1 unchanged sentence
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(in millions, except per share amounts)
26 unchanged sentences
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(in millions)
6 unchanged sentences
Foreign currency translation adjustment
−Removed: 83 ( 60 ) 66 14
Total other comprehensive income (loss), net of tax
−Removed: 892 ( 491 ) 665 ( 294 )
Total comprehensive income (loss) $ 972 $ 826
2 unchanged sentences
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
(in millions, except share amounts)
28 unchanged sentences
Other liabilities
+Added: 10,273 10,609
Other liabilities of consolidated investment entities, at fair value
20 unchanged sentences
(in millions, except per share data)
−Removed: Balances at July 1, 2024
−Removed: 98,435,479 $ 3 $ 9,987 $ 23,430 $ ( 26,434 ) $ ( 1,993 ) $ 4,993
−Removed: Net income — — — 511 — — 511
−Removed: Other comprehensive income (loss), net of tax — — — — — 892 892
−Removed: Dividends to shareholders — — — ( 150 ) — — ( 150 )
−Removed: Repurchase of common shares ( 1,371,218 ) — — — ( 599 ) — ( 599 )
−Removed: Share-based compensation plans 155,897 — 63 — 5 — 68
−Removed: Balances at September 30, 2024
−Removed: 97,220,158 $ 3 $ 10,050 $ 23,791 $ ( 27,028 ) $ ( 1,101 ) $ 5,715
−Removed: Balances at July 1, 2023
−Removed: 102,793,359 $ 3 $ 9,670 $ 20,941 $ ( 24,185 ) $ ( 2,349 ) $ 4,080
−Removed: Net income — — — 872 — — 872
−Removed: Other comprehensive income (loss), net of tax — — — — — ( 491 ) ( 491 )
−Removed: Dividends to shareholders — — — ( 143 ) — — ( 143 )
−Removed: Repurchase of common shares ( 1,646,485 ) — — — ( 568 ) — ( 568 )
−Removed: Share-based compensation plans 234,392 — 74 — 1 — 75
−Removed: Balances at September 30, 2023
−Removed: 101,381,266 $ 3 $ 9,744 $ 21,670 $ ( 24,752 ) $ ( 2,840 ) $ 3,825
Balances at January 1, 2025
6 unchanged sentences
Share-based compensation plans 775,088 — 47 — 71 — 118
−Removed: Balances at September 30, 2024
+Added: Balances at March 31, 2025
95,537,187 $ 3 $ 10,188 $ 25,148 $ ( 28,394 ) $ ( 1,519 ) $ 5,426
6 unchanged sentences
Share-based compensation plans 1,212,525 — 100 — 73 — 173
−Removed: Balances at September 30, 2023
+Added: Balances at March 31, 2024
99,644,365 $ 3 $ 9,924 $ 22,752 $ ( 25,870 ) $ ( 1,930 ) $ 4,879
2 unchanged sentences
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(in millions)
Cash Flows from Operating Activities
−Removed: $ 2,330 $ 2,179
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
10 unchanged sentences
Restricted and segregated investments
−Removed: ( 2 ) ( 107 )
Deferred acquisition costs
1 unchanged sentence
Derivatives, net of collateral
−Removed: ( 1,168 ) ( 431 )
Brokerage deposits
Accounts payable and accrued expenses
+Added: ( 452 ) ( 436 )
Current income tax, net 180 ( 44 )
18 unchanged sentences
Cash paid for written options with deferred premiums
−Removed: ( 57 ) ( 59 )
Cash received from written options with deferred premiums
1 unchanged sentence
Cash received for deposit receivables 112 167
−Removed: ( 57 ) ( 41 )
Net cash provided by (used in) investing activities $ ( 1,741 ) $ ( 569 )
2 unchanged sentences
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued)
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(in millions)
13 unchanged sentences
Cash paid for purchased options with deferred premiums
−Removed: ( 122 ) ( 49 )
Cash received for purchased options with deferred premiums
20 unchanged sentences
Leased assets obtained in exchange for operating lease liabilities
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
(in millions)
7 unchanged sentences
Total cash and cash equivalents, including amounts restricted per consolidated statements of cash flows
+Added: $ 8,959 $ 9,489
See Notes to Consolidated Financial Statements.
5 unchanged sentences
The foreign operations of Ameriprise Financial, Inc.
−Removed: (“Ameriprise Financial”) are conducted primarily through Columbia Threadneedle Investments UK International Limited, TAM UK International Holdings Ltd and Ameriprise Asset Management Holdings Singapore (Pte.) Ltd and their respective subsidiaries (collectively, “Threadneedle”).
+Added: (“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”).
1 unchanged sentence
The interim financial information in this report has not been audited.
−Removed: In the opinion of management, all adjustments necessary for fair statement of the consolidated results of operations and financial position for the interim periods have been made.
+Added: 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.
8 unchanged sentences
Future Adoption of New Accounting Standards
−Removed: Segment Reporting – Improvements to Reportable Segment Disclosures
−Removed: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures , updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting (“Topic 280”), primarily through enhanced disclosures about significant segment expenses.
−Removed: In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements.
−Removed: The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024.
−Removed: Early adoption is permitted.
−Removed: The Company is assessing changes to the segment-related disclosures resulting from the standard.
−Removed: 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.
Income Taxes – Improvements to Income Tax Disclosures
−Removed: In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table.
+Added: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures , updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table.
The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024, with early adoption permitted.
1 unchanged sentence
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.
+Added: Expenses – Disaggregation of Income Statement Expenses
+Added: In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items.
+Added: The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis.
+Added: The standard is to be applied prospectively, with an option for retrospective application and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.
+Added: Early adoption is permitted.
+Added: The Company is assessing changes to footnote disclosures resulting from the standard.
+Added: 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.
AMERIPRISE FINANCIAL, INC.
2 unchanged sentences
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:
−Removed: Three Months Ended September 30, 2024
−Removed: Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating
−Removed: Revenue Total
−Removed: (in millions)
−Removed: Management and financial advice fees:
−Removed: Asset management fees:
−Removed: Retail $ — $ 540 $ — $ — $ 540 $ — $ 540
−Removed: Institutional — 143 — — 143 — 143
−Removed: Model delivery (2)
−Removed: — 21 — — 21 — 21
−Removed: Advisory fees 1,451 — — — 1,451 — 1,451
−Removed: Financial planning fees 111 — — — 111 — 111
−Removed: Transaction and other fees 97 52 14 — 163 — 163
−Removed: Total management and financial advice fees 1,659 756 14 — 2,429 — 2,429
−Removed: Distribution fees:
−Removed: Mutual funds 209 57 — — 266 — 266
−Removed: Insurance and annuity 266 41 87 — 394 — 394
−Removed: Off-balance sheet brokerage cash 32 — — — 32 — 32
−Removed: Other products 107 — — — 107 — 107
−Removed: Total distribution fees 614 98 87 — 799 — 799
−Removed: Other revenues 66 5 — ( 1 ) 70 — 70
−Removed: Total revenue from contracts with customers 2,339 859 101 ( 1 ) 3,298 — 3,298
−Removed: Revenue from other sources (1)
−Removed: 566 23 872 123 1,584 56 1,640
−Removed: Total segment gross revenues 2,905 882 973 122 4,882 56 4,938
−Removed: Banking and deposit interest expense ( 163 ) — — ( 7 ) ( 170 ) — ( 170 )
−Removed: Total segment net revenues 2,742 882 973 115 4,712 56 4,768
−Removed: Elimination of intersegment revenues ( 237 ) ( 24 ) ( 113 ) 7 ( 367 ) ( 4 ) ( 371 )
−Removed: Total net revenues $ 2,505 $ 858 $ 860 $ 122 $ 4,345 $ 52 $ 4,397
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: Three Months Ended September 30, 2023
−Removed: Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating
−Removed: Revenue Total
−Removed: (in millions)
−Removed: Management and financial advice fees:
−Removed: Asset management fees:
−Removed: Retail $ — $ 499 $ — $ — $ 499 $ — $ 499
−Removed: Institutional — 148 — — 148 — 148
−Removed: Model delivery (2)
−Removed: — 17 — — 17 — 17
−Removed: Advisory fees 1,228 — — — 1,228 — 1,228
−Removed: Financial planning fees 102 — — — 102 — 102
−Removed: Transaction and other fees 94 50 14 — 158 — 158
−Removed: Total management and financial advice fees 1,424 714 14 — 2,152 — 2,152
−Removed: Distribution fees:
−Removed: Mutual funds 184 53 — — 237 — 237
−Removed: Insurance and annuity 226 39 82 — 347 — 347
−Removed: Off-balance sheet brokerage cash
−Removed: 58 — — — 58 — 58
−Removed: Other products 84 — — — 84 — 84
−Removed: Total distribution fees 552 92 82 — 726 — 726
−Removed: Other revenues 57 2 — — 59 — 59
−Removed: Total revenue from contracts with customers 2,033 808 96 — 2,937 — 2,937
−Removed: Revenue from other sources (1)
−Removed: 525 18 780 149 1,472 13 1,485
−Removed: Total segment gross revenues 2,558 826 876 149 4,409 13 4,422
−Removed: Banking and deposit interest expense ( 151 ) — — ( 6 ) ( 157 ) — ( 157 )
−Removed: Total segment net revenues 2,407 826 876 143 4,252 13 4,265
−Removed: Elimination of intersegment revenues ( 217 ) ( 21 ) ( 104 ) 5 ( 337 ) ( 3 ) ( 340 )
−Removed: Total net revenues $ 2,190 $ 805 $ 772 $ 148 $ 3,915 $ 10 $ 3,925
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: Nine Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating
28 unchanged sentences
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: Nine Months Ended September 30, 2023
+Added: Three Months Ended March 31, 2024
Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other Total Segments Non-operating
43 unchanged sentences
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.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
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.
2 unchanged sentences
Performance-based management fees are invoiced on a quarterly or annual basis.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Advisory Fees
16 unchanged sentences
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.
−Removed: Contract liabilities for financial planning fees, which are included in Other liabilities, were $ 167 million and $ 168 million as of September 30, 2024 and December 31, 2023, respectively.
+Added: Contract liabilities for financial planning fees, which are included in Other liabilities, was $ 181 million as of both March 31, 2025 and December 31, 2024.
The Company pays sales commissions to advisors when a new financial planning contract is obtained or when an existing contract is renewed.
1 unchanged sentence
When the performance obligation to deliver the financial plan is satisfied, the commission is recognized as distribution expense.
−Removed: Capitalized costs to obtain these contracts are reported in Other assets and were $ 133 million and $ 135 million as of September 30, 2024 and December 31, 2023, respectively.
+Added: Capitalized costs to obtain these contracts are reported in Other assets and was $ 145 million as of both March 31, 2025 and December 31, 2024.
Transaction and Other Fees
7 unchanged sentences
Custodial service fees are invoiced or charged to brokerage accounts on an annual basis.
−Removed: Contract liabilities for custodial service fees, which are included in Other liabilities, were $ 13 million and nil as of September 30, 2024 and December 31, 2023, respectively.
+Added: Contract liabilities for custodial service fees, which are included in Other liabilities, were $ 37 million and nil as of March 31, 2025 and December 31, 2024, respectively.
The Company earns revenue for providing trade execution services to franchise advisors.
5 unchanged sentences
The performance obligation is satisfied at the time of each individual sale.
−Removed: A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale.
+Added: A portion of the revenue is based on a fixed rate applied,
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: 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.
2 unchanged sentences
The revenue will not be recognized until it is probable that a significant reversal will not occur.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
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.
30 unchanged sentences
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.
−Removed: Contract Costs Asset
−Removed: The Company has an asset of $ 18 million and $ 25 million as of September 30, 2024 and December 31, 2023, respectively, related to the transition of investment advisory services under an arrangement with BMO Financial Group for clients that elected to transfer U.S.
−Removed: retail and institutional assets to the Company.
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.
−Removed: Receivables related to revenues from contracts with customers were $ 504 million and $ 537 million as of September 30, 2024 and December 31, 2023, respectively.
+Added: Receivables related to revenues from contracts with customers were $ 477 million and $ 538 million as of March 31, 2025 and December 31, 2024, respectively.
AMERIPRISE FINANCIAL, INC.
6 unchanged sentences
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.
−Removed: The Company has unfunded commitments related to consolidated CLOs of $ 8 million and $ 24 million as of September 30, 2024 and December 31, 2023, respectively.
+Added: The Company has unfunded commitments related to consolidated CLOs of $ 4 million and $ 2 million as of March 31, 2025 and December 31, 2024, respectively.
Structured Investments
20 unchanged sentences
The Company’s maximum exposure to loss with respect to its investments in these non-consolidated VIEs is limited to its carrying value.
−Removed: The carrying value of other non-consolidated VIEs was $ 243 million and $ 168 million as of September 30, 2024 and December 31, 2023, respectively.
−Removed: The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both September 30, 2024 and December 31, 2023, respectively.
+Added: The carrying value of other non-consolidated VIEs was $ 120 million and $ 161 million as of March 31, 2025 and December 31, 2024, respectively.
+Added: The Company’s liability related to original purchase commitments not yet remitted to the VIEs was not material as of both March 31, 2025 and December 31, 2024.
The Company has not provided any additional support to the VIEs beyond the funding commitments.
16 unchanged sentences
The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
−Removed: September 30, 2024
+Added: March 31, 2025
Level 1 Level 2 Level 3 Total
5 unchanged sentences
Receivables — 37 — 37
−Removed: Other assets — 1 — 1
Total assets at fair value $ — $ 2,293 $ 130 $ 2,423
16 unchanged sentences
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets.
−Removed: The estimated fair value of the CLOs’ debt was $ 2.2 billion and $ 2.1 billion as of September 30, 2024 and December 31, 2023, respectively.
+Added: The estimated fair value of the CLOs’ debt was $ 2.4 billion as of both March 31, 2025 and December 31, 2024.
AMERIPRISE FINANCIAL, INC.
3 unchanged sentences
(in millions)
−Removed: Balance at July 1, 2024
−Removed: Total gains (losses) included in:
−Removed: Net income ( 1 ) 1 (1)
−Removed: Purchases — 27
−Removed: Sales ( 1 ) —
−Removed: Settlements — ( 2 )
−Removed: Transfers into Level 3 — 27
−Removed: Transfers out of Level 3 — ( 63 )
−Removed: Balance at September 30, 2024
−Removed: Syndicated Loans
−Removed: (in millions)
−Removed: Balance at July 1, 2023
−Removed: Settlements ( 1 )
−Removed: Transfers into Level 3 22
−Removed: Transfers out of Level 3 ( 38 )
−Removed: Balance at September 30, 2023
−Removed: Changes in unrealized gains (losses) included in net income relating to assets held at September 30, 2023
−Removed: Common Stocks Syndicated Loans
−Removed: (in millions)
Balance at January 1, 2025
3 unchanged sentences
Transfers out of Level 3
+Added: Balance at March 31, 2025
+Added: Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2025
$ — $ ( 1 ) (1)
−Removed: Balance at September 30, 2024
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: Syndicated Loans Other Assets
+Added: Common Stocks Syndicated Loans
(in millions)
4 unchanged sentences
Transfers out of Level 3
+Added: Balance at March 31, 2024
+Added: Changes in unrealized gains (losses) included in net income relating to assets held at March 31, 2024
$ — $ ( 3 ) (1)
−Removed: Balance at September 30, 2023
−Removed: Changes in unrealized gains (losses) included in net income relating to assets held at September 30, 2023
(1) Included in Net investment income.
1 unchanged sentence
Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.
−Removed: All Level 3 measurements as of September 30, 2024 and December 31, 2023 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.
+Added: All Level 3 measurements as of March 31, 2025 and December 31, 2024 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
5 unchanged sentences
The fair value of these receivables is classified as Level 2.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
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.
8 unchanged sentences
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.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
(in millions)
3 unchanged sentences
Fair value $ 2,325 $ 2,334
+Added: Fair value of loans more than 90 days past due $ 1 $ 1
Fair value of loans in nonaccrual status 14 1
5 unchanged sentences
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets.
−Removed: The estimated fair value of the CLOs’ debt was $ 2.2 billion and $ 2.1 billion as of September 30, 2024 and December 31, 2023, respectively.
−Removed: During the second quarter of 2024, the Company launched one new CLO.
−Removed: The new CLO issued debt of $ 407 million.
+Added: The estimated fair value of the CLOs’ debt was $ 2.4 billion as of both March 31, 2025 and December 31, 2024.
Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income.
1 unchanged sentence
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.
−Removed: 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 both the three and nine months ended September 30, 2024 and 2023.
+Added: 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 both the three months ended March 31, 2025 and 2024.
Debt of the consolidated investment entities and the stated interest rates were as follows:
Carrying Value Weighted Average Interest Rate
−Removed: September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
(in millions)
3 unchanged sentences
The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
The following is a summary of Ameriprise Financial investments:
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
(in millions)
6 unchanged sentences
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.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
The following is a summary of Net investment income:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(in millions)
2 unchanged sentences
Consolidated investment entities 37 45
−Removed: 113 107 318 303
Total $ 868 $ 901
−Removed: (1) Prior period amount associated with affordable housing partnerships has been reclassified to Other to conform to current year presentation.
Available-for-Sale securities distributed by type were as follows:
−Removed: September 30, 2024
+Added: March 31, 2025
Description of Securities
19 unchanged sentences
Foreign government bonds and obligations 13 — — — 13
−Removed: Other securities 33 — — — 33
Total $ 53,926 $ 353 $ ( 2,121 ) $ ( 5 ) $ 52,153
−Removed: As of September 30, 2024 and December 31, 2023, accrued interest of $ 338 million and $ 319 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.
−Removed: As of September 30, 2024 and December 31, 2023, fixed maturity securities comprised approximately 92 % and 93 %, respectively, of Ameriprise Financial investments.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: As of March 31, 2025 and December 31, 2024, accrued interest of $ 342 million and $ 326 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.
+Added: As of March 31, 2025 and December 31, 2024, fixed maturity securities comprised approximately 93 % and 92 %, respectively, of Ameriprise Financial investments.
Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd.
1 unchanged sentence
When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally.
−Removed: As of September 30, 2024 and December 31, 2023, the Company’s internal analysts rated $ 440 million and $ 282 million, respectively, of securities using criteria similar to those used by NRSROs.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: As of March 31, 2025 and December 31, 2024, the Company’s internal analysts rated $ 661 million and $ 508 million, respectively, of securities using criteria similar to those used by NRSROs.
A summary of fixed maturity securities by rating was as follows:
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
Amortized Cost Fair Value Percent of Total Fair Value Amortized Cost Fair Value Percent of Total Fair Value
7 unchanged sentences
Total fixed maturities $ 55,437 $ 54,150 100 % $ 53,926 $ 52,153 100 %
−Removed: (1) The amortized cost and fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $ 1 million as of both September 30, 2024 and December 31, 2023.
−Removed: These securities are not rated but are included in below investment grade due to their risk characteristics.
−Removed: As of September 30, 2024 and December 31, 2023, approximately 85 % and 83 % of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively.
−Removed: No holdings of any issuer were greater than 10% of the Company’s total equity as of both September 30, 2024 and December 31, 2023.
+Added: As of March 31, 2025 and December 31, 2024, approximately 85 % and 82 % of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively.
+Added: No holdings of any issuer were greater than 10% of the Company’s total equity as of both March 31, 2025 and December 31, 2024.
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:
−Removed: Description of Securities September 30, 2024
+Added: Description of Securities March 31, 2025
Less than 12 Months 12 Months or More Total
23 unchanged sentences
Total 546 $ 13,000 $ ( 284 ) 1,268 $ 16,991 $ ( 1,837 ) 1,814 $ 29,991 $ ( 2,121 )
−Removed: As part of the Company’s ongoing monitoring process, management determined that the decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the nine months ended September 30, 2024 is primarily attributable to the impact of lower interest rates.
−Removed: As of September 30, 2024, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors.
+Added: As part of the Company’s ongoing monitoring process, management determined that th e decrease 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, 2025 is primarily attributable to the impact of lower interest rates.
+Added: As of March 31, 2025, 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.
−Removed: As of both September 30, 2024 and December 31, 2023, approximately 96 % of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.
+Added: As of both March 31, 2025 and December 31, 2024, approximately 97 % of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.
The following table presents rollforwards of the allowance for credit losses on Available-for-Sale securities:
1 unchanged sentence
(in millions)
−Removed: Balance at July 1, 2024
−Removed: $ — $ 4 $ 1 $ 5
−Removed: Balance at September 30, 2024
−Removed: $ — $ 4 $ 1 $ 5
−Removed: Balance at July 1, 2023
−Removed: $ 7 $ — $ 2 $ 9
−Removed: Reductions for securities sold during the period (realized) ( 7 ) — ( 1 ) ( 8 )
−Removed: Balance at September 30, 2023
−Removed: $ — $ — $ 1 $ 1
Balance at January 1, 2025
$ — $ 4 $ 1 $ 5
−Removed: Additions for which credit losses were not previously recorded — 4 — 4
−Removed: Reductions for securities sold during the period (realized) ( 1 ) — — ( 1 )
−Removed: Balance at September 30, 2024
+Added: Additional increases (decreases) on securities that had an allowance recorded in a previous period — — — —
+Added: Balance at March 31, 2025
$ — $ 4 $ 1 $ 5
1 unchanged sentence
$ 1 $ — $ 1 $ 2
−Removed: Reductions for securities sold during the period (realized) ( 20 ) — ( 1 ) ( 21 )
−Removed: Balance at September 30, 2023
+Added: Additional increases (decreases) on securities that had an allowance recorded in a previous period — — —
+Added: Balance at March 31, 2024
$ 1 $ — $ 1 $ 2
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(in millions)
1 unchanged sentence
Gross realized investment losses ( 5 ) —
−Removed: Credit reversals (losses) — 8 ( 3 ) 21
−Removed: Other impairments — — — ( 2 )
Total $ 5 $ —
−Removed: Credit losses for the nine months ended September 30, 2024 primarily related to recording an allowance for credit losses on a commercial mortgage backed security with a recent downgrade.
−Removed: Previously recorded allowance for credit losses was reversed during the three and nine months ended September 30, 2023 primarily due to the sale of a corporate debt security in the communications industry.
+Added: (1) No realized gains or losses on Available-for-Sale securities, including credit losses and other impairments, exceeded $ 1 million for the three months ended March 31, 2024.
See Note 15 for a rollforward of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) (“AOCI”).
−Removed: Available-for-Sale securities by contractual maturity as of September 30, 2024 were as follows:
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: Available-for-Sale securities by contractual maturity as of March 31, 2025 were as follows:
Amortized Cost Fair Value
22 unchanged sentences
Charge-offs — ( 1 ) ( 1 )
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 36 $ 10 $ 46
3 unchanged sentences
Charge-offs ( 1 ) ( 1 ) ( 2 )
−Removed: Balance at September 30, 2023
+Added: Balance at March 31, 2024
$ 51 $ 9 $ 60
−Removed: As of September 30, 2024 and December 31, 2023, accrued interest on commercial loans was $ 22 million and $ 19 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: As of March 31, 2025 and December 31, 2024, accrued interest on commercial loans was $ 19 million and $ 20 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.
Purchases and Sales
−Removed: During the three months ended September 30, 2024 and 2023, the Company purchased nil and $ 20 million , respectively, of syndicated loans, and sold $ 1 million of syndicated loans during both three month periods.
−Removed: During the nine months ended September 30, 2024 and 2023, the Company purchased $ 7 million and $ 21 million, respectively, of syndicated loans, and sold $ 5 million and $ 4 million, respectively, of syndicated loans.
−Removed: During the three months ended September 30, 2024 and 2023, the Company purchased $ 42 million and $ 49 million, respectively, of residential mortgage loans.
−Removed: During the nine months ended September 30, 2024 and 2023, the Company purchased $ 152 million and $ 144 million, respectively, of residential mortgage loans.
+Added: During the three months ended March 31, 2025 and 2024, the Company purchased $ 4 million and nil , respectively, of syndicated loans, and sold $ 3 million and nil , respectively, of syndicated loans.
+Added: During the three months ended March 31, 2025 and 2024, the Company purchased $ 40 million and $ 36 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
−Removed: Nonperforming loans were $ 12 million as of both September 30, 2024 and December 31, 2023.
+Added: Nonperforming loans were $ 13 million as of both March 31, 2025 and December 31, 2024.
All other loans were considered to be performing.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Commercial Loans
3 unchanged sentences
Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes.
−Removed: Commercial mortgage loans which management has assigned its highest risk rating were less than 1 % of total commercial mortgage loans as of both September 30, 2024 and December 31, 2023.
+Added: 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, 2025 and December 31, 2024.
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.
−Removed: There were no commercial mortgage loans past due as of both September 30, 2024 and December 31, 2023.
+Added: There were no commercial mortgage loans past due as of both March 31, 2025 and December 31, 2024.
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
−Removed: September 30, 2024
+Added: March 31, 2025
Loan-to-Value Ratio 2025 2024 2023 2022 2021 Prior Total
16 unchanged sentences
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.
−Removed: For the nine months ended September 30, 2024, write-offs of commercial mortgage loans were not material.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: For the three months ended March 31, 2025, write-offs of commercial mortgage loans were not material.
In addition, the Company reviews the concentrations of credit risk by region and property type.
2 unchanged sentences
Loans Percentage
−Removed: September 30, 2024
+Added: March 31, 2025
December 31, 2024
−Removed: September 30, 2024
+Added: March 31, 2025
December 31, 2024
10 unchanged sentences
$ 1,944 $ 1,902 100 % 100 %
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
Loans Percentage
−Removed: September 30, 2024
+Added: March 31, 2025
December 31, 2024
−Removed: September 30, 2024
+Added: March 31, 2025
December 31, 2024
9 unchanged sentences
Syndicated Loans
−Removed: The investment in syndicated loans as of September 30, 2024 and December 31, 2023 was $ 109 million and $ 145 million, respectively.
+Added: The investment in syndicated loans as of March 31, 2025 and December 31, 2024 was $ 87 million and $ 92 million, respectively.
The Company’s syndicated loan portfolio is diversified across industries and issuers.
−Removed: There were no syndicated loans past due as of September 30, 2024 and syndicated loans past due were not material as of December 31, 2023.
+Added: There were no syndicated loans past due as of both March 31, 2025 and December 31, 2024.
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.
−Removed: For the nine months ended September 30, 2024, write-offs of syndicated loans were not material.
+Added: For the three months ended March 31, 2025, write-offs of syndicated loans were not material.
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
−Removed: September 30, 2024
+Added: March 31, 2025
Internal Risk Rating 2025 2024 2023 2022 2021 Prior Total
6 unchanged sentences
Total $ 14 $ 44 $ 12 $ — $ 5 $ 12 $ 87
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
December 31, 2024
12 unchanged sentences
Accordingly, the primary risk factor for advisor loans is termination status.
−Removed: The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $ 6 million and $ 7 million as of September 30, 2024 and December 31, 2023, respectively.
−Removed: For the nine months ended September 30, 2024, write-offs of advisor loans were not material.
+Added: The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $ 6 million as of both March 31, 2025 and December 31, 2024.
+Added: For the three months ended March 31, 2025, write-offs of advisor loans were not material.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
The tables below present the amortized cost basis of advisor loans by origination year and termination status:
−Removed: September 30, 2024
+Added: March 31, 2025
Termination Status 2025 2024 2023 2022 2021 Prior Total
14 unchanged sentences
Delinquency rates are measured based on the number of days past due.
−Removed: Residential mortgage loans over 30 days past due were $ 3 million and $ 2 million as of September 30, 2024 and December 31, 2023, respectively.
−Removed: For the nine months ended September 30, 2024, write-offs of residential mortgage loans were not material.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: Residential mortgage loans over 30 days past due were $ 3 million and $ 4 million as of March 31, 2025 and December 31, 2024, respectively.
+Added: For the three months ended March 31, 2025, write-offs of residential mortgage loans were not material.
The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:
−Removed: FICO Score September 30, 2024
−Removed: 2023 2022 2021 2020 Total
+Added: FICO Score March 31, 2025
+Added: 2024 2023 2022 2021 Prior
(in millions)
3 unchanged sentences
2 18 14 5 5 — 44
+Added: 1 8 8 5 3 1 26
+Added: — 7 7 3 3 — 20
Total $ 25 $ 194 $ 169 $ 67 $ 27 $ 12 $ 494
5 unchanged sentences
64 77 25 7 5 178
+Added: 17 15 5 5 — 42
Total $ 186 $ 172 $ 68 $ 27 $ 13 $ 466
The table below presents the concentrations of credit risk of residential mortgage loans by U.S.
−Removed: September 30, 2024
+Added: March 31, 2025
December 31, 2024
−Removed: September 30, 2024
+Added: March 31, 2025
December 31, 2024
3 unchanged sentences
Total $ 494 $ 466 100 % 100 %
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Credit Card Receivables
3 unchanged sentences
Delinquency rates are measured based on the number of days past due.
−Removed: Credit card receivables over 30 days past due were 2 % of total credit card receivables as of both September 30, 2024 and December 31, 2023.
+Added: Credit card receivables over 30 days past due were 2 % of total credit card receivables as of both March 31, 2025 and December 31, 2024.
The table below presents the amortized cost basis of credit card receivables by FICO score:
−Removed: September 30, 2024
+Added: March 31, 2025
December 31, 2024
7 unchanged sentences
As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: The margin loans balance was $ 1.1 billion as of both September 30, 2024 and December 31, 2023.
+Added: The margin loans balance was $ 1.2 billion and $ 1.1 billion as of March 31, 2025 and December 31, 2024, respectively.
The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss.
−Removed: As of both September 30, 2024 an d December 31, 2023, there was no allowance for credit losses on margin loans.
+Added: As of both March 31, 2025 an d December 31, 2024, there was no allowance for credit losses on margin loans.
Pledged Asset Lines of Credit
−Removed: The pledged asset lines of credit balance was $ 654 million and $ 537 million as of September 30, 2024 and December 31, 2023, respectively.
+Added: The pledged asset lines of credit balance was $ 800 million and $ 737 million as of March 31, 2025 and December 31, 2024, 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.
−Removed: As of both September 30, 2024 and December 31, 2023 , there w as no allowance for credit losses on pledged asset lines of credit.
+Added: As of both March 31, 2025 and December 31, 2024 , there w as no allowance for credit losses on pledged asset lines of credit.
Deposit Receivables
−Removed: Deposit receivables were $ 6.0 billion and $ 6.5 billion as of September 30, 2024 and December 31, 2023 , respectively.
+Added: Deposit receivables were $ 5.7 billion and $ 5.8 billion as of March 31, 2025 and December 31, 2024 , respectively.
Deposit receivables are collateralized by the fair value of the assets held in trusts.
−Removed: 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 September 30, 2024 and December 31, 2023.
+Added: 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, 2025 and December 31, 2024.
Modifications with Borrowers Experiencing Financial Difficulty
−Removed: Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the three and nine months ended September 30, 2024 and 2023.
+Added: Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the three months ended March 31, 2025 and 2024.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Deferred Acquisition Costs and Deferred Sales Inducement Costs
6 unchanged sentences
Amortization ( 28 ) ( 9 ) ( 2 ) — ( 2 ) ( 11 )
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 1,380 $ 286 $ 26 $ 4 $ 101 $ 557
5 unchanged sentences
Amortization ( 4 ) — — ( 1 ) ( 2 ) ( 59 )
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 207 $ 2 $ 11 $ 17 $ 68 2,659
Other broker dealer acquisition costs 2
−Removed: Balance at September 30, 2024 including broker dealer acquisition costs
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: Balance at March 31, 2025 including broker dealer acquisition costs
Variable Annuities Structured Variable Annuities Fixed Annuities Fixed Indexed Annuities Universal Life Insurance Variable Universal Life Insurance
22 unchanged sentences
Amortization ( 3 ) ( 1 ) ( 4 )
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 119 $ 9 $ 128
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Variable Annuities Fixed Annuities Total,
7 unchanged sentences
Policyholder account balances, future policy benefits and claims consisted of the following:
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
(in millions)
9 unchanged sentences
Total policyholder account balances, future policy benefits and claims $ 41,922 $ 41,873
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Variable Annuities
19 unchanged sentences
See Note 14 for additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Insurance Liabilities
25 unchanged sentences
Interest credited 29 — 48 3 4
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 3,587 $ 16,472 $ 5,241 $ 301 $ 441
13 unchanged sentences
Interest credited 12 16 42 4 158
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 1,387 $ 1,650 $ 2,927 $ 459 $ 32,465
45 unchanged sentences
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: 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 September 30, 2024 and December 31, 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.
+Added: 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, 2025 and December 31, 2024 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.
−Removed: September 30, 2024
+Added: March 31, 2025
Account Values with Crediting Rates
154 unchanged sentences
Effect of changes in discount rate assumptions — ( 30 ) ( 5 ) ( 5 ) ( 40 )
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ — $ 739 $ 52 $ 1,030 $ 1,821
12 unchanged sentences
Effect of changes in discount rate assumptions ( 71 ) ( 18 ) 15 ( 148 ) ( 222 )
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 1,225 $ 1,331 $ 542 $ 6,204 $ 9,302
58 unchanged sentences
The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates.
−Removed: The annual review of policy benefit reserves assumptions in the third quarter of 2023 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase assumptions.
The balances of and changes in additional liabilities related to insurance guarantees were as follows:
8 unchanged sentences
Impact of change in net unrealized (gains) losses on securities 5 — 1 6
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 1,326 $ 78 $ 9 $ 1,413
17 unchanged sentences
The amount of revenue and interest recognized in the Statements of Operations was as follows:
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Gross Premiums Interest Expense
22 unchanged sentences
Amortization — ( 4 ) ( 6 ) ( 10 )
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 26 $ 264 $ 301 $ 591
7 unchanged sentences
Aggregate fair value of separate account assets, by major asset category, consisted of the following:
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
(in millions)
20 unchanged sentences
Other charges — — 81 81
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 63,450 $ 9,648 $ 2,474 $ 75,572
46 unchanged sentences
The following tables summarize the balances of and changes in market risk benefits:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(in millions, except age)
21 unchanged sentences
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $ 603 $ ( 1,202 )
−Removed: Changes in unrealized (gains) losses in other comprehensive income relating to liabilities held at end of period $ 62 $ ( 23 ) $ 102 $ ( 67 )
+Added: Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
AMERIPRISE FINANCIAL, INC.
23 unchanged sentences
Changes in unrealized (gains) losses in net income relating to liabilities held at end of period $ ( 2,111 )
−Removed: Changes in unrealized (gains) losses in other comprehensive income relating to liabilities held at end of period $ 84
+Added: Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period
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:
−Removed: September 30, 2024
+Added: March 31, 2025
Fair Value Valuation Technique Significant Inputs and Assumptions Range Weighted
35 unchanged sentences
Changes to Significant Inputs and Assumptions:
−Removed: During the nine months ended September 30, 2024 and year ended December 31, 2023, the Company updated inputs and assumptions based on management’s review of experience studies.
+Added: During the year ended December 31, 2024, 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:
−Removed: Nine months ended September 30, 2024
−Removed: • Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pre-tax income of $ 15 million.
−Removed: • Updates to surrender assumptions resulted in a decrease to pre-tax income of $ 83 million.
Year ended December 31, 2024
−Removed: • Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pre-tax income of $ 18 million.
−Removed: • Updates to surrender assumptions resulted in a decrease to pre-tax income of $ 110 million.
+Added: • Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $ 15 million.
+Added: • Updates to surrender assumptions resulted in a decrease to pretax income of $ 83 million.
Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.
12 unchanged sentences
Outstanding Balance Stated Interest Rate
−Removed: September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024
(in millions)
3 unchanged sentences
Senior notes due 2028
−Removed: Senior notes due 2028
600 600 5.7 5.7
1 unchanged sentence
Senior notes due 2033 750 750 5.2 5.2
+Added: Senior notes due 2035
Finance lease liabilities 6 9 N/A N/A
8 unchanged sentences
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.
−Removed: On October 15, 2024, the Company repaid $ 550 million principal amount of its 3.7 % senior notes at maturity.
+Added: On February 28, 2025, the Company issued $ 750 million of 5.20 % unsecured senior notes due on April 15, 2035 and incurred debt issuance costs of $ 7 million.
+Added: Interest payments are due semi-annually in arrears on April 15 and October 15, which commences on October 15, 2025.
+Added: On April 2, 2025, the Company repaid $ 500 million principal amount of its 3.0 % senior notes at maturity.
Short-Term Borrowings
The Company’s life insurance and bank subsidiaries are members of the FHLB of Des Moines which provides access to collateralized borrowings.
−Removed: 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 $ 997 million and $ 1.1 billion as of September 30, 2024 and December 31, 2023, respectively.
−Removed: The remaining maturity of outstanding FHLB advances was less than three months as of both September 30, 2024 and December 31, 2023.
+Added: 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 $ 1.1 billion and $ 964 million as of March 31, 2025 and December 31, 2024, respectively.
+Added: The remaining maturity of outstanding FHLB advances was less than three months as of both March 31, 2025 and December 31, 2024.
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.
−Removed: The Company’s bank subsidiary had no outstanding obligations to the FHLB as of both September 30, 2024 and December 31, 2023.
+Added: The Company’s bank subsidiary had no outstanding obligations to the FHLB as of both March 31, 2025 and December 31, 2024.
The Company’s bank subsidiary maintains access to collateralized borrowings from the Federal Reserve.
−Removed: As of both September 30, 2024 and December 31, 2023, there were no outstanding obligations to the Federal Reserve.
−Removed: In June 2021, the Company entered into an amended and restated credit agreement that provides for an unsecured revolving credit facility of up to $ 1.0 billion that expires in June 2026.
−Removed: Under the terms of the agreement for the facility, the Company may increase the amount of this facility up to $ 1.25 billion upon satisfaction of certain approval requirements.
−Removed: The interest rate for any borrowing under the agreement for U.S.
−Removed: dollars is a Spread Adjusted Term Secured Overnight Financing Rate (“SOFR”), which is defined as Term SOFR for an interest period selected by the Company plus a credit spread adjustment of 0.10 %, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of the Company.
−Removed: In the event of default, an additional 2 % interest will accrue during such period of default.
−Removed: As of both September 30, 2024 and December 31, 2023, the Company had no borrowings outstanding and $ 1 million of letters of credit issued against the facility.
+Added: As of both March 31, 2025 and December 31, 2024, there were no outstanding obligations to the Federal Reserve.
+Added: 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.
+Added: 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.
+Added: As of both March 31, 2025 and December 31, 2024, 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.
−Removed: The Company was in compliance with all such covenants as of both September 30, 2024 and December 31, 2023.
+Added: The Company was in compliance with all such covenants as of both March 31, 2025 and December 31, 2024.
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.
−Removed: As of both September 30, 2024 and December 31, 2023, AEIS had no borrowings outstanding.
+Added: As of both March 31, 2025 and December 31, 2024, AEIS had no borrowings outstanding.
AMERIPRISE FINANCIAL, INC.
15 unchanged sentences
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):
−Removed: September 30, 2024
+Added: March 31, 2025
Level 1 Level 2 Level 3 Total
52 unchanged sentences
Foreign government bonds and obligations — 13 — 13
−Removed: Other securities — 33 — 33
Total Available-for-Sale securities 2,591 48,815 747 52,153
29 unchanged sentences
(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.
−Removed: (3) The Company’s adjustment for nonperformance risk resulted in a $ 219 million and $ 195 million cumulative decrease to the embedded derivatives as of September 30, 2024 and December 31, 2023, respectively.
+Added: (3) The Company’s adjustment for nonperformance risk resulted in a $ 197 million and $ 211 million cumulative decrease to the embedded derivatives as of March 31, 2025 and December 31, 2024, respectively.
AMERIPRISE FINANCIAL, INC.
4 unchanged sentences
(in millions)
−Removed: Balance at July 1, 2024
−Removed: $ 544 $ 57 $ 24 $ 625 $ 55
−Removed: Total gains (losses) included in:
−Removed: Net income 1 — — 1 (1) 1
−Removed: Other comprehensive income (loss) 16 1 — 17 —
−Removed: Purchases 44 27 1 72 —
−Removed: Settlements ( 28 ) — — ( 28 ) ( 1 )
−Removed: Transfers out of Level 3 — ( 57 ) ( 24 ) ( 81 ) —
−Removed: Balance at September 30, 2024
−Removed: $ 577 $ 28 $ 1 $ 606 $ 55
−Removed: Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2024
−Removed: $ 16 $ — $ — $ 16 $ —
−Removed: Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities
−Removed: Fixed Deferred Indexed Annuity Embedded Derivatives IUL Embedded Derivatives Structured Variable Annuity Embedded Derivatives Total
−Removed: (in millions)
−Removed: Balance at July 1, 2024
−Removed: $ 52 $ 944 $ 1,896 $ 2,892 $ 69
−Removed: Total (gains) losses included in:
−Removed: Net income 3 (2) 36 (2) 487 (3) 526 — (4)
−Removed: Other comprehensive income (loss) — — — — 1
−Removed: Issues — 3 23 26 3
−Removed: Settlements ( 1 ) ( 40 ) ( 89 ) ( 130 ) ( 7 )
−Removed: Balance at September 30, 2024
−Removed: $ 54 $ 943 $ 2,317 $ 3,314 $ 66
−Removed: Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2024
−Removed: $ — $ 36 (2) $ 487 (3) $ 523 $ —
−Removed: Available-for-Sale Securities Receivables
−Removed: Corporate Debt Securities Asset Backed Securities Total Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
−Removed: (in millions)
−Removed: Balance at July 1, 2023
−Removed: $ 446 $ 3 $ 449 $ 49
−Removed: Total gains (losses) included in:
−Removed: Other comprehensive income (loss) ( 3 ) — ( 3 ) —
−Removed: Purchases 36 — 36 —
−Removed: Settlements ( 18 ) — ( 18 ) ( 1 )
−Removed: Balance at September 30, 2023
−Removed: $ 461 $ 3 $ 464 $ 48
−Removed: Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2023
−Removed: $ ( 4 ) $ — $ ( 4 ) $ —
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities
−Removed: Fixed Deferred Indexed Annuity Embedded Derivatives IUL Embedded Derivatives Structured Variable Annuity Embedded Derivatives Total
−Removed: (in millions)
−Removed: Balance at July 1, 2023
−Removed: $ 46 $ 809 $ 557 $ 1,412 $ 78
−Removed: Total (gains) losses included in:
−Removed: Net income — (2) 2 (2) ( 246 ) (3) ( 244 ) — (4)
−Removed: Other comprehensive income (loss) — — — — ( 1 )
−Removed: Issues — 6 35 41 7
−Removed: Settlements ( 1 ) ( 30 ) ( 46 ) ( 77 ) ( 7 )
−Removed: Balance at September 30, 2023
−Removed: $ 45 $ 787 $ 300 $ 1,132 $ 77
−Removed: Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2023
−Removed: $ — $ 2 (2) $ ( 246 ) (3) $ ( 244 ) $ —
−Removed: Available-for-Sale Securities Receivables
−Removed: Corporate Debt Securities Residential Mortgage Backed Securities Asset Backed Securities Total Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
−Removed: (in millions)
Balance at January 1, 2025
6 unchanged sentences
Transfers out of Level 3 — ( 38 ) — ( 38 ) —
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 629 $ 25 $ 106 $ 760 $ 53
−Removed: Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2024
+Added: Changes in unrealized gains (losses) in net income relating to assets held at March 31, 2025
$ 1 $ — $ — $ 1 (1) $ —
−Removed: Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2024
+Added: Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2025
$ 9 $ — $ — $ 9 $ —
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Policyholder Account Balances, Future Policy Benefits and Claims Other Liabilities
5 unchanged sentences
Net income — (2) 5 (2) ( 548 ) (3) ( 543 ) ( 6 ) (4)
−Removed: Other comprehensive income (loss) — — — — 1
Issues — ( 1 ) 13 12 10
Settlements ( 2 ) ( 37 ) ( 85 ) ( 124 ) ( 7 )
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ 51 $ 969 $ 1,841 $ 2,861 $ 65
−Removed: Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2024
+Added: Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2025
$ ( 548 ) (3)
−Removed: Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at September 30, 2024
$ ( 543 ) $ —
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Available-for-Sale Securities Receivables
−Removed: Corporate Debt Securities Asset Backed Securities Total Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
+Added: Corporate Debt Securities Residential Mortgage Backed Securities Asset Backed Securities Total Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
(in millions)
6 unchanged sentences
Settlements ( 13 ) — — ( 13 ) ( 1 )
−Removed: Balance at September 30, 2023
+Added: Balance at March 31, 2024
$ 505 $ 25 $ 1 $ 531 $ 54
−Removed: Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2023
+Added: Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at March 31, 2024
$ ( 3 ) $ — $ — $ ( 3 ) $ —
8 unchanged sentences
Settlements ( 1 ) ( 33 ) ( 56 ) ( 90 ) ( 8 )
−Removed: Balance at September 30, 2023
+Added: Balance at March 31, 2024
$ 52 $ 888 $ 1,620 $ 2,560 $ 71
−Removed: Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2023
+Added: Changes in unrealized (gains) losses in net income relating to liabilities held at March 31, 2024
(1) Included in Net investment income.
(2) Included in Interest credited to fixed accounts.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
(3) Included in Benefits, claims, losses and settlement expenses.
(4) Included in General and administrative expense.
−Removed: (5) The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and the amount is presented as a contra liability.
−Removed: The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 1 million and $( 17 ) million, net of the reinsurance accrual, for the three months ended September 30, 2024 and 2023, respectively.
−Removed: The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 20 million and $ 44 million, net of the reinsurance accrual, for the nine months ended September 30, 2024 and 2023, respectively.
+Added: The decrease to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $ 16 million and nil , net of the reinsurance accrual, for the three months ended March 31, 2025 and 2024, 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.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
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:
−Removed: September 30, 2024
+Added: March 31, 2025
Fair Value Valuation Technique Unobservable Input Range Weighted Average
22 unchanged sentences
0.0 % – 10.5 % 2.4 %
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
December 31, 2024
31 unchanged sentences
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.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Uncertainty of Fair Value Measurements
10 unchanged sentences
The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
−Removed: The Company’s income approach uses valuation techniques to convert future projected
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: cash flows to a single discounted present value amount.
+Added: 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.
9 unchanged sentences
Level 1 securities primarily include trading securities and U.S.
−Removed: Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations, foreign government securities and other securities.
+Added: Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations, foreign government securities and trading and other securities.
The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party pricing services.
7 unchanged sentences
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.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Management is responsible for the fair values recorded on the financial statements.
18 unchanged sentences
The variation margin on futures contracts is also classified as Level 1.
−Removed: The fair value of derivatives that are
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: 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.
+Added: 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.
−Removed: The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both September 30, 2024 and December 31, 2023.
+Added: The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of both March 31, 2025 and December 31, 2024.
See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral.
1 unchanged sentence
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.
−Removed: The Company uses a discounted cash flow model to determine the fair value of the embedded derivatives associated with the provisions of its equity index annuity product.
−Removed: The projected cash flows generated by this model are based on significant observable inputs related to interest rates, volatilities and equity index levels and, therefore, are classified as Level 2.
The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products.
14 unchanged sentences
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.
−Removed: These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency forwards and the majority of options.
−Removed: The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both September 30, 2024 and December 31, 2023.
+Added: These measurements are classified as Level 2 within the fair value hierarchy and include swaps, foreign currency
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: forwards and the majority of options.
+Added: The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both March 31, 2025 and December 31, 2024.
See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral.
13 unchanged sentences
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).
−Removed: The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 29 million and $ 41 million as of September 30, 2024 and December 31, 2023, respectively, and is classified as Level 3 in the fair value hierarchy.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $ 24 million and $ 27 million as of March 31, 2025 and December 31, 2024, 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:
−Removed: September 30, 2024
+Added: March 31, 2025
Carrying Value Fair Value
14 unchanged sentences
Debt and other liabilities 4,193 393 3,806 4 4,203
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
December 31, 2024
25 unchanged sentences
See Note 11 for further information on the Company’s long-term debt and short-term borrowings.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Offsetting Assets and Liabilities
6 unchanged sentences
The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:
−Removed: September 30, 2024
+Added: March 31, 2025
Gross Amounts of Recognized Assets
30 unchanged sentences
(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.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:
−Removed: September 30, 2024
+Added: March 31, 2025
Gross Amounts of Recognized Liabilities
14 unchanged sentences
Total $ 5,477 $ — $ 5,477 $ ( 5,077 ) $ ( 5 ) $ ( 381 ) $ 14
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
December 31, 2024
36 unchanged sentences
The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
Notional Gross Fair Value Notional Gross Fair Value
2 unchanged sentences
(in millions)
−Removed: Derivatives designated as hedging instruments
−Removed: Foreign exchange contracts – net investment hedges $ 77 $ — $ 3 $ 61 $ — $ 3
−Removed: Total qualifying hedges 77 — 3 61 — 3
Derivatives not designated as hedging instruments
23 unchanged sentences
The fair value of the SMC embedded derivative liability is included in Customer deposits.
−Removed: (3) The fair value of the structured variable annuity embedded derivatives as of September 30, 2024 included $ 2.3 billion of individual embedded derivatives in a liability position and nil of individual embedded derivatives in an asset position.
−Removed: The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included $ 1.0 billion of individual embedded derivatives in a liability position and $ 15 million of individual embedded derivatives in an asset position.
+Added: (3) The fair value of the structured variable annuity embedded derivatives as of March 31, 2025 included $ 1.9 billion of individual contracts in a liability position and $ 58 million of individual contracts in an asset position.
+Added: The fair value of the structured variable annuity embedded derivatives as of December 31, 2024 included $ 2.5 billion of individual contracts in a liability position and $ 3 million of individual contracts in an asset position.
See Note 12 for additional information regarding the Company’s fair value measurement of derivative instruments.
−Removed: As of September 30, 2024 and December 31, 2023, investment securities with a fair value of $ 1.8 billion and $ 1.5 billion, respectively, were pledged to meet contractual obligations under derivative contracts, of which $ 175 million and $ 145 million, respectively, may be sold, pledged or rehypothecated by the counterparty.
−Removed: As of September 30, 2024 and December 31, 2023, investment securities with a fair value of $ 1.8 billion and $ 376 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $ 1.5 billion and $ 314 million, respectively, may be sold, pledged or rehypothecated by the Company.
−Removed: As of both September 30, 2024 and December 31, 2023, the Company had sold, pledged or rehypothecated none of these securities.
−Removed: In addition, as of both September 30, 2024 and December 31, 2023, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.
+Added: Investment securities with a fair value of $ 1.5 billion as of both March 31, 2025 and December 31, 2024, were pledged to meet contractual obligations under derivative contracts, of which $ 88 million and $ 85 million, respectively, may be sold, pledged or rehypothecated by the counterparty.
+Added: As of March 31, 2025 and December 31, 2024, investment securities with a fair value of $ 2.3 billion and $ 2.2 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $ 2.1 billion and $ 2.0 billion, respectively, may be sold, pledged or rehypothecated by the Company.
+Added: As of both March 31, 2025 and December 31, 2024, the Company had sold, pledged or rehypothecated none of these securities.
+Added: In addition, as of both March 31, 2025 and December 31, 2024, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.
AMERIPRISE FINANCIAL, INC.
4 unchanged sentences
(in millions)
−Removed: Three Months Ended September 30, 2024
−Removed: Interest rate contracts $ — $ — $ — $ — $ 1 $ 448 $ —
−Removed: Equity contracts ( 2 ) — 38 18 337 ( 307 ) 6
−Removed: Credit contracts — — 5 — — ( 112 ) —
−Removed: Foreign exchange contracts — — — — — ( 57 ) 4
−Removed: IUL embedded derivatives — — — 4 — — —
−Removed: Fixed deferred indexed annuity and deposit receivables embedded derivatives — — — 5 — — —
−Removed: Structured variable annuity embedded derivatives — — — — ( 487 ) — —
−Removed: SMC embedded derivatives — — — — — — —
−Removed: Total gain (loss) $ ( 2 ) $ — $ 43 $ 27 $ ( 149 ) $ ( 28 ) $ 10
−Removed: Three Months Ended September 30, 2023
−Removed: Interest rate contracts $ — $ — $ — $ — $ ( 7 ) $ ( 1,073 ) $ —
−Removed: Equity contracts 1 ( 1 ) ( 44 ) ( 19 ) ( 119 ) 245 ( 5 )
−Removed: Credit contracts — — ( 2 ) — — 154 —
−Removed: Foreign exchange contracts — — — — — 51 —
−Removed: IUL embedded derivatives — — — 28 — — —
−Removed: Structured variable annuity embedded derivatives — — — — 246 — —
−Removed: SMC embedded derivatives — 1 — — — — —
−Removed: Total gain (loss) $ 1 $ — $ ( 46 ) $ 9 $ 120 $ ( 623 ) $ ( 5 )
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: Net Investment Income Banking and Deposit Interest Expense Distribution Expenses Interest Credited to Fixed Accounts Benefits, Claims, Losses and Settlement Expenses Change in Fair Value of Market Risk Benefits General and Administrative Expense
−Removed: (in millions)
−Removed: Nine Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
Interest rate contracts $ — $ — $ — $ — $ 2 $ 120 $ —
7 unchanged sentences
Total gain (loss) $ ( 2 ) $ — $ ( 73 ) $ 2 $ ( 124 ) $ 309 $ 7
−Removed: Nine Months Ended September 30, 2023
+Added: Three Months Ended March 31, 2024
Interest rate contracts $ — $ — $ — $ — $ ( 8 ) $ ( 533 ) $ —
9 unchanged sentences
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.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
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.
−Removed: The following is a summary of the payments the Company is scheduled to make and receive for these options as of September 30, 2024:
+Added: The following is a summary of the payments the Company is scheduled to make and receive for these options as of March 31, 2025:
Premiums Payable Premiums Receivable
1 unchanged sentence
Total $ 782 $ 108
−Removed: (1) 2024 amounts represent the amounts payable and receivable for the period from October 1, 2024 to December 31, 2024.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: (1) 2025 amounts represent the amounts payable and receivable for the period from April 1, 2025 to December 31, 2025.
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.
10 unchanged sentences
Cash Flow Hedges
−Removed: The Company has designated derivative instruments as a cash flow hedge for interest rate exposure on forecasted debt interest payments.
+Added: 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.
−Removed: For both the nine months ended September 30, 2024 and 2023, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial.
−Removed: The estimated net amount recorded in AOCI as of September 30, 2024 that the Company expects to reclassify to earnings as a reduction to Interest and debt expense within the next twelve months is $ 0.8 million.
+Added: For both the three months ended March 31, 2025 and 2024, the amounts reclassified from AOCI to earnings related to cash flow hedges were immaterial.
+Added: The estimated net amount recorded in AOCI as of March 31, 2025 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 11 years and relates to forecasted debt interest payments.
3 unchanged sentences
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.
−Removed: For the three months ended September 30, 2024 and 2023, the Company recognized a loss of $ 4 million and a gain of $ 2 million, respectively, in other comprehensive income (loss) (“OCI”).
−Removed: For the nine months ended September 30, 2024 and 2023, the Company recognized a loss of $ 3 million and a loss of $ 1 million, respectively, in OCI.
+Added: For both the three months ended March 31, 2025 and 2024, the Company recognized an immaterial gain in other comprehensive income (loss) (“OCI”).
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.
−Removed: Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever practical.
+Added: Key components of this
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: 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).
−Removed: 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 subsidiary does not maintain a specific financial strength rating.
+Added: 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.
−Removed: As of September 30, 2024 and December 31, 2023, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $ 121 million and $ 65 million, respectively.
−Removed: The aggregate fair value of assets posted as collateral for such instruments as of September 30, 2024 and December 31, 2023 was $ 119 million and $ 58 million, respectively.
−Removed: If the credit contingent provisions of derivative contracts in a net liability position as of September 30, 2024 and December 31, 2023 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $ 2 million and $ 7 million, respectively.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: As of March 31, 2025 and December 31, 2024, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $ 91 million and $ 69 million, respectively.
+Added: The aggregate fair value of assets posted as collateral for such instruments as of March 31, 2025 and December 31, 2024 was $ 91 million and $ 68 million, respectively.
+Added: If the credit contingent provisions of derivative contracts in a net liability position as of March 31, 2025 and December 31, 2024 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 nil and $ 1 million, respectively.
Shareholders’ Equity
The following table presents the amounts related to each component of OCI:
−Removed: Three Months Ended September 30,
−Removed: Pretax Income Tax Benefit (Expense) Net of Tax Pretax Income Tax Benefit (Expense) Net of Tax
−Removed: (in millions)
−Removed: Net unrealized gains (losses) on securities:
−Removed: Net unrealized gains (losses) on securities arising during the period (1)
−Removed: $ 1,312 $ ( 293 ) $ 1,019 $ ( 854 ) $ 190 $ ( 664 )
−Removed: Reclassification of net (gains) losses on securities included in net income (2)
−Removed: 2 ( 2 ) — 38 ( 8 ) 30
−Removed: Impact of benefit reserves and reinsurance recoverables ( 18 ) 4 ( 14 ) 14 ( 3 ) 11
−Removed: Net unrealized gains (losses) on securities 1,296 ( 291 ) 1,005 ( 802 ) 179 ( 623 )
−Removed: Net unrealized gains (losses) on derivatives:
−Removed: Reclassification of net (gains) losses on derivatives included in net income (3)
−Removed: ( 1 ) 1 — — — —
−Removed: Net unrealized gains (losses) on derivatives ( 1 ) 1 — — — —
−Removed: Effect of changes in discount rate assumptions on certain long-duration contracts ( 188 ) 41 ( 147 ) 221 ( 47 ) 174
−Removed: Effect of changes in instrument-specific credit risk on MRBs ( 63 ) 14 ( 49 ) 23 ( 5 ) 18
−Removed: Foreign currency translation 85 ( 2 ) 83 ( 76 ) 16 ( 60 )
−Removed: Total other comprehensive income (loss) $ 1,129 $ ( 237 ) $ 892 $ ( 634 ) $ 143 $ ( 491 )
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Pretax Income Tax Benefit (Expense) Net of Tax Pretax Income Tax Benefit (Expense) Net of Tax
10 unchanged sentences
( 10 ) 2 ( 8 ) — — —
−Removed: Reclassification of net (gains) losses on derivatives included in net income (3)
−Removed: ( 1 ) 1 — — — —
Net unrealized gains (losses) on derivatives ( 10 ) 2 ( 8 ) — — —
5 unchanged sentences
(2) Reclassification amounts are recorded in Net investment income.
−Removed: (3) Includes a $ 1 million and nil pretax gain reclassified to Interest and debt expense.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components:
2 unchanged sentences
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.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
The following table presents the changes in the balances of each component of AOCI, net of tax:
4 unchanged sentences
(in millions)
−Removed: Balance at July 1, 2024
−Removed: $ ( 1,554 ) $ 5 $ 5 $ ( 113 ) $ ( 60 ) $ ( 275 ) $ ( 1 ) $ ( 1,993 )
−Removed: OCI before reclassifications 1,005 — ( 147 ) ( 49 ) — 83 — 892
−Removed: Amounts reclassified from AOCI — — — — — — — —
−Removed: Total OCI 1,005 — ( 147 ) ( 49 ) — 83 — 892
−Removed: Balance at September 30, 2024
−Removed: $ ( 549 ) $ 5 $ ( 142 ) $ ( 162 ) $ ( 60 ) $ ( 192 ) $ ( 1 ) $ ( 1,101 )
−Removed: Balance at July 1, 2023
−Removed: $ ( 1,951 ) $ 5 $ ( 78 ) $ 15 $ ( 75 ) $ ( 264 ) $ ( 1 ) $ ( 2,349 )
−Removed: OCI before reclassifications ( 653 ) — 174 18 — ( 60 ) — ( 521 )
−Removed: Amounts reclassified from AOCI 30 — — — — — — 30
−Removed: Total OCI ( 623 ) — 174 18 — ( 60 ) — ( 491 )
−Removed: Balance at September 30, 2023
−Removed: $ ( 2,574 ) $ 5 $ 96 $ 33 $ ( 75 ) $ ( 324 ) $ ( 1 ) $ ( 2,840 )
Balance at January 1, 2025
3 unchanged sentences
Total OCI 374 ( 8 ) ( 30 ) 1 — 52 — 389
−Removed: Balance at September 30, 2024
+Added: Balance at March 31, 2025
$ ( 1,078 ) $ ( 3 ) $ ( 3 ) $ ( 146 ) $ ( 45 ) $ ( 243 ) $ ( 1 ) $ ( 1,519 )
2 unchanged sentences
OCI before reclassifications ( 178 ) — 69 ( 37 ) — ( 18 ) — ( 164 )
−Removed: Amounts reclassified from AOCI 23 — — — — — — 23
Total OCI ( 178 ) — 69 ( 37 ) — ( 18 ) — ( 164 )
−Removed: Balance at September 30, 2023
+Added: Balance at March 31, 2024
$ ( 1,419 ) $ 5 $ ( 57 ) $ ( 122 ) $ ( 60 ) $ ( 276 ) $ ( 1 ) $ ( 1,930 )
−Removed: For the nine months ended September 30, 2024 and 2023, the Company repurchased a total of 3.8 million shares and 4.7 million shares, respectively, of its common stock for an aggregate cost of $ 1.6 billion and $ 1.5 billion, respectively.
+Added: For both the three months ended March 31, 2025 and 2024, the Company repurchased a total of 1.2 million shares of its common stock for an aggregate cost of $ 617 million and $ 507 million, respectively.
On July 24, 2023, the Company’s Board of Directors authorized an additional $ 3.5 billion for the repurchase of the Company’s common stock through September 30, 2025.
−Removed: As of September 30, 2024, the Company had $ 1.5 billion remaining under this share repurchase authorization.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: As of March 31, 2025, the Company had $ 271 million remaining under this share repurchase authorization.
+Added: On April 22, 2025, the Company’s Board of Directors authorized an additional $ 4.5 billion for the repurchase of the Company’s common stock through June 30, 2027.
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.
1 unchanged sentence
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.
−Removed: For both the nine months ended September 30, 2024 and 2023, the Company reacquired 0.3 million shares of its common stock through the surrender of shares upon vesting and paid in the aggregate $ 110 million and $ 99 million, respectively, related to the holders’ income tax obligations on the vesting date.
+Added: For the three months ended March 31, 2025 and 2024, the Company reacquired 0.2 million and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $ 122 million and $ 99 million, respectively, related to the holders’ income tax obligations on the vesting date.
Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised.
These shares are reacquired by the Company and recorded as treasury shares.
−Removed: For the nine months ended September 30, 2024 and 2023, the Company reacquired 0.4 million shares and 0.3 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $ 149 million and $ 109 million, respectively.
−Removed: During the nine months ended September 30, 2024 and 2023, the Company reissued 0.7 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.
−Removed: The Company’s effective tax rate was 20.7 % and 21.8 % for the three months ended September 30, 2024 and 2023, respectively.
−Removed: The Company’s effective tax rate was 20.0 % and 20.5 % for the nine months ended September 30, 2024 and 2023, respectively.
−Removed: The effective tax rate for the three months ended September 30, 2024 was lower than the statutory rate as a result of tax preferred items including the dividends received deduction, incentive compensation, partially offset by state income taxes, net of federal benefit.
−Removed: The effective tax rate for the nine months ended September 30, 2024 was lower than the statutory rate as a result of tax preferred items including incentive compensation, the dividends received deduction, foreign tax credits, net of addback, and low income housing tax credits, partially offset by state income taxes, net of federal benefit.
−Removed: The effective tax rate for the three months ended September 30, 2023 was higher than the statutory rate as a result of state income taxes, net of federal benefit.
−Removed: The effective tax rate for the nine months ended September 30, 2023 was lower than the statutory rate as a result of tax preferred items including incentive compensation, partially offset by state income taxes, net of federal benefit.
−Removed: The decrease in the effective tax rate for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily due to lower pretax income in the current period compared to the prior period and the related impact on tax preferred items, a decrease in unrecognized tax benefits, and a decrease in foreign taxes, partially offset by an increase in state income taxes, net of federal benefit.
−Removed: Included in the Company’s deferred income tax assets are tax benefits related to foreign net operating losses of $ 47 million, which do not expire, federal tax credit carryforwards of $ 43 million, which do not expire, and state net operating losses of $ 32 million, net of federal benefit, which will expire beginning December 31, 2024.
+Added: For the three months ended March 31, 2025 and 2024, the Company reacquired 0.1 million shares and 0.2 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $ 28 million and $ 99 million, respectively.
+Added: During the three months ended March 31, 2025 and 2024, the Company reissued 0.6 million and 0.7 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans.
+Added: The Company’s effective tax rate was 15.1 % and 18.8 % for the three months ended March 31, 2025 and 2024, respectively.
+Added: 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 benefit and unrecognized tax benefits.
+Added: The effective tax rate for the three months ended March 31, 2024 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 benefit.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: The decrease in the effective tax rate for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to lower pretax income in the current period compared to the prior period and the related impact on tax preferred items, an increase in the benefit for incentive compensation, and an increase in foreign tax credits, net of addback, partially offset by an increase in state income taxes, net of federal benefit and an increase in unrecognized tax benefits.
+Added: Included in the Company’s deferred income tax assets are tax benefits related to foreign net operating losses of $ 52 million, which do not expire, corporate alternative minimum tax (“CAMT”) credit carryforwards of $ 98 million, which do not expire, and state net operating losses of $ 38 million, net of federal benefit, which will expire beginning December 31, 2025.
The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized.
6 unchanged sentences
and (iv) tax planning strategies.
−Removed: Based on analysis of the Company’s tax position as of September 30, 2024, management believes it is more likely than not that the Company will not realize certain state net operating losses of $ 31 million, state deferred tax assets of $ 2 million (both net of federal benefit), and foreign net operating losses of $ 35 million;
+Added: Based on analysis of the Company’s tax position as of March 31, 2025, management believes it is more likely than not that the Company will not realize certain state net operating losses of $ 32 million, state deferred tax assets of $ 2 million (both net of federal benefit), and foreign net operating losses of $ 34 million;
therefore, a valuation allowance has been established.
−Removed: The valuation allowance was $ 68 million and $ 65 million as of September 30, 2024 and December 31, 2023, respectively.
−Removed: As of September 30, 2024 and December 31, 2023, the Company had $ 152 million and $ 150 million, respectively, of gross unrecognized tax benefits.
−Removed: If recognized, approximately $ 124 million and $ 120 million, net of federal tax benefits, of unrecognized tax benefits as of September 30, 2024 and December 31, 2023, respectively, would affect the effective tax rate.
−Removed: During the second quarter of 2023, the Company had additions to its gross unrecognized tax benefits for tax positions of prior years of $ 71 million and reductions to its gross unrecognized tax benefits of prior years of $ 80 million.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: The valuation allowance was $ 68 million and $ 67 million as of March 31, 2025 and December 31, 2024, respectively.
+Added: As of March 31, 2025 and December 31, 2024, the Company had $ 173 million and $ 164 million, respectively, of gross unrecognized tax benefits.
+Added: If recognized, approximately $ 142 million and $ 134 million, net of federal tax benefits, of unrecognized tax benefits as of March 31, 2025 and December 31, 2024, respectively, would affect the effective tax rate.
It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months.
1 unchanged sentence
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision.
−Removed: The Company recognized a net increase of $ 1 million and $ 4 million in interest and penalties for the three and nine months ended September 30, 2024, respectively.
−Removed: The Company recognized a net increase of $ 2 million and $ 10 million in interest and penalties for the three and nine months ended September 30, 2023, respectively.
−Removed: As of September 30, 2024 and December 31, 2023, the Company had a payable of $ 30 million and $ 26 million, respectively, related to accrued interest and penalties.
+Added: The Company recognized a net increase of $ 7 million and $ 2 million in interest and penalties for the three months ended March 31, 2025 and 2024, respectively.
+Added: As of March 31, 2025 and December 31, 2024, the Company had a payable of $ 38 million and $ 31 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.
3 unchanged sentences
The Company’s state income tax returns are currently under examination by various jurisdictions for years ranging from 2017 through 2023.
−Removed: The Company is an applicable corporation required to compute corporate alternative minimum tax (“CAMT”).
−Removed: As of September 30, 2024 and December 31, 2023, the Company recorded an estimate of $ 43 million and nil , respectively, for the current provision of the CAMT.
−Removed: The provision was offset with a deferred tax asset for the CAMT credit carryover, which does not expire, resulting in no impact to the total tax provision.
−Removed: The estimate is based on interpretations and assumptions of available guidance the Company has made regarding the CAMT provisions of the Inflation Reduction Act of 2022.
−Removed: Department of the Treasury issued proposed CAMT regulations in the current quarter.
−Removed: The proposed regulations are subject to public review and comment prior to finalizing.
−Removed: The Company is evaluating the potential impact of the proposed regulations.
+Added: The Company is an applicable corporation required to compute CAMT, however, as of March 31, 2025, based on current estimates, the Company does not expect to be liable for CAMT in 2025.
+Added: This estimate is based on interpretations and assumptions of available guidance, including proposed regulations, 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.
−Removed: Various jurisdictions that the Company operates in have enacted or substantively enacted legislation that became effective beginning January 1, 2024.
−Removed: The Company intends to rely on Pillar Two transitional safe harbors where available and, based on its current estimate, has not recorded any Pillar Two tax liabilities.
+Added: As of March 31, 2025 and December 31, 2024, the tax impact is not material to the consolidated financial statements.
The Company continues to monitor the adoption and implementation of these rules and evaluate the potential impact on its consolidated financial statements.
5 unchanged sentences
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.
−Removed: As with other financial services firms, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated.
−Removed: From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by, the SEC, the Financial Industry Regulatory Authority, the OCC, the U.K.
+Added: As with other financial services firms, the level of regulatory activity concerning the Company’s businesses remains elevated.
+Added: From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by the SEC, the
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: 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.
−Removed: The Company typically has numerous pending matters which include information requests, exams or inquiries regarding certain subjects, including from time to time:
+Added: The Company is cooperating with the applicable regulators.
+Added: 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;
6 unchanged sentences
and transaction monitoring systems and controls.
−Removed: The Company is cooperating with the applicable regulators.
−Removed: In August 2024, the Company entered into a settlement with the SEC to resolve one such matter regarding the preservation of certain business-related communications sent on electronic messaging platforms that had not been approved by the Company.
−Removed: The settlement included a civil penalty of $ 50 million that was previously accrued for during 2023 and was paid during the third quarter of 2024.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
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.
1 unchanged sentence
Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter.
−Removed: 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, or adverse publicity each of which could have a material adverse effect on the Company’s consolidated results of operations, financial condition, or liquidity.
+Added: 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.
10 unchanged sentences
The Company has a liability for estimated guaranty fund assessments and a related premium tax asset.
−Removed: As of both September 30, 2024 and December 31, 2023, the estimated liability was $ 34 million.
−Removed: As of both September 30, 2024 and December 31, 2023, the related premium tax asset was $ 29 million.
+Added: As of March 31, 2025 and December 31, 2024, the estimated liability was $ 10 million and $ 11 million, respectively.
+Added: As of both March 31, 2025 and December 31, 2024, the related premium tax asset was $ 8 million and $ 9 million, respectively.
The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
Earnings per Share
The computations of basic and diluted earnings per share were as follows:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(in millions, except per share amounts)
7 unchanged sentences
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.
−Removed: The calculation excludes the incremental effect of nil options for both the three months ended September 30, 2024 and 2023, and nil and 0.2 million options for the nine months ended September 30, 2024 and 2023, respectively, due to their anti-dilutive effect.
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: The calculation excludes the incremental effect of 0.1 million and nil options for the three months ended March 31, 2025 and 2024, respectively, due to their anti-dilutive effect.
Segment Information
13 unchanged sentences
integration and restructuring charges;
+Added: income (loss) from discontinued operations;
and the impact of consolidating CIEs.
1 unchanged sentence
The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosure s, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the RiverSource Life companies’ nonperformance spread.
+Added: AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
(in millions)
5 unchanged sentences
Total assets $ 179,059 $ 181,403
−Removed: AMERIPRISE FINANCIAL, INC.
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+Added: Three Months Ended March 31,
(in millions)
3 unchanged sentences
Asset Management
−Removed: 882 826 2,585 2,433
Retirement & Protection Solutions 926 912
Corporate & Other
−Removed: 115 143 347 417
Elimination of segment revenues (1)
1 unchanged sentence
Total segment adjusted operating net revenues
−Removed: 4,345 3,915 12,616 11,439
Net realized investment gains (losses)
−Removed: ( 6 ) ( 38 ) ( 9 ) ( 32 )
Market impact on non-traditional long-duration products 5 2
1 unchanged sentence
Total net revenues per consolidated statements of operations $ 4,354 $ 4,146
−Removed: (1) Represents the elimination of intersegment revenues recognized for the three months ended September 30, 2024 and 2023 in each segment as follows:
−Removed: Advice & Wealth Management ($ 237 million and $ 217 million, respectively);
−Removed: Asset Management ($ 24 million and $ 21 million, respectively);
−Removed: Retirement & Protection Solutions ($ 113 million and $ 104 million, respectively);
−Removed: and Corporate & Other ($( 7 ) million and $( 5 ) million, respectively).
−Removed: (2) Represents the elimination of intersegment revenues recognized for the nine months ended September 30, 2024 and 2023 in each segment as follows:
+Added: (1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2025 and 2024 in each segment as follows:
Advice & Wealth Management ($ 222 million and $ 225 million, respectively);
2 unchanged sentences
and Corporate & Other ($( 8 ) million and $( 7 ) million, respectively).
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+Added: Three Months Ended March 31,
(in millions)
1 unchanged sentence
Advice & Wealth Management
−Removed: $ 826 $ 729 $ 2,410 $ 2,153
Asset Management
−Removed: 245 199 669 526
Retirement & Protection Solutions 215 199
2 unchanged sentences
Total segment adjusted operating earnings
−Removed: 1,046 956 3,241 2,956
Net realized investment gains (losses) ( 2 ) —
Market impact on non-traditional long-duration products ( 460 ) 140
−Removed: Mean reversion related impacts
−Removed: Integration/restructuring charges — ( 12 ) — ( 47 )
Net income (loss) attributable to consolidated investment entities
1 unchanged sentence
AMERIPRISE FINANCIAL, INC.
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)
+Added: Adjusted operating earnings includes the following significant expense categories:
+Added: Three Months Ended March 31, 2025
+Added: Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other
+Added: (in millions)
+Added: Distribution expenses $ 1,554 $ 246 $ 123 $ ( 2 )
+Added: Interest credited to fixed accounts — — 92 51
+Added: Benefits, claims, losses and settlement expenses — — 211 56
+Added: Remeasurement (gains) losses of future policy benefit reserves — — ( 3 ) ( 7 )
+Added: Change in fair value of market risk benefits — — 143 —
+Added: Amortization of deferred acquisition costs — 2 57 2
+Added: Interest and debt expense 12 3 8 28
+Added: General and administrative expense 424 354 80 73
+Added: Total expenses
+Added: $ 1,990 $ 605 $ 711 $ 201
+Added: Three Months Ended March 31, 2024
+Added: Advice & Wealth Management Asset Management Retirement & Protection Solutions Corporate & Other
+Added: (in millions)
+Added: Distribution expenses $ 1,369 $ 242 $ 124 $ ( 2 )
+Added: Interest credited to fixed accounts — — 91 55
+Added: Benefits, claims, losses and settlement expenses — — 224 53
+Added: Remeasurement (gains) losses of future policy benefit reserves — — ( 2 ) ( 2 )
+Added: Change in fair value of market risk benefits — — 129 —
+Added: Amortization of deferred acquisition costs — 2 57 2
+Added: Interest and debt expense 9 2 12 25
+Added: General and administrative expense 420 403 78 79
+Added: Total expenses
+Added: $ 1,798 $ 649 $ 713 $ 210
+Added: AMERIPRISE FINANCIAL, INC.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.