AMERIPRISE FINANCIAL INC
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Financing Receivables
- Financing Receivables
Financing receivables are comprised of commercial loans, consumer loans and deposit receivables.
Allowance for Credit Losses
The following tables present a rollforward of the allowance for credit losses:
| Commercial Loans | Consumer Loans | Total | |
|---|---|---|---|
| (in millions) | |||
| Balance at January 1, 2025 | $45 | $9 | $54 |
| Provisions | (7) | 4 | (3) |
| Charge-offs | (1) | (3) | (4) |
| Recoveries | — | 1 | 1 |
| Balance at September 30, 2025 | $37 | $11 | $48 |
| Balance at January 1, 2024 | $54 | $9 | $63 |
| Provisions | (4) | 3 | (1) |
| Charge-offs | (3) | (3) | (6) |
| Balance at September 30, 2024 | $47 | $9 | $56 |
As of September 30, 2025 and December 31, 2024, accrued interest on commercial loans was $21 million and $20 million, respectively, and is recorded in Receivables and excluded from the amortized cost basis of commercial loans.
Index
Purchases and Sales
During thethree months ended September 30, 2025 and 2024, the Company purchased $4 million andnil, respectively, of syndicated loans, and sold $3 millionand$1 million, respectively, of syndicated loans. During the nine months ended September 30, 2025 and 2024, the Company purchased $21 million and $7 million, respectively, of syndicated loans, and sold $7 million and $5 million, respectively, of syndicated loans.
During the three months ended September 30, 2025 and 2024, the Company purchased$135 million and$42 million, respectively, of residential mortgage loans. During the nine months ended September 30, 2025 and 2024, the Company purchased $251 million and $152 million, respectively, of residential mortgage loans.
The Company hasnot acquired any loans with deteriorated credit quality as of the acquisition date.
Credit Quality Information
Nonperforming loans were $12 million and $13 million as of September 30, 2025 and December 31, 2024, respectively. All other loans were considered to be performing.
Commercial Loans
Commercial Mortgage Loans
The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.
Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both September 30, 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. There wereno commercial mortgage loans past due as of both September 30, 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:
| Loan-to-Value Ratio | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total |
|---|---|---|---|---|---|---|---|
| (in millions) | |||||||
| > 100% | $— | $— | $— | $— | $— | $15 | $15 |
| 80% - 100% | — | — | — | — | — | 56 | 56 |
| 60% - 80% | 56 | 83 | 18 | 12 | — | 81 | 250 |
| 40% - 60% | 102 | 87 | 42 | 27 | 70 | 349 | 677 |
| < 40% | 37 | 15 | 11 | 65 | 102 | 765 | 995 |
| Total | $195 | $185 | $71 | $104 | $172 | $1,266 | $1,993 |
| Loan-to-Value Ratio | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total |
|---|---|---|---|---|---|---|---|
| (in millions) | |||||||
| > 100% | $— | $— | $— | $— | $— | $15 | $15 |
| 80% - 100% | — | — | — | — | 10 | 48 | 58 |
| 60% - 80% | 86 | 44 | 18 | 9 | 5 | 130 | 292 |
| 40% - 60% | 87 | 22 | 39 | 69 | 41 | 348 | 606 |
| < 40% | 15 | 10 | 48 | 102 | 50 | 706 | 931 |
| Total | $188 | $76 | $105 | $180 | $106 | $1,247 | $1,902 |
Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the nine months ended September 30, 2025, write-offs of commercial mortgage loans werenot material.
Index
In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
| Loans · Percentage | ||||
|---|---|---|---|---|
| September 30, 2025 · December 31, 2024 · September 30, 2025 · December 31, 2024 | ||||
| (in millions) | ||||
| East North Central | $187 | $185 | 9% | 10% |
| East South Central | 45 | 45 | 2 | 2 |
| Middle Atlantic | 120 | 133 | 6 | 7 |
| Mountain | 169 | 157 | 8 | 8 |
| New England | 35 | 30 | 2 | 2 |
| Pacific | 667 | 633 | 34 | 33 |
| South Atlantic | 538 | 489 | 27 | 26 |
| West North Central | 114 | 119 | 6 | 6 |
| West South Central | 118 | 111 | 6 | 6 |
| Total | $1,993 | $1,902 | 100% | 100% |
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
| Loans · Percentage | ||||
|---|---|---|---|---|
| September 30, 2025 · December 31, 2024 · September 30, 2025 · December 31, 2024 | ||||
| (in millions) | ||||
| Apartments | $579 | $522 | 29% | 27% |
| Hotel | 40 | 33 | 2 | 2 |
| Industrial | 396 | 362 | 20 | 19 |
| Mixed use | 76 | 68 | 4 | 4 |
| Office | 195 | 219 | 10 | 11 |
| Retail | 530 | 546 | 26 | 29 |
| Other | 177 | 152 | 9 | 8 |
| Total | $1,993 | $1,902 | 100% | 100% |
Syndicated Loans
The investment in syndicated loans as of September 30, 2025 and December 31, 2024 was $87 million and $92 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There wereno syndicated loans past due as of both September 30, 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. For the nine months ended September 30, 2025, write-offs of syndicated loans werenot material.
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
| Internal Risk Rating | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total |
|---|---|---|---|---|---|---|---|
| (in millions) | |||||||
| Risk 5 | $— | $— | $— | $— | $— | $— | $— |
| Risk 4 | — | — | — | — | — | 1 | 1 |
| Risk 3 | 8 | 1 | 1 | — | — | — | 10 |
| Risk 2 | 12 | 17 | 5 | — | 4 | 4 | 42 |
| Risk 1 | 14 | 15 | 5 | — | — | — | 34 |
| Total | $34 | $33 | $11 | $— | $4 | $5 | $87 |
Index
| Internal Risk Rating | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total |
|---|---|---|---|---|---|---|---|
| (in millions) | |||||||
| Risk 5 | $— | $— | $— | $— | $— | $— | $— |
| Risk 4 | — | — | — | — | — | 2 | 2 |
| Risk 3 | 1 | 1 | — | 8 | 1 | 1 | 12 |
| Risk 2 | 29 | 5 | — | 3 | — | 8 | 45 |
| Risk 1 | 22 | 6 | — | 3 | 2 | — | 33 |
| Total | $52 | $12 | $— | $14 | $3 | $11 | $92 |
Financial Advisor Loans
The Company offers loans to financial advisors for transitional cost assistance and practice operations. Repayment of the loan is highly dependent on the retention of the financial advisor. In the event a financial advisor is no longer affiliated with the Company, the unpaid balances generally become immediately due. Accordingly, the primary risk factor for advisor loans is termination status. The allowance for credit losses related to loans to advisors that have terminated their relationship with the Company was $6 million as of both September 30, 2025 and December 31, 2024. For the nine months ended September 30, 2025, write-offs of advisor loans werenot material.
The tables below present the amortized cost basis of advisor loans by origination year and termination status:
| Termination Status | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total |
|---|---|---|---|---|---|---|---|
| (in millions) | |||||||
| Active | $443 | $327 | $297 | $225 | $91 | $160 | $1,543 |
| Terminated | — | — | — | 1 | 2 | 8 | 11 |
| Total | $443 | $327 | $297 | $226 | $93 | $168 | $1,554 |
| Termination Status | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total |
|---|---|---|---|---|---|---|---|
| (in millions) | |||||||
| Active | $358 | $351 | $261 | $121 | $82 | $150 | $1,323 |
| Terminated | — | — | 2 | 2 | 2 | 6 | 12 |
| Total | $358 | $351 | $263 | $123 | $84 | $156 | $1,335 |
Consumer Loans
Residential Mortgage Loans
The Company reviews the credit worthiness of the borrower in order to determine the risk of loss on residential mortgage loans. Geographic location and FICO scores are the primary credit quality indicators included in the model that projects the Company’s risk of credit loss over the life of the residential mortgage loan portfolio. Delinquency rates are measured based on the number of days past due. Residential mortgage loans over 30 days past due were $7 million and $4 million as of September 30, 2025 and December 31, 2024, respectively. For the nine months ended September 30, 2025, write-offs of residential mortgage loans werenot material.
Index
The tables below present the amortized cost basis of residential mortgage loans by year of origination and FICO score:
| FICO Score · September 30, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 · 2022 · 2021 · Prior · Total | |||||||
| (in millions) | |||||||
| > 810 | $15 | $8 | $6 | $2 | $2 | $1 | $34 |
| 780 - 809 | 103 | 83 | 53 | 26 | 7 | 5 | 277 |
| 740 - 779 | 74 | 62 | 72 | 22 | 7 | 4 | 241 |
| 720 - 739 | 17 | 17 | 14 | 5 | 4 | — | 57 |
| 700 - 719 | 11 | 8 | 8 | 5 | 3 | 1 | 36 |
| < 699 | 7 | 7 | 6 | 3 | 3 | — | 26 |
| Total | $227 | $185 | $159 | $63 | $26 | $11 | $671 |
| FICO Score · December 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| 2024 · 2023 · 2022 · 2021 · 2020 · Total | ||||||
| (in millions) | ||||||
| > 810 | $5 | $9 | $2 | $2 | $1 | $19 |
| 780 - 809 | 84 | 56 | 28 | 7 | 6 | 181 |
| 740 - 779 | 64 | 77 | 25 | 7 | 5 | 178 |
| 720 - 739 | 17 | 15 | 5 | 5 | — | 42 |
| 700 - 719 | 9 | 8 | 5 | 3 | 1 | 26 |
| < 699 | 7 | 7 | 3 | 3 | — | 20 |
| Total | $186 | $172 | $68 | $27 | $13 | $466 |
The table below presents the concentrations of credit risk of residential mortgage loans by U.S. region:
| Loans | Percentage | |||
|---|---|---|---|---|
| September 30, 2025 | December 31, 2024 | September 30, 2025 | December 31, 2024 | |
| (in millions) | ||||
| Minnesota | $394 | $284 | 59% | 61% |
| Other U.S. States | 277 | 182 | 41 | 39 |
| Total | $671 | $466 | 100% | 100% |
Credit Card Receivables
The credit cards are co-branded with Ameriprise Financial, Inc. and issued to the Company’s customers by a third party. FICO scores and delinquency rates are the primary credit quality indicators for the credit card portfolio. Delinquency rates are measured based on the number of days past due. Credit card receivables over 30 days past due were 2% of total credit card receivables as of both September 30, 2025 and December 31, 2024.
The table below presents the amortized cost basis of credit card receivables by FICO score:
| FICO Score | September 30, 2025 | December 31, 2024 |
|---|---|---|
| (in millions) | ||
| > 800 | $34 | $38 |
| 750 - 799 | 30 | 32 |
| 700 - 749 | 27 | 29 |
| 650 - 699 | 15 | 16 |
| < 650 | 9 | 8 |
| Total | $115 | $123 |
Policy Loans
Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there isno allowance for credit losses.
Index
Margin Loans
The margin loans balance was $1.2 billion and$1.1 billionas of September 30, 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. As of both September 30, 2025 and December 31, 2024, there wasno allowance for credit losses on margin loans.
Pledged Asset Lines of Credit
The pledged asset lines of credit balance was $952 million and $737 million as of September 30, 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. As of both September 30, 2025 and December 31, 2024, there wasno allowance for credit losses on pledged asset lines of credit.
Deposit Receivables
Deposit receivables were $5.5 billion and $5.8 billion as of September 30, 2025 and December 31, 2024, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables wasnot material as of both September 30, 2025 and December 31, 2024.
Modifications with Borrowers Experiencing Financial Difficulty
Modifications of financing receivables with borrowers experiencing financial difficulty by the Company werenot material for the three and nine months ended September 30, 2025 and 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.