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December 31, 2005
Gross Gross
Amortized Unrealized Unrealized Fair
Description of Securities Cost Gains Losses Value
(in millions)
Corporate debt securities $ 18,632 $ 291 $ (300) $ 18,623
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
Other debt 204 — — 204
Total $ 34,339 $ 401 $ (523) $ 34,217
At December 31, 2006 and 2005, fixed maturity securities, excluding net unrealized appreciation and depreciation, comprised
approximately 87% and 88%, respectively, of the Company’s total investments. These securities were rated by Moody’s and
Standard & Poor’s (“S&P”), except for approximately $1.4 billion and $1.2 billion of securities at December 31, 2006 and 2005,
respectively, which were 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 was used. A sum-
mary by rating, excluding net unrealized appreciation and depreciation, was as follows:
December 31,
Rating 2006 2005
AAA 43% 44%
AA 97
A17 19
BBB 24 23
Below investment grade 77
Total 100% 100%
At December 31, 2006 and 2005, approximately 42% and 44%, 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 shareholders’ equity.
The following table provides 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:
December 31, 2006
Less than 12 months 12 months or more Total
Fair Unrealized Fair Unrealized Fair Unrealized
Description of Securities Value Losses Value Losses Value Losses
(in millions)
Corporate debt securities $ 1,416 $ (19) $ 10,881 $ (345) $ 12,297 $ (364)
Mortgage and other asset-backed securities 1,134 (7) 8,617 (217) 9,751 (224)
Structured investments 23 — — — 23 —
State and municipal obligations 12 — 90 (4) 102 (4)
U.S. government and agencies obligations 11 — 246 (6) 257 (6)
Foreign government bonds and obligations — — 3 — 3 —
Common and preferred stocks — — 4 — 4 —
Total $ 2,596 $ (26) $ 19,841 $ (572) $ 22,437 $ (598)
76 Ameriprise Financial, Inc. 2006 Annual Report