Ameriprise 2008 Annual Report Download - page 124

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presented using S&P’s convention and, if the two agencies’ ratings differ, the lower rating is used. A summary of fixed maturity
securities by rating was as follows:
December 31, 2008 December 31, 2007
Percent of Percent of
Amortized Fair Total Fair Amortized Fair Total Fair
Ratings Cost Value Value Cost Value Value
(in millions, except percentages)
AAA $ 9,475 $ 8,988 40% $ 11,381 $ 11,277 44%
AA 1,698 1,571 7 2,637 2,613 10
A 4,689 4,396 19 4,292 4,253 16
BBB 7,299 6,707 29 6,150 6,069 24
Below investment grade 1,494 1,174 5 1,734 1,661 6
Total fixed maturities $ 24,655 $ 22,836 100% $ 26,194 $ 25,873 100%
At December 31, 2008 and 2007, approximately 45% and 39%, 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 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:
December 31, 2008
Less than 12 months 12 months or more Total
Unrealized Unrealized Unrealized
Description of Securities Fair Value Losses Fair Value Losses Fair Value Losses
(in millions)
Corporate debt securities $ 6,250 $ (396) $ 3,544 $ (778) $ 9,794 $ (1,174)
Mortgage and other asset
backed securities 1,611 (243) 2,014 (493) 3,625 (736)
State and municipal obligations 438 (64) 295 (91) 733 (155)
U.S. government and agencies
obligations — — 11 — 11 —
Foreign government bonds and
obligations 20 (5) — — 20 (5)
Common and preferred stocks — — 27 (22) 27 (22)
Total $ 8,319 $ (708) $ 5,891 $ (1,384) $ 14,210 $ (2,092)
December 31, 2007
Less than 12 months 12 months or more Total
Unrealized Unrealized Unrealized
Description of Securities Fair Value Losses Fair Value Losses Fair Value Losses
(in millions)
Corporate debt securities $ 1,514 $ (45) $ 8,159 $ (283) $ 9,673 $ (328)
Mortgage and other asset
backed securities 1,754 (73) 5,715 (89) 7,469 (162)
State and municipal obligations 414 (15) 73 (2) 487 (17)
U.S. government and agencies
obligations — — 169 (1) 169 (1)
Foreign government bonds and
obligations — — 2 — 2 —
Common and preferred stocks 49 (1) — — 49 (1)
Total $ 3,731 $ (134) $ 14,118 $ (375) $ 17,849 $ (509)
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