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Investments (Tables)

12 Months Ended

Dec. 31, 2022

The following is a summary of Ameriprise Financial investments:


	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

Summary of Net Investment income

The following is a summary of Net investment income:


	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

Schedule of Available-for-Sale securities by type

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


	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

Summary of fixed maturity securities by rating

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


	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.

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:


	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)

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

The following table presents 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, 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

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:


	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

Schedule of Available-for-Sale securities by contractual maturity

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


	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