XML 43 R33.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Investments [Abstract] |
Summary of investments | The following is a summary of Ameriprise Financial investments:
| June 30, 2024 |  | December 31, 2023
(in millions)
Available-for-Sale securities, at fair value | $ | 51,695 |  |  | $ | 51,562 |
Mortgage loans (allowance for credit losses: 2024, $14; 2023, $14) | 2,233 |  |  | 2,118 |
Policy loans | 947 |  |  | 912 |
Other investments (allowance for credit losses: 2024, $6; 2023, $6) | 990 |  |  | 897 |
Total | $ | 55,865 |  |  | $ | 55,489 |
Summary of Net Investment income | The following is a summary of Net investment income:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 | 2024 |  | 2023
| (in millions)
Investment income on fixed maturities | $ | 768 |  |  | $ | 645 |  |  | $ | 1,522 |  |  | $ | 1,216 |
Net realized gains (losses) | (4) |  |  | 6 |  |  | (3) |  |  | 10 |
Consolidated investment entities | 53 |  |  | 45 |  |  | 98 |  |  | 87 |
Other (1) | 104 |  |  | 115 |  |  | 205 |  |  | 196 |
Total | $ | 921 |  |  | $ | 811 |  |  | $ | 1,822 |  |  | $ | 1,509 |
(1) Prior period amount associated with affordable housing partnerships has 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:
| June 30, 2024
Description of Securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
|  | (in millions)
Corporate debt securities |  | $ | 13,376 |  |  | $ | 219 |  |  | $ | (663) |  |  | $ | — |  |  | $ | 12,932 |
Residential mortgage backed securities |  | 22,921 |  |  | 65 |  |  | (1,232) |  |  | — |  |  | 21,754 |
Commercial mortgage backed securities |  | 5,961 |  |  | 10 |  |  | (304) |  |  | (4) |  |  | 5,663 |
Asset backed securities |  | 7,845 |  |  | 32 |  |  | (47) |  |  | — |  |  | 7,830 |
State and municipal obligations |  | 714 |  |  | 42 |  |  | (19) |  |  | (1) |  |  | 736 |
U.S. government and agency obligations |  | 2,762 |  |  | — |  |  | — |  |  | — |  |  | 2,762 |
Foreign government bonds and obligations |  | 19 |  |  | — |  |  | (1) |  |  | — |  |  | 18 |
Total |  | $ | 53,598 |  |  | $ | 368 |  |  | $ | (2,266) |  |  | $ | (5) |  |  | $ | 51,695 |
Description of Securities | December 31, 2023
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 |
Summary of fixed maturity securities by rating | A summary of fixed maturity securities by rating was as follows:
Ratings | June 30, 2024 |  | December 31, 2023
Amortized Cost |  | Fair Value |  | Percent of Total Fair Value | Amortized Cost |  | Fair Value |  | Percent of Total Fair Value
| (in millions, except percentages)
AAA | $ | 26,120 |  |  | $ | 25,303 |  |  | 49 | % |  | $ | 25,235 |  |  | $ | 24,342 |  |  | 47 | %
AA | 13,231 |  |  | 12,611 |  |  | 24 |  |  | 14,013 |  |  | 13,534 |  |  | 26 |
A | 3,302 |  |  | 3,290 |  |  | 6 |  |  | 3,073 |  |  | 3,139 |  |  | 6 |
BBB | 10,673 |  |  | 10,218 |  |  | 20 |  |  | 10,396 |  |  | 10,216 |  |  | 20 |
Below investment grade (1) | 272 |  |  | 273 |  |  | 1 |  |  | 331 |  |  | 331 |  |  | 1 |
Total fixed maturities | $ | 53,598 |  |  | $ | 51,695 |  |  | 100 | % |  | $ | 53,048 |  |  | $ | 51,562 |  |  | 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 as of both June 30, 2024 and December 31, 2023. 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 |  | June 30, 2024
| 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 |  | 211 |  |  | $ | 3,281 |  |  | $ | (54) |  |  | 364 |  |  | $ | 5,514 |  |  | $ | (609) |  |  | 575 |  |  | $ | 8,795 |  |  | $ | (663) |
Residential mortgage backed securities |  | 125 |  |  | 4,126 |  |  | (29) |  |  | 757 |  |  | 11,450 |  |  | (1,203) |  |  | 882 |  |  | 15,576 |  |  | (1,232) |
Commercial mortgage backed securities |  | 19 |  |  | 498 |  |  | (2) |  |  | 272 |  |  | 4,120 |  |  | (302) |  |  | 291 |  |  | 4,618 |  |  | (304) |
Asset backed securities |  | 24 |  |  | 563 |  |  | (1) |  |  | 82 |  |  | 909 |  |  | (46) |  |  | 106 |  |  | 1,472 |  |  | (47) |
State and municipal obligations |  | 12 |  |  | 31 |  |  | (1) |  |  | 46 |  |  | 130 |  |  | (18) |  |  | 58 |  |  | 161 |  |  | (19) |
U.S. government and agency obligations |  | 20 |  |  | 1,783 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 21 |  |  | 1,783 |  |  | — |
Foreign government bonds and obligations |  | 1 |  |  | 5 |  |  | — |  |  | 3 |  |  | 12 |  |  | (1) |  |  | 4 |  |  | 17 |  |  | (1) |
Total |  | 412 |  |  | $ | 10,287 |  |  | $ | (87) |  |  | 1,525 |  |  | $ | 22,135 |  |  | $ | (2,179) |  |  | 1,937 |  |  | $ | 32,422 |  |  | $ | (2,266) |
Description of Securities | December 31, 2023
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 |  | 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) |
Rollforward of allowance for credit losses on Available-for-Sale securities | The following table presents rollforwards of the allowance for credit losses on Available-for-Sale securities:
| Corporate Debt Securities |  |  |  | Commercial Mortgage Backed Securities | State and Municipal Obligations |  | Total
(in millions)
Balance at April 1, 2024 | $ | 1 |  |  |  |  | $ | — |  | $ | 1 |  |  | $ | 2 |
Additions for which credit losses were not previously recorded | — |  |  |  | 4 |  | — |  |  | 4
Reductions for securities sold during the period (realized) | (1) |  |  |  |  | — |  | — |  |  | (1) |
Balance at June 30, 2024 | $ | — |  |  |  |  | $ | 4 |  | $ | 1 |  |  | $ | 5 |
Balance at April 1, 2023 | $ | 23 |  |  |  |  | $ | — |  | $ | 2 |  |  | $ | 25 |
Reductions for securities sold during the period (realized) | (13) |  |  |  |  | — |  | — |  |  | (13) |
Additional increases (decreases) on securities that had an allowance recorded in a previous period | (3) |  |  |  |  | — |  | — |  |  | (3) |
Balance at June 30, 2023 | $ | 7 |  |  |  |  | $ | — |  | $ | 2 |  |  | $ | 9 |
Balance at January 1, 2024 | $ | 1 |  |  |  |  | $ | — |  | $ | 1 |  |  | $ | 2 |
Additions for which credit losses were not previously recorded | — |  |  |  |  | 4 |  | — |  |  | 4 |
Reductions for securities sold during the period (realized) | (1) |  |  |  |  | — |  | — |  |  | (1) |
Balance at June 30, 2024 | $ | — |  |  |  |  | $ | 4 |  | $ | 1 |  |  | $ | 5 |
Balance at January 1, 2023 | $ | 20 |  |  |  |  | $ | — |  | $ | 2 |  |  | $ | 22 |
Reductions for securities sold during the period (realized) | (13) |  |  |  |  | — |  | — |  |  | (13) |
Balance at June 30, 2023 | $ | 7 |  |  |  |  | $ | — |  | $ | 2 |  |  | $ | 9 |
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 June 30, |  | Six Months Ended June 30,
2024 |  | 2023 | 2024 |  | 2023
(in millions)
Gross realized investment gains | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 10 |
Gross realized investment losses | (3) |  |  | (10) |  |  | (3) |  |  | (12) |
Credit reversals (losses) | (3) |  |  | 16 |  |  | (3) |  |  | 13 |
Other impairments | — |  |  | — |  |  | — |  |  | (2) |
Total | $ | (2) |  |  | $ | 6 |  |  | $ | (2) |  |  | $ | 9 |
Schedule of Available-for-Sale securities by contractual maturity | Available-for-Sale securities by contractual maturity as of June 30, 2024 were as follows:
| Amortized Cost |  | Fair Value
| (in millions)
Due within one year | $ | 4,332 |  | $ | 4,322
Due after one year through five years | 2,361 |  | 2,297
Due after five years through 10 years | 5,057 |  | 4,714
Due after 10 years | 5,121 |  | 5,115
| 16,871 |  | 16,448
Residential mortgage backed securities | 22,921 |  | 21,754
Commercial mortgage backed securities | 5,961 |  | 5,663
Asset backed securities | 7,845 |  | 7,830
Total | $ | 53,598 |  | $ | 51,695

X
- Definition Disclosure provides pertinent information about fixed maturity investments, including amortized cost, fair value and percentage of fair value, grouped by credit rating. + References No definition available. + Details
Name: | amp_ScheduleOfInvestmentsWithFixedMaturitiesDisclosureTableTextBlock
Namespace Prefix: | amp_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the summarized information related to net investment income, including realized and unrealized gain (loss) on investments. + References No definition available. + Details
Name: | amp_SummaryOfNetInvestmentIncomeTableTextBlock
Namespace Prefix: | amp_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-9 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
Name: | us-gaap_InvestmentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration