
	September 30, 2023		December 31, 2022
	(in millions)
Available-for-Sale securities, at fair value	$	48,193	$	40,811

Mortgage loans (allowance for credit losses: 2023, $14; 2022, $12)	2,064		1,987
Policy loans	890		847

Other investments (allowance for credit losses: 2023, $6; 2022, $5)	848		879
Total	$	51,995	$	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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)
Investment income on fixed maturities	$	693	$	363	$	1,909	$	836
Net realized gains (losses)	(37)		(87)		(27)		(82)
Affordable housing partnerships	(5)		(11)		(8)		(37)

Consolidated investment entities	46		33		133		70
Other	112		51		311		110
Total	$	809	$	349	$	2,318	$	897


	September 30, 2023
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	12,206	$	104	$	(1,023)	$	—	$	11,287
Residential mortgage backed securities	21,090		9		(1,810)		—		19,289
Commercial mortgage backed securities	6,489		4		(452)		—		6,041
Asset backed securities	8,377		13		(91)		—		8,299
State and municipal obligations	728		31		(29)		(1)		729
U.S. government and agency obligations	2,468		—		(2)		—		2,466
Foreign government bonds and obligations	19		—		(2)		—		17

Other securities	66		—		(1)		—		65
Total	$	51,443	$	161	$	(3,410)	$	(1)	$	48,193


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 September 30, 2023 and December 31, 2022, accrued interest of $326 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 September 30, 2023 and December 31, 2022, fixed maturity securities comprised approximately 93% and 92%, 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 September 30, 2023 and December 31, 2022, the Company’s internal analysts rated $278 million and $270 million, respectively, of securities using criteria similar to those used by NRSROs.


Ratings	September 30, 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	$	24,795	$	23,421	49	%	$	30,900	$	28,980	71	%
AA	13,433		12,510		26		1,219		1,249		3
A	2,738		2,655		5		2,080		2,097		5
BBB	10,142		9,291		19		8,524		7,890		19
Below investment grade (1)	335		316		1		661		595		2
Total fixed maturities	$	51,443	$	48,193	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 September 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 September 30, 2023 and December 31, 2022. These securities are not rated but are included in below investment grade due to their risk characteristics.

As of September 30, 2023, approximately 82% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. These issuers were downgraded in the third quarter of 2023 from AAA to AA due to the downgrade of the U.S. Government long-term credit rating. As of December 31, 2022, 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 September 30, 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	September 30, 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	293	$	4,854	$	(204)	396	$	5,053	$	(819)	689	$	9,907	$	(1,023)
Residential mortgage backed securities	230	7,386		(193)		738	10,569		(1,617)		968	17,955		(1,810)
Commercial mortgage backed securities	43	932		(18)		282	4,099		(434)		325	5,031		(452)
Asset backed securities	74	1,770		(9)		122	3,273		(82)		196	5,043		(91)
State and municipal obligations	12	77		(3)		59	140		(26)		71	217		(29)
U.S. government and agency obligations	17	1,148		(2)		1	—		—		18	1,148		(2)
Foreign government bonds and obligations	1	5		—		3	12		(2)		4	17		(2)

Other securities	5	65		(1)		—	—		—		5	65		(1)
Total	675	$	16,237	$	(430)	1,601	$	23,146	$	(2,980)	2,276	$	39,383	$	(3,410)


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 increase in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the nine months ended September 30, 2023 is primarily attributable to the impact of higher interest rates. As of September 30, 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 September 30, 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 July 1, 2023	$	7	$	2	$	9

Reductions for securities sold during the period (realized)	(7)		(1)		(8)


Balance at September 30, 2023	$	—	$	1	$	1

Balance at July 1, 2022	$	—	$	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 September 30, 2022	$	20	$	2	$	22

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

Reductions for securities sold during the period (realized)	(20)		(1)		(21)


Balance at September 30, 2023	$	—	$	1	$	1

Balance at January 1, 2022	$	—	$	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 September 30, 2022	$	20	$	2	$	22


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)
Gross realized investment gains	$	—	$	2	$	10	$	24
Gross realized investment losses	(46)		(6)		(58)		(17)
Credit reversals (losses)	8		(21)		21		(21)
Other impairments	—		(61)		(2)		(67)
Total	$	(38)	$	(86)	$	(29)	$	(81)

Previously recorded allowance for credit losses was reversed during the three and nine months ended September 30, 2023 primarily due to the sale of a corporate debt security in the communications industry. Credit losses for the three and nine months ended September 30, 2022 primarily related to recording an allowance for credit losses on a corporate debt security in the communications industry. Other impairments for the nine months ended September 30, 2023 and three and nine months ended September 30, 2022 related to Available-for-Sale securities which the Company intended to sell.


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	3,654	$	3,638
Due after one year through five years	2,825		2,721
Due after five years through 10 years	3,969		3,440
Due after 10 years	5,039		4,765
	15,487		14,564
Residential mortgage backed securities	21,090		19,289
Commercial mortgage backed securities	6,489		6,041
Asset backed securities	8,377		8,299
Total	$	51,443	$	48,193

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.