
Description of Securities	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Fixed maturities:
Corporate debt securities	$	10,338	$	1,642	$	(33)	$	(13)	$	11,934
Residential mortgage backed securities	3,195		122		(2)		—		3,315
Commercial mortgage backed securities	4,026		228		(7)		—		4,247
State and municipal obligations	1,047		288		(1)		—		1,334
Asset backed securities	1,286		42		(2)		—		1,326
Foreign government bonds and obligations	245		19		(2)		—		262
U.S. government and agency obligations	201		—		—		—		201
Total	$	20,338	$	2,341	$	(47)	$	(13)	$	22,619


Description of Securities	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Fixed maturities:
Corporate debt securities	$	10,188	$	1,336	$	(2)	$	11,522
Residential mortgage backed securities	3,039		73		(4)		3,108
Commercial mortgage backed securities	3,526		95		(3)		3,618
State and municipal obligations	1,071		237		(2)		1,306
Asset backed securities	1,036		45		(1)		1,080
Foreign government bonds and obligations	250		19		(2)		267
U.S. government and agency obligations	1		—		—		1
Total	$	19,111	$	1,805	$	(14)	$	20,902

As of September 30, 2020 and December 31, 2019, accrued interest of $167 million and $158 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in accrued investment income on the Consolidated Balance Sheets.

As of September 30, 2020 and December 31, 2019, investment securities with a fair value of $3.0 billion and $1.9 billion, respectively, were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $483 million and $576 million, respectively, may be sold, pledged or rehypothecated by the counterparty.

As of September 30, 2020 and December 31, 2019, fixed maturity securities comprised approximately 84% and 83%, respectively, of the Company’s total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of September 30, 2020 and December 31, 2019, approximately $574 million and $615 million, respectively, of securities were internally rated by Columbia Management Investment Advisers, LLC, an affiliate of the Company, using criteria similar to those used by NRSROs.


Ratings	September 30, 2020						December 31, 2019
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	8,030	$	8,400	37	%	$	6,771	$	6,950	33	%
AA	1,077		1,315		6		1,176		1,374		7
A	2,574		3,118		14		2,695		3,157		15
BBB	7,088		8,152		36		7,709		8,626		41
Below investment grade	1,569		1,634		7		760		795		4
Total fixed maturities	$	20,338	$	22,619	100	%	$	19,111	$	20,902	100	%

As of September 30, 2020 and December 31, 2019, approximately 37% and 39%, respectively, of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. The Company had holdings of $375 million in Ameriprise Advisor Financing, LLC (“AAF”), an affiliate of the Company, which was greater than 10% of total equity as of September 30, 2020. The Company had holdings of $380 million in AAF, which was greater than 10% of total equity as of December 31, 2019. There were no other holdings of any other issuer greater than 10% of total equity as of December 31, 2019.

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:


Description of Securities	September 30, 2020
	Less than 12 months					12 months or more					Total
	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
	(in millions, except number of securities)
Corporate debt securities	69	$	789	$	(29)	2	$	12	$	(4)	71	$	801	$	(33)
Residential mortgage backed securities	21	304		(2)		6	10		—		27	314		(2)
Commercial mortgage backed securities	23	428		(5)		6	43		(2)		29	471		(7)
State and municipal obligations	4	14		(1)		1	4		—		5	18		(1)
Asset backed securities	9	139		(1)		2	36		(1)		11	175		(2)
Foreign government bonds and obligations	6	26		(1)		9	10		(1)		15	36		(2)
Total	132	$	1,700	$	(39)	26	$	115	$	(8)	158	$	1,815	$	(47)


Description of Securities	December 31, 2019
	Less than 12 months					12 months or more					Total
	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
	(in millions, except number of securities)
Corporate debt securities	15	$	64	$	—	7	$	90	$	(2)	22	$	154	$	(2)
Residential mortgage backed securities	29	571		(1)		20	298		(3)		49	869		(4)
Commercial mortgage backed securities	18	310		(1)		7	82		(2)		25	392		(3)
State and municipal obligations	5	23		—		3	54		(2)		8	77		(2)
Asset backed securities	10	111		(1)		6	54		—		16	165		(1)
Foreign government bonds and obligations	1	—		—		10	15		(2)		11	15		(2)
Total	78	$	1,079	$	(3)	53	$	593	$	(11)	131	$	1,672	$	(14)

As part of the Company’s ongoing monitoring process, management determined that the change in gross unrealized losses on its Available-for-Sale securities during the nine months ended September 30, 2020 is attributable to wider credit spreads, partially offset by lower interest rates. Consistent with the accounting policy described in Note 2, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of September 30, 2020, 56% of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

(1) Prior to January 1, 2020, credit losses on Available-for-Sale securities were not recorded in an allowance but were recorded as a reduction of the book value of the security if the security was other-than-temporarily impaired. There is no adoption impact due to the prospective transition for Available-for-Sale securities.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Gross realized investment gains	$	2	$	6	$	12	$	28
Gross realized investment losses	—		(2)		(2)		(14)
Credit losses	—		(15)		(13)		(15)
Total	$	2	$	(11)	$	(3)	$	(1)

Credit losses for the three months and nine months ended September 30, 2020 primarily related to recording an allowance for credit losses on certain corporate debt securities, primarily in the oil and gas industry.


	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	879	$	888
Due after one year through five years	4,348		4,633
Due after five years through 10 years	2,521		2,801
Due after 10 years	4,083		5,409
	11,831		13,731
Residential mortgage backed securities	3,195		3,315
Commercial mortgage backed securities	4,026		4,247
Asset backed securities	1,286		1,326
Total	$	20,338	$	22,619

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Fixed maturities	$	191	$	205	$	585	$	644
Mortgage loans	29		29		86		88
Other investments	(3)		(6)		(9)		(2)
	217		228		662		730
Less: investment expenses	5		6		15		18
Total	$	212	$	222	$	647	$	712