Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 17, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | AMERIPRISE FINANCIAL INC | |
Entity Central Index Key | 820027 | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 181,380,334 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Management and financial advice fees | $1,468 | $1,386 |
Distribution fees | 466 | 476 |
Net investment income | 484 | 471 |
Premiums | 353 | 330 |
Other revenues | 289 | 340 |
Total revenues | 3,060 | 3,003 |
Banking and deposit interest expense | 7 | 7 |
Total net revenues | 3,053 | 2,996 |
Expenses | ||
Distribution expenses | 819 | 786 |
Interest credited to fixed accounts | 172 | 186 |
Benefits, claims, losses and settlement expenses | 533 | 450 |
Amortization of deferred acquisition costs | 75 | 87 |
Interest and debt expense | 84 | 79 |
General and administrative expense | 752 | 758 |
Total expenses | 2,435 | 2,346 |
Income from continuing operations before income tax provision | 618 | 650 |
Income tax provision | 139 | 134 |
Income from continuing operations | 479 | 516 |
Loss from discontinued operations, net of tax | 0 | -1 |
Net income | 479 | 515 |
Less: Net income attributable to noncontrolling interests | 86 | 115 |
Net income attributable to Ameriprise Financial | 393 | 400 |
Basic | ||
Income from continuing operations (in dollars per share) | $2.11 | $2.05 |
Net income (in dollars per share) | $2.11 | $2.05 |
Diluted | ||
Income from continuing operations (in dollars per share) | $2.08 | $2.01 |
Net income (in dollars per share) | $2.08 | $2.01 |
Cash dividends declared per common share (in dollars per share) | $0.58 | $0.52 |
Supplemental Disclosures | ||
Total other-than-temporary impairment losses on securities | -1 | -1 |
Portion of loss recognized in other comprehensive income (loss) (before taxes) | 0 | |
Net impairment losses recognized in net investment income | ($1) | ($1) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $479 | $515 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | -85 | 15 |
Net unrealized gains on securities: | ||
Net unrealized securities gains arising during the period | 147 | 239 |
Reclassification of net securities gains included in net income | -7 | -3 |
Impact of deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables | -69 | -91 |
Total net unrealized gains on securities | 71 | 145 |
Total other comprehensive income (loss), net of tax | -14 | 160 |
Total comprehensive income | 465 | 675 |
Less: Comprehensive income attributable to noncontrolling interests | 30 | 124 |
Comprehensive income attributable to Ameriprise Financial | $435 | $551 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $2,809 | $2,638 |
Total assets | 151,448 | 148,810 |
Liabilities | ||
Policyholder account balances, future policy benefits and claims | 30,482 | 30,350 |
Separate account liabilities | 84,243 | 83,256 |
Total liabilities | 142,189 | 139,505 |
Ameriprise Financial, Inc. | ||
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 321,981,162 and 320,990,255, respectively) | 3 | 3 |
Additional paid-in capital | 7,423 | 7,345 |
Retained earnings | 8,752 | 8,469 |
Appropriated retained earnings of consolidated investment entities | 279 | 234 |
Treasury shares, at cost (140,185,225 and 137,880,746 shares, respectively) | -8,966 | -8,589 |
Accumulated other comprehensive income, net of tax | 704 | 662 |
Total Ameriprise Financial, Inc. shareholders' equity | 8,195 | 8,124 |
Noncontrolling interests | 1,064 | 1,181 |
Total equity | 9,259 | 9,305 |
Total liabilities and equity | 151,448 | 148,810 |
Ameriprise Financial [Member] | ||
Assets | ||
Cash and cash equivalents | 2,809 | 2,638 |
Investments | 35,726 | 35,582 |
Separate account assets | 84,243 | 83,256 |
Receivables | 5,063 | 4,887 |
Deferred acquisition costs | 2,602 | 2,608 |
Restricted and segregated cash and investments | 2,714 | 2,614 |
Other assets | 9,896 | 8,611 |
Liabilities | ||
Policyholder account balances, future policy benefits and claims | 30,482 | 30,350 |
Separate account liabilities | 84,243 | 83,256 |
Customer deposits | 7,878 | 7,664 |
Short-term borrowings | 200 | 200 |
Long-term debt | 3,066 | 3,062 |
Accounts payable and accrued expenses | 1,275 | 1,482 |
Other liabilities | 8,068 | 6,357 |
Consolidated investment entities [Member] | ||
Assets | ||
Cash and cash equivalents | 338 | 390 |
Investments | 6,090 | 6,148 |
Receivables | 77 | 140 |
Other assets | 1,890 | 1,936 |
Liabilities | ||
Long-term debt | 6,779 | 6,867 |
Accounts payable and accrued expenses | 46 | 41 |
Other liabilities | $152 | $226 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Common shares, par value (in dollars per share) | $0.01 | $0.01 |
Common shares, shares authorized | 1,250,000,000 | 1,250,000,000 |
Common shares, shares issued | 321,981,162 | 320,990,255 |
Treasury shares | 140,185,225 | 137,880,746 |
Consolidated investment entities [Member] | ||
Receivables, fair value (in dollars) | $31 | $49 |
Debt, fair value (in dollars) | 5,933 | 6,030 |
Other liabilities, fair value (in dollars) | $119 | $193 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Total Ameriprise Financial, Inc. Shareholders' Equity [Member] | Common Shares [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Appropriated Retained Earnings of Consolidated Investment Entities [Member] | Treasury Shares [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interests [Member] |
In Millions, except Share data, unless otherwise specified | |||||||||
Balances at Dec. 31, 2013 | $9,232 | $8,192 | $3 | $6,929 | $7,289 | $337 | ($6,961) | $595 | $1,040 |
Balances (in shares) at Dec. 31, 2013 | 192,118,307 | ||||||||
Comprehensive income (loss) [Abstract] | |||||||||
Net income (loss) | 515 | 400 | 400 | 115 | |||||
Other comprehensive income (loss), net of tax | 160 | 151 | 151 | 9 | |||||
Total comprehensive income | 675 | 551 | 124 | ||||||
Net loss reclassified to appropriated retained earnings | 19 | 19 | -19 | ||||||
Dividends to shareholders | -103 | -103 | -103 | ||||||
Distributions to noncontrolling interests | -49 | -49 | |||||||
Repurchase of common shares | -516 | -516 | -516 | ||||||
Repurchase of common shares (in shares) | -4,706,057 | ||||||||
Share-based compensation plans | 206 | 201 | 117 | -4 | 88 | 5 | |||
Share-based compensation plans (in shares) | 3,149,234 | ||||||||
Balances at Mar. 31, 2014 | 9,445 | 8,344 | 3 | 7,046 | 7,582 | 356 | -7,389 | 746 | 1,101 |
Balances (in shares) at Mar. 31, 2014 | 190,561,484 | ||||||||
Balances at Dec. 31, 2014 | 9,305 | 8,124 | 3 | 7,345 | 8,469 | 234 | -8,589 | 662 | 1,181 |
Balances (in shares) at Dec. 31, 2014 | 183,109,509 | ||||||||
Comprehensive income (loss) [Abstract] | |||||||||
Net income (loss) | 479 | 393 | 393 | 86 | |||||
Other comprehensive income (loss), net of tax | -14 | 42 | 42 | -56 | |||||
Total comprehensive income | 465 | 435 | 30 | ||||||
Net loss reclassified to appropriated retained earnings | 45 | 45 | -45 | ||||||
Dividends to shareholders | -110 | -110 | -110 | ||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 117 | 117 | |||||||
Distributions to noncontrolling interests | -219 | -219 | |||||||
Repurchase of common shares | -443 | -443 | -443 | ||||||
Repurchase of common shares (in shares) | -3,347,442 | ||||||||
Share-based compensation plans | 144 | 144 | 78 | 66 | |||||
Share-based compensation plans (in shares) | 2,033,870 | ||||||||
Balances at Mar. 31, 2015 | $9,259 | $8,195 | $3 | $7,423 | $8,752 | $279 | ($8,966) | $704 | $1,064 |
Balances (in shares) at Mar. 31, 2015 | 181,795,937 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities [Abstract] | ||
Net income | $479 | $515 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 66 | 63 |
Deferred income tax expense (benefit) | 66 | -37 |
Share-based compensation | 35 | 30 |
Net realized investment gains | -12 | -6 |
Net trading gains | -3 | -2 |
Loss from equity method investments | 5 | 3 |
Other-than-temporary impairments and provision for loan losses | 2 | 1 |
Net gains of consolidated investment entities | -9 | -101 |
Changes in operating assets and liabilities: | ||
Restricted and segregated cash and investments | -99 | -31 |
Deferred acquisition costs | -5 | 8 |
Other investments, net | -55 | 0 |
Policyholder account balances, future policy benefits and claims, net | 419 | 121 |
Derivatives, net of collateral | -265 | -85 |
Receivables | -184 | -144 |
Brokerage deposits | 110 | 60 |
Accounts payable and accrued expenses | -196 | -183 |
Cash held by consolidated investment entities | 52 | -72 |
Investment properties of consolidated investment entities | -33 | 49 |
Other operating assets and liabilities of consolidated investment entities, net | -4 | -14 |
Other, net | 544 | 259 |
Net cash provided by operating activities | 913 | 434 |
Available-for-Sale securities: | ||
Proceeds from sales | 48 | 161 |
Maturities, sinking fund payments and calls | 1,351 | 1,104 |
Purchases | -1,207 | -1,029 |
Proceeds from maturities and repayments of mortgage loans | 163 | 140 |
Funding of mortgage loans | -91 | -124 |
Proceeds from sales and collections of other investments | 41 | 57 |
Purchase of other investments | -93 | -111 |
Purchase of investments by consolidated investment entities | -403 | -742 |
Proceeds from sales, maturities and repayments of investments by consolidated investment entities | 396 | 418 |
Purchase of land, buildings, equipment and software | -29 | -20 |
Other, net | 6 | 1 |
Net cash provided by (used in) investing activities | 182 | -145 |
Investment certificates: | ||
Proceeds from additions | 662 | 617 |
Maturities, withdrawals and cash surrenders | -559 | -528 |
Policyholder account balances: | ||
Deposits and other additions | 470 | 494 |
Net transfers to separate accounts | -56 | -56 |
Surrenders and other benefits | -788 | -661 |
Cash paid for purchased options with deferred premiums | -89 | -124 |
Cash received from purchased options with deferred premiums | 0 | 47 |
Change in short-term borrowings, net | 0 | -200 |
Dividends paid to shareholders | -107 | -100 |
Repurchase of common shares | -394 | -457 |
Exercise of stock options | 6 | 11 |
Excess tax benefits from share-based compensation | 45 | 92 |
Borrowings by consolidated investment entities | 199 | 478 |
Repayments of debt by consolidated investment entities | -192 | -85 |
Noncontrolling interests investments in subsidiaries | 117 | 0 |
Distributions to noncontrolling interests | -219 | -49 |
Net cash used in financing activities | -905 | -521 |
Effect of exchange rate changes on cash | -19 | 3 |
Net increase (decrease) in cash and cash equivalents | 171 | -229 |
Cash and cash equivalents at beginning of period | 2,638 | 2,632 |
Cash and cash equivalents at end of period | 2,809 | 2,403 |
Supplemental Disclosures | ||
Income taxes paid, net | 21 | 50 |
Non-cash investing activity: | ||
Affordable housing partnership commitments not yet remitted | 10 | |
Ameriprise Financial [Member] | ||
Supplemental Disclosures | ||
Interest paid | 28 | 32 |
Consolidated investment entities [Member] | ||
Policyholder account balances: | ||
Cash and cash equivalents at beginning of period | 390 | |
Cash and cash equivalents at end of period | 338 | |
Supplemental Disclosures | ||
Interest paid | $54 | $44 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation [Member] | Basis of Presentation |
Ameriprise Financial, Inc. is a holding company, which primarily conducts business through its subsidiaries to provide financial planning, products and services that are designed to be utilized as solutions for clients’ cash and liquidity, asset accumulation, income, protection and estate and wealth transfer needs. The foreign operations of Ameriprise Financial, Inc. are conducted primarily through its subsidiary, Threadneedle Asset Management Holdings Sàrl (“Threadneedle”). | |
The accompanying Consolidated Financial Statements include the accounts of Ameriprise Financial, Inc., companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). The income or loss generated by consolidated entities which will not be realized by the Company’s shareholders is attributed to noncontrolling interests in the Consolidated Statements of Operations. Noncontrolling interests are the ownership interests in subsidiaries not attributable, directly or indirectly, to Ameriprise Financial, Inc. and are classified as equity within the Consolidated Balance Sheets. The Company, excluding noncontrolling interests, is defined as “Ameriprise Financial.” All intercompany transactions and balances have been eliminated in consolidation. See Note 3 for additional information related to VIEs. | |
The results of Securities America Financial Corporation and its subsidiaries (collectively, “Securities America”) have been presented as discontinued operations for all periods presented. The Company completed the sale of Securities America in the fourth quarter of 2011. | |
The interim financial information in this report has not been audited. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated results of operations and financial position for the interim periods have been made. All adjustments made were of a normal recurring nature. | |
The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Results of operations reported for interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission (“SEC”) on February 24, 2015. | |
The Company evaluated events or transactions that may have occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Adoption of New Accounting Standards | |
Transfers and Servicing | |
In June 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting standards related to transfers and servicing. The update requires repurchase-to-maturity transactions and linked repurchase financings to be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. The standard requires disclosures related to transfers of financial assets accounted for as sales in transactions that are similar to repurchase agreements. The standard also requires disclosures on the remaining contractual maturity of the agreements, disaggregation of the gross obligation by class of collateral pledged and potential risks associated with the agreements and the related collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings. The standard is effective for interim and annual periods beginning after December 15, 2014, except for the disclosure requirements for repurchase agreements, security lending transactions and repurchase-to-maturity transactions accounted for as secured borrowings which are effective for interim periods beginning after March 15, 2015. The standard requires entities to present changes in accounting for transactions outstanding at the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The adoption of the standard did not have any effect on the Company’s consolidated results of operations and financial condition. The Company will make the required disclosures beginning in the second quarter. | |
Receivables - Troubled Debt Restructuring by Creditors | |
In January 2014, the FASB updated the accounting standard related to recognizing residential real estate obtained through a repossession or foreclosure from a troubled debtor. The update clarifies the criteria for derecognition of the loan receivable and recognition of the real estate property. The standard is effective for interim and annual periods beginning after December 15, 2014 and can be applied under a modified retrospective transition method or a prospective transition method. The adoption of the standard did not have any effect on the Company’s consolidated results of operations and financial condition. | |
Investments - Equity Method and Joint Ventures | |
In January 2014, the FASB updated the accounting standard related to investments in qualified affordable housing projects. The update allows for an accounting policy election to account for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the investment in a qualified affordable housing project is amortized in proportion to the tax credits and other tax benefits received. The net investment performance is recognized as a component of income tax expense (benefit). The standard is effective for interim and annual periods beginning after December 15, 2014 and should be applied retrospectively to all periods presented. The Company did not elect the proportional amortization method. | |
Future Adoption of New Accounting Standards | |
Interest - Imputation of Interest | |
In April 2015, the FASB updated the accounting standards related to debt issuance costs. The update requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of debt. The update does not impact the measurement or recognition of debt issuance costs. The standard is effective for interim and annual periods beginning after December 15, 2015. The standard is to be applied on a retrospective basis to all periods presented. Early adoption of the standard is permitted. The Company does not expect the reclassification to have a material impact on the Company’s consolidated financial condition. There is no impact of the standard to the Company’s consolidated results of operations. | |
Consolidation | |
In February 2015, the FASB updated the accounting standard for consolidation. The update changes the accounting for the consolidation model for limited partnerships and VIEs and excludes certain money market funds out of the consolidation analysis. Specific to the consolidation analysis of a VIE, the update clarifies consideration of fees paid to a decision maker and amends the related party guidance. The standard is effective for periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The standard may be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity at the beginning of the period of adoption or applied retrospectively. The Company is currently evaluating the impact of the standard on its consolidated results of operations and financial condition. | |
In August 2014, the FASB updated the accounting standard related to consolidation of collateralized financing entities. The update applies to reporting entities that consolidate a collateralized financing entity and measures all financial assets and liabilities of the collateralized financing entity at fair value. The update provides a measurement alternative which would allow an entity to measure both the financial assets and financial liabilities at the fair value of the more observable of the fair value of the financial assets or financial liabilities. When the measurement alternative is elected, the reporting entity’s net income should reflect its own economic interests in the collateralized financing entity, including changes in the fair value of the beneficial interests retained by the reporting entity and beneficial interests that represent compensation for services. If the measurement alternative is not elected, the financial assets and financial liabilities should be measured separately in accordance with the requirements of the fair value topic. Any difference in the fair value of the assets and liabilities would be recorded to net income attributable to the reporting entity. The standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted as of the beginning of an annual period. The Company is currently evaluating the impact of the standard on its consolidated results of operations and financial condition. | |
Presentation of Financial Statements - Going Concern | |
In August 2014, the FASB updated the accounting standard related to an entity’s assessment of its ability to continue as a going concern. The standard requires that management evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. In situations where there is substantial doubt about an entity’s ability to continue as a going concern, disclosure should be made so that a reader can understand the conditions that raise substantial doubt, management’s assessment of those conditions and any plan management has to mitigate those conditions. The standard is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The adoption of the standard is not expected to have a material impact on the Company’s consolidated results of operations and financial condition. | |
Compensation - Stock Compensation | |
In June 2014, the FASB updated the accounting standards related to stock compensation. The update clarifies the accounting for share-based payments with a performance target that could be achieved after the requisite service period. The update specifies the performance target should not be reflected in estimating the grant-date fair value of the award. Instead, the probability of achieving the performance target should impact vesting of the award. The standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. The adoption of the standard is not expected to have a material impact on the Company’s consolidated results of operations and financial condition. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB updated the accounting standards for revenue from contracts with customers. The update provides a five step revenue recognition model for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other standards). The standard also updates the accounting for certain costs associated with obtaining and fulfilling a customer contract. In addition, the standard requires disclosure of quantitative and qualitative information that enables users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The standard is effective for interim and annual periods beginning after December 15, 2016 and early adoption is prohibited. The standard may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The Company is currently evaluating the impact of the standard on its consolidated results of operations and financial condition. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||||
Variable interest entities [Text Block] | Variable Interest Entities | ||||||||||||||||||||
The Company provides asset management services to investment entities which are considered to be VIEs, such as CLOs, hedge funds, property funds (pooled investment vehicles) and private equity funds (collectively, “investment entities”), which are sponsored by the Company. The Company consolidates certain CLOs and property funds (collectively, “consolidated investment entities”). In addition, the Company invests in structured investments and affordable housing partnerships which are considered VIEs which the Company does not consolidate. | |||||||||||||||||||||
Non-Consolidated VIEs | |||||||||||||||||||||
The Company has determined that consolidation is not required for hedge funds and private equity funds which are sponsored by the Company. The Company's maximum exposure to loss with respect to its investment in these entities is limited to its carrying value. The carrying value of the Company’s investment in these entities was $94 million and $89 million as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||
The Company manages one CLO which it does not consolidate. The Company manages the CLO and earns management fees and incentive fees from the CLO based on the CLO’s collateral pool. Unlike the consolidated CLOs, the Company has no investment in the CLO and no exposure to loss. | |||||||||||||||||||||
The Company has variable interests in affordable housing partnerships for which it is not the primary beneficiary and therefore does not consolidate. The Company’s maximum exposure to loss as a result of its investment in affordable housing partnerships is limited to the carrying value of these investments. The carrying value is reflected in other investments and was $506 million and $504 million as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||
The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities, commercial mortgage backed securities and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities. The Company's maximum exposure to loss as a result of its investment in these structured investments is limited to its carrying value. See Note 4 for additional information about these structured investments. | |||||||||||||||||||||
The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its investment nor has the Company provided any support to these entities. The carrying value of the Company’s investment in these entities is included in investments on the consolidated balance sheets. | |||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||
The consolidated CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds and stocks. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company generally earns management fees from the CLOs based on the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The Company has invested in a portion of the unrated, junior subordinated notes of certain CLOs. For certain of the CLOs, the Company has determined that consolidation is required as it has power over the CLOs as collateral manager and holds a variable interest in the CLOs for which the Company has the potential to receive benefits or the potential obligation to absorb losses that could be significant to the CLO. | |||||||||||||||||||||
The Company provides investment advice and related services to property funds, certain of which are considered VIEs. For investment management services, the Company generally earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The Company has determined that consolidation is required for certain property funds managed by the Company. | |||||||||||||||||||||
During the three months ended March 31, 2015, the Company consolidated no new CLOs and liquidated no CLOs. During the three months ended March 31, 2014, the Company consolidated one new CLO with assets of approximately $457 million and liquidated no CLOs. | |||||||||||||||||||||
During the three months ended March 31, 2015, the Company consolidated two new property funds with assets of approximately $248 million. During the three months ended March 31, 2014, the Company consolidated no new property funds. The Company terminated one property fund during each of the three months ended March 31, 2015 and 2014. The liquidation of properties may occur over several years until the fund is terminated. See the summary of changes in Level 3 assets and liabilities for gross sales and purchases of properties, within the other assets caption, for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||
Fair Value of Assets and Liabilities | |||||||||||||||||||||
The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 10 for the definition of the three levels of the fair value hierarchy. | |||||||||||||||||||||
The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis: | |||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investments: | |||||||||||||||||||||
Corporate debt securities | $ | — | $ | 168 | $ | — | $ | 168 | |||||||||||||
Common stocks | 139 | 34 | 11 | 184 | |||||||||||||||||
Other investments | 4 | 25 | — | 29 | |||||||||||||||||
Syndicated loans | — | 5,242 | 467 | 5,709 | |||||||||||||||||
Total investments | 143 | 5,469 | 478 | 6,090 | |||||||||||||||||
Receivables | — | 31 | — | 31 | |||||||||||||||||
Other assets | — | 1 | 1,889 | 1,890 | |||||||||||||||||
Total assets at fair value | $ | 143 | $ | 5,501 | $ | 2,367 | $ | 8,011 | |||||||||||||
Liabilities | |||||||||||||||||||||
Debt | $ | — | $ | — | $ | 5,933 | $ | 5,933 | |||||||||||||
Other liabilities | — | 119 | — | 119 | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | 119 | $ | 5,933 | $ | 6,052 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investments: | |||||||||||||||||||||
Corporate debt securities | $ | — | $ | 171 | $ | — | $ | 171 | |||||||||||||
Common stocks | 130 | 40 | 7 | 177 | |||||||||||||||||
Other investments | 4 | 25 | — | 29 | |||||||||||||||||
Syndicated loans | — | 5,287 | 484 | 5,771 | |||||||||||||||||
Total investments | 134 | 5,523 | 491 | 6,148 | |||||||||||||||||
Receivables | — | 49 | — | 49 | |||||||||||||||||
Other assets | — | 1 | 1,935 | 1,936 | |||||||||||||||||
Total assets at fair value | $ | 134 | $ | 5,573 | $ | 2,426 | $ | 8,133 | |||||||||||||
Liabilities | |||||||||||||||||||||
Debt | $ | — | $ | — | $ | 6,030 | $ | 6,030 | |||||||||||||
Other liabilities | — | 193 | — | 193 | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | 193 | $ | 6,030 | $ | 6,223 | |||||||||||||
The following tables provide a summary of changes in Level 3 assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis: | |||||||||||||||||||||
Common Stocks | Syndicated Loans | Other Assets | Debt | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance, January 1, 2015 | $ | 7 | $ | 484 | $ | 1,935 | $ | (6,030 | ) | ||||||||||||
Total gains (losses) included in: | |||||||||||||||||||||
Net income | (1 | ) | (1) | (1 | ) | (1) | 31 | (2) | 51 | (1) | |||||||||||
Other comprehensive income | — | — | (110 | ) | — | ||||||||||||||||
Purchases | — | 37 | 342 | — | |||||||||||||||||
Sales | — | (3 | ) | (309 | ) | — | |||||||||||||||
Settlements | — | (31 | ) | — | 46 | ||||||||||||||||
Transfers into Level 3 | 5 | 255 | — | — | |||||||||||||||||
Transfers out of Level 3 | — | (274 | ) | — | — | ||||||||||||||||
Balance, March 31, 2015 | $ | 11 | $ | 467 | $ | 1,889 | $ | (5,933 | ) | ||||||||||||
Changes in unrealized gains (losses) included in income relating to assets and liabilities held at March 31, 2015 | $ | (1 | ) | (1) | $ | (1 | ) | (1) | $ | (58 | ) | (2) | $ | 51 | (1) | ||||||
(1) Included in net investment income in the Consolidated Statements of Operations. | |||||||||||||||||||||
(2) Included in other revenues in the Consolidated Statements of Operations. | |||||||||||||||||||||
Corporate Debt Securities | Common Stocks | Syndicated Loans | Other Assets | Debt | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance, January 1, 2014 | $ | 2 | $ | 14 | $ | 368 | $ | 1,936 | $ | (4,804 | ) | ||||||||||
Total gains (losses) included in: | |||||||||||||||||||||
Net income | 1 | (1) | 2 | (1) | 4 | (1) | 80 | (2) | (10 | ) | (1) | ||||||||||
Other comprehensive loss | — | — | — | 15 | — | ||||||||||||||||
Purchases | 2 | — | 96 | 19 | — | ||||||||||||||||
Sales | (2 | ) | — | — | (68 | ) | — | ||||||||||||||
Issues | — | — | — | — | (456 | ) | |||||||||||||||
Settlements | — | — | (12 | ) | — | 45 | |||||||||||||||
Transfers into Level 3 | 10 | 6 | 146 | 11 | — | ||||||||||||||||
Transfers out of Level 3 | — | (12 | ) | (218 | ) | — | — | ||||||||||||||
Balance, March 31, 2014 | $ | 13 | $ | 10 | $ | 384 | $ | 1,993 | $ | (5,225 | ) | ||||||||||
Changes in unrealized gains (losses) | $ | 1 | (1) | $ | 2 | (1) | $ | 3 | (1) | $ | 78 | (2) | $ | (10 | ) | (1) | |||||
included in income relating to assets and liabilities held at March 31, 2014 | |||||||||||||||||||||
(1) Included in net investment income in the Consolidated Statements of Operations. | |||||||||||||||||||||
(2) Included in other revenues in the Consolidated Statements of Operations. | |||||||||||||||||||||
Securities and loans transferred from Level 2 to Level 3 represent assets with fair values that are now based on a single non-binding broker quote. Securities and loans transferred from Level 3 to Level 2 represent assets with fair values that are now obtained from a third party pricing service with observable inputs or priced in active markets. During the reporting periods, there were no transfers between Level 1 and Level 2. | |||||||||||||||||||||
The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities held by consolidated investment entities: | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Other assets (property funds) | $ | 1,889 | Discounted cash flow/ market comparables | Equivalent yield | 4.2 | % | – | 13.80% | 6.3 | % | |||||||||||
Expected rental value (per square foot) | $3 | – | $89 | $36 | |||||||||||||||||
CLO debt | $ | 5,933 | Discounted cash flow | Annual default rate | 2.50% | ||||||||||||||||
Discount rate | 1.7 | % | – | 8.50% | 2.8 | % | |||||||||||||||
Constant prepayment rate | 5 | % | – | 10.00% | 9.8 | % | |||||||||||||||
Loss recovery | 36.4 | % | – | 63.60% | 62.7 | % | |||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Other assets (property funds) | $ | 1,935 | Discounted cash flow/ market comparables | Equivalent yield | 4.4 | % | – | 12.00% | 6.5 | % | |||||||||||
Expected rental value (per square foot) | $3 | – | $94 | $34 | |||||||||||||||||
CLO debt | $ | 6,030 | Discounted cash flow | Annual default rate | 2.50% | ||||||||||||||||
Discount rate | 1.2 | % | – | 8.30% | 2.4 | % | |||||||||||||||
Constant prepayment rate | 5 | % | – | 10.00% | 9.8 | % | |||||||||||||||
Loss recovery | 36.4 | % | – | 63.60% | 62.7 | % | |||||||||||||||
Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs are not reasonably available to the Company. | |||||||||||||||||||||
Sensitivity of Fair Value Measurements to Changes in Unobservable Inputs | |||||||||||||||||||||
Generally, a significant increase (decrease) in the expected rental value used in the fair value measurement of properties held by consolidated investment entities in isolation would result in a significantly higher (lower) fair value measurement and a significant increase (decrease) in the equivalent yield in isolation would result in a significantly lower (higher) fair value measurement. | |||||||||||||||||||||
Generally, a significant increase (decrease) in the annual default rate and discount rate used in the fair value measurement of the CLO’s debt in isolation would result in a significantly lower (higher) fair value measurement and a significant increase (decrease) in loss recovery in isolation would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the constant prepayment rate in isolation would result in a significantly higher (lower) fair value measurement. | |||||||||||||||||||||
Determination of Fair Value | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investments | |||||||||||||||||||||
The fair value of syndicated loans obtained from third party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. | |||||||||||||||||||||
In consideration of the above, management is responsible for the fair values recorded on the financial statements. Prices received from third party pricing services are subjected to exception reporting that identifies loans with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of the third party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise. | |||||||||||||||||||||
See Note 10 for a description of the Company’s determination of the fair value of corporate debt securities, U.S. government and agencies obligations, common stocks and other investments. | |||||||||||||||||||||
Receivables | |||||||||||||||||||||
For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short term and the receivables have been collectible. The fair value of these receivables is classified as Level 2. | |||||||||||||||||||||
Other Assets | |||||||||||||||||||||
Other assets consist primarily of properties held in consolidated pooled investment vehicles managed by Threadneedle. The fair value of these properties is calculated by a third party appraisal service by discounting future cash flows generated by the expected market rental value for the property using the equivalent yield of a similar investment property. Inputs used in determining the equivalent yield and expected rental value of the property may include: rental cash flows, current occupancy, historical vacancy rates, tenant history and assumptions regarding how quickly the property can be occupied and at what rental rates. Management reviews the valuation report and assumptions used to ensure that the valuation was performed in accordance with applicable independence, appraisal and valuation standards. Given the significance of the unobservable inputs to these measurements, these assets are classified as Level 3. | |||||||||||||||||||||
The CLOs hold an immaterial amount of warrants recorded in other assets. Loans within the CLOs may default and go through a restructuring that can result in the CLO receiving warrants for the issuer’s equity securities. Warrants are classified as Level 2 when the price is derived from observable market data. Warrants from an issuer whose securities are not priced in active markets are classified as Level 3. | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Debt | |||||||||||||||||||||
The fair value of the CLOs’ debt is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about default, discount, prepayment and recovery rates of the CLOs’ underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the CLOs’ debt is classified as Level 3. | |||||||||||||||||||||
Other Liabilities | |||||||||||||||||||||
Other liabilities consist primarily of securities purchased but not yet settled held by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short term. The fair value of these liabilities is classified as Level 2. | |||||||||||||||||||||
Fair Value Option | |||||||||||||||||||||
The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs. | |||||||||||||||||||||
The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected: | |||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Syndicated loans | |||||||||||||||||||||
Unpaid principal balance | $ | 5,830 | $ | 5,871 | |||||||||||||||||
Excess unpaid principal over fair value | (121 | ) | (100 | ) | |||||||||||||||||
Fair value | $ | 5,709 | $ | 5,771 | |||||||||||||||||
Fair value of loans more than 90 days past due | $ | 28 | $ | 32 | |||||||||||||||||
Fair value of loans in nonaccrual status | 28 | 32 | |||||||||||||||||||
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | 30 | 25 | |||||||||||||||||||
Debt | |||||||||||||||||||||
Unpaid principal balance | $ | 6,203 | $ | 6,248 | |||||||||||||||||
Excess unpaid principal over fair value | (270 | ) | (218 | ) | |||||||||||||||||
Fair value | $ | 5,933 | $ | 6,030 | |||||||||||||||||
Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in net investment income. Gains and losses related to changes in the fair value of investments and gains and losses on sales of investments are also recorded in net investment income. Interest expense on debt is recorded in interest and debt expense with gains and losses related to changes in the fair value of debt recorded in net investment income. | |||||||||||||||||||||
Total net gains recognized in net investment income related to changes in the fair value of financial assets and liabilities for which the fair value option was elected were $41 million and $21 million for the three months ended March 31, 2015 and 2014, respectively. The majority of the syndicated loans and debt have floating rates; as such, changes in their fair values are primarily attributable to changes in credit spreads. | |||||||||||||||||||||
Debt of the consolidated investment entities and the stated interest rates were as follows: | |||||||||||||||||||||
Carrying Value | Weighted Average Interest Rate | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Debt of consolidated CLOs due 2016-2026 | $ | 5,933 | $ | 6,030 | 1.3 | % | 1.3 | % | |||||||||||||
Floating rate revolving credit borrowings due 2016-2020 | 846 | 837 | 2.8 | 2.7 | |||||||||||||||||
Total | $ | 6,779 | $ | 6,867 | |||||||||||||||||
The debt of the consolidated CLOs has both fixed and floating interest rates, which range from 0% to 9.2%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and current interest rates. The carrying value of the debt of the consolidated CLOs represents the fair value of the aggregate debt. The carrying value of the floating rate revolving credit borrowings represents the outstanding principal amount of debt of certain consolidated pooled investment vehicles managed by Threadneedle. The fair value of this debt was $846 million and $837 million as of March 31, 2015 and December 31, 2014, respectively. The property funds have entered into interest rate swaps and collars to manage the interest rate exposure on the floating rate revolving credit borrowings. The fair value of these derivative instruments is recorded gross and was a liability of $10 million at both March 31, 2015 and December 31, 2014. The overall effective interest rate reflecting the impact of the derivative contracts was 3.2% and 3.1% as of March 31, 2015 and December 31, 2014, respectively. |
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||
Investments [Text Block] | Investments | |||||||||||||||||||||||||||||||||
The following is a summary of Ameriprise Financial investments: | ||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Available-for-Sale securities, at fair value | $ | 30,150 | $ | 30,027 | ||||||||||||||||||||||||||||||
Mortgage loans, net | 3,368 | 3,440 | ||||||||||||||||||||||||||||||||
Policy and certificate loans | 813 | 806 | ||||||||||||||||||||||||||||||||
Other investments | 1,395 | 1,309 | ||||||||||||||||||||||||||||||||
Total | $ | 35,726 | $ | 35,582 | ||||||||||||||||||||||||||||||
The following is a summary of net investment income: | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Investment income on fixed maturities | $ | 354 | $ | 374 | ||||||||||||||||||||||||||||||
Net realized gains | 10 | 5 | ||||||||||||||||||||||||||||||||
Affordable housing partnerships | (8 | ) | (6 | ) | ||||||||||||||||||||||||||||||
Other | 23 | 24 | ||||||||||||||||||||||||||||||||
Consolidated investment entities | 105 | 74 | ||||||||||||||||||||||||||||||||
Total net investment income | $ | 484 | $ | 471 | ||||||||||||||||||||||||||||||
Available-for-Sale securities distributed by type were as follows: | ||||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||
Description of Securities | Amortized | Gross | Gross | Fair Value | Noncredit | |||||||||||||||||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | OTTI (1) | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 15,622 | $ | 1,634 | $ | (38 | ) | $ | 17,218 | $ | 3 | |||||||||||||||||||||||
Residential mortgage backed securities | 6,147 | 175 | (52 | ) | 6,270 | (15 | ) | |||||||||||||||||||||||||||
Commercial mortgage backed securities | 2,560 | 136 | (2 | ) | 2,694 | — | ||||||||||||||||||||||||||||
Asset backed securities | 1,353 | 55 | (3 | ) | 1,405 | — | ||||||||||||||||||||||||||||
State and municipal obligations | 2,003 | 267 | (27 | ) | 2,243 | — | ||||||||||||||||||||||||||||
U.S. government and agencies obligations | 52 | 4 | — | 56 | — | |||||||||||||||||||||||||||||
Foreign government bonds and obligations | 227 | 24 | (6 | ) | 245 | — | ||||||||||||||||||||||||||||
Common stocks | 8 | 11 | — | 19 | 5 | |||||||||||||||||||||||||||||
Total | $ | 27,972 | $ | 2,306 | $ | (128 | ) | $ | 30,150 | $ | (7 | ) | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||
Description of Securities | Amortized | Gross | Gross | Fair Value | Noncredit | |||||||||||||||||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | OTTI (1) | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 15,742 | $ | 1,482 | $ | (59 | ) | $ | 17,165 | $ | 3 | |||||||||||||||||||||||
Residential mortgage backed securities | 6,099 | 168 | (60 | ) | 6,207 | (15 | ) | |||||||||||||||||||||||||||
Commercial mortgage backed securities | 2,513 | 120 | (3 | ) | 2,630 | — | ||||||||||||||||||||||||||||
Asset backed securities | 1,417 | 59 | (6 | ) | 1,470 | — | ||||||||||||||||||||||||||||
State and municipal obligations | 2,008 | 257 | (26 | ) | 2,239 | — | ||||||||||||||||||||||||||||
U.S. government and agencies obligations | 43 | 4 | — | 47 | — | |||||||||||||||||||||||||||||
Foreign government bonds and obligations | 236 | 21 | (6 | ) | 251 | — | ||||||||||||||||||||||||||||
Common stocks | 8 | 10 | — | 18 | 5 | |||||||||||||||||||||||||||||
Total | $ | 28,066 | $ | 2,121 | $ | (160 | ) | $ | 30,027 | $ | (7 | ) | ||||||||||||||||||||||
(1) | Represents the amount of other-than-temporary impairment (“OTTI”) losses in accumulated other comprehensive income (“AOCI”). Amount includes unrealized gains and losses on impaired securities subsequent to the initial impairment measurement date. These amounts are included in gross unrealized gains and losses as of the end of the period. | |||||||||||||||||||||||||||||||||
As of March 31, 2015 and December 31, 2014, investment securities with a fair value of $1.1 billion and $1.3 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings. | ||||||||||||||||||||||||||||||||||
At both March 31, 2015 and December 31, 2014, fixed maturity securities comprised approximately 84% 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. At March 31, 2015 and December 31, 2014, the Company’s internal analysts rated $1.3 billion and $1.4 billion, respectively, of securities using criteria similar to those used by NRSROs. | ||||||||||||||||||||||||||||||||||
A summary of fixed maturity securities by rating was as follows: | ||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||||||
Ratings | Amortized Cost | Fair Value | Percent of Total | Amortized Cost | Fair Value | Percent of Total | ||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||
(in millions, except percentages) | ||||||||||||||||||||||||||||||||||
AAA | $ | 7,511 | $ | 7,817 | 26 | % | $ | 7,500 | $ | 7,776 | 26 | % | ||||||||||||||||||||||
AA | 1,603 | 1,824 | 6 | 1,581 | 1,799 | 6 | ||||||||||||||||||||||||||||
A | 5,624 | 6,294 | 21 | 6,028 | 6,668 | 22 | ||||||||||||||||||||||||||||
BBB | 11,418 | 12,372 | 41 | 11,187 | 12,025 | 40 | ||||||||||||||||||||||||||||
Below investment grade | 1,808 | 1,824 | 6 | 1,762 | 1,741 | 6 | ||||||||||||||||||||||||||||
Total fixed maturities | $ | 27,964 | $ | 30,131 | 100 | % | $ | 28,058 | $ | 30,009 | 100 | % | ||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, approximately 53% and 52%, respectively, of the securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. No holdings of any other issuer were greater than 10% of total equity. | ||||||||||||||||||||||||||||||||||
The following tables provide information about Available-for-Sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position: | ||||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||
Description of Securities | Number of | Fair | Unrealized | Number of | Fair | Unrealized | Number of | Fair | Unrealized | |||||||||||||||||||||||||
Securities | Value | Losses | Securities | Value | Losses | Securities | Value | Losses | ||||||||||||||||||||||||||
(in millions, except number of securities) | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 113 | $ | 1,335 | $ | (33 | ) | 14 | $ | 169 | $ | (5 | ) | 127 | $ | 1,504 | $ | (38 | ) | ||||||||||||||||
Residential mortgage backed securities | 69 | 871 | (5 | ) | 143 | 1,389 | (47 | ) | 212 | 2,260 | (52 | ) | ||||||||||||||||||||||
Commercial mortgage backed securities | 11 | 113 | (1 | ) | 6 | 85 | (1 | ) | 17 | 198 | (2 | ) | ||||||||||||||||||||||
Asset backed securities | 15 | 171 | — | 12 | 218 | (3 | ) | 27 | 389 | (3 | ) | |||||||||||||||||||||||
State and municipal obligations | 21 | 46 | (1 | ) | 3 | 102 | (26 | ) | 24 | 148 | (27 | ) | ||||||||||||||||||||||
Foreign government bonds and obligations | 3 | 7 | (1 | ) | 14 | 26 | (5 | ) | 17 | 33 | (6 | ) | ||||||||||||||||||||||
Total | 232 | $ | 2,543 | $ | (41 | ) | 192 | $ | 1,989 | $ | (87 | ) | 424 | $ | 4,532 | $ | (128 | ) | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||
Description of Securities | Number of | Fair | Unrealized | Number of | Fair | Unrealized | Number of | Fair | Unrealized | |||||||||||||||||||||||||
Securities | Value | Losses | Securities | Value | Losses | Securities | Value | Losses | ||||||||||||||||||||||||||
(in millions, except number of securities) | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 182 | $ | 2,165 | $ | (41 | ) | 40 | $ | 689 | $ | (18 | ) | 222 | $ | 2,854 | $ | (59 | ) | ||||||||||||||||
Residential mortgage backed securities | 73 | 879 | (7 | ) | 138 | 1,387 | (53 | ) | 211 | 2,266 | (60 | ) | ||||||||||||||||||||||
Commercial mortgage backed securities | 15 | 173 | — | 12 | 131 | (3 | ) | 27 | 304 | (3 | ) | |||||||||||||||||||||||
Asset backed securities | 17 | 201 | (2 | ) | 14 | 238 | (4 | ) | 31 | 439 | (6 | ) | ||||||||||||||||||||||
State and municipal obligations | 11 | 29 | (1 | ) | 10 | 115 | (25 | ) | 21 | 144 | (26 | ) | ||||||||||||||||||||||
Foreign government bonds and obligations | 4 | 10 | (1 | ) | 14 | 27 | (5 | ) | 18 | 37 | (6 | ) | ||||||||||||||||||||||
Total | 302 | $ | 3,457 | $ | (52 | ) | 228 | $ | 2,587 | $ | (108 | ) | 530 | $ | 6,044 | $ | (160 | ) | ||||||||||||||||
As part of Ameriprise Financial’s ongoing monitoring process, management determined that a majority of the change in gross unrealized losses on its Available-for-Sale securities is attributable to movement in interest rates. | ||||||||||||||||||||||||||||||||||
The following table presents a rollforward of the cumulative amounts recognized in the Consolidated Statements of Operations for other-than-temporary impairments related to credit losses on Available-for-Sale securities for which a portion of the securities’ total other-than-temporary impairments was recognized in other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Beginning balance | $ | 98 | $ | 147 | ||||||||||||||||||||||||||||||
Credit losses for which an other-than-temporary impairment was previously recognized | 1 | — | ||||||||||||||||||||||||||||||||
Ending balance | $ | 99 | $ | 147 | ||||||||||||||||||||||||||||||
The change in net unrealized securities gains (losses) in other comprehensive income (loss) includes three components, net of tax: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit other-than-temporary impairment losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as deferred acquisition costs (“DAC”), deferred sales inducement costs (“DSIC”), unearned revenue, benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates. | ||||||||||||||||||||||||||||||||||
The following table presents a rollforward of the net unrealized securities gains on Available-for-Sale securities included in AOCI: | ||||||||||||||||||||||||||||||||||
Net Unrealized | Deferred | AOCI Related to | ||||||||||||||||||||||||||||||||
Securities Gains | Income Tax | Net Unrealized | ||||||||||||||||||||||||||||||||
Securities Gains | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 1,016 | $ | (361 | ) | $ | 655 | |||||||||||||||||||||||||||
Net unrealized securities gains arising during the period (1) | 370 | (131 | ) | 239 | ||||||||||||||||||||||||||||||
Reclassification of net securities gains included in net income | (5 | ) | 2 | (3 | ) | |||||||||||||||||||||||||||||
Impact of other adjustments | (140 | ) | 49 | (91 | ) | |||||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 1,241 | $ | (441 | ) | $ | 800 | (2) | ||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 1,216 | $ | (430 | ) | $ | 786 | |||||||||||||||||||||||||||
Net unrealized securities gains arising during the period (1) | 228 | (81 | ) | 147 | ||||||||||||||||||||||||||||||
Reclassification of net securities gains included in net income | (11 | ) | 4 | (7 | ) | |||||||||||||||||||||||||||||
Impact of other adjustments | (106 | ) | 37 | (69 | ) | |||||||||||||||||||||||||||||
Balance at March 31, 2015 | $ | 1,327 | $ | (470 | ) | $ | 857 | (2) | ||||||||||||||||||||||||||
(1) Includes other-than-temporary impairment losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income (loss) during the period. | ||||||||||||||||||||||||||||||||||
(2) Includes $5 million and $1 million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||||
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in earnings were as follows: | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Gross realized gains | $ | 17 | $ | 7 | ||||||||||||||||||||||||||||||
Gross realized losses | (5 | ) | (1 | ) | ||||||||||||||||||||||||||||||
Other-than-temporary impairments | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||
Total | $ | 11 | $ | 5 | ||||||||||||||||||||||||||||||
Other-than-temporary impairments for the three months ended March 31, 2015 primarily related to credit losses on non-agency residential mortgage backed securities. Other-than-temporary impairments for the three months ended March 31, 2014 primarily related to the Company’s decision to sell a corporate debt security and credit losses on non-agency residential mortgage backed securities. | ||||||||||||||||||||||||||||||||||
Available-for-Sale securities by contractual maturity at March 31, 2015 were as follows: | ||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Due within one year | $ | 1,505 | $ | 1,520 | ||||||||||||||||||||||||||||||
Due after one year through five years | 6,818 | 7,363 | ||||||||||||||||||||||||||||||||
Due after five years through 10 years | 5,055 | 5,343 | ||||||||||||||||||||||||||||||||
Due after 10 years | 4,526 | 5,536 | ||||||||||||||||||||||||||||||||
17,904 | 19,762 | |||||||||||||||||||||||||||||||||
Residential mortgage backed securities | 6,147 | 6,270 | ||||||||||||||||||||||||||||||||
Commercial mortgage backed securities | 2,560 | 2,694 | ||||||||||||||||||||||||||||||||
Asset backed securities | 1,353 | 1,405 | ||||||||||||||||||||||||||||||||
Common stocks | 8 | 19 | ||||||||||||||||||||||||||||||||
Total | $ | 27,972 | $ | 30,150 | ||||||||||||||||||||||||||||||
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, as well as common stocks, were not included in the maturities distribution. |
Financing_Receivables
Financing Receivables | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Receivables [Abstract] | ||||||||||||||
Financing Receivables [Text Block] | Financing Receivables | |||||||||||||
The Company’s financing receivables include commercial mortgage loans, syndicated loans, consumer loans, policy loans, certificate loans and margin loans. Commercial mortgage loans, syndicated loans, consumer loans, policy loans and certificate loans are reflected in investments. Margin loans are recorded in receivables. | ||||||||||||||
Allowance for Loan Losses | ||||||||||||||
Policy and certificate loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy and certificate loans, the Company does not record an allowance for loan losses. The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As there is minimal risk of loss related to margin loans, the allowance for loan losses is immaterial. | ||||||||||||||
The following table presents a rollforward of the allowance for loan losses for commercial mortgage loans, syndicated loans and consumer loans for the three months ended and the ending balance of the allowance for loan losses by impairment method: | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
(in millions) | ||||||||||||||
Beginning balance | $ | 35 | $ | 37 | ||||||||||
Charge-offs | (2 | ) | (3 | ) | ||||||||||
Provisions | 1 | — | ||||||||||||
Ending balance | $ | 34 | $ | 34 | ||||||||||
Individually evaluated for impairment | $ | 8 | $ | 7 | ||||||||||
Collectively evaluated for impairment | 26 | 27 | ||||||||||||
The recorded investment in commercial mortgage loans, syndicated loans and consumer loans by impairment method was as follows: | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
(in millions) | ||||||||||||||
Individually evaluated for impairment | $ | 41 | $ | 42 | ||||||||||
Collectively evaluated for impairment | 3,870 | 3,951 | ||||||||||||
Total | $ | 3,911 | $ | 3,993 | ||||||||||
As of March 31, 2015 and December 31, 2014, the Company’s recorded investment in financing receivables individually evaluated for impairment for which there was no related allowance for loan losses was $15 million and $13 million, respectively. Unearned income, unamortized premiums and discounts, and net unamortized deferred fees and costs are not material to the Company’s total loan balance. During the three months ended March 31, 2015 and 2014, the Company purchased $13 million and $65 million, respectively, and sold $6 million and $4 million, respectively, of syndicated and commercial mortgage loans. | ||||||||||||||
The Company has not acquired any loans with deteriorated credit quality as of the acquisition date. | ||||||||||||||
Credit Quality Information | ||||||||||||||
Nonperforming loans, which are generally loans 90 days or more past due, were $10 million and $12 million as of March 31, 2015 and December 31, 2014, respectively. All other loans were considered to be performing. | ||||||||||||||
Commercial Mortgage Loans | ||||||||||||||
The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates as necessary. Commercial mortgage loans which management has assigned its highest risk rating were 1% of total commercial mortgage loans at both March 31, 2015 and December 31, 2014. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. In addition, the Company reviews the concentrations of credit risk by region and property type. | ||||||||||||||
Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows: | ||||||||||||||
Loans | Percentage | |||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||
(in millions) | ||||||||||||||
East North Central | $ | 208 | $ | 238 | 8 | % | 9 | % | ||||||
East South Central | 55 | 62 | 2 | 2 | ||||||||||
Middle Atlantic | 208 | 217 | 8 | 8 | ||||||||||
Mountain | 253 | 245 | 9 | 9 | ||||||||||
New England | 139 | 140 | 5 | 5 | ||||||||||
Pacific | 693 | 694 | 26 | 25 | ||||||||||
South Atlantic | 731 | 740 | 27 | 27 | ||||||||||
West North Central | 238 | 233 | 9 | 9 | ||||||||||
West South Central | 158 | 160 | 6 | 6 | ||||||||||
2,683 | 2,729 | 100 | % | 100 | % | |||||||||
Less: allowance for loan losses | 23 | 25 | ||||||||||||
Total | $ | 2,660 | $ | 2,704 | ||||||||||
Concentrations of credit risk of commercial mortgage loans by property type were as follows: | ||||||||||||||
Loans | Percentage | |||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||
(in millions) | ||||||||||||||
Apartments | $ | 501 | $ | 500 | 19 | % | 18 | % | ||||||
Hotel | 33 | 34 | 1 | 1 | ||||||||||
Industrial | 451 | 461 | 17 | 17 | ||||||||||
Mixed use | 45 | 45 | 2 | 2 | ||||||||||
Office | 527 | 545 | 19 | 20 | ||||||||||
Retail | 965 | 988 | 36 | 36 | ||||||||||
Other | 161 | 156 | 6 | 6 | ||||||||||
2,683 | 2,729 | 100 | % | 100 | % | |||||||||
Less: allowance for loan losses | 23 | 25 | ||||||||||||
Total | $ | 2,660 | $ | 2,704 | ||||||||||
Syndicated Loans | ||||||||||||||
The recorded investment in syndicated loans at March 31, 2015 and December 31, 2014 was $505 million and $511 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. The primary credit indicator for syndicated loans is whether the loans are performing in accordance with the contractual terms of the syndication. Total nonperforming syndicated loans at March 31, 2015 and December 31, 2014 were $5 million and $4 million, respectively. | ||||||||||||||
Consumer Loans | ||||||||||||||
The recorded investment in consumer loans at March 31, 2015 and December 31, 2014 was $723 million and $753 million, respectively. The Company considers the credit worthiness of borrowers (FICO score), collateral characteristics such as loan-to-value (“LTV”) and geographic concentration in determining the allowance for loan losses for consumer loans. At a minimum, management updates FICO scores and LTV ratios semiannually. | ||||||||||||||
As of both March 31, 2015 and December 31, 2014, approximately 6% of consumer loans had FICO scores below 640. As of both March 31, 2015 and December 31, 2014, approximately 2% of the Company’s residential mortgage loans had LTV ratios greater than 90%. The Company’s most significant geographic concentration for consumer loans is in California representing 37% of the portfolio as of both March 31, 2015 and December 31, 2014, respectively. No other state represents more than 10% of the total consumer loan portfolio. | ||||||||||||||
Troubled Debt Restructurings | ||||||||||||||
The recorded investment in restructured loans was not material as of March 31, 2015 and December 31, 2014. The troubled debt restructurings did not have a material impact to the Company’s allowance for loan losses or income recognized for the three months ended March 31, 2015 and 2014. There are no material commitments to lend additional funds to borrowers whose loans have been restructured. |
Deferred_Acquisition_Costs_and
Deferred Acquisition Costs and Deferred Sales Inducement Costs | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Acquisition Costs and Deferred Sales Inducement Costs | ||||||||
Deferred acquisition costs and deferred sales inducement costs [Text Block] | Deferred Acquisition Costs and Deferred Sales Inducement Costs | |||||||
The balances of and changes in DAC were as follows: | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Balance at January 1 | $ | 2,608 | $ | 2,663 | ||||
Capitalization of acquisition costs | 80 | 79 | ||||||
Amortization | (75 | ) | (87 | ) | ||||
Impact of change in net unrealized securities gains | (11 | ) | (25 | ) | ||||
Balance at March 31 | $ | 2,602 | $ | 2,630 | ||||
The balances of and changes in DSIC, which are included in other assets, were as follows: | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Balance at January 1 | $ | 362 | $ | 409 | ||||
Capitalization of sales inducement costs | 1 | 1 | ||||||
Amortization | (9 | ) | (13 | ) | ||||
Impact of change in net unrealized securities gains | (2 | ) | (5 | ) | ||||
Balance at March 31 | $ | 352 | $ | 392 | ||||
Policyholder_Account_Balances_
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities | ||||||||
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Text Block] | Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities | |||||||
Policyholder account balances, future policy benefits and claims consisted of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Policyholder account balances | ||||||||
Fixed annuities | $ | 12,216 | $ | 12,700 | ||||
Variable annuity fixed sub-accounts | 4,849 | 4,860 | ||||||
Variable universal life (“VUL”)/universal life (“UL”) insurance | 2,858 | 2,856 | ||||||
Indexed universal life (“IUL”) insurance | 590 | 534 | ||||||
Other life insurance | 826 | 840 | ||||||
Total policyholder account balances | 21,339 | 21,790 | ||||||
Future policy benefits | ||||||||
Variable annuity guaranteed minimum withdrawal benefits (“GMWB”) | 1,040 | 693 | ||||||
Variable annuity guaranteed minimum accumulation benefits (“GMAB”) (1) | (35 | ) | (41 | ) | ||||
Other annuity liabilities | 124 | 115 | ||||||
Fixed annuities life contingent liabilities | 1,502 | 1,511 | ||||||
Equity indexed annuities (“EIA”) | 29 | 29 | ||||||
Life, disability income and long term care insurance | 5,277 | 5,106 | ||||||
VUL/UL and other life insurance additional liabilities | 463 | 437 | ||||||
Total future policy benefits | 8,400 | 7,850 | ||||||
Policy claims and other policyholders’ funds | 743 | 710 | ||||||
Total policyholder account balances, future policy benefits and claims | $ | 30,482 | $ | 30,350 | ||||
(1) | Includes the value of GMAB embedded derivatives that was a net asset at both March 31, 2015 and December 31, 2014 reported as a contra liability. | |||||||
Separate account liabilities consisted of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Variable annuity | $ | 73,087 | $ | 72,125 | ||||
VUL insurance | 7,110 | 7,016 | ||||||
Other insurance | 37 | 37 | ||||||
Threadneedle investment liabilities | 4,009 | 4,078 | ||||||
Total | $ | 84,243 | $ | 83,256 | ||||
Variable_Annuity_and_Insurance
Variable Annuity and Insurance Guarantees | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||
Variable annuity and insurance guarantees [Text Block] | Variable Annuity and Insurance Guarantees | ||||||||||||||||||||||||||||
The majority of the variable annuity contracts offered by the Company contain guaranteed minimum death benefit (“GMDB”) provisions. The Company also offers variable annuities with death benefit provisions that gross up the amount payable by a certain percentage of contract earnings, which are referred to as gain gross-up (“GGU”) benefits. In addition, the Company offers contracts with GMWB and GMAB provisions. The Company previously offered contracts containing guaranteed minimum income benefit (“GMIB”) provisions. | |||||||||||||||||||||||||||||
Certain UL policies offered by the Company provide secondary guarantee benefits. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. | |||||||||||||||||||||||||||||
The following table provides information related to variable annuity guarantees for which the Company has established additional liabilities: | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Variable Annuity Guarantees by Benefit Type (1) | Total Contract Value | Contract Value in Separate Accounts | Net Amount at Risk | Weighted Average Attained Age | Total Contract Value | Contract Value in Separate Accounts | Net Amount at Risk | Weighted Average Attained Age | |||||||||||||||||||||
(in millions, except age) | |||||||||||||||||||||||||||||
GMDB: | |||||||||||||||||||||||||||||
Return of premium | $ | 56,429 | $ | 54,623 | $ | 20 | 64 | $ | 55,378 | $ | 53,565 | $ | 24 | 64 | |||||||||||||||
Five/six-year reset | 10,269 | 7,728 | 25 | 65 | 10,360 | 7,821 | 28 | 64 | |||||||||||||||||||||
One-year ratchet | 7,395 | 7,016 | 30 | 66 | 7,392 | 7,006 | 39 | 66 | |||||||||||||||||||||
Five-year ratchet | 1,774 | 1,717 | 1 | 63 | 1,773 | 1,717 | 2 | 63 | |||||||||||||||||||||
Other | 955 | 937 | 38 | 70 | 959 | 941 | 38 | 70 | |||||||||||||||||||||
Total — GMDB | $ | 76,822 | $ | 72,021 | $ | 114 | 64 | $ | 75,862 | $ | 71,050 | $ | 131 | 64 | |||||||||||||||
GGU death benefit | $ | 1,104 | $ | 1,052 | $ | 126 | 67 | $ | 1,072 | $ | 1,019 | $ | 123 | 67 | |||||||||||||||
GMIB | $ | 331 | $ | 310 | $ | 9 | 67 | $ | 343 | $ | 321 | $ | 9 | 67 | |||||||||||||||
GMWB: | |||||||||||||||||||||||||||||
GMWB | $ | 3,641 | $ | 3,629 | $ | 1 | 68 | $ | 3,671 | $ | 3,659 | $ | 1 | 68 | |||||||||||||||
GMWB for life | 37,711 | 37,607 | 93 | 65 | 36,843 | 36,735 | 95 | 65 | |||||||||||||||||||||
Total — GMWB | $ | 41,352 | $ | 41,236 | $ | 94 | 65 | $ | 40,514 | $ | 40,394 | $ | 96 | 65 | |||||||||||||||
GMAB | $ | 4,307 | $ | 4,293 | $ | 1 | 58 | $ | 4,247 | $ | 4,234 | $ | 2 | 58 | |||||||||||||||
(1) Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table. | |||||||||||||||||||||||||||||
The net amount at risk for GMDB, GGU and GMAB guarantees is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB and GMWB guarantees is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero. The present value is calculated using a discount rate that is consistent with assumptions embedded in the Company’s annuity pricing models. | |||||||||||||||||||||||||||||
The following table provides information related to insurance guarantees for which the Company has established additional liabilities: | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Net Amount at Risk | Weighted Average Attained Age | Net Amount at Risk | Weighted Average Attained Age | ||||||||||||||||||||||||||
(in millions, except age) | |||||||||||||||||||||||||||||
UL secondary guarantees | $ | 6,162 | 63 | $ | 6,076 | 62 | |||||||||||||||||||||||
The net amount at risk for UL secondary guarantees is defined as the current guaranteed death benefit amount in excess of the current policyholder value. | |||||||||||||||||||||||||||||
Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees were as follows: | |||||||||||||||||||||||||||||
GMDB & GGU | GMIB | GMWB (1) | GMAB (1) | UL | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 4 | $ | 6 | $ | (383 | ) | $ | (62 | ) | $ | 206 | |||||||||||||||||
Incurred claims | 1 | — | 116 | (7 | ) | 19 | |||||||||||||||||||||||
Paid claims | (1 | ) | — | — | — | (4 | ) | ||||||||||||||||||||||
Balance at March 31, 2014 | $ | 4 | $ | 6 | $ | (267 | ) | $ | (69 | ) | $ | 221 | |||||||||||||||||
Balance at January 1, 2015 | $ | 9 | $ | 7 | $ | 693 | $ | (41 | ) | $ | 263 | ||||||||||||||||||
Incurred claims | 1 | — | 347 | 6 | 22 | ||||||||||||||||||||||||
Paid claims | (1 | ) | — | — | — | (6 | ) | ||||||||||||||||||||||
Balance at March 31, 2015 | $ | 9 | $ | 7 | $ | 1,040 | $ | (35 | ) | $ | 279 | ||||||||||||||||||
(1) The incurred claims for GMWB and GMAB represent the total change in the liabilities (contra liabilities). | |||||||||||||||||||||||||||||
The liabilities for guaranteed benefits are supported by general account assets. | |||||||||||||||||||||||||||||
The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits: | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Mutual funds: | |||||||||||||||||||||||||||||
Equity | $ | 41,882 | $ | 41,403 | |||||||||||||||||||||||||
Bond | 25,115 | 25,060 | |||||||||||||||||||||||||||
Other | 4,800 | 4,490 | |||||||||||||||||||||||||||
Total mutual funds | $ | 71,797 | $ | 70,953 | |||||||||||||||||||||||||
Debt
Debt | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Debt [Text Block] | Debt | |||||||||||||
The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows: | ||||||||||||||
Outstanding Balance | Stated Interest Rate | |||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | |||||||||||
(in millions) | ||||||||||||||
Long-term debt: | ||||||||||||||
Senior notes due 2015 | $ | 356 | (1) | $ | 358 | (1) | 5.7 | % | 5.7 | % | ||||
Senior notes due 2019 | 329 | (1) | 326 | (1) | 7.3 | 7.3 | ||||||||
Senior notes due 2020 | 789 | (1) | 786 | (1) | 5.3 | 5.3 | ||||||||
Senior notes due 2023 | 750 | 750 | 4 | 4 | ||||||||||
Senior notes due 2024 | 548 | 548 | 3.7 | 3.7 | ||||||||||
Junior subordinated notes due 2066 | 294 | 294 | 7.5 | 7.5 | ||||||||||
Total long-term debt | 3,066 | 3,062 | ||||||||||||
Short-term borrowings: | ||||||||||||||
Federal Home Loan Bank (“FHLB”) advances | 150 | 150 | 0.3 | 0.3 | ||||||||||
Repurchase agreements | 50 | 50 | 0.4 | 0.4 | ||||||||||
Total short-term borrowings | 200 | 200 | ||||||||||||
Total | $ | 3,266 | $ | 3,262 | ||||||||||
(1) Amounts include adjustments for fair value hedges on the Company’s long-term debt. See Note 12 for information on the Company’s fair value hedges. | ||||||||||||||
The amounts included in the table above are net of any unamortized discount and premium associated with issuing these notes. | ||||||||||||||
The Company has an unsecured revolving credit facility for up to $500 million. Under the terms of the underlying credit agreement for the facility, the Company may increase the amount of this facility up to $750 million upon satisfaction of certain approval requirements. Available borrowings under the agreement are reduced by any outstanding letters of credit. The Company had no borrowings outstanding under this facility and outstanding letters of credit issued against this facility were $1 million as of March 31, 2015. On May 1, 2015, the Company amended the underlying credit agreement for the facility to extend the expiration to May 2020. | ||||||||||||||
The Company’s junior subordinated notes due 2066 and credit facility contain various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants at both March 31, 2015 and December 31, 2014. | ||||||||||||||
Short-term Borrowings | ||||||||||||||
The Company enters into repurchase agreements in exchange for cash, which it accounts for as secured borrowings. The Company has pledged Available-for-Sale securities consisting of agency residential mortgage backed securities and commercial mortgage backed securities to collateralize its obligation under the repurchase agreements. The fair value of the securities pledged is recorded in investments and was $52 million at both March 31, 2015 and December 31, 2014. The stated interest rate of the repurchase agreements is a weighted average annualized interest rate on repurchase agreements held as of the balance sheet date. | ||||||||||||||
The Company’s life insurance subsidiary is a member of the FHLB of Des Moines which provides access to collateralized borrowings. The Company has pledged Available-for-Sale securities consisting of commercial mortgage backed securities to collateralize its obligation under these borrowings. The fair value of the securities pledged is recorded in investments and was $297 million and $298 million at March 31, 2015 and December 31, 2014, respectively. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date. |
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||
Fair values of assets and liabilities [Text Block] | Fair Values of Assets and Liabilities | |||||||||||||||||||||||||||
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale. | ||||||||||||||||||||||||||||
Valuation Hierarchy | ||||||||||||||||||||||||||||
The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: | ||||||||||||||||||||||||||||
Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. | ||||||||||||||||||||||||||||
Level 2 | Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities. | |||||||||||||||||||||||||||
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||||||||||||||||
The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash equivalents | $ | 32 | $ | 2,238 | $ | — | $ | 2,270 | ||||||||||||||||||||
Available-for-Sale securities: | ||||||||||||||||||||||||||||
Corporate debt securities | — | 15,692 | 1,526 | 17,218 | ||||||||||||||||||||||||
Residential mortgage backed securities | — | 5,990 | 280 | 6,270 | ||||||||||||||||||||||||
Commercial mortgage backed securities | — | 2,674 | 20 | 2,694 | ||||||||||||||||||||||||
Asset backed securities | — | 1,247 | 158 | 1,405 | ||||||||||||||||||||||||
State and municipal obligations | — | 2,243 | — | 2,243 | ||||||||||||||||||||||||
U.S. government and agencies obligations | 21 | 35 | — | 56 | ||||||||||||||||||||||||
Foreign government bonds and obligations | — | 245 | — | 245 | ||||||||||||||||||||||||
Common stocks | 5 | 7 | 7 | 19 | ||||||||||||||||||||||||
Total Available-for-Sale securities | 26 | 28,133 | 1,991 | 30,150 | ||||||||||||||||||||||||
Trading securities | 53 | 84 | 1 | 138 | ||||||||||||||||||||||||
Separate account assets | — | 84,243 | — | 84,243 | ||||||||||||||||||||||||
Investments segregated for regulatory purposes | — | 65 | — | 65 | ||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Interest rate derivative contracts | — | 2,478 | — | 2,478 | ||||||||||||||||||||||||
Equity derivative contracts | 226 | 2,020 | — | 2,246 | ||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 54 | — | 55 | ||||||||||||||||||||||||
Other derivative contracts | — | 6 | — | 6 | ||||||||||||||||||||||||
Total other assets | 227 | 4,558 | — | 4,785 | ||||||||||||||||||||||||
Total assets at fair value | $ | 338 | $ | 119,321 | $ | 1,992 | $ | 121,651 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Policyholder account balances, future policy benefits and claims: | ||||||||||||||||||||||||||||
EIA embedded derivatives | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||||||||||
IUL embedded derivatives | — | — | 270 | 270 | ||||||||||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | 827 | 827 | (2) | |||||||||||||||||||||||
Total policyholder account balances, future policy benefits and claims | — | 6 | 1,097 | 1,103 | (1) | |||||||||||||||||||||||
Customer deposits | — | 5 | — | 5 | ||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||
Interest rate derivative contracts | — | 1,244 | — | 1,244 | ||||||||||||||||||||||||
Equity derivative contracts | 303 | 2,413 | — | 2,716 | ||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 5 | — | 6 | ||||||||||||||||||||||||
Credit derivative contracts | — | 3 | — | 3 | ||||||||||||||||||||||||
Other derivative contracts | — | 106 | — | 106 | ||||||||||||||||||||||||
Other | — | 14 | — | 14 | ||||||||||||||||||||||||
Total other liabilities | 304 | 3,785 | — | 4,089 | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 304 | $ | 3,796 | $ | 1,097 | $ | 5,197 | ||||||||||||||||||||
(1) The Company’s adjustment for nonperformance risk resulted in a $359 million cumulative decrease to the embedded derivatives. | ||||||||||||||||||||||||||||
(2) | The fair value of the GMWB and GMAB embedded derivatives included $979 million of individual contracts in a liability position and $152 million of individual contracts in an asset position. | |||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash equivalents | $ | 27 | $ | 1,930 | $ | — | $ | 1,957 | ||||||||||||||||||||
Available-for-Sale securities: | ||||||||||||||||||||||||||||
Corporate debt securities | — | 15,647 | 1,518 | 17,165 | ||||||||||||||||||||||||
Residential mortgage backed securities | — | 6,001 | 206 | 6,207 | ||||||||||||||||||||||||
Commercial mortgage backed securities | — | 2,539 | 91 | 2,630 | ||||||||||||||||||||||||
Asset backed securities | — | 1,301 | 169 | 1,470 | ||||||||||||||||||||||||
State and municipal obligations | — | 2,239 | — | 2,239 | ||||||||||||||||||||||||
U.S. government and agencies obligations | 12 | 35 | — | 47 | ||||||||||||||||||||||||
Foreign government bonds and obligations | — | 251 | — | 251 | ||||||||||||||||||||||||
Common stocks | 5 | 7 | 6 | 18 | ||||||||||||||||||||||||
Total Available-for-Sale securities | 17 | 28,020 | 1,990 | 30,027 | ||||||||||||||||||||||||
Trading securities | 54 | 28 | 1 | 83 | ||||||||||||||||||||||||
Separate account assets | — | 83,256 | — | 83,256 | ||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Interest rate derivative contracts | — | 2,031 | — | 2,031 | ||||||||||||||||||||||||
Equity derivative contracts | 282 | 1,757 | — | 2,039 | ||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 29 | — | 30 | ||||||||||||||||||||||||
Other derivative contracts | — | 1 | — | 1 | ||||||||||||||||||||||||
Total other assets | 283 | 3,818 | — | 4,101 | ||||||||||||||||||||||||
Total assets at fair value | $ | 381 | $ | 117,052 | $ | 1,991 | $ | 119,424 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Policyholder account balances, future policy benefits and claims: | ||||||||||||||||||||||||||||
EIA embedded derivatives | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||||||||||
IUL embedded derivatives | — | — | 242 | 242 | ||||||||||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | 479 | 479 | (2) | |||||||||||||||||||||||
Total policyholder account balances, future policy benefits and claims | — | 6 | 721 | 727 | (1) | |||||||||||||||||||||||
Customer deposits | — | 6 | — | 6 | ||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||
Interest rate derivative contracts | — | 1,136 | — | 1,136 | ||||||||||||||||||||||||
Equity derivative contracts | 376 | 2,326 | — | 2,702 | ||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 2 | — | 3 | ||||||||||||||||||||||||
Other derivative contracts | — | 114 | — | 114 | ||||||||||||||||||||||||
Other | — | 12 | — | 12 | ||||||||||||||||||||||||
Total other liabilities | 377 | 3,590 | — | 3,967 | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 377 | $ | 3,602 | $ | 721 | $ | 4,700 | ||||||||||||||||||||
(1) | The Company’s adjustment for nonperformance risk resulted in a $311 million cumulative decrease to the embedded derivatives. | |||||||||||||||||||||||||||
(2) | The fair value of the GMWB and GMAB embedded derivatives included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. | |||||||||||||||||||||||||||
The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage | Commercial Mortgage | Asset Backed Securities | Common Stocks | Total | Trading Securities | ||||||||||||||||||||||
Backed Securities | Backed Securities | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, January 1, 2015 | $ | 1,518 | $ | 206 | $ | 91 | $ | 169 | $ | 6 | $ | 1,990 | $ | 1 | ||||||||||||||
Total gains included in: | ||||||||||||||||||||||||||||
Other comprehensive loss | 13 | — | — | — | 1 | 14 | — | |||||||||||||||||||||
Purchases | 15 | 115 | — | 23 | 153 | — | ||||||||||||||||||||||
Settlements | (20 | ) | (9 | ) | (1 | ) | (2 | ) | — | (32 | ) | — | ||||||||||||||||
Transfers into Level 3 | — | — | 6 | — | — | 6 | — | |||||||||||||||||||||
Transfers out of Level 3 | — | (32 | ) | (76 | ) | (32 | ) | — | (140 | ) | — | |||||||||||||||||
Balance, March 31, 2015 | $ | 1,526 | $ | 280 | $ | 20 | $ | 158 | $ | 7 | $ | 1,991 | $ | 1 | ||||||||||||||
Changes in unrealized gains relating to assets held at March 31, 2015 included in: | ||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Benefits, claims, losses and settlement expenses | — | — | — | — | — | — | — | |||||||||||||||||||||
Policyholder Account Balances, | ||||||||||||||||||||||||||||
Future Policy Benefits and Claims | ||||||||||||||||||||||||||||
IUL Embedded Derivatives | GMWB and GMAB | Total | ||||||||||||||||||||||||||
Embedded Derivatives | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, January 1, 2015 | $ | 242 | $ | 479 | $ | 721 | ||||||||||||||||||||||
Total losses included in: | ||||||||||||||||||||||||||||
Net income | 14 | (1) | 280 | (2) | 294 | |||||||||||||||||||||||
Issues | 19 | 64 | 83 | |||||||||||||||||||||||||
Settlements | (5 | ) | 4 | (1 | ) | |||||||||||||||||||||||
Balance, March 31, 2015 | $ | 270 | $ | 827 | $ | 1,097 | ||||||||||||||||||||||
Changes in unrealized losses relating to liabilities held at March 31, 2015 included in: | ||||||||||||||||||||||||||||
Interest credited to fixed accounts | $ | 14 | $ | — | $ | 14 | ||||||||||||||||||||||
Benefits, claims, losses and settlement expenses | — | 278 | 278 | |||||||||||||||||||||||||
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||
(2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage | Commercial Mortgage | Asset Backed Securities | Common Stocks | Total | Trading Securities | ||||||||||||||||||||||
Backed Securities | Backed Securities | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 1,640 | $ | 187 | $ | 30 | $ | 260 | $ | 6 | $ | 2,123 | $ | 2 | ||||||||||||||
Total gains included in: | ||||||||||||||||||||||||||||
Other comprehensive income | 4 | — | — | — | — | 4 | — | |||||||||||||||||||||
Purchases | 76 | 82 | 60 | 21 | — | 239 | — | |||||||||||||||||||||
Sales | (11 | ) | — | — | — | — | (11 | ) | ||||||||||||||||||||
Settlements | (143 | ) | (3 | ) | — | (6 | ) | — | (152 | ) | — | |||||||||||||||||
Transfers out of Level 3 | — | (179 | ) | (15 | ) | (69 | ) | — | (263 | ) | — | |||||||||||||||||
Balance, March 31, 2014 | $ | 1,566 | $ | 87 | $ | 75 | $ | 206 | $ | 6 | $ | 1,940 | $ | 2 | ||||||||||||||
Changes in unrealized losses relating to assets held at March 31, 2014 included in: | ||||||||||||||||||||||||||||
Net investment income | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | ||||||||||||
Policyholder Account Balances, | ||||||||||||||||||||||||||||
Future Policy Benefits and Claims | ||||||||||||||||||||||||||||
IUL Embedded Derivatives | GMWB and GMAB | Total | ||||||||||||||||||||||||||
Embedded Derivatives | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 125 | $ | (575 | ) | $ | (450 | ) | ||||||||||||||||||||
Total losses included in: | ||||||||||||||||||||||||||||
Net income | 6 | (1) | 52 | (2) | 58 | |||||||||||||||||||||||
Issues | 24 | 59 | 83 | |||||||||||||||||||||||||
Settlements | (1 | ) | (7 | ) | (8 | ) | ||||||||||||||||||||||
Balance, March 31, 2014 | $ | 154 | $ | (471 | ) | $ | (317 | ) | ||||||||||||||||||||
Changes in unrealized losses relating to liabilities held at March 31, 2014 included in: | ||||||||||||||||||||||||||||
Interest credited to fixed accounts | $ | 6 | $ | — | $ | 6 | ||||||||||||||||||||||
Benefits, claims, losses and settlement expenses | — | 52 | 52 | |||||||||||||||||||||||||
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||
(2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||
The increase to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $37 million and $15 million, net of DAC, DSIC, unearned revenue amortization and the reinsurance accrual, for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||
Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third party pricing service with observable inputs. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote. The Company recognizes transfers between levels of the fair value hierarchy as of the beginning of the quarter in which each transfer occurred. For assets and liabilities held at the end of the reporting periods that are measured at fair value on a recurring basis, there were no transfers between Level 1 and Level 2. | ||||||||||||||||||||||||||||
The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities: | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Corporate debt securities (private placements) | $ | 1,497 | Discounted cash flow | Yield/spread to U.S. Treasuries | 1 | % | – | 3.50% | 1.40% | |||||||||||||||||||
IUL embedded derivatives | $ | 270 | Discounted cash flow | Nonperformance risk (1) | 63 | bps | ||||||||||||||||||||||
GMWB and GMAB embedded derivatives | $ | 827 | Discounted cash flow | Utilization of guaranteed withdrawals (2) | 0 | % | – | 51.10% | ||||||||||||||||||||
Surrender rate | 0 | % | – | 59.10% | ||||||||||||||||||||||||
Market volatility (3) | 5.4 | % | – | 21.60% | ||||||||||||||||||||||||
Nonperformance risk (1) | 63 | bps | ||||||||||||||||||||||||||
Elective contractholder strategy allocations (4) | 0 | % | – | 3.00% | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Corporate debt securities (private placements) | $ | 1,476 | Discounted cash flow | Yield/spread to U.S. Treasuries | 1 | % | – | 3.90% | 1.50% | |||||||||||||||||||
IUL embedded derivatives | $ | 242 | Discounted cash flow | Nonperformance risk (1) | 65 | bps | ||||||||||||||||||||||
GMWB and GMAB embedded derivatives | $ | 479 | Discounted cash flow | Utilization of guaranteed withdrawals (2) | 0 | % | – | 51.10% | ||||||||||||||||||||
Surrender rate | 0 | % | – | 59.10% | ||||||||||||||||||||||||
Market volatility (3) | 5.2 | % | – | 20.90% | ||||||||||||||||||||||||
Nonperformance risk (1) | 65 | bps | ||||||||||||||||||||||||||
Elective contractholder strategy allocations (4) | 0 | % | – | 3.00% | ||||||||||||||||||||||||
(1) | The nonperformance risk is the spread added to the observable interest rates used in the valuation of the embedded derivatives. | |||||||||||||||||||||||||||
(2) | The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. | |||||||||||||||||||||||||||
(3) | Market volatility is implied volatility of fund of funds and managed volatility funds. | |||||||||||||||||||||||||||
(4) | The elective allocation represents the percentage of contractholders that are assumed to electively switch their investment allocation to a different allocation model. | |||||||||||||||||||||||||||
Level 3 measurements not included in the table above are obtained from non-binding broker quotes where unobservable inputs are not reasonably available to the Company. | ||||||||||||||||||||||||||||
Sensitivity of Fair Value Measurements to Changes in Unobservable Inputs | ||||||||||||||||||||||||||||
Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would result in a significantly lower (higher) fair value measurement. | ||||||||||||||||||||||||||||
Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would result in a significantly lower (higher) fair value measurement. | ||||||||||||||||||||||||||||
Significant increases (decreases) in utilization and volatility used in the fair value measurement of the GMWB and GMAB embedded derivatives in isolation would result in a significantly higher (lower) liability value. Significant increases (decreases) in nonperformance risk, surrender rate and elective investment allocation model used in the fair value measurement of the GMWB and GMAB embedded derivatives in isolation would result in a significantly lower (higher) liability value. Utilization of guaranteed withdrawals and surrender rates vary with the type of rider, the duration of the policy, the age of the contractholder, the distribution system and whether the value of the guaranteed benefit exceeds the contract accumulation value. | ||||||||||||||||||||||||||||
Determination of Fair Value | ||||||||||||||||||||||||||||
The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. | ||||||||||||||||||||||||||||
The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy. | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash Equivalents | ||||||||||||||||||||||||||||
Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money market funds are measured at their net asset value (“NAV”) and classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization. | ||||||||||||||||||||||||||||
Investments (Available-for-Sale Securities and Trading Securities) | ||||||||||||||||||||||||||||
When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third party pricing services, non-binding broker quotes, or other model-based valuation techniques. Level 1 securities primarily include U.S. Treasuries. Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations and U.S. agency and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities. The fair value of corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and certain asset backed securities classified as Level 3 is typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. In addition to the general pricing controls, the Company reviews the broker prices to ensure that the broker quotes are reasonable and, when available, compares prices of privately issued securities to public issues from the same issuer to ensure that the implicit illiquidity premium applied to the privately placed investment is reasonable considering investment characteristics, maturity, and average life of the investment. | ||||||||||||||||||||||||||||
In consideration of the above, management is responsible for the fair values recorded on the financial statements. Prices received from third party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise. | ||||||||||||||||||||||||||||
Separate Account Assets | ||||||||||||||||||||||||||||
The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV represents the exit price for the separate account. Separate account assets are classified as Level 2 as they are traded in principal-to-principal markets with little publicly released pricing information. | ||||||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||||
Derivatives that are measured using quoted prices in active markets, such as foreign currency forwards, or derivatives that are exchange-traded are classified as Level 1 measurements. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and options. Other derivative contracts consist of the Company’s macro hedge program. See Note 12 for further information on the macro hedge program. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial at March 31, 2015 and December 31, 2014. See Note 11 and Note 12 for further information on the credit risk of derivative instruments and related collateral. | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Policyholder Account Balances, Future Policy Benefits and Claims | ||||||||||||||||||||||||||||
The Company values the embedded derivatives attributable to the provisions of certain variable annuity riders using internal valuation models. These models calculate fair value by discounting expected cash flows from benefits plus margins for profit, risk and expenses less embedded derivative fees. The projected cash flows used by these models include observable capital market assumptions and incorporate significant unobservable inputs related to contractholder behavior assumptions, implied volatility, and margins for risk, profit and expenses that the Company believes an exit market participant would expect. The fair value also reflects a current estimate of the Company’s nonperformance risk specific to these embedded derivatives. Given the significant unobservable inputs to this valuation, these measurements are classified as Level 3. The embedded derivatives attributable to these provisions are recorded in policyholder account balances, future policy benefits and claims. | ||||||||||||||||||||||||||||
The Company uses various Black-Scholes calculations to determine the fair value of the embedded derivatives associated with the provisions of its EIA and IUL products. Significant inputs to the EIA calculation include observable interest rates, volatilities and equity index levels and, therefore, are classified as Level 2. The fair value of the IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and the significant unobservable estimate of the Company’s nonperformance risk. Given the significance of the nonperformance risk assumption to the fair value, the IUL embedded derivatives are classified as Level 3. The embedded derivatives attributable to these provisions are recorded in policyholder account balances, future policy benefits and claims. | ||||||||||||||||||||||||||||
The Company’s Corporate Actuarial Department calculates the fair value of the embedded derivatives on a monthly basis. During this process, control checks are performed to validate the completeness of the data. Actuarial management approves various components of the valuation along with the final results. The change in the fair value of the embedded derivatives is reviewed monthly with senior management. The Level 3 inputs into the valuation are consistent with the pricing assumptions and updated as experience develops. Significant unobservable inputs that reflect policyholder behavior are reviewed quarterly along with other valuation assumptions. | ||||||||||||||||||||||||||||
Customer Deposits | ||||||||||||||||||||||||||||
The Company uses various Black-Scholes calculations to determine the fair value of the embedded derivative liability associated with the provisions of its stock market certificates. The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2. | ||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||
Derivatives that are measured using quoted prices in active markets, such as foreign currency forwards, or derivatives that are exchange-traded, are classified as Level 1 measurements. The fair value of derivatives that are traded in less active OTC markets are generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. Other derivative contracts consist of the Company’s macro hedge program. See Note 12 for further information on the macro hedge program. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial at March 31, 2015 and December 31, 2014. See Note 11 and Note 12 for further information on the credit risk of derivative instruments and related collateral. | ||||||||||||||||||||||||||||
Securities sold but not yet purchased include highly liquid investments which are short-term in nature. Securities sold but not yet purchased are measured using amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization and are classified as Level 2. | ||||||||||||||||||||||||||||
During the reporting periods, there were no material assets or liabilities measured at fair value on a nonrecurring basis. | ||||||||||||||||||||||||||||
The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value. All other financial instruments that are reported at fair value have been included above in the tables with balances of assets and liabilities Ameriprise Financial measured at fair value on a recurring basis. | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Carrying Value | Fair Value | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||
Mortgage loans, net | $ | 3,368 | $ | — | $ | — | $ | 3,453 | $ | 3,453 | ||||||||||||||||||
Policy and certificate loans | 813 | — | 1 | 796 | 797 | |||||||||||||||||||||||
Receivables | 1,485 | 262 | 1,222 | 4 | 1,488 | |||||||||||||||||||||||
Restricted and segregated cash | 2,649 | 2,649 | — | — | 2,649 | |||||||||||||||||||||||
Other investments and assets | 542 | — | 483 | 60 | 543 | |||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | $ | 12,495 | $ | — | $ | — | $ | 13,720 | $ | 13,720 | ||||||||||||||||||
Investment certificate reserves | 4,303 | — | — | 4,294 | 4,294 | |||||||||||||||||||||||
Brokerage customer deposits | 3,575 | 3,575 | — | — | 3,575 | |||||||||||||||||||||||
Separate account liabilities | 4,408 | — | 4,408 | — | 4,408 | |||||||||||||||||||||||
Debt and other liabilities | 3,664 | 353 | 3,483 | 118 | 3,954 | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Carrying Value | Fair Value | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||
Mortgage loans, net | $ | 3,440 | $ | — | $ | — | $ | 3,512 | $ | 3,512 | ||||||||||||||||||
Policy and certificate loans | 806 | — | 1 | 793 | 794 | |||||||||||||||||||||||
Receivables | 1,418 | 215 | 1,200 | 3 | 1,418 | |||||||||||||||||||||||
Restricted and segregated cash | 2,614 | 2,614 | — | — | 2,614 | |||||||||||||||||||||||
Other investments and assets | 551 | — | 460 | 84 | 544 | |||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | $ | 12,979 | $ | — | $ | — | $ | 13,996 | $ | 13,996 | ||||||||||||||||||
Investment certificate reserves | 4,201 | — | — | 4,195 | 4,195 | |||||||||||||||||||||||
Brokerage customer deposits | 3,465 | 3,465 | — | — | 3,465 | |||||||||||||||||||||||
Separate account liabilities | 4,478 | — | 4,478 | — | 4,478 | |||||||||||||||||||||||
Debt and other liabilities | 3,576 | 261 | 3,446 | 121 | 3,828 | |||||||||||||||||||||||
Mortgage Loans, Net | ||||||||||||||||||||||||||||
The fair value of commercial mortgage loans, except those with significant credit deterioration, is determined by discounting contractual cash flows using discount rates that reflect current pricing for loans with similar remaining maturities, liquidity and characteristics including LTV, occupancy rate, refinance risk, debt-service coverage, location, and property condition. For commercial mortgage loans with significant credit deterioration, fair value is determined using the same adjustments as above with an additional adjustment for the Company’s estimate of the amount recoverable on the loan. Given the significant unobservable inputs to the valuation of commercial mortgage loans, these measurements are classified as Level 3. | ||||||||||||||||||||||||||||
The fair value of consumer loans is determined by discounting estimated cash flows and incorporating adjustments for prepayment, administration expenses, loss severity, liquidity and credit loss estimates, with discount rates based on the Company’s estimate of current market conditions. The fair value of consumer loans is classified as Level 3 as the valuation includes significant unobservable inputs. | ||||||||||||||||||||||||||||
Policy and Certificate Loans | ||||||||||||||||||||||||||||
Policy loans represent loans made against the cash surrender value of the underlying life insurance or annuity product. These loans and the related interest are usually realized at death of the policyholder or contractholder or at surrender of the contract and are not transferable without the underlying insurance or annuity contract. The fair value of policy loans is determined by estimating expected cash flows discounted at rates based on the U.S. Treasury curve. Policy loans are classified as Level 3 as the discount rate used may be adjusted for the underlying performance of individual policies. | ||||||||||||||||||||||||||||
Certificate loans represent loans made against and collateralized by the underlying certificate balance. These loans do not transfer to third parties separate from the underlying certificate. The outstanding balance of these loans is considered a reasonable estimate of fair value and is classified as Level 2. | ||||||||||||||||||||||||||||
Receivables | ||||||||||||||||||||||||||||
Brokerage margin loans are measured at outstanding balances, which are a reasonable estimate of fair value because of the sufficiency of the collateral and short term nature of these loans. Margin loans that are sufficiently collateralized are classified as Level 2. Margin loans that are not sufficiently collateralized are classified as Level 3. | ||||||||||||||||||||||||||||
Securities borrowed require the Company to deposit cash or collateral with the lender. As the market value of the securities borrowed is monitored daily, the carrying value is a reasonable estimate of fair value. The fair value of securities borrowed is classified as Level 1 as the value of the underlying securities is based on unadjusted prices for identical assets. | ||||||||||||||||||||||||||||
Restricted and Segregated Cash | ||||||||||||||||||||||||||||
Restricted and segregated cash is generally set aside for specific business transactions and restrictions are specific to the Company and do not transfer to third party market participants; therefore, the carrying amount is a reasonable estimate of fair value. | ||||||||||||||||||||||||||||
Amounts segregated under federal and other regulations may also reflect resale agreements and are measured at the price at which the securities will be sold. This measurement is a reasonable estimate of fair value because of the short time between entering into the transaction and its expected realization and the reduced risk of credit loss due to pledging U.S. government-backed securities as collateral. | ||||||||||||||||||||||||||||
The fair value of restricted and segregated cash is classified as Level 1. | ||||||||||||||||||||||||||||
Other Investments and Assets | ||||||||||||||||||||||||||||
Other investments and assets primarily consist of syndicated loans. The fair value of syndicated loans is obtained from a third party pricing service or non-binding broker quotes. Syndicated loans that are priced using a market approach with observable inputs are classified as Level 2 and syndicated loans priced using a single non-binding broker quote are classified as Level 3. | ||||||||||||||||||||||||||||
Other investments and assets also include the Company’s membership in the Federal Home Loan Bank of Des Moines and investments related to the Community Reinvestment Act. The fair value of these assets is approximated by the carrying value and classified as Level 3 due to restrictions on transfer and lack of liquidity in the primary market for these assets. | ||||||||||||||||||||||||||||
Policyholder Account Balances, Future Policy Benefits and Claims | ||||||||||||||||||||||||||||
The fair value of fixed annuities, in deferral status, is determined by discounting cash flows using a risk neutral discount rate with adjustments for profit margin, expense margin, early policy surrender behavior, a margin for adverse deviation from estimated early policy surrender behavior and the Company’s nonperformance risk specific to these liabilities. The fair value of non-life contingent fixed annuities in payout status, EIA host contracts and the fixed portion of a small number of variable annuity contracts classified as investment contracts is determined in a similar manner. Given the use of significant unobservable inputs to these valuations, the measurements are classified as Level 3. | ||||||||||||||||||||||||||||
Investment Certificate Reserves | ||||||||||||||||||||||||||||
The fair value of investment certificate reserves is determined by discounting cash flows using discount rates that reflect current pricing for assets with similar terms and characteristics, with adjustments for early withdrawal behavior, penalty fees, expense margin and the Company’s nonperformance risk specific to these liabilities. Given the use of significant unobservable inputs to this valuation, the measurement is classified as Level 3. | ||||||||||||||||||||||||||||
Brokerage Customer Deposits | ||||||||||||||||||||||||||||
Brokerage customer deposits are liabilities with no defined maturities and fair value is the amount payable on demand at the reporting date. The fair value of these deposits is classified as Level 1. | ||||||||||||||||||||||||||||
Separate Account Liabilities | ||||||||||||||||||||||||||||
Certain separate account liabilities are classified as investment contracts and are carried at an amount equal to the related separate account assets. The NAV of the related separate account assets represents the exit price for the separate account liabilities. Separate account liabilities are classified as Level 2 as they are traded in principal-to-principal markets with little publicly released pricing information. A nonperformance adjustment is not included as the related separate account assets act as collateral for these liabilities and minimize nonperformance risk. | ||||||||||||||||||||||||||||
Debt and Other Liabilities | ||||||||||||||||||||||||||||
The fair value of long-term debt is based on quoted prices in active markets, when available. If quoted prices are not available, fair values are obtained from third party pricing services, broker quotes, or other model-based valuation techniques such as present value of cash flows. The fair value of long-term debt is classified as Level 2. | ||||||||||||||||||||||||||||
The fair value of short-term borrowings is obtained from a third party pricing service. A nonperformance adjustment is not included as collateral requirements for these borrowings minimize the nonperformance risk. The fair value of short-term borrowings is classified as Level 2. | ||||||||||||||||||||||||||||
The fair value of future funding commitments to affordable housing partnerships is determined by discounting cash flows. The fair value of these commitments includes an adjustment for the Company’s nonperformance risk and is classified as Level 3 due to the use of the significant unobservable input. | ||||||||||||||||||||||||||||
Securities loaned require the borrower to deposit cash or collateral with the Company. As the market value of the securities loaned is monitored daily, the carrying value is a reasonable estimate of fair value. Securities loaned are classified as Level 1 as the fair value of the underlying securities is based on unadjusted prices for identical assets. |
Offsetting_Assets_and_Liabilit
Offsetting Assets and Liabilities | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Offsetting [Abstract] | ||||||||||||||||||||||||||||
Offsetting Assets and Liabilities [Text Block] | Offsetting Assets and Liabilities | |||||||||||||||||||||||||||
Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments, repurchase agreements and securities borrowing and lending agreements are subject to master netting arrangements and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Securities borrowed and loaned result from transactions between the Company’s broker dealer subsidiary and other financial institutions and are recorded at the amount of cash collateral advanced or received. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
The following tables present the gross and net information about the Company’s assets subject to master netting arrangements: | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Assets Presented in the | Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | Consolidated Balance Sheets | |||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
Derivatives: | (in millions) | |||||||||||||||||||||||||||
OTC | $ | 4,262 | $ | — | $ | 4,262 | $ | (3,135 | ) | $ | (497 | ) | $ | (614 | ) | $ | 16 | |||||||||||
OTC cleared | 474 | — | 474 | (358 | ) | (116 | ) | — | — | |||||||||||||||||||
Exchange-traded | 49 | — | 49 | — | — | — | 49 | |||||||||||||||||||||
Total derivatives | 4,785 | — | 4,785 | (3,493 | ) | (613 | ) | (614 | ) | 65 | ||||||||||||||||||
Securities borrowed | 262 | — | 262 | (69 | ) | — | (187 | ) | 6 | |||||||||||||||||||
Total | $ | 5,047 | $ | — | $ | 5,047 | $ | (3,562 | ) | $ | (613 | ) | $ | (801 | ) | $ | 71 | |||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Assets Presented in the | Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | Consolidated Balance Sheets | |||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
Derivatives: | (in millions) | |||||||||||||||||||||||||||
OTC | $ | 3,735 | $ | — | $ | 3,735 | $ | (3,000 | ) | $ | (281 | ) | $ | (418 | ) | $ | 36 | |||||||||||
OTC cleared | 305 | — | 305 | (224 | ) | (81 | ) | — | — | |||||||||||||||||||
Exchange-traded | 61 | — | 61 | — | — | — | 61 | |||||||||||||||||||||
Total derivatives | 4,101 | — | 4,101 | (3,224 | ) | (362 | ) | (418 | ) | 97 | ||||||||||||||||||
Securities borrowed | 215 | — | 215 | (49 | ) | — | (163 | ) | 3 | |||||||||||||||||||
Total | $ | 4,316 | $ | — | $ | 4,316 | $ | (3,273 | ) | $ | (362 | ) | $ | (581 | ) | $ | 100 | |||||||||||
(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements: | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the | Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets | ||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
Derivatives: | (in millions) | |||||||||||||||||||||||||||
OTC | $ | 3,705 | $ | — | $ | 3,705 | $ | (3,135 | ) | $ | — | $ | (557 | ) | $ | 13 | ||||||||||||
OTC cleared | 370 | — | 370 | (358 | ) | (12 | ) | — | — | |||||||||||||||||||
Total derivatives | 4,075 | — | 4,075 | (3,493 | ) | (12 | ) | (557 | ) | 13 | ||||||||||||||||||
Securities loaned | 353 | — | 353 | (69 | ) | — | (262 | ) | 22 | |||||||||||||||||||
Repurchase agreements | 50 | — | 50 | — | — | (50 | ) | — | ||||||||||||||||||||
Total | $ | 4,478 | $ | — | $ | 4,478 | $ | (3,562 | ) | $ | (12 | ) | $ | (869 | ) | $ | 35 | |||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated | Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets | ||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
Derivatives: | (in millions) | |||||||||||||||||||||||||||
OTC | $ | 3,723 | $ | — | $ | 3,723 | $ | (3,000 | ) | $ | — | $ | (723 | ) | $ | — | ||||||||||||
OTC cleared | 232 | — | 232 | (224 | ) | (8 | ) | — | — | |||||||||||||||||||
Total derivatives | 3,955 | — | 3,955 | (3,224 | ) | (8 | ) | (723 | ) | — | ||||||||||||||||||
Securities loaned | 261 | — | 261 | (49 | ) | — | (205 | ) | 7 | |||||||||||||||||||
Repurchase agreements | 50 | — | 50 | — | — | (50 | ) | — | ||||||||||||||||||||
Total | $ | 4,266 | $ | — | $ | 4,266 | $ | (3,273 | ) | $ | (8 | ) | $ | (978 | ) | $ | 7 | |||||||||||
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
In the tables above, the amounts of assets or liabilities presented in the Consolidated Balance Sheets are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables. | ||||||||||||||||||||||||||||
The Company’s freestanding derivative instruments are reflected in other assets and other liabilities. Repurchase agreements are reflected in short-term borrowings. Securities borrowing and lending agreements are reflected in receivables and other liabilities, respectively. See Note 12 for additional disclosures related to the Company’s derivative instruments, Note 9 for additional disclosures related to the Company’s repurchase agreements and Note 3 for information related to derivatives held by consolidated investment entities. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivatives and hedging activities [Text Block] | Derivatives and Hedging Activities | ||||||||||||||||||||
Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity, foreign exchange and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations. | |||||||||||||||||||||
The Company’s freestanding derivatives are recorded at fair value and are reflected in other assets or other liabilities. The Company’s freestanding derivative instruments are all subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 11 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral. | |||||||||||||||||||||
The Company uses derivatives as economic hedges and accounting hedges. The following table presents the balance sheet location and the gross fair value of derivative instruments, including embedded derivatives: | |||||||||||||||||||||
Derivatives designated as | Assets | Liabilities | |||||||||||||||||||
hedging instruments | Balance Sheet Location | 31-Mar-15 | 31-Dec-14 | Balance Sheet Location | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||
Interest rate contracts | Other assets | $ | 81 | $ | 76 | Other liabilities | $ | — | $ | — | |||||||||||
Total qualifying hedges | 81 | 76 | — | — | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||
GMWB and GMAB | |||||||||||||||||||||
Interest rate contracts | Other assets | 2,397 | 1,955 | Other liabilities | 1,244 | 1,136 | |||||||||||||||
Equity contracts | Other assets | 2,180 | 1,954 | Other liabilities | 2,681 | 2,650 | |||||||||||||||
Credit contracts | Other assets | — | — | Other liabilities | 3 | — | |||||||||||||||
Foreign exchange contracts | Other assets | 54 | 29 | Other liabilities | 5 | 2 | |||||||||||||||
Embedded derivatives (1) | N/A | — | — | Policyholder account balances, future policy benefits and claims (2) | 827 | 479 | |||||||||||||||
Total GMWB and GMAB | 4,631 | 3,938 | 4,760 | 4,267 | |||||||||||||||||
Other derivatives: | |||||||||||||||||||||
Equity | |||||||||||||||||||||
EIA embedded derivatives | N/A | — | — | Policyholder account balances, future policy benefits and claims | 6 | 6 | |||||||||||||||
IUL | Other assets | 33 | 39 | Other liabilities | 7 | 12 | |||||||||||||||
IUL embedded derivatives | N/A | — | — | Policyholder account balances, future policy benefits and claims | 270 | 242 | |||||||||||||||
Stock market certificates | Other assets | 33 | 46 | Other liabilities | 28 | 40 | |||||||||||||||
Stock market certificates embedded derivatives | N/A | — | — | Customer deposits | 5 | 6 | |||||||||||||||
Foreign exchange | |||||||||||||||||||||
Foreign currency | Other assets | 1 | 1 | Other liabilities | — | — | |||||||||||||||
Seed money | Other assets | — | — | Other liabilities | 1 | 1 | |||||||||||||||
Other | |||||||||||||||||||||
Macro hedge program | Other assets | 6 | 1 | Other liabilities | 106 | 114 | |||||||||||||||
Total other derivatives | 73 | 87 | 423 | 421 | |||||||||||||||||
Total non-designated hedges | 4,704 | 4,025 | 5,183 | 4,688 | |||||||||||||||||
Total derivatives | $ | 4,785 | $ | 4,101 | $ | 5,183 | $ | 4,688 | |||||||||||||
N/A Not applicable. | |||||||||||||||||||||
(1) The fair values of GMWB and GMAB embedded derivatives fluctuate based on changes in equity, interest rate and credit markets. | |||||||||||||||||||||
(2) The fair value of the GMWB and GMAB embedded derivatives at March 31, 2015 included $979 million of individual contracts in a liability position and $152 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives at December 31, 2014 included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. | |||||||||||||||||||||
See Note 10 for additional information regarding the Company’s fair value measurement of derivative instruments. | |||||||||||||||||||||
Derivatives Not Designated as Hedges | |||||||||||||||||||||
The following table presents a summary of the impact of derivatives not designated as hedging instruments on the Consolidated Statements of Operation: | |||||||||||||||||||||
Derivatives not designated as hedging instruments | Location of Gain (Loss) on Derivatives Recognized in Income | Amount of Gain (Loss) on | |||||||||||||||||||
Derivatives Recognized in Income | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
GMWB and GMAB | |||||||||||||||||||||
Interest rate contracts | Benefits, claims, losses and settlement expenses | $ | 386 | $ | 264 | ||||||||||||||||
Equity contracts | Benefits, claims, losses and settlement expenses | (122 | ) | (204 | ) | ||||||||||||||||
Credit contracts | Benefits, claims, losses and settlement expenses | (9 | ) | (10 | ) | ||||||||||||||||
Foreign exchange contracts | Benefits, claims, losses and settlement expenses | (6 | ) | (1 | ) | ||||||||||||||||
Embedded derivatives (1) | Benefits, claims, losses and settlement expenses | (348 | ) | (104 | ) | ||||||||||||||||
Total GMWB and GMAB | (99 | ) | (55 | ) | |||||||||||||||||
Other derivatives: | |||||||||||||||||||||
Interest rate | |||||||||||||||||||||
Tax hedge | Net investment income | — | 3 | ||||||||||||||||||
Seed money | Net investment income | — | (1 | ) | |||||||||||||||||
Equity | |||||||||||||||||||||
IUL | Interest credited to fixed accounts | 1 | 5 | ||||||||||||||||||
IUL embedded derivatives | Interest credited to fixed accounts | (9 | ) | (6 | ) | ||||||||||||||||
Stock market certificates | Banking and deposit interest expense | 1 | 1 | ||||||||||||||||||
Stock market certificates embedded derivatives | Banking and deposit interest expense | — | (1 | ) | |||||||||||||||||
Seed money | Net investment income | (2 | ) | (1 | ) | ||||||||||||||||
Deferred compensation | Distribution expenses | 7 | 1 | ||||||||||||||||||
Deferred compensation | General and administrative expense | 1 | — | ||||||||||||||||||
Foreign exchange | |||||||||||||||||||||
Deferred compensation | Distribution expenses | (3 | ) | — | |||||||||||||||||
Commodity | |||||||||||||||||||||
Seed money | Net investment income | — | (1 | ) | |||||||||||||||||
Other | |||||||||||||||||||||
Macro hedge program | Benefits, claims, losses and settlement expenses | (1 | ) | 13 | |||||||||||||||||
Total other derivatives | (5 | ) | 13 | ||||||||||||||||||
Total derivatives | $ | (104 | ) | $ | (42 | ) | |||||||||||||||
(1) The fair values of GMWB and GMAB embedded derivatives fluctuate based on changes in equity, interest rate and credit markets. | |||||||||||||||||||||
The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company. | |||||||||||||||||||||
Certain annuity contracts contain GMWB or GMAB provisions, which guarantee the right to make limited partial withdrawals each contract year regardless of the volatility inherent in the underlying investments or guarantee a minimum accumulation value of consideration received at the beginning of the contract period, after a specified holding period, respectively. The Company economically hedges the exposure related to non-life contingent GMWB and GMAB provisions primarily using various futures, options, interest rate swaptions, interest rate swaps, total return swaps and variance swaps. At March 31, 2015 and December 31, 2014, the gross notional amount of derivative contracts for the Company’s GMWB and GMAB provisions was $139.1 billion and $132.0 billion, respectively. | |||||||||||||||||||||
The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the option contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options: | |||||||||||||||||||||
Premiums Payable | Premiums Receivable | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
2015 (1) | $ | 311 | $ | 57 | |||||||||||||||||
2016 | 334 | 68 | |||||||||||||||||||
2017 | 274 | 69 | |||||||||||||||||||
2018 | 205 | 93 | |||||||||||||||||||
2019 | 259 | 87 | |||||||||||||||||||
2020-2027 | 634 | 146 | |||||||||||||||||||
Total | $ | 2,017 | $ | 520 | |||||||||||||||||
(1) 2015 amounts represent the amounts payable and receivable for the period from April 1, 2015 to December 31, 2015. | |||||||||||||||||||||
Actual timing and payment amounts may differ due to future contract settlements, modifications or exercises of options prior to the full premium being paid or received. | |||||||||||||||||||||
The Company has a macro hedge program to provide protection against the statutory tail scenario risk arising from variable annuity reserves on its statutory surplus and to cover some of the residual risks not covered by other hedging activities. As a means of economically hedging these risks, the Company uses a combination of options, interest rate swaptions and/or swaps. Certain of the macro hedge derivatives used contain settlement provisions linked to both equity returns and interest rates; the remaining are interest rate contracts or equity contracts. The gross notional amount of these derivative contracts was $3.7 billion and $2.7 billion at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||
EIA, IUL and stock market certificate products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to EIA, IUL and stock market certificate products will positively or negatively impact earnings over the life of these products. As a means of economically hedging its obligations under the provisions of these products, the Company enters into index options and futures contracts. The gross notional amount of these derivative contracts was $2.0 billion at both March 31, 2015 and December 31, 2014. | |||||||||||||||||||||
The Company enters into futures, commodity swaps, and foreign currency forward contracts to manage its exposure to price risk arising from seed money investments in proprietary investment products. The gross notional amount of these contracts was $85 million and $97 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||
The Company enters into foreign currency forward contracts to economically hedge its exposure to certain transactions denominated in non-functional currencies. The gross notional amount of these contracts was $9 million and $11 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||
The Company enters into futures contracts to economically hedge its exposure related to deferred compensation plans. The gross notional amount of these contracts was $301 million and $278 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||
Embedded Derivatives | |||||||||||||||||||||
Certain annuities contain GMAB and non-life contingent GMWB provisions, which are considered embedded derivatives. In addition, the equity component of the EIA, IUL and stock market certificate product obligations are also considered embedded derivatives. These embedded derivatives are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As discussed above, the Company uses derivatives to mitigate the financial statement impact of these embedded derivatives. | |||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||
The Company has designated and accounts for the following as cash flow hedges: (i) interest rate swaps to hedge interest rate exposure on debt, (ii) interest rate lock agreements to hedge interest rate exposure on debt issuances and (iii) swaptions used to hedge the risk of increasing interest rates on forecasted fixed premium product sales. | |||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, amounts recognized in earnings related to cash flow hedges due to ineffectiveness were not material. The estimated net amount of existing pretax losses as of March 31, 2015 that the Company expects to reclassify to earnings within the next twelve months is $2 million, which consists of $4 million of pretax gains to be recorded as a reduction to interest and debt expense and $6 million of pretax losses to be recorded in net investment income. | |||||||||||||||||||||
The following table presents the impact of the effective portion of the Company’s cash flow hedges on the Consolidated Statements of Operations and the Consolidated Statements of Equity: | |||||||||||||||||||||
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain (Loss) Reclassified | ||||||||||||||||||||
from Accumulated Other | |||||||||||||||||||||
Comprehensive Income into Income | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Interest and debt expense | $ | 1 | $ | 1 | |||||||||||||||||
Net investment income | (1 | ) | (1 | ) | |||||||||||||||||
Total | $ | — | $ | — | |||||||||||||||||
Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 21 years and relates to forecasted debt interest payments. | |||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||
In 2010, the Company entered into and designated as fair value hedges three interest rate swaps to convert senior notes due 2015, 2019 and 2020 from fixed rate debt to floating rate debt. The swaps have identical terms as the underlying debt being hedged so no ineffectiveness is expected to be realized. The Company recognizes gains and losses on the derivatives and the related hedged items within interest and debt expense. The following table presents the amounts recognized in income related to fair value hedges: | |||||||||||||||||||||
Derivatives designated as hedging instruments | Location of Gain Recorded into Income | Amount of Gain Recognized in | |||||||||||||||||||
Income on Derivatives | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Interest rate contracts | Interest and debt expense | $ | 8 | $ | 8 | ||||||||||||||||
Credit Risk | |||||||||||||||||||||
Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting arrangements and collateral arrangements whenever practical. See Note 11 for additional information on the Company’s credit exposure related to derivative assets. | |||||||||||||||||||||
Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s debt rating (or based on the financial strength of the Company’s life insurance subsidiaries for contracts in which those subsidiaries are the counterparty). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company’s debt does not maintain a specific credit rating (generally an investment grade rating) or the Company’s life insurance subsidiary does not maintain a specific financial strength rating. If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. At March 31, 2015 and December 31, 2014, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $430 million and $416 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of March 31, 2015 and December 31, 2014 was $417 million and $416 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position at March 31, 2015 and December 31, 2014 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $13 million and nil, respectively. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||
Shareholders' Equity [Text Block] | Shareholders’ Equity | ||||||||||
The following table provides information related to amounts reclassified from AOCI: | |||||||||||
AOCI Reclassification | Location of Loss (Gain) Recognized in Income | Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||||
(in millions) | |||||||||||
Net unrealized gains on Available-for-Sale securities | Net investment income | $ | (11 | ) | $ | (5 | ) | ||||
Tax expense | Income tax provision | 4 | 2 | ||||||||
Net of tax | $ | (7 | ) | $ | (3 | ) | |||||
Losses (gains) on cash flow hedges: | |||||||||||
Interest rate contracts | Interest and debt expense | $ | 1 | $ | (1 | ) | |||||
Swaptions | Net investment income | (1 | ) | 1 | |||||||
Total before tax | — | — | |||||||||
Tax benefit | Income tax provision | — | — | ||||||||
Net of tax | $ | — | $ | — | |||||||
See Note 4 for additional information related to the impact of DAC, DSIC, benefit reserves and reinsurance recoverable on net unrealized securities gains/losses included in AOCI. See Note 12 for additional information regarding the Company’s cash flow hedges. | |||||||||||
In April 2014, the Company’s Board of Directors authorized an expenditure of up to $2.5 billion for the repurchase of shares of the Company’s common stock through April 28, 2016. As of March 31, 2015, the Company had $1.4 billion remaining under its share repurchase authorization. During the three months ended March 31, 2015 and 2014, the Company repurchased a total of 2.6 million shares and 3.2 million shares, respectively, of its common stock for an aggregate cost of $349 million and $354 million, respectively. | |||||||||||
The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises. The holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligation. These vested restricted shares are reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase. For the three months ended March 31, 2015 and 2014, the Company reacquired 0.3 million shares and 0.8 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $43 million and $88 million, respectively, related to the holders’ income tax obligations on the vesting date. Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised. These shares are reacquired by the Company and recorded as treasury shares. For the three months ended March 31, 2015 and 2014, the Company reacquired 0.4 million shares and 0.7 million shares of its common stock through the net settlement of options for an aggregate value of $51 million and $74 million, respectively. | |||||||||||
During the three months ended March 31, 2015 and 2014, the Company reissued 1.0 million and 1.6 million treasury shares, respectively, for restricted stock award grants, performance share units and issuance of shares vested under the Ameriprise Financial Franchise Advisor Deferred Compensation Plan. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Income Taxes |
The Company’s effective tax rate on income from continuing operations was 22.5% and 20.7% for the three months ended March 31, 2015 and 2014, respectively. The Company’s effective tax rates are lower than the statutory rate as a result of tax preferred items including the dividends received deduction and low income housing tax credits. The increase in the effective tax rate for the three months ended March 31, 2015 compared to the three months ended March 31, 2014 is primarily due to an audit benefit in 2014 related to the completion of an Internal Revenue Service (“IRS”) audit. | |
Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $25 million, net of federal benefit, which will expire beginning December 31, 2015. | |
The Company is required to establish a valuation allowance for any portion of the deferred tax assets that management believes will not be realized. Included in deferred tax assets is a significant deferred tax asset relating to capital losses that have been recognized for financial statement purposes but not yet for tax return purposes. Under current U.S. federal income tax law, capital losses generally must be used against capital gain income within five years of the year in which the capital losses are recognized for tax purposes. Significant judgment is required in determining if a valuation allowance should be established, and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business including the ability to generate capital gains. Consideration is given to, among other things in making this determination, (i) future taxable income exclusive of reversing temporary differences and carryforwards, (ii) future reversals of existing taxable temporary differences, (iii) taxable income in prior carryback years, and (iv) tax planning strategies. Based on analysis of the Company’s tax position, management believes it is more likely than not that the Company will not realize certain state deferred tax assets and state net operating losses and therefore a valuation allowance has been established. The valuation allowance was $20 million at both March 31, 2015 and December 31, 2014. | |
As of March 31, 2015 and December 31, 2014, the Company had $241 million and $242 million, respectively, of gross unrecognized tax benefits. If recognized, approximately $55 million and $57 million, net of federal tax benefits, of unrecognized tax benefits as of March 31, 2015 and December 31, 2014, respectively, would affect the effective tax rate. | |
It is reasonably possible that the total amounts of unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by $170 million to $180 million in the next 12 months due to resolution of IRS examinations. | |
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $1 million and a net decrease of $1 million in interest and penalties for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015 and December 31, 2014, the Company had a payable of $49 million and $48 million, respectively, related to accrued interest and penalties. | |
The Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The IRS has completed its field examination of the 1997 through 2011 tax returns. However, for federal income tax purposes, these years, except for 2007, continue to remain open as a consequence of certain unagreed-upon issues. The IRS is currently auditing the Company’s U.S. Income Tax Returns for 2012 and 2013. The Company’s or certain of its subsidiaries’ state income tax returns are currently under examination by various jurisdictions for years ranging from 1997 through 2012 and remain open for all years after 2012. |
Guarantees_and_Contingencies
Guarantees and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and contingencies [Text Block] | Guarantees and Contingencies |
Guarantees | |
The Company is required by law to be a member of the guaranty fund association in every state where it is licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. Uncertainty and volatility in the U.S. economy and financial markets in recent years have weakened the financial condition of numerous insurers, including insurers currently in receiverships, increasing the risk of triggering guaranty fund assessments. | |
The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations (“NOLHGA”) and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated. | |
The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. At both March 31, 2015 and December 31, 2014, the estimated liability was $14 million and the related premium tax asset was $12 million. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known. | |
Contingencies | |
The Company and its subsidiaries are involved in the normal course of business in legal, regulatory and arbitration proceedings, including class actions, concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to litigation arising out of its general business activities, such as its investments, contracts, leases and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the financial services industry generally. | |
As with other financial services firms, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated. From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by, the SEC, the Financial Industry Regulatory Authority, the Office of the Comptroller of the Currency, the UK Financial Conduct Authority, state insurance and securities regulators, state attorneys general and various other domestic or foreign governmental and quasi-governmental authorities on behalf of themselves or clients concerning the Company’s business activities and practices, and the practices of the Company’s financial advisors. The Company has numerous pending matters which include information requests, exams or inquiries that the Company has received during recent periods regarding certain matters, including: sales and distribution of mutual funds, annuities, equity and fixed income securities, real estate investment trusts, insurance products, and financial advice offerings; supervision of the Company’s financial advisors; administration of insurance claims; security of client information; and front office systems and controls at the Company’s UK subsidiary. The Company is also responding to regulatory audits, market conduct examinations and other state inquiries relating to an industry-wide investigation of unclaimed property and escheatment practices and procedures. The number of reviews and investigations has increased in recent years with regard to many firms in the financial services industry, including Ameriprise Financial. The Company has cooperated and will continue to cooperate with the applicable regulators regarding their inquiries. | |
These legal and regulatory proceedings and disputes are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even possible, or to reasonably estimate the amount of any loss. The Company cannot predict with certainty if, how or when any such proceedings will be initiated or resolved or what the eventual settlement, fine, penalty or other relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing unsettled legal questions relevant to the proceedings in question, before a loss or range of loss can be reasonably estimated for any proceeding. An adverse outcome in one or more proceeding could eventually result in adverse judgments, settlements, fines, penalties or other sanctions, in addition to further claims, examinations or adverse publicity that could have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity. | |
In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter. | |
Certain legal and regulatory proceedings are described below. | |
In October 2011, a putative class action lawsuit entitled Roger Krueger, et al. vs. Ameriprise Financial, et al. was filed in the United States District Court for the District of Minnesota against the Company, certain of its present or former employees and directors, as well as certain fiduciary committees on behalf of participants and beneficiaries of the Ameriprise Financial 401(k) Plan. The alleged class period is from October 1, 2005 to the present. The action alleges that Ameriprise breached fiduciary duties under ERISA, by selecting and retaining primarily proprietary mutual funds with allegedly poor performance histories, higher expenses relative to other investment options and improper fees paid to Ameriprise Financial or its subsidiaries. On March 26, 2015, the parties submitted to the Court for approval a settlement in the amount of $27.5 million that would result in full and final dismissal of all claims. On April 6, 2015, the Court preliminarily approved the settlement, and set a final approval hearing for July 13, 2015. The settlement, net of insurance recovery, has no impact to the Company’s consolidated results of operations. | |
In September 2011, the California Department of Insurance (“CA DOI”) issued an Order to Show Cause administrative action against RiverSource Life Insurance Company alleging that certain claims handling practices reviewed in a 2007-2008 market conduct exam did not comply with applicable law. In August 2014, RiverSource Life Insurance Company and the CA DOI reached an agreement in principle to settle all pending allegations for $800,000, with the exception of a single allegation related to certain coverage determinations made under long term care insurance policies issued between 1989-1992. An administrative hearing on this remaining allegation concluded in November 2014, and in April 2015 a decision was issued by the California Insurance Commissioner resolving the matter in favor of RiverSource Life Insurance Company, finding no violations of the California Insurance Code and no penalties warranted against RiverSource Life Insurance Company. | |
In November 2014, a lawsuit was filed against the Company’s London-based asset management affiliate in England’s High Court of Justice Commercial Court, entitled Otkritie Capital International Ltd and JSC Otkritie Holding v. Threadneedle Asset Management Ltd. and Threadneedle Management Services Ltd. (“Threadneedle Defendants”). Claimants allege that the Threadneedle Defendants should be held liable for the wrongful acts of one of its former employees, who in February 2014 was held jointly and severally liable with several other parties for conspiracy and dishonest assistance in connection with a fraud perpetrated against Claimants in 2011. Claimants allege they were harmed by that fraud in the amount of $120 million. The Threadneedle Defendants have applied to the Court for an Order dismissing the proceedings as an abuse of process of the court, with a hearing on the application set for June 10, 2015. The Company cannot reasonably estimate the range of loss, if any, that may result from this matter due to the early procedural status of the case, the number of parties involved, and the failure to allege any specific, evidence based damages. |
Earnings_per_Share_Attributabl
Earnings per Share Attributable to Ameriprise Financial, Inc. Common Shareholders | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings per share attributable to Ameriprise Financial, Inc. common shareholders [Text Block] | Earnings per Share Attributable to Ameriprise Financial, Inc. Common Shareholders | |||||||
The computations of basic and diluted earnings per share attributable to Ameriprise Financial, Inc. common shareholders are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in millions, except per | ||||||||
share amounts) | ||||||||
Numerator: | ||||||||
Income from continuing operations | $ | 479 | $ | 516 | ||||
Less: Net income attributable to noncontrolling interests | 86 | 115 | ||||||
Income from continuing operations attributable to Ameriprise Financial | 393 | 401 | ||||||
Loss from discontinued operations, net of tax | — | (1 | ) | |||||
Net income attributable to Ameriprise Financial | $ | 393 | $ | 400 | ||||
Denominator: | ||||||||
Basic: Weighted-average common shares outstanding | 186.3 | 195.5 | ||||||
Effect of potentially dilutive nonqualified stock options and other share-based awards | 2.8 | 3.6 | ||||||
Diluted: Weighted-average common shares outstanding | 189.1 | 199.1 | ||||||
Earnings per share attributable to Ameriprise Financial, Inc. common shareholders: | ||||||||
Basic: | ||||||||
Income from continuing operations | $ | 2.11 | $ | 2.05 | ||||
Loss from discontinued operations | — | — | ||||||
Net income | $ | 2.11 | $ | 2.05 | ||||
Diluted: | ||||||||
Income from continuing operations | $ | 2.08 | $ | 2.01 | ||||
Loss from discontinued operations | — | — | ||||||
Net income | $ | 2.08 | $ | 2.01 | ||||
The calculation of diluted earnings per share excludes the incremental effect of 1.6 million and 1.5 million options as of March 31, 2015 and 2014, respectively, due to their anti-dilutive effect. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information[Text Block] | Segment Information | |||||||
The Company’s segments are Advice & Wealth Management, Asset Management, Annuities, Protection and Corporate & Other. | ||||||||
Management uses segment operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, operating earnings is the Company’s measure of segment performance. Operating earnings should not be viewed as a substitute for GAAP income from continuing operations before income tax provision. The Company believes the presentation of segment operating earnings as the Company measures it for management purposes enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis. | ||||||||
The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis. | ||||||||
Operating earnings is defined as operating net revenues less operating expenses. Operating net revenues and operating expenses exclude the results of discontinued operations, the market impact on IUL benefits (net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual), integration and restructuring charges and the impact of consolidating investment entities. Operating net revenues also exclude net realized gains or losses. Operating expenses also exclude the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC and DAC amortization). The market impact on variable annuity guaranteed benefits and IUL benefits includes changes in liability values caused by changes in financial market conditions, net of changes in associated economic hedge values. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on liability values of discounting projected benefits to reflect a current estimate of the Company’s life insurance subsidiary’s nonperformance spread. | ||||||||
The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Assets: | ||||||||
Advice & Wealth Management | $ | 10,731 | $ | 10,220 | ||||
Asset Management | 8,231 | 7,509 | ||||||
Annuities | 99,665 | 98,535 | ||||||
Protection | 21,632 | 20,779 | ||||||
Corporate & Other | 11,189 | 11,767 | ||||||
Total assets | $ | 151,448 | $ | 148,810 | ||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Operating net revenues: | ||||||||
Advice & Wealth Management | $ | 1,228 | $ | 1,149 | ||||
Asset Management | 807 | 807 | ||||||
Annuities | 631 | 636 | ||||||
Protection | 590 | 555 | ||||||
Corporate & Other | (6 | ) | 6 | |||||
Eliminations(1) | (352 | ) | (341 | ) | ||||
Total segment operating revenues | 2,898 | 2,812 | ||||||
Net realized gains | 10 | 5 | ||||||
Revenues attributable to CIEs | 149 | 177 | ||||||
Market impact on IUL benefits, net | (4 | ) | 2 | |||||
Total net revenues per consolidated statements of operations | $ | 3,053 | $ | 2,996 | ||||
(1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2015 and 2014 in each segment as follows: Advice & Wealth Management ($247 and $240, respectively); Asset Management ($11 and $11, respectively); Annuities ($84 and $80, respectively); Protection ($10 and $10, respectively); and Corporate & Other (nil and nil, respectively). | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Operating earnings: | ||||||||
Advice & Wealth Management | $ | 210 | $ | 181 | ||||
Asset Management | 191 | 183 | ||||||
Annuities | 172 | 176 | ||||||
Protection | 51 | 59 | ||||||
Corporate & Other | (62 | ) | (55 | ) | ||||
Total segment operating earnings | 562 | 544 | ||||||
Net realized gains | 10 | 5 | ||||||
Net income attributable to noncontrolling interests | 86 | 115 | ||||||
Market impact on variable annuity guaranteed benefits, net | (34 | ) | (15 | ) | ||||
Market impact on IUL benefits, net | (6 | ) | 1 | |||||
Income from continuing operations before income tax provision per consolidated statements of operations | $ | 618 | $ | 650 | ||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Variable interest entities [Abstract] | |||||||||||||||||||||
Schedule of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis [Table Text Block] | The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis: | ||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash equivalents | $ | 32 | $ | 2,238 | $ | — | $ | 2,270 | |||||||||||||
Available-for-Sale securities: | |||||||||||||||||||||
Corporate debt securities | — | 15,692 | 1,526 | 17,218 | |||||||||||||||||
Residential mortgage backed securities | — | 5,990 | 280 | 6,270 | |||||||||||||||||
Commercial mortgage backed securities | — | 2,674 | 20 | 2,694 | |||||||||||||||||
Asset backed securities | — | 1,247 | 158 | 1,405 | |||||||||||||||||
State and municipal obligations | — | 2,243 | — | 2,243 | |||||||||||||||||
U.S. government and agencies obligations | 21 | 35 | — | 56 | |||||||||||||||||
Foreign government bonds and obligations | — | 245 | — | 245 | |||||||||||||||||
Common stocks | 5 | 7 | 7 | 19 | |||||||||||||||||
Total Available-for-Sale securities | 26 | 28,133 | 1,991 | 30,150 | |||||||||||||||||
Trading securities | 53 | 84 | 1 | 138 | |||||||||||||||||
Separate account assets | — | 84,243 | — | 84,243 | |||||||||||||||||
Investments segregated for regulatory purposes | — | 65 | — | 65 | |||||||||||||||||
Other assets: | |||||||||||||||||||||
Interest rate derivative contracts | — | 2,478 | — | 2,478 | |||||||||||||||||
Equity derivative contracts | 226 | 2,020 | — | 2,246 | |||||||||||||||||
Foreign exchange derivative contracts | 1 | 54 | — | 55 | |||||||||||||||||
Other derivative contracts | — | 6 | — | 6 | |||||||||||||||||
Total other assets | 227 | 4,558 | — | 4,785 | |||||||||||||||||
Total assets at fair value | $ | 338 | $ | 119,321 | $ | 1,992 | $ | 121,651 | |||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims: | |||||||||||||||||||||
EIA embedded derivatives | $ | — | $ | 6 | $ | — | $ | 6 | |||||||||||||
IUL embedded derivatives | — | — | 270 | 270 | |||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | 827 | 827 | (2) | ||||||||||||||||
Total policyholder account balances, future policy benefits and claims | — | 6 | 1,097 | 1,103 | (1) | ||||||||||||||||
Customer deposits | — | 5 | — | 5 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||
Interest rate derivative contracts | — | 1,244 | — | 1,244 | |||||||||||||||||
Equity derivative contracts | 303 | 2,413 | — | 2,716 | |||||||||||||||||
Foreign exchange derivative contracts | 1 | 5 | — | 6 | |||||||||||||||||
Credit derivative contracts | — | 3 | — | 3 | |||||||||||||||||
Other derivative contracts | — | 106 | — | 106 | |||||||||||||||||
Other | — | 14 | — | 14 | |||||||||||||||||
Total other liabilities | 304 | 3,785 | — | 4,089 | |||||||||||||||||
Total liabilities at fair value | $ | 304 | $ | 3,796 | $ | 1,097 | $ | 5,197 | |||||||||||||
(1) The Company’s adjustment for nonperformance risk resulted in a $359 million cumulative decrease to the embedded derivatives. | |||||||||||||||||||||
(2) | The fair value of the GMWB and GMAB embedded derivatives included $979 million of individual contracts in a liability position and $152 million of individual contracts in an asset position. | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash equivalents | $ | 27 | $ | 1,930 | $ | — | $ | 1,957 | |||||||||||||
Available-for-Sale securities: | |||||||||||||||||||||
Corporate debt securities | — | 15,647 | 1,518 | 17,165 | |||||||||||||||||
Residential mortgage backed securities | — | 6,001 | 206 | 6,207 | |||||||||||||||||
Commercial mortgage backed securities | — | 2,539 | 91 | 2,630 | |||||||||||||||||
Asset backed securities | — | 1,301 | 169 | 1,470 | |||||||||||||||||
State and municipal obligations | — | 2,239 | — | 2,239 | |||||||||||||||||
U.S. government and agencies obligations | 12 | 35 | — | 47 | |||||||||||||||||
Foreign government bonds and obligations | — | 251 | — | 251 | |||||||||||||||||
Common stocks | 5 | 7 | 6 | 18 | |||||||||||||||||
Total Available-for-Sale securities | 17 | 28,020 | 1,990 | 30,027 | |||||||||||||||||
Trading securities | 54 | 28 | 1 | 83 | |||||||||||||||||
Separate account assets | — | 83,256 | — | 83,256 | |||||||||||||||||
Other assets: | |||||||||||||||||||||
Interest rate derivative contracts | — | 2,031 | — | 2,031 | |||||||||||||||||
Equity derivative contracts | 282 | 1,757 | — | 2,039 | |||||||||||||||||
Foreign exchange derivative contracts | 1 | 29 | — | 30 | |||||||||||||||||
Other derivative contracts | — | 1 | — | 1 | |||||||||||||||||
Total other assets | 283 | 3,818 | — | 4,101 | |||||||||||||||||
Total assets at fair value | $ | 381 | $ | 117,052 | $ | 1,991 | $ | 119,424 | |||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims: | |||||||||||||||||||||
EIA embedded derivatives | $ | — | $ | 6 | $ | — | $ | 6 | |||||||||||||
IUL embedded derivatives | — | — | 242 | 242 | |||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | 479 | 479 | (2) | ||||||||||||||||
Total policyholder account balances, future policy benefits and claims | — | 6 | 721 | 727 | (1) | ||||||||||||||||
Customer deposits | — | 6 | — | 6 | |||||||||||||||||
Other liabilities: | |||||||||||||||||||||
Interest rate derivative contracts | — | 1,136 | — | 1,136 | |||||||||||||||||
Equity derivative contracts | 376 | 2,326 | — | 2,702 | |||||||||||||||||
Foreign exchange derivative contracts | 1 | 2 | — | 3 | |||||||||||||||||
Other derivative contracts | — | 114 | — | 114 | |||||||||||||||||
Other | — | 12 | — | 12 | |||||||||||||||||
Total other liabilities | 377 | 3,590 | — | 3,967 | |||||||||||||||||
Total liabilities at fair value | $ | 377 | $ | 3,602 | $ | 721 | $ | 4,700 | |||||||||||||
(1) | The Company’s adjustment for nonperformance risk resulted in a $311 million cumulative decrease to the embedded derivatives. | ||||||||||||||||||||
(2) | The fair value of the GMWB and GMAB embedded derivatives included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. | ||||||||||||||||||||
Schedule of fair value and unpaid principal balance of assets and liabilities carried at fair value under the fair value option [Table Text Block] | The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected: | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Syndicated loans | |||||||||||||||||||||
Unpaid principal balance | $ | 5,830 | $ | 5,871 | |||||||||||||||||
Excess unpaid principal over fair value | (121 | ) | (100 | ) | |||||||||||||||||
Fair value | $ | 5,709 | $ | 5,771 | |||||||||||||||||
Fair value of loans more than 90 days past due | $ | 28 | $ | 32 | |||||||||||||||||
Fair value of loans in nonaccrual status | 28 | 32 | |||||||||||||||||||
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | 30 | 25 | |||||||||||||||||||
Debt | |||||||||||||||||||||
Unpaid principal balance | $ | 6,203 | $ | 6,248 | |||||||||||||||||
Excess unpaid principal over fair value | (270 | ) | (218 | ) | |||||||||||||||||
Fair value | $ | 5,933 | $ | 6,030 | |||||||||||||||||
Schedule of debt of the consolidated investment entities and the stated interest rates [Table Text Block] | The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows: | ||||||||||||||||||||
Outstanding Balance | Stated Interest Rate | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||
Senior notes due 2015 | $ | 356 | (1) | $ | 358 | (1) | 5.7 | % | 5.7 | % | |||||||||||
Senior notes due 2019 | 329 | (1) | 326 | (1) | 7.3 | 7.3 | |||||||||||||||
Senior notes due 2020 | 789 | (1) | 786 | (1) | 5.3 | 5.3 | |||||||||||||||
Senior notes due 2023 | 750 | 750 | 4 | 4 | |||||||||||||||||
Senior notes due 2024 | 548 | 548 | 3.7 | 3.7 | |||||||||||||||||
Junior subordinated notes due 2066 | 294 | 294 | 7.5 | 7.5 | |||||||||||||||||
Total long-term debt | 3,066 | 3,062 | |||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||
Federal Home Loan Bank (“FHLB”) advances | 150 | 150 | 0.3 | 0.3 | |||||||||||||||||
Repurchase agreements | 50 | 50 | 0.4 | 0.4 | |||||||||||||||||
Total short-term borrowings | 200 | 200 | |||||||||||||||||||
Total | $ | 3,266 | $ | 3,262 | |||||||||||||||||
(1) Amounts include adjustments for fair value hedges on the Company’s long-term debt. See Note 12 for information on the Company’s fair value hedges. | |||||||||||||||||||||
Consolidated investment entities [Member] | |||||||||||||||||||||
Variable interest entities [Abstract] | |||||||||||||||||||||
Schedule of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis [Table Text Block] | The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis: | ||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investments: | |||||||||||||||||||||
Corporate debt securities | $ | — | $ | 168 | $ | — | $ | 168 | |||||||||||||
Common stocks | 139 | 34 | 11 | 184 | |||||||||||||||||
Other investments | 4 | 25 | — | 29 | |||||||||||||||||
Syndicated loans | — | 5,242 | 467 | 5,709 | |||||||||||||||||
Total investments | 143 | 5,469 | 478 | 6,090 | |||||||||||||||||
Receivables | — | 31 | — | 31 | |||||||||||||||||
Other assets | — | 1 | 1,889 | 1,890 | |||||||||||||||||
Total assets at fair value | $ | 143 | $ | 5,501 | $ | 2,367 | $ | 8,011 | |||||||||||||
Liabilities | |||||||||||||||||||||
Debt | $ | — | $ | — | $ | 5,933 | $ | 5,933 | |||||||||||||
Other liabilities | — | 119 | — | 119 | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | 119 | $ | 5,933 | $ | 6,052 | |||||||||||||
31-Dec-14 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Investments: | |||||||||||||||||||||
Corporate debt securities | $ | — | $ | 171 | $ | — | $ | 171 | |||||||||||||
Common stocks | 130 | 40 | 7 | 177 | |||||||||||||||||
Other investments | 4 | 25 | — | 29 | |||||||||||||||||
Syndicated loans | — | 5,287 | 484 | 5,771 | |||||||||||||||||
Total investments | 134 | 5,523 | 491 | 6,148 | |||||||||||||||||
Receivables | — | 49 | — | 49 | |||||||||||||||||
Other assets | — | 1 | 1,935 | 1,936 | |||||||||||||||||
Total assets at fair value | $ | 134 | $ | 5,573 | $ | 2,426 | $ | 8,133 | |||||||||||||
Liabilities | |||||||||||||||||||||
Debt | $ | — | $ | — | $ | 6,030 | $ | 6,030 | |||||||||||||
Other liabilities | — | 193 | — | 193 | |||||||||||||||||
Total liabilities at fair value | $ | — | $ | 193 | $ | 6,030 | $ | 6,223 | |||||||||||||
Schedule of changes in Level 3 assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis [Table Text Block] | The following tables provide a summary of changes in Level 3 assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis: | ||||||||||||||||||||
Common Stocks | Syndicated Loans | Other Assets | Debt | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance, January 1, 2015 | $ | 7 | $ | 484 | $ | 1,935 | $ | (6,030 | ) | ||||||||||||
Total gains (losses) included in: | |||||||||||||||||||||
Net income | (1 | ) | (1) | (1 | ) | (1) | 31 | (2) | 51 | (1) | |||||||||||
Other comprehensive income | — | — | (110 | ) | — | ||||||||||||||||
Purchases | — | 37 | 342 | — | |||||||||||||||||
Sales | — | (3 | ) | (309 | ) | — | |||||||||||||||
Settlements | — | (31 | ) | — | 46 | ||||||||||||||||
Transfers into Level 3 | 5 | 255 | — | — | |||||||||||||||||
Transfers out of Level 3 | — | (274 | ) | — | — | ||||||||||||||||
Balance, March 31, 2015 | $ | 11 | $ | 467 | $ | 1,889 | $ | (5,933 | ) | ||||||||||||
Changes in unrealized gains (losses) included in income relating to assets and liabilities held at March 31, 2015 | $ | (1 | ) | (1) | $ | (1 | ) | (1) | $ | (58 | ) | (2) | $ | 51 | (1) | ||||||
(1) Included in net investment income in the Consolidated Statements of Operations. | |||||||||||||||||||||
(2) Included in other revenues in the Consolidated Statements of Operations. | |||||||||||||||||||||
Corporate Debt Securities | Common Stocks | Syndicated Loans | Other Assets | Debt | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance, January 1, 2014 | $ | 2 | $ | 14 | $ | 368 | $ | 1,936 | $ | (4,804 | ) | ||||||||||
Total gains (losses) included in: | |||||||||||||||||||||
Net income | 1 | (1) | 2 | (1) | 4 | (1) | 80 | (2) | (10 | ) | (1) | ||||||||||
Other comprehensive loss | — | — | — | 15 | — | ||||||||||||||||
Purchases | 2 | — | 96 | 19 | — | ||||||||||||||||
Sales | (2 | ) | — | — | (68 | ) | — | ||||||||||||||
Issues | — | — | — | — | (456 | ) | |||||||||||||||
Settlements | — | — | (12 | ) | — | 45 | |||||||||||||||
Transfers into Level 3 | 10 | 6 | 146 | 11 | — | ||||||||||||||||
Transfers out of Level 3 | — | (12 | ) | (218 | ) | — | — | ||||||||||||||
Balance, March 31, 2014 | $ | 13 | $ | 10 | $ | 384 | $ | 1,993 | $ | (5,225 | ) | ||||||||||
Changes in unrealized gains (losses) | $ | 1 | (1) | $ | 2 | (1) | $ | 3 | (1) | $ | 78 | (2) | $ | (10 | ) | (1) | |||||
included in income relating to assets and liabilities held at March 31, 2014 | |||||||||||||||||||||
(1) Included in net investment income in the Consolidated Statements of Operations. | |||||||||||||||||||||
(2) Included in other revenues in the Consolidated Statements of Operations. | |||||||||||||||||||||
Significant unobservable inputs used in the fair value measurements of assets and liabilities held by consolidated investment entities [Table Text Block] | The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities held by consolidated investment entities: | ||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Other assets (property funds) | $ | 1,889 | Discounted cash flow/ market comparables | Equivalent yield | 4.2 | % | – | 13.80% | 6.3 | % | |||||||||||
Expected rental value (per square foot) | $3 | – | $89 | $36 | |||||||||||||||||
CLO debt | $ | 5,933 | Discounted cash flow | Annual default rate | 2.50% | ||||||||||||||||
Discount rate | 1.7 | % | – | 8.50% | 2.8 | % | |||||||||||||||
Constant prepayment rate | 5 | % | – | 10.00% | 9.8 | % | |||||||||||||||
Loss recovery | 36.4 | % | – | 63.60% | 62.7 | % | |||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Other assets (property funds) | $ | 1,935 | Discounted cash flow/ market comparables | Equivalent yield | 4.4 | % | – | 12.00% | 6.5 | % | |||||||||||
Expected rental value (per square foot) | $3 | – | $94 | $34 | |||||||||||||||||
CLO debt | $ | 6,030 | Discounted cash flow | Annual default rate | 2.50% | ||||||||||||||||
Discount rate | 1.2 | % | – | 8.30% | 2.4 | % | |||||||||||||||
Constant prepayment rate | 5 | % | – | 10.00% | 9.8 | % | |||||||||||||||
Loss recovery | 36.4 | % | – | 63.60% | 62.7 | % | |||||||||||||||
Schedule of debt of the consolidated investment entities and the stated interest rates [Table Text Block] | Debt of the consolidated investment entities and the stated interest rates were as follows: | ||||||||||||||||||||
Carrying Value | Weighted Average Interest Rate | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||
Debt of consolidated CLOs due 2016-2026 | $ | 5,933 | $ | 6,030 | 1.3 | % | 1.3 | % | |||||||||||||
Floating rate revolving credit borrowings due 2016-2020 | 846 | 837 | 2.8 | 2.7 | |||||||||||||||||
Total | $ | 6,779 | $ | 6,867 | |||||||||||||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||
Summary of investments [Table Text Block] | The following is a summary of Ameriprise Financial investments: | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Available-for-Sale securities, at fair value | $ | 30,150 | $ | 30,027 | ||||||||||||||||||||||||||||||
Mortgage loans, net | 3,368 | 3,440 | ||||||||||||||||||||||||||||||||
Policy and certificate loans | 813 | 806 | ||||||||||||||||||||||||||||||||
Other investments | 1,395 | 1,309 | ||||||||||||||||||||||||||||||||
Total | $ | 35,726 | $ | 35,582 | ||||||||||||||||||||||||||||||
Summary of net investment income [Table Text Block] | The following is a summary of net investment income: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Investment income on fixed maturities | $ | 354 | $ | 374 | ||||||||||||||||||||||||||||||
Net realized gains | 10 | 5 | ||||||||||||||||||||||||||||||||
Affordable housing partnerships | (8 | ) | (6 | ) | ||||||||||||||||||||||||||||||
Other | 23 | 24 | ||||||||||||||||||||||||||||||||
Consolidated investment entities | 105 | 74 | ||||||||||||||||||||||||||||||||
Total net investment income | $ | 484 | $ | 471 | ||||||||||||||||||||||||||||||
Available-for-Sale Securities Disclosure [Table Text Block] | Available-for-Sale securities distributed by type were as follows: | |||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||
Description of Securities | Amortized | Gross | Gross | Fair Value | Noncredit | |||||||||||||||||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | OTTI (1) | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 15,622 | $ | 1,634 | $ | (38 | ) | $ | 17,218 | $ | 3 | |||||||||||||||||||||||
Residential mortgage backed securities | 6,147 | 175 | (52 | ) | 6,270 | (15 | ) | |||||||||||||||||||||||||||
Commercial mortgage backed securities | 2,560 | 136 | (2 | ) | 2,694 | — | ||||||||||||||||||||||||||||
Asset backed securities | 1,353 | 55 | (3 | ) | 1,405 | — | ||||||||||||||||||||||||||||
State and municipal obligations | 2,003 | 267 | (27 | ) | 2,243 | — | ||||||||||||||||||||||||||||
U.S. government and agencies obligations | 52 | 4 | — | 56 | — | |||||||||||||||||||||||||||||
Foreign government bonds and obligations | 227 | 24 | (6 | ) | 245 | — | ||||||||||||||||||||||||||||
Common stocks | 8 | 11 | — | 19 | 5 | |||||||||||||||||||||||||||||
Total | $ | 27,972 | $ | 2,306 | $ | (128 | ) | $ | 30,150 | $ | (7 | ) | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||
Description of Securities | Amortized | Gross | Gross | Fair Value | Noncredit | |||||||||||||||||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | OTTI (1) | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 15,742 | $ | 1,482 | $ | (59 | ) | $ | 17,165 | $ | 3 | |||||||||||||||||||||||
Residential mortgage backed securities | 6,099 | 168 | (60 | ) | 6,207 | (15 | ) | |||||||||||||||||||||||||||
Commercial mortgage backed securities | 2,513 | 120 | (3 | ) | 2,630 | — | ||||||||||||||||||||||||||||
Asset backed securities | 1,417 | 59 | (6 | ) | 1,470 | — | ||||||||||||||||||||||||||||
State and municipal obligations | 2,008 | 257 | (26 | ) | 2,239 | — | ||||||||||||||||||||||||||||
U.S. government and agencies obligations | 43 | 4 | — | 47 | — | |||||||||||||||||||||||||||||
Foreign government bonds and obligations | 236 | 21 | (6 | ) | 251 | — | ||||||||||||||||||||||||||||
Common stocks | 8 | 10 | — | 18 | 5 | |||||||||||||||||||||||||||||
Total | $ | 28,066 | $ | 2,121 | $ | (160 | ) | $ | 30,027 | $ | (7 | ) | ||||||||||||||||||||||
(1) | Represents the amount of other-than-temporary impairment (“OTTI”) losses in accumulated other comprehensive income (“AOCI”). Amount includes unrealized gains and losses on impaired securities subsequent to the initial impairment measurement date. These amounts are included in gross unrealized gains and losses as of the end of the period. | |||||||||||||||||||||||||||||||||
Investments with fixed maturities disclosure [Table Text Block] | A summary of fixed maturity securities by rating was as follows: | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||||||||||
Ratings | Amortized Cost | Fair Value | Percent of Total | Amortized Cost | Fair Value | Percent of Total | ||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||
(in millions, except percentages) | ||||||||||||||||||||||||||||||||||
AAA | $ | 7,511 | $ | 7,817 | 26 | % | $ | 7,500 | $ | 7,776 | 26 | % | ||||||||||||||||||||||
AA | 1,603 | 1,824 | 6 | 1,581 | 1,799 | 6 | ||||||||||||||||||||||||||||
A | 5,624 | 6,294 | 21 | 6,028 | 6,668 | 22 | ||||||||||||||||||||||||||||
BBB | 11,418 | 12,372 | 41 | 11,187 | 12,025 | 40 | ||||||||||||||||||||||||||||
Below investment grade | 1,808 | 1,824 | 6 | 1,762 | 1,741 | 6 | ||||||||||||||||||||||||||||
Total fixed maturities | $ | 27,964 | $ | 30,131 | 100 | % | $ | 28,058 | $ | 30,009 | 100 | % | ||||||||||||||||||||||
Available-for-Sale securities continuous unrealized loss disclosure [Table Text Block] | The following tables provide information about Available-for-Sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||
Description of Securities | Number of | Fair | Unrealized | Number of | Fair | Unrealized | Number of | Fair | Unrealized | |||||||||||||||||||||||||
Securities | Value | Losses | Securities | Value | Losses | Securities | Value | Losses | ||||||||||||||||||||||||||
(in millions, except number of securities) | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 113 | $ | 1,335 | $ | (33 | ) | 14 | $ | 169 | $ | (5 | ) | 127 | $ | 1,504 | $ | (38 | ) | ||||||||||||||||
Residential mortgage backed securities | 69 | 871 | (5 | ) | 143 | 1,389 | (47 | ) | 212 | 2,260 | (52 | ) | ||||||||||||||||||||||
Commercial mortgage backed securities | 11 | 113 | (1 | ) | 6 | 85 | (1 | ) | 17 | 198 | (2 | ) | ||||||||||||||||||||||
Asset backed securities | 15 | 171 | — | 12 | 218 | (3 | ) | 27 | 389 | (3 | ) | |||||||||||||||||||||||
State and municipal obligations | 21 | 46 | (1 | ) | 3 | 102 | (26 | ) | 24 | 148 | (27 | ) | ||||||||||||||||||||||
Foreign government bonds and obligations | 3 | 7 | (1 | ) | 14 | 26 | (5 | ) | 17 | 33 | (6 | ) | ||||||||||||||||||||||
Total | 232 | $ | 2,543 | $ | (41 | ) | 192 | $ | 1,989 | $ | (87 | ) | 424 | $ | 4,532 | $ | (128 | ) | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||
Description of Securities | Number of | Fair | Unrealized | Number of | Fair | Unrealized | Number of | Fair | Unrealized | |||||||||||||||||||||||||
Securities | Value | Losses | Securities | Value | Losses | Securities | Value | Losses | ||||||||||||||||||||||||||
(in millions, except number of securities) | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 182 | $ | 2,165 | $ | (41 | ) | 40 | $ | 689 | $ | (18 | ) | 222 | $ | 2,854 | $ | (59 | ) | ||||||||||||||||
Residential mortgage backed securities | 73 | 879 | (7 | ) | 138 | 1,387 | (53 | ) | 211 | 2,266 | (60 | ) | ||||||||||||||||||||||
Commercial mortgage backed securities | 15 | 173 | — | 12 | 131 | (3 | ) | 27 | 304 | (3 | ) | |||||||||||||||||||||||
Asset backed securities | 17 | 201 | (2 | ) | 14 | 238 | (4 | ) | 31 | 439 | (6 | ) | ||||||||||||||||||||||
State and municipal obligations | 11 | 29 | (1 | ) | 10 | 115 | (25 | ) | 21 | 144 | (26 | ) | ||||||||||||||||||||||
Foreign government bonds and obligations | 4 | 10 | (1 | ) | 14 | 27 | (5 | ) | 18 | 37 | (6 | ) | ||||||||||||||||||||||
Total | 302 | $ | 3,457 | $ | (52 | ) | 228 | $ | 2,587 | $ | (108 | ) | 530 | $ | 6,044 | $ | (160 | ) | ||||||||||||||||
Credit losses on available-for-sale securities disclosure [Table Text Block] | The following table presents a rollforward of the cumulative amounts recognized in the Consolidated Statements of Operations for other-than-temporary impairments related to credit losses on Available-for-Sale securities for which a portion of the securities’ total other-than-temporary impairments was recognized in other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Beginning balance | $ | 98 | $ | 147 | ||||||||||||||||||||||||||||||
Credit losses for which an other-than-temporary impairment was previously recognized | 1 | — | ||||||||||||||||||||||||||||||||
Ending balance | $ | 99 | $ | 147 | ||||||||||||||||||||||||||||||
Other comprehensive income available-for-sale securities disclosure [Table Text Block] | The following table presents a rollforward of the net unrealized securities gains on Available-for-Sale securities included in AOCI: | |||||||||||||||||||||||||||||||||
Net Unrealized | Deferred | AOCI Related to | ||||||||||||||||||||||||||||||||
Securities Gains | Income Tax | Net Unrealized | ||||||||||||||||||||||||||||||||
Securities Gains | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 1,016 | $ | (361 | ) | $ | 655 | |||||||||||||||||||||||||||
Net unrealized securities gains arising during the period (1) | 370 | (131 | ) | 239 | ||||||||||||||||||||||||||||||
Reclassification of net securities gains included in net income | (5 | ) | 2 | (3 | ) | |||||||||||||||||||||||||||||
Impact of other adjustments | (140 | ) | 49 | (91 | ) | |||||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 1,241 | $ | (441 | ) | $ | 800 | (2) | ||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 1,216 | $ | (430 | ) | $ | 786 | |||||||||||||||||||||||||||
Net unrealized securities gains arising during the period (1) | 228 | (81 | ) | 147 | ||||||||||||||||||||||||||||||
Reclassification of net securities gains included in net income | (11 | ) | 4 | (7 | ) | |||||||||||||||||||||||||||||
Impact of other adjustments | (106 | ) | 37 | (69 | ) | |||||||||||||||||||||||||||||
Balance at March 31, 2015 | $ | 1,327 | $ | (470 | ) | $ | 857 | (2) | ||||||||||||||||||||||||||
(1) Includes other-than-temporary impairment losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income (loss) during the period. | ||||||||||||||||||||||||||||||||||
(2) Includes $5 million and $1 million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||||
Available-for-Sale securities recognized in earnings disclosure [Table Text Block] | Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in earnings were as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Gross realized gains | $ | 17 | $ | 7 | ||||||||||||||||||||||||||||||
Gross realized losses | (5 | ) | (1 | ) | ||||||||||||||||||||||||||||||
Other-than-temporary impairments | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||
Total | $ | 11 | $ | 5 | ||||||||||||||||||||||||||||||
Available-for-Sale securities contractual maturity disclosure [Table Text Block] | Available-for-Sale securities by contractual maturity at March 31, 2015 were as follows: | |||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Due within one year | $ | 1,505 | $ | 1,520 | ||||||||||||||||||||||||||||||
Due after one year through five years | 6,818 | 7,363 | ||||||||||||||||||||||||||||||||
Due after five years through 10 years | 5,055 | 5,343 | ||||||||||||||||||||||||||||||||
Due after 10 years | 4,526 | 5,536 | ||||||||||||||||||||||||||||||||
17,904 | 19,762 | |||||||||||||||||||||||||||||||||
Residential mortgage backed securities | 6,147 | 6,270 | ||||||||||||||||||||||||||||||||
Commercial mortgage backed securities | 2,560 | 2,694 | ||||||||||||||||||||||||||||||||
Asset backed securities | 1,353 | 1,405 | ||||||||||||||||||||||||||||||||
Common stocks | 8 | 19 | ||||||||||||||||||||||||||||||||
Total | $ | 27,972 | $ | 30,150 | ||||||||||||||||||||||||||||||
Financing_Receivables_Tables
Financing Receivables (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Receivables [Abstract] | ||||||||||||||
Rollforward of the allowance for loan losses [Table Text Block] | The following table presents a rollforward of the allowance for loan losses for commercial mortgage loans, syndicated loans and consumer loans for the three months ended and the ending balance of the allowance for loan losses by impairment method: | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
(in millions) | ||||||||||||||
Beginning balance | $ | 35 | $ | 37 | ||||||||||
Charge-offs | (2 | ) | (3 | ) | ||||||||||
Provisions | 1 | — | ||||||||||||
Ending balance | $ | 34 | $ | 34 | ||||||||||
Individually evaluated for impairment | $ | 8 | $ | 7 | ||||||||||
Collectively evaluated for impairment | 26 | 27 | ||||||||||||
Schedule of recorded investment in financing receivables by impairment method and type of loan [Table Text Block] | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
(in millions) | ||||||||||||||
Individually evaluated for impairment | $ | 41 | $ | 42 | ||||||||||
Collectively evaluated for impairment | 3,870 | 3,951 | ||||||||||||
Total | $ | 3,911 | $ | 3,993 | ||||||||||
Schedule of commercial mortgage loans by geographic region [Table Text Block] | Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows: | |||||||||||||
Loans | Percentage | |||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||
(in millions) | ||||||||||||||
East North Central | $ | 208 | $ | 238 | 8 | % | 9 | % | ||||||
East South Central | 55 | 62 | 2 | 2 | ||||||||||
Middle Atlantic | 208 | 217 | 8 | 8 | ||||||||||
Mountain | 253 | 245 | 9 | 9 | ||||||||||
New England | 139 | 140 | 5 | 5 | ||||||||||
Pacific | 693 | 694 | 26 | 25 | ||||||||||
South Atlantic | 731 | 740 | 27 | 27 | ||||||||||
West North Central | 238 | 233 | 9 | 9 | ||||||||||
West South Central | 158 | 160 | 6 | 6 | ||||||||||
2,683 | 2,729 | 100 | % | 100 | % | |||||||||
Less: allowance for loan losses | 23 | 25 | ||||||||||||
Total | $ | 2,660 | $ | 2,704 | ||||||||||
Schedule of commercial mortgage loans by property type [Table Text Block] | Concentrations of credit risk of commercial mortgage loans by property type were as follows: | |||||||||||||
Loans | Percentage | |||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||
(in millions) | ||||||||||||||
Apartments | $ | 501 | $ | 500 | 19 | % | 18 | % | ||||||
Hotel | 33 | 34 | 1 | 1 | ||||||||||
Industrial | 451 | 461 | 17 | 17 | ||||||||||
Mixed use | 45 | 45 | 2 | 2 | ||||||||||
Office | 527 | 545 | 19 | 20 | ||||||||||
Retail | 965 | 988 | 36 | 36 | ||||||||||
Other | 161 | 156 | 6 | 6 | ||||||||||
2,683 | 2,729 | 100 | % | 100 | % | |||||||||
Less: allowance for loan losses | 23 | 25 | ||||||||||||
Total | $ | 2,660 | $ | 2,704 | ||||||||||
Deferred_Acquisition_Costs_and1
Deferred Acquisition Costs and Deferred Sales Inducement Costs (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Acquisition Costs and Deferred Sales Inducement Costs | ||||||||
Schedule of balances of and changes in DAC [Table Text Block] | The balances of and changes in DAC were as follows: | |||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Balance at January 1 | $ | 2,608 | $ | 2,663 | ||||
Capitalization of acquisition costs | 80 | 79 | ||||||
Amortization | (75 | ) | (87 | ) | ||||
Impact of change in net unrealized securities gains | (11 | ) | (25 | ) | ||||
Balance at March 31 | $ | 2,602 | $ | 2,630 | ||||
Schedule of balances of and changes in DSIC [Table Text Block] | The balances of and changes in DSIC, which are included in other assets, were as follows: | |||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Balance at January 1 | $ | 362 | $ | 409 | ||||
Capitalization of sales inducement costs | 1 | 1 | ||||||
Amortization | (9 | ) | (13 | ) | ||||
Impact of change in net unrealized securities gains | (2 | ) | (5 | ) | ||||
Balance at March 31 | $ | 352 | $ | 392 | ||||
Policyholder_Account_Balances_1
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities | ||||||||
Policyholder Account Balances, Future Policy Benefits and Unpaid Claims Disclosure [Table Text Block] | Policyholder account balances, future policy benefits and claims consisted of the following: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Policyholder account balances | ||||||||
Fixed annuities | $ | 12,216 | $ | 12,700 | ||||
Variable annuity fixed sub-accounts | 4,849 | 4,860 | ||||||
Variable universal life (“VUL”)/universal life (“UL”) insurance | 2,858 | 2,856 | ||||||
Indexed universal life (“IUL”) insurance | 590 | 534 | ||||||
Other life insurance | 826 | 840 | ||||||
Total policyholder account balances | 21,339 | 21,790 | ||||||
Future policy benefits | ||||||||
Variable annuity guaranteed minimum withdrawal benefits (“GMWB”) | 1,040 | 693 | ||||||
Variable annuity guaranteed minimum accumulation benefits (“GMAB”) (1) | (35 | ) | (41 | ) | ||||
Other annuity liabilities | 124 | 115 | ||||||
Fixed annuities life contingent liabilities | 1,502 | 1,511 | ||||||
Equity indexed annuities (“EIA”) | 29 | 29 | ||||||
Life, disability income and long term care insurance | 5,277 | 5,106 | ||||||
VUL/UL and other life insurance additional liabilities | 463 | 437 | ||||||
Total future policy benefits | 8,400 | 7,850 | ||||||
Policy claims and other policyholders’ funds | 743 | 710 | ||||||
Total policyholder account balances, future policy benefits and claims | $ | 30,482 | $ | 30,350 | ||||
(1) | Includes the value of GMAB embedded derivatives that was a net asset at both March 31, 2015 and December 31, 2014 reported as a contra liability. | |||||||
Schedule of Separate Account Liabilities by Policy Type [Table Text Block] | Separate account liabilities consisted of the following: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Variable annuity | $ | 73,087 | $ | 72,125 | ||||
VUL insurance | 7,110 | 7,016 | ||||||
Other insurance | 37 | 37 | ||||||
Threadneedle investment liabilities | 4,009 | 4,078 | ||||||
Total | $ | 84,243 | $ | 83,256 | ||||
Variable_Annuity_and_Insurance1
Variable Annuity and Insurance Guarantees (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||
Schedule of variable annuity guarantees [Table Text Block] | The following table provides information related to variable annuity guarantees for which the Company has established additional liabilities: | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Variable Annuity Guarantees by Benefit Type (1) | Total Contract Value | Contract Value in Separate Accounts | Net Amount at Risk | Weighted Average Attained Age | Total Contract Value | Contract Value in Separate Accounts | Net Amount at Risk | Weighted Average Attained Age | |||||||||||||||||||||
(in millions, except age) | |||||||||||||||||||||||||||||
GMDB: | |||||||||||||||||||||||||||||
Return of premium | $ | 56,429 | $ | 54,623 | $ | 20 | 64 | $ | 55,378 | $ | 53,565 | $ | 24 | 64 | |||||||||||||||
Five/six-year reset | 10,269 | 7,728 | 25 | 65 | 10,360 | 7,821 | 28 | 64 | |||||||||||||||||||||
One-year ratchet | 7,395 | 7,016 | 30 | 66 | 7,392 | 7,006 | 39 | 66 | |||||||||||||||||||||
Five-year ratchet | 1,774 | 1,717 | 1 | 63 | 1,773 | 1,717 | 2 | 63 | |||||||||||||||||||||
Other | 955 | 937 | 38 | 70 | 959 | 941 | 38 | 70 | |||||||||||||||||||||
Total — GMDB | $ | 76,822 | $ | 72,021 | $ | 114 | 64 | $ | 75,862 | $ | 71,050 | $ | 131 | 64 | |||||||||||||||
GGU death benefit | $ | 1,104 | $ | 1,052 | $ | 126 | 67 | $ | 1,072 | $ | 1,019 | $ | 123 | 67 | |||||||||||||||
GMIB | $ | 331 | $ | 310 | $ | 9 | 67 | $ | 343 | $ | 321 | $ | 9 | 67 | |||||||||||||||
GMWB: | |||||||||||||||||||||||||||||
GMWB | $ | 3,641 | $ | 3,629 | $ | 1 | 68 | $ | 3,671 | $ | 3,659 | $ | 1 | 68 | |||||||||||||||
GMWB for life | 37,711 | 37,607 | 93 | 65 | 36,843 | 36,735 | 95 | 65 | |||||||||||||||||||||
Total — GMWB | $ | 41,352 | $ | 41,236 | $ | 94 | 65 | $ | 40,514 | $ | 40,394 | $ | 96 | 65 | |||||||||||||||
GMAB | $ | 4,307 | $ | 4,293 | $ | 1 | 58 | $ | 4,247 | $ | 4,234 | $ | 2 | 58 | |||||||||||||||
(1) Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table. | |||||||||||||||||||||||||||||
Schedule of net amount of risk UL secondary guarantees [Table Text Block] | The following table provides information related to insurance guarantees for which the Company has established additional liabilities: | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Net Amount at Risk | Weighted Average Attained Age | Net Amount at Risk | Weighted Average Attained Age | ||||||||||||||||||||||||||
(in millions, except age) | |||||||||||||||||||||||||||||
UL secondary guarantees | $ | 6,162 | 63 | $ | 6,076 | 62 | |||||||||||||||||||||||
Schedule of changes in additional liabilities for variable annuity and insurance guarantees [Table Text Block] | Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees were as follows: | ||||||||||||||||||||||||||||
GMDB & GGU | GMIB | GMWB (1) | GMAB (1) | UL | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 4 | $ | 6 | $ | (383 | ) | $ | (62 | ) | $ | 206 | |||||||||||||||||
Incurred claims | 1 | — | 116 | (7 | ) | 19 | |||||||||||||||||||||||
Paid claims | (1 | ) | — | — | — | (4 | ) | ||||||||||||||||||||||
Balance at March 31, 2014 | $ | 4 | $ | 6 | $ | (267 | ) | $ | (69 | ) | $ | 221 | |||||||||||||||||
Balance at January 1, 2015 | $ | 9 | $ | 7 | $ | 693 | $ | (41 | ) | $ | 263 | ||||||||||||||||||
Incurred claims | 1 | — | 347 | 6 | 22 | ||||||||||||||||||||||||
Paid claims | (1 | ) | — | — | — | (6 | ) | ||||||||||||||||||||||
Balance at March 31, 2015 | $ | 9 | $ | 7 | $ | 1,040 | $ | (35 | ) | $ | 279 | ||||||||||||||||||
(1) The incurred claims for GMWB and GMAB represent the total change in the liabilities (contra liabilities). | |||||||||||||||||||||||||||||
Schedule of separate account balances by asset type [Table Text Block] | The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits: | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Mutual funds: | |||||||||||||||||||||||||||||
Equity | $ | 41,882 | $ | 41,403 | |||||||||||||||||||||||||
Bond | 25,115 | 25,060 | |||||||||||||||||||||||||||
Other | 4,800 | 4,490 | |||||||||||||||||||||||||||
Total mutual funds | $ | 71,797 | $ | 70,953 | |||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Schedule of Debt [Table Text Block] | The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows: | |||||||||||||
Outstanding Balance | Stated Interest Rate | |||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | |||||||||||
(in millions) | ||||||||||||||
Long-term debt: | ||||||||||||||
Senior notes due 2015 | $ | 356 | (1) | $ | 358 | (1) | 5.7 | % | 5.7 | % | ||||
Senior notes due 2019 | 329 | (1) | 326 | (1) | 7.3 | 7.3 | ||||||||
Senior notes due 2020 | 789 | (1) | 786 | (1) | 5.3 | 5.3 | ||||||||
Senior notes due 2023 | 750 | 750 | 4 | 4 | ||||||||||
Senior notes due 2024 | 548 | 548 | 3.7 | 3.7 | ||||||||||
Junior subordinated notes due 2066 | 294 | 294 | 7.5 | 7.5 | ||||||||||
Total long-term debt | 3,066 | 3,062 | ||||||||||||
Short-term borrowings: | ||||||||||||||
Federal Home Loan Bank (“FHLB”) advances | 150 | 150 | 0.3 | 0.3 | ||||||||||
Repurchase agreements | 50 | 50 | 0.4 | 0.4 | ||||||||||
Total short-term borrowings | 200 | 200 | ||||||||||||
Total | $ | 3,266 | $ | 3,262 | ||||||||||
(1) Amounts include adjustments for fair value hedges on the Company’s long-term debt. See Note 12 for information on the Company’s fair value hedges. |
Fair_Values_of_Assets_and_Liab1
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||
Schedule of balances of assets and liabilities measured at fair value on a recurring basis | The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis: | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash equivalents | $ | 32 | $ | 2,238 | $ | — | $ | 2,270 | ||||||||||||||||||||
Available-for-Sale securities: | ||||||||||||||||||||||||||||
Corporate debt securities | — | 15,692 | 1,526 | 17,218 | ||||||||||||||||||||||||
Residential mortgage backed securities | — | 5,990 | 280 | 6,270 | ||||||||||||||||||||||||
Commercial mortgage backed securities | — | 2,674 | 20 | 2,694 | ||||||||||||||||||||||||
Asset backed securities | — | 1,247 | 158 | 1,405 | ||||||||||||||||||||||||
State and municipal obligations | — | 2,243 | — | 2,243 | ||||||||||||||||||||||||
U.S. government and agencies obligations | 21 | 35 | — | 56 | ||||||||||||||||||||||||
Foreign government bonds and obligations | — | 245 | — | 245 | ||||||||||||||||||||||||
Common stocks | 5 | 7 | 7 | 19 | ||||||||||||||||||||||||
Total Available-for-Sale securities | 26 | 28,133 | 1,991 | 30,150 | ||||||||||||||||||||||||
Trading securities | 53 | 84 | 1 | 138 | ||||||||||||||||||||||||
Separate account assets | — | 84,243 | — | 84,243 | ||||||||||||||||||||||||
Investments segregated for regulatory purposes | — | 65 | — | 65 | ||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Interest rate derivative contracts | — | 2,478 | — | 2,478 | ||||||||||||||||||||||||
Equity derivative contracts | 226 | 2,020 | — | 2,246 | ||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 54 | — | 55 | ||||||||||||||||||||||||
Other derivative contracts | — | 6 | — | 6 | ||||||||||||||||||||||||
Total other assets | 227 | 4,558 | — | 4,785 | ||||||||||||||||||||||||
Total assets at fair value | $ | 338 | $ | 119,321 | $ | 1,992 | $ | 121,651 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Policyholder account balances, future policy benefits and claims: | ||||||||||||||||||||||||||||
EIA embedded derivatives | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||||||||||
IUL embedded derivatives | — | — | 270 | 270 | ||||||||||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | 827 | 827 | (2) | |||||||||||||||||||||||
Total policyholder account balances, future policy benefits and claims | — | 6 | 1,097 | 1,103 | (1) | |||||||||||||||||||||||
Customer deposits | — | 5 | — | 5 | ||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||
Interest rate derivative contracts | — | 1,244 | — | 1,244 | ||||||||||||||||||||||||
Equity derivative contracts | 303 | 2,413 | — | 2,716 | ||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 5 | — | 6 | ||||||||||||||||||||||||
Credit derivative contracts | — | 3 | — | 3 | ||||||||||||||||||||||||
Other derivative contracts | — | 106 | — | 106 | ||||||||||||||||||||||||
Other | — | 14 | — | 14 | ||||||||||||||||||||||||
Total other liabilities | 304 | 3,785 | — | 4,089 | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 304 | $ | 3,796 | $ | 1,097 | $ | 5,197 | ||||||||||||||||||||
(1) The Company’s adjustment for nonperformance risk resulted in a $359 million cumulative decrease to the embedded derivatives. | ||||||||||||||||||||||||||||
(2) | The fair value of the GMWB and GMAB embedded derivatives included $979 million of individual contracts in a liability position and $152 million of individual contracts in an asset position. | |||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash equivalents | $ | 27 | $ | 1,930 | $ | — | $ | 1,957 | ||||||||||||||||||||
Available-for-Sale securities: | ||||||||||||||||||||||||||||
Corporate debt securities | — | 15,647 | 1,518 | 17,165 | ||||||||||||||||||||||||
Residential mortgage backed securities | — | 6,001 | 206 | 6,207 | ||||||||||||||||||||||||
Commercial mortgage backed securities | — | 2,539 | 91 | 2,630 | ||||||||||||||||||||||||
Asset backed securities | — | 1,301 | 169 | 1,470 | ||||||||||||||||||||||||
State and municipal obligations | — | 2,239 | — | 2,239 | ||||||||||||||||||||||||
U.S. government and agencies obligations | 12 | 35 | — | 47 | ||||||||||||||||||||||||
Foreign government bonds and obligations | — | 251 | — | 251 | ||||||||||||||||||||||||
Common stocks | 5 | 7 | 6 | 18 | ||||||||||||||||||||||||
Total Available-for-Sale securities | 17 | 28,020 | 1,990 | 30,027 | ||||||||||||||||||||||||
Trading securities | 54 | 28 | 1 | 83 | ||||||||||||||||||||||||
Separate account assets | — | 83,256 | — | 83,256 | ||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Interest rate derivative contracts | — | 2,031 | — | 2,031 | ||||||||||||||||||||||||
Equity derivative contracts | 282 | 1,757 | — | 2,039 | ||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 29 | — | 30 | ||||||||||||||||||||||||
Other derivative contracts | — | 1 | — | 1 | ||||||||||||||||||||||||
Total other assets | 283 | 3,818 | — | 4,101 | ||||||||||||||||||||||||
Total assets at fair value | $ | 381 | $ | 117,052 | $ | 1,991 | $ | 119,424 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Policyholder account balances, future policy benefits and claims: | ||||||||||||||||||||||||||||
EIA embedded derivatives | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||||||||||
IUL embedded derivatives | — | — | 242 | 242 | ||||||||||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | 479 | 479 | (2) | |||||||||||||||||||||||
Total policyholder account balances, future policy benefits and claims | — | 6 | 721 | 727 | (1) | |||||||||||||||||||||||
Customer deposits | — | 6 | — | 6 | ||||||||||||||||||||||||
Other liabilities: | ||||||||||||||||||||||||||||
Interest rate derivative contracts | — | 1,136 | — | 1,136 | ||||||||||||||||||||||||
Equity derivative contracts | 376 | 2,326 | — | 2,702 | ||||||||||||||||||||||||
Foreign exchange derivative contracts | 1 | 2 | — | 3 | ||||||||||||||||||||||||
Other derivative contracts | — | 114 | — | 114 | ||||||||||||||||||||||||
Other | — | 12 | — | 12 | ||||||||||||||||||||||||
Total other liabilities | 377 | 3,590 | — | 3,967 | ||||||||||||||||||||||||
Total liabilities at fair value | $ | 377 | $ | 3,602 | $ | 721 | $ | 4,700 | ||||||||||||||||||||
(1) | The Company’s adjustment for nonperformance risk resulted in a $311 million cumulative decrease to the embedded derivatives. | |||||||||||||||||||||||||||
(2) | The fair value of the GMWB and GMAB embedded derivatives included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. | |||||||||||||||||||||||||||
Summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage | Commercial Mortgage | Asset Backed Securities | Common Stocks | Total | Trading Securities | ||||||||||||||||||||||
Backed Securities | Backed Securities | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, January 1, 2015 | $ | 1,518 | $ | 206 | $ | 91 | $ | 169 | $ | 6 | $ | 1,990 | $ | 1 | ||||||||||||||
Total gains included in: | ||||||||||||||||||||||||||||
Other comprehensive loss | 13 | — | — | — | 1 | 14 | — | |||||||||||||||||||||
Purchases | 15 | 115 | — | 23 | 153 | — | ||||||||||||||||||||||
Settlements | (20 | ) | (9 | ) | (1 | ) | (2 | ) | — | (32 | ) | — | ||||||||||||||||
Transfers into Level 3 | — | — | 6 | — | — | 6 | — | |||||||||||||||||||||
Transfers out of Level 3 | — | (32 | ) | (76 | ) | (32 | ) | — | (140 | ) | — | |||||||||||||||||
Balance, March 31, 2015 | $ | 1,526 | $ | 280 | $ | 20 | $ | 158 | $ | 7 | $ | 1,991 | $ | 1 | ||||||||||||||
Changes in unrealized gains relating to assets held at March 31, 2015 included in: | ||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Benefits, claims, losses and settlement expenses | — | — | — | — | — | — | — | |||||||||||||||||||||
Policyholder Account Balances, | ||||||||||||||||||||||||||||
Future Policy Benefits and Claims | ||||||||||||||||||||||||||||
IUL Embedded Derivatives | GMWB and GMAB | Total | ||||||||||||||||||||||||||
Embedded Derivatives | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, January 1, 2015 | $ | 242 | $ | 479 | $ | 721 | ||||||||||||||||||||||
Total losses included in: | ||||||||||||||||||||||||||||
Net income | 14 | (1) | 280 | (2) | 294 | |||||||||||||||||||||||
Issues | 19 | 64 | 83 | |||||||||||||||||||||||||
Settlements | (5 | ) | 4 | (1 | ) | |||||||||||||||||||||||
Balance, March 31, 2015 | $ | 270 | $ | 827 | $ | 1,097 | ||||||||||||||||||||||
Changes in unrealized losses relating to liabilities held at March 31, 2015 included in: | ||||||||||||||||||||||||||||
Interest credited to fixed accounts | $ | 14 | $ | — | $ | 14 | ||||||||||||||||||||||
Benefits, claims, losses and settlement expenses | — | 278 | 278 | |||||||||||||||||||||||||
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||
(2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage | Commercial Mortgage | Asset Backed Securities | Common Stocks | Total | Trading Securities | ||||||||||||||||||||||
Backed Securities | Backed Securities | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 1,640 | $ | 187 | $ | 30 | $ | 260 | $ | 6 | $ | 2,123 | $ | 2 | ||||||||||||||
Total gains included in: | ||||||||||||||||||||||||||||
Other comprehensive income | 4 | — | — | — | — | 4 | — | |||||||||||||||||||||
Purchases | 76 | 82 | 60 | 21 | — | 239 | — | |||||||||||||||||||||
Sales | (11 | ) | — | — | — | — | (11 | ) | ||||||||||||||||||||
Settlements | (143 | ) | (3 | ) | — | (6 | ) | — | (152 | ) | — | |||||||||||||||||
Transfers out of Level 3 | — | (179 | ) | (15 | ) | (69 | ) | — | (263 | ) | — | |||||||||||||||||
Balance, March 31, 2014 | $ | 1,566 | $ | 87 | $ | 75 | $ | 206 | $ | 6 | $ | 1,940 | $ | 2 | ||||||||||||||
Changes in unrealized losses relating to assets held at March 31, 2014 included in: | ||||||||||||||||||||||||||||
Net investment income | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | ||||||||||||
Policyholder Account Balances, | ||||||||||||||||||||||||||||
Future Policy Benefits and Claims | ||||||||||||||||||||||||||||
IUL Embedded Derivatives | GMWB and GMAB | Total | ||||||||||||||||||||||||||
Embedded Derivatives | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Balance, January 1, 2014 | $ | 125 | $ | (575 | ) | $ | (450 | ) | ||||||||||||||||||||
Total losses included in: | ||||||||||||||||||||||||||||
Net income | 6 | (1) | 52 | (2) | 58 | |||||||||||||||||||||||
Issues | 24 | 59 | 83 | |||||||||||||||||||||||||
Settlements | (1 | ) | (7 | ) | (8 | ) | ||||||||||||||||||||||
Balance, March 31, 2014 | $ | 154 | $ | (471 | ) | $ | (317 | ) | ||||||||||||||||||||
Changes in unrealized losses relating to liabilities held at March 31, 2014 included in: | ||||||||||||||||||||||||||||
Interest credited to fixed accounts | $ | 6 | $ | — | $ | 6 | ||||||||||||||||||||||
Benefits, claims, losses and settlement expenses | — | 52 | 52 | |||||||||||||||||||||||||
(1) Included in interest credited to fixed accounts in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||
(2) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||
Significant unobservable inputs used in the fair value measurements | The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities: | |||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Corporate debt securities (private placements) | $ | 1,497 | Discounted cash flow | Yield/spread to U.S. Treasuries | 1 | % | – | 3.50% | 1.40% | |||||||||||||||||||
IUL embedded derivatives | $ | 270 | Discounted cash flow | Nonperformance risk (1) | 63 | bps | ||||||||||||||||||||||
GMWB and GMAB embedded derivatives | $ | 827 | Discounted cash flow | Utilization of guaranteed withdrawals (2) | 0 | % | – | 51.10% | ||||||||||||||||||||
Surrender rate | 0 | % | – | 59.10% | ||||||||||||||||||||||||
Market volatility (3) | 5.4 | % | – | 21.60% | ||||||||||||||||||||||||
Nonperformance risk (1) | 63 | bps | ||||||||||||||||||||||||||
Elective contractholder strategy allocations (4) | 0 | % | – | 3.00% | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Corporate debt securities (private placements) | $ | 1,476 | Discounted cash flow | Yield/spread to U.S. Treasuries | 1 | % | – | 3.90% | 1.50% | |||||||||||||||||||
IUL embedded derivatives | $ | 242 | Discounted cash flow | Nonperformance risk (1) | 65 | bps | ||||||||||||||||||||||
GMWB and GMAB embedded derivatives | $ | 479 | Discounted cash flow | Utilization of guaranteed withdrawals (2) | 0 | % | – | 51.10% | ||||||||||||||||||||
Surrender rate | 0 | % | – | 59.10% | ||||||||||||||||||||||||
Market volatility (3) | 5.2 | % | – | 20.90% | ||||||||||||||||||||||||
Nonperformance risk (1) | 65 | bps | ||||||||||||||||||||||||||
Elective contractholder strategy allocations (4) | 0 | % | – | 3.00% | ||||||||||||||||||||||||
(1) | The nonperformance risk is the spread added to the observable interest rates used in the valuation of the embedded derivatives. | |||||||||||||||||||||||||||
(2) | The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. | |||||||||||||||||||||||||||
(3) | Market volatility is implied volatility of fund of funds and managed volatility funds. | |||||||||||||||||||||||||||
(4) | The elective allocation represents the percentage of contractholders that are assumed to electively switch their investment allocation to a different allocation model. | |||||||||||||||||||||||||||
Schedule of carrying value and the estimated fair value of financial instruments that are not reported at fair value | The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value. All other financial instruments that are reported at fair value have been included above in the tables with balances of assets and liabilities Ameriprise Financial measured at fair value on a recurring basis. | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Carrying Value | Fair Value | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||
Mortgage loans, net | $ | 3,368 | $ | — | $ | — | $ | 3,453 | $ | 3,453 | ||||||||||||||||||
Policy and certificate loans | 813 | — | 1 | 796 | 797 | |||||||||||||||||||||||
Receivables | 1,485 | 262 | 1,222 | 4 | 1,488 | |||||||||||||||||||||||
Restricted and segregated cash | 2,649 | 2,649 | — | — | 2,649 | |||||||||||||||||||||||
Other investments and assets | 542 | — | 483 | 60 | 543 | |||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | $ | 12,495 | $ | — | $ | — | $ | 13,720 | $ | 13,720 | ||||||||||||||||||
Investment certificate reserves | 4,303 | — | — | 4,294 | 4,294 | |||||||||||||||||||||||
Brokerage customer deposits | 3,575 | 3,575 | — | — | 3,575 | |||||||||||||||||||||||
Separate account liabilities | 4,408 | — | 4,408 | — | 4,408 | |||||||||||||||||||||||
Debt and other liabilities | 3,664 | 353 | 3,483 | 118 | 3,954 | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Carrying Value | Fair Value | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||
Mortgage loans, net | $ | 3,440 | $ | — | $ | — | $ | 3,512 | $ | 3,512 | ||||||||||||||||||
Policy and certificate loans | 806 | — | 1 | 793 | 794 | |||||||||||||||||||||||
Receivables | 1,418 | 215 | 1,200 | 3 | 1,418 | |||||||||||||||||||||||
Restricted and segregated cash | 2,614 | 2,614 | — | — | 2,614 | |||||||||||||||||||||||
Other investments and assets | 551 | — | 460 | 84 | 544 | |||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | $ | 12,979 | $ | — | $ | — | $ | 13,996 | $ | 13,996 | ||||||||||||||||||
Investment certificate reserves | 4,201 | — | — | 4,195 | 4,195 | |||||||||||||||||||||||
Brokerage customer deposits | 3,465 | 3,465 | — | — | 3,465 | |||||||||||||||||||||||
Separate account liabilities | 4,478 | — | 4,478 | — | 4,478 | |||||||||||||||||||||||
Debt and other liabilities | 3,576 | 261 | 3,446 | 121 | 3,828 | |||||||||||||||||||||||
Offsetting_Assets_and_Liabilit1
Offsetting Assets and Liabilities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Offsetting [Abstract] | ||||||||||||||||||||||||||||
Schedule of gross and net information about the Company's assets subject to master netting arrangements [Table Text Block] | The following tables present the gross and net information about the Company’s assets subject to master netting arrangements: | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Assets Presented in the | Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | Consolidated Balance Sheets | |||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
Derivatives: | (in millions) | |||||||||||||||||||||||||||
OTC | $ | 4,262 | $ | — | $ | 4,262 | $ | (3,135 | ) | $ | (497 | ) | $ | (614 | ) | $ | 16 | |||||||||||
OTC cleared | 474 | — | 474 | (358 | ) | (116 | ) | — | — | |||||||||||||||||||
Exchange-traded | 49 | — | 49 | — | — | — | 49 | |||||||||||||||||||||
Total derivatives | 4,785 | — | 4,785 | (3,493 | ) | (613 | ) | (614 | ) | 65 | ||||||||||||||||||
Securities borrowed | 262 | — | 262 | (69 | ) | — | (187 | ) | 6 | |||||||||||||||||||
Total | $ | 5,047 | $ | — | $ | 5,047 | $ | (3,562 | ) | $ | (613 | ) | $ | (801 | ) | $ | 71 | |||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Assets Presented in the | Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | Consolidated Balance Sheets | |||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
Derivatives: | (in millions) | |||||||||||||||||||||||||||
OTC | $ | 3,735 | $ | — | $ | 3,735 | $ | (3,000 | ) | $ | (281 | ) | $ | (418 | ) | $ | 36 | |||||||||||
OTC cleared | 305 | — | 305 | (224 | ) | (81 | ) | — | — | |||||||||||||||||||
Exchange-traded | 61 | — | 61 | — | — | — | 61 | |||||||||||||||||||||
Total derivatives | 4,101 | — | 4,101 | (3,224 | ) | (362 | ) | (418 | ) | 97 | ||||||||||||||||||
Securities borrowed | 215 | — | 215 | (49 | ) | — | (163 | ) | 3 | |||||||||||||||||||
Total | $ | 4,316 | $ | — | $ | 4,316 | $ | (3,273 | ) | $ | (362 | ) | $ | (581 | ) | $ | 100 | |||||||||||
(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
Schedule of gross and net information about the Company's liabilities subject to master netting arrangements [Table Text Block] | The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements: | |||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the | Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets | ||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
Derivatives: | (in millions) | |||||||||||||||||||||||||||
OTC | $ | 3,705 | $ | — | $ | 3,705 | $ | (3,135 | ) | $ | — | $ | (557 | ) | $ | 13 | ||||||||||||
OTC cleared | 370 | — | 370 | (358 | ) | (12 | ) | — | — | |||||||||||||||||||
Total derivatives | 4,075 | — | 4,075 | (3,493 | ) | (12 | ) | (557 | ) | 13 | ||||||||||||||||||
Securities loaned | 353 | — | 353 | (69 | ) | — | (262 | ) | 22 | |||||||||||||||||||
Repurchase agreements | 50 | — | 50 | — | — | (50 | ) | — | ||||||||||||||||||||
Total | $ | 4,478 | $ | — | $ | 4,478 | $ | (3,562 | ) | $ | (12 | ) | $ | (869 | ) | $ | 35 | |||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated | Amounts of Liabilities Presented in the | Gross Amounts Not Offset in the | |||||||||||||||||||||||||
Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets | ||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | Net Amount | |||||||||||||||||||||||||
Derivatives: | (in millions) | |||||||||||||||||||||||||||
OTC | $ | 3,723 | $ | — | $ | 3,723 | $ | (3,000 | ) | $ | — | $ | (723 | ) | $ | — | ||||||||||||
OTC cleared | 232 | — | 232 | (224 | ) | (8 | ) | — | — | |||||||||||||||||||
Total derivatives | 3,955 | — | 3,955 | (3,224 | ) | (8 | ) | (723 | ) | — | ||||||||||||||||||
Securities loaned | 261 | — | 261 | (49 | ) | — | (205 | ) | 7 | |||||||||||||||||||
Repurchase agreements | 50 | — | 50 | — | — | (50 | ) | — | ||||||||||||||||||||
Total | $ | 4,266 | $ | — | $ | 4,266 | $ | (3,273 | ) | $ | (8 | ) | $ | (978 | ) | $ | 7 | |||||||||||
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Derivative Instruments, Gain (Loss) | |||||||||||||||||||||
Schedule of gross fair value of derivative instruments, including embedded derivatives [Table Text Block] | The Company uses derivatives as economic hedges and accounting hedges. The following table presents the balance sheet location and the gross fair value of derivative instruments, including embedded derivatives: | ||||||||||||||||||||
Derivatives designated as | Assets | Liabilities | |||||||||||||||||||
hedging instruments | Balance Sheet Location | 31-Mar-15 | 31-Dec-14 | Balance Sheet Location | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||
Interest rate contracts | Other assets | $ | 81 | $ | 76 | Other liabilities | $ | — | $ | — | |||||||||||
Total qualifying hedges | 81 | 76 | — | — | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||
GMWB and GMAB | |||||||||||||||||||||
Interest rate contracts | Other assets | 2,397 | 1,955 | Other liabilities | 1,244 | 1,136 | |||||||||||||||
Equity contracts | Other assets | 2,180 | 1,954 | Other liabilities | 2,681 | 2,650 | |||||||||||||||
Credit contracts | Other assets | — | — | Other liabilities | 3 | — | |||||||||||||||
Foreign exchange contracts | Other assets | 54 | 29 | Other liabilities | 5 | 2 | |||||||||||||||
Embedded derivatives (1) | N/A | — | — | Policyholder account balances, future policy benefits and claims (2) | 827 | 479 | |||||||||||||||
Total GMWB and GMAB | 4,631 | 3,938 | 4,760 | 4,267 | |||||||||||||||||
Other derivatives: | |||||||||||||||||||||
Equity | |||||||||||||||||||||
EIA embedded derivatives | N/A | — | — | Policyholder account balances, future policy benefits and claims | 6 | 6 | |||||||||||||||
IUL | Other assets | 33 | 39 | Other liabilities | 7 | 12 | |||||||||||||||
IUL embedded derivatives | N/A | — | — | Policyholder account balances, future policy benefits and claims | 270 | 242 | |||||||||||||||
Stock market certificates | Other assets | 33 | 46 | Other liabilities | 28 | 40 | |||||||||||||||
Stock market certificates embedded derivatives | N/A | — | — | Customer deposits | 5 | 6 | |||||||||||||||
Foreign exchange | |||||||||||||||||||||
Foreign currency | Other assets | 1 | 1 | Other liabilities | — | — | |||||||||||||||
Seed money | Other assets | — | — | Other liabilities | 1 | 1 | |||||||||||||||
Other | |||||||||||||||||||||
Macro hedge program | Other assets | 6 | 1 | Other liabilities | 106 | 114 | |||||||||||||||
Total other derivatives | 73 | 87 | 423 | 421 | |||||||||||||||||
Total non-designated hedges | 4,704 | 4,025 | 5,183 | 4,688 | |||||||||||||||||
Total derivatives | $ | 4,785 | $ | 4,101 | $ | 5,183 | $ | 4,688 | |||||||||||||
N/A Not applicable. | |||||||||||||||||||||
(1) The fair values of GMWB and GMAB embedded derivatives fluctuate based on changes in equity, interest rate and credit markets. | |||||||||||||||||||||
(2) The fair value of the GMWB and GMAB embedded derivatives at March 31, 2015 included $979 million of individual contracts in a liability position and $152 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives at December 31, 2014 included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. | |||||||||||||||||||||
Schedule of payments to make and receive for options [Table Text Block] | The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the option contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options: | ||||||||||||||||||||
Premiums Payable | Premiums Receivable | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
2015 (1) | $ | 311 | $ | 57 | |||||||||||||||||
2016 | 334 | 68 | |||||||||||||||||||
2017 | 274 | 69 | |||||||||||||||||||
2018 | 205 | 93 | |||||||||||||||||||
2019 | 259 | 87 | |||||||||||||||||||
2020-2027 | 634 | 146 | |||||||||||||||||||
Total | $ | 2,017 | $ | 520 | |||||||||||||||||
(1) 2015 amounts represent the amounts payable and receivable for the period from April 1, 2015 to December 31, 2015. | |||||||||||||||||||||
Derivatives not designated as hedging instruments [Member] | |||||||||||||||||||||
Derivative Instruments, Gain (Loss) | |||||||||||||||||||||
Schedule of gain (loss) on derivative instruments [Table Text Block] | The following table presents a summary of the impact of derivatives not designated as hedging instruments on the Consolidated Statements of Operation: | ||||||||||||||||||||
Derivatives not designated as hedging instruments | Location of Gain (Loss) on Derivatives Recognized in Income | Amount of Gain (Loss) on | |||||||||||||||||||
Derivatives Recognized in Income | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
GMWB and GMAB | |||||||||||||||||||||
Interest rate contracts | Benefits, claims, losses and settlement expenses | $ | 386 | $ | 264 | ||||||||||||||||
Equity contracts | Benefits, claims, losses and settlement expenses | (122 | ) | (204 | ) | ||||||||||||||||
Credit contracts | Benefits, claims, losses and settlement expenses | (9 | ) | (10 | ) | ||||||||||||||||
Foreign exchange contracts | Benefits, claims, losses and settlement expenses | (6 | ) | (1 | ) | ||||||||||||||||
Embedded derivatives (1) | Benefits, claims, losses and settlement expenses | (348 | ) | (104 | ) | ||||||||||||||||
Total GMWB and GMAB | (99 | ) | (55 | ) | |||||||||||||||||
Other derivatives: | |||||||||||||||||||||
Interest rate | |||||||||||||||||||||
Tax hedge | Net investment income | — | 3 | ||||||||||||||||||
Seed money | Net investment income | — | (1 | ) | |||||||||||||||||
Equity | |||||||||||||||||||||
IUL | Interest credited to fixed accounts | 1 | 5 | ||||||||||||||||||
IUL embedded derivatives | Interest credited to fixed accounts | (9 | ) | (6 | ) | ||||||||||||||||
Stock market certificates | Banking and deposit interest expense | 1 | 1 | ||||||||||||||||||
Stock market certificates embedded derivatives | Banking and deposit interest expense | — | (1 | ) | |||||||||||||||||
Seed money | Net investment income | (2 | ) | (1 | ) | ||||||||||||||||
Deferred compensation | Distribution expenses | 7 | 1 | ||||||||||||||||||
Deferred compensation | General and administrative expense | 1 | — | ||||||||||||||||||
Foreign exchange | |||||||||||||||||||||
Deferred compensation | Distribution expenses | (3 | ) | — | |||||||||||||||||
Commodity | |||||||||||||||||||||
Seed money | Net investment income | — | (1 | ) | |||||||||||||||||
Other | |||||||||||||||||||||
Macro hedge program | Benefits, claims, losses and settlement expenses | (1 | ) | 13 | |||||||||||||||||
Total other derivatives | (5 | ) | 13 | ||||||||||||||||||
Total derivatives | $ | (104 | ) | $ | (42 | ) | |||||||||||||||
(1) The fair values of GMWB and GMAB embedded derivatives fluctuate based on changes in equity, interest rate and credit markets. | |||||||||||||||||||||
Cash flow hedges [Member] | |||||||||||||||||||||
Derivative Instruments, Gain (Loss) | |||||||||||||||||||||
Schedule of gain (loss) on derivative instruments [Table Text Block] | The following table presents the impact of the effective portion of the Company’s cash flow hedges on the Consolidated Statements of Operations and the Consolidated Statements of Equity: | ||||||||||||||||||||
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain (Loss) Reclassified | ||||||||||||||||||||
from Accumulated Other | |||||||||||||||||||||
Comprehensive Income into Income | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Interest and debt expense | $ | 1 | $ | 1 | |||||||||||||||||
Net investment income | (1 | ) | (1 | ) | |||||||||||||||||
Total | $ | — | $ | — | |||||||||||||||||
Fair value hedges [Member] | |||||||||||||||||||||
Derivative Instruments, Gain (Loss) | |||||||||||||||||||||
Schedule of gain (loss) on derivative instruments [Table Text Block] | The following table presents the amounts recognized in income related to fair value hedges: | ||||||||||||||||||||
Derivatives designated as hedging instruments | Location of Gain Recorded into Income | Amount of Gain Recognized in | |||||||||||||||||||
Income on Derivatives | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Interest rate contracts | Interest and debt expense | $ | 8 | $ | 8 | ||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||
Information related to amounts reclassified from AOCI [Table Text Block] | The following table provides information related to amounts reclassified from AOCI: | ||||||||||
AOCI Reclassification | Location of Loss (Gain) Recognized in Income | Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||||
(in millions) | |||||||||||
Net unrealized gains on Available-for-Sale securities | Net investment income | $ | (11 | ) | $ | (5 | ) | ||||
Tax expense | Income tax provision | 4 | 2 | ||||||||
Net of tax | $ | (7 | ) | $ | (3 | ) | |||||
Losses (gains) on cash flow hedges: | |||||||||||
Interest rate contracts | Interest and debt expense | $ | 1 | $ | (1 | ) | |||||
Swaptions | Net investment income | (1 | ) | 1 | |||||||
Total before tax | — | — | |||||||||
Tax benefit | Income tax provision | — | — | ||||||||
Net of tax | $ | — | $ | — | |||||||
Earnings_per_Share_Attributabl1
Earnings per Share Attributable to Ameriprise Financial, Inc. Common Shareholders (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of earnings per common share [Table Text Block] | The computations of basic and diluted earnings per share attributable to Ameriprise Financial, Inc. common shareholders are as follows: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in millions, except per | ||||||||
share amounts) | ||||||||
Numerator: | ||||||||
Income from continuing operations | $ | 479 | $ | 516 | ||||
Less: Net income attributable to noncontrolling interests | 86 | 115 | ||||||
Income from continuing operations attributable to Ameriprise Financial | 393 | 401 | ||||||
Loss from discontinued operations, net of tax | — | (1 | ) | |||||
Net income attributable to Ameriprise Financial | $ | 393 | $ | 400 | ||||
Denominator: | ||||||||
Basic: Weighted-average common shares outstanding | 186.3 | 195.5 | ||||||
Effect of potentially dilutive nonqualified stock options and other share-based awards | 2.8 | 3.6 | ||||||
Diluted: Weighted-average common shares outstanding | 189.1 | 199.1 | ||||||
Earnings per share attributable to Ameriprise Financial, Inc. common shareholders: | ||||||||
Basic: | ||||||||
Income from continuing operations | $ | 2.11 | $ | 2.05 | ||||
Loss from discontinued operations | — | — | ||||||
Net income | $ | 2.11 | $ | 2.05 | ||||
Diluted: | ||||||||
Income from continuing operations | $ | 2.08 | $ | 2.01 | ||||
Loss from discontinued operations | — | — | ||||||
Net income | $ | 2.08 | $ | 2.01 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of segment reporting information [Table Text Block] | The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in millions) | ||||||||
Assets: | ||||||||
Advice & Wealth Management | $ | 10,731 | $ | 10,220 | ||||
Asset Management | 8,231 | 7,509 | ||||||
Annuities | 99,665 | 98,535 | ||||||
Protection | 21,632 | 20,779 | ||||||
Corporate & Other | 11,189 | 11,767 | ||||||
Total assets | $ | 151,448 | $ | 148,810 | ||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Operating net revenues: | ||||||||
Advice & Wealth Management | $ | 1,228 | $ | 1,149 | ||||
Asset Management | 807 | 807 | ||||||
Annuities | 631 | 636 | ||||||
Protection | 590 | 555 | ||||||
Corporate & Other | (6 | ) | 6 | |||||
Eliminations(1) | (352 | ) | (341 | ) | ||||
Total segment operating revenues | 2,898 | 2,812 | ||||||
Net realized gains | 10 | 5 | ||||||
Revenues attributable to CIEs | 149 | 177 | ||||||
Market impact on IUL benefits, net | (4 | ) | 2 | |||||
Total net revenues per consolidated statements of operations | $ | 3,053 | $ | 2,996 | ||||
(1) Represents the elimination of intersegment revenues recognized for the three months ended March 31, 2015 and 2014 in each segment as follows: Advice & Wealth Management ($247 and $240, respectively); Asset Management ($11 and $11, respectively); Annuities ($84 and $80, respectively); Protection ($10 and $10, respectively); and Corporate & Other (nil and nil, respectively). | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in millions) | ||||||||
Operating earnings: | ||||||||
Advice & Wealth Management | $ | 210 | $ | 181 | ||||
Asset Management | 191 | 183 | ||||||
Annuities | 172 | 176 | ||||||
Protection | 51 | 59 | ||||||
Corporate & Other | (62 | ) | (55 | ) | ||||
Total segment operating earnings | 562 | 544 | ||||||
Net realized gains | 10 | 5 | ||||||
Net income attributable to noncontrolling interests | 86 | 115 | ||||||
Market impact on variable annuity guaranteed benefits, net | (34 | ) | (15 | ) | ||||
Market impact on IUL benefits, net | (6 | ) | 1 | |||||
Income from continuing operations before income tax provision per consolidated statements of operations | $ | 618 | $ | 650 | ||||
Variable_Interest_Entities_Ass
Variable Interest Entities (Asset & Liability Balances) (Details) (Consolidated investment entities [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Liabilities | ||
Debt | $5,933 | $6,030 |
Other liabilities | 119 | 193 |
Recurring basis [Member] | Level 1 [Member] | ||
Assets | ||
Investments | 143 | 134 |
Total assets at fair value | 143 | 134 |
Recurring basis [Member] | Level 1 [Member] | Common stocks [Member] | ||
Assets | ||
Investments | 139 | 130 |
Recurring basis [Member] | Level 1 [Member] | Other Investments [Member] | ||
Assets | ||
Investments | 4 | 4 |
Recurring basis [Member] | Level 2 [Member] | ||
Assets | ||
Investments | 5,469 | 5,523 |
Receivables | 31 | 49 |
Other assets | 1 | 1 |
Total assets at fair value | 5,501 | 5,573 |
Liabilities | ||
Other liabilities | 119 | 193 |
Total liabilities at fair value | 119 | 193 |
Recurring basis [Member] | Level 2 [Member] | Corporate debt securities [Member] | ||
Assets | ||
Investments | 168 | 171 |
Recurring basis [Member] | Level 2 [Member] | Common stocks [Member] | ||
Assets | ||
Investments | 34 | 40 |
Recurring basis [Member] | Level 2 [Member] | Other Investments [Member] | ||
Assets | ||
Investments | 25 | 25 |
Recurring basis [Member] | Level 2 [Member] | Syndicated loans [Member] | ||
Assets | ||
Investments | 5,242 | 5,287 |
Recurring basis [Member] | Level 3 [Member] | ||
Assets | ||
Investments | 478 | 491 |
Other assets | 1,889 | 1,935 |
Total assets at fair value | 2,367 | 2,426 |
Liabilities | ||
Debt | 5,933 | 6,030 |
Total liabilities at fair value | 5,933 | 6,030 |
Recurring basis [Member] | Level 3 [Member] | Common stocks [Member] | ||
Assets | ||
Investments | 11 | 7 |
Recurring basis [Member] | Level 3 [Member] | Syndicated loans [Member] | ||
Assets | ||
Investments | 467 | 484 |
Recurring basis [Member] | Total [Member] | ||
Assets | ||
Investments | 6,090 | 6,148 |
Receivables | 31 | 49 |
Other assets | 1,890 | 1,936 |
Total assets at fair value | 8,011 | 8,133 |
Liabilities | ||
Debt | 5,933 | 6,030 |
Other liabilities | 119 | 193 |
Total liabilities at fair value | 6,052 | 6,223 |
Recurring basis [Member] | Total [Member] | Corporate debt securities [Member] | ||
Assets | ||
Investments | 168 | 171 |
Recurring basis [Member] | Total [Member] | Common stocks [Member] | ||
Assets | ||
Investments | 184 | 177 |
Recurring basis [Member] | Total [Member] | Other Investments [Member] | ||
Assets | ||
Investments | 29 | 29 |
Recurring basis [Member] | Total [Member] | Syndicated loans [Member] | ||
Assets | ||
Investments | $5,709 | $5,771 |
Variable_Interest_Entities_Cha
Variable Interest Entities (Changes in Level 3 Assets and Liabilities) (Details 2) (Consolidated investment entities [Member], USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Corporate debt securities [Member] | ||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||||
Balance, at the beginning of the period | $2 | |||
Total gains (losses) included in net income | 1 | [1] | ||
Purchases | 2 | |||
Sales | -2 | |||
Transfers into Level 3 | 10 | |||
Balance, at the end of the period | 13 | |||
Changes in unrealized gains/ (losses) included in income relating to assets held at end of period | 1 | [1] | ||
Common stocks [Member] | ||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||||
Balance, at the beginning of the period | 7 | 14 | ||
Total gains (losses) included in net income | -1 | [1] | 2 | [1] |
Transfers into Level 3 | 5 | 6 | ||
Transfers out of Level 3 | -12 | |||
Balance, at the end of the period | 11 | 10 | ||
Changes in unrealized gains/ (losses) included in income relating to assets held at end of period | -1 | [1] | 2 | [1] |
Syndicated loans [Member] | ||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||||
Balance, at the beginning of the period | 484 | 368 | ||
Total gains (losses) included in net income | -1 | [1] | 4 | [1] |
Purchases | 37 | 96 | ||
Sales | -3 | |||
Settlements | -31 | -12 | ||
Transfers into Level 3 | 255 | 146 | ||
Transfers out of Level 3 | -274 | -218 | ||
Balance, at the end of the period | 467 | 384 | ||
Changes in unrealized gains/ (losses) included in income relating to assets held at end of period | -1 | [1] | 3 | [1] |
Other assets [Member] | ||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||||
Balance, at the beginning of the period | 1,935 | 1,936 | ||
Total gains (losses) included in net income | 31 | [2] | 80 | [2] |
Total gains (losses) included in other comprehensive loss | -110 | 15 | ||
Purchases | 342 | 19 | ||
Sales | -309 | -68 | ||
Transfers into Level 3 | 11 | |||
Balance, at the end of the period | 1,889 | 1,993 | ||
Changes in unrealized gains/ (losses) included in income relating to assets held at end of period | -58 | [2] | 78 | [2] |
Debt [Member] | ||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | ||||
Balance, at the beginning of the period | 6,030 | 4,804 | ||
Total gains (losses) included in net income | -51 | [1] | -10 | [1] |
Issues | 456 | |||
Settlements | 46 | 45 | ||
Balance, at the end of the period | -5,933 | 5,225 | ||
Changes in unrealized gains/ (losses) included in income relating to liabilities held at end of period | $51 | [1] | ($10) | [1] |
[1] | Included in net investment income in the Consolidated Statements of Operations. | |||
[2] | Included in other revenues in the Consolidated Statements of Operations. |
Variable_Interest_Entities_Fai
Variable Interest Entities (Fair Value Unobservable Inputs) (Details 3) (Consolidated investment entities [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Summary of the significant unobservable inputs | ||
Debt | $5,933 | $6,030 |
Other assets [Member] | Minimum [Member] | Discounted cash flow/market comparables [Member] | ||
Summary of the significant unobservable inputs | ||
Equivalent yield | 4.20% | 4.40% |
Expected rental value (per square foot) | 3 | 3 |
Other assets [Member] | Maximum [Member] | Discounted cash flow/market comparables [Member] | ||
Summary of the significant unobservable inputs | ||
Equivalent yield | 13.80% | 12.00% |
Expected rental value (per square foot) | 89 | 94 |
Other assets [Member] | Weighted average [Member] | Discounted cash flow/market comparables [Member] | ||
Summary of the significant unobservable inputs | ||
Equivalent yield | 6.30% | 6.50% |
Expected rental value (per square foot) | 36 | 34 |
Debt [Member] | Discounted cash flow [Member] | ||
Summary of the significant unobservable inputs | ||
Annual default rate | 2.50% | 2.50% |
Debt [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Summary of the significant unobservable inputs | ||
Discount rate | 1.70% | 1.20% |
Constant prepayment rate | 5.00% | 5.00% |
Loss recovery | 36.40% | 36.40% |
Debt [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Summary of the significant unobservable inputs | ||
Discount rate | 8.50% | 8.30% |
Constant prepayment rate | 10.00% | 10.00% |
Loss recovery | 63.60% | 63.60% |
Debt [Member] | Weighted average [Member] | Discounted cash flow [Member] | ||
Summary of the significant unobservable inputs | ||
Discount rate | 2.80% | 2.40% |
Constant prepayment rate | 9.80% | 9.80% |
Loss recovery | 62.70% | 62.70% |
Level 3 [Member] | Recurring basis [Member] | ||
Summary of the significant unobservable inputs | ||
Other assets | 1,889 | 1,935 |
Debt | $5,933 | $6,030 |
Variable_Interest_Entities_FV_
Variable Interest Entities (FV Options for consolidated CDOs) (Details 4) (Consolidated investment entities [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Consolidated investment entities [Member] | ||
Syndicated loans [Abstract] | ||
Unpaid principal balance | $5,830 | $5,871 |
Excess estimated unpaid principal over fair value | -121 | -100 |
Fair value | 5,709 | 5,771 |
Fair value of loans more than 90 days past due | 28 | 32 |
Fair value of loans in nonaccrual status | 28 | 32 |
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | 30 | 25 |
Debt [Abstract] | ||
Unpaid principal balance | 6,203 | 6,248 |
Excess unpaid principal over fair value | -270 | -218 |
Fair value | $5,933 | $6,030 |
Variable_Interest_Entities_Deb
Variable Interest Entities (Debt of Consolidated Investment Entities) (Details 5) (Consolidated investment entities [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt and stated interest rates | ||
Carrying value of debt | $6,779 | $6,867 |
CLO [Member] | ||
Debt and stated interest rates | ||
Carrying value of debt | 5,933 | 6,030 |
Weighted average interest rate | 1.30% | 1.30% |
Property Fund [Member] | ||
Debt and stated interest rates | ||
Carrying value of debt | $846 | $837 |
Weighted average interest rate | 2.80% | 2.70% |
Variable_Interest_Entities_Fai1
Variable Interest Entities (Fair Value of Derivatives) (Details 6) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Consolidated investment entities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers between Level 1 and Level 2 | $0 | $0 | |
Consolidated investment entities [Member] | Net investment income [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total net losses recognized in net investment income related to changes in the fair value of financial assets and liabilities for which the fair value option was elected | 41,000,000 | 21,000,000 | |
Sponsored hedge funds and private equity funds [Member] | Variable interest entities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 94,000,000 | 89,000,000 | |
Affordable housing partnerships [Member] | Variable interest entities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 506,000,000 | 504,000,000 | |
CLO [Member] | Consolidated investment entities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of variable interest or voting rights entities consolidated | 0 | 1 | |
Value of variable interest or voting rights entities consolidated | 457,000,000 | ||
Number of variable interest or voting rights entities liquidated | 0 | 0 | |
Property Fund [Member] | Consolidated investment entities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of variable interest or voting rights entities consolidated | 2 | 0 | |
Value of variable interest or voting rights entities consolidated | $248,000,000 | ||
Number of variable interest or voting rights entities liquidated | 1 |
Variable_Interest_Entities_CLO
Variable Interest Entities (CLO Debt) (Details 7) (Consolidated investment entities [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Floating Rate Debt Instrument, Fair Value | 846 | $837 |
Derivative liability | 10 | $10 |
Effective interest rate reflecting the impact of derivative contracts | 3.20% | 3.10% |
Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate according to the terms of CDO structure | 0.00% | |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate according to the terms of CDO structure | 9.23% |
Investments_Holdings_info_Deta
Investments (Holdings info) (Details) (Ameriprise Financial [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Investments | $35,726 | $35,582 |
Available-for-sale securities [Member] | ||
Investments | 30,150 | 30,027 |
Mortgage loans, net [Member] | ||
Investments | 3,368 | 3,440 |
Policy and certificate loans [Member] | ||
Investments | 813 | 806 |
Other investments [Member] | ||
Investments | $1,395 | $1,309 |
Investments_Net_Inv_Inc_summar
Investments (Net Inv Inc summary) (Details 2) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Investment income on fixed maturities | $354 | $374 |
Net realized gains (losses) | 10 | 5 |
Affordable housing partnerships | -8 | -6 |
Other | 23 | 24 |
Consolidated investment entities | 105 | 74 |
Total net investment income | $484 | $471 |
Investments_AFS_by_Type_Detail
Investments (AFS by Type) (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Investments | ||||
Fixed Maturity Securities as Percentage of Total Investments | 84.00% | 84.00% | ||
Security owned and pledged as collateral, fair value | $1,100,000,000 | $1,300,000,000 | ||
Ameriprise Financial [Member] | ||||
Investments | ||||
Amortized cost | 27,972,000,000 | 28,066,000,000 | ||
Gross unrealized gains | 2,306,000,000 | 2,121,000,000 | ||
Gross unrealized losses | -128,000,000 | -160,000,000 | ||
Fair value | 30,150,000,000 | 30,027,000,000 | ||
Noncredit OTTI | -7,000,000 | [1] | -7,000,000 | [1] |
Corporate debt securities [Member] | Ameriprise Financial [Member] | ||||
Investments | ||||
Amortized cost | 15,622,000,000 | 15,742,000,000 | ||
Gross unrealized gains | 1,634,000,000 | 1,482,000,000 | ||
Gross unrealized losses | -38,000,000 | -59,000,000 | ||
Fair value | 17,218,000,000 | 17,165,000,000 | ||
Noncredit OTTI | 3,000,000 | [1] | 3,000,000 | [1] |
Residential mortgage backed securities [Member] | Ameriprise Financial [Member] | ||||
Investments | ||||
Amortized cost | 6,147,000,000 | 6,099,000,000 | ||
Gross unrealized gains | 175,000,000 | 168,000,000 | ||
Gross unrealized losses | -52,000,000 | -60,000,000 | ||
Fair value | 6,270,000,000 | 6,207,000,000 | ||
Noncredit OTTI | -15,000,000 | [1] | -15,000,000 | [1] |
Commercial mortgage backed securities [Member] | Ameriprise Financial [Member] | ||||
Investments | ||||
Amortized cost | 2,560,000,000 | 2,513,000,000 | ||
Gross unrealized gains | 136,000,000 | 120,000,000 | ||
Gross unrealized losses | -2,000,000 | -3,000,000 | ||
Fair value | 2,694,000,000 | 2,630,000,000 | ||
Asset backed securities [Member] | Ameriprise Financial [Member] | ||||
Investments | ||||
Amortized cost | 1,353,000,000 | 1,417,000,000 | ||
Gross unrealized gains | 55,000,000 | 59,000,000 | ||
Gross unrealized losses | -3,000,000 | -6,000,000 | ||
Fair value | 1,405,000,000 | 1,470,000,000 | ||
State and municipal obligations [Member] | Ameriprise Financial [Member] | ||||
Investments | ||||
Amortized cost | 2,003,000,000 | 2,008,000,000 | ||
Gross unrealized gains | 267,000,000 | 257,000,000 | ||
Gross unrealized losses | -27,000,000 | -26,000,000 | ||
Fair value | 2,243,000,000 | 2,239,000,000 | ||
U.S. government and agencies obligations [Member] | Ameriprise Financial [Member] | ||||
Investments | ||||
Amortized cost | 52,000,000 | 43,000,000 | ||
Gross unrealized gains | 4,000,000 | 4,000,000 | ||
Fair value | 56,000,000 | 47,000,000 | ||
Foreign government bonds and obligations [Member] | Ameriprise Financial [Member] | ||||
Investments | ||||
Amortized cost | 227,000,000 | 236,000,000 | ||
Gross unrealized gains | 24,000,000 | 21,000,000 | ||
Gross unrealized losses | -6,000,000 | -6,000,000 | ||
Fair value | 245,000,000 | 251,000,000 | ||
Common stocks [Member] | Ameriprise Financial [Member] | ||||
Investments | ||||
Amortized cost | 8,000,000 | 8,000,000 | ||
Gross unrealized gains | 11,000,000 | 10,000,000 | ||
Fair value | 19,000,000 | 18,000,000 | ||
Noncredit OTTI | $5,000,000 | [1] | $5,000,000 | [1] |
[1] | Represents the amount of other-than-temporary impairment (bOTTIb) losses in accumulated other comprehensive income (bAOCIb). Amount includes unrealized gains and losses on impaired securities subsequent to the initial impairment measurement date. These amounts are included in gross unrealized gains and losses as of the end of the period. |
Investments_Rating_info_Detail
Investments (Rating info) (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Investments | ||
Number of holdings of other than GNMA, FNMA, and FHLMC having greater than 10% of total equity | 0 | |
Ameriprise Financial [Member] | ||
Investments | ||
Amount of securities internally rated | $1,300,000,000 | $1,400,000,000 |
Percentage of GNMA, FNMA and FHLMC securities rated AAA | 53.00% | 52.00% |
AAA [Member] | Ameriprise Financial [Member] | ||
Investments | ||
Amortized cost | 7,511,000,000 | 7,500,000,000 |
Fair value | 7,817,000,000 | 7,776,000,000 |
Percent of total fair value | 26.00% | 26.00% |
AA [Member] | Ameriprise Financial [Member] | ||
Investments | ||
Amortized cost | 1,603,000,000 | 1,581,000,000 |
Fair value | 1,824,000,000 | 1,799,000,000 |
Percent of total fair value | 6.00% | 6.00% |
A [Member] | Ameriprise Financial [Member] | ||
Investments | ||
Amortized cost | 5,624,000,000 | 6,028,000,000 |
Fair value | 6,294,000,000 | 6,668,000,000 |
Percent of total fair value | 21.00% | 22.00% |
BBB [Member] | Ameriprise Financial [Member] | ||
Investments | ||
Amortized cost | 11,418,000,000 | 11,187,000,000 |
Fair value | 12,372,000,000 | 12,025,000,000 |
Percent of total fair value | 41.00% | 40.00% |
Below investment grade [Member] | Ameriprise Financial [Member] | ||
Investments | ||
Amortized cost | 1,808,000,000 | 1,762,000,000 |
Fair value | 1,824,000,000 | 1,741,000,000 |
Percent of total fair value | 6.00% | 6.00% |
Total fixed maturities [Member] | Ameriprise Financial [Member] | ||
Investments | ||
Amortized cost | 27,964,000,000 | 28,058,000,000 |
Fair value | $30,131,000,000 | $30,009,000,000 |
Percent of total fair value | 100.00% | 100.00% |
Investments_EITF_info_Details_
Investments (EITF info) (Details 5) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Positions | |||
Investments | |||
Credit losses for which an other-than-temporary impairment was previously recognized | $1 | $0 | |
Ameriprise Financial [Member] | |||
Number of securities | |||
Less than 12 months | 232 | 302 | |
12 months or more | 192 | 228 | |
Total | 424 | 530 | |
Fair Value | |||
Less than 12 months | 2,543 | 3,457 | |
12 months or more | 1,989 | 2,587 | |
Total | 4,532 | 6,044 | |
Unrealized losses | |||
Less than 12 months | -41 | -52 | |
12 months or more | -87 | -108 | |
Total | -128 | -160 | |
Ameriprise Financial [Member] | Corporate debt securities [Member] | |||
Number of securities | |||
Less than 12 months | 113 | 182 | |
12 months or more | 14 | 40 | |
Total | 127 | 222 | |
Fair Value | |||
Less than 12 months | 1,335 | 2,165 | |
12 months or more | 169 | 689 | |
Total | 1,504 | 2,854 | |
Unrealized losses | |||
Less than 12 months | -33 | -41 | |
12 months or more | -5 | -18 | |
Total | -38 | -59 | |
Ameriprise Financial [Member] | Residential mortgage backed securities [Member] | |||
Number of securities | |||
Less than 12 months | 69 | 73 | |
12 months or more | 143 | 138 | |
Total | 212 | 211 | |
Fair Value | |||
Less than 12 months | 871 | 879 | |
12 months or more | 1,389 | 1,387 | |
Total | 2,260 | 2,266 | |
Unrealized losses | |||
Less than 12 months | -5 | -7 | |
12 months or more | -47 | -53 | |
Total | -52 | -60 | |
Ameriprise Financial [Member] | Commercial mortgage backed securities [Member] | |||
Number of securities | |||
Less than 12 months | 11 | 15 | |
12 months or more | 6 | 12 | |
Total | 17 | 27 | |
Fair Value | |||
Less than 12 months | 113 | 173 | |
12 months or more | 85 | 131 | |
Total | 198 | 304 | |
Unrealized losses | |||
Less than 12 months | -1 | ||
12 months or more | -1 | -3 | |
Total | -2 | -3 | |
Ameriprise Financial [Member] | Asset backed securities [Member] | |||
Number of securities | |||
Less than 12 months | 15 | 17 | |
12 months or more | 12 | 14 | |
Total | 27 | 31 | |
Fair Value | |||
Less than 12 months | 171 | 201 | |
12 months or more | 218 | 238 | |
Total | 389 | 439 | |
Unrealized losses | |||
Less than 12 months | -2 | ||
12 months or more | -3 | -4 | |
Total | -3 | -6 | |
Ameriprise Financial [Member] | State and municipal obligations [Member] | |||
Number of securities | |||
Less than 12 months | 21 | 11 | |
12 months or more | 3 | 10 | |
Total | 24 | 21 | |
Fair Value | |||
Less than 12 months | 46 | 29 | |
12 months or more | 102 | 115 | |
Total | 148 | 144 | |
Unrealized losses | |||
Less than 12 months | -1 | -1 | |
12 months or more | -26 | -25 | |
Total | -27 | -26 | |
Ameriprise Financial [Member] | Foreign government bonds and obligations [Member] | |||
Number of securities | |||
Less than 12 months | 3 | 4 | |
12 months or more | 14 | 14 | |
Total | 17 | 18 | |
Fair Value | |||
Less than 12 months | 7 | 10 | |
12 months or more | 26 | 27 | |
Total | 33 | 37 | |
Unrealized losses | |||
Less than 12 months | -1 | -1 | |
12 months or more | -5 | -5 | |
Total | ($6) | ($6) |
Investments_OTTI_rollforward_D
Investments (OTTI rollforward) (Details 6) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Rollforward of the cumulative amounts recognized in the Consolidated Statements of Income for other-than-temporary impairments related to credit losses on securities | ||
Beginning balance | $98 | $147 |
Credit losses for which an other-than-temporary impairment was previously recognized | 1 | 0 |
Ending balance | $99 | $147 |
Investments_OCI_rollforward_De
Investments (OCI rollforward) (Details 7) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Rollforward of the net unrealized securities gains (losses) on Available-for-Sale securities included in accumulated other comprehensive income | ||||
Net unrealized securities gains (losses) arising during the period, net of tax | $147 | $239 | ||
Reclassification of net securities (gains) losses included in net income | -7 | -3 | ||
Impact of other adjustments | -69 | -91 | ||
Net unrealized securities gains/losses, gross [Member] | Ameriprise Financial [Member] | ||||
Rollforward of the net unrealized securities gains (losses) on Available-for-Sale securities included in accumulated other comprehensive income | ||||
Balance at the beginning of the period | 1,216 | 1,016 | ||
Net unrealized securities gains (losses) arising during the period | 228 | [1] | 370 | [1] |
Reclassification of net securities (gains) losses included in net income | -11 | -5 | ||
Impact of other adjustments | -106 | -140 | ||
Balance at the end of the period | 1,327 | 1,241 | ||
Deferred income tax [Member] | Ameriprise Financial [Member] | ||||
Rollforward of the net unrealized securities gains (losses) on Available-for-Sale securities included in accumulated other comprehensive income | ||||
Balance at the beginning of the period | -430 | -361 | ||
Net unrealized securities (gains) losses arising during the period | -81 | [1] | -131 | [1] |
Reclassification of net securities gains (losses) included in net income | 4 | 2 | ||
Impact of other adjustments | 37 | 49 | ||
Balance at the end of the period | -470 | -441 | ||
Net unrealized securities gains/losses, net of tax [Member] | Ameriprise Financial [Member] | ||||
Rollforward of the net unrealized securities gains (losses) on Available-for-Sale securities included in accumulated other comprehensive income | ||||
Balance at the beginning of the period | 786 | 655 | ||
Net unrealized securities gains (losses) arising during the period, net of tax | 147 | [1] | 239 | [1] |
Reclassification of net securities (gains) losses included in net income | -7 | -3 | ||
Impact of other adjustments | -69 | -91 | ||
Balance at the end of the period | 857 | [2] | 800 | [2] |
Noncredit related impairments on securities and net unrealized securities losses on previously impaired securities, included in accumulated other comprehensive income | $5 | $1 | ||
[1] | Includes other-than-temporary impairment losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income (loss) during the period. | |||
[2] | Includes $5 million and $1 million of noncredit related impairments on securities and net unrealized securities losses on previously impaired securities at MarchB 31, 2015 and 2014, respectively. |
Investments_Realized_GL_Info_D
Investments (Realized GL Info) (Details 8) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments | ||
Other-than-temporary impairments | ($1) | ($1) |
Ameriprise Financial [Member] | ||
Investments | ||
Gross realized gains | 17 | 7 |
Gross realized losses | -5 | -1 |
Other-than-temporary impairments | -1 | -1 |
Total | $11 | $5 |
Investments_AFS_contractual_ma
Investments (AFS contractual maturity) (Details 9) (Ameriprise Financial [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Amortized cost | ||
Due within one year | $1,505 | |
Due after one year through five years | 6,818 | |
Due after five years through 10 years | 5,055 | |
Due after 10 years | 4,526 | |
Total having single maturity dates | 17,904 | |
Amortized cost | 27,972 | 28,066 |
Fair value | ||
Due within one year | 1,520 | |
Due after one year through five years | 7,363 | |
Due after five years through 10 years | 5,343 | |
Due after 10 years | 5,536 | |
Total having single maturity dates | 19,762 | |
Fair value | 30,150 | 30,027 |
Residential mortgage backed securities [Member] | ||
Amortized cost | ||
Without single maturity dates | 6,147 | |
Amortized cost | 6,147 | 6,099 |
Fair value | ||
Without single maturity dates | 6,270 | |
Fair value | 6,270 | 6,207 |
Commercial mortgage backed securities [Member] | ||
Amortized cost | ||
Without single maturity dates | 2,560 | |
Amortized cost | 2,560 | 2,513 |
Fair value | ||
Without single maturity dates | 2,694 | |
Fair value | 2,694 | 2,630 |
Asset backed securities [Member] | ||
Amortized cost | ||
Without single maturity dates | 1,353 | |
Amortized cost | 1,353 | 1,417 |
Fair value | ||
Without single maturity dates | 1,405 | |
Fair value | 1,405 | 1,470 |
Common stocks [Member] | ||
Amortized cost | ||
Without single maturity dates | 8 | |
Amortized cost | 8 | 8 |
Fair value | ||
Without single maturity dates | 19 | |
Fair value | $19 | $18 |
Financing_Receivables_Allowanc
Financing Receivables (Allowance for Loan Losses) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Rollforward of the allowance for loan losses | |||
Beginning balance | $35,000,000 | $37,000,000 | |
Charge-offs | -2,000,000 | -3,000,000 | |
Provisions | 1,000,000 | ||
Ending balance | 34,000,000 | 34,000,000 | |
Individually evaluated for impairment | 8,000,000 | 7,000,000 | |
Collectively evaluated for impairment | 26,000,000 | 27,000,000 | |
Recorded investment in financing receivables by impairment method and type of loan | |||
Individually evaluated for impairment | 41,000,000 | 42,000,000 | |
Collectively evaluated for impairment | 3,870,000,000 | 3,951,000,000 | |
Total | 3,911,000,000 | 3,993,000,000 | |
Recorded investment in financing receivables individually evaluated for impairment with no related allowance for loan losses | 15,000,000 | 13,000,000 | |
Loans purchased | 13,000,000 | 65,000,000 | |
Loans sold | 6,000,000 | 4,000,000 | |
Nonperforming loans | 10,000,000 | 12,000,000 | |
Commitments to lend additional funds to borrowers for restructured loans | 0 | ||
Residential and Consumer Portfolio Segment [Member] | |||
Recorded investment in financing receivables by impairment method and type of loan | |||
Total | 723,000,000 | 753,000,000 | |
Percentage of residential mortgage loans below specific FICO score | 6.00% | 6.00% | |
FICO score | 640 | 640 | |
Percentage of residential mortgage loans above specific LTV ratio | 2.00% | 2.00% | |
LTV ratio | 90.00% | 90.00% | |
Percentage of loan portfolio represented by state of California | 37.00% | 37.00% | |
Syndicated loans [Member] | |||
Recorded investment in financing receivables by impairment method and type of loan | |||
Total | 505,000,000 | 511,000,000 | |
Nonperforming loans | $5,000,000 | $4,000,000 |
Financing_Receivables_Credit_Q
Financing Receivables (Credit Quality Information Tables) (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | $3,911 | $3,993 | ||
Less: allowance for loan losses | 34 | 35 | 34 | 37 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of commercial mortgage loans with highest risk rating | 1.00% | 1.00% | ||
Total loans, gross | 2,683 | 2,729 | ||
Less: allowance for loan losses | 23 | 25 | ||
Total loans, net | 2,660 | 2,704 | ||
Percentage of gross commercial mortgage loans | 100.00% | 100.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Apartment Building [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 501 | 500 | ||
Percentage of gross commercial mortgage loans | 19.00% | 18.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Hotel [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 33 | 34 | ||
Percentage of gross commercial mortgage loans | 1.00% | 1.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 451 | 461 | ||
Percentage of gross commercial mortgage loans | 17.00% | 17.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Mixed use [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 45 | 45 | ||
Percentage of gross commercial mortgage loans | 2.00% | 2.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Office [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 527 | 545 | ||
Percentage of gross commercial mortgage loans | 19.00% | 20.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Retail [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 965 | 988 | ||
Percentage of gross commercial mortgage loans | 36.00% | 36.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 161 | 156 | ||
Percentage of gross commercial mortgage loans | 6.00% | 6.00% | ||
Commercial Real Estate Portfolio Segment [Member] | East North Central [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 208 | 238 | ||
Percentage of gross commercial mortgage loans | 8.00% | 9.00% | ||
Commercial Real Estate Portfolio Segment [Member] | East South Central [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 55 | 62 | ||
Percentage of gross commercial mortgage loans | 2.00% | 2.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Middle Atlantic [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 208 | 217 | ||
Percentage of gross commercial mortgage loans | 8.00% | 8.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Mountain [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 253 | 245 | ||
Percentage of gross commercial mortgage loans | 9.00% | 9.00% | ||
Commercial Real Estate Portfolio Segment [Member] | New England [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 139 | 140 | ||
Percentage of gross commercial mortgage loans | 5.00% | 5.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Pacific [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 693 | 694 | ||
Percentage of gross commercial mortgage loans | 26.00% | 25.00% | ||
Commercial Real Estate Portfolio Segment [Member] | South Atlantic [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 731 | 740 | ||
Percentage of gross commercial mortgage loans | 27.00% | 27.00% | ||
Commercial Real Estate Portfolio Segment [Member] | West North Central [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | 238 | 233 | ||
Percentage of gross commercial mortgage loans | 9.00% | 9.00% | ||
Commercial Real Estate Portfolio Segment [Member] | West South Central [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans, gross | $158 | $160 | ||
Percentage of gross commercial mortgage loans | 6.00% | 6.00% |
Deferred_Acquisition_Costs_and2
Deferred Acquisition Costs and Deferred Sales Inducement Costs (Details) (Ameriprise Financial [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Ameriprise Financial [Member] | ||
Balances of and changes in DAC [Roll Forward] | ||
Balance, at the beginning of the period | $2,608 | $2,663 |
Capitalization of acquisition costs | 80 | 79 |
Amortization | -75 | -87 |
Impact of change in net unrealized securities gains | -11 | -25 |
Balance, at the end of the period | 2,602 | 2,630 |
Balances of and changes in DSIC [Roll Forward] | ||
Balance at the beginning of the period | 362 | 409 |
Capitalization of sales inducement costs | 1 | 1 |
Amortization | -9 | -13 |
Impact of change in net unrealized securities gains | -2 | -5 |
Balance at the end of the period | $352 | $392 |
Policyholder_Account_Balances_2
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities (Balances by product) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Policyholder account balances | $21,339 | $21,790 | ||
Future policy benefits | 8,400 | 7,850 | ||
Policy claims and other policyholders' funds | 743 | 710 | ||
Policyholder account balances, future policy benefits and claims | 30,482 | 30,350 | ||
Separate account liability | ||||
Variable annuity | 73,087 | 72,125 | ||
VUL insurance | 7,110 | 7,016 | ||
Other insurance | 37 | 37 | ||
Threadneedle investment liabilities | 4,009 | 4,078 | ||
Total | 84,243 | 83,256 | ||
Fixed annuities [Member] | ||||
Policyholder account balances | 12,216 | 12,700 | ||
Variable annuity fixed sub-accounts [Member] | ||||
Policyholder account balances | 4,849 | 4,860 | ||
VUL/UL insurance [Member] | ||||
Policyholder account balances | 2,858 | 2,856 | ||
IUL [Member] | ||||
Policyholder account balances | 590 | 534 | ||
Other life insurance [Member] | ||||
Policyholder account balances | 826 | 840 | ||
Variable annuity GMWB [Member] | ||||
Future policy benefits | 1,040 | 693 | ||
Variable annuity GMAB [Member] | ||||
Future policy benefits | -35 | [1] | -41 | [1] |
Other annuity liabilities [Member] | ||||
Future policy benefits | 124 | 115 | ||
Fixed annuities life contingent liabilities [Member] | ||||
Future policy benefits | 1,502 | 1,511 | ||
EIA [Member] | ||||
Future policy benefits | 29 | 29 | ||
Life disability income and long term care insurance [Member] | ||||
Future policy benefits | 5,277 | 5,106 | ||
VUL/UL and other life insurance additional liabilities [Member] | ||||
Future policy benefits | $463 | $437 | ||
[1] | Includes the value of GMAB embedded derivatives that was a net asset at both MarchB 31, 2015 and DecemberB 31, 2014 reported as a contra liability. |
Variable_Annuity_and_Insurance2
Variable Annuity and Insurance Guarantees (VA GuaranteesDetail Text) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
GMDB [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | $76,822 | [1] | $75,862 | [1] |
Contract value in separate accounts | 72,021 | [1] | 71,050 | [1] |
Net amount at risk | 114 | [1] | 131 | [1] |
Weighted average attained age | 64 years | [1] | 64 years | [1] |
GMDB [Member] | Return of premium [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 56,429 | [1] | 55,378 | [1] |
Contract value in separate accounts | 54,623 | [1] | 53,565 | [1] |
Net amount at risk | 20 | [1] | 24 | [1] |
Weighted average attained age | 64 years | [1] | 64 years | [1] |
GMDB [Member] | Five/six-year reset [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 10,269 | [1] | 10,360 | [1] |
Contract value in separate accounts | 7,728 | [1] | 7,821 | [1] |
Net amount at risk | 25 | [1] | 28 | [1] |
Weighted average attained age | 65 years | [1] | 64 years | [1] |
GMDB [Member] | One-year ratchet [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 7,395 | [1] | 7,392 | [1] |
Contract value in separate accounts | 7,016 | [1] | 7,006 | [1] |
Net amount at risk | 30 | [1] | 39 | [1] |
Weighted average attained age | 66 years | [1] | 66 years | [1] |
GMDB [Member] | Five-year ratchet [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 1,774 | [1] | 1,773 | [1] |
Contract value in separate accounts | 1,717 | [1] | 1,717 | [1] |
Net amount at risk | 1 | [1] | 2 | [1] |
Weighted average attained age | 63 years | [1] | 63 years | [1] |
GMDB [Member] | Other [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 955 | [1] | 959 | [1] |
Contract value in separate accounts | 937 | [1] | 941 | [1] |
Net amount at risk | 38 | [1] | 38 | [1] |
Weighted average attained age | 70 years | [1] | 70 years | [1] |
GGU death benefit [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 1,104 | [1] | 1,072 | [1] |
Contract value in separate accounts | 1,052 | [1] | 1,019 | [1] |
Net amount at risk | 126 | [1] | 123 | [1] |
Weighted average attained age | 67 years | [1] | 67 years | [1] |
GMIB [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 331 | [1] | 343 | [1] |
Contract value in separate accounts | 310 | [1] | 321 | [1] |
Net amount at risk | 9 | [1] | 9 | [1] |
Weighted average attained age | 67 years | [1] | 67 years | [1] |
GMWB [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 41,352 | [1] | 40,514 | [1] |
Contract value in separate accounts | 41,236 | [1] | 40,394 | [1] |
Net amount at risk | 94 | [1] | 96 | [1] |
Weighted average attained age | 65 years | [1] | 65 years | [1] |
GMWB [Member] | GMWB standard benefit [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 3,641 | [1] | 3,671 | [1] |
Contract value in separate accounts | 3,629 | [1] | 3,659 | [1] |
Net amount at risk | 1 | [1] | 1 | [1] |
Weighted average attained age | 68 years | [1] | 68 years | [1] |
GMWB [Member] | Guaranteed Lifetime Withdrawal Benefit [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 37,711 | [1] | 36,843 | [1] |
Contract value in separate accounts | 37,607 | [1] | 36,735 | [1] |
Net amount at risk | 93 | [1] | 95 | [1] |
Weighted average attained age | 65 years | [1] | 65 years | [1] |
GMAB [Member] | ||||
Variable Annuity Guarantees by Benefit Type | ||||
Total contract value | 4,307 | [1] | 4,247 | [1] |
Contract value in separate accounts | 4,293 | [1] | 4,234 | [1] |
Net amount at risk | $1 | [1] | $2 | [1] |
Weighted average attained age | 58 years | [1] | 58 years | [1] |
[1] | Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table. |
Variable_Annuity_and_Insurance3
Variable Annuity and Insurance Guarantees (IUL Secondary Guarantees) (Details 2) (UL Secondary Guarantees [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
UL Secondary Guarantees [Member] | ||
Net Amount at Risk by Product and Guarantee | ||
Net amount at risk | $6,162 | $6,076 |
Weighted average attained age | 63 years | 62 years |
Variable_Annuity_and_Insurance4
Variable Annuity and Insurance Guarantees (Changes in Additional Liabilities) (Details 3) (USD $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
GMDB and GGU [Member] | ||||||
Changes in additional liabilities for variable annuity and insurance guarantees [Rollforward] | ||||||
Balance, at the beginning of the period | $9 | $4 | ||||
Incurred claims | 1 | 1 | ||||
Paid claims | -1 | -1 | ||||
Balance, at the end of the period | 9 | 4 | ||||
GMIB [Member] | ||||||
Changes in additional liabilities for variable annuity and insurance guarantees [Rollforward] | ||||||
Balance, at the beginning of the period | 7 | 6 | ||||
Balance, at the end of the period | 7 | 6 | 7 | 6 | ||
GMWB [Member] | ||||||
Changes in additional liabilities for variable annuity and insurance guarantees [Rollforward] | ||||||
Balance, at the beginning of the period | 693 | -383 | ||||
Incurred claims | 347 | [1] | 116 | [1] | ||
Balance, at the end of the period | 1,040 | -267 | ||||
GMAB [Member] | ||||||
Changes in additional liabilities for variable annuity and insurance guarantees [Rollforward] | ||||||
Balance, at the beginning of the period | -41 | -62 | ||||
Incurred claims | 6 | [1] | -7 | [1] | ||
Balance, at the end of the period | -35 | -69 | ||||
UL [Member] | ||||||
Changes in additional liabilities for variable annuity and insurance guarantees [Rollforward] | ||||||
Balance, at the beginning of the period | 263 | 206 | ||||
Incurred claims | 22 | 19 | ||||
Paid claims | -6 | -4 | ||||
Balance, at the end of the period | $279 | $221 | ||||
[1] | The incurred claims for GMWB and GMAB represent the total change in the liabilities (contra liabilities). |
Variable_Annuity_and_Insurance5
Variable Annuity and Insurance Guarantees (Distribution of Account Balances by Asset Type) (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Mutual funds [Member] | ||
Distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits [Line Items] | ||
Total mutual funds | $71,797 | $70,953 |
Equity [Member] | ||
Distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits [Line Items] | ||
Total mutual funds | 41,882 | 41,403 |
Bond [Member] | ||
Distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits [Line Items] | ||
Total mutual funds | 25,115 | 25,060 |
Other [Member] | ||
Distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits [Line Items] | ||
Total mutual funds | $4,800 | $4,490 |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (Ameriprise Financial [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Debt and stated interest rates | ||||
Long-term debt | $3,066 | $3,062 | ||
Short-term borrowings | 200 | 200 | ||
Total Outstanding Balance of Debt | 3,266 | 3,262 | ||
Federal Home Loan Bank Advances [Member] | ||||
Debt and stated interest rates | ||||
Stated Interest Rate (as a percent) | 0.30% | 0.30% | ||
Short-term borrowings | 150 | 150 | ||
Securities pledged as collateral | 297 | 298 | ||
Repurchase Agreements [Member] | ||||
Debt and stated interest rates | ||||
Stated Interest Rate (as a percent) | 0.40% | 0.40% | ||
Short-term borrowings | 50 | 50 | ||
Securities pledged as collateral | 52 | 52 | ||
Senior notes due 2015 [Member] | ||||
Debt and stated interest rates | ||||
Long-term debt | 356 | [1] | 358 | [1] |
Stated Interest Rate (as a percent) | 5.70% | 5.70% | ||
Senior notes due 2019 [Member] | ||||
Debt and stated interest rates | ||||
Long-term debt | 329 | [1] | 326 | [1] |
Stated Interest Rate (as a percent) | 7.30% | 7.30% | ||
Senior notes due 2020 [Member] | ||||
Debt and stated interest rates | ||||
Long-term debt | 789 | [1] | 786 | [1] |
Stated Interest Rate (as a percent) | 5.30% | 5.30% | ||
Senior notes 2023 [Member] | ||||
Debt and stated interest rates | ||||
Long-term debt | 750 | 750 | ||
Stated Interest Rate (as a percent) | 4.00% | 4.00% | ||
Senior notes 2024 [Member] | ||||
Debt and stated interest rates | ||||
Long-term debt | 548 | 548 | ||
Stated Interest Rate (as a percent) | 3.70% | 3.70% | ||
Junior subordinated notes due 2066 [Member] | ||||
Debt and stated interest rates | ||||
Long-term debt | $294 | $294 | ||
Stated Interest Rate (as a percent) | 7.50% | 7.50% | ||
[1] | Amounts include adjustments for fair value hedges on the Companybs long-term debt. See Note 12 for information on the Companybs fair valueB hedges. |
Line_of_Credit_Narrative_Detai
Line of Credit Narrative (Details 2) (Ameriprise Financial [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Ameriprise Financial [Member] | |
Line of Credit Facility | |
Line of Credit Facility, Current Borrowing Capacity | $500 |
Line of Credit Facility, Maximum Borrowing Capacity | 750 |
Letters of Credit Outstanding, Amount | $1 |
Fair_Values_of_Assets_and_Liab2
Fair Values of Assets and Liabilities (Assets & liabilities reported at FV) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Liabilities | ||||
Cumulative change in embedded derivatives due to nonperformance | ($359) | ($311) | ||
Derivative liability | 5,183 | 4,688 | ||
Ameriprise Financial [Member] | ||||
Assets | ||||
Available-for-Sale securities | 30,150 | 30,027 | ||
Separate account assets | 84,243 | 83,256 | ||
Ameriprise Financial [Member] | Corporate debt securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 17,218 | 17,165 | ||
Ameriprise Financial [Member] | Residential mortgage backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 6,270 | 6,207 | ||
Ameriprise Financial [Member] | Commercial mortgage backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 2,694 | 2,630 | ||
Ameriprise Financial [Member] | Asset backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 1,405 | 1,470 | ||
Ameriprise Financial [Member] | State and municipal obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 2,243 | 2,239 | ||
Ameriprise Financial [Member] | U.S. government and agencies obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 56 | 47 | ||
Ameriprise Financial [Member] | Foreign government bonds and obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 245 | 251 | ||
Ameriprise Financial [Member] | Common stocks [Member] | ||||
Assets | ||||
Available-for-Sale securities | 19 | 18 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | ||||
Assets | ||||
Cash equivalents | 32 | 27 | ||
Available-for-Sale securities | 26 | 17 | ||
Trading securities | 53 | 54 | ||
Other assets | 227 | 283 | ||
Total assets at fair value | 338 | 381 | ||
Liabilities | ||||
Other liabilities | 304 | 377 | ||
Total liabilities at fair value | 304 | 377 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | Equity derivative contracts [Member] | ||||
Assets | ||||
Other assets | 226 | 282 | ||
Liabilities | ||||
Other liabilities | 303 | 376 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | Foreign exchange derivative contracts [Member] | ||||
Assets | ||||
Other assets | 1 | 1 | ||
Liabilities | ||||
Other liabilities | 1 | 1 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | U.S. government and agencies obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 21 | 12 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | Common stocks [Member] | ||||
Assets | ||||
Available-for-Sale securities | 5 | 5 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | ||||
Assets | ||||
Cash equivalents | 2,238 | 1,930 | ||
Available-for-Sale securities | 28,133 | 28,020 | ||
Trading securities | 84 | 28 | ||
Separate account assets | 84,243 | 83,256 | ||
Investments segregated for regulatory purposes | 65 | |||
Other assets | 4,558 | 3,818 | ||
Total assets at fair value | 119,321 | 117,052 | ||
Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 6 | 6 | ||
Customer deposits | 5 | 6 | ||
Other liabilities | 3,785 | 3,590 | ||
Total liabilities at fair value | 3,796 | 3,602 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Other liabilities [Member] | ||||
Liabilities | ||||
Other liabilities | 14 | 12 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Interest rate derivative contracts [Member] | ||||
Assets | ||||
Other assets | 2,478 | 2,031 | ||
Liabilities | ||||
Other liabilities | 1,244 | 1,136 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Equity derivative contracts [Member] | ||||
Assets | ||||
Other assets | 2,020 | 1,757 | ||
Liabilities | ||||
Other liabilities | 2,413 | 2,326 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Foreign exchange derivative contracts [Member] | ||||
Assets | ||||
Other assets | 54 | 29 | ||
Liabilities | ||||
Other liabilities | 5 | 2 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Credit derivative contracts [Member] | ||||
Liabilities | ||||
Other liabilities | 3 | |||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Other derivative contracts [Member] | ||||
Assets | ||||
Other assets | 6 | 1 | ||
Liabilities | ||||
Other liabilities | 106 | 114 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | EIA embedded derivatives [Member] | ||||
Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 6 | 6 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Corporate debt securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 15,692 | 15,647 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Residential mortgage backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 5,990 | 6,001 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Commercial mortgage backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 2,674 | 2,539 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Asset backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 1,247 | 1,301 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | State and municipal obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 2,243 | 2,239 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | U.S. government and agencies obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 35 | 35 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Foreign government bonds and obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 245 | 251 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Common stocks [Member] | ||||
Assets | ||||
Available-for-Sale securities | 7 | 7 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | ||||
Assets | ||||
Available-for-Sale securities | 1,991 | 1,990 | ||
Trading securities | 1 | 1 | ||
Total assets at fair value | 1,992 | 1,991 | ||
Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 1,097 | 721 | ||
Total liabilities at fair value | 1,097 | 721 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | IUL embedded derivatives [Member] | ||||
Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 270 | 242 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | GMWB and GMAB embedded derivatives [Member] | ||||
Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 827 | 479 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Corporate debt securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 1,526 | 1,518 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Residential mortgage backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 280 | 206 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Commercial mortgage backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 20 | 91 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Asset backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 158 | 169 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Common stocks [Member] | ||||
Assets | ||||
Available-for-Sale securities | 7 | 6 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | ||||
Assets | ||||
Cash equivalents | 2,270 | 1,957 | ||
Available-for-Sale securities | 30,150 | 30,027 | ||
Trading securities | 138 | 83 | ||
Separate account assets | 84,243 | 83,256 | ||
Investments segregated for regulatory purposes | 65 | |||
Other assets | 4,785 | 4,101 | ||
Total assets at fair value | 121,651 | 119,424 | ||
Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 1,103 | [1] | 727 | [2] |
Customer deposits | 5 | 6 | ||
Other liabilities | 4,089 | 3,967 | ||
Total liabilities at fair value | 5,197 | 4,700 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Other liabilities [Member] | ||||
Liabilities | ||||
Other liabilities | 14 | 12 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Interest rate derivative contracts [Member] | ||||
Assets | ||||
Other assets | 2,478 | 2,031 | ||
Liabilities | ||||
Other liabilities | 1,244 | 1,136 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Equity derivative contracts [Member] | ||||
Assets | ||||
Other assets | 2,246 | 2,039 | ||
Liabilities | ||||
Other liabilities | 2,716 | 2,702 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Foreign exchange derivative contracts [Member] | ||||
Assets | ||||
Other assets | 55 | 30 | ||
Liabilities | ||||
Other liabilities | 6 | 3 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Credit derivative contracts [Member] | ||||
Liabilities | ||||
Other liabilities | 3 | |||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Other derivative contracts [Member] | ||||
Assets | ||||
Other assets | 6 | 1 | ||
Liabilities | ||||
Other liabilities | 106 | 114 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | EIA embedded derivatives [Member] | ||||
Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 6 | 6 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | IUL embedded derivatives [Member] | ||||
Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 270 | 242 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | GMWB and GMAB embedded derivatives [Member] | ||||
Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 827 | [3] | 479 | [4] |
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Corporate debt securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 17,218 | 17,165 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Residential mortgage backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 6,270 | 6,207 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Commercial mortgage backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 2,694 | 2,630 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Asset backed securities [Member] | ||||
Assets | ||||
Available-for-Sale securities | 1,405 | 1,470 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | State and municipal obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 2,243 | 2,239 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | U.S. government and agencies obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 56 | 47 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Foreign government bonds and obligations [Member] | ||||
Assets | ||||
Available-for-Sale securities | 245 | 251 | ||
Ameriprise Financial [Member] | Recurring basis [Member] | Total [Member] | Common stocks [Member] | ||||
Assets | ||||
Available-for-Sale securities | 19 | 18 | ||
GMWB and GMAB [Member] | Policyholder account balances, future policy benefits and claims [Member] | GMWB and GMAB embedded derivatives [Member] | ||||
Liabilities | ||||
Derivative liability | 979 | 700 | ||
Derivative asset | $152 | $221 | ||
[1] | The Companybs adjustment for nonperformance risk resulted in a $359 million cumulative decrease to the embedded derivatives. | |||
[2] | The Companybs adjustment for nonperformance risk resulted in a $311 million cumulative decrease to the embedded derivatives. | |||
[3] | The fair value of the GMWB and GMAB embedded derivatives included $979 million of individual contracts in a liability position and $152 million of individual contracts in an asset position. | |||
[4] | The fair value of the GMWB and GMAB embedded derivatives included $700B million of individual contracts in a liability position and $221B million of individual contracts in an asset position. |
Fair_Values_of_Assets_and_Liab3
Fair Values of Assets and Liabilities (Level 3 rollforwards-Assets) (Details 2) (Ameriprise Financial [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Corporate debt securities [Member] | ||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||
Balance, at the beginning of the period | $1,518 | $1,640 |
Total gains (losses) included in other comprehensive income (loss) | 13 | 4 |
Purchases | 15 | 76 |
Sales | -11 | |
Settlements | -20 | -143 |
Balance, at the end of the period | 1,526 | 1,566 |
Changes in unrealized gains (losses) relating to assets held at the end of the period included in: | ||
Net investment income | 0 | -1 |
Residential mortgage backed securities [Member] | ||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||
Balance, at the beginning of the period | 206 | 187 |
Purchases | 115 | 82 |
Settlements | -9 | -3 |
Transfers out of Level 3 | -32 | -179 |
Balance, at the end of the period | 280 | 87 |
Commercial mortgage backed securities [Member] | ||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||
Balance, at the beginning of the period | 91 | 30 |
Purchases | 60 | |
Settlements | -1 | |
Transfers into Level 3 | 6 | |
Transfers out of Level 3 | -76 | -15 |
Balance, at the end of the period | 20 | 75 |
Asset backed securities [Member] | ||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||
Balance, at the beginning of the period | 169 | 260 |
Purchases | 23 | 21 |
Settlements | -2 | -6 |
Transfers out of Level 3 | -32 | -69 |
Balance, at the end of the period | 158 | 206 |
Common stocks [Member] | ||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||
Balance, at the beginning of the period | 6 | 6 |
Total gains (losses) included in other comprehensive income (loss) | 1 | |
Transfers out of Level 3 | 0 | |
Balance, at the end of the period | 7 | 6 |
Total available-for-sale securities [Member] | ||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||
Balance, at the beginning of the period | 1,990 | 2,123 |
Total gains (losses) included in other comprehensive income (loss) | 14 | 4 |
Purchases | 153 | 239 |
Sales | -11 | |
Settlements | -32 | -152 |
Transfers into Level 3 | 6 | |
Transfers out of Level 3 | -140 | -263 |
Balance, at the end of the period | 1,991 | 1,940 |
Changes in unrealized gains (losses) relating to assets held at the end of the period included in: | ||
Net investment income | -1 | |
Trading securities [Member] | ||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | ||
Balance, at the beginning of the period | 1 | 2 |
Transfers out of Level 3 | 0 | 0 |
Balance, at the end of the period | $1 | $2 |
Fair_Values_of_Assets_and_Liab4
Fair Values of Assets and Liabilities (Level 3 rollforwards-Liabilities) (Details 3) (Ameriprise Financial [Member], USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ||||
Net increase (decrease) to pretax income from embedded derivative liability | $37 | $15 | ||
IUL embedded derivatives [Member] | ||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | ||||
Balance, at the beginning of the period | 242 | 125 | ||
Total gains (losses) included in net income | 14 | [1] | 6 | [1] |
Issues | 19 | 24 | ||
Settlements | -5 | -1 | ||
Balance, at the end of the period | 270 | 154 | ||
Changes in unrealized gains (losses) relating to liabilities held at the end of the period included in: | ||||
Interest credited to fixed accounts | 14 | 6 | ||
GMWB and GMAB embedded derivatives [Member] | ||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | ||||
Balance, at the beginning of the period | 479 | -575 | ||
Total gains (losses) included in net income | 280 | [2] | 52 | [2] |
Issues | 64 | 59 | ||
Settlements | 4 | -7 | ||
Balance, at the end of the period | 827 | -471 | ||
Changes in unrealized gains (losses) relating to liabilities held at the end of the period included in: | ||||
Benefits, claims, losses and settlement expenses | 278 | 52 | ||
Policyholder account balances, future policy benefits and claims [Member] | ||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | ||||
Balance, at the beginning of the period | 721 | -450 | ||
Total gains (losses) included in net income | 294 | 58 | ||
Issues | 83 | 83 | ||
Settlements | -1 | -8 | ||
Balance, at the end of the period | 1,097 | -317 | ||
Changes in unrealized gains (losses) relating to liabilities held at the end of the period included in: | ||||
Interest credited to fixed accounts | 14 | 6 | ||
Benefits, claims, losses and settlement expenses | $278 | $52 | ||
[1] | Included in interest credited to fixed accounts in the Consolidated Statements of Operations. | |||
[2] | Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Operations. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities (Unobservable inputs) (Details 4) (Discounted cash flow [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
IUL embedded derivatives [Member] | ||||
Fair values of assets and liabilities | ||||
Liabilities at fair value | 270 | 242 | ||
GMWB and GMAB embedded derivatives [Member] | ||||
Fair values of assets and liabilities | ||||
Liabilities at fair value | 827 | 479 | ||
Corporate debt securities [Member] | ||||
Fair values of assets and liabilities | ||||
Assets at fair value | 1,497 | 1,476 | ||
Ameriprise Financial [Member] | IUL embedded derivatives [Member] | ||||
Fair values of assets and liabilities | ||||
Nonperformance risk | 0.63% | [1] | 0.65% | [1] |
Ameriprise Financial [Member] | GMWB and GMAB embedded derivatives [Member] | ||||
Fair values of assets and liabilities | ||||
Nonperformance risk | 0.63% | [1] | 0.65% | [1] |
Ameriprise Financial [Member] | GMWB and GMAB embedded derivatives [Member] | Minimum [Member] | ||||
Fair values of assets and liabilities | ||||
Utilization of guaranteed withdrawals (as a percent) | 0.00% | [2] | 0.00% | [2] |
Surrender rate (as a percent) | 0.00% | 0.00% | ||
Market volatility | 5.40% | [3] | 5.20% | [3] |
Elective contractholder strategy allocations | 0.00% | [4] | 0.00% | [4] |
Ameriprise Financial [Member] | GMWB and GMAB embedded derivatives [Member] | Maximum [Member] | ||||
Fair values of assets and liabilities | ||||
Utilization of guaranteed withdrawals (as a percent) | 51.10% | [2] | 51.10% | [2] |
Surrender rate (as a percent) | 59.10% | 59.10% | ||
Market volatility | 21.60% | [3] | 20.90% | [3] |
Elective contractholder strategy allocations | 3.00% | [4] | 3.00% | [4] |
Ameriprise Financial [Member] | Corporate debt securities [Member] | Minimum [Member] | ||||
Fair values of assets and liabilities | ||||
Yield/spread to U.S. Treasuries (as a percent) | 1.00% | 1.00% | ||
Ameriprise Financial [Member] | Corporate debt securities [Member] | Maximum [Member] | ||||
Fair values of assets and liabilities | ||||
Yield/spread to U.S. Treasuries (as a percent) | 3.50% | 3.90% | ||
Ameriprise Financial [Member] | Corporate debt securities [Member] | Weighted average [Member] | ||||
Fair values of assets and liabilities | ||||
Yield/spread to U.S. Treasuries (as a percent) | 1.40% | 1.50% | ||
[1] | The nonperformance risk is the spread added to the observable interest rates used in the valuation of the embedded derivatives. | |||
[2] | The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. | |||
[3] | Market volatility is implied volatility of fund of funds and managed volatility funds. | |||
[4] | The elective allocation represents the percentage of contractholders that are assumed to electively switch their investment allocation to a different allocation model. |
Fair_Values_of_Assets_and_Liab5
Fair Values of Assets and Liabilities (Carrying & Estimated Fair Value of non-Fair Value Reported Instruments) (Details 5) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Financial Liabilities | ||
Separate account liabilities | $84,243 | $83,256 |
Ameriprise Financial [Member] | ||
Financial Liabilities | ||
Separate account liabilities | 84,243 | 83,256 |
Ameriprise Financial [Member] | Level 1 [Member] | ||
Financial Assets | ||
Receivables | 262 | 215 |
Restricted and segregated cash | 2,649 | 2,614 |
Financial Liabilities | ||
Brokerage customer deposits | 3,575 | 3,465 |
Debt and other liabilities | 353 | 261 |
Ameriprise Financial [Member] | Level 2 [Member] | ||
Financial Assets | ||
Policy and certificate loans | 1 | 1 |
Receivables | 1,222 | 1,200 |
Other investments and assets | 483 | 460 |
Financial Liabilities | ||
Separate account liabilities | 4,408 | 4,478 |
Debt and other liabilities | 3,483 | 3,446 |
Ameriprise Financial [Member] | Level 3 [Member] | ||
Financial Assets | ||
Mortgage loans, net | 3,453 | 3,512 |
Policy and certificate loans | 796 | 793 |
Receivables | 4 | 3 |
Other investments and assets | 60 | 84 |
Financial Liabilities | ||
Policyholder account balances, future policy benefits and claims | 13,720 | 13,996 |
Investment certificate reserves | 4,294 | 4,195 |
Debt and other liabilities | 118 | 121 |
Ameriprise Financial [Member] | Total [Member] | ||
Financial Assets | ||
Mortgage loans, net | 3,453 | 3,512 |
Policy and certificate loans | 797 | 794 |
Receivables | 1,488 | 1,418 |
Restricted and segregated cash | 2,649 | 2,614 |
Other investments and assets | 543 | 544 |
Financial Liabilities | ||
Policyholder account balances, future policy benefits and claims | 13,720 | 13,996 |
Investment certificate reserves | 4,294 | 4,195 |
Brokerage customer deposits | 3,575 | 3,465 |
Separate account liabilities | 4,408 | 4,478 |
Debt and other liabilities | 3,954 | 3,828 |
Carrying value [Member] | Ameriprise Financial [Member] | ||
Financial Assets | ||
Mortgage loans, net | 3,368 | 3,440 |
Policy and certificate loans | 813 | 806 |
Receivables | 1,485 | 1,418 |
Restricted and segregated cash | 2,649 | 2,614 |
Other investments and assets | 542 | 551 |
Financial Liabilities | ||
Policyholder account balances, future policy benefits and claims | 12,495 | 12,979 |
Investment certificate reserves | 4,303 | 4,201 |
Brokerage customer deposits | 3,575 | 3,465 |
Separate account liabilities | 4,408 | 4,478 |
Debt and other liabilities | $3,664 | $3,576 |
Offsetting_Assets_and_Liabilit2
Offsetting Assets and Liabilities (Assets Subject to Netting) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Derivatives [Abstract] | ||||
Gross amounts of recognized assets | $4,785 | $4,101 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -3,493 | [1] | -3,224 | [1] |
Cash collateral | -613 | -362 | ||
Securities collateral | -614 | -418 | ||
Net amount | 65 | 97 | ||
Securities borrowed [Abstract] | ||||
Gross amounts of recognized assets | 262 | 215 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -69 | [1] | -49 | [1] |
Securities borrowed | -187 | -163 | ||
Net amount | 6 | 3 | ||
Total [Abstract] | ||||
Gross amounts of recognized assets | 5,047 | 4,316 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -3,562 | [1] | -3,273 | [1] |
Cash collateral | -613 | -362 | ||
Securities collateral | -801 | -581 | ||
Net amount | 71 | 100 | ||
OTC [Member] | ||||
Derivatives [Abstract] | ||||
Gross amounts of recognized assets | 4,262 | 3,735 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -3,135 | [1] | -3,000 | [1] |
Cash collateral | -497 | -281 | ||
Securities collateral | -614 | -418 | ||
Net amount | 16 | 36 | ||
OTC cleared [Member] | ||||
Derivatives [Abstract] | ||||
Gross amounts of recognized assets | 474 | 305 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -358 | [1] | -224 | [1] |
Cash collateral | -116 | -81 | ||
Exchange-traded [Member] | ||||
Derivatives [Abstract] | ||||
Gross amounts of recognized assets | 49 | 61 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Net amount | $49 | $61 | ||
[1] | Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. |
Offsetting_Assets_and_Liabilit3
Offsetting Assets and Liabilities (Liabilities Subject to Netting) (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Derivatives [Abstract] | ||||
Gross amounts of recognized liabilities | $5,183 | $4,688 | ||
Securities loaned [Abstract] | ||||
Gross amounts of recognized liabilities | 353 | 261 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -69 | [1] | -49 | [1] |
Securities collateral | -262 | -205 | ||
Net amount | 22 | 7 | ||
Repurchase agreements [Abstract] | ||||
Gross amounts of recognized liabilities | 50 | 50 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Securities collateral | -50 | -50 | ||
Net amount | 0 | 0 | ||
Total [Abstract] | ||||
Gross amounts of recognized liabilities | 4,478 | 4,266 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -3,562 | [1] | -3,273 | [1] |
Cash collateral | -12 | -8 | ||
Securities collateral | -869 | -978 | ||
Net amount | 35 | 7 | ||
OTC [Member] | ||||
Derivatives [Abstract] | ||||
Gross amounts of recognized liabilities | 3,705 | 3,723 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -3,135 | [1] | -3,000 | [1] |
Cash collateral | 0 | |||
Securities collateral | -557 | -723 | ||
Net amount | 13 | |||
OTC cleared [Member] | ||||
Derivatives [Abstract] | ||||
Gross amounts of recognized liabilities | 370 | 232 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -358 | [1] | -224 | [1] |
Cash collateral | -12 | -8 | ||
Total derivatives [Member] | ||||
Derivatives [Abstract] | ||||
Gross amounts of recognized liabilities | 4,075 | 3,955 | ||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments | -3,493 | [1] | -3,224 | [1] |
Cash collateral | -12 | -8 | ||
Securities collateral | -557 | -723 | ||
Net amount | $13 | |||
[1] | Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Balance Sheet) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | $5,183 | $4,688 | ||
Derivative Asset, Fair Value, Gross Asset | 4,785 | 4,101 | ||
GMWB and GMAB [Member] | GMWB and GMAB embedded derivatives [Member] | Policyholder account balances, future policy benefits and claims [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative asset | 152 | 221 | ||
Derivative liability | 979 | 700 | ||
Derivatives designated as hedging instruments [Member] | Fair value hedges [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative Asset, Fair Value, Gross Asset | 81 | 76 | ||
Derivatives designated as hedging instruments [Member] | Fixed rate debt [Member] | Other assets [Member] | Fair value hedges [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative Asset, Fair Value, Gross Asset | 81 | 76 | ||
Derivatives not designated as hedging instruments [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 5,183 | 4,688 | ||
Derivative Asset, Fair Value, Gross Asset | 4,704 | 4,025 | ||
Derivatives not designated as hedging instruments [Member] | GMWB and GMAB [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 4,760 | 4,267 | ||
Derivative Asset, Fair Value, Gross Asset | 4,631 | 3,938 | ||
Derivatives not designated as hedging instruments [Member] | GMWB and GMAB [Member] | Interest rate contracts [Member] | Other assets [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative Asset, Fair Value, Gross Asset | 2,397 | 1,955 | ||
Derivatives not designated as hedging instruments [Member] | GMWB and GMAB [Member] | Interest rate contracts [Member] | Other liabilities [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 1,244 | 1,136 | ||
Derivatives not designated as hedging instruments [Member] | GMWB and GMAB [Member] | Equity contracts [Member] | Other assets [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative Asset, Fair Value, Gross Asset | 2,180 | 1,954 | ||
Derivatives not designated as hedging instruments [Member] | GMWB and GMAB [Member] | Equity contracts [Member] | Other liabilities [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 2,681 | 2,650 | ||
Derivatives not designated as hedging instruments [Member] | GMWB and GMAB [Member] | Credit contracts [Member] | Other liabilities [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 3 | |||
Derivatives not designated as hedging instruments [Member] | GMWB and GMAB [Member] | Foreign exchange contracts [Member] | Other assets [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative Asset, Fair Value, Gross Asset | 54 | 29 | ||
Derivatives not designated as hedging instruments [Member] | GMWB and GMAB [Member] | Foreign exchange contracts [Member] | Other liabilities [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 5 | 2 | ||
Derivatives not designated as hedging instruments [Member] | GMWB and GMAB [Member] | GMWB and GMAB embedded derivatives [Member] | Policyholder account balances, future policy benefits and claims [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 827 | [1],[2] | 479 | [1],[2] |
Derivatives not designated as hedging instruments [Member] | EIA embedded derivatives [Member] | Equity contracts [Member] | Policyholder account balances, future policy benefits and claims [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 6 | 6 | ||
Derivatives not designated as hedging instruments [Member] | IUL [Member] | Equity contracts [Member] | Other assets [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative Asset, Fair Value, Gross Asset | 33 | 39 | ||
Derivatives not designated as hedging instruments [Member] | IUL [Member] | Equity contracts [Member] | Other liabilities [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 7 | 12 | ||
Derivatives not designated as hedging instruments [Member] | IUL embedded derivatives [Member] | Equity contracts [Member] | Policyholder account balances, future policy benefits and claims [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 270 | 242 | ||
Derivatives not designated as hedging instruments [Member] | Stock market certificates [Member] | Equity contracts [Member] | Other assets [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative Asset, Fair Value, Gross Asset | 33 | 46 | ||
Derivatives not designated as hedging instruments [Member] | Stock market certificates [Member] | Equity contracts [Member] | Other liabilities [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 28 | 40 | ||
Derivatives not designated as hedging instruments [Member] | Stock market certificates embedded derivatives [Member] | Equity contracts [Member] | Customer deposits [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 5 | 6 | ||
Derivatives not designated as hedging instruments [Member] | Foreign currency [Member] | Foreign exchange contracts [Member] | Other assets [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 | ||
Derivatives not designated as hedging instruments [Member] | Seed money [Member] | Foreign exchange contracts [Member] | Other liabilities [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 1 | 1 | ||
Derivatives not designated as hedging instruments [Member] | Macro hedge program [Member] | Other contract [Member] | Other assets [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative Asset, Fair Value, Gross Asset | 6 | 1 | ||
Derivatives not designated as hedging instruments [Member] | Macro hedge program [Member] | Other contract [Member] | Other liabilities [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 106 | 114 | ||
Derivatives not designated as hedging instruments [Member] | Total other [Member] | ||||
Derivatives and Hedging Activities | ||||
Derivative liability | 423 | 421 | ||
Derivative Asset, Fair Value, Gross Asset | $73 | $87 | ||
[1] | The fair values of GMWB and GMAB embedded derivatives fluctuate based on changes in equity, interest rate and credit markets. | |||
[2] | The fair value of the GMWB and GMAB embedded derivatives at MarchB 31, 2015 included $979 million of individual contracts in a liability position and $152 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives at DecemberB 31, 2014 included $700 million of individual contracts in a liability position and $221 million of individual contracts in an asset position. |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Income Statement) (Details 2) (Derivatives not designated as hedging instruments [Member], USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | ($104) | ($42) | ||
GMWB and GMAB [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -99 | -55 | ||
Total other [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -5 | 13 | ||
Benefits, claims, losses and settlement expenses [Member] | GMWB and GMAB [Member] | Interest rate contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 386 | 264 | ||
Benefits, claims, losses and settlement expenses [Member] | GMWB and GMAB [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -122 | -204 | ||
Benefits, claims, losses and settlement expenses [Member] | GMWB and GMAB [Member] | Credit contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -9 | -10 | ||
Benefits, claims, losses and settlement expenses [Member] | GMWB and GMAB [Member] | Foreign currency [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -6 | -1 | ||
Benefits, claims, losses and settlement expenses [Member] | GMWB and GMAB [Member] | GMWB and GMAB embedded derivatives [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -348 | [1] | -104 | [1] |
Benefits, claims, losses and settlement expenses [Member] | Macro hedge program [Member] | Other contract [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -1 | 13 | ||
Net investment income [Member] | Tax hedge [Member] | Interest rate contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 3 | |||
Net investment income [Member] | Seed money [Member] | Interest rate contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -1 | |||
Net investment income [Member] | Seed money [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -2 | -1 | ||
Net investment income [Member] | Seed money [Member] | Commodity | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -1 | |||
Interest credited to fixed accounts [Member] | IUL [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 1 | 5 | ||
Interest credited to fixed accounts [Member] | IUL embedded derivatives [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -9 | -6 | ||
Banking and deposit interest expense [Member] | Stock market certificates [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 1 | 1 | ||
Banking and deposit interest expense [Member] | Stock market certificates embedded derivatives [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -1 | |||
Distribution expenses [Member] | Deferred compensation [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 7 | 1 | ||
Distribution expenses [Member] | Deferred compensation [Member] | Foreign currency [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | -3 | |||
General and administrative expense [Member] | Deferred compensation [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | $1 | |||
[1] | The fair values of GMWB and GMAB embedded derivatives fluctuate based on changes in equity, interest rate and credit markets. |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Notional and Related Party Information) (Details 3) (Derivatives not designated as hedging instruments [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Notional Disclosures [Abstract] | ||
Gross notional amount of forwards, futures, total return swaps and commodity swaps | $85,000,000 | $97,000,000 |
Gross notional amount of foreign currency forward contracts | 9,000,000 | 11,000,000 |
Macro hedge program [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, notional amount | 3,700,000,000 | 2,700,000,000 |
Freestanding non-VA derivatives [Member] | ||
Notional Disclosures [Abstract] | ||
Notional amounts of index options and futures contracts | 2,000,000,000 | 2,000,000,000 |
Deferred compensation [Member] | ||
Notional Disclosures [Abstract] | ||
Gross notional amount of futures contracts | 301,000,000 | 278,000,000 |
GMWB and GMAB embedded derivatives [Member] | ||
Notional Disclosures [Abstract] | ||
Derivative, notional amount | $139,100,000,000 | $132,000,000,000 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activites (Option Pay/Rec) (Details 4) (USD $) | Mar. 31, 2015 | |
In Millions, unless otherwise specified | ||
Summary of Option Premiums Payable and Receivable | ||
Premiums payable | $2,017 | |
Premiums receivable | 520 | |
Current Year [Member] | ||
Summary of Option Premiums Payable and Receivable | ||
Premiums payable | 311 | [1] |
Premiums receivable | 57 | [1] |
2015 [Member] | ||
Summary of Option Premiums Payable and Receivable | ||
Premiums payable | 334 | |
Premiums receivable | 68 | |
2016 [Member] | ||
Summary of Option Premiums Payable and Receivable | ||
Premiums payable | 274 | |
Premiums receivable | 69 | |
2017 [Member] | ||
Summary of Option Premiums Payable and Receivable | ||
Premiums payable | 205 | |
Premiums receivable | 93 | |
2018 [Member] | ||
Summary of Option Premiums Payable and Receivable | ||
Premiums payable | 259 | |
Premiums receivable | 87 | |
2019-2027 [Member] | ||
Summary of Option Premiums Payable and Receivable | ||
Premiums payable | 634 | |
Premiums receivable | $146 | |
[1] | 2015 amounts represent the amounts payable and receivable for the period from AprilB 1, 2015 to DecemberB 31, 2015. |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Impact of Hedging Activity) (Details 5) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flow hedges [Member] | ||
Derivative Instruments, Gain (Loss) | ||
Estimated reclassification of net pretax losses on cash flow hedges from accumulated other comprehensive income to earnings during the next 12 months | $2 | |
Cash flow hedge gain to be reclassified within twelve months to interest and debt expense | 4 | |
Cash flow hedge loss to be reclassified within twelve months recorded in net investment income | 6 | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 |
Longest period of time over which the entity hedges exposure to the variability in future cash flows | 21 years | |
Cash flow hedges [Member] | Interest and debt expense [Member] | ||
Derivative Instruments, Gain (Loss) | ||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 1 | 1 |
Cash flow hedges [Member] | Net investment income [Member] | ||
Derivative Instruments, Gain (Loss) | ||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | -1 | -1 |
Fair value hedges [Member] | ||
Derivative Instruments, Gain (Loss) | ||
Number of interest rate swaps held | 3 | |
Fair value hedges [Member] | Fixed rate debt [Member] | Interest and debt expense [Member] | ||
Derivative Instruments, Gain (Loss) | ||
Amount of gain recognized in income on derivatives | $8 | $8 |
Derivatives_and_Hedging_Activi7
Derivatives and Hedging Activities (Credit Risk) (Details 6) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivatives liabilities, credit risk related contingent features | ||
Aggregate fair value of all derivative instruments containing credit risk features | $430 | $416 |
Aggregate fair value of assets posted as collateral | 417 | 416 |
Additional fair value of assets needed to settle derivative liabilities | $13 | $0 |
Shareholders_Equity_Table_Deta
Shareholders' Equity Table (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amounts Reclassified from AOCI | ||
Net investment income | $484 | $471 |
Income tax provision | 139 | 134 |
Interest and debt expense | 84 | 79 |
Income (loss) from continuing operations before income taxes | 618 | 650 |
Net unrealized (gains) losses on available-for-sale securities [Member] | Amount reclassified from AOCI [Member] | ||
Amounts Reclassified from AOCI | ||
Net investment income | -11 | -5 |
Income tax provision | 4 | 2 |
Net of tax | -7 | -3 |
Losses (gains) on cash flow hedges [Member] | Amount reclassified from AOCI [Member] | ||
Amounts Reclassified from AOCI | ||
Income tax provision | 0 | 0 |
Net of tax | 0 | 0 |
Income (loss) from continuing operations before income taxes | 0 | 0 |
Losses (gains) on cash flow hedges [Member] | Amount reclassified from AOCI [Member] | Interest rate contracts [Member] | ||
Amounts Reclassified from AOCI | ||
Interest and debt expense | 1 | -1 |
Losses (gains) on cash flow hedges [Member] | Amount reclassified from AOCI [Member] | Swaptions [Member] | ||
Amounts Reclassified from AOCI | ||
Net investment income | ($1) | $1 |
Shareholders_Equity_Text_Detai
Shareholders' Equity (Text) (Details 2) (USD $) | 3 Months Ended | ||
Share data in Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 28, 2014 |
Stockholders' Equity Note [Abstract] | |||
Stock repurchase program, authorized amount | $2,500,000,000 | ||
Remaining balance under stock repurchase program | 1,400,000,000 | ||
Repurchase of common shares (in shares) | 2.6 | 3.2 | |
Repurchase of common shares | 349,000,000 | 354,000,000 | |
Number of shares reacquired through surrender of restricted shares | 0.3 | 0.8 | |
Value of shares reacquired through surrender of restricted shares | 43,000,000 | 88,000,000 | |
Number of shares reacquired through net settlement of options | 0.4 | 0.7 | |
Aggregate value of shares reacquired through net settlement of options | $51,000,000 | $74,000,000 | |
Treasury shares reissued for restricted stock award grants and Ameriprise Financial Franchise Advisor Deferred Compensation Plan (in shares) | 1 | 1.6 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Income Taxes | |||
Effective tax rate on income from continuing operations (as a percent) | 22.50% | 20.70% | |
Valuation allowance | $20 | $20 | |
Gross unrecognized tax benefit (expense) | 241 | 242 | |
Unrecognized tax benefits (net of federal tax benefits) that would impact the effective tax rate | 55 | 57 | |
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound | 170 | ||
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, upper bound | 180 | ||
Increase (reduction) in interest and penalties | 1 | -1 | |
Accrued interest and penalties | 49 | 48 | |
State and Local [Member] | |||
Income Taxes | |||
State net operating losses | $25 |
Guarantees_and_Contingencies_D
Guarantees and Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Insurance-related Assessments [Member] | ||
Contingencies | ||
Liability related to guaranty fund assessments | $14,000,000 | $14,000,000 |
Premium tax asset | 12,000,000 | 12,000,000 |
Unfavorable Regulatory Action [Member] | ||
Contingencies | ||
Litigation settlement, amount | 800,000 | |
Roger Krueger, et al. vs. Ameriprise Financial [Member] | Settled Litigation [Member] | ||
Contingencies | ||
Litigation settlement, amount | 27,500,000 | |
Otkritie Capital International LTD and JSC Otkririe Holding v. Threadneedle Asset Management LTD. and Threadneedle Management Services Ltd. [Member] | Pending Litigation [Member] | ||
Contingencies | ||
Damages sought by plaintiffs | $120,000,000 |
Earnings_per_Share_Attributabl2
Earnings per Share Attributable to Ameriprise Financial, Inc. Common Shareholders (Basic & Diluted) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Income from continuing operations | $479 | $516 |
Less: Net income attributable to noncontrolling interests | 86 | 115 |
Income from continuing operations attributable to Ameriprise Financial | 393 | 401 |
Loss from discontinued operations, net of tax | 0 | -1 |
Net income attributable to Ameriprise Financial | $393 | $400 |
Denominator: | ||
Basic: Weighted-average common shares outstanding | 186.3 | 195.5 |
Effect of potentially dilutive nonqualified stock options and other share-based awards (in shares) | 2.8 | 3.6 |
Diluted: Weighted-average common shares outstanding | 189.1 | 199.1 |
Basic: | ||
Income from continuing operations (in dollars per share) | $2.11 | $2.05 |
Net income (in dollars per share) | $2.11 | $2.05 |
Diluted: | ||
Income from continuing operations (in dollars per share) | $2.08 | $2.01 |
Net income (in dollars per share) | $2.08 | $2.01 |
Effect of potentially dilutive nonqualified stock options and other share-based awards (in shares) | 1.6 | 1.5 |
Segment_Information_Details
Segment Information (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Summary of assets by segment | ||
Total assets | $151,448 | $148,810 |
Advice & Wealth Management [Member] | ||
Summary of assets by segment | ||
Total assets | 10,731 | 10,220 |
Asset Management [Member] | ||
Summary of assets by segment | ||
Total assets | 8,231 | 7,509 |
Annuities [Member] | ||
Summary of assets by segment | ||
Total assets | 99,665 | 98,535 |
Protection [Member] | ||
Summary of assets by segment | ||
Total assets | 21,632 | 20,779 |
Corporate & Other [Member] | ||
Summary of assets by segment | ||
Total assets | $11,189 | $11,767 |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Summary of segment operating results [Abstract] | ||||
Net realized gains | $10 | $5 | ||
Revenues attributable to CIEs | 149 | 177 | ||
Market impact on IUL benefits, net | -4 | 2 | ||
Total net revenues | 3,053 | 2,996 | ||
Reconciliation of operating profit (loss) from segments to consolidated | ||||
Total segment operating earnings | 562 | 544 | ||
Net realized gains | 10 | 5 | ||
Less: Net income attributable to noncontrolling interests | 86 | 115 | ||
Market impact on variable annuity guaranteed benefits, net | -34 | -15 | ||
Market impact on IUL benefits, net | -6 | 1 | ||
Income from continuing operations before income tax provision | 618 | 650 | ||
Advice & Wealth Management [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | 1,228 | 1,149 | ||
Reconciliation of operating profit (loss) from segments to consolidated | ||||
Total segment operating earnings | 210 | 181 | ||
Asset Management [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | 807 | 807 | ||
Reconciliation of operating profit (loss) from segments to consolidated | ||||
Total segment operating earnings | 191 | 183 | ||
Annuities [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | 631 | 636 | ||
Reconciliation of operating profit (loss) from segments to consolidated | ||||
Total segment operating earnings | 172 | 176 | ||
Protection [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | 590 | 555 | ||
Reconciliation of operating profit (loss) from segments to consolidated | ||||
Total segment operating earnings | 51 | 59 | ||
Corporate & Other [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | -6 | 6 | ||
Reconciliation of operating profit (loss) from segments to consolidated | ||||
Total segment operating earnings | -62 | -55 | ||
Eliminations [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | -352 | [1] | -341 | [1] |
Operating Segments [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | 2,898 | 2,812 | ||
Total net revenues | 3,053 | 2,996 | ||
Eliminations [Member] | Advice & Wealth Management [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | 247 | 240 | ||
Eliminations [Member] | Asset Management [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | 11 | 11 | ||
Eliminations [Member] | Annuities [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | 84 | 80 | ||
Eliminations [Member] | Protection [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | 10 | 10 | ||
Eliminations [Member] | Corporate & Other [Member] | ||||
Summary of segment operating results [Abstract] | ||||
Total segment operating revenues | $0 | $0 | ||
[1] | Represents the elimination of intersegment revenues recognized for the three months ended MarchB 31, 2015 and 2014 in each segment as follows: AdviceB &B Wealth Management ($247 and $240, respectively); AssetB Management ($11 and $11, respectively); Annuities ($84 and $80, respectively); Protection ($10 and $10, respectively); and CorporateB &B Other (nil and nil, respectively). |