
	December 31,
	2023		2022
	(in millions)
Available-for-Sale securities, at fair value	$	51,562	$	40,811
Mortgage loans (allowance for credit losses: 2023, $14; 2022, $12)	2,118		1,987
Policy loans	912		847
Other investments (allowance for credit losses: 2023, $6; 2022, $5)	897		879
Total	$	55,489	$	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.


	Years Ended December 31,
	2023		2022(1)		2021(1)
	(in millions)







Investment income on fixed maturities	$	2,637	$	1,320	$	933
Net realized gains (losses)	(27)		(87)		636




Other	415		139		(1)
Consolidated investment entities	181		102		115
Total	$	3,206	$	1,474	$	1,683


	December 31, 2023
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	12,675	$	409	$	(507)	$	(1)	$	12,576
Residential mortgage backed securities	22,130		107		(1,171)		—		21,066
Commercial mortgage backed securities	6,380		11		(341)		—		6,050
Asset backed securities	8,353		25		(59)		—		8,319
State and municipal obligations	719		62		(20)		(1)		760
U.S. government and agency obligations	2,739		1		—		—		2,740
Foreign government bonds and obligations	19		—		(1)		—		18
Other securities	33		—		—		—		33
Total	$	53,048	$	615	$	(2,099)	$	(2)	$	51,562


	December 31, 2022
Description of Securities	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 December 31, 2023 and 2022, accrued interest of $319 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 December 31, 2023 and 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 December 31, 2023 and 2022, the Company’s internal analysts rated $282 million and $270 million, respectively, of securities using criteria similar to those used by NRSROs.


	December 31, 2023						December 31, 2022
Ratings	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	25,235	$	24,342	47	%	$	30,900	$	28,980	71	%
AA	14,013		13,534		26		1,219		1,249		3
A	3,073		3,139		6		2,080		2,097		5
BBB	10,396		10,216		20		8,524		7,890		19
Below investment grade (1)	331		331		1		661		595		2
Total fixed maturities	$	53,048	$	51,562	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 December 31, 2023 and 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 December 31, 2023 and 2022. These securities are not rated but are included in below investment grade due to their risk characteristics.

As of December 31, 2023, approximately 83% 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 December 31, 2023 and 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:


	December 31, 2023
	Less than 12 months					12 months or more					Total
Description of Securities	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	97	$	1,276	$	(11)	376	$	5,197	$	(496)	473	$	6,473	$	(507)
Residential mortgage backed securities	82	3,052		(25)		734	10,677		(1,146)		816	13,729		(1,171)
Commercial mortgage backed securities	31	747		(9)		277	4,092		(332)		308	4,839		(341)
Asset backed securities	49	885		(2)		116	2,840		(57)		165	3,725		(59)
State and municipal obligations	5	29		(1)		49	138		(19)		54	167		(20)
U.S. government and agency obligations	11	955		—		1	—		—		12	955		—
Foreign government bonds and obligations	—	—		—		3	12		(1)		3	12		(1)

Total	275	$	6,944	$	(48)	1,556	$	22,956	$	(2,051)	1,831	$	29,900	$	(2,099)


	December 31, 2022
	Less than 12 months					12 months or more					Total
Description of Securities	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 gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2023 is primarily attributable to the impact of lower interest rates and tighter credit spreads. 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 December 31, 2023 and 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		Asset Backed Securities		State and Municipal Obligations		Total
	(in millions)
Balance at January 1, 2021	$	10	$	1	$	—	$	11
Additions for which credit losses were not previously recorded	—		—		1		1


Charge-offs	(10)		(1)		—		(11)
Balance at December 31, 2021	—		—		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 December 31, 2022	20		—		2		22
Additions for which credit losses were not previously recorded	1		—		—		1
Reductions for securities sold during the period (realized)	(20)		—		(1)		(21)


Balance at December 31, 2023	$	1	$	—	$	1	$	2


	Years Ended December 31,
	2023		2022		2021
	(in millions)
Gross realized investment gains	$	11	$	28	$	582
Gross realized investment losses	(58)		(22)		(7)
Credit reversals (losses)	20		(21)		(1)
Other impairments	(2)		(70)		(13)
Total	$	(29)	$	(85)	$	561

Previously recorded allowance for credit losses was reversed during the year ended December 31, 2023 primarily due to the sale of a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2022 primarily related to recording an allowance for credit losses on a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2021 primarily related to recording an allowance for credit losses on certain state and municipal securities. Other impairments for the years ended December 31, 2023, 2022 and 2021 related to Available-for-Sale securities which the Company intended to sell.


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	4,305	$	4,294
Due after one year through five years	2,621		2,587
Due after five years through 10 years	4,280		4,018
Due after 10 years	4,979		5,228
	16,185		16,127
Residential mortgage backed securities	22,130		21,066
Commercial mortgage backed securities	6,380		6,050
Asset backed securities	8,353		8,319
Total	$	53,048	$	51,562