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v3.22.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments [Abstract] |
Summary of investments | The following is a summary of Ameriprise Financial investments:
| March 31, 2022 |  | December 31, 2021
(in millions)
Available-for-Sale securities, at fair value | $ | 32,330 |  |  | $ | 32,050 |
Mortgage loans (allowance for credit losses: 2022, $12; 2021, $12) | 1,971 |  |  | 1,953 |
Policy loans | 833 |  |  | 835 |
Other investments (allowance for credit losses: 2022, $5; 2021, $5) | 906 |  |  | 972 |
Total | $ | 36,040 |  |  | $ | 35,810 |
Summary of Net Investment income | The following is a summary of Net investment income:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
|  |  |  |  | (in millions)
Investment income on fixed maturities |  |  |  |  | $ | 214 |  |  | $ | 266 |
Net realized gains (losses) |  |  |  |  | 20 |  |  | 69 |
Affordable housing partnerships |  |  |  |  | (15) |  |  | (15) |
Other |  |  |  |  | 23 |  |  | 21 |
Consolidated investment entities |  |  |  |  | 19 |  |  | 36 |
Total |  |  |  |  | $ | 261 |  |  | $ | 377 |
Schedule of Available-for-Sale securities by type | Available-for-Sale securities distributed by type were as follows:
| March 31, 2022
Description of Securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
|  | (in millions)
Corporate debt securities |  | $ | 9,012 |  |  | $ | 667 |  |  | $ | (297) |  |  | $ | — |  |  | $ | 9,382 |
Residential mortgage backed securities |  | 12,117 |  |  | 17 |  |  | (439) |  |  | — |  |  | 11,695 |
Commercial mortgage backed securities |  | 5,461 |  |  | 3 |  |  | (168) |  |  | — |  |  | 5,296 |
Asset backed securities |  | 3,676 |  |  | 16 |  |  | (54) |  |  | — |  |  | 3,638 |
State and municipal obligations |  | 847 |  |  | 163 |  |  | (8) |  |  | (1) |  |  | 1,001 |
U.S. government and agency obligations |  | 1,160 |  |  | — |  |  | — |  |  | — |  |  | 1,160 |
Foreign government bonds and obligations |  | 83 |  |  | 2 |  |  | (3) |  |  | — |  |  | 82 |
Other securities |  | 77 |  |  | — |  |  | (1) |  |  | — |  |  | 76 |
Total |  | $ | 32,433 |  |  | $ | 868 |  |  | $ | (970) |  |  | $ | (1) |  |  | $ | 32,330 |
Description of Securities | December 31, 2021
Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
|  | (in millions)
Corporate debt securities |  | $ | 8,737 |  |  | $ | 1,243 |  |  | $ | (48) |  |  | $ | — |  |  | $ | 9,932 |
Residential mortgage backed securities |  | 10,927 |  |  | 67 |  |  | (50) |  |  | — |  |  | 10,944 |
Commercial mortgage backed securities |  | 4,950 |  |  | 59 |  |  | (23) |  |  | — |  |  | 4,986 |
Asset backed securities |  | 3,639 |  |  | 26 |  |  | (11) |  |  | — |  |  | 3,654 |
State and municipal obligations |  | 850 |  |  | 244 |  |  | (1) |  |  | (1) |  |  | 1,092 |
U.S. government and agency obligations |  | 1,301 |  |  | — |  |  | — |  |  | — |  |  | 1,301 |
Foreign government bonds and obligations |  | 88 |  |  | 5 |  |  | (1) |  |  | — |  |  | 92 |
Other securities |  | 49 |  |  | — |  |  | — |  |  | — |  |  | 49 |
Total |  | $ | 30,541 |  |  | $ | 1,644 |  |  | $ | (134) |  |  | $ | (1) |  |  | $ | 32,050 |
Summary of fixed maturity securities by rating | A summary of fixed maturity securities by rating was as follows:
Ratings | March 31, 2022 |  | December 31, 2021
Amortized Cost |  | Fair Value |  | Percent of Total Fair Value | Amortized Cost |  | Fair Value |  | Percent of Total Fair Value
| (in millions, except percentages)
AAA | $ | 22,172 |  |  | $ | 21,546 |  |  | 67 | % |  | $ | 20,563 |  |  | $ | 20,625 |  |  | 64 | %
AA | 748 |  |  | 858 |  |  | 3 |  |  | 727 |  |  | 898 |  |  | 3 |
A | 1,786 |  |  | 1,991 |  |  | 6 |  |  | 1,775 |  |  | 2,129 |  |  | 7 |
BBB | 6,941 |  |  | 7,135 |  |  | 22 |  |  | 6,495 |  |  | 7,268 |  |  | 23 |
Below investment grade (1) | 786 |  |  | 800 |  |  | 2 |  |  | 981 |  |  | 1,130 |  |  | 3 |
Total fixed maturities | $ | 32,433 |  |  | $ | 32,330 |  |  | 100 | % |  | $ | 30,541 |  |  | $ | 32,050 |  |  | 100 | %
(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 and $2 million, respectively, as of both March 31, 2022 and December 31, 2021. These securities are not rated but are included in below investment grade due to their risk characteristics.
Summary of fair value and gross unrealized losses on Available-for-Sale securities in continuous unrealized loss position | The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:
Description of Securities |  | March 31, 2022
| Less than 12 Months |  | 12 Months or More |  | Total
| Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses
|  | (in millions, except number of securities)
Corporate debt securities |  | 253 |  |  | $ | 3,182 |  |  | $ | (234) |  |  | 40 |  |  | $ | 441 |  |  | $ | (63) |  |  | 293 |  |  | $ | 3,623 |  |  | $ | (297) |
Residential mortgage backed securities |  | 444 |  |  | 9,348 |  |  | (410) |  |  | 70 |  |  | 544 |  |  | (29) |  |  | 514 |  |  | 9,892 |  |  | (439) |
Commercial mortgage backed securities |  | 248 |  |  | 4,322 |  |  | (153) |  |  | 20 |  |  | 277 |  |  | (15) |  |  | 268 |  |  | 4,599 |  |  | (168) |
Asset backed securities |  | 88 |  |  | 3,003 |  |  | (52) |  |  | 6 |  |  | 113 |  |  | (2) |  |  | 94 |  |  | 3,116 |  |  | (54) |
State and municipal obligations |  | 55 |  |  | 126 |  |  | (8) |  |  | 1 |  |  | 4 |  |  | — |  |  | 56 |  |  | 130 |  |  | (8) |
Foreign government bonds and obligations |  | 7 |  |  | 28 |  |  | (1) |  |  | 9 |  |  | 8 |  |  | (2) |  |  | 16 |  |  | 36 |  |  | (3) |
Other securities |  | 4 |  |  | 76 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 76 |  |  | (1) |
Total |  | 1,099 |  |  | $ | 20,085 |  |  | $ | (859) |  |  | 146 |  |  | $ | 1,387 |  |  | $ | (111) |  |  | 1,245 |  |  | $ | 21,472 |  |  | $ | (970) |
Description of Securities | December 31, 2021
Less than 12 Months |  | 12 Months or More |  | Total
Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses | Number of Securities |  | Fair Value |  | Unrealized Losses
|  | (in millions, except number of securities)
Corporate debt securities |  | 110 |  |  | $ | 2,056 |  |  | $ | (43) |  |  | 14 |  |  | $ | 81 |  |  | $ | (5) |  |  | 124 |  |  | $ | 2,137 |  |  | $ | (48) |
Residential mortgage backed securities |  | 206 |  |  | 5,808 |  |  | (48) |  |  | 56 |  |  | 191 |  |  | (2) |  |  | 262 |  |  | 5,999 |  |  | (50) |
Commercial mortgage backed securities |  | 102 |  |  | 2,184 |  |  | (22) |  |  | 9 |  |  | 139 |  |  | (1) |  |  | 111 |  |  | 2,323 |  |  | (23) |
Asset backed securities |  | 41 |  |  | 1,883 |  |  | (11) |  |  | 6 |  |  | 118 |  |  | — |  |  | 47 |  |  | 2,001 |  |  | (11) |
State and municipal obligations |  | 26 |  |  | 64 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 26 |  |  | 64 |  |  | (1) |
Foreign government bonds and obligations |  | 5 |  |  | 6 |  |  | — |  |  | 6 |  |  | 4 |  |  | (1) |  |  | 11 |  |  | 10 |  |  | (1) |
Total |  | 490 |  |  | $ | 12,001 |  |  | $ | (125) |  |  | 91 |  |  | $ | 533 |  |  | $ | (9) |  |  | 581 |  |  | $ | 12,534 |  |  | $ | (134) |
Rollforward of allowance for credit losses on Available-for-Sale securities | The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:
| Corporate Debt Securities |  | Asset Backed Securities |  | State and Municipal Obligations |  | Total
(in millions)
Balance at January 1, 2022 | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Charge-offs | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2022 | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Balance at January 1, 2021 | $ | 10 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 11 |
Charge-offs | (10) |  |  | (1) |  |  | — |  |  | (11) |
Balance at March 31, 2021 | $ | — |  | $ | — |  | $ | — |  |  | $ | — |
Schedule of net realized gains and losses on Available-for-Sale securities | Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:
|  |  | Three Months Ended March 31,
|  |  | 2022 |  | 2021
|  |  |  | (in millions)
Gross realized investment gains |  |  |  |  | $ | 20 |  |  | $ | 51 |
Gross realized investment losses |  |  |  |  | — |  |  | (1) |
Total |  |  |  |  | $ | 20 |  |  | $ | 50 |
Schedule of Available-for-Sale securities by contractual maturity | Available-for-Sale securities by contractual maturity as of March 31, 2022 were as follows:
| Amortized Cost |  | Fair Value
| (in millions)
Due within one year | $ | 1,847 |  | $ | 1,849
Due after one year through five years | 2,120 |  | 2,133
Due after five years through 10 years | 3,563 |  | 3,382
Due after 10 years | 3,649 |  | 4,337
| 11,179 |  | 11,701
Residential mortgage backed securities | 12,117 |  | 11,695
Commercial mortgage backed securities | 5,461 |  | 5,296
Asset backed securities | 3,676 |  | 3,638
Total | $ | 32,433 |  | $ | 32,330

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