
	September 30, 2020		December 31, 2019
	(in millions)
Available-for-Sale securities, at fair value (net of allowance for credit losses: 2020, $14)	$	35,959	$	33,129
Mortgage loans, net (net of allowance for credit losses: 2020, $29; 2019, $19)	2,770		2,778
Policy loans	849		868
Other investments (net of allowance for credit losses: 2020, $13; 2019, $5)	1,159		1,140
Total	$	40,737	$	37,915

Other investments primarily reflect the Company’s interests in affordable housing partnerships, trading securities, seed money investments, syndicated loans, credit card receivables and certificates of deposit with original or remaining maturities at the time of purchase of more than 90 days.


	Three Months Ended September 30,					Nine Months Ended September 30,
	2020			2019		2020			2019
	(in millions)
Investment income on fixed maturities	$	275		$	349	$	887		$	1,046
Net realized gains (losses)	4		(1)	(10)		(18)		(1)	(6)
Affordable housing partnerships	(14)			(26)		(50)			(58)
Other	13			19		58			67
Consolidated investment entities	22			24		56			72
Total	$	300		$	356	$	933		$	1,121


	September 30, 2020
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	11,402	$	1,667	$	(34)	$	(13)	$	13,022
Residential mortgage backed securities	10,071		194		(7)		—		10,258
Commercial mortgage backed securities	6,016		235		(39)		—		6,212
Asset backed securities	3,053		48		(12)		(1)		3,088
State and municipal obligations	1,091		290		(1)		—		1,380
U.S. government and agency obligations	1,680		—		—		—		1,680
Foreign government bonds and obligations	250		19		(2)		—		267
Other securities	51		1		—		—		52
Total	$	33,614	$	2,454	$	(95)	$	(14)	$	35,959


Description of Securities	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate debt securities	$	10,847	$	1,344	$	(4)	$	12,187
Residential mortgage backed securities	9,954		94		(19)		10,029
Commercial mortgage backed securities	5,473		96		(6)		5,563
Asset backed securities	1,968		42		(4)		2,006
State and municipal obligations	1,131		238		(2)		1,367
U.S. government and agency obligations	1,679		1		—		1,680
Foreign government bonds and obligations	254		19		(2)		271
Other securities	26		—		—		26
Total	$	31,332	$	1,834	$	(37)	$	33,129

As of September 30, 2020 and December 31, 2019, accrued interest of $190 million and $177 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in receivables on the Consolidated Balance Sheets.

As of September 30, 2020 and December 31, 2019, investment securities with a fair value of $3.8 billion and $2.2 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $483 million and $576 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of September 30, 2020 and December 31, 2019, fixed maturity securities comprised approximately 88% and 87%, 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. As of September 30, 2020 and December 31, 2019, the Company’s internal analysts rated $706 million and $624 million, respectively, of securities using criteria similar to those used by NRSROs.


Ratings	September 30, 2020						December 31, 2019
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	20,156	$	20,563	57	%	$	18,256	$	18,437	56	%
AA	1,120		1,359		4		1,113		1,304		4
A	2,905		3,459		9		3,008		3,474		10
BBB	7,841		8,923		25		8,178		9,102		28
Below investment grade (1)	1,592		1,655		5		777		812		2
Total fixed maturities	$	33,614	$	35,959	100	%	$	31,332	$	33,129	100	%

(1) The amortized cost and fair value of below investment grade securities includes interest in CLOs managed by the Company of $4 million and $2 million, respectively, as of September 30, 2020, and $5 million and $6 million, respectively, as of December 31, 2019. These securities are not rated but are included in below investment grade due to their risk characteristics.

As of September 30, 2020 and December 31, 2019, approximately 34% and 45%, respectively, of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. No holdings of any 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, 2020
	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	76	$	817	$	(29)	16	$	24	$	(5)	92	$	841	$	(34)
Residential mortgage backed securities	93	1,677		(5)		73	434		(2)		166	2,111		(7)
Commercial mortgage backed securities	49	1,190		(24)		18	326		(15)		67	1,516		(39)
Asset backed securities	53	932		(8)		11	184		(4)		64	1,116		(12)
State and municipal obligations	4	14		(1)		1	4		—		5	18		(1)
Foreign government bonds and obligations	6	25		(1)		10	10		(1)		16	35		(2)
Total	281	$	4,655	$	(68)	129	$	982	$	(27)	410	$	5,637	$	(95)


Description of Securities	December 31, 2019
	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	13	$	66	$	(1)	23	$	173	$	(3)	36	$	239	$	(4)
Residential mortgage backed securities	150	4,328		(10)		118	1,164		(9)		268	5,492		(19)
Commercial mortgage backed securities	52	1,622		(3)		31	314		(3)		83	1,936		(6)
Asset backed securities	34	598		(3)		16	213		(1)		50	811		(4)
State and municipal obligations	5	23		—		4	57		(2)		9	80		(2)
Foreign government bonds and obligations	1	—		—		10	15		(2)		11	15		(2)
Total	255	$	6,637	$	(17)	202	$	1,936	$	(20)	457	$	8,573	$	(37)

As part of the Company’s ongoing monitoring process, management determined that the change in gross unrealized losses on its Available-for-Sale securities during the nine months ended September 30, 2020 is primarily attributable to wider credit spreads, partially offset by lower interest rates. Consistent with the accounting policy described in Note 2, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of September 30, 2020, 81% of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.


	Corporate Debt Securities		Asset Backed Securities		Total
	(in millions)
Balance, July 1, 2020	$	13	$	1	$	14
Additions for which credit losses were not previously recorded	—		—		—
Additional increases (decreases) on securities that had an allowance recorded in a previous period	—		—		—
Balance, September 30, 2020	$	13	$	1	$	14


	Corporate Debt Securities		Asset Backed Securities		Total
	(in millions)
Balance, January 1, 2020 (1)	$	—	$	—	$	—
Additions for which credit losses were not previously recorded	13		—		13
Additional increases (decreases) on securities that had an allowance recorded in a previous period	—		1		1
Balance, September 30, 2020	$	13	$	1	$	14

(1) Prior to January 1, 2020, credit losses on Available-for-Sale securities were not recorded in an allowance but were recorded as a reduction of the book value of the security if the security was other-than-temporarily impaired. There is no adoption impact due to the prospective transition for Available-for-Sale securities.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Gross realized investment gains	$	4	$	6	$	17	$	28
Gross realized investment losses	—		(1)		(3)		(13)
Credit losses	—		(15)		(14)		(20)
Total	$	4	$	(10)	$	—	$	(5)

Credit losses for the nine months ended September 30, 2020 primarily related to recording an allowance for credit losses on certain corporate debt securities, primarily in the oil and gas industry. The Company recognized an impairment of $5 million in the first quarter of 2019 on investments held by Ameriprise Auto & Home Insurance (“AAH”) as the Company no longer intended to hold the securities until the recovery of fair value to book value.


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	2,998	$	3,013
Due after one year through five years	4,845		5,150
Due after five years through 10 years	2,533		2,814
Due after 10 years	4,098		5,424
	14,474		16,401
Residential mortgage backed securities	10,071		10,258
Commercial mortgage backed securities	6,016		6,212
Asset backed securities	3,053		3,088
Total	$	33,614	$	35,959

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 were not included in the maturities distribution.