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Investments
 9 Months Ended
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Investments [Text Block]
Investments
The following is a summary of Ameriprise Financial investments:
 
September 30,
2016
 
December 31,
2015
 
(in millions)
Available-for-Sale securities, at fair value
$
30,799

 
$
28,673

Mortgage loans, net
2,974

 
3,359

Policy and certificate loans
835

 
824

Other investments
1,267

 
1,288

Total
$
35,875

 
$
34,144


The following is a summary of net investment income:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
 
(in millions)
Investment income on fixed maturities
$
342

 
$
346

 
$
1,028

 
$
1,055

Net realized gains (losses)
6

 
(10
)
 
(5
)
 
5

Affordable housing partnerships
(17
)
 
(7
)
 
(35
)
 
(25
)
Other
25

 
(10
)
 
13

 
32

Consolidated investment entities
31

 
2

 
89

 
161

Total
$
387

 
$
321

 
$
1,090

 
$
1,228


Available-for-Sale securities distributed by type were as follows:
 
 
September 30, 2016
Description of Securities
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Noncredit OTTI (1)
 
 
(in millions)
Corporate debt securities
 
$
15,092

 
$
1,499

 
$
(39
)
 
$
16,552

 
$
3

Residential mortgage backed securities
 
6,759

 
145

 
(42
)
 
6,862

 
(5
)
Commercial mortgage backed securities
 
2,960

 
130

 
(1
)
 
3,089

 
—

Asset backed securities
 
1,471

 
42

 
(9
)
 
1,504

 
5

State and municipal obligations
 
2,191

 
310

 
(13
)
 
2,488

 
—

U.S. government and agencies obligations
 
9

 
1

 
—

 
10

 
—

Foreign government bonds and obligations
 
251

 
28

 
(4
)
 
275

 
—

Common stocks
 
8

 
11

 
—

 
19

 
5

Total
 
$
28,741

 
$
2,166

 
$
(108
)
 
$
30,799

 
$
8

 
 
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 September 30, 2016 and December 31, 2015, investment securities with a fair value of $1.2 billion and $1.0 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $260 million and $478 million, respectively, may be sold, pledged or rehypothecated by the counterparty.
At September 30, 2016 and December 31, 2015, fixed maturity securities comprised approximately 86% 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 September 30, 2016 and December 31, 2015, the Company’s internal analysts rated $1.1 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:
 
 
September 30, 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
 
$
8,669

 
$
8,929

 
29
%
 
$
7,147

 
$
7,289

 
25
%
AA
 
1,764

 
2,032

 
7

 
1,732

 
1,930

 
7

A
 
5,124

 
5,725

 
19

 
5,131

 
5,507

 
19

BBB
 
11,551

 
12,466

 
40

 
12,052

 
12,353

 
43

Below investment grade
 
1,625

 
1,628

 
5

 
1,683

 
1,576

 
6

Total fixed maturities
 
$
28,733

 
$
30,780

 
100
%
 
$
27,745

 
$
28,655

 
100
%

At September 30, 2016 and December 31, 2015, approximately 49% 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:
Description of Securities
September 30, 2016
Less than 12 months
 
12 months or more
 
Total
Number of Securities
 
Fair Value
 
Unrealized Losses
 
Number of Securities
 
Fair Value
 
Unrealized Losses
 
Number of Securities
 
Fair Value
 
Unrealized Losses
 
(in millions, except number of securities)
Corporate debt securities
45

 
$
429

 
$
(3
)
 
41

 
$
405

 
$
(36
)
 
86

 
$
834

 
$
(39
)
Residential mortgage backed securities
90

 
1,412

 
(7
)
 
181

 
1,382

 
(35
)
 
271

 
2,794

 
(42
)
Commercial mortgage backed securities
21

 
264

 
(1
)
 
3

 
26

 
—

 
24

 
290

 
(1
)
Asset backed securities
34

 
295

 
(6
)
 
21

 
262

 
(3
)
 
55

 
557

 
(9
)
State and municipal obligations
18

 
34

 
—

 
3

 
118

 
(13
)
 
21

 
152

 
(13
)
Foreign government bonds and obligations
1

 
1

 
—

 
14

 
24

 
(4
)
 
15

 
25

 
(4
)
Total
209

 
$
2,435

 
$
(17
)
 
263

 
$
2,217

 
$
(91
)
 
472

 
$
4,652

 
$
(108
)
Description of Securities
December 31, 2015
Less than 12 months
 
12 months or more
 
Total
Number of Securities
 
Fair Value
 
Unrealized Losses
 
Number of Securities
 
Fair Value
 
Unrealized Losses
 
Number of Securities
 
Fair Value
 
Unrealized Losses
 
(in millions, except number of securities)
Corporate debt securities
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 attributable to a decrease in interest rates and a tightening of credit spreads.
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) (“OCI”):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
 
(in millions)
Beginning balance
$
81

 
$
85

 
$
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
)
 
(14
)
Ending balance
$
81

 
$
85

 
$
81

 
$
85


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 September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
 
(in millions)
Gross realized gains
$
10

 
$
1

 
$
24

 
$
24

Gross realized losses
(3
)
 
(4
)
 
(12
)
 
(10
)
Other-than-temporary impairments
—

 
(7
)
 
(1
)
 
(8
)
Total
$
7

 
$
(10
)
 
$
11

 
$
6


Other-than-temporary impairments for the nine months ended September 30, 2016 primarily related to credit losses on asset backed securities. Other-than-temporary impairments for the three months and nine months ended September 30, 2015 primarily related to credit losses on corporate debt securities.
See Note 13 for a rollforward of net unrealized investment gains (losses) included in AOCI.
Available-for-Sale securities by contractual maturity at September 30, 2016 were as follows:
 
Amortized Cost
 
Fair Value
 
(in millions)
Due within one year
$
877

 
$
890

Due after one year through five years
7,423

 
7,886

Due after five years through 10 years
4,767

 
5,059

Due after 10 years
4,476

 
5,490

 
17,543

 
19,325

Residential mortgage backed securities
6,759

 
6,862

Commercial mortgage backed securities
2,960

 
3,089

Asset backed securities
1,471

 
1,504

Common stocks
8

 
19

Total
$
28,741

 
$
30,799


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.