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Investments (Tables)

3 Months Ended

Mar. 31, 2022

The following is a summary of Ameriprise Financial investments:


	March 31, 2022		December 31, 2021
	(in millions)
Available-for-Sale securities, at fair value	$	32,330	$	32,050
Mortgage loans (allowance for credit losses: 2022, $12; 2021, $12)	1,971		1,953
Policy loans	833		835

Other investments (allowance for credit losses: 2022, $5; 2021, $5)	906		972
Total	$	36,040	$	35,810

Summary of Net Investment income

The following is a summary of Net investment income:


	Three Months Ended March 31,
		2022		2021
		(in millions)
Investment income on fixed maturities		$	214	$	266
Net realized gains (losses)		20		69
Affordable housing partnerships		(15)		(15)
Other		23		21
Consolidated investment entities		19		36
Total		$	261	$	377

Schedule of Available-for-Sale securities by type

Available-for-Sale securities distributed by type were as follows:


	March 31, 2022
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	9,012	$	667	$	(297)	$	—	$	9,382
Residential mortgage backed securities	12,117		17		(439)		—		11,695
Commercial mortgage backed securities	5,461		3		(168)		—		5,296
Asset backed securities	3,676		16		(54)		—		3,638
State and municipal obligations	847		163		(8)		(1)		1,001
U.S. government and agency obligations	1,160		—		—		—		1,160
Foreign government bonds and obligations	83		2		(3)		—		82

Other securities	77		—		(1)		—		76
Total	$	32,433	$	868	$	(970)	$	(1)	$	32,330


Description of Securities	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	8,737	$	1,243	$	(48)	$	—	$	9,932
Residential mortgage backed securities	10,927		67		(50)		—		10,944
Commercial mortgage backed securities	4,950		59		(23)		—		4,986
Asset backed securities	3,639		26		(11)		—		3,654
State and municipal obligations	850		244		(1)		(1)		1,092
U.S. government and agency obligations	1,301		—		—		—		1,301
Foreign government bonds and obligations	88		5		(1)		—		92
Other securities	49		—		—		—		49
Total	$	30,541	$	1,644	$	(134)	$	(1)	$	32,050

Summary of fixed maturity securities by rating

A summary of fixed maturity securities by rating was as follows:


Ratings	March 31, 2022						December 31, 2021
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	22,172	$	21,546	67	%	$	20,563	$	20,625	64	%
AA	748		858		3		727		898		3
A	1,786		1,991		6		1,775		2,129		7
BBB	6,941		7,135		22		6,495		7,268		23
Below investment grade (1)	786		800		2		981		1,130		3
Total fixed maturities	$	32,433	$	32,330	100	%	$	30,541	$	32,050	100	%

(1) The amortized cost and fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million and $2 million, respectively, as of both March 31, 2022 and December 31, 2021. These securities are not rated but are included in below investment grade due to their risk characteristics.

Summary of fair value and gross unrealized losses on Available-for-Sale securities in continuous unrealized loss position

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, 2022
	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	253	$	3,182	$	(234)	40	$	441	$	(63)	293	$	3,623	$	(297)
Residential mortgage backed securities	444	9,348		(410)		70	544		(29)		514	9,892		(439)
Commercial mortgage backed securities	248	4,322		(153)		20	277		(15)		268	4,599		(168)
Asset backed securities	88	3,003		(52)		6	113		(2)		94	3,116		(54)
State and municipal obligations	55	126		(8)		1	4		—		56	130		(8)

Foreign government bonds and obligations	7	28		(1)		9	8		(2)		16	36		(3)

Other securities	4	76		(1)		—	—		—		4	76		(1)
Total	1,099	$	20,085	$	(859)	146	$	1,387	$	(111)	1,245	$	21,472	$	(970)


Description of Securities	December 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	110	$	2,056	$	(43)	14	$	81	$	(5)	124	$	2,137	$	(48)
Residential mortgage backed securities	206	5,808		(48)		56	191		(2)		262	5,999		(50)
Commercial mortgage backed securities	102	2,184		(22)		9	139		(1)		111	2,323		(23)
Asset backed securities	41	1,883		(11)		6	118		—		47	2,001		(11)
State and municipal obligations	26	64		(1)		—	—		—		26	64		(1)

Foreign government bonds and obligations	5	6		—		6	4		(1)		11	10		(1)


Total	490	$	12,001	$	(125)	91	$	533	$	(9)	581	$	12,534	$	(134)

Rollforward of allowance for credit losses on Available-for-Sale securities

The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:


	Corporate Debt Securities		Asset Backed Securities		State and Municipal Obligations		Total
	(in millions)











Balance at January 1, 2022	$	—	$	—	$	1	$	1


Charge-offs	—		—		—		—
Balance at March 31, 2022	$	—	$	—	$	1	$	1

Balance at January 1, 2021	$	10	$	1	$	—	$	11


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

Schedule of net realized gains and losses on Available-for-Sale securities

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net investment income were as follows:


	Three Months Ended March 31,
		2022			2021
			(in millions)
Gross realized investment gains			$	20		$	51
Gross realized investment losses			—			(1)


Total			$	20		$	50

Schedule of Available-for-Sale securities by contractual maturity

Available-for-Sale securities by contractual maturity as of March 31, 2022 were as follows:


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	1,847	$	1,849
Due after one year through five years	2,120		2,133
Due after five years through 10 years	3,563		3,382
Due after 10 years	3,649		4,337
	11,179		11,701
Residential mortgage backed securities	12,117		11,695
Commercial mortgage backed securities	5,461		5,296
Asset backed securities	3,676		3,638
Total	$	32,433	$	32,330