Ameriprise 2005 Annual Report Download - page 73

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71
Ameriprise Financial, Inc. |
Available-for-Sale Securities
Available-for-Sale securities at December 31, 2005 are distributed by type as presented below:
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
(in millions)
Corporate debt securities $18,836 $291 $(300) $18,827
Mortgage and other asset-backed securities 14,071 50 (211) 13,910
Structured investments 37 – – 37
State and municipal obligations 879 23 (5) 897
U.S. government and agencies obligations 377 17 (7) 387
Foreign government bonds and obligations 128 17 – 145
Common and preferred stocks 11 3 – 14
Total $34,339 $401 $(523) $34,217
Available-for-Sale securities at December 31, 2004 are distributed by type as presented below:
Gross Gross
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
(in millions)
Corporate debt securities $19,452 $728 $ (68) $20,112
Mortgage and other asset-backed securities 12,610 167 (48) 12,729
Structured investments 773 – (41) 732
State and municipal obligations 757 26 (3) 780
U.S. government and agencies obligations 406 15 (1) 420
Foreign government bonds and obligations 108 17 (1) 124
Common and preferred stocks 77 5 – 82
Total $34,183 $958 $(162) $34,979
At December 31, 2005 and 2004, fixed maturity securities, excluding net unrealized appreciation and depreciation, comprised
approximately 88% and 87%, respectively, of the Company’s total investments. These securities are rated by Moody’s and
Standard & Poor’s (S&P), except for approximately $1.2 billion of securities at both December 31, 2005 and 2004, which are rated
by the Company’s internal analysts using criteria similar to Moody’s and S&P. Ratings on investment grade securities are presented
using S&P’s convention and, if the two agencies’ ratings differ, the lower rating is used. A summary by rating (excluding net unreal-
ized appreciation and depreciation) on December 31 is as follows:
Rating 2005 2004
AAA 44% 41%
AA 74
A19 20
BBB 23 27
Below investment grade 78
Total 100% 100%
At December 31, 2005 and 2004, approximately 44% and 62% of the securities rated AAA are GNMA, FNMA and FHLMC mortgage-
backed securities. No holdings of any other issuer were greater than 10% of shareholders’ equity.