
	March 31, 2021		December 31, 2020
	(in millions)
Available-for-Sale securities, at fair value	$	35,832	$	36,283
Mortgage loans (allowance for credit losses: 2021, $29 ; 2020, $29 )	2,684		2,718
Policy loans	838		846
Other investments (allowance for credit losses: 2021, $9; 2020, $12)	1,083		1,184
Total	$	40,437	$	41,031

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.


The following is a summary of net investment income:	Three Months Ended March 31,
	2021			2020
	(in millions)
Investment income on fixed maturities	$	266		$	322
Net realized gains (losses)	69		(1)	(19)		(1)
Affordable housing partnerships	(15)			(14)
Other	21			22
Consolidated investment entities	36			17
Total	$	377		$	328


	March 31, 2021
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	11,949	$	1,441	$	(87)	$	—	$	13,303
Residential mortgage backed securities	9,903		156		(17)		—		10,042
Commercial mortgage backed securities	5,876		173		(12)		—		6,037
Asset backed securities	3,444		43		(2)		—		3,485
State and municipal obligations	1,057		244		(3)		—		1,298
U.S. government and agency obligations	1,325		1		—		—		1,326
Foreign government bonds and obligations	231		17		(1)		—		247
Other securities	94		—		—		—		94
Total	$	33,879	$	2,075	$	(122)	$	—	$	35,832


Description of Securities	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	11,762	$	1,924	$	(2)	$	(10)	$	13,674
Residential mortgage backed securities	9,845		188		(4)		—		10,029
Commercial mortgage backed securities	5,867		242		(21)		—		6,088
Asset backed securities	3,283		52		(5)		(1)		3,329
State and municipal obligations	1,088		297		(1)		—		1,384
U.S. government and agency obligations	1,456		—		—		—		1,456
Foreign government bonds and obligations	241		22		(1)		—		262
Other securities	59		2		—		—		61
Total	$	33,601	$	2,727	$	(34)	$	(11)	$	36,283

As of March 31, 2021 and December 31, 2020, accrued interest of $209 million and $178 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 March 31, 2021 and December 31, 2020, investment securities with a fair value of $3.3 billion and $3.6 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $417 million and $454 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of March 31, 2021 and December 31, 2020, fixed maturity securities comprised approximately 89% and 88%, 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 March 31, 2021 and December 31, 2020, the Company’s internal analysts rated $642 million and $605 million, respectively, of securities using criteria similar to those used by NRSROs.


Ratings	March 31, 2021						December 31, 2020
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	19,922	$	20,255	56	%	$	19,815	$	20,253	56	%
AA	1,140		1,319		4		1,082		1,312		3
A	2,714		3,141		9		2,953		3,534		10
BBB	8,792		9,681		27		8,271		9,542		26
Below investment grade (1)	1,311		1,436		4		1,480		1,642		5
Total fixed maturities	$	33,879	$	35,832	100	%	$	33,601	$	36,283	100	%

(1) Both the amortized cost and fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of March 31, 2021, and $3 million as of December 31, 2020. These securities are not rated but are included in below investment grade due to their risk characteristics.

As of March 31, 2021 and December 31, 2020, approximately 32% and 33%, 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 summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:


Description of Securities	March 31, 2021
	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	84	$	1,948	$	(86)	4	$	23	$	(1)	88	$	1,971	$	(87)
Residential mortgage backed securities	63	1,861		(16)		77	297		(1)		140	2,158		(17)
Commercial mortgage backed securities	43	778		(10)		18	428		(2)		61	1,206		(12)
Asset backed securities	11	265		(1)		14	203		(1)		25	468		(2)
State and municipal obligations	28	74		(2)		2	7		(1)		30	81		(3)
Foreign government bonds and obligations	4	5		—		7	7		(1)		11	12		(1)
Total	233	$	4,931	$	(115)	122	$	965	$	(7)	355	$	5,896	$	(122)


Description of Securities	December 31, 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	26	$	228	$	(1)	11	$	19	$	(1)	37	$	247	$	(2)
Residential mortgage backed securities	72	833		(2)		71	391		(2)		143	1,224		(4)
Commercial mortgage backed securities	35	781		(11)		19	393		(10)		54	1,174		(21)
Asset backed securities	17	344		(3)		13	231		(2)		30	575		(5)
State and municipal obligations	2	4		—		1	4		(1)		3	8		(1)
Foreign government bonds and obligations	1	3		—		7	8		(1)		8	11		(1)
Total	153	$	2,193	$	(17)	122	$	1,046	$	(17)	275	$	3,239	$	(34)

As part of the Company’s ongoing monitoring process, management determined that the change in gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the three months ended March 31, 2021 is primarily attributable to higher interest rates, partially offset by tighter credit spreads. 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 March 31, 2021 and December 31, 2020, 88% and 92% respectively, 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, January 1, 2021	$	10	$	1	$	11

Charge-offs	(10)		(1)		(11)
Balance, March 31, 2021	$	—	$	—	$	—

Balance at January 1, 2020 (1)	$	—	$	—	$	—
Additions for which credit losses were not previously recorded	13		—		13

Balance at March 31, 2020	$	13	$	—	$	13

(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 were no credit losses for the three months ended March 31, 2021. Credit losses for the three months ended March 31, 2020 primarily related to recording an allowance for credit losses on certain corporate debt securities, primarily in the oil and gas industry.


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	2,241	$	2,251
Due after one year through five years	4,757		5,058
Due after five years through 10 years	3,423		3,565
Due after 10 years	4,235		5,394
	14,656		16,268
Residential mortgage backed securities	9,903		10,042
Commercial mortgage backed securities	5,876		6,037
Asset backed securities	3,444		3,485
Total	$	33,879	$	35,832

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.