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Investments (Tables)

6 Months Ended

Jun. 30, 2022

The following is a summary of Ameriprise Financial investments:


	June 30, 2022		December 31, 2021
	(in millions)
Available-for-Sale securities, at fair value	$	34,289	$	32,050
Mortgage loans (allowance for credit losses: 2022, $12; 2021, $12)	1,996		1,953
Policy loans	833		835

Other investments (allowance for credit losses: 2022, $5; 2021, $5)	899		972
Total	$	38,017	$	35,810

Summary of Net Investment income

The following is a summary of Net investment income:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions)
Investment income on fixed maturities	$	259	$	265	$	473	$	531
Net realized gains (losses)	(15)		11		5		81
Affordable housing partnerships	(11)		(23)		(26)		(38)
Other	36		7		59		27
Consolidated investment entities	18		18		37		54
Total	$	287	$	278	$	548	$	655

Schedule of Available-for-Sale securities by type

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


	June 30, 2022
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	9,308	$	267	$	(637)	$	—	$	8,938
Residential mortgage backed securities	14,074		8		(809)		—		13,273
Commercial mortgage backed securities	5,563		1		(313)		—		5,251
Asset backed securities	4,818		12		(135)		—		4,695
State and municipal obligations	807		101		(16)		(1)		891
U.S. government and agency obligations	1,158		—		(1)		—		1,157
Foreign government bonds and obligations	53		—		(3)		—		50

Other securities	36		—		(2)		—		34
Total	$	35,817	$	389	$	(1,916)	$	(1)	$	34,289


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	June 30, 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	$	24,955	$	23,727	69	%	$	20,563	$	20,625	64	%
AA	1,038		1,104		3		727		898		3
A	1,707		1,781		5		1,775		2,129		7
BBB	7,423		7,040		21		6,495		7,268		23
Below investment grade (1)	694		637		2		981		1,130		3
Total fixed maturities	$	35,817	$	34,289	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 June 30, 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	June 30, 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	407	$	5,351	$	(528)	43	$	460	$	(109)	450	$	5,811	$	(637)
Residential mortgage backed securities	624	11,567		(761)		76	618		(48)		700	12,185		(809)
Commercial mortgage backed securities	286	4,808		(291)		20	268		(22)		306	5,076		(313)
Asset backed securities	132	4,244		(130)		8	129		(5)		140	4,373		(135)
State and municipal obligations	63	167		(15)		1	4		(1)		64	171		(16)
U.S. government and agency obligations	26	1,045		(1)		—	—		—		26	1,045		(1)
Foreign government bonds and obligations	11	30		(3)		1	1		—		12	31		(3)

Other securities	2	34		(2)		—	—		—		2	34		(2)
Total	1,551	$	27,246	$	(1,731)	149	$	1,480	$	(185)	1,700	$	28,726	$	(1,916)


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 April 1, 2022	$	—	$	—	$	1	$	1


Charge-offs	—		—		—		—
Balance at June 30, 2022	$	—	$	—	$	1	$	1

Balance at April 1, 2021	$	—	$	—	$	—	$	—


Charge-offs	—		—		—		—
Balance at June 30, 2021	$	—	$	—	$	—	$	—

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


Charge-offs	—		—		—		—
Balance at June 30, 2022	$	—	$	—	$	1	$	1

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


Charge-offs	(10)		(1)		—		(11)
Balance at June 30, 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions)
Gross realized investment gains	$	2	$	14	$	22	$	65
Gross realized investment losses	(11)		—		(11)		(1)

Other impairments	(6)		(13)		(6)		(13)
Total	$	(15)	$	1	$	5	$	51

Schedule of Available-for-Sale securities by contractual maturity

Available-for-Sale securities by contractual maturity as of June 30, 2022 were as follows:


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	1,730	$	1,726
Due after one year through five years	2,260		2,218
Due after five years through 10 years	3,636		3,208
Due after 10 years	3,736		3,918
	11,362		11,070
Residential mortgage backed securities	14,074		13,273
Commercial mortgage backed securities	5,563		5,251
Asset backed securities	4,818		4,695
Total	$	35,817	$	34,289