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Investments
 12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Investments [Text Block]
Investments
The following is a summary of investments:
 
December 31,
2017
 
2016
(in millions)
Available-for-Sale securities, at fair value
$
30,927

 
$
30,719

Mortgage loans, net
2,756

 
2,986

Policy and certificate loans
845

 
831

Other investments
1,397

 
1,298

Total
$
35,925

 
$
35,834


The following is a summary of net investment income:
 
Years Ended December 31,
2017
 
2016
 
2015
(in millions)
Investment income on fixed maturities
$
1,349

 
$
1,368

 
$
1,403

Net realized gains (losses)
46

 
6

 
4

Affordable housing partnerships
(100
)
 
(44
)
 
(18
)
Other
108

 
91

 
68

Consolidated investment entities
106

 
155

 
231

Total
$
1,509

 
$
1,576

 
$
1,688


Available-for-Sale securities distributed by type were as follows:
Description of Securities
December 31, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
Noncredit
OTTI (1)
 
(in millions)
Corporate debt securities
$
13,976

 
$
1,131

 
$
(32
)
 
$
15,075

 
$
—

Residential mortgage backed securities
6,585

 
63

 
(37
)
 
6,611

 
—

Commercial mortgage backed securities
4,362

 
48

 
(36
)
 
4,374

 
—

Asset backed securities
1,549

 
36

 
(5
)
 
1,580

 
1

State and municipal obligations
2,215

 
259

 
(11
)
 
2,463

 
—

U.S. government and agency obligations
502

 
1

 
—

 
503

 
—

Foreign government bonds and obligations
298

 
20

 
(4
)
 
314

 
—

Common stocks
5

 
3

 
(1
)
 
7

 
—

Total
$
29,492

 
$
1,561

 
$
(126
)
 
$
30,927

 
$
1

Description of Securities
December 31, 2016
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
Noncredit
OTTI (1)
 
(in millions)
Corporate debt securities
$
15,231

 
$
1,065

 
$
(60
)
 
$
16,236

 
$
—

Residential mortgage backed securities
6,899

 
86

 
(67
)
 
6,918

 
(3
)
Commercial mortgage backed securities
3,347

 
59

 
(39
)
 
3,367

 
—

Asset backed securities
1,532

 
33

 
(16
)
 
1,549

 
5

State and municipal obligations
2,195

 
198

 
(35
)
 
2,358

 
—

U.S. government and agency obligations
7

 
1

 
—

 
8

 
—

Foreign government bonds and obligations
251

 
17

 
(7
)
 
261

 
—

Common stocks
10

 
13

 
(1
)
 
22

 
6

Total
$
29,472

 
$
1,472

 
$
(225
)
 
$
30,719

 
$
8

(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, 2017 and 2016, investment securities with a fair value of $1.7 billion and $1.6 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $803 million and $473 million, respectively, may be sold, pledged or rehypothecated by the counterparty.
As of both December 31, 2017 and 2016, fixed maturity securities comprised approximately 86% 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. As of December 31, 2017 and 2016, the Company’s internal analysts rated $979 million and $1.1 billion, respectively, of securities using criteria similar to those used by NRSROs.
A summary of fixed maturity securities by rating was as follows:
Ratings
December 31, 2017
 
December 31, 2016
Amortized
Cost
 
Fair Value
 
Percent of Total Fair Value
Amortized
Cost
 
Fair Value
 
Percent of Total Fair Value
 
(in millions, except percentages)
AAA
$
11,293

 
$
11,331

 
37
%
 
$
9,252

 
$
9,305

 
31
%
AA
1,898

 
2,114

 
7

 
1,729

 
1,906

 
6

A
4,760

 
5,243

 
17

 
5,157

 
5,567

 
18

BBB
10,317

 
10,989

 
35

 
11,739

 
12,340

 
40

Below investment grade (1)
1,219

 
1,243

 
4

 
1,585

 
1,579

 
5

Total fixed maturities
$
29,487

 
$
30,920

 
100
%
 
$
29,462

 
$
30,697

 
100
%

(1) The amortized cost and fair value of below investment grade securities includes interest in CLOs managed by the Company of $6 million and $7 million, respectively, at December 31, 2017, and $9 million and $14 million, respectively, at December 31, 2016.
At December 31, 2017 and 2016, approximately 37% and 47%, 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
December 31, 2017
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
150

 
$
1,791

 
$
(8
)
 
70

 
$
740

 
$
(24
)
 
220

 
$
2,531

 
$
(32
)
Residential mortgage backed securities
102

 
1,772

 
(11
)
 
130

 
1,467

 
(26
)
 
232

 
3,239

 
(37
)
Commercial mortgage backed securities
67

 
1,178

 
(12
)
 
58

 
783

 
(24
)
 
125

 
1,961

 
(36
)
Asset backed securities
36

 
424

 
(2
)
 
26

 
187

 
(3
)
 
62

 
611

 
(5
)
State and municipal obligations
76

 
141

 
(1
)
 
34

 
180

 
(10
)
 
110

 
321

 
(11
)
Foreign government bonds and obligations
3

 
6

 
—

 
15

 
23

 
(4
)
 
18

 
29

 
(4
)
Common and preferred stocks
—

 
—

 
—

 
4

 
1

 
(1
)
 
4

 
1

 
(1
)
Total
434

 
$
5,312

 
$
(34
)
 
337

 
$
3,381

 
$
(92
)
 
771

 
$
8,693

 
$
(126
)
Description of Securities
December 31, 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
187

 
$
2,452

 
$
(33
)
 
38

 
$
377

 
$
(27
)
 
225

 
$
2,829

 
$
(60
)
Residential mortgage backed securities
127

 
2,533

 
(33
)
 
177

 
1,290

 
(34
)
 
304

 
3,823

 
(67
)
Commercial mortgage backed securities
100

 
1,583

 
(39
)
 
5

 
43

 
—

 
105

 
1,626

 
(39
)
Asset backed securities
48

 
524

 
(9
)
 
27

 
298

 
(7
)
 
75

 
822

 
(16
)
State and municipal obligations
181

 
374

 
(14
)
 
3

 
110

 
(21
)
 
184

 
484

 
(35
)
Foreign government bonds and obligations
7

 
30

 
(1
)
 
15

 
23

 
(6
)
 
22

 
53

 
(7
)
Common and preferred stocks
—

 
—

 
—

 
3

 
1

 
(1
)
 
3

 
1

 
(1
)
Total
650

 
$
7,496

 
$
(129
)
 
268

 
$
2,142

 
$
(96
)
 
918

 
$
9,638

 
$
(225
)

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 tighter 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 OCI:
 
December 31,
2017
 
2016
 
2015
(in millions)
Beginning balance
$
69

 
$
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

 
1

 
2

Reductions for securities sold during the period (realized)
(68
)
 
(18
)
 
(15
)
Ending balance
$
2

 
$
69

 
$
85


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,
2017
 
2016
 
2015
(in millions)
Gross realized gains
$
63

 
$
37

 
$
33

Gross realized losses
(7
)
 
(13
)
 
(19
)
Other-than-temporary impairments
(1
)
 
(2
)
 
(8
)
Total
$
55

 
$
22

 
$
6


Other-than-temporary impairments for the years ended December 31, 2017 and 2016 primarily related to credit losses on asset backed securities. Other-than temporary impairments for the year ended December 31, 2015 primarily related to credit losses on corporate debt securities and 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, 2017 were as follows:
 
Amortized Cost
 
Fair
Value
(in millions)
Due within one year
$
2,314

 
$
2,333

Due after one year through five years
6,819

 
7,020

Due after five years through 10 years
3,575

 
3,701

Due after 10 years
4,283

 
5,301

 
16,991

 
18,355

Residential mortgage backed securities
6,585

 
6,611

Commercial mortgage backed securities
4,362

 
4,374

Asset backed securities
1,549

 
1,580

Common stocks
5

 
7

Total
$
29,492

 
$
30,927


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.