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Investments (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments [Abstract] |
Summary of investments | The following is a summary of Ameriprise Financial investments:
| September 30, 2024 |  | December 31, 2023
(in millions)
Available-for-Sale securities, at fair value | $ | 52,417 |  |  | $ | 51,562 |
Mortgage loans (allowance for credit losses: 2024, $14; 2023, $14) | 2,297 |  |  | 2,118 |
Policy loans | 966 |  |  | 912 |
Other investments (allowance for credit losses: 2024, $6; 2023, $6) | 1,023 |  |  | 897 |
Total | $ | 56,703 |  |  | $ | 55,489 |
Summary of Net Investment income | The following is a summary of Net investment income:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 | 2024 |  | 2023
| (in millions)
Investment income on fixed maturities | $ | 769 |  |  | $ | 693 |  |  | $ | 2,291 |  |  | $ | 1,909 |
Net realized gains (losses) | — |  |  | (37) |  |  | (3) |  |  | (27) |
Consolidated investment entities | 52 |  |  | 46 |  |  | 150 |  |  | 133 |
Other (1) | 113 |  |  | 107 |  |  | 318 |  |  | 303 |
Total | $ | 934 |  |  | $ | 809 |  |  | $ | 2,756 |  |  | $ | 2,318 |
(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:
| September 30, 2024
Description of Securities | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
|  | (in millions)
Corporate debt securities |  | $ | 14,059 |  |  | $ | 518 |  |  | $ | (396) |  |  | $ | — |  |  | $ | 14,181 |
Residential mortgage backed securities |  | 23,598 |  |  | 221 |  |  | (810) |  |  | — |  |  | 23,009 |
Commercial mortgage backed securities |  | 5,459 |  |  | 20 |  |  | (192) |  |  | (4) |  |  | 5,283 |
Asset backed securities |  | 6,548 |  |  | 42 |  |  | (32) |  |  | — |  |  | 6,558 |
State and municipal obligations |  | 646 |  |  | 56 |  |  | (14) |  |  | (1) |  |  | 687 |
U.S. government and agency obligations |  | 2,683 |  |  | 3 |  |  | — |  |  | — |  |  | 2,686 |
Foreign government bonds and obligations |  | 13 |  |  | — |  |  | — |  |  | — |  |  | 13 |
Total |  | $ | 53,006 |  |  | $ | 860 |  |  | $ | (1,444) |  |  | $ | (5) |  |  | $ | 52,417 |
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 | September 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 | $ | 25,149 |  |  | $ | 24,746 |  |  | 47 | % |  | $ | 25,235 |  |  | $ | 24,342 |  |  | 47 | %
AA | 13,043 |  |  | 12,755 |  |  | 24 |  |  | 14,013 |  |  | 13,534 |  |  | 26 |
A | 3,114 |  |  | 3,219 |  |  | 6 |  |  | 3,073 |  |  | 3,139 |  |  | 6 |
BBB | 11,423 |  |  | 11,415 |  |  | 22 |  |  | 10,396 |  |  | 10,216 |  |  | 20 |
Below investment grade (1) | 277 |  |  | 282 |  |  | 1 |  |  | 331 |  |  | 331 |  |  | 1 |
Total fixed maturities | $ | 53,006 |  |  | $ | 52,417 |  |  | 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 September 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 |  | September 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 |  | 67 |  |  | $ | 678 |  |  | $ | (9) |  |  | 314 |  |  | $ | 4,666 |  |  | $ | (387) |  |  | 381 |  |  | $ | 5,344 |  |  | $ | (396) |
Residential mortgage backed securities |  | 19 |  |  | 597 |  |  | (3) |  |  | 676 |  |  | 9,955 |  |  | (807) |  |  | 695 |  |  | 10,552 |  |  | (810) |
Commercial mortgage backed securities |  | 8 |  |  | 196 |  |  | (1) |  |  | 243 |  |  | 3,507 |  |  | (191) |  |  | 251 |  |  | 3,703 |  |  | (192) |
Asset backed securities |  | 5 |  |  | 56 |  |  | — |  |  | 41 |  |  | 415 |  |  | (32) |  |  | 46 |  |  | 471 |  |  | (32) |
State and municipal obligations |  | 5 |  |  | 6 |  |  | (1) |  |  | 46 |  |  | 137 |  |  | (13) |  |  | 51 |  |  | 143 |  |  | (14) |
U.S. government and agency obligations |  | 1 |  |  | 58 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 58 |  |  | — |
Foreign government bonds and obligations |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 13 |  |  | — |  |  | 3 |  |  | 13 |  |  | — |
Total |  | 105 |  |  | $ | 1,591 |  |  | $ | (14) |  |  | 1,323 |  |  | $ | 18,693 |  |  | $ | (1,430) |  |  | 1,428 |  |  | $ | 20,284 |  |  | $ | (1,444) |
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 July 1, 2024 | $ | — |  |  |  |  | $ | 4 |  | $ | 1 |  |  | $ | 5 |
Balance at September 30, 2024 | $ | — |  |  |  |  | $ | 4 |  | $ | 1 |  |  | $ | 5 |
Balance at July 1, 2023 | $ | 7 |  |  |  |  | $ | — |  | $ | 2 |  |  | $ | 9 |
Reductions for securities sold during the period (realized) | (7) |  |  |  |  | — |  | (1) |  |  | (8) |
Balance at September 30, 2023 | $ | — |  |  |  |  | $ | — |  | $ | 1 |  |  | $ | 1 |
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 September 30, 2024 | $ | — |  |  |  |  | $ | 4 |  | $ | 1 |  |  | $ | 5 |
Balance at January 1, 2023 | $ | 20 |  |  |  |  | $ | — |  | $ | 2 |  |  | $ | 22 |
Reductions for securities sold during the period (realized) | (20) |  |  |  |  | — |  | (1) |  |  | (21) |
Balance at September 30, 2023 | $ | — |  |  |  |  | $ | — |  | $ | 1 |  |  | $ | 1 |
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 September 30, |  | Nine Months Ended September 30,
2024 |  | 2023 | 2024 |  | 2023
(in millions)
Gross realized investment gains | $ | 31 |  |  | $ | — |  |  | $ | 35 |  |  | $ | 10 |
Gross realized investment losses | (33) |  |  | (46) |  |  | (36) |  |  | (58) |
Credit reversals (losses) | — |  |  | 8 |  |  | (3) |  |  | 21 |
Other impairments | — |  |  | — |  |  | — |  |  | (2) |
Total | $ | (2) |  |  | $ | (38) |  |  | $ | (4) |  |  | $ | (29) |
Schedule of Available-for-Sale securities by contractual maturity | Available-for-Sale securities by contractual maturity as of September 30, 2024 were as follows:
| Amortized Cost |  | Fair Value
| (in millions)
Due within one year | $ | 4,125 |  | $ | 4,127
Due after one year through five years | 2,277 |  | 2,265
Due after five years through 10 years | 5,200 |  | 5,099
Due after 10 years | 5,799 |  | 6,076
| 17,401 |  | 17,567
Residential mortgage backed securities | 23,598 |  | 23,009
Commercial mortgage backed securities | 5,459 |  | 5,283
Asset backed securities | 6,548 |  | 6,558
Total | $ | 53,006 |  | $ | 52,417

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