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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Summary of investments
The following is a summary of Ameriprise Financial investments:
March 31, 2024December 31, 2023
(in millions)
Available-for-Sale securities, at fair value
$52,246 $51,562 
Mortgage loans (allowance for credit losses: 2024, $14; 2023, $14)
2,155 2,118 
Policy loans926 912 
Other investments (allowance for credit losses: 2024, $6; 2023, $6)
922 897 
Total$56,249 $55,489 
Summary of Net Investment income
The following is a summary of Net investment income:
Three Months Ended March 31,
2024
2023
(in millions)
Investment income on fixed maturities$754 $571 
Net realized gains (losses)1 4 
Consolidated investment entities45 42 
Other (1)
101 81 
Total$901 $698 
(1) Prior period amount associated with affordable housing partnerships has been reclassified to Other to conform to current year presentation.
Schedule of Available-for-Sale securities by type
Available-for-Sale securities distributed by type were as follows:
March 31, 2024
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$13,154 $291 $(590)$(1)$12,854 
Residential mortgage backed securities22,585 77 (1,220)— 21,442 
Commercial mortgage backed securities6,312 14 (303)— 6,023 
Asset backed securities8,177 31 (52)— 8,156 
State and municipal obligations726 52 (19)(1)758 
U.S. government and agency obligations2,982 — — — 2,982 
Foreign government bonds and obligations19 — (1)— 18 
Other securities 13 — — — 13 
Total$53,968 $465 $(2,185)$(2)$52,246 
Description of SecuritiesDecember 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
(in millions)
Corporate debt securities$12,675 $409 $(507)$(1)$12,576 
Residential mortgage backed securities22,130 107 (1,171)— 21,066 
Commercial mortgage backed securities6,380 11 (341)— 6,050 
Asset backed securities8,353 25 (59)— 8,319 
State and municipal obligations719 62 (20)(1)760 
U.S. government and agency obligations2,739 1 — — 2,740 
Foreign government bonds and obligations19 — (1)— 18 
Other securities33 — — — 33 
Total$53,048 $615 $(2,099)$(2)$51,562 
Summary of fixed maturity securities by rating
A summary of fixed maturity securities by rating was as follows:
Ratings
March 31, 2024December 31, 2023
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$26,371 $25,540 49 %$25,235 $24,342 47 %
AA13,406 12,830 24 14,013 13,534 26 
A3,305 3,326 6 3,073 3,139 6 
BBB10,583 10,252 20 10,396 10,216 20 
Below investment grade (1)
303 298 1 331 331 1 
Total fixed maturities$53,968 $52,246 100 %$53,048 $51,562 100 %
(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 as of both March 31, 2024 and December 31, 2023. 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 SecuritiesMarch 31, 2024
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 securities176 $2,371 $(25)367 $5,179 $(565)543 $7,550 $(590)
Residential mortgage backed securities110 3,747 (31)742 10,772 (1,189)852 14,519 (1,220)
Commercial mortgage backed securities10 163 — 283 4,370 (303)293 4,533 (303)
Asset backed securities44 919 (2)80 987 (50)124 1,906 (52)
State and municipal obligations6 17 — 51 152 (19)57 169 (19)
U.S. government and agency obligations14 1,318 — 1 — — 15 1,318 — 
Foreign government bonds and obligations2 5 — 3 12 (1)5 17 (1)
Other securities1 13 — — — — 1 13 — 
Total363 $8,553 $(58)1,527 $21,472 $(2,127)1,890 $30,025 $(2,185)
Description of SecuritiesDecember 31, 2023
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 securities97 $1,276 $(11)376 $5,197 $(496)473 $6,473 $(507)
Residential mortgage backed securities82 3,052 (25)734 10,677 (1,146)816 13,729 (1,171)
Commercial mortgage backed securities31 747 (9)277 4,092 (332)308 4,839 (341)
Asset backed securities49 885 (2)116 2,840 (57)165 3,725 (59)
State and municipal obligations5 29 (1)49 138 (19)54 167 (20)
U.S. government and agency obligations11 955 — 1 — — 12 955 — 
Foreign government bonds and obligations— — — 3 12 (1)3 12 (1)
Total275 $6,944 $(48)1,556 $22,956 $(2,051)1,831 $29,900 $(2,099)
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 January 1, 2024
$1 $1 $2 
Additional increases (decreases) on securities that had an allowance recorded in a previous period— — — 
Balance at March 31, 2024
$1 $1 $2 
Balance at January 1, 2023
$20 $2 $22 
Additional increases (decreases) on securities that had an allowance recorded in a previous period3 — 3 
Balance at March 31, 2023
$23 $2 $25 
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,
2024 (1)
2023
(in millions)
Gross realized investment gains$— $10 
Gross realized investment losses— (2)
Credit reversals (losses)— (3)
Other impairments— (2)
Total$— $3 
1) No realized gains or losses on Available-for-Sale securities, including credit losses and other impairments, exceeded $1 million for the three months ended March 31, 2024.
Schedule of Available-for-Sale securities by contractual maturity
Available-for-Sale securities by contractual maturity as of March 31, 2024 were as follows:
Amortized CostFair Value
(in millions)
Due within one year$4,561$4,551
Due after one year through five years2,4682,412
Due after five years through 10 years4,6114,289
Due after 10 years5,2545,373
 16,89416,625
Residential mortgage backed securities22,58521,442
Commercial mortgage backed securities6,3126,023
Asset backed securities8,1778,156
Total$53,968$52,246