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, 2024December 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 loans947 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 entities53 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 CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$13,376 $219 $(663)$— $12,932 
Residential mortgage backed securities22,921 65 (1,232)— 21,754 
Commercial mortgage backed securities5,961 10 (304)(4)5,663 
Asset backed securities7,845 32 (47)— 7,830 
State and municipal obligations714 42 (19)(1)736 
U.S. government and agency obligations2,762 — — — 2,762 
Foreign government bonds and obligations19 — (1)— 18 
Total$53,598 $368 $(2,266)$(5)$51,695 
Description of SecuritiesDecember 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
(in millions)
Corporate debt securities$12,675 $409 $(507)$(1)$12,576 
Residential mortgage backed securities22,130 107 (1,171)— 21,066 
Commercial mortgage backed securities6,380 11 (341)— 6,050 
Asset backed securities8,353 25 (59)— 8,319 
State and municipal obligations719 62 (20)(1)760 
U.S. government and agency obligations2,739 1 — — 2,740 
Foreign government bonds and obligations19 — (1)— 18 
Other securities33 — — — 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, 2024December 31, 2023
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$26,120 $25,303 49 %$25,235 $24,342 47 %
AA13,231 12,611 24 14,013 13,534 26 
A3,302 3,290 6 3,073 3,139 6 
BBB10,673 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 SecuritiesJune 30, 2024
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized Losses Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
 (in millions, except number of securities)
Corporate debt securities211 $3,281 $(54)364 $5,514 $(609)575 $8,795 $(663)
Residential mortgage backed securities125 4,126 (29)757 11,450 (1,203)882 15,576 (1,232)
Commercial mortgage backed securities19 498 (2)272 4,120 (302)291 4,618 (304)
Asset backed securities24 563 (1)82 909 (46)106 1,472 (47)
State and municipal obligations12 31 (1)46 130 (18)58 161 (19)
U.S. government and agency obligations20 1,783 — 1 — — 21 1,783 — 
Foreign government bonds and obligations1 5 — 3 12 (1)4 17 (1)
Total412 $10,287 $(87)1,525 $22,135 $(2,179)1,937 $32,422 $(2,266)
Description of SecuritiesDecember 31, 2023
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
(in millions, except number of securities)
Corporate debt securities97 $1,276 $(11)376 $5,197 $(496)473 $6,473 $(507)
Residential mortgage backed securities82 3,052 (25)734 10,677 (1,146)816 13,729 (1,171)
Commercial mortgage backed securities31 747 (9)277 4,092 (332)308 4,839 (341)
Asset backed securities49 885 (2)116 2,840 (57)165 3,725 (59)
State and municipal obligations5 29 (1)49 138 (19)54 167 (20)
U.S. government and agency obligations11 955 — 1 — — 12 955 — 
Foreign government bonds and obligations— — — 3 12 (1)3 12 (1)
Total275 $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 SecuritiesCommercial Mortgage Backed SecuritiesState and Municipal ObligationsTotal
(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 CostFair Value
(in millions)
Due within one year$4,332$4,322
Due after one year through five years2,3612,297
Due after five years through 10 years5,0574,714
Due after 10 years5,1215,115
 16,87116,448
Residential mortgage backed securities22,92121,754
Commercial mortgage backed securities5,9615,663
Asset backed securities7,8457,830
Total$53,598$51,695