
	December 31,
	2022		2021
	(in millions)
Available-for-Sale securities, at fair value	$	40,811	$	32,050
Mortgage loans (allowance for credit losses: 2022, $12; 2021, $12)	1,987		1,953
Policy loans	847		835
Other investments (allowance for credit losses: 2022, $5; 2021, $5)	879		972
Total	$	44,524	$	35,810

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


	Years Ended December 31,
	2022		2021		2020
	(in millions)







Investment income on fixed maturities	$	1,320	$	933	$	1,161
Net realized gains (losses)	(87)		636		(10)
Affordable housing partnerships	(48)		(71)		(66)



Other	187		70		89
Consolidated investment entities	102		115		77
Total	$	1,474	$	1,683	$	1,251


	December 31, 2022
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	10,361	$	180	$	(823)	$	(20)	$	9,698
Residential mortgage backed securities	17,056		37		(1,390)		—		15,703
Commercial mortgage backed securities	6,648		3		(439)		—		6,212
Asset backed securities	6,408		14		(158)		—		6,264
State and municipal obligations	773		53		(27)		(2)		797
U.S. government and agency obligations	2,079		1		(1)		—		2,079
Foreign government bonds and obligations	43		—		(2)		—		41
Other securities	16		1		—		—		17
Total	$	43,384	$	289	$	(2,840)	$	(22)	$	40,811


	December 31, 2021
Description of Securities	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

As of December 31, 2022 and 2021, accrued interest of $237 million and $140 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Receivables.

As of December 31, 2022 and 2021, investment securities with a fair value of $3.3 billion and $3.1 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $302 million and $314 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of December 31, 2022 and 2021, fixed maturity securities comprised approximately 92% and 89%, 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 December 31, 2022 and 2021, the Company’s internal analysts rated $270 million and $400 million, respectively, of securities using criteria similar to those used by NRSROs.


	December 31, 2022						December 31, 2021
Ratings	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	30,900	$	28,980	71	%	$	20,563	$	20,625	64	%
AA	1,219		1,249		3		727		898		3
A	2,080		2,097		5		1,775		2,129		7
BBB	8,524		7,890		19		6,495		7,268		23
Below investment grade (1)	661		595		2		981		1,130		3
Total fixed maturities	$	43,384	$	40,811	100	%	$	30,541	$	32,050	100	%

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

As of both December 31, 2022 and 2021, approximately 30% of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. No holdings of any issuer were greater than 10% of the Company’s total equity as of both December 31, 2022 and 2021.

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:


	December 31, 2022
	Less than 12 months					12 months or more					Total
Description of Securities	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	457	$	5,782	$	(458)	108	$	1,575	$	(365)	565	$	7,357	$	(823)
Residential mortgage backed securities	589	9,407		(577)		244	4,076		(813)		833	13,483		(1,390)
Commercial mortgage backed securities	249	3,857		(220)		101	1,802		(219)		350	5,659		(439)
Asset backed securities	145	4,413		(86)		31	977		(72)		176	5,390		(158)
State and municipal obligations	48	134		(16)		27	60		(11)		75	194		(27)
U.S. government and agency obligations	13	566		(1)		—	—		—		13	566		(1)
Foreign government bonds and obligations	11	37		(2)		1	1		—		12	38		(2)


Total	1,512	$	24,196	$	(1,360)	512	$	8,491	$	(1,480)	2,024	$	32,687	$	(2,840)


	December 31, 2021
	Less than 12 months					12 months or more					Total
Description of Securities	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)

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 year ended December 31, 2022 is primarily attributable to the impact of higher interest rates and wider credit spreads driven by continued market volatility, with no specific credit concerns. 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 December 31, 2022 and 2021, approximately 95% and 96%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.


	Corporate Debt Securities		Asset Backed Securities		State and Municipal Obligations		Total
	(in millions)
Balance at January 1, 2020	$	—	$	—	$	—	$	—
Additions for which credit losses were not previously recorded	13		1		—		14
Additional increases (decreases) on securities that had an allowance recorded in a previous period	(3)		—		—		(3)
Balance at December 31, 2020	10		1		—		11
Additions for which credit losses were not previously recorded	—		—		1		1
Charge-offs	(10)		(1)		—		(11)
Balance at December 31, 2021	—		—		1		1
Additions for which credit losses were not previously recorded	20		—		—		20

Additional increases (decreases) on securities that had an allowance recorded in a previous period	—		—		1		1
Balance at December 31, 2022	$	20	$	—	$	2	$	22


	Years Ended December 31,
	2022		2021		2020
	(in millions)
Gross realized investment gains	$	28	$	582	$	25
Gross realized investment losses	(22)		(7)		(3)
Credit losses	(21)		(1)		(11)
Other impairments	(70)		(13)		—
Total	$	(85)	$	561	$	11

Credit losses for the year ended December 31, 2022 primarily related to recording an allowance for credit losses on a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2021 primarily related to recording an allowance for credit losses on certain state and municipal securities. Credit losses for the year ended December 31, 2020 primarily related to recording an allowance for credit losses on certain corporate debt securities, primarily in the oil and gas industry. Other impairments for the years ended December 31, 2022 and 2021 related to Available-for-Sale securities which the Company intended to sell.


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	2,576	$	2,573
Due after one year through five years	2,506		2,424
Due after five years through 10 years	3,609		3,105
Due after 10 years	4,581		4,530
	13,272		12,632
Residential mortgage backed securities	17,056		15,703
Commercial mortgage backed securities	6,648		6,212
Asset backed securities	6,408		6,264
Total	$	43,384	$	40,811