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Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
September 30, 2023December 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 loans890 847 
Other investments (allowance for credit losses: 2023, $6; 2022, $5)
848 879 
Total$51,995 $44,524 
Summary of Net Investment income
The following is a summary of Net investment income:
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 entities46 33 133 70 
Other112 51 311 110 
Total$809 $349 $2,318 $897 
Schedule of Available-for-Sale securities by type
Available-for-Sale securities distributed by type were as follows:
September 30, 2023
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$12,206 $104 $(1,023)$— $11,287 
Residential mortgage backed securities21,090 9 (1,810)— 19,289 
Commercial mortgage backed securities6,489 4 (452)— 6,041 
Asset backed securities8,377 13 (91)— 8,299 
State and municipal obligations728 31 (29)(1)729 
U.S. government and agency obligations2,468 — (2)— 2,466 
Foreign government bonds and obligations19 — (2)— 17 
Other securities 66 — (1)— 65 
Total$51,443 $161 $(3,410)$(1)$48,193 
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
September 30, 2023December 31, 2022
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$24,795 $23,421 49 %$30,900 $28,980 71 %
AA13,433 12,510 26 1,219 1,249 3 
A2,738 2,655 5 2,080 2,097 5 
BBB10,142 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.
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 SecuritiesSeptember 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 securities293 $4,854 $(204)396 $5,053 $(819)689 $9,907 $(1,023)
Residential mortgage backed securities230 7,386 (193)738 10,569 (1,617)968 17,955 (1,810)
Commercial mortgage backed securities43 932 (18)282 4,099 (434)325 5,031 (452)
Asset backed securities74 1,770 (9)122 3,273 (82)196 5,043 (91)
State and municipal obligations12 77 (3)59 140 (26)71 217 (29)
U.S. government and agency obligations17 1,148 (2)1 — — 18 1,148 (2)
Foreign government bonds and obligations1 5 — 3 12 (2)4 17 (2)
Other securities5 65 (1)— — — 5 65 (1)
Total675 $16,237 $(430)1,601 $23,146 $(2,980)2,276 $39,383 $(3,410)
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 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 recorded20 — 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 recorded20 — 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 
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 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)
Schedule of Available-for-Sale securities by contractual maturity
Available-for-Sale securities by contractual maturity as of September 30, 2023 were as follows:
Amortized CostFair Value
(in millions)
Due within one year$3,654$3,638
Due after one year through five years2,8252,721
Due after five years through 10 years3,9693,440
Due after 10 years5,0394,765
 15,48714,564
Residential mortgage backed securities21,09019,289
Commercial mortgage backed securities6,4896,041
Asset backed securities8,3778,299
Total$51,443$48,193