Investments (Tables)
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12 Months Ended |
Dec. 31, 2013
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Investments, Debt and Equity Securities [Abstract] |
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Summary of Investments |
The following is a summary of Ameriprise Financial investments: | | | | | | | | | | December 31, | | 2013 | | 2012 | | (in millions) | Available-for-Sale securities, at fair value | $ | 30,310 |
| | $ | 31,472 |
| Mortgage loans, net | 3,510 |
| | 3,609 |
| Policy and certificate loans | 774 |
| | 754 |
| Other investments | 1,141 |
| | 1,042 |
| Total | $ | 35,735 |
| | $ | 36,877 |
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Summary of net investment income |
The following is a summary of net investment income: | | | | | | | | | | | | | | Years Ended December 31, | | 2013 | | 2012 | | 2011 | | (in millions) | Investment income on fixed maturities | $ | 1,575 |
| | $ | 1,768 |
| | $ | 1,917 |
| Net realized gains | 7 |
| | 7 |
| | 6 |
| Affordable housing partnerships | (12 | ) | | (25 | ) | | (32 | ) | Other | 99 |
| | 73 |
| | 64 |
| Consolidated investment entities | 220 |
| | 110 |
| | 91 |
| Total net investment income | $ | 1,889 |
| | $ | 1,933 |
| | $ | 2,046 |
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Available-for-Sale Securities Disclosure |
Available-for-Sale securities distributed by type were as follows: | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | Description of Securities | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Noncredit OTTI (1) | | | (in millions) | Corporate debt securities | | $ | 16,233 |
| | $ | 1,330 |
| | $ | (97 | ) | | $ | 17,466 |
| | $ | 3 |
| Residential mortgage backed securities | | 6,114 |
| | 147 |
| | (137 | ) | | 6,124 |
| | (33 | ) | Commercial mortgage backed securities | | 2,612 |
| | 141 |
| | (12 | ) | | 2,741 |
| | — |
| Asset backed securities | | 1,459 |
| | 53 |
| | (8 | ) | | 1,504 |
| | — |
| State and municipal obligations | | 2,132 |
| | 106 |
| | (78 | ) | | 2,160 |
| | — |
| U.S. government and agencies obligations | | 47 |
| | 5 |
| | — |
| | 52 |
| | — |
| Foreign government bonds and obligations | | 235 |
| | 18 |
| | (8 | ) | | 245 |
| | — |
| Common stocks | | 7 |
| | 11 |
| | — |
| | 18 |
| | 4 |
| Total | | $ | 28,839 |
| | $ | 1,811 |
| | $ | (340 | ) | | $ | 30,310 |
| | $ | (26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | Description of Securities | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Noncredit OTTI (1) | | | (in millions) | Corporate debt securities | | $ | 16,628 |
| | $ | 2,196 |
| | $ | (9 | ) | | $ | 18,815 |
| | $ | — |
| Residential mortgage backed securities | | 5,280 |
| | 261 |
| | (112 | ) | | 5,429 |
| | (58 | ) | Commercial mortgage backed securities | | 3,120 |
| | 299 |
| | — |
| | 3,419 |
| | — |
| Asset backed securities | | 1,204 |
| | 75 |
| | (4 | ) | | 1,275 |
| | — |
| State and municipal obligations | | 2,034 |
| | 241 |
| | (36 | ) | | 2,239 |
| | — |
| U.S. government and agencies obligations | | 49 |
| | 9 |
| | — |
| | 58 |
| | — |
| Foreign government bonds and obligations | | 188 |
| | 36 |
| | — |
| | 224 |
| | — |
| Common stocks | | 7 |
| | 6 |
| | — |
| | 13 |
| | 2 |
| Total | | $ | 28,510 |
| | $ | 3,123 |
| | $ | (161 | ) | | $ | 31,472 |
| | $ | (56 | ) |
(1) Represents the amount of other-than-temporary impairment (“OTTI”) losses in accumulated other comprehensive income. 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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Investments with Fixed Maturities Disclosure |
A summary of fixed maturity securities by rating was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | December 31, 2012 | Ratings | | Amortized Cost | | Fair Value | | Percent of Total Fair Value | | Amortized Cost | | Fair Value | | Percent of Total Fair Value | | | (in millions, except percentages) | AAA | | $ | 7,562 |
| | $ | 7,746 |
| | 25 | % | | $ | 7,462 |
| | $ | 8,021 |
| | 26 | % | AA | | 1,587 |
| | 1,707 |
| | 6 |
| | 1,620 |
| | 1,827 |
| | 6 |
| A | | 6,381 |
| | 6,738 |
| | 22 |
| | 5,456 |
| | 6,069 |
| | 19 |
| BBB | | 11,427 |
| | 12,272 |
| | 41 |
| | 11,939 |
| | 13,575 |
| | 43 |
| Below investment grade | | 1,875 |
| | 1,829 |
| | 6 |
| | 2,026 |
| | 1,967 |
| | 6 |
| Total fixed maturities | | $ | 28,832 |
| | $ | 30,292 |
| | 100 | % | | $ | 28,503 |
| | $ | 31,459 |
| | 100 | % |
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Available-for-Sale Securities Continuous Unrealized Loss Disclosure |
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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | | | 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 | 181 |
| | $ | 2,817 |
| | $ | (83 | ) | | 12 |
| | $ | 181 |
| | $ | (14 | ) | | 193 |
| | $ | 2,998 |
| | $ | (97 | ) | Residential mortgage backed securities | 128 |
| | 2,393 |
| | (66 | ) | | 113 |
| | 663 |
| | (71 | ) | | 241 |
| | 3,056 |
| | (137 | ) | Commercial mortgage backed securities | 35 |
| | 426 |
| | (10 | ) | | 4 |
| | 22 |
| | (2 | ) | | 39 |
| | 448 |
| | (12 | ) | Asset backed securities | 40 |
| | 531 |
| | (7 | ) | | 4 |
| | 32 |
| | (1 | ) | | 44 |
| | 563 |
| | (8 | ) | State and municipal obligations | 169 |
| | 468 |
| | (36 | ) | | 14 |
| | 117 |
| | (42 | ) | | 183 |
| | 585 |
| | (78 | ) | Foreign government bonds and obligations | 23 |
| | 77 |
| | (8 | ) | | — |
| | — |
| | — |
| | 23 |
| | 77 |
| | (8 | ) | Total | 576 |
| | $ | 6,712 |
| | $ | (210 | ) | | 147 |
| | $ | 1,015 |
| | $ | (130 | ) | | 723 |
| | $ | 7,727 |
| | $ | (340 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2012 | | | 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 | 76 |
| | $ | 801 |
| | $ | (6 | ) | | 6 |
| | $ | 70 |
| | $ | (3 | ) | | 82 |
| | $ | 871 |
| | $ | (9 | ) | Residential mortgage backed securities | 22 |
| | 408 |
| | (5 | ) | | 134 |
| | 658 |
| | (107 | ) | | 156 |
| | 1,066 |
| | (112 | ) | Asset backed securities | 9 |
| | 108 |
| | (1 | ) | | 5 |
| | 86 |
| | (3 | ) | | 14 |
| | 194 |
| | (4 | ) | State and municipal obligations | 13 |
| | 34 |
| | (1 | ) | | 8 |
| | 113 |
| | (35 | ) | | 21 |
| | 147 |
| | (36 | ) | Total | 120 |
| | $ | 1,351 |
| | $ | (13 | ) | | 153 |
| | $ | 927 |
| | $ | (148 | ) | | 273 |
| | $ | 2,278 |
| | $ | (161 | ) |
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Credit Losses on Available-for-Sale Securities Disclosure |
The following table presents a rollforward of the cumulative amounts recognized in the Consolidated Statements of Operations for other-than-temporary impairments related to credit losses on securities for which a portion of the securities’ total other-than-temporary impairments was recognized in other comprehensive income (loss): | | | | | | | | | | | | | | | | December 31, | | | 2013 | | 2012 | | 2011 | | | (in millions) | Beginning balance | | $ | 176 |
| | $ | 303 |
| | $ | 297 |
| Credit losses for which an other-than-temporary impairment was not previously recognized | | 2 |
| | 2 |
| | 15 |
| Credit losses for which an other-than-temporary impairment was previously recognized | | 7 |
| | 32 |
| | 19 |
| Reductions for securities sold during the period (realized) | | (38 | ) | | (161 | ) | | (28 | ) | Ending balance | | $ | 147 |
| | $ | 176 |
| | $ | 303 |
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Other Comprehensive Income Available-for-Sale Securities Disclosure |
The following table presents a rollforward of the net unrealized securities gains on Available-for-Sale securities included in accumulated other comprehensive income: | | | | | | | | | | | | | | | | | Net Unrealized Securities Gains | | Deferred Income Tax | | Accumulated Other Comprehensive Income Related to Net Unrealized Securities Gains | | | | (in millions) | | Balance at January 1, 2011 | | $ | 1,077 |
| | $ | (377 | ) | | $ | 700 |
| | Net unrealized securities gains arising during the period (1) | | 572 |
| | (196 | ) | | 376 |
| | Impact of DAC, DSIC, benefit reserves and reinsurance recoverables | | (299 | ) | | 106 |
| | (193 | ) | | Balance at December 31, 2011 | | 1,350 |
| | (467 | ) | | 883 |
| (2) | Net unrealized securities gains arising during the period (1) | | 911 |
| | (323 | ) | | 588 |
| | Reclassification of net securities gains included in net income | | (7 | ) | | 2 |
| | (5 | ) | | Impact of DAC, DSIC, benefit reserves and reinsurance recoverables | | (237 | ) | | 83 |
| | (154 | ) | | Balance at December 31, 2012 | | 2,017 |
| | (705 | ) | | 1,312 |
| (2) | Net unrealized securities losses arising during the period (1) | | (1,484 | ) | | 513 |
| | (971 | ) | | Reclassification of net securities gains included in net income | | (7 | ) | | 2 |
| | (5 | ) | | Impact of DAC, DSIC, benefit reserves and reinsurance recoverables | | 490 |
| | (171 | ) | | 319 |
| | Balance at December 31, 2013 | | $ | 1,016 |
| | $ | (361 | ) | | $ | 655 |
| (2) |
(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) Includes $4 million, $18 million and $75 million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at December 31, 2013, 2012 and 2011, respectively. |
Available-for-Sale Securities Recognized in Earnings Disclosure |
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in earnings were as follows: | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2013 | | 2012 | | 2011 | | | (in millions) | Gross realized gains | | $ | 17 |
| | $ | 109 |
| | $ | 52 |
| Gross realized losses | | (1 | ) | | (65 | ) | | (18 | ) | Other-than-temporary impairments | | (9 | ) | | (37 | ) | | (34 | ) | Total | | $ | 7 |
| | $ | 7 |
| | $ | — |
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Available-for-Sale Securities Contractual Maturity Disclosure |
Available-for-Sale securities by contractual maturity at December 31, 2013, were as follows: | | | | | | | | | | | | Amortized Cost | | Fair Value | | | (in millions) | Due within one year | | $ | 1,448 |
| | $ | 1,470 |
| Due after one year through five years | | 5,918 |
| | 6,317 |
| Due after five years through 10 years | | 6,591 |
| | 6,963 |
| Due after 10 years | | 4,690 |
| | 5,173 |
| | | 18,647 |
| | 19,923 |
| Residential mortgage backed securities | | 6,114 |
| | 6,124 |
| Commercial mortgage backed securities | | 2,612 |
| | 2,741 |
| Asset backed securities | | 1,459 |
| | 1,504 |
| Common stocks | | 7 |
| | 18 |
| Total | | $ | 28,839 |
| | $ | 30,310 |
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