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Investments (Tables)

3 Months Ended

Mar. 31, 2023

The following is a summary of Ameriprise Financial investments:


	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

Summary of Net Investment income

The following is a summary of Net investment income:


	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

Schedule of Available-for-Sale securities by type

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


	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

Summary of fixed maturity securities by rating

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


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.

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, 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)

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

The following table presents rollforwards of the allowance for credit losses on Available-for-Sale securities:


	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

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,
		2023			2022
			(in millions)
Gross realized investment gains			$	10		$	20
Gross realized investment losses			(2)			—
Credit losses			(3)			—
Other impairments			(2)			—
Total			$	3		$	20

Schedule of Available-for-Sale securities by contractual maturity

Available-for-Sale securities by contractual maturity as of March 31, 2023 were as follows:


	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