Ameriprise 2015 Annual Report Download - page 142

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A summary of fixed maturity securities by rating was as follows:
December 31, 2015 December 31, 2014
Percent of Percent of
Amortized Total Fair Amortized Total Fair
Ratings Cost Fair Value Value Cost Fair Value Value
(in millions, except percentages)
AAA $ 7,147 $ 7,289 25% $ 7,500 $ 7,776 26%
AA 1,732 1,930 7 1,581 1,799 6
A 5,131 5,507 19 6,028 6,668 22
BBB 12,052 12,353 43 11,187 12,025 40
Below investment grade 1,683 1,576 6 1,762 1,741 6
Total fixed maturities $ 27,745 $ 28,655 100% $ 28,058 $ 30,009 100%
At December 31, 2015 and 2014, approximately 53% and 52%, 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, 2015
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 347 $ 5,150 $ (220) 48 $ 454 $ (76) 395 $ 5,604 $ (296)
Residential mortgage
backed securities 123 1,869 (16) 164 1,350 (50) 287 3,219 (66)
Commercial mortgage
backed securities 58 695 (13) 4 49 (1) 62 744 (14)
Asset backed securities 50 455 (7) 14 254 (4) 64 709 (11)
State and municipal
obligations 31 100 (1) 5 110 (27) 36 210 (28)
Foreign government bonds
and obligations 9 39 (2) 15 27 (9) 24 66 (11)
Total 618 $ 8,308 $ (259) 250 $ 2,244 $ (167) 868 $ 10,552 $ (426)
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)
As part of Ameriprise Financial’s ongoing monitoring process, management determined that the change in gross unrealized
losses on its Available-for-Sale securities is primarily attributable to a widening of credit spreads.
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