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Investments
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Investments [Text Block]
Investments
The following is a summary of Ameriprise Financial investments:
 
March 31, 2016
 
December 31, 2015
 
(in millions)
Available-for-Sale securities, at fair value
$
29,480

 
$
28,673

Mortgage loans, net
3,055

 
3,359

Policy and certificate loans
828

 
824

Other investments
1,280

 
1,288

Total
$
34,643

 
$
34,144


The following is a summary of net investment income:
 
Three Months Ended March 31,
 
2016
 
2015
 
(in millions)
Investment income on fixed maturities
$
343

 
$
354

Net realized gains (losses)
(16
)
 
10

Affordable housing partnerships
(7
)
 
(8
)
Other
(17
)
 
23

Consolidated investment entities
28

 
105

Total
$
331

 
$
484


Available-for-Sale securities distributed by type were as follows:
 
 
March 31, 2016
Description of Securities
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Noncredit OTTI (1)
 
 
(in millions)
Corporate debt securities
 
$
15,640

 
$
1,139

 
$
(176
)
 
$
16,603

 
$
4

Residential mortgage backed securities
 
6,073

 
127

 
(62
)
 
6,138

 
(13
)
Commercial mortgage backed securities
 
2,509

 
109

 
(1
)
 
2,617

 
—

Asset backed securities
 
1,361

 
46

 
(18
)
 
1,389

 
6

State and municipal obligations
 
2,150

 
258

 
(23
)
 
2,385

 
—

U.S. government and agencies obligations
 
57

 
2

 
—

 
59

 
—

Foreign government bonds and obligations
 
257

 
22

 
(7
)
 
272

 
—

Common stocks
 
7

 
10

 
—

 
17

 
4

Total
 
$
28,054

 
$
1,713

 
$
(287
)
 
$
29,480

 
$
1

 
 
December 31, 2015
Description of Securities
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Noncredit OTTI (1)
 
 
(in millions)
Corporate debt securities
 
$
15,750

 
$
894

 
$
(296
)
 
$
16,348

 
$
3

Residential mortgage backed securities
 
5,933

 
106

 
(66
)
 
5,973

 
(12
)
Commercial mortgage backed securities
 
2,400

 
70

 
(14
)
 
2,456

 
—

Asset backed securities
 
1,273

 
34

 
(11
)
 
1,296

 
—

State and municipal obligations
 
2,105

 
213

 
(28
)
 
2,290

 
—

U.S. government and agencies obligations
 
66

 
2

 
—

 
68

 
—

Foreign government bonds and obligations
 
218

 
17

 
(11
)
 
224

 
—

Common stocks
 
7

 
11

 
—

 
18

 
5

Total
 
$
27,752

 
$
1,347

 
$
(426
)
 
$
28,673

 
$
(4
)
(1) 
Represents the amount of other-than-temporary impairment (“OTTI”) losses in accumulated other comprehensive income (“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 March 31, 2016 and December 31, 2015, investment securities with a fair value of $1.0 billion and $1.0 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $335 million and $478 million, respectively, may be sold, pledged or rehypothecated by the counterparty.
At March 31, 2016 and December 31, 2015, fixed maturity securities comprised approximately 85% and 84%, respectively, of Ameriprise Financial 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 March 31, 2016 and December 31, 2015, the Company’s internal analysts rated $1.2 billion and $1.3 billion, respectively, of securities using criteria similar to those used by NRSROs.
A summary of fixed maturity securities by rating was as follows:
 
 
March 31, 2016
 
December 31, 2015
Ratings
 
Amortized Cost
 
Fair Value
 
Percent of Total Fair Value
 
Amortized Cost
 
Fair Value
 
Percent of Total Fair Value
 
 
(in millions, except percentages)
AAA
 
$
7,517

 
$
7,751

 
26
%
 
$
7,147

 
$
7,289

 
25
%
AA
 
1,673

 
1,883

 
6

 
1,732

 
1,930

 
7

A
 
5,032

 
5,497

 
19

 
5,131

 
5,507

 
19

BBB
 
11,700

 
12,321

 
42

 
12,052

 
12,353

 
43

Below investment grade
 
2,125

 
2,011

 
7

 
1,683

 
1,576

 
6

Total fixed maturities
 
$
28,047

 
$
29,463

 
100
%
 
$
27,745

 
$
28,655

 
100
%

At March 31, 2016 and December 31, 2015, approximately 52% and 53%, 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:
 
 
March 31, 2016
 
 
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
160

 
$
2,301

 
$
(98
)
 
53

 
$
515

 
$
(78
)
 
213

 
$
2,816

 
$
(176
)
Residential mortgage backed securities
112

 
1,477

 
(15
)
 
173

 
1,424

 
(47
)
 
285

 
2,901

 
(62
)
Commercial mortgage backed securities
14

 
92

 
—

 
7

 
77

 
(1
)
 
21

 
169

 
(1
)
Asset backed securities
52

 
463

 
(14
)
 
16

 
258

 
(4
)
 
68

 
721

 
(18
)
State and municipal obligations
17

 
74

 
(2
)
 
5

 
116

 
(21
)
 
22

 
190

 
(23
)
Foreign government bonds and obligations
5

 
26

 
—

 
16

 
30

 
(7
)
 
21

 
56

 
(7
)
Total
360

 
$
4,433

 
$
(129
)
 
270

 
$
2,420

 
$
(158
)
 
630

 
$
6,853

 
$
(287
)
 
 
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
347

 
$
5,150

 
$
(220
)
 
48

 
$
454

 
$
(76
)
 
395

 
$
5,604

 
$
(296
)
Residential mortgage backed securities
123

 
1,869

 
(16
)
 
164

 
1,350

 
(50
)
 
287

 
3,219

 
(66
)
Commercial mortgage backed securities
58

 
695

 
(13
)
 
4

 
49

 
(1
)
 
62

 
744

 
(14
)
Asset backed securities
50

 
455

 
(7
)
 
14

 
254

 
(4
)
 
64

 
709

 
(11
)
State and municipal obligations
31

 
100

 
(1
)
 
5

 
110

 
(27
)
 
36

 
210

 
(28
)
Foreign government bonds and obligations
9

 
39

 
(2
)
 
15

 
27

 
(9
)
 
24

 
66

 
(11
)
Total
618

 
$
8,308

 
$
(259
)
 
250

 
$
2,244

 
$
(167
)
 
868

 
$
10,552

 
$
(426
)

As part of Ameriprise Financial’s ongoing monitoring process, management determined that the change in gross unrealized losses on its Available-for-Sale securities is primarily attributable to a decrease in interest rates.
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 Available-for-Sale securities for which a portion of the securities’ total other-than-temporary impairments was recognized in other comprehensive income (loss):
 
Three Months Ended March 31,
 
2016
 
2015
 
(in millions)
Beginning balance
$
85

 
$
98

Credit losses for which an other-than-temporary impairment was not previously recognized
1

 
—

Credit losses for which an other-than-temporary impairment was previously recognized
—

 
1

Reductions for securities sold during the period (realized)
(5
)
 
—

Ending balance
$
81

 
$
99


Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in earnings were as follows:
 
Three Months Ended March 31,
 
2016
 
2015
 
(in millions)
Gross realized gains
$
4

 
$
17

Gross realized losses
(4
)
 
(5
)
Other-than-temporary impairments
(1
)
 
(1
)
Total
$
(1
)
 
$
11


Other-than-temporary impairments for the three months ended March 31, 2016 primarily related to credit losses on asset backed securities. Other-than-temporary impairments for the three months ended March 31, 2015 primarily related to credit losses on non-agency residential mortgage backed securities.
See Note 13 for a rollforward of net unrealized investment gains (losses) included in AOCI.
Available-for-Sale securities by contractual maturity at March 31, 2016 were as follows:
 
Amortized Cost
 
Fair Value
 
(in millions)
Due within one year
$
1,179

 
$
1,186

Due after one year through five years
7,350

 
7,754

Due after five years through 10 years
5,018

 
5,152

Due after 10 years
4,557

 
5,227

 
18,104

 
19,319

Residential mortgage backed securities
6,073

 
6,138

Commercial mortgage backed securities
2,509

 
2,617

Asset backed securities
1,361

 
1,389

Common stocks
7

 
17

Total
$
28,054

 
$
29,480


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.