x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-3180631 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1099 Ameriprise Financial Center, Minneapolis, Minnesota | 55474 | |
(Address of principal executive offices) | (Zip Code) |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | ||
Large Accelerated Filer x | Accelerated Filer o | |
Non-Accelerated Filer o (Do not check if a smaller reporting company) | Smaller reporting company o | |
Emerging growth company o | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Class | Outstanding at July 21, 2017 | |
Common Stock (par value $.01 per share) | 149,943,197 shares |
Part I. Financial Information | ||||
Item 1. Financial Statements (Unaudited) | ||||
Consolidated Statements of Operations — Three months and six months ended June 30, 2017 and 2016 | ||||
Consolidated Statements of Comprehensive Income — Three months and six months ended June 30, 2017 and 2016 | ||||
Consolidated Balance Sheets — June 30, 2017 and December 31, 2016 | ||||
Consolidated Statements of Equity — Six months ended June 30, 2017 and 2016 | ||||
Consolidated Statements of Cash Flows — Six months ended June 30, 2017 and 2016 | ||||
Notes to Consolidated Financial Statements | ||||
1. Basis of Presentation | ||||
2. Recent Accounting Pronouncements | ||||
3. Variable Interest Entities | ||||
4. Investments | ||||
5. Financing Receivables | ||||
6. Deferred Acquisition Costs and Deferred Sales Inducement Costs | ||||
7. Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities | ||||
8. Variable Annuity and Insurance Guarantees | ||||
9. Debt | ||||
10. Fair Values of Assets and Liabilities | ||||
11. Offsetting Assets and Liabilities | ||||
12. Derivatives and Hedging Activities | ||||
13. Shareholders’ Equity | ||||
14. Income Taxes | ||||
15. Contingencies | ||||
16. Earnings per Share | ||||
17. Segment Information | ||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | ||||
Item 4. Controls and Procedures | ||||
Part II. Other Information | ||||
Item 1. Legal Proceedings | ||||
Item 1A. Risk Factors | ||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||||
Item 6. Exhibits | ||||
Signatures | ||||
Exhibit Index |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
Revenues | |||||||||||||||
Management and financial advice fees | $ | 1,561 | $ | 1,439 | $ | 3,043 | $ | 2,825 | |||||||
Distribution fees | 430 | 448 | 873 | 883 | |||||||||||
Net investment income | 391 | 372 | 782 | 703 | |||||||||||
Premiums | 348 | 372 | 687 | 740 | |||||||||||
Other revenues | 267 | 248 | 523 | 502 | |||||||||||
Total revenues | 2,997 | 2,879 | 5,908 | 5,653 | |||||||||||
Banking and deposit interest expense | 12 | 8 | 22 | 17 | |||||||||||
Total net revenues | 2,985 | 2,871 | 5,886 | 5,636 | |||||||||||
Expenses | |||||||||||||||
Distribution expenses | 832 | 803 | 1,655 | 1,573 | |||||||||||
Interest credited to fixed accounts | 171 | 158 | 333 | 304 | |||||||||||
Benefits, claims, losses and settlement expenses | 611 | 597 | 1,178 | 1,079 | |||||||||||
Amortization of deferred acquisition costs | 69 | 87 | 141 | 197 | |||||||||||
Interest and debt expense | 52 | 53 | 102 | 108 | |||||||||||
General and administrative expense | 739 | 763 | 1,491 | 1,490 | |||||||||||
Total expenses | 2,474 | 2,461 | 4,900 | 4,751 | |||||||||||
Pretax income | 511 | 410 | 986 | 885 | |||||||||||
Income tax provision | 118 | 75 | 190 | 186 | |||||||||||
Net income | $ | 393 | $ | 335 | $ | 796 | $ | 699 | |||||||
Earnings per share | |||||||||||||||
Basic | $ | 2.53 | $ | 1.99 | $ | 5.09 | $ | 4.10 | |||||||
Diluted | $ | 2.50 | $ | 1.97 | $ | 5.01 | $ | 4.06 | |||||||
Cash dividends declared per common share | $ | 0.83 | $ | 0.75 | $ | 1.58 | $ | 1.42 | |||||||
Supplemental Disclosures: | |||||||||||||||
Total other-than-temporary impairment losses on securities | $ | — | $ | — | $ | (1 | ) | $ | (2 | ) | |||||
Portion of loss recognized in other comprehensive income (before taxes) | — | — | — | 1 | |||||||||||
Net impairment losses recognized in net investment income | $ | — | $ | — | $ | (1 | ) | $ | (1 | ) | |||||
See Notes to Consolidated Financial Statements. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Net income | $ | 393 | $ | 335 | $ | 796 | $ | 699 | |||||||
Other comprehensive income, net of tax: | |||||||||||||||
Foreign currency translation adjustment | 23 | (28 | ) | 30 | (39 | ) | |||||||||
Net unrealized gains on securities | 57 | 217 | 64 | 410 | |||||||||||
Net unrealized gains on derivatives | — | 1 | 1 | 2 | |||||||||||
Defined benefit plans | — | 6 | 5 | 6 | |||||||||||
Other | — | — | (1 | ) | — | ||||||||||
Total other comprehensive income, net of tax | 80 | 196 | 99 | 379 | |||||||||||
Total comprehensive income | $ | 473 | $ | 531 | $ | 895 | $ | 1,078 | |||||||
See Notes to Consolidated Financial Statements. |
June 30, 2017 | December 31, 2016 | ||||||
(in millions, except share amounts) | |||||||
Assets | |||||||
Cash and cash equivalents | $ | 2,392 | $ | 2,318 | |||
Cash of consolidated investment entities | 171 | 168 | |||||
Investments | 35,935 | 35,834 | |||||
Investments of consolidated investment entities, at fair value | 2,257 | 2,254 | |||||
Separate account assets | 83,661 | 80,210 | |||||
Receivables | 5,481 | 5,299 | |||||
Receivables of consolidated investment entities, at fair value | 38 | 11 | |||||
Deferred acquisition costs | 2,637 | 2,648 | |||||
Restricted and segregated cash and investments | 3,072 | 3,331 | |||||
Other assets | 7,500 | 7,748 | |||||
Total assets | $ | 143,144 | $ | 139,821 | |||
Liabilities and Equity | |||||||
Liabilities: | |||||||
Policyholder account balances, future policy benefits and claims | $ | 29,878 | $ | 30,202 | |||
Separate account liabilities | 83,661 | 80,210 | |||||
Customer deposits | 10,200 | 10,036 | |||||
Short-term borrowings | 200 | 200 | |||||
Long-term debt | 2,908 | 2,917 | |||||
Debt of consolidated investment entities, at fair value | 2,308 | 2,319 | |||||
Accounts payable and accrued expenses | 1,600 | 1,727 | |||||
Other liabilities | 6,001 | 5,823 | |||||
Other liabilities of consolidated investment entities, at fair value | 138 | 95 | |||||
Total liabilities | 136,894 | 133,529 | |||||
Equity: | |||||||
Ameriprise Financial, Inc.: | |||||||
Common shares ($.01 par value; shares authorized, 1,250,000,000; shares issued, 325,815,978 and 324,006,315, respectively) | 3 | 3 | |||||
Additional paid-in capital | 7,903 | 7,765 | |||||
Retained earnings | 10,897 | 10,351 | |||||
Treasury shares, at cost (175,507,362 and 169,246,411 shares, respectively) | (12,852 | ) | (12,027 | ) | |||
Accumulated other comprehensive income, net of tax | 299 | 200 | |||||
Total equity | 6,250 | 6,292 | |||||
Total liabilities and equity | $ | 143,144 | $ | 139,821 | |||
See Notes to Consolidated Financial Statements. |
Ameriprise Financial, Inc. | Non-controlling Interests | Total | |||||||||||||||||||||||||||||||||||||
Number of Outstanding Shares | Common Shares | Additional Paid-In Capital | Retained Earnings | Appropriated Retained Earnings of Consolidated Investment Entities | Treasury Shares | Accumulated Other Com- prehensive Income | Total Ameriprise Financial, Inc. Shareholders’ Equity | ||||||||||||||||||||||||||||||||
(in millions, except share data) | |||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2016 (1) | 171,033,260 | $ | 3 | $ | 7,611 | $ | 9,525 | $ | 137 | $ | (10,338 | ) | $ | 253 | $ | 7,191 | $ | 1,188 | $ | 8,379 | |||||||||||||||||||
Cumulative effect of change in accounting policies | — | — | — | 1 | (137 | ) | — | 6 | (130 | ) | (1,188 | ) | (1,318 | ) | |||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 699 | — | — | — | 699 | — | 699 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 379 | 379 | — | 379 | |||||||||||||||||||||||||||||
Total comprehensive income | 1,078 | — | 1,078 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders | — | — | — | (244 | ) | — | — | — | (244 | ) | — | (244 | ) | ||||||||||||||||||||||||||
Repurchase of common shares | (10,301,265 | ) | — | — | — | — | (942 | ) | — | (942 | ) | — | (942 | ) | |||||||||||||||||||||||||
Share-based compensation plans | 1,510,227 | — | 48 | — | — | 62 | — | 110 | — | 110 | |||||||||||||||||||||||||||||
Balances at June 30, 2016 (1) | 162,242,222 | $ | 3 | $ | 7,659 | $ | 9,981 | $ | — | $ | (11,218 | ) | $ | 638 | $ | 7,063 | $ | — | $ | 7,063 | |||||||||||||||||||
Balances at January 1, 2017 | 154,759,904 | $ | 3 | $ | 7,765 | $ | 10,351 | $ | — | $ | (12,027 | ) | $ | 200 | $ | 6,292 | $ | — | $ | 6,292 | |||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 796 | — | — | — | 796 | — | 796 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | 99 | 99 | — | 99 | |||||||||||||||||||||||||||||
Total comprehensive income | 895 | — | 895 | ||||||||||||||||||||||||||||||||||||
Dividends to shareholders | — | — | — | (250 | ) | — | — | — | (250 | ) | — | (250 | ) | ||||||||||||||||||||||||||
Repurchase of common shares | (7,021,250 | ) | — | — | — | — | (877 | ) | — | (877 | ) | — | (877 | ) | |||||||||||||||||||||||||
Share-based compensation plans | 2,569,962 | — | 138 | — | — | 52 | — | 190 | — | 190 | |||||||||||||||||||||||||||||
Balances at June 30, 2017 | 150,308,616 | $ | 3 | $ | 7,903 | $ | 10,897 | $ | — | $ | (12,852 | ) | $ | 299 | $ | 6,250 | $ | — | $ | 6,250 |
June 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 796 | $ | 699 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion, net | 121 | 127 | |||||
Deferred income tax expense (benefit) | 6 | (54 | ) | ||||
Share-based compensation | 61 | 68 | |||||
Net realized investment losses (gains) | (40 | ) | 6 | ||||
Net trading gains | (3 | ) | (4 | ) | |||
Loss from equity method investments | 25 | 20 | |||||
Other-than-temporary impairments and provision for loan losses | 1 | — | |||||
Net losses of consolidated investment entities | 2 | 5 | |||||
Changes in operating assets and liabilities: | |||||||
Restricted and segregated investments | 300 | 175 | |||||
Deferred acquisition costs | (4 | ) | 31 | ||||
Other investments, net | (107 | ) | (12 | ) | |||
Policyholder account balances, future policy benefits and claims, net | (384 | ) | 1,161 | ||||
Derivatives, net of collateral | 447 | (660 | ) | ||||
Receivables | (168 | ) | (26 | ) | |||
Brokerage deposits | (135 | ) | (69 | ) | |||
Accounts payable and accrued expenses | (137 | ) | (196 | ) | |||
Other operating assets and liabilities of consolidated investment entities, net | 1 | (10 | ) | ||||
Other, net | (46 | ) | 256 | ||||
Net cash provided by operating activities | 736 | 1,517 | |||||
Cash Flows from Investing Activities | |||||||
Available-for-Sale securities: | |||||||
Proceeds from sales | 276 | 314 | |||||
Maturities, sinking fund payments and calls | 2,560 | 2,384 | |||||
Purchases | (2,495 | ) | (3,110 | ) | |||
Proceeds from sales, maturities and repayments of mortgage loans | 241 | 557 | |||||
Funding of mortgage loans | (249 | ) | (228 | ) | |||
Proceeds from sales and collections of other investments | 142 | 85 | |||||
Purchase of other investments | (223 | ) | (86 | ) | |||
Purchase of investments by consolidated investment entities | (839 | ) | (316 | ) | |||
Proceeds from sales, maturities and repayments of investments by consolidated investment entities | 864 | 457 | |||||
Purchase of land, buildings, equipment and software | (72 | ) | (36 | ) | |||
Other, net | 22 | 42 | |||||
Net cash provided by investing activities | $ | 227 | $ | 63 | |||
See Notes to Consolidated Financial Statements. |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Continued) | |||||||
June 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Cash Flows from Financing Activities | |||||||
Investment certificates: | |||||||
Proceeds from additions | $ | 2,507 | $ | 2,168 | |||
Maturities, withdrawals and cash surrenders | (2,211 | ) | (1,597 | ) | |||
Policyholder account balances: | |||||||
Deposits and other additions | 1,042 | 999 | |||||
Net transfers from (to) separate accounts | (71 | ) | 83 | ||||
Surrenders and other benefits | (987 | ) | (989 | ) | |||
Cash paid for purchased options with deferred premiums | (132 | ) | (163 | ) | |||
Cash received from purchased options with deferred premiums | 39 | 33 | |||||
Repayments of long-term debt | (5 | ) | (251 | ) | |||
Dividends paid to shareholders | (244 | ) | (239 | ) | |||
Repurchase of common shares | (788 | ) | (901 | ) | |||
Exercise of stock options | 8 | 4 | |||||
Repayments of debt by consolidated investment entities | (24 | ) | (60 | ) | |||
Net cash used in financing activities | (866 | ) | (913 | ) | |||
Effect of exchange rate changes on cash | 21 | (38 | ) | ||||
Net increase in cash, cash equivalents and restricted cash | 118 | 629 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 5,392 | 5,407 | |||||
Net cash outflows upon the deconsolidation of VIEs | — | (346 | ) | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 5,510 | $ | 5,690 | |||
Supplemental Disclosures: | |||||||
Interest paid excluding consolidated investment entities | $ | 89 | $ | 80 | |||
Interest paid by consolidated investment entities | 43 | 50 | |||||
Income taxes paid, net | 311 | 175 | |||||
Non-cash investing activity: | |||||||
Partnership commitments not yet remitted | 9 | 19 | |||||
June 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||
Cash and cash equivalents | $ | 2,392 | $ | 2,318 | |||
Cash of consolidated investment entities | 171 | 168 | |||||
Restricted and segregated cash and investments | 3,072 | 3,331 | |||||
Less: Restricted and segregated investments | (125 | ) | (425 | ) | |||
Total cash, cash equivalents and restricted cash per consolidated statements of cash flows | $ | 5,510 | $ | 5,392 | |||
See Notes to Consolidated Financial Statements. |
June 30, 2017 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in millions) | |||||||||||||||
Assets | |||||||||||||||
Investments: | |||||||||||||||
Corporate debt securities | $ | — | $ | 30 | $ | — | $ | 30 | |||||||
Common stocks | 20 | 6 | 7 | 33 | |||||||||||
Other investments | 4 | — | — | 4 | |||||||||||
Syndicated loans | — | 2,005 | 185 | 2,190 | |||||||||||
Total investments | 24 | 2,041 | 192 | 2,257 | |||||||||||
Receivables | — | 38 | — | 38 | |||||||||||
Total assets at fair value | $ | 24 | $ | 2,079 | $ | 192 | $ | 2,295 | |||||||
Liabilities | |||||||||||||||
Debt (1) | $ | — | $ | 2,308 | $ | — | $ | 2,308 | |||||||
Other liabilities | — | 138 | — | 138 | |||||||||||
Total liabilities at fair value | $ | — | $ | 2,446 | $ | — | $ | 2,446 |
December 31, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in millions) | |||||||||||||||
Assets | |||||||||||||||
Investments: | |||||||||||||||
Corporate debt securities | $ | — | $ | 19 | $ | — | $ | 19 | |||||||
Common stocks | 22 | 6 | 5 | 33 | |||||||||||
Other investments | 4 | — | — | 4 | |||||||||||
Syndicated loans | — | 1,944 | 254 | 2,198 | |||||||||||
Total investments | 26 | 1,969 | 259 | 2,254 | |||||||||||
Receivables | — | 11 | — | 11 | |||||||||||
Total assets at fair value | $ | 26 | $ | 1,980 | $ | 259 | $ | 2,265 | |||||||
Liabilities | |||||||||||||||
Debt (1) | $ | — | $ | 2,319 | $ | — | $ | 2,319 | |||||||
Other liabilities | — | 95 | — | 95 | |||||||||||
Total liabilities at fair value | $ | — | $ | 2,414 | $ | — | $ | 2,414 |
Corporate Debt Securities | Common Stocks | Syndicated Loans | ||||||||||
(in millions) | ||||||||||||
Balance, April 1, 2017 | $ | 2 | $ | 4 | $ | 223 | ||||||
Total losses included in: | ||||||||||||
Net income | — | — | (2 | ) | (1) | |||||||
Purchases | — | 3 | 72 | |||||||||
Sales | (2 | ) | (1 | ) | (7 | ) | ||||||
Settlements | — | — | (30 | ) | ||||||||
Transfers into Level 3 | — | 1 | 41 | |||||||||
Transfers out of Level 3 | — | — | (112 | ) | ||||||||
Balance, June 30, 2017 | $ | — | $ | 7 | $ | 185 | ||||||
Changes in unrealized losses included in income relating to assets held at June 30, 2017 | $ | — | $ | — | $ | (3 | ) | (1) |
Common Stocks | Syndicated Loans | Other Assets | ||||||||||
(in millions) | ||||||||||||
Balance, April 1, 2016 | $ | 2 | $ | 300 | $ | — | ||||||
Total gains included in: | ||||||||||||
Net income | — | 8 | (1) | 1 | (2) | |||||||
Purchases | — | 35 | — | |||||||||
Sales | — | (1 | ) | — | ||||||||
Settlements | — | (15 | ) | — | ||||||||
Transfers into Level 3 | — | 90 | — | |||||||||
Transfers out of Level 3 | (1 | ) | (174 | ) | — | |||||||
Balance, June 30, 2016 | $ | 1 | $ | 243 | $ | 1 | ||||||
Changes in unrealized gains included in income relating to assets held at June 30, 2016 | $ | — | $ | 6 | (1) | $ | — |
Corporate Debt Securities | Common Stocks | Syndicated Loans | ||||||||||
(in millions) | ||||||||||||
Balance, January 1, 2017 | $ | — | $ | 5 | $ | 254 | ||||||
Total gains included in: | ||||||||||||
Net income | — | — | 1 | (1) | ||||||||
Purchases | — | 3 | 127 | |||||||||
Sales | (2 | ) | (1 | ) | (15 | ) | ||||||
Settlements | — | — | (53 | ) | ||||||||
Transfers into Level 3 | 2 | 2 | 113 | |||||||||
Transfers out of Level 3 | — | (2 | ) | (242 | ) | |||||||
Balance, June 30, 2017 | $ | — | $ | 7 | $ | 185 | ||||||
Changes in unrealized losses included in income relating to assets held at June 30, 2017 | $ | — | $ | — | $ | (1 | ) | (1) |
Common Stocks | Syndicated Loans | Other Assets | Debt | |||||||||||||
(in millions) | ||||||||||||||||
Balance at January 1, 2016, previously reported | $ | 3 | $ | 529 | $ | 2,065 | $ | (6,630 | ) | |||||||
Cumulative effect of change in accounting policies (3) | (2 | ) | (304 | ) | (2,065 | ) | 6,630 | |||||||||
Balance at January 1, 2016, as adjusted | 1 | 225 | — | — | ||||||||||||
Total gains (losses) included in: | ||||||||||||||||
Net income | — | (1 | ) | (1) | 1 | (2) | — | |||||||||
Purchases | — | 50 | — | — | ||||||||||||
Sales | — | (1 | ) | — | — | |||||||||||
Settlements | — | (25 | ) | — | — | |||||||||||
Transfers into Level 3 | 2 | 229 | — | — | ||||||||||||
Transfers out of Level 3 | (2 | ) | (234 | ) | — | — | ||||||||||
Balance, June 30, 2016 | $ | 1 | $ | 243 | $ | 1 | $ | — | ||||||||
Changes in unrealized gains included in income relating to assets and liabilities held at June 30, 2016 | $ | — | $ | 3 | (1) | $ | — | $ | — |
June 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Syndicated loans | |||||||
Unpaid principal balance | $ | 2,248 | $ | 2,281 | |||
Excess unpaid principal over fair value | (58 | ) | (83 | ) | |||
Fair value | $ | 2,190 | $ | 2,198 | |||
Fair value of loans more than 90 days past due | $ | 11 | $ | 8 | |||
Fair value of loans in nonaccrual status | 11 | 8 | |||||
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | 26 | 34 | |||||
Debt | |||||||
Unpaid principal balance | $ | 2,435 | $ | 2,459 | |||
Excess unpaid principal over carrying value | (127 | ) | (140 | ) | |||
Carrying value (1) | $ | 2,308 | $ | 2,319 |
Carrying Value | Weighted Average Interest Rate | ||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | ||||||||||
(in millions) | |||||||||||||
Debt of consolidated CLOs due 2025-2026 | $ | 2,308 | $ | 2,319 | 2.6 | % | 2.5 | % |
June 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Available-for-Sale securities, at fair value | $ | 30,647 | $ | 30,719 | |||
Mortgage loans, net | 2,993 | 2,986 | |||||
Policy and certificate loans | 836 | 831 | |||||
Other investments | 1,459 | 1,298 | |||||
Total | $ | 35,935 | $ | 35,834 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Investment income on fixed maturities | $ | 335 | $ | 343 | $ | 672 | $ | 686 | |||||||
Net realized gains (losses) | 21 | 5 | 38 | (11 | ) | ||||||||||
Affordable housing partnerships | (13 | ) | (11 | ) | (25 | ) | (18 | ) | |||||||
Other | 20 | 5 | 44 | (12 | ) | ||||||||||
Consolidated investment entities | 28 | 30 | 53 | 58 | |||||||||||
Total | $ | 391 | $ | 372 | $ | 782 | $ | 703 |
Description of Securities | June 30, 2017 | |||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Noncredit OTTI (1) | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Corporate debt securities | $ | 14,762 | $ | 1,133 | $ | (38 | ) | $ | 15,857 | $ | — | |||||||||
Residential mortgage backed securities | 6,876 | 80 | (35 | ) | 6,921 | — | ||||||||||||||
Commercial mortgage backed securities | 3,407 | 63 | (27 | ) | 3,443 | — | ||||||||||||||
Asset backed securities | 1,644 | 40 | (6 | ) | 1,678 | 7 | ||||||||||||||
State and municipal obligations | 2,206 | 234 | (17 | ) | 2,423 | — | ||||||||||||||
U.S. government and agencies obligations | 6 | 1 | — | 7 | — | |||||||||||||||
Foreign government bonds and obligations | 285 | 20 | (5 | ) | 300 | — | ||||||||||||||
Common stocks | 9 | 10 | (1 | ) | 18 | 6 | ||||||||||||||
Total | $ | 29,195 | $ | 1,581 | $ | (129 | ) | $ | 30,647 | $ | 13 |
Description of Securities | December 31, 2016 | |||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Noncredit OTTI (1) | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Corporate debt securities | $ | 15,231 | $ | 1,065 | $ | (60 | ) | $ | 16,236 | $ | — | |||||||||
Residential mortgage backed securities | 6,899 | 86 | (67 | ) | 6,918 | (3 | ) | |||||||||||||
Commercial mortgage backed securities | 3,347 | 59 | (39 | ) | 3,367 | — | ||||||||||||||
Asset backed securities | 1,532 | 33 | (16 | ) | 1,549 | 5 | ||||||||||||||
State and municipal obligations | 2,195 | 198 | (35 | ) | 2,358 | — | ||||||||||||||
U.S. government and agencies obligations | 7 | 1 | — | 8 | — | |||||||||||||||
Foreign government bonds and obligations | 251 | 17 | (7 | ) | 261 | — | ||||||||||||||
Common stocks | 10 | 13 | (1 | ) | 22 | 6 | ||||||||||||||
Total | $ | 29,472 | $ | 1,472 | $ | (225 | ) | $ | 30,719 | $ | 8 |
(1) | Represents the amount of other-than-temporary impairment (“OTTI”) losses in accumulated other comprehensive income (“AOCI”). Amount includes unrealized gains and losses on impaired securities subsequent to the initial impairment measurement date. These amounts are included in gross unrealized gains and losses as of the end of the period. |
Ratings | June 30, 2017 | December 31, 2016 | ||||||||||||||||||||
Amortized Cost | Fair Value | Percent of Total Fair Value | Amortized Cost | Fair Value | Percent of Total Fair Value | |||||||||||||||||
(in millions, except percentages) | ||||||||||||||||||||||
AAA | $ | 9,884 | $ | 9,964 | 33 | % | $ | 9,252 | $ | 9,305 | 31 | % | ||||||||||
AA | 1,900 | 2,109 | 7 | 1,729 | 1,906 | 6 | ||||||||||||||||
A | 5,050 | 5,520 | 18 | 5,157 | 5,567 | 18 | ||||||||||||||||
BBB | 11,085 | 11,748 | 38 | 11,739 | 12,340 | 40 | ||||||||||||||||
Below investment grade (1) | 1,267 | 1,288 | 4 | 1,585 | 1,579 | 5 | ||||||||||||||||
Total fixed maturities | $ | 29,186 | $ | 30,629 | 100 | % | $ | 29,462 | $ | 30,697 | 100 | % |
(1) | The amortized cost and fair value of below investment grade securities includes interest in CLOs managed by the Company of $7 million and $14 million, respectively, at June 30, 2017, and $9 million and $14 million, respectively, at December 31, 2016. These securities are not rated but are included in below investment grade due to their risk characteristics. |
Description of Securities | June 30, 2017 | ||||||||||||||||||||||||||||||||
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 | 138 | $ | 1,687 | $ | (17 | ) | 21 | $ | 171 | $ | (21 | ) | 159 | $ | 1,858 | $ | (38 | ) | |||||||||||||||
Residential mortgage backed securities | 104 | 1,948 | (22 | ) | 132 | 1,087 | (13 | ) | 236 | 3,035 | (35 | ) | |||||||||||||||||||||
Commercial mortgage backed securities | 92 | 1,367 | (26 | ) | 4 | 29 | (1 | ) | 96 | 1,396 | (27 | ) | |||||||||||||||||||||
Asset backed securities | 42 | 502 | (4 | ) | 17 | 156 | (2 | ) | 59 | 658 | (6 | ) | |||||||||||||||||||||
State and municipal obligations | 108 | 230 | (5 | ) | 3 | 118 | (12 | ) | 111 | 348 | (17 | ) | |||||||||||||||||||||
Foreign government bonds and obligations | 11 | 38 | — | 14 | 21 | (5 | ) | 25 | 59 | (5 | ) | ||||||||||||||||||||||
Common stocks | 1 | — | — | 3 | 1 | (1 | ) | 4 | 1 | (1 | ) | ||||||||||||||||||||||
Total | 496 | $ | 5,772 | $ | (74 | ) | 194 | $ | 1,583 | $ | (55 | ) | 690 | $ | 7,355 | $ | (129 | ) |
Description of Securities | December 31, 2016 | ||||||||||||||||||||||||||||||||
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 | 187 | $ | 2,452 | $ | (33 | ) | 38 | $ | 377 | $ | (27 | ) | 225 | $ | 2,829 | $ | (60 | ) | |||||||||||||||
Residential mortgage backed securities | 127 | 2,533 | (33 | ) | 177 | 1,290 | (34 | ) | 304 | 3,823 | (67 | ) | |||||||||||||||||||||
Commercial mortgage backed securities | 100 | 1,583 | (39 | ) | 5 | 43 | — | 105 | 1,626 | (39 | ) | ||||||||||||||||||||||
Asset backed securities | 48 | 524 | (9 | ) | 27 | 298 | (7 | ) | 75 | 822 | (16 | ) | |||||||||||||||||||||
State and municipal obligations | 181 | 374 | (14 | ) | 3 | 110 | (21 | ) | 184 | 484 | (35 | ) | |||||||||||||||||||||
Foreign government bonds and obligations | 7 | 30 | (1 | ) | 15 | 23 | (6 | ) | 22 | 53 | (7 | ) | |||||||||||||||||||||
Common stocks | — | — | — | 3 | 1 | (1 | ) | 3 | 1 | (1 | ) | ||||||||||||||||||||||
Total | 650 | $ | 7,496 | $ | (129 | ) | 268 | $ | 2,142 | $ | (96 | ) | 918 | $ | 9,638 | $ | (225 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Beginning balance | $ | 70 | $ | 81 | $ | 69 | $ | 85 | |||||||
Credit losses for which an other-than-temporary impairment was not previously recognized | — | — | — | 1 | |||||||||||
Credit losses for which an other-than-temporary impairment was previously recognized | — | — | 1 | — | |||||||||||
Reductions for securities sold during the period (realized) | (68 | ) | — | (68 | ) | (5 | ) | ||||||||
Ending balance | $ | 2 | $ | 81 | $ | 2 | $ | 81 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Gross realized gains | $ | 25 | $ | 10 | $ | 44 | $ | 14 | |||||||
Gross realized losses | (4 | ) | (5 | ) | (4 | ) | (9 | ) | |||||||
Other-than-temporary impairments | — | — | (1 | ) | (1 | ) | |||||||||
Total | $ | 21 | $ | 5 | $ | 39 | $ | 4 |
Amortized Cost | Fair Value | ||||||
(in millions) | |||||||
Due within one year | $ | 2,002 | $ | 2,024 | |||
Due after one year through five years | 6,784 | 7,064 | |||||
Due after five years through 10 years | 4,107 | 4,255 | |||||
Due after 10 years | 4,366 | 5,244 | |||||
17,259 | 18,587 | ||||||
Residential mortgage backed securities | 6,876 | 6,921 | |||||
Commercial mortgage backed securities | 3,407 | 3,443 | |||||
Asset backed securities | 1,644 | 1,678 | |||||
Common stocks | 9 | 18 | |||||
Total | $ | 29,195 | $ | 30,647 |
June 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Beginning balance | $ | 29 | $ | 32 | |||
Provisions | — | (1 | ) | ||||
Ending balance | $ | 29 | $ | 31 | |||
Individually evaluated for impairment | $ | 2 | $ | 2 | |||
Collectively evaluated for impairment | 27 | 29 |
June 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Individually evaluated for impairment | $ | 11 | $ | 12 | |||
Collectively evaluated for impairment | 3,512 | 3,480 | |||||
Total | $ | 3,523 | $ | 3,492 |
Loans | Percentage | ||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | ||||||||||
(in millions) | |||||||||||||
East North Central | $ | 233 | $ | 198 | 9 | % | 7 | % | |||||
East South Central | 93 | 88 | 3 | 3 | |||||||||
Middle Atlantic | 201 | 203 | 7 | 8 | |||||||||
Mountain | 241 | 240 | 9 | 9 | |||||||||
New England | 88 | 91 | 3 | 3 | |||||||||
Pacific | 767 | 746 | 28 | 28 | |||||||||
South Atlantic | 756 | 783 | 28 | 29 | |||||||||
West North Central | 223 | 222 | 8 | 8 | |||||||||
West South Central | 135 | 131 | 5 | 5 | |||||||||
2,737 | 2,702 | 100 | % | 100 | % | ||||||||
Less: allowance for loan losses | 21 | 21 | |||||||||||
Total | $ | 2,716 | $ | 2,681 |
Loans | Percentage | ||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | ||||||||||
(in millions) | |||||||||||||
Apartments | $ | 563 | $ | 504 | 21 | % | 19 | % | |||||
Hotel | 41 | 42 | 2 | 1 | |||||||||
Industrial | 450 | 446 | 16 | 17 | |||||||||
Mixed use | 50 | 49 | 2 | 2 | |||||||||
Office | 478 | 489 | 17 | 18 | |||||||||
Retail | 940 | 950 | 34 | 35 | |||||||||
Other | 215 | 222 | 8 | 8 | |||||||||
2,737 | 2,702 | 100 | % | 100 | % | ||||||||
Less: allowance for loan losses | 21 | 21 | |||||||||||
Total | $ | 2,716 | $ | 2,681 |
2017 | 2016 | |||||||
(in millions) | ||||||||
Balance at January 1 | $ | 2,648 | $ | 2,730 | (1) | |||
Capitalization of acquisition costs | 145 | 166 | ||||||
Amortization | (141 | ) | (197 | ) | ||||
Impact of change in net unrealized securities gains | (15 | ) | (94 | ) | ||||
Balance at June 30 | $ | 2,637 | $ | 2,605 | (1) |
2017 | 2016 | ||||||
(in millions) | |||||||
Balance at January 1 | $ | 302 | $ | 335 | |||
Capitalization of sales inducement costs | 3 | 2 | |||||
Amortization | (19 | ) | (22 | ) | |||
Impact of change in net unrealized securities gains | — | (14 | ) | ||||
Balance at June 30 | $ | 286 | $ | 301 |
June 30, 2017 | December 31, 2016 | |||||||
(in millions) | ||||||||
Policyholder account balances | ||||||||
Fixed annuities | $ | 10,237 | $ | 10,588 | ||||
Variable annuity fixed sub-accounts | 5,203 | 5,211 | ||||||
Variable universal life (“VUL”)/universal life (“UL”) insurance | 3,022 | 3,007 | ||||||
Indexed universal life (“IUL”) insurance | 1,207 | 1,054 | ||||||
Other life insurance | 741 | 758 | ||||||
Total policyholder account balances | 20,410 | 20,618 | ||||||
Future policy benefits | ||||||||
Variable annuity guaranteed minimum withdrawal benefits (“GMWB”) | 739 | 1,017 | ||||||
Variable annuity guaranteed minimum accumulation benefits (“GMAB”) | (57 | ) | (1) | (24 | ) | (1) | ||
Other annuity liabilities | 83 | 66 | ||||||
Fixed annuities life contingent liabilities | 1,491 | 1,497 | ||||||
Life, disability income and long term care insurance | 5,687 | 5,556 | ||||||
VUL/UL and other life insurance additional liabilities | 656 | 588 | ||||||
Total future policy benefits | 8,599 | 8,700 | ||||||
Policy claims and other policyholders’ funds | 869 | 884 | ||||||
Total policyholder account balances, future policy benefits and claims | $ | 29,878 | $ | 30,202 |
June 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Variable annuity | $ | 72,193 | $ | 69,606 | |||
VUL insurance | 7,006 | 6,659 | |||||
Other insurance | 32 | 33 | |||||
Threadneedle investment liabilities | 4,430 | 3,912 | |||||
Total | $ | 83,661 | $ | 80,210 |
Variable Annuity Guarantees by Benefit Type (1) | June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||
Total Contract Value | Contract Value in Separate Accounts | Net Amount at Risk | Weighted Average Attained Age | Total Contract Value | Contract Value in Separate Accounts | Net Amount at Risk | Weighted Average Attained Age | |||||||||||||||||||||
(in millions, except age) | ||||||||||||||||||||||||||||
GMDB: | ||||||||||||||||||||||||||||
Return of premium | $ | 58,588 | $ | 56,613 | $ | 19 | 66 | $ | 56,143 | $ | 54,145 | $ | 208 | 65 | ||||||||||||||
Five/six-year reset | 8,883 | 6,156 | 14 | 66 | 8,878 | 6,170 | 22 | 66 | ||||||||||||||||||||
One-year ratchet | 6,475 | 6,106 | 20 | 68 | 6,426 | 6,050 | 110 | 68 | ||||||||||||||||||||
Five-year ratchet | 1,556 | 1,496 | 1 | 65 | 1,542 | 1,483 | 7 | 64 | ||||||||||||||||||||
Other | 1,031 | 1,008 | 64 | 71 | 965 | 942 | 86 | 71 | ||||||||||||||||||||
Total — GMDB | $ | 76,533 | $ | 71,379 | $ | 118 | 66 | $ | 73,954 | $ | 68,790 | $ | 433 | 65 | ||||||||||||||
GGU death benefit | $ | 1,089 | $ | 1,038 | $ | 120 | 69 | $ | 1,047 | $ | 996 | $ | 108 | 68 | ||||||||||||||
GMIB | $ | 236 | $ | 218 | $ | 8 | 68 | $ | 245 | $ | 227 | $ | 13 | 68 | ||||||||||||||
GMWB: | ||||||||||||||||||||||||||||
GMWB | $ | 2,553 | $ | 2,544 | $ | 2 | 71 | $ | 2,650 | $ | 2,642 | $ | 2 | 70 | ||||||||||||||
GMWB for life | 41,803 | 41,674 | 189 | 67 | 39,436 | 39,282 | 289 | (2) | 66 | |||||||||||||||||||
Total — GMWB | $ | 44,356 | $ | 44,218 | $ | 191 | 67 | $ | 42,086 | $ | 41,924 | $ | 291 | 66 | ||||||||||||||
GMAB | $ | 3,257 | $ | 3,252 | $ | — | 59 | $ | 3,484 | $ | 3,476 | $ | 21 | 59 |
June 30, 2017 | December 31, 2016 | ||||||||||
Net Amount at Risk | Weighted Average Attained Age | Net Amount at Risk | Weighted Average Attained Age | ||||||||
(in millions, except age) | |||||||||||
UL secondary guarantees | $ | 6,420 | 64 | $ | 6,376 | 64 |
GMDB & GGU | GMIB | GMWB (1) | GMAB (1) | UL | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance at January 1, 2016 | $ | 14 | $ | 8 | $ | 1,057 | $ | — | $ | 332 | |||||||||
Incurred claims | 3 | — | 1,099 | 45 | 44 | ||||||||||||||
Paid claims | (6 | ) | — | — | (1 | ) | (12 | ) | |||||||||||
Balance at June 30, 2016 | $ | 11 | $ | 8 | $ | 2,156 | $ | 44 | $ | 364 | |||||||||
Balance at January 1, 2017 | $ | 16 | $ | 8 | $ | 1,017 | $ | (24 | ) | $ | 434 | ||||||||
Incurred claims | 1 | — | (278 | ) | (33 | ) | 52 | ||||||||||||
Paid claims | (1 | ) | (1 | ) | — | — | (16 | ) | |||||||||||
Balance at June 30, 2017 | $ | 16 | $ | 7 | $ | 739 | $ | (57 | ) | $ | 470 |
June 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Mutual funds: | |||||||
Equity | $ | 43,034 | $ | 40,622 | |||
Bond | 23,363 | 23,142 | |||||
Other | 5,289 | 5,326 | |||||
Total mutual funds | $ | 71,686 | $ | 69,090 |
Outstanding Balance | Stated Interest Rate | ||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | ||||||||||
(in millions) | |||||||||||||
Long-term debt: | |||||||||||||
Senior notes due 2019 | $ | 300 | $ | 300 | 7.3 | % | 7.3 | % | |||||
Senior notes due 2020 | 750 | 750 | 5.3 | 5.3 | |||||||||
Senior notes due 2023 | 750 | 750 | 4.0 | 4.0 | |||||||||
Senior notes due 2024 | 550 | 550 | 3.7 | 3.7 | |||||||||
Senior notes due 2026 | 500 | 500 | 2.9 | 2.9 | |||||||||
Capitalized lease obligations | 44 | 49 | |||||||||||
Other(1) | 14 | 18 | |||||||||||
Total long-term debt | 2,908 | 2,917 | |||||||||||
Short-term borrowings: | |||||||||||||
Federal Home Loan Bank (“FHLB”) advances | 150 | 150 | 1.2 | 0.8 | |||||||||
Repurchase agreements | 50 | 50 | 1.1 | 0.9 | |||||||||
Total short-term borrowings | 200 | 200 | |||||||||||
Total | $ | 3,108 | $ | 3,117 |
Level 1 | Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. |
Level 2 | Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities. |
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. |
June 30, 2017 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 38 | $ | 1,990 | $ | — | $ | 2,028 | ||||||||
Available-for-Sale securities: | ||||||||||||||||
Corporate debt securities | — | 14,524 | 1,333 | 15,857 | ||||||||||||
Residential mortgage backed securities | — | 6,749 | 172 | 6,921 | ||||||||||||
Commercial mortgage backed securities | — | 3,443 | — | 3,443 | ||||||||||||
Asset backed securities | — | 1,645 | 33 | 1,678 | ||||||||||||
State and municipal obligations | — | 2,423 | — | 2,423 | ||||||||||||
U.S. government and agencies obligations | 7 | — | — | 7 | ||||||||||||
Foreign government bonds and obligations | — | 300 | — | 300 | ||||||||||||
Common stocks | 5 | 8 | — | 13 | ||||||||||||
Common stocks measured at net asset value (“NAV”) | 5 | (1) | ||||||||||||||
Total Available-for-Sale securities | 12 | 29,092 | 1,538 | 30,647 | ||||||||||||
Trading securities | 117 | 39 | — | 156 | ||||||||||||
Separate account assets measured at NAV | 83,661 | (1) | ||||||||||||||
Investments segregated for regulatory purposes | 125 | — | — | 125 | ||||||||||||
Other assets: | ||||||||||||||||
Interest rate derivative contracts | 2 | 1,262 | — | 1,264 | ||||||||||||
Equity derivative contracts | 49 | 1,710 | — | 1,759 | ||||||||||||
Credit derivative contracts | — | 1 | — | 1 | ||||||||||||
Foreign exchange derivative contracts | 2 | 44 | — | 46 | ||||||||||||
Other derivative contracts | — | 6 | — | 6 | ||||||||||||
Total other assets | 53 | 3,023 | — | 3,076 | ||||||||||||
Total assets at fair value | $ | 345 | $ | 34,144 | $ | 1,538 | $ | 119,693 |
Liabilities | ||||||||||||||||
Policyholder account balances, future policy benefits and claims: | ||||||||||||||||
EIA embedded derivatives | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
IUL embedded derivatives | — | — | 527 | 527 | ||||||||||||
GMWB and GMAB embedded derivatives | — | — | 272 | 272 | (2) | |||||||||||
Total policyholder account balances, future policy benefits and claims | — | 4 | 799 | 803 | (3) | |||||||||||
Customer deposits | — | 8 | — | 8 | ||||||||||||
Other liabilities: | ||||||||||||||||
Interest rate derivative contracts | — | 451 | — | 451 | ||||||||||||
Equity derivative contracts | 7 | 2,284 | — | 2,291 | ||||||||||||
Foreign exchange derivative contracts | — | 30 | — | 30 | ||||||||||||
Other derivative contracts | — | 138 | — | 138 | ||||||||||||
Other | 11 | 7 | 14 | 32 | ||||||||||||
Total other liabilities | 18 | 2,910 | 14 | 2,942 | ||||||||||||
Total liabilities at fair value | $ | 18 | $ | 2,922 | $ | 813 | $ | 3,753 |
December 31, 2016 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in millions) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 30 | $ | 1,796 | $ | — | $ | 1,826 | ||||||||
Available-for-Sale securities: | ||||||||||||||||
Corporate debt securities | — | 14,925 | 1,311 | 16,236 | ||||||||||||
Residential mortgage backed securities | — | 6,650 | 268 | 6,918 | ||||||||||||
Commercial mortgage backed securities | — | 3,367 | — | 3,367 | ||||||||||||
Asset backed securities | — | 1,481 | 68 | 1,549 | ||||||||||||
State and municipal obligations | — | 2,358 | — | 2,358 | ||||||||||||
U.S. government and agencies obligations | 8 | — | — | 8 | ||||||||||||
Foreign government bonds and obligations | — | 261 | — | 261 | ||||||||||||
Common stocks | 8 | 8 | 1 | 17 | ||||||||||||
Common stocks at NAV | 5 | (1) | ||||||||||||||
Total Available-for-Sale securities | 16 | 29,050 | 1,648 | 30,719 | ||||||||||||
Trading securities | 9 | 16 | — | 25 | ||||||||||||
Separate account assets at NAV | 80,210 | (1) | ||||||||||||||
Investments segregated for regulatory purposes | 425 | — | — | 425 | ||||||||||||
Other assets: | ||||||||||||||||
Interest rate derivative contracts | — | 1,775 | — | 1,775 | ||||||||||||
Equity derivative contracts | 42 | 1,526 | — | 1,568 | ||||||||||||
Credit derivative contracts | — | 1 | — | 1 | ||||||||||||
Foreign exchange derivative contracts | 13 | 80 | — | 93 | ||||||||||||
Other derivative contracts | 1 | 8 | — | 9 | ||||||||||||
Total other assets | 56 | 3,390 | — | 3,446 | ||||||||||||
Total assets at fair value | $ | 536 | $ | 34,252 | $ | 1,648 | $ | 116,651 |
Liabilities | ||||||||||||||||
Policyholder account balances, future policy benefits and claims: | ||||||||||||||||
EIA embedded derivatives | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||
IUL embedded derivatives | — | — | 464 | 464 | ||||||||||||
GMWB and GMAB embedded derivatives | — | — | 614 | 614 | (4) | |||||||||||
Total policyholder account balances, future policy benefits and claims | — | 5 | 1,078 | 1,083 | (5) | |||||||||||
Customer deposits | — | 8 | — | 8 | ||||||||||||
Other liabilities: | ||||||||||||||||
Interest rate derivative contracts | 2 | 977 | — | 979 | ||||||||||||
Equity derivative contracts | 3 | 2,024 | — | 2,027 | ||||||||||||
Foreign exchange derivative contracts | 2 | 45 | — | 47 | ||||||||||||
Other derivative contracts | — | 118 | — | 118 | ||||||||||||
Other | 3 | 8 | 13 | 24 | ||||||||||||
Total other liabilities | 10 | 3,172 | 13 | 3,195 | ||||||||||||
Total liabilities at fair value | $ | 10 | $ | 3,185 | $ | 1,091 | $ | 4,286 |
(3) | The Company’s adjustment for nonperformance risk resulted in a $425 million cumulative decrease to the embedded derivatives as of June 30, 2017. |
(4) | The fair value of the GMWB and GMAB embedded derivatives included $880 million of individual contracts in a liability position and $266 million of individual contracts in an asset position as of December 31, 2016. |
(5) | The Company’s adjustment for nonperformance risk resulted in a $498 million cumulative decrease to the embedded derivatives as of December 31, 2016. |
Available-for-Sale Securities | ||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage Backed Securities | Asset Backed Securities | Common Stocks | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance, April 1, 2017 | $ | 1,344 | $ | 316 | $ | 64 | $ | 8 | $ | 1,732 | ||||||||||
Total gains included in: | ||||||||||||||||||||
Other comprehensive income | 2 | 1 | 1 | — | 4 | |||||||||||||||
Purchases | 8 | — | 5 | — | 13 | |||||||||||||||
Settlements | (21 | ) | (13 | ) | (2 | ) | — | (36 | ) | |||||||||||
Transfers into Level 3 | — | — | 14 | — | 14 | |||||||||||||||
Transfers out of Level 3 | — | (132 | ) | (49 | ) | (8 | ) | (189 | ) | |||||||||||
Balance, June 30, 2017 | $ | 1,333 | $ | 172 | $ | 33 | $ | — | $ | 1,538 | ||||||||||
Changes in unrealized losses relating to assets held at June 30, 2017 | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | (1) |
Policyholder Account Balances, Future Policy Benefits and Claims | Other Liabilities | |||||||||||||||
IUL Embedded Derivatives | GMWB and GMAB Embedded Derivatives | Total | ||||||||||||||
(in millions) | ||||||||||||||||
Balance, April 1, 2017 | $ | 493 | $ | 188 | $ | 681 | $ | 13 | ||||||||
Total losses included in: | ||||||||||||||||
Net income | 21 | (2) | 10 | (3) | 31 | 1 | (4) | |||||||||
Issues | 22 | 77 | 99 | — | ||||||||||||
Settlements | (9 | ) | (3 | ) | (12 | ) | — | |||||||||
Balance, June 30, 2017 | $ | 527 | $ | 272 | $ | 799 | $ | 14 | ||||||||
Changes in unrealized losses relating to liabilities held at June 30, 2017 | $ | 21 | (2) | $ | 20 | (3) | $ | 41 | $ | — |
Available-for-Sale Securities | Other Derivative Contracts | ||||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage Backed Securities | Commercial Mortgage Backed Securities | Asset Backed Securities | Total | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, April 1, 2016 | $ | 1,411 | $ | 174 | $ | 10 | $ | 170 | $ | 1,765 | $ | — | |||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||
Net income | (1 | ) | — | — | — | (1 | ) | (1) | — | ||||||||||||||
Other comprehensive income | 13 | 2 | — | (3 | ) | 12 | — | ||||||||||||||||
Purchases | 14 | — | — | 15 | 29 | 2 | |||||||||||||||||
Settlements | (87 | ) | (23 | ) | (1 | ) | (1 | ) | (112 | ) | — | ||||||||||||
Transfers into Level 3 | — | — | — | 12 | 12 | — | |||||||||||||||||
Transfers out of Level 3 | — | — | (9 | ) | (15 | ) | (24 | ) | — | ||||||||||||||
Balance, June 30, 2016 | $ | 1,350 | $ | 153 | $ | — | $ | 178 | $ | 1,681 | $ | 2 | |||||||||||
Changes in unrealized gains (losses) relating to assets held at June 30, 2016 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Policyholder Account Balances, Future Policy Benefits and Claims | |||||||||||
IUL Embedded Derivatives | GMWB and GMAB Embedded Derivatives | Total | |||||||||
(in millions) | |||||||||||
Balance, April 1, 2016 | $ | 382 | $ | 1,515 | $ | 1,897 | |||||
Total losses included in: | |||||||||||
Net income | 4 | (2) | 386 | (3) | 390 | ||||||
Issues | 29 | 70 | 99 | ||||||||
Settlements | (7 | ) | (6 | ) | (13 | ) | |||||
Balance, June 30, 2016 | $ | 408 | $ | 1,965 | $ | 2,373 | |||||
Changes in unrealized losses relating to liabilities held at June 30, 2016 | $ | 4 | (2) | $ | 405 | (3) | $ | 409 |
Available-for-Sale Securities | ||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage Backed Securities | Asset Backed Securities | Common Stocks | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Balance, January 1, 2017 | $ | 1,311 | $ | 268 | $ | 68 | $ | 1 | $ | 1,648 | ||||||||||
Total gains included in: | ||||||||||||||||||||
Other comprehensive income | 2 | 1 | 2 | — | 5 | |||||||||||||||
Purchases | 70 | 132 | 54 | — | 256 | |||||||||||||||
Settlements | (50 | ) | (25 | ) | (15 | ) | — | (90 | ) | |||||||||||
Transfers into Level 3 | — | — | 14 | 8 | 22 | |||||||||||||||
Transfers out of Level 3 | — | (204 | ) | (90 | ) | (9 | ) | (303 | ) | |||||||||||
Balance, June 30, 2017 | $ | 1,333 | $ | 172 | $ | 33 | $ | — | $ | 1,538 | ||||||||||
Changes in unrealized losses relating to assets held at June 30, 2017 | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | (1) |
Policyholder Account Balances, Future Policy Benefits and Claims | Other Liabilities | |||||||||||||||
IUL Embedded Derivatives | GMWB and GMAB Embedded Derivatives | Total | ||||||||||||||
(in millions) | ||||||||||||||||
Balance, January 1, 2017 | $ | 464 | $ | 614 | $ | 1,078 | $ | 13 | ||||||||
Total (gains) losses included in: | ||||||||||||||||
Net income | 40 | (2) | (489 | ) | (3) | (449 | ) | 1 | (4) | |||||||
Issues | 44 | 154 | 198 | — | ||||||||||||
Settlements | (21 | ) | (7 | ) | (28 | ) | — | |||||||||
Balance, June 30, 2017 | $ | 527 | $ | 272 | $ | 799 | $ | 14 | ||||||||
Changes in unrealized (gains) losses relating to liabilities held at June 30, 2017 | $ | 40 | (2) | $ | (464 | ) | (3) | $ | (424 | ) | $ | — |
Available-for-Sale Securities | Other Derivative Contracts | ||||||||||||||||||||||
Corporate Debt Securities | Residential Mortgage Backed Securities | Commercial Mortgage Backed Securities | Asset Backed Securities | Total | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, January 1, 2016 | $ | 1,425 | $ | 218 | $ | 3 | $ | 162 | $ | 1,808 | $ | — | |||||||||||
Cumulative effect of change in accounting policies | — | — | — | 21 | 21 | — | |||||||||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||
Net income | (2 | ) | — | — | (1 | ) | (3 | ) | (1) | — | |||||||||||||
Other comprehensive income | 31 | (1 | ) | — | (6 | ) | 24 | — | |||||||||||||||
Purchases | 14 | — | 9 | 16 | 39 | 2 | |||||||||||||||||
Settlements | (118 | ) | (39 | ) | (3 | ) | (1 | ) | (161 | ) | — | ||||||||||||
Transfers into Level 3 | — | — | — | 12 | 12 | — | |||||||||||||||||
Transfers out of Level 3 | — | (25 | ) | (9 | ) | (25 | ) | (59 | ) | — | |||||||||||||
Balance, June 30, 2016 | $ | 1,350 | $ | 153 | $ | — | $ | 178 | $ | 1,681 | $ | 2 | |||||||||||
Changes in unrealized losses relating to assets held at June 30, 2016 | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | $ | (2 | ) | (1) | $ | — |
Policyholder Account Balances, Future Policy Benefits and Claims | |||||||||||
IUL Embedded Derivatives | GMWB and GMAB Embedded Derivatives | Total | |||||||||
(in millions) | |||||||||||
Balance, January 1, 2016 | $ | 364 | $ | 851 | $ | 1,215 | |||||
Total (gains) losses included in: | |||||||||||
Net income | (4 | ) | (2) | 988 | (3) | 984 | |||||
Issues | 61 | 138 | 199 | ||||||||
Settlements | (13 | ) | (12 | ) | (25 | ) | |||||
Balance, June 30, 2016 | $ | 408 | $ | 1,965 | $ | 2,373 | |||||
Changes in unrealized (gains) losses relating to liabilities held at June 30, 2016 | $ | (4 | ) | (2) | $ | 1,021 | (3) | $ | 1,017 |
June 30, 2017 | ||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||
(in millions) | ||||||||||||||
Corporate debt securities (private placements) | $ | 1,331 | Discounted cash flow | Yield/spread to U.S. Treasuries | 0.8 | % | – | 2.4% | 1.2% | |||||
Asset backed securities | $ | 14 | Discounted cash flow | Annual short-term default rate | 4.3% | |||||||||
Annual long-term default rate | 2.5% | |||||||||||||
Discount rate | 11.0% | |||||||||||||
Constant prepayment rate | 5.0 | % | – | 10.0% | 9.8% | |||||||||
Loss recovery | 36.4 | % | – | 63.6% | 62.6% | |||||||||
IUL embedded derivatives | $ | 527 | Discounted cash flow | Nonperformance risk (1) | 73 bps | |||||||||
GMWB and GMAB embedded derivatives | $ | 272 | Discounted cash flow | Utilization of guaranteed withdrawals (2) | 0.0 | % | – | 75.6% | ||||||
Surrender rate | 0.1 | % | – | 66.4% | ||||||||||
Market volatility (3) | 5.0 | % | – | 19.9% | ||||||||||
Nonperformance risk (1) | 73 bps | |||||||||||||
Contingent consideration liability | $ | 14 | Discounted cash flow | Discount rate | 9.0% |
December 31, 2016 | |||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average | |||||||||||
(in millions) | |||||||||||||||
Corporate debt securities (private placements) | $ | 1,308 | Discounted cash flow | Yield/spread to U.S. Treasuries | 0.9 | % | – | 2.5% | 1.3 | % | |||||
Asset backed securities | $ | 14 | Discounted cash flow | Annual short-term default rate | 4.8% | ||||||||||
Annual long-term default rate | 2.5% | ||||||||||||||
Discount rate | 13.5% | ||||||||||||||
Constant prepayment rate | 5.0 | % | – | 10.0% | 9.9 | % | |||||||||
Loss recovery | 36.4 | % | – | 63.6% | 62.8 | % | |||||||||
IUL embedded derivatives | $ | 464 | Discounted cash flow | Nonperformance risk (1) | 82 bps | ||||||||||
GMWB and GMAB embedded derivatives | $ | 614 | Discounted cash flow | Utilization of guaranteed withdrawals (2) | 0.0 | % | – | 75.6% | |||||||
Surrender rate | 0.1 | % | – | 66.4% | |||||||||||
Market volatility (3) | 5.3 | % | – | 21.2% | |||||||||||
Nonperformance risk (1) | 82 bps | ||||||||||||||
Contingent consideration liability | $ | 13 | Discounted cash flow | Discount rate | 9.0% |
(1) | The nonperformance risk is the spread added to the observable interest rates used in the valuation of the embedded derivatives. |
(2) | The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. |
(3) | Market volatility is implied volatility of fund of funds and managed volatility funds. |
June 30, 2017 | ||||||||||||||||||||
Carrying Value | Fair Value | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mortgage loans, net | $ | 2,993 | $ | — | $ | — | $ | 3,016 | $ | 3,016 | ||||||||||
Policy and certificate loans | 836 | — | — | 795 | 795 | |||||||||||||||
Receivables | 1,556 | 170 | 1,381 | 3 | 1,554 | |||||||||||||||
Restricted and segregated cash | 2,947 | 2,947 | — | — | 2,947 | |||||||||||||||
Other investments and assets | 531 | — | 450 | 76 | 526 | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | $ | 10,551 | $ | — | $ | — | $ | 11,190 | $ | 11,190 | ||||||||||
Investment certificate reserves | 6,224 | — | — | 6,212 | 6,212 | |||||||||||||||
Brokerage customer deposits | 3,978 | 3,978 | — | — | 3,978 | |||||||||||||||
Separate account liabilities measured at NAV | 4,453 | 4,453 | (1) | |||||||||||||||||
Debt and other liabilities | 3,383 | 181 | 3,201 | 149 | 3,531 |
December 31, 2016 | ||||||||||||||||||||
Carrying Value | Fair Value | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mortgage loans, net | $ | 2,986 | $ | — | $ | — | $ | 2,972 | $ | 2,972 | ||||||||||
Policy and certificate loans | 831 | — | 1 | 807 | 808 | |||||||||||||||
Receivables | 1,396 | 127 | 1,270 | 3 | 1,400 | |||||||||||||||
Restricted and segregated cash | 2,905 | 2,905 | — | — | 2,905 | |||||||||||||||
Other investments and assets | 508 | — | 449 | 61 | 510 | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | $ | 10,906 | $ | — | $ | — | $ | 11,417 | $ | 11,417 | ||||||||||
Investment certificate reserves | 5,927 | — | — | 5,914 | 5,914 | |||||||||||||||
Brokerage customer deposits | 4,112 | 4,112 | — | — | 4,112 | |||||||||||||||
Separate account liabilities measured at NAV | 4,253 | 4,253 | (1) | |||||||||||||||||
Debt and other liabilities | 3,371 | 146 | 3,176 | 169 | 3,491 |
(1) | Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. |
June 30, 2017 | |||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Assets Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||
OTC | $ | 3,010 | $ | — | $ | 3,010 | $ | (2,259 | ) | $ | (643 | ) | $ | (106 | ) | $ | 2 | ||||||||||
OTC cleared (2) | 37 | — | 37 | (31 | ) | — | — | 6 | |||||||||||||||||||
Exchange-traded | 29 | — | 29 | (1 | ) | — | — | 28 | |||||||||||||||||||
Total derivatives | 3,076 | — | 3,076 | (2,291 | ) | (643 | ) | (106 | ) | 36 | |||||||||||||||||
Securities borrowed | 170 | — | 170 | (21 | ) | — | (145 | ) | 4 | ||||||||||||||||||
Total | $ | 3,246 | $ | — | $ | 3,246 | $ | (2,312 | ) | $ | (643 | ) | $ | (251 | ) | $ | 40 |
December 31, 2016 | |||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Assets Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||
OTC | $ | 2,920 | $ | — | $ | 2,920 | $ | (2,214 | ) | $ | (406 | ) | $ | (235 | ) | $ | 65 | ||||||||||
OTC cleared | 512 | — | 512 | (509 | ) | (3 | ) | — | — | ||||||||||||||||||
Exchange-traded | 14 | — | 14 | (2 | ) | — | — | 12 | |||||||||||||||||||
Total derivatives | 3,446 | — | 3,446 | (2,725 | ) | (409 | ) | (235 | ) | 77 | |||||||||||||||||
Securities borrowed | 127 | — | 127 | (16 | ) | — | (108 | ) | 3 | ||||||||||||||||||
Total | $ | 3,573 | $ | — | $ | 3,573 | $ | (2,741 | ) | $ | (409 | ) | $ | (343 | ) | $ | 80 |
June 30, 2017 | |||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||
OTC | $ | 2,874 | $ | — | $ | 2,874 | $ | (2,259 | ) | $ | (63 | ) | $ | (542 | ) | $ | 10 | ||||||||||
OTC cleared (2) | 35 | — | 35 | (31 | ) | — | — | 4 | |||||||||||||||||||
Exchange-traded | 1 | — | 1 | (1 | ) | — | — | — | |||||||||||||||||||
Total derivatives | 2,910 | — | 2,910 | (2,291 | ) | (63 | ) | (542 | ) | 14 | |||||||||||||||||
Securities loaned | 181 | — | 181 | (21 | ) | — | (154 | ) | 6 | ||||||||||||||||||
Repurchase agreements | 50 | — | 50 | — | — | (48 | ) | 2 | |||||||||||||||||||
Total | $ | 3,141 | $ | — | $ | 3,141 | $ | (2,312 | ) | $ | (63 | ) | $ | (744 | ) | $ | 22 |
December 31, 2016 | |||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Amounts of Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||
OTC | $ | 2,626 | $ | — | $ | 2,626 | $ | (2,214 | ) | $ | (53 | ) | $ | (352 | ) | $ | 7 | ||||||||||
OTC cleared | 539 | — | 539 | (509 | ) | (25 | ) | — | 5 | ||||||||||||||||||
Exchange-traded | 6 | — | 6 | (2 | ) | — | — | 4 | |||||||||||||||||||
Total derivatives | 3,171 | — | 3,171 | (2,725 | ) | (78 | ) | (352 | ) | 16 | |||||||||||||||||
Securities loaned | 146 | — | 146 | (16 | ) | — | (125 | ) | 5 | ||||||||||||||||||
Repurchase agreements | 50 | — | 50 | — | — | (50 | ) | — | |||||||||||||||||||
Total | $ | 3,367 | $ | — | $ | 3,367 | $ | (2,741 | ) | $ | (78 | ) | $ | (527 | ) | $ | 21 |
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Notional | Gross Fair Value | Notional | Gross Fair Value | ||||||||||||||||||||
Assets (1) | Liabilities (2)(3) | Assets (1) | Liabilities (2)(3) | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Interest rate contracts | $ | 675 | $ | 35 | $ | — | $ | 675 | $ | 40 | $ | — | |||||||||||
Foreign exchange contracts | 14 | — | — | 164 | 12 | — | |||||||||||||||||
Total qualifying hedges | 689 | 35 | — | 839 | 52 | — | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate contracts | 67,921 | 1,229 | 451 | 71,949 | 1,735 | 979 | |||||||||||||||||
Equity contracts | 59,412 | 1,759 | 2,291 | 60,696 | 1,568 | 2,027 | |||||||||||||||||
Credit contracts | 813 | 1 | — | 1,039 | 1 | — | |||||||||||||||||
Foreign exchange contracts | 4,487 | 46 | 30 | 4,733 | 81 | 47 | |||||||||||||||||
Other contracts | 3,425 | 6 | 138 | 3,060 | 9 | 118 | |||||||||||||||||
Total non-designated hedges | 136,058 | 3,041 | 2,910 | 141,477 | 3,394 | 3,171 | |||||||||||||||||
Embedded derivatives | |||||||||||||||||||||||
GMWB and GMAB (4) | N/A | — | 272 | N/A | — | 614 | |||||||||||||||||
IUL | N/A | — | 527 | N/A | — | 464 | |||||||||||||||||
EIA | N/A | — | 4 | N/A | — | 5 | |||||||||||||||||
SMC | N/A | — | 8 | N/A | — | 8 | |||||||||||||||||
Total embedded derivatives | N/A | — | 811 | N/A | — | 1,091 | |||||||||||||||||
Total derivatives | $ | 136,747 | $ | 3,076 | $ | 3,721 | $ | 142,316 | $ | 3,446 | $ | 4,262 |
Net Investment Income | Banking and Deposit Interest Expense | Distribution Expenses | Interest Credited to Fixed Accounts | Benefits, Claims, Losses and Settlement Expenses | General and Administrative Expense | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||||||
Interest rate contracts | $ | (8 | ) | $ | — | $ | — | $ | — | $ | 185 | $ | — | ||||||||||
Equity contracts | 1 | 1 | 8 | 13 | (181 | ) | 2 | ||||||||||||||||
Credit contracts | — | — | — | — | (11 | ) | — | ||||||||||||||||
Foreign exchange contracts | — | — | 1 | — | (4 | ) | 3 | ||||||||||||||||
Other contracts | — | — | — | — | (73 | ) | — | ||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | — | — | (84 | ) | — | ||||||||||||||||
IUL embedded derivatives | — | — | — | (12 | ) | — | — | ||||||||||||||||
SMC embedded derivatives | — | (1 | ) | — | — | — | — | ||||||||||||||||
Total gain (loss) | $ | (7 | ) | $ | — | $ | 9 | $ | 1 | $ | (168 | ) | $ | 5 |
Six Months Ended June 30, 2017 | |||||||||||||||||||||||
Interest rate contracts | $ | (7 | ) | $ | — | $ | — | $ | — | $ | 110 | $ | — | ||||||||||
Equity contracts | 3 | 2 | 23 | 32 | (597 | ) | 5 | ||||||||||||||||
Credit contracts | — | — | — | — | (19 | ) | — | ||||||||||||||||
Foreign exchange contracts | — | — | 2 | — | (28 | ) | 4 | ||||||||||||||||
Other contracts | — | — | — | — | (125 | ) | — | ||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | — | — | 342 | — | |||||||||||||||||
IUL embedded derivatives | — | — | — | (19 | ) | — | — | ||||||||||||||||
SMC embedded derivatives | — | (2 | ) | — | — | — | — | ||||||||||||||||
Total gain (loss) | $ | (4 | ) | $ | — | $ | 25 | $ | 13 | $ | (317 | ) | $ | 9 |
Net Investment Income | Banking and Deposit Interest Expense | Distribution Expenses | Interest Credited to Fixed Accounts | Benefits, Claims, Losses and Settlement Expenses | General and Administrative Expense | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Three Months Ended June 30, 2016 | |||||||||||||||||||||||
Interest rate contracts | $ | (20 | ) | $ | — | $ | — | $ | — | $ | 449 | $ | — | ||||||||||
Equity contracts | — | — | 4 | 1 | (96 | ) | — | ||||||||||||||||
Credit contracts | — | — | — | — | (15 | ) | — | ||||||||||||||||
Foreign exchange contracts | (2 | ) | — | (1 | ) | — | (19 | ) | 6 | ||||||||||||||
Other contracts | — | — | — | — | 1 | — | |||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | — | — | (450 | ) | — | ||||||||||||||||
IUL embedded derivatives | — | — | — | 3 | — | — | |||||||||||||||||
SMC embedded derivatives | — | (1 | ) | — | — | — | — | ||||||||||||||||
Total gain (loss) | $ | (22 | ) | $ | (1 | ) | $ | 3 | $ | 4 | $ | (130 | ) | $ | 6 |
Six Months Ended June 30, 2016 | |||||||||||||||||||||||
Interest rate contracts | $ | (60 | ) | $ | — | $ | — | $ | — | $ | 1,204 | $ | — | ||||||||||
Equity contracts | — | (1 | ) | 2 | (2 | ) | (161 | ) | 1 | ||||||||||||||
Credit contracts | — | — | — | — | (31 | ) | — | ||||||||||||||||
Foreign exchange contracts | (2 | ) | — | 2 | — | (54 | ) | 12 | |||||||||||||||
Other contracts | — | — | — | — | (8 | ) | — | ||||||||||||||||
GMWB and GMAB embedded derivatives | — | — | — | — | (1,114 | ) | — | ||||||||||||||||
IUL embedded derivatives | — | — | — | 17 | — | — | |||||||||||||||||
SMC embedded derivatives | — | — | — | — | — | — | |||||||||||||||||
Total gain (loss) | $ | (62 | ) | $ | (1 | ) | $ | 4 | $ | 15 | $ | (164 | ) | $ | 13 |
Premiums Payable | Premiums Receivable | ||||||
(in millions) | |||||||
2017 (1) | $ | 148 | $ | 39 | |||
2018 | 231 | 131 | |||||
2019 | 293 | 171 | |||||
2020 | 207 | 100 | |||||
2021 | 187 | 108 | |||||
2022 - 2027 | 653 | 183 | |||||
Total | $ | 1,719 | $ | 732 |
Derivatives designated as hedging instruments | Location of Gain Recorded into Income | Amount of Gain Recognized in Income on Derivatives | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
(in millions) | ||||||||||||||||||
Interest rate contracts | Interest and debt expense | $ | 4 | $ | 5 | $ | 8 | $ | 10 |
Three Months Ended June 30, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
Pretax | Income Tax Benefit (Expense) | Net of Tax | Pretax | Income Tax Benefit (Expense) | Net of Tax | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net unrealized securities gains: | |||||||||||||||||||||||
Net unrealized securities gains arising during the period (1) | $ | 191 | $ | (68 | ) | $ | 123 | $ | 559 | $ | (194 | ) | $ | 365 | |||||||||
Reclassification of net securities gains included in net income (2) | (21 | ) | 8 | (13 | ) | (5 | ) | 1 | (4 | ) | |||||||||||||
Impact of deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables | (81 | ) | 28 | (53 | ) | (222 | ) | 78 | (144 | ) | |||||||||||||
Net unrealized securities gains | 89 | (32 | ) | 57 | 332 | (115 | ) | 217 | |||||||||||||||
Net unrealized derivatives gains: | |||||||||||||||||||||||
Reclassification of net derivative losses included in net income (3) | — | — | — | 2 | (1 | ) | 1 | ||||||||||||||||
Net unrealized derivatives gains | — | — | — | 2 | (1 | ) | 1 | ||||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||
Net gain arising during the period | — | — | — | 9 | (3 | ) | 6 | ||||||||||||||||
Defined benefit plans | — | — | — | 9 | (3 | ) | 6 | ||||||||||||||||
Foreign currency translation | 35 | (12 | ) | 23 | (42 | ) | 14 | (28 | ) | ||||||||||||||
Total other comprehensive income | $ | 124 | $ | (44 | ) | $ | 80 | $ | 301 | $ | (105 | ) | $ | 196 |
Six Months Ended June 30, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
Pretax | Income Tax Benefit (Expense) | Net of Tax | Pretax | Income Tax Benefit (Expense) | Net of Tax | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net unrealized securities gains: | |||||||||||||||||||||||
Net unrealized securities gains arising during the period (1) | $ | 244 | $ | (85 | ) | $ | 159 | $ | 1,052 | $ | (367 | ) | $ | 685 | |||||||||
Reclassification of net securities gains included in net income (2) | (39 | ) | 14 | (25 | ) | (4 | ) | 1 | (3 | ) | |||||||||||||
Impact of deferred acquisition costs, deferred sales inducement costs, unearned revenue, benefit reserves and reinsurance recoverables | (107 | ) | 37 | (70 | ) | (419 | ) | 147 | (272 | ) | |||||||||||||
Net unrealized securities gains | 98 | (34 | ) | 64 | 629 | (219 | ) | 410 | |||||||||||||||
Net unrealized derivatives gains: | |||||||||||||||||||||||
Reclassification of net derivative losses included in net income (4) | 2 | (1 | ) | 1 | 3 | (1 | ) | 2 | |||||||||||||||
Net unrealized derivatives gains | 2 | (1 | ) | 1 | 3 | (1 | ) | 2 | |||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||
Net gain arising during the period | 7 | (2 | ) | 5 | 9 | (3 | ) | 6 | |||||||||||||||
Defined benefit plans | 7 | (2 | ) | 5 | 9 | (3 | ) | 6 | |||||||||||||||
Foreign currency translation | 46 | (16 | ) | 30 | (59 | ) | 20 | (39 | ) | ||||||||||||||
Other | (1 | ) | — | (1 | ) | — | — | — | |||||||||||||||
Total other comprehensive income | $ | 152 | $ | (53 | ) | $ | 99 | $ | 582 | $ | (203 | ) | $ | 379 |
Net Unrealized Securities Gains | Net Unrealized Derivatives Gains | Defined Benefit Plans | Foreign Currency Translation | Other | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, April 1, 2017 | $ | 486 | $ | 6 | $ | (120 | ) | $ | (152 | ) | $ | (1 | ) | $ | 219 | ||||||||
OCI before reclassifications | 70 | — | — | 23 | — | 93 | |||||||||||||||||
Amounts reclassified from AOCI | (13 | ) | — | — | — | — | (13 | ) | |||||||||||||||
Total OCI | 57 | — | — | 23 | — | 80 | |||||||||||||||||
Balance, June 30, 2017 | $ | 543 | (1) | $ | 6 | $ | (120 | ) | $ | (129 | ) | $ | (1 | ) | $ | 299 |
Balance, January 1, 2017 | $ | 479 | $ | 5 | $ | (125 | ) | $ | (159 | ) | $ | — | $ | 200 | |||||||||
OCI before reclassifications | 89 | — | — | 30 | (1 | ) | 118 | ||||||||||||||||
Amounts reclassified from AOCI | (25 | ) | 1 | 5 | — | — | (19 | ) | |||||||||||||||
Total OCI | 64 | 1 | 5 | 30 | (1 | ) | 99 | ||||||||||||||||
Balance, June 30, 2017 | $ | 543 | (1) | $ | 6 | $ | (120 | ) | $ | (129 | ) | $ | (1 | ) | $ | 299 |
Net Unrealized Securities Gains | Net Unrealized Derivatives Gains | Defined Benefit Plans | Foreign Currency Translation | Total | |||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance, April 1, 2016 | $ | 625 | $ | 2 | $ | (91 | ) | $ | (94 | ) | $ | 442 | |||||||||
OCI before reclassifications | 221 | — | — | (28 | ) | 193 | |||||||||||||||
Amounts reclassified from AOCI | (4 | ) | 1 | 6 | — | 3 | |||||||||||||||
Total OCI | 217 | 1 | 6 | (28 | ) | 196 | |||||||||||||||
Balance, June 30, 2016 | $ | 842 | (1) | $ | 3 | $ | (85 | ) | $ | (122 | ) | $ | 638 |
Balance, January 1, 2016 | $ | 426 | $ | 1 | $ | (91 | ) | $ | (83 | ) | $ | 253 | |||||||||
Cumulative effect of change in accounting policies | 6 | — | — | — | 6 | ||||||||||||||||
Balance, January 1, 2016, as adjusted | 432 | 1 | (91 | ) | (83 | ) | 259 | ||||||||||||||
OCI before reclassifications | 413 | — | — | (39 | ) | 374 | |||||||||||||||
Amounts reclassified from AOCI | (3 | ) | 2 | 6 | — | 5 | |||||||||||||||
Total OCI | 410 | 2 | 6 | (39 | ) | 379 | |||||||||||||||
Balance, June 30, 2016 | $ | 842 | (1) | $ | 3 | $ | (85 | ) | $ | (122 | ) | $ | 638 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 393 | $ | 335 | $ | 796 | $ | 699 | |||||||
Denominator: | |||||||||||||||
Basic: Weighted-average common shares outstanding | 155.1 | 168.3 | 156.3 | 170.4 | |||||||||||
Effect of potentially dilutive nonqualified stock options and other share-based awards | 2.4 | 1.8 | 2.5 | 1.8 | |||||||||||
Diluted: Weighted-average common shares outstanding | 157.5 | 170.1 | 158.8 | 172.2 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | 2.53 | $ | 1.99 | $ | 5.09 | $ | 4.10 | |||||||
Diluted | $ | 2.50 | $ | 1.97 | $ | 5.01 | $ | 4.06 |
June 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Advice & Wealth Management | $ | 13,084 | $ | 12,654 | |||
Asset Management | 7,940 | 7,254 | |||||
Annuities | 95,364 | 93,481 | |||||
Protection | 17,236 | 16,780 | |||||
Corporate & Other | 9,520 | 9,652 | |||||
Total assets | $ | 143,144 | $ | 139,821 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Operating net revenues: | |||||||||||||||
Advice & Wealth Management | $ | 1,348 | $ | 1,250 | $ | 2,643 | $ | 2,448 | |||||||
Asset Management | 748 | 739 | 1,474 | 1,463 | |||||||||||
Annuities | 627 | 619 | 1,235 | 1,215 | |||||||||||
Protection | 517 | 538 | 1,038 | 1,080 | |||||||||||
Corporate & Other | 55 | 59 | 112 | 127 | |||||||||||
Eliminations (1)(2) | (345 | ) | (349 | ) | (692 | ) | (689 | ) | |||||||
Total segment operating revenues | 2,950 | 2,856 | 5,810 | 5,644 | |||||||||||
Net realized investment gains (losses) | 21 | 5 | 38 | (11 | ) | ||||||||||
Revenues attributable to CIEs | 25 | 26 | 47 | 50 | |||||||||||
Market impact on IUL benefits, net | (3 | ) | 3 | (2 | ) | 12 | |||||||||
Market impact of hedges on investments | (8 | ) | (19 | ) | (7 | ) | (59 | ) | |||||||
Total net revenues per consolidated statements of operations (3)(4) | $ | 2,985 | $ | 2,871 | $ | 5,886 | $ | 5,636 |
(2) | Represents the elimination of intersegment revenues recognized for the six months ended June 30, 2017 and 2016 in each segment as follows: Advice & Wealth Management ($468 million and $483 million, respectively); Asset Management ($23 million and $21 million, respectively); Annuities ($171 million and $162 million, respectively); Protection ($30 million and $22 million, respectively); and Corporate & Other (nil and $1 million, respectively). |
(4) | Includes foreign net revenues of $341 million and $338 million for the six months ended June 30, 2017 and 2016, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Operating earnings: | |||||||||||||||
Advice & Wealth Management | $ | 291 | $ | 221 | $ | 539 | $ | 426 | |||||||
Asset Management | 176 | 148 | 326 | 297 | |||||||||||
Annuities | 142 | 146 | 281 | 270 | |||||||||||
Protection | 51 | 38 | 114 | 106 | |||||||||||
Corporate & Other | (76 | ) | (77 | ) | (156 | ) | (126 | ) | |||||||
Total segment operating earnings | 584 | 476 | 1,104 | 973 | |||||||||||
Net realized investment gains (losses) | 20 | 5 | 36 | (11 | ) | ||||||||||
Net income (loss) attributable to CIEs | 1 | 1 | 2 | (1 | ) | ||||||||||
Market impact on variable annuity guaranteed benefits, net | (80 | ) | (58 | ) | (143 | ) | (41 | ) | |||||||
Market impact on IUL benefits, net | (6 | ) | 5 | (6 | ) | 24 | |||||||||
Market impact of hedges on investments | (8 | ) | (19 | ) | (7 | ) | (59 | ) | |||||||
Pretax income per consolidated statements of operations | $ | 511 | $ | 410 | $ | 986 | $ | 885 |
• | Advice & Wealth Management; |
• | Asset Management; |
• | Annuities; |
• | Protection; and |
• | Corporate & Other. |
• | Operating total net revenue growth of 6% to 8%, |
• | Operating earnings per diluted share growth of 12% to 15%, and |
• | Operating return on equity excluding accumulated other comprehensive income (“AOCI”) of 19% to 23%. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Total net revenues | $ | 2,985 | $ | 2,871 | $ | 5,886 | $ | 5,636 | |||||||
Less: Revenue attributable to CIEs | 25 | 26 | 47 | 50 | |||||||||||
Less: Net realized investment gains (losses) | 21 | 5 | 38 | (11 | ) | ||||||||||
Less: Market impact on indexed universal life benefits | (3 | ) | 3 | (2 | ) | 12 | |||||||||
Less: Market impact of hedges on investments | (8 | ) | (19 | ) | (7 | ) | (59 | ) | |||||||
Operating total net revenues | $ | 2,950 | $ | 2,856 | $ | 5,810 | $ | 5,644 |
Three Months Ended June 30, | Per Diluted Share | ||||||||||||||
Three Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
Net income | $ | 393 | $ | 335 | $ | 2.50 | $ | 1.97 | |||||||
Add: Market impact on variable annuity guaranteed benefits (1) | 80 | 58 | 0.51 | 0.34 | |||||||||||
Add: Market impact on indexed universal life benefits (1) | 6 | (5 | ) | 0.04 | (0.03 | ) | |||||||||
Add: Market impact of hedges on investments (1) | 8 | 19 | 0.05 | 0.11 | |||||||||||
Less: Net realized investment gains (1) | 20 | 5 | 0.13 | 0.03 | |||||||||||
Tax effect of adjustments (2) | (26 | ) | (23 | ) | (0.17 | ) | (0.13 | ) | |||||||
Operating earnings | $ | 441 | $ | 379 | $ | 2.80 | $ | 2.23 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 155.1 | 168.3 | |||||||||||||
Diluted | 157.5 | 170.1 |
Six Months Ended June 30, | Per Diluted Share | ||||||||||||||
Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
Net income | $ | 796 | $ | 699 | $ | 5.01 | $ | 4.06 | |||||||
Less: Net income (loss) attributable to CIEs | 1 | (1 | ) | 0.01 | (0.01 | ) | |||||||||
Add: Market impact on variable annuity guaranteed benefits (1) | 143 | 41 | 0.90 | 0.24 | |||||||||||
Add: Market impact on indexed universal life benefits (1) | 6 | (24 | ) | 0.04 | (0.14 | ) | |||||||||
Add: Market impact of hedges on investments (1) | 7 | 59 | 0.05 | 0.34 | |||||||||||
Less: Net realized investment gains (losses) (1) | 36 | (11 | ) | 0.23 | (0.06 | ) | |||||||||
Tax effect of adjustments (2) | (42 | ) | (30 | ) | (0.26 | ) | (0.17 | ) | |||||||
Operating earnings | $ | 873 | $ | 757 | $ | 5.50 | $ | 4.40 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 156.3 | 170.4 | |||||||||||||
Diluted | 158.8 | 172.2 |
Twelve Months Ended June 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Net income attributable to Ameriprise Financial | $ | 1,411 | $ | 1,453 | |||
Less: Adjustments (1) | (132 | ) | (174 | ) | |||
Operating earnings | $ | 1,543 | $ | 1,627 | |||
Total Ameriprise Financial, Inc. shareholders’ equity | $ | 6,520 | $ | 7,355 | |||
Less: AOCI, net of tax | 390 | 459 | |||||
Total Ameriprise Financial, Inc. shareholders’ equity, excluding AOCI | 6,130 | 6,896 | |||||
Less: Equity impacts attributable to CIEs | — | 114 | |||||
Operating equity | $ | 6,130 | $ | 6,782 | |||
Return on equity, excluding AOCI | 23.0 | % | 21.1 | % | |||
Operating return on equity, excluding AOCI (2) | 25.2 | % | 24.0 | % |
June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in billions) | ||||||||||||||
Assets Under Management and Administration | ||||||||||||||
Advice & Wealth Management AUM | $ | 221.1 | $ | 188.6 | $ | 32.5 | 17 | % | ||||||
Asset Management AUM | 472.6 | 459.6 | 13.0 | 3 | ||||||||||
Corporate & Other AUM | 0.3 | 0.4 | (0.1 | ) | (25 | ) | ||||||||
Eliminations | (24.5 | ) | (24.1 | ) | (0.4 | ) | (2 | ) | ||||||
Total Assets Under Management | 669.5 | 624.5 | 45.0 | 7 | ||||||||||
Total Assets Under Administration | 165.2 | 152.1 | 13.1 | 9 | ||||||||||
Total AUM and AUA | $ | 834.7 | $ | 776.6 | $ | 58.1 | 7 | % |
Three Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 1,561 | $ | 1,439 | $ | 122 | 8 | % | ||||||
Distribution fees | 430 | 448 | (18 | ) | (4 | ) | ||||||||
Net investment income | 391 | 372 | 19 | 5 | ||||||||||
Premiums | 348 | 372 | (24 | ) | (6 | ) | ||||||||
Other revenues | 267 | 248 | 19 | 8 | ||||||||||
Total revenues | 2,997 | 2,879 | 118 | 4 | ||||||||||
Banking and deposit interest expense | 12 | 8 | 4 | 50 | ||||||||||
Total net revenues | 2,985 | 2,871 | 114 | 4 | ||||||||||
Expenses | ||||||||||||||
Distribution expenses | 832 | 803 | 29 | 4 | ||||||||||
Interest credited to fixed accounts | 171 | 158 | 13 | 8 | ||||||||||
Benefits, claims, losses and settlement expenses | 611 | 597 | 14 | 2 | ||||||||||
Amortization of deferred acquisition costs | 69 | 87 | (18 | ) | (21 | ) | ||||||||
Interest and debt expense | 52 | 53 | (1 | ) | (2 | ) | ||||||||
General and administrative expense | 739 | 763 | (24 | ) | (3 | ) | ||||||||
Total expenses | 2,474 | 2,461 | 13 | 1 | ||||||||||
Pretax income | 511 | 410 | 101 | 25 | ||||||||||
Income tax provision | 118 | 75 | 43 | 57 | ||||||||||
Net income | $ | 393 | $ | 335 | $ | 58 | 17 | % |
• | A $7 million increase in expense related to higher reserve funding driven by the impact of higher fees from variable annuity guarantee sales in the prior year where the fees start on the first anniversary date. |
• | An $11 million negative impact in the second quarter of 2017 from changes in assumptions in the prior year unlocking process that result in ongoing increases to living benefit reserves. |
• | A $28 million decrease in auto and home expenses reflecting a lower non-catastrophe loss ratio and the impact of new quota share reinsurance arrangements, partially offset by higher catastrophe losses. Catastrophe losses, net of the impact of reinsurance, were $44 million for the three months ended June 30, 2017 compared to $37 million for the prior year period, primarily from several wind/hail storms in Colorado, Minnesota and Texas. In the first quarter of 2017, we entered into quota share and aggregate excess of loss reinsurance arrangements designed to reduce net retained exposure to property losses. The expanded reinsurance program resulted in ceded losses of approximately $32 million in the second quarter. |
• | A $122 million increase in expense compared to the prior year period from the unhedged nonperformance credit spread risk adjustment on variable annuity guaranteed benefits. As the embedded derivative liability on which the nonperformance credit spread is applied increases (decreases), the impact of the nonperformance credit spread is favorable (unfavorable) to expense. The unfavorable impact of the nonperformance credit spread was $7 million for the three months ended June 30, 2017 compared to a favorable impact of $115 million for the prior year period. |
• | A $93 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges in place to offset those risks and the related DSIC amortization. This decrease was the result of a favorable $495 million change in the market impact on variable annuity guaranteed living benefits reserves, an unfavorable $403 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits and a favorable $1 million change in the DSIC offset. The main market drivers contributing to these changes are summarized below: |
• | Interest rate impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense in the second quarter of 2017 compared to the prior year period. |
• | Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and various behavioral items, were a net favorable impact compared to the prior year period. |
• | The impact on DAC from actual versus expected market performance based on our view of bond and equity performance was a benefit of $7 million for the second quarter of 2017 reflecting favorable equity market returns compared to a benefit of $1 million for the prior year period. |
• | The DAC offset to the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC amortization) was a benefit of $9 million for the second quarter of 2017 compared to a benefit of $2 million for the prior year period. |
Three Months Ended June 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Advice & Wealth Management | |||||||
Net revenues | $ | 1,348 | $ | 1,250 | |||
Expenses | 1,057 | 1,029 | |||||
Operating earnings | $ | 291 | $ | 221 | |||
Asset Management | |||||||
Net revenues | $ | 748 | $ | 739 | |||
Expenses | 572 | 591 | |||||
Operating earnings | $ | 176 | $ | 148 | |||
Annuities | |||||||
Net revenues | $ | 627 | $ | 619 | |||
Expenses | 485 | 473 | |||||
Operating earnings | $ | 142 | $ | 146 | |||
Protection | |||||||
Net revenues | $ | 517 | $ | 538 | |||
Expenses | 466 | 500 | |||||
Operating earnings | $ | 51 | $ | 38 | |||
Corporate & Other | |||||||
Net revenues | $ | 55 | $ | 59 | |||
Expenses | 131 | 136 | |||||
Operating loss | $ | (76 | ) | $ | (77 | ) |
2017 | 2016 | ||||||
(in billions) | |||||||
Beginning balance | $ | 212.9 | $ | 183.4 | |||
Net flows | 4.5 | 2.3 | |||||
Market appreciation and other | 4.9 | 4.0 | |||||
Ending balance | $ | 222.3 | $ | 189.7 | |||
Advisory wrap account assets ending balance (1) | $ | 220.2 | $ | 187.9 | |||
Average advisory wrap account assets (2) | $ | 216.0 | $ | 184.9 |
(1) | Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee. |
(2) | Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period. |
2017 | 2016 | ||||||
(in billions) | |||||||
Beginning balance | $ | 189.7 | $ | 181.9 | |||
Net flows | 14.5 | 9.2 | |||||
Market appreciation (depreciation) and other | 18.1 | (1.4 | ) | ||||
Ending balance | $ | 222.3 | $ | 189.7 |
Three Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 773 | $ | 669 | $ | 104 | 16 | % | ||||||
Distribution fees | 505 | 524 | (19 | ) | (4 | ) | ||||||||
Net investment income | 58 | 47 | 11 | 23 | ||||||||||
Other revenues | 24 | 18 | 6 | 33 | ||||||||||
Total revenues | 1,360 | 1,258 | 102 | 8 | ||||||||||
Banking and deposit interest expense | 12 | 8 | 4 | 50 | ||||||||||
Total net revenues | 1,348 | 1,250 | 98 | 8 | ||||||||||
Expenses | ||||||||||||||
Distribution expenses | 789 | 762 | 27 | 4 | ||||||||||
Interest and debt expense | 3 | 2 | 1 | 50 | ||||||||||
General and administrative expense | 265 | 265 | — | — | ||||||||||
Total expenses | 1,057 | 1,029 | 28 | 3 | ||||||||||
Operating earnings | $ | 291 | $ | 221 | $ | 70 | 32 | % |
Columbia Mutual Fund Rankings in top 2 Lipper Quartiles | 2017 | 2016 | |||||
Domestic Equity | Equal weighted | 1 year | 78 | % | 56 | % | |
3 year | 72 | % | 71 | % | |||
5 year | 78 | % | 59 | % | |||
Asset weighted | 1 year | 86 | % | 65 | % | ||
3 year | 75 | % | 84 | % | |||
5 year | 83 | % | 73 | % |
International Equity | Equal weighted | 1 year | 60 | % | 55 | % | |
3 year | 60 | % | 60 | % | |||
5 year | 75 | % | 61 | % | |||
Asset weighted | 1 year | 41 | % | 36 | % | ||
3 year | 48 | % | 36 | % | |||
5 year | 51 | % | 42 | % |
Taxable Fixed Income | Equal weighted | 1 year | 72 | % | 58 | % | |
3 year | 72 | % | 59 | % | |||
5 year | 82 | % | 82 | % | |||
Asset weighted | 1 year | 73 | % | 61 | % | ||
3 year | 82 | % | 65 | % | |||
5 year | 89 | % | 87 | % |
Tax Exempt Fixed Income | Equal weighted | 1 year | 53 | % | 89 | % | |
3 year | 89 | % | 100 | % | |||
5 year | 100 | % | 94 | % | |||
Asset weighted | 1 year | 38 | % | 92 | % | ||
3 year | 98 | % | 100 | % | |||
5 year | 100 | % | 87 | % |
Asset Allocation Funds | Equal weighted | 1 year | 54 | % | 77 | % | |
3 year | 100 | % | 100 | % | |||
5 year | 78 | % | 88 | % | |||
Asset weighted | 1 year | 47 | % | 97 | % | ||
3 year | 100 | % | 100 | % | |||
5 year | 92 | % | 98 | % |
Number of funds with 4 or 5 Morningstar star ratings | Overall | 54 | 51 | ||||
3 year | 55 | 55 | |||||
5 year | 46 | 45 |
Percent of funds with 4 or 5 Morningstar star ratings | Overall | 56 | % | 53 | % | ||
3 year | 57 | % | 57 | % | |||
5 year | 49 | % | 49 | % |
Percent of assets with 4 or 5 Morningstar star ratings | Overall | 65 | % | 66 | % | ||
3 year | 72 | % | 74 | % | |||
5 year | 56 | % | 64 | % |
Threadneedle Retail Fund Rankings in Top 2 Morningstar Quartiles or Above Index Benchmark | 2017 | 2016 | |||||
Equity | Equal weighted | 1 year | 54 | % | 60 | % | |
3 year | 74 | % | 67 | % | |||
5 year | 65 | % | 79 | % | |||
Asset weighted | 1 year | 65 | % | 66 | % | ||
3 year | 80 | % | 68 | % | |||
5 year | 54 | % | 91 | % |
Fixed Income | Equal weighted | 1 year | 76 | % | 42 | % | |
3 year | 64 | % | 55 | % | |||
5 year | 72 | % | 62 | % | |||
Asset weighted | 1 year | 85 | % | 57 | % | ||
3 year | 84 | % | 80 | % | |||
5 year | 80 | % | 62 | % |
Allocation (Managed) Funds | Equal weighted | 1 year | 67 | % | 100 | % | |
3 year | 100 | % | 100 | % | |||
5 year | 83 | % | 100 | % | |||
Asset weighted | 1 year | 44 | % | 100 | % | ||
3 year | 100 | % | 100 | % | |||
5 year | 92 | % | 100 | % |
June 30, | Change | Average(1) | Change | ||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Equity | $ | 257.7 | $ | 241.0 | $ | 16.7 | 7 | % | $ | 255.3 | $ | 245.0 | $ | 10.3 | 4 | % | |||||||||||||
Fixed income | 176.3 | 179.8 | (3.5 | ) | (2 | ) | 177.2 | 179.6 | (2.4 | ) | (1 | ) | |||||||||||||||||
Money market | 5.5 | 7.3 | (1.8 | ) | (25 | ) | 5.9 | 7.2 | (1.3 | ) | (18 | ) | |||||||||||||||||
Alternative | 6.6 | 7.2 | (0.6 | ) | (8 | ) | 7.1 | 7.7 | (0.6 | ) | (8 | ) | |||||||||||||||||
Hybrid and other | 26.5 | 24.3 | 2.2 | 9 | 26.1 | 24.6 | 1.5 | 6 | |||||||||||||||||||||
Total managed assets | $ | 472.6 | $ | 459.6 | $ | 13.0 | 3 | % | $ | 471.6 | $ | 464.1 | $ | 7.5 | 2 | % | |||||||||||||
(1) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period. |
Three Months Ended June 30, | |||||||
2017 | 2016 | ||||||
(in billions) | |||||||
Global Retail Funds | |||||||
Beginning assets | $ | 267.3 | $ | 259.8 | |||
Inflows | 12.3 | 13.5 | |||||
Outflows | (15.2 | ) | (15.9 | ) | |||
Net VP/VIT fund flows | (0.8 | ) | (0.5 | ) | |||
Net new flows | (3.7 | ) | (2.9 | ) | |||
Reinvested dividends | 2.4 | 2.7 | |||||
Net flows | (1.3 | ) | (0.2 | ) | |||
Distributions | (2.8 | ) | (3.1 | ) | |||
Market appreciation and other (2) | 8.0 | 4.7 | |||||
Foreign currency translation (1)(2) | 1.7 | (2.0 | ) | ||||
Total ending assets | 272.9 | 259.2 | |||||
Global Institutional | |||||||
Beginning assets | 199.7 | 204.3 | |||||
Inflows | 5.9 | 6.0 | |||||
Outflows | (13.3 | ) | (10.5 | ) | |||
Net flows | (7.4 | ) | (4.5 | ) | |||
Market appreciation and other (2)(3) | 3.9 | 5.3 | |||||
Foreign currency translation (1)(2) | 3.5 | (4.7 | ) | ||||
Total ending assets | 199.7 | 200.4 | |||||
Total managed assets | $ | 472.6 | $ | 459.6 | |||
Total net flows | $ | (8.7 | ) | $ | (4.7 | ) | |
Former Parent Company Related (4)(5) | |||||||
Retail net new flows | $ | (0.8 | ) | $ | (0.3 | ) | |
Institutional net new flows | (6.3 | ) | (2.0 | ) | |||
Total net new flows | $ | (7.1 | ) | $ | (2.3 | ) |
Three Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 625 | $ | 612 | $ | 13 | 2 | % | ||||||
Distribution fees | 112 | 121 | (9 | ) | (7 | ) | ||||||||
Net investment income | 6 | 5 | 1 | 20 | ||||||||||
Other revenues | 5 | 1 | 4 | NM | ||||||||||
Total revenues | 748 | 739 | 9 | 1 | ||||||||||
Banking and deposit interest expense | — | — | — | — | ||||||||||
Total net revenues | 748 | 739 | 9 | 1 | ||||||||||
Expenses | ||||||||||||||
Distribution expenses | 247 | 254 | (7 | ) | (3 | ) | ||||||||
Amortization of deferred acquisition costs | 4 | 5 | (1 | ) | (20 | ) | ||||||||
Interest and debt expense | 6 | 5 | 1 | 20 | ||||||||||
General and administrative expense | 315 | 327 | (12 | ) | (4 | ) | ||||||||
Total expenses | 572 | 591 | (19 | ) | (3 | ) | ||||||||
Operating earnings | $ | 176 | $ | 148 | $ | 28 | 19 | % | ||||||
NM Not Meaningful. |
Three Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 190 | $ | 184 | $ | 6 | 3 | % | ||||||
Distribution fees | 92 | 88 | 4 | 5 | ||||||||||
Net investment income | 175 | 189 | (14 | ) | (7 | ) | ||||||||
Premiums | 33 | 32 | 1 | 3 | ||||||||||
Other revenues | 137 | 126 | 11 | 9 | ||||||||||
Total revenues | 627 | 619 | 8 | 1 | ||||||||||
Banking and deposit interest expense | — | — | — | — | ||||||||||
Total net revenues | 627 | 619 | 8 | 1 | ||||||||||
Expenses | ||||||||||||||
Distribution expenses | 107 | 107 | — | — | ||||||||||
Interest credited to fixed accounts | 118 | 119 | (1 | ) | (1 | ) | ||||||||
Benefits, claims, losses and settlement expenses | 149 | 138 | 11 | 8 | ||||||||||
Amortization of deferred acquisition costs | 48 | 48 | — | — | ||||||||||
Interest and debt expense | 9 | 9 | — | — | ||||||||||
General and administrative expense | 54 | 52 | 2 | 4 | ||||||||||
Total expenses | 485 | 473 | 12 | 3 | ||||||||||
Operating earnings | $ | 142 | $ | 146 | $ | (4 | ) | (3 | )% |
• | A $7 million increase in expense related to higher reserve funding driven by the impact of higher fees from variable annuity guarantee sales in the prior year where the fees start on the first anniversary date. |
• | An $11 million negative impact in the second quarter of 2017 from changes in assumptions in the prior year unlocking process that result in ongoing increases to living benefit reserves. |
• | The impact on DSIC and reserves for insurance features in non-traditional long-duration contracts from actual versus expected market performance based on our view of bond and equity performance was a benefit of $10 million for the three months ended June 30, 2017 reflecting favorable equity market returns compared to nil for the prior year period. |
Three Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 10 | $ | 12 | $ | (2 | ) | (17 | )% | |||||
Distribution fees | 25 | 25 | — | — | ||||||||||
Net investment income | 82 | 82 | — | — | ||||||||||
Premiums | 297 | 318 | (21 | ) | (7 | ) | ||||||||
Other revenues | 103 | 101 | 2 | 2 | ||||||||||
Total revenues | 517 | 538 | (21 | ) | (4 | ) | ||||||||
Banking and deposit interest expense | — | — | — | — | ||||||||||
Total net revenues | 517 | 538 | (21 | ) | (4 | ) | ||||||||
Expenses | ||||||||||||||
Distribution expenses | 16 | 17 | (1 | ) | (6 | ) | ||||||||
Interest credited to fixed accounts | 47 | 43 | 4 | 9 | ||||||||||
Benefits, claims, losses and settlement expenses | 313 | 339 | (26 | ) | (8 | ) | ||||||||
Amortization of deferred acquisition costs | 29 | 32 | (3 | ) | (9 | ) | ||||||||
Interest and debt expense | 6 | 5 | 1 | 20 | ||||||||||
General and administrative expense | 55 | 64 | (9 | ) | (14 | ) | ||||||||
Total expenses | 466 | 500 | (34 | ) | (7 | ) | ||||||||
Operating earnings | $ | 51 | $ | 38 | $ | 13 | 34 | % |
Three Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Net investment income | $ | 29 | $ | 33 | $ | (4 | ) | (12 | )% | |||||
Premiums | 26 | 27 | (1 | ) | (4 | ) | ||||||||
Other revenues | 1 | (1 | ) | 2 | NM | |||||||||
Total revenues | 56 | 59 | (3 | ) | (5 | ) | ||||||||
Banking and deposit interest expense | 1 | — | 1 | — | ||||||||||
Total net revenues | 55 | 59 | (4 | ) | (7 | ) | ||||||||
Expenses | ||||||||||||||
Distribution expenses | (2 | ) | (4 | ) | 2 | 50 | ||||||||
Benefits, claims, losses and settlement expenses | 62 | 60 | 2 | 3 | ||||||||||
Amortization of deferred acquisition costs | — | 2 | (2 | ) | NM | |||||||||
Interest and debt expense | 6 | 8 | (2 | ) | (25 | ) | ||||||||
General and administrative expense | 65 | 70 | (5 | ) | (7 | ) | ||||||||
Total expenses | 131 | 136 | (5 | ) | (4 | ) | ||||||||
Operating loss | $ | (76 | ) | $ | (77 | ) | $ | 1 | 1 | % | ||||
NM Not Meaningful. |
Six Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 3,043 | $ | 2,825 | $ | 218 | 8 | % | ||||||
Distribution fees | 873 | 883 | (10 | ) | (1 | ) | ||||||||
Net investment income | 782 | 703 | 79 | 11 | ||||||||||
Premiums | 687 | 740 | (53 | ) | (7 | ) | ||||||||
Other revenues | 523 | 502 | 21 | 4 | ||||||||||
Total revenues | 5,908 | 5,653 | 255 | 5 | ||||||||||
Banking and deposit interest expense | 22 | 17 | 5 | 29 | ||||||||||
Total net revenues | 5,886 | 5,636 | 250 | 4 | ||||||||||
Expenses | ||||||||||||||
Distribution expenses | 1,655 | 1,573 | 82 | 5 | ||||||||||
Interest credited to fixed accounts | 333 | 304 | 29 | 10 | ||||||||||
Benefits, claims, losses and settlement expenses | 1,178 | 1,079 | 99 | 9 | ||||||||||
Amortization of deferred acquisition costs | 141 | 197 | (56 | ) | (28 | ) | ||||||||
Interest and debt expense | 102 | 108 | (6 | ) | (6 | ) | ||||||||
General and administrative expense | 1,491 | 1,490 | 1 | — | ||||||||||
Total expenses | 4,900 | 4,751 | 149 | 3 | ||||||||||
Pretax income | 986 | 885 | 101 | 11 | ||||||||||
Income tax provision | 190 | 186 | 4 | 2 | ||||||||||
Net income | $ | 796 | $ | 699 | $ | 97 | 14 | % |
• | A $16 million increase in expense related to higher reserve funding driven by the impact of higher fees from variable annuity guarantee sales in the prior year where the fees start on the first anniversary date. |
• | A $21 million negative impact in the first half of 2017 from changes in assumptions in the prior year unlocking process that result in ongoing increases to living benefit reserves. |
• | A $58 million decrease in auto and home expenses reflecting a lower non-catastrophe loss ratio and the impact of new quota share reinsurance arrangements, partially offset by higher catastrophe losses. Catastrophe losses, net of the impact of reinsurance, were $69 million for the six months ended June 30, 2017 compared to $60 million for the prior year period, primarily from several wind/hail storms in Colorado, Minnesota and Texas. In the first quarter of 2017, we entered into quota share and aggregate excess of loss reinsurance arrangements designed to reduce net retained exposure to property losses. The expanded reinsurance program resulted in ceded losses of approximately $44 million in the first half of 2017. |
• | A $406 million increase in expense compared to the prior year period from the unhedged nonperformance credit spread risk adjustment on variable annuity guaranteed benefits. As the embedded derivative liability on which the nonperformance credit spread is applied increases (decreases), the impact of the nonperformance credit spread is favorable (unfavorable) to expense. The unfavorable impact of the nonperformance credit spread was $72 million for the six months ended June 30, 2017 compared to a favorable impact of $334 million for the prior year period. |
• | A $272 million decrease in expense from other market impacts on variable annuity guaranteed benefits, net of hedges in place to offset those risks and the related DSIC amortization. This decrease was the result of a favorable $1.9 billion change in the market impact on variable annuity guaranteed living benefits reserves, an unfavorable $1.6 billion change in the market impact on derivatives hedging the variable annuity guaranteed benefits and a favorable $3 million change in the DSIC offset. The main market drivers contributing to these changes are summarized below: |
• | Interest rate impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense in the first half of 2017 compared to the prior year period. |
• | Equity market impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a benefit in the first half of 2017 compared to an expense in the prior year period. |
• | Volatility impact on the variable annuity guaranteed living benefits liability net of the impact on the corresponding hedge assets resulted in a higher expense in the first half of 2017 compared to the prior year period. |
• | Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and various behavioral items, were a net favorable impact compared to the prior year period. |
• | The impact on DAC from actual versus expected market performance based on our view of bond and equity performance was a benefit of $16 million for the first half of 2017 reflecting favorable equity market returns compared to an expense of $5 million for the prior year period. |
• | The DAC offset to the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC amortization) was a benefit of $18 million for the first half of 2017 compared to an expense of $14 million for the prior year period. |
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Advice & Wealth Management | |||||||
Net revenues | $ | 2,643 | $ | 2,448 | |||
Expenses | 2,104 | 2,022 | |||||
Operating earnings | $ | 539 | $ | 426 | |||
Asset Management | |||||||
Net revenues | $ | 1,474 | $ | 1,463 | |||
Expenses | 1,148 | 1,166 | |||||
Operating earnings | $ | 326 | $ | 297 | |||
Annuities | |||||||
Net revenues | $ | 1,235 | $ | 1,215 | |||
Expenses | 954 | 945 | |||||
Operating earnings | $ | 281 | $ | 270 | |||
Protection | |||||||
Net revenues | $ | 1,038 | $ | 1,080 | |||
Expenses | 924 | 974 | |||||
Operating earnings | $ | 114 | $ | 106 | |||
Corporate & Other | |||||||
Net revenues | $ | 112 | $ | 127 | |||
Expenses | 268 | 253 | |||||
Operating loss | $ | (156 | ) | $ | (126 | ) |
2017 | 2016 | ||||||
(in billions) | |||||||
Beginning balance | $ | 201.1 | $ | 180.5 | |||
Net flows | 8.4 | 4.1 | |||||
Market appreciation and other | 12.8 | 5.1 | |||||
Ending balance | $ | 222.3 | $ | 189.7 | |||
Advisory wrap account assets ending balance (1) | $ | 220.2 | $ | 187.9 | |||
Average advisory wrap account assets (2) | $ | 210.6 | $ | 180.6 |
(1) | Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee. |
(2) | Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period. |
Six Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 1,495 | $ | 1,300 | $ | 195 | 15 | % | ||||||
Distribution fees | 1,018 | 1,038 | (20 | ) | (2 | ) | ||||||||
Net investment income | 110 | 91 | 19 | 21 | ||||||||||
Other revenues | 42 | 36 | 6 | 17 | ||||||||||
Total revenues | 2,665 | 2,465 | 200 | 8 | ||||||||||
Banking and deposit interest expense | 22 | 17 | 5 | 29 | ||||||||||
Total net revenues | 2,643 | 2,448 | 195 | 8 | ||||||||||
Expenses | ||||||||||||||
Distribution expenses | 1,566 | 1,494 | 72 | 5 | ||||||||||
Interest and debt expense | 5 | 4 | 1 | 25 | ||||||||||
General and administrative expense | 533 | 524 | 9 | 2 | ||||||||||
Total expenses | 2,104 | 2,022 | 82 | 4 | ||||||||||
Operating earnings | $ | 539 | $ | 426 | $ | 113 | 27 | % |
June 30, | Change | Average(1) | Change | ||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Equity | $ | 257.7 | $ | 241.0 | $ | 16.7 | 7 | % | $ | 250.5 | $ | 243.2 | $ | 7.3 | 3 | % | |||||||||||||
Fixed income | 176.3 | 179.8 | (3.5 | ) | (2 | ) | 177.2 | 178.0 | (0.8 | ) | — | ||||||||||||||||||
Money market | 5.5 | 7.3 | (1.8 | ) | (25 | ) | 5.9 | 7.5 | (1.6 | ) | (21 | ) | |||||||||||||||||
Alternative | 6.6 | 7.2 | (0.6 | ) | (8 | ) | 7.2 | 7.8 | (0.6 | ) | (8 | ) | |||||||||||||||||
Hybrid and other | 26.5 | 24.3 | 2.2 | 9 | 25.6 | 24.2 | 1.4 | 6 | |||||||||||||||||||||
Total managed assets | $ | 472.6 | $ | 459.6 | $ | 13.0 | 3 | % | $ | 466.4 | $ | 460.7 | $ | 5.7 | 1 | % | |||||||||||||
(1) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period. |
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
(in billions) | |||||||
Global Retail Funds | |||||||
Beginning assets | $ | 259.9 | $ | 263.9 | |||
Inflows | 27.1 | 26.0 | |||||
Outflows | (33.4 | ) | (31.4 | ) | |||
Net VP/VIT fund flows | (1.8 | ) | (0.7 | ) | |||
Net new flows | (8.1 | ) | (6.1 | ) | |||
Reinvested dividends | 2.8 | 3.1 | |||||
Net flows | (5.3 | ) | (3.0 | ) | |||
Distributions | (3.4 | ) | (3.7 | ) | |||
Market appreciation and other (2) | 19.4 | 4.4 | |||||
Foreign currency translation (1)(2) | 2.3 | (2.3 | ) | ||||
Total ending assets | 272.9 | 259.3 | |||||
Global Institutional | |||||||
Beginning assets | 194.5 | 208.0 | |||||
Inflows | 13.1 | 13.4 | |||||
Outflows | (22.2 | ) | (22.6 | ) | |||
Net flows | (9.1 | ) | (9.2 | ) | |||
Market appreciation and other (2)(3) | 9.8 | 7.7 | |||||
Foreign currency translation (1)(2) | 4.5 | (6.2 | ) | ||||
Total ending assets | 199.7 | 200.3 | |||||
Total managed assets | $ | 472.6 | $ | 459.6 | |||
Total net flows | $ | (14.4 | ) | $ | (12.2 | ) | |
Former Parent Company Related (4)(5) | |||||||
Retail net new flows | $ | (1.7 | ) | $ | (0.6 | ) | |
Institutional net new flows | (8.0 | ) | (6.1 | ) | |||
Total net new flows | $ | (9.7 | ) | $ | (6.7 | ) |
Six Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 1,223 | $ | 1,214 | $ | 9 | 1 | % | ||||||
Distribution fees | 233 | 238 | (5 | ) | (2 | ) | ||||||||
Net investment income | 10 | 8 | 2 | 25 | ||||||||||
Other revenues | 8 | 3 | 5 | NM | ||||||||||
Total revenues | 1,474 | 1,463 | 11 | 1 | ||||||||||
Banking and deposit interest expense | — | — | — | — | ||||||||||
Total net revenues | 1,474 | 1,463 | 11 | 1 | ||||||||||
Expenses | ||||||||||||||
Distribution expenses | 504 | 501 | 3 | 1 | ||||||||||
Amortization of deferred acquisition costs | 8 | 9 | (1 | ) | (11 | ) | ||||||||
Interest and debt expense | 11 | 11 | — | — | ||||||||||
General and administrative expense | 625 | 645 | (20 | ) | (3 | ) | ||||||||
Total expenses | 1,148 | 1,166 | (18 | ) | (2 | ) | ||||||||
Operating earnings | $ | 326 | $ | 297 | $ | 29 | 10 | % | ||||||
NM Not Meaningful. |
Six Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 377 | $ | 361 | $ | 16 | 4 | % | ||||||
Distribution fees | 179 | 171 | 8 | 5 | ||||||||||
Net investment income | 354 | 381 | (27 | ) | (7 | ) | ||||||||
Premiums | 60 | 60 | — | — | ||||||||||
Other revenues | 265 | 242 | 23 | 10 | ||||||||||
Total revenues | 1,235 | 1,215 | 20 | 2 | ||||||||||
Banking and deposit interest expense | — | — | — | — | ||||||||||
Total net revenues | 1,235 | 1,215 | 20 | 2 | ||||||||||
Expenses | ||||||||||||||
Distribution expenses | 209 | 210 | (1 | ) | — | |||||||||
Interest credited to fixed accounts | 236 | 238 | (2 | ) | (1 | ) | ||||||||
Benefits, claims, losses and settlement expenses | 292 | 282 | 10 | 4 | ||||||||||
Amortization of deferred acquisition costs | 95 | 93 | 2 | 2 | ||||||||||
Interest and debt expense | 17 | 17 | — | — | ||||||||||
General and administrative expense | 105 | 105 | — | — | ||||||||||
Total expenses | 954 | 945 | 9 | 1 | ||||||||||
Operating earnings | $ | 281 | $ | 270 | $ | 11 | 4 | % |
• | A $16 million increase in expense related to higher reserve funding driven by the impact of higher fees from variable annuity guarantee sales in the prior year where the fees start on the first anniversary date. |
• | A $21 million negative impact in the first half of 2017 from changes in assumptions in the prior year unlocking process that result in ongoing increases to living benefit reserves. |
• | The impact on DSIC and reserves for insurance features in non-traditional long-duration contracts from actual versus expected market performance based on our view of bond and equity performance was a benefit of $20 million for the six months ended June 30, 2017 reflecting favorable equity market returns compared to an expense of $4 million for the prior year period. |
Six Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Management and financial advice fees | $ | 23 | $ | 25 | $ | (2 | ) | (8 | )% | |||||
Distribution fees | 50 | 48 | 2 | 4 | ||||||||||
Net investment income | 167 | 162 | 5 | 3 | ||||||||||
Premiums | 591 | 636 | (45 | ) | (7 | ) | ||||||||
Other revenues | 207 | 209 | (2 | ) | (1 | ) | ||||||||
Total revenues | 1,038 | 1,080 | (42 | ) | (4 | ) | ||||||||
Banking and deposit interest expense | — | — | — | — | ||||||||||
Total net revenues | 1,038 | 1,080 | (42 | ) | (4 | ) | ||||||||
Expenses | ||||||||||||||
Distribution expenses | 33 | 33 | — | — | ||||||||||
Interest credited to fixed accounts | 91 | 86 | 5 | 6 | ||||||||||
Benefits, claims, losses and settlement expenses | 610 | 652 | (42 | ) | (6 | ) | ||||||||
Amortization of deferred acquisition costs | 57 | 69 | (12 | ) | (17 | ) | ||||||||
Interest and debt expense | 12 | 12 | — | — | ||||||||||
General and administrative expense | 121 | 122 | (1 | ) | (1 | ) | ||||||||
Total expenses | 924 | 974 | (50 | ) | (5 | ) | ||||||||
Operating earnings | $ | 114 | $ | 106 | $ | 8 | 8 | % |
Six Months Ended June 30, | Change | |||||||||||||
2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||
Revenues | ||||||||||||||
Net investment income | $ | 57 | $ | 73 | $ | (16 | ) | (22 | )% | |||||
Premiums | 53 | 54 | (1 | ) | (2 | ) | ||||||||
Other revenues | 3 | — | 3 | — | ||||||||||
Total revenues | 113 | 127 | (14 | ) | (11 | ) | ||||||||
Banking and deposit interest expense | 1 | — | 1 | — | ||||||||||
Total net revenues | 112 | 127 | (15 | ) | (12 | ) | ||||||||
Expenses | ||||||||||||||
Distribution expenses | (5 | ) | (8 | ) | 3 | 38 | ||||||||
Benefits, claims, losses and settlement expenses | 120 | 118 | 2 | 2 | ||||||||||
Amortization of deferred acquisition costs | — | 4 | (4 | ) | NM | |||||||||
Interest and debt expense | 14 | 14 | — | — | ||||||||||
General and administrative expense | 139 | 125 | 14 | 11 | ||||||||||
Total expenses | 268 | 253 | 15 | 6 | ||||||||||
Operating loss | $ | (156 | ) | $ | (126 | ) | $ | (30 | ) | (24 | )% | |||
NM Not Meaningful. |
Equity Price Decline 10% | Equity Price Exposure to Pretax Income | |||||||||||
Before Hedge Impact | Hedge Impact | Net Impact | ||||||||||
(in millions) | ||||||||||||
Asset-based management and distribution fees (1) | $ | (249 | ) | $ | 4 | $ | (245 | ) | ||||
DAC and DSIC amortization (2) (3) | (122 | ) | — | (122 | ) | |||||||
Variable annuity riders: | ||||||||||||
GMDB and GMIB (3) | (29 | ) | — | (29 | ) | |||||||
GMWB (3) (4) | (392 | ) | 231 | (161 | ) | |||||||
GMAB | (26 | ) | 27 | 1 | ||||||||
DAC and DSIC amortization (4) | N/A | N/A | (1 | ) | ||||||||
Total variable annuity riders | (447 | ) | 258 | (190 | ) | |||||||
Macro hedge program (5) | — | 36 | 36 | |||||||||
Equity indexed annuities | 1 | (1 | ) | — | ||||||||
Certificates | 3 | (3 | ) | — | ||||||||
Indexed universal life insurance | 62 | (49 | ) | 13 | ||||||||
Total | $ | (752 | ) | $ | 245 | $ | (508 | ) |
Interest Rate Increase 100 Basis Points | Interest Rate Exposure to Pretax Income | |||||||||||
Before Hedge Impact | Hedge Impact | Net Impact | ||||||||||
(in millions) | ||||||||||||
Asset-based management and distribution fees (1) | $ | (50 | ) | $ | — | $ | (50 | ) | ||||
Variable annuity riders: | ||||||||||||
GMDB and GMIB | — | — | — | |||||||||
GMWB | 975 | (1,078 | ) | (103 | ) | |||||||
GMAB | 24 | (26 | ) | (2 | ) | |||||||
DAC and DSIC amortization (4) | N/A | N/A | 29 | |||||||||
Total variable annuity riders | 999 | (1,104 | ) | (76 | ) | |||||||
Macro hedge program (5) | — | 146 | 146 | |||||||||
Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products | 61 | — | 61 | |||||||||
Brokerage client cash balances | 115 | — | 115 | |||||||||
Certificates | (13 | ) | — | (13 | ) | |||||||
Indexed universal life insurance | 89 | 2 | 91 | |||||||||
Total | $ | 1,201 | $ | (956 | ) | $ | 274 | |||||
N/A Not Applicable. |
Actual Capital | Regulatory Capital Requirements | |||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | |||||||||||
(in millions) | ||||||||||||||
RiverSource Life(1)(2) | $ | 2,818 | $ | 3,052 | N/A | $ | 606 | |||||||
RiverSource Life of NY(1)(2) | 296 | 323 | N/A | 38 | ||||||||||
IDS Property Casualty(1)(3) | 796 | 800 | 216 | 213 | ||||||||||
Ameriprise Insurance Company(1)(3) | 48 | 47 | 3 | 2 | ||||||||||
ACC(4)(5) | 363 | 335 | 334 | 317 | ||||||||||
Threadneedle Asset Management Holdings Sàrl(6) | 530 | 360 | 164 | 149 | ||||||||||
Ameriprise National Trust Bank(7) | 23 | 22 | 10 | 10 | ||||||||||
AFSI(3)(4) | 79 | 77 | # | # | ||||||||||
Ameriprise Captive Insurance Company(3) | 53 | 51 | 12 | 9 | ||||||||||
Ameriprise Trust Company(3) | 30 | 29 | 25 | 24 | ||||||||||
AEIS(3)(4) | 129 | 107 | 21 | 19 | ||||||||||
RiverSource Distributors, Inc.(3)(4) | 12 | 11 | # | # | ||||||||||
Columbia Management Investment Distributors, Inc.(3)(4) | 14 | 14 | # | # | ||||||||||
N/A Not applicable. # Amounts are less than $1 million. |
(1) | Actual capital is determined on a statutory basis. |
(2) | Regulatory capital requirement is based on the statutory risk-based capital filing. |
(3) | Regulatory capital requirement is based on the applicable regulatory requirement, calculated as of June 30, 2017 and December 31, 2016. |
(4) | Actual capital is determined on an adjusted GAAP basis. |
(5) | ACC is required to hold capital in compliance with the Minnesota Department of Commerce and SEC capital requirements. |
(6) | Actual capital and regulatory capital requirements are determined in accordance with U.K. regulatory legislation. The regulatory capital requirements at June 30, 2017 represent calculations at December 31, 2016 of the rule based requirements, as specified by FCA regulations. |
(7) | Ameriprise National Trust Bank is required to maintain capital in compliance with the Office of the Comptroller of the Currency regulations and policies. |
• | statements of the Company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, acquisition integration, benefits and claims expenses, general and administrative costs, consolidated tax rate, return of capital to shareholders, debt repayment and excess capital position and financial flexibility to capture additional growth opportunities; |
• | other statements about future economic performance, the performance of equity markets and interest rate variations and the economic performance of the United States and of global markets; and |
• | statements of assumptions underlying such statements. |
• | conditions in the interest rate, credit default, equity market and foreign exchange environments, including changes in valuations, liquidity and volatility; |
• | changes in and the adoption of relevant accounting standards and securities rating agency standards and processes, as well as changes in the litigation and regulatory environment, including ongoing legal proceedings and regulatory actions, the frequency and extent of legal claims threatened or initiated by clients, other persons and regulators, and developments in regulation and legislation, including the rules and regulations implemented or that may be implemented or modified in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or in light of the U.S. Department of Labor rule and exemptions pertaining to the fiduciary status of investment advice providers to 401(k) plans, plan sponsors, plan participants and the holders of individual retirement or health savings accounts; |
• | investment management performance and distribution partner and consumer acceptance of the Company’s products; |
• | effects of competition in the financial services industry, including pricing pressure, the introduction of new products and services and changes in product distribution mix and distribution channels; |
• | changes to the Company’s reputation that may arise from employee or advisor misconduct, legal or regulatory actions, perceptions of the financial services industry generally, improper management of conflicts of interest or otherwise; |
• | the Company’s capital structure, including indebtedness, limitations on subsidiaries to pay dividends, and the extent, manner, terms and timing of any share or debt repurchases management may effect as well as the opinions of rating agencies and other analysts and the reactions of market participants or the Company’s regulators, advisors, distribution partners or customers in response to any change or prospect of change in any such opinion; |
• | changes to the availability and cost of liquidity and the Company’s credit capacity that may arise due to shifts in market conditions, the Company’s credit ratings and the overall availability of credit; |
• | risks of default, capacity constraint or repricing by issuers or guarantors of investments the Company owns or by counterparties to hedge, derivative, insurance or reinsurance arrangements or by manufacturers of products the Company distributes, experience deviations from the Company’s assumptions regarding such risks, the evaluations or the prospect of changes in evaluations of any such third parties published by rating agencies or other analysts, and the reactions of other market participants or the Company’s regulators, advisors, distribution partners or customers in response to any such evaluation or prospect of changes in evaluation; |
• | experience deviations from the Company’s assumptions regarding morbidity, mortality and persistency in certain annuity and insurance products, or from assumptions regarding market returns assumed in valuing or unlocking DAC and DSIC or market volatility underlying the Company’s valuation and hedging of guaranteed benefit annuity riders, or from assumptions regarding interest rates assumed in the Company's loss recognition testing of its long term care business, or from assumptions regarding anticipated claims and losses relating to the Company’s automobile and home insurance products; |
• | changes in capital requirements that may be indicated, required or advised by regulators or rating agencies; |
• | the impacts of the Company’s efforts to improve distribution economics and to grow third-party distribution of its products; |
• | the ability to pursue and complete strategic transactions and initiatives, including acquisitions, divestitures, restructurings, joint ventures and the development of new products and services; |
• | the ability to realize the financial, operating and business fundamental benefits of strategic transactions and initiatives the Company has completed, is pursuing or may pursue in the future, which may be impacted by the ability to obtain regulatory approvals, the ability to effectively manage related expenses and by market, business partner and consumer reactions to such strategic transactions and initiatives; |
• | the ability and timing to realize savings and other benefits from re-engineering and tax planning; |
• | interruptions or other failures in the Company’s communications, technology and other operating systems, including errors or failures caused by third-party service providers, interference or failures caused by third party attacks on the Company’s systems, or the failure to safeguard the privacy or confidentiality of sensitive information and data on such systems; and |
• | general economic and political factors, including consumer confidence in the economy and the financial industry, the ability and inclination of consumers generally to invest as well as their ability and inclination to invest in financial instruments and products other than cash and cash equivalents, the costs of products and services the Company consumes in the conduct of its business, and applicable legislation and regulation and changes therein (such as the June 2016 UK referendum on membership in the European Union and the uncertain regulatory environment in the U.S. after the recent U.S. election), including tax laws, tax treaties, fiscal and central government treasury policy, and policies regarding the financial services industry and publicly-held firms, and regulatory rulings and pronouncements. |
Period | (a) | (b) | (c) | (d) | ||||||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as part of Publicly Announced Plans or Programs(1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(1) | |||||||||||
April 1 to April 30, 2017 | ||||||||||||||
Share repurchase program (1) | 798,500 | $ | 128.85 | 798,500 | $ | 2,969,182,110 | ||||||||
Employee transactions (2) | 27,047 | $ | 128.72 | N/A | N/A | |||||||||
May 1 to May 31, 2017 | ||||||||||||||
Share repurchase program (1) | 1,119,557 | $ | 125.88 | 1,119,557 | $ | 2,828,249,630 | ||||||||
Employee transactions (2) | 22,213 | $ | 128.27 | N/A | N/A | |||||||||
June 1 to June 30, 2017 | ||||||||||||||
Share repurchase program (1) | 856,798 | $ | 126.30 | 856,798 | $ | 2,720,037,736 | ||||||||
Employee transactions (2) | 70,257 | $ | 128.46 | N/A | N/A | |||||||||
Totals | ||||||||||||||
Share repurchase program (1) | 2,774,855 | $ | 126.86 | 2,774,855 | ||||||||||
Employee transactions (2) | 119,517 | $ | 128.48 | N/A | ||||||||||
2,894,372 | 2,774,855 |
AMERIPRISE FINANCIAL, INC. | |||||
(Registrant) | |||||
Date: | August 2, 2017 | By | /s/ Walter S. Berman | ||
Walter S. Berman | |||||
Executive Vice President and | |||||
Chief Financial Officer | |||||
Date: | August 2, 2017 | By | /s/ David K. Stewart | ||
David K. Stewart | |||||
Senior Vice President and Controller | |||||
(Principal Accounting Officer) |
Exhibit | Description |
3.1 | Amended and Restated Certificate of Incorporation of Ameriprise Financial, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, File No. 1-32525, filed on May 1, 2014). |
3.2 | Amended and Restated Bylaws of Ameriprise Financial, Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K, File No. 1-32525, filed on May 1, 2014). |
4.1 | Form of Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Amendment No. 3 to Form 10 Registration Statement, File No. 1-32525, filed on August 19, 2005). |
31.1* | Certification of James M. Cracchiolo pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |
31.2* | Certification of Walter S. Berman pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |
32* | Certification of James M. Cracchiolo and Walter S. Berman pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101* | The following materials from Ameriprise Financial, Inc.’s Quarterly Report on Form 10-Q for the period ended June 30, 2017, formatted in XBRL: (i) Consolidated Statements of Operations for the three months and six months ended June 30, 2017 and 2016; (ii) Consolidated Statements of Comprehensive Income for the three months and six months ended June 30, 2017 and 2016; (iii) Consolidated Balance Sheets at June 30, 2017 and December 31, 2016; (iv) Consolidated Statements of Equity for the six months ended June 30, 2017 and 2016; (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016; and (vi) Notes to the Consolidated Financial Statements. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Ameriprise Financial, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 2, 2017 | By | /s/ James M. Cracchiolo |
James M. Cracchiolo | ||
Chief Executive Officer |
E-2 | ||
1. | I have reviewed this Quarterly Report on Form 10-Q of Ameriprise Financial, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 2, 2017 | By | /s/ Walter S. Berman |
Walter S. Berman | ||
Chief Financial Officer |
E-3 | ||
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 2, 2017 | By | /s/ James M. Cracchiolo |
James M. Cracchiolo | ||
Chief Executive Officer | ||
Date: August 2, 2017 | By | /s/ Walter S. Berman |
Walter S. Berman | ||
Chief Financial Officer |
E-4 | ||
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jul. 21, 2017 |
|
Document and Entity Information | ||
Entity Registrant Name | AMERIPRISE FINANCIAL INC | |
Entity Central Index Key | 0000820027 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 149,943,197 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||||||||
Revenues | ||||||||||||
Management and financial advice fees | $ 1,561 | $ 1,439 | $ 3,043 | $ 2,825 | ||||||||
Distribution fees | 430 | 448 | 873 | 883 | ||||||||
Net investment income | 391 | 372 | 782 | 703 | ||||||||
Premiums | 348 | 372 | 687 | 740 | ||||||||
Other revenues | 267 | 248 | 523 | 502 | ||||||||
Total revenues | 2,997 | 2,879 | 5,908 | 5,653 | ||||||||
Banking and deposit interest expense | 12 | 8 | 22 | 17 | ||||||||
Total net revenues | 2,985 | [1] | 2,871 | [1] | 5,886 | [2] | 5,636 | [2] | ||||
Expenses | ||||||||||||
Distribution expenses | 832 | 803 | 1,655 | 1,573 | ||||||||
Interest credited to fixed accounts | 171 | 158 | 333 | 304 | ||||||||
Benefits, claims, losses and settlement expenses | 611 | 597 | 1,178 | 1,079 | ||||||||
Amortization of deferred acquisition costs | 69 | 87 | 141 | 197 | ||||||||
Interest and debt expense | 52 | 53 | 102 | 108 | ||||||||
General and administrative expense | 739 | 763 | 1,491 | 1,490 | ||||||||
Total expenses | 2,474 | 2,461 | 4,900 | 4,751 | ||||||||
Pretax income | 511 | 410 | 986 | 885 | ||||||||
Income tax provision | 118 | 75 | 190 | 186 | ||||||||
Net income | $ 393 | $ 335 | $ 796 | $ 699 | ||||||||
Basic | ||||||||||||
Net income (in dollars per share) | $ 2.53 | $ 1.99 | $ 5.09 | $ 4.10 | ||||||||
Diluted | ||||||||||||
Net income (in dollars per share) | 2.50 | 1.97 | 5.01 | 4.06 | ||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.83 | $ 0.75 | $ 1.58 | $ 1.42 | ||||||||
Supplemental Disclosures | ||||||||||||
Total other-than-temporary impairment losses on securities | $ 0 | $ 0 | $ (1) | $ (2) | ||||||||
Portion of loss recognized in other comprehensive income (before taxes) | 0 | 0 | 0 | 1 | ||||||||
Net impairment losses recognized in net investment income | $ 0 | $ 0 | $ (1) | $ (1) | ||||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 393 | $ 335 | $ 796 | $ 699 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustment | 23 | (28) | 30 | (39) |
Net unrealized gains on securities | 57 | 217 | 64 | 410 |
Net unrealized gains on derivatives | 0 | 1 | 1 | 2 |
Defined benefit plans | 0 | 6 | 5 | 6 |
Other | 0 | 0 | (1) | 0 |
Total other comprehensive income, net of tax | 80 | 196 | 99 | 379 |
Total comprehensive income | $ 473 | $ 531 | $ 895 | $ 1,078 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 1,250,000,000 | 1,250,000,000 |
Common shares, shares issued | 325,815,978 | 324,006,315 |
Treasury shares | 175,507,362 | 169,246,411 |
Supplemental Cash Flow Disclosures - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Less: Restricted and segregated investments | $ (125) | |
Total cash, cash equivalents and restricted cash per consolidated statements of cash flows | 5,510 | $ 5,690 |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid, net | 311 | 175 |
Non-cash investing activity: | ||
Partnership commitments not yet remitted | 9 | 19 |
Ameriprise Financial [Member] | ||
Cash and cash equivalents | 2,392 | |
Restricted and segregated cash and investments | 3,072 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 89 | 80 |
Consolidated investment entities [Member] | ||
Cash and cash equivalents | 171 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ 43 | $ 50 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Ameriprise Financial, Inc. is a holding company, which primarily conducts business through its subsidiaries to provide financial planning, products and services that are designed to be utilized as solutions for clients’ cash and liquidity, asset accumulation, income, protection and estate and wealth transfer needs. The foreign operations of Ameriprise Financial, Inc. are conducted primarily through Threadneedle Asset Management Holdings Sàrl and Ameriprise Asset Management Holdings GmbH (collectively, “Threadneedle”). The accompanying Consolidated Financial Statements include the accounts of Ameriprise Financial, Inc., companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All intercompany transactions and balances have been eliminated in consolidation. See Note 3 for additional information on VIEs. The interim financial information in this report has not been audited. In the opinion of management, all adjustments necessary for fair statement of the consolidated results of operations and financial position for the interim periods have been made. Except for the adjustment described below, all adjustments made were of a normal recurring nature. In the first quarter of 2017, the Company recorded a $20 million decrease to income tax provision related to an out-of-period correction for a reversal of a tax reserve. The impact to prior period financial statements was not material. The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Results of operations reported for interim periods are not necessarily indicative of results for the entire year. These Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission (“SEC”) on February 23, 2017 (“2016 10-K”). The Company evaluated events or transactions that may have occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions were identified. |
Recent Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adoption of New Accounting Standards Statement of Cash Flows – Restricted Cash In November 2016, the Financial Accounting Standards Board (“FASB”) updated the accounting standards related to the classification of restricted cash on the statement of cash flows. The update requires entities to include restricted cash and restricted cash equivalents in cash and cash equivalent balances on the statement of cash flows and disclose a reconciliation between the balances on the statement of cash flows and the balance sheet. The standard is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. The Company early adopted the standard for the interim period ended March 31, 2017 on a retrospective basis. As a result of the adoption of the standard, restricted cash balances of $2.9 billion at both June 30, 2017 and December 31, 2016, are included in the cash and cash equivalents balances on the Company’s consolidated statements of cash flows. The impact of the change in restricted cash resulted in a $92 million increase to the Company’s operating cash flows for the prior period presented. Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB updated the accounting standards related to classification of certain cash receipts and cash payments on the statement of cash flows. The update includes amendments to address diversity in practice for the classification of eight specific cash flow activities. The specific amendments the Company evaluated include the classification of debt prepayment and extinguishment costs, contingent consideration payments, proceeds from insurance settlements and corporate owned life insurance settlements, distributions from equity method investees and the application of the predominance principle to separately identifiable cash flows. The standard is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted and all amendments must be adopted during the same period. The Company early adopted the standard for the interim period ended March 31, 2017 on a retrospective basis. The adoption of the standard did not have a material impact on the Company’s operating, investing or financing cash flows. Compensation – Stock Compensation In March 2016, the FASB updated the accounting standards related to employee share-based payments. The update requires all excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in the income statement. This change is required to be applied prospectively to excess tax benefits and tax deficiencies resulting from settlements after the date of adoption. No adjustment is recorded for any excess tax benefits or tax deficiencies previously recorded in additional paid in capital. The update also requires excess tax benefits to be classified along with other income tax cash flows as an operating activity in the statement of cash flows. This provision can be applied on either a prospective or retrospective basis. The update permits entities to make an accounting policy election to recognize forfeitures as they occur rather than estimating forfeitures to determine the recognition of expense for share-based payment awards. The standard is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. The Company adopted the standard on January 1, 2017 on a prospective basis, except for the cash flow statement provision, which the Company applied on a retrospective basis. During periods in which the settlement date value differs materially from the grant date fair value of certain share-based payment awards, the Company may experience volatility in income tax recognized in its consolidated results of operations. During the three months and six months ended June 30, 2017, the Company recognized net excess tax benefits of $4 million and $32 million, respectively, as a reduction to the income tax provision in the consolidated statements of operations. The Company maintained its accounting policy of estimating forfeitures. As a result of the adoption of the standard, net excess tax benefits of $32 million and $5 million for the six months ended June 30, 2017 and 2016, respectively, are included in the Other, net line within operating cash flows on the Company’s consolidated statements of cash flows. Future Adoption of New Accounting Standards Receivables - Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB updated the accounting standards to shorten the amortization period for certain purchased callable debt securities held at a premium. Under current guidance, premiums are generally amortized over the contractual life of the security. The amendments require the premium to be amortized to the earliest call date. The update applies to securities with explicit, non-contingent call features that are callable at fixed prices and on preset dates. The standard is effective for interim and annual periods beginning after December 15, 2018, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Early adoption is permitted. The update is not expected to have a material impact on the Company’s consolidated results of operations or financial condition. Intangibles – Goodwill and Other – Simplifying the Test for Goodwill Impairment In January 2017, the FASB updated the accounting standards to simplify the accounting for goodwill impairment. The update removes the hypothetical purchase price allocation (Step 2) of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value. The standard is effective for interim and annual periods beginning after December 15, 2019, and should be applied prospectively with early adoption permitted for any impairment tests performed after January 1, 2017. The update is not expected to have a material impact on the Company’s consolidated results of operations or financial condition. Income Taxes – Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB updated the accounting standards related to the recognition of income tax impacts on intra-entity transfers. The update requires entities to recognize the income tax consequences of intra-entity transfers, other than inventory, upon the transfer of the asset. The update requires the selling entity to recognize a current tax expense or benefit and the purchasing entity to recognize a deferred tax asset or liability when the transfer occurs. The standard is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated results of operations and financial condition. Financial Instruments – Measurement of Credit Losses In June 2016, the FASB updated the accounting standards related to accounting for credit losses on certain types of financial instruments. The update replaces the current incurred loss model for estimating credit losses with a new model that requires an entity to estimate the credit losses expected over the life of the asset. Generally, the initial estimate of the expected credit losses and subsequent changes in the estimate will be reported in current period earnings and recorded through an allowance for credit losses on the balance sheet. The current credit loss model for Available-for-Sale debt securities does not change; however, the credit loss calculation and subsequent recoveries are required to be recorded through an allowance. The standard is effective for interim and annual periods beginning after December 15, 2019. Early adoption will be permitted for interim and annual periods beginning after December 15, 2018. A modified retrospective cumulative adjustment to retained earnings should be recorded as of the first reporting period in which the guidance is effective for loans, receivables, and other financial instruments subject to the new expected credit loss model. Prospective adoption is required for establishing an allowance related to Available-for-Sale debt securities, certain beneficial interests, and financial assets purchased with a more-than-insignificant amount of credit deterioration since origination. The Company is currently evaluating the impact of the standard on its consolidated results of operations and financial condition. Leases – Recognition of Lease Assets and Liabilities on Balance Sheet In February 2016, the FASB updated the accounting standards for leases. The update was issued to increase transparency and comparability for the accounting of lease transactions. The standard will require most lease transactions for lessees to be recorded on the balance sheet as lease assets and lease liabilities and both quantitative and qualitative disclosures about leasing arrangements. The Company currently discloses information related to operating lease arrangements within Note 23 of the 2016 10-K. The standard is effective for interim and annual periods beginning after December 15, 2018 with early adoption permitted. The update should be applied at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the impact of the standard on its consolidated results of operations and financial condition. Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting standards on the recognition and measurement of financial instruments. The update requires entities to carry marketable equity securities, excluding investments in securities that qualify for the equity method of accounting, at fair value with changes in fair value reflected in net income each reporting period. The update affects other aspects of accounting for equity instruments, as well as the accounting for financial liabilities utilizing the fair value option. The update eliminates the requirement to disclose the methods and assumptions used to estimate the fair value of financial assets or liabilities held at cost on the balance sheet and requires entities to use the exit price notion when measuring the fair value of financial instruments. The standard is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for certain provisions. Generally, the update should be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity at the beginning of the period of adoption. The update is not expected to have a material impact on the consolidated results of operations or financial condition. Revenue from Contracts with Customers In May 2014, the FASB updated the accounting standards for revenue from contracts with customers. The update provides a five step revenue recognition model for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other standards). The standard also updates the accounting for certain costs associated with obtaining and fulfilling a customer contract and requires disclosure of quantitative and qualitative information that enables users of financial statements to understand the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers. Subsequent related updates provide clarification on certain revenue recognition guidance in the new standard. The standard is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted for interim and annual periods beginning after December 15, 2016. The standard may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018. The update does not apply to revenue associated with the manufacturing of insurance and annuity products or financial instruments as these revenues are in the scope of other standards. Therefore, the Company does not expect the update to have an impact on these revenues. The Company’s implementation efforts include the identification of revenue within the guidance and the review of the customer contracts to determine the Company’s performance obligation and the associated timing of each performance obligation. The Company is reviewing certain payments received to determine whether they should be presented as revenue or as a reduction of expense. The Company does not expect a material impact to the timing of revenue recognition; however, the Company’s implementation effort to assess the impact of the standard on its consolidated results of operations, financial condition, and disclosures is still in process. |
Variable Interest Entities |
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest entities [Text Block] | Variable Interest Entities The Company provides asset management services to investment entities which are considered to be VIEs, such as collateralized loan obligations (“CLOs”), hedge funds, property funds, certain international series funds (Open Ended Investment Companies and Societes d’Investissement A Capital Variable) and private equity funds (collectively, “investment entities”), which are sponsored by the Company. In addition, the Company invests in structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates certain investment entities (collectively, “consolidated investment entities”). If the Company is deemed to be the primary beneficiary, it will consolidate the VIE. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its investment nor has the Company provided any support to these entities. CLOs CLOs are asset backed financing entities collateralized by a pool of assets, primarily syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the CLO’s collateral pool. The Company earns management fees from the CLOs based on the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes of certain CLOs. The Company has determined that consolidation is required for certain CLOs. The Company’s maximum exposure to loss with respect to non-consolidated CLOs is limited to its investments amortized cost, which was $7 million and $9 million as of June 30, 2017 and December 31, 2016, respectively. The Company classifies these investments as Available-for-Sale securities. See Note 4 for additional information on these investments. Property Funds The Company provides investment advice and related services to property funds, which are considered VIEs. For investment management services, the Company generally earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company does not have a significant economic interest and is not required to consolidate the property funds. The carrying value of the Company’s investment in property funds is reflected in other investments and was $26 million as of both June 30, 2017 and December 31, 2016. Hedge Funds and Private Equity Funds The Company has determined that consolidation is not required for hedge funds and private equity funds which are sponsored by the Company and considered VIEs. For investment management services, the Company earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company’s maximum exposure to loss with respect to its investment in these entities is limited to its carrying value. The carrying value of the Company’s investment in these entities is reflected in other investments and was $7 million and $13 million as of June 30, 2017 and December 31, 2016, respectively. International Series Funds The Company manages international series funds, which are considered VIEs. For investment management services, the Company earns management fees based on the market value of assets under management, and in certain instances may also receive performance-based fees. The fee arrangement is at market and commensurate with the level of effort required to provide those services. The Company does not consolidate these funds and its maximum exposure to loss is limited to its carrying value. The carrying value of the Company’s investment in these funds is reflected in other assets and was $35 million and $33 million as of June 30, 2017 and December 31, 2016, respectively. Affordable Housing Partnerships and Other Real Estate Partnerships The Company is a limited partner in affordable housing partnerships that qualify for government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships. A majority of the limited partnerships are VIEs. The Company’s maximum exposure to loss as a result of its investment in the VIEs is limited to the carrying value. The carrying value is reflected in other investments and was $467 million and $482 million as of June 30, 2017 and December 31, 2016, respectively. The Company had a $123 million and $135 million liability recorded as of June 30, 2017 and December 31, 2016, respectively, related to original purchase commitments not yet remitted to the VIEs. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the above mentioned funding commitments. Structured Investments The Company invests in structured investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities, commercial mortgage backed securities and residential mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities. The Company’s maximum exposure to loss as a result of its investment in these structured investments is limited to its carrying value. See Note 4 for additional information on these structured investments. Fair Value of Assets and Liabilities The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 10 for the definition of the three levels of the fair value hierarchy. The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.3 billion as of both June 30, 2017 and December 31, 2016. The following tables provide a summary of changes in Level 3 assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
(1) Included in net investment income in the Consolidated Statements of Operations. (2) Included in other revenues in the Consolidated Statements of Operations. (3) The cumulative effect of change in accounting policies includes the adoption impact of ASU 2015-02 and ASU 2014-13 – Consolidation: Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote. The Company recognizes transfers between levels of the fair value hierarchy as of the beginning of the quarter in which each transfer occurred. For assets and liabilities held at the end of the reporting periods that are measured at fair value on a recurring basis, there were no transfers between Level 1 and Level 2. All Level 3 measurements as of June 30, 2017 and December 31, 2016 were obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company. Determination of Fair Value Assets Investments The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. In consideration of the above, management is responsible for the fair values recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies loans with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of the third-party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise. See Note 10 for a description of the Company’s determination of the fair value of corporate debt securities, U.S. government and agencies obligations, common stocks and other investments. Receivables For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short term and the receivables have been collectible. The fair value of these receivables is classified as Level 2. Liabilities Debt The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The fair value of the CLOs’ debt is classified as Level 2. Other Liabilities Other liabilities consist primarily of securities purchased but not yet settled held by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short term. The fair value of these liabilities is classified as Level 2. Fair Value Option The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs. The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.3 billion as of both June 30, 2017 and December 31, 2016. Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in net investment income. Gains and losses related to changes in the fair value of investments and gains and losses on sales of investments are also recorded in net investment income. Interest expense on debt is recorded in interest and debt expense with gains and losses related to changes in the fair value of debt recorded in net investment income. Total net gains (losses) recognized in net investment income related to changes in the fair value of financial assets and liabilities for which the fair value option was elected were $1 million and $(1) million for the three months ended June 30, 2017 and 2016, respectively. Total net losses recognized in net investment income related to changes in the fair value of financial assets and liabilities for which the fair value option was elected were $2 million and $5 million for the six months ended June 30, 2017 and 2016, respectively. Debt of the consolidated investment entities and the stated interest rates were as follows:
The debt of the consolidated CLOs has both fixed and floating interest rates, which range from 0% to 7.2%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates. |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Text Block] | Investments The following is a summary of Ameriprise Financial investments:
The following is a summary of net investment income:
Available-for-Sale securities distributed by type were as follows:
As of both June 30, 2017 and December 31, 2016, investment securities with a fair value of $1.6 billion were pledged to meet contractual obligations under derivative contracts and short-term borrowings, of which $659 million and $473 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of June 30, 2017 and December 31, 2016, fixed maturity securities comprised approximately 85% and 86%, respectively, of Ameriprise Financial 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 both June 30, 2017 and December 31, 2016, the Company’s internal analysts rated $1.1 billion of securities using criteria similar to those used by NRSROs. A summary of fixed maturity securities by rating was as follows:
As of June 30, 2017 and December 31, 2016, approximately 43% and 47%, 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:
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 attributable to a decline in interest rates on the long end of the interest rate curve and tighter credit spreads. The following table presents a rollforward of the cumulative amounts recognized in the Consolidated Statements of Operations for other-than-temporary impairments related to credit losses on Available-for-Sale securities for which a portion of the securities’ total other-than-temporary impairments was recognized in other comprehensive income (loss) (“OCI”):
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in earnings were as follows:
Other-than-temporary impairments for the six months ended June 30, 2017 and 2016 primarily related to credit losses on asset backed securities. See Note 13 for a rollforward of net unrealized investment gains (losses) included in AOCI. Available-for-Sale securities by contractual maturity as of June 30, 2017 were as follows:
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, as well as common stocks, were not included in the maturities distribution. |
Financing Receivables |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables [Text Block] | Financing Receivables The Company’s financing receivables include commercial mortgage loans, syndicated loans, consumer loans, policy loans, certificate loans and margin loans. Commercial mortgage loans, syndicated loans, consumer loans, policy loans and certificate loans are reflected in investments. Margin loans are recorded in receivables. Allowance for Loan Losses Policy and certificate loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy and certificate loans, the Company does not record an allowance for loan losses. The Company monitors collateral supporting margin loans and requests additional collateral when necessary in order to mitigate the risk of loss. As there is minimal risk of loss related to margin loans, the allowance for loan losses is immaterial. The following table presents a rollforward of the allowance for loan losses for the six months ended and the ending balance of the allowance for loan losses by impairment method:
The recorded investment in financing receivables by impairment method was as follows:
As of June 30, 2017 and December 31, 2016, the Company’s recorded investment in financing receivables individually evaluated for impairment for which there was no related allowance for loan losses was $5 million and $7 million, respectively. Unearned income, unamortized premiums and discounts, and net unamortized deferred fees and costs are not material to the Company’s total loan balance. During the three months ended June 30, 2017 and 2016, the Company purchased $66 million and $29 million, respectively, and sold $4 million and nil, respectively, primarily of syndicated loans. During the six months ended June 30, 2017 and 2016, the Company purchased $136 million and $43 million of syndicated loans, respectively, and sold $4 million of syndicated loans and $271 million of consumer loans, respectively. The loans sold during the six months ended June 30, 2016 were sold on March 30, 2016 to a third party. The Company received cash proceeds of $260 million and recognized a loss of $11 million. The Company has not acquired any loans with deteriorated credit quality as of the acquisition date. Credit Quality Information Nonperforming loans, which are generally loans 90 days or more past due, were $2 million as of both June 30, 2017 and December 31, 2016. All other loans were considered to be performing. Commercial Mortgage Loans The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on commercial mortgage loans. Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates as necessary. Commercial mortgage loans which management has assigned its highest risk rating were nil of total commercial mortgage loans as of both June 30, 2017 and December 31, 2016. Loans with the highest risk rating represent distressed loans which the Company has identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
Syndicated Loans The recorded investment in syndicated loans as of June 30, 2017 and December 31, 2016 was $506 million and $482 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. The primary credit indicator for syndicated loans is whether the loans are performing in accordance with the contractual terms of the syndication. Total nonperforming syndicated loans as of both June 30, 2017 and December 31, 2016 were $1 million. Consumer Loans The recorded investment in consumer loans as of June 30, 2017 and December 31, 2016 was $280 million and $308 million, respectively. The Company considers the credit worthiness of borrowers (FICO score), collateral characteristics such as loan-to-value (“LTV”) and geographic concentration in determining the allowance for loan losses for consumer loans. At a minimum, management updates FICO scores and LTV ratios semiannually. As of both June 30, 2017 and December 31, 2016, approximately 2% of consumer loans had FICO scores below 640. As of both June 30, 2017 and December 31, 2016, none of the Company’s consumer loans had LTV ratios greater than 90%. The Company’s most significant geographic concentrations for consumer loans are in California representing 52% of the portfolio as of both June 30, 2017 and December 31, 2016. Colorado and Washington represent 18% and 13%, respectively, of the portfolio as of both June 30, 2017 and December 31, 2016. No other state represents more than 10% of the total consumer loan portfolio. Troubled Debt Restructurings The recorded investment in restructured loans was not material as of June 30, 2017 and December 31, 2016. The troubled debt restructurings did not have a material impact to the Company’s allowance for loan losses or income recognized for the three months and six months ended June 30, 2017 and 2016. There are no commitments to lend additional funds to borrowers whose loans have been restructured. |
Deferred Acquisition Costs and Deferred Sales Inducement Costs |
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Deferred acquisition costs and deferred sales inducement costs [Text Block] | Deferred Acquisition Costs and Deferred Sales Inducement Costs The balances of and changes in DAC were as follows:
(1) DAC balances were restated for the correction of commission expense accrual for certain insurance and annuity products in the fourth quarter of 2016. See Note 1 in the 2016 10-K. The balances of and changes in DSIC, which is included in other assets, were as follows:
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Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities |
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Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Text Block] | Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities Policyholder account balances, future policy benefits and claims consisted of the following:
(1) Includes the fair value of GMAB embedded derivatives that was a net asset as of both June 30, 2017 and December 31, 2016 reported as a contra liability. Separate account liabilities consisted of the following:
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Variable Annuity and Insurance Guarantees |
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Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Annuity and Insurance Guarantees [Text Block] | Variable Annuity and Insurance Guarantees The majority of the variable annuity contracts offered by the Company contain guaranteed minimum death benefit (“GMDB”) provisions. The Company also offers variable annuities with death benefit provisions that gross up the amount payable by a certain percentage of contract earnings, which are referred to as gain gross-up (“GGU”) benefits. In addition, the Company offers contracts with GMWB and GMAB provisions. The Company previously offered contracts containing guaranteed minimum income benefit (“GMIB”) provisions. Certain UL policies offered by the Company provide secondary guarantee benefits. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The following table provides information related to variable annuity guarantees for which the Company has established additional liabilities:
(1) Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table. (2) Amount revised to reflect updated contractholder mortality assumptions at December 31, 2016. The net amount at risk for GMDB, GGU and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero. The following table provides information related to insurance guarantees for which the Company has established additional liabilities:
The net amount at risk for UL secondary guarantees is defined as the current guaranteed death benefit amount in excess of the current policyholder account balance. Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees were as follows:
(1) The incurred claims for GMWB and GMAB represent the change in the fair value of the liabilities (contra liabilities) less paid claims. The liabilities for guaranteed benefits are supported by general account assets. The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits:
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt [Text Block] | Debt The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows:
(1) Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 12 for information on the Company’s fair value hedges. Long-term Debt On August 11, 2016, the Company issued $500 million of unsecured senior notes due September 15, 2026, and incurred debt issuance costs of $4 million. Interest payments are due semi-annually in arrears on March 15 and September 15, commencing on March 15, 2017. In the first quarter of 2016, the Company extinguished $16 million of its junior subordinated notes due 2066 in open market transactions and recognized a gain of less than $1 million. In the second quarter of 2016, the Company redeemed the remaining $229 million of its junior subordinated notes due 2066 at a redemption price equal to 100% of the principal balance of the notes plus accrued and compounded interest. Short-term Borrowings The Company enters into repurchase agreements in exchange for cash, which it accounts for as secured borrowings and has pledged Available-for-Sale securities to collateralize its obligations under the repurchase agreements. As of June 30, 2017 and December 31, 2016, the Company has pledged $31 million and $33 million of agency residential mortgage backed securities and $18 million and $19 million of commercial mortgage backed securities, respectively. The remaining maturity of outstanding repurchase agreements was less than one month as of June 30, 2017 and less than three months as of December 31, 2016. The stated interest rate of the repurchase agreements is a weighted average annualized interest rate on the repurchase agreements held as of the balance sheet date. The Company’s life insurance subsidiary is a member of the FHLB of Des Moines which provides access to collateralized borrowings. The Company has pledged Available-for-Sale securities consisting of commercial mortgage backed securities to collateralize its obligation under these borrowings. The fair value of the securities pledged is recorded in investments and was $768 million and $771 million as of June 30, 2017 and December 31, 2016, respectively. The remaining maturity of outstanding FHLB advances was less than four months as of both June 30, 2017 and December 31, 2016. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date. The Company has an unsecured revolving credit facility for up to $500 million that expires in May 2020. Under the terms of the credit agreement for the facility, the Company may increase the amount of this facility up to $750 million upon satisfaction of certain approval requirements. Available borrowings under the agreement are reduced by any outstanding letters of credit. The Company had no borrowings outstanding under this facility as of both June 30, 2017 and December 31, 2016 and outstanding letters of credit issued against this facility were $1 million as of both June 30, 2017 and December 31, 2016. The Company’s credit facility contains various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants as of both June 30, 2017 and December 31, 2016. |
Fair Values of Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair values of assets and liabilities [Text Block] | Fair Values of Assets and Liabilities GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale. Valuation Hierarchy The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows:
The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
(1) Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. (2) The fair value of the GMWB and GMAB embedded derivatives included $637 million of individual contracts in a liability position and $365 million of individual contracts in an asset position as of June 30, 2017.
The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
(1) Included in net investment income in the Consolidated Statements of Operations. (2) Included in interest credited to fixed accounts in the Consolidated Statements of Operations. (3) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Operations. (4) Included in general and administrative expense in the Consolidated Statements of Operations. The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $(9) million and $97 million, net of DAC, DSIC, unearned revenue amortization and the reinsurance accrual, for the three months ended June 30, 2017 and 2016, respectively. The increase (decrease) to pretax income of the Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $(54) million and $287 million, net of DAC, DSIC, unearned revenue amortization and the reinsurance accrual, for the six months ended June 30, 2017 and 2016, respectively. Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with observable inputs. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote. The Company recognizes transfers between levels of the fair value hierarchy as of the beginning of the quarter in which each transfer occurred. For assets and liabilities held at the end of the reporting periods that are measured at fair value on a recurring basis, there were no transfers between Level 1 and Level 2. The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:
Level 3 measurements not included in the table above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company. Sensitivity of Fair Value Measurements to Changes in Unobservable Inputs Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in the annual default rate and discount rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would result in a significantly lower (higher) fair value measurement and a significant increase (decrease) in loss recovery in isolation would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the constant prepayment rate in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in nonperformance risk used in the fair value measurement of the IUL embedded derivatives in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in utilization and volatility used in the fair value measurement of the GMWB and GMAB embedded derivatives in isolation would result in a significantly higher (lower) liability value. Significant increases (decreases) in nonperformance risk and surrender rate used in the fair value measurement of the GMWB and GMAB embedded derivatives in isolation would result in a significantly lower (higher) liability value. Utilization of guaranteed withdrawals and surrender rates vary with the type of rider, the duration of the policy, the age of the contractholder, the distribution channel and whether the value of the guaranteed benefit exceeds the contract accumulation value. Significant increases (decreases) in the discount rate used in the fair value measurement of the contingent consideration liability in isolation would result in a significantly lower (higher) fair value measurement. Determination of Fair Value The Company uses valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy. Assets Cash Equivalents Cash equivalents include highly liquid investments with original maturities of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization. Investments (Available-for-Sale Securities and Trading Securities) When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from third party pricing services, non-binding broker quotes, or other model-based valuation techniques. Level 1 securities primarily include U.S. Treasuries. Level 2 securities primarily include corporate bonds, residential mortgage backed securities, commercial mortgage backed securities, asset backed securities, state and municipal obligations and U.S. agency and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third party pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities and asset backed securities. The fair value of corporate bonds, non-agency residential mortgage backed securities and certain asset backed securities classified as Level 3 is typically based on a single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of certain asset backed securities is determined using a discounted cash flow model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement, the fair value of the investment in certain asset backed securities is classified as Level 3. In addition to the general pricing controls, the Company reviews the broker prices to ensure that the broker quotes are reasonable and, when available, compares prices of privately issued securities to public issues from the same issuer to ensure that the implicit illiquidity premium applied to the privately placed investment is reasonable considering investment characteristics, maturity, and average life of the investment. In consideration of the above, management is responsible for the fair values recorded on the financial statements. Prices received from third party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third party pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise. Separate Account Assets The fair value of assets held by separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are excluded from classification in the fair value hierarchy. Investments Segregated for Regulatory Purposes Investments segregated for regulatory purposes includes U.S. Treasuries that are classified as Level 1. Other Assets Derivatives that are measured using quoted prices in active markets, such as foreign currency forwards, or derivatives that are exchange-traded are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. Other derivative contracts consist of the Company’s macro hedge program. See Note 12 for further information on the macro hedge program. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial as of June 30, 2017 and December 31, 2016. See Note 11 and Note 12 for further information on the credit risk of derivative instruments and related collateral. Liabilities Policyholder Account Balances, Future Policy Benefits and Claims The Company values the embedded derivatives attributable to the provisions of certain variable annuity riders using internal valuation models. These models calculate fair value by discounting expected cash flows from benefits plus margins for profit, risk and expenses less embedded derivative fees. The projected cash flows used by these models include observable capital market assumptions and incorporate significant unobservable inputs related to contractholder behavior assumptions, implied volatility, and margins for risk, profit and expenses that the Company believes an exit market participant would expect. The fair value also reflects a current estimate of the Company’s nonperformance risk specific to these embedded derivatives. Given the significant unobservable inputs to this valuation, these measurements are classified as Level 3. The embedded derivatives attributable to these provisions are recorded in policyholder account balances, future policy benefits and claims. The Company uses various Black-Scholes calculations to determine the fair value of the embedded derivatives associated with the provisions of its EIA and IUL products. Significant inputs to the EIA calculation include observable interest rates, volatilities and equity index levels and, therefore, are classified as Level 2. The fair value of the IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and the significant unobservable estimate of the Company’s nonperformance risk. Given the significance of the nonperformance risk assumption to the fair value, the IUL embedded derivatives are classified as Level 3. The embedded derivatives attributable to these provisions are recorded in policyholder account balances, future policy benefits and claims. The Company’s Corporate Actuarial Department calculates the fair value of the embedded derivatives on a monthly basis. During this process, control checks are performed to validate the completeness of the data. Actuarial management approves various components of the valuation along with the final results. The change in the fair value of the embedded derivatives is reviewed monthly with senior management. The Level 3 inputs into the valuation are consistent with the pricing assumptions and updated as experience develops. Significant unobservable inputs that reflect policyholder behavior are reviewed quarterly along with other valuation assumptions. Customer Deposits The Company uses various Black-Scholes calculations to determine the fair value of the embedded derivative liability associated with the provisions of its stock market certificates. The inputs to these calculations are primarily market observable and include interest rates, volatilities and equity index levels. As a result, these measurements are classified as Level 2. Other Liabilities Derivatives that are measured using quoted prices in active markets, such as foreign currency forwards, or derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. Other derivative contracts consist of the Company’s macro hedge program. See Note 12 for further information on the macro hedge program. The Company’s nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of June 30, 2017 and December 31, 2016. See Note 11 and Note 12 for further information on the credit risk of derivative instruments and related collateral. Securities sold but not yet purchased include highly liquid investments which are short-term in nature. Securities sold but not yet purchased are measured using amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the instrument and its expected realization and are classified as Level 2. In 2016, the Company recorded a contingent consideration liability for an earn-out related to the Company’s acquisition of Emerging Global Advisors. The earn-out is based on the net revenues generated by net flows of assets under management and may be paid over a three year period beginning on the third anniversary of the acquisition date. The contingent consideration liability is recorded at fair value using a discounted cash flow model under multiple scenarios and includes an unobservable input. Given the use of an unobservable input, the fair value of the contingent consideration liability is classified as Level 3 within the fair value hierarchy. During the reporting periods, there were no material assets or liabilities measured at fair value on a nonrecurring basis. The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:
Mortgage Loans, Net The fair value of commercial mortgage loans, except those with significant credit deterioration, is determined by discounting contractual cash flows using discount rates that reflect current pricing for loans with similar remaining maturities, liquidity and characteristics including LTV ratio, occupancy rate, refinance risk, debt service coverage, location, and property condition. For commercial mortgage loans with significant credit deterioration, fair value is determined using the same adjustments as above with an additional adjustment for the Company’s estimate of the amount recoverable on the loan. Given the significant unobservable inputs to the valuation of commercial mortgage loans, these measurements are classified as Level 3. The fair value of consumer loans is determined by discounting estimated cash flows and incorporating adjustments for prepayment, administration expenses, loss severity, liquidity and credit loss estimates, with discount rates based on the Company’s estimate of current market conditions. The fair value of consumer loans is classified as Level 3 as the valuation includes significant unobservable inputs. Policy and Certificate Loans Policy loans represent loans made against the cash surrender value of the underlying life insurance or annuity product. These loans and the related interest are usually realized at death of the policyholder or contractholder or at surrender of the contract and are not transferable without the underlying insurance or annuity contract. The fair value of policy loans is determined by estimating expected cash flows discounted at rates based on the U.S. Treasury curve. Policy loans are classified as Level 3 as the discount rate used may be adjusted for the underlying performance of individual policies. Certificate loans represent loans made against and collateralized by the underlying certificate balance. These loans do not transfer to third parties separate from the underlying certificate. The outstanding balance of these loans is considered a reasonable estimate of fair value and is classified as Level 2. Receivables Brokerage margin loans are measured at outstanding balances, which are a reasonable estimate of fair value because of the sufficiency of the collateral and short term nature of these loans. Margin loans that are sufficiently collateralized are classified as Level 2. Margin loans that are not sufficiently collateralized are classified as Level 3. Securities borrowed require the Company to deposit cash or collateral with the lender. As the market value of the securities borrowed is monitored daily, the carrying value is a reasonable estimate of fair value. The fair value of securities borrowed is classified as Level 1 as the value of the underlying securities is based on unadjusted prices for identical assets. Restricted and Segregated Cash Restricted and segregated cash is generally set aside for specific business transactions and restrictions are specific to the Company and do not transfer to third party market participants; therefore, the carrying amount is a reasonable estimate of fair value. Amounts segregated under federal and other regulations may also reflect resale agreements and are measured at the price at which the securities will be sold. This measurement is a reasonable estimate of fair value because of the short time between entering into the transaction and its expected realization and the reduced risk of credit loss due to pledging U.S. government-backed securities as collateral. The fair value of restricted and segregated cash is classified as Level 1. Other Investments and Assets Other investments and assets primarily consist of syndicated loans. The fair value of syndicated loans is obtained from a third-party pricing service or non-binding broker quotes. Syndicated loans that are priced using a market approach with observable inputs are classified as Level 2 and syndicated loans priced using a single non-binding broker quote are classified as Level 3. Other investments and assets also include the Company’s membership in the FHLB and investments related to the Community Reinvestment Act. The fair value of these assets is approximated by the carrying value and classified as Level 3 due to restrictions on transfer and lack of liquidity in the primary market for these assets. Policyholder Account Balances, Future Policy Benefits and Claims The fair value of fixed annuities in deferral status is determined by discounting cash flows using a risk neutral discount rate with adjustments for profit margin, expense margin, early policy surrender behavior, a margin for adverse deviation from estimated early policy surrender behavior and the Company’s nonperformance risk specific to these liabilities. The fair value of non-life contingent fixed annuities in payout status, EIA host contracts and the fixed portion of a small number of variable annuity contracts classified as investment contracts is determined in a similar manner. Given the use of significant unobservable inputs to these valuations, the measurements are classified as Level 3. Investment Certificate Reserves The fair value of investment certificate reserves is determined by discounting cash flows using discount rates that reflect current pricing for assets with similar terms and characteristics, with adjustments for early withdrawal behavior, penalty fees, expense margin and the Company’s nonperformance risk specific to these liabilities. Given the use of significant unobservable inputs to this valuation, the measurement is classified as Level 3. Brokerage Customer Deposits Brokerage customer deposits are liabilities with no defined maturities and fair value is the amount payable on demand at the reporting date. The fair value of these deposits is classified as Level 1. Separate Account Liabilities Certain separate account liabilities are classified as investment contracts and are carried at an amount equal to the related separate account assets. The NAV of the related separate account assets is used as a practical expedient for fair value and represents the exit price for the separate account liabilities. Separate account liabilities are excluded from classification in the fair value hierarchy. Debt and Other Liabilities The fair value of long-term debt is based on quoted prices in active markets, when available. If quoted prices are not available, fair values are obtained from third party pricing services, broker quotes, or other model-based valuation techniques such as present value of cash flows. The fair value of long-term debt is classified as Level 2. The fair value of short-term borrowings is obtained from a third party pricing service. A nonperformance adjustment is not included as collateral requirements for these borrowings minimize the nonperformance risk. The fair value of short-term borrowings is classified as Level 2. The fair value of future funding commitments to affordable housing partnerships and other real estate partnerships is determined by discounting cash flows. The fair value of these commitments includes an adjustment for the Company’s nonperformance risk and is classified as Level 3 due to the use of the significant unobservable input. Securities loaned require the borrower to deposit cash or collateral with the Company. As the market value of the securities loaned is monitored daily, the carrying value is a reasonable estimate of fair value. Securities loaned are classified as Level 1 as the fair value of the underlying securities is based on unadjusted prices for identical assets. |
Offsetting Assets and Liabilities |
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Offsetting Assets and Liabilities [Text Block] | Offsetting Assets and Liabilities Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments, repurchase agreements and securities borrowing and lending agreements are subject to master netting arrangements and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Securities borrowed and loaned result from transactions between the Company’s broker dealer subsidiary and other financial institutions and are recorded at the amount of cash collateral advanced or received. Securities borrowed and securities loaned are primarily equity securities. The Company’s securities borrowed and securities loaned transactions generally do not have a fixed maturity date and may be terminated by either party under customary terms. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets. The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:
(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. (2) The decrease in OTC cleared derivatives from December 31, 2016 is a result of certain central clearing parties amending their rules resulting in variation margin payments being settlement payments, as opposed to collateral. The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. (2) The decrease in OTC cleared derivatives from December 31, 2016 is a result of certain central clearing parties amending their rules resulting in variation margin payments being settlement payments, as opposed to collateral. In the tables above, the amounts of assets or liabilities presented in the Consolidated Balance Sheets are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual collateral may be greater than amounts presented in the tables. When the fair value of collateral accepted by the Company is less than the amount due to the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of collateral pledged by the Company declines, it may be required to post additional collateral. Freestanding derivative instruments are reflected in other assets and other liabilities. Cash collateral pledged by the Company is reflected in other assets and cash collateral accepted by the Company is reflected in other liabilities. Repurchase agreements are reflected in short-term borrowings. Securities borrowing and lending agreements are reflected in receivables and other liabilities, respectively. See Note 12 for additional disclosures related to the Company’s derivative instruments and Note 9 for additional disclosures related to the Company’s repurchase agreements. |
Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities [Text Block] | Derivatives and Hedging Activities Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is derived from an underlying variable or multiple variables, including equity, foreign exchange and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and operations. The Company’s freestanding derivative instruments are all subject to master netting arrangements. The Company’s policy on the recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 11 for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral. The Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
N/A Not applicable. (1) The fair value of freestanding derivative assets is included in Other assets on the Consolidated Balance Sheets. (2) The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, and EIA embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets. The fair value of the SMC embedded derivative liability is included in Customer deposits on the Consolidated Balance Sheets. (3) The fair value of the Company’s derivative liabilities after considering the effects of master netting arrangements, cash collateral held by the same counterparty and the fair value of net embedded derivatives was $1.4 billion and $1.5 billion as of June 30, 2017 and December 31, 2016, respectively. See Note 11 for additional information related to master netting arrangements and cash collateral. (4) The fair value of the GMWB and GMAB embedded derivatives as of June 30, 2017 included $637 million of individual contracts in a liability position and $365 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives as of December 31, 2016 included $880 million of individual contracts in a liability position and $266 million of individual contracts in an asset position. See Note 10 for additional information regarding the Company’s fair value measurement of derivative instruments. As of June 30, 2017 and December 31, 2016, investment securities with a fair value of $141 million and $235 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $140 million and $118 million, respectively, may be sold, pledged or rehypothecated by the Company. As of June 30, 2017 and December 31, 2016, the Company had sold, pledged or rehypothecated $13 million and $19 million, respectively, of these securities. In addition, as of June 30, 2017 and December 31, 2016, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets. Derivatives Not Designated as Hedges The following tables present a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:
The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company. Certain annuity contracts contain GMWB or GMAB provisions, which guarantee the right to make limited partial withdrawals each contract year regardless of the volatility inherent in the underlying investments or guarantee a minimum accumulation value of consideration received at the beginning of the contract period, after a specified holding period, respectively. The GMAB and non-life contingent GMWB provisions are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. The Company economically hedges the exposure related to GMAB and non-life contingent GMWB provisions primarily using futures, options, interest rate swaptions, interest rate swaps, total return swaps and variance swaps. The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the option contract or at maturity. The following is a summary of the payments the Company is scheduled to make and receive for these options as of June 30, 2017:
(1) 2017 amounts represent the amounts payable and receivable for the period from July 1, 2017 to December 31, 2017. Actual timing and payment amounts may differ due to future contract settlements, modifications or exercises of options prior to the full premium being paid or received. The Company has a macro hedge program to provide protection against the statutory tail scenario risk arising from variable annuity reserves on its statutory surplus and to cover some of the residual risks not covered by other hedging activities. As a means of economically hedging these risks, the Company uses a combination of futures, options, interest rate swaptions and/or swaps. Certain of the macro hedge derivatives used contain settlement provisions linked to both equity returns and interest rates; the remaining are either interest rate contracts or equity contracts. The Company’s macro hedge derivatives are included in Other contracts in the tables above. EIA, IUL and stock market certificate products have returns tied to the performance of equity markets. As a result of fluctuations in equity markets, the obligation incurred by the Company related to EIA, IUL and stock market certificate products will positively or negatively impact earnings over the life of these products. The equity component of the EIA, IUL and stock market certificate product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into index options and futures contracts. The Company enters into futures and commodity swaps to manage its exposure to price risk arising from seed money investments in proprietary investment products. The Company enters into foreign currency forward contracts to economically hedge its exposure to certain foreign transactions. The Company enters into futures contracts to economically hedge its exposure related to compensation plans. In 2015, the Company entered into interest rate swaps to offset interest rate changes on unrealized gains or losses for certain investments. Cash Flow Hedges The Company has designated and accounts for the following as cash flow hedges: (i) interest rate swaps to hedge interest rate exposure on debt, (ii) interest rate lock agreements to hedge interest rate exposure on debt issuances and (iii) swaptions used to hedge the risk of increasing interest rates on forecasted fixed premium product sales. For the three months and six months ended June 30, 2017 and 2016, amounts recognized in earnings related to cash flow hedges due to ineffectiveness were not material. The estimated net amount of existing pretax losses as of June 30, 2017 that the Company expects to reclassify to earnings within the next twelve months is $2 million, which consists of $2 million of pretax gains to be recorded as a reduction to interest and debt expense and $4 million of pretax losses to be recorded in net investment income. Currently, the longest period of time over which the Company is hedging exposure to the variability in future cash flows is 18 years and relates to forecasted debt interest payments. See Note 13 for a rollforward of net unrealized derivative gains (losses) included in AOCI related to cash flow hedges. Fair Value Hedges The Company entered into and designated as fair value hedges two interest rate swaps to convert senior notes due 2019 and 2020 from fixed rate debt to floating rate debt. The swaps have identical terms as the underlying debt being hedged so no ineffectiveness is expected to be realized. The Company recognizes gains and losses on the derivatives and the related hedged items within interest and debt expense. The following table presents the amounts recognized in income related to fair value hedges:
Net Investment Hedges The Company entered into, and designated as net investment hedges in foreign operations, forward contracts to hedge a portion of the Company’s foreign currency exchange rate risk associated with its investment in Threadneedle. As the Company determined that the forward contracts are effective, the change in fair value of the derivatives is recognized in AOCI as part of the foreign currency translation adjustment. For the three months ended June 30, 2017 and 2016, the Company recognized a loss of $1 million and a gain of $19 million, respectively, in OCI. For the six months ended June 30, 2017 and 2016, the Company recognized a gain of $1 million and a gain of $19 million, respectively, in OCI. Credit Risk Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting arrangements and collateral arrangements whenever practical. See Note 11 for additional information on the Company’s credit exposure related to derivative assets. Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s debt rating (or based on the financial strength of the Company’s life insurance subsidiaries for contracts in which those subsidiaries are the counterparty). Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company’s debt does not maintain a specific credit rating (generally an investment grade rating) or the Company’s life insurance subsidiary does not maintain a specific financial strength rating. If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of June 30, 2017 and December 31, 2016, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $385 million and $254 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of June 30, 2017 and December 31, 2016 was $375 million and $246 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of June 30, 2017 and December 31, 2016 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $10 million and $8 million, respectively. |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity [Text Block] | Shareholders’ Equity The following tables provide the amounts related to each component of OCI:
(1) Includes other-than-temporary impairment losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income (loss) during the period. (2) Reclassification amounts are recorded in net investment income. (3) Includes $1 million pretax gain reclassified to interest and debt expense for both the three months ended June 30, 2017 and 2016, and a $1 million and $2 million pretax loss reclassified to net investment income for the three months ended June 30, 2017 and 2016, respectively. (4) Includes $1 million pretax gain reclassified to interest and debt expense for both the six months ended June 30, 2017 and 2016, and a $2 million and $3 million pretax loss reclassified to net investment income for the six months ended June 30, 2017 and 2016, respectively. Other comprehensive income (loss) related to net unrealized securities gains (losses) includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit other-than-temporary impairment losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates. The following tables present the changes in the balances of each component of AOCI, net of tax:
(1) Includes $4 million and $1 million of noncredit related impairments on securities and net unrealized securities gains (losses) on previously impaired securities as of June 30, 2017 and June 30, 2016, respectively. For the six months ended June 30, 2017 and 2016, the Company repurchased a total of 5.7 million shares and 9.8 million shares, respectively, of its common stock for an aggregate cost of $709 million and $895 million, respectively. In December 2015, the Company’s Board of Directors authorized an expenditure of up to $2.5 billion for the repurchase of shares of the Company’s common stock through December 31, 2017. As of June 30, 2017, the Company had $220 million remaining under this share repurchase authorization. In April 2017, the Company’s Board of Directors authorized an additional expenditure of up to $2.5 billion for the repurchase of shares of the Company’s common stock through June 30, 2019. The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises. The holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligation. These vested restricted shares are reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase. For the six months ended June 30, 2017 and 2016, the Company reacquired 0.2 million shares and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $30 million and $29 million, respectively, related to the holders’ income tax obligations on the vesting date. Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised. These shares are reacquired by the Company and recorded as treasury shares. For the six months ended June 30, 2017 and 2016, the Company reacquired 1.1 million shares and 0.2 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $138 million and $18 million, respectively. During the six months ended June 30, 2017 and 2016, the Company reissued 0.8 million and 0.9 million treasury shares, respectively, for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans. |
Income Taxes |
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Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Income Taxes The Company’s effective tax rate was 23.1% and 18.4% for the three months ended June 30, 2017 and 2016, respectively. The Company’s effective tax rate was 19.3% and 21.0% for the six months ended June 30, 2017 and 2016, respectively. The effective tax rates are lower than the statutory rate as a result of tax preferred items including the dividends received deduction, low income housing tax credits, and lower taxes on net income from foreign subsidiaries. The increase in the effective tax rate for the three months ended June 30, 2017 compared to the prior year period is primarily due to a $17 million benefit in the second quarter of 2016 primarily related to the completion of tax audits from previous years, partially offset by a $4 million benefit for stock compensation due to the adoption of stock compensation accounting guidance. The decrease in the effective tax rate for the six months ended June 30, 2017 compared to the prior year period is primarily due to a $32 million benefit for stock compensation due to the adoption of stock compensation accounting guidance. Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of $15 million, net of federal benefit, which will expire beginning December 31, 2017. The Company is required to establish a valuation allowance for any portion of the deferred tax assets that management believes will not be realized. Significant judgment is required in determining if a valuation allowance should be established, and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the business. Consideration is given to, among other things in making this determination, (i) future taxable income exclusive of reversing temporary differences and carryforwards, (ii) future reversals of existing taxable temporary differences, (iii) taxable income in prior carryback years, and (iv) tax planning strategies. Based on analysis of the Company’s tax position, management believes it is more likely than not that the Company will not realize certain state deferred tax assets and state net operating losses and therefore a valuation allowance has been established. The valuation allowance was $12 million and $11 million as of June 30, 2017 and December 31, 2016, respectively. As of June 30, 2017 and December 31, 2016, the Company had $119 million and $115 million, respectively, of gross unrecognized tax benefits. If recognized, approximately $49 million and $46 million, net of federal tax benefits, of unrecognized tax benefits as of June 30, 2017 and December 31, 2016, respectively, would affect the effective tax rate. It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by $20 million to $30 million in the next 12 months primarily due to resolution of audits and statute expirations. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized nil and a net increase of $1 million in interest and penalties for the three months and six months ended June 30, 2017, respectively. The Company recognized nil and a net decrease of $44 million in interest and penalties for the three months and six months ended June 30, 2016, respectively. As of June 30, 2017 and December 31, 2016, the Company had a payable of $9 million and $8 million, respectively, related to accrued interest and penalties. The Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The IRS has completed its examination of the 2006 through 2011 tax returns and these years are effectively settled; however, the statutes of limitation, except for 2007, remain open for certain carryover adjustments. The IRS is currently auditing the Company’s U.S. income tax returns for 2012 through 2015. The Company’s state income tax returns are currently under examination by various jurisdictions for years ranging from 2005 through 2015. |
Guarantees and Contingencies |
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Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and contingencies [Text Block] | Contingencies The Company is required by law to be a member of the guaranty fund association in every state where it is licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations (“NOLHGA”) and the amount of its premiums written relative to the industry-wide premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount of the assessment can be reasonably estimated. The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of June 30, 2017 and December 31, 2016, the estimated liability was $15 million and $16 million, respectively, and the related premium tax asset was $12 million and $14 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known. The Company and its subsidiaries are involved in the normal course of business in legal, regulatory and arbitration proceedings, including class actions, concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to litigation arising out of its general business activities, such as its investments, contracts, leases and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the financial services industry generally. As with other financial services firms, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated. From time to time, the Company receives requests for information from, and/or has been subject to examination or claims by, the SEC, FINRA, the OCC, the UK Financial Conduct Authority, state insurance and securities regulators, state attorneys general and various other domestic or foreign governmental and quasi-governmental authorities on behalf of themselves or clients concerning the Company’s business activities and practices, and the practices of the Company’s financial advisors. The Company has numerous pending matters which include information requests, exams or inquiries that the Company has received during recent periods regarding certain matters, including: sales and distribution of mutual funds, exchange traded funds, annuities, equity and fixed income securities, real estate investment trusts, insurance products, and financial advice offerings, including managed accounts; supervision of the Company’s financial advisors; administration of insurance and annuity claims; security of client information; trading activity and the Company’s monitoring and supervision of such activity; performance advertising and product disclosures, including third party performance claims; and transaction monitoring systems and controls. The Company is also participating in regulatory audits, market conduct examinations and other state inquiries relating to an industry-wide investigation of unclaimed property and escheatment practices and procedures. The Company has cooperated and will continue to cooperate with the applicable regulators. These legal and regulatory proceedings and disputes are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss. The Company cannot predict with certainty if, how or when any such proceedings will be initiated or resolved or what the eventual settlement, fine, penalty or other relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing unsettled legal questions relevant to the proceedings in question, before a loss or range of loss can be reasonably estimated for any proceeding. An adverse outcome in one or more proceeding could eventually result in adverse judgments, settlements, fines, penalties or other sanctions, in addition to further claims, examinations or adverse publicity that could have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity. In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability, but continues to monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established, and any appropriate adjustments are made each quarter. Certain legal and regulatory proceedings are described below. In November 2014, a lawsuit was filed against the Company’s London-based asset management affiliate in England’s High Court of Justice Commercial Court, entitled Otkritie Capital International Ltd and JSC Otkritie Holding v. Threadneedle Asset Management Ltd. and Threadneedle Management Services Ltd. (“Threadneedle Defendants”). Claimants allege that the Threadneedle Defendants should be held liable for the wrongful acts of one of its former employees, who in February 2014 was held jointly and severally liable with several other parties for conspiracy and dishonest assistance in connection with a fraud perpetrated against Claimants in 2011. Claimants allege they were harmed by that fraud in the amount of $106 million. The Threadneedle Defendants applied to the Court for an Order dismissing the proceedings as an abuse of process of the Court. This application was declined in August 2015. The Threadneedle Defendants applied to the Court of Appeal for leave to appeal, which application was granted in November 2015. In April 2017, the Court of Appeal denied the Threadneedle Defendants’ appeal. The case will now proceed in England’s High Court of Justice Commercial Court. A Case Management Conference has been set for October 6, 2017. The Company cannot reasonably estimate the range of loss, if any, that may result from this matter due to the early procedural status of the case, the number of parties involved, and the failure to allege any specific, evidence based damages. |
Earnings per Share Attributable to Ameriprise Financial, Inc. Common Shareholders |
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Earnings per share attributable to Ameriprise Financial, Inc. common shareholders [Text Block] | Earnings per Share The computation of basic and diluted earnings per share is as follows:
The calculation of diluted earnings per share excludes the incremental effect of 2.6 million and 4.9 million options as of June 30, 2017 and 2016, respectively, due to their anti-dilutive effect. |
Segment Information |
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Segment Information[Text Block] | The Company’s reporting segments are Advice & Wealth Management, Asset Management, Annuities, Protection and Corporate & Other. Beginning in the first quarter of 2017, the long term care business, which had been reported as part of the Protection segment, is reflected in the Corporate & Other segment. The Company discontinued underwriting long term care insurance in 2002 and the transfer of this closed block to the Corporate & Other segment allows investors to better understand the performance of the Company’s on-going Protection businesses. Prior periods presented have been restated to reflect the change. The accounting policies of the segments are the same as those of the Company, except for operating adjustments defined below, the method of capital allocation, the accounting for gains (losses) from intercompany revenues and expenses and not providing for income taxes on a segment basis. Management uses segment operating measures in goal setting, as a basis for determining employee compensation and in evaluating performance on a basis comparable to that used by some securities analysts and investors. Consistent with GAAP accounting guidance for segment reporting, operating earnings is the Company’s measure of segment performance. Operating earnings should not be viewed as a substitute for GAAP pretax income. The Company believes the presentation of segment operating earnings, as the Company measures it for management purposes, enhances the understanding of its business by reflecting the underlying performance of its core operations and facilitating a more meaningful trend analysis. Operating earnings is defined as operating net revenues less operating expenses. Operating net revenues and operating expenses exclude the market impact on IUL benefits (net of hedges and the related DAC amortization, unearned revenue amortization, and the reinsurance accrual), integration and restructuring charges and the impact of consolidating investment entities. Operating net revenues also exclude net realized investment gains or losses (net of unearned revenue amortization and the reinsurance accrual) and the market impact of hedges to offset interest rate changes on unrealized gains or losses for certain investments. Operating expenses also exclude the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC and DAC amortization) and the DSIC and DAC amortization offset to net realized investment gains or losses. The market impact on variable annuity guaranteed benefits and IUL benefits includes changes in embedded derivative values caused by changes in financial market conditions, net of changes in economic hedge values and unhedged items including the difference between assumed and actual underlying separate account investment performance, fixed income credit exposures, transaction costs and certain policyholder contract elections, net of related impacts on DAC and DSIC amortization. The market impact also includes certain valuation adjustments made in accordance with FASB Accounting Standards Codification 820, Fair Value Measurements and Disclosures, including the impact on embedded derivative values of discounting projected benefits to reflect a current estimate of the Company’s life insurance subsidiary’s nonperformance spread. The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
(1) Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2017 and 2016 in each segment as follows: Advice & Wealth Management ($231 million and $244 million, respectively); Asset Management ($12 million and $10 million, respectively); Annuities ($87 million and $83 million, respectively); Protection ($15 million and $11 million, respectively); and Corporate & Other (nil and $1 million, respectively).
(3) Includes foreign net revenues of $185 million and $166 million for the three months ended June 30, 2017 and 2016, respectively.
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Variable Interest Entities (Tables) |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis [Table Text Block] | The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
(1) Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. (2) The fair value of the GMWB and GMAB embedded derivatives included $637 million of individual contracts in a liability position and $365 million of individual contracts in an asset position as of June 30, 2017.
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Schedule of debt of the consolidated investment entities and the stated interest rates [Table Text Block] | The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows:
(1) Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 12 for information on the Company’s fair value hedges. |
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Consolidated investment entities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis [Table Text Block] | The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.3 billion as of both June 30, 2017 and December 31, 2016. |
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Schedule of changes in Level 3 assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis [Table Text Block] | The following tables provide a summary of changes in Level 3 assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
(1) Included in net investment income in the Consolidated Statements of Operations. (2) Included in other revenues in the Consolidated Statements of Operations. (3) The cumulative effect of change in accounting policies includes the adoption impact of ASU 2015-02 and ASU 2014-13 – Consolidation: Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). |
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Schedule of fair value and unpaid principal balance of assets and liabilities carried at fair value under the fair value option [Table Text Block] | The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.3 billion as of both June 30, 2017 and December 31, 2016. |
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Schedule of debt of the consolidated investment entities and the stated interest rates [Table Text Block] | Debt of the consolidated investment entities and the stated interest rates were as follows:
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of investments [Table Text Block] | The following is a summary of Ameriprise Financial investments:
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Summary of net investment income [Table Text Block] | The following is a summary of net investment income:
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Available-for-Sale Securities Disclosure [Table Text Block] | Available-for-Sale securities distributed by type were as follows:
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Investments with fixed maturities disclosure [Table Text Block] | A summary of fixed maturity securities by rating was as follows:
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Available-for-Sale securities continuous unrealized loss disclosure [Table Text Block] | 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:
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Credit losses on available-for-sale securities disclosure [Table Text Block] | The following table presents a rollforward of the cumulative amounts recognized in the Consolidated Statements of Operations for other-than-temporary impairments related to credit losses on Available-for-Sale securities for which a portion of the securities’ total other-than-temporary impairments was recognized in other comprehensive income (loss) (“OCI”):
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Available-for-Sale securities recognized in earnings disclosure [Table Text Block] | Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in earnings were as follows:
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Available-for-Sale securities contractual maturity disclosure [Table Text Block] | Available-for-Sale securities by contractual maturity as of June 30, 2017 were as follows:
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Financing Receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward of the Allowance for Loan Losses [Table Text Block] | The following table presents a rollforward of the allowance for loan losses for the six months ended and the ending balance of the allowance for loan losses by impairment method:
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Schedule of Recorded Investment in Financing Receivables by Impairment Method [Table Text Block] | The recorded investment in financing receivables by impairment method was as follows:
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Schedule of Commercial Mortgage Loans by Geographic Region [Table Text Block] | Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
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Schedule of Commercial Mortgage Loans by Property Type [Table Text Block] | Concentrations of credit risk of commercial mortgage loans by property type were as follows:
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Deferred Acquisition Costs and Deferred Sales Inducement Costs (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Acquisition Costs and Deferred Sales Inducement Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of balances of and changes in DAC [Table Text Block] | The balances of and changes in DAC were as follows:
(1) DAC balances were restated for the correction of commission expense accrual for certain insurance and annuity products in the fourth quarter of 2016. See Note 1 in the 2016 10-K. |
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Schedule of balances of and changes in DSIC [Table Text Block] | The balances of and changes in DSIC, which is included in other assets, were as follows:
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Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policyholder Account Balances, Future Policy Benefits and Unpaid Claims Disclosure [Table Text Block] | Policyholder account balances, future policy benefits and claims consisted of the following:
(1) Includes the fair value of GMAB embedded derivatives that was a net asset as of both June 30, 2017 and December 31, 2016 reported as a contra liability. |
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Schedule of Separate Account Liabilities by Policy Type [Table Text Block] | Separate account liabilities consisted of the following:
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Variable Annuity and Insurance Guarantees (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Annuity Guarantees [Table Text Block] | The following table provides information related to variable annuity guarantees for which the Company has established additional liabilities:
(1) Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table. (2) Amount revised to reflect updated contractholder mortality assumptions at December 31, 2016. |
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Schedule of Net Amount of Risk UL Secondary Guarantees [Table Text Block] | The following table provides information related to insurance guarantees for which the Company has established additional liabilities:
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Schedule of Changes in Additional Liabilities for Variable Annuity and Insurance Guarantees [Table Text Block] | Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees were as follows:
(1) The incurred claims for GMWB and GMAB represent the change in the fair value of the liabilities (contra liabilities) less paid claims. |
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Schedule of Separate Account Balances by Asset Type [Table Text Block] | The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits:
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows:
(1) Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 12 for information on the Company’s fair value hedges. |
Fair Values of Assets and Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of balances of assets and liabilities measured at fair value on a recurring basis | The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
(1) Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. (2) The fair value of the GMWB and GMAB embedded derivatives included $637 million of individual contracts in a liability position and $365 million of individual contracts in an asset position as of June 30, 2017.
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Summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
(1) Included in net investment income in the Consolidated Statements of Operations. (2) Included in interest credited to fixed accounts in the Consolidated Statements of Operations. (3) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Operations. (4) Included in general and administrative expense in the Consolidated Statements of Operations. |
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Significant unobservable inputs used in the fair value measurements | The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:
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Schedule of carrying value and the estimated fair value of financial instruments that are not reported at fair value | The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:
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Offsetting Assets and Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross and net information about the Company's assets subject to master netting arrangements [Table Text Block] | The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:
(1) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. (2) The decrease in OTC cleared derivatives from December 31, 2016 is a result of certain central clearing parties amending their rules resulting in variation margin payments being settlement payments, as opposed to collateral. |
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Schedule of gross and net information about the Company's liabilities subject to master netting arrangements [Table Text Block] | The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:
(1) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets. (2) The decrease in OTC cleared derivatives from December 31, 2016 is a result of certain central clearing parties amending their rules resulting in variation margin payments being settlement payments, as opposed to collateral. |
Derivatives and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments, Gain (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross fair value of derivative instruments, including embedded derivatives [Table Text Block] | The Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of derivative instruments, including embedded derivatives:
N/A Not applicable. (1) The fair value of freestanding derivative assets is included in Other assets on the Consolidated Balance Sheets. (2) The fair value of freestanding derivative liabilities is included in Other liabilities on the Consolidated Balance Sheets. The fair value of GMWB and GMAB, IUL, and EIA embedded derivatives is included in Policyholder account balances, future policy benefits and claims on the Consolidated Balance Sheets. The fair value of the SMC embedded derivative liability is included in Customer deposits on the Consolidated Balance Sheets. (3) The fair value of the Company’s derivative liabilities after considering the effects of master netting arrangements, cash collateral held by the same counterparty and the fair value of net embedded derivatives was $1.4 billion and $1.5 billion as of June 30, 2017 and December 31, 2016, respectively. See Note 11 for additional information related to master netting arrangements and cash collateral. (4) The fair value of the GMWB and GMAB embedded derivatives as of June 30, 2017 included $637 million of individual contracts in a liability position and $365 million of individual contracts in an asset position. The fair value of the GMWB and GMAB embedded derivatives as of December 31, 2016 included $880 million of individual contracts in a liability position and $266 million of individual contracts in an asset position. |
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Schedule of gain (loss) on derivative instruments [Table Text Block] | The following tables present a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Operations:
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Schedule of payments to make and receive for options [Table Text Block] | The following is a summary of the payments the Company is scheduled to make and receive for these options as of June 30, 2017:
(1) 2017 amounts represent the amounts payable and receivable for the period from July 1, 2017 to December 31, 2017. |
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Fair value hedges [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gain (loss) on derivative instruments [Table Text Block] | The following table presents the amounts recognized in income related to fair value hedges:
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Shareholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other comprehensive income (loss) [Table Text Block] | The following tables provide the amounts related to each component of OCI:
(1) Includes other-than-temporary impairment losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income (loss) during the period. (2) Reclassification amounts are recorded in net investment income. (3) Includes $1 million pretax gain reclassified to interest and debt expense for both the three months ended June 30, 2017 and 2016, and a $1 million and $2 million pretax loss reclassified to net investment income for the three months ended June 30, 2017 and 2016, respectively. (4) Includes $1 million pretax gain reclassified to interest and debt expense for both the six months ended June 30, 2017 and 2016, and a $2 million and $3 million pretax loss reclassified to net investment income for the six months ended June 30, 2017 and 2016, respectively. |
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Information related to amounts reclassified from AOCI [Table Text Block] | The following tables present the changes in the balances of each component of AOCI, net of tax:
(1) Includes $4 million and $1 million of noncredit related impairments on securities and net unrealized securities gains (losses) on previously impaired securities as of June 30, 2017 and June 30, 2016, respectively. |
Earnings per Share Attributable to Ameriprise Financial, Inc. Common Shareholders (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per common share [Table Text Block] | The computation of basic and diluted earnings per share is as follows:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information [Table Text Block] | The following tables summarize selected financial information by segment and reconcile segment totals to those reported on the consolidated financial statements:
(1) Represents the elimination of intersegment revenues recognized for the three months ended June 30, 2017 and 2016 in each segment as follows: Advice & Wealth Management ($231 million and $244 million, respectively); Asset Management ($12 million and $10 million, respectively); Annuities ($87 million and $83 million, respectively); Protection ($15 million and $11 million, respectively); and Corporate & Other (nil and $1 million, respectively).
(3) Includes foreign net revenues of $185 million and $166 million for the three months ended June 30, 2017 and 2016, respectively.
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Basis of Presentation (Details) $ in Millions |
3 Months Ended |
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Mar. 31, 2017
USD ($)
| |
Income tax provision [Member] | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Quantifying misstatement in current year financial statements, amount | $ (20) |
Recent Accounting Pronouncements Cash Flows Reclassification - Restricted Cash ASU 2016-18 (Details) - Adjustments for new accounting pronouncement [Member] - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2017 |
Dec. 31, 2016 |
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Restricted cash | $ 2,900 | $ 2,900 | |
Impact in restricted cash to operating activities | $ (92) |
Recent Accounting Pronouncements Stock Compensation ASU 2016-09 (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
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Income tax provision | $ (118) | $ (75) | $ (190) | $ (186) |
Adjustments for new accounting pronouncement [Member] | ||||
Income tax provision | $ 4 | $ 32 | $ 5 |
Variable Interest Entities (Changes in Level 3 Assets and Liabilities) (Details 2) - Consolidated investment entities [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | |||||||||||
Transfers from Level 1 to Level 2, assets | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Transfers from Level 2 to Level 1, assets | 0 | 0 | 0 | 0 | |||||||
Transfers from Level 1 to Level 2, liabilities | 0 | 0 | 0 | 0 | |||||||
Transfers from Level 2 to Level 1, liabilities | 0 | 0 | 0 | 0 | |||||||
Corporate debt securities [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 2 | 0 | |||||||||
Sales | (2) | (2) | |||||||||
Transfers into Level 3 | 2 | ||||||||||
Balance, at the end of the period | 0 | 0 | |||||||||
Common stocks [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 4 | 2 | 5 | 3 | |||||||
Purchases | 3 | 3 | |||||||||
Sales | (1) | (1) | |||||||||
Transfers into Level 3 | 1 | 2 | 2 | ||||||||
Transfers out of Level 3 | (1) | (2) | (2) | ||||||||
Balance, at the end of the period | 7 | 1 | 7 | 1 | |||||||
Syndicated loans [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 223 | 300 | 254 | 529 | |||||||
Total gains (losses) included in net income | [1] | (2) | 8 | 1 | (1) | ||||||
Purchases | 72 | 35 | 127 | 50 | |||||||
Sales | (7) | (1) | (15) | (1) | |||||||
Settlements | (30) | (15) | (53) | (25) | |||||||
Transfers into Level 3 | 41 | 90 | 113 | 229 | |||||||
Transfers out of Level 3 | (112) | (174) | (242) | (234) | |||||||
Balance, at the end of the period | 185 | 243 | 185 | 243 | |||||||
Changes in unrealized gains (losses) relating to assets held at end of period | [1] | $ (3) | 6 | $ (1) | 3 | ||||||
Other assets [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 0 | 2,065 | |||||||||
Total gains (losses) included in net income | [2] | 1 | 1 | ||||||||
Balance, at the end of the period | 1 | 1 | |||||||||
Debt [Member] | |||||||||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | (6,630) | ||||||||||
Balance, at the end of the period | $ 0 | 0 | |||||||||
Cumulative effect of change in accounting policies [Member] | Common stocks [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | [3] | (2) | |||||||||
Cumulative effect of change in accounting policies [Member] | Syndicated loans [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | [3] | (304) | |||||||||
Cumulative effect of change in accounting policies [Member] | Other assets [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | [3] | (2,065) | |||||||||
Cumulative effect of change in accounting policies [Member] | Debt [Member] | |||||||||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | [3] | 6,630 | |||||||||
Adjusted for change in accounting policies [Member] | Common stocks [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 1 | ||||||||||
Adjusted for change in accounting policies [Member] | Syndicated loans [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 225 | ||||||||||
Adjusted for change in accounting policies [Member] | Other assets [Member] | |||||||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 0 | ||||||||||
Adjusted for change in accounting policies [Member] | Debt [Member] | |||||||||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | $ 0 | ||||||||||
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Variable Interest Entities (FV Options for consolidated CDOs) (Details 3) - Consolidated investment entities [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|||
Fair value and unpaid principal balance of assets and liabilities carried at fair value under the fair value option | |||||||
Estimated fair value of CLO debt | $ 2,300 | $ 2,300 | $ 2,300 | ||||
Syndicated loans [Abstract] | |||||||
Unpaid principal balance | 2,248 | 2,248 | 2,281 | ||||
Excess estimated unpaid principal over fair value | (58) | (58) | (83) | ||||
Fair value | 2,190 | 2,190 | 2,198 | ||||
Fair value of loans more than 90 days past due | 11 | 11 | 8 | ||||
Fair value of loans in nonaccrual status | 11 | 11 | 8 | ||||
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | 26 | 26 | 34 | ||||
Debt [Abstract] | |||||||
Unpaid principal balance | 2,435 | 2,435 | 2,459 | ||||
Excess unpaid principal over fair value | (127) | (127) | (140) | ||||
Carrying value | [1] | 2,308 | 2,308 | $ 2,319 | |||
Net investment income [Member] | |||||||
Fair value and unpaid principal balance of assets and liabilities carried at fair value under the fair value option | |||||||
Total net gains (losses) recognized in net investment income related to changes in the fair value of financial assets and liabilities for which the fair value option was elected | $ 1 | $ (1) | $ (2) | $ (5) | |||
|
Variable Interest Entities (CLO Debt) (Details 4) - Consolidated investment entities [Member] - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 2,308 | $ 2,319 |
Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate according to the terms of CDO structure | 0.00% | |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate according to the terms of CDO structure | 7.20% | |
CLO [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 2,308 | $ 2,319 |
Weighted average interest rate | 2.60% | 2.50% |
Investments (Holdings info) (Details) - Ameriprise Financial [Member] - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Investments | $ 35,935 | $ 35,834 |
Available-for-sale securities [Member] | ||
Investments | 30,647 | 30,719 |
Mortgage loans, net [Member] | ||
Investments | 2,993 | 2,986 |
Policy and certificate loans [Member] | ||
Investments | 836 | 831 |
Other investments [Member] | ||
Investments | $ 1,459 | $ 1,298 |
Investments (Net Inv Inc summary) (Details 2) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Investment income on fixed maturities | $ 335 | $ 343 | $ 672 | $ 686 |
Net realized gains (losses) | 21 | 5 | 38 | (11) |
Affordable housing partnerships | (13) | (11) | (25) | (18) |
Other | 20 | 5 | 44 | (12) |
Consolidated investment entities | 28 | 30 | 53 | 58 |
Total | $ 391 | $ 372 | $ 782 | $ 703 |
Investments (AFS by Type) (Details 3) - Ameriprise Financial [Member] - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Investments | |||||
Amortized cost | $ 29,195 | $ 29,472 | |||
Gross unrealized gains | 1,581 | 1,472 | |||
Gross unrealized losses | (129) | (225) | |||
Fair value | 30,647 | 30,719 | |||
Noncredit OTTI | [1] | 13 | 8 | ||
Fair value of securities owned and pledged as collateral | 1,600 | 1,600 | |||
Fair value of securities owned and pledged as collateral which are eligible for rehypothecation | $ 659 | $ 473 | |||
Fixed maturity securities as percentage of total investments | 85.00% | 86.00% | |||
Amount of securities internally rated | $ 1,100 | $ 1,100 | |||
Corporate debt securities [Member] | |||||
Investments | |||||
Amortized cost | 14,762 | 15,231 | |||
Gross unrealized gains | 1,133 | 1,065 | |||
Gross unrealized losses | (38) | (60) | |||
Fair value | 15,857 | 16,236 | |||
Residential mortgage backed securities [Member] | |||||
Investments | |||||
Amortized cost | 6,876 | 6,899 | |||
Gross unrealized gains | 80 | 86 | |||
Gross unrealized losses | (35) | (67) | |||
Fair value | 6,921 | 6,918 | |||
Noncredit OTTI | [1] | (3) | |||
Commercial mortgage backed securities [Member] | |||||
Investments | |||||
Amortized cost | 3,407 | 3,347 | |||
Gross unrealized gains | 63 | 59 | |||
Gross unrealized losses | (27) | (39) | |||
Fair value | 3,443 | 3,367 | |||
Asset backed securities [Member] | |||||
Investments | |||||
Amortized cost | 1,644 | 1,532 | |||
Gross unrealized gains | 40 | 33 | |||
Gross unrealized losses | (6) | (16) | |||
Fair value | 1,678 | 1,549 | |||
Noncredit OTTI | [1] | 7 | 5 | ||
State and municipal obligations [Member] | |||||
Investments | |||||
Amortized cost | 2,206 | 2,195 | |||
Gross unrealized gains | 234 | 198 | |||
Gross unrealized losses | (17) | (35) | |||
Fair value | 2,423 | 2,358 | |||
U.S. government and agencies obligations [Member] | |||||
Investments | |||||
Amortized cost | 6 | 7 | |||
Gross unrealized gains | 1 | 1 | |||
Fair value | 7 | 8 | |||
Foreign government bonds and obligations [Member] | |||||
Investments | |||||
Amortized cost | 285 | 251 | |||
Gross unrealized gains | 20 | 17 | |||
Gross unrealized losses | (5) | (7) | |||
Fair value | 300 | 261 | |||
Common stocks [Member] | |||||
Investments | |||||
Amortized cost | 9 | 10 | |||
Gross unrealized gains | 10 | 13 | |||
Gross unrealized losses | (1) | (1) | |||
Fair value | 18 | 22 | |||
Noncredit OTTI | [1] | $ 6 | $ 6 | ||
|
Investments (Rating info) (Details 4) - Ameriprise Financial [Member] - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Investments | |||||
Percentage of GNMA, FNMA and FHLMC securities rated AAA | 43.00% | 47.00% | |||
Number of holdings of other than GNMA, FNMA, and FHLMC having greater than 10% of total equity | 0 | 0 | |||
AAA [Member] | |||||
Investments | |||||
Amortized cost | $ 9,884 | $ 9,252 | |||
Fair value | $ 9,964 | $ 9,305 | |||
Percent of total fair value | 33.00% | 31.00% | |||
AA [Member] | |||||
Investments | |||||
Amortized cost | $ 1,900 | $ 1,729 | |||
Fair value | $ 2,109 | $ 1,906 | |||
Percent of total fair value | 7.00% | 6.00% | |||
A [Member] | |||||
Investments | |||||
Amortized cost | $ 5,050 | $ 5,157 | |||
Fair value | $ 5,520 | $ 5,567 | |||
Percent of total fair value | 18.00% | 18.00% | |||
BBB [Member] | |||||
Investments | |||||
Amortized cost | $ 11,085 | $ 11,739 | |||
Fair value | $ 11,748 | $ 12,340 | |||
Percent of total fair value | 38.00% | 40.00% | |||
Below investment grade [Member] | |||||
Investments | |||||
Amortized cost | [1] | $ 1,267 | $ 1,585 | ||
Fair value | [1] | $ 1,288 | $ 1,579 | ||
Percent of total fair value | 4.00% | 5.00% | |||
Total fixed maturities [Member] | |||||
Investments | |||||
Amortized cost | $ 29,186 | $ 29,462 | |||
Fair value | $ 30,629 | $ 30,697 | |||
Percent of total fair value | 100.00% | 100.00% | |||
Interest in CLOs managed by the Company [Member] | Below investment grade [Member] | |||||
Investments | |||||
Amortized cost | $ 7 | $ 9 | |||
Fair value | $ 14 | $ 14 | |||
|
Investments (EITF info) (Details 5) - Ameriprise Financial [Member] $ in Millions |
Jun. 30, 2017
USD ($)
Positions
|
Dec. 31, 2016
USD ($)
Positions
|
---|---|---|
Number of securities | ||
Less than 12 months | Positions | 496 | 650 |
12 months or more | Positions | 194 | 268 |
Total | Positions | 690 | 918 |
Fair Value | ||
Less than 12 months | $ 5,772 | $ 7,496 |
12 months or more | 1,583 | 2,142 |
Total | 7,355 | 9,638 |
Unrealized losses | ||
Less than 12 months | (74) | (129) |
12 months or more | (55) | (96) |
Total | $ (129) | $ (225) |
Corporate debt securities [Member] | ||
Number of securities | ||
Less than 12 months | Positions | 138 | 187 |
12 months or more | Positions | 21 | 38 |
Total | Positions | 159 | 225 |
Fair Value | ||
Less than 12 months | $ 1,687 | $ 2,452 |
12 months or more | 171 | 377 |
Total | 1,858 | 2,829 |
Unrealized losses | ||
Less than 12 months | (17) | (33) |
12 months or more | (21) | (27) |
Total | $ (38) | $ (60) |
Residential mortgage backed securities [Member] | ||
Number of securities | ||
Less than 12 months | Positions | 104 | 127 |
12 months or more | Positions | 132 | 177 |
Total | Positions | 236 | 304 |
Fair Value | ||
Less than 12 months | $ 1,948 | $ 2,533 |
12 months or more | 1,087 | 1,290 |
Total | 3,035 | 3,823 |
Unrealized losses | ||
Less than 12 months | (22) | (33) |
12 months or more | (13) | (34) |
Total | $ (35) | $ (67) |
Commercial mortgage backed securities [Member] | ||
Number of securities | ||
Less than 12 months | Positions | 92 | 100 |
12 months or more | Positions | 4 | 5 |
Total | Positions | 96 | 105 |
Fair Value | ||
Less than 12 months | $ 1,367 | $ 1,583 |
12 months or more | 29 | 43 |
Total | 1,396 | 1,626 |
Unrealized losses | ||
Less than 12 months | (26) | (39) |
12 months or more | (1) | 0 |
Total | $ (27) | $ (39) |
Asset backed securities [Member] | ||
Number of securities | ||
Less than 12 months | Positions | 42 | 48 |
12 months or more | Positions | 17 | 27 |
Total | Positions | 59 | 75 |
Fair Value | ||
Less than 12 months | $ 502 | $ 524 |
12 months or more | 156 | 298 |
Total | 658 | 822 |
Unrealized losses | ||
Less than 12 months | (4) | (9) |
12 months or more | (2) | (7) |
Total | $ (6) | $ (16) |
State and municipal obligations [Member] | ||
Number of securities | ||
Less than 12 months | Positions | 108 | 181 |
12 months or more | Positions | 3 | 3 |
Total | Positions | 111 | 184 |
Fair Value | ||
Less than 12 months | $ 230 | $ 374 |
12 months or more | 118 | 110 |
Total | 348 | 484 |
Unrealized losses | ||
Less than 12 months | (5) | (14) |
12 months or more | (12) | (21) |
Total | $ (17) | $ (35) |
Foreign government bonds and obligations [Member] | ||
Number of securities | ||
Less than 12 months | Positions | 11 | 7 |
12 months or more | Positions | 14 | 15 |
Total | Positions | 25 | 22 |
Fair Value | ||
Less than 12 months | $ 38 | $ 30 |
12 months or more | 21 | 23 |
Total | 59 | 53 |
Unrealized losses | ||
Less than 12 months | 0 | (1) |
12 months or more | (5) | (6) |
Total | $ (5) | $ (7) |
Common stocks [Member] | ||
Number of securities | ||
Less than 12 months | Positions | 1 | |
12 months or more | Positions | 3 | 3 |
Total | Positions | 4 | 3 |
Fair Value | ||
12 months or more | $ 1 | $ 1 |
Total | 1 | 1 |
Unrealized losses | ||
12 months or more | (1) | (1) |
Total | $ (1) | $ (1) |
Investments (OTTI rollforward) (Details 6) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
OTTI Recognized in Earnings | ||||
Beginning balance | $ 70 | $ 81 | $ 69 | $ 85 |
Credit losses for which an other-than-temporary impairment was not previously recognized | 0 | 0 | 0 | 1 |
Credit losses for which an other-than-temporary impairment was previously recognized | 0 | 0 | 1 | 0 |
Reductions for securities sold during the period (realized) | (68) | 0 | (68) | (5) |
Ending balance | $ 2 | $ 81 | $ 2 | $ 81 |
Investments (Realized GL Info) (Details 7) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Investments | ||||
Other-than-temporary impairments | $ 0 | $ 0 | $ (1) | $ (1) |
Ameriprise Financial [Member] | ||||
Investments | ||||
Gross realized gains | 25 | 10 | 44 | 14 |
Gross realized losses | (4) | (5) | (4) | (9) |
Other-than-temporary impairments | 0 | 0 | (1) | (1) |
Total | $ 21 | $ 5 | $ 39 | $ 4 |
Investments (AFS contractual maturity) (Details 8) - Ameriprise Financial [Member] - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Amortized cost | ||
Due within one year | $ 2,002 | |
Due after one year through five years | 6,784 | |
Due after five years through 10 years | 4,107 | |
Due after 10 years | 4,366 | |
Total having single maturity dates | 17,259 | |
Amortized cost | 29,195 | $ 29,472 |
Fair value | ||
Due within one year | 2,024 | |
Due after one year through five years | 7,064 | |
Due after five years through 10 years | 4,255 | |
Due after 10 years | 5,244 | |
Total having single maturity dates | 18,587 | |
Fair value | 30,647 | 30,719 |
Residential mortgage backed securities [Member] | ||
Amortized cost | ||
Without single maturity dates | 6,876 | |
Amortized cost | 6,876 | 6,899 |
Fair value | ||
Without single maturity dates | 6,921 | |
Fair value | 6,921 | 6,918 |
Commercial mortgage backed securities [Member] | ||
Amortized cost | ||
Without single maturity dates | 3,407 | |
Amortized cost | 3,407 | 3,347 |
Fair value | ||
Without single maturity dates | 3,443 | |
Fair value | 3,443 | 3,367 |
Asset backed securities [Member] | ||
Amortized cost | ||
Without single maturity dates | 1,644 | |
Amortized cost | 1,644 | 1,532 |
Fair value | ||
Without single maturity dates | 1,678 | |
Fair value | 1,678 | 1,549 |
Common stocks [Member] | ||
Amortized cost | ||
Without single maturity dates | 9 | |
Amortized cost | 9 | 10 |
Fair value | ||
Without single maturity dates | 18 | |
Fair value | $ 18 | $ 22 |
Financing Receivables (Allowance for Loan Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Rollforward of the allowance for loan losses | |||||
Beginning balance | $ 29 | $ 32 | |||
Provisions | (1) | ||||
Ending balance | $ 29 | $ 31 | 29 | 31 | |
Individually evaluated for impairment | 2 | 2 | 2 | 2 | |
Collectively evaluated for impairment | 27 | 29 | 27 | 29 | |
Credit quality information [Line Items] | |||||
Individually evaluated for impairment | 11 | 11 | $ 12 | ||
Collectively evaluated for impairment | 3,512 | 3,512 | 3,480 | ||
Total recorded investment, gross | 3,523 | 3,523 | 3,492 | ||
Recorded investment in financing receivables individually evaluated for impairment with no related allowance for loan losses | 5 | 5 | 7 | ||
Syndicated Loans [Member] | |||||
Credit quality information [Line Items] | |||||
Total recorded investment, gross | 506 | 506 | 482 | ||
Purchases of financing receivables | 66 | 29 | 136 | 43 | |
Sales of financing receivables | 4 | 0 | 4 | ||
Residential and Consumer Portfolio Segment [Member] | |||||
Credit quality information [Line Items] | |||||
Total recorded investment, gross | $ 280 | $ 280 | $ 308 | ||
Sales of financing receivables | $ 271 | ||||
Proceeds from sales of financing receivables | 260 | ||||
Loss on sale of financing receivables | $ (11) |
Financing Receivables (Credit Quality Information Text) (Details 2) $ in Millions |
Jun. 30, 2017
USD ($)
item
|
Dec. 31, 2016
USD ($)
item
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | $ 3,523 | $ 3,492 |
90 days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonperforming loans | 2 | 2 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | $ 2,737 | $ 2,702 |
Percentage of commercial mortgage loans with highest risk rating | 0.00% | 0.00% |
Syndicated loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | $ 506 | $ 482 |
Syndicated loans [Member] | 90 days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonperforming loans | 1 | 1 |
Residential and Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans, gross | $ 280 | $ 308 |
Percentage of Residential Mortgage Loans Below Specified FICO Score | 2.00% | 2.00% |
FICO score | item | 640 | 640 |
Percentage of residential mortgage loans above specified LTV ratios | 0.00% | 0.00% |
LTV ratio | 90.00% | 90.00% |
Percentage of loan portfolio represented by state of California | 52.00% | 52.00% |
Percentage of loan portfolio represented by Colorado | 18.00% | 18.00% |
Percentage of loan portfolio represented by Washington state | 13.00% | 13.00% |
Financing Receivables (Credit Quality Information Tables) (Details 3) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 3,523 | $ 3,492 | ||
Less: allowance for loan losses | $ 29 | $ 29 | $ 31 | $ 32 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of commercial mortgage loans with highest risk rating | 0.00% | 0.00% | ||
Financing Receivable, Gross | $ 2,737 | $ 2,702 | ||
Less: allowance for loan losses | 21 | 21 | ||
Total loans, net | $ 2,716 | $ 2,681 | ||
Percentage of gross commercial mortgage loans | 100.00% | 100.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Apartment Building [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 563 | $ 504 | ||
Percentage of gross commercial mortgage loans | 21.00% | 19.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Hotel [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 41 | $ 42 | ||
Percentage of gross commercial mortgage loans | 2.00% | 1.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Industrial [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 450 | $ 446 | ||
Percentage of gross commercial mortgage loans | 16.00% | 17.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Mixed use [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 50 | $ 49 | ||
Percentage of gross commercial mortgage loans | 2.00% | 2.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Office [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 478 | $ 489 | ||
Percentage of gross commercial mortgage loans | 17.00% | 18.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Retail [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 940 | $ 950 | ||
Percentage of gross commercial mortgage loans | 34.00% | 35.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Other [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 215 | $ 222 | ||
Percentage of gross commercial mortgage loans | 8.00% | 8.00% | ||
Commercial Real Estate Portfolio Segment [Member] | East North Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 233 | $ 198 | ||
Percentage of gross commercial mortgage loans | 9.00% | 7.00% | ||
Commercial Real Estate Portfolio Segment [Member] | East South Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 93 | $ 88 | ||
Percentage of gross commercial mortgage loans | 3.00% | 3.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Middle Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 201 | $ 203 | ||
Percentage of gross commercial mortgage loans | 7.00% | 8.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Mountain [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 241 | $ 240 | ||
Percentage of gross commercial mortgage loans | 9.00% | 9.00% | ||
Commercial Real Estate Portfolio Segment [Member] | New England [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 88 | $ 91 | ||
Percentage of gross commercial mortgage loans | 3.00% | 3.00% | ||
Commercial Real Estate Portfolio Segment [Member] | Pacific [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 767 | $ 746 | ||
Percentage of gross commercial mortgage loans | 28.00% | 28.00% | ||
Commercial Real Estate Portfolio Segment [Member] | South Atlantic [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 756 | $ 783 | ||
Percentage of gross commercial mortgage loans | 28.00% | 29.00% | ||
Commercial Real Estate Portfolio Segment [Member] | West North Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 223 | $ 222 | ||
Percentage of gross commercial mortgage loans | 8.00% | 8.00% | ||
Commercial Real Estate Portfolio Segment [Member] | West South Central [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Financing Receivable, Gross | $ 135 | $ 131 | ||
Percentage of gross commercial mortgage loans | 5.00% | 5.00% |
Financing Receivables Financing Receivables (Troubled Debt Restructurings) (Details 4) - USD ($) |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Receivables [Abstract] | ||
Commitments to lend additional funds to borrowers whose loans have been restructured | $ 0 | $ 0 |
Deferred Acquisition Costs and Deferred Sales Inducement Costs (Details) - Ameriprise Financial [Member] - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
||||
Balances of and changes in DAC [Roll Forward] | |||||
Balance, at the beginning of the period | $ 2,648 | $ 2,730 | [1] | ||
Capitalization of acquisition costs | 145 | 166 | |||
Amortization | (141) | (197) | |||
Impact of change in net unrealized securities gains | (15) | (94) | |||
Balance, at the end of the period | 2,637 | 2,605 | [1] | ||
Balances of and changes in DSIC [Roll Forward] | |||||
Balance at the beginning of the period | 302 | 335 | |||
Capitalization of sales inducement costs | 3 | 2 | |||
Amortization | (19) | (22) | |||
Impact of change in net unrealized securities gains | 0 | (14) | |||
Balance at the end of the period | $ 286 | $ 301 | |||
|
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities (Balances by product) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Policyholder account balances | $ 20,410 | $ 20,618 | ||
Future policy benefits | 8,599 | 8,700 | ||
Policy claims and other policyholders' funds | 869 | 884 | ||
Policyholder account balances, future policy benefits and claims | 29,878 | 30,202 | ||
Fixed annuities [Member] | ||||
Policyholder account balances | 10,237 | 10,588 | ||
Variable annuity fixed sub-accounts [Member] | ||||
Policyholder account balances | 5,203 | 5,211 | ||
VUL/UL insurance [Member] | ||||
Policyholder account balances | 3,022 | 3,007 | ||
IUL [Member] | ||||
Policyholder account balances | 1,207 | 1,054 | ||
Other life insurance [Member] | ||||
Policyholder account balances | 741 | 758 | ||
Variable annuity GMWB [Member] | ||||
Future policy benefits | 739 | 1,017 | ||
Variable annuity GMAB [Member] | ||||
Future policy benefits | [1] | (57) | (24) | |
Other annuity liabilities [Member] | ||||
Future policy benefits | 83 | 66 | ||
Fixed annuities life contingent liabilities [Member] | ||||
Future policy benefits | 1,491 | 1,497 | ||
Life, disability income and long term care insurance [Member] | ||||
Future policy benefits | 5,687 | 5,556 | ||
VUL/UL and other life insurance additional liabilities [Member] | ||||
Future policy benefits | $ 656 | $ 588 | ||
|
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities (Separate Account Liabilities) (Details 2) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Separate Accounts Disclosure [Abstract] | ||
Variable annuity | $ 72,193 | $ 69,606 |
VUL insurance | 7,006 | 6,659 |
Other insurance | 32 | 33 |
Threadneedle investment liabilities | 4,430 | 3,912 |
Total | $ 83,661 | $ 80,210 |
Variable Annuity and Insurance Guarantees (VA Guarantees Details) (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|||||||
GMDB [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 76,533 | $ 73,954 | |||||
Contract value in separate accounts | [1] | 71,379 | 68,790 | |||||
Net amount at risk | [1] | $ 118 | $ 433 | |||||
Weighted average attained age | [1] | 66 years | 65 years | |||||
GMDB [Member] | Return of premium [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 58,588 | $ 56,143 | |||||
Contract value in separate accounts | [1] | 56,613 | 54,145 | |||||
Net amount at risk | [1] | $ 19 | $ 208 | |||||
Weighted average attained age | [1] | 66 years | 65 years | |||||
GMDB [Member] | Five/six-year reset [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 8,883 | $ 8,878 | |||||
Contract value in separate accounts | [1] | 6,156 | 6,170 | |||||
Net amount at risk | [1] | $ 14 | $ 22 | |||||
Weighted average attained age | [1] | 66 years | 66 years | |||||
GMDB [Member] | One-year ratchet [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 6,475 | $ 6,426 | |||||
Contract value in separate accounts | [1] | 6,106 | 6,050 | |||||
Net amount at risk | [1] | $ 20 | $ 110 | |||||
Weighted average attained age | [1] | 68 years | 68 years | |||||
GMDB [Member] | Five-year ratchet [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 1,556 | $ 1,542 | |||||
Contract value in separate accounts | [1] | 1,496 | 1,483 | |||||
Net amount at risk | [1] | $ 1 | $ 7 | |||||
Weighted average attained age | [1] | 65 years | 64 years | |||||
GMDB [Member] | Other [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 1,031 | $ 965 | |||||
Contract value in separate accounts | [1] | 1,008 | 942 | |||||
Net amount at risk | [1] | $ 64 | $ 86 | |||||
Weighted average attained age | [1] | 71 years | 71 years | |||||
GGU death benefit [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 1,089 | $ 1,047 | |||||
Contract value in separate accounts | [1] | 1,038 | 996 | |||||
Net amount at risk | [1] | $ 120 | $ 108 | |||||
Weighted average attained age | [1] | 69 years | 68 years | |||||
GMIB [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 236 | $ 245 | |||||
Contract value in separate accounts | [1] | 218 | 227 | |||||
Net amount at risk | [1] | $ 8 | $ 13 | |||||
Weighted average attained age | [1] | 68 years | 68 years | |||||
GMWB [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 44,356 | $ 42,086 | |||||
Contract value in separate accounts | [1] | 44,218 | 41,924 | |||||
Net amount at risk | [1] | $ 191 | $ 291 | |||||
Weighted average attained age | [1] | 67 years | 66 years | |||||
GMWB [Member] | GMWB standard benefit [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 2,553 | $ 2,650 | |||||
Contract value in separate accounts | [1] | 2,544 | 2,642 | |||||
Net amount at risk | [1] | $ 2 | $ 2 | |||||
Weighted average attained age | [1] | 71 years | 70 years | |||||
GMWB [Member] | GMWB for life [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 41,803 | $ 39,436 | |||||
Contract value in separate accounts | [1] | 41,674 | 39,282 | |||||
Net amount at risk | [1] | $ 189 | $ 289 | [2] | ||||
Weighted average attained age | [1] | 67 years | 66 years | |||||
GMAB [Member] | ||||||||
Variable Annuity Guarantees by Benefit Type | ||||||||
Total contract value | [1] | $ 3,257 | $ 3,484 | |||||
Contract value in separate accounts | [1] | 3,252 | 3,476 | |||||
Net amount at risk | [1] | $ 0 | $ 21 | |||||
Weighted average attained age | [1] | 59 years | 59 years | |||||
|
Variable Annuity and Insurance Guarantees (IUL Secondary Guarantees) (Details) - UL secondary guarantees [Member] - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Insurance Guarantees by Benefit Type | ||
Net amount at risk | $ 6,420 | $ 6,376 |
Weighted average attained age | 64 years | 64 years |
Variable Annuity and Insurance Guarantees (Liability Rollforward) (Details) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
||||
GMDB and GGU [Member] | |||||
Changes in Additional Liabilities for Variable Annuity and Insurance Guarantees | |||||
Balance, at the beginning of the period | $ 16 | $ 14 | |||
Incurred claims | 1 | 3 | |||
Paid claims | (1) | (6) | |||
Balance, at the end of the period | 16 | 11 | |||
GMIB [Member] | |||||
Changes in Additional Liabilities for Variable Annuity and Insurance Guarantees | |||||
Balance, at the beginning of the period | 8 | 8 | |||
Paid claims | (1) | ||||
Balance, at the end of the period | 7 | 8 | |||
GMWB [Member] | |||||
Changes in Additional Liabilities for Variable Annuity and Insurance Guarantees | |||||
Balance, at the beginning of the period | [1] | 1,017 | 1,057 | ||
Incurred claims | [1] | (278) | 1,099 | ||
Balance, at the end of the period | [1] | 739 | 2,156 | ||
GMAB [Member] | |||||
Changes in Additional Liabilities for Variable Annuity and Insurance Guarantees | |||||
Balance, at the beginning of the period | [1] | (24) | |||
Incurred claims | [1] | (33) | 45 | ||
Paid claims | [1] | (1) | |||
Balance, at the end of the period | [1] | (57) | 44 | ||
UL [Member] | |||||
Changes in Additional Liabilities for Variable Annuity and Insurance Guarantees | |||||
Balance, at the beginning of the period | 434 | 332 | |||
Incurred claims | 52 | 44 | |||
Paid claims | (16) | (12) | |||
Balance, at the end of the period | $ 470 | $ 364 | |||
|
Variable Annuity and Insurance Guarantees (Separate Account Balances by Type) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Mutual funds | ||
Variable Annuity and Insurance Guarantees | ||
Total mutual funds | $ 71,686 | $ 69,090 |
Equity [Member] | ||
Variable Annuity and Insurance Guarantees | ||
Total mutual funds | 43,034 | 40,622 |
Bond [Member] | ||
Variable Annuity and Insurance Guarantees | ||
Total mutual funds | 23,363 | 23,142 |
Other [Member] | ||
Variable Annuity and Insurance Guarantees | ||
Total mutual funds | $ 5,289 | $ 5,326 |
Debt (Schedule of Debt) (Details) - Ameriprise Financial [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Dec. 31, 2016 |
|||
Debt and stated interest rates | |||||||
Long-term debt | $ 2,908 | $ 2,917 | |||||
Total long-term debt | 2,908 | 2,917 | |||||
Short-term borrowings | 200 | 200 | |||||
Total | 3,108 | 3,117 | |||||
Federal Home Loan Bank advances [Member] | |||||||
Debt and stated interest rates | |||||||
Short-term borrowings | $ 150 | $ 150 | |||||
Stated interest rate (as a percent) short-term debt | 1.20% | 0.80% | |||||
Remaining maturity of outstanding amount of short term borrowings | 4 months | 4 months | |||||
Repurchase agreements [Member] | |||||||
Debt and stated interest rates | |||||||
Short-term borrowings | $ 50 | $ 50 | |||||
Stated interest rate (as a percent) short-term debt | 1.10% | 0.90% | |||||
Remaining maturity of outstanding amount of short term borrowings | 1 month | 3 months | |||||
Senior notes due 2019 [Member] | |||||||
Debt and stated interest rates | |||||||
Long-term debt | $ 300 | $ 300 | |||||
Stated interest rate (as a percent) long-term debt | 7.30% | 7.30% | |||||
Senior notes due 2020 [Member] | |||||||
Debt and stated interest rates | |||||||
Long-term debt | $ 750 | $ 750 | |||||
Stated interest rate (as a percent) long-term debt | 5.30% | 5.30% | |||||
Senior notes due 2023 [Member] | |||||||
Debt and stated interest rates | |||||||
Long-term debt | $ 750 | $ 750 | |||||
Stated interest rate (as a percent) long-term debt | 4.00% | 4.00% | |||||
Senior notes due 2024 [Member] | |||||||
Debt and stated interest rates | |||||||
Long-term debt | $ 550 | $ 550 | |||||
Stated interest rate (as a percent) long-term debt | 3.70% | 3.70% | |||||
Senior notes due 2026 [Member] | |||||||
Debt and stated interest rates | |||||||
Long-term debt | $ 500 | $ 500 | |||||
Stated interest rate (as a percent) long-term debt | 2.90% | 2.90% | |||||
Proceeds from issuance of debt | $ 500 | ||||||
Debt issuance costs | $ 4 | ||||||
Capitalized lease obligations [Member] | |||||||
Debt and stated interest rates | |||||||
Capitalized lease obligations | $ 44 | $ 49 | |||||
Other [Member] | |||||||
Debt and stated interest rates | |||||||
Other | [1] | 14 | 18 | ||||
Junior Subordinated Debt [Member] | |||||||
Debt and stated interest rates | |||||||
Extinguishment of debt | $ 229 | $ 16 | |||||
Gain on extinguishment of debt | $ 1 | ||||||
Residential mortgage backed securities [Member] | Repurchase agreements [Member] | |||||||
Debt and stated interest rates | |||||||
Available-for-sale securities pledged as collateral | 31 | 33 | |||||
Commercial mortgage backed securities [Member] | Federal Home Loan Bank advances [Member] | |||||||
Debt and stated interest rates | |||||||
Available-for-sale securities pledged as collateral | 768 | 771 | |||||
Commercial mortgage backed securities [Member] | Repurchase agreements [Member] | |||||||
Debt and stated interest rates | |||||||
Available-for-sale securities pledged as collateral | $ 18 | $ 19 | |||||
|
Line of Credit Narrative (Details 2) - Ameriprise Financial [Member] - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Line of Credit Facility | ||
Current borrowing capacity for line of credit facility | $ 500 | |
Maximum borrowing capacity for line of credit facility | 750 | |
Line of credit borrowings outstanding | 0 | $ 0 |
Outstanding letters of credit issued against line of credit facility | $ 1 | $ 1 |
Fair Values of Assets and Liabilities (Assets & liabilities reported at FV) (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
||||||||||||||||||||
Assets | |||||||||||||||||||||
Investments segregated for regulatory purposes | $ 125 | $ 425 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Individual contracts in a liability position | [1],[2] | 3,721 | 4,262 | ||||||||||||||||||
Individual contracts in an asset position | [3] | 3,076 | 3,446 | ||||||||||||||||||
Cumulative decrease in embedded derivatives due to nonperformance | (425) | (498) | |||||||||||||||||||
GMWB and GMAB embedded derivatives [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Individual contracts in a liability position | 637 | 880 | |||||||||||||||||||
Individual contracts in an asset position | 365 | 266 | |||||||||||||||||||
Ameriprise Financial [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 30,647 | 30,719 | |||||||||||||||||||
Separate account assets measured at NAV | 83,661 | 80,210 | |||||||||||||||||||
Ameriprise Financial [Member] | Corporate debt securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 15,857 | 16,236 | |||||||||||||||||||
Ameriprise Financial [Member] | Residential mortgage backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 6,921 | 6,918 | |||||||||||||||||||
Ameriprise Financial [Member] | Commercial mortgage backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 3,443 | 3,367 | |||||||||||||||||||
Ameriprise Financial [Member] | Asset backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 1,678 | 1,549 | |||||||||||||||||||
Ameriprise Financial [Member] | State and municipal obligations [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 2,423 | 2,358 | |||||||||||||||||||
Ameriprise Financial [Member] | U.S. government and agencies obligations [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 7 | 8 | |||||||||||||||||||
Ameriprise Financial [Member] | Foreign government bonds and obligations [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 300 | 261 | |||||||||||||||||||
Ameriprise Financial [Member] | Common stocks [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 18 | 22 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash equivalents | 2,028 | 1,826 | |||||||||||||||||||
Available-for-Sale securities | 30,647 | 30,719 | |||||||||||||||||||
Trading securities | 156 | 25 | |||||||||||||||||||
Separate account assets measured at NAV | [4] | 83,661 | 80,210 | ||||||||||||||||||
Investments segregated for regulatory purposes | 125 | 425 | |||||||||||||||||||
Other assets | 3,076 | 3,446 | |||||||||||||||||||
Total assets at fair value | 119,693 | 116,651 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | 803 | [5] | 1,083 | [6] | |||||||||||||||||
Customer deposits | 8 | 8 | |||||||||||||||||||
Other liabilities | 2,942 | 3,195 | |||||||||||||||||||
Total liabilities at fair value | 3,753 | 4,286 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Other liabilities [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 32 | 24 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Interest rate derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 1,264 | 1,775 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 451 | 979 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Equity derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 1,759 | 1,568 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 2,291 | 2,027 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Credit derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 1 | 1 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Foreign exchange derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 46 | 93 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 30 | 47 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Other derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 6 | 9 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 138 | 118 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | EIA embedded derivatives [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | 4 | 5 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | IUL embedded derivatives [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | 527 | 464 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | GMWB and GMAB embedded derivatives [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | 272 | [7] | 614 | [8] | |||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Corporate debt securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 15,857 | 16,236 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Residential mortgage backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 6,921 | 6,918 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Commercial mortgage backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 3,443 | 3,367 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Asset backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 1,678 | 1,549 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | State and municipal obligations [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 2,423 | 2,358 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | U.S. government and agencies obligations [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 7 | 8 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Foreign government bonds and obligations [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 300 | 261 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Common stocks [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 13 | 17 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Common stocks measured at NAV [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | [4] | 5 | 5 | ||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash equivalents | 38 | 30 | |||||||||||||||||||
Available-for-Sale securities | 12 | 16 | |||||||||||||||||||
Trading securities | 117 | 9 | |||||||||||||||||||
Investments segregated for regulatory purposes | 125 | 425 | |||||||||||||||||||
Other assets | 53 | 56 | |||||||||||||||||||
Total assets at fair value | 345 | 536 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 18 | 10 | |||||||||||||||||||
Total liabilities at fair value | 18 | 10 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | Other liabilities [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 11 | 3 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | Interest rate derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 2 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 2 | ||||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | Equity derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 49 | 42 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 7 | 3 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | Foreign exchange derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 2 | 13 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 2 | ||||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | Other derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 1 | ||||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | U.S. government and agencies obligations [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 7 | 8 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 1 [Member] | Common stocks [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 5 | 8 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash equivalents | 1,990 | 1,796 | |||||||||||||||||||
Available-for-Sale securities | 29,092 | 29,050 | |||||||||||||||||||
Trading securities | 39 | 16 | |||||||||||||||||||
Other assets | 3,023 | 3,390 | |||||||||||||||||||
Total assets at fair value | 34,144 | 34,252 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | 4 | 5 | |||||||||||||||||||
Customer deposits | 8 | 8 | |||||||||||||||||||
Other liabilities | 2,910 | 3,172 | |||||||||||||||||||
Total liabilities at fair value | 2,922 | 3,185 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Other liabilities [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 7 | 8 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Interest rate derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 1,262 | 1,775 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 451 | 977 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Equity derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 1,710 | 1,526 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 2,284 | 2,024 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Credit derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 1 | 1 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Foreign exchange derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 44 | 80 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 30 | 45 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Other derivative contracts [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Other assets | 6 | 8 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 138 | 118 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | EIA embedded derivatives [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | 4 | 5 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Corporate debt securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 14,524 | 14,925 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Residential mortgage backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 6,749 | 6,650 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Commercial mortgage backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 3,443 | 3,367 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Asset backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 1,645 | 1,481 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | State and municipal obligations [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 2,423 | 2,358 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Foreign government bonds and obligations [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 300 | 261 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 2 [Member] | Common stocks [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 8 | 8 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 1,538 | 1,648 | |||||||||||||||||||
Total assets at fair value | 1,538 | 1,648 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | 799 | 1,078 | |||||||||||||||||||
Other liabilities | 14 | 13 | |||||||||||||||||||
Total liabilities at fair value | 813 | 1,091 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Other liabilities [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Other liabilities | 14 | 13 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | IUL embedded derivatives [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | 527 | 464 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | GMWB and GMAB embedded derivatives [Member] | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Policyholder account balances, future policy benefits and claims | 272 | 614 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Corporate debt securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 1,333 | 1,311 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Residential mortgage backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | 172 | 268 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Asset backed securities [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | $ 33 | 68 | |||||||||||||||||||
Ameriprise Financial [Member] | Recurring basis [Member] | Level 3 [Member] | Common stocks [Member] | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-Sale securities | $ 1 | ||||||||||||||||||||
|
Fair Values of Assets and Liabilities (Level 3 rollforwards-Assets) (Details 2) - Ameriprise Financial [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |||||||
Transfers from Level 1 to Level 2, assets | $ 0 | $ 0 | $ 0 | $ 0 | |||
Transfers from Level 2 to Level 1, assets | 0 | 0 | 0 | 0 | |||
Corporate debt securities [Member] | |||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||
Balance, at the beginning of the period | 1,344 | 1,411 | 1,311 | 1,425 | |||
Total gains (losses) included in net income | (1) | (2) | |||||
Total gains (losses) included in other comprehensive income | 2 | 13 | 2 | 31 | |||
Purchases | 8 | 14 | 70 | 14 | |||
Settlements | (21) | (87) | (50) | (118) | |||
Balance, at the end of the period | 1,333 | 1,350 | 1,333 | 1,350 | |||
Changes in unrealized gains (losses) relating to assets held at end of period | (1) | ||||||
Residential mortgage backed securities [Member] | |||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||
Balance, at the beginning of the period | 316 | 174 | 268 | 218 | |||
Total gains (losses) included in other comprehensive income | 1 | 2 | 1 | (1) | |||
Purchases | 132 | ||||||
Settlements | (13) | (23) | (25) | (39) | |||
Transfers out of Level 3 | (132) | (204) | (25) | ||||
Balance, at the end of the period | 172 | 153 | 172 | 153 | |||
Commercial mortgage backed securities [Member] | |||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||
Balance, at the beginning of the period | 10 | 3 | |||||
Purchases | 9 | ||||||
Settlements | (1) | (3) | |||||
Transfers out of Level 3 | (9) | (9) | |||||
Balance, at the end of the period | 0 | 0 | |||||
Asset backed securities [Member] | |||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||
Balance, at the beginning of the period | 64 | 170 | 68 | 162 | |||
Total gains (losses) included in net income | (1) | ||||||
Total gains (losses) included in other comprehensive income | 1 | (3) | 2 | (6) | |||
Purchases | 5 | 15 | 54 | 16 | |||
Settlements | (2) | (1) | (15) | (1) | |||
Transfers into Level 3 | 14 | 12 | 14 | 12 | |||
Transfers out of Level 3 | (49) | (15) | (90) | (25) | |||
Balance, at the end of the period | 33 | 178 | 33 | 178 | |||
Changes in unrealized gains (losses) relating to assets held at end of period | (1) | (1) | (1) | ||||
Asset backed securities [Member] | Cumulative effect of change in accounting policies [Member] | |||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||
Balance, at the beginning of the period | 21 | ||||||
Common stocks [Member] | |||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||
Balance, at the beginning of the period | 8 | 1 | |||||
Transfers into Level 3 | 8 | ||||||
Transfers out of Level 3 | (8) | (9) | |||||
Balance, at the end of the period | 0 | 0 | |||||
Total available-for-sale securities [Member] | |||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||
Balance, at the beginning of the period | 1,732 | 1,765 | 1,648 | 1,808 | |||
Total gains (losses) included in net income | [1] | (1) | (3) | ||||
Total gains (losses) included in other comprehensive income | 4 | 12 | 5 | 24 | |||
Purchases | 13 | 29 | 256 | 39 | |||
Settlements | (36) | (112) | (90) | (161) | |||
Transfers into Level 3 | 14 | 12 | 22 | 12 | |||
Transfers out of Level 3 | (189) | (24) | (303) | (59) | |||
Balance, at the end of the period | 1,538 | 1,681 | 1,538 | 1,681 | |||
Changes in unrealized gains (losses) relating to assets held at end of period | [1] | $ (1) | 0 | $ (1) | (2) | ||
Total available-for-sale securities [Member] | Cumulative effect of change in accounting policies [Member] | |||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||
Balance, at the beginning of the period | 21 | ||||||
Other derivative contracts [Member] | |||||||
Summary of changes in Level 3 assets measured at fair value on a recurring basis [Rollforward] | |||||||
Balance, at the beginning of the period | 0 | 0 | |||||
Purchases | 2 | 2 | |||||
Balance, at the end of the period | $ 2 | $ 2 | |||||
|
Fair Values of Assets and Liabilities (Level 3 rollforwards-Liabilities) (Details 3) - Ameriprise Financial [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | |||||||||||
Transfers from Level 1 to Level 2, liabilities | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Transfers from Level 2 to Level 1, liabilities | 0 | 0 | 0 | 0 | |||||||
Net increase (decrease) to pretax income from embedded derivative liability | (9) | 97 | (54) | 287 | |||||||
IUL embedded derivatives [Member] | |||||||||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 493 | 382 | 464 | 364 | |||||||
Total gains (losses) included in net income | [1] | 21 | 4 | 40 | (4) | ||||||
Issues | 22 | 29 | 44 | 61 | |||||||
Settlements | (9) | (7) | (21) | (13) | |||||||
Balance, at the end of the period | 527 | 408 | 527 | 408 | |||||||
Changes in unrealized (gains)/losses relating to liabilities held at end of period | [1] | 21 | 4 | 40 | (4) | ||||||
GMWB and GMAB embedded derivatives [Member] | |||||||||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 188 | 1,515 | 614 | 851 | |||||||
Total gains (losses) included in net income | [2] | 10 | 386 | (489) | 988 | ||||||
Issues | 77 | 70 | 154 | 138 | |||||||
Settlements | (3) | (6) | (7) | (12) | |||||||
Balance, at the end of the period | 272 | 1,965 | 272 | 1,965 | |||||||
Changes in unrealized (gains)/losses relating to liabilities held at end of period | [2] | 20 | 405 | (464) | 1,021 | ||||||
Policyholder account balances, future policy benefits and claims [Member] | |||||||||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 681 | 1,897 | 1,078 | 1,215 | |||||||
Total gains (losses) included in net income | 31 | 390 | (449) | 984 | |||||||
Issues | 99 | 99 | 198 | 199 | |||||||
Settlements | (12) | (13) | (28) | (25) | |||||||
Balance, at the end of the period | 799 | 2,373 | 799 | 2,373 | |||||||
Changes in unrealized (gains)/losses relating to liabilities held at end of period | 41 | $ 409 | (424) | $ 1,017 | |||||||
Contingent consideration liability [Member] | |||||||||||
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis [Rollforward] | |||||||||||
Balance, at the beginning of the period | 13 | 13 | |||||||||
Total gains (losses) included in net income | [3] | 1 | 1 | ||||||||
Balance, at the end of the period | $ 14 | $ 14 | |||||||||
|
Fair Value of Assets and Liabilities (Unobservable inputs) (Details 4) - Ameriprise Financial [Member] - Discounted cash flow [Member] - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
||||||||
IUL embedded derivatives [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Liabilities at fair value | $ 527 | $ 464 | |||||||
Nonperformance risk (as a percent) | [1] | 0.73% | 0.82% | ||||||
GMWB and GMAB embedded derivatives [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Liabilities at fair value | $ 272 | $ 614 | |||||||
Nonperformance risk (as a percent) | [1] | 0.73% | 0.82% | ||||||
GMWB and GMAB embedded derivatives [Member] | Minimum [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Utilization of guaranteed withdrawals (as a percent) | [2] | 0.00% | 0.00% | ||||||
Surrender rate (as a percent) | 0.10% | 0.10% | |||||||
Market volatility (as a percent) | [3] | 5.00% | 5.30% | ||||||
GMWB and GMAB embedded derivatives [Member] | Maximum [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Utilization of guaranteed withdrawals (as a percent) | [2] | 75.60% | 75.60% | ||||||
Surrender rate (as a percent) | 66.40% | 66.40% | |||||||
Market volatility (as a percent) | [3] | 19.90% | 21.20% | ||||||
Contingent consideration liability [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Discount rate | 9.00% | 9.00% | |||||||
Liabilities at fair value | $ 14 | $ 13 | |||||||
Corporate debt securities [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Assets at fair value | $ 1,331 | $ 1,308 | |||||||
Corporate debt securities [Member] | Minimum [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Yield/spread to U.S. Treasuries (as a percent) | 0.80% | 0.90% | |||||||
Corporate debt securities [Member] | Maximum [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Yield/spread to U.S. Treasuries (as a percent) | 2.40% | 2.50% | |||||||
Corporate debt securities [Member] | Weighted average [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Yield/spread to U.S. Treasuries (as a percent) | 1.20% | 1.30% | |||||||
Asset-backed Securities [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Assets at fair value | $ 14 | $ 14 | |||||||
Annual short-term default rate | 4.30% | 4.80% | |||||||
Annual long-term default rate | 2.50% | 2.50% | |||||||
Discount rate | 11.00% | 13.50% | |||||||
Asset-backed Securities [Member] | Minimum [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Constant prepayment rate | 5.00% | 5.00% | |||||||
Loss recovery (as a percent) | 36.40% | 36.40% | |||||||
Asset-backed Securities [Member] | Maximum [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Constant prepayment rate | 10.00% | 10.00% | |||||||
Loss recovery (as a percent) | 63.60% | 63.60% | |||||||
Asset-backed Securities [Member] | Weighted average [Member] | |||||||||
Fair values of assets and liabilities | |||||||||
Constant prepayment rate | 9.80% | 9.90% | |||||||
Loss recovery (as a percent) | 62.60% | 62.80% | |||||||
|
Fair Values of Assets and Liabilities (Carrying & Estimated Fair Value of non-Fair Value Reported Instruments) (Details 5) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Financial Liabilities | ||||
Separate account liabilities measured at NAV | $ 83,661 | $ 80,210 | ||
Ameriprise Financial [Member] | ||||
Financial Liabilities | ||||
Separate account liabilities measured at NAV | 83,661 | 80,210 | ||
Ameriprise Financial [Member] | Carrying Value [Member] | ||||
Financial Assets | ||||
Mortgage Loans, net | 2,993 | 2,986 | ||
Policy and certificate loans | 836 | 831 | ||
Receivables | 1,556 | 1,396 | ||
Restricted and segregated cash | 2,947 | 2,905 | ||
Other investments and assets | 531 | 508 | ||
Financial Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 10,551 | 10,906 | ||
Investment certificate reserves | 6,224 | 5,927 | ||
Brokerage customer deposits | 3,978 | 4,112 | ||
Separate account liabilities measured at NAV | 4,453 | 4,253 | ||
Debt and other Liabilities | 3,383 | 3,371 | ||
Recurring basis [Member] | Ameriprise Financial [Member] | ||||
Financial Assets | ||||
Mortgage Loans, net | 3,016 | 2,972 | ||
Policy and certificate loans | 795 | 808 | ||
Receivables | 1,554 | 1,400 | ||
Restricted and segregated cash | 2,947 | 2,905 | ||
Other investments and assets | 526 | 510 | ||
Financial Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 11,190 | 11,417 | ||
Investment certificate reserves | 6,212 | 5,914 | ||
Brokerage customer deposits | 3,978 | 4,112 | ||
Separate account liabilities measured at NAV | [1] | 4,453 | 4,253 | |
Debt and other Liabilities | 3,531 | 3,491 | ||
Recurring basis [Member] | Ameriprise Financial [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Receivables | 170 | 127 | ||
Restricted and segregated cash | 2,947 | 2,905 | ||
Financial Liabilities | ||||
Brokerage customer deposits | 3,978 | 4,112 | ||
Debt and other Liabilities | 181 | 146 | ||
Recurring basis [Member] | Ameriprise Financial [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Policy and certificate loans | 1 | |||
Receivables | 1,381 | 1,270 | ||
Other investments and assets | 450 | 449 | ||
Financial Liabilities | ||||
Debt and other Liabilities | 3,201 | 3,176 | ||
Recurring basis [Member] | Ameriprise Financial [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Mortgage Loans, net | 3,016 | 2,972 | ||
Policy and certificate loans | 795 | 807 | ||
Receivables | 3 | 3 | ||
Other investments and assets | 76 | 61 | ||
Financial Liabilities | ||||
Policyholder account balances, future policy benefits and claims | 11,190 | 11,417 | ||
Investment certificate reserves | 6,212 | 5,914 | ||
Debt and other Liabilities | $ 149 | $ 169 | ||
|
Assets Subject to Netting (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Derivatives [Abstract] | ||||||||||
Gross amounts of recognized assets | [1] | $ 3,076 | $ 3,446 | |||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||
Financial instruments | [2] | (2,291) | (2,725) | |||||||
Cash collateral | (643) | (409) | ||||||||
Securities collateral | (106) | (235) | ||||||||
Net amount | 36 | 77 | ||||||||
Securities borrowed [Abstract] | ||||||||||
Gross amounts of recognized assets | 170 | 127 | ||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||
Financial instruments | [2] | (21) | (16) | |||||||
Securities borrowed | (145) | (108) | ||||||||
Net amount | 4 | 3 | ||||||||
Total [Abstract] | ||||||||||
Gross amounts of recognized assets | 3,246 | 3,573 | ||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||
Financial instruments | [2] | (2,312) | (2,741) | |||||||
Cash collateral | (643) | (409) | ||||||||
Securities collateral | (251) | (343) | ||||||||
Net amount | 40 | 80 | ||||||||
OTC [Member] | ||||||||||
Derivatives [Abstract] | ||||||||||
Gross amounts of recognized assets | 3,010 | 2,920 | ||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||
Financial instruments | [2] | (2,259) | (2,214) | |||||||
Cash collateral | (643) | (406) | ||||||||
Securities collateral | (106) | (235) | ||||||||
Net amount | 2 | 65 | ||||||||
OTC cleared [Member] | ||||||||||
Derivatives [Abstract] | ||||||||||
Gross amounts of recognized assets | 37 | [3] | 512 | |||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||
Financial instruments | [2] | (31) | [3] | (509) | ||||||
Cash collateral | (3) | |||||||||
Net amount | 6 | |||||||||
Exchange-traded [Member] | ||||||||||
Derivatives [Abstract] | ||||||||||
Gross amounts of recognized assets | 29 | 14 | ||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||
Financial instruments | [2] | (1) | (2) | |||||||
Net amount | $ 28 | $ 12 | ||||||||
|
Liabilities Subject to Netting (Details 2) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives [Abstract] | ||||||||||||
Gross amounts of recognized liabilities | [1],[2] | $ 3,721 | $ 4,262 | |||||||||
Securities loaned [Abstract] | ||||||||||||
Gross amounts of recognized liabilities | 181 | 146 | ||||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||||
Financial instruments | [3] | (21) | (16) | |||||||||
Securities collateral | (154) | (125) | ||||||||||
Net amount | 6 | 5 | ||||||||||
Repurchase agreements [Abstract] | ||||||||||||
Gross amounts of recognized liabilities | 50 | 50 | ||||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||||
Securities collateral | (48) | (50) | ||||||||||
Net amount | 2 | 0 | ||||||||||
Total [Abstract] | ||||||||||||
Gross amounts of recognized liabilities | 3,141 | 3,367 | ||||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||||
Financial instruments | [3] | (2,312) | (2,741) | |||||||||
Cash collateral | (63) | (78) | ||||||||||
Securities collateral | (744) | (527) | ||||||||||
Net amount | 22 | 21 | ||||||||||
OTC [Member] | ||||||||||||
Derivatives [Abstract] | ||||||||||||
Gross amounts of recognized liabilities | 2,874 | 2,626 | ||||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||||
Financial instruments | [3] | (2,259) | (2,214) | |||||||||
Cash collateral | (63) | (53) | ||||||||||
Securities collateral | (542) | (352) | ||||||||||
Net amount | 10 | 7 | ||||||||||
OTC cleared [Member] | ||||||||||||
Derivatives [Abstract] | ||||||||||||
Gross amounts of recognized liabilities | 35 | [4] | 539 | |||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||||
Financial instruments | [3] | (31) | [4] | (509) | ||||||||
Cash collateral | (25) | |||||||||||
Net amount | 4 | 5 | ||||||||||
Exchange-traded [Member] | ||||||||||||
Derivatives [Abstract] | ||||||||||||
Gross amounts of recognized liabilities | 1 | 6 | ||||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||||
Financial instruments | [3] | (1) | (2) | |||||||||
Net amount | 0 | 4 | ||||||||||
Total derivatives [Member] | ||||||||||||
Derivatives [Abstract] | ||||||||||||
Gross amounts of recognized liabilities | 2,910 | 3,171 | ||||||||||
Gross amounts not offset in the consolidated balance sheets [Abstract] | ||||||||||||
Financial instruments | [3] | (2,291) | (2,725) | |||||||||
Cash collateral | (63) | (78) | ||||||||||
Securities collateral | (542) | (352) | ||||||||||
Net amount | $ 14 | $ 16 | ||||||||||
|
Derivatives and Hedging Activities (Balance Sheet) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives and Hedging Activities | |||||||||||
Notional amount | $ 136,747 | $ 142,316 | |||||||||
Derivative liability after application of master netting arrangements and cash collateral including embedded derivative liabilities | 1,400 | 1,500 | |||||||||
Gross fair value of assets | [1] | 3,076 | 3,446 | ||||||||
Gross fair value of liabilities | [2],[3] | 3,721 | 4,262 | ||||||||
Fair value of investment securities received as collateral | 141 | 235 | |||||||||
Fair value of investment securities received as collateral that can be repledged | 140 | 118 | |||||||||
Fair value of investment securities received as collateral that were repledged | 13 | 19 | |||||||||
GMWB and GMAB embedded derivatives [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | 365 | 266 | |||||||||
Gross fair value of liabilities | 637 | 880 | |||||||||
GMWB and GMAB embedded derivatives [Member] | Policyholder account balances, future policy benefits and claims [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3],[4] | 272 | 614 | ||||||||
IUL embedded derivatives [Member] | Policyholder account balances, future policy benefits and claims [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3] | 527 | 464 | ||||||||
EIA embedded derivatives [Member] | Policyholder account balances, future policy benefits and claims [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3] | 4 | 5 | ||||||||
SMC embedded derivatives [Member] | Customer deposits [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3] | 8 | 8 | ||||||||
Total embedded derivatives [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3] | 811 | 1,091 | ||||||||
Derivatives designated as hedging instruments [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Notional amount | 689 | 839 | |||||||||
Derivatives designated as hedging instruments [Member] | Other assets [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | [1] | 35 | 52 | ||||||||
Derivatives designated as hedging instruments [Member] | Interest rate contracts [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Notional amount | 675 | 675 | |||||||||
Derivatives designated as hedging instruments [Member] | Interest rate contracts [Member] | Other assets [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | [1] | 35 | 40 | ||||||||
Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Notional amount | 14 | 164 | |||||||||
Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member] | Other assets [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | [1] | 12 | |||||||||
Derivatives not designated as hedging instruments [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Notional amount | 136,058 | 141,477 | |||||||||
Derivatives not designated as hedging instruments [Member] | Other assets [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | [1] | 3,041 | 3,394 | ||||||||
Derivatives not designated as hedging instruments [Member] | Other liabilities [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3] | 2,910 | 3,171 | ||||||||
Derivatives not designated as hedging instruments [Member] | Interest rate contracts [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Notional amount | 67,921 | 71,949 | |||||||||
Derivatives not designated as hedging instruments [Member] | Interest rate contracts [Member] | Other assets [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | [1] | 1,229 | 1,735 | ||||||||
Derivatives not designated as hedging instruments [Member] | Interest rate contracts [Member] | Other liabilities [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3] | 451 | 979 | ||||||||
Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Notional amount | 59,412 | 60,696 | |||||||||
Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | Other assets [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | [1] | 1,759 | 1,568 | ||||||||
Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | Other liabilities [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3] | 2,291 | 2,027 | ||||||||
Derivatives not designated as hedging instruments [Member] | Credit contracts [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Notional amount | 813 | 1,039 | |||||||||
Derivatives not designated as hedging instruments [Member] | Credit contracts [Member] | Other assets [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | [1] | 1 | 1 | ||||||||
Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Notional amount | 4,487 | 4,733 | |||||||||
Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | Other assets [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | [1] | 46 | 81 | ||||||||
Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | Other liabilities [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3] | 30 | 47 | ||||||||
Derivatives not designated as hedging instruments [Member] | Other contracts [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Notional amount | 3,425 | 3,060 | |||||||||
Derivatives not designated as hedging instruments [Member] | Other contracts [Member] | Other assets [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of assets | [1] | 6 | 9 | ||||||||
Derivatives not designated as hedging instruments [Member] | Other contracts [Member] | Other liabilities [Member] | |||||||||||
Derivatives and Hedging Activities | |||||||||||
Gross fair value of liabilities | [2],[3] | $ 138 | $ 118 | ||||||||
|
Derivatives and Hedging Activities (Income Statement) (Details 2) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Net investment income [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | $ (7) | $ (22) | $ (4) | $ (62) |
Net investment income [Member] | Derivatives not designated as hedging instruments [Member] | Interest rate contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (8) | (20) | (7) | (60) |
Net investment income [Member] | Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 1 | 3 | ||
Net investment income [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (2) | (2) | ||
Banking and deposit interest expense [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 0 | (1) | 0 | (1) |
Banking and deposit interest expense [Member] | SMC embedded derivatives [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (1) | (1) | (2) | |
Banking and deposit interest expense [Member] | Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 1 | 2 | (1) | |
Distribution expenses [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 9 | 3 | 25 | 4 |
Distribution expenses [Member] | Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 8 | 4 | 23 | 2 |
Distribution expenses [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 1 | (1) | 2 | 2 |
Interest credited to fixed accounts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 1 | 4 | 13 | 15 |
Interest credited to fixed accounts [Member] | IUL embedded derivatives [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (12) | 3 | (19) | 17 |
Interest credited to fixed accounts [Member] | Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 13 | 1 | 32 | (2) |
Benefits, claims, losses and settlement expenses [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (168) | (130) | (317) | (164) |
Benefits, claims, losses and settlement expenses [Member] | GMWB and GMAB embedded derivatives [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (84) | (450) | 342 | (1,114) |
Benefits, claims, losses and settlement expenses [Member] | Derivatives not designated as hedging instruments [Member] | Interest rate contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 185 | 449 | 110 | 1,204 |
Benefits, claims, losses and settlement expenses [Member] | Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (181) | (96) | (597) | (161) |
Benefits, claims, losses and settlement expenses [Member] | Derivatives not designated as hedging instruments [Member] | Credit contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (11) | (15) | (19) | (31) |
Benefits, claims, losses and settlement expenses [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (4) | (19) | (28) | (54) |
Benefits, claims, losses and settlement expenses [Member] | Derivatives not designated as hedging instruments [Member] | Other contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | (73) | 1 | (125) | (8) |
General and administrative expense [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 5 | 6 | 9 | 13 |
General and administrative expense [Member] | Derivatives not designated as hedging instruments [Member] | Equity contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | 2 | 5 | 1 | |
General and administrative expense [Member] | Derivatives not designated as hedging instruments [Member] | Foreign exchange contracts [Member] | ||||
Impact of derivatives not designated as hedging instruments on Consolidated Statements of Income | ||||
Amount of gain (loss) on derivatives recognized in income | $ 3 | $ 6 | $ 4 | $ 12 |
Derivatives and Hedging Activites (Option Pay/Rec) (Details 3) $ in Millions |
Jun. 30, 2017
USD ($)
|
|||
---|---|---|---|---|
Summary of Option Premiums Payable and Receivable | ||||
Premiums payable | $ 1,719 | |||
Premiums receivable | 732 | |||
2017 [Member] | ||||
Summary of Option Premiums Payable and Receivable | ||||
Premiums payable | 148 | [1] | ||
Premiums receivable | 39 | [1] | ||
2018 [Member] | ||||
Summary of Option Premiums Payable and Receivable | ||||
Premiums payable | 231 | |||
Premiums receivable | 131 | |||
2019 [Member] | ||||
Summary of Option Premiums Payable and Receivable | ||||
Premiums payable | 293 | |||
Premiums receivable | 171 | |||
2020 [Member] | ||||
Summary of Option Premiums Payable and Receivable | ||||
Premiums payable | 207 | |||
Premiums receivable | 100 | |||
2021 [Member] | ||||
Summary of Option Premiums Payable and Receivable | ||||
Premiums payable | 187 | |||
Premiums receivable | 108 | |||
2022-2027 [Member] | ||||
Summary of Option Premiums Payable and Receivable | ||||
Premiums payable | 653 | |||
Premiums receivable | $ 183 | |||
|
Derivatives and Hedging Activities (Impact of Hedging Activity) (Details 4) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Derivative, Credit Risk Related Contingent Features [Abstract] | |||||
Aggregate fair value of derivative contracts in a net liability position containing such credit contingent instruments | $ 385 | $ 385 | $ 254 | ||
Aggregate fair value of assets posted as collateral for such instruments | 375 | 375 | 246 | ||
Aggregate fair value of additional assets required to be posted or needed to settle the instruments | 10 | 10 | $ 8 | ||
Cash flow hedges [Member] | |||||
Derivative Instruments, Gain (Loss) | |||||
Estimated reclassification of net pretax losses on cash flow hedges from accumulated other comprehensive income to earnings during the next 12 months | (2) | ||||
Cash flow hedge gain to be reclassified within twelve months to interest and debt expense | 2 | ||||
Cash flow hedge loss to be reclassified within twelve months recorded in net investment income | $ (4) | ||||
Longest period of time over which the entity hedges exposure to the variability in future cash flows | 18 years | ||||
Net investment hedges [Member] | |||||
Derivative Instruments, Gain (Loss) | |||||
Gain (loss) on net investment hedge | (1) | $ 19 | $ 1 | $ 19 | |
Interest rate contracts [Member] | Interest and debt expense [Member] | Fair value hedges [Member] | |||||
Derivative Instruments, Gain (Loss) | |||||
Amount of gain recognized in income on derivatives | $ 4 | $ 5 | $ 8 | $ 10 |
Shareholders' Equity Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||||||||||
Net unrealized securities gains, before tax [Abstract] | |||||||||||||||||
Net unrealized securities gains arising during the period, before tax | [1] | $ 191 | $ 559 | $ 244 | $ 1,052 | ||||||||||||
Reclassification of net securities gains included in net income, before tax | [2] | (21) | (5) | (39) | (4) | ||||||||||||
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables, before tax | (81) | (222) | (107) | (419) | |||||||||||||
Net unrealized securities gains, before tax | 89 | 332 | 98 | 629 | |||||||||||||
Net unrealized derivatives gains, before tax [Abstract] | |||||||||||||||||
Reclassification of net derivative losses included in net income, before tax | 0 | [3] | 2 | [3] | 2 | [4] | 3 | [4] | |||||||||
Net unrealized derivatives gains, before tax | 0 | 2 | 2 | 3 | |||||||||||||
Defined benefit plans net gain arising during the period, before tax | 0 | 9 | 7 | 9 | |||||||||||||
Defined benefit plans, before tax | 0 | 9 | 7 | 9 | |||||||||||||
Foreign currency translation, before tax | 35 | (42) | 46 | (59) | |||||||||||||
Other, before tax | (1) | 0 | |||||||||||||||
Other comprehensive income attributable to Ameriprise Financial, before tax | 124 | 301 | 152 | 582 | |||||||||||||
Net unrealized securities gains (losses), tax impact [Abstract] | |||||||||||||||||
Net unrealized securities gains arising during the period, tax impact | [1] | (68) | (194) | (85) | (367) | ||||||||||||
Reclassification of net securities gains included in net income, tax impact | [2] | 8 | 1 | 14 | 1 | ||||||||||||
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables, tax impact | 28 | 78 | 37 | 147 | |||||||||||||
Net unrealized securities gains, tax impact | (32) | (115) | (34) | (219) | |||||||||||||
Net unrealized derivatives losses, tax impact [Abstract] | |||||||||||||||||
Reclassification of net derivative losses included in net income, tax impact | 0 | [3] | (1) | [3] | (1) | [4] | (1) | [4] | |||||||||
Net unrealized derivatives gains, tax impact | 0 | (1) | (1) | (1) | |||||||||||||
Defined benefit plans net gain arising during the period, tax impact | 0 | (3) | (2) | (3) | |||||||||||||
Defined benefit plans, tax impact | 0 | (3) | (2) | (3) | |||||||||||||
Foreign currency translation, tax impact | (12) | 14 | (16) | 20 | |||||||||||||
Other, tax impact | 0 | 0 | |||||||||||||||
Other comprehensive income attributable to Ameriprise Financial, tax impact | (44) | (105) | (53) | (203) | |||||||||||||
Net unrealized securities gains (losses), net of tax [Abstract] | |||||||||||||||||
Net unrealized securities gains arising during the period, net of tax | [1] | 123 | 365 | 159 | 685 | ||||||||||||
Reclassification of net securities gains included in net income, net of tax | [2] | (13) | (4) | (25) | (3) | ||||||||||||
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables, net of tax | (53) | (144) | (70) | (272) | |||||||||||||
Net unrealized securities gains, net of tax | 57 | 217 | 64 | 410 | |||||||||||||
Net unrealized derivatives losses, net of tax [Abstract] | |||||||||||||||||
Reclassification of net derivative losses included in net income, net of tax | 0 | [3] | 1 | [3] | 1 | [4] | 2 | [4] | |||||||||
Net unrealized derivatives gains, net of tax | 0 | 1 | 1 | 2 | |||||||||||||
Defined benefit plans net gain arising during the period, net of tax | 0 | 6 | 5 | 6 | |||||||||||||
Defined benefit plans, net of tax | 0 | 6 | 5 | 6 | |||||||||||||
Foreign currency translation, net of tax | 23 | (28) | 30 | (39) | |||||||||||||
Other, net of tax | 0 | 0 | (1) | 0 | |||||||||||||
Other comprehensive income attributable to Ameriprise Financial, net of tax | 80 | 196 | 99 | 379 | |||||||||||||
Interest and debt expense [Member] | |||||||||||||||||
Net unrealized derivatives gains (losses) reclassified from AOCI into income, effective portion, net | 1 | 1 | 1 | 1 | |||||||||||||
Net investment income [Member] | |||||||||||||||||
Net unrealized derivatives gains (losses) reclassified from AOCI into income, effective portion, net | $ 1 | $ 2 | $ 2 | $ 3 | |||||||||||||
|
AOCI Rollforward (Details 2) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2015 |
||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | $ 219 | $ 442 | $ 200 | $ 253 | ||||
Cumulative effect of change in accounting policies | $ (1,318) | |||||||
OCI before reclassifications | 93 | 193 | 118 | 374 | ||||
Amounts reclassified from AOCI | (13) | 3 | (19) | 5 | ||||
Other comprehensive income attributable to Ameriprise Financial, net of tax | 80 | 196 | 99 | 379 | ||||
Ending balance | 299 | 638 | 299 | 638 | ||||
Noncredit related impairments on securities and net unrealized securities gains (losses) on previously impaired securities | 4 | 1 | 4 | 1 | ||||
Net unrealized securities gains [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | 486 | 625 | 479 | 426 | ||||
Cumulative effect of change in accounting policies | 6 | |||||||
OCI before reclassifications | 70 | 221 | 89 | 413 | ||||
Amounts reclassified from AOCI | (13) | (4) | (25) | (3) | ||||
Other comprehensive income attributable to Ameriprise Financial, net of tax | 57 | 217 | 64 | 410 | ||||
Ending balance | [1] | 543 | 842 | 543 | 842 | |||
Net unrealized derivatives gains [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | 6 | 2 | 5 | 1 | ||||
OCI before reclassifications | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from AOCI | 0 | 1 | 1 | 2 | ||||
Other comprehensive income attributable to Ameriprise Financial, net of tax | 0 | 1 | 1 | 2 | ||||
Ending balance | 6 | 3 | 6 | 3 | ||||
Defined benefit plans [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (120) | (91) | (125) | (91) | ||||
OCI before reclassifications | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from AOCI | 0 | 6 | 5 | 6 | ||||
Other comprehensive income attributable to Ameriprise Financial, net of tax | 0 | 6 | 5 | 6 | ||||
Ending balance | (120) | (85) | (120) | (85) | ||||
Foreign currency translation [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (152) | (94) | (159) | (83) | ||||
OCI before reclassifications | 23 | (28) | 30 | (39) | ||||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | ||||
Other comprehensive income attributable to Ameriprise Financial, net of tax | 23 | (28) | 30 | (39) | ||||
Ending balance | (129) | $ (122) | (129) | (122) | ||||
Other [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (1) | 0 | ||||||
OCI before reclassifications | 0 | (1) | ||||||
Amounts reclassified from AOCI | 0 | 0 | ||||||
Other comprehensive income attributable to Ameriprise Financial, net of tax | 0 | (1) | ||||||
Ending balance | [1] | $ (1) | $ (1) | |||||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Cumulative effect of change in accounting policies | $ 6 | |||||||
Balance adjusted for change in accounting policies [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | 259 | |||||||
Balance adjusted for change in accounting policies [Member] | Net unrealized securities gains [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | $ 432 | |||||||
|
Changes in Shareholders' Equity (Details 3) - USD ($) shares in Millions, $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Stock repurchase program, authorized amount | $ 2,500 | $ 2,500 | |
Remaining balance under stock repurchase program | $ 220 | ||
Number of shares reacquired through surrender of restricted shares | 0.2 | 0.3 | |
Value of shares reacquired through surrender of restricted shares | $ 30 | $ 29 | |
Number of shares reacquired through net settlement options | 1.1 | 0.2 | |
Aggregate value of shares reacquired through net settlement options | $ 138 | $ 18 | |
Treasury shares reissued for restricted stock award grants and Ameriprise Financial Franchise Advisor Deferred Compensation Plan | 0.8 | 0.9 | |
Open market share repurchases [Member] | |||
Repurchase of common shares (in shares) | 5.7 | 9.8 | |
Repurchase of common shares | $ 709 | $ 895 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Operating Loss Carryforwards [Line Items] | |||||
Effective tax rate on income from continuing operations (as a percent) | 23.10% | 18.40% | 19.30% | 21.00% | |
Benefit from completion of audits | $ 17 | ||||
Adoption impact of stock compensation accounting guidance | $ (118) | (75) | $ (190) | $ (186) | |
Valuation allowance | 12 | 12 | $ 11 | ||
Gross unrecognized tax benefits | 119 | 119 | 115 | ||
Unrecognized tax benefits net of federal tax benefits that would affect the effective tax rate | 49 | 49 | 46 | ||
Increase (decrease) in interest and penalties | 0 | $ 0 | 1 | (44) | |
Payable related to accrued interest and penalties | 9 | 9 | $ 8 | ||
Minimum [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Decrease in gross unrecognized tax benefits due to resolution of audits and statute expirations | 20 | 20 | |||
Maximum [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Decrease in gross unrecognized tax benefits due to resolution of audits and statute expirations | 30 | 30 | |||
State and Local [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
State net operating losses | 15 | 15 | |||
Adjustments for new accounting pronouncement [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Adoption impact of stock compensation accounting guidance | $ 4 | $ 32 | $ 5 |
Guarantees and Contingencies (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Future guaranty fund assessments [Member] | ||
Contingencies | ||
Liability related to guaranty fund assessments | $ 15 | $ 16 |
Related premium tax asset | 12 | $ 14 |
Otkritie Capital International LTD and JSC Otkririe Holding v. Threadneedle Asset Management LTD. and Threadneedle Management Services Ltd. [Member] | Pending Litigation [Member] | ||
Contingencies | ||
Damages sought by plaintiffs | $ 106 |
Earnings per Share Attributable to Ameriprise Financial, Inc. Common Shareholders (Basic & Diluted) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Numerator: | ||||
Net income | $ 393 | $ 335 | $ 796 | $ 699 |
Denominator: | ||||
Basic: Weighted-average common shares outstanding | 155.1 | 168.3 | 156.3 | 170.4 |
Effect of potentially dilutive nonqualified stock options and other share-based awards (in shares) | 2.4 | 1.8 | 2.5 | 1.8 |
Diluted: Weighted-average common shares outstanding | 157.5 | 170.1 | 158.8 | 172.2 |
Basic: | ||||
Net income (in dollars per share) | $ 2.53 | $ 1.99 | $ 5.09 | $ 4.10 |
Diluted: | ||||
Net income (in dollars per share) | $ 2.50 | $ 1.97 | $ 5.01 | $ 4.06 |
Effect of potentially dilutive nonqualified stock options and other share-based awards (in shares) | 2.6 | 4.9 |
Segment Information - Total Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Summary of assets by segment | ||
Total assets | $ 143,144 | $ 139,821 |
Advice and Wealth Management [Member] | ||
Summary of assets by segment | ||
Total assets | 13,084 | 12,654 |
Asset Management [Member] | ||
Summary of assets by segment | ||
Total assets | 7,940 | 7,254 |
Annuities [Member] | ||
Summary of assets by segment | ||
Total assets | 95,364 | 93,481 |
Protection [Member] | ||
Summary of assets by segment | ||
Total assets | 17,236 | 16,780 |
Corporate and Other [Member] | ||
Summary of assets by segment | ||
Total assets | $ 9,520 | $ 9,652 |
Segment Information - Operating net revenues (Details 2) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | $ 2,950 | $ 2,856 | $ 5,810 | $ 5,644 | ||||||||||||
Net Realized Gains (Losses) | 21 | 5 | 38 | (11) | ||||||||||||
Revenues attributable to CIEs | 25 | 26 | 47 | 50 | ||||||||||||
Market impact on IUL benefits, net | (3) | 3 | (2) | 12 | ||||||||||||
Market impact of hedges on investments | (8) | (19) | (7) | (59) | ||||||||||||
Total net revenues | 2,985 | [1] | 2,871 | [1] | 5,886 | [2] | 5,636 | [2] | ||||||||
Reconciliation of operating profit (loss) from segments to consolidated | ||||||||||||||||
Total segment operating earnings | 584 | 476 | 1,104 | 973 | ||||||||||||
Net Realized Gains (Losses) including DAC offset | 20 | 5 | 36 | (11) | ||||||||||||
Net income (loss) attributable to CIEs | 1 | 1 | 2 | (1) | ||||||||||||
Market impact on variable annuity guaranteed benefits, net | (80) | (58) | (143) | (41) | ||||||||||||
Market impact on IUL benefits, net | (6) | 5 | (6) | 24 | ||||||||||||
Market impact of hedges on investments | (8) | (19) | (7) | (59) | ||||||||||||
Pretax income | 511 | 410 | 986 | 885 | ||||||||||||
Advice and Wealth Management [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | 1,348 | 1,250 | 2,643 | 2,448 | ||||||||||||
Reconciliation of operating profit (loss) from segments to consolidated | ||||||||||||||||
Total segment operating earnings | 291 | 221 | 539 | 426 | ||||||||||||
Asset Management [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | 748 | 739 | 1,474 | 1,463 | ||||||||||||
Reconciliation of operating profit (loss) from segments to consolidated | ||||||||||||||||
Total segment operating earnings | 176 | 148 | 326 | 297 | ||||||||||||
Annuities [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | 627 | 619 | 1,235 | 1,215 | ||||||||||||
Reconciliation of operating profit (loss) from segments to consolidated | ||||||||||||||||
Total segment operating earnings | 142 | 146 | 281 | 270 | ||||||||||||
Protection [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | 517 | 538 | 1,038 | 1,080 | ||||||||||||
Reconciliation of operating profit (loss) from segments to consolidated | ||||||||||||||||
Total segment operating earnings | 51 | 38 | 114 | 106 | ||||||||||||
Corporate and Other [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | 55 | 59 | 112 | 127 | ||||||||||||
Reconciliation of operating profit (loss) from segments to consolidated | ||||||||||||||||
Total segment operating earnings | (76) | (77) | (156) | (126) | ||||||||||||
Eliminations [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | (345) | [3] | (349) | [3] | (692) | [4] | (689) | [4] | ||||||||
Non-US [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total net revenues | 185 | 166 | 341 | 338 | ||||||||||||
Consolidation, Eliminations [Member] | Advice and Wealth Management [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | 231 | 244 | 468 | 483 | ||||||||||||
Consolidation, Eliminations [Member] | Asset Management [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | 12 | 10 | 23 | 21 | ||||||||||||
Consolidation, Eliminations [Member] | Annuities [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | 87 | 83 | 171 | 162 | ||||||||||||
Consolidation, Eliminations [Member] | Protection [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | 15 | 11 | 30 | 22 | ||||||||||||
Consolidation, Eliminations [Member] | Corporate and Other [Member] | ||||||||||||||||
Summary of segment operating results [Abstract] | ||||||||||||||||
Total segment operating revenues | $ 0 | $ 1 | $ 0 | $ 1 | ||||||||||||
|
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