
	March 31, 2023		December 31, 2022
	(in millions)
Available-for-Sale securities, at fair value	$	44,883	$	40,811

Mortgage loans (allowance for credit losses: 2023, $13; 2022, $12)	1,997		1,987
Policy loans	861		847

Other investments (allowance for credit losses: 2023, $6; 2022, $5)	867		879
Total	$	48,608	$	44,524

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.


	Three Months Ended March 31,
		2023			2022
			(in millions)
Investment income on fixed maturities			$	571		$	214
Net realized gains (losses)			4			20
Affordable housing partnerships			(9)			(15)

Consolidated investment entities			42			19
Other			90			23
Total			$	698		$	261


	March 31, 2023
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	10,868	$	287	$	(622)	$	(23)	$	10,510
Residential mortgage backed securities	18,852		58		(1,247)		—		17,663
Commercial mortgage backed securities	6,859		12		(406)		—		6,465
Asset backed securities	7,366		11		(133)		—		7,244
State and municipal obligations	769		73		(20)		(2)		820
U.S. government and agency obligations	2,135		1		—		—		2,136
Foreign government bonds and obligations	30		—		(2)		—		28

Other securities	17		—		—		—		17
Total	$	46,896	$	442	$	(2,430)	$	(25)	$	44,883


Description of Securities	December 31, 2022
	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

As of March 31, 2023 and December 31, 2022, accrued interest of $262 million and $237 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 both March 31, 2023 and December 31, 2022, investment securities with a fair value of $3.3 billion were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $175 million and $302 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of both March 31, 2023 and December 31, 2022, fixed maturity securities comprised approximately 92% 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, 2023 and December 31, 2022, the Company’s internal analysts rated $422 million and $270 million, respectively, of securities using criteria similar to those used by NRSROs.


Ratings	March 31, 2023						December 31, 2022
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	33,517	$	31,827	71	%	$	30,900	$	28,980	71	%
AA	1,420		1,470		3		1,219		1,249		3
A	2,303		2,369		5		2,080		2,097		5
BBB	9,051		8,661		20		8,524		7,890		19
Below investment grade (1)	605		556		1		661		595		2
Total fixed maturities	$	46,896	$	44,883	100	%	$	43,384	$	40,811	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 $1 million, respectively, as of both March 31, 2023 and December 31, 2022. These securities are not rated but are included in below investment grade due to their risk characteristics.

As of both March 31, 2023 and December 31, 2022, approximately 30% of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities, respectively. No holdings of any issuer were greater than 10% of the Company’s total shareholder’s equity as of both March 31, 2023 and December 31, 2022.

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, 2023
	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	270	$	3,759	$	(155)	244	$	2,960	$	(467)	514	$	6,719	$	(622)
Residential mortgage backed securities	350	6,373		(167)		486	7,418		(1,080)		836	13,791		(1,247)
Commercial mortgage backed securities	98	1,936		(37)		243	3,571		(369)		341	5,507		(406)
Asset backed securities	101	2,357		(21)		87	2,745		(112)		188	5,102		(133)
State and municipal obligations	17	72		(5)		51	110		(15)		68	182		(20)

Foreign government bonds and obligations	7	17		(1)		2	10		(1)		9	27		(2)


Total	843	$	14,514	$	(386)	1,113	$	16,814	$	(2,044)	1,956	$	31,328	$	(2,430)


Description of Securities	December 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	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)

As part of the Company’s ongoing monitoring process, management determined that the decrease in total 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, 2023 is primarily attributable to the impact of lower interest rates partially offset by wider credit spreads given ongoing market volatility with no specific credit concerns. As of March 31, 2023, 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, 2023 and December 31, 2022, approximately 96% and 95%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.


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












Balance at January 1, 2023	$	20	$	2	$	22

Additional increases (decreases) on securities that had an allowance recorded in a previous period	3		—		3
Charge-offs	—		—		—
Balance at March 31, 2023	$	23	$	2	$	25

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


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

Credit losses for three months ended March 31, 2023 related to recording an allowance for credit losses on a corporate debt security in the communications industry. Other impairments for the three months ended March 31, 2023 related to Available-for-Sale securities which the Company intends to sell.


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	2,864	$	2,859
Due after one year through five years	2,591		2,533
Due after five years through 10 years	3,692		3,308
Due after 10 years	4,672		4,811
	13,819		13,511
Residential mortgage backed securities	18,852		17,663
Commercial mortgage backed securities	6,859		6,465
Asset backed securities	7,366		7,244
Total	$	46,896	$	44,883

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.