<PAGE>

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 10-Q

          |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2007

                                      OR

          | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

            FOR THE TRANSITION PERIOD FROM ___________TO___________

                       COMMISSION FILE NUMBER 333-114888

                      RIVERSOURCE LIFE INSURANCE COMPANY
            (Exact name of registrant as specified in its charter)

           MINNESOTA                                    41-0823832
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
 incorporation or organization)

55 AMERIPRISE FINANCIAL CENTER, MINNEAPOLIS, MINNESOTA                 55474
       (Address of principal executive offices)                      (Zip Code)

Registrant's telephone number, including area code      (612) 671-3131

                                NOT APPLICABLE
             (Former name, former address and former fiscal year,
                        if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

                                                            Yes |X|      No | |

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.

Large accelerated filer | |   Accelerated filer | |   Non-accelerated filer |X|

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act).

                                                            Yes | |      No |X|

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

                 CLASS                          OUTSTANDING AT MAY 10, 2007
--------------------------------------  --------------------------------------
Common Stock (par value $30 per share)                  100,000 shares

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS H(1) (a)
AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED
DISCLOSURE FORMAT.
<PAGE>

<TABLE>
                                                RIVERSOURCE LIFE INSURANCE COMPANY

                                                            FORM 10-Q

                                                              INDEX

<CAPTION>
                                                                                                                          PAGE NO.
                                                                                                                          --------
<S>                                                                                                                          <C>
PART I.   FINANCIAL INFORMATION:

          Item 1.  Financial Statements
                   Consolidated Balance Sheets - March 31, 2007 and December 31, 2006........................................    1
                   Consolidated Statements of Income - Three Months Ended March 31, 2007 and 2006............................    2
                   Consolidated Statements of Cash Flows - Three Months Ended March 31, 2007 and 2006........................    3
                   Consolidated Statements of Shareholders' Equity - Three Months Ended March 31, 2007 and 2006..............    4
                   Notes to Consolidated Financial Statements................................................................ 5-10

          Item 2.  Management's Discussion and Analysis......................................................................11-14

          Item 4T. Controls and Procedures...................................................................................   15

PART II.  OTHER INFORMATION:

          Item 1.  Legal Proceedings.........................................................................................   15

          Item 1A. Risk Factors..............................................................................................   15

          Item 6.  Exhibits..................................................................................................   15

          Signatures.........................................................................................................   16

          Exhibit Index......................................................................................................  E-1
</TABLE>
<PAGE>

PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

<TABLE>
                                              RIVERSOURCE LIFE INSURANCE COMPANY

                                                 CONSOLIDATED BALANCE SHEETS
                                             (in millions, except share amounts)

<CAPTION>
                                                                                                 MARCH 31,      DECEMBER 31,
                                                                                                   2007             2006
                                                                                               ------------    -------------
                                                                                                (UNAUDITED)
<S>                                                                                            <C>             <C>
ASSETS
Investments:
Available-for-Sale:
    Fixed maturities, at fair value (amortized cost: 2007, $24,173; 2006, $25,289)............ $     23,990    $      24,995
    Common and preferred stocks, at fair value (cost: 2007 and 2006, $30).....................           31               31
Mortgage loans on real estate, at cost (less allowance for loan losses: 2007 and 2006, $37)...        2,732            2,790
Policy loans..................................................................................          647              642
Trading securities and other investments......................................................          150              241
                                                                                               ------------    -------------
    Total investments.........................................................................       27,550           28,699

Cash and cash equivalents.....................................................................          386              160
Reinsurance recoverables......................................................................        1,174            1,137
Amounts due from brokers......................................................................           24                7
Other accounts receivable.....................................................................          102               90
Accrued investment income.....................................................................          301              309
Deferred acquisition costs....................................................................        4,255            4,411
Deferred sales inducement costs...............................................................          453              452
Other assets..................................................................................          375              321
Separate account assets.......................................................................       51,731           49,287
                                                                                               ------------    -------------

    Total assets.............................................................................. $     86,351    $      84,873
                                                                                               ============    =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Future policy benefits........................................................................ $     28,678    $      29,561
Policy claims and other policyholders' funds..................................................           99               93
Amounts due to brokers........................................................................          140              132
Deferred income taxes, net....................................................................           75               90
Other liabilities.............................................................................          461              440
Separate account liabilities..................................................................       51,731           49,287
                                                                                               ------------    -------------
    Total liabilities.........................................................................       81,184           79,603
                                                                                               ------------    -------------
Shareholders' equity:
Common shares, $30 par value;
    100,000 shares authorized, issued and outstanding.........................................            3                3
Additional paid-in capital....................................................................        2,030            2,021
Retained earnings.............................................................................        3,287            3,455
Accumulated other comprehensive loss, net of tax..............................................         (153)            (209)
                                                                                               ------------    -------------
    Total shareholders' equity................................................................        5,167            5,270
                                                                                               ------------    -------------

    Total liabilities and shareholders' equity................................................ $     86,351    $      84,873
                                                                                               ============    =============
                                       See Notes to Consolidated Financial Statements.
</TABLE>

                                      1
<PAGE>

<TABLE>
                                             RIVERSOURCE LIFE INSURANCE COMPANY

                                        CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                                                       (in millions)

<CAPTION>
                                                                                                       THREE MONTHS ENDED
                                                                                                             MARCH 31,
                                                                                                     -----------------------
                                                                                                        2007         2006
                                                                                                     ----------   ----------
<S>                                                                                                  <C>          <C>
REVENUES
Premiums:
  Traditional life insurance........................................................................ $      17    $      18
  Disability income and long term care insurance....................................................        76           74
                                                                                                     ----------   ----------
     Total premiums.................................................................................        93           92

Net investment income...............................................................................       382          447
Contractholder and policyholder charges.............................................................       164          153
Mortality and expense risk and other fees...........................................................       188          146
Net realized investment gains.......................................................................         7            6
                                                                                                     ----------   ----------
     Total revenues.................................................................................       834          844
                                                                                                     ----------   ----------

BENEFITS AND EXPENSES
Death and other benefits:
  Traditional life insurance........................................................................        11            5
  Investment contracts and universal life-type insurance............................................        40           57
  Disability income and long term care insurance....................................................        21           21
Increase in liabilities for future policy benefits:
  Disability income and long term care insurance....................................................        46           42
Interest credited to account values.................................................................       236          270
Amortization of deferred acquisition costs..........................................................       112          105
Separation costs....................................................................................        38           25
Other insurance and operating expenses..............................................................       181          159
                                                                                                     ----------   ----------
     Total benefits and expenses....................................................................       685          684
                                                                                                     ----------   ----------
Income before income tax provision..................................................................       149          160
Income tax provision................................................................................        33           48
                                                                                                     ----------   ----------
     Net income..................................................................................... $     116    $     112
                                                                                                     ==========   ==========

                                       See Notes to Consolidated Financial Statements.
</TABLE>

                                      2
<PAGE>

<TABLE>
                                           RIVERSOURCE LIFE INSURANCE COMPANY

                                    CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                                                    (in millions)

<CAPTION>
                                                                                                        THREE MONTHS ENDED
                                                                                                             MARCH 31,
                                                                                                     ------------------------
                                                                                                        2007          2006
                                                                                                     -----------  -----------
<S>                                                                                                  <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income.......................................................................................... $       116  $       112
Adjustments to reconcile net income to net cash provided by operating activities:
  Amortization of deferred acquisition costs........................................................         112          105
  Amortization of deferred sales inducement costs...................................................          16           11
  Capitalization of deferred acquisition costs......................................................        (180)        (172)
  Capitalization of deferred sales inducement costs.................................................         (32)         (27)
  Amortization of premium, net......................................................................          19           18
  Deferred income taxes.............................................................................          35           10
  Contractholder and policyholder charges, non-cash.................................................         (57)         (55)
  Net realized investment gains.....................................................................          (7)          (6)
  Net realized gain on trading securities and equity method investments in hedge funds..............          (2)         (21)
Change in operating assets and liabilities:
  Trading securities and equity method investments in hedge funds, net..............................          78           69
  Future policy benefits for traditional life, disability income and long term care insurance.......          78           78
  Policy claims and other policyholders' funds......................................................           7           (8)
  Policy loans, excluding universal life-type insurance:
     Repayment......................................................................................          10            9
     Issuance.......................................................................................          (9)          (9)
  Reinsurance recoverables..........................................................................         (37)         (31)
  Other accounts receivable.........................................................................         (12)          15
  Accrued investment income.........................................................................           8            2
  Other assets and liabilities, net.................................................................        (133)          52
                                                                                                     -----------  -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES...........................................................          10          152
                                                                                                     -----------  -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Available-for-Sale securities:
  Proceeds from sales...............................................................................         766          396
  Maturities, sinking fund payments and calls.......................................................         449          595
  Purchases.........................................................................................        (111)        (810)
Other investments, excluding policy loans:
  Proceeds from sales, maturities, sinking fund payments and calls..................................         121          149
  Purchases.........................................................................................         (48)        (129)
Change in amounts due to and from brokers, net......................................................          (9)           1
                                                                                                     -----------  -----------
NET CASH PROVIDED BY INVESTING ACTIVITIES...........................................................       1,168          202
                                                                                                     -----------  -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Activity related to investment contracts and universal life-type insurance:
  Considerations received...........................................................................         222          335
  Interest credited to account values...............................................................         236          270
  Surrenders and other benefits.....................................................................      (1,254)      (1,148)
Policy loans:
  Repayment.........................................................................................          29           25
  Issuance..........................................................................................         (35)         (30)
Cash dividend to Ameriprise Financial, Inc..........................................................        (150)           -
                                                                                                     -----------  -----------
NET CASH USED IN FINANCING ACTIVITIES...............................................................        (952)        (548)
                                                                                                     -----------  -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS................................................         226         (194)
Cash and cash equivalents at beginning of period....................................................         160          233
                                                                                                     -----------  -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD.......................................................... $       386  $        39
                                                                                                     ===========  ===========
Supplemental Disclosures:
  Income taxes paid................................................................................. $         9  $        13

                                       See Notes to Consolidated Financial Statements.
</TABLE>

                                      3
<PAGE>

<TABLE>
                                               RIVERSOURCE LIFE INSURANCE COMPANY

                                   CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
                                           THREE MONTHS ENDED MARCH 31, 2007 AND 2006
                                                          (in millions)

<CAPTION>
                                                                                                       ACCUMULATED
                                                                              ADDITIONAL                  OTHER
                                                                   COMMON      PAID-IN      RETAINED  COMPREHENSIVE
                                                                   SHARES      CAPITAL      EARNINGS  INCOME/(LOSS)      TOTAL
                                                                ------------ ------------  ---------- -------------   -----------
<S>                                                              <C>          <C>          <C>          <C>           <C>
BALANCES AT DECEMBER 31, 2005................................... $        3   $    2,020   $    3,269   $     (130)   $    5,162

Other comprehensive loss:
   Net income...................................................          -            -          112            -           112
   Change in unrealized holding losses on securities, net.......          -            -            -         (266)         (266)
   Change in unrealized derivative losses, net..................          -            -            -            1             1
                                                                                                                      -----------
Total other comprehensive loss..................................          -            -            -            -          (153)
                                                                 -----------  -----------  -----------  -----------   -----------
BALANCES AT MARCH 31, 2006...................................... $        3   $    2,020   $    3,381   $     (395)   $    5,009
                                                                 ===========  ===========  ===========  ===========   ===========

BALANCES AT DECEMBER 31, 2006................................... $        3   $    2,021   $    3,455   $     (209)   $    5,270

Change in accounting principles.................................          -            -         (134)           -          (134)
Other comprehensive income:                                                                                      -
   Net income...................................................          -            -          116            -           116
   Change in unrealized holding losses on securities, net.......          -            -            -           56            56
                                                                                                                      -----------
Total other comprehensive income................................          -            -            -            -           172
Cash dividend to Ameriprise Financial, Inc......................          -            -         (150)           -          (150)
Non-cash capital contribution from Ameriprise Financial, Inc....          -            9            -            -             9
                                                                 -----------  -----------  -----------  -----------   -----------
BALANCES AT MARCH 31, 2007...................................... $        3   $    2,030   $    3,287   $     (153)   $    5,167
                                                                 ===========  ===========  ===========  ===========   ===========

                                         See Notes to Consolidated Financial Statements.
</TABLE>

                                      4
<PAGE>

                      RIVERSOURCE LIFE INSURANCE COMPANY

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.   BASIS OF PRESENTATION

     The accompanying Consolidated Financial Statements include the accounts
     of RiverSource Life Insurance Company and its wholly owned subsidiary,
     RiverSource Life Insurance Co. of New York. RiverSource Life Insurance
     Company is a wholly owned subsidiary of Ameriprise Financial, Inc.
     ("Ameriprise Financial"). All significant intercompany accounts and
     transactions have been eliminated in consolidation. RiverSource Life
     Insurance Company and its subsidiary are referred to collectively in this
     Form 10-Q as "RiverSource Life".

     The accompanying Consolidated Financial Statements are prepared in
     accordance with U.S. generally accepted accounting principles. Certain
     reclassifications of prior period amounts have been made to conform to
     the current presentation. The interim financial information in this
     report has not been audited. In the opinion of management, all
     adjustments necessary for a fair presentation of the consolidated
     financial position and results of operations for the interim periods have
     been made. All adjustments made were of a normal, recurring nature.
     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 Annual Report on Form 10-K of
     RiverSource Life for the year ended December 31, 2006, filed with the
     Securities and Exchange Commission ("SEC") on February 28, 2007.

2.   RECENT ACCOUNTING PRONOUNCEMENTS

     In February 2007, the Financial Accounting Standards Board ("FASB")
     issued Statement of Financial Accounting Standards ("SFAS") No. 159, "The
     Fair Value Option for Financial Assets and Financial Liabilities -
     Including an amendment of FASB Statement No. 115" ("SFAS 159"). SFAS 159
     permits entities to choose to measure many financial instruments and
     certain other items at fair value that are not currently required to be
     measured at fair value. The objective of SFAS 159 is to improve financial
     reporting by providing entities with the opportunity to mitigate
     volatility in reported earnings caused by measuring related assets and
     liabilities differently without having to apply complex hedge accounting
     provisions. SFAS 159 requires entities to report unrealized gains and
     losses on items for which the fair value option has been elected in
     earnings at each subsequent reporting date. SFAS 159 also establishes
     presentation and disclosure requirements. SFAS 159 is effective as of the
     beginning of an entity's first fiscal year that begins after November 15,
     2007. RiverSource Life is currently evaluating whether or not it will
     elect to adopt SFAS 159.

     In September 2006, the FASB issued SFAS No. 157, "Fair Value
     Measurements" ("SFAS 157"), which defines fair value, establishes a
     framework for measuring fair value and expands disclosures about fair
     value measurements. SFAS 157 applies under other accounting
     pronouncements that require or permit fair value measurements.
     Accordingly, SFAS 157 does not require any new fair value measurements.
     SFAS 157 is effective for fiscal years beginning after November 15, 2007,
     and interim periods within those fiscal years. The provisions of SFAS 157
     are required to be applied prospectively as of the beginning of the
     fiscal year in which SFAS 157 is initially applied, except for certain
     financial instruments as defined in SFAS 157 which will require
     retrospective application of SFAS 157. The transition adjustment, if any,
     will be recognized as a cumulative-effect adjustment to the opening
     balance of retained earnings for the fiscal year of adoption. RiverSource
     Life is currently evaluating the impact of SFAS 157 on its consolidated
     financial condition and results of operations.

     In June 2006, the FASB issued FASB Interpretation No. 48, "Accounting for
     Uncertainty in Income Taxes - an interpretation of FASB Statement No.
     109" ("FIN 48"). FIN 48 clarifies the accounting for uncertainty in
     income taxes recognized in accordance with FASB Statement No. 109,
     "Accounting for Income Taxes." FIN 48 prescribes a recognition threshold
     and measurement attribute for the financial statement recognition and
     measurement of a tax position taken or expected to be taken in a tax
     return. FIN 48 also provides guidance on derecognition, classification,
     interest and penalties, accounting in interim periods, disclosure and
     transition. RiverSource Life adopted FIN 48 as of January 1, 2007. The
     effect of adopting FIN 48 on RiverSource Life's consolidated financial
     condition and results of operations was not material.

                                      5
<PAGE>

                      RIVERSOURCE LIFE INSURANCE COMPANY

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

2.   RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)

     In February 2006, the FASB issued SFAS No. 155, "Accounting for Certain
     Hybrid Financial Instruments" ("SFAS 155"). SFAS 155 amends SFAS No. 133,
     "Accounting for Derivative Instruments and Hedging Activities" ("SFAS
     133") and SFAS No. 140, "Accounting for Transfers and Servicing of
     Financial Assets and Extinguishments of Liabilities" ("SFAS 140"). SFAS
     155: (i) permits fair value remeasurement for any hybrid financial
     instrument that contains an embedded derivative that otherwise would
     require bifurcation; (ii) clarifies which interest-only and
     principal-only strips are not subject to the requirements of SFAS 133;
     (iii) establishes a requirement to evaluate interests in securitized
     financial assets to identify interests that are freestanding derivatives
     or that are hybrid financial instruments that contain an embedded
     derivative requiring bifurcation; (iv) clarifies that concentrations of
     credit risk in the form of subordination are not embedded derivatives;
     and (v) amends SFAS 140 to eliminate the prohibition on a qualifying
     special-purpose entity from holding a derivative financial instrument
     that pertains to a beneficial interest other than another derivative
     financial instrument. RiverSource Life adopted SFAS 155 as of January 1,
     2007. The effect of adopting SFAS 155 on RiverSource Life's consolidated
     financial condition and results of operations was not material.

     In September 2005, the American Institute of Certified Public Accountants
     ("AICPA") issued Statement of Position ("SOP") 05-1, "Accounting by
     Insurance Enterprises for Deferred Acquisition Costs in Connection With
     Modifications or Exchanges of Insurance Contracts," ("SOP 05-1"). SOP
     05-1 provides clarifying guidance on accounting for deferred acquisition
     costs ("DAC") associated with an insurance or annuity contract that is
     significantly modified or internally replaced with another contract.
     Prior to adoption, RiverSource Life accounted for many of these
     transactions as contract continuations and continued amortization of
     existing DAC against revenue from the new or modified contract. Effective
     on January 1, 2007, RiverSource Life adopted SOP 05-1 resulting in these
     transactions being prospectively accounted for as contract terminations.
     Consistent with this, RiverSource Life now anticipates these transactions
     in establishing amortization periods and other valuation assumptions. As
     a result of adopting SOP 05-1, RiverSource Life recorded as a cumulative
     change in accounting principle a pretax charge of $206 million, reducing
     DAC by $204 million, deferred sales inducement costs ("DSIC") by $11
     million and liabilities for future policy benefits by $9 million. The
     after-tax decrease to retained earnings for these changes is $134
     million. The adoption of SOP 05-1 is also expected to result in an
     increase to DAC and DSIC amortization in 2007. The expected increase to
     amortization expense may vary depending upon future changes in underlying
     valuation assumptions.

3.   SEPARATION AND DISTRIBUTION OF AMERIPRISE FINANCIAL, INC. FROM AMERICAN
     EXPRESS

     Ameriprise Financial was formerly a wholly owned subsidiary of American
     Express Company ("American Express"). On February 1, 2005, the American
     Express Board of Directors announced its intention to pursue the
     disposition of 100% of its shareholdings in Ameriprise Financial (the
     "Separation") through a tax-free distribution to American Express
     shareholders. Effective as of the close of business on September 30,
     2005, American Express completed the Separation and the distribution of
     Ameriprise Financial common shares to American Express shareholders (the
     "Distribution"). In connection with the Distribution, Ameriprise
     Financial entered into certain agreements with American Express to effect
     the Separation and to define the responsibility for obligations arising
     before and after the date of the Distribution, including, among others,
     obligations relating to transition services, taxes, and employees.
     Ameriprise Financial has incurred $739 million of pretax non-recurring
     separation costs since the Separation announcement through March 31, 2007
     and expects to incur a total of approximately $875 million. These costs
     are primarily related to technology costs and marketing and rebranding.
     The majority of the technology related costs are expected to be incurred
     by June 30, 2007. RiverSource Life was allocated certain expenses
     incurred as a result of Ameriprise Financial becoming an independent
     company. RiverSource Life has been allocated $290 million in total pretax
     non-recurring separation costs since the Separation announcement through
     March 31, 2007 and expects to be allocated a significant portion of the
     remaining separation costs in 2007. RiverSource Life received a capital
     contribution of $650 million from Ameriprise Financial during the third
     quarter of 2005 to support its financial strength ratings and to cover
     separation costs.

                                      6
<PAGE>

                      RIVERSOURCE LIFE INSURANCE COMPANY

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

4.   INVESTMENTS

     The following is a summary of Available-for-Sale securities by type:

<TABLE>
<CAPTION>
                                                                               GROSS        GROSS
                                                               AMORTIZED    UNREALIZED    UNREALIZED       FAIR
     MARCH 31, 2007                                              COST          GAINS        LOSSES         VALUE
     -----------------------------------------------------    ----------    ----------    ----------    ----------
                                                                                 (IN MILLIONS)

<S>                                                           <C>           <C>           <C>           <C>
     Fixed maturities:
     Corporate debt securities............................    $   11,580    $      117    $     (215)   $   11,482
     Mortgage and other asset-backed securities...........         8,985            32          (131)        8,886
     Foreign corporate bonds and obligations..............         3,045            42           (52)        3,035
     U.S. government and agencies obligations.............           281            10            (4)          287
     State and municipal obligations......................           165             4            (4)          165
     Foreign government bonds and obligations.............           117            18             -           135
                                                              ----------    ----------    ----------    ----------
     Total fixed maturities...............................        24,173           223          (406)       23,990
     Common and preferred stocks..........................            30             1             -            31
                                                              ----------    ----------    ----------    ----------
     Total ...............................................    $   24,203    $      224    $     (406)   $   24,021
                                                              ==========    ==========    ==========    ==========

<CAPTION>
                                                                               GROSS        GROSS
                                                               AMORTIZED    UNREALIZED    UNREALIZED       FAIR
     DECEMBER 31, 2006                                           COST          GAINS        LOSSES         VALUE
     -----------------------------------------------------    ----------    ----------    ----------    ----------
                                                                                 (IN MILLIONS)

<S>                                                           <C>           <C>           <C>           <C>
     Fixed maturities:
     Corporate debt securities............................    $   12,232    $      119    $     (262)   $   12,089
     Mortgage and other asset-backed securities...........         9,400            27          (175)        9,252
     Foreign corporate bonds and obligations..............         3,080            39           (68)        3,051
     U.S. government and agencies obligations.............           295            13            (5)          303
     State and municipal obligations......................           165             4            (4)          165
     Foreign government bonds and obligations.............           117            18             -           135
                                                              ----------    ----------    ----------    ----------
     Total fixed maturities...............................        25,289           220          (514)       24,995
     Common and preferred stocks..........................            30             1             -            31
                                                              ----------    ----------    ----------    ----------
     Total ...............................................    $   25,319    $      221    $     (514)   $   25,026
                                                              ==========    ==========    ==========    ==========
</TABLE>

     Gross realized investment gains and losses on Available-for-Sale
     securities and other-than-temporary impairments on Available-for-Sale
     securities included in net realized investment gains were as follows:

<TABLE>
<CAPTION>
                                                                                             THREE MONTHS ENDED
                                                                                                  MARCH 31,
                                                                                             ------------------
                                                                                               2007       2006
                                                                                             --------   -------
                                                                                                (IN MILLIONS)

<S>                                                                                           <C>        <C>
     Gross realized investment gains......................................................    $   13     $   11
     Gross realized investment losses.....................................................        (6)        (5)
     Other-than-temporary impairments.....................................................         -          -
</TABLE>

                                      7
<PAGE>

                      RIVERSOURCE LIFE INSURANCE COMPANY

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

5.   DEFERRED ACQUISITION COSTS

     Effective January 1, 2007, RiverSource Life adopted SOP 05-1. SOP 05-1
     provides clarifying guidance on accounting for DAC associated with an
     insurance or annuity contract that is significantly modified or
     internally replaced with another contract. Prior to adoption, RiverSource
     Life accounted for many of these transactions as contract continuations
     and continued amortization of existing DAC against revenue from the new
     or modified contract. RiverSource Life's adoption of SOP 05-1 resulted in
     these transactions being prospectively accounted for as contract
     terminations. As a result of adopting SOP 05-1, RiverSource Life recorded
     as a cumulative change in accounting principle a pretax reduction of $204
     million and $11 million to DAC and DSIC, respectively.

     The balances of and changes in DAC were as follows:

<TABLE>
<CAPTION>
                                                                                          2007             2006
                                                                                      -------------    -------------
                                                                                              (IN MILLIONS)
<S>                                                                                    <C>              <C>
     Balance at January 1............................................................  $   4,411        $   4,036
     Cumulative effect of SOP 05-1 adoption..........................................       (204)               -
     Capitalization of acquisition costs.............................................        180              172
     Amortization, excluding impact of changes in assumptions........................       (120)            (100)
     Amortization, impact of other quarter changes in DAC-related assumptions........          8               (5)
     Impact of changes in net unrealized securities losses (gains)...................        (20)              42
                                                                                      -------------    -------------
     Balance at March 31.............................................................  $   4,255        $   4,145
                                                                                      =============    =============
</TABLE>

     The balances of and changes in DSIC were as follows:

<TABLE>
<CAPTION>
                                                                                           2007             2006
                                                                                      -------------    -------------
                                                                                              (IN MILLIONS)
<S>                                                                                    <C>              <C>
     Balance at January 1............................................................  $     452        $     370
     Cumulative effect of SOP 05-1 adoption..........................................        (11)               -
     Capitalization of sales inducements.............................................         32               27
     Amortization....................................................................        (16)             (11)
     Impact of change in net unrealized securities losses (gains)....................         (4)               8
                                                                                      -------------    -------------
     Balance at March 31.............................................................  $     453        $     394
                                                                                      =============    =============
</TABLE>

6.   FUTURE POLICY BENEFITS, POLICY CLAIMS AND OTHER POLICYHOLDERS' FUNDS AND
     SEPARATE ACCOUNT LIABILITIES

     Future policy benefits and policy claims and other policyholders' funds
     consisted of the following:

<TABLE>
<CAPTION>
                                                                                        March 31,       December 31,
                                                                                          2007              2006
                                                                                      -------------    -------------
                                                                                              (IN MILLIONS)
<S>                                                                                    <C>              <C>
     Fixed annuities.................................................................  $  16,233        $  16,841
     Equity indexed annuities accumulated host values................................        263              267
     Equity indexed annuities embedded derivative reserve............................         48               50
     Variable annuities fixed sub-accounts...........................................      5,674            5,975
     Guaranteed minimum withdrawal benefits variable annuity guarantees..............        (29)             (12)
     Other variable annuity guarantees...............................................         14               26
                                                                                      -------------    -------------
         Total annuities.............................................................     22,203           23,147
     Variable universal life ("VUL")/universal life insurance contract reserves......      2,551            2,562
     Other life, disability income and long term care insurance......................      3,924            3,852
                                                                                      -------------    -------------
     Total future policy benefits....................................................     28,678           29,561
     Policy claims and other policyholders' funds....................................         99               93
                                                                                      -------------    -------------
         Total future policy benefits and policy claims and other
           policyholders' funds......................................................  $  28,777        $  29,654
                                                                                      =============    =============
</TABLE>

                                      8
<PAGE>

                      RIVERSOURCE LIFE INSURANCE COMPANY

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

6.   FUTURE POLICY BENEFITS, POLICY CLAIMS AND OTHER POLICYHOLDERS' FUNDS AND
     SEPARATE ACCOUNT LIABILITIES (CONTINUED)

     Separate account liabilities consisted of the following:

<TABLE>
<CAPTION>
                                                                                          MARCH 31,      DECEMBER 31,
                                                                                            2007             2006
                                                                                        -------------   -------------
                                                                                                (IN MILLIONS)
<S>                                                                                      <C>             <C>
     Variable annuity contract reserves................................................  $   45,802      $   43,515
     VUL insurance contract reserves...................................................       5,929           5,772
                                                                                        -------------   -------------
         Total separate account liabilities............................................  $   51,731      $   49,287
                                                                                        =============   =============
</TABLE>

7.   LINES OF CREDIT

     RiverSource Life has available a committed line of credit with Ameriprise
     Financial aggregating $200 million. The interest rate for any borrowings
     is established by reference to LIBOR plus 28 basis points. There were no
     amounts outstanding on this line of credit at March 31, 2007 and December
     31, 2006.

     Also, RiverSource Life has a collateral loan agreement with Ameriprise
     Financial aggregating up to $75 million. The interest rate for any
     borrowings is equal to the preceding month's effective new money rate for
     RiverSource Life's permanent investments. There were no amounts
     outstanding at March 31, 2007 and 2006.

8.   INCOME TAXES

     RiverSource Life's effective tax rate was 22% for the three months ended
     March 31, 2007, compared to 30% for the three months ended March 31,
     2006. The decrease in the effective tax rate primarily reflects higher
     levels of tax advantaged items relative to pretax income for the three
     months ended March 31, 2007.

     RiverSource Life is required to establish a valuation allowance for any
     portion of the deferred tax assets that management believes will not be
     realized. Included in RiverSource Life's deferred tax assets is a
     significant deferred tax asset relating to capital losses realized for
     tax return purposes and capital losses that have been recognized for
     financial statement purposes but not yet for tax return purposes. Under
     current U.S. federal income tax law, capital losses generally must be
     used against capital gain income within five years of the year in which
     the capital losses are recognized for tax purposes. RiverSource Life has
     $131 million in capital loss carryforwards that expire December 31, 2009,
     for which the benefit is reflected in deferred tax assets. Additionally,
     RiverSource Life has $45 million in capital loss carryforwards that
     expire December 31, 2009 as a result of the 2005 first short period tax
     return filed with American Express. Based on analysis of RiverSource
     Life's tax position, management believes it is more likely than not that
     the results of future operations and implementation of tax planning
     strategies will generate sufficient taxable income to enable RiverSource
     Life to utilize all of its deferred tax assets. Accordingly, no valuation
     allowance for deferred tax assets was established as of March 31, 2007
     and December 31, 2006.

     Effective January 1, 2007, RiverSource Life adopted the provisions of FIN
     48. The effect of adopting FIN 48 on the consolidated financial condition
     and results of operations was not material. As of the date of adoption,
     RiverSource Life had $73 million of gross unrecognized tax benefits. If
     recognized, approximately $27 million, net of federal tax benefits, would
     affect the effective tax rate.

     RiverSource Life recognizes interest and penalties related to
     unrecognized tax benefits as a component of the income tax provision.
     RiverSource Life had $10 million for the payment of interest and
     penalties accrued at both January 1, 2007 and March 31, 2007.

     It is reasonably possible that the total amounts of unrecognized tax
     benefits will change in the next 12 months. However, there are a number
     of open audits and the range cannot be quantified at this time.

                                      9
<PAGE>

                      RIVERSOURCE LIFE INSURANCE COMPANY

      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

8.   INCOME TAXES (CONTINUED)

     RiverSource Life or one or more of its subsidiaries files income tax
     returns in the U.S. federal jurisdiction, and various state
     jurisdictions. With few exceptions, RiverSource Life is no longer subject
     to U.S. federal or state and local income tax examinations by tax
     authorities for years before 1997. The Internal Revenue Service ("IRS"),
     as part of the overall examination of the American Express Company
     consolidated return, commenced an examination of RiverSource Life's U.S.
     income tax returns for 1997 through 2002 in the third quarter of 2005. In
     the first quarter of 2007, the IRS expanded the period of the exam to
     include 2003 through 2004. RiverSource Life or certain of its
     subsidiaries' state income tax returns are currently under examination by
     various jurisdictions for years ranging from 1998 through 2005.

9.   COMMITMENTS AND CONTINGENCIES

     At March 31, 2007 and December 31, 2006, RiverSource Life had no material
     commitments to purchase investments other than mortgage loan fundings.

     The SEC, the National Association of Securities Dealers and several state
     authorities have brought proceedings challenging several mutual fund and
     variable product financial practices, generally including suitability,
     late trading, market timing, compensation and disclosure of revenue
     sharing arrangements. RiverSource Life has received requests for
     information and has been contacted by regulatory authorities concerning
     its practices and is cooperating fully with these inquiries.

     RiverSource Life is involved in the normal course of business in a number
     of other legal and arbitration proceedings concerning matters arising in
     connection with the conduct of its business activities. RiverSource Life
     believes that it is not a party to, nor are any of its properties the
     subject of, any pending legal, arbitration or regulatory proceedings that
     would have a material adverse effect on its consolidated financial
     condition, results of operations or liquidity. However, it is possible
     that the outcome of any such proceedings could have a material impact on
     results of operations in any particular reporting period as the
     proceedings are resolved.

                                      10
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS

The following Management's Discussion and Analysis ("MD&A") should be
read in conjunction with RiverSource Life Insurance Company's
Consolidated Financial Statements and Notes presented in Item 1.
RiverSource Life Insurance Company and its subsidiary are referred to
collectively in this Form 10-Q as "RiverSource Life". This discussion may
contain forward-looking statements that reflect RiverSource Life's plans,
estimates and beliefs. Actual results could differ materially from those
discussed in these forward-looking statements. Factors that could cause
or contribute to these differences include, but are not limited to, those
discussed under "Forward-Looking Statements." RiverSource Life believes
it is useful to read its MD&A in conjunction with its Annual Report on
Form 10-K for the year ended December 31, 2006, filed with the Securities
and Exchange Commission ("SEC") on February 28, 2007, as well as its
current reports on Form 8-K and other publicly available information.

RiverSource Life follows U.S. generally accepted accounting principles
("U.S. GAAP"), and the following discussion is presented on a
consolidated basis consistent with U.S. GAAP.

Management's narrative analysis of the results of operations is presented
in lieu of MD&A, pursuant to General Instructions H(2) (a) of Form 10-Q.

OVERVIEW

RiverSource Life Insurance Company is a stock life insurance company with
one wholly owned operating subsidiary, RiverSource Life Insurance Co. of
New York ("RiverSource Life of NY"). RiverSource Life Insurance Company
is a wholly owned subsidiary of Ameriprise Financial, Inc. ("Ameriprise
Financial").

o    RiverSource Life Insurance Company is domiciled in Minnesota and
     holds Certificates of Authority in American Samoa, the District of
     Columbia and all states except New York. RiverSource Life Insurance
     Company issues insurance and annuity products.

o    RiverSource Life of NY is a stock life insurance company domiciled
     in New York, which holds Certificates of Authority in New York,
     North Dakota and Delaware. RiverSource Life of NY issues insurance
     and annuity products.

Ameriprise Financial was formerly a wholly owned subsidiary of American
Express Company ("American Express"). On February 1, 2005, the American
Express Board of Directors announced its intention to pursue the
disposition of 100% of its shareholdings in Ameriprise Financial (the
"Separation") through a tax-free distribution to American Express
shareholders. Effective as of the close of business on September 30,
2005, American Express completed the Separation and the distribution of
Ameriprise Financial common shares to American Express shareholders (the
"Distribution"). In connection with the Distribution, Ameriprise
Financial entered into certain agreements with American Express to effect
the Separation and to define the responsibility for obligations arising
before and after the date of the Distribution, including, among others,
obligations relating to transition services, taxes, and employees.
Ameriprise Financial has incurred $739 million of pretax non-recurring
separation costs since the Separation announcement through March 31, 2007
and expects to incur a total of approximately $875 million. These costs
are primarily related to technology costs and marketing and rebranding.
The majority of the technology related costs are expected to be incurred
by June 30, 2007. RiverSource Life was allocated certain expenses
incurred as a result of Ameriprise Financial becoming an independent
company. RiverSource Life has been allocated $290 million in total pretax
non-recurring separation costs since the Separation announcement through
March 31, 2007 and expects to be allocated a significant portion of the
remaining separation costs in 2007. RiverSource Life received a capital
contribution of $650 million from Ameriprise Financial during the third
quarter of 2005 to support its financial strength ratings and to cover
separation costs.

RECENT ACCOUNTING PRONOUNCEMENTS

For information regarding recent accounting pronouncements and their
expected impact on future consolidated financial condition or results of
operations, see Note 2 to the Consolidated Financial Statements.

RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2007 COMPARED TO
THE QUARTER ENDED MARCH 31, 2006

Overview

Consolidated net income was $116 million for the quarter ended March 31, 2007
compared to $112 million for the quarter ended March 31, 2006, an increase of
$4 million. Income before income tax provision decreased $11 million to $149
million for the quarter ended March 31, 2007 from $160 million for the quarter
ended March 31, 2006. The decrease was due to a decrease in net investment
income partially offset by an increase in separate account fees. Total
benefits and expenses were $685 million in the quarter ended March 31, 2007
compared to $684 million in the quarter ended March 31, 2006, with decreases
in interest credited and death and other benefits offset by higher separation
costs, DAC amortization and other expenses. The increase in consolidated net
income reflects a decrease in the effective tax rate for the quarter ended
March 31, 2007 compared to the prior year period.

                                      11
<PAGE>

Revenues

Total revenues for the quarter ended March 31, 2007 were $834 million, a
decrease of $10 million from the quarter ended March 31, 2006 total of
$844 million. Total premiums increased $1 million or 1.1% to $93 million
for the first quarter ended March 31, 2007.

Premiums for disability income ("DI") and long term care ("LTC")
insurance increased $2 million or 2.7% primarily as a result of higher DI
insurance in force levels.

Net investment income decreased $65 million or 14.5% to $382 million for
the quarter ended March 31, 2007 reflecting a decrease in the average
level of invested assets and the planned liquidation of externally
managed hedge funds. The lower level of invested assets reflects
declining fixed annuity account values due to a shift in sales from fixed
to variable products. Another contributing factor was due to lower gains
on derivatives economically hedging equity index annuities ("EIA").
Fluctuations in the EIA liability are reported in interest credited to
account values on RiverSource Life's Consolidated Statements of Income.
Partially offsetting the decrease is favorable mark-to-market adjustments
on derivatives economically hedging guaranteed minimum withdrawal benefit
("GMWB") riders. Fluctuations in the value of the GMWB embedded
derivative are reported in the death and other benefits for investment
contracts and universal life-type insurance line item on RiverSource
Life's Consolidated Statements of Income.

Contractholder and policyholder charges increased $11 million or 7.2% to
$164 million for the quarter ended March 31, 2007 primarily due to an
increase in the cost of insurance charges on variable universal life
products and charges for variable annuity GMWB riders.

Mortality and expense risk and other fees increased $42 million or 28.8%
to $188 million for the quarter ended March 31, 2007 reflecting higher
average values of separate account assets due to positive net flows and
market appreciation.

Net realized investment gains were $7 million for the quarter ended March
31, 2007 compared to $6 million for the quarter ended March 31, 2006. For
the quarter ended March 31, 2007, $13 million of gross realized
investment gains were partially offset by $6 million of gross realized
losses classified as Available-for-Sale.

For the quarter ended March 31, 2006, $11 million of gross realized
investment gains were partially offset by $5 million of gross realized
investment losses classified as Available-for-Sale.

Benefits and Expenses

Death and other benefits for traditional life insurance increased $6
million to $11 million for the quarter ended March 31, 2007 primarily
reflecting an increase in net claims during the quarter ended March 31,
2007.

Death and other benefits for investment contracts and universal life-type
insurance decreased $17 million or 29.8% to $40 million for the quarter
ended March 31, 2007 primarily reflecting net decreases in guaranteed
minimum accumulation benefit ("GMAB") and guaranteed minimum death
benefit ("GMDB") costs of $12 million.

Increase in liabilities for future policy benefits for DI and LTC
insurance increased $4 million or 9.5% reflecting an unfavorable $12
million adjustment which was the net of a $24 million increase in
reserves from revising certain valuation calculations and a $12 million
benefit reflecting recent claims experience. This adjustment was offset
by favorable DI and LTC claims experience compared to the prior year
period.

Interest credited to account values decreased by $34 million or 12.6% to
$236 million for the quarter ended March 31, 2007 primarily due to lower
interest crediting rates and lower average accumulation values of
annuities.

Amortization of deferred acquisition costs ("DAC") increased $7 million
to $112 million for the quarter ended March 31, 2007 from $105 million
for the quarter ended March 31, 2006. This reflects increased
amortization of DAC associated with variable annuities. DAC amortization
was higher in 2007 than in 2006 primarily due to growth in variable
annuity business volumes, relatively less favorable equity market
performance and the recurring impact of the adoption of SOP 05-1.

Separation costs increased $13 million or 52.0% to $38 million for the
quarter ended March 31, 2007. Separation costs primarily related to
technology costs and marketing and rebranding.

                                      12
<PAGE>

Other insurance and operating expenses increased $22 million or 13.8% to
$181 million for the quarter ended March 31, 2007 primarily reflecting
increased sales and marketing expenses.

Income Taxes

RiverSource Life's effective tax rate was 22% for the quarter ended March
31, 2007 compared to 30% for the quarter ended March 31, 2006. The
decrease in the effective tax rate primarily reflects higher levels of
tax advantaged items relative to pretax income for the three months ended
March 31, 2007.

LIQUIDITY AND CAPITAL RESOURCES

The liquidity requirements of RiverSource Life are generally met by funds
provided by investment income, maturities and periodic repayments of
investments, deposits, premiums and proceeds from sales of investments,
as well as capital contributions from Ameriprise Financial. RiverSource
Life has established repurchase agreements and an available line of
credit with Ameriprise Financial aggregating $200 million. The primary
uses of funds are policy benefits, commissions, other product-related
acquisition and sales inducement costs, operating expenses, policy loans,
dividends to Ameriprise Financial and investment purchases. RiverSource
Life routinely reviews its sources and uses of funds in order to meet its
ongoing obligations.

During 2006, RiverSource Life paid $300 million of dividends to
Ameriprise Financial comprised of $200 million of extraordinary cash
dividends and $100 million of ordinary cash dividends. RiverSource Life
of NY paid dividends to RiverSource Life Insurance Company in 2006 of $23
million. On March 20, 2007, RiverSource Life paid ordinary cash dividends
of $150 million to Ameriprise Financial.

RiverSource Life Insurance Company and its wholly-owned life insurance
subsidiary are subject to regulatory capital requirements. Actual
capital, determined on a statutory basis, and regulatory capital
requirements, based on the most recent statutory risk-based capital
filings for each of the life insurance entities, are as follows:

<TABLE>
<CAPTION>
                                                                                                         REGULATORY
                                                                                                           CAPITAL
                                                                       ACTUAL CAPITAL AS OF (a)          REQUIREMENT
                                                                    -------------------------------    ---------------
                                                                      MARCH 31,      DECEMBER 31,        DECEMBER 31,
                                                                        2007             2006                2006
                                                                    ------------   ----------------    ---------------
                                                                                       (IN MILLIONS)
<S>                                                                 <C>              <C>                    <C>
RiverSource Life Insurance Company...............................   $   3,381        $  3,511               $  590
RiverSource Life Insurance Co. of New York.......................         355             348                   38

--------------------------

(a)  Actual capital, as defined by the National Association of Insurance
     Commissioners for purposes of meeting regulatory capital requirements,
     includes statutory capital and surplus, plus certain statutory valuation
     reserves.
</TABLE>

                                      13
<PAGE>

FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that reflect RiverSource
Life's plans, estimates and beliefs. RiverSource Life's actual results
could differ materially from those described in these forward-looking
statements. The words "believe," "expect," "anticipate," "optimistic,"
"intend," "plan," "aim," "will," "may," "should," "could," "would,"
"likely" and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. Forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ materially from
such statements. RiverSource Life cautions the reader that the following
list of factors is not exhaustive. There may also be other risks that
RiverSource Life is unable to predict at this time that may cause actual
results to differ materially from those in forward-looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which they
are made. RiverSource Life undertakes no obligation to update or revise
any forward-looking statements.

Factors that could cause actual results to differ materially from these
forward-looking statements include, but are not limited to, the
following:

     o    changes in the interest rate, equity market and other financial
          market environments;
     o    changes in the litigation and regulatory environment and
          judicial or legislative developments, including the increasing
          focus on customer suitability, sales practices and disclosure,
          as well as ongoing legal proceedings and regulatory actions;
     o    RiverSource Life's investment management performance and
          consumer acceptance of RiverSource Life's products;
     o    effects of competition in the financial services industry and
          changes in RiverSource Life's product distribution mix and
          distribution channels;
     o    RiverSource Life's capital structure as a subsidiary of
          Ameriprise Financial, including the ability of its parent to
          support its financial strength and ratings;
     o    risks of default by issuers of investments RiverSource Life
          owns or by counterparties to derivative or reinsurance
          arrangements;
     o    experience deviations from RiverSource Life's assumptions
          regarding morbidity, mortality and persistency in certain
          annuity and insurance products;
     o    successfully cross-selling insurance and annuity products and
          services to Ameriprise Financial's customer base;
     o    RiverSource Life's ability to effectively hedge risks relating
          to guaranteed benefit riders and certain other products;
     o    the impact of the separation of Ameriprise Financial from
          American Express;
     o    the impact of intercompany allocations to RiverSource Life from
          Ameriprise Financial and its affiliates;
     o    Ameriprise Financial's ability to attract, recruit and retain
          qualified advisors and employees and its ability to distribute
          RiverSource Life's products through current and future
          distribution channels;
     o    the impact of Ameriprise Financial's efforts to improve
          distribution economics and of RiverSource Life's efforts to
          grow third party distribution, and RiverSource Life's ability
          to establish its new brands;
     o    changes in U.S. federal income or estate tax laws potentially
          making RiverSource Life's products less attractive to clients;
     o    RiverSource Life's ability to recover from catastrophes, both
          natural and man-made; and
     o    general economic and political factors, including consumer
          confidence in the economy.

A further description of these and other risks and uncertainties can be
found under "Item 1A - Risk Factors" and elsewhere in RiverSource Life's
Annual Report on Form 10-K for the year ended December 31, 2006, filed on
February 28, 2007 and its other reports filed with the SEC.

                                      14
<PAGE>

ITEM 4T.  CONTROLS AND PROCEDURES

DISCLOSURE CONTROLS AND PROCEDURES

RiverSource Life maintains disclosure controls and procedures (as defined
in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act")) designed to provide reasonable assurance
that the information required to be reported in the Exchange Act filings
is recorded, processed, summarized and reported within the time periods
specified and pursuant to SEC regulations, including controls and
procedures designed to ensure that this information is accumulated and
communicated to RiverSource Life's management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow
timely decisions regarding the required disclosure. It should be noted
that, because of inherent limitations, RiverSource Life's disclosure
controls and procedures, however well designed and operated, can provide
only reasonable, and not absolute, assurance that the objectives of the
disclosure controls and procedures are met.

RiverSource Life's management, with the participation of RiverSource
Life's Chief Executive Officer and Chief Financial Officer, evaluated the
effectiveness of the disclosure controls and procedures as of the end of
the period covered by this report. Based upon that evaluation,
RiverSource Life's Chief Executive Officer and Chief Financial Officer
have concluded that RiverSource Life's disclosure controls and procedures
were effective at a reasonable level of assurance as of March 31, 2007.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have not been any changes in RiverSource Life's internal control
over financial reporting (as such term is defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act) during the fiscal quarter to which this
report relates that have materially affected, or are reasonably likely to
materially affect, RiverSource Life's internal control over financial
reporting.

PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         The information set forth in Note 9 to the Consolidated
         Financial Statements in Part I, Item 1 is incorporated herein by
         reference.

ITEM 1A. RISK FACTORS

         There have been no material changes in the risk factors provided
         in Part I, Item 1A of RiverSource Life's Annual Report on Form
         10-K for the year ended December 31, 2006 filed with the SEC on
         February 28, 2007.

ITEM 6.  EXHIBITS

         The list of exhibits required to be filed as exhibits to this
         report are listed on page E-1 hereof, under "Exhibit Index,"
         which is incorporated herein by reference.

                                      15
<PAGE>

                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                       RIVERSOURCE LIFE INSURANCE COMPANY
                                       ----------------------------------
                                                  (Registrant)




Date: May 10, 2007                     By   /s/ Mark E. Schwarzmann
                                            -----------------------------------
                                                Mark E. Schwarzmann
                                                Director, Chairman of the Board
                                                and Chief Executive Officer

Date: May 10, 2007                     By   /s/ Brian J. McGrane
                                            -----------------------------------
                                                Brian J. McGrane
                                                Executive Vice President and
                                                Chief Financial Officer

                                      16