Ameriprise 2014 Annual Report Download - page 143
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A summary of fixed maturity securities by rating was as follows:
December 31, 2014 December 31, 2013
Percent of Percent of
Amortized Total Fair Amortized Total Fair
Ratings Cost Fair Value Value Cost Fair Value Value
(in millions, except percentages)
AAA $ 7,500 $ 7,776 26% $ 7,562 $ 7,746 25%
AA 1,581 1,799 6 1,587 1,707 6
A 6,028 6,668 22 6,381 6,738 22
BBB 11,187 12,025 40 11,427 12,272 41
Below investment grade 1,762 1,741 6 1,875 1,829 6
Total fixed maturities $ 28,058 $ 30,009 100% $ 28,832 $ 30,292 100%
At December 31, 2014 and 2013, approximately 52% and 45%, 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:
December 31, 2014
Less than 12 months 12 months or more Total
Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized
Description of Securities 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)
December 31, 2013
Less than 12 months 12 months or more Total
Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized
Description of Securities Securities Value Losses Securities Value Losses Securities Value Losses
(in millions, except number of securities)
Corporate debt securities 181 $ 2,817 $ (83) 12 $ 181 $ (14) 193 $ 2,998 $ (97)
Residential mortgage
backed securities 128 2,393 (66) 113 663 (71) 241 3,056 (137)
Commercial mortgage
backed securities 35 426 (10) 4 22 (2) 39 448 (12)
Asset backed securities 40 531 (7) 4 32 (1) 44 563 (8)
State and municipal
obligations 169 468 (36) 14 117 (42) 183 585 (78)
Foreign government bonds
and obligations 23 77 (8) — — — 23 77 (8)
Total 576 $ 6,712 $ (210) 147 $ 1,015 $ (130) 723 $ 7,727 $ (340)
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.
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