Ameriprise 2008 Annual Report Download - page 128
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Concentrations of credit risk of commercial mortgage loans by property type were as follows:
December 31,
2008 2007
On-Balance Funding On-Balance Funding
Sheet Commitments Sheet Commitments
(in millions)
Commercial mortgage loans by U.S.
property type:
Office buildings $ 817 $ 18 $ 932 $ 12
Shopping centers and retail 896 23 897 66
Apartments 414 1 461 8
Industrial buildings 512 2 549 9
Hotels and motels 79 — 81 —
Medical buildings 41 — 54 —
Other 147 — 141 6
2,906 44 3,115 101
Less: allowance for loan losses (19) — (18) —
Total $ 2,887 $ 44 $ 3,097 $ 101
Commitments to fund commercial mortgages were made in the ordinary course of business. The funding commitments at
December 31, 2008 and 2007 approximate fair value.
Trading Securities
Net recognized losses related to trading securities were $88 million at December 31, 2008 and net recognized gains were
$3 million and $41 million for the years ended December 31, 2007 and 2006, respectively.
8. Deferred Acquisition Costs and Deferred Sales Inducement Costs
During the third quarter of 2008, the Company completed the annual detailed review of valuation assumptions for products of
RiverSource Life companies. In addition, during the third quarter of 2008, the Company converted to a new industry standard
valuation system that provides enhanced modeling capabilities.
The total pretax impacts on the Company’s assets and liabilities attributable to the review of valuation assumptions for
products of RiverSource Life companies and the valuation system conversion during the third quarter of 2008 and the review
of the valuation assumptions for products of RiverSource Life companies during the third quarter of 2007 and 2006 were as
follows:
Future Policy
Balance Sheet Impact Debit Other Other Benefits and
(Credit) DAC Assets Liabilities Claims Receivables Total
(in millions)
2008 period $ (82) $ (5) $ 5 $ 96 $ 92 $ 106
2007 period (16) 3 — (15) (2) (30)
2006 period 38 — — (12) (1) 25
The total pretax impacts on the Company’s revenues and expenses attributable to the review of valuation assumptions for
products of RiverSource Life companies and the valuation system conversion for the year ended December 31, 2008 and the
105