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Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments [Abstract] |
Summary of 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 |
Summary of Net Investment income | 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.
Schedule of Available-for-Sale securities by type | 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 |
Summary of fixed maturity securities by rating | 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.
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:
|  | 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) |
Rollforward of allowance for credit losses on Available-for-Sale securities | 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 |
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:
| 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 |
Schedule of Available-for-Sale securities by contractual maturity | 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 |

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