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Investments | 12 Months Ended
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Dec. 31, 2023
Investments [Abstract] |
Investments | Investments The following is a summary of Ameriprise Financial investments:
| December 31,
2023 |  | 2022
(in millions)
Available-for-Sale securities, at fair value | $ | 51,562 |  |  | $ | 40,811 |
Mortgage loans (allowance for credit losses: 2023, $14; 2022, $12) | 2,118 |  |  | 1,987 |
Policy loans | 912 |  |  | 847 |
Other investments (allowance for credit losses: 2023, $6; 2022, $5) | 897 |  |  | 879 |
Total | $ | 55,489 |  |  | $ | 44,524 |
Other investments primarily reflect the Company’s interests in affordable housing partnerships, trading securities, equity securities, seed money investments in proprietary funds, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days. The following is a summary of Net investment income:
| Years Ended December 31,
2023 |  | 2022(1) |  | 2021(1)
(in millions)
Investment income on fixed maturities | $ | 2,637 |  |  | $ | 1,320 |  |  | $ | 933 |
Net realized gains (losses) | (27) |  |  | (87) |  |  | 636 |
Other | 415 |  |  | 139 |  |  | (1) |
Consolidated investment entities | 181 |  |  | 102 |  |  | 115 |
Total | $ | 3,206 |  |  | $ | 1,474 |  |  | $ | 1,683 |
(1) Prior period amounts associated with affordable housing partnerships have been reclassified to Other to conform to current year presentation. Available-for-Sale securities distributed by type were as follows:
|  | December 31, 2023
Description of Securities |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
| (in millions)
Corporate debt securities |  | $ | 12,675 |  |  | $ | 409 |  |  | $ | (507) |  |  | $ | (1) |  |  | $ | 12,576 |
Residential mortgage backed securities |  | 22,130 |  |  | 107 |  |  | (1,171) |  |  | — |  |  | 21,066 |
Commercial mortgage backed securities |  | 6,380 |  |  | 11 |  |  | (341) |  |  | — |  |  | 6,050 |
Asset backed securities |  | 8,353 |  |  | 25 |  |  | (59) |  |  | — |  |  | 8,319 |
State and municipal obligations |  | 719 |  |  | 62 |  |  | (20) |  |  | (1) |  |  | 760 |
U.S. government and agency obligations |  | 2,739 |  |  | 1 |  |  | — |  |  | — |  |  | 2,740 |
Foreign government bonds and obligations |  | 19 |  |  | — |  |  | (1) |  |  | — |  |  | 18 |
Other securities |  | 33 |  |  | — |  |  | — |  |  | — |  |  | 33 |
Total |  | $ | 53,048 |  |  | $ | 615 |  |  | $ | (2,099) |  |  | $ | (2) |  |  | $ | 51,562 |
|  | December 31, 2022
Description of Securities |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
| (in millions)
Corporate debt securities |  | $ | 10,361 |  |  | $ | 180 |  |  | $ | (823) |  |  | $ | (20) |  |  | $ | 9,698 |
Residential mortgage backed securities |  | 17,056 |  |  | 37 |  |  | (1,390) |  |  | — |  |  | 15,703 |
Commercial mortgage backed securities |  | 6,648 |  |  | 3 |  |  | (439) |  |  | — |  |  | 6,212 |
Asset backed securities |  | 6,408 |  |  | 14 |  |  | (158) |  |  | — |  |  | 6,264 |
State and municipal obligations |  | 773 |  |  | 53 |  |  | (27) |  |  | (2) |  |  | 797 |
U.S. government and agency obligations |  | 2,079 |  |  | 1 |  |  | (1) |  |  | — |  |  | 2,079 |
Foreign government bonds and obligations |  | 43 |  |  | — |  |  | (2) |  |  | — |  |  | 41 |
Other securities |  | 16 |  |  | 1 |  |  | — |  |  | — |  |  | 17 |
Total |  | $ | 43,384 |  |  | $ | 289 |  |  | $ | (2,840) |  |  | $ | (22) |  |  | $ | 40,811 |
As of December 31, 2023 and 2022, accrued interest of $319 million and $237 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables. As of December 31, 2023 and 2022, 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. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2023 and 2022, the Company’s internal analysts rated $282 million and $270 million, respectively, of securities using criteria similar to those used by NRSROs. A summary of fixed maturity securities by rating was as follows:
|  | December 31, 2023 |  | December 31, 2022
Ratings |  | Amortized Cost |  | Fair Value |  | Percent of Total Fair Value | Amortized Cost |  | Fair Value |  | Percent of Total Fair Value
| (in millions, except percentages)
AAA |  | $ | 25,235 |  |  | $ | 24,342 |  |  | 47 | % |  | $ | 30,900 |  |  | $ | 28,980 |  |  | 71 | %
AA |  | 14,013 |  |  | 13,534 |  |  | 26 |  |  | 1,219 |  |  | 1,249 |  |  | 3 |
A |  | 3,073 |  |  | 3,139 |  |  | 6 |  |  | 2,080 |  |  | 2,097 |  |  | 5 |
BBB |  | 10,396 |  |  | 10,216 |  |  | 20 |  |  | 8,524 |  |  | 7,890 |  |  | 19 |
Below investment grade (1) |  | 331 |  |  | 331 |  |  | 1 |  |  | 661 |  |  | 595 |  |  | 2 |
Total fixed maturities |  | $ | 53,048 |  |  | $ | 51,562 |  |  | 100 | % |  | $ | 43,384 |  |  | $ | 40,811 |  |  | 100 | %
(1) The amortized cost of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of both December 31, 2023 and 2022. The fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of both December 31, 2023 and 2022. These securities are not rated but are included in below investment grade due to their risk characteristics. As of December 31, 2023, approximately 83% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. These issuers were downgraded in the third quarter of 2023 from AAA to AA due to the downgrade of the U.S. Government long-term credit rating. As of December 31, 2022, approximately 30% of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. No holdings of any issuer were greater than 10% of the Company’s total equity as of both December 31, 2023 and 2022. The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:
|  | December 31, 2023
|  | Less than 12 months |  | 12 months or more |  | Total
Description of Securities |  | 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 |  | 97 |  |  | $ | 1,276 |  |  | $ | (11) |  |  | 376 |  |  | $ | 5,197 |  |  | $ | (496) |  |  | 473 |  |  | $ | 6,473 |  |  | $ | (507) |
Residential mortgage backed securities |  | 82 |  |  | 3,052 |  |  | (25) |  |  | 734 |  |  | 10,677 |  |  | (1,146) |  |  | 816 |  |  | 13,729 |  |  | (1,171) |
Commercial mortgage backed securities |  | 31 |  |  | 747 |  |  | (9) |  |  | 277 |  |  | 4,092 |  |  | (332) |  |  | 308 |  |  | 4,839 |  |  | (341) |
Asset backed securities |  | 49 |  |  | 885 |  |  | (2) |  |  | 116 |  |  | 2,840 |  |  | (57) |  |  | 165 |  |  | 3,725 |  |  | (59) |
State and municipal obligations |  | 5 |  |  | 29 |  |  | (1) |  |  | 49 |  |  | 138 |  |  | (19) |  |  | 54 |  |  | 167 |  |  | (20) |
U.S. government and agency obligations |  | 11 |  |  | 955 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 12 |  |  | 955 |  |  | — |
Foreign government bonds and obligations |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 12 |  |  | (1) |  |  | 3 |  |  | 12 |  |  | (1) |
Total |  | 275 |  |  | $ | 6,944 |  |  | $ | (48) |  |  | 1,556 |  |  | $ | 22,956 |  |  | $ | (2,051) |  |  | 1,831 |  |  | $ | 29,900 |  |  | $ | (2,099) |
|  | December 31, 2022
|  | Less than 12 months |  | 12 months or more |  | Total
Description of Securities |  | 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 |  | 457 |  |  | $ | 5,782 |  |  | $ | (458) |  |  | 108 |  |  | $ | 1,575 |  |  | $ | (365) |  |  | 565 |  |  | $ | 7,357 |  |  | $ | (823) |
Residential mortgage backed securities |  | 589 |  |  | 9,407 |  |  | (577) |  |  | 244 |  |  | 4,076 |  |  | (813) |  |  | 833 |  |  | 13,483 |  |  | (1,390) |
Commercial mortgage backed securities |  | 249 |  |  | 3,857 |  |  | (220) |  |  | 101 |  |  | 1,802 |  |  | (219) |  |  | 350 |  |  | 5,659 |  |  | (439) |
Asset backed securities |  | 145 |  |  | 4,413 |  |  | (86) |  |  | 31 |  |  | 977 |  |  | (72) |  |  | 176 |  |  | 5,390 |  |  | (158) |
State and municipal obligations |  | 48 |  |  | 134 |  |  | (16) |  |  | 27 |  |  | 60 |  |  | (11) |  |  | 75 |  |  | 194 |  |  | (27) |
U.S. government and agency obligations |  | 13 |  |  | 566 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | 566 |  |  | (1) |
Foreign government bonds and obligations |  | 11 |  |  | 37 |  |  | (2) |  |  | 1 |  |  | 1 |  |  | — |  |  | 12 |  |  | 38 |  |  | (2) |
Total |  | 1,512 |  |  | $ | 24,196 |  |  | $ | (1,360) |  |  | 512 |  |  | $ | 8,491 |  |  | $ | (1,480) |  |  | 2,024 |  |  | $ | 32,687 |  |  | $ | (2,840) |
As part of the Company’s ongoing monitoring process, management determined that the decrease in gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2023 is primarily attributable to the impact of lower interest rates and tighter credit spreads. The Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of December 31, 2023 and 2022, approximately 96% and 95%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade. The following table presents a rollforward of the allowance for credit losses on Available-for-Sale securities:
| Corporate Debt Securities |  | Asset Backed Securities |  | State and Municipal Obligations |  | Total
(in millions)
Balance at January 1, 2021 | $ | 10 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 11 |
Additions for which credit losses were not previously recorded | — |  |  | — |  |  | 1 |  |  | 1 |
Charge-offs | (10) |  |  | (1) |  |  | — |  |  | (11) |
Balance at December 31, 2021 | — |  |  | — |  |  | 1 |  |  | 1 |
Additions for which credit losses were not previously recorded | 20 |  |  | — |  |  | — |  |  | 20 |
Additional increases (decreases) on securities that had an allowance recorded in a previous period | — |  |  | — |  |  | 1 |  |  | 1 |
Balance at December 31, 2022 | 20 |  |  | — |  |  | 2 |  |  | 22 |
Additions for which credit losses were not previously recorded | 1 |  |  | — |  |  | — |  |  | 1 |
Reductions for securities sold during the period (realized) | (20) |  |  | — |  |  | (1) |  |  | (21) |
Balance at December 31, 2023 | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 2 |
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:
| Years Ended December 31,
2023 |  | 2022 |  | 2021
(in millions)
Gross realized investment gains | $ | 11 |  |  | $ | 28 |  |  | $ | 582 |
Gross realized investment losses | (58) |  |  | (22) |  |  | (7) |
Credit reversals (losses) | 20 |  |  | (21) |  |  | (1) |
Other impairments | (2) |  |  | (70) |  |  | (13) |
Total | $ | (29) |  |  | $ | (85) |  |  | $ | 561 |
Previously recorded allowance for credit losses was reversed during the year ended December 31, 2023 primarily due to the sale of a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2022 primarily related to recording an allowance for credit losses on a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2021 primarily related to recording an allowance for credit losses on certain state and municipal securities. Other impairments for the years ended December 31, 2023, 2022 and 2021 related to Available-for-Sale securities which the Company intended to sell. See Note 21 for a rollforward of net unrealized investment gains (losses) included in AOCI. Available-for-Sale securities by contractual maturity as of December 31, 2023 were as follows:
| Amortized Cost |  | Fair Value
(in millions)
Due within one year | $ | 4,305 |  |  | $ | 4,294 |
Due after one year through five years | 2,621 |  |  | 2,587 |
Due after five years through 10 years | 4,280 |  |  | 4,018 |
Due after 10 years | 4,979 |  |  | 5,228 |
| 16,185 |  |  | 16,127 |
Residential mortgage backed securities | 22,130 |  |  | 21,066 |
Commercial mortgage backed securities | 6,380 |  |  | 6,050 |
Asset backed securities | 8,353 |  |  | 8,319 |
Total | $ | 53,048 |  |  | $ | 51,562 |
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.

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