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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
September 30, 2024December 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 loans966 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 entities52 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 CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$14,059 $518 $(396)$— $14,181 
Residential mortgage backed securities23,598 221 (810)— 23,009 
Commercial mortgage backed securities5,459 20 (192)(4)5,283 
Asset backed securities6,548 42 (32)— 6,558 
State and municipal obligations646 56 (14)(1)687 
U.S. government and agency obligations2,683 3 — — 2,686 
Foreign government bonds and obligations13 — — — 13 
Total$53,006 $860 $(1,444)$(5)$52,417 
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
September 30, 2024December 31, 2023
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$25,149 $24,746 47 %$25,235 $24,342 47 %
AA13,043 12,755 24 14,013 13,534 26 
A3,114 3,219 6 3,073 3,139 6 
BBB11,423 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 SecuritiesSeptember 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 securities67 $678 $(9)314 $4,666 $(387)381 $5,344 $(396)
Residential mortgage backed securities19 597 (3)676 9,955 (807)695 10,552 (810)
Commercial mortgage backed securities8 196 (1)243 3,507 (191)251 3,703 (192)
Asset backed securities5 56 — 41 415 (32)46 471 (32)
State and municipal obligations5 6 (1)46 137 (13)51 143 (14)
U.S. government and agency obligations1 58 — — — — 1 58 — 
Foreign government bonds and obligations— — — 3 13 — 3 13 — 
Total105 $1,591 $(14)1,323 $18,693 $(1,430)1,428 $20,284 $(1,444)
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 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 CostFair Value
(in millions)
Due within one year$4,125$4,127
Due after one year through five years2,2772,265
Due after five years through 10 years5,2005,099
Due after 10 years5,7996,076
 17,40117,567
Residential mortgage backed securities23,59823,009
Commercial mortgage backed securities5,4595,283
Asset backed securities6,5486,558
Total$53,006$52,417