x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Minnesota | 41-0823832 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1099 Ameriprise Financial Center, Minneapolis, Minnesota | 55474 | |
(Address of principal executive offices) | (Zip Code) | |
Large Accelerated Filer o | Accelerated Filer o | |
Non-Accelerated Filer x (Do not check if a smaller reporting company) | Smaller reporting company o | |
Class | Outstanding at February 25, 2016 | |
Common Stock (par value $30 per share) | 100,000 shares | |
PART I | ||
ITEM 1. BUSINESS | ||
ITEM 1A. RISK FACTORS | ||
ITEM 1B. UNRESOLVED STAFF COMMENTS | ||
ITEM 2. PROPERTIES | ||
ITEM 3. LEGAL PROCEEDINGS | ||
ITEM 4. MINE SAFETY DISCLOSURES | ||
PART II | ||
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | ||
ITEM 6. SELECTED FINANCIAL DATA | ||
ITEM 7. MANAGEMENT’S NARRATIVE ANALYSIS | ||
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | ||
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | ||
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | ||
ITEM 9A. CONTROLS AND PROCEDURES | ||
ITEM 9B. OTHER INFORMATION | ||
PART III | ||
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | ||
ITEM 11. EXECUTIVE COMPENSATION | ||
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | ||
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | ||
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES | ||
PART IV | ||
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | ||
SIGNATURES | ||
EXHIBIT INDEX | ||
• | RiverSource Life Insurance Company is domiciled in Minnesota and holds Certificates of Authority in American Samoa, the District of Columbia and all states except New York. RiverSource Life Insurance Company issues insurance and annuity products. |
• | RiverSource Life of NY is domiciled and holds a Certificate of Authority in New York. RiverSource Life of NY issues insurance and annuity products. |
• | A return of purchase payment death benefit for contractholders age 80 or older at contract issue. This rider, in effect, adds the return of purchase payments less adjusted partial surrenders to the standard death benefit. |
• | A maximum anniversary value death benefit or a five-year maximum anniversary value death benefit. These death benefit riders guarantee to pay the beneficiary the maximum account value on any contract anniversary or any fifth contract anniversary, plus subsequent purchase payments less adjusted partial surrenders. |
• | An enhanced legacy benefit. This rider, in effect, adds a 5% accumulation death benefit to the maximum anniversary value death benefit. |
• | Benefit protector. This rider is intended to provide an additional benefit to help offset expenses after the contractholder’s death. |
• | financial strength ratings from agencies such as A.M. Best; |
• | the breadth, quality, design and pricing of products and services offered; |
• | guaranteed benefit features and hedging capability; |
• | the quality of underwriting; |
• | the effectiveness of advertising and promotion campaigns; |
• | reputation and recognition in the marketplace; |
• | distribution capabilities and compensation; and |
• | the quality of customer service. |
• | reducing new sales of insurance and annuity products; |
• | adversely affecting RiverSource Life’s relationships with distributors of its products; |
• | materially increasing the number or amount of policy surrenders and withdrawals by contractholders and policyholders; |
• | requiring RiverSource Life to reduce prices for many of its products to remain competitive; and |
• | adversely affecting RiverSource Life’s ability to obtain reinsurance or obtain reasonable pricing on reinsurance. |
• | binding RiverSource Life to transactions that exceed authorized limits; |
• | hiding unauthorized or unsuccessful activities resulting in unknown and unmanaged risks or losses; |
• | improperly using, disclosing, or otherwise compromising confidential information; |
• | recommending transactions that are not suitable; |
• | engaging in fraudulent or otherwise improper activity, including the misappropriation of funds; |
• | engaging in unauthorized or excessive trading to the detriment of customers; or |
• | otherwise not complying with laws, regulations or RiverSource Life’s control procedures. |
Estimated Impact to Pretax Income(1) | ||||
(in millions) | ||||
Decrease in future near- and long-term fixed income returns by 100 basis points | $ | (62 | ) | |
Decrease in future near-term equity fund growth returns by 100 basis points | $ | (41 | ) | |
Decrease in future long-term equity fund growth returns by 100 basis points | (32 | ) | ||
Decrease in future near- and long-term equity fund growth returns by 100 basis points | $ | (73 | ) | |
Years Ended December 31, | |||||||||||||||
2015 | 2014 | Change | |||||||||||||
(in millions) | |||||||||||||||
Revenues | |||||||||||||||
Premiums | $ | 406 | $ | 423 | $ | (17 | ) | (4 | )% | ||||||
Net investment income | 1,218 | 1,294 | (76 | ) | (6 | ) | |||||||||
Policy and contract charges | 1,880 | 1,821 | 59 | 3 | |||||||||||
Other revenues | 422 | 390 | 32 | 8 | |||||||||||
Net realized investment gains | 4 | 38 | (34 | ) | (89 | ) | |||||||||
Total revenues | 3,930 | 3,966 | (36 | ) | (1 | ) | |||||||||
Benefits and expenses | |||||||||||||||
Benefits, claims, losses and settlement expenses | 1,213 | 1,046 | 167 | 16 | |||||||||||
Interest credited to fixed accounts | 668 | 713 | (45 | ) | (6 | ) | |||||||||
Amortization of deferred acquisition costs | 273 | 293 | (20 | ) | (7 | ) | |||||||||
Other insurance and operating expenses | 736 | 740 | (4 | ) | (1 | ) | |||||||||
Total benefits and expenses | 2,890 | 2,792 | 98 | 4 | |||||||||||
Pretax income | 1,040 | 1,174 | (134 | ) | (11 | ) | |||||||||
Income tax provision | 145 | 209 | (64 | ) | (31 | ) | |||||||||
Net income | $ | 895 | $ | 965 | $ | (70 | ) | (7 | )% | ||||||
Pretax Increase (Decrease) | 2015 | 2014 | ||||||
(in millions) | ||||||||
Premiums | $ | (3 | ) | $ | — | |||
Policy and contract charges | 8 | (29 | ) | |||||
Total Revenues | 5 | (29 | ) | |||||
Benefits, claims, losses and settlement expenses | (58 | ) | 6 | |||||
Amortization of deferred acquisition costs | 15 | 8 | ||||||
Total benefits and expenses | (43 | ) | 14 | |||||
Total(1) | $ | 48 | $ | (43 | ) | |||
• | The year ended December 31, 2015 included a $58 million benefit from unlocking compared to a $6 million expense in the prior year. The unlocking impact for the year ended December 31, 2015 primarily reflected an update to market-related inputs related to the living benefit valuation and a benefit from model changes that more than offset the difference between the Company's previously assumed interest rates versus the continued low interest rate environment. The unlocking impact for the prior year reflected lower than previously assumed interest rates partially offset by a benefit from updating the Company's variable annuity living benefit withdrawal utilization assumption. |
• | A $17 million increase in expenses related to higher reserve funding driven by the impact of higher fees from variable annuity guarantee sales in the prior year where the fees start on the first anniversary date. |
• | An increase in expenses compared to the prior year due to a $50 million benefit for the year ended December 31, 2014 from policyholder movement of investments in Portfolio Navigator funds under certain in force variable annuities with living benefit guarantees to the Portfolio Stabilizer funds, compared to a $7 million benefit for the year ended December 31, 2015. |
• | A $20 million increase in life insurance claims compared to the prior year primarily due to larger claims. |
• | A $19 million increase in LTC claims compared to the prior year primarily due to an increase in the number of open claims and an update in claim reserve assumptions partially offset by a higher interest rate used for LTC claims and the release of additional LTC reserves. |
• | A $9 million increase in expense compared to the prior year due to the impact on DSIC from actual versus expected market performance based on the Company's view of bond and equity performance. This impact was an expense of $4 million for the year ended December 31, 2015 reflecting unfavorable equity market returns compared to a benefit of $5 million for the prior year reflecting favorable equity market and bond fund returns. |
• | A $28 million favorable impact in 2015 from updating future experience assumptions relating to life rider benefits. |
• | A $78 million increase in expense compared to the prior year from the unhedged nonperformance credit spread risk adjustment on variable annuity guaranteed benefits. As the embedded derivative liability on which the nonperformance credit spread is applied increases (decreases), the impact of the nonperformance credit spread is favorable (unfavorable) to expense. The favorable impact of the nonperformance credit spread was $68 million for the year ended December 31, 2015 compared to a favorable impact of $146 million for the prior year. |
• | A $58 million increase in expense from other market impacts on variable annuity guaranteed benefits, net of hedges in place to offset those risks and the related DSIC amortization. This increase was the result of a favorable $785 million change in the market impact on variable annuity guaranteed living benefits reserves, an unfavorable $841 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits and an unfavorable $2 million DSIC offset. The main market drivers contributing to these changes are summarized below: |
• | Interest rate impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in lower expense in 2015 compared to 2014. |
• | Equity market and volatility impacts on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in an expense in 2015 compared to a benefit in 2014. |
• | Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and various behavioral items, were a net unfavorable impact compared to the prior year. |
• | The DAC offset to the market impact on variable annuity guaranteed benefits was a benefit of $25 million for the year ended December 31, 2015 compared to a benefit of $8 million for the prior year. |
• | A $7 million expense related to an actuarial model correction in life insurance in 2014 primarily related to prior periods. |
• | A favorable impact compared to the prior year from higher than expected persistency on variable annuity business and lower expected amortization on fixed annuities due to the decline in the size of the block. |
• | The impact on DAC from actual versus expected market performance based on the Company's view of bond and equity performance was an expense of $15 million for the year ended December 31, 2015 reflecting unfavorable equity market returns compared to a benefit of $21 million for the prior year reflecting favorable equity market and bond fund returns. |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(in millions) | |||||||||||
Cash dividends paid to Ameriprise Financial | $ | 800 | $ | 900 | $ | 800 | |||||
Cash dividends received from RiverSource Life of NY | 25 | 24 | 25 | ||||||||
Cash dividend received from RTA | — | 30 | — | ||||||||
Actual Capital(a) | Regulatory Capital Requirement(b) | |||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | |||||||||||||
(in millions) | ||||||||||||||||
RiverSource Life Insurance Company | $ | 3,800 | $ | 3,614 | $ | 589 | $ | 595 | ||||||||
RiverSource Life of NY | 333 | 312 | 44 | 59 | ||||||||||||
Total | 2016 | 2017-2018 | 2019-2020 | 2021 and Thereafter | |||||||||||||||
(in millions) | |||||||||||||||||||
Insurance and annuities(1) | $ | 42,103 | $ | 2,602 | $ | 4,631 | $ | 4,133 | $ | 30,737 | |||||||||
Deferred premium options(2) | 1,733 | 312 | 455 | 423 | 543 | ||||||||||||||
Affordable housing partnerships(3) | 117 | 67 | 43 | 2 | 5 | ||||||||||||||
Total | $ | 43,953 | $ | 2,981 | $ | 5,129 | $ | 4,558 | $ | 31,285 | |||||||||
Equity Price Exposure to Pretax Income | ||||||||||||
Equity Price Decline 10% | Before Hedge Impact | Hedge Impact | Net Impact | |||||||||
(in millions) | ||||||||||||
Asset-based fees and expenses | $ | (78 | ) | $ | — | $ | (78 | ) | ||||
DAC and DSIC amortization(1) (2) | (108 | ) | — | (108 | ) | |||||||
Variable annuity riders: | ||||||||||||
GMDB and GMIB(2) | (155 | ) | — | (155 | ) | |||||||
GMWB | (406 | ) | 467 | 61 | ||||||||
GMAB | (45 | ) | 51 | 6 | ||||||||
DAC and DSIC amortization(3) | N/A | N/A | (12 | ) | ||||||||
Total variable annuity riders | (606 | ) | 518 | (100 | ) | |||||||
Macro hedge program(4) | — | — | — | |||||||||
Equity indexed annuities | 1 | (1 | ) | — | ||||||||
Indexed universal life insurance | 19 | (18 | ) | 1 | ||||||||
Total | $ | (772 | ) | $ | 499 | $ | (285 | ) | ||||
Interest Rate Exposure to Pretax Income | ||||||||||||
Interest Rate Increase 100 Basis Points | Before Hedge Impact | Hedge Impact | Net Impact | |||||||||
(in millions) | ||||||||||||
Asset-based fees and expenses | $ | (27 | ) | $ | — | $ | (27 | ) | ||||
Variable annuity riders: | ||||||||||||
GMDB and GMIB | — | — | — | |||||||||
GMWB | 953 | (1,032 | ) | (79 | ) | |||||||
GMAB | 36 | (38 | ) | (2 | ) | |||||||
DAC and DSIC amortization(3) | N/A | N/A | 15 | |||||||||
Total variable annuity riders | 989 | (1,070 | ) | (66 | ) | |||||||
Macro hedge program(4) | — | 10 | 10 | |||||||||
Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products | 67 | — | 67 | |||||||||
Indexed universal life insurance | 48 | 1 | 49 | |||||||||
Total | $ | 1,077 | $ | (1,059 | ) | $ | 33 | |||||
N/A | Not Applicable. |
Account Values with Crediting Rates | |||||||||||||||||||
At Guaranteed Minimum | 1-49 bps above Guaranteed Minimum | 50-99 bps above Guaranteed Minimum | 100-150 bps above Guaranteed Minimum | Total | |||||||||||||||
Range of Guaranteed Minimum Crediting Rates | (in billions, except percentages) | ||||||||||||||||||
1% - 1.99% | $ | 2.5 | $ | 0.2 | $ | 0.4 | $ | 0.1 | $ | 3.2 | |||||||||
2% - 2.99% | 0.5 | — | — | — | 0.5 | ||||||||||||||
3% - 3.99% | 9.0 | — | — | — | 9.0 | ||||||||||||||
4% - 5.00% | 5.5 | — | — | — | 5.5 | ||||||||||||||
Total | $ | 17.5 | $ | 0.2 | $ | 0.4 | $ | 0.1 | $ | 18.2 | |||||||||
Percentage of Account Values That Reset In: | |||||||||||||||||||
Next 12 months (1) | 100 | % | 45 | % | 37 | % | 48 | % | 97 | % | |||||||||
> 12 months to 24 months (2) | — | 33 | 11 | 5 | 1 | ||||||||||||||
> 24 months (2) | — | 22 | 52 | 47 | 2 | ||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
% of Total Invested Assets (1) | Amortized Cost | Fair Value | Unrealized Gain (Loss) | ||||||||||||
(in millions, except percentages) | |||||||||||||||
Energy Sector — Investment Grade Corporate Bonds | |||||||||||||||
Midstream | 3.9 | % | $ | 1,071 | $ | 1,067 | $ | (4 | ) | ||||||
Independent Energy | 3.8 | 1,081 | 1,041 | (40 | ) | ||||||||||
Integrated Energy | 1.3 | 321 | 367 | 46 | |||||||||||
Refining | 0.6 | 156 | 157 | 1 | |||||||||||
Oil Field Services | 0.4 | 114 | 97 | (17 | ) | ||||||||||
Total | 10.0 | % | $ | 2,743 | $ | 2,729 | $ | (14 | ) | ||||||
Energy Sector — High Yield Corporate Bonds/Syndicated Loans | |||||||||||||||
Oil Field Services | 0.4 | % | $ | 125 | $ | 103 | $ | (22 | ) | ||||||
Independent Energy | 0.1 | 55 | 44 | (11 | ) | ||||||||||
Integrated Energy | — | 1 | 1 | — | |||||||||||
Total | 0.5 | % | $ | 181 | $ | 148 | $ | (33 | ) | ||||||
• | statements of the Company’s plans, intentions, expectations, objectives, or goals, including those related to the introduction, cessation, terms or pricing of new or existing products and services and the consolidated tax rate; |
• | other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets; and |
• | statements of assumptions underlying such statements. |
• | conditions in the interest rate, credit default, equity market and foreign exchange environments, including changes in valuations, liquidity and volatility; |
• | changes in and the adoption of relevant accounting standards and securities rating agency standards and processes, as well as changes in the litigation and regulatory environment, including ongoing legal proceedings and regulatory actions, the frequency and extent of legal claims threatened or initiated by clients, other persons and regulators, and developments in regulation and legislation, including the rules and regulations implemented or to be implemented in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or in light of the U.S. Department of Labor pending rule and exemptions pertaining to the fiduciary status of investment advice providers to 401(k) plans, plan sponsors, plan participants and the holders of individual retirement or health savings accounts; |
• | the Company’s investment management performance and consumer acceptance of the Company’s products; |
• | effects of competition in the financial services industry, including pricing pressure, the introduction of new products and services and changes in product distribution mix and distribution channels; |
• | changes to the Company’s reputation that may arise from employee or AFSI advisor misconduct, legal or regulatory actions, improper management of conflicts of interest or otherwise; |
• | the Company’s capital structure as a subsidiary of Ameriprise Financial, including the ability of its parent to support its financial strength and ratings, as well as the opinions of rating agencies and other analysts or the Company’s regulators, distributors or policyholders and contractholders in response to any change or prospect of change in any such opinion; |
• | risks of default, capacity constraint or repricing by issuers or guarantors of investments the Company owns or by counterparties to hedge derivative, insurance or reinsurance arrangements, experience deviations from the Company’s assumptions regarding such risks, the evaluations or the prospect of changes in evaluations of any such third parties published by rating agencies or other analysts and the reactions of other market participants or the Company’s regulators, distribution partners or customers in response to any such evaluation or prospect of changes in evaluation; |
• | experience deviations from the Company’s assumptions regarding morbidity, mortality and persistency in certain annuity and insurance products, or from assumptions regarding market returns assumed in valuing or unlocking DAC and DSIC or market volatility underlying the Company’s valuation and hedging of guaranteed benefit annuity riders, or from assumptions regarding interest rates assumed in the Company's loss recognition testing of its long term care business; |
• | successfully cross-selling insurance and annuity products and services to Ameriprise Financial’s customer base; |
• | the Company’s ability to effectively hedge risks relating to guaranteed benefit riders and certain other products; |
• | the impact of intercompany allocations to the Company from Ameriprise Financial and its affiliates; |
• | Ameriprise Financial’s ability to attract, recruit and retain qualified advisors and employees and its ability to distribute the Company’s products through current and future distribution channels; |
• | changes in capital requirements that may be indicated, required or advised by regulators or rating agencies; |
• | the impacts of Ameriprise Financial’s efforts to improve distribution economics and realize benefits from reengineering and tax planning; |
• | interruptions or other failures in the Company’s communications, technology and other operating systems, including errors or failures caused by third party service providers, interference or failures caused by third party attacks on the Company’s systems, or the failure to safeguard the privacy or confidentiality of sensitive information and data on such systems; and |
• | general economic and political factors, including consumer confidence in the economy, the ability and inclination of consumers generally to invest, as well as their ability and inclination to invest in financial instruments and products other than cash and cash equivalents, the costs of products and services the Company consumes in the conduct of its business, and applicable legislation and regulation and changes therein, including tax laws, tax treaties, fiscal and central government treasury policy, and policies regarding the financial services industry and regulatory rulings and pronouncements. |
Consolidated Financial Statements: | |||
Report of Independent Registered Public Accounting Firm | |||
CONSOLIDATED BALANCE SHEETS — December 31, 2015 and 2014 | |||
CONSOLIDATED STATEMENTS OF INCOME — Years ended December 31, 2015, 2014 and 2013 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME — Years ended December 31, 2015, 2014 and 2013 | |||
CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY — Years ended December 31, 2015, 2014 and 2013 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS — Years ended December 31, 2015, 2014 and 2013 | |||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |||
1. | Nature of Business and Basis of Presentation | ||
2. | Summary of Significant Accounting Policies | ||
3. | Recent Accounting Pronouncements | ||
4. | Variable Interest Entities | ||
5. | Investments | ||
6. | Financing Receivables | ||
7. | Deferred Acquisition Costs and Deferred Sales Inducement Costs | ||
8. | Reinsurance | ||
9. | Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities | ||
10. | Variable Annuity and Insurance Guarantees | ||
11. | Lines of Credit | ||
12. | Short-term Borrowings | ||
13. | Fair Values of Assets and Liabilities | ||
14. | Related Party Transactions | ||
15. | Regulatory Requirements | ||
16. | Offsetting Assets and Liabilities | ||
17. | Derivatives and Hedging Activities | ||
18. | Shareholder’s Equity | ||
19. | Income Taxes | ||
20. | Commitments, Guarantees and Contingencies | ||
December 31, | |||||||
2015 | 2014 | ||||||
(in millions, except share amounts) | |||||||
Assets | |||||||
Investments: | |||||||
Available-for-Sale: | |||||||
Fixed maturities, at fair value (amortized cost: 2015, $20,886; 2014, $21,354) | $ | 21,772 | $ | 23,243 | |||
Common stocks, at fair value (cost: 2015 and 2014, $2) | 7 | 7 | |||||
Mortgage loans, at amortized cost (less allowance for loan losses: 2015, $19; 2014, $23) | 3,211 | 3,298 | |||||
Policy loans | 823 | 805 | |||||
Other investments | 998 | 987 | |||||
Total investments | 26,811 | 28,340 | |||||
Cash and cash equivalents | 370 | 307 | |||||
Reinsurance recoverables | 2,415 | 2,268 | |||||
Other receivables | 255 | 206 | |||||
Accrued investment income | 244 | 255 | |||||
Deferred acquisition costs | 2,688 | 2,576 | |||||
Other assets | 4,569 | 5,006 | |||||
Separate account assets | 76,004 | 79,178 | |||||
Total assets | $ | 113,356 | $ | 118,136 | |||
Liabilities and Shareholder’s Equity | |||||||
Liabilities: | |||||||
Policyholder account balances, future policy benefits and claims | $ | 29,029 | $ | 29,805 | |||
Short-term borrowings | 200 | 200 | |||||
Other liabilities | 4,058 | 4,650 | |||||
Separate account liabilities | 76,004 | 79,178 | |||||
Total liabilities | 109,291 | 113,833 | |||||
Shareholder’s equity: | |||||||
Common stock, $30 par value; 100,000 shares authorized, issued and outstanding | 3 | 3 | |||||
Additional paid-in capital | 2,465 | 2,464 | |||||
Retained earnings | 1,202 | 1,107 | |||||
Accumulated other comprehensive income, net of tax | 395 | 729 | |||||
Total shareholder’s equity | 4,065 | 4,303 | |||||
Total liabilities and shareholder’s equity | $ | 113,356 | $ | 118,136 | |||
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(in millions) | |||||||||||
Revenues | |||||||||||
Premiums | $ | 406 | $ | 423 | $ | 430 | |||||
Net investment income | 1,218 | 1,294 | 1,411 | ||||||||
Policy and contract charges | 1,880 | 1,821 | 1,725 | ||||||||
Other revenues | 422 | 390 | 359 | ||||||||
Net realized investment gains | 4 | 38 | 3 | ||||||||
Total revenues | 3,930 | 3,966 | 3,928 | ||||||||
Benefits and expenses | |||||||||||
Benefits, claims, losses and settlement expenses | 1,213 | 1,046 | 1,172 | ||||||||
Interest credited to fixed accounts | 668 | 713 | 806 | ||||||||
Amortization of deferred acquisition costs | 273 | 293 | 141 | ||||||||
Other insurance and operating expenses | 736 | 740 | 746 | ||||||||
Total benefits and expenses | 2,890 | 2,792 | 2,865 | ||||||||
Pretax income | 1,040 | 1,174 | 1,063 | ||||||||
Income tax provision | 145 | 209 | 221 | ||||||||
Net income | $ | 895 | $ | 965 | $ | 842 | |||||
Supplemental Disclosures: | |||||||||||
Total other-than-temporary impairment losses on securities | $ | (8 | ) | $ | (6 | ) | $ | (11 | ) | ||
Portion of loss recognized in other comprehensive income (before taxes) | 1 | 1 | 5 | ||||||||
Net impairment losses recognized in net realized investment gains | $ | (7 | ) | $ | (5 | ) | $ | (6 | ) | ||
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(in millions) | |||||||||||
Net income | $ | 895 | $ | 965 | $ | 842 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Net unrealized gains (losses) on securities | (338 | ) | 74 | (588 | ) | ||||||
Net unrealized gains on derivatives | 4 | 5 | 4 | ||||||||
Total other comprehensive income (loss), net of tax | (334 | ) | 79 | (584 | ) | ||||||
Total comprehensive income | $ | 561 | $ | 1,044 | $ | 258 | |||||
Common Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Balances at January 1, 2013 | $ | 3 | $ | 2,462 | $ | 1,000 | $ | 1,234 | $ | 4,699 | |||||||||
Comprehensive income: | |||||||||||||||||||
Net income | — | — | 842 | — | 842 | ||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (584 | ) | (584 | ) | ||||||||||||
Total comprehensive income | 258 | ||||||||||||||||||
Tax adjustment on share-based incentive compensation plan | — | 1 | — | — | 1 | ||||||||||||||
Cash dividends to Ameriprise Financial, Inc. | — | — | (800 | ) | — | (800 | ) | ||||||||||||
Balances at December 31, 2013 | 3 | 2,463 | 1,042 | 650 | 4,158 | ||||||||||||||
Comprehensive income: | |||||||||||||||||||
Net income | — | — | 965 | — | 965 | ||||||||||||||
Other comprehensive income, net of tax | — | — | — | 79 | 79 | ||||||||||||||
Total comprehensive income | 1,044 | ||||||||||||||||||
Tax adjustment on share-based incentive compensation plan | — | 1 | — | — | 1 | ||||||||||||||
Cash dividends to Ameriprise Financial, Inc. | — | — | (900 | ) | — | (900 | ) | ||||||||||||
Balances at December 31, 2014 | 3 | 2,464 | 1,107 | 729 | 4,303 | ||||||||||||||
Comprehensive income: | |||||||||||||||||||
Net income | — | — | 895 | — | 895 | ||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (334 | ) | (334 | ) | ||||||||||||
Total comprehensive income | 561 | ||||||||||||||||||
Tax adjustment on share-based incentive compensation plan | — | 1 | — | — | 1 | ||||||||||||||
Cash dividends to Ameriprise Financial, Inc. | — | — | (800 | ) | — | (800 | ) | ||||||||||||
Balances at December 31, 2015 | $ | 3 | $ | 2,465 | $ | 1,202 | $ | 395 | $ | 4,065 | |||||||||
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(in millions) | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 895 | $ | 965 | $ | 842 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion, net | 18 | 8 | (20 | ) | |||||||
Deferred income tax expense (benefit) | (91 | ) | 209 | (76 | ) | ||||||
Contractholder and policyholder charges, non-cash | (334 | ) | (329 | ) | (322 | ) | |||||
Loss from equity method investments | 18 | 24 | 12 | ||||||||
Net realized investment gains | (13 | ) | (45 | ) | (9 | ) | |||||
Other-than-temporary impairments and provision for loan losses recognized in net realized investment gains | 9 | 7 | 6 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Deferred acquisition costs | (2 | ) | 33 | (128 | ) | ||||||
Policyholder account balances, future policy benefits and claims | 703 | 1,375 | (1,053 | ) | |||||||
Derivatives, net of collateral | 69 | (894 | ) | 1,733 | |||||||
Reinsurance recoverables | (132 | ) | (107 | ) | (121 | ) | |||||
Other receivables | (9 | ) | (4 | ) | 4 | ||||||
Accrued investment income | 11 | 20 | 16 | ||||||||
Other, net | 407 | (357 | ) | 132 | |||||||
Net cash provided by operating activities | 1,549 | 905 | 1,016 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Available-for-Sale securities: | |||||||||||
Proceeds from sales | 158 | 309 | 171 | ||||||||
Maturities, sinking fund payments and calls | 2,589 | 2,848 | 3,682 | ||||||||
Purchases | (2,279 | ) | (1,589 | ) | (3,672 | ) | |||||
Proceeds from maturities and repayments of mortgage loans | 618 | 562 | 696 | ||||||||
Funding of mortgage loans | (523 | ) | (523 | ) | (619 | ) | |||||
Proceeds from sales and collections of other investments | 115 | 140 | 119 | ||||||||
Purchase of other investments | (158 | ) | (304 | ) | (235 | ) | |||||
Purchase of land, buildings, equipment and software | (11 | ) | (8 | ) | (8 | ) | |||||
Change in policy loans, net | (18 | ) | (32 | ) | (21 | ) | |||||
Advance on line of credit to Ameriprise Financial, Inc. | — | (15 | ) | — | |||||||
Repayment from Ameriprise Financial, Inc. on line of credit | — | 15 | — | ||||||||
Other, net | 4 | 5 | 49 | ||||||||
Net cash provided by investing activities | $ | 495 | $ | 1,408 | $ | 162 | |||||
See Notes to Consolidated Financial Statements. | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | |||||||||||
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(in millions) | |||||||||||
Cash Flows from Financing Activities | |||||||||||
Policyholder account balances: | |||||||||||
Deposits and other additions | $ | 2,061 | $ | 2,042 | $ | 2,158 | |||||
Net transfers to separate accounts | (171 | ) | (216 | ) | (116 | ) | |||||
Surrenders and other benefits | (2,714 | ) | (2,440 | ) | (1,994 | ) | |||||
Change in short-term borrowings, net | (1 | ) | (301 | ) | (2 | ) | |||||
Proceeds from line of credit with Ameriprise Financial, Inc. | 6 | 56 | 94 | ||||||||
Payments on line of credit with Ameriprise Financial, Inc. | (6 | ) | (206 | ) | (94 | ) | |||||
Tax adjustment on share-based incentive compensation plan | 1 | 1 | 1 | ||||||||
Cash received for purchased options with deferred premiums | 16 | 13 | — | ||||||||
Cash paid for purchased options with deferred premiums | (373 | ) | (399 | ) | (417 | ) | |||||
Cash dividends to Ameriprise Financial, Inc. | (800 | ) | (900 | ) | (800 | ) | |||||
Net cash used in financing activities | (1,981 | ) | (2,350 | ) | (1,170 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 63 | (37 | ) | 8 | |||||||
Cash and cash equivalents at beginning of period | 307 | 344 | 336 | ||||||||
Cash and cash equivalents at end of period | $ | 370 | $ | 307 | $ | 344 | |||||
Supplemental Disclosures: | |||||||||||
Income taxes paid (received), net | $ | (57 | ) | $ | 471 | $ | 94 | ||||
Interest paid on borrowings | 1 | 1 | 4 | ||||||||
Non-cash investing activity: | |||||||||||
Affordable housing partnership commitments not yet remitted | 45 | 38 | 96 | ||||||||
See Notes to Consolidated Financial Statements. | |||||||||||
1. | Nature of Business and Basis of Presentation |
• | RiverSource Life Insurance Company is domiciled in Minnesota and holds Certificates of Authority in American Samoa, the District of Columbia and all states except New York. RiverSource Life Insurance Company issues insurance and annuity products. |
• | RiverSource Life of NY is domiciled and holds a Certificate of Authority in New York. RiverSource Life of NY issues insurance and annuity products. |
2. | Summary of Significant Accounting Policies |
• | If the VIE is a registered money market fund, or is an investment company, or has the financial characteristics of an investment company, and the following are true: |
(i) | the reporting entity does not have an explicit or implicit obligation to fund the investment company’s losses; and |
(ii) | the investment company is not a securitization entity, asset backed financing entity, or an entity previously considered a qualifying special purpose entity, |
• | If the VIE does not meet the criteria above, then the VIE will be consolidated by the reporting entity that determines it has both: |
(i) | the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and |
(ii) | the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. |
3. | Recent Accounting Pronouncements |
4. | Variable Interest Entities |
5. | Investments |
December 31, 2015 | ||||||||||||||||||||
Description of Securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Noncredit OTTI(1) | |||||||||||||||
(in millions) | ||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||
Corporate debt securities | $ | 13,764 | $ | 891 | $ | (281 | ) | $ | 14,374 | $ | 2 | |||||||||
Residential mortgage backed securities | 3,015 | 96 | (36 | ) | 3,075 | (8 | ) | |||||||||||||
Commercial mortgage backed securities | 2,081 | 68 | (13 | ) | 2,136 | — | ||||||||||||||
State and municipal obligations | 1,023 | 153 | (27 | ) | 1,149 | — | ||||||||||||||
Asset backed securities | 748 | 33 | (5 | ) | 776 | — | ||||||||||||||
Foreign government bonds and obligations | 217 | 17 | (11 | ) | 223 | — | ||||||||||||||
U.S. government and agencies obligations | 38 | 1 | — | 39 | — | |||||||||||||||
Total fixed maturities | 20,886 | 1,259 | (373 | ) | 21,772 | (6 | ) | |||||||||||||
Common stocks | 2 | 5 | — | 7 | 3 | |||||||||||||||
Total | $ | 20,888 | $ | 1,264 | $ | (373 | ) | $ | 21,779 | $ | (3 | ) | ||||||||
December 31, 2014 | ||||||||||||||||||||
Description of Securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Noncredit OTTI(1) | |||||||||||||||
(in millions) | ||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||
Corporate debt securities | $ | 13,763 | $ | 1,474 | $ | (54 | ) | $ | 15,183 | $ | 3 | |||||||||
Residential mortgage backed securities | 3,374 | 150 | (32 | ) | 3,492 | (9 | ) | |||||||||||||
Commercial mortgage backed securities | 2,116 | 115 | (3 | ) | 2,228 | — | ||||||||||||||
State and municipal obligations | 947 | 191 | (25 | ) | 1,113 | — | ||||||||||||||
Asset backed securities | 882 | 56 | (1 | ) | 937 | — | ||||||||||||||
Foreign government bonds and obligations | 236 | 21 | (6 | ) | 251 | — | ||||||||||||||
U.S. government and agencies obligations | 36 | 3 | — | 39 | — | |||||||||||||||
Total fixed maturities | 21,354 | 2,010 | (121 | ) | 23,243 | (6 | ) | |||||||||||||
Common stocks | 2 | 5 | — | 7 | 3 | |||||||||||||||
Total | $ | 21,356 | $ | 2,015 | $ | (121 | ) | $ | 23,250 | $ | (3 | ) | ||||||||
December 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Ratings | Amortized Cost | Fair Value | Percent of Total Fair Value | Amortized Cost | Fair Value | Percent of Total Fair Value | ||||||||||||||||
(in millions, except percentages) | ||||||||||||||||||||||
AAA | $ | 4,661 | $ | 4,806 | 22 | % | $ | 5,111 | $ | 5,374 | 23 | % | ||||||||||
AA | 1,010 | 1,185 | 5 | 967 | 1,158 | 5 | ||||||||||||||||
A | 3,749 | 4,101 | 19 | 4,452 | 5,062 | 22 | ||||||||||||||||
BBB | 9,964 | 10,278 | 47 | 9,328 | 10,165 | 44 | ||||||||||||||||
Below investment grade | 1,502 | 1,402 | 7 | 1,496 | 1,484 | 6 | ||||||||||||||||
Total fixed maturities | $ | 20,886 | $ | 21,772 | 100 | % | $ | 21,354 | $ | 23,243 | 100 | % | ||||||||||
December 31, 2015 | |||||||||||||||||||||||||||||||||
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 | 253 | $ | 3,703 | $ | (208 | ) | 35 | $ | 300 | $ | (73 | ) | 288 | $ | 4,003 | $ | (281 | ) | |||||||||||||||
Residential mortgage backed securities | 36 | 535 | (7 | ) | 59 | 526 | (29 | ) | 95 | 1,061 | (36 | ) | |||||||||||||||||||||
Commercial mortgage backed securities | 45 | 568 | (12 | ) | 3 | 33 | (1 | ) | 48 | 601 | (13 | ) | |||||||||||||||||||||
State and municipal obligations | 9 | 40 | (1 | ) | 2 | 101 | (26 | ) | 11 | 141 | (27 | ) | |||||||||||||||||||||
Asset backed securities | 21 | 241 | (5 | ) | — | — | — | 21 | 241 | (5 | ) | ||||||||||||||||||||||
Foreign government bonds and obligations | 9 | 39 | (2 | ) | 15 | 27 | (9 | ) | 24 | 66 | (11 | ) | |||||||||||||||||||||
Total | 373 | $ | 5,126 | $ | (235 | ) | 114 | $ | 987 | $ | (138 | ) | 487 | $ | 6,113 | $ | (373 | ) | |||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
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 | 106 | $ | 1,093 | $ | (36 | ) | 40 | $ | 689 | $ | (18 | ) | 146 | $ | 1,782 | $ | (54 | ) | |||||||||||||||
Residential mortgage backed securities | 17 | 138 | (2 | ) | 55 | 670 | (30 | ) | 72 | 808 | (32 | ) | |||||||||||||||||||||
Commercial mortgage backed securities | 9 | 80 | — | 9 | 95 | (3 | ) | 18 | 175 | (3 | ) | ||||||||||||||||||||||
State and municipal obligations | 1 | 5 | — | 2 | 102 | (25 | ) | 3 | 107 | (25 | ) | ||||||||||||||||||||||
Asset backed securities | 5 | 52 | — | 3 | 32 | (1 | ) | 8 | 84 | (1 | ) | ||||||||||||||||||||||
Foreign government bonds and obligations | 4 | 10 | (1 | ) | 14 | 27 | (5 | ) | 18 | 37 | (6 | ) | |||||||||||||||||||||
Total | 142 | $ | 1,378 | $ | (39 | ) | 123 | $ | 1,615 | $ | (82 | ) | 265 | $ | 2,993 | $ | (121 | ) | |||||||||||||||
December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||
Beginning balance | $ | 33 | $ | 54 | $ | 87 | ||||||
Credit losses for which an other-than-temporary impairment was not previously recognized | — | 1 | 2 | |||||||||
Credit losses for which an other-than-temporary impairment was previously recognized | — | — | 4 | |||||||||
Reductions for securities sold during the period (realized) | — | (22 | ) | (39 | ) | |||||||
Ending balance | $ | 33 | $ | 33 | $ | 54 | ||||||
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||
Gross realized investment gains | $ | 30 | $ | 51 | $ | 11 | ||||||
Gross realized investment losses | (17 | ) | (6 | ) | — | |||||||
Other-than-temporary impairments | (7 | ) | (5 | ) | (6 | ) | ||||||
Total | $ | 6 | $ | 40 | $ | 5 | ||||||
Amortized Cost | Fair Value | |||||||
(in millions) | ||||||||
Due within one year | $ | 882 | $ | 893 | ||||
Due after one year through five years | 5,419 | 5,731 | ||||||
Due after five years through 10 years | 5,062 | 5,046 | ||||||
Due after 10 years | 3,679 | 4,115 | ||||||
15,042 | 15,785 | |||||||
Residential mortgage backed securities | 3,015 | 3,075 | ||||||
Commercial mortgage backed securities | 2,081 | 2,136 | ||||||
Asset backed securities | 748 | 776 | ||||||
Common stocks | 2 | 7 | ||||||
Total | $ | 20,888 | $ | 21,779 | ||||
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(in millions) | |||||||||||
Fixed maturities | $ | 1,034 | $ | 1,112 | $ | 1,205 | |||||
Mortgage loans | 177 | 183 | 202 | ||||||||
Other investments | 33 | 29 | 37 | ||||||||
1,244 | 1,324 | 1,444 | |||||||||
Less: investment expenses | 26 | 30 | 33 | ||||||||
Total | $ | 1,218 | $ | 1,294 | $ | 1,411 | |||||
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(in millions) | |||||||||||
Fixed maturities | $ | 6 | $ | 40 | $ | 5 | |||||
Mortgage loans | — | — | (1 | ) | |||||||
Other investments | (2 | ) | (2 | ) | (1 | ) | |||||
Total | $ | 4 | $ | 38 | $ | 3 | |||||
6. | Financing Receivables |
December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||
Beginning balance | $ | 28 | $ | 28 | $ | 30 | ||||||
Charge-offs | (4 | ) | (2 | ) | (2 | ) | ||||||
Provisions | 1 | 2 | — | |||||||||
Ending balance | $ | 25 | $ | 28 | $ | 28 | ||||||
Individually evaluated for impairment | $ | 4 | $ | 9 | $ | 8 | ||||||
Collectively evaluated for impairment | 21 | 19 | 20 | |||||||||
December 31, | ||||||||
2015 | 2014 | |||||||
Individually evaluated for impairment | $ | 25 | $ | 32 | ||||
Collectively evaluated for impairment | 3,657 | 3,740 | ||||||
Total | $ | 3,682 | $ | 3,772 | ||||
Loans | Percentage | |||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | |||||||||||
(in millions) | ||||||||||||||
South Atlantic | $ | 746 | $ | 710 | 28 | % | 27 | % | ||||||
Pacific | 709 | 673 | 27 | 26 | ||||||||||
Mountain | 242 | 236 | 9 | 9 | ||||||||||
West North Central | 217 | 223 | 8 | 8 | ||||||||||
East North Central | 208 | 237 | 8 | 9 | ||||||||||
Middle Atlantic | 203 | 210 | 8 | 8 | ||||||||||
West South Central | 128 | 151 | 5 | 6 | ||||||||||
New England | 115 | 130 | 4 | 5 | ||||||||||
East South Central | 68 | 62 | 3 | 2 | ||||||||||
2,636 | 2,632 | 100 | % | 100 | % | |||||||||
Less: allowance for loan losses | 19 | 23 | ||||||||||||
Total | $ | 2,617 | $ | 2,609 | ||||||||||
Loans | Percentage | |||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | |||||||||||
(in millions) | ||||||||||||||
Retail | $ | 947 | $ | 956 | 36 | % | 36 | % | ||||||
Office | 522 | 535 | 20 | 20 | ||||||||||
Apartments | 473 | 473 | 18 | 18 | ||||||||||
Industrial | 444 | 447 | 17 | 17 | ||||||||||
Mixed use | 35 | 46 | 1 | 2 | ||||||||||
Hotel | 34 | 32 | 1 | 1 | ||||||||||
Other | 181 | 143 | 7 | 6 | ||||||||||
2,636 | 2,632 | 100 | % | 100 | % | |||||||||
Less: allowance for loan losses | 19 | 23 | ||||||||||||
Total | $ | 2,617 | $ | 2,609 | ||||||||||
7. | Deferred Acquisition Costs and Deferred Sales Inducement Costs |
2015 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||
Balance at January 1 | $ | 2,576 | $ | 2,633 | $ | 2,373 | ||||||
Capitalization of acquisition costs | 275 | 260 | 269 | |||||||||
Amortization, excluding the impact of valuation assumptions review | (267 | ) | (286 | ) | (219 | ) | ||||||
Amortization, impact of valuation assumptions review | (6 | ) | (7 | ) | 78 | |||||||
Impact of change in net unrealized securities losses (gains) | 110 | (24 | ) | 132 | ||||||||
Balance at December 31 | $ | 2,688 | $ | 2,576 | $ | 2,633 | ||||||
2015 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||
Balance at January 1 | $ | 361 | $ | 409 | $ | 404 | ||||||
Capitalization of sales inducement costs | 4 | 5 | 5 | |||||||||
Amortization, excluding the impact of valuation assumptions review | (52 | ) | (52 | ) | (48 | ) | ||||||
Amortization, impact of valuation assumptions review | 1 | (2 | ) | 25 | ||||||||
Impact of change in net unrealized securities losses | 20 | 1 | 23 | |||||||||
Balance at December 31 | $ | 334 | $ | 361 | $ | 409 | ||||||
8. | Reinsurance |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||
Direct premiums | $ | 629 | $ | 645 | $ | 650 | ||||||
Reinsurance ceded | (223 | ) | (222 | ) | (220 | ) | ||||||
Net premiums | $ | 406 | $ | 423 | $ | 430 | ||||||
9. | Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities |
December 31, | |||||||||
2015 | 2014 | ||||||||
(in millions) | |||||||||
Policyholder account balances | |||||||||
Fixed annuities | $ | 11,239 | $ | 12,700 | |||||
Variable annuity fixed sub-accounts | 4,912 | 4,860 | |||||||
VUL/UL insurance | 2,897 | 2,856 | |||||||
IUL insurance | 808 | 534 | |||||||
Other life insurance | 794 | 840 | |||||||
Total policyholder account balances | 20,650 | 21,790 | |||||||
Future policy benefits | |||||||||
Variable annuity GMWB | 1,057 | 693 | |||||||
Variable annuity GMAB | — | (41 | ) | (1) | |||||
Other annuity liabilities | 31 | 115 | |||||||
Fixed annuities life contingent liabilities | 1,501 | 1,511 | |||||||
EIA | 27 | 29 | |||||||
Life, DI and LTC insurance | 5,112 | 5,106 | |||||||
VUL/UL and other life insurance additional liabilities | 452 | 437 | |||||||
Total future policy benefits | 8,180 | 7,850 | |||||||
Policy claims and other policyholders’ funds | 199 | 165 | |||||||
Total policyholder account balances, future policy benefits and claims | $ | 29,029 | $ | 29,805 | |||||
December 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Variable annuity | $ | 69,333 | $ | 72,125 | ||||
VUL insurance | 6,637 | 7,016 | ||||||
Other insurance | 34 | 37 | ||||||
Total | $ | 76,004 | $ | 79,178 | ||||
10. | Variable Annuity and Insurance Guarantees |
• | Return of premium - provides purchase payments minus adjusted partial surrenders. |
• | Reset - provides that the value resets to the account value every sixth contract anniversary minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered. |
• | Ratchet - provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders. |
• | Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount. |
• | Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”). |
• | Withdrawals at a specified rate per year for joint contractholders while either is alive. |
• | Withdrawals based on performance of the contract. |
• | Withdrawals based on the age withdrawals begin. |
• | Once withdrawals begin, the contractholder’s funds are moved to one of the three least aggressive asset allocation models. |
• | Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken. |
December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
Variable Annuity Guarantees by Benefit Type (1) | Total Contract Value | Contract Value in Separate Accounts | Net Amount at Risk | Weighted Average Attained Age | Total Contract Value | Contract Value in Separate Accounts | Net Amount at Risk | Weighted Average Attained Age | ||||||||||||||||||||
(in millions, except age) | ||||||||||||||||||||||||||||
GMDB: | ||||||||||||||||||||||||||||
Return of premium | $ | 54,716 | $ | 52,871 | $ | 297 | 65 | $ | 55,378 | $ | 53,565 | $ | 24 | 64 | ||||||||||||||
Five/six-year reset | 9,307 | 6,731 | 78 | 65 | 10,360 | 7,821 | 28 | 64 | ||||||||||||||||||||
One-year ratchet | 6,747 | 6,379 | 266 | 67 | 7,392 | 7,006 | 39 | 66 | ||||||||||||||||||||
Five-year ratchet | 1,613 | 1,556 | 20 | 63 | 1,773 | 1,717 | 2 | 63 | ||||||||||||||||||||
Other | 887 | 869 | 82 | 71 | 959 | 941 | 38 | 70 | ||||||||||||||||||||
Total — GMDB | $ | 73,270 | $ | 68,406 | $ | 743 | 65 | $ | 75,862 | $ | 71,050 | $ | 131 | 64 | ||||||||||||||
GGU death benefit | $ | 1,056 | $ | 1,004 | $ | 113 | 67 | $ | 1,072 | $ | 1,019 | $ | 123 | 67 | ||||||||||||||
GMIB | $ | 270 | $ | 251 | $ | 17 | 68 | $ | 343 | $ | 321 | $ | 9 | 67 | ||||||||||||||
GMWB: | ||||||||||||||||||||||||||||
GMWB | $ | 3,118 | $ | 3,109 | $ | 2 | 69 | $ | 3,671 | $ | 3,659 | $ | 1 | 68 | ||||||||||||||
GMWB for life | 37,301 | 37,179 | 330 | 66 | 36,843 | 36,735 | 95 | 65 | ||||||||||||||||||||
Total — GMWB | $ | 40,419 | $ | 40,288 | $ | 332 | 66 | $ | 40,514 | $ | 40,394 | $ | 96 | 65 | ||||||||||||||
GMAB | $ | 4,018 | $ | 4,006 | $ | 31 | 58 | $ | 4,247 | $ | 4,234 | $ | 2 | 58 | ||||||||||||||
December 31, 2015 | December 31, 2014 | |||||||||||
Net Amount at Risk | Weighted Average Attained Age | Net Amount at Risk | Weighted Average Attained Age | |||||||||
(in millions, except age) | ||||||||||||
UL secondary guarantees | $ | 6,601 | 63 | $ | 6,076 | 62 | ||||||
GMDB & GGU | GMIB | GMWB(1) | GMAB(1) | UL | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance at January 1, 2013 | $ | 4 | $ | 9 | $ | 799 | $ | 103 | $ | 155 | ||||||||||
Incurred claims | 4 | (2 | ) | (1,182 | ) | (165 | ) | 67 | ||||||||||||
Paid claims | (4 | ) | (1 | ) | — | — | (16 | ) | ||||||||||||
Balance at December 31, 2013 | 4 | 6 | (383 | ) | (62 | ) | 206 | |||||||||||||
Incurred claims | 9 | 1 | 1,076 | 21 | 75 | |||||||||||||||
Paid claims | (4 | ) | — | — | — | (18 | ) | |||||||||||||
Balance at December 31, 2014 | 9 | 7 | 693 | (41 | ) | 263 | ||||||||||||||
Incurred claims | 10 | 1 | 364 | 41 | 92 | |||||||||||||||
Paid claims | (5 | ) | — | — | — | (23 | ) | |||||||||||||
Balance at December 31, 2015 | $ | 14 | $ | 8 | $ | 1,057 | $ | — | $ | 332 | ||||||||||
December 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Mutual funds: | ||||||||
Equity | $ | 39,806 | $ | 41,403 | ||||
Bond | 23,700 | 25,060 | ||||||
Other | 5,241 | 4,490 | ||||||
Total mutual funds | $ | 68,747 | $ | 70,953 | ||||
11. | Lines of Credit |
12. | Short-term Borrowings |
13. | Fair Values of Assets and Liabilities |
Level 1 | Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. |
Level 2 | Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities. |
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
December 31, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
Assets | ||||||||||||||||
Available-for-Sale securities: Fixed maturities: | ||||||||||||||||
Corporate debt securities | $ | — | $ | 13,139 | $ | 1,235 | $ | 14,374 | ||||||||
Residential mortgage backed securities | — | 3,054 | 21 | 3,075 | ||||||||||||
Commercial mortgage backed securities | — | 2,133 | 3 | 2,136 | ||||||||||||
State and municipal obligations | — | 1,149 | — | 1,149 | ||||||||||||
Asset backed securities | — | 643 | 133 | 776 | ||||||||||||
Foreign government bonds and obligations | — | 223 | — | 223 | ||||||||||||
U.S. government and agencies obligations | 4 | 35 | — | 39 | ||||||||||||
Total Available-for-Sale securities: Fixed maturities | 4 | 20,376 | 1,392 | 21,772 | ||||||||||||
Common stocks | 3 | 4 | — | 7 | ||||||||||||
Cash equivalents | 48 | 285 | — | 333 | ||||||||||||
Other assets: | ||||||||||||||||
Interest rate derivative contracts | — | 1,882 | — | 1,882 | ||||||||||||
Equity derivative contracts | 92 | 1,477 | — | 1,569 | ||||||||||||
Credit derivative contracts | — | 2 | — | 2 | ||||||||||||
Foreign exchange derivative contracts | 1 | 54 | — | 55 | ||||||||||||
Total other assets | 93 | 3,415 | — | 3,508 | ||||||||||||
Separate account assets | — | 76,004 | — | 76,004 | ||||||||||||
Total assets at fair value | $ | 148 | $ | 100,084 | $ | 1,392 | $ | 101,624 | ||||||||
Liabilities | ||||||||||||||||
Policyholder account balances, future policy benefits and claims: | ||||||||||||||||
EIA embedded derivatives | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||
IUL embedded derivatives | — | — | 364 | 364 | ||||||||||||
GMWB and GMAB embedded derivatives | — | — | 851 | 851 | (1) | |||||||||||
Total policyholder account balances, future policy benefits and claims | — | 5 | 1,215 | 1,220 | (2) | |||||||||||
Other liabilities: | ||||||||||||||||
Interest rate derivative contracts | — | 948 | — | 948 | ||||||||||||
Equity derivative contracts | 45 | 1,930 | — | 1,975 | ||||||||||||
Foreign exchange derivative contracts | 1 | 16 | — | 17 | ||||||||||||
Total other liabilities | 46 | 2,894 | — | 2,940 | ||||||||||||
Total liabilities at fair value | $ | 46 | $ | 2,899 | $ | 1,215 | $ | 4,160 | ||||||||
December 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
Assets | ||||||||||||||||
Available-for-Sale securities: Fixed maturities: | ||||||||||||||||
Corporate debt securities | $ | — | $ | 13,830 | $ | 1,353 | $ | 15,183 | ||||||||
Residential mortgage backed securities | — | 3,483 | 9 | 3,492 | ||||||||||||
Commercial mortgage backed securities | — | 2,138 | 90 | 2,228 | ||||||||||||
State and municipal obligations | — | 1,113 | — | 1,113 | ||||||||||||
Asset backed securities | — | 786 | 151 | 937 | ||||||||||||
Foreign government bonds and obligations | — | 251 | — | 251 | ||||||||||||
U.S. government and agencies obligations | 4 | 35 | — | 39 | ||||||||||||
Total Available-for-Sale securities: Fixed maturities | 4 | 21,636 | 1,603 | 23,243 | ||||||||||||
Common stocks | 3 | 3 | 1 | 7 | ||||||||||||
Cash equivalents | 1 | 235 | — | 236 | ||||||||||||
Other assets: | ||||||||||||||||
Interest rate derivative contracts | — | 1,955 | — | 1,955 | ||||||||||||
Equity derivative contracts | 282 | 1,711 | — | 1,993 | ||||||||||||
Foreign exchange derivative contracts | — | 29 | — | 29 | ||||||||||||
Total other assets | 282 | 3,695 | — | 3,977 | ||||||||||||
Separate account assets | — | 79,178 | — | 79,178 | ||||||||||||
Total assets at fair value | $ | 290 | $ | 104,747 | $ | 1,604 | $ | 106,641 | ||||||||
Liabilities | ||||||||||||||||
Policyholder account balances, future policy benefits and claims: | ||||||||||||||||
EIA embedded derivatives | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||
IUL embedded derivatives | — | — | 242 | 242 | ||||||||||||
GMWB and GMAB embedded derivatives | — | — | 479 | 479 | (1) | |||||||||||
Total policyholder account balances, future policy benefits and claims | — | 6 | 721 | 727 | (2) | |||||||||||
Other liabilities: | ||||||||||||||||
Interest rate derivative contracts | — | 1,136 | — | 1,136 | ||||||||||||
Equity derivative contracts | 376 | 2,286 | — | 2,662 | ||||||||||||
Foreign exchange derivative contracts | — | 2 | — | 2 | ||||||||||||
Other derivative contracts | — | 11 | — | 11 | ||||||||||||
Total other liabilities | 376 | 3,435 | — | 3,811 | ||||||||||||
Total liabilities at fair value | $ | 376 | $ | 3,441 | $ | 721 | $ | 4,538 | ||||||||
Available-for-Sale Securities: Fixed Maturities | |||||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage Backed Securities | Commercial Mortgage Backed Securities | Asset Backed Securities | Total | Common Stocks | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, January 1, 2015 | $ | 1,353 | $ | 9 | $ | 90 | $ | 151 | $ | 1,603 | $ | 1 | |||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||
Net income | (1 | ) | — | — | 1 | — | (1) | — | |||||||||||||||
Other comprehensive loss | (21 | ) | — | — | (2 | ) | (23 | ) | (1 | ) | |||||||||||||
Purchases | 153 | 67 | 32 | 16 | 268 | — | |||||||||||||||||
Settlements | (238 | ) | (4 | ) | (7 | ) | (2 | ) | (251 | ) | — | ||||||||||||
Transfers into Level 3 | — | — | 6 | 14 | 20 | — | |||||||||||||||||
Transfers out of Level 3 | (11 | ) | (51 | ) | (118 | ) | (45 | ) | (225 | ) | — | ||||||||||||
Balance, December 31, 2015 | $ | 1,235 | $ | 21 | $ | 3 | $ | 133 | $ | 1,392 | $ | — | |||||||||||
Changes in unrealized gains (losses) relating to assets held at December 31, 2015 included in: | |||||||||||||||||||||||
Net investment income | $ | (1 | ) | $ | — | $ | — | $ | 1 | $ | — | $ | — | ||||||||||
Policyholder Account Balances, Future Policy Benefits and Claims | |||||||||||
IUL Embedded Derivatives | GMWB and GMAB Embedded Derivatives | Total | |||||||||
(in millions) | |||||||||||
Balance, January 1, 2015 | $ | 242 | $ | 479 | $ | 721 | |||||
Total losses included in: | |||||||||||
Net income | 27 | (1) | 105 | (2) | 132 | ||||||
Issues | 114 | 271 | 385 | ||||||||
Settlements | (19 | ) | (4 | ) | (23 | ) | |||||
Balance, December 31, 2015 | $ | 364 | $ | 851 | $ | 1,215 | |||||
Changes in unrealized losses relating to liabilities held at December 31, 2015 included in: | |||||||||||
Benefits, claims, losses and settlement expenses | $ | — | $ | 127 | $ | 127 | |||||
Interest credited to fixed accounts | 27 | — | 27 | ||||||||
Available-for-Sale Securities: Fixed Maturities | |||||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage Backed Securities | Commercial Mortgage Backed Securities | Asset Backed Securities | Total | Common Stocks | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, January 1, 2014 | $ | 1,516 | $ | 58 | $ | 30 | $ | 218 | $ | 1,822 | $ | — | |||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||
Net income | — | — | 1 | 1 | 2 | (1) | — | ||||||||||||||||
Other comprehensive income | (1 | ) | — | (3 | ) | 3 | (1 | ) | — | ||||||||||||||
Purchases | 139 | 11 | 39 | — | 189 | 1 | |||||||||||||||||
Sales | (17 | ) | — | — | — | (17 | ) | — | |||||||||||||||
Settlements | (276 | ) | (3 | ) | (1 | ) | (2 | ) | (282 | ) | — | ||||||||||||
Transfers into Level 3 | — | — | 78 | — | 78 | 1 | |||||||||||||||||
Transfers out of Level 3 | (8 | ) | (57 | ) | (54 | ) | (69 | ) | (188 | ) | (1 | ) | |||||||||||
Balance, December 31, 2014 | $ | 1,353 | $ | 9 | $ | 90 | $ | 151 | $ | 1,603 | $ | 1 | |||||||||||
Changes in unrealized gains (losses) relating to assets held at December 31, 2014 included in: | |||||||||||||||||||||||
Net investment income | $ | (1 | ) | $ | — | $ | 1 | $ | 1 | $ | 1 | $ | — | ||||||||||
Policyholder Account Balances, Future Policy Benefits and Claims | |||||||||||
IUL Embedded Derivatives | GMWB and GMAB Embedded Derivatives | Total | |||||||||
(in millions) | |||||||||||
Balance, January 1, 2014 | $ | 125 | $ | (575 | ) | $ | (450 | ) | |||
Total losses included in: | |||||||||||
Net income | 40 | (1) | 811 | (2) | 851 | ||||||
Issues | 90 | 254 | 344 | ||||||||
Settlements | (13 | ) | (11 | ) | (24 | ) | |||||
Balance, December 31, 2014 | $ | 242 | $ | 479 | $ | 721 | |||||
Changes in unrealized losses relating to liabilities held at December 31, 2014 included in: | |||||||||||
Benefits, claims, losses and settlement expenses | $ | — | $ | 811 | $ | 811 | |||||
Interest credited to fixed accounts | 40 | — | 40 | ||||||||
Available-for-Sale Securities: Fixed Maturities | ||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage Backed Securities | Commercial Mortgage Backed Securities | Asset Backed Securities | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance, January 1, 2013 | $ | 1,654 | $ | 23 | $ | 170 | $ | 156 | $ | 2,003 | ||||||||||
Total gains (losses) included in: | ||||||||||||||||||||
Net income | (1 | ) | — | — | 2 | 1 | (1) | |||||||||||||
Other comprehensive loss | (41 | ) | — | (6 | ) | 10 | (37 | ) | ||||||||||||
Purchases | 120 | 87 | 15 | 68 | 290 | |||||||||||||||
Settlements | (216 | ) | (9 | ) | — | (2 | ) | (227 | ) | |||||||||||
Transfers out of Level 3 | — | (43 | ) | (149 | ) | (16 | ) | (208 | ) | |||||||||||
Balance, December 31, 2013 | $ | 1,516 | $ | 58 | $ | 30 | $ | 218 | $ | 1,822 | ||||||||||
Changes in unrealized gains (losses) relating to assets held at December 31, 2013 included in: | ||||||||||||||||||||
Net investment income | $ | (1 | ) | $ | — | $ | — | $ | 2 | $ | 1 | |||||||||
Policyholder Account Balances, Future Policy Benefits and Claims | |||||||||||
IUL Embedded Derivatives | GMWB and GMAB Embedded Derivatives | Total | |||||||||
(in millions) | |||||||||||
Balance, January 1, 2013 | $ | 45 | $ | 833 | $ | 878 | |||||
Total (gains) losses included in: | |||||||||||
Net income | 19 | (1) | (1,617 | ) | (2) | (1,598 | ) | ||||
Issues | 62 | 228 | 290 | ||||||||
Settlements | (1 | ) | (19 | ) | (20 | ) | |||||
Balance, December 31, 2013 | $ | 125 | $ | (575 | ) | $ | (450 | ) | |||
Changes in unrealized (gains) losses relating to liabilities held at December 31, 2013 included in: | |||||||||||
Benefits, claims, losses and settlement expenses | $ | — | $ | (1,598 | ) | $ | (1,598 | ) | |||
Interest credited to fixed accounts | 19 | — | 19 | ||||||||
December 31, 2015 | ||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||
(in millions) | ||||||||||||||
Corporate debt securities (private placements) | $ | 1,221 | Discounted cash flow | Yield/spread to U.S. Treasuries | 1.1 | % | - | 3.8% | 1.6% | |||||
IUL embedded derivatives | $ | 364 | Discounted cash flow | Nonperformance risk(1) | 68 | bps | ||||||||
GMWB and GMAB embedded derivatives | $ | 851 | Discounted cash flow | Utilization of guaranteed withdrawals(2) | 0.0 | % | - | 75.6% | ||||||
Surrender rate | 0.0 | % | - | 59.1% | ||||||||||
Market volatility(3) | 5.4 | % | - | 21.5% | ||||||||||
Nonperformance risk(1) | 68 | bps | ||||||||||||
December 31, 2014 | ||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||
(in millions) | ||||||||||||||
Corporate debt securities (private placements) | $ | 1,311 | Discounted cash flow | Yield/spread to U.S. Treasuries | 1.0 | % | - | 3.9% | 1.5% | |||||
IUL embedded derivatives | $ | 242 | Discounted cash flow | Nonperformance risk(1) | 65 | bps | ||||||||
GMWB and GMAB embedded derivatives | $ | 479 | Discounted cash flow | Utilization of guaranteed withdrawals(2) | 0.0 | % | - | 51.1% | ||||||
Surrender rate | 0.0 | % | - | 59.1% | ||||||||||
Market volatility(3) | 5.2 | % | - | 20.9% | ||||||||||
Nonperformance risk(1) | 65 | bps | ||||||||||||
Elective contractholder strategy allocations(4) | 0.0 | % | - | 3.0% | ||||||||||
December 31, 2015 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mortgage loans, net | $ | 3,211 | $ | — | $ | — | $ | 3,254 | $ | 3,254 | ||||||||||
Policy loans | 823 | — | — | 803 | 803 | |||||||||||||||
Other investments | 463 | — | 416 | 33 | 449 | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | $ | 11,523 | $ | — | $ | — | $ | 12,424 | $ | 12,424 | ||||||||||
Short-term borrowings | 200 | — | 200 | — | 200 | |||||||||||||||
Other liabilities | 117 | — | — | 113 | 113 | |||||||||||||||
Separate account liabilities | 360 | — | 360 | — | 360 | |||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mortgage loans, net | $ | 3,298 | $ | — | $ | — | $ | 3,413 | $ | 3,413 | ||||||||||
Policy loans | 805 | — | — | 793 | 793 | |||||||||||||||
Other investments | 463 | — | 403 | 55 | 458 | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | $ | 12,979 | $ | — | $ | — | $ | 13,996 | $ | 13,996 | ||||||||||
Short-term borrowings | 200 | — | 200 | — | 200 | |||||||||||||||
Other liabilities | 124 | — | — | 121 | 121 | |||||||||||||||
Separate account liabilities | 400 | — | 400 | — | 400 | |||||||||||||||
14. | Related Party Transactions |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||
Cash dividends paid to Ameriprise Financial | $ | 800 | $ | 900 | $ | 800 | ||||||
Cash dividends received from RiverSource Life of NY | 25 | 24 | 25 | |||||||||
Cash dividend received from RTA | — | 30 | — | |||||||||
15. | Regulatory Requirements |
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in millions) | ||||||||||||
Statutory net gain from operations(1) | $ | 1,033 | $ | 1,412 | $ | 1,633 | ||||||
Statutory net income (1) | 633 | 1,154 | 1,337 | |||||||||
16. | Offsetting Assets and Liabilities |
December 31, 2015 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Assets Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
Financial Instruments(1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||
OTC | $ | 3,051 | $ | — | $ | 3,051 | $ | (2,293 | ) | $ | (354 | ) | $ | (320 | ) | $ | 84 | |||||||||||
OTC cleared | 417 | — | 417 | (313 | ) | (102 | ) | — | 2 | |||||||||||||||||||
Exchange-traded | 40 | — | 40 | (3 | ) | — | — | 37 | ||||||||||||||||||||
Total derivatives | $ | 3,508 | $ | — | $ | 3,508 | $ | (2,609 | ) | $ | (456 | ) | $ | (320 | ) | $ | 123 | |||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Assets Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
Financial Instruments(1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||
OTC | $ | 3,612 | $ | — | $ | 3,612 | $ | (2,934 | ) | $ | (228 | ) | $ | (418 | ) | $ | 32 | |||||||||||
OTC cleared | 304 | — | 304 | (222 | ) | (82 | ) | — | — | |||||||||||||||||||
Exchange-traded | 61 | — | 61 | — | — | — | 61 | |||||||||||||||||||||
Total derivatives | $ | 3,977 | $ | — | $ | 3,977 | $ | (3,156 | ) | $ | (310 | ) | $ | (418 | ) | $ | 93 | |||||||||||
(1) | Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. |
December 31, 2015 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
Financial Instruments(1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||
OTC | $ | 2,624 | $ | — | $ | 2,624 | $ | (2,293 | ) | $ | — | $ | (331 | ) | $ | — | ||||||||||||
OTC cleared | 313 | — | 313 | (313 | ) | — | — | — | ||||||||||||||||||||
Exchange-traded | 3 | — | 3 | (3 | ) | — | — | — | ||||||||||||||||||||
Total derivatives | 2,940 | — | 2,940 | (2,609 | ) | — | (331 | ) | — | |||||||||||||||||||
Repurchase agreements | 50 | — | 50 | — | — | (50 | ) | — | ||||||||||||||||||||
Total | $ | 2,990 | $ | — | $ | 2,990 | $ | (2,609 | ) | $ | — | $ | (381 | ) | $ | — | ||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
Financial Instruments(1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||
OTC | $ | 3,589 | $ | — | $ | 3,589 | $ | (2,934 | ) | $ | — | $ | (655 | ) | $ | — | ||||||||||||
OTC cleared | 222 | — | 222 | (222 | ) | — | — | — | ||||||||||||||||||||
Total derivatives | 3,811 | — | 3,811 | (3,156 | ) | — | (655 | ) | — | |||||||||||||||||||
Repurchase agreements | 50 | — | 50 | — | — | (50 | ) | — | ||||||||||||||||||||
Total | $ | 3,861 | $ | — | $ | 3,861 | $ | (3,156 | ) | $ | — | $ | (705 | ) | $ | — | ||||||||||||
17. | Derivatives and Hedging Activities |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Notional | Gross Fair Value | Notional | Gross Fair Value | ||||||||||||||||||||
Assets (1) | Liabilities (2) | Assets (1) | Liabilities (2) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate contracts | $ | 62,591 | $ | 1,882 | $ | 948 | $ | 61,839 | $ | 1,955 | $ | 1,136 | |||||||||||
Equity contracts | 69,009 | 1,569 | 1,975 | 68,563 | 1,993 | 2,662 | |||||||||||||||||
Credit contracts | 600 | 2 | — | 616 | — | — | |||||||||||||||||
Foreign exchange contracts | 4,155 | 55 | 17 | 1,957 | 29 | 2 | |||||||||||||||||
Other contracts | 2,150 | — | — | 1,188 | — | 11 | |||||||||||||||||
Total non-designated hedges | 138,505 | 3,508 | 2,940 | 134,163 | 3,977 | 3,811 | |||||||||||||||||
Embedded derivatives | |||||||||||||||||||||||
GMWB and GMAB (3) | N/A | — | 851 | N/A | — | 479 | |||||||||||||||||
IUL | N/A | — | 364 | N/A | — | 242 | |||||||||||||||||
EIA | N/A | — | 5 | N/A | — | 6 | |||||||||||||||||
Total embedded derivatives | N/A | — | 1,220 | N/A | — | 727 | |||||||||||||||||
Total derivatives | $ | 138,505 | $ | 3,508 | $ | 4,160 | $ | 134,163 | $ | 3,977 | $ | 4,538 | |||||||||||
Net Investment Income | Interest Credited to Fixed Accounts | Benefits, Claims, Losses and Settlement Expenses | |||||||||
(in millions) | |||||||||||
Year Ended December 31, 2015 | |||||||||||
Interest rate contracts | $ | — | $ | — | $ | 241 | |||||
Equity contracts | — | (10 | ) | (304 | ) | ||||||
Credit contracts | — | — | (1 | ) | |||||||
Foreign exchange contracts | — | — | 13 | ||||||||
Other contracts | — | — | (14 | ) | |||||||
GMWB and GMAB embedded derivatives | — | — | (372 | ) | |||||||
IUL embedded derivatives | — | (8 | ) | — | |||||||
EIA embedded derivatives | — | 1 | — | ||||||||
Total loss | $ | — | $ | (17 | ) | $ | (437 | ) | |||
Year Ended December 31, 2014 | |||||||||||
Interest rate contracts | $ | 3 | $ | — | $ | 1,122 | |||||
Equity contracts | — | 21 | (304 | ) | |||||||
Credit contracts | — | — | (33 | ) | |||||||
Foreign exchange contracts | — | — | (9 | ) | |||||||
Other contracts | — | — | (1 | ) | |||||||
GMWB and GMAB embedded derivatives | — | — | (1,054 | ) | |||||||
IUL embedded derivatives | — | (27 | ) | — | |||||||
EIA embedded derivatives | — | (2 | ) | — | |||||||
Total gain (loss) | $ | 3 | $ | (8 | ) | $ | (279 | ) | |||
Year Ended December 31, 2013 | |||||||||||
Interest rate contracts | $ | — | $ | — | $ | (742 | ) | ||||
Equity contracts | — | 14 | (1,084 | ) | |||||||
Credit contracts | — | — | 6 | ||||||||
Foreign exchange contracts | — | — | 26 | ||||||||
Other contracts | — | — | (23 | ) | |||||||
GMWB and GMAB embedded derivatives | — | — | 1,408 | ||||||||
IUL embedded derivatives | — | (16 | ) | — | |||||||
EIA embedded derivatives | — | (3 | ) | — | |||||||
Total loss | $ | — | $ | (5 | ) | $ | (409 | ) | |||
Premiums Payable | Premiums Receivable | |||||||
(in millions) | ||||||||
2016 | $ | 312 | $ | 75 | ||||
2017 | 254 | 75 | ||||||
2018 | 201 | 124 | ||||||
2019 | 245 | 126 | ||||||
2020 | 178 | 58 | ||||||
2021-2026 | 543 | 172 | ||||||
Total | $ | 1,733 | $ | 630 | ||||
18. | Shareholder’s Equity |
Year Ended December 31, 2015 | |||||||||||
Pretax | Income Tax Benefit (Expense) | Net of Tax | |||||||||
(in millions) | |||||||||||
Net unrealized securities losses: | |||||||||||
Net unrealized securities losses arising during the period (1) | $ | (997 | ) | $ | 351 | $ | (646 | ) | |||
Reclassification of net securities gains included in net income (2) | (6 | ) | 2 | (4 | ) | ||||||
Impact of deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables | 480 | (168 | ) | 312 | |||||||
Net unrealized securities losses | (523 | ) | 185 | (338 | ) | ||||||
Net unrealized derivatives gains: | |||||||||||
Reclassification of net derivative losses included in net income (3) | 6 | (2 | ) | 4 | |||||||
Net unrealized derivatives gains | 6 | (2 | ) | 4 | |||||||
Other comprehensive loss | $ | (517 | ) | $ | 183 | $ | (334 | ) | |||
Year Ended December 31, 2014 | |||||||||||
Pretax | Income Tax Benefit (Expense) | Net of Tax | |||||||||
(in millions) | |||||||||||
Net unrealized securities gains: | |||||||||||
Net unrealized securities gains arising during the period (1) | $ | 445 | $ | (156 | ) | $ | 289 | ||||
Reclassification of net securities gains included in net income (2) | (40 | ) | 14 | (26 | ) | ||||||
Impact of deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables | (290 | ) | 101 | (189 | ) | ||||||
Net unrealized securities gains | 115 | (41 | ) | 74 | |||||||
Net unrealized derivatives gains: | |||||||||||
Reclassification of net derivative losses included in net income (3) | 7 | (2 | ) | 5 | |||||||
Net unrealized derivatives gains | 7 | (2 | ) | 5 | |||||||
Other comprehensive income | $ | 122 | $ | (43 | ) | $ | 79 | ||||
Year Ended December 31, 2013 | |||||||||||
Pretax | Income Tax Benefit (Expense) | Net of Tax | |||||||||
(in millions) | |||||||||||
Net unrealized securities losses: | |||||||||||
Net unrealized securities losses arising during the period (1) | $ | (1,382 | ) | $ | 478 | $ | (904 | ) | |||
Reclassification of net securities gains included in net income (2) | (5 | ) | 2 | (3 | ) | ||||||
Impact of deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables | 490 | (171 | ) | 319 | |||||||
Net unrealized securities losses | (897 | ) | 309 | (588 | ) | ||||||
Net unrealized derivatives gains: | |||||||||||
Reclassification of net derivative losses included in net income (3) | 6 | (2 | ) | 4 | |||||||
Net unrealized derivatives gains | 6 | (2 | ) | 4 | |||||||
Other comprehensive loss | $ | (891 | ) | $ | 307 | $ | (584 | ) | |||
Net Unrealized Securities Gains (Losses) | Net Unrealized Derivatives Gains | Total | |||||||||
(in millions) | |||||||||||
Balance, January 1, 2013 | $ | 1,255 | $ | (21 | ) | $ | 1,234 | ||||
OCI before reclassifications | (585 | ) | — | (585 | ) | ||||||
Amounts reclassified from AOCI | (3 | ) | 4 | 1 | |||||||
Total OCI | (588 | ) | 4 | (584 | ) | ||||||
Balance, December 31, 2013 | 667 | (1) | (17 | ) | 650 | ||||||
OCI before reclassifications | 100 | — | 100 | ||||||||
Amounts reclassified from AOCI | (26 | ) | 5 | (21 | ) | ||||||
Total OCI | 74 | 5 | 79 | ||||||||
Balance, December 31, 2014 | 741 | (1) | (12 | ) | 729 | ||||||
OCI before reclassifications | (334 | ) | — | (334 | ) | ||||||
Amounts reclassified from AOCI | (4 | ) | 4 | — | |||||||
Total OCI | (338 | ) | 4 | (334 | ) | ||||||
Balance, December 31, 2015 | $ | 403 | (1) | $ | (8 | ) | $ | 395 | |||
19. | Income Taxes |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(in millions) | |||||||||||
Current income tax | |||||||||||
Federal | $ | 234 | $ | 2 | $ | 295 | |||||
State | 2 | (2 | ) | 2 | |||||||
Total current income tax | 236 | — | 297 | ||||||||
Deferred income tax | |||||||||||
Federal | (91 | ) | 202 | (65 | ) | ||||||
State | — | 7 | (11 | ) | |||||||
Total deferred income tax | (91 | ) | 209 | (76 | ) | ||||||
Total income tax provision | $ | 145 | $ | 209 | $ | 221 | |||||
Years Ended December 31, | ||||||||
2015 | 2014 | 2013 | ||||||
Tax at U.S. statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Changes in taxes resulting from: | ||||||||
Dividend received deduction | (14.0 | ) | (10.4 | ) | (9.6 | ) | ||
Low income housing tax credits | (6.1 | ) | (4.7 | ) | (5.0 | ) | ||
Foreign tax credit, net of addback | — | (1.0 | ) | (0.9 | ) | |||
State taxes, net of federal benefit | — | 0.3 | (0.5 | ) | ||||
Taxes applicable to prior years | — | (0.4 | ) | — | ||||
Other, net | (0.9 | ) | (1.0 | ) | 1.8 | |||
Income tax provision | 14.0 | % | 17.8 | % | 20.8 | % | ||
December 31, | |||||||
2015 | 2014 | ||||||
(in millions) | |||||||
Deferred income tax assets | |||||||
Liabilities for policyholder account balances, future policy benefits and claims | $ | 1,357 | $ | 1,259 | |||
Investment related | 55 | 46 | |||||
State net operating losses | — | 7 | |||||
Other | 15 | 9 | |||||
Gross deferred income tax assets | 1,427 | 1,321 | |||||
Less: valuation allowance | 8 | 8 | |||||
Total deferred income tax assets | 1,419 | 1,313 | |||||
Deferred income tax liabilities | |||||||
Deferred acquisition costs | 709 | 717 | |||||
Net unrealized gains on Available-for-Sale securities | 217 | 400 | |||||
Deferred sales inducement costs | 125 | 128 | |||||
Depreciation | 23 | — | |||||
Other | 3 | — | |||||
Gross deferred income tax liabilities | 1,077 | 1,245 | |||||
Net deferred income tax assets | $ | 342 | $ | 68 | |||
2015 | 2014 | 2013 | |||||||||
(in millions) | |||||||||||
Balance at January 1 | $ | 160 | $ | 144 | $ | 65 | |||||
Additions based on tax positions related to the current year | 11 | 13 | 18 | ||||||||
Additions for tax positions of prior years | 29 | 21 | 61 | ||||||||
Reductions for tax positions of prior years | (105 | ) | (18 | ) | — | ||||||
Balance at December 31 | $ | 95 | $ | 160 | $ | 144 | |||||
20. | Commitments, Guarantees and Contingencies |
2015 | 2014 | |||||||
(in millions) | ||||||||
Commercial mortgage loans | $ | 73 | $ | 43 | ||||
Residential mortgage loans | 447 | 491 | ||||||
Affordable housing partnerships | 117 | 124 | ||||||
Total funding commitments | $ | 637 | $ | 658 | ||||
• | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and |
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. |
2015 | 2014 | ||||||
(in thousands) | |||||||
Audit fees(1) | $ | 2,318 | $ | 2,250 | |||
Audit-related fees(2) | 20 | 34 | |||||
Tax fees | — | — | |||||
All other fees | — | — | |||||
Total | $ | 2,338 | $ | 2,284 | |||
(a) | (1) and (2) Consolidated Financial Statements and Financial Statement Schedules |
3.1 | Copy of Certificate of Incorporation of IDS Life Insurance Company filed as Exhibit 3.1 to Post-Effective Amendment No. 5 to Registration Statement No. 33-28976 is incorporated by reference. |
3.1.1 | Copy of Certificate of Amendment of Certificate of Incorporation of IDS Life Insurance Company dated June 22, 2006, filed as Exhibit 3.1 to Form 8-K filed on Jan. 5, 2007 is incorporated by reference. |
3.2 | Copy of Amended and Restated By-Laws of RiverSource Life Insurance Company dated June 22, 2006, filed as Exhibit 27(f)(2) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777, is incorporated by reference. |
4.1 | Instruments defining the rights of security holders, including indentures, are incorporated by reference to Registration Statement Nos. 333-92297, 333-139763, 333-73958, 333-139759, 333-74865, 333-139760, 333-82149, 333-139761, 333-85567, 333-139762, 33-47302, 333-79311, 333-114888 and 33-28976. |
10.1 | Copy of Principal Underwriter Agreement for Variable Annuities and Variable Life Insurance between RiverSource Life Insurance Company and RiverSource Distributors, Inc. effective January 1, 2007, filed as Exhibit 10.1 to Form 10-K filed on February 28, 2007, is incorporated by reference. |
10.2 | Copy of Selling Agreement by and among RiverSource Life Insurance Company, RiverSource Distributors, Inc. and Ameriprise Financial Services, Inc. effective January 1, 2007, filed as Exhibit 10.2 to Form 10-K filed on February 28, 2007, is incorporated by reference. |
10.3 | Copy of Marketing Support Services Agreement between Ameriprise Financial Services, Inc. and RiverSource Life Insurance Company effective January 1, 2007, filed as Exhibit 10.3 to Form 10-K filed on February 28, 2007, is incorporated by reference. |
10.4 | Copy of Investment Management and Services Agreement between RiverSource Investments, LLC (n/k/a Columbia Management Investment Advisers, LLC) and RiverSource Life Insurance Company effective January 1, 2007, filed as Exhibit 10.4 to Form 10-K filed on February 28, 2007, is incorporated by reference. |
10.5 | Copy of Federal Income Tax Sharing Agreement between or among Ameriprise Financial, Inc. and certain subsidiaries, including RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York effective December 1, 2010, filed as Exhibit 10.5 to Form 10-K filed on February 23, 2011, is incorporated by reference. |
10.6 | Copy of Amended and Restated Agreement by and among RiverSource Life Insurance Company, Ameriprise India Private Limited, and Ameriprise Financial, Inc. (a/k/a/ Supplementary Agreement No. 1) effective January 1, 2007, filed as Exhibit 10.6 to Form 10-K filed on February 28, 2007, is incorporated by reference. |
10.7 | Copy of Amended and Restated Management, Service & Marketing Support Agreement by and between Columbia Management Investments Advisers, LLC, Columbia Management Investment Services Corp. and RiverSource Life Insurance Company effective January 1, 2011, filed as Exhibit 10.7 to Form 10-K filed on February 23, 2011, is incorporated by reference. |
10.8 | Copy of Services Agreement by and between Columbia Management Investment Distributors, Inc. and RiverSource Life Insurance Company effective September 1, 2012, filed as Exhibit 10.1 to Form 10-Q filed on November 2, 2015, is incorporated by reference. |
10.9 | Copy of Amendment No. 1 to the Amended and Restated Management, Service & Marketing Support Agreement by and between Columbia Management Investments Advisers, LLC, Columbia Management Investment Services Corp. and RiverSource Life Insurance Company effective October 1, 2014, filed as Exhibit 10.1 to Form 10-Q filed on November 3, 2014, is incorporated by reference. |
10.10 | Copy of Intercompany Service Agreement by and between Ameriprise Financial, Inc. and RiverSource Life Insurance Company effective January 1, 2007, filed as Exhibit 10.1 to Form 10-Q filed on August 3, 2015, is incorporated by reference. |
10.11 | Copy of Wholesaling Service Agreement by and between RiverSource Distributors, Inc. and RiverSource Life Insurance Company effective January 1, 2007, filed as Exhibit 10.2 to Form 10-Q filed on August 3, 2015, is incorporated by reference. |
10.12 | Copy of Fund Accounting Service Agreement by and between Columbia Management Investment Advisers, LLC and RiverSource Life Insurance Company effective February 1, 2011, filed as Exhibit 10.3 to Form 10-Q filed on August 3, 2015, is incorporated by reference. |
24 | Powers of attorney (included on Signature Page) |
31.1* | Certification of John R. Woerner, Chairman and President, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |
31.2* | Certification of Brian J. McGrane, Chief Financial Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |
32* | Certification of John R. Woerner, Chairman and President, and Brian J. McGrane, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101* | The following materials from RiverSource Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL: (i) Consolidated Balance Sheets at December 31, 2015 and 2014; (ii) Consolidated Statements of Income for the years ended December 31, 2015, 2014 and 2013; (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013; (iv) Consolidated Statements of Shareholder’s Equity for the years ended December 31, 2015, 2014 and 2013; (v) Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013; and (vi) Notes to the Consolidated Financial Statements. |
* | Filed electronically herewith. |
1. | I have reviewed this Annual Report on Form 10-K of RiverSource Life Insurance Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 25, 2016 | By | /s/ John R. Woerner |
John R. Woerner | ||
Chairman and President | ||
1. | I have reviewed this Annual Report on Form 10-K of RiverSource Life Insurance Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 25, 2016 | By | /s/ Brian J. McGrane |
Brian J. McGrane | ||
Chief Financial Officer | ||
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: February 25, 2016 | By | /s/ John R. Woerner |
John R. Woerner | ||
Chairman and President | ||
Date: February 25, 2016 | By | /s/ Brian J. McGrane |
Brian J. McGrane | ||
Chief Financial Officer | ||
Document and Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Feb. 25, 2016 |
Jun. 30, 2015 |
|
| Document and Entity Information | |||
| Entity Registrant Name | RIVERSOURCE LIFE INSURANCE CO | ||
| Entity Central Index Key | 0000727892 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Filer Category | Non-accelerated Filer | ||
| Document Type | 10-K | ||
| Document Period End Date | Dec. 31, 2015 | ||
| Document Fiscal Year Focus | 2014 | ||
| Document Fiscal Period Focus | FY | ||
| Amendment Flag | false | ||
| Entity Common Stock, Shares Outstanding | 100,000 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Public Float | $ 0 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Fixed maturities, amortized cost | $ 20,886 | $ 21,354 |
| Common stocks, cost | 2 | 2 |
| Mortgage loans, allowance for loan losses | $ 19 | $ 23 |
| Common stock, par value (in dollars per share) | $ 30 | $ 30 |
| Common stock, shares authorized (in shares) | 100,000 | 100,000 |
| Common stock, shares issued (in shares) | 100,000 | 100,000 |
| Common stock, shares outstanding (in shares) | 100,000 | 100,000 |
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Revenues | |||
| Premiums | $ 406 | $ 423 | $ 430 |
| Net investment income | 1,218 | 1,294 | 1,411 |
| Policy and contract charges | 1,880 | 1,821 | 1,725 |
| Other revenues | 422 | 390 | 359 |
| Net realized investment gains | 4 | 38 | 3 |
| Total revenues | 3,930 | 3,966 | 3,928 |
| Benefits and expenses | |||
| Benefits, claims, losses and settlement expenses | 1,213 | 1,046 | 1,172 |
| Interest credited to fixed accounts | 668 | 713 | 806 |
| Amortization of deferred acquisition costs | 273 | 293 | 141 |
| Other insurance and operating expenses | 736 | 740 | 746 |
| Total benefits and expenses | 2,890 | 2,792 | 2,865 |
| Pretax income | 1,040 | 1,174 | 1,063 |
| Income tax provision | 145 | 209 | 221 |
| Net income | 895 | 965 | 842 |
| Supplemental Disclosures: | |||
| Total other-than-temporary impairment losses on securities | (8) | (6) | (11) |
| Portion of loss recognized in other comprehensive income (before taxes) | 1 | 1 | 5 |
| Net impairment losses recognized in net realized investment gains | $ (7) | $ (5) | $ (6) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 895 | $ 965 | $ 842 |
| Other comprehensive income (loss), net of tax: | |||
| Net unrealized gains (losses) on securities | (338) | 74 | (588) |
| Net unrealized gains on derivatives | 4 | 5 | 4 |
| Total other comprehensive income (loss), net of tax | (334) | 79 | (584) |
| Total comprehensive income | $ 561 | $ 1,044 | $ 258 |
Nature of Business and Basis of Presentation |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
| Basis of Presentation | Nature of Business and Basis of Presentation RiverSource Life Insurance Company is a stock life insurance company with one wholly owned stock life insurance company subsidiary, RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”). RiverSource Life Insurance Company is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”).
RiverSource Life Insurance Company also wholly owns RiverSource Tax Advantaged Investments, Inc. (“RTA”). RTA is a stock company domiciled in Delaware and is a limited partner in affordable housing partnership investments. The accompanying Consolidated Financial Statements include the accounts of RiverSource Life Insurance Company and companies in which it directly or indirectly has a controlling financial interest (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation. The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which vary in certain respects from reporting practices prescribed or permitted by state insurance regulatory authorities as described in Note 15. The Company evaluated events or transactions that may have occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. The Company’s principal products are variable deferred annuities and variable and fixed universal life insurance, including indexed universal life (“IUL”), which are issued primarily to individuals. Waiver of premium and accidental death benefit riders are generally available with the universal life products, in addition to other benefit riders. Variable annuity contract purchasers can choose to add optional benefit provisions to their contracts, such as guaranteed minimum death benefit (“GMDB”), guaranteed minimum withdrawal benefit (“GMWB”) and guaranteed minimum accumulation benefit (“GMAB”) provisions. The Company also offers immediate annuities, fixed deferred annuities, and traditional life and disability income (“DI”) insurance. The Company issues only non-participating life insurance policies which do not pay dividends to policyholders. A majority of the Company’s business is sold through the retail distribution channel of Ameriprise Financial Services, Inc. (“AFSI”), a subsidiary of Ameriprise Financial. RiverSource Distributors, Inc., a subsidiary of Ameriprise Financial, serves as the principal underwriter and distributor of variable annuity and life insurance products issued by the Company. |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Summary of Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Principles of Consolidation Voting interest entities (“VOEs”) are those entities that do not qualify as a variable interest entity (“VIE”). The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for under the cost method when the Company owns less than a 20% voting interest and does not exercise significant influence. A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entity’s losses, or the rights to receive the entity’s returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities. An entity that meets one of these criteria is assessed for consolidation under one of the following models:
then, the VIE will be consolidated by the entity that determines it stands to absorb a majority of the VIE’s expected losses or to receive a majority of the VIE’s expected residual returns. Entities that are assessed for consolidation under this framework include hedge funds, property funds, private equity funds and venture capital funds. When determining whether the Company will absorb the majority of a VIE’s expected losses or receive a majority of a VIE’s expected returns, it analyzes the purpose and design of the VIE and identifies the variable interests it holds. The Company then quantitatively determines whether its variable interests will absorb a majority of the VIE’s expected losses or residual returns. If the Company will absorb the majority of the VIE’s expected losses or residual returns, the Company consolidates the VIE.
Entities that are assessed for consolidation under this framework include investments in qualified affordable housing partnerships. When evaluating entities for consolidation under this framework, the Company considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIEs economic performance. In determining whether the Company has this power, it considers whether it is acting as an asset manager enabling it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in a more passive role such as a limited partner without substantive rights to impact the economic performance of the entity. In determining whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as management and incentive fees and investment returns and its obligation to absorb losses associated with any investment in the VIE in conjunction with other qualitative factors. If the Company consolidates a VIE under either accounting model, it is referred to as the VIE’s primary beneficiary. Amounts Based on Estimates and Assumptions Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and recognition of other-than-temporary impairments, deferred acquisition costs (“DAC”) and the corresponding recognition of DAC amortization, valuation of derivative instruments and hedging activities, claims reserves and income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ. Investments Available-for-Sale Securities Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in accumulated other comprehensive income (“AOCI”), net of impacts to DAC, deferred sales inducement costs (“DSIC”), unearned revenue, benefit reserves, reinsurance recoverables and income taxes. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Income upon disposition of the securities. When the fair value of an investment is less than its amortized cost, the Company assesses whether or not: (i) it has the intent to sell the security (made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, an other-than-temporary impairment is considered to have occurred and the Company recognizes an other-than-temporary impairment for the difference between the investment’s amortized cost and its fair value through earnings. For securities that do not meet the above criteria and the Company does not expect to recover a security’s amortized cost, the security is also considered other-than-temporarily impaired. For these securities, the Company separates the total impairment into the credit loss component and the amount of the loss related to other factors. The amount of the total other-than-temporary impairment related to credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to other factors is recognized in other comprehensive income, net of impacts to DAC, DSIC, unearned revenue, benefit reserves, reinsurance recoverables and income taxes. For Available-for-Sale securities that have recognized an other-than-temporary impairment through earnings, the difference between the amortized cost and the cash flows expected to be collected is accreted as interest income if through subsequent evaluation there is a sustained increase in the cash flow expected. Subsequent increases and decreases in the fair value of Available-for-Sale securities are included in other comprehensive income. The Company provides a supplemental disclosure on the face of its Consolidated Statements of Income that presents: (i) total other-than-temporary impairment losses recognized during the period and (ii) the portion of other-than-temporary impairment losses recognized in other comprehensive income. The sum of these amounts represents the credit-related portion of other-than-temporary impairments that were recognized in earnings during the period. The portion of other-than-temporary losses recognized in other comprehensive income includes: (i) the portion of other-than-temporary impairment losses related to factors other than credit recognized during the period and (ii) reclassifications of other-than-temporary impairment losses previously determined to be related to factors other than credit that are determined to be credit-related in the current period. The amount presented on the Consolidated Statements of Income as the portion of other-than-temporary losses recognized in other comprehensive income excludes subsequent increases and decreases in the fair value of these securities. For all securities that are considered temporarily impaired, the Company does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. The Company believes that it will collect all principal and interest due on all investments that have amortized cost in excess of fair value that are considered only temporarily impaired. Factors the Company considers in determining whether declines in the fair value of fixed maturity securities are other-than-temporary include: (i) the extent to which the market value is below amortized cost; (ii) the duration of time in which there has been a significant decline in value; (iii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iv) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors. In order to determine the amount of the credit loss component for corporate debt securities considered other-than-temporarily impaired, a best estimate of the present value of cash flows expected to be collected discounted at the security’s effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company’s position in the debtor’s overall capital structure. For structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), the Company also considers factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections in assessing potential other-than-temporary impairments of these investments. Based upon these factors, securities that have indicators of potential other-than-temporary impairment are subject to detailed review by management. Securities for which declines are considered temporary continue to be monitored by management until management determines there is no current risk of an other-than-temporary impairment. Mortgage Loans, net Mortgage loans, net reflect the Company’s interest in commercial and residential mortgage loans, less the related allowance for loan losses and unamortized discount on residential mortgage loans. Policy Loans Policy loans include life insurance policy and annuity loans and are reported at the unpaid principal balance, plus accrued interest. Other Investments Other investments primarily reflect the Company’s interests in affordable housing partnerships and syndicated loans which represent investments in below investment grade loan syndications. Affordable housing partnerships are accounted for under the equity method. Financing Receivables Mortgage Loans and Syndicated Loans Mortgage loans and syndicated loans are stated at amortized cost, net of allowances for loan losses, if any and unamortized discounts. Interest income is accrued on the unpaid principal balances of the loans as earned. The discount for residential mortgage loans is accreted straight-line over the remaining life of the loans. Policy Loans When originated, policy loan balances do not exceed the cash surrender value of the underlying products. As there is minimal risk of loss related to these loans, the Company does not record an allowance for loan losses for policy loans. Nonaccrual Loans Generally, loans are evaluated for or placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Commercial mortgage loans are evaluated for impairment when the loan is considered for nonaccrual status, restructured or foreclosure proceedings are initiated on the property. If it is determined that the fair value is less than the current loan balance, it is written down to fair value less estimated selling costs. Residential mortgage loans are impaired when management determines the assets are uncollectible and commences foreclosure proceedings on the property, at which time the property is written down to fair value less selling costs. Foreclosed property is recorded as real estate owned in other investments. Syndicated loans are placed on nonaccrual status when management determines it will not collect all contractual principal and interest on the loan. Allowance for Loan Losses Management determines the adequacy of the allowance for loan losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, FICO scores of the borrower, debt service coverage and occupancy rates, along with economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change. The Company determines the amount of the allowance based on management’s assessment of relative risk characteristics of the loan portfolio. The allowance is recorded for homogeneous loan categories on a pool basis, based on an analysis of product mix and risk characteristics of the portfolio, including geographic concentration, bankruptcy experiences, and historical losses, adjusted for current trends and market conditions. While the Company attributes portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses inherent in the total loan portfolio. The allowance is increased through provisions charged to net realized investment gains (losses) and reduced/increased by net charge-offs/recoveries. Impaired Loans The Company considers a loan to be impaired when, based on current information and events, it is probable the Company will not be able to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. Impaired loans may also include loans that have been modified in troubled debt restructurings as a concession to borrowers experiencing financial difficulties. Management evaluates for impairment all restructured loans and loans with higher impairment risk factors. Factors used by the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on property type and geographic location. The evaluation of impairment on residential mortgage loans is primarily driven by delinquency status of individual loans. The impairment recognized is measured as the excess of the loan’s recorded investment over: (i) the present value of its expected principal and interest payments discounted at the loan’s effective interest rate, (ii) the fair value of collateral or (iii) the loan’s observable market price. Restructured Loans A loan is classified as a restructured loan when the Company makes certain concessionary modifications to contractual terms for borrowers experiencing financial difficulties. When the interest rate, minimum payments, and/or due dates have been modified in an attempt to make the loan more affordable to a borrower experiencing financial difficulties, the modification is considered a troubled debt restructuring. Generally, performance prior to the restructuring or significant events that coincide with the restructuring are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the restructuring or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status. Cash and Cash Equivalents Cash equivalents include highly liquid investments with original maturities of 90 days or less. Reinsurance The Company cedes significant amounts of insurance risk to other insurers under reinsurance agreements. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums for traditional life, long term care (“LTC”) and DI, net of the change in any prepaid reinsurance asset, are reported as a reduction of premiums. Fixed and variable universal life reinsurance premiums are reported as a reduction of policy and contract charges. In addition, for fixed and variable universal life insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset or contra asset and amortized over the estimated life of the policies in proportion to the estimated gross profits and is subject to retrospective adjustment in a manner similar to retrospective adjustment of DAC. The assumptions used to project the expected cash flows are consistent with those used for DAC valuation for the same contracts. Changes in the net cost of reinsurance are reflected as a component of policy and contract charges. Reinsurance recoveries are reported as components of benefits, claims, losses and settlement expenses. Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded as reinsurance recoverables. The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within policyholder account balances, future policy benefits and claims. See Note 8 for additional information on reinsurance. Land, Buildings, Equipment and Software Land, buildings, equipment and internally developed or purchased software are carried at cost less accumulated depreciation or amortization and are reflected within other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 30 years. At December 31, 2015 and 2014, land, buildings, equipment and software were $153 million and $159 million, respectively, net of accumulated depreciation of $129 million and $122 million, respectively. Depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013 was $15 million, $15 million and $16 million, respectively. Derivative Instruments and Hedging Activities Freestanding derivative instruments are recorded at fair value and are reflected in other assets or other liabilities. The Company’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”) or (ii) hedges of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedges”). Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting. For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Income based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Income with the corresponding change in the hedged asset or liability. For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item. For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Income with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately. The equity component of equity indexed annuities (“EIA”) and IUL obligations are considered embedded derivatives. Additionally, certain annuities contain GMAB and GMWB provisions. The GMAB and the non-life contingent benefits associated with GMWB provisions are also considered embedded derivatives. See Note 13 for information regarding the Company’s fair value measurement of derivative instruments and Note 17 for the impact of derivatives on the Consolidated Statements of Income. Deferred Acquisition Costs The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to AFSI, advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The DAC associated with insurance policies or annuity contracts that are significantly modified or internally replaced with another contract are accounted for as contract terminations. These transactions are anticipated in establishing amortization periods and other valuation assumptions. The Company monitors other principal DAC amortization assumptions, such as persistency, mortality, morbidity, interest margin, variable annuity benefit utilization and maintenance expense levels each quarter and, when assessed independently, each could impact the Company’s DAC balances. The analysis of DAC balances and the corresponding amortization is a dynamic process that considers all relevant factors and assumptions described previously. Unless the Company’s management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year. Non-Traditional Long-Duration Products For non-traditional long-duration products (including variable and fixed annuity contracts, universal life (“UL”) and variable universal life (“VUL”) insurance products), DAC are amortized based on projections of estimated gross profits (“EGPs”) over amortization periods equal to the approximate life of the business. EGPs vary based on persistency rates (assumptions at which contractholders and policyholders are expected to surrender, make withdrawals from and make deposits to their contracts), mortality levels, client asset value growth rates (based on equity and bond market performance), variable annuity benefit utilization and interest margins (the spread between earned rates on invested assets and rates credited to contractholder and policyholder accounts). When assumptions are changed, the percentage of EGPs used to amortize DAC might also change. A change in the required amortization percentage is applied retrospectively; an increase in amortization percentage will result in a decrease in the DAC balance and an increase in DAC amortization expense, while a decrease in amortization percentage will result in an increase in the DAC balance and a decrease in DAC amortization expense. The impact on results of operations of changing assumptions can be either positive or negative in any particular period and is reflected in the period in which such changes are made. The client asset value growth rates are the rates at which variable annuity and VUL insurance contract values invested in separate accounts are assumed to appreciate in the future. The rates used vary by equity and fixed income investments. Management reviews and, where appropriate, adjusts its assumptions with respect to client asset value growth rates on a regular basis. The Company typically uses a five-year mean reversion process as a guideline in setting near-term equity fund growth rates based on a long-term view of financial market performance as well as recent actual performance. The suggested near-term equity fund growth rate is reviewed quarterly to ensure consistency with management’s assessment of anticipated equity market performance. DAC amortization expense recorded in a period when client asset value growth rates exceed management’s near-term estimate will typically be less than in a period when growth rates fall short of management’s near-term estimate. Traditional Long-Duration Products For traditional long-duration products (including traditional life, DI and LTC insurance products), DAC are generally amortized as a percentage of premiums over amortization periods equal to the premium paying period. The assumptions made in calculating the DAC balance and DAC amortization expense are consistent with those used in determining the liabilities. For traditional life and DI insurance products, the assumptions provide for adverse deviations in experience and are revised only if management concludes experience will be so adverse that DAC are not recoverable. If management concludes that DAC are not recoverable, DAC are reduced to the amount that is recoverable based on best estimate assumptions and there is a corresponding expense recorded in the Consolidated Statements of Income. The assumptions for LTC insurance products include interest rates, premium rate increases, persistency rates and morbidity rates. These assumptions are management's best estimate from previous loss recognition and thus no longer provide for adverse deviations in experience. Deferred Sales Inducement Costs Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized using the same methodology and assumptions used to amortize DAC. DSIC is recorded in other assets, and amortization of DSIC is recorded in benefits, claims, losses and settlement expenses. Separate Account Assets and Liabilities Separate account assets and liabilities are primarily funds held for the exclusive benefit of variable annuity contractholders and variable life insurance policyholders, who assume the related investment risk. Income and losses on separate account assets accrue directly to the contractholder or policyholder and are not reported in the Company’s Consolidated Statements of Income. Separate account assets are recorded at fair value. Changes in the fair value of separate account assets are offset by changes in the related separate account liabilities. Policyholder Account Balances, Future Policy Benefits and Claims The Company establishes reserves to cover the risks associated with non-traditional and traditional long-duration products. Reserves for non-traditional long-duration products include the liabilities related to guaranteed benefit provisions added to variable annuity contracts, variable and fixed annuity contracts and UL and VUL policies and the embedded derivatives related to variable annuity contracts, EIA and IUL insurance. Reserves for traditional long-duration products are established to provide adequately for future benefits and expenses for term life, whole life, DI and LTC insurance products. The establishment of reserves is an estimation process using a variety of methods, assumptions and data elements. If actual experience is better than or equal to the results of the estimation process, then reserves should be adequate to provide for future benefits and expenses. If actual experience is worse than the results of the estimation process, additional reserves may be required. Changes in future policy benefits and claims are reflected in earnings in the period adjustments are made. Where applicable, benefit amounts expected to be recoverable from reinsurance companies who share in the risk are separately recorded as reinsurance recoverable within receivables. Non-Traditional Long-Duration Products Liabilities for fixed account values on variable and fixed deferred annuities and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. A portion of the Company’s UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 10 for information regarding the liability for contracts with secondary guarantees. Liabilities for EIA are equal to the host contract values covering guaranteed benefits and the fair value of embedded equity options. Liabilities for indexed accounts of IUL products are equal to the accumulation of host contract values covering guaranteed benefits and the fair value of embedded equity options. The majority of the variable annuity contracts offered by the Company contain GMDB provisions. When market values of the customer’s accounts decline, the death benefit payable on a contract with a GMDB may exceed the contract accumulation value. The Company also offers variable annuities with death benefit provisions that gross up the amount payable by a certain percentage of contract earnings, which are referred to as gain gross-up (“GGU”) benefits. In addition, the Company offers contracts containing GMWB and GMAB provisions, and until May 2007, the Company offered contracts containing guaranteed minimum income benefit (“GMIB”) provisions. The GMDB and GGU liability is determined by estimating the expected value of death benefits in excess of the projected contract accumulation value and recognizing the excess over the estimated life based on expected assessments (e.g., mortality and expense fees, contractual administrative charges and similar fees). If elected by the contract owner and after a stipulated waiting period from contract issuance, a GMIB guarantees a minimum lifetime annuity based on a specified rate of contract accumulation value growth and predetermined annuity purchase rates. The GMIB liability is determined each period by estimating the expected value of annuitization benefits in excess of the projected contract accumulation value at the date of annuitization and recognizing the excess over the estimated life based on expected assessments. The liability for the life contingent benefits associated with GMWB provisions is determined by estimating the expected value of benefits that are contingent upon survival after the account value is equal to zero and recognizing the benefits over the estimated life based on expected assessments (e.g., mortality and expense fees, contractual administrative charges and similar fees). In determining the liabilities for GMDB, GGU, GMIB and the life contingent benefits associated with GMWB, the Company projects these benefits and contract assessments using actuarial models to simulate various equity market scenarios. Significant assumptions made in projecting future benefits and assessments relate to customer asset value growth rates, mortality, persistency, benefit utilization and investment margins and are consistent with those used for DAC valuation for the same contracts. As with DAC, management reviews and, where appropriate, adjusts its assumptions each quarter. Unless management identifies a material deviation over the course of quarterly monitoring, management reviews and updates these assumptions annually in the third quarter of each year. The fair value of embedded derivatives related to GMAB and the non-life contingent benefits associated with GMWB provisions fluctuates based on equity, interest rate and credit markets which can cause these embedded derivatives to be either an asset or a liability. See Note 13 for information regarding the fair value measurement of embedded derivatives. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates. Traditional Long-Duration Products The liabilities for traditional long-duration products include liabilities for unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI and LTC policies as claims are incurred in the future. Liabilities for unpaid amounts on reported life insurance claims are equal to the death benefits payable under the policies. Liabilities for unpaid amounts on reported health insurance claims include any periodic or other benefit amounts due and accrued, along with estimates of the present value of obligations for continuing benefit payments. These amounts are calculated based on claim continuance tables which estimate the likelihood an individual will continue to be eligible for benefits. The discount rates used to calculate present values are based on average interest rates earned on assets supporting the liability for unpaid amounts. Anticipated claim continuance rates are based on established industry tables, adjusted as appropriate for the Company’s experience. Liabilities for estimated benefits payable on claims that have been incurred but not yet reported are based on periodic analysis of the actual time lag between when a claim occurs and when it is reported. Liabilities for estimates of benefits that will become payable on future claims on term life, whole life and health insurance policies are based on the net level premium method, using anticipated premium payments, mortality and morbidity rates, policy persistency and interest rates earned on assets supporting the liability. Anticipated mortality and morbidity rates are based on established industry mortality and morbidity tables, with modifications based on the Company’s experience. Anticipated premium payments and persistency rates vary by policy form, issue age, policy duration and certain other pricing factors. For term life, whole life, DI and LTC polices, the Company utilizes best estimate assumptions as of the date the policy is issued with provisions for the risk of adverse deviation, as appropriate. After the liabilities are initially established, management performs premium deficiency tests annually in the third quarter of each year using best estimate assumptions without provisions for adverse deviation. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves net of any DAC balance), the existing net reserves are adjusted by first reducing the DAC balance by the amount of the deficiency or to zero through a change to current period earnings. If the deficiency is more than the DAC balance, then the net reserves are increased by the excess through a charge to current period earnings. If a premium deficiency is recognized, the assumptions are locked in and used in subsequent valuations. The assumptions for LTC insurance products are management's best estimate from previous loss recognition and thus no longer provide for adverse deviations in experience. Unearned Revenue Liability The Company’s fixed and variable universal life policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized using estimated gross profits, similar to DAC. The unearned revenue liability is recorded in other liabilities and the amortization is recorded in policy and contract charges. Income Taxes The Company qualifies as a life insurance company for federal income tax purposes. As such, the Company is subject to the Internal Revenue Code provisions applicable to life insurance companies. The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The Company provides for income taxes on a separate return basis, except that, under an agreement between Ameriprise Financial and the Company, tax benefits are recognized for losses to the extent they can be used in the consolidated return. It is the policy of Ameriprise Financial that it will reimburse its subsidiaries for any tax benefits recorded. The Company’s provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items. In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes. The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. See Note 19 for additional information on the Company's valuation allowance. Revenue Recognition Premiums on traditional life, DI and LTC insurance products and immediate annuities with a life contingent feature are net of reinsurance ceded and recognized as revenue when due. Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale and on the residential mortgage loans so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. Mortality and expense risk fees are generated directly and indirectly based on a percentage of the fair value of assets held in the Company’s separate accounts and recognized when assessed. Variable annuity guaranteed benefit rider charges, cost of insurance charges on fixed and variable universal life insurance and contract charges (net of reinsurance premiums and cost of reinsurance for universal life insurance products) and surrender charges on annuities and fixed and variable universal life insurance are recognized as revenue when assessed. Realized gains and losses on the sale of securities, other than equity method investments, are recognized using the specific identification method, on a trade date basis. Fees received under marketing support arrangements are recognized as revenue when earned. |
Recent Accounting Pronouncements |
12 Months Ended |
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Dec. 31, 2015 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| Recent Accounting Pronouncements [Text Block] | Recent Accounting Pronouncements Adoption of New Accounting Standards Transfers and Servicing In June 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting standards related to transfers and servicing. The update requires repurchase-to-maturity transactions and linked repurchase financings to be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. The standard requires disclosures related to transfers of financial assets accounted for as sales in transactions that are similar to repurchase agreements. The standard also requires disclosures on the remaining contractual maturity of the agreements, disaggregation of the gross obligation by class of collateral pledged and potential risks associated with the agreements and the related collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings. The standard is effective for interim and annual periods beginning after December 15, 2014, except for the disclosure requirements for repurchase agreements, security lending transactions and repurchase-to-maturity transactions accounted for as secured borrowings which are effective for interim periods beginning after March 15, 2015. The standard requires entities to present changes in accounting for transactions outstanding at the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The adoption of the standard did not have any effect on the Company’s consolidated financial condition and results of operations. See Note 12 and Note 16 for the required disclosures. Receivables - Troubled Debt Restructuring by Creditors In January 2014, the FASB updated the accounting standard related to recognizing residential real estate obtained through a repossession or foreclosure from a troubled debtor. The update clarifies the criteria for derecognition of the loan receivable and recognition of the real estate property. The standard is effective for interim and annual periods beginning after December 15, 2014 and can be applied under a modified retrospective transition method or a prospective transition method. The adoption of the standard did not have any effect on the Company’s consolidated financial condition and results of operations. Investments - Equity Method and Joint Ventures In January 2014, the FASB updated the accounting standard related to investments in qualified affordable housing projects. The update allows for an accounting policy election to account for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the investment in a qualified affordable housing project is amortized in proportion to the tax credits and other tax benefits received. The net investment performance is recognized as a component of income tax expense (benefit). The standard is effective for interim and annual periods beginning after December 15, 2014 and should be applied retrospectively to all periods presented. The Company did not elect the proportional amortization method. Future Adoption of New Accounting Standards Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting standards on the recognition and measurement of financial instruments. The update requires entities to carry marketable equity securities, excluding investments in securities that qualify for the equity method of accounting, at fair value through net income. The update affects other aspects of accounting for equity instruments, as well as the accounting for financial liabilities utilizing the fair value option. The update eliminates the requirement to disclose the methods and assumptions used to estimate the fair value of financial assets or liabilities held at cost on the balance sheet and requires entities to use the exit price notion when measuring the fair value of financial instruments. The standard is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for certain provisions. Generally, the update should be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity at the beginning of the period of adoption. The Company is currently evaluating the impact of the standard on its consolidated financial condition and results of operations. Fair Value Measurement – Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the FASB updated the accounting standards related to fair value measurement. The update applies to investments that are measured at net asset value (“NAV”). The standard eliminates the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share as a practical expedient. In addition, the update limits disclosures to investments for which the entity elected to measure the fair value using the practical expedient rather than all eligible investments. The standard is effective for interim and annual periods beginning after December 15, 2015. The standard should be applied retrospectively to all periods presented and early adoption is permitted. The Company adopted the standard on January 1, 2016. There was no impact of the standard to the Company’s consolidated financial condition and results of operations. Interest – Imputation of Interest In April 2015, the FASB updated the accounting standards related to debt issuance costs. The update requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of debt. The update does not impact the measurement or recognition of debt issuance costs. In August 2015, the FASB updated the guidance to allow companies to make a policy election to exclude debt issuance costs for line-of-credit arrangements from the standard. The standard is effective for interim and annual periods beginning after December 15, 2015. The standard is to be applied on a retrospective basis to all periods presented. Early adoption of the standard is permitted. The Company adopted the standard on January 1, 2016. There was no impact of the standard to the Company’s consolidated financial condition and results of operations. Consolidation In February 2015, the FASB updated the accounting standard for consolidation. The update changes the accounting for the consolidation model for limited partnerships and VIEs and excludes certain money market funds from the consolidation analysis. Specific to the consolidation analysis of a VIE, the update clarifies consideration of fees paid to a decision maker and amends the related party guidance. The standard is effective for periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The standard may be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity at the beginning of the period of adoption or applied retrospectively. The Company adopted the standard on January 1, 2016. There was no impact of the standard to the Company’s consolidated financial condition and results of operations. Revenue from Contracts with Customers In May 2014, the FASB updated the accounting standards for revenue from contracts with customers. The update provides a five step revenue recognition model for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other standards). The standard also updates the accounting for certain costs associated with obtaining and fulfilling a customer contract. In addition, the standard requires disclosure of quantitative and qualitative information that enables users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB updated the accounting standards to defer the effective date by one year. The standard is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted for interim and annual periods beginning after December 15, 2016. The standard may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The Company is currently evaluating the impact of the standard on its consolidated financial condition, results of operations and disclosures. |
Variable Interest Entities |
12 Months Ended |
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Dec. 31, 2015 | |
| Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |
| Variable Interest Entities [Text Block] | Variable Interest Entities The Company has variable interests in affordable housing partnerships for which it is not the primary beneficiary and therefore does not consolidate. The Company’s maximum exposure to loss as a result of its investments in affordable housing partnerships is limited to the carrying value of these investments. The carrying value is reflected in other investments and was $517 million and $504 million as of December 31, 2015 and 2014, respectively. The Company has no obligation to provide financial or other support to the affordable housing partnerships in addition to liabilities already recorded for future funding commitments nor has it provided any additional support to the affordable housing partnerships. The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities, commercial mortgage backed securities and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities. The Company’s maximum exposure to loss as a result of its investment in these structured investments is limited to its carrying value. The carrying value is included in Available-for-Sale fixed maturities on the Consolidated Balance Sheets. The Company has no obligation to provide financial or other support to the structured investments beyond its investment nor has the Company provided any support to the structured investments. See Note 5 for additional information about these structured investments. |
Investments |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments [Text Block] | Investments Available-for-Sale securities distributed by type were as follows:
(1) Represents the amount of other-than-temporary impairment (“OTTI”) losses in AOCI. Amount includes unrealized gains and losses on impaired securities subsequent to the initial impairment measurement date. These amounts are included in gross unrealized gains and losses as of the end of the period. As of December 31, 2015 and 2014, investment securities with a fair value of $862 million and $1.2 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $408 million and $689 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2015 and 2014, fixed maturity securities comprised approximately 81% and 82%, respectively, of the Company’s total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. At December 31, 2015 and 2014, approximately $1.1 billion and $1.2 billion, respectively, of securities were internally rated by Columbia Management Investment Advisers, LLC (“CMIA”), an affiliate of the Company, using criteria similar to those used by NRSROs. A summary of fixed maturity securities by rating was as follows:
At December 31, 2015 and 2014, approximately 47% and 46%, respectively, of the securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. No holdings of any other issuer were greater than 10% of total equity. The following tables provide information about Available-for-Sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position:
As part of the Company’s ongoing monitoring process, management determined that the change in gross unrealized losses on its Available-for-Sale securities is primarily attributable to a widening of credit spreads. The following table presents a rollforward of the cumulative amounts recognized in the Consolidated Statements of Income for other-than-temporary impairments related to credit losses on Available-for-Sale securities for which a portion of the securities’ total other-than-temporary impairments was recognized in other comprehensive income (loss):
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in net realized investment gains were as follows:
Other-than-temporary impairments for the years ended December 31, 2015 and 2014 primarily related to credit losses on corporate debt securities and non-agency residential mortgage backed securities. Other-than-temporary impairments for the year ended December 31, 2013 primarily related to credit losses on non-agency residential mortgage backed securities. See Note 18 for a rollforward of net unrealized investment gains (losses) included in AOCI. Available-for-Sale securities by contractual maturity at December 31, 2015 were as follows:
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities, as well as common stocks, were not included in the maturities distribution. Net investment income is summarized as follows:
Net realized investment gains are summarized as follows:
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Financing Receivables |
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| Financing Receivables | Financing Receivables The Company’s financing receivables include commercial and residential mortgage loans, syndicated loans and policy loans. Syndicated loans are reflected in other investments. Allowance for Loan Losses Policy loans do not exceed the cash surrender value of the policy at origination. As there is minimal risk of loss related to policy loans, the Company does not record an allowance for loan losses for policy loans. The Company does not currently have an allowance for loan losses for residential mortgage loans. The following table presents a rollforward of the allowance for loan losses for commercial mortgage loans and syndicated loans for the years ended and the ending balance of the allowance for loan losses by impairment method:
The recorded investment in commercial and residential mortgage loans and syndicated loans by impairment method was as follows:
As of December 31, 2015 and 2014, the Company’s recorded investment in financing receivables individually evaluated for impairment for which there was no related allowance for loan losses was $12 million and $4 million, respectively. During the years ended December 31, 2015, 2014 and 2013, the Company purchased $106 million, $180 million and $158 million, respectively, and sold $15 million, $13 million and $2 million, respectively, consisting primarily of syndicated loans. Credit Quality Information Nonperforming loans, which are generally loans 90 days or more past due, were $8 million and $10 million as of December 31, 2015 and 2014, respectively. All other loans were considered to be performing. Commercial Mortgage Loans The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates as necessary. Commercial mortgage loans which management has assigned its highest risk rating were 1% of total commercial mortgage loans at both December 31, 2015 and 2014. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
Residential Mortgage Loans The recorded investment in residential mortgage loans at December 31, 2015 and 2014 was $594 million and $689 million, respectively. The Company considers the credit worthiness of borrowers (FICO score), collateral characteristics such as LTV and geographic concentration to determine when an amount for an allowance for loan losses for residential mortgage loans is appropriate. At a minimum, management updates FICO scores and LTV ratios semiannually. As of December 31, 2015 and 2014, no allowance for loan losses was recorded. Residential mortgage loans are presented net of unamortized discount of $21 million and $34 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, approximately 4% and 5%, respectively, of residential mortgage loans had FICO scores below 640. As of both December 31, 2015 and 2014, approximately 1% of the Company’s residential mortgage loans had LTV ratios greater than 90%. The Company’s most significant geographic concentration for residential mortgage loans is in California representing 37% of the portfolio as of both December 31, 2015 and 2014. No other state represents more than 10% of the total residential mortgage loan portfolio. Syndicated Loans The recorded investment in syndicated loans at December 31, 2015 and 2014 was $452 million and $451 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. The primary credit indicator for syndicated loans is whether the loans are performing in accordance with the contractual terms of the syndication. Total nonperforming syndicated loans at December 31, 2015 and 2014 were $5 million and $3 million, respectively. Troubled Debt Restructurings The recorded investment in restructured loans was not material as of December 31, 2015, 2014 and 2013. The troubled debt restructurings did not have a material impact to the Company’s allowance for loan losses or income recognized for the years ended December 31, 2015, 2014 and 2013. There are no commitments to lend additional funds to borrowers whose loans have been restructured. |
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Deferred Acquisition Costs and Deferred Sales Inducement Costs |
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| Deferred Acquisition Costs and Deferred Sales Inducement Costs [Text Block] | Deferred Acquisition Costs and Deferred Sales Inducement Costs In the third quarter of the year, management conducts its annual review of insurance and annuity valuation assumptions relative to current experience and management expectations. To the extent that expectations change as a result of this review, management updates valuation assumptions. The impact for the year ended December 31, 2015 primarily reflected the difference between the Company’s previously assumed interest rates versus the continued low interest rate environment partially offset by improved persistency. The impact for the year ended December 31, 2014 primarily reflected lower than previously assumed interest rates partially offset by improved persistency and mortality experience and a benefit from updating the Company's variable annuity living benefit withdrawal utilization assumption. The impact for the year ended December 31, 2013 primarily reflected higher than previously assumed interest rates and changes in assumed policyholder behavior. The balances of and changes in DAC were as follows:
The balances of and changes in DSIC, which is included in other assets, were as follows:
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Reinsurance |
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| Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance [Text Block] | Reinsurance The Company reinsures a portion of the insurance risks associated with its traditional life, DI and LTC insurance products through reinsurance agreements with unaffiliated reinsurance companies. Reinsurance contracts do not relieve the Company from its primary obligation to policyholders. The Company generally reinsures 90% of the death benefit liability for new term life insurance policies beginning in 2001 (RiverSource Life of NY began in 2002) and new individual fixed and variable universal life insurance policies beginning in 2002 (2003 for RiverSource Life of NY). Policies issued prior to these dates are not subject to these same reinsurance levels. However, for IUL policies issued after September 1, 2013 and VUL policies issued after January 1, 2014, the Company generally reinsures 50% of the death benefit liability. Similarly, the Company reinsures 50% of the death benefit and morbidity liabilities related to its universal life product with long term care benefits. The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual. Risk on fixed and variable universal life policies is reinsured on a yearly renewable term basis. Risk on most term life policies starting in 2001 (2002 for RiverSource Life of NY) is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy. The Company also has life insurance and fixed annuity risk previously assumed under reinsurance arrangements with unaffiliated insurance companies. For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. (“Genworth”) and retained the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only. Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states in 2007 (2010 for RiverSource Life of NY) and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold on other policy forms. The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions. At December 31, 2015 and 2014, traditional life and UL insurance in force aggregated $196.3 billion and $195.5 billion, respectively, of which $144.2 billion and $143.4 billion were reinsured at the respective year ends. Life insurance in force is reported on a statutory basis. The effect of reinsurance on premiums for traditional long-duration products was as follows:
Policy and contract charges are presented on the Consolidated Statements of Income net of $107 million, $94 million and $87 million of reinsurance ceded for non-traditional long-duration products for the years ended December 31, 2015, 2014 and 2013, respectively. Reinsurance recovered from reinsurers was $287 million, $253 million and $226 million for the years ended December 31, 2015, 2014 and 2013, respectively. Reinsurance recoverables include approximately $1.9 billion and $1.8 billion related to LTC risk ceded to Genworth as of December 31, 2015 and 2014, respectively. Included in policyholder account balances, future policy benefits and claims is $551 million and $575 million related to previously assumed reinsurance arrangements as of December 31, 2015 and 2014, respectively. |
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Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities |
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| Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Text Block] | Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities Policyholder account balances, future policy benefits and claims consisted of the following:
(1) Includes the fair value of GMAB embedded derivatives that was a net asset at December 31, 2014 reported as a contra liability. Fixed Annuities Fixed annuities include both deferred and payout contracts. Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. The Company generally invests the proceeds from the annuity contracts in fixed rate securities. The Company’s EIA product is a single premium deferred fixed annuity. The contract is issued with an initial term of seven years and interest earnings are linked to the performance of the S&P 500 Index®. This annuity has a minimum interest rate guarantee of 3% on 90% of the initial premium, adjusted for any surrenders. The Company generally invests the proceeds from the annuity contracts in fixed rate securities and hedges the equity risk with derivative instruments. See Note 17 for additional information regarding the Company’s derivative instruments used to hedge the risk related to EIA. In 2007, the Company discontinued new sales of EIA. Variable Annuities Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders. Most of the variable annuity contracts currently issued by the Company contain one or more guaranteed benefits, including GMWB, GMAB, GMDB and GGU provisions. The Company previously offered contracts with GMIB provisions. See Note 2 and Note 10 for additional information regarding the Company’s variable annuity guarantees. The Company does not currently hedge its risk under the GGU and GMIB provisions. See Note 13 and Note 17 for additional information regarding the Company’s derivative instruments used to hedge risks related to GMWB, GMAB and GMDB provisions. Insurance Liabilities VUL/UL is the largest group of insurance policies written by the Company. Purchasers of VUL can select from a variety of investment options and can elect to allocate a portion to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders. IUL insurance is similar to UL in many regards, although the rate of credited interest above the minimum guarantee for funds allocated to an indexed account is linked to the performance of the specific index for the indexed account (subject to a cap and floor). The Company offers an S&P 500 Index account option and a blended multi-index account option comprised of the S&P 500 Index, the MSCI® EAFE Index and MSCI EM Index. Both options offer two crediting durations, one-year and two-year. The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The Company also offers term life insurance as well as disability products. The Company no longer offers standalone LTC products and whole life insurance but has in force policies from prior years. Insurance liabilities include accumulation values, unpaid reported claims, incurred but not reported claims and obligations for anticipated future claims. Portions of the Company’s fixed and variable universal life policies have product features that result in profits followed by losses from the insurance component of the policy. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the policy. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. Separate Account Liabilities Separate account liabilities consisted of the following:
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Variable Annuity and Insurance Guarantees |
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| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Annuity and Insurance Guarantees [Text Block] | Variable Annuity and Insurance Guarantees The majority of the variable annuity contracts offered by the Company contain GMDB provisions. The Company also offers variable annuities with GGU, GMWB and GMAB provisions. The Company previously offered contracts containing GMIB provisions. See Note 2 and Note 9 for additional information regarding the Company’s variable annuity guarantees. The GMDB and GGU provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture and less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract. The Company has the following primary GMDB provisions:
The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision. The Company has GMWB riders in force, which contain one or more of the following provisions:
Variable annuity contractholders age 79 or younger at contract issue can also obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value. Certain UL policies offered by the Company provide secondary guarantee benefits. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The following table provides information related to variable annuity guarantees for which the Company has established additional liabilities:
(1) Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table. The net amount at risk for GMDB, GGU and GMAB guarantees is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB and GMWB guarantees is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero. The present value is calculated using a discount rate that is consistent with assumptions embedded in the Company’s annuity pricing models. The following table provides information related to insurance guarantees for which the Company has established additional liabilities:
The net amount at risk for UL secondary guarantees is defined as the current guaranteed death benefit amount in excess of the current policyholder value. Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees were as follows:
(1) The incurred claims for GMWB and GMAB represent the total change in the liabilities (contra liabilities). The liabilities for guaranteed benefits are supported by general account assets. The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits:
No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2015, 2014 and 2013. |
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Lines of Credit |
12 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Line of Credit Facility [Abstract] | |
| Line of Credit Arrangements with Parent [Text Block] | Lines of Credit RiverSource Life Insurance Company, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under the line of credit may not exceed $800 million at any time. The interest rate for any borrowing under the agreement is established by reference to LIBOR plus 90 basis points, subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit at December 31, 2015 and 2014. The Company has a revolving credit agreement with Ameriprise Financial as the lender aggregating $200 million. The interest rate for any borrowing is established by reference to LIBOR plus 90 basis points, subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. There were no amounts outstanding on this line of credit at December 31, 2015 and 2014. RiverSource Life Insurance Company, as the lender, has a revolving credit agreement with Ameriprise Financial as the borrower. This line of credit is not to exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets as of the prior year end. The interest rate for any borrowing is established by reference to LIBOR plus 90 basis points, subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In the event of default, an additional 1% interest will accrue during such period of default. There were no amounts outstanding on this revolving credit agreement as of December 31, 2015 and 2014. |
Short-term Borrowings |
12 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Short-term Debt [Abstract] | |
| Short-term Borrowings [Text Block] | Short-term Borrowings The Company enters into repurchase agreements in exchange for cash which it accounts for as secured borrowings and has pledged Available-for-Sale securities to collateralize its obligations under the repurchase agreements. As of December 31, 2015 and 2014, the Company had pledged $30 million and $18 million, respectively, of agency residential mortgage backed securities and $22 million and $34 million, respectively, of commercial mortgage backed securities. The amount of the Company’s liability including accrued interest as of both December 31, 2015 and 2014 was $50 million. The remaining maturity of outstanding repurchase agreements was less than one month as of December 31, 2015 and less than four months as of December 31, 2014. The weighted average annualized interest rate on the repurchase agreements held as of December 31, 2015 and 2014 was 0.5% and 0.4%, respectively. RiverSource Life Insurance Company is a member of the Federal Home Loan Bank (“FHLB”) of Des Moines which provides access to collateralized borrowings. The Company has pledged Available-for-Sale securities consisting of commercial mortgage backed securities to collateralize its obligation under these borrowings. The fair value of the securities pledged is recorded in investments and was $290 million and $298 million at December 31, 2015 and 2014, respectively. The amount of the Company’s liability including accrued interest as of both December 31, 2015 and 2014 was $150 million. The remaining maturity of outstanding FHLB advances was less than three months as of December 31, 2015 and less than two months as of December 31, 2014. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2015 and 2014 was 0.5% and 0.3%, respectively. |
Fair Values of Assets and Liabilities |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale. Valuation Hierarchy The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows:
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis:
(1) The fair value of the GMWB and GMAB embedded derivatives included $994 million of individual contracts in a liability position and $143 million of individual contracts in an asset position. (2) The Company’s adjustment for nonperformance risk resulted in a $398 million cumulative decrease to the embedded derivatives.
(1) The fair value of the GMWB and GMAB embedded derivatives included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. (2) The Company’s adjustment for nonperformance risk resulted in a $311 million cumulative decrease to the embedded derivatives. The following tables provide a summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis:
(1) Included in net investment income in the Consolidated Statements of Income.
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Income. (2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Income.
(1) Represents a $1 million gain included in net investment income and a $1 million gain in net realized investment gains in the Consolidated Statements of Income.
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Income. (2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Income.
(1) Included in net investment income in the Consolidated Statements of Income.
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Income. (2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Income. The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $74 million, $124 million and $(168) million, net of DAC, DSIC, unearned revenue amortization and the reinsurance accrual, for the years ended December 31, 2015, 2014 and 2013, respectively. Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third party pricing service with observable inputs. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote. The Company recognizes transfers between levels of the fair value hierarchy as of the beginning of the quarter in which each transfer occurred. For assets and liabilities held at the end of the reporting periods that are measured at fair value on a recurring basis, there were no transfers between Level 1 and Level 2. The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:
(1) The nonperformance risk is the spread added to the observable interest rates used in the valuation of the embedded derivatives. (2) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. (3) Market volatility is implied volatility of fund of funds and managed volatility funds. (4) The elective allocation represents the percentage of contractholders that are assumed to electively switch their investment allocation to a different allocation model. As the contractholder experience of related elective strategy allocations reached the ultimate expected levels in 2015, the Company is no longer including this input in the fair value measurement effective September 30, 2015. Level 3 measurements not included in the table above are obtained from non-binding broker quotes where unobservable inputs are not reasonably available to the Company. Sensitivity of Fair Value Measurements to Changes in Unobservable Inputs Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in utilization and volatility used in the fair value measurement of the GMWB and GMAB embedded derivatives in isolation would result in a significantly higher (lower) liability value. Significant increases (decreases) in nonperformance risk and surrender rate used in the fair value measurement of the GMWB and GMAB embedded derivatives in isolation would result in a significantly lower (higher) liability value. Utilization of guaranteed withdrawals and surrender rates vary with the type of rider, the duration of the policy, the age of the contractholder, the distribution system and whether the value of the guaranteed benefit exceeds the contract accumulation value. Determination of Fair Value The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy. Assets Cash Equivalents Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization. Available-for-Sale Securities When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third party pricing services, non-binding broker quotes, or other model-based valuation techniques. Level 1 securities primarily include U.S. Treasuries. Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, state and municipal obligations, asset backed securities and U.S. agency and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities. The fair value of corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and certain asset backed securities classified as Level 3 is typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. In addition to the general pricing controls, the Company reviews the broker prices to ensure that the broker quotes are reasonable and, when available, compares prices of privately issued securities to public issues from the same issuer to ensure that the implicit illiquidity premium applied to the privately placed investment is reasonable considering investment characteristics, maturity, and average life of the investment. In consideration of the above, management is responsible for the fair values recorded on the financial statements. Prices received from third party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise. Separate Account Assets The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV represents the exit price for the separate account. Separate account assets are classified as Level 2 as they are traded in principal-to-principal markets with little publicly released pricing information. Other Assets Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. Other derivative contracts consist of the Company's macro hedge program. See Note 17 for further information on the macro hedge program. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial at December 31, 2015 and 2014. See Note 16 and Note 17 for further information on the credit risk of derivative instruments and related collateral. Liabilities Policyholder Account Balances, Future Policy Benefits and Claims The Company values the embedded derivatives attributable to the provisions of certain variable annuity riders using internal valuation models. These models calculate fair value by discounting expected cash flows from benefits plus margins for profit, risk and expenses less embedded derivative fees. The projected cash flows used by these models include observable capital market assumptions and incorporate significant unobservable inputs related to contractholder behavior assumptions, implied volatility, and margins for risk, profit and expenses that the Company believes an exit market participant would expect. The fair value also reflects a current estimate of the Company’s nonperformance risk specific to these embedded derivatives. Given the significant unobservable inputs to this valuation, these measurements are classified as Level 3. The embedded derivatives attributable to these provisions are recorded in policyholder account balances, future policy benefits and claims. The Company uses various Black-Scholes calculations to determine the fair value of the embedded derivatives associated with the provisions of its EIA and IUL products. Significant inputs to the EIA calculation include observable interest rates, volatilities and equity index levels and, therefore, are classified as Level 2. The fair value of the IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and the significant unobservable estimate of the Company’s nonperformance risk. Given the significance of the nonperformance risk assumption to the fair value, the IUL embedded derivatives are classified as Level 3. The embedded derivatives attributable to these provisions are recorded in policyholder account balances, future policy benefits and claims. The Company’s Corporate Actuarial Department calculates the fair value of the embedded derivatives on a monthly basis. During this process, control checks are performed to validate the completeness of the data. Actuarial management approves various components of the valuation along with the final results. The change in the fair value of the embedded derivatives is reviewed monthly with senior management. The Level 3 inputs into the valuation are consistent with the pricing assumptions and updated as experience develops. Significant unobservable inputs that reflect policyholder behavior are reviewed quarterly along with other valuation assumptions. Other Liabilities Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets are generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. Other derivative contracts consist of the Company's macro hedge program. See Note 17 for further information on the macro hedge program. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial at December 31, 2015 and 2014. See Note 16 and Note 17 for further information on the credit risk of derivative instruments and related collateral. During the reporting periods, there were no material assets or liabilities measured at fair value on a nonrecurring basis. The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value. All other financial instruments that are reported at fair value have been included above in the table with balances of assets and liabilities measured at fair value on a recurring basis.
Mortgage Loans, Net The fair value of commercial mortgage loans, except those with significant credit deterioration, is determined by discounting contractual cash flows using discount rates that reflect current pricing for loans with similar remaining maturities, liquidity and characteristics including LTV ratio, occupancy rate, refinance risk, debt service coverage, location, and property condition. For commercial mortgage loans with significant credit deterioration, fair value is determined using the same adjustments as above with an additional adjustment for the Company’s estimate of the amount recoverable on the loan. The fair value of residential mortgage loans is determined by discounting estimated cash flows and incorporating adjustments for prepayment, administration expenses, loss severity and credit loss estimates, with discount rates based on the Company’s estimate of current market conditions. Given the significant unobservable inputs to the valuation of mortgage loans, these measurements are classified as Level 3. Policy Loans Policy loans represent loans made against the cash surrender value of the underlying life insurance or annuity product. These loans and the related interest are usually realized at death of the policyholder or contractholder or at surrender of the contract and are not transferable without the underlying insurance or annuity contract. The fair value of policy loans is determined by estimating expected cash flows discounted at rates based on the U.S. Treasury curve. Policy loans are classified as Level 3 as the discount rate used may be adjusted for the underlying performance of individual policies. Other Investments Other investments primarily consist of syndicated loans and an investment in FHLB. The fair value of syndicated loans is obtained from a third party pricing service or non-binding broker quotes. Syndicated loans that are priced using a market approach with observable inputs are classified as Level 2 and syndicated loans priced using a single non-binding broker quote are classified as Level 3. The fair value of the investment in FHLB is approximated by the carrying value and classified as Level 3 due to restrictions on transfer and lack of liquidity in the primary market for this asset. Policyholder Account Balances, Future Policy Benefits and Claims The fair value of fixed annuities in deferral status is determined by discounting cash flows using a risk neutral discount rate with adjustments for profit margin, expense margin, early policy surrender behavior, a margin for adverse deviation from estimated early policy surrender behavior and the Company’s nonperformance risk specific to these liabilities. The fair value of non-life contingent fixed annuities in payout status, EIA host contracts and the fixed portion of a small number of variable annuity contracts classified as investment contracts is determined in a similar manner. Given the use of significant unobservable inputs to these valuations, the measurements are classified as Level 3. Short-term Borrowings The fair value of short-term borrowings is obtained from a third party pricing service. A nonperformance adjustment is not included as collateral requirements for these borrowings minimize the nonperformance risk. The fair value of short-term borrowings is classified as Level 2. Other Liabilities Other liabilities consist of future funding commitments to affordable housing partnerships. The fair value of these future funding commitments is determined by discounting cash flows. The fair value of these commitments includes an adjustment for the Company’s nonperformance risk and is classified as Level 3 due to the use of the significant unobservable input. Separate Account Liabilities Certain separate account liabilities are classified as investment contracts and are carried at an amount equal to the related separate account assets. The NAV of the related separate account assets represents the exit price for the separate account liabilities. Separate account liabilities are classified as Level 2 as they are traded in principal-to-principal markets with little publicly released pricing information. A nonperformance adjustment is not included as the related separate account assets act as collateral for these liabilities and minimize nonperformance risk. |
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Related Party Transactions |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Text Block] | Related Party Transactions CMIA is the investment advisor for the proprietary mutual funds used as investment options by the Company’s variable annuity contractholders and variable life insurance policyholders. The Company provides marketing, administrative and shareholder services on behalf of CMIA and is compensated for the services it provides. For the years ended December 31, 2015, 2014 and 2013, the Company earned $311 million, $295 million and $268 million, respectively, from CMIA for these services. Columbia Management Investment Distributors, Inc. (“CMID”), an affiliate of the Company, is the principal underwriter and distributor for the proprietary mutual funds used as investment options by the Company’s variable annuity contractholders and variable life insurance policyholders. The Company provides distribution services to assist in the promotion, distribution and account servicing of shares of the portfolios of the Company’s variable products and is compensated for providing these services. For the years ended December 31, 2015, 2014 and 2013, the Company earned $162 million, $158 million and $145 million, respectively, from CMID for these services. Columbia Management Investment Services Corp. (“CMIS”), an affiliate of the Company, is the transfer agent that processes transactions related to the Company’s variable products. The Company provides shareholder services related to these transactions and is compensated for providing these services. For the years ended December 31, 2015, 2014 and 2013, the Company earned $41 million, $40 million and $38 million, respectively, from CMIS for these services. Charges by Ameriprise Financial and affiliated companies to the Company for use of joint facilities, technology support, marketing services and other services aggregated $437 million, $431 million and $465 million for the years ended December 31, 2015, 2014 and 2013, respectively. Certain of these costs are included in DAC. Expenses allocated to the Company may not be reflective of expenses that would have been incurred by the Company on a stand-alone basis. Dividends paid and received by RiverSource Life Insurance Company were as follows:
On February 11, 2016, the Company's board of directors declared a cash dividend of $400 million to Ameriprise Financial, payable on or after March 1, 2016, pending approval by the Minnesota Department of Commerce. For dividends from the life insurance companies, notifications to state insurance regulators were made in advance of payments of dividends for amounts in excess of statutorily defined thresholds. See Note 15 for additional information. During the years ended December 31, 2015, 2014 and 2013, RiverSource Life Insurance Company made cash contributions to RTA of nil, $15 million and $30 million, respectively, for ongoing funding commitments related to affordable housing partnership investments. The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The net amount due from Ameriprise Financial for federal income taxes was $88 million and $289 million at December 31, 2015 and 2014, respectively, which is reflected in Other, net within operating activities on the Consolidated Statements of Cash Flows. |
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Regulatory Requirements |
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| Regulatory Requirements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Requirements [Text Block] | Regulatory Requirements The National Association of Insurance Commissioners (“NAIC”) defines Risk-Based Capital (“RBC”) requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company. The Company has met its minimum RBC requirements. Insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets. State insurance statutes contain limitations as to the amount of dividends or distributions that insurers may make without providing prior notification to state regulators. For RiverSource Life Insurance Company, dividends or distributions in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce, RiverSource Life Insurance Company’s primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company’s statutory unassigned surplus aggregated $954 million and $638 million as of December 31, 2015 and 2014, respectively. In addition, dividends or distributions, whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceeds the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to the Minnesota Department of Commerce, and are subject to potential disapproval. Statutory capital and surplus was $3.7 billion and $3.3 billion at December 31, 2015 and 2014, respectively. Statutory net gain from operations and net income are summarized as follows:
(1) Statutory net gain (loss) from operations and statutory net income (loss) are significantly impacted by changes in reserves for variable annuity guaranteed benefits, however, these impacts are substantially offset by unrealized gains (losses) on derivatives which are not included in statutory income but are recorded directly to surplus. Government debt securities of $5 million at both December 31, 2015 and 2014, were on deposit with various states as required by law. |
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Offsetting Assets and Liabilities |
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| Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offsetting Assets and Liabilities [Text Block] | Offsetting Assets and Liabilities Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments and repurchase agreements are subject to master netting arrangements and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets. The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:
The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. In the tables above, the amounts of assets or liabilities presented in the Consolidated Balance Sheets are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables. When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, the Company may be required to post additional collateral. The Company’s freestanding derivative instruments are reflected in other assets and other liabilities. Repurchase agreements are reflected in short-term borrowings. See Note 17 for additional disclosures related to the Company’s derivative instruments and Note 12 for additional disclosures related to the Company’s repurchase agreements. |
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Derivatives and Hedging Activities |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives and Hedging Activities | Derivatives and Hedging Activities Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations. The Company’s freestanding derivative instruments are all subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 16 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral. The Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
N/A Not applicable. (1) The fair value of freestanding derivative assets is included in Other assets on the Consolidated Balance Sheets. (2) The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, and EIA embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets. (3) The fair value of the GMWB and GMAB embedded derivatives at December 31, 2015 included $994 million of individual contracts in a liability position and $143 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives at December 31, 2014 included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. See Note 13 for additional information regarding the Company’s fair value measurement of derivative instruments. At December 31, 2015 and 2014, investment securities with a fair value of $323 million and $435 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $193 million and $151 million, respectively, may be sold, pledged or rehypothecated by the Company. At December 31, 2015 and 2014, the Company had not sold, pledged, or rehypothecated any securities that were accepted as collateral. In addition, at December 31, 2015 and 2014, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company's Consolidated Balance Sheets. Derivatives Not Designated as Hedges The following table presents a summary of the impact of derivatives not designated as hedging instruments on the Consolidated Statements of Operations:
The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company. Certain annuity contracts contain GMWB or GMAB provisions, which guarantee the right to make limited partial withdrawals each contract year regardless of the volatility inherent in the underlying investments or guarantee a minimum accumulation value of consideration received at the beginning of the contract period, after a specified holding period, respectively. The GMAB and non-life contingent GMWB provisions are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. The Company economically hedges the exposure related to GMAB and non-life contingent GMWB provisions primarily using futures, options, interest rate swaptions, interest rate swaps, total return swaps and variance swaps. The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the option contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options:
Actual timing and payment amounts may differ due to future contract settlements, modifications or exercises of options prior to the full premium being paid or received. The Company has a macro hedge program to provide protection against the statutory tail scenario risk arising from variable annuity reserves on its statutory surplus and to cover some of the residual risks not covered by other hedging activities. As a means of economically hedging these risks, the Company uses a combination of options and/or swaps. Certain of the macro hedge derivatives used contain settlement provisions linked to both equity returns and interest rates; the remaining are interest rate contracts or equity contracts. The Company’s macro hedge derivatives are included in Other contracts in the tables above. EIA and IUL products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to EIA and IUL products will positively or negatively impact earnings over the life of these products. The equity component of the EIA and IUL product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into index options and futures contracts. Cash Flow Hedges During the year ended December 31, 2015, the Company held no derivatives that were designated as cash flow hedges. At December 31, 2015, the Company expects to reclassify $6 million of deferred loss on derivative instruments from AOCI to earnings during the next 12 months that will be recorded in net investment income. These were originally losses on derivative instruments related to interest rate swaptions. During the years ended December 31, 2015 and 2014, no hedge relationships were discontinued due to forecasted transactions no longer being expected to occur according to the original hedge strategy. For the years ended December 31, 2015, 2014 and 2013, the amounts recognized in earnings on derivative transactions that were ineffective were not material. See Note 18 for a summary of net unrealized losses included in AOCI related to previously designated cash flow hedges. Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is three years and relates to interest credited on forecasted fixed premium product sales. Credit Risk Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting arrangements and collateral arrangements whenever practical. See Note 16 for additional information on the Company’s credit exposure related to derivative assets. Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s financial strength rating (or based on the debt rating of the Company’s parent, Ameriprise Financial). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company does not maintain a specific financial strength rating or Ameriprise Financial’s debt does not maintain a specific credit rating (generally an investment grade rating). If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. At December 31, 2015 and 2014, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $243 million and $367 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2015 and 2014 was $243 million and $367 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position at December 31, 2015 and 2014 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been nil for both periods. |
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Shareholder's Equity |
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| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholder's Equity [Text Block] | Shareholder’s Equity The following tables provide the amounts related to each component of other comprehensive income (loss) ("OCI"):
(1) Includes other-than-temporary impairment losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income (loss) during the period. (2) Reclassification amounts are recorded in net realized investment gains (losses). (3) Reclassification amounts are recorded in net investment income. Other comprehensive income (loss) related to net unrealized securities gains (losses) includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit other-than-temporary impairment losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates. The following table presents the changes in the balances of each component of AOCI, net of tax:
(1) Includes $2 million, $2 million and $7 million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at December 31, 2015, 2014 and 2013, respectively. |
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The components of income tax provision were as follows:
In December 2014, the Company received IRS approval for a change in accounting method related to variable annuity hedging. Accordingly, the Company began using the approved method of accounting in the fourth quarter of 2014. The change to the approved method increased deferred tax expense and current tax receivables with a corresponding decrease to current tax expense and deferred tax assets of approximately $300 million in 2014. The principal reasons that the aggregate income tax provision is different from that computed by using the U.S. statutory rate of 35% are as follows:
The effective tax rates are lower than the statutory rate as a result of tax preferred items including the dividends received deduction and low income housing credits. The decrease in the effective tax rate for the year ended December 31, 2015 compared to 2014 was primarily due to an increase in the dividends received deduction compared to 2014 and slightly lower pretax income. The decrease in the effective tax rate for the year ended December 31, 2014 compared to 2013 was the result of an $18 million benefit in 2014 related to the completion of an Internal Revenue Service (“IRS”) audit. Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. The significant components of the Company’s deferred income tax assets and liabilities, which are included net within other assets or other liabilities on the Consolidated Balance Sheets, were as follows:
Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $7 million, net of federal benefit, which will expire beginning December 31, 2016. Based on analysis of the Company’s tax position, management believes it is more likely than not that the Company will not realize certain state deferred tax assets, primarily state net operating losses and therefore a valuation allowance of $8 million has been established. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:
If recognized, approximately $9 million, $7 million and $23 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2015, 2014 and 2013, respectively, would affect the effective tax rate. It is reasonably possible that the total amounts of unrecognized tax benefits will change in the next 12 months. It is estimated that the total amount of gross unrecognized tax benefits may decrease by $80 million to $90 million in the next 12 months primarily due to resolution of IRS examinations. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $1 million, $4 million, and $6 million in interest and penalties for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015 and 2014, the Company had a payable of $41 million and $40 million, respectively, related to accrued interest and penalties. The Company or one or more of its subsidiaries files income tax returns, as part of its inclusion in the consolidated federal income tax returns of Ameriprise Financial, in the U.S. federal jurisdiction and various state jurisdictions. The IRS has completed its field examination of the 1997 through 2011 tax returns. However, for federal income tax purposes, tax years 1997 through 2006, 2008 and 2009 remain open for certain unagreed-upon issues. The IRS is currently auditing the Company’s U.S. income tax returns for 2012 and 2013. The Company’s or certain of its subsidiaries’ state income tax returns are currently under examination by various jurisdictions for years ranging from 1997 through 2012 and remain open for all years after 2012. |
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Commitments, Guarantees and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments, Guarantees and Contingencies [Text Block] | Commitments, Guarantees and Contingencies Commitments The following table presents the Company’s funding commitments as of December 31:
Since the Company expects many of the commitments related to residential mortgage loans to expire without being drawn, total commitment amounts do not necessarily represent the Company’s future liquidity requirements. In addition, residential mortgage loans include credit lines that are cancelable upon notification to the borrower. Guarantees The Company’s annuity and life products all have minimum interest rate guarantees in their fixed accounts. As of December 31, 2015, these guarantees range up to 5.0%. The Company is required by law to be a member of the guaranty fund association in every state where it is licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations (“NOLHGA”) and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated. The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. At December 31, 2015 and 2014, the estimated liability was $13 million and $14 million, respectively, and the related premium tax asset was $12 million at both December 31, 2015 and 2014. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known. Contingencies Insurance companies have been the subject of increasing regulatory, legislative and judicial scrutiny. Numerous state and federal regulatory agencies have commenced examinations and other inquiries of insurance companies regarding sales and marketing practices (including sales to older consumers and disclosure practices), claims handling, and unclaimed property and escheatment practices and procedures. With regard to an industry-wide investigation of unclaimed property and escheatment practices and procedures, the Company is responding to regulatory audits, market conduct examinations and other inquiries (including a multistate insurance department examination and a market conduct examination by the State of Minnesota). The Company has cooperated and will continue to cooperate with the applicable regulators. The Company is involved in the normal course of business in a number of other legal and arbitration proceedings concerning matters arising in connection with the conduct of its business activities. The Company believes that it is not a party to, nor are any of its properties the subject of, any pending legal, arbitration or regulatory investigation, examination or proceeding that is likely to have a material adverse effect on its consolidated financial condition, results of operations or liquidity. Notwithstanding the foregoing, it is possible that the outcome of any current or future legal, arbitration or regulatory proceeding could have a material impact on results of operations in any particular reporting period as the proceedings are resolved. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally. |
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Principles of Consolidation [Policy Text Block] | Principles of Consolidation Voting interest entities (“VOEs”) are those entities that do not qualify as a variable interest entity (“VIE”). The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for under the cost method when the Company owns less than a 20% voting interest and does not exercise significant influence. A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entity’s losses, or the rights to receive the entity’s returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities. An entity that meets one of these criteria is assessed for consolidation under one of the following models:
then, the VIE will be consolidated by the entity that determines it stands to absorb a majority of the VIE’s expected losses or to receive a majority of the VIE’s expected residual returns. Entities that are assessed for consolidation under this framework include hedge funds, property funds, private equity funds and venture capital funds. When determining whether the Company will absorb the majority of a VIE’s expected losses or receive a majority of a VIE’s expected returns, it analyzes the purpose and design of the VIE and identifies the variable interests it holds. The Company then quantitatively determines whether its variable interests will absorb a majority of the VIE’s expected losses or residual returns. If the Company will absorb the majority of the VIE’s expected losses or residual returns, the Company consolidates the VIE.
Entities that are assessed for consolidation under this framework include investments in qualified affordable housing partnerships. When evaluating entities for consolidation under this framework, the Company considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIEs economic performance. In determining whether the Company has this power, it considers whether it is acting as an asset manager enabling it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in a more passive role such as a limited partner without substantive rights to impact the economic performance of the entity. In determining whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as management and incentive fees and investment returns and its obligation to absorb losses associated with any investment in the VIE in conjunction with other qualitative factors. If the Company consolidates a VIE under either accounting model, it is referred to as the VIE’s primary beneficiary. |
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| Amounts Based on Estimates and Assumptions [Policy Text Block] | Amounts Based on Estimates and Assumptions Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and recognition of other-than-temporary impairments, deferred acquisition costs (“DAC”) and the corresponding recognition of DAC amortization, valuation of derivative instruments and hedging activities, claims reserves and income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ. |
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| Investments [Policy Text Block] | Investments Available-for-Sale Securities Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in accumulated other comprehensive income (“AOCI”), net of impacts to DAC, deferred sales inducement costs (“DSIC”), unearned revenue, benefit reserves, reinsurance recoverables and income taxes. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Income upon disposition of the securities. When the fair value of an investment is less than its amortized cost, the Company assesses whether or not: (i) it has the intent to sell the security (made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, an other-than-temporary impairment is considered to have occurred and the Company recognizes an other-than-temporary impairment for the difference between the investment’s amortized cost and its fair value through earnings. For securities that do not meet the above criteria and the Company does not expect to recover a security’s amortized cost, the security is also considered other-than-temporarily impaired. For these securities, the Company separates the total impairment into the credit loss component and the amount of the loss related to other factors. The amount of the total other-than-temporary impairment related to credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to other factors is recognized in other comprehensive income, net of impacts to DAC, DSIC, unearned revenue, benefit reserves, reinsurance recoverables and income taxes. For Available-for-Sale securities that have recognized an other-than-temporary impairment through earnings, the difference between the amortized cost and the cash flows expected to be collected is accreted as interest income if through subsequent evaluation there is a sustained increase in the cash flow expected. Subsequent increases and decreases in the fair value of Available-for-Sale securities are included in other comprehensive income. The Company provides a supplemental disclosure on the face of its Consolidated Statements of Income that presents: (i) total other-than-temporary impairment losses recognized during the period and (ii) the portion of other-than-temporary impairment losses recognized in other comprehensive income. The sum of these amounts represents the credit-related portion of other-than-temporary impairments that were recognized in earnings during the period. The portion of other-than-temporary losses recognized in other comprehensive income includes: (i) the portion of other-than-temporary impairment losses related to factors other than credit recognized during the period and (ii) reclassifications of other-than-temporary impairment losses previously determined to be related to factors other than credit that are determined to be credit-related in the current period. The amount presented on the Consolidated Statements of Income as the portion of other-than-temporary losses recognized in other comprehensive income excludes subsequent increases and decreases in the fair value of these securities. For all securities that are considered temporarily impaired, the Company does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. The Company believes that it will collect all principal and interest due on all investments that have amortized cost in excess of fair value that are considered only temporarily impaired. Factors the Company considers in determining whether declines in the fair value of fixed maturity securities are other-than-temporary include: (i) the extent to which the market value is below amortized cost; (ii) the duration of time in which there has been a significant decline in value; (iii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iv) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors. In order to determine the amount of the credit loss component for corporate debt securities considered other-than-temporarily impaired, a best estimate of the present value of cash flows expected to be collected discounted at the security’s effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company’s position in the debtor’s overall capital structure. For structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and asset backed securities), the Company also considers factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections in assessing potential other-than-temporary impairments of these investments. Based upon these factors, securities that have indicators of potential other-than-temporary impairment are subject to detailed review by management. Securities for which declines are considered temporary continue to be monitored by management until management determines there is no current risk of an other-than-temporary impairment. Mortgage Loans, net Mortgage loans, net reflect the Company’s interest in commercial and residential mortgage loans, less the related allowance for loan losses and unamortized discount on residential mortgage loans. Policy Loans Policy loans include life insurance policy and annuity loans and are reported at the unpaid principal balance, plus accrued interest. Other Investments Other investments primarily reflect the Company’s interests in affordable housing partnerships and syndicated loans which represent investments in below investment grade loan syndications. Affordable housing partnerships are accounted for under the equity method. |
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| Financing Receivables [Policy Text Block] | Financing Receivables Mortgage Loans and Syndicated Loans Mortgage loans and syndicated loans are stated at amortized cost, net of allowances for loan losses, if any and unamortized discounts. Interest income is accrued on the unpaid principal balances of the loans as earned. The discount for residential mortgage loans is accreted straight-line over the remaining life of the loans. Policy Loans When originated, policy loan balances do not exceed the cash surrender value of the underlying products. As there is minimal risk of loss related to these loans, the Company does not record an allowance for loan losses for policy loans. Nonaccrual Loans Generally, loans are evaluated for or placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Commercial mortgage loans are evaluated for impairment when the loan is considered for nonaccrual status, restructured or foreclosure proceedings are initiated on the property. If it is determined that the fair value is less than the current loan balance, it is written down to fair value less estimated selling costs. Residential mortgage loans are impaired when management determines the assets are uncollectible and commences foreclosure proceedings on the property, at which time the property is written down to fair value less selling costs. Foreclosed property is recorded as real estate owned in other investments. Syndicated loans are placed on nonaccrual status when management determines it will not collect all contractual principal and interest on the loan. Allowance for Loan Losses Management determines the adequacy of the allowance for loan losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, FICO scores of the borrower, debt service coverage and occupancy rates, along with economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change. The Company determines the amount of the allowance based on management’s assessment of relative risk characteristics of the loan portfolio. The allowance is recorded for homogeneous loan categories on a pool basis, based on an analysis of product mix and risk characteristics of the portfolio, including geographic concentration, bankruptcy experiences, and historical losses, adjusted for current trends and market conditions. While the Company attributes portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses inherent in the total loan portfolio. The allowance is increased through provisions charged to net realized investment gains (losses) and reduced/increased by net charge-offs/recoveries. Impaired Loans The Company considers a loan to be impaired when, based on current information and events, it is probable the Company will not be able to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. Impaired loans may also include loans that have been modified in troubled debt restructurings as a concession to borrowers experiencing financial difficulties. Management evaluates for impairment all restructured loans and loans with higher impairment risk factors. Factors used by the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on property type and geographic location. The evaluation of impairment on residential mortgage loans is primarily driven by delinquency status of individual loans. The impairment recognized is measured as the excess of the loan’s recorded investment over: (i) the present value of its expected principal and interest payments discounted at the loan’s effective interest rate, (ii) the fair value of collateral or (iii) the loan’s observable market price. Restructured Loans A loan is classified as a restructured loan when the Company makes certain concessionary modifications to contractual terms for borrowers experiencing financial difficulties. When the interest rate, minimum payments, and/or due dates have been modified in an attempt to make the loan more affordable to a borrower experiencing financial difficulties, the modification is considered a troubled debt restructuring. Generally, performance prior to the restructuring or significant events that coincide with the restructuring are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the restructuring or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status |
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| Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents Cash equivalents include highly liquid investments with original maturities of 90 days or less. |
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| Reinsurance [Policy Text Block] | Reinsurance The Company cedes significant amounts of insurance risk to other insurers under reinsurance agreements. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums for traditional life, long term care (“LTC”) and DI, net of the change in any prepaid reinsurance asset, are reported as a reduction of premiums. Fixed and variable universal life reinsurance premiums are reported as a reduction of policy and contract charges. In addition, for fixed and variable universal life insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset or contra asset and amortized over the estimated life of the policies in proportion to the estimated gross profits and is subject to retrospective adjustment in a manner similar to retrospective adjustment of DAC. The assumptions used to project the expected cash flows are consistent with those used for DAC valuation for the same contracts. Changes in the net cost of reinsurance are reflected as a component of policy and contract charges. Reinsurance recoveries are reported as components of benefits, claims, losses and settlement expenses. Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded as reinsurance recoverables. The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within policyholder account balances, future policy benefits and claims. See Note 8 for additional information on reinsurance. |
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| Land, Buildings, Equipment and Software [Policy Text Block] | Land, Buildings, Equipment and Software Land, buildings, equipment and internally developed or purchased software are carried at cost less accumulated depreciation or amortization and are reflected within other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 30 years. At December 31, 2015 and 2014, land, buildings, equipment and software were $153 million and $159 million, respectively, net of accumulated depreciation of $129 million and $122 million, respectively. Depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013 was $15 million, $15 million and $16 million, respectively. |
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| Derivative Instruments and Hedging Activities [Policy Text Block] | Derivative Instruments and Hedging Activities Freestanding derivative instruments are recorded at fair value and are reflected in other assets or other liabilities. The Company’s policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”) or (ii) hedges of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedges”). Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting. For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Income based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Income with the corresponding change in the hedged asset or liability. For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item. For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Income with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately. The equity component of equity indexed annuities (“EIA”) and IUL obligations are considered embedded derivatives. Additionally, certain annuities contain GMAB and GMWB provisions. The GMAB and the non-life contingent benefits associated with GMWB provisions are also considered embedded derivatives. See Note 13 for information regarding the Company’s fair value measurement of derivative instruments and Note 17 for the impact of derivatives on the Consolidated Statements of Income. |
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| Deferred Acquisition Costs [Policy Text Block] | Deferred Acquisition Costs The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to AFSI, advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The DAC associated with insurance policies or annuity contracts that are significantly modified or internally replaced with another contract are accounted for as contract terminations. These transactions are anticipated in establishing amortization periods and other valuation assumptions. The Company monitors other principal DAC amortization assumptions, such as persistency, mortality, morbidity, interest margin, variable annuity benefit utilization and maintenance expense levels each quarter and, when assessed independently, each could impact the Company’s DAC balances. The analysis of DAC balances and the corresponding amortization is a dynamic process that considers all relevant factors and assumptions described previously. Unless the Company’s management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year. Non-Traditional Long-Duration Products For non-traditional long-duration products (including variable and fixed annuity contracts, universal life (“UL”) and variable universal life (“VUL”) insurance products), DAC are amortized based on projections of estimated gross profits (“EGPs”) over amortization periods equal to the approximate life of the business. EGPs vary based on persistency rates (assumptions at which contractholders and policyholders are expected to surrender, make withdrawals from and make deposits to their contracts), mortality levels, client asset value growth rates (based on equity and bond market performance), variable annuity benefit utilization and interest margins (the spread between earned rates on invested assets and rates credited to contractholder and policyholder accounts). When assumptions are changed, the percentage of EGPs used to amortize DAC might also change. A change in the required amortization percentage is applied retrospectively; an increase in amortization percentage will result in a decrease in the DAC balance and an increase in DAC amortization expense, while a decrease in amortization percentage will result in an increase in the DAC balance and a decrease in DAC amortization expense. The impact on results of operations of changing assumptions can be either positive or negative in any particular period and is reflected in the period in which such changes are made. The client asset value growth rates are the rates at which variable annuity and VUL insurance contract values invested in separate accounts are assumed to appreciate in the future. The rates used vary by equity and fixed income investments. Management reviews and, where appropriate, adjusts its assumptions with respect to client asset value growth rates on a regular basis. The Company typically uses a five-year mean reversion process as a guideline in setting near-term equity fund growth rates based on a long-term view of financial market performance as well as recent actual performance. The suggested near-term equity fund growth rate is reviewed quarterly to ensure consistency with management’s assessment of anticipated equity market performance. DAC amortization expense recorded in a period when client asset value growth rates exceed management’s near-term estimate will typically be less than in a period when growth rates fall short of management’s near-term estimate. Traditional Long-Duration Products For traditional long-duration products (including traditional life, DI and LTC insurance products), DAC are generally amortized as a percentage of premiums over amortization periods equal to the premium paying period. The assumptions made in calculating the DAC balance and DAC amortization expense are consistent with those used in determining the liabilities. For traditional life and DI insurance products, the assumptions provide for adverse deviations in experience and are revised only if management concludes experience will be so adverse that DAC are not recoverable. If management concludes that DAC are not recoverable, DAC are reduced to the amount that is recoverable based on best estimate assumptions and there is a corresponding expense recorded in the Consolidated Statements of Income. The assumptions for LTC insurance products include interest rates, premium rate increases, persistency rates and morbidity rates. These assumptions are management's best estimate from previous loss recognition and thus no longer provide for adverse deviations in experience. |
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| Deferred Sales Inducement Costs [Policy Text Block] | Deferred Sales Inducement Costs Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized using the same methodology and assumptions used to amortize DAC. DSIC is recorded in other assets, and amortization of DSIC is recorded in benefits, claims, losses and settlement expenses. |
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| Separate Account Assets and Liabilities [Policy Text Block] | Separate Account Assets and Liabilities Separate account assets and liabilities are primarily funds held for the exclusive benefit of variable annuity contractholders and variable life insurance policyholders, who assume the related investment risk. Income and losses on separate account assets accrue directly to the contractholder or policyholder and are not reported in the Company’s Consolidated Statements of Income. Separate account assets are recorded at fair value. Changes in the fair value of separate account assets are offset by changes in the related separate account liabilities. |
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| Policyholder Account Balances, Future Policy Benefits and Claims [Policy Text Block] | Policyholder Account Balances, Future Policy Benefits and Claims The Company establishes reserves to cover the risks associated with non-traditional and traditional long-duration products. Reserves for non-traditional long-duration products include the liabilities related to guaranteed benefit provisions added to variable annuity contracts, variable and fixed annuity contracts and UL and VUL policies and the embedded derivatives related to variable annuity contracts, EIA and IUL insurance. Reserves for traditional long-duration products are established to provide adequately for future benefits and expenses for term life, whole life, DI and LTC insurance products. The establishment of reserves is an estimation process using a variety of methods, assumptions and data elements. If actual experience is better than or equal to the results of the estimation process, then reserves should be adequate to provide for future benefits and expenses. If actual experience is worse than the results of the estimation process, additional reserves may be required. Changes in future policy benefits and claims are reflected in earnings in the period adjustments are made. Where applicable, benefit amounts expected to be recoverable from reinsurance companies who share in the risk are separately recorded as reinsurance recoverable within receivables. Non-Traditional Long-Duration Products Liabilities for fixed account values on variable and fixed deferred annuities and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. A portion of the Company’s UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 10 for information regarding the liability for contracts with secondary guarantees. Liabilities for EIA are equal to the host contract values covering guaranteed benefits and the fair value of embedded equity options. Liabilities for indexed accounts of IUL products are equal to the accumulation of host contract values covering guaranteed benefits and the fair value of embedded equity options. The majority of the variable annuity contracts offered by the Company contain GMDB provisions. When market values of the customer’s accounts decline, the death benefit payable on a contract with a GMDB may exceed the contract accumulation value. The Company also offers variable annuities with death benefit provisions that gross up the amount payable by a certain percentage of contract earnings, which are referred to as gain gross-up (“GGU”) benefits. In addition, the Company offers contracts containing GMWB and GMAB provisions, and until May 2007, the Company offered contracts containing guaranteed minimum income benefit (“GMIB”) provisions. The GMDB and GGU liability is determined by estimating the expected value of death benefits in excess of the projected contract accumulation value and recognizing the excess over the estimated life based on expected assessments (e.g., mortality and expense fees, contractual administrative charges and similar fees). If elected by the contract owner and after a stipulated waiting period from contract issuance, a GMIB guarantees a minimum lifetime annuity based on a specified rate of contract accumulation value growth and predetermined annuity purchase rates. The GMIB liability is determined each period by estimating the expected value of annuitization benefits in excess of the projected contract accumulation value at the date of annuitization and recognizing the excess over the estimated life based on expected assessments. The liability for the life contingent benefits associated with GMWB provisions is determined by estimating the expected value of benefits that are contingent upon survival after the account value is equal to zero and recognizing the benefits over the estimated life based on expected assessments (e.g., mortality and expense fees, contractual administrative charges and similar fees). In determining the liabilities for GMDB, GGU, GMIB and the life contingent benefits associated with GMWB, the Company projects these benefits and contract assessments using actuarial models to simulate various equity market scenarios. Significant assumptions made in projecting future benefits and assessments relate to customer asset value growth rates, mortality, persistency, benefit utilization and investment margins and are consistent with those used for DAC valuation for the same contracts. As with DAC, management reviews and, where appropriate, adjusts its assumptions each quarter. Unless management identifies a material deviation over the course of quarterly monitoring, management reviews and updates these assumptions annually in the third quarter of each year. The fair value of embedded derivatives related to GMAB and the non-life contingent benefits associated with GMWB provisions fluctuates based on equity, interest rate and credit markets which can cause these embedded derivatives to be either an asset or a liability. See Note 13 for information regarding the fair value measurement of embedded derivatives. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates. Traditional Long-Duration Products The liabilities for traditional long-duration products include liabilities for unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI and LTC policies as claims are incurred in the future. Liabilities for unpaid amounts on reported life insurance claims are equal to the death benefits payable under the policies. Liabilities for unpaid amounts on reported health insurance claims include any periodic or other benefit amounts due and accrued, along with estimates of the present value of obligations for continuing benefit payments. These amounts are calculated based on claim continuance tables which estimate the likelihood an individual will continue to be eligible for benefits. The discount rates used to calculate present values are based on average interest rates earned on assets supporting the liability for unpaid amounts. Anticipated claim continuance rates are based on established industry tables, adjusted as appropriate for the Company’s experience. Liabilities for estimated benefits payable on claims that have been incurred but not yet reported are based on periodic analysis of the actual time lag between when a claim occurs and when it is reported. Liabilities for estimates of benefits that will become payable on future claims on term life, whole life and health insurance policies are based on the net level premium method, using anticipated premium payments, mortality and morbidity rates, policy persistency and interest rates earned on assets supporting the liability. Anticipated mortality and morbidity rates are based on established industry mortality and morbidity tables, with modifications based on the Company’s experience. Anticipated premium payments and persistency rates vary by policy form, issue age, policy duration and certain other pricing factors. For term life, whole life, DI and LTC polices, the Company utilizes best estimate assumptions as of the date the policy is issued with provisions for the risk of adverse deviation, as appropriate. After the liabilities are initially established, management performs premium deficiency tests annually in the third quarter of each year using best estimate assumptions without provisions for adverse deviation. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves net of any DAC balance), the existing net reserves are adjusted by first reducing the DAC balance by the amount of the deficiency or to zero through a change to current period earnings. If the deficiency is more than the DAC balance, then the net reserves are increased by the excess through a charge to current period earnings. If a premium deficiency is recognized, the assumptions are locked in and used in subsequent valuations. The assumptions for LTC insurance products are management's best estimate from previous loss recognition and thus no longer provide for adverse deviations in experience. |
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| Unearned Revenue Liability [Policy Text Block] | Unearned Revenue Liability The Company’s fixed and variable universal life policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized using estimated gross profits, similar to DAC. The unearned revenue liability is recorded in other liabilities and the amortization is recorded in policy and contract charges. |
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| Income Taxes [Policy Text Block] | Income Taxes The Company qualifies as a life insurance company for federal income tax purposes. As such, the Company is subject to the Internal Revenue Code provisions applicable to life insurance companies. The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The Company provides for income taxes on a separate return basis, except that, under an agreement between Ameriprise Financial and the Company, tax benefits are recognized for losses to the extent they can be used in the consolidated return. It is the policy of Ameriprise Financial that it will reimburse its subsidiaries for any tax benefits recorded. The Company’s provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items. In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes. The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. See Note 19 for additional information on the Company's valuation allowance. |
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| Revenue Recognition [Policy Text Block] | Revenue Recognition Premiums on traditional life, DI and LTC insurance products and immediate annuities with a life contingent feature are net of reinsurance ceded and recognized as revenue when due. Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale and on the residential mortgage loans so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. Mortality and expense risk fees are generated directly and indirectly based on a percentage of the fair value of assets held in the Company’s separate accounts and recognized when assessed. Variable annuity guaranteed benefit rider charges, cost of insurance charges on fixed and variable universal life insurance and contract charges (net of reinsurance premiums and cost of reinsurance for universal life insurance products) and surrender charges on annuities and fixed and variable universal life insurance are recognized as revenue when assessed. Realized gains and losses on the sale of securities, other than equity method investments, are recognized using the specific identification method, on a trade date basis. Fees received under marketing support arrangements are recognized as revenue when earned. |
Investments (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Available-for-Sale Securities Disclosure [Table Text Block] | Available-for-Sale securities distributed by type were as follows:
(1) Represents the amount of other-than-temporary impairment (“OTTI”) losses in AOCI. Amount includes unrealized gains and losses on impaired securities subsequent to the initial impairment measurement date. These amounts are included in gross unrealized gains and losses as of the end of the period. |
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| Fixed Maturity Securities by Rating Disclosure [Table Text Block] | A summary of fixed maturity securities by rating was as follows:
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| Available-for-Sale Securities Continuous Unrealized Loss Disclosure [Table Text Block] | The following tables provide information about Available-for-Sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position:
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| Credit Losses on Available-for-Sale Securities Disclosure [Table Text Block] | The following table presents a rollforward of the cumulative amounts recognized in the Consolidated Statements of Income for other-than-temporary impairments related to credit losses on Available-for-Sale securities for which a portion of the securities’ total other-than-temporary impairments was recognized in other comprehensive income (loss):
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| Available-for-Sale Securities Recognized in Earnings Disclosure [Table Text Block] | Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in net realized investment gains were as follows:
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| Available-for-Sale Securities Contractual Maturity Disclosure [Table Text Block] | Available-for-Sale securities by contractual maturity at December 31, 2015 were as follows:
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| Schedule of Net Investment Income [Table Text Block] | Net investment income is summarized as follows:
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| Net Realized Investment Gains (Losses) [Table Text Block] | Net realized investment gains are summarized as follows:
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Financing Receivables (Tables) |
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| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rollforward of the Allowance for Loan Losses [Table Text Block] | The following table presents a rollforward of the allowance for loan losses for commercial mortgage loans and syndicated loans for the years ended and the ending balance of the allowance for loan losses by impairment method:
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| Schedule of Financing Receivables by Impairment Method and Type of Loan [Table Text Block] | The recorded investment in commercial and residential mortgage loans and syndicated loans by impairment method was as follows:
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| Schedule of Commercial Mortgage Loans by Geographic Region [Table Text Block] | Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
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| Schedule of Commercial Mortgage Loans by Property Type [Table Text Block] | Concentrations of credit risk of commercial mortgage loans by property type were as follows:
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Deferred Acquisition Costs and Deferred Sales Inducement Costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Acquisition Costs and Deferred Sales Inducement Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of balances of and changes in DAC [Table Text Block] | The balances of and changes in DAC were as follows:
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| Schedule of balances of and changes in DSIC [Table Text Block] | The balances of and changes in DSIC, which is included in other assets, were as follows:
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Reinsurance (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of effect of reinsurance on premiums [Table Text Block] | The effect of reinsurance on premiums for traditional long-duration products was as follows:
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Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Policyholder Account Balances, Future Policy Benefits and Claims & Separate Account Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Policyholder Account Balances, Future Policy Benefits and Unpaid Claims Disclosure [Table Text Block] | Policyholder account balances, future policy benefits and claims consisted of the following:
(1) Includes the fair value of GMAB embedded derivatives that was a net asset at December 31, 2014 reported as a contra liability. |
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| Schedule of Separate Account Liabilities by Policy Type [Table Text Block] | Separate account liabilities consisted of the following:
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Variable Annuity and Insurance Guarantees (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Variable Annuity Guarantees [Table Text Block] | The following table provides information related to variable annuity guarantees for which the Company has established additional liabilities:
(1) Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table. |
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| Schedule Of Net Amount Of Risk UL Secondary Guarantees [Table Text Block] | The following table provides information related to insurance guarantees for which the Company has established additional liabilities:
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| Schedule of Changes in Additional Liabilities for Variable Annuity and Insurance Guarantees [Table Text Block] | Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees were as follows:
(1) The incurred claims for GMWB and GMAB represent the total change in the liabilities (contra liabilities). |
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| Schedule of Separate Account Balances By Asset Type [Table Text Block] | The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits:
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Fair Values of Assets and Liabilities (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of balances of assets and liabilities measured at fair value on a recurring basis | The following tables present the balances of assets and liabilities measured at fair value on a recurring basis:
(1) The fair value of the GMWB and GMAB embedded derivatives included $994 million of individual contracts in a liability position and $143 million of individual contracts in an asset position. (2) The Company’s adjustment for nonperformance risk resulted in a $398 million cumulative decrease to the embedded derivatives.
(1) The fair value of the GMWB and GMAB embedded derivatives included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. (2) The Company’s adjustment for nonperformance risk resulted in a $311 million cumulative decrease to the embedded derivatives. |
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| Summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | The following tables provide a summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis:
(1) Included in net investment income in the Consolidated Statements of Income.
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Income. (2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Income.
(1) Represents a $1 million gain included in net investment income and a $1 million gain in net realized investment gains in the Consolidated Statements of Income.
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Income. (2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Income.
(1) Included in net investment income in the Consolidated Statements of Income.
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Income. (2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Income. |
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| Significant unobservable inputs used in the fair value measurements | The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:
(1) The nonperformance risk is the spread added to the observable interest rates used in the valuation of the embedded derivatives. (2) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. (3) Market volatility is implied volatility of fund of funds and managed volatility funds. (4) The elective allocation represents the percentage of contractholders that are assumed to electively switch their investment allocation to a different allocation model. As the contractholder experience of related elective strategy allocations reached the ultimate expected levels in 2015, the Company is no longer including this input in the fair value measurement effective September 30, 2015. |
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| Schedule of carrying value and the estimated fair value of financial instruments that are not reported at fair value | The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value. All other financial instruments that are reported at fair value have been included above in the table with balances of assets and liabilities measured at fair value on a recurring basis.
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Related Party Transactions (Tables) |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of dividends paid and received [Table Text Block] | Dividends paid and received by RiverSource Life Insurance Company were as follows:
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Regulatory Requirements (Tables) |
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| Summary of Statutory Net Gain from Operations and Net Income [Table Text Block] | Statutory net gain from operations and net income are summarized as follows:
(1) Statutory net gain (loss) from operations and statutory net income (loss) are significantly impacted by changes in reserves for variable annuity guaranteed benefits, however, these impacts are substantially offset by unrealized gains (losses) on derivatives which are not included in statutory income but are recorded directly to surplus. |
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Offsetting Assets and Liabilities (Tables) |
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| Offsetting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of gross and net information about the Company's assets subject to master netting arrangements [Table Text Block] | The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:
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| Schedule of gross and net information about the Company's liabilities subject to master netting arrangements [Table Text Block] | The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. |
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Derivatives and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of gross fair value of derivative instruments, including embedded derivatives [Table Text Block] | The Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
N/A Not applicable. (1) The fair value of freestanding derivative assets is included in Other assets on the Consolidated Balance Sheets. (2) The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, and EIA embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets. (3) The fair value of the GMWB and GMAB embedded derivatives at December 31, 2015 included $994 million of individual contracts in a liability position and $143 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives at December 31, 2014 included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. |
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| Schedule of gain (loss) on derivative instruments [Table Text Block] | The following table presents a summary of the impact of derivatives not designated as hedging instruments on the Consolidated Statements of Operations:
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| Schedule of payments to make and receive for options [Table Text Block] | The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the option contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options:
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Shareholder's Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of OCI [Table Text Block] | The following tables provide the amounts related to each component of other comprehensive income (loss) ("OCI"):
(1) Includes other-than-temporary impairment losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income (loss) during the period. (2) Reclassification amounts are recorded in net realized investment gains (losses). (3) Reclassification amounts are recorded in net investment income. |
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| Schedule of amounts reclassified from AOCI [Table Text Block] | The following table presents the changes in the balances of each component of AOCI, net of tax:
(1) Includes $2 million, $2 million and $7 million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at December 31, 2015, 2014 and 2013, respectively. |
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of income tax provision [Table Text Block] | The components of income tax provision were as follows:
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| Schedule of reconciliation of income tax rates [Table Text Block] | The principal reasons that the aggregate income tax provision is different from that computed by using the U.S. statutory rate of 35% are as follows:
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| Schedule of components of deferred income tax assets and liabilities [Table Text Block] | The significant components of the Company’s deferred income tax assets and liabilities, which are included net within other assets or other liabilities on the Consolidated Balance Sheets, were as follows:
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| Reconciliation of gross unrecognized tax benefits [Table Text Block] | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:
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Commitments, Guarantees and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funding commitments [Table Text Block] | The following table presents the Company’s funding commitments as of December 31:
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Nature of Business and Basis of Presentation (Details) |
Dec. 31, 2015
item
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of wholly owned subsidiaries | 1 |
Summary of Significant Accounting Policies (Consolidation Info) (Details) |
Dec. 31, 2015 |
|---|---|
| Accounting Policies [Line Items] | |
| Consolidation of entity minimum ownership percentage | 50.00% |
| Cost method investment ownership percentage high end of range | 20.00% |
| Minimum [Member] | |
| Accounting Policies [Line Items] | |
| Equity method investment, ownership percentage | 20.00% |
| Maximum [Member] | |
| Accounting Policies [Line Items] | |
| Equity method investment, ownership percentage | 50.00% |
Summary of Significant Accounting Policies (Loans, PP&E, DAC)(Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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| Loans and Leases Receivable Disclosure [Abstract] | |||
| Nonaccrual status period for loans | 90 days | ||
| Land, Buildings, Equipment and Software [Abstract] | |||
| Land, buildings, equipment and software, net of accumulated depreciation | $ 153 | $ 159 | |
| Accumulated depreciation | 129 | 122 | |
| Depreciation and amortization expense | $ 15 | $ 15 | $ 16 |
| Minimum [Member] | |||
| Land, Buildings, Equipment and Software [Abstract] | |||
| Amortization periods | 3 years | ||
| Maximum [Member] | |||
| Land, Buildings, Equipment and Software [Abstract] | |||
| Amortization periods | 30 years | ||
Variable Interest Entities (Details) - Variable interests in affordable housing partnerships [Member] - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Fixed maturities [Member] | ||
| Variable Interest Entities | ||
| Obligation to provide financial or other support to VIEs | $ 0 | |
| RTA [Member] | ||
| Variable Interest Entities | ||
| Carrying values of investments reflected in other investments | 517 | $ 504 |
| Obligation to provide financial or other support to VIEs | $ 0 |
Investments (Rating info) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
item
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Dec. 31, 2014
USD ($)
|
|---|---|---|
| Investments | ||
| Amortized cost | $ 20,888 | $ 21,356 |
| Fair value | $ 21,779 | $ 23,250 |
| Percentage of GNMA, FNMA and FHLMC securities rated AAA | 47.00% | 46.00% |
| Number of holdings of other than GNMA, FNMA and FHLMC having greater than 10% of total equity | item | 0 | |
| AAA [Member] | ||
| Investments | ||
| Amortized cost | $ 4,661 | $ 5,111 |
| Fair value | $ 4,806 | $ 5,374 |
| Percent of total fair value | 22.00% | 23.00% |
| AA [Member] | ||
| Investments | ||
| Amortized cost | $ 1,010 | $ 967 |
| Fair value | $ 1,185 | $ 1,158 |
| Percent of total fair value | 5.00% | 5.00% |
| A [Member] | ||
| Investments | ||
| Amortized cost | $ 3,749 | $ 4,452 |
| Fair value | $ 4,101 | $ 5,062 |
| Percent of total fair value | 19.00% | 22.00% |
| BBB [Member] | ||
| Investments | ||
| Amortized cost | $ 9,964 | $ 9,328 |
| Fair value | $ 10,278 | $ 10,165 |
| Percent of total fair value | 47.00% | 44.00% |
| Below investment grade [Member] | ||
| Investments | ||
| Amortized cost | $ 1,502 | $ 1,496 |
| Fair value | $ 1,402 | $ 1,484 |
| Percent of total fair value | 7.00% | 6.00% |
| Total fixed maturities [Member] | ||
| Investments | ||
| Amortized cost | $ 20,886 | $ 21,354 |
| Fair value | $ 21,772 | $ 23,243 |
| Percent of total fair value | 100.00% | 100.00% |
Investments (EITF info) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
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Dec. 31, 2014
USD ($)
item
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|---|---|---|
| Number of Securities | ||
| Less than 12 months | item | 373 | 142 |
| 12 months or more | item | 114 | 123 |
| Total | item | 487 | 265 |
| Fair Value | ||
| Less than 12 months | $ 5,126 | $ 1,378 |
| 12 months or more | 987 | 1,615 |
| Total | 6,113 | 2,993 |
| Unrealized Losses | ||
| Less than 12 months | (235) | (39) |
| 12 months or more | (138) | (82) |
| Total | $ (373) | $ (121) |
| Corporate debt securities [Member] | ||
| Number of Securities | ||
| Less than 12 months | item | 253 | 106 |
| 12 months or more | item | 35 | 40 |
| Total | item | 288 | 146 |
| Fair Value | ||
| Less than 12 months | $ 3,703 | $ 1,093 |
| 12 months or more | 300 | 689 |
| Total | 4,003 | 1,782 |
| Unrealized Losses | ||
| Less than 12 months | (208) | (36) |
| 12 months or more | (73) | (18) |
| Total | $ (281) | $ (54) |
| Residential mortgage backed securities [Member] | ||
| Number of Securities | ||
| Less than 12 months | item | 36 | 17 |
| 12 months or more | item | 59 | 55 |
| Total | item | 95 | 72 |
| Fair Value | ||
| Less than 12 months | $ 535 | $ 138 |
| 12 months or more | 526 | 670 |
| Total | 1,061 | 808 |
| Unrealized Losses | ||
| Less than 12 months | (7) | (2) |
| 12 months or more | (29) | (30) |
| Total | $ (36) | $ (32) |
| Commercial mortgage backed securities [Member] | ||
| Number of Securities | ||
| Less than 12 months | item | 45 | 9 |
| 12 months or more | item | 3 | 9 |
| Total | item | 48 | 18 |
| Fair Value | ||
| Less than 12 months | $ 568 | $ 80 |
| 12 months or more | 33 | 95 |
| Total | 601 | 175 |
| Unrealized Losses | ||
| Less than 12 months | (12) | |
| 12 months or more | (1) | (3) |
| Total | $ (13) | $ (3) |
| State and municipal obligations [Member] | ||
| Number of Securities | ||
| Less than 12 months | item | 9 | 1 |
| 12 months or more | item | 2 | 2 |
| Total | item | 11 | 3 |
| Fair Value | ||
| Less than 12 months | $ 40 | $ 5 |
| 12 months or more | 101 | 102 |
| Total | 141 | 107 |
| Unrealized Losses | ||
| Less than 12 months | (1) | |
| 12 months or more | (26) | (25) |
| Total | $ (27) | $ (25) |
| Asset backed securities [Member] | ||
| Number of Securities | ||
| Less than 12 months | item | 21 | 5 |
| 12 months or more | item | 3 | |
| Total | item | 21 | 8 |
| Fair Value | ||
| Less than 12 months | $ 241 | $ 52 |
| 12 months or more | 32 | |
| Total | 241 | 84 |
| Unrealized Losses | ||
| Less than 12 months | (5) | |
| 12 months or more | (1) | |
| Total | $ (5) | $ (1) |
| Foreign government bonds and obligations [Member] | ||
| Number of Securities | ||
| Less than 12 months | item | 9 | 4 |
| 12 months or more | item | 15 | 14 |
| Total | item | 24 | 18 |
| Fair Value | ||
| Less than 12 months | $ 39 | $ 10 |
| 12 months or more | 27 | 27 |
| Total | 66 | 37 |
| Unrealized Losses | ||
| Less than 12 months | (2) | (1) |
| 12 months or more | (9) | (5) |
| Total | $ (11) | $ (6) |
Investments (OTTI rollforward) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Rollforward of the cumulative amounts recognized in the Consolidated Statements of Income for other-than-temporary impairments related to credit losses on securities | |||
| Beginning balance | $ 33 | $ 54 | $ 87 |
| Credit losses for which an other-than-temporary impairment was not previously recognized | 0 | 1 | 2 |
| Credit losses for which an other-than-temporary impairment was previously recognized | 4 | ||
| Reductions for securities sold during the period (realized) | 0 | (22) | (39) |
| Ending balance | $ 33 | $ 33 | $ 54 |
Investments (Realized GL info) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
| Gross realized investment gains | $ 30 | $ 51 | $ 11 |
| Gross realized investment losses | (17) | (6) | |
| Other-than-temporary impairments | (7) | (5) | (6) |
| Total | $ 6 | $ 40 | $ 5 |
Investments (AFS contractual maturity) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|
| Amortized Cost | ||
| Due within one year | $ 882 | |
| Due after one year through five years | 5,419 | |
| Due after five years through 10 years | 5,062 | |
| Due after 10 years | 3,679 | |
| Total having single maturity dates | 15,042 | |
| Amortized cost | 20,888 | $ 21,356 |
| Fair Value | ||
| Due within one year | 893 | |
| Due after one year through five years | 5,731 | |
| Due after five years through 10 years | 5,046 | |
| Due after 10 years | 4,115 | |
| Total having single maturity dates | 15,785 | |
| Fair value | 21,779 | 23,250 |
| Residential mortgage backed securities [Member] | ||
| Amortized Cost | ||
| Without single maturity dates | 3,015 | |
| Amortized cost | 3,015 | 3,374 |
| Fair Value | ||
| Without single maturity dates | 3,075 | |
| Fair value | 3,075 | 3,492 |
| Commercial mortgage backed securities [Member] | ||
| Amortized Cost | ||
| Without single maturity dates | 2,081 | |
| Amortized cost | 2,081 | 2,116 |
| Fair Value | ||
| Without single maturity dates | 2,136 | |
| Fair value | 2,136 | 2,228 |
| Asset backed securities [Member] | ||
| Amortized Cost | ||
| Without single maturity dates | 748 | |
| Amortized cost | 748 | 882 |
| Fair Value | ||
| Without single maturity dates | 776 | |
| Fair value | 776 | 937 |
| Common stocks [Member] | ||
| Amortized Cost | ||
| Without single maturity dates | 2 | |
| Amortized cost | 2 | 2 |
| Fair Value | ||
| Without single maturity dates | 7 | |
| Fair value | $ 7 | $ 7 |
Investments (Net inv inc summary) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Net Investment Income [Line Items] | |||
| Gross investment income | $ 1,244 | $ 1,324 | $ 1,444 |
| Less: investment expenses | 26 | 30 | 33 |
| Total | 1,218 | 1,294 | 1,411 |
| Fixed maturities [Member] | |||
| Net Investment Income [Line Items] | |||
| Gross investment income | 1,034 | 1,112 | 1,205 |
| Mortgage loans [Member] | |||
| Net Investment Income [Line Items] | |||
| Gross investment income | 177 | 183 | 202 |
| Other investments [Member] | |||
| Net Investment Income [Line Items] | |||
| Gross investment income | $ 33 | $ 29 | $ 37 |
Investments (Net realized investment GL summary) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Investments, Debt and Equity Securities [Abstract] | |||
| Fixed maturities | $ 6 | $ 40 | $ 5 |
| Mortgage loans | (1) | ||
| Other investments | (2) | (2) | (1) |
| Total | $ 4 | $ 38 | $ 3 |
Financing Receivables (Allowance for Loan Losses) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Rollforward of the allowance for loan losses | |||
| Beginning balance | $ 28 | $ 28 | $ 30 |
| Charge-offs | (4) | (2) | (2) |
| Provisions | 1 | 2 | |
| Ending balance | 25 | 28 | 28 |
| Individually evaluated for impairment | 4 | 9 | 8 |
| Collectively evaluated for impairment | 21 | 19 | 20 |
| Recorded investment in financing receivables by impairment method and type of loan | |||
| Individually evaluated for impairment | 25 | 32 | |
| Collectively evaluated for impairment | 3,657 | 3,740 | |
| Total | 3,682 | 3,772 | |
| Recorded investment in financing receivables individually evaluated for impairment with no related allowance for loan losses | 12 | 4 | |
| Loans purchased | 106 | 180 | 158 |
| Loans sold | $ 15 | $ 13 | $ 2 |
Financing Receivables (Credit Quality Information Text) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
item
|
Dec. 31, 2014
USD ($)
item
|
|---|---|---|
| Credit quality information [Line Items] | ||
| Total loans, gross | $ 3,682 | $ 3,772 |
| 90 days or more past due [Member] | ||
| Credit quality information [Line Items] | ||
| Nonperforming loans | 8 | 10 |
| Commercial mortgage loans [Member] | ||
| Credit quality information [Line Items] | ||
| Total loans, gross | $ 2,636 | $ 2,632 |
| Percent of commercial mortgage loans with highest risk rating | 1.00% | 1.00% |
| Residential mortgage loans [Member] | ||
| Credit quality information [Line Items] | ||
| Total loans, gross | $ 594 | $ 689 |
| Allowance for loan losses on purchase of loans from affiliate | 0 | 0 |
| Unamortized discount | $ 21 | $ 34 |
| Percentage of residential mortgage loans below specific FICO score | 4.00% | 5.00% |
| FICO Score | item | 640 | 640 |
| Percentage of residential mortgage loans above specific LTV ratio | 1.00% | 1.00% |
| LTV Ratio | 90.00% | 90.00% |
| Percentage of loan portfolio represented by state of California | 37.00% | 37.00% |
| Syndicated Loans [Member] | ||
| Credit quality information [Line Items] | ||
| Total loans, gross | $ 452 | $ 451 |
| Syndicated Loans [Member] | 90 days or more past due [Member] | ||
| Credit quality information [Line Items] | ||
| Nonperforming loans | $ 5 | $ 3 |
Financing Receivables (Credit Quality Information Tables) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|---|---|---|---|---|
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 3,682 | $ 3,772 | ||
| Less: allowance for loan losses | 25 | 28 | $ 28 | $ 30 |
| Commercial mortgage loans [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | 2,636 | 2,632 | ||
| Less: allowance for loan losses | 19 | 23 | ||
| Total loans, net | $ 2,617 | $ 2,609 | ||
| Percentage of gross commercial mortgage loans | 100.00% | 100.00% | ||
| Commercial mortgage loans [Member] | Retail [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 947 | $ 956 | ||
| Percentage of gross commercial mortgage loans | 36.00% | 36.00% | ||
| Commercial mortgage loans [Member] | Office [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 522 | $ 535 | ||
| Percentage of gross commercial mortgage loans | 20.00% | 20.00% | ||
| Commercial mortgage loans [Member] | Apartments [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 473 | $ 473 | ||
| Percentage of gross commercial mortgage loans | 18.00% | 18.00% | ||
| Commercial mortgage loans [Member] | Industrial [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 444 | $ 447 | ||
| Percentage of gross commercial mortgage loans | 17.00% | 17.00% | ||
| Commercial mortgage loans [Member] | Mixed use [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 35 | $ 46 | ||
| Percentage of gross commercial mortgage loans | 1.00% | 2.00% | ||
| Commercial mortgage loans [Member] | Hotel [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 34 | $ 32 | ||
| Percentage of gross commercial mortgage loans | 1.00% | 1.00% | ||
| Commercial mortgage loans [Member] | Other [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 181 | $ 143 | ||
| Percentage of gross commercial mortgage loans | 7.00% | 6.00% | ||
| Commercial mortgage loans [Member] | South Atlantic [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 746 | $ 710 | ||
| Percentage of gross commercial mortgage loans | 28.00% | 27.00% | ||
| Commercial mortgage loans [Member] | Pacific [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 709 | $ 673 | ||
| Percentage of gross commercial mortgage loans | 27.00% | 26.00% | ||
| Commercial mortgage loans [Member] | Mountain [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 242 | $ 236 | ||
| Percentage of gross commercial mortgage loans | 9.00% | 9.00% | ||
| Commercial mortgage loans [Member] | West North Central [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 217 | $ 223 | ||
| Percentage of gross commercial mortgage loans | 8.00% | 8.00% | ||
| Commercial mortgage loans [Member] | East North Central [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 208 | $ 237 | ||
| Percentage of gross commercial mortgage loans | 8.00% | 9.00% | ||
| Commercial mortgage loans [Member] | Middle Atlantic [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 203 | $ 210 | ||
| Percentage of gross commercial mortgage loans | 8.00% | 8.00% | ||
| Commercial mortgage loans [Member] | West South Central [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 128 | $ 151 | ||
| Percentage of gross commercial mortgage loans | 5.00% | 6.00% | ||
| Commercial mortgage loans [Member] | New England [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 115 | $ 130 | ||
| Percentage of gross commercial mortgage loans | 4.00% | 5.00% | ||
| Commercial mortgage loans [Member] | East South Central [Member] | ||||
| Commercial mortgage loans [Line Items] | ||||
| Total loans, gross | $ 68 | $ 62 | ||
| Percentage of gross commercial mortgage loans | 3.00% | 2.00% |
Financing Receivables (Troubled Debt Restructurings) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|
| Receivables [Abstract] | ||
| Commitments to lend additional funds to borrowers for restructured loans | $ 0 | $ 0 |
Deferred Acquisition Costs and Deferred Sales Inducement Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Balances of and changes in DAC | |||
| Balance at the beginning of the period | $ 2,576 | $ 2,633 | $ 2,373 |
| Capitalization of acquisition costs | 275 | 260 | 269 |
| Amortization, excluding the impact of valuation assumptions review | (267) | (286) | (219) |
| Amortization, impact of valuation assumptions review | (6) | (7) | 78 |
| Impact of change in net unrealized securities losses (gains) | 110 | (24) | 132 |
| Balance at the end of the period | 2,688 | 2,576 | 2,633 |
| Balances of and changes in DSIC | |||
| Balance at the beginning of the period | 361 | 409 | 404 |
| Capitalization of sales inducement costs | 4 | 5 | 5 |
| Amortization, excluding the impact of valuation assumptions review | (52) | (52) | (48) |
| Amortization, impact of valuation assumptions review | 1 | (2) | 25 |
| Impact of change in net unrealized securities losses | 20 | 1 | 23 |
| Balance at the end of the period | $ 334 | $ 361 | $ 409 |
Reinsurance (Product information) (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Reinsurance Retention Policy [Line Items] | ||
| Maximum amount of life policy risk retained by entity, net of reinsured amounts | $ 1,500,000 | |
| Life Insurance [Member] | ||
| Reinsurance Retention Policy [Line Items] | ||
| Reinsurance percentage of death benefit liability | 90.00% | |
| Life Insurance in Force, Net [Abstract] | ||
| Traditional Life and UL insurance in force, gross | $ 196,300,000,000 | $ 195,500,000,000 |
| Traditional Life and UL insurance in force, reinsured | $ 144,200,000,000 | $ 143,400,000,000 |
| IUL and VUL [Member] | ||
| Reinsurance Retention Policy [Line Items] | ||
| Reinsurance percentage of death benefit liability | 50.00% | |
| TrioSource UL insurance [Member] | ||
| Reinsurance Retention Policy [Line Items] | ||
| Reinsurance percentage of death benefit liability | 50.00% | |
| Single Life Insurance [Member] | ||
| Reinsurance Retention Policy [Line Items] | ||
| Maximum amount of life insurance risk retained by the entity | $ 10,000,000 | |
| Flexible Premium Survivorship Life Insurance [Member] | ||
| Reinsurance Retention Policy [Line Items] | ||
| Maximum amount of life insurance risk retained by the entity | $ 10,000,000 | |
| Long Term Care Segment [Member] | ||
| Reinsurance Retention Policy [Line Items] | ||
| Reinsurance percentage of death benefit liability | 50.00% | |
| DI [Member] | ||
| Reinsurance Retention Policy [Line Items] | ||
| Maximum amount of life insurance risk retained by the entity | $ 5,000 |
Reinsurance (Reinsurance on premiums) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Effects of Reinsurance [Line Items] | |||
| Net premiums | $ 406 | $ 423 | $ 430 |
| Traditional Long-Duration Products [Member] | |||
| Effects of Reinsurance [Line Items] | |||
| Direct premiums | 629 | 645 | 650 |
| Reinsurance ceded | (223) | (222) | (220) |
| Net premiums | $ 406 | $ 423 | $ 430 |
Reinsurance (Ceded and recovered amounts) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Effects of Reinsurance [Line Items] | |||
| Reinsurance recovered from reinsurers | $ 287 | $ 253 | $ 226 |
| Liability for assumed reinsurance arrangements | 551 | 575 | |
| Non-Traditional Long-Duration Products [Member] | |||
| Effects of Reinsurance [Line Items] | |||
| Reinsurance ceded offset within policy and contract charges | 107 | 94 | $ 87 |
| Long Term Care Segment [Member] | |||
| Effects of Reinsurance [Line Items] | |||
| Reinsurance recoverable related to LTC risk ceded to Genworth | $ 1,900 | $ 1,800 | |
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities (Balances by product) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
|---|---|---|---|---|---|
| Policyholder account balances | $ 20,650 | $ 21,790 | |||
| Future policy benefits | 8,180 | 7,850 | |||
| Policy claims and other policyholders’ funds | 199 | 165 | |||
| Policyholder account balances, future policy benefits and claims | 29,029 | 29,805 | |||
| Fixed annuities [Member] | |||||
| Policyholder account balances | 11,239 | 12,700 | |||
| Variable annuity fixed sub-accounts [Member] | |||||
| Policyholder account balances | 4,912 | 4,860 | |||
| VUL/UL insurance [Member] | |||||
| Policyholder account balances | 2,897 | 2,856 | |||
| IUL insurance [Member] | |||||
| Policyholder account balances | 808 | 534 | |||
| Other life insurance [Member] | |||||
| Policyholder account balances | 794 | 840 | |||
| Variable annuity GMWB [Member] | |||||
| Future policy benefits | 1,057 | 693 | |||
| Variable annuity GMAB [Member] | |||||
| Future policy benefits | 0 | (41) | [1] | ||
| Other annuity liabilities [Member] | |||||
| Future policy benefits | 31 | 115 | |||
| Fixed annuities life contingent liabilities [Member] | |||||
| Future policy benefits | 1,501 | 1,511 | |||
| EIA [Member] | |||||
| Future policy benefits | 27 | 29 | |||
| Life, DI and LTC insurance [Member] | |||||
| Future policy benefits | 5,112 | 5,106 | |||
| VUL/UL and other life insurance additional liabilities [Member] | |||||
| Future policy benefits | $ 452 | $ 437 | |||
| |||||
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities (Text) (Details) - EIA host values [Member] |
12 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Liability for Future Policy Benefits [Line Items] | |
| EIA contract initial term | 7 years |
| Minimum interest rate guarantee | 3.00% |
| Percentage of initial premium receiving interest guarantee | 90.00% |
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities (Separate Account Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|
| Separate Accounts Disclosure [Abstract] | ||
| Variable Annuity | $ 69,333 | $ 72,125 |
| VUL insurance | 6,637 | 7,016 |
| Other insurance | 34 | 37 |
| Total | $ 76,004 | $ 79,178 |
Variable Annuity and Insurance Guarantees (VA Guarantee Details Table) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
| GMDB [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 73,270 | $ 75,862 | ||
| Contract value in separate accounts | [1] | 68,406 | 71,050 | ||
| Net amount at risk | [1] | $ 743 | $ 131 | ||
| Weighted average attained age | [1] | 65 years | 64 years | ||
| GMDB [Member] | Return of premium [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 54,716 | $ 55,378 | ||
| Contract value in separate accounts | [1] | 52,871 | 53,565 | ||
| Net amount at risk | [1] | $ 297 | $ 24 | ||
| Weighted average attained age | [1] | 65 years | 64 years | ||
| GMDB [Member] | Five/six-year reset [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 9,307 | $ 10,360 | ||
| Contract value in separate accounts | [1] | 6,731 | 7,821 | ||
| Net amount at risk | [1] | $ 78 | $ 28 | ||
| Weighted average attained age | [1] | 65 years | 64 years | ||
| GMDB [Member] | One-year ratchet [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 6,747 | $ 7,392 | ||
| Contract value in separate accounts | [1] | 6,379 | 7,006 | ||
| Net amount at risk | [1] | $ 266 | $ 39 | ||
| Weighted average attained age | [1] | 67 years | 66 years | ||
| GMDB [Member] | Five-year ratchet [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 1,613 | $ 1,773 | ||
| Contract value in separate accounts | [1] | 1,556 | 1,717 | ||
| Net amount at risk | [1] | $ 20 | $ 2 | ||
| Weighted average attained age | [1] | 63 years | 63 years | ||
| GMDB [Member] | Other [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 887 | $ 959 | ||
| Contract value in separate accounts | [1] | 869 | 941 | ||
| Net amount at risk | [1] | $ 82 | $ 38 | ||
| Weighted average attained age | [1] | 71 years | 70 years | ||
| GGU death benefit [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 1,056 | $ 1,072 | ||
| Contract value in separate accounts | [1] | 1,004 | 1,019 | ||
| Net amount at risk | [1] | $ 113 | $ 123 | ||
| Weighted average attained age | [1] | 67 years | 67 years | ||
| GMIB [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 270 | $ 343 | ||
| Contract value in separate accounts | [1] | 251 | 321 | ||
| Net amount at risk | [1] | $ 17 | $ 9 | ||
| Weighted average attained age | [1] | 68 years | 67 years | ||
| GMWB [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 40,419 | $ 40,514 | ||
| Contract value in separate accounts | [1] | 40,288 | 40,394 | ||
| Net amount at risk | [1] | $ 332 | $ 96 | ||
| Weighted average attained age | [1] | 66 years | 65 years | ||
| GMWB [Member] | GMWB standard benefit [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 3,118 | $ 3,671 | ||
| Contract value in separate accounts | [1] | 3,109 | 3,659 | ||
| Net amount at risk | [1] | $ 2 | $ 1 | ||
| Weighted average attained age | [1] | 69 years | 68 years | ||
| GMWB [Member] | GMWB for life [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 37,301 | $ 36,843 | ||
| Contract value in separate accounts | [1] | 37,179 | 36,735 | ||
| Net amount at risk | [1] | $ 330 | $ 95 | ||
| Weighted average attained age | [1] | 66 years | 65 years | ||
| GMAB [Member] | |||||
| Variable Annuity Guarantees by Benefit Type | |||||
| Total contract value | [1] | $ 4,018 | $ 4,247 | ||
| Contract value in separate accounts | [1] | 4,006 | 4,234 | ||
| Net amount at risk | [1] | $ 31 | $ 2 | ||
| Weighted average attained age | [1] | 58 years | 58 years | ||
| Maximum Age of Variable Annuity Contractholders | 79 years | ||||
| GMAB Rider Guarantees Waiting Period | 10 years | ||||
| |||||
Variable Annuity and Insurance Guarantees (UL Secondary Guarantees) (Details) - UL secondary guarantees [Member] - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Insurance Guarantees by Benefit Type | ||
| Net amount at risk | $ 6,601 | $ 6,076 |
| Weighted average attained age | 63 years | 62 years |
Variable Annuity and Insurance Guarantees (Liability Rollforward) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
| GMDB & GGU [Member] | ||||||
| Changes in additional liabilities for variable annuity and insurance guarantees | ||||||
| Balance at the beginning of the period | $ 9 | $ 4 | $ 4 | |||
| Incurred claims | 10 | 9 | 4 | |||
| Paid claims | (5) | (4) | (4) | |||
| Balance at the end of the period | 14 | 9 | 4 | |||
| GMIB [Member] | ||||||
| Changes in additional liabilities for variable annuity and insurance guarantees | ||||||
| Balance at the beginning of the period | 7 | 6 | 9 | |||
| Incurred claims | 1 | 1 | (2) | |||
| Paid claims | (1) | |||||
| Balance at the end of the period | 8 | 7 | 6 | |||
| GMWB [Member] | ||||||
| Changes in additional liabilities for variable annuity and insurance guarantees | ||||||
| Balance at the beginning of the period | [1] | 693 | (383) | 799 | ||
| Incurred claims | [1] | 364 | 1,076 | (1,182) | ||
| Balance at the end of the period | [1] | 1,057 | 693 | (383) | ||
| GMAB [Member] | ||||||
| Changes in additional liabilities for variable annuity and insurance guarantees | ||||||
| Balance at the beginning of the period | [1] | (41) | (62) | 103 | ||
| Incurred claims | [1] | 41 | 21 | (165) | ||
| Balance at the end of the period | [1] | 0 | (41) | (62) | ||
| UL [Member] | ||||||
| Changes in additional liabilities for variable annuity and insurance guarantees | ||||||
| Balance at the beginning of the period | 263 | 206 | 155 | |||
| Incurred claims | 92 | 75 | 67 | |||
| Paid claims | (23) | (18) | (16) | |||
| Balance at the end of the period | $ 332 | $ 263 | $ 206 | |||
| ||||||
Variable Annuity and Insurance Guarantees (Separate Account Balance by Type) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|
| Mutual funds | ||
| Variable Annuity and Insurance Guarantees | ||
| Total mutual funds | $ 68,747 | $ 70,953 |
| Equity [Member] | ||
| Variable Annuity and Insurance Guarantees | ||
| Total mutual funds | 39,806 | 41,403 |
| Bond [Member] | ||
| Variable Annuity and Insurance Guarantees | ||
| Total mutual funds | 23,700 | 25,060 |
| Other [Member] | ||
| Variable Annuity and Insurance Guarantees | ||
| Total mutual funds | $ 5,241 | $ 4,490 |
Lines of Credit (AMP Lender) (Details) - Ameriprise Financial [Member] - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Line of credit agreement, one [Member] | ||
| Lines of Credit Facility | ||
| Line of credit with Ameriprise Financial | $ 0 | $ 0 |
| Maximum borrowing capacity under the line of credit | 800,000,000 | |
| Prepayment penalty | 0 | |
| Line of credit agreement, two [Member] | ||
| Lines of Credit Facility | ||
| Line of credit with Ameriprise Financial | 0 | $ 0 |
| Maximum borrowing capacity under the line of credit | $ 200,000,000 | |
| London Interbank Offered Rate (LIBOR) [Member] | Line of credit agreement, one [Member] | ||
| Lines of Credit Facility | ||
| Interest rate added to reference rate (as a percent) | 0.90% | |
| London Interbank Offered Rate (LIBOR) [Member] | Line of credit agreement, two [Member] | ||
| Lines of Credit Facility | ||
| Interest rate added to reference rate (as a percent) | 0.90% |
Lines of Credit (RSL Lender) (Details) - RiverSource Life Insurance Company [Member] - Loans receivable [Member] - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Line of Credit Facility [Line Items] | ||
| Maximum borrowings under the loan receivable as a percentage of the lender's statutory admitted assets as of the prior year end | 3.00% | |
| Percentage of additional interest to be accrued in the event of default | 1.00% | |
| Line of credit with parent as borrower | $ 0 | $ 0 |
| London Interbank Offered Rate (LIBOR) [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Interest rate added to reference rate (as a percent) | 0.90% |
Short-term Borrowings (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Borrowings | ||
| Amount of the company's liability including accrued interest | $ 200 | $ 200 |
| Securities Sold under Agreements to Repurchase [Member] | ||
| Borrowings | ||
| Amount of the company's liability including accrued interest | $ 50 | $ 50 |
| Remaining maturity of outstanding amount for short term borrowings | 1 month | 4 months |
| Weighted average annualized interest rate | 0.50% | 0.40% |
| Federal Home Loan Bank Advances [Member] | ||
| Borrowings | ||
| Amount of the company's liability including accrued interest | $ 150 | $ 150 |
| Remaining maturity of outstanding amount for short term borrowings | 3 months | 2 months |
| Weighted average annualized interest rate | 0.50% | 0.30% |
| Residential mortgage backed securities [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
| Borrowings | ||
| Fair value of securities pledged | $ 30 | $ 18 |
| Commercial mortgage backed securities [Member] | Securities Sold under Agreements to Repurchase [Member] | ||
| Borrowings | ||
| Fair value of securities pledged | 22 | 34 |
| Commercial mortgage backed securities [Member] | Federal Home Loan Bank Advances [Member] | ||
| Borrowings | ||
| Fair value of securities pledged | $ 290 | $ 298 |
Fair Values of Assets and Liabilities (Assets & Liabilities Reported at FV) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||||
| Assets and liabilities measured at fair value | |||||||||||||||||||
| Liability | [1] | $ 4,160 | $ 4,538 | ||||||||||||||||
| Asset | [2] | 3,508 | 3,977 | ||||||||||||||||
| Cumulative change in embedded derivatives due to nonperformance | 398 | 311 | |||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 21,772 | 23,243 | |||||||||||||||||
| Common stocks | 7 | 7 | |||||||||||||||||
| Separate account assets | 76,004 | 79,178 | |||||||||||||||||
| EIA embedded derivatives [Member] | PAB, FPB and claims [Member] | |||||||||||||||||||
| Assets and liabilities measured at fair value | |||||||||||||||||||
| Liability | [1] | 5 | 6 | ||||||||||||||||
| IUL embedded derivatives [Member] | PAB, FPB and claims [Member] | |||||||||||||||||||
| Assets and liabilities measured at fair value | |||||||||||||||||||
| Liability | [1] | 364 | 242 | ||||||||||||||||
| GMWB and GMAB embedded derivatives [Member] | |||||||||||||||||||
| Assets and liabilities measured at fair value | |||||||||||||||||||
| Liability | 994 | 700 | |||||||||||||||||
| Asset | 143 | 221 | |||||||||||||||||
| GMWB and GMAB embedded derivatives [Member] | GMWB and GMAB [Member] | |||||||||||||||||||
| Assets and liabilities measured at fair value | |||||||||||||||||||
| Liability | 994 | 700 | |||||||||||||||||
| Asset | 143 | 221 | |||||||||||||||||
| GMWB and GMAB embedded derivatives [Member] | PAB, FPB and claims [Member] | |||||||||||||||||||
| Assets and liabilities measured at fair value | |||||||||||||||||||
| Liability | [1],[3] | 851 | 479 | ||||||||||||||||
| Recurring basis [Member] | Level 1 [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 4 | 4 | |||||||||||||||||
| Common stocks | 3 | 3 | |||||||||||||||||
| Cash equivalents | 48 | 1 | |||||||||||||||||
| Other assets | 93 | 282 | |||||||||||||||||
| Total assets at fair value | 148 | 290 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 46 | 376 | |||||||||||||||||
| Total liabilities at fair value | 46 | 376 | |||||||||||||||||
| Recurring basis [Member] | Level 1 [Member] | Equity derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 92 | 282 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 45 | 376 | |||||||||||||||||
| Recurring basis [Member] | Level 1 [Member] | Foreign exchange derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 1 | ||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 1 | ||||||||||||||||||
| Recurring basis [Member] | Level 1 [Member] | U.S. government and agencies obligations [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 4 | 4 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 20,376 | 21,636 | |||||||||||||||||
| Common stocks | 4 | 3 | |||||||||||||||||
| Cash equivalents | 285 | 235 | |||||||||||||||||
| Other assets | 3,415 | 3,695 | |||||||||||||||||
| Separate account assets | 76,004 | 79,178 | |||||||||||||||||
| Total assets at fair value | 100,084 | 104,747 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Policyholder account balances, future policy benefits and claims | 5 | 6 | |||||||||||||||||
| Other liabilities | 2,894 | 3,435 | |||||||||||||||||
| Total liabilities at fair value | 2,899 | 3,441 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Interest rate derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 1,882 | 1,955 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 948 | 1,136 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Equity derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 1,477 | 1,711 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 1,930 | 2,286 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Credit derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 2 | ||||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Foreign exchange derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 54 | 29 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 16 | 2 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Other derivative contracts [Member] | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 11 | ||||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | EIA embedded derivatives [Member] | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Policyholder account balances, future policy benefits and claims | 5 | 6 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Corporate debt securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 13,139 | 13,830 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Residential mortgage backed securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 3,054 | 3,483 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Commercial mortgage backed securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 2,133 | 2,138 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | State and municipal obligations [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 1,149 | 1,113 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Asset backed securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 643 | 786 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | Foreign government bonds and obligations [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 223 | 251 | |||||||||||||||||
| Recurring basis [Member] | Level 2 [Member] | U.S. government and agencies obligations [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 35 | 35 | |||||||||||||||||
| Recurring basis [Member] | Level 3 [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 1,392 | 1,603 | |||||||||||||||||
| Common stocks | 1 | ||||||||||||||||||
| Total assets at fair value | 1,392 | 1,604 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Policyholder account balances, future policy benefits and claims | 1,215 | 721 | |||||||||||||||||
| Total liabilities at fair value | 1,215 | 721 | |||||||||||||||||
| Recurring basis [Member] | Level 3 [Member] | IUL embedded derivatives [Member] | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Policyholder account balances, future policy benefits and claims | 364 | 242 | |||||||||||||||||
| Recurring basis [Member] | Level 3 [Member] | GMWB and GMAB embedded derivatives [Member] | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Policyholder account balances, future policy benefits and claims | 851 | 479 | |||||||||||||||||
| Recurring basis [Member] | Level 3 [Member] | Corporate debt securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 1,235 | 1,353 | |||||||||||||||||
| Recurring basis [Member] | Level 3 [Member] | Residential mortgage backed securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 21 | 9 | |||||||||||||||||
| Recurring basis [Member] | Level 3 [Member] | Commercial mortgage backed securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 3 | 90 | |||||||||||||||||
| Recurring basis [Member] | Level 3 [Member] | Asset backed securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 133 | 151 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 21,772 | 23,243 | |||||||||||||||||
| Common stocks | 7 | 7 | |||||||||||||||||
| Cash equivalents | 333 | 236 | |||||||||||||||||
| Other assets | 3,508 | 3,977 | |||||||||||||||||
| Separate account assets | 76,004 | 79,178 | |||||||||||||||||
| Total assets at fair value | 101,624 | 106,641 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Policyholder account balances, future policy benefits and claims | 1,220 | [4] | 727 | [5] | |||||||||||||||
| Other liabilities | 2,940 | 3,811 | |||||||||||||||||
| Total liabilities at fair value | 4,160 | 4,538 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | Interest rate derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 1,882 | 1,955 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 948 | 1,136 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | Equity derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 1,569 | 1,993 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 1,975 | 2,662 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | Credit derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 2 | ||||||||||||||||||
| Recurring basis [Member] | Total [Member] | Foreign exchange derivative contracts [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Other assets | 55 | 29 | |||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 17 | 2 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | Other derivative contracts [Member] | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Other liabilities | 11 | ||||||||||||||||||
| Recurring basis [Member] | Total [Member] | EIA embedded derivatives [Member] | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Policyholder account balances, future policy benefits and claims | 5 | 6 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | IUL embedded derivatives [Member] | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Policyholder account balances, future policy benefits and claims | 364 | 242 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | GMWB and GMAB embedded derivatives [Member] | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Policyholder account balances, future policy benefits and claims | 851 | [6] | 479 | [7] | |||||||||||||||
| Recurring basis [Member] | Total [Member] | Corporate debt securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 14,374 | 15,183 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | Residential mortgage backed securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 3,075 | 3,492 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | Commercial mortgage backed securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 2,136 | 2,228 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | State and municipal obligations [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 1,149 | 1,113 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | Asset backed securities [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 776 | 937 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | Foreign government bonds and obligations [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | 223 | 251 | |||||||||||||||||
| Recurring basis [Member] | Total [Member] | U.S. government and agencies obligations [Member] | |||||||||||||||||||
| Assets | |||||||||||||||||||
| Available-for-sale securities: fixed maturities | $ 39 | $ 39 | |||||||||||||||||
| |||||||||||||||||||
Fair Values of Assets and Liabilities (Level 3 Rollforwards-Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||
| Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
| Gain included in net investment income | [1] | $ 1 | |||||||||
| Gain included in net realized investment gains | [1] | 1 | |||||||||
| Corporate debt securities [Member] | |||||||||||
| Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
| Balance at the beginning of the period | $ 1,353 | 1,516 | $ 1,654 | ||||||||
| Total gains (losses) included in net income | (1) | (1) | |||||||||
| Total gains (losses included in other comprehensive income | (21) | (1) | (41) | ||||||||
| Purchases | 153 | 139 | 120 | ||||||||
| Sales | (17) | ||||||||||
| Settlements | (238) | (276) | (216) | ||||||||
| Transfers out of Level 3 | (11) | (8) | |||||||||
| Balance at the end of the period | 1,235 | 1,353 | 1,516 | ||||||||
| Changes in unrealized gains (losses) relating to assets and liabilities held at the end of the period included in: | |||||||||||
| Net investment income | (1) | (1) | (1) | ||||||||
| Residential mortgage backed securities [Member] | |||||||||||
| Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
| Balance at the beginning of the period | 9 | 58 | 23 | ||||||||
| Purchases | 67 | 11 | 87 | ||||||||
| Settlements | (4) | (3) | (9) | ||||||||
| Transfers out of Level 3 | (51) | (57) | (43) | ||||||||
| Balance at the end of the period | 21 | 9 | 58 | ||||||||
| Commercial mortgage backed securities [Member] | |||||||||||
| Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
| Balance at the beginning of the period | 90 | 30 | 170 | ||||||||
| Total gains (losses) included in net income | 1 | ||||||||||
| Total gains (losses included in other comprehensive income | (3) | (6) | |||||||||
| Purchases | 32 | 39 | 15 | ||||||||
| Settlements | (7) | (1) | |||||||||
| Transfers into Level 3 | 6 | 78 | |||||||||
| Transfers out of Level 3 | (118) | (54) | (149) | ||||||||
| Balance at the end of the period | 3 | 90 | 30 | ||||||||
| Changes in unrealized gains (losses) relating to assets and liabilities held at the end of the period included in: | |||||||||||
| Net investment income | 1 | ||||||||||
| Asset backed securities [Member] | |||||||||||
| Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
| Balance at the beginning of the period | 151 | 218 | 156 | ||||||||
| Total gains (losses) included in net income | 1 | 1 | 2 | ||||||||
| Total gains (losses included in other comprehensive income | (2) | 3 | 10 | ||||||||
| Purchases | 16 | 68 | |||||||||
| Settlements | (2) | (2) | (2) | ||||||||
| Transfers into Level 3 | 14 | ||||||||||
| Transfers out of Level 3 | (45) | (69) | (16) | ||||||||
| Balance at the end of the period | 133 | 151 | 218 | ||||||||
| Changes in unrealized gains (losses) relating to assets and liabilities held at the end of the period included in: | |||||||||||
| Net investment income | 1 | 1 | 2 | ||||||||
| Total Available-for-sale securities: fixed maturities [Member] | |||||||||||
| Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
| Balance at the beginning of the period | 1,603 | 1,822 | 2,003 | ||||||||
| Total gains (losses) included in net income | 0 | [2] | 2 | [1] | 1 | [2] | |||||
| Total gains (losses included in other comprehensive income | (23) | (1) | (37) | ||||||||
| Purchases | 268 | 189 | 290 | ||||||||
| Sales | (17) | ||||||||||
| Settlements | (251) | (282) | (227) | ||||||||
| Transfers into Level 3 | 20 | 78 | |||||||||
| Transfers out of Level 3 | (225) | (188) | (208) | ||||||||
| Balance at the end of the period | 1,392 | 1,603 | 1,822 | ||||||||
| Changes in unrealized gains (losses) relating to assets and liabilities held at the end of the period included in: | |||||||||||
| Net investment income | 0 | 1 | 1 | ||||||||
| Common stocks [Member] | |||||||||||
| Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
| Balance at the beginning of the period | 1 | 0 | |||||||||
| Total gains (losses included in other comprehensive income | (1) | ||||||||||
| Purchases | 1 | ||||||||||
| Transfers into Level 3 | 1 | ||||||||||
| Transfers out of Level 3 | (1) | ||||||||||
| Balance at the end of the period | $ 0 | $ 1 | $ 0 | ||||||||
| |||||||||||
Fair Values of Assets and Liabilities (Level 3 Rollforwards-Liabilities) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
| Net increase (decrease) to pretax income from embedded derivative liability | $ 74 | $ 124 | $ (168) | |||||||||
| IUL embedded derivatives [Member] | ||||||||||||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
| Balance at the beginning of the period | 242 | 125 | 45 | |||||||||
| Total (gains) losses included in net income | [1] | 27 | 40 | 19 | ||||||||
| Issues | 114 | 90 | 62 | |||||||||
| Settlements | (19) | (13) | (1) | |||||||||
| Balance at the end of the period | 364 | 242 | 125 | |||||||||
| Changes in unrealized gains (losses) relating to assets and liabilities held at the end of the period included in: | ||||||||||||
| Interest credited to fixed accounts | 27 | 40 | 19 | |||||||||
| GMWB and GMAB embedded derivatives [Member] | ||||||||||||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
| Balance at the beginning of the period | 479 | (575) | 833 | |||||||||
| Total (gains) losses included in net income | 105 | [2] | 811 | [2] | (1,617) | [3] | ||||||
| Issues | 271 | 254 | 228 | |||||||||
| Settlements | (4) | (11) | (19) | |||||||||
| Balance at the end of the period | 851 | 479 | (575) | |||||||||
| Changes in unrealized gains (losses) relating to assets and liabilities held at the end of the period included in: | ||||||||||||
| Benefits, claims, losses and settlement expenses | 127 | 811 | (1,598) | |||||||||
| PAB, FPB and claims [Member] | ||||||||||||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||
| Balance at the beginning of the period | 721 | (450) | 878 | |||||||||
| Total (gains) losses included in net income | 132 | 851 | (1,598) | |||||||||
| Issues | 385 | 344 | 290 | |||||||||
| Settlements | (23) | (24) | (20) | |||||||||
| Balance at the end of the period | 1,215 | 721 | (450) | |||||||||
| Changes in unrealized gains (losses) relating to assets and liabilities held at the end of the period included in: | ||||||||||||
| Benefits, claims, losses and settlement expenses | 127 | 811 | (1,598) | |||||||||
| Interest credited to fixed accounts | $ 27 | $ 40 | $ 19 | |||||||||
| ||||||||||||
Fair Values of Assets and Liabilities (Unobservable Inputs) (Details) - Discounted cash flow technique [Member] - USD ($) $ in Millions |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||
| IUL embedded derivatives [Member] | |||||||||||
| Fair values of assets and liabilities | |||||||||||
| Liabilities at fair value | $ 364 | $ 242 | |||||||||
| Nonperformance risk (as a percent) | [1] | 0.68% | 0.65% | ||||||||
| GMWB and GMAB embedded derivatives [Member] | |||||||||||
| Fair values of assets and liabilities | |||||||||||
| Liabilities at fair value | $ 851 | $ 479 | |||||||||
| Nonperformance risk (as a percent) | [1] | 0.68% | 0.65% | ||||||||
| GMWB and GMAB embedded derivatives [Member] | Minimum [Member] | |||||||||||
| Fair values of assets and liabilities | |||||||||||
| Utilization of guaranteed withdrawals (as a percent) | [2] | 0.00% | 0.00% | ||||||||
| Surrender rate (as a percent) | 0.00% | 0.00% | |||||||||
| Market volatility rate (as a percent) | [3] | 5.40% | 5.20% | ||||||||
| Elective contractholder strategy allocations (as a percent) | [4] | 0.00% | |||||||||
| GMWB and GMAB embedded derivatives [Member] | Maximum [Member] | |||||||||||
| Fair values of assets and liabilities | |||||||||||
| Utilization of guaranteed withdrawals (as a percent) | [2] | 75.60% | 51.10% | ||||||||
| Surrender rate (as a percent) | 59.10% | 59.10% | |||||||||
| Market volatility rate (as a percent) | [3] | 21.50% | 20.90% | ||||||||
| Elective contractholder strategy allocations (as a percent) | [4] | 3.00% | |||||||||
| Corporate debt securities (private placement) [Member] | |||||||||||
| Fair values of assets and liabilities | |||||||||||
| Assets at fair value | $ 1,221 | $ 1,311 | |||||||||
| Corporate debt securities (private placement) [Member] | Minimum [Member] | |||||||||||
| Fair values of assets and liabilities | |||||||||||
| Yield/spread to U.S. Treasuries (as a percent) | 1.10% | 1.00% | |||||||||
| Corporate debt securities (private placement) [Member] | Maximum [Member] | |||||||||||
| Fair values of assets and liabilities | |||||||||||
| Yield/spread to U.S. Treasuries (as a percent) | 3.80% | 3.90% | |||||||||
| Corporate debt securities (private placement) [Member] | Weighted average [Member] | |||||||||||
| Fair values of assets and liabilities | |||||||||||
| Yield/spread to U.S. Treasuries (as a percent) | 1.60% | 1.50% | |||||||||
| |||||||||||
Fair Values of Assets and Liabilities ( Financial Instruments Not at FV) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|
| Financial Assets | ||
| Mortgage loans, net | $ 3,211 | $ 3,298 |
| Policy loans | 823 | 805 |
| Other investments | 998 | 987 |
| Financial Liabilities | ||
| Policyholder account balances, future policy benefits and claims | 29,029 | 29,805 |
| Short-term borrowings | 200 | 200 |
| Other liabilities | 4,058 | 4,650 |
| Separate account liabilities | 76,004 | 79,178 |
| Level 2 [Member] | ||
| Financial Assets | ||
| Other investments | 416 | 403 |
| Financial Liabilities | ||
| Short-term borrowings | 200 | 200 |
| Separate account liabilities | 360 | 400 |
| Level 3 [Member] | ||
| Financial Assets | ||
| Mortgage loans, net | 3,254 | 3,413 |
| Policy loans | 803 | 793 |
| Other investments | 33 | 55 |
| Financial Liabilities | ||
| Policyholder account balances, future policy benefits and claims | 12,424 | 13,996 |
| Other liabilities | 113 | 121 |
| Total [Member] | ||
| Financial Assets | ||
| Mortgage loans, net | 3,254 | 3,413 |
| Policy loans | 803 | 793 |
| Other investments | 449 | 458 |
| Financial Liabilities | ||
| Policyholder account balances, future policy benefits and claims | 12,424 | 13,996 |
| Short-term borrowings | 200 | 200 |
| Other liabilities | 113 | 121 |
| Separate account liabilities | 360 | 400 |
| Carrying value [Member] | ||
| Financial Assets | ||
| Mortgage loans, net | 3,211 | 3,298 |
| Policy loans | 823 | 805 |
| Other investments | 463 | 463 |
| Financial Liabilities | ||
| Policyholder account balances, future policy benefits and claims | 11,523 | 12,979 |
| Short-term borrowings | 200 | 200 |
| Other liabilities | 117 | 124 |
| Separate account liabilities | $ 360 | $ 400 |
Related Party Transactions (Text) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| CMIA [Member] | |||
| Related Party Transactions | |||
| Amount received for provision of services | $ 311 | $ 295 | $ 268 |
| CMID [Member] | |||
| Related Party Transactions | |||
| Amount received for provision of services | 162 | 158 | 145 |
| CMIS [Member] | |||
| Related Party Transactions | |||
| Amount received for provision of services | 41 | 40 | 38 |
| Ameriprise Financial and affiliated companies [Member] | |||
| Related Party Transactions | |||
| Charges for use of joint facilities, technology support, marketing services and other services | 437 | 431 | 465 |
| Ameriprise Financial [Member] | |||
| Related Party Transactions | |||
| Due from related parties for federal income taxes | 88 | 289 | |
| RTA [Member] | |||
| Related Party Transactions | |||
| Cash contributions for affordable housing partnership investments | $ 0 | $ 15 | $ 30 |
Related Party Transactions (Dividend Table) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Related Party Transactions | ||||
| Cash dividends paid to Ameriprise Financial | $ 800 | $ 900 | $ 800 | |
| Ameriprise Financial [Member] | ||||
| Related Party Transactions | ||||
| Cash dividends paid to Ameriprise Financial | 800 | 900 | 800 | |
| RiverSource Life of NY [Member] | ||||
| Related Party Transactions | ||||
| Cash dividends received by RiverSource Life Insurance Company | $ 25 | 24 | $ 25 | |
| RTA [Member] | ||||
| Related Party Transactions | ||||
| Cash dividends received by RiverSource Life Insurance Company | $ 30 | |||
| Dividend declared February 11, 2016 [Member] | Ameriprise Financial [Member] | ||||
| Related Party Transactions | ||||
| Cash dividends paid to Ameriprise Financial | $ 400 | |||
Regulatory Requirements (Text) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|
| Insurance [Abstract] | ||
| Statutory unassigned surplus | $ 954 | $ 638 |
| Percentage of previous year-end statutory capital and surplus | 10.00% | |
| Statutory capital and surplus | $ 3,700 | 3,300 |
| Assets held by insurance regulators | $ 5 | $ 5 |
Regulatory Requirements (Table) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
| Insurance [Abstract] | ||||||
| Statutory net gain from operations | [1] | $ 1,033 | $ 1,412 | $ 1,633 | ||
| Statutory net income | [1] | $ 633 | $ 1,154 | $ 1,337 | ||
| ||||||
Offsetting Assets and Liabilities (Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
|---|---|---|---|---|---|---|---|
| Derivatives: | |||||||
| Gross amounts of recognized assets | [1] | $ 3,508 | $ 3,977 | ||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Financial instruments | [2] | (2,609) | (3,156) | ||||
| Cash collateral | (456) | (310) | |||||
| Securities collateral | (320) | (418) | |||||
| Net amount | 123 | 93 | |||||
| OTC derivatives [Member] | |||||||
| Derivatives: | |||||||
| Gross amounts of recognized assets | 3,051 | 3,612 | |||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Financial instruments | [2] | (2,293) | (2,934) | ||||
| Cash collateral | (354) | (228) | |||||
| Securities collateral | (320) | (418) | |||||
| Net amount | 84 | 32 | |||||
| OTC cleared derivatives [Member] | |||||||
| Derivatives: | |||||||
| Gross amounts of recognized assets | 417 | 304 | |||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Financial instruments | [2] | (313) | (222) | ||||
| Cash collateral | (102) | (82) | |||||
| Net amount | 2 | 0 | |||||
| Exchange-traded derivatives [Member] | |||||||
| Derivatives: | |||||||
| Gross amounts of recognized assets | 40 | 61 | |||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Financial instruments | [2] | (3) | |||||
| Net amount | $ 37 | $ 61 | |||||
| |||||||
Offsetting Assets and Liabilities (Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
|---|---|---|---|---|---|---|---|
| Derivatives | |||||||
| Gross amounts of recognized liabilities | [1] | $ 4,160 | $ 4,538 | ||||
| Repurchase agreements | |||||||
| Gross amounts of recognized liabilities | 50 | 50 | |||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Securities collateral | (50) | (50) | |||||
| Net amount | 0 | 0 | |||||
| Total | |||||||
| Gross amounts of recognized liabilities | 2,990 | 3,861 | |||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Financial instruments | [2] | (2,609) | (3,156) | ||||
| Cash collateral | 0 | 0 | |||||
| Securities collateral | (381) | (705) | |||||
| Net amount | 0 | 0 | |||||
| OTC derivatives [Member] | |||||||
| Derivatives | |||||||
| Gross amounts of recognized liabilities | 2,624 | 3,589 | |||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Financial instruments | [2] | (2,293) | (2,934) | ||||
| Securities collateral | (331) | (655) | |||||
| Net amount | 0 | 0 | |||||
| OTC cleared derivatives [Member] | |||||||
| Derivatives | |||||||
| Gross amounts of recognized liabilities | 313 | 222 | |||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Financial instruments | [2] | (313) | (222) | ||||
| Net amount | 0 | 0 | |||||
| Exchange-traded derivatives [Member] | |||||||
| Derivatives | |||||||
| Gross amounts of recognized liabilities | 3 | ||||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Financial instruments | [2] | (3) | |||||
| Net amount | 0 | ||||||
| Total OTC derivatives [Member] | |||||||
| Derivatives | |||||||
| Gross amounts of recognized liabilities | 2,940 | 3,811 | |||||
| Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||
| Financial instruments | [2] | (2,609) | (3,156) | ||||
| Cash collateral | 0 | 0 | |||||
| Securities collateral | (331) | (655) | |||||
| Net amount | $ 0 | $ 0 | |||||
| |||||||
Derivatives and Hedging Activities (Balance Sheet) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| Derivatives and Hedging Activities | |||||||||
| Notional amount | $ 138,505 | $ 134,163 | |||||||
| Asset | [1] | 3,508 | 3,977 | ||||||
| Liability | [2] | 4,160 | 4,538 | ||||||
| Fair value of investment securities received as collateral | 323 | 435 | |||||||
| Fair value of investment securities received as collateral that can be repledged | 193 | 151 | |||||||
| Fair value of investment securities received as collateral that were repledged | 0 | 0 | |||||||
| GMWB and GMAB embedded derivatives [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Asset | 143 | 221 | |||||||
| Liability | 994 | 700 | |||||||
| Embedded derivatives [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Asset | 0 | 0 | |||||||
| Derivatives not designated as hedging instruments [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Notional amount | 138,505 | 134,163 | |||||||
| Derivatives not designated as hedging instruments [Member] | Interest rate contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Notional amount | 62,591 | 61,839 | |||||||
| Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Notional amount | 69,009 | 68,563 | |||||||
| Derivatives not designated as hedging instruments [Member] | Credit contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Notional amount | 600 | 616 | |||||||
| Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Notional amount | 4,155 | 1,957 | |||||||
| Derivatives not designated as hedging instruments [Member] | Other contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Notional amount | 2,150 | 1,188 | |||||||
| Other Assets [Member] | Derivatives not designated as hedging instruments [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Asset | [1] | 3,508 | 3,977 | ||||||
| Other Assets [Member] | Derivatives not designated as hedging instruments [Member] | Interest rate contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Asset | [1] | 1,882 | 1,955 | ||||||
| Other Assets [Member] | Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Asset | [1] | 1,569 | 1,993 | ||||||
| Other Assets [Member] | Derivatives not designated as hedging instruments [Member] | Credit contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Asset | [1] | 2 | |||||||
| Other Assets [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Asset | [1] | 55 | 29 | ||||||
| Other Liabilities [Member] | Derivatives not designated as hedging instruments [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Liability | [2] | 2,940 | 3,811 | ||||||
| Other Liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Interest rate contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Liability | [2] | 948 | 1,136 | ||||||
| Other Liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Liability | [2] | 1,975 | 2,662 | ||||||
| Other Liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Liability | [2] | 17 | 2 | ||||||
| Other Liabilities [Member] | Derivatives not designated as hedging instruments [Member] | Other contracts [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Liability | [2] | 11 | |||||||
| PAB, FPB and claims [Member] | GMWB and GMAB embedded derivatives [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Liability | [2],[3] | 851 | 479 | ||||||
| PAB, FPB and claims [Member] | IUL embedded derivatives [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Liability | [2] | 364 | 242 | ||||||
| PAB, FPB and claims [Member] | EIA embedded derivatives [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Liability | [2] | 5 | 6 | ||||||
| PAB, FPB and claims [Member] | Embedded derivatives [Member] | |||||||||
| Derivatives and Hedging Activities | |||||||||
| Liability | [2] | $ 1,220 | $ 727 | ||||||
| |||||||||
Derivatives and Hedging Activities (Income Statement) (Details) - Derivatives not designated as hedging instruments [Member] - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Net investment income [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | $ 0 | $ 3 | $ 0 |
| Net investment income [Member] | Interest rate contracts [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | 3 | ||
| Interest credited to fixed accounts [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | (17) | (8) | (5) |
| Interest credited to fixed accounts [Member] | Equity contracts [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | (10) | 21 | 14 |
| Interest credited to fixed accounts [Member] | IUL embedded derivatives [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | (8) | (27) | (16) |
| Interest credited to fixed accounts [Member] | EIA embedded derivatives [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | 1 | (2) | (3) |
| Benefits, claims, losses and settlement expenses [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | (437) | (279) | (409) |
| Benefits, claims, losses and settlement expenses [Member] | Interest rate contracts [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | 241 | 1,122 | (742) |
| Benefits, claims, losses and settlement expenses [Member] | Equity contracts [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | (304) | (304) | (1,084) |
| Benefits, claims, losses and settlement expenses [Member] | Credit contracts [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | (1) | (33) | 6 |
| Benefits, claims, losses and settlement expenses [Member] | Foreign exchange contracts [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | 13 | (9) | 26 |
| Benefits, claims, losses and settlement expenses [Member] | Other contracts [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | (14) | (1) | (23) |
| Benefits, claims, losses and settlement expenses [Member] | GMWB and GMAB embedded derivatives [Member] | |||
| Impact of derivatives not designated as hedging instruments on the Consolidated Statements of Income | |||
| Amount of gain (loss) on derivatives recognized in income | $ (372) | $ (1,054) | $ 1,408 |
Derivatives and Hedging Activities (Option Rec/Pay) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
|---|---|
| Summary of option premiums payable and receivable | |
| Premiums payable for derivative option contracts | $ 1,733 |
| Premiums receivable for derivative option contracts | 630 |
| 2016 [Member] | |
| Summary of option premiums payable and receivable | |
| Premiums payable for derivative option contracts | 312 |
| Premiums receivable for derivative option contracts | 75 |
| 2017 [Member] | |
| Summary of option premiums payable and receivable | |
| Premiums payable for derivative option contracts | 254 |
| Premiums receivable for derivative option contracts | 75 |
| 2018 [Member] | |
| Summary of option premiums payable and receivable | |
| Premiums payable for derivative option contracts | 201 |
| Premiums receivable for derivative option contracts | 124 |
| 2019 [Member] | |
| Summary of option premiums payable and receivable | |
| Premiums payable for derivative option contracts | 245 |
| Premiums receivable for derivative option contracts | 126 |
| 2020 [Member] | |
| Summary of option premiums payable and receivable | |
| Premiums payable for derivative option contracts | 178 |
| Premiums receivable for derivative option contracts | 58 |
| 2021-2026 [Member] | |
| Summary of option premiums payable and receivable | |
| Premiums payable for derivative option contracts | 543 |
| Premiums receivable for derivative option contracts | $ 172 |
Derivatives and Hedging Activities (Cash Flow Hedges and Credit Risk) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| General Cash Flow Hedge Information [Abstract] | ||
| Derivatives designated as cash flow hedges | $ 0 | |
| Estimated reclassification of net pretax losses on cash flow hedges from accumulated other comprehensive income within the next twelve months | $ 6 | |
| Longest period of time over which the entity hedges exposure to the variability in future cash flows | 3 years | |
| Derivatives liabilities, credit risk related contingent features | ||
| Aggregate fair value of all derivative instruments containing credit risk features | $ 243 | $ 367 |
| Aggregate fair value of assets posted as collateral | 243 | 367 |
| Additional fair value of assets needed to settle derivative liabilities | $ 0 | $ 0 |
Shareholder's Equity Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent [Abstract] | ||||||||||
| Net unrealized securities gains (losses) arising during the period, pretax | [1] | $ (997) | $ 445 | $ (1,382) | ||||||
| Reclassification of net securities (gains) losses included in net income, pretax | [2] | (6) | (40) | (5) | ||||||
| Impact of deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables, pretax | 480 | (290) | 490 | |||||||
| Net unrealized securities gains (losses), pretax | (523) | 115 | (897) | |||||||
| Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax, Portion Attributable to Parent [Abstract] | ||||||||||
| Reclassification of net derivative losses included in net income, pretax | [3] | 6 | 7 | 6 | ||||||
| Net unrealized derivative gains, pretax | 6 | 7 | 6 | |||||||
| Other comprehensive income (loss), pretax | (517) | 122 | (891) | |||||||
| Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Portion Attributable to Parent [Abstract] | ||||||||||
| Net unrealized securities gains (losses) arising during the period, tax | 351 | (156) | 478 | |||||||
| Reclassification of net securities (gains) losses included in net income, tax | 2 | 14 | 2 | |||||||
| Impact of deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables, tax | (168) | 101 | (171) | |||||||
| Net unrealized securities gains (losses), tax | 185 | (41) | 309 | |||||||
| Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax, Portion Attributable to Parent [Abstract] | ||||||||||
| Reclassification of net derivative losses included in net income, tax | (2) | (2) | (2) | |||||||
| Net unrealized derivatives gains, tax | (2) | (2) | (2) | |||||||
| Other comprehensive income (loss), tax | 183 | (43) | 307 | |||||||
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Abstract] | ||||||||||
| Net unrealized securities gains (losses) arising during the period, net of tax | (646) | 289 | (904) | |||||||
| Reclassification of net securities (gains) losses included in net income, net of tax | (4) | (26) | (3) | |||||||
| Impact of deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables, net of tax | 312 | (189) | 319 | |||||||
| Net unrealized securities gains (losses), net of tax | (338) | 74 | (588) | |||||||
| Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent [Abstract] | ||||||||||
| Reclassification of net derivative losses included in net income, net of tax | 4 | 5 | 4 | |||||||
| Net unrealized derivatives gains, net of tax | 4 | 5 | 4 | |||||||
| Total other comprehensive income (loss), net of tax | $ (334) | $ 79 | $ (584) | |||||||
| ||||||||||
Shareholder's Equity (Reclassifications) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
| Beginning balance | $ 729 | $ 650 | $ 1,234 | ||||
| OCI before reclassifications | (334) | 100 | (585) | ||||
| Amounts reclassified from AOCI | 0 | (21) | 1 | ||||
| Total OCI | (334) | 79 | (584) | ||||
| Ending balance | 395 | 729 | 650 | ||||
| Net unrealized securities gains (losses) [Member] | |||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
| Beginning balance | 741 | [1] | 667 | [1] | 1,255 | ||
| OCI before reclassifications | (334) | 100 | (585) | ||||
| Amounts reclassified from AOCI | (4) | (26) | (3) | ||||
| Total OCI | (338) | 74 | (588) | ||||
| Ending balance | [1] | 403 | 741 | 667 | |||
| Noncredit related impairments on securities and net unrealized securities losses on previously impaired securities | 2 | 2 | 7 | ||||
| Net unrealized derivatives gains [Member] | |||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
| Beginning balance | (12) | (17) | (21) | ||||
| Amounts reclassified from AOCI | 4 | 5 | 4 | ||||
| Total OCI | 4 | 5 | 4 | ||||
| Ending balance | $ (8) | $ (12) | $ (17) | ||||
| |||||||
Income Taxes (Income Tax Components) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Income Tax Disclosure [Abstract] | |||
| Approved change in income tax accounting method | $ 300 | ||
| Current income tax [Abstract] | |||
| Federal | $ 234 | 2 | $ 295 |
| State | 2 | (2) | 2 |
| Total current income tax | 236 | 0 | 297 |
| Deferred income tax [Abstract] | |||
| Federal | (91) | 202 | (65) |
| State | 7 | (11) | |
| Total deferred income tax | (91) | 209 | (76) |
| Total income tax provision | $ 145 | $ 209 | $ 221 |
Income Taxes (Reconcilation of Income Tax Provision Rate) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
| Tax at U.S. statutory rate | 35.00% | 35.00% | 35.00% |
| Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation Elements [Abstract] | |||
| Dividend received deduction (as a percent) | (14.00%) | (10.40%) | (9.60%) |
| Low income housing tax credits (as a percent) | (6.10%) | (4.70%) | (5.00%) |
| Foreign tax credit, net of addback (as a percent) | (1.00%) | (0.90%) | |
| State taxes, net of federal benefit (as a percent) | 0.30% | (0.50%) | |
| Taxes applicable to prior years (as a percent) | (0.40%) | ||
| Other, net (as a percent) | (0.90%) | (1.00%) | 1.80% |
| Income tax provision | 14.00% | 17.80% | 20.80% |
| Benefits tax planning and completion of audits | $ 18 | ||
Income Taxes (Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|---|---|---|
| Deferred income tax assets [Abstract] | ||
| Liabilities for policyholder account balances, future policy benefits and claims | $ 1,357 | $ 1,259 |
| Investment related | 55 | 46 |
| State net operating losses | 7 | |
| Other | 15 | 9 |
| Gross deferred income tax assets | 1,427 | 1,321 |
| Less: valuation allowance | 8 | 8 |
| Total deferred income tax assets | 1,419 | 1,313 |
| Deferred income tax liabilities [Abstract] | ||
| Deferred acquisition costs | 709 | 717 |
| Net unrealized gains on Available-for-Sale securities | 217 | 400 |
| Deferred sales inducement costs | 125 | 128 |
| Depreciation | 23 | |
| Other | 3 | |
| Gross deferred income tax liabilities | 1,077 | 1,245 |
| Net deferred income tax assets | 342 | $ 68 |
| State and Local Jurisdiction [Member] | ||
| Operating Loss Carryforwards [Line Items] | ||
| Operating Loss Carryforwards | $ 7 |
Income Taxes (Unrecognized Tax Benefits Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | |||
| Balance at the beginning of the period | $ 160 | $ 144 | $ 65 |
| Additions based on tax positions related to the current year | 11 | 13 | 18 |
| Additions for tax positions of prior years | 29 | 21 | 61 |
| Reductions for tax positions of prior years | (105) | (18) | |
| Balance at the end of the period | 95 | 160 | 144 |
| Operating Loss Carryforwards [Line Items] | |||
| Unrecognized tax benefits, net of federal tax benefits that would affect the effective tax rate if recognized | 9 | 7 | 23 |
| Net increase in interest and penalties | 1 | 4 | $ 6 |
| Payable related to accrued interest and penalties | 41 | $ 40 | |
| Minimum [Member] | |||
| Operating Loss Carryforwards [Line Items] | |||
| Decrease in gross unrecognized tax benefits due to resolution of IRS examinations | 80 | ||
| Maximum [Member] | |||
| Operating Loss Carryforwards [Line Items] | |||
| Decrease in gross unrecognized tax benefits due to resolution of IRS examinations | $ 90 | ||
Commitments, Guarantess and Contingencies (Commitments Table) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Commercial mortgage loans | $ 73 | $ 43 |
| Residential mortgage loans | 447 | 491 |
| Affordable housing partnerships | 117 | 124 |
| Total funding commitments | $ 637 | $ 658 |
Commitments, Guarantees and Contingencies (Guarantees and Contingencies Information)(Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Commitments and Contingencies | ||
| Minimum interest rate guarantees in fixed accounts | 5.00% | |
| Guaranty fund assessments [Member] | ||
| Commitments and Contingencies | ||
| Liability related to guaranty fund assessments | $ 13 | $ 14 |
| Related premium tax asset | $ 12 | $ 12 |