending balance 0 4
State and municipal obligations    
Rollforward of Available-for-Sale securities allowance for credit losses    
Beginning balance 1 1
Reductions for securities sold during the period (realized) 0  
Additional increases (decreases) on securities that had an allowance recorded in a previous period   0
Ending balance $ 1 $ 1
v3.26.1
Investments - Net Realized Gains and Losses on Available-for-Sale Securities (Details) - Ameriprise Financial - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net realized gains and losses on Available-for-Sale securities    
Gross realized investment gains $ 11 $ 10
Gross realized investment losses (12) (5)
Credit reversals (losses) 4 0
Total $ 3 $ 5
v3.26.1
Investments - Available-for-Sale Securities by Contractual Maturity (Details) - Ameriprise Financial - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Amortized cost    
Due within one year $ 1,964  
Due after one year through five years 4,067  
Due after five years through 10 years 6,065  
Due after 10 years 6,849  
Total having single maturity dates 18,945  
Amortized Cost 55,073 $ 54,137
Fair value    
Due within one year 1,964  
Due after one year through five years 3,911  
Due after five years through 10 years 6,060  
Due after 10 years 6,689  
Total having single maturity dates 18,624  
Fair Value 54,036 53,591
Residential mortgage backed securities    
Amortized cost    
Without single maturity dates 28,848  
Amortized Cost 28,848 28,578
Fair value    
Without single maturity dates 28,243  
Fair Value 28,243 28,173
Commercial mortgage backed securities    
Amortized cost    
Without single maturity dates 3,722  
Amortized Cost 3,722 3,778
Fair value    
Without single maturity dates 3,621  
Fair Value 3,621 3,687
Asset backed securities    
Amortized cost    
Without single maturity dates 3,558  
Amortized Cost 3,558 3,755
Fair value    
Without single maturity dates 3,548  
Fair Value $ 3,548 $ 3,753
v3.26.1
Financing Receivables - Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Rollforward of allowance for credit losses      
Beginning balance $ 52 $ 54  
Provisions 3 (7)  
Charge-offs (1) (1)  
Ending balance 54 46  
Commercial Loans      
Rollforward of allowance for credit losses      
Beginning balance 41 45  
Provisions 3 (9)  
Charge-offs (1) 0  
Ending balance 43 36  
Commercial Loans | Receivables      
Financing receivables      
Accrued interest on loans 20   $ 22
Consumer Loans      
Rollforward of allowance for credit losses      
Beginning balance 11 9  
Provisions 0 2  
Charge-offs 0 (1)  
Ending balance $ 11 $ 10  
v3.26.1
Financing Receivables - Purchases, Sales and Nonperforming (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Nonperforming      
Financing Receivables      
Loans $ 13   $ 13
Deteriorated credit quality      
Financing Receivables      
Loans purchased 0    
Commercial Loans | Syndicated loans      
Financing Receivables      
Loans purchased 3 $ 4  
Loans sold 6 3  
Loans 75   79
Consumer Loans | Residential mortgage loans      
Financing Receivables      
Loans purchased 159 $ 40  
Loans $ 905   $ 799
v3.26.1
Financing Receivables - General Credit Quality Information - Commercial Mortgage Loans - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Commercial Loans | Commercial mortgage loans    
Financing Receivables    
Loans $ 2,028 $ 2,039
Commercial Loans | Commercial mortgage loans | Past due    
Financing Receivables    
Loans $ 0 $ 0
Total commercial mortgage loans | Credit concentration risk | Commercial Loans | Commercial mortgage loans    
Financing Receivables    
Percentage of total 100.00% 100.00%
Total commercial mortgage loans | Credit concentration risk | Highest credit risk rating    
Financing Receivables    
Percentage of total 1.00% 1.00%
v3.26.1
Financing Receivables - Credit Quality - Commercial Mortgage Loans by LTV Ratio and Year of Origination (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Amortized cost basis by year of origination and loan-to-value ratio      
Loan write-offs $ 1 $ 1  
Commercial Loans      
Amortized cost basis by year of origination and loan-to-value ratio      
Loan write-offs 1 $ 0  
Commercial Loans | Commercial mortgage loans      
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 46   $ 257
Year 2 256   184
Year 3 176   71
Year 4 70   103
Year 5 102   170
Prior 1,378   1,254
Total 2,028   2,039
Commercial Loans | Commercial mortgage loans | Greater than 100 Percent      
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 0   0
Year 2 0   0
Year 3 0   0
Year 4 0   0
Year 5 0   0
Prior 18   15
Total 18   15
Commercial Loans | Commercial mortgage loans | 80 to 100 Percent      
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 3   0
Year 2 0   0
Year 3 3   0
Year 4 0   0
Year 5 0   0
Prior 69   56
Total 75   56
Commercial Loans | Commercial mortgage loans | 60 to 80 Percent      
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 23   83
Year 2 75   82
Year 3 68   18
Year 4 15   12
Year 5 11   0
Prior 72   103
Total 264   298
Commercial Loans | Commercial mortgage loans | 40 to 60 Percent      
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 20   129
Year 2 133   87
Year 3 90   42
Year 4 44   26
Year 5 27   62
Prior 380   339
Total 694   685
Commercial Loans | Commercial mortgage loans | Less than 40 Percent      
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 0   45
Year 2 48   15
Year 3 15   11
Year 4 11   65
Year 5 64   108
Prior 839   741
Total $ 977   $ 985
v3.26.1
Financing Receivables - Credit Quality - Commercial Mortgage Loans by Region (Details) - Commercial Loans - Commercial mortgage loans - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Financing receivables - credit quality information    
Loans $ 2,028 $ 2,039
East North Central    
Financing receivables - credit quality information    
Loans 192 185
East South Central    
Financing receivables - credit quality information    
Loans 55 51
Middle Atlantic    
Financing receivables - credit quality information    
Loans 126 126
Mountain    
Financing receivables - credit quality information    
Loans 164 168
New England    
Financing receivables - credit quality information    
Loans 34 35
Pacific    
Financing receivables - credit quality information    
Loans 684 696
South Atlantic    
Financing receivables - credit quality information    
Loans 547 552
West North Central    
Financing receivables - credit quality information    
Loans 112 110
West South Central    
Financing receivables - credit quality information    
Loans $ 114 $ 116
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 9.00% 9.00%
Total commercial mortgage loans | Credit concentration risk | East South Central    
Financing receivables - credit quality information    
Percentage of total 3.00% 3.00%
Total commercial mortgage loans | Credit concentration risk | Middle Atlantic    
Financing receivables - credit quality information    
Percentage of total 6.00% 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 34.00% 34.00%
Total commercial mortgage loans | Credit concentration risk | South Atlantic    
Financing receivables - credit quality information    
Percentage of total 27.00% 27.00%
Total commercial mortgage loans | Credit concentration risk | West North Central    
Financing receivables - credit quality information    
Percentage of total 5.00% 5.00%
Total commercial mortgage loans | Credit concentration risk | West South Central    
Financing receivables - credit quality information    
Percentage of total 6.00% 6.00%
v3.26.1
Financing Receivables - Credit Quality - Commercial Mortgage Loans by Property Type (Details) - Commercial Loans - Commercial mortgage loans - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Concentrations of credit risk by property type    
Loans $ 2,028 $ 2,039
Apartments    
Concentrations of credit risk by property type    
Loans 609 600
Hotel    
Concentrations of credit risk by property type    
Loans 40 40
Industrial    
Concentrations of credit risk by property type    
Loans 402 404
Mixed use    
Concentrations of credit risk by property type    
Loans 82 83
Office    
Concentrations of credit risk by property type    
Loans 186 190
Retail    
Concentrations of credit risk by property type    
Loans 515 528
Other    
Concentrations of credit risk by property type    
Loans $ 194 $ 194
Total commercial mortgage loans | Credit concentration risk    
Concentrations of credit risk by property type    
Percentage of total 100.00% 100.00%
Total commercial mortgage loans | Credit concentration risk | Apartments    
Concentrations of credit risk by property type    
Percentage of total 30.00% 29.00%
Total commercial mortgage loans | Credit concentration risk | Hotel    
Concentrations of credit risk by property type    
Percentage of total 2.00% 2.00%
Total commercial mortgage loans | Credit concentration risk | Industrial    
Concentrations of credit risk by property type    
Percentage of total 20.00% 20.00%
Total commercial mortgage loans | Credit concentration risk | Mixed use    
Concentrations of credit risk by property type    
Percentage of total 4.00% 4.00%
Total commercial mortgage loans | Credit concentration risk | Office    
Concentrations of credit risk by property type    
Percentage of total 9.00% 9.00%
Total commercial mortgage loans | Credit concentration risk | Retail    
Concentrations of credit risk by property type    
Percentage of total 25.00% 26.00%
Total commercial mortgage loans | Credit concentration risk | Other    
Concentrations of credit risk by property type    
Percentage of total 10.00% 10.00%
v3.26.1
Financing Receivables - Credit Quality Information - Syndicated Loans (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Financing receivables - credit quality information      
Loan write-offs $ 1,000,000 $ 1,000,000  
Commercial Loans      
Financing receivables - credit quality information      
Loan write-offs 1,000,000 $ 0  
Commercial Loans | Syndicated loans      
Financing receivables - credit quality information      
Recorded investment 75,000,000   $ 79,000,000
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 10,000,000   32,000,000
Year 2 28,000,000   31,000,000
Year 3 23,000,000   9,000,000
Year 4 7,000,000   0
Year 5 0   3,000,000
Prior 7,000,000   4,000,000
Total 75,000,000   79,000,000
Commercial Loans | Syndicated loans | Risk 5      
Financing receivables - credit quality information      
Recorded investment 0   0
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 0   0
Year 2 0   0
Year 3 0   0
Year 4 0   0
Year 5 0   0
Prior 0   0
Total 0   0
Commercial Loans | Syndicated loans | Risk 4      
Financing receivables - credit quality information      
Recorded investment 1,000,000   1,000,000
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 0   0
Year 2 0   0
Year 3 0   0
Year 4 0   0
Year 5 0   0
Prior 1,000,000   1,000,000
Total 1,000,000   1,000,000
Commercial Loans | Syndicated loans | Risk 3      
Financing receivables - credit quality information      
Recorded investment 14,000,000   9,000,000
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 3,000,000   7,000,000
Year 2 6,000,000   1,000,000
Year 3 1,000,000   1,000,000
Year 4 1,000,000   0
Year 5 0   0
Prior 3,000,000   0
Total 14,000,000   9,000,000
Commercial Loans | Syndicated loans | Risk 2      
Financing receivables - credit quality information      
Recorded investment 34,000,000   35,000,000
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 6,000,000   11,000,000
Year 2 13,000,000   15,000,000
Year 3 9,000,000   3,000,000
Year 4 3,000,000   0
Year 5 0   3,000,000
Prior 3,000,000   3,000,000
Total 34,000,000   35,000,000
Commercial Loans | Syndicated loans | Risk 1      
Financing receivables - credit quality information      
Recorded investment 26,000,000   34,000,000
Amortized cost basis by year of origination and loan-to-value ratio      
Year 1 1,000,000   14,000,000
Year 2 9,000,000   15,000,000
Year 3 13,000,000   5,000,000
Year 4 3,000,000   0
Year 5 0   0
Prior 0   0
Total 26,000,000   34,000,000
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
v3.26.1
Financing Receivables - Credit Quality Information - Financial Advisor Loans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Financing receivables - credit quality information        
Allowance for credit losses $ 54 $ 46 $ 52 $ 54
Loan write-offs 1 1    
Commercial Loans        
Financing receivables - credit quality information        
Allowance for credit losses 43 36 41 $ 45
Loan write-offs 1 $ 0    
Commercial Loans | Loans to financial advisors        
Amortized cost basis by year of origination and loan-to-value ratio        
Year 1 199   637  
Year 2 625   310  
Year 3 300   280  
Year 4 267   216  
Year 5 204   80  
Prior 207   150  
Total 1,802   1,673  
Commercial Loans | Loans to financial advisors | Active        
Amortized cost basis by year of origination and loan-to-value ratio        
Year 1 199   637  
Year 2 623   309  
Year 3 299   280  
Year 4 267   215  
Year 5 203   79  
Prior 197   142  
Total 1,788   1,662  
Commercial Loans | Loans to financial advisors | Terminated        
Financing receivables - credit quality information        
Allowance for credit losses 8   7  
Amortized cost basis by year of origination and loan-to-value ratio        
Year 1 0   0  
Year 2 2   1  
Year 3 1   0  
Year 4 0   1  
Year 5 1   1  
Prior 10   8  
Total $ 14   $ 11  
v3.26.1
Financing Receivables - Residential Mortgage Loans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Financing receivables - credit quality information      
Loan write-offs $ 1 $ 1  
Consumer Loans      
Financing receivables - credit quality information      
Loan write-offs 0 $ 1  
Consumer Loans | Residential mortgage loans      
Financing receivables - credit quality information      
Loans 905   $ 799
Year 1 101   387
Year 2 417   171
Year 3 157   146
Year 4 136   58
Year 5 57   26
Prior 37   11
Total 905   799
Consumer Loans | Residential mortgage loans | Past due      
Financing receivables - credit quality information      
Loans 4   8
Total 4   8
FICO Score, Greater than 810 | Consumer Loans | Residential mortgage loans      
Financing receivables - credit quality information      
Loans 37   43
Year 1 3   23
Year 2 22   8
Year 3 4   7
Year 4 4   2
Year 5 2   2
Prior 2   1
Total 37   43
FICO Score, 780-809 | Consumer Loans | Residential mortgage loans      
Financing receivables - credit quality information      
Loans 377   337
Year 1 40   177
Year 2 184   76
Year 3 71   50
Year 4 48   22
Year 5 22   7
Prior 12   5
Total 377   337
FICO Score, 740-779 | Consumer Loans | Residential mortgage loans      
Financing receivables - credit quality information      
Loans 331   279
Year 1 40   128
Year 2 147   56
Year 3 52   62
Year 4 58   22
Year 5 22   7
Prior 12   4
Total 331   279
FICO Score 720 to 739 | Consumer Loans | Residential mortgage loans      
Financing receivables - credit quality information      
Loans 78   67
Year 1 10   29
Year 2 32   17
Year 3 16   13
Year 4 13   4
Year 5 3   4
Prior 4   0
Total 78   67
FICO Score 700 to 719 | Consumer Loans | Residential mortgage loans      
Financing receivables - credit quality information      
Loans 47   41
Year 1 7   16
Year 2 17   8
Year 3 7   8
Year 4 7   5
Year 5 5   3
Prior 4   1
Total 47   41
FICO Score Less Than 699 | Consumer Loans | Residential mortgage loans      
Financing receivables - credit quality information      
Loans 35   32
Year 1 1   14
Year 2 15   6
Year 3 7   6
Year 4 6   3
Year 5 3   3
Prior 3   0
Total $ 35   $ 32
v3.26.1
Financing Receivables - Residential Mortgage Loans by Region (Details) - Consumer Loans - Residential mortgage loans - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Financing receivables - credit quality information    
Loans $ 905 $ 799
Total residential mortgage loans | Credit concentration risk    
Financing receivables - credit quality information    
Percentage of total 100.00% 100.00%
Minnesota    
Financing receivables - credit quality information    
Loans $ 438 $ 420
Minnesota | Total residential mortgage loans | Credit concentration risk    
Financing receivables - credit quality information    
Percentage of total 48.00% 53.00%
Other U.S. States    
Financing receivables - credit quality information    
Loans $ 467 $ 379
Other U.S. States | Total residential mortgage loans | Credit concentration risk    
Financing receivables - credit quality information    
Percentage of total 52.00% 47.00%
v3.26.1
Financing Receivables - Credit Quality Information - Credit Card Receivables (Details) - Consumer Loans - Credit card receivables - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financing receivables - credit quality information    
Percentage of receivables past due 2.00% 2.00%
Loans $ 117 $ 122
FICO Score, Greater than 800    
Financing receivables - credit quality information    
Loans 36 39
FICO Score, 750-799    
Financing receivables - credit quality information    
Loans 29 31
FICO Score, 700-749    
Financing receivables - credit quality information    
Loans 27 27
FICO Score. 650 to 699    
Financing receivables - credit quality information    
Loans 16 16
FICO Score, Less than 650    
Financing receivables - credit quality information    
Loans $ 9 $ 9
v3.26.1
Financing Receivables - Credit Quality Information - Other Loans and Deposit Receivable - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Financing Receivables        
Allowance for credit losses $ 54 $ 52 $ 46 $ 54
Receivable        
Reinsurance deposit receivable 5,300 5,400    
Deposit Receivables        
Financing Receivables        
Allowance for credit losses 0 0    
Consumer Loans        
Financing Receivables        
Allowance for credit losses 11 11 $ 10 $ 9
Consumer Loans | Policy Loans        
Financing Receivables        
Allowance for credit losses 0 0    
Consumer Loans | Margin Loans        
Financing Receivables        
Allowance for credit losses 0 0    
Loans 1,300 1,300    
Loans 1,700 1,700    
Consumer Loans | Margin Loans | Assets pledged to meet contractual obligations        
Financing Receivables        
Lines of credit balance 470 478    
Consumer Loans | Pledged Asset Lines of Credit        
Financing Receivables        
Allowance for credit losses 0 0    
Lines of credit balance $ 1,100 $ 1,000    
v3.26.1
Deferred Acquisition Costs and Deferred Sales Inducement Costs - Deferred Acquisition Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Balances of and changes in DAC    
Beginning balance $ 2,625  
Ending balance 2,612 $ 2,625
Variable Annuities    
Balances of and changes in DAC    
Beginning balance 1,313 1,402
Capitalization of acquisition costs 6 23
Amortization (27) (112)
Ending balance 1,292 1,313
Structured Variable Annuities    
Balances of and changes in DAC    
Beginning balance 325 276
Capitalization of acquisition costs 23 88
Amortization (11) (39)
Ending balance 337 325
Fixed Annuities    
Balances of and changes in DAC    
Beginning balance 23 28
Capitalization of acquisition costs 0 0
Amortization (1) (5)
Ending balance 22 23
Fixed Indexed Annuities    
Balances of and changes in DAC    
Beginning balance 3 4
Capitalization of acquisition costs 0 0
Amortization 0 (1)
Ending balance 3 3
Universal Life Insurance    
Balances of and changes in DAC    
Beginning balance 96 103
Capitalization of acquisition costs 0 0
Amortization (2) (7)
Ending balance 94 96
Variable Universal Life Insurance    
Balances of and changes in DAC    
Beginning balance 570 553
Capitalization of acquisition costs 15 62
Amortization (12) (45)
Ending balance 573 570
Indexed Universal Life Insurance    
Balances of and changes in DAC    
Beginning balance 197 210
Capitalization of acquisition costs 1 2
Amortization (4) (15)
Ending balance 194 197
Other Life Insurance    
Balances of and changes in DAC    
Beginning balance 1 2
Capitalization of acquisition costs 0 0
Amortization 0 (1)
Ending balance 1 1
Life Contingent Payout Annuities    
Balances of and changes in DAC    
Beginning balance 13 10
Capitalization of acquisition costs 0 3
Amortization 0 0
Ending balance 13 13
Term and Whole Life Insurance    
Balances of and changes in DAC    
Beginning balance 17 17
Capitalization of acquisition costs 0 2
Amortization 0 (2)
Ending balance 17 17
Disability Income Insurance    
Balances of and changes in DAC    
Beginning balance 65 70
Capitalization of acquisition costs 1 3
Amortization (2) (8)
Ending balance 64 65
Total, All Products    
Balances of and changes in DAC    
Beginning balance 2,623 2,675
Capitalization of acquisition costs 46 183
Amortization (59) (235)
Ending balance 2,610 2,623
Other broker dealer acquisition costs    
Balances of and changes in DAC    
Beginning balance 2  
Ending balance $ 2 $ 2
v3.26.1
Deferred Acquisition Costs and Deferred Sales Inducement Costs - Deferred Sales Inducement Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Balances of and changes in DSIC    
Beginning balance $ 118 $ 132
Amortization (3) (14)
Ending balance 115 118
Variable Annuities    
Balances of and changes in DSIC    
Beginning balance 110 122
Amortization (3) (12)
Ending balance 107 110
Fixed Annuities    
Balances of and changes in DSIC    
Beginning balance 8 10
Amortization 0 (2)
Ending balance $ 8 $ 8
v3.26.1
Policyholder Account Balances, Future Policy Benefits and Claims - Composition (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Policyholder account balances      
Policyholder account balances $ 36,988 $ 37,005 $ 32,542
Future policy benefits      
Reserve for future policy benefits 7,426 7,601  
Deferred profit liability 135 130  
Additional liabilities for insurance guarantees 1,510 1,500  
Other insurance and annuity liabilities 124 78  
Total future policy benefits 9,195 9,309  
Policy claims and other policyholders’ funds 218 184  
Total policyholder account balances, future policy benefits and claims $ 46,401 $ 46,498  
v3.26.1
Policyholder Account Balances, Future Policy Benefits and Claims - Balance of and Changes in Policyholder Account Balances (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Policyholder Account Balance [Roll Forward]    
Beginning balance $ 37,005 $ 32,542
Contract deposits 1,088 4,602
Policy charges (98) (400)
Surrenders and other benefits (649) (2,424)
Net transfer from (to) separate account liabilities (39) (163)
Variable account index-linked adjustments (482) 2,206
Interest credited 163 642
Ending balance 36,988 37,005
Variable Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 3,320 3,680
Contract deposits 13 57
Policy charges (3) (13)
Surrenders and other benefits (111) (486)
Net transfer from (to) separate account liabilities (5) (31)
Variable account index-linked adjustments 0 0
Interest credited 26 113
Ending balance $ 3,240 $ 3,320
Weighted-average crediting rate 3.30% 3.30%
Cash surrender value $ 3,223 $ 3,302
Structured Variable Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 21,504 16,330
Contract deposits 902 3,816
Policy charges (1) (4)
Surrenders and other benefits (286) (846)
Net transfer from (to) separate account liabilities 0 0
Variable account index-linked adjustments (482) 2,206
Interest credited 1 2
Ending balance $ 21,638 $ 21,504
Weighted-average crediting rate 1.90% 1.90%
Cash surrender value $ 20,582 $ 20,582
Fixed Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 4,918 5,369
Contract deposits 8 35
Policy charges 0 0
Surrenders and other benefits (147) (677)
Net transfer from (to) separate account liabilities 0 0
Variable account index-linked adjustments 0 0
Interest credited 46 191
Ending balance $ 4,825 $ 4,918
Weighted-average crediting rate 3.90% 3.80%
Cash surrender value $ 4,824 $ 4,916
Fixed Indexed Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 289 305
Contract deposits 0 0
Policy charges 0 0
Surrenders and other benefits (13) (26)
Net transfer from (to) separate account liabilities 0 0
Variable account index-linked adjustments 0 0
Interest credited 3 10
Ending balance $ 279 $ 289
Weighted-average crediting rate 2.10% 2.10%
Cash surrender value $ 263 $ 272
Non-Life Contingent Payout Annuities    
Policyholder Account Balance [Roll Forward]    
Beginning balance 435 447
Contract deposits 21 73
Policy charges 0 0
Surrenders and other benefits (25) (99)
Net transfer from (to) separate account liabilities 0 0
Variable account index-linked adjustments 0 0
Interest credited 3 14
Ending balance 434 435
Universal Life Insurance    
Policyholder Account Balance [Roll Forward]    
Beginning balance 1,349 1,405
Contract deposits 26 138
Policy charges (41) (169)
Surrenders and other benefits (14) (72)
Net transfer from (to) separate account liabilities 0 0
Variable account index-linked adjustments 0 0
Interest credited 11 47
Ending balance $ 1,331 $ 1,349
Weighted-average crediting rate 3.60% 3.60%
Net amount at risk $ 7,858 $ 7,944
Cash surrender value 1,229 1,241
Variable Universal Life Insurance    
Policyholder Account Balance [Roll Forward]    
Beginning balance 1,705 1,647
Contract deposits 80 318
Policy charges (23) (91)
Surrenders and other benefits (23) (102)
Net transfer from (to) separate account liabilities (34) (132)
Variable account index-linked adjustments 0 0
Interest credited 17 65
Ending balance $ 1,722 $ 1,705
Weighted-average crediting rate 3.90% 3.90%
Net amount at risk $ 57,545 $ 57,269
Cash surrender value 1,113 1,109
Indexed Universal Life Insurance    
Policyholder Account Balance [Roll Forward]    
Beginning balance 3,048 2,894
Contract deposits 38 165
Policy charges (30) (123)
Surrenders and other benefits (16) (71)
Net transfer from (to) separate account liabilities 0 0
Variable account index-linked adjustments 0 0
Interest credited 52 183
Ending balance $ 3,092 $ 3,048
Weighted-average crediting rate 3.00% 3.00%
Net amount at risk $ 12,947 $ 13,040
Cash surrender value 2,696 2,640
Other Life Insurance    
Policyholder Account Balance [Roll Forward]    
Beginning balance 437 465
Contract deposits 0 0
Policy charges 0 0
Surrenders and other benefits (14) (45)
Net transfer from (to) separate account liabilities 0 0
Variable account index-linked adjustments 0 0
Interest credited 4 17
Ending balance $ 427 $ 437
Weighted-average crediting rate 4.00% 4.00%
Net amount at risk $ 117 $ 121
Cash surrender value $ 269 $ 274
v3.26.1
Policyholder Account Balances, Future Policy Benefits and Claims - Account Balances by Guaranteed Minimum Interest Rates (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 36,988 $ 37,005 $ 32,542
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%  
At 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%  
1-49 bps above Guaranteed Minimum      
Percentage of total account values that reset in:      
Next 12 months 99.90% 100.00%  
Greater than 12 months to 24 months 0.00% 0.00%  
Greater than 24 months 0.10% 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% 99.90%  
Greater than 12 months to 24 months 0.00% 0.00%  
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 99.90% 99.80%  
Greater than 12 months to 24 months 0.00% 0.00%  
Greater than 24 months 0.10% 0.20%  
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 $ 10,595 $ 10,756  
Total | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 9,586 9,735  
Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 341 350  
Total | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 272 289  
Total | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 307 298  
Total | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 89 84  
Fixed accounts of variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 3,194 3,276  
Fixed accounts of variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 3,027 3,103  
Fixed accounts of variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 65 70  
Fixed accounts of variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 82 82  
Fixed accounts of variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 20 21  
Fixed accounts of variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Fixed accounts of structured variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 102 70  
Fixed accounts of structured variable annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 37 17  
Fixed accounts of structured variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 50 26  
Fixed accounts of structured variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 14 26  
Fixed accounts of structured variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1 1  
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 4,818 4,908  
Fixed annuities | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4,376 4,441  
Fixed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 176 199  
Fixed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 140 146  
Fixed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 109 103  
Fixed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 17 19  
Non-indexed accounts of fixed indexed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 18 19  
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 1 2  
Non-indexed accounts of fixed indexed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4 4  
Non-indexed accounts of fixed indexed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 13 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 1,305 1,322  
Universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1,261 1,278  
Universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 10 11  
Universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 23 23  
Universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 10 9  
Universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1 1  
Fixed accounts of variable universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances 751 751  
Fixed accounts of variable universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 617 623  
Fixed accounts of variable universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 39 42  
Fixed accounts of variable universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 9 8  
Fixed accounts of variable universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 17 16  
Fixed accounts of variable universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 69 62  
Non-indexed accounts of indexed universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances 139 137  
Non-indexed accounts of indexed universal life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Non-indexed accounts of indexed universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Non-indexed accounts of indexed universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
Non-indexed accounts of indexed universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 137 135  
Non-indexed accounts of indexed universal life insurance | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 2  
Other life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances 268 273  
Other life insurance | At Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 268 273  
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 $ 730 $ 744  
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 $ 5 $ 7  
1% - 1.99% | Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 267 272  
1% - 1.99% | Total | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 240 258  
1% - 1.99% | Total | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 144 138  
1% - 1.99% | Total | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 74 69  
1% - 1.99% | Fixed accounts of variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 163 $ 171  
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 $ 5 $ 7  
1% - 1.99% | Fixed accounts of variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 57 62  
1% - 1.99% | Fixed accounts of variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 82 82  
1% - 1.99% | Fixed accounts of variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 19 20  
1% - 1.99% | Fixed accounts of variable annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
1% - 1.99% | Fixed accounts of structured variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 65 $ 53  
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 $ 0 $ 0  
1% - 1.99% | Fixed accounts of structured variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 50 26  
1% - 1.99% | Fixed accounts of structured variable annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 14 26  
1% - 1.99% | Fixed accounts of structured variable annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1 1  
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 $ 423 $ 447  
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 $ 0 $ 0  
1% - 1.99% | Fixed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 159 182  
1% - 1.99% | Fixed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 138 143  
1% - 1.99% | Fixed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 109 103  
1% - 1.99% | Fixed annuities | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 17 19  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 18 $ 19  
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 1 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 4 4  
1% - 1.99% | Non-indexed accounts of fixed indexed annuities | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 13 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 $ 59 $ 52  
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 0  
1% - 1.99% | Fixed accounts of variable universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 3  
1% - 1.99% | Fixed accounts of variable universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 1  
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 55 48  
1% - 1.99% | Non-indexed accounts of indexed universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 2 $ 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 0 0  
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 0 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 2 2  
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 $ 406 $ 388  
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 $ 182 $ 166  
2% - 2.99% | Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 45 46  
2% - 2.99% | Total | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 22 23  
2% - 2.99% | Total | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 142 138  
2% - 2.99% | Total | Greater than 150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 15 15  
2% - 2.99% | Fixed accounts of variable annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 94 $ 97  
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 $ 86 $ 89  
2% - 2.99% | Fixed accounts of variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 8 8  
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 $ 36 $ 16  
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 $ 36 $ 16  
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 $ 30 $ 31  
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 $ 12 $ 13  
2% - 2.99% | Fixed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 16 16  
2% - 2.99% | Fixed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 2  
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 $ 76 $ 75  
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 $ 47 $ 47  
2% - 2.99% | Universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 6 6  
2% - 2.99% | Universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 18 19  
2% - 2.99% | Universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4 2  
2% - 2.99% | Universal life insurance | Greater than 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      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 33 $ 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 $ 1 $ 1  
2% - 2.99% | Fixed accounts of variable universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 15 16  
2% - 2.99% | Fixed accounts of variable universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 2  
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 14 14  
2% - 2.99% | Non-indexed accounts of indexed universal life insurance      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 137 $ 135  
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 $ 0  
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 0 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 137 135  
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 $ 4,627 $ 4,746  
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 $ 4,594 $ 4,714  
3% - 3.99% | Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2 2  
3% - 3.99% | Total | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 10 8  
3% - 3.99% | Total | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 21 22  
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 $ 1,639 $ 1,687  
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 $ 1,638 $ 1,686  
3% - 3.99% | Fixed accounts of variable annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 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 $ 1  
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 $ 1  
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 $ 2,058 $ 2,118  
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 $ 2,057 $ 2,116  
3% - 3.99% | Fixed annuities | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1 1  
3% - 3.99% | Fixed annuities | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 1  
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 $ 790 $ 800  
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 $ 779 $ 789  
3% - 3.99% | Universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0 0  
3% - 3.99% | Universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 5 4  
3% - 3.99% | Universal life insurance | 100-150 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 6 7  
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 $ 116 $ 116  
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 $ 96 $ 98  
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 1  
3% - 3.99% | Fixed accounts of variable universal life insurance | 50-99 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 5 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 14 14  
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 $ 23 $ 24  
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 $ 23 $ 24  
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 $ 4,832 $ 4,878  
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 $ 4,805 $ 4,848  
4% - 5.00% | Total | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 27 30  
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 $ 1,298 $ 1,321  
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 $ 1,298 $ 1,321  
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 $ 2,307 $ 2,312  
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 $ 2,307 $ 2,312  
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 $ 439 $ 447  
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 $ 435 $ 442  
4% - 5.00% | Universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4 5  
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 $ 543 $ 549  
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 $ 520 $ 524  
4% - 5.00% | Fixed accounts of variable universal life insurance | 1-49 bps above Guaranteed Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 23 25  
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 $ 245 $ 249  
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 $ 245 $ 249  
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  
v3.26.1
Policyholder Account Balances, Future Policy Benefits and Claims - Balances of and Changes in Liability for Future Policy Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Liability for Future Policy Benefit, Activity [Line Items]      
Balance $ 9,195 $ 9,309  
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Beginning balance 1,834 1,847  
Beginning balance at original discount rate 1,850 1,905  
Effect of changes in cash flow assumptions   0 $ 31
Effect of actual variances from expected experience   (19) (28)
Adjusted beginning of year balance   1,831 1,908
Issuances 45 210  
Interest accrual 22 92  
Net premiums collected (79) (360)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 1,819 1,850  
Effect of changes in discount rate assumptions (48) (16)  
Ending balance 1,771 1,834  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Beginning balance 9,427 9,258  
Beginning balance at original discount rate 9,498 9,585  
Effect of changes in cash flow assumptions   0 20
Effect of actual variances from expected experience   (30) (37)
Adjusted beginning of year balance   9,468 9,568
Issuances 45 210  
Interest accrual 117 477  
Benefit payments (179) (757)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 9,451 9,498  
Effect of changes in discount rate assumptions (262) (71)  
Ending balance 9,189 9,427  
Adjustment due to reserve flooring 8 8  
Net liability for future policy benefits 7,426 7,601  
Less: reinsurance recoverable 3,687 3,788  
Net liability for future policy benefits, after reinsurance recoverable 3,739 3,813  
Discounted expected future gross premiums 3,823 3,953  
Expected future gross premiums 5,916 6,014  
Expected future benefit payments 15,116 15,241  
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 27 141  
Interest accrual 0 1  
Net premiums collected (27) (142)  
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 1,273 1,204  
Beginning balance at original discount rate 1,318 1,289  
Effect of changes in cash flow assumptions   0 (2)
Effect of actual variances from expected experience   (5) (5)
Adjusted beginning of year balance   1,313 1,282
Issuances 27 141  
Interest accrual 14 57  
Benefit payments (42) (162)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 1,312 1,318  
Effect of changes in discount rate assumptions (65) (45)  
Ending balance 1,247 1,273  
Adjustment due to reserve flooring 0 0  
Net liability for future policy benefits 1,247 1,273  
Less: reinsurance recoverable 672 703  
Net liability for future policy benefits, after reinsurance recoverable 575 570  
Discounted expected future gross premiums 0 0  
Expected future gross premiums 0 0  
Expected future benefit payments $ 1,901 $ 1,906  
Weighted average interest accretion rate 4.40% 4.40%  
Weighted average discount rate 5.30% 5.00%  
Weighted average duration of liability (in years) 6 years 6 years  
Term and Whole Life Insurance      
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Beginning balance $ 813 $ 737  
Beginning balance at original discount rate 836 774  
Effect of changes in cash flow assumptions   0 58
Effect of actual variances from expected experience   (13) (17)
Adjusted beginning of year balance   823 815
Issuances 15 60  
Interest accrual 10 39  
Net premiums collected (19) (78)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 829 836  
Effect of changes in discount rate assumptions (39) (23)  
Ending balance 790 813  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Beginning balance 1,378 1,322  
Beginning balance at original discount rate 1,380 1,353  
Effect of changes in cash flow assumptions   0 27
Effect of actual variances from expected experience   (17) (20)
Adjusted beginning of year balance   1,363 1,360
Issuances 15 60  
Interest accrual 18 74  
Benefit payments (20) (114)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 1,376 1,380  
Effect of changes in discount rate assumptions (33) (2)  
Ending balance 1,343 1,378  
Adjustment due to reserve flooring 8 8  
Net liability for future policy benefits 561 573  
Less: reinsurance recoverable 401 408  
Net liability for future policy benefits, after reinsurance recoverable 160 165  
Discounted expected future gross premiums 1,910 1,971  
Expected future gross premiums 3,293 3,334  
Expected future benefit payments $ 2,321 $ 2,328  
Weighted average interest accretion rate 6.00% 6.20%  
Weighted average discount rate 5.60% 5.30%  
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 $ 33 $ 53  
Beginning balance at original discount rate 37 59  
Effect of changes in cash flow assumptions   0 (19)
Effect of actual variances from expected experience   0 (12)
Adjusted beginning of year balance   37 28
Issuances 3 9  
Interest accrual 0 2  
Net premiums collected 0 (2)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 40 37  
Effect of changes in discount rate assumptions (5) (4)  
Ending balance 35 33  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Beginning balance 499 545  
Beginning balance at original discount rate 478 535  
Effect of changes in cash flow assumptions   0 (30)
Effect of actual variances from expected experience   (1) (25)
Adjusted beginning of year balance   477 480
Issuances 3 9  
Interest accrual 7 30  
Benefit payments (10) (41)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 477 478  
Effect of changes in discount rate assumptions 11 21  
Ending balance 488 499  
Adjustment due to reserve flooring 0 0  
Net liability for future policy benefits 453 466  
Less: reinsurance recoverable 21 20  
Net liability for future policy benefits, after reinsurance recoverable 432 446  
Discounted expected future gross premiums 785 809  
Expected future gross premiums 1,110 1,126  
Expected future benefit payments $ 785 $ 789  
Weighted average interest accretion rate 6.30% 6.30%  
Weighted average discount rate 5.50% 5.20%  
Weighted average duration of liability (in years) 6 years 6 years  
Long Term Care Insurance      
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Beginning balance $ 988 $ 1,057  
Beginning balance at original discount rate 977 1,072  
Effect of changes in cash flow assumptions   0 (8)
Effect of actual variances from expected experience   (6) 1
Adjusted beginning of year balance   971 1,065
Issuances 0 0  
Interest accrual 12 50  
Net premiums collected (33) (138)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 950 977  
Effect of changes in discount rate assumptions (4) 11  
Ending balance 946 988  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Beginning balance 6,277 6,187  
Beginning balance at original discount rate 6,322 6,408  
Effect of changes in cash flow assumptions   0 25
Effect of actual variances from expected experience   (7) 13
Adjusted beginning of year balance   6,315 $ 6,446
Issuances 0 0  
Interest accrual 78 316  
Benefit payments (107) (440)  
Derecognition (lapses) 0 0  
Ending balance at original discount rate 6,286 6,322  
Effect of changes in discount rate assumptions (175) (45)  
Ending balance 6,111 6,277  
Adjustment due to reserve flooring 0 0  
Net liability for future policy benefits 5,165 5,289  
Less: reinsurance recoverable 2,593 2,657  
Net liability for future policy benefits, after reinsurance recoverable 2,572 2,632  
Discounted expected future gross premiums 1,128 1,173  
Expected future gross premiums 1,513 1,554  
Expected future benefit payments $ 10,109 $ 10,218  
Weighted average interest accretion rate 5.10% 5.00%  
Weighted average discount rate 5.60% 5.30%  
Weighted average duration of liability (in years) 8 years 8 years  
v3.26.1
Policyholder Account Balances, Future Policy Benefits and Claims - Additional Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Additional Liability, Long-Duration Insurance [Roll Forward]    
Beginning balance $ 1,500 $ 1,389
Interest accrual 12 46
Benefit accrual 33 144
Benefit payments (26) (102)
Effect of actual variances from expected experience 2 12
Impact of change in net unrealized (gains) losses on securities (11) 11
Ending balance 1,510 1,500
Universal Life Insurance    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Beginning balance 1,409 1,301
Interest accrual 11 40
Benefit accrual 31 132
Benefit payments (21) (84)
Effect of actual variances from expected experience 0 11
Impact of change in net unrealized (gains) losses on securities (9) 9
Ending balance $ 1,421 $ 1,409
Weighted average interest accretion rate 3.00% 2.90%
Weighted average discount rate 3.10% 3.10%
Weighted average duration of reserves (in years) 8 years 9 years
Variable Universal Life Insurance    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Beginning balance $ 80 $ 80
Interest accrual 1 5
Benefit accrual 2 10
Benefit payments (3) (14)
Effect of actual variances from expected experience 1 (1)
Impact of change in net unrealized (gains) losses on securities 0 0
Ending balance $ 81 $ 80
Weighted average interest accretion rate 7.10% 6.80%
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 $ 11 $ 8
Interest accrual 0 1
Benefit accrual 0 2
Benefit payments (2) (4)
Effect of actual variances from expected experience 1 2
Impact of change in net unrealized (gains) losses on securities (2) 2
Ending balance $ 8 $ 11
Weighted average interest accretion rate 3.90% 3.80%
Weighted average discount rate 3.90% 3.90%
Weighted average duration of reserves (in years) 7 years 7 years
v3.26.1
Policyholder Account Balances, Future Policy Benefits and Claims - Amounts Recognized in Statement of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums $ 142 $ 616
Interest Expense 95 385
Life Contingent Payout Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 32 157
Interest Expense 14 56
Term and Whole Life Insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 43 174
Interest Expense 8 35
Disability Income Insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 27 114
Interest Expense 7 28
Long Term Care Insurance    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross Premiums 40 171
Interest Expense $ 66 $ 266
v3.26.1
Policyholder Account Balances, Future Policy Benefits and Claims - Change in Unearned Income (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Deferred Income [Roll Forward]    
Beginning balance $ 651 $ 570
Deferral of revenue 32 127
Amortization (13) (46)
Ending balance 670 651
Universal Life Insurance    
Deferred Income [Roll Forward]    
Beginning balance 26 26
Deferral of revenue 0 1
Amortization 0 (1)
Ending balance 26 26
Variable Universal Life Insurance    
Deferred Income [Roll Forward]    
Beginning balance 307 249
Deferral of revenue 21 79
Amortization (6) (21)
Ending balance 322 307
Indexed Universal Life Insurance    
Deferred Income [Roll Forward]    
Beginning balance 318 295
Deferral of revenue 11 47
Amortization (7) (24)
Ending balance $ 322 $ 318
v3.26.1
Separate Account Assets and Liabilities - Separate Account Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Variable Annuity and Insurance Guarantees    
Separate account assets $ 76,466 $ 80,044
Mutual funds    
Variable Annuity and Insurance Guarantees    
Separate account assets 74,139 77,645
Property/real estate    
Variable Annuity and Insurance Guarantees    
Separate account assets 1,701 1,755
Equity securities    
Variable Annuity and Insurance Guarantees    
Separate account assets 417 454
Debt securities    
Variable Annuity and Insurance Guarantees    
Separate account assets 111 116
Cash and cash equivalents    
Variable Annuity and Insurance Guarantees    
Separate account assets 78 56
Other    
Variable Annuity and Insurance Guarantees    
Separate account assets $ 20 $ 18
v3.26.1
Separate Account Assets and Liabilities - Separate Account Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Separate Account, Liability [Roll Forward]    
Beginning balance $ 80,044 $ 78,114
Premiums and deposits 415 1,605
Policy charges (397) (1,644)
Surrenders and other benefits (2,083) (8,343)
Investment return (1,494) 10,047
Net transfer from (to) general account 24 78
Other charges (43) 187
Ending balance 76,466 80,044
Cash surrender value 74,661 78,200
Variable Annuities    
Separate Account, Liability [Roll Forward]    
Beginning balance 66,471 65,737
Premiums and deposits 259 996
Policy charges (314) (1,318)
Surrenders and other benefits (1,931) (7,347)
Investment return (1,254) 8,373
Net transfer from (to) general account 6 30
Other charges 0 0
Ending balance 63,237 66,471
Cash surrender value 62,152 65,338
Variable Universal Life    
Separate Account, Liability [Roll Forward]    
Beginning balance 11,174 9,839
Premiums and deposits 136 526
Policy charges (82) (321)
Surrenders and other benefits (118) (413)
Investment return (225) 1,495
Net transfer from (to) general account 18 48
Other charges 0 0
Ending balance 10,903 11,174
Cash surrender value 10,183 10,463
Unitized Pooled Pension Funds    
Separate Account, Liability [Roll Forward]    
Beginning balance 2,399 2,538
Premiums and deposits 20 83
Policy charges (1) (5)
Surrenders and other benefits (34) (583)
Investment return (15) 179
Net transfer from (to) general account 0 0
Other charges (43) 187
Ending balance 2,326 2,399
Cash surrender value $ 2,326 $ 2,399
v3.26.1
Market Risk Benefits - Balances of and Changes in Market Risk Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Market Risk Benefit [Roll Forward]      
Beginning balance $ (1,092) $ (919) $ (919)
Issuances 7 5 23
Interest accrual and time decay (21) (18) (116)
Reserve increase from attributed fees collected 177 181 761
Reserve release for benefit payments and derecognition (3) (2) (9)
Effect of changes in interest rates and bond markets (5) 269 (51)
Effect of changes in equity markets and subaccount performance 297 322 (1,006)
Effect of changes in equity index volatility 83 25 90
Actual policyholder behavior different from expected behavior 20 25 68
Effect of changes in future expected assumptions 0 (1) 93
Effect of changes in the instrument-specific credit risk on market risk benefits (38) (1) (26)
Ending balance (575) (114) (1,092)
Reconciliation of the gross balances in an asset or liability position:      
Asset position 1,934 1,742 2,274
Liability position (1,359) (1,628) (1,182)
Net asset (liability) position $ 575 $ 114 $ 1,092
Weighted average attained age of contractholders 70 years 69 years 70 years
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $ 347 $ 603 $ (966)
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period (37) 0 (20)
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) 424 626 291
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) 2,379 2,761 1,811
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) $ 2,773 $ 3,318 $ 2,084
v3.26.1
Market Risk Benefits - Significant Inputs and Assumptions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Market Risk Benefit [Line Items]        
Market risk benefits $ (1,092) $ (575) $ (114) $ (919)
Utilization of guaranteed withdrawals        
Market Risk Benefit [Line Items]        
Increase (decrease) in net income from change in assumptions (14)      
Surrender rate        
Market Risk Benefit [Line Items]        
Increase (decrease) in net income from change in assumptions $ (70)      
Discounted cash flow | Nonperformance risk        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.0065 0.0075    
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 0.004    
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 0.528    
Maximum | Discounted cash flow | Surrender rate        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.750 0.721    
Maximum | Discounted cash flow | Market volatility        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.249 0.259    
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 0.122 0.121    
Weighted average | Discounted cash flow | Surrender rate        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.036 0.036    
Weighted average | Discounted cash flow | Market volatility        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.112 0.120    
Weighted average | Discounted cash flow | Nonperformance risk        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.0065 0.0075    
Weighted average | Discounted cash flow | Mortality rate        
Market Risk Benefit [Line Items]        
Market risk benefits, measurement input 0.018 0.017    
v3.26.1
Debt - Balances and Stated Interest Rates (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt and stated interest rates    
Short-term borrowings $ 200 $ 200
Ameriprise Financial    
Debt and stated interest rates    
Other (21) (23)
Total long-term debt 3,079 3,077
Short-term borrowings 200 200
Total $ 3,279 $ 3,277
Ameriprise Financial | Weighted average    
Debt and stated interest rates    
FHLB advances, Stated interest rate (as a percent) 3.80% 4.00%
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%
Ameriprise Financial | Senior notes due 2035    
Debt and stated interest rates    
Long-term debt $ 750 $ 750
Stated interest rate long-term debt (as a percent) 5.20% 5.20%
v3.26.1
Debt - Short-term Borrowings (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Federal Home Loan Bank borrowings | Ameriprise Bank, FSB    
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 and Residential mortgage backed securities | RiverSource Life Insurance Company    
Short-term borrowings    
FHLB advances, securities pledged as collateral $ 1,000 $ 1,100
Federal Reserve borrowings | Ameriprise Bank, FSB    
Short-term borrowings    
Short-term borrowings $ 0 $ 0
v3.26.1
Debt - Revolving Credit Facility (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Nov. 25, 2024
Revolving Credit Facility      
Line of Credit Facility      
Current borrowing capacity for line of credit facility     $ 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, Incorporated      
Line of Credit Facility      
Maximum borrowing capacity for line of credit facility 500    
Line of credit borrowings outstanding $ 0 $ 0  
v3.26.1
Fair Values of Assets and Liabilities - Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Assets      
Separate account assets at NAV $ 76,466 $ 80,044  
Market risk benefits 1,934 2,274 $ 1,742
Liabilities      
Liabilities: embedded derivatives, net 4,283 4,983  
Market risk benefits 1,359 1,182 $ 1,628
Ameriprise Financial      
Assets      
Available-for-Sale securities, at fair value 54,036 53,591  
Ameriprise Financial | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 16,358 15,842  
Ameriprise Financial | Residential mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 28,243 28,173  
Ameriprise Financial | Commercial mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 3,621 3,687  
Ameriprise Financial | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 3,548 3,753  
Ameriprise Financial | State and municipal obligations      
Assets      
Available-for-Sale securities, at fair value 663 677  
Ameriprise Financial | U.S. government and agency obligations      
Assets      
Available-for-Sale securities, at fair value 1,602 1,458  
Ameriprise Financial | Foreign government bonds and obligations      
Assets      
Available-for-Sale securities, at fair value 1 1  
Ameriprise Financial | Policyholder account balances, future policy benefits and claims embedded derivatives      
Liabilities      
Cumulative increase (decrease) in embedded derivatives of adjustment for nonperformance risk (267) (258)  
Ameriprise Financial | Level 3 | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 708 708  
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 53 59  
Ameriprise Financial | Level 3 | Fixed deferred indexed annuities embedded derivatives      
Liabilities      
Liabilities: embedded derivatives 52 58  
Ameriprise Financial | Level 3 | IUL embedded derivatives      
Liabilities      
Liabilities: embedded derivatives 1,002 1,042  
Ameriprise Financial | Level 3 | Structured variable annuity embedded derivatives      
Liabilities      
Liabilities: embedded derivatives, net 3,226 3,879  
Ameriprise Financial | Recurring basis      
Assets      
Cash equivalents 5,047 6,521  
Available-for-Sale securities, at fair value 54,036 53,591  
Investments at net asset value 13 13  
Trading and other securities 386 393  
Separate account assets at NAV 76,466 80,044  
Investments and cash equivalents segregated for regulatory purposes 438 439  
Market risk benefits 1,934 2,274  
Other assets: derivative contracts 11,758 13,122  
Total assets at fair value 150,131 156,456  
Liabilities      
Market risk benefits 1,359 1,182  
Other 452 452  
Other liabilities 7,401 8,669  
Total liabilities at fair value 13,043 14,834  
Ameriprise Financial | Recurring basis | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 16,358 15,842  
Ameriprise Financial | Recurring basis | Residential mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 28,243 28,173  
Ameriprise Financial | Recurring basis | Commercial mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 3,621 3,687  
Ameriprise Financial | Recurring basis | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 3,548 3,753  
Ameriprise Financial | Recurring basis | State and municipal obligations      
Assets      
Available-for-Sale securities, at fair value 663 677  
Ameriprise Financial | Recurring basis | U.S. government and agency obligations      
Assets      
Available-for-Sale securities, at fair value 1,602 1,458  
Ameriprise Financial | Recurring basis | Foreign government bonds and obligations      
Assets      
Available-for-Sale securities, at fair value 1 1  
Ameriprise Financial | Recurring basis | Fixed deferred indexed annuities ceded embedded derivatives      
Assets      
Receivables: embedded derivatives 53 59  
Ameriprise Financial | Recurring basis | Policyholder account balances, future policy benefits and claims embedded derivatives      
Liabilities      
Liabilities: embedded derivatives, net 4,280 4,979  
Ameriprise Financial | Recurring basis | Fixed deferred indexed annuities embedded derivatives      
Liabilities      
Liabilities: embedded derivatives 52 58  
Ameriprise Financial | Recurring basis | IUL embedded derivatives      
Liabilities      
Liabilities: embedded derivatives 1,002 1,042  
Ameriprise Financial | Recurring basis | Structured variable annuity embedded derivatives      
Liabilities      
Liabilities: embedded derivatives, net 3,226 3,879  
Ameriprise Financial | Recurring basis | Customer deposits - SMC embedded derivatives      
Liabilities      
Liabilities: embedded derivatives 3 4  
Ameriprise Financial | Recurring basis | Interest rate derivative contracts      
Assets      
Other assets: derivative contracts 155 143  
Liabilities      
Other liabilities: derivative contracts 215 219  
Ameriprise Financial | Recurring basis | Equity derivative contracts      
Assets      
Other assets: derivative contracts 11,521 12,940  
Liabilities      
Other liabilities: derivative contracts 6,730 7,997  
Ameriprise Financial | Recurring basis | Credit derivative contracts      
Assets      
Other assets: derivative contracts 60 15  
Ameriprise Financial | Recurring basis | Foreign exchange derivative contracts      
Assets      
Other assets: derivative contracts 22 24  
Liabilities      
Other liabilities: derivative contracts 4 1  
Ameriprise Financial | Recurring basis | Level 1      
Assets      
Cash equivalents 3,008 2,657  
Available-for-Sale securities, at fair value 1,522 1,359  
Trading and other securities 363 372  
Investments and cash equivalents segregated for regulatory purposes 438 439  
Market risk benefits 0 0  
Other assets: derivative contracts 323 219  
Total assets at fair value 5,654 5,046  
Liabilities      
Market risk benefits 0 0  
Other 365 376  
Other liabilities 739 723  
Total liabilities at fair value 739 723  
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 1,522 1,359  
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 | 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 derivative contracts      
Assets      
Other assets: derivative contracts 323 218  
Liabilities      
Other liabilities: derivative contracts 372 346  
Ameriprise Financial | Recurring basis | Level 1 | Credit derivative contracts      
Assets      
Other assets: derivative contracts 0 0  
Ameriprise Financial | Recurring basis | Level 1 | Foreign exchange derivative contracts      
Assets      
Other assets: derivative contracts 0 0  
Liabilities      
Other liabilities: derivative contracts 1 0  
Ameriprise Financial | Recurring basis | Level 2      
Assets      
Cash equivalents 2,039 3,864  
Available-for-Sale securities, at fair value 51,670 51,496  
Trading and other securities 23 21  
Investments and cash equivalents segregated for regulatory purposes 0 0  
Market risk benefits 0 0  
Other assets: derivative contracts 11,435 12,903  
Total assets at fair value 65,167 68,284  
Liabilities      
Market risk benefits 0 0  
Other 9 5  
Other liabilities 6,584 7,875  
Total liabilities at fair value 6,587 7,879  
Ameriprise Financial | Recurring basis | Level 2 | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 15,650 15,131  
Ameriprise Financial | Recurring basis | Level 2 | Residential mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 28,243 28,149  
Ameriprise Financial | Recurring basis | Level 2 | Commercial mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 3,486 3,687  
Ameriprise Financial | Recurring basis | Level 2 | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 3,547 3,752  
Ameriprise Financial | Recurring basis | Level 2 | State and municipal obligations      
Assets      
Available-for-Sale securities, at fair value 663 677  
Ameriprise Financial | Recurring basis | Level 2 | U.S. government and agency obligations      
Assets      
Available-for-Sale securities, at fair value 80 99  
Ameriprise Financial | Recurring basis | Level 2 | Foreign government bonds and obligations      
Assets      
Available-for-Sale securities, at fair value 1 1  
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 0  
Ameriprise Financial | Recurring basis | Level 2 | Fixed deferred indexed annuities embedded derivatives      
Liabilities      
Liabilities: embedded derivatives 0 0  
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 3 4  
Ameriprise Financial | Recurring basis | Level 2 | Interest rate derivative contracts      
Assets      
Other assets: derivative contracts 155 142  
Liabilities      
Other liabilities: derivative contracts 214 218  
Ameriprise Financial | Recurring basis | Level 2 | Equity derivative contracts      
Assets      
Other assets: derivative contracts 11,198 12,722  
Liabilities      
Other liabilities: derivative contracts 6,358 7,651  
Ameriprise Financial | Recurring basis | Level 2 | Credit derivative contracts      
Assets      
Other assets: derivative contracts 60 15  
Ameriprise Financial | Recurring basis | Level 2 | Foreign exchange derivative contracts      
Assets      
Other assets: derivative contracts 22 24  
Liabilities      
Other liabilities: derivative contracts 3 1  
Ameriprise Financial | Recurring basis | Level 3      
Assets      
Cash equivalents 0 0  
Available-for-Sale securities, at fair value 844 736  
Trading and other securities 0 0  
Investments and cash equivalents segregated for regulatory purposes 0 0  
Market risk benefits 1,934 2,274  
Other assets: derivative contracts 0 0  
Total assets at fair value 2,831 3,069  
Liabilities      
Market risk benefits 1,359 1,182  
Other 78 71  
Other liabilities 78 71  
Total liabilities at fair value 5,717 6,232  
Ameriprise Financial | Recurring basis | Level 3 | Corporate debt securities      
Assets      
Available-for-Sale securities, at fair value 708 711  
Ameriprise Financial | Recurring basis | Level 3 | Residential mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 0 24  
Ameriprise Financial | Recurring basis | Level 3 | Commercial mortgage backed securities      
Assets      
Available-for-Sale securities, at fair value 135 0  
Ameriprise Financial | Recurring basis | Level 3 | Asset backed securities      
Assets      
Available-for-Sale securities, at fair value 1 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 | Fixed deferred indexed annuities ceded embedded derivatives      
Assets      
Receivables: embedded derivatives 53 59  
Ameriprise Financial | Recurring basis | Level 3 | Policyholder account balances, future policy benefits and claims embedded derivatives      
Liabilities      
Liabilities: embedded derivatives, net 4,280 4,979  
Ameriprise Financial | Recurring basis | Level 3 | Fixed deferred indexed annuities embedded derivatives      
Liabilities      
Liabilities: embedded derivatives 52 58  
Ameriprise Financial | Recurring basis | Level 3 | IUL embedded derivatives      
Liabilities      
Liabilities: embedded derivatives 1,002 1,042  
Ameriprise Financial | Recurring basis | Level 3 | Structured variable annuity embedded derivatives      
Liabilities      
Liabilities: embedded derivatives, net 3,226 3,879  
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 derivative contracts      
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  
Ameriprise Financial | Recurring basis | Level 3 | Foreign exchange derivative contracts      
Assets      
Other assets: derivative contracts 0 0  
Liabilities      
Other liabilities: derivative contracts $ 0 $ 0  
v3.26.1
Fair Values of Assets and Liabilities - Changes in Level 3 Assets (Details) - Ameriprise Financial - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Available-for-Sale securities    
Summary of changes in Level 3 assets measured at fair value on a recurring basis    
Balance, beginning $ 736 $ 747
Total gains (losses) included in net income 1 1
Total gains (losses) included in other comprehensive income (loss) (6) 9
Purchases 149 74
Settlements (12) (33)
Transfers out of Level 3 (24) (38)
Balance, ending 844 760
Changes in unrealized gains (losses) included 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 (6) 9
Corporate debt securities    
Summary of changes in Level 3 assets measured at fair value on a recurring basis    
Balance, beginning 711 583
Total gains (losses) included in net income 1 1
Total gains (losses) included in other comprehensive income (loss) (6) 9
Purchases 14 49
Settlements (12) (13)
Transfers out of Level 3 0 0
Balance, ending 708 629
Changes in unrealized gains (losses) included 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 (6) 9
Residential mortgage backed securities    
Summary of changes in Level 3 assets measured at fair value on a recurring basis    
Balance, beginning 24 38
Total gains (losses) included in net income 0 0
Total gains (losses) included in other comprehensive income (loss) 0 0
Purchases 0 25
Settlements 0 0
Transfers out of Level 3 (24) (38)
Balance, ending 0 25
Changes in unrealized gains (losses) included 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    
Summary of changes in Level 3 assets measured at fair value on a recurring basis    
Balance, beginning 0  
Total gains (losses) included in net income 0  
Total gains (losses) included in other comprehensive income (loss) 0  
Purchases 135  
Settlements 0  
Transfers out of Level 3 0  
Balance, ending 135  
Changes in unrealized gains (losses) included 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    
Summary of changes in Level 3 assets measured at fair value on a recurring basis    
Balance, beginning 1 126
Total gains (losses) included in net income 0 0
Total gains (losses) included in other comprehensive income (loss) 0 0
Purchases 0 0
Settlements 0 (20)
Transfers out of Level 3 0 0
Balance, ending 1 106
Changes in unrealized gains (losses) included 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
Fixed deferred indexed annuities ceded embedded derivatives    
Summary of changes in Level 3 assets measured at fair value on a recurring basis    
Balance, beginning 59 55
Total gains (losses) included in net income (3) 0
Total gains (losses) included in other comprehensive income (loss) 0 0
Purchases 0 0
Settlements (3) (2)
Transfers out of Level 3 0 0
Balance, ending 53 53
Changes in unrealized gains (losses) included 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
v3.26.1
Fair Values of Assets and Liabilities - Changes in Level 3 Liabilities (Details) - Ameriprise Financial - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
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 the fair value of embedded derivatives $ (16) $ (16)
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 4,979 3,516
Total (gains) losses included in net income (499) (543)
Issues (1) 12
Settlements (199) (124)
Balance, ending 4,280 2,861
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period (496) (543)
Fixed deferred indexed annuities embedded derivatives    
Changes in Level 3 liabilities measured at fair value on a recurring basis    
Balance, beginning 58 53
Total (gains) losses included in net income (3) 0
Issues 0 0
Settlements (3) (2)
Balance, ending 52 51
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period 0 0
IUL embedded derivatives    
Changes in Level 3 liabilities measured at fair value on a recurring basis    
Balance, beginning 1,042 1,002
Total (gains) losses included in net income 9 5
Issues (17) (1)
Settlements (32) (37)
Balance, ending 1,002 969
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period 9 5
Structured variable annuity embedded derivatives    
Changes in Level 3 liabilities measured at fair value on a recurring basis    
Balance, beginning 3,879 2,461
Total (gains) losses included in net income (505) (548)
Issues 16 13
Settlements (164) (85)
Balance, ending 3,226 1,841
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period (505) (548)
Other liabilities    
Changes in Level 3 liabilities measured at fair value on a recurring basis    
Balance, beginning 71 68
Total (gains) losses included in net income 0 (6)
Issues 19 10
Settlements (12) (7)
Balance, ending 78 65
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $ 0 $ 0
v3.26.1
Fair Values of Assets and Liabilities - Significant Unobservable inputs (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Significant unobservable inputs used in fair value measurements    
Liabilities: embedded derivatives, net $ 4,283 $ 4,983
Ameriprise Financial    
Significant unobservable inputs used in fair value measurements    
Available-for-Sale securities, at fair value 54,036 53,591
Ameriprise Financial | Corporate debt securities    
Significant unobservable inputs used in fair value measurements    
Available-for-Sale securities, at fair value 16,358 15,842
Ameriprise Financial | Asset backed securities    
Significant unobservable inputs used in fair value measurements    
Available-for-Sale securities, at fair value 3,548 3,753
Ameriprise Financial | Level 3 | Corporate debt securities    
Significant unobservable inputs used in fair value measurements    
Available-for-Sale securities, at fair value 708 708
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 53 59
Ameriprise Financial | Level 3 | Fixed deferred indexed annuities embedded derivatives    
Significant unobservable inputs used in fair value measurements    
Liabilities: embedded derivatives 52 58
Ameriprise Financial | Level 3 | IUL embedded derivatives    
Significant unobservable inputs used in fair value measurements    
Liabilities: embedded derivatives 1,002 1,042
Ameriprise Financial | Level 3 | Structured variable annuity embedded derivatives    
Significant unobservable inputs used in fair value measurements    
Liabilities: embedded derivatives, net 3,226 3,879
Ameriprise Financial | Level 3 | Contingent consideration liabilities    
Significant unobservable inputs used in fair value measurements    
Other liabilities, fair value $ 78 $ 71
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 0.009 0.009
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 0.016
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 0.012 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 0.030 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 0.150 0.150
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 0.200
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 0.600
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 0.030 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 0.150 0.150
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 0.200
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 0.600
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 0.005 0.005
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 0.935 0.898
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 0.090 0.051
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 0.0075 0.0065
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 0.005 0.005
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 0.935 0.898
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 0.090 0.051
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 0.0075 0.0065
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 0.0075 0.0065
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 0.0075 0.0065
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 0.0075 0.0065
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 0.745 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 0.022 0.020
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 0.0075 0.0065
Ameriprise Financial | Level 3 | Discounted cash flow | Contingent consideration liabilities | Minimum | Discount rate    
Significant unobservable inputs used in fair value measurements    
Other 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    
Other 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    
Other liabilities, measurement input 0.022 0.024
v3.26.1
Fair Values of Assets and Liabilities - Non-Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
VIEs, not primary beneficiary | Affordable Housing Partnerships | Nonrecurring basis | Level 3    
Assets and liabilities measured at fair value    
Investment balance $ 14 $ 17
v3.26.1
Fair Values of Assets and Liabilities - Financial Instruments Not Reported at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Financial Liabilities      
Separate account liabilities - investment contracts $ 76,466 $ 80,044 $ 78,114
Ameriprise Financial      
Financial Assets      
Mortgage loans, net 2,919 2,824  
Policy loans 1,067 1,056  
Ameriprise Financial | Carrying Value      
Financial Assets      
Mortgage loans, net 2,919 2,824  
Policy loans 1,067 1,056  
Receivables 9,765 9,480  
Restricted and segregated cash 486 616  
Other investments and assets 243 250  
Financial Liabilities      
Policyholder account balances, future policy benefits and claims 24,076 23,297  
Investment certificate reserves 7,553 8,150  
Banking and brokerage deposits 25,734 25,611  
Debt and other liabilities 3,671 3,545  
Ameriprise Financial | Carrying Value | Investment contracts      
Financial Liabilities      
Separate account liabilities - investment contracts 2,662 2,765  
Ameriprise Financial | Fair Value      
Financial Assets      
Mortgage loans, net 2,820 2,753  
Policy loans 1,067 1,056  
Receivables 8,681 8,487  
Restricted and segregated cash 486 616  
Other investments and assets 244 251  
Financial Liabilities      
Policyholder account balances, future policy benefits and claims 20,608 19,636  
Investment certificate reserves 7,523 8,128  
Banking and brokerage deposits 25,734 25,611  
Debt and other liabilities 3,699 3,624  
Ameriprise Financial | Fair Value | Investment contracts      
Financial Liabilities      
Separate account liabilities - investment contracts 2,662 2,765  
Ameriprise Financial | Level 1 | Fair Value      
Financial Assets      
Mortgage loans, net 0 0  
Policy loans 0 0  
Receivables 317 201  
Restricted and segregated cash 486 616  
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 25,726 25,596  
Debt and other liabilities 371 245  
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 866 774  
Policy loans 1,067 1,056  
Receivables 2,422 2,274  
Restricted and segregated cash 0 0  
Other investments and assets 184 194  
Financial Liabilities      
Policyholder account balances, future policy benefits and claims 0 0  
Investment certificate reserves 0 0  
Banking and brokerage deposits 8 15  
Debt and other liabilities 3,325 3,376  
Ameriprise Financial | Level 2 | Fair Value | Investment contracts      
Financial Liabilities      
Separate account liabilities - investment contracts 2,662 2,765  
Ameriprise Financial | Level 3 | Fair Value      
Financial Assets      
Mortgage loans, net 1,954 1,979  
Policy loans 0 0  
Receivables 5,942 6,012  
Restricted and segregated cash 0 0  
Other investments and assets 60 57  
Financial Liabilities      
Policyholder account balances, future policy benefits and claims 20,608 19,636  
Investment certificate reserves 7,523 8,128  
Banking and brokerage deposits 0 0  
Debt and other liabilities 3 3  
Ameriprise Financial | Level 3 | Fair Value | Investment contracts      
Financial Liabilities      
Separate account liabilities - investment contracts $ 0 $ 0  
v3.26.1
Offsetting Assets and Liabilities - Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives:    
Gross Amounts of Recognized Assets $ 11,758 $ 13,122
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 11,758 13,122
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (6,841) (8,082)
Cash Collateral (1,389) (2,486)
Securities Collateral (3,084) (2,299)
Net Amount 444 255
Securities borrowed    
Gross Amounts of Recognized Assets 317 202
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 317 202
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (62) (65)
Cash Collateral 0 0
Securities Collateral (259) (130)
Net Amount (4) 7
Total    
Gross Amounts of Recognized Assets 12,075 13,324
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 12,075 13,324
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (6,903) (8,147)
Cash Collateral (1,389) (2,486)
Securities Collateral (3,343) (2,429)
Net Amount 440 262
OTC    
Derivatives:    
Gross Amounts of Recognized Assets 11,488 12,908
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 11,488 12,908
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (6,786) (8,032)
Cash Collateral (1,389) (2,486)
Securities Collateral (3,084) (2,299)
Net Amount 229 91
OTC cleared    
Derivatives:    
Gross Amounts of Recognized Assets 19 9
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 19 9
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (10) (9)
Cash Collateral 0 0
Securities Collateral 0 0
Net Amount 9 0
Exchange-traded    
Derivatives:    
Gross Amounts of Recognized Assets 251 205
Gross Amounts Offset in the Consolidated Balance Sheets 0 0
Amounts of Assets Presented in the Consolidated Balance Sheets 251 205
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (45) (41)
Cash Collateral 0 0
Securities Collateral 0 0
Net Amount $ 206 $ 164
v3.26.1
Offsetting Assets and Liabilities - Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives:    
Gross amounts of recognized liabilities $ 6,949 $ 8,217
Gross Amounts Offset in the 
Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 6,949 8,217
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (6,841) (8,082)
Cash collateral (2) (3)
Securities collateral (93) (103)
Net Amount 13 29
Securities loaned    
Gross amounts of recognized liabilities 371 244
Gross Amounts Offset in the 
Consolidated Balance Sheets 0 0
Amounts of liabilities presented in the consolidated balance sheets 371 244
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (62) (65)
Cash Collateral 0 0
Securities collateral (313) (170)
Net Amount (4) 9
Total    
Gross amounts of recognized liabilities 7,320 8,461
Gross Amounts Offset in the 
Consolidated Balance Sheets 0 0
Amounts of liabilities presented in the consolidated balance sheets 7,320 8,461
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (6,903) (8,147)
Cash collateral (2) (3)
Securities collateral (406) (273)
Net Amount 9 38
OTC    
Derivatives:    
Gross amounts of recognized liabilities 6,882 8,146
Gross Amounts Offset in the 
Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 6,882 8,146
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (6,786) (8,032)
Cash collateral (2) (3)
Securities collateral (93) (103)
Net Amount 1 8
OTC cleared    
Derivatives:    
Gross amounts of recognized liabilities 10 19
Gross Amounts Offset in the 
Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 10 19
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (10) (9)
Cash collateral 0 0
Securities collateral 0 0
Net Amount 0 10
Exchange-traded    
Derivatives:    
Gross amounts of recognized liabilities 57 52
Gross Amounts Offset in the 
Consolidated Balance Sheets 0 0
Amounts of Liabilities Presented in the Consolidated Balance Sheets 57 52
Gross Amounts Not Offset in the Consolidated Balance Sheets    
Financial instruments (45) (41)
Cash collateral 0 0
Securities collateral 0 0
Net Amount $ 12 $ 11
v3.26.1
Derivatives and Hedging Activities - Notional Value and Gross Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives and Hedging Activities    
Notional $ 174,792 $ 174,357
Gross fair value assets, freestanding derivatives 11,758 13,122
Gross fair value liabilities, freestanding derivatives 6,949 8,217
Fair Value, embedded derivatives, net 4,283 4,983
Total gross fair value, derivative assets 11,811 13,181
Total gross fair value, derivative liabilities $ 11,232 $ 13,200
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Fair value of investment securities received as collateral $ 3,600 $ 2,800
Fair value of investment securities received as collateral that can be repledged 3,000 2,400
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 54,036 53,591
Ameriprise Financial | Assets pledged to meet contractual obligations    
Derivatives and Hedging Activities    
Available-for-Sale securities, at fair value 1,800 1,700
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 98 104
Receivables    
Derivatives and Hedging Activities    
Gross fair value assets, embedded derivatives 53 59
IUL embedded derivatives | Policyholder account balances, future policy benefits and claims    
Derivatives and Hedging Activities    
Gross fair value liabilities, embedded derivatives 1,002 1,042
Fixed deferred indexed annuities ceded embedded derivatives | Receivables    
Derivatives and Hedging Activities    
Gross fair value assets, embedded derivatives 53 59
Fixed deferred indexed annuities embedded derivatives | Policyholder account balances, future policy benefits and claims    
Derivatives and Hedging Activities    
Gross fair value liabilities, embedded derivatives 52 58
Structured variable annuities    
Derivatives and Hedging Activities    
Gross fair value assets, embedded derivatives 22 1
Gross fair value liabilities, embedded derivatives 3,200 3,900
Structured variable annuities | Policyholder account balances, future policy benefits and claims    
Derivatives and Hedging Activities    
Fair Value, embedded derivatives, net 3,226 3,879
SMC embedded derivatives | Customer deposits    
Derivatives and Hedging Activities    
Gross fair value liabilities, embedded derivatives 3 4
Not designated as hedging instruments    
Derivatives and Hedging Activities    
Notional 174,792 174,357
Not designated as hedging instruments | Other assets    
Derivatives and Hedging Activities    
Gross fair value assets, freestanding derivatives 11,758 13,122
Not designated as hedging instruments | Other liabilities    
Derivatives and Hedging Activities    
Gross fair value liabilities, freestanding derivatives 6,949 8,217
Not designated as hedging instruments | Interest rate contracts    
Derivatives and Hedging Activities    
Notional 35,135 36,011
Not designated as hedging instruments | Interest rate contracts | Other assets    
Derivatives and Hedging Activities    
Gross fair value assets, freestanding derivatives 155 143
Not designated as hedging instruments | Interest rate contracts | Other liabilities    
Derivatives and Hedging Activities    
Gross fair value liabilities, freestanding derivatives 215 219
Not designated as hedging instruments | Equity contracts    
Derivatives and Hedging Activities    
Notional 134,185 132,590
Not designated as hedging instruments | Equity contracts | Other assets    
Derivatives and Hedging Activities    
Gross fair value assets, freestanding derivatives 11,521 12,940
Not designated as hedging instruments | Equity contracts | Other liabilities    
Derivatives and Hedging Activities    
Gross fair value liabilities, freestanding derivatives 6,730 7,997
Not designated as hedging instruments | Credit contracts    
Derivatives and Hedging Activities    
Notional 2,920 3,297
Not designated as hedging instruments | Credit contracts | Other assets    
Derivatives and Hedging Activities    
Gross fair value assets, freestanding derivatives 60 15
Not designated as hedging instruments | Credit contracts | Other liabilities    
Derivatives and Hedging Activities    
Gross fair value liabilities, freestanding derivatives 0 0
Not designated as hedging instruments | Foreign exchange contracts    
Derivatives and Hedging Activities    
Notional 2,552 2,459
Not designated as hedging instruments | Foreign exchange contracts | Other assets    
Derivatives and Hedging Activities    
Gross fair value assets, freestanding derivatives 22 24
Not designated as hedging instruments | Foreign exchange contracts | Other liabilities    
Derivatives and Hedging Activities    
Gross fair value liabilities, freestanding derivatives $ 4 $ 1
v3.26.1
Derivatives and Hedging Activities - Derivatives Not Designated as Hedges Impact (Details) - Not designated as hedging instruments - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Investment Income    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) $ 3 $ (2)
Net Investment Income | Interest rate contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Net Investment Income | Equity contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 3 (2)
Net Investment Income | Credit contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Net Investment Income | Foreign exchange contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Net Investment Income | IUL embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 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
Net Investment Income | Structured variable annuity embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 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 0
Banking and Deposit Interest Expense | Interest rate contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Banking and Deposit Interest Expense | Equity contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 (1)
Banking and Deposit Interest Expense | Credit contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Banking and Deposit Interest Expense | Foreign exchange contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Banking and Deposit Interest Expense | IUL embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 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
Banking and Deposit Interest Expense | Structured variable annuity embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Banking and Deposit Interest Expense | SMC embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 1
Distribution Expenses    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 15 (73)
Distribution Expenses | Interest rate contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Distribution Expenses | Equity contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 15 (75)
Distribution Expenses | Credit contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 2
Distribution Expenses | Foreign exchange contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Distribution Expenses | IUL embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 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
Distribution Expenses | Structured variable annuity embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 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) (8) 2
Interest Credited to Fixed Accounts | Interest rate contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Interest Credited to Fixed Accounts | Equity contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) (25) (29)
Interest Credited to Fixed Accounts | Credit contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Interest Credited to Fixed Accounts | Foreign exchange contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Interest Credited to Fixed Accounts | IUL embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 23 32
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) (6) (1)
Interest Credited to Fixed Accounts | Structured variable annuity embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 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) (27) (124)
Benefits, Claims, Losses and Settlement Expenses | Interest rate contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) (2) 2
Benefits, Claims, Losses and Settlement Expenses | Equity contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) (530) (674)
Benefits, Claims, Losses and Settlement Expenses | Credit contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Benefits, Claims, Losses and Settlement Expenses | Foreign exchange contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
Benefits, Claims, Losses and Settlement Expenses | IUL embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 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
Benefits, Claims, Losses and Settlement Expenses | Structured variable annuity embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 505 548
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) 176 309
Change in Fair Value of Market Risk Benefits | Interest rate contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) (28) 120
Change in Fair Value of Market Risk Benefits | Equity contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 167 247
Change in Fair Value of Market Risk Benefits | Credit contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 29 (48)
Change in Fair Value of Market Risk Benefits | Foreign exchange contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 8 (10)
Change in Fair Value of Market Risk Benefits | IUL embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 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
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
Change in Fair Value of Market Risk Benefits | SMC embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
General and administrative expense    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) (2) 7
General and administrative expense | Interest rate contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
General and administrative expense | Equity contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 1 (5)
General and administrative expense | Credit contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
General and administrative expense | Foreign exchange contracts    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) (3) 12
General and administrative expense | IUL embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 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
General and administrative expense | Structured variable annuity embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) 0 0
General and administrative expense | SMC embedded derivatives    
Impact of derivatives not designated as hedging instruments    
Total gain (loss) $ 0 $ 0
v3.26.1
Derivatives and Hedging Activities - Deferred Premium, Options (Details) - Options
$ in Millions
Mar. 31, 2026
USD ($)
Premiums Payable  
2026 $ 181
2027 20
2028 30
2029 135
2030 217
2031 16
Total 599
Premiums Receivable  
2025 70
2027 0
2028 0
2029 0
2030 0
2031 0
Total $ 70
v3.26.1
Derivatives and Hedging Activities - Hedges and Credit Risk (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Cash Flow Hedges    
Longest period of time over which the entity hedges exposure to the variability in future cash flows 10 years  
Gain (loss) on net investment hedges recognized in OCI $ 0  
Credit Risk    
Aggregate fair value of derivative contracts in net liability position containing credit contingent provisions 94 $ 104
Aggregate fair value of assets posted as collateral 93 103
Aggregate fair value of additional assets required to be posted or needed to settle $ 1 $ 1
v3.26.1
Shareholders' Equity - OCI Components (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pretax    
Total other comprehensive income (loss) $ (396) $ 487
Income Tax Benefit (Expense)    
Total other comprehensive income (loss) 83 (98)
Net of Tax    
Arising during the period (311) 393
Reclassification to net income (2) (4)
Total other comprehensive income (loss), net of tax (313) 389
Net unrealized gains (losses) on securities    
Pretax    
Total other comprehensive income (loss) (489) 482
Income Tax Benefit (Expense)    
Total other comprehensive income (loss) 107 (108)
Net of Tax    
Arising during the period (380) 378
Reclassification to net income (2) (4)
Total other comprehensive income (loss), net of tax (382) 374
Net unrealized gains (losses) on securities arising during the period    
Pretax    
Arising during the period (492) 491
Income Tax Benefit (Expense)    
Arising during the period 107 (110)
Net of Tax    
Arising during the period (385) 381
Reclassification of net (gains) losses on securities included in net income    
Pretax    
Reclassification to net income (3) (5)
Income Tax Benefit (Expense)    
Reclassification to net income 1 1
Net of Tax    
Reclassification to net income (2) (4)
Impact of benefit reserves and reinsurance recoverables    
Pretax    
Arising during the period 6 (4)
Income Tax Benefit (Expense)    
Arising during the period (1) 1
Net of Tax    
Arising during the period 5 (3)
Net unrealized gains (losses) on derivatives    
Pretax    
Arising during the period 0 (10)
Total other comprehensive income (loss) 0 (10)
Income Tax Benefit (Expense)    
Arising during the period 0 2
Total other comprehensive income (loss) 0 2
Net of Tax    
Arising during the period 0 (8)
Reclassification to net income 0 0
Total other comprehensive income (loss), net of tax 0 (8)
Effect of changes in discount rate assumptions on certain long-duration contracts    
Pretax    
Total other comprehensive income (loss) 83 (38)
Income Tax Benefit (Expense)    
Total other comprehensive income (loss) (18) 8
Net of Tax    
Arising during the period 65 (30)
Reclassification to net income 0 0
Total other comprehensive income (loss), net of tax 65 (30)
Effect of changes in instrument-specific credit risk on MRBs    
Pretax    
Total other comprehensive income (loss) 38 1
Income Tax Benefit (Expense)    
Total other comprehensive income (loss) (8) 0
Net of Tax    
Arising during the period 30 1
Reclassification to net income 0 0
Total other comprehensive income (loss), net of tax 30 1
Foreign currency translation    
Pretax    
Total other comprehensive income (loss) (28) 52
Income Tax Benefit (Expense)    
Total other comprehensive income (loss) 2 0
Net of Tax    
Arising during the period (26) 52
Reclassification to net income 0 0
Total other comprehensive income (loss), net of tax $ (26) $ 52
v3.26.1
Shareholders' Equity - Changes in AOCI Components (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 6,549 $ 5,228
OCI before reclassifications (311) 393
Amounts reclassified from AOCI (2) (4)
Total other comprehensive income (loss), net of tax (313) 389
Ending balance 6,212 5,426
Total AOCI    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (892) (1,908)
Total other comprehensive income (loss), net of tax (313) 389
Ending balance (1,205) (1,519)
Net unrealized gains (losses) on securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (508) (1,452)
OCI before reclassifications (380) 378
Amounts reclassified from AOCI (2) (4)
Total other comprehensive income (loss), net of tax (382) 374
Ending balance (890) (1,078)
Net unrealized gains (losses) on derivatives    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (4) 5
OCI before reclassifications 0 (8)
Amounts reclassified from AOCI 0 0
Total other comprehensive income (loss), net of tax 0 (8)
Ending balance (4) (3)
Effect of changes in discount rate assumptions on certain long-duration contracts    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (45) 27
OCI before reclassifications 65 (30)
Amounts reclassified from AOCI 0 0
Total other comprehensive income (loss), net of tax 65 (30)
Ending balance 20 (3)
Effect of changes in instrument-specific credit risk on MRBs    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (127) (147)
OCI before reclassifications 30 1
Amounts reclassified from AOCI 0 0
Total other comprehensive income (loss), net of tax 30 1
Ending balance (97) (146)
Defined benefit plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (31) (45)
OCI before reclassifications 0 0
Amounts reclassified from AOCI 0 0
Total other comprehensive income (loss), net of tax 0 0
Ending balance (31) (45)
Foreign currency translation    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (177) (295)
OCI before reclassifications (26) 52
Amounts reclassified from AOCI 0 0
Total other comprehensive income (loss), net of tax (26) 52
Ending balance (203) (243)
Other    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 0 (1)
OCI before reclassifications 0 0
Amounts reclassified from AOCI 0 0
Total other comprehensive income (loss), net of tax 0 0
Ending balance $ 0 $ (1)
v3.26.1
Shareholders' Equity - Shares Repurchased and Reissued (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Apr. 22, 2025
Equity, Class of Treasury Stock [Line Items]      
Repurchase of common shares $ 886 $ 744  
Stock repurchase program, authorized amount     $ 4,500
Remaining balance under stock repurchase program $ 1,800    
Reissuance of treasury stock (in shares) 0.5 0.6  
Common Stock Repurchases      
Equity, Class of Treasury Stock [Line Items]      
Repurchase of common shares (in shares) 1.6 1.2  
Repurchase of common shares $ 784 $ 617  
Restricted Stock Units Repurchases      
Equity, Class of Treasury Stock [Line Items]      
Repurchase of common shares (in shares) 0.2 0.2  
Repurchase of common shares $ 84 $ 122  
Option Repurchases      
Equity, Class of Treasury Stock [Line Items]      
Repurchase of common shares (in shares) 0.1 0.1  
Repurchase of common shares $ 30 $ 28  
v3.26.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income taxes      
Effective tax rate on income from continuing operations (as a percent) 20.00% 15.10%  
Credit carryforwards $ 60    
Valuation allowance, deferred tax assets 64   $ 65
Gross unrecognized tax benefits 169   168
Unrecognized tax benefits, net of federal tax benefits, that would affect the effective tax rate if recognized 140   137
Increase (decrease) in interest and penalties 4 $ 7  
Payable related to accrued interest and penalties 59   $ 55
State net operating losses      
Income taxes      
Valuation allowance, deferred tax assets 29    
State deferred tax assets      
Income taxes      
Valuation allowance, deferred tax assets 2    
Foreign net operating losses      
Income taxes      
Valuation allowance, deferred tax assets 33    
Non-US      
Income taxes      
Deferred tax assets, loss carryforwards 48    
State      
Income taxes      
Deferred tax assets, loss carryforwards $ 34    
v3.26.1
Contingencies (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Estimated liability related to guaranty fund assessments $ 13 $ 13
Related premium tax asset $ 11 $ 11
v3.26.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income, basic $ 915 $ 583
Net income, diluted $ 915 $ 583
Denominator:    
Basic: weighted-average common shares outstanding (in shares) 93.3 98.5
Effect of potentially dilutive nonqualified stock options and other share-based awards (in shares) 1.2 1.5
Diluted: weighted-average common shares outstanding (in shares) 94.5 100.0
Earnings per share:    
Basic (in dollars per share) $ 9.81 $ 5.92
Diluted (in dollars per share) $ 9.68 $ 5.83
Options excluded from earnings per share calculation due to their anti-dilutive effect (in shares) 0.2 0.1
v3.26.1
Segment Information - Reportable Segments and Total Assets (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Dec. 31, 2025
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | segment 4  
Summary of assets by segment    
Total assets $ 184,448 $ 190,904
Advice & Wealth Management    
Summary of assets by segment    
Total assets 40,171 40,038
Asset Management    
Summary of assets by segment    
Total assets 6,548 6,723
Retirement & Protection Solutions    
Summary of assets by segment    
Total assets 122,100 127,778
Corporate & Other    
Summary of assets by segment    
Total assets $ 15,629 $ 16,365
v3.26.1
Segment Information - Net Revenues and Operating Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net revenues    
Total net revenues $ 4,812 $ 4,354
Operating earnings    
Pretax income (loss) 1,144 687
Reportable segments    
Net revenues    
Total net revenues 5,140 4,658
Reportable segments | Advice & Wealth Management    
Net revenues    
Total net revenues 3,175 2,782
Operating earnings    
Pretax income (loss) 951 792
Reportable segments | Asset Management    
Net revenues    
Total net revenues 910 846
Operating earnings    
Pretax income (loss) 273 241
Reportable segments | Retirement & Protection Solutions    
Net revenues    
Total net revenues 952 926
Operating earnings    
Pretax income (loss) 190 215
Reportable segments | Corporate & Other    
Net revenues    
Total net revenues 103 104
Operating earnings    
Pretax income (loss) (81) (97)
Elimination of segment revenues    
Net revenues    
Total net revenues (366) (349)
Elimination of segment revenues | Advice & Wealth Management    
Net revenues    
Total net revenues (239) (222)
Elimination of segment revenues | Asset Management    
Net revenues    
Total net revenues (23) (26)
Elimination of segment revenues | Retirement & Protection Solutions    
Net revenues    
Total net revenues (108) (109)
Elimination of segment revenues | Corporate & Other    
Net revenues    
Total net revenues 4 8
Segment reconciling items    
Net revenues    
Total net revenues (4) (4)
Segment reconciling items | Net realized investment gains (losses)    
Net revenues    
Total net revenues (5) (2)
Operating earnings    
Pretax income (loss) (5) (2)
Segment reconciling items | Market impact on non-traditional long-duration products    
Net revenues    
Total net revenues 2 5
Operating earnings    
Pretax income (loss) (184) (460)
Total Segments after intersegment eliminations | Reportable segments    
Net revenues    
Total net revenues 4,774 4,309
Operating earnings    
Pretax income (loss) 1,333 1,151
Consolidated investment entities | Segment reconciling items    
Net revenues    
Total net revenues 41 42
Operating earnings    
Pretax income (loss) $ 0 $ (2)
v3.26.1
Segment Information - Significant Expense Categories (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Expenses:    
Remeasurement (gains) losses of future policy benefit reserves $ (1) $ (10)
Change in fair value of market risk benefits 378 497
Interest and debt expense 80 80
Advice & Wealth Management    
Expenses:    
Distribution expenses 1,770 1,554
Interest credited to fixed accounts 0 0
Benefits, claims, losses and settlement expenses 0 0
Remeasurement (gains) losses of future policy benefit reserves 0 0
Change in fair value of market risk benefits 0 0
Amortization of deferred acquisition costs 0 0
Interest and debt expense 15 12
General and administrative expense 439 424
Total expenses 2,224 1,990
Asset Management    
Expenses:    
Distribution expenses 262 246
Interest credited to fixed accounts 0 0
Benefits, claims, losses and settlement expenses 0 0
Remeasurement (gains) losses of future policy benefit reserves 0 0
Change in fair value of market risk benefits 0 0
Amortization of deferred acquisition costs 2 2
Interest and debt expense 4 3
General and administrative expense 369 354
Total expenses 637 605
Retirement & Protection Solutions    
Expenses:    
Distribution expenses 132 123
Interest credited to fixed accounts 93 92
Benefits, claims, losses and settlement expenses 235 211
Remeasurement (gains) losses of future policy benefit reserves (2) (3)
Change in fair value of market risk benefits 155 143
Amortization of deferred acquisition costs 58 57
Interest and debt expense 10 8
General and administrative expense 81 80
Total expenses 762 711
Corporate & Other    
Expenses:    
Distribution expenses (2) (2)
Interest credited to fixed accounts 50 51
Benefits, claims, losses and settlement expenses 53 56
Remeasurement (gains) losses of future policy benefit reserves 1 (7)
Change in fair value of market risk benefits 0 0
Amortization of deferred acquisition costs 1 2
Interest and debt expense 24 28
General and administrative expense 57 73
Total expenses $ 184 $ 201