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Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
June 30, 2023December 31, 2022
(in millions)
Available-for-Sale securities, at fair value
$47,587 $40,811 
Mortgage loans (allowance for credit losses: 2023, $14; 2022, $12)
2,033 1,987 
Policy loans874 847 
Other investments (allowance for credit losses: 2023, $5; 2022, $5)
882 879 
Total$51,376 $44,524 
Summary of Net Investment income
The following is a summary of Net investment income:
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
(in millions)
Investment income on fixed maturities$645 $259 $1,216 $473 
Net realized gains (losses)6 (15)10 5 
Affordable housing partnerships6 (11)(3)(26)
Consolidated investment entities45 18 87 37 
Other109 36 199 59 
Total$811 $287 $1,509 $548 
Schedule of Available-for-Sale securities by type
Available-for-Sale securities distributed by type were as follows:
June 30, 2023
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$11,470 $216 $(720)$(7)$10,959 
Residential mortgage backed securities20,435 20 (1,426)— 19,029 
Commercial mortgage backed securities6,716 6 (447)— 6,275 
Asset backed securities8,201 7 (123)— 8,085 
State and municipal obligations759 62 (22)(2)797 
U.S. government and agency obligations2,361 — (4)— 2,357 
Foreign government bonds and obligations28 — (2)— 26 
Other securities 59 — — — 59 
Total$50,029 $311 $(2,744)$(9)$47,587 
Description of SecuritiesDecember 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
(in millions)
Corporate debt securities$10,361 $180 $(823)$(20)$9,698 
Residential mortgage backed securities17,056 37 (1,390)— 15,703 
Commercial mortgage backed securities6,648 3 (439)— 6,212 
Asset backed securities6,408 14 (158)— 6,264 
State and municipal obligations773 53 (27)(2)797 
U.S. government and agency obligations2,079 1 (1)— 2,079 
Foreign government bonds and obligations43 — (2)— 41 
Other securities16 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
June 30, 2023December 31, 2022
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$35,982 $34,038 72 %$30,900 $28,980 71 %
AA1,491 1,529 3 1,219 1,249 3 
A2,563 2,575 5 2,080 2,097 5 
BBB9,490 8,983 19 8,524 7,890 19 
Below investment grade (1)
503 462 1 661 595 2 
Total fixed maturities$50,029 $47,587 100 %$43,384 $40,811 100 %
(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 June 30, 2023 and December 31, 2022. The fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of both June 30, 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 SecuritiesJune 30, 2023
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized Losses Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
 (in millions, except number of securities)
Corporate debt securities285 $4,078 $(105)335 $4,144 $(615)620 $8,222 $(720)
Residential mortgage backed securities285 7,992 (194)633 8,978 (1,232)918 16,970 (1,426)
Commercial mortgage backed securities59 1,371 (30)278 3,990 (417)337 5,361 (447)
Asset backed securities102 3,202 (14)117 3,241 (109)219 6,443 (123)
State and municipal obligations14 45 (1)54 141 (21)68 186 (22)
U.S. government and agency obligations21 1,523 (4)— — — 21 1,523 (4)
Foreign government bonds and obligations3 8 — 5 17 (2)8 25 (2)
Total769 $18,219 $(348)1,422 $20,511 $(2,396)2,191 $38,730 $(2,744)
Description of SecuritiesDecember 31, 2022
Less than 12 Months12 Months or MoreTotal
Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
(in millions, except number of securities)
Corporate debt securities457 $5,782 $(458)108 $1,575 $(365)565 $7,357 $(823)
Residential mortgage backed securities589 9,407 (577)244 4,076 (813)833 13,483 (1,390)
Commercial mortgage backed securities249 3,857 (220)101 1,802 (219)350 5,659 (439)
Asset backed securities145 4,413 (86)31 977 (72)176 5,390 (158)
State and municipal obligations48 134 (16)27 60 (11)75 194 (27)
U.S. government and agency obligations13 566 (1)— — — 13 566 (1)
Foreign government bonds and obligations11 37 (2)1 1 — 12 38 (2)
Total1,512 $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 SecuritiesState and Municipal ObligationsTotal
(in millions)
Balance at April 1, 2023
$23 $2 $25 
Reductions for securities sold during the period (realized)(13)— (13)
Additional increases (decreases) on securities that had an allowance recorded in a previous period(3)— (3)
Balance at June 30, 2023
$7 $2 $9 
Balance at April 1, 2022
$—$1$1
Charge-offs———
Balance at June 30, 2022
$—$1$1
Balance at January 1, 2023
$20 $2 $22 
Reductions for securities sold during the period (realized)(13)— (13)
Balance at June 30, 2023
$7 $2 $9 
Balance at January 1, 2022
$— $1 $1 
Charge-offs— — — 
Balance at June 30, 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 June 30,
Six Months Ended June 30,
2023
2022
2023
2022
(in millions)
Gross realized investment gains$— $2 $10 $22 
Gross realized investment losses(10)(11)(12)(11)
Credit reversals (losses)16 — 13 — 
Other impairments— (6)(2)(6)
Total$6 $(15)$9 $5 
Schedule of Available-for-Sale securities by contractual maturity
Available-for-Sale securities by contractual maturity as of June 30, 2023 were as follows:
Amortized CostFair Value
(in millions)
Due within one year$3,342$3,329
Due after one year through five years3,0582,957
Due after five years through 10 years3,5843,161
Due after 10 years4,6934,751
 14,67714,198
Residential mortgage backed securities20,43519,029
Commercial mortgage backed securities6,7166,275
Asset backed securities8,2018,085
Total$50,029$47,587