# EDGAR Filing Document

**Accession Number:** 0000727892
**File Stem:** 0000820027-25-000067
**Filing Date:** 2025-8
**Character Count:** 264628
**Document Hash:** 4b2295f7d430d19d0b0224d6c018567e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000820027-25-000067.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0000820027-25-000067

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 109

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RIVERSOURCE LIFE INSURANCE CO
- **CENTRAL INDEX KEY:** 0000727892
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 410823832
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-28976
- **FILM NUMBER:** 251184653

**BUSINESS ADDRESS:**
- **STREET 1:** 1099 AMERIPRISE FINANCIAL CENTER
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55474
- **BUSINESS PHONE:** 6126713131

**MAIL ADDRESS:**
- **STREET 1:** 1099 AMERIPRISE FINANCIAL CENTER
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55474

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDS LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 19970414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDS LIFE INSURANCE CO /MN
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? amp-20250630

---

| | |
|:---|:---|
| **UNITED STATES** | **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** |
| **WASHINGTON, D.C. 20549** | **WASHINGTON, D.C. 20549** |
| **FORM** | **10-Q** |

---

---

| | | |
|:---|:---|:---|
| ☒ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the Quarterly Period Ended** | **For the Quarterly Period Ended** | **June 30, 2025** |
| **OR** | **OR** | **OR** |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the Transition Period from_______________________to_______________________** | **For the Transition Period from_______________________to_______________________** | **For the Transition Period from_______________________to_______________________** |

---

---

| | |
|:---|:---|
| **Commission File No.** | **033-28976** |

---

---

| |
|:---|
| **RIVERSOURCE LIFE INSURANCE COMPANY** |
| (Exact name of registrant as specified in its charter) |

---

---

| | |
|:---|:---|
| **Minnesota** | **41-0823832** |
| (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) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

---

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

---

---

| | |
|:---|:---|
| Former name, former address and former fiscal year, if changed since last report: | **Not Applicable** |

---

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock (par value $30 per share) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | ☒ | No | ☐ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Yes | ☒ | No | ☐ |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 | ☐ | Accelerated Filer | ☐ | Non-accelerated Filer | ☒ | Smaller reporting company | ☐ | Emerging growth company | ☐ |

---

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

---

| | |
|:---|:---|
| Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. | 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 August 5, 2025** |
| 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. | 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. |

---

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**FORM 10-Q**

**INDEX**

---

| | | | |
|:---|:---|:---|:---|
| **<u>[Part I. Financial Information](#ia76de20ec2bb48b9b90ac99115b6e867_10)</u>**  | **<u>[Part I. Financial Information](#ia76de20ec2bb48b9b90ac99115b6e867_10)</u>**  | **<u>[Part I. Financial Information](#ia76de20ec2bb48b9b90ac99115b6e867_10)</u>**  | |
| &nbsp;&nbsp;<u>[Item 1. Financial Statements (Unaudited)](#ia76de20ec2bb48b9b90ac99115b6e867_10)</u> | &nbsp;&nbsp;<u>[Item 1. Financial Statements (Unaudited)](#ia76de20ec2bb48b9b90ac99115b6e867_10)</u> | &nbsp;&nbsp;<u>[Item 1. Financial Statements (Unaudited)](#ia76de20ec2bb48b9b90ac99115b6e867_10)</u> | |
|  | <u>[Consolidated Balance Sheets —](#ia76de20ec2bb48b9b90ac99115b6e867_10)[June](#ia76de20ec2bb48b9b90ac99115b6e867_10)[3](#ia76de20ec2bb48b9b90ac99115b6e867_10)[0](#ia76de20ec2bb48b9b90ac99115b6e867_10)[, 2025 and December 31, 2024](#ia76de20ec2bb48b9b90ac99115b6e867_10)</u> | <u>[Consolidated Balance Sheets —](#ia76de20ec2bb48b9b90ac99115b6e867_10)[June](#ia76de20ec2bb48b9b90ac99115b6e867_10)[3](#ia76de20ec2bb48b9b90ac99115b6e867_10)[0](#ia76de20ec2bb48b9b90ac99115b6e867_10)[, 2025 and December 31, 2024](#ia76de20ec2bb48b9b90ac99115b6e867_10)</u> | <u>[3](#ia76de20ec2bb48b9b90ac99115b6e867_10)</u> |
|  | <u>[Consolidated Statements of Income — Three](#ia76de20ec2bb48b9b90ac99115b6e867_13)[and six](#ia76de20ec2bb48b9b90ac99115b6e867_13)[months ended](#ia76de20ec2bb48b9b90ac99115b6e867_13)[June](#ia76de20ec2bb48b9b90ac99115b6e867_13)[3](#ia76de20ec2bb48b9b90ac99115b6e867_13)[0](#ia76de20ec2bb48b9b90ac99115b6e867_13)[, 2025 and 2024](#ia76de20ec2bb48b9b90ac99115b6e867_13)</u> | <u>[Consolidated Statements of Income — Three](#ia76de20ec2bb48b9b90ac99115b6e867_13)[and six](#ia76de20ec2bb48b9b90ac99115b6e867_13)[months ended](#ia76de20ec2bb48b9b90ac99115b6e867_13)[June](#ia76de20ec2bb48b9b90ac99115b6e867_13)[3](#ia76de20ec2bb48b9b90ac99115b6e867_13)[0](#ia76de20ec2bb48b9b90ac99115b6e867_13)[, 2025 and 2024](#ia76de20ec2bb48b9b90ac99115b6e867_13)</u> | <u>[4](#ia76de20ec2bb48b9b90ac99115b6e867_13)</u> |
|  | <u>[Consolidated Statements of Comprehensive Income — Three](#ia76de20ec2bb48b9b90ac99115b6e867_16)[and six](#ia76de20ec2bb48b9b90ac99115b6e867_16)[months](#ia76de20ec2bb48b9b90ac99115b6e867_16)[ended](#ia76de20ec2bb48b9b90ac99115b6e867_16)[June](#ia76de20ec2bb48b9b90ac99115b6e867_16)[3](#ia76de20ec2bb48b9b90ac99115b6e867_16)[0](#ia76de20ec2bb48b9b90ac99115b6e867_16)[, 2025 and 2024](#ia76de20ec2bb48b9b90ac99115b6e867_16)</u> | <u>[Consolidated Statements of Comprehensive Income — Three](#ia76de20ec2bb48b9b90ac99115b6e867_16)[and six](#ia76de20ec2bb48b9b90ac99115b6e867_16)[months](#ia76de20ec2bb48b9b90ac99115b6e867_16)[ended](#ia76de20ec2bb48b9b90ac99115b6e867_16)[June](#ia76de20ec2bb48b9b90ac99115b6e867_16)[3](#ia76de20ec2bb48b9b90ac99115b6e867_16)[0](#ia76de20ec2bb48b9b90ac99115b6e867_16)[, 2025 and 2024](#ia76de20ec2bb48b9b90ac99115b6e867_16)</u> | <u>[4](#ia76de20ec2bb48b9b90ac99115b6e867_16)</u> |
|  | <u>[Consolidated Statements of Shareholder's Equity — Three](#ia76de20ec2bb48b9b90ac99115b6e867_19)[and six](#ia76de20ec2bb48b9b90ac99115b6e867_19)[months ended](#ia76de20ec2bb48b9b90ac99115b6e867_19)[June](#ia76de20ec2bb48b9b90ac99115b6e867_19)[3](#ia76de20ec2bb48b9b90ac99115b6e867_19)[0](#ia76de20ec2bb48b9b90ac99115b6e867_19)[, 2025 and 2024](#ia76de20ec2bb48b9b90ac99115b6e867_19)</u> | <u>[Consolidated Statements of Shareholder's Equity — Three](#ia76de20ec2bb48b9b90ac99115b6e867_19)[and six](#ia76de20ec2bb48b9b90ac99115b6e867_19)[months ended](#ia76de20ec2bb48b9b90ac99115b6e867_19)[June](#ia76de20ec2bb48b9b90ac99115b6e867_19)[3](#ia76de20ec2bb48b9b90ac99115b6e867_19)[0](#ia76de20ec2bb48b9b90ac99115b6e867_19)[, 2025 and 2024](#ia76de20ec2bb48b9b90ac99115b6e867_19)</u> | <u>[5](#ia76de20ec2bb48b9b90ac99115b6e867_19)</u> |
|  | <u>[Consolidated Statements of Cash Flows —](#ia76de20ec2bb48b9b90ac99115b6e867_22)[Six](#ia76de20ec2bb48b9b90ac99115b6e867_22)[months ended](#ia76de20ec2bb48b9b90ac99115b6e867_22)[June](#ia76de20ec2bb48b9b90ac99115b6e867_22)[3](#ia76de20ec2bb48b9b90ac99115b6e867_22)[0](#ia76de20ec2bb48b9b90ac99115b6e867_22)[, 2025 and 2024](#ia76de20ec2bb48b9b90ac99115b6e867_22)</u> | <u>[Consolidated Statements of Cash Flows —](#ia76de20ec2bb48b9b90ac99115b6e867_22)[Six](#ia76de20ec2bb48b9b90ac99115b6e867_22)[months ended](#ia76de20ec2bb48b9b90ac99115b6e867_22)[June](#ia76de20ec2bb48b9b90ac99115b6e867_22)[3](#ia76de20ec2bb48b9b90ac99115b6e867_22)[0](#ia76de20ec2bb48b9b90ac99115b6e867_22)[, 2025 and 2024](#ia76de20ec2bb48b9b90ac99115b6e867_22)</u> | <u>[6](#ia76de20ec2bb48b9b90ac99115b6e867_22)</u> |
| | <u>[Notes to Consolidated Financial Statements](#ia76de20ec2bb48b9b90ac99115b6e867_28)</u> | <u>[Notes to Consolidated Financial Statements](#ia76de20ec2bb48b9b90ac99115b6e867_28)</u> | <u>[8](#ia76de20ec2bb48b9b90ac99115b6e867_28)</u> |
| | 1. | <u>[Basis of Presentation](#ia76de20ec2bb48b9b90ac99115b6e867_28)</u> | <u>[8](#ia76de20ec2bb48b9b90ac99115b6e867_28)</u> |
| | 2. | <u>[Recent Accounting Pronouncements](#ia76de20ec2bb48b9b90ac99115b6e867_34)</u> | <u>[8](#ia76de20ec2bb48b9b90ac99115b6e867_34)</u> |
| | 3. | <u>[Revenue from Contracts with Customers](#ia76de20ec2bb48b9b90ac99115b6e867_40)</u> | <u>[9](#ia76de20ec2bb48b9b90ac99115b6e867_40)</u> |
| | 4. | <u>[Variable Interest Entities](#ia76de20ec2bb48b9b90ac99115b6e867_43)</u> | <u>[10](#ia76de20ec2bb48b9b90ac99115b6e867_43)</u> |
| | 5. | <u>[Investments](#ia76de20ec2bb48b9b90ac99115b6e867_49)</u> | <u>[15](#ia76de20ec2bb48b9b90ac99115b6e867_49)</u> |
| | 6. | <u>[Financing Receivables](#ia76de20ec2bb48b9b90ac99115b6e867_55)</u> | <u>[18](#ia76de20ec2bb48b9b90ac99115b6e867_55)</u> |
| | 7. | <u>[Deferred Acquisition Costs and Deferred Sales Inducement Costs](#ia76de20ec2bb48b9b90ac99115b6e867_61)</u> | <u>[21](#ia76de20ec2bb48b9b90ac99115b6e867_61)</u> |
| | 8. | <u>[Policyholder Account Balances, Future Policy Benefits and Claims](#ia76de20ec2bb48b9b90ac99115b6e867_67)</u> | <u>[22](#ia76de20ec2bb48b9b90ac99115b6e867_67)</u> |
| | 9. | <u>[Separate Account Assets and Liabilities](#ia76de20ec2bb48b9b90ac99115b6e867_73)</u> | <u>[33](#ia76de20ec2bb48b9b90ac99115b6e867_73)</u> |
| | 10. | <u>[Market Risk Benefits](#ia76de20ec2bb48b9b90ac99115b6e867_76)</u> | <u>[34](#ia76de20ec2bb48b9b90ac99115b6e867_76)</u> |
| | 11. | <u>[Debt](#ia76de20ec2bb48b9b90ac99115b6e867_82)</u> | <u>[37](#ia76de20ec2bb48b9b90ac99115b6e867_82)</u> |
| | 12. | <u>[Fair Values of Assets and Liabilities](#ia76de20ec2bb48b9b90ac99115b6e867_91)</u> | <u>[38](#ia76de20ec2bb48b9b90ac99115b6e867_91)</u> |
| | 13. | <u>[Offsetting Assets and Liabilities](#ia76de20ec2bb48b9b90ac99115b6e867_97)</u> | <u>[47](#ia76de20ec2bb48b9b90ac99115b6e867_97)</u> |
| | 14. | <u>[Derivatives and Hedging Activities](#ia76de20ec2bb48b9b90ac99115b6e867_100)</u> | <u>[49](#ia76de20ec2bb48b9b90ac99115b6e867_100)</u> |
| | 15. | <u>[Shareholder's Equity](#ia76de20ec2bb48b9b90ac99115b6e867_106)</u> | <u>[53](#ia76de20ec2bb48b9b90ac99115b6e867_106)</u> |
| | 16. | <u>[Income Taxes](#ia76de20ec2bb48b9b90ac99115b6e867_112)</u> | <u>[54](#ia76de20ec2bb48b9b90ac99115b6e867_112)</u> |
| | 17. | <u>[Contingencies](#ia76de20ec2bb48b9b90ac99115b6e867_121)</u> | <u>[55](#ia76de20ec2bb48b9b90ac99115b6e867_121)</u> |
| &nbsp;&nbsp;<u>[Item 2. Management's Narrative Analysis](#ia76de20ec2bb48b9b90ac99115b6e867_127)</u> | &nbsp;&nbsp;<u>[Item 2. Management's Narrative Analysis](#ia76de20ec2bb48b9b90ac99115b6e867_127)</u> | &nbsp;&nbsp;<u>[Item 2. Management's Narrative Analysis](#ia76de20ec2bb48b9b90ac99115b6e867_127)</u> | <u>[57](#ia76de20ec2bb48b9b90ac99115b6e867_127)</u> |
| &nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#ia76de20ec2bb48b9b90ac99115b6e867_169)</u> | &nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#ia76de20ec2bb48b9b90ac99115b6e867_169)</u> | &nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#ia76de20ec2bb48b9b90ac99115b6e867_169)</u> | <u>[64](#ia76de20ec2bb48b9b90ac99115b6e867_169)</u> |
| **<u>[Part II. Other Information](#ia76de20ec2bb48b9b90ac99115b6e867_172)</u>**  | **<u>[Part II. Other Information](#ia76de20ec2bb48b9b90ac99115b6e867_172)</u>**  | **<u>[Part II. Other Information](#ia76de20ec2bb48b9b90ac99115b6e867_172)</u>**  | <u>[64](#ia76de20ec2bb48b9b90ac99115b6e867_175)</u> |
| &nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#ia76de20ec2bb48b9b90ac99115b6e867_175)</u>  | &nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#ia76de20ec2bb48b9b90ac99115b6e867_175)</u>  | &nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#ia76de20ec2bb48b9b90ac99115b6e867_175)</u>  | <u>[64](#ia76de20ec2bb48b9b90ac99115b6e867_175)</u> |
| &nbsp;&nbsp;<u>[Item 1A. Risk Factors](#ia76de20ec2bb48b9b90ac99115b6e867_178)</u> | &nbsp;&nbsp;<u>[Item 1A. Risk Factors](#ia76de20ec2bb48b9b90ac99115b6e867_178)</u> | &nbsp;&nbsp;<u>[Item 1A. Risk Factors](#ia76de20ec2bb48b9b90ac99115b6e867_178)</u> | <u>[64](#ia76de20ec2bb48b9b90ac99115b6e867_178)</u> |
| &nbsp;&nbsp;<u>[Item 6. Exhibits](#ia76de20ec2bb48b9b90ac99115b6e867_181)</u> | &nbsp;&nbsp;<u>[Item 6. Exhibits](#ia76de20ec2bb48b9b90ac99115b6e867_181)</u> | &nbsp;&nbsp;<u>[Item 6. Exhibits](#ia76de20ec2bb48b9b90ac99115b6e867_181)</u> | <u>[65](#ia76de20ec2bb48b9b90ac99115b6e867_181)</u> |
| &nbsp;&nbsp;<u>[Signatures](#ia76de20ec2bb48b9b90ac99115b6e867_184)</u> | &nbsp;&nbsp;<u>[Signatures](#ia76de20ec2bb48b9b90ac99115b6e867_184)</u> | &nbsp;&nbsp;<u>[Signatures](#ia76de20ec2bb48b9b90ac99115b6e867_184)</u> | <u>[66](#ia76de20ec2bb48b9b90ac99115b6e867_184)</u> |

---

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**PART I. FINANCIAL INFORMATION** 

**ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)** 

**CONSOLIDATED BALANCE SHEETS (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| | **(in millions, except share amounts)** | **(in millions, except share amounts)** |
| **Assets** | | |
| Investments: |  |  |
| &nbsp;&nbsp;Available-for-Sale: Fixed maturities, at fair value (amortized cost: 2025, $24,554; 2024, $23,127) (allowance for credit losses: 2025, $1; 2024, $1) | $24099 | $22259 |
| &nbsp;&nbsp;Mortgage loans, at amortized cost (allowance for credit losses: 2025, $10; 2024, $10) | 1864 | 1797 |
| &nbsp;&nbsp;Policy loans | 1019 | 982 |
| &nbsp;&nbsp;Other investments (allowance for credit losses: 2025, nil; 2024, nil) | 112 | 115 |
| &nbsp;&nbsp;&nbsp;Total investments | 27094 | 25153 |
| Investments of consolidated investment entities, at fair value | 2590 | 2387 |
| Cash and cash equivalents | 2530 | 2483 |
| Cash of consolidated investment entities | 419 | 373 |
| Market risk benefits | 2095 | 2182 |
| Reinsurance recoverables (allowance for credit losses: 2025, $21; 2024, $20) | 4083 | 4046 |
| Receivables | 5886 | 6042 |
| Receivables of consolidated investment entities, at fair value | 24 | 31 |
| Accrued investment income | 232 | 216 |
| Deferred acquisition costs | 2632 | 2661 |
| Other assets | 11860 | 10482 |
| Other assets of consolidated investment entities, at fair value |  | 2 |
| Separate account assets | 76226 | 75576 |
| Total assets | $135671 | $131634 |
| **Liabilities and Shareholder's Equity** |  |  |
| **Liabilities:** |  |  |
| Policyholder account balances, future policy benefits and claims | $43787 | $41863 |
| Market risk benefits | 1326 | 1263 |
| Short-term borrowings | 201 | 201 |
| Long-term debt | 500 | 500 |
| Debt of consolidated investment entities, at fair value | 2726 | 2429 |
| Other liabilities | 9273 | 8298 |
| Other liabilities of consolidated investment entities, at fair value | 251 | 314 |
| Separate account liabilities | 76226 | 75576 |
| &nbsp;&nbsp;Total liabilities | 134290 | 130444 |
| **Shareholder's equity:** |  |  |
| Common stock, $30 par value; 100,000 shares authorized, issued and outstanding | 3 | 3 |
| Additional paid-in capital | 2466 | 2466 |
| Accumulated deficit | (492) | (400) |
| Accumulated other comprehensive income (loss), net of tax | (596) | (879) |
| &nbsp;&nbsp;Total shareholder's equity | 1381 | 1190 |
| Total liabilities and shareholder's equity | $135671 | $131634 |

---

*See Notes to Consolidated Financial Statements.*

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | $93 | $112 | $192 | $239 |
| &nbsp;&nbsp;&nbsp;Net investment income | 448 | 381 | 830 | 751 |
| &nbsp;&nbsp;&nbsp;Policy and contract charges | 500 | 508 | 995 | 1012 |
| &nbsp;&nbsp;&nbsp;Other revenues | 144 | 145 | 286 | 290 |
| &nbsp;&nbsp;&nbsp;Net realized investment gains (losses) | (48) | (13) | (50) | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1137 | 1133 | 2253 | 2251 |
| **Benefits and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits, claims, losses and settlement expenses | 255 | 332 | 636 | 626 |
| &nbsp;&nbsp;&nbsp;Interest credited to fixed accounts | 95 | 185 | 225 | 317 |
| &nbsp;&nbsp;&nbsp;Remeasurement (gains) losses of future policy benefit reserves | (3) | (8) | (13) | (12) |
| &nbsp;&nbsp;&nbsp;Change in fair value of market risk benefits | (10) | 110 | 487 | 92 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 58 | 59 | 117 | 118 |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | 46 | 47 | 93 | 94 |
| &nbsp;&nbsp;&nbsp;Other insurance and operating expenses | 186 | 185 | 358 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 627 | 910 | 1903 | 1598 |
| Pretax income (loss) | 510 | 223 | 350 | 653 |
| Income tax provision (benefit) | 67 | 28 | 42 | 92 |
| Net income (loss) | $443 | $195 | $308 | $561 |

---

*See Notes to Consolidated Financial Statements.*

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net income (loss) | $443 | $195 | $308 | $561 |
| Other comprehensive income (loss), net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on securities | 115 | (126) | 323 | (290) |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions on certain long-duration contracts | (12) | 62 | (42) | 131 |
| &nbsp;&nbsp;&nbsp;Effect of changes in instrument-specific credit risk on market risk benefits | 1 | 9 | 2 | (28) |
| Total other comprehensive income (loss), net of tax | 104 | (55) | 283 | (187) |
| Total comprehensive income (loss) | $547 | $140 | $591 | $374 |

---

*See Notes to Consolidated Financial Statements.*

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY (UNAUDITED)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Additional Paid-In Capital** | **Retained Earnings (Accumulated Deficit)** | **Accumulated Other <br>Comprehensive Income (Loss)** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balances at April 1, 2025** | $3 | $2466 | $(735) | $(700) | $1034 |
| Net income (loss) |  |  | 443 |  | 443 |
| Other comprehensive income (loss), net of tax |  |  |  | 104 | 104 |
| Cash dividends to Ameriprise Financial, Inc. |  |  | (200) |  | (200) |
| **Balances at June 30, 2025** | $3 | $2466 | $(492) | $(596) | $1381 |
| **Balances at April 1, 2024** | $3 | $2466 | $(452) | $(826) | $1191 |
| Net income (loss) |  |  | 195 |  | 195 |
| Other comprehensive income (loss), net of tax |  |  |  | (55) | (55) |
| Cash dividends to Ameriprise Financial, Inc. |  |  | (200) |  | (200) |
| **Balances at June 30, 2024** | $3 | $2466 | $(457) | $(881) | $1131 |
| **Balances at January 1, 2025** | $3 | $2466 | $(400) | $(879) | $1190 |
| Net income (loss) |  |  | 308 |  | 308 |
| Other comprehensive income (loss), net of tax |  |  |  | 283 | 283 |
| Cash dividends to Ameriprise Financial, Inc. |  |  | (400) |  | (400) |
| **Balances at June 30, 2025** | $3 | $2466 | $(492) | $(596) | $1381 |
| **Balances at January 1, 2024** | $3 | $2466 | $(618) | $(694) | $1157 |
| Net income (loss) |  |  | 561 |  | 561 |
| Other comprehensive income (loss), net of tax |  |  |  | (187) | (187) |
| Cash dividends to Ameriprise Financial, Inc. |  |  | (400) |  | (400) |
| **Balances at June 30, 2024** | $3 | $2466 | $(457) | $(881) | $1131 |

---

*See Notes to Consolidated Financial Statements.*

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| | **2025** | **2024** |
| | **(in millions)** | **(in millions)** |
| **Cash Flows from Operating Activities** |  |  |
| Net income (loss) | $308 | $561 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion, net | (94) | (101) |
| &nbsp;&nbsp;Deferred income tax expense (benefit) | 9 | 286 |
| &nbsp;&nbsp;&nbsp;Contractholder and policyholder charges, non-cash | (201) | (205) |
| &nbsp;&nbsp;&nbsp;Loss from equity method investments | 10 | 13 |
| &nbsp;&nbsp;&nbsp;Net realized investment (gains) losses | 14 |  |
| &nbsp;&nbsp;&nbsp;Impairments and provision for loan losses |  | (1) |
| &nbsp;&nbsp;Net (gains) losses of consolidated investment entities | 7 | 2 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred acquisition costs | 29 | 19 |
| &nbsp;&nbsp;&nbsp;Policyholder account balances, future policy benefits and claims, and market risk benefits, net | 2381 | 1813 |
| &nbsp;&nbsp;&nbsp;Derivatives, net of collateral | (221) | (744) |
| &nbsp;&nbsp;&nbsp;Reinsurance recoverables | 36 | 35 |
| &nbsp;&nbsp;&nbsp;Receivables | 110 | 161 |
| &nbsp;&nbsp;&nbsp;Accrued investment income | (16) | (18) |
| &nbsp;&nbsp;&nbsp;Current income tax, net | (265) | (189) |
| &nbsp;&nbsp;Other operating assets and liabilities of consolidated investment entities, net | 7 | (3) |
| &nbsp;&nbsp;&nbsp;Other, net | 47 | 66 |
| Net cash provided by (used in) operating activities | 2161 | 1695 |
| **Cash Flows from Investing Activities** |  |  |
| Available-for-Sale securities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales | 15 | 31 |
| &nbsp;&nbsp;&nbsp;Maturities, sinking fund payments and calls | 1106 | 785 |
| &nbsp;&nbsp;&nbsp;Purchases | (2629) | (2443) |
| Proceeds from sales, maturities and repayments of mortgage loans | 52 | 69 |
| Funding of mortgage loans | (119) | (90) |
| Proceeds from sales and collections of other investments | 8 | 14 |
| Purchase of other investments | (13) | (9) |
| Purchase of investments by consolidated investment entities | (731) | (446) |
| Proceeds from sales, maturities and repayments of investments by consolidated investment entities | 426 | 486 |
| Purchase of equipment and software | (5) | (5) |
| Change in policy loans, net | (37) | (35) |
| Cash paid for deposit receivable | (15) | (17) |
| Cash received for deposit receivable | 229 | 327 |
| Advance on line of credit to Ameriprise Financial, Inc. | (140) | (450) |
| Repayment from Ameriprise Financial, Inc. on line of credit | 140 | 450 |
| Cash paid for written options with deferred premiums |  | (57) |
| Cash received from written options with deferred premiums | 5 | 22 |
| Other, net | (17) | (6) |
| Net cash provided by (used in) investing activities | $(1725) | $(1374) |
| *See Notes to Consolidated Financial Statements.* | *See Notes to Consolidated Financial Statements.* | *See Notes to Consolidated Financial Statements.* |

---

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)** |  |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)** | **Six Months Ended June 30,**  |
| **2025** |  | **2024** |  |  |
| **(in millions)** | **(in millions)** | **(in millions)** |  |  |
| **Cash Flows from Financing Activities** |  |  |  |  |
| Policyholder account balances: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits and other additions | $590 |  | $749 |  |
| &nbsp;&nbsp;&nbsp;Net transfers from (to) separate accounts | (71) |  | (71) |  |
| &nbsp;&nbsp;&nbsp;Surrenders and other benefits | (751) |  | (960) |  |
| Proceeds from line of credit with Ameriprise Financial, Inc. |  |  | 3 |  |
| Payments on line of credit with Ameriprise Financial, Inc. |  |  | (3) |  |
| Cash paid for purchased options with deferred premiums | (40) |  | (79) |  |
| Cash received for purchased options with deferred premiums |  |  | 82 |  |
| Borrowings of consolidated investment entities | 691 |  | 554 |  |
| Repayments of debt by consolidated investment entities | (362) |  | (344) |  |
| Cash dividends to Ameriprise Financial, Inc. | (400) |  | (400) |  |
| Net cash provided by (used in) financing activities | (343) |  | (469) |  |
| Net increase (decrease) in cash and cash equivalents | 93 |  | (148) |  |
| Cash and cash equivalents at beginning of period | 2856 |  | 2685 |  |
| Cash and cash equivalents at end of period | $2949 |  | $2537 |  |
| Supplemental Disclosures: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid (received), net | $297 |  | $(4) |  |
| &nbsp;&nbsp;&nbsp;Interest paid excluding consolidated investment entities | 13 |  | 14 |  |
| &nbsp;&nbsp;&nbsp;Interest paid by consolidated investment entities | 74 |  | 86 |  |

---

*See Notes to Consolidated Financial Statements.*

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**1. Basis of Presentation**

RiverSource Life Insurance Company is a stock life insurance company with one wholly owned stock life insurance company 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").

• 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.

• RiverSource Life of NY is domiciled and holds a Certificate of Authority in New York. RiverSource Life of NY issues insurance and annuity products.

RiverSource Life Insurance Company also wholly owns RiverSource Tax Advantaged Investments, Inc. ("RTA") and Columbia Cent CLO Advisors, LLC ("Columbia Cent"). RTA is a stock company domiciled in Delaware and is a limited partner in affordable housing partnership investments. Columbia Cent provides asset management services to collateralized loan obligations ("CLOs").

The accompanying Consolidated Financial Statements include the accounts of RiverSource Life Insurance Company, 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.

The interim financial information in this report has not been audited. In the opinion of management, all adjustments necessary for a fair statement 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.

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, 2024, filed with the Securities and Exchange Commission ("SEC") on February 20, 2025 ("2024 10-K").

The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.

**2. Recent Accounting Pronouncements**

**Future Adoption of New Accounting Standards**

*Income Taxes – Improvements to Income Tax Disclosures*

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, *Improvements to Income Tax Disclosures*, updating the accounting standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is assessing changes to the income tax-related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company's consolidated financial condition and results of operations as the standard is disclosure-related only.

*Expenses – Disaggregation of Income Statement Expenses* 

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public business entities to disclose disaggregated information about certain income statement expense line items. The disaggregated disclosures are required to be in the footnotes to the consolidated financial statements on an annual and interim basis. The standard is to be applied prospectively, with an option for retrospective application and is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is assessing changes to footnote disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company's consolidated financial condition and results of operations as the standard is disclosure-related only.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

**3. Revenue from Contracts with Customers** 

The following table presents disaggregated revenue from contracts with customers and a reconciliation to total revenues reported on the Consolidated Statements of Income.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Policy and contract charges |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated | $37 | $39 | $75 | $78 |
| &nbsp;&nbsp;&nbsp;Unaffiliated | 4 | 3 | 8 | 7 |
| Total | 41 | 42 | 83 | 85 |
| Other revenues |  |  |  |  |
| &nbsp;&nbsp;Administrative fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated | 10 | 10 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;Unaffiliated | 4 | 6 | 9 | 10 |
|  | 14 | 16 | 29 | 30 |
| &nbsp;&nbsp;Other fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated | 81 | 80 | 163 | 159 |
| &nbsp;&nbsp;&nbsp;Unaffiliated | 1 | 1 | 2 | 2 |
|  | 82 | 81 | 165 | 161 |
| Total | 96 | 97 | 194 | 191 |
| **Total revenue from contracts with customers** | 137 | 139 | 277 | 276 |
| Revenue from other sources <sup>(1)</sup> | 1000 | 994 | 1976 | 1975 |
| Total revenues | $1137 | $1133 | $2253 | $2251 |

---

<sup>(1)</sup> Amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the Company's contracts with customers.

**Policy and Contract Charges**

The Company earns revenue for providing distribution-related services to affiliated and unaffiliated mutual funds that are available as underlying investments in its variable annuity and variable life insurance products. The performance obligation is satisfied at the time the mutual fund is distributed. Revenue is recognized over the time the mutual fund is held in the variable product and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund. The revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company's control, including market volatility and how long the fund(s) remain in the insurance policy or annuity contract. The revenue will not be recognized until it is probable that a significant reversal will not occur. These fees are accrued and collected on a monthly basis.

**Other Revenues**

*Administrative Fees* 

The Company earns revenue for providing customer support, contract servicing and administrative services for affiliated and unaffiliated mutual funds that are available as underlying instruments in its variable annuity and variable life insurance products. The transfer agent and administration revenue is earned daily based on a fixed rate applied, as a percentage, to assets under management. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

*Other Fees* 

The Company earns revenue for providing affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, Ameriprise Financial Services, LLC ("AFS"), that sell the Company's products as well as product and marketing personnel to support the offer, sale and servicing of funds within the Company's variable annuity and variable life insurance products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The affiliated revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of assets invested. The unaffiliated revenue is earned based on a fixed rate applied, as a percentage, to the market value of assets invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

**Receivables**

Receivables for revenue from contracts with customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers was $50 million as of both June 30, 2025 and December 31, 2024.

**4. Variable Interest Entities** 

The Company provides asset management services to CLOs which are considered to be VIEs that 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 the CLOs if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The Company has unfunded commitments related to consolidated CLOs of $6 million and $2 million as of June 30, 2025 and December 31, 2024, respectively.

*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 and commercial 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.

Additionally, the Company invests in CLOs for which it is the sponsor. 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 value of 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 and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary beneficiary.

The Company's maximum exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 5 for additional information on these investments.

*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 $37 million and $46 million as of June 30, 2025 and December 31, 2024, respectively. The Company's liability related to original purchase commitments not yet remitted to the VIEs was not material as of both June 30, 2025 and December 31, 2024. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding commitments.

**Fair Value of Assets and Liabilities**

The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 12 for the definition of the three levels of the fair value hierarchy.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | $— | $63 | $— | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndicated loans |  | 2349 | 175 | 2524 |
| &nbsp;&nbsp;&nbsp;Total investments |  | 2415 | 175 | 2590 |
| &nbsp;&nbsp;&nbsp;Receivables |  | 24 |  | 24 |
| Total assets at fair value | $— | $2439 | $175 | $2614 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Debt <sup>(1)</sup> | $— | $2726 | $— | $2726 |
| &nbsp;&nbsp;&nbsp;Other liabilities |  | 251 |  | 251 |
| Total liabilities at fair value | $— | $2977 | $— | $2977 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Assets** | | | | |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | $— | $50 | $— | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks |  | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndicated loans |  | 2216 | 118 | 2334 |
| &nbsp;&nbsp;&nbsp;Total investments |  | 2268 | 119 | 2387 |
| &nbsp;&nbsp;&nbsp;Receivables |  | 31 |  | 31 |
| &nbsp;&nbsp;&nbsp;Other assets |  | 2 |  | 2 |
| Total assets at fair value | $— | $2301 | $119 | $2420 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Debt <sup>(1)</sup> | $— | $2429 | $— | $2429 |
| &nbsp;&nbsp;&nbsp;Other liabilities |  | 314 |  | 314 |
| Total liabilities at fair value | $— | $2743 | $— | $2743 |

---

<sup>(1)</sup> 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 $2.7 billion and $2.4 billion as of June 30, 2025 and December 31, 2024, respectively.&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:

---

| | | |
|:---|:---|:---|
| | **Syndicated Loans** | |
| | **(in millions)** | |
| Balance at April 1, 2025 | $130 |  |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | (1) |
| &nbsp;&nbsp;Purchases | 50 |  |
| &nbsp;&nbsp;Sales | (7) |  |
| &nbsp;&nbsp;Settlements | (1) |  |
| &nbsp;&nbsp;Transfers into Level 3 | 61 |  |
| &nbsp;&nbsp;Transfers out of Level 3 | (58) |  |
| Balance at June 30, 2025 | $175 |  |
| Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2025 | $1 | (1) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Common Stocks** | **Syndicated Loans** | |
| | **(in millions)** | **(in millions)** | |
| Balance at April 1, 2024 | $1 | $65 |  |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | (5) | (1) |
| &nbsp;&nbsp;Purchases |  | 47 |  |
| &nbsp;&nbsp;Transfers into Level 3 | 2 | 25 |  |
| &nbsp;&nbsp;Transfers out of Level 3 | (1) | (46) |  |
| Balance at June 30, 2024 | $2 | $86 |  |
| Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2024 | $— | $(4) | (1) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Common Stocks** | **Syndicated Loans** | |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025  | $1 | $118 |  |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | (2) | (1) |
| &nbsp;&nbsp;Purchases |  | 66 |  |
| &nbsp;&nbsp;Sales |  | (7) |  |
| &nbsp;&nbsp;Settlements |  | (2) |  |
| &nbsp;&nbsp;Transfers into Level 3 |  | 128 |  |
| &nbsp;&nbsp;Transfers out of Level 3 | (1) | (126) |  |
| Balance at June 30, 2025 | $— | $175 |  |
| Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2025 | $— | $(1) | (1) |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Common Stocks** | **Syndicated Loans** | |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $— | $63 |  |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | (7) | (1) |
| &nbsp;&nbsp;Purchases |  | 84 |  |
| &nbsp;&nbsp;Transfers into Level 3 | 3 | 40 |  |
| &nbsp;&nbsp;Transfers out of Level 3 | (1) | (94) |  |
| Balance at June 30, 2024 | $2 | $86 |  |
| Changes in unrealized gains (losses) included in net income relating to assets held at June 30, 2024 | $— | $(6) | (1) |

---

<sup>(1)</sup> Included in Net investment income.

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.

All Level 3 measurements as of June 30, 2025 and December 31, 2024 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. See Note 12 for a description of the Company's determination of the fair value of corporate debt securities.

*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 and is classified as Level 2.

*Other Liabilities*

Other liabilities consist primarily of securities purchased but not yet settled 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. Other liabilities also include accrued interest on CLO debt.

**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.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **(in millions)** | **(in millions)** |
| **Syndicated loans** | | |
| Unpaid principal balance | $2605 | $2406 |
| Excess unpaid principal over fair value | (81) | (72) |
| &nbsp;&nbsp;Fair value | $2524 | $2334 |
| Fair value of loans more than 90 days past due | $— | $1 |
| Fair value of loans in nonaccrual status | $5 | $1 |
| Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | $13 | $5 |
| **Debt** |  |  |
| Unpaid principal balance | $2964 | $2633 |
| Excess unpaid principal over fair value | (238) | (204) |
| &nbsp;&nbsp;Carrying value <sup>(1)</sup> | $2726 | $2429 |

---

<sup>(1)</sup> 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 $2.7 billion and $2.4 billion as of June 30, 2025 and December 31, 2024, respectively.

During the second quarter of 2025, the Company launched one new CLO. The new CLO issued debt of $406 million.

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 are recorded in Net investment income and gains and losses on sales of investments are recorded in Net realized investment gains (losses). 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 the changes in fair value of investments the Company owns in the consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for both the three and six months ended June 30, 2025 and 2024.

Debt of the consolidated investment entities and the stated interest rates were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Carrying Value** | **Carrying Value** | **Weighted Average Interest Rate** | **Weighted Average Interest Rate** |
| | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| | **(in millions)** | **(in millions)** | | |
| Debt of consolidated CLOs due 2030 -2038 | $2726 | $2429 | 5.6% | 5.9% |

---

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 13.7%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

**5. Investments**

Available-for-Sale securities distributed by type were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description of Securities** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Description of Securities** | **Amortized Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Allowance for Credit Losses** | **Fair Value** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Fixed maturities: |  |  |  |  |  |
| Corporate debt securities | $14961 | $320 | $(549) | $— | $14732 |
| Residential mortgage backed securities | 4799 | 29 | (223) |  | 4605 |
| Commercial mortgage backed securities | 2133 | 9 | (75) |  | 2067 |
| State and municipal obligations | 583 | 32 | (17) | (1) | 597 |
| Asset backed securities | 2069 | 25 | (5) |  | 2089 |
| Foreign government bonds and obligations | 7 |  |  |  | 7 |
| U.S. government and agency obligations | 2 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Total | $24554 | $415 | $(869) | $(1) | $24099 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description of Securities** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Description of Securities** | **Amortized Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Allowance for Credit Losses** | **Fair Value** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Fixed maturities: |  |  |  |  |  |
| Corporate debt securities | $13803 | $199 | $(709) | $— | $13293 |
| Residential mortgage backed securities | 4302 | 15 | (278) |  | 4039 |
| Commercial mortgage backed securities | 2211 | 3 | (114) |  | 2100 |
| State and municipal obligations | 627 | 29 | (19) | (1) | 636 |
| Asset backed securities | 2176 | 15 | (8) |  | 2183 |
| Foreign government bonds and obligations | 7 |  |  |  | 7 |
| U.S. government and agency obligations | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Total | $23127 | $261 | $(1128) | $(1) | $22259 |

---

As of June 30, 2025 and December 31, 2024, accrued interest of $225 million and $208 million, respectively, is excluded from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Accrued investment income.

As of June 30, 2025 and December 31, 2024, fixed maturity securities comprised approximately 89% and 88%, respectively, of the Company's total investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations ("NRSROs"), including Moody's Investors Service ("Moody's"), Standard & Poor's Ratings Services ("S&P") and Fitch Ratings Ltd. ("Fitch"). The Company uses the median of available ratings from Moody's, S&P and Fitch, or if fewer than three ratings are available, the lower rating is used. When ratings from Moody's, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of June 30, 2025 and December 31, 2024, $596 million and $497 million, respectively, of securities were internally rated by Columbia Management Investment Advisers, LLC, an affiliate of the Company, using criteria similar to those used by NRSROs.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

A summary of fixed maturity securities by rating was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ratings** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Ratings** | **Amortized Cost** | **Fair Value** | **Percent of Total Fair Value** | **Amortized Cost** | **Fair Value** | **Percent of Total Fair Value** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| AAA | $4409 | $4339 | 18% | $4416 | $4284 | 19% |
| AA | 4867 | 4734 | 20 | 4455 | 4256 | 19 |
| A | 3801 | 3795 | 16 | 2689 | 2650 | 12 |
| BBB | 11106 | 10883 | 45 | 11279 | 10786 | 49 |
| Below investment grade | 371 | 348 | 1 | 288 | 283 | 1 |
| &nbsp;&nbsp;&nbsp;Total fixed maturities | $24554 | $24099 | 100% | $23127 | $22259 | 100% |

---

As of June 30, 2025 and December 31, 2024, approximately 56% and 55% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities, respectively.

The Company invests in certain asset backed securities issued by affiliates. The asset backed securities are collateralized by portfolios of loans issued to advisors affiliated with AFS, an affiliated broker dealer. As of June 30, 2025, the Company had 2 affiliated issuers with holdings totaling $891 million that were individually between 23% and 41% of the Company's total shareholder's equity. As of December 31, 2024, the Company had 2 affiliated issues with holdings totaling $879 million that were individually between 26% and 48% of the Company's total shareholder's equity. As of June 30, 2025, the Company had an additional 44 unaffiliated issuers with holdings totaling $9.0 billion that individually were between 10% and 23% of the Company's total shareholder's equity. As of December 31, 2024, the Company had an additional 47 unaffiliated issuers with holdings totaling $8.7 billion that individually were between 10% and 27% of the Company's total shareholder's equity. There were no other holdings of any other issuer greater than 10% of the Company's total shareholder's equity as of June 30, 2025 and December 31, 2024.

The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description of Securities** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Description of Securities** | **Less than 12 Months** | **Less than 12 Months** | **Less than 12 Months** | **12 Months or More** | **12 Months or More** | **12 Months or More** | **Total** | **Total** | **Total** |
| **Description of Securities** | **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)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** |
| Corporate debt securities | 189 | $3540 | $(143) | 248 | $3733 | $(406) | 437 | $7273 | $(549) |
| Residential mortgage backed securities | 43 | 621 | (10) | 186 | 1569 | (213) | 229 | 2190 | (223) |
| Commercial mortgage backed securities | 4 | 51 | (4) | 147 | 1388 | (71) | 151 | 1439 | (75) |
| State and municipal obligations | 10 | 62 | (2) | 43 | 124 | (15) | 53 | 186 | (17) |
| Asset backed securities | 3 | 13 |  | 12 | 57 | (5) | 15 | 70 | (5) |
| Foreign government bonds and obligations |  |  |  | 2 | 6 |  | 2 | 6 |  |
| U.S. government and agency obligations | 1 | 1 |  |  |  |  | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;Total | 250 | $4288 | $(159) | 638 | $6877 | $(710) | 888 | $11165 | $(869) |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description of Securities** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Description of Securities** | **Less than 12 Months** | **Less than 12 Months** | **Less than 12 Months** | **12 Months or More** | **12 Months or More** | **12 Months or More** | **Total** | **Total** | **Total** |
| **Description of Securities** | **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)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** | **(in millions, except number of securities)** |
| Corporate debt securities | 275 | $5272 | $(177) | 277 | $3975 | $(532) | 552 | $9247 | $(709) |
| Residential mortgage backed securities | 75 | 1245 | (25) | 189 | 1633 | (253) | 264 | 2878 | (278) |
| Commercial mortgage backed securities | 16 | 265 | (5) | 166 | 1589 | (109) | 182 | 1854 | (114) |
| State and municipal obligations | 20 | 56 | (2) | 44 | 133 | (17) | 64 | 189 | (19) |
| Asset backed securities | 6 | 57 | (1) | 15 | 73 | (7) | 21 | 130 | (8) |
| Foreign government bonds and obligations |  |  |  | 2 | 6 |  | 2 | 6 |  |
| &nbsp;&nbsp;Total | 392 | $6895 | $(210) | 693 | $7409 | $(918) | 1085 | $14304 | $(1128) |

---

As part of the Company's ongoing monitoring process, management determined that the decrease in total gross unrealized losses on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the six months ended June 30, 2025 is primarily attributable to the impact of lower interest rates. As of June 30, 2025, the Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors. The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of both June 30, 2025 and December 31, 2024, approximately 96% of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

The following table presents rollforwards of the allowance for credit losses on Available-for-Sale securities:

---

| | | | |
|:---|:---|:---|:---|
| | **Corporate Debt Securities** | **State and Municipal Obligations** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at April 1, 2025  | $— | $1 | $1 |
| &nbsp;&nbsp;Reductions for securities sold during the period (realized) |  |  |  |
| Balance at June 30, 2025 | $— | $1 | $1 |
| Balance at April 1, 2024  | $1 | $1 | $2 |
| &nbsp;&nbsp;Reductions for securities sold during the period (realized) | (1) |  | (1) |
| Balance at June 30, 2024 | $— | $1 | $1 |
| Balance at January 1, 2025 | $— | $1 | $1 |
| &nbsp;&nbsp;Reductions for securities sold during the period (realized) |  |  |  |
| Balance at June 30, 2025 | $— | $1 | $1 |
| Balance at January 1, 2024  | $1 | $1 | $2 |
| &nbsp;&nbsp;Reductions for securities sold during the period (realized) | (1) |  | (1) |
| Balance at June 30, 2024 | $— | $1 | $1 |

---

Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in Net realized investment gains (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| | **2025** | **2024** | **2025**  | **2024** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Gross realized investment gains | $2 | $3 | $3 | $3 |
| Gross realized investment losses | (17) | (3) | (17) | (3) |
| Credit reversals (losses) |  | 1 |  | 1 |
| &nbsp;&nbsp;Total | $(15) | $1 | $(14) | $1 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

See Note 15 for a rollforward of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) ("AOCI").

Available-for-Sale securities by contractual maturity as of June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amortized Cost** | **Fair Value** |
|  | **(in millions)** | **(in millions)** |
| Due within one year | $234 | $234 |
| Due after one year through five years | 3333 | 3234 |
| Due after five years through 10 years | 5637 | 5593 |
| Due after 10 years | 6349 | 6277 |
|  | 15553 | 15338 |
| Residential mortgage backed securities | 4799 | 4605 |
| Commercial mortgage backed securities | 2133 | 2067 |
| Asset backed securities | 2069 | 2089 |
| &nbsp;&nbsp;&nbsp;Total | $24554 | $24099 |

---

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

The following is a summary of Net investment income:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Fixed maturities | $301 | $252 | $586 | $489 |
| Mortgage loans | 19 | 17 | 39 | 35 |
| Other investments | 134 | 119 | 217 | 240 |
|  | 454 | 388 | 842 | 764 |
| Less: investment expenses | 6 | 7 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;Total | $448 | $381 | $830 | $751 |

---

**6. Financing Receivables**

Financing receivables are comprised of commercial loans, policy loans and deposit receivables.

**Allowance for Credit Losses**

The following tables present a rollforward of the allowance for credit losses:

---

| | |
|:---|:---|
| | **Commercial Loans** |
| | **(in millions)** |
| Balance at January 1, 2025 | $10 |
| &nbsp;&nbsp;&nbsp;Provisions |  |
| Balance at June 30, 2025 | $10 |
| Balance at January 1, 2024 | $10 |
| &nbsp;&nbsp;Provisions | (1) |
| Balance at June 30, 2024 | $9 |

---

As of June 30, 2025 and December 31, 2024, accrued interest on commercial loans was $18 million and $17 million, respectively, and is recorded in Accrued investment income and excluded from the amortized cost basis of commercial loans.

**Purchases and Sales**

During the three months ended June 30, 2025 and 2024, the Company purchased $13 million and $3 million, respectively, of syndicated loans, and sold $2 million and $1 million, respectively, of syndicated loans. During the six months ended June 30, 2025 and 2024, the Company purchased $14 million and $3 million, respectively, of syndicated loans, and sold $3 million and $1 million, respectively, of syndicated loans.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The Company has not acquired any loans with deteriorated credit quality as of the acquisition date.

**Credit Quality Information**

There were no nonperforming loans as of both June 30, 2025 and December 31, 2024. All loans were considered to be performing.

***Commercial Loans***

*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. Loan-to-value ratio is the primary credit quality indicator included in this review.

Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both June 30, 2025 and December 31, 2024. 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. There were no commercial mortgage loans past due as of both June 30, 2025 and December 31, 2024.

The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Loan-to-Value Ratio** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| **Loan-to-Value Ratio** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| > 100% | $— | $— | $— | $— | $— | $16 | $16 |
| 80% - 100% |  |  |  |  |  | 56 | 56 |
| 60% - 80% | 29 | 81 | 18 | 7 |  | 86 | 221 |
| 40% - 60% | 60 | 87 | 38 | 27 | 75 | 335 | 622 |
| < 40% | 26 | 13 | 8 | 64 | 92 | 756 | 959 |
| &nbsp;&nbsp;Total | $115 | $181 | $64 | $98 | $167 | $1249 | $1874 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Loan-to-Value Ratio** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
| **Loan-to-Value Ratio** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| > 100% | $— | $— | $— | $— | $— | $15 | $15 |
| 80% - 100% |  |  |  |  | 10 | 48 | 58 |
| 60% - 80% | 83 | 39 | 13 | 9 | 6 | 121 | 271 |
| 40% - 60% | 87 | 22 | 39 | 67 | 37 | 338 | 590 |
| < 40% | 13 | 7 | 47 | 94 | 46 | 666 | 873 |
| &nbsp;&nbsp;Total | $183 | $68 | $99 | $170 | $99 | $1188 | $1807 |

---

Loan-to-value ratio is based on income and expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the six months ended June 30, 2025, write-offs of commercial mortgage loans were not material.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Loans** | **Loans** | **Percentage** | **Percentage** |
| | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| | **(in millions)** | **(in millions)** | | |
| East North Central | $180 | $177 | 10% | 10% |
| East South Central | 39 | 40 | 2 | 2 |
| Middle Atlantic | 117 | 118 | 6 | 7 |
| Mountain | 159 | 149 | 9 | 8 |
| New England | 23 | 24 | 1 | 1 |
| Pacific | 627 | 602 | 33 | 33 |
| South Atlantic | 503 | 477 | 27 | 26 |
| West North Central | 116 | 117 | 6 | 7 |
| West South Central | 110 | 103 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1874 | $1807 | 100% | 100% |

---

Concentrations of credit risk of commercial mortgage loans by property type were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Loans** | **Loans** | **Percentage** | **Percentage** |
| | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| | **(in millions)** | **(in millions)** | | |
| Apartments | $532 | $494 | 28% | 27% |
| Hotel | 41 | 33 | 2 | 2 |
| Industrial | 354 | 337 | 19 | 19 |
| Mixed use | 60 | 58 | 3 | 3 |
| Office | 203 | 208 | 11 | 12 |
| Retail | 524 | 533 | 28 | 29 |
| Other | 160 | 144 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1874 | $1807 | 100% | 100% |

---

*Syndicated Loans*

The investment in syndicated loans as of June 30, 2025 and December 31, 2024 was $43 million and $36 million, respectively. The Company's syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both June 30, 2025 and December 31, 2024. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the six months ended June 30, 2025, write-offs of syndicated loans were not material.

The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Internal Risk Rating** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| **Internal Risk Rating** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Risk 5 | $— | $— | $— | $— | $— | $— | $— |
| Risk 4 |  |  |  |  |  |  |  |
| Risk 3 | 3 | 2 |  |  |  |  | 5 |
| Risk 2 | 5 | 10 | 1 |  | 3 | 5 | 24 |
| Risk 1 | 2 | 11 | 1 |  |  |  | 14 |
| &nbsp;&nbsp;Total | $10 | $23 | $2 | $— | $3 | $5 | $43 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Internal Risk Rating** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
| **Internal Risk Rating** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Risk 5 | $— | $— | $— | $— | $— | $— | $— |
| Risk 4 |  |  |  |  |  |  |  |
| Risk 3 |  |  |  | 4 |  |  | 4 |
| Risk 2 | 10 | 1 |  | 1 |  | 5 | 17 |
| Risk 1 | 11 | 1 |  | 2 | 1 |  | 15 |
| &nbsp;&nbsp;Total | $21 | $2 | $— | $7 | $1 | $5 | $36 |

---

***Policy Loans***

Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit losses.

***Deposit Receivables***

Deposit receivables were $5.6 billion and $5.8 billion as of June 30, 2025 and December 31, 2024, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management's evaluation of the collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both June 30, 2025 and December 31, 2024.

**Modifications with Borrowers Experiencing Financial Difficulty**

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the three and six months ended June 30, 2025 and 2024.

**7. Deferred Acquisition Costs and Deferred Sales Inducement Costs** 

The following tables summarize the balances of and changes in deferred acquisition costs ("DAC"):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Structured Variable Annuities** | **Fixed Annuities** | **Fixed Indexed Annuities** | **Universal Life Insurance** | **Variable Universal Life Insurance** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $1388 | $276 | $28 | $4 | $103 | $553 |
| &nbsp;&nbsp;Capitalization of acquisition costs | 11 | 42 |  |  |  | 30 |
| &nbsp;&nbsp;Amortization | (56) | (18) | (3) |  | (4) | (23) |
| Balance at June 30, 2025 | $1343 | $300 | $25 | $4 | $99 | $560 |
|  | **Indexed Universal Life Insurance** | **Other Life Insurance** | **Life Contingent Payout Annuities** | **Term and Whole Life Insurance** | **Disability Income Insurance** | **Total,<br>All Products** |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $210 | $2 | $10 | $17 | $70 | $2661 |
| &nbsp;&nbsp;Capitalization of acquisition costs | 1 |  | 1 | 1 | 2 | 88 |
| &nbsp;&nbsp;Amortization | (8) |  |  | (1) | (4) | (117) |
| Balance at June 30, 2025 | $203 | $2 | $11 | $17 | $68 | $2632 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Structured Variable Annuities** | **Fixed Annuities** | **Fixed Indexed Annuities** | **Universal Life Insurance** | **Variable Universal Life Insurance** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $1481 | $208 | $35 | $5 | $110 | $534 |
| &nbsp;&nbsp;Capitalization of acquisition costs | 24 | 98 |  |  |  | 64 |
| &nbsp;&nbsp;Amortization | (117) | (30) | (7) | (1) | (7) | (45) |
| Balance at December 31, 2024 | $1388 | $276 | $28 | $4 | $103 | $553 |
|  | **Indexed Universal Life Insurance** | **Other Life Insurance** | **Life Contingent Payout Annuities** | **Term and Whole Life Insurance** | **Disability Income Insurance** | **Total,<br>All Products** |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $223 | $2 | $6 | $17 | $75 | $2696 |
| &nbsp;&nbsp;Capitalization of acquisition costs | 3 |  | 5 | 2 | 3 | 199 |
| &nbsp;&nbsp;Amortization | (16) |  | (1) | (2) | (8) | (234) |
| Balance at December 31, 2024 | $210 | $2 | $10 | $17 | $70 | $2661 |

---

The following tables summarize the balances of and changes in deferred sales inducement costs ("DSIC"):

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Annuities** | **Fixed Annuities** | **Total,<br>All Products** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $121 | $10 | $131 |
| &nbsp;&nbsp;Amortization | (6) | (1) | (7) |
| Balance at June 30, 2025 | $115 | $9 | $124 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Annuities** | **Fixed Annuities** | **Total,<br>All Products** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $134 | $12 | $146 |
| &nbsp;&nbsp;Amortization | (13) | (2) | (15) |
| Balance at December 31, 2024 | $121 | $10 | $131 |

---

**8. Policyholder Account Balances, Future Policy Benefits and Claims**

Policyholder account balances, future policy benefits and claims consisted of the following:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **(in millions)** | **(in millions)** |
| **Policyholder account balances** | | |
| Policyholder account balances | $34353 | $32542 |
| **Future policy benefits** |  |  |
| Reserve for future policy benefits | 7511 | 7418 |
| Deferred profit liability | 125 | 118 |
| Additional liabilities for insurance guarantees | 1431 | 1389 |
| Other insurance and annuity liabilities | 153 | 192 |
| &nbsp;&nbsp;&nbsp;Total future policy benefits | 9220 | 9117 |
| Policy claims and other policyholders' funds | 214 | 204 |
| &nbsp;&nbsp;&nbsp;Total policyholder account balances, future policy benefits and claims | $43787 | $41863 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

*Variable Annuities*

Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.

Most of the variable annuity contracts issued by the Company contain a guaranteed minimum death benefit ("GMDB"). The Company previously offered contracts with guaranteed minimum accumulation benefit ("GMAB"), guaranteed minimum withdrawal benefit ("GMWB"), and guaranteed minimum income benefit ("GMIB") provisions. See Note 10 for additional information regarding the Company's variable annuity guarantees. See Note 12 and Note 14 for additional information regarding the Company's derivative instruments used to hedge risks related to these guarantees.

*Structured Variable Annuities*

Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder's rate of return, which may be positive or negative, tied to selected indices. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.

*Fixed Annuities*

Fixed annuities include deferred, payout and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.

Deferred contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are based on future estimated payments using established industry mortality tables and interest rates.

The Company's fixed index annuity product is a fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.

See Note 14 for additional information regarding the Company's derivative instruments used to hedge the risk related to indexed accounts.

*Insurance Liabilities*

Universal life ("UL") policies accumulate cash value that increases by a fixed interest rate. Purchasers of variable universal life ("VUL") can select from a variety of investment options and can elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those policyholders.

Indexed universal life ("IUL") is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value. The Company hedges the interest credited rate including equity and interest rate risk related to the indexed account with freestanding derivative instruments.

See Note 14 for additional information regarding the Company's derivative instruments used to hedge the risk related to IUL.

The Company also offers term life insurance as well as disability income ("DI") insurance products. The Company no longer offers standalone long term care ("LTC") insurance products and whole life insurance but has in force policies from prior years.

Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future claims, unpaid reported claims and claim adjustment expenses.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The balances of and changes in policyholder account balances were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Structured Variable Annuities** | **Fixed Annuities** | **Fixed Indexed Annuities** | **Non-Life Contingent Payout Annuities** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2025 | $3680 | $16330 | $5369 | $305 | $447 |
| &nbsp;&nbsp;Contract deposits | 35 | 1818 | 18 |  | 34 |
| &nbsp;&nbsp;Policy charges | (7) | (2) |  |  |  |
| &nbsp;&nbsp;Surrenders and other benefits | (236) | (328) | (363) | (12) | (51) |
| &nbsp;&nbsp;Net transfer from (to) separate account liabilities | (16) |  |  |  |  |
| &nbsp;&nbsp;Variable account index-linked adjustments |  | 717 |  |  |  |
| &nbsp;&nbsp;Interest credited | 58 | 1 | 96 | 6 | 8 |
| Balance at June 30, 2025 | $3514 | $18536 | $5120 | $299 | $438 |
| Weighted-average crediting rate | 3.3% | 1.6% | 3.8% | 2.1% | N/A |
| Cash surrender value <sup>(1)</sup> | $3494 | $17645 | $5119 | $278 | N/A |
|  | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Indexed Universal Life Insurance** | **Other Life Insurance** | **Total,<br>All Products** |
|  | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2025 | $1405 | $1647 | $2894 | $465 | $32542 |
| &nbsp;&nbsp;Contract deposits | 55 | 143 | 82 |  | 2185 |
| &nbsp;&nbsp;Policy charges | (84) | (46) | (62) |  | (201) |
| &nbsp;&nbsp;Surrenders and other benefits | (28) | (52) | (38) | (23) | (1131) |
| &nbsp;&nbsp;Net transfer from (to) separate account liabilities |  | (56) |  |  | (72) |
| &nbsp;&nbsp;Variable account index-linked adjustments |  |  |  |  | 717 |
| &nbsp;&nbsp;Interest credited | 22 | 32 | 82 | 8 | 313 |
| Balance at June 30, 2025 | $1370 | $1668 | $2958 | $450 | $34353 |
| Weighted-average crediting rate | 3.5% | 3.9% | 3.0% | 4.0% |  |
| Net amount at risk | $8113 | $57432 | $13327 | $125 |  |
| Cash surrender value <sup>(1)</sup> | $1256 | $1095 | $2528 | $284 |  |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Variable Annuities** | **Structured Variable Annuities** | **Fixed Annuities** | **Fixed Indexed Annuities** | **Non-Life Contingent Payout Annuities** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2024 | $4173 | $10742 | $5982 | $307 | $444 |
| &nbsp;&nbsp;Contract deposits | 56 | 4005 | 39 |  | 101 |
| &nbsp;&nbsp;Policy charges | (14) | (3) |  |  |  |
| &nbsp;&nbsp;Surrenders and other benefits | (628) | (383) | (856) | (16) | (110) |
| &nbsp;&nbsp;Net transfer from (to) separate account liabilities | (32) |  |  |  |  |
| &nbsp;&nbsp;Variable account index-linked adjustments |  | 1968 |  |  |  |
| &nbsp;&nbsp;Interest credited | 125 | 1 | 204 | 14 | 12 |
| Balance at December 31, 2024 | $3680 | $16330 | $5369 | $305 | $447 |
| Weighted-average crediting rate | 3.3% | 1.9% | 3.7% | 2.0% | N/A |
| Cash surrender value <sup>(1)</sup> | $3658 | $15467 | $5365 | $279 | N/A |
|  | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Indexed Universal Life Insurance** | **Other Life Insurance** | **Total,<br>All Products** |
|  | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2024 | $1474 | $1569 | $2755 | $501 | $27947 |
| &nbsp;&nbsp;Contract deposits | 117 | 333 | 181 |  | 4832 |
| &nbsp;&nbsp;Policy charges | (173) | (93) | (124) |  | (407) |
| &nbsp;&nbsp;Surrenders and other benefits | (62) | (80) | (79) | (52) | (2266) |
| &nbsp;&nbsp;Net transfer from (to) separate account liabilities |  | (145) |  |  | (177) |
| &nbsp;&nbsp;Variable account index-linked adjustments |  |  |  |  | 1968 |
| &nbsp;&nbsp;Interest credited | 49 | 63 | 161 | 16 | 645 |
| Balance at December 31, 2024 | $1405 | $1647 | $2894 | $465 | $32542 |
| Weighted-average crediting rate | 3.6% | 3.9% | 2.3% | 4.0% |  |
| Net amount at risk | $8312 | $57473 | $13593 | $130 |  |
| Cash surrender value <sup>(1)</sup> | $1280 | $1092 | $2447 | $298 |  |

---

<sup>(1)</sup> Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.

Refer to Note 10 for the net amount at risk for market risk benefits ("MRB") associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account values, host, embedded derivative, and separate account liabilities.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates ("GMIRs") and the range of the difference between rates credited to policyholders and contractholders as of June 30, 2025 and December 31, 2024 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management's discretion, subject to guaranteed minimums.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | | | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** |
| | **Range of Guaranteed Minimum Crediting Rates** | **Range of Guaranteed Minimum Crediting Rates** | **At Guaranteed Minimum** | **1-49 bps above Guaranteed Minimum** | **50-99 bps above Guaranteed Minimum** | **100-150 bps above Guaranteed Minimum** | **Greater than 150 bps above Guaranteed Minimum** | **Total** |
| | | | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Fixed accounts of variable annuities | 1% | 1.99% | $8 | $79 | $83 | $19 | $— | $189 |
|  | 2% | 2.99% | 102 | 3 |  |  |  | 105 |
|  | 3% | 3.99% | 1789 | 3 |  | 1 |  | 1793 |
|  | 4% | 5.00% | 1373 |  |  |  |  | 1373 |
|  | Total | Total | $3272 | $85 | $83 | $20 | $— | $3460 |
| Fixed accounts of structured variable annuities | 1% | 1.99% | $— | $50 | $5 | $— | $— | $55 |
|  | 2% | 2.99% | 15 |  |  |  |  | 15 |
|  | 3% | 3.99% | 1 |  |  |  |  | 1 |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $16 | $50 | $5 | $— | $— | $71 |
| Fixed annuities | 1% | 1.99% | $— | $210 | $182 | $104 | $12 | $508 |
|  | 2% | 2.99% | 18 | 16 | 1 |  |  | 35 |
|  | 3% | 3.99% | 2249 |  | 1 |  |  | 2250 |
|  | 4% | 5.00% | 2317 |  |  |  |  | 2317 |
|  | Total | Total | $4584 | $226 | $184 | $104 | $12 | $5110 |
| Non-indexed accounts of fixed indexed annuities | 1% | 1.99% | $— | $2 | $5 | $13 | $— | $20 |
|  | 2% | 2.99% |  |  |  |  |  |  |
|  | 3% | 3.99% |  |  |  |  |  |  |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $— | $2 | $5 | $13 | $— | $20 |
| Universal life insurance | 1% | 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% | 2.99% | 48 | 6 | 18 |  | 1 | 73 |
|  | 3% | 3.99% | 804 |  | 4 | 7 |  | 815 |
|  | 4% | 5.00% | 453 | 4 |  |  |  | 457 |
|  | Total | Total | $1305 | $10 | $22 | $7 | $1 | $1345 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** |
| | **Range of Guaranteed Minimum Crediting Rates** | **Range of Guaranteed Minimum Crediting Rates** | **At Guaranteed Minimum** | **1-49 bps above Guaranteed Minimum** | **50-99 bps above Guaranteed Minimum** | **100-150 bps above Guaranteed Minimum** | **Greater than 150 bps above Guaranteed Minimum** | **Total** |
| | | | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Fixed accounts of variable universal life insurance | 1% | 1.99% | $— | $— | $3 | $2 | $43 | $48 |
|  | 2% | 2.99% | 4 | 15 | 1 | 1 | 12 | 33 |
|  | 3% | 3.99% | 103 | 1 | 2 | 14 |  | 120 |
|  | 4% | 5.00% | 543 | 22 |  |  |  | 565 |
|  | Total | Total | $650 | $38 | $6 | $17 | $55 | $766 |
| Non-indexed accounts of indexed universal life insurance | 1% | 1.99% | $— | $— | $— | $— | $2 | $2 |
|  | 2% | 2.99% |  |  |  | 131 |  | 131 |
|  | 3% | 3.99% |  |  |  |  |  |  |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $— | $— | $— | $131 | $2 | $133 |
| Other life insurance | 1% | 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% | 2.99% |  |  |  |  |  |  |
|  | 3% | 3.99% | 27 |  |  |  |  | 27 |
|  | 4% | 5.00% | 256 |  |  |  |  | 256 |
|  | Total | Total | $283 | $— | $— | $— | $— | $283 |
| Total | 1% | 1.99% | $8 | $341 | $278 | $138 | $57 | $822 |
|  | 2% | 2.99% | 187 | 40 | 20 | 132 | 13 | 392 |
|  | 3% | 3.99% | 4973 | 4 | 7 | 22 |  | 5006 |
|  | 4% | 5.00% | 4942 | 26 |  |  |  | 4968 |
|  | Total | Total | $10110 | $411 | $305 | $292 | $70 | $11188 |
| **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** |  |  |  |  |  |
| Next 12 months | Next 12 months | Next 12 months | 100.0% | 100.0% | 99.9% | 100.0% | 99.8% | 100.0% |
| > 12 months to 24 months | > 12 months to 24 months | > 12 months to 24 months |  |  |  |  |  |  |
| > 24 months | > 24 months | > 24 months |  |  | 0.1 |  | 0.2 |  |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** |
| | **Range of Guaranteed Minimum Crediting Rates** | **Range of Guaranteed Minimum Crediting Rates** | **At Guaranteed Minimum** | **1-49 bps above Guaranteed Minimum** | **50-99 bps above Guaranteed Minimum** | **100-150 bps above Guaranteed Minimum** | **Greater than 150 bps above Guaranteed Minimum** | **Total** |
| | | | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Fixed accounts of variable annuities | 1% | 1.99% | $24 | $95 | $65 | $17 | $— | $201 |
|  | 2% | 2.99% | 112 |  |  |  |  | 112 |
|  | 3% | 3.99% | 1894 | 7 |  | 1 |  | 1902 |
|  | 4% | 5.00% | 1412 |  |  |  |  | 1412 |
|  | Total | Total | $3442 | $102 | $65 | $18 | $— | $3627 |
| Fixed accounts of structured variable annuities | 1% | 1.99% | $2 | $20 | $9 | $— | $— | $31 |
|  | 2% | 2.99% | 13 |  |  |  |  | 13 |
|  | 3% | 3.99% | 1 |  |  |  |  | 1 |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $16 | $20 | $9 | $— | $— | $45 |
| Fixed annuities | 1% | 1.99% | $85 | $237 | $152 | $89 | $14 | $577 |
|  | 2% | 2.99% | 22 | 14 | 2 |  |  | 38 |
|  | 3% | 3.99% | 2410 |  |  |  |  | 2410 |
|  | 4% | 5.00% | 2331 |  |  |  |  | 2331 |
|  | Total | Total | $4848 | $251 | $154 | $89 | $14 | $5356 |
| Non-indexed accounts of fixed indexed annuities | 1% | 1.99% | $— | $2 | $5 | $14 | $— | $21 |
|  | 2% | 2.99% |  |  |  |  |  |  |
|  | 3% | 3.99% |  |  |  |  |  |  |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $— | $2 | $5 | $14 | $— | $21 |
| Universal life insurance | 1% | 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% | 2.99% | 50 | 4 | 15 |  |  | 69 |
|  | 3% | 3.99% | 821 |  | 4 | 6 |  | 831 |
|  | 4% | 5.00% | 473 | 4 |  |  |  | 477 |
|  | Total | Total | $1344 | $8 | $19 | $6 | $— | $1377 |
| Fixed accounts of variable universal life insurance | 1% | 1.99% | $— | $— | $4 | $1 | $41 | $46 |
|  | 2% | 2.99% | 7 | 14 |  | 1 | 12 | 34 |
|  | 3% | 3.99% | 108 | 1 | 2 | 12 |  | 123 |
|  | 4% | 5.00% | 564 | 21 |  |  |  | 585 |
|  | Total | Total | $679 | $36 | $6 | $14 | $53 | $788 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** | **Account Values with Crediting Rates** |
| | **Range of Guaranteed Minimum Crediting Rates** | **Range of Guaranteed Minimum Crediting Rates** | **At Guaranteed Minimum** | **1-49 bps above Guaranteed Minimum** | **50-99 bps above Guaranteed Minimum** | **100-150 bps above Guaranteed Minimum** | **Greater than 150 bps above Guaranteed Minimum** | **Total** |
| | | | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Non-indexed accounts of indexed universal life insurance | 1% | 1.99% | $— | $— | $4 | $2 | $— | $6 |
|  | 2% | 2.99% |  | 125 |  |  |  | 125 |
|  | 3% | 3.99% |  |  |  |  |  |  |
|  | 4% | 5.00% |  |  |  |  |  |  |
|  | Total | Total | $— | $125 | $4 | $2 | $— | $131 |
| Other life insurance | 1% | 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% | 2.99% |  |  |  |  |  |  |
|  | 3% | 3.99% | 28 |  |  |  |  | 28 |
|  | 4% | 5.00% | 268 |  |  |  |  | 268 |
|  | Total | Total | $296 | $— | $— | $— | $— | $296 |
| Total | 1% | 1.99% | $111 | $354 | $239 | $123 | $55 | $882 |
|  | 2% | 2.99% | 204 | 157 | 17 | 1 | 12 | 391 |
|  | 3% | 3.99% | 5262 | 8 | 6 | 19 |  | 5295 |
|  | 4% | 5.00% | 5048 | 25 |  |  |  | 5073 |
|  | Total | Total | $10625 | $544 | $262 | $143 | $67 | $11641 |
| **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** | **Percentage of total account values that reset in:** |  |  |  |  |  |
| Next 12 months | Next 12 months | Next 12 months | 100.0% | 100.0% | 99.9% | 100.0% | 99.8% | 100.0% |
| > 12 months to 24 months | > 12 months to 24 months | > 12 months to 24 months |  |  |  |  |  |  |
| > 24 months | > 24 months | > 24 months |  |  | 0.1 |  | 0.2 |  |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following tables summarize the balances of and changes in the liability for future policy benefits:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Life Contingent Payout Annuities** | **Term and Whole Life Insurance** | **Disability Income Insurance** | **Long Term Care Insurance** | **Total,<br>All Products** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| **Present Value of Expected Net Premiums:** | | | | | |
| Balance at January 1, 2025 | $— | $737 | $53 | $1057 | $1847 |
| Beginning balance at original discount rate |  | 774 | 59 | 1072 | 1905 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions |  |  |  |  |  |
| &nbsp;&nbsp;Effect of actual variances from expected experience |  | (8) | (9) | (16) | (33) |
| Adjusted beginning of year balance | $— | $766 | $50 | $1056 | $1872 |
| &nbsp;&nbsp;Issuances | 67 | 29 | 4 |  | 100 |
| &nbsp;&nbsp;&nbsp;Interest accrual |  | 20 | 1 | 25 | 46 |
| &nbsp;&nbsp;&nbsp;Net premiums collected | (67) | (39) | (1) | (68) | (175) |
| &nbsp;&nbsp;&nbsp;Derecognition (lapses) |  |  |  |  |  |
| Ending balance at original discount rate | $— | $776 | $54 | $1013 | $1843 |
| &nbsp;&nbsp;Effect of changes in discount rate assumptions |  | (27) | (5) | 2 | (30) |
| Balance at June 30, 2025 | $— | $749 | $49 | $1015 | $1813 |
| **Present Value of Future Policy Benefits:** |  |  |  |  |  |
| Balance at January 1, 2025 | $1204 | $1322 | $545 | $6187 | $9258 |
| Beginning balance at original discount rate | 1289 | 1353 | 535 | 6408 | 9585 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions | (2) |  |  |  | (2) |
| &nbsp;&nbsp;Effect of actual variances from expected experience | (5) | (11) | (18) | (25) | (59) |
| Adjusted beginning of year balance | $1282 | $1342 | $517 | $6383 | $9524 |
| &nbsp;&nbsp;Issuances | 66 | 29 | 4 |  | 99 |
| &nbsp;&nbsp;&nbsp;Interest accrual | 29 | 37 | 15 | 158 | 239 |
| &nbsp;&nbsp;&nbsp;Benefit payments | (81) | (58) | (19) | (213) | (371) |
| &nbsp;&nbsp;&nbsp;Derecognition (lapses) |  |  |  |  |  |
| Ending balance at original discount rate | $1296 | $1350 | $517 | $6328 | $9491 |
| &nbsp;&nbsp;Effect of changes in discount rate assumptions | (61) | (12) | 16 | (118) | (175) |
| Balance at June 30, 2025 | $1235 | $1338 | $533 | $6210 | $9316 |
| Adjustment due to reserve flooring | $— | $8 | $— | $— | $8 |
| Net liability for future policy benefits | $1235 | $597 | $484 | $5195 | $7511 |
| Less: reinsurance recoverable | 730 | 430 | 20 | 2621 | 3801 |
| Net liability for future policy benefits, after reinsurance recoverable | $505 | $167 | $464 | $2574 | $3710 |
| Discounted expected future gross premiums | $— | $1663 | $826 | $1209 | $3698 |
| Expected future gross premiums | $— | $2859 | $1163 | $1625 | $5647 |
| Expected future benefit payments | $1866 | $2279 | $868 | $10300 | $15313 |
| Weighted average interest accretion rate | 4.4% | 6.1% | 6.3% | 5.1% |  |
| Weighted average discount rate | 5.2% | 5.4% | 5.5% | 5.5% |  |
| Weighted average duration of liability (in years) | 6 | 7 | 7 | 8 |  |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Life Contingent Payout Annuities** | **Term and Whole Life Insurance** | **Disability Income Insurance** | **Long Term Care Insurance** | **Total,<br>All Products** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| **Present Value of Expected Net Premiums:** | | | | | |
| Balance at January 1, 2024 | $— | $703 | $104 | $1146 | $1953 |
| Beginning balance at original discount rate |  | 708 | 105 | 1137 | 1950 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions |  | 57 | (39) | 55 | 73 |
| &nbsp;&nbsp;Effect of actual variances from expected experience |  | (16) | (13) | (26) | (55) |
| Adjusted beginning of year balance | $— | $749 | $53 | $1166 | $1968 |
| &nbsp;&nbsp;Issuances | 201 | 63 | 9 |  | 273 |
| &nbsp;&nbsp;&nbsp;Interest accrual | 1 | 38 | 3 | 55 | 97 |
| &nbsp;&nbsp;&nbsp;Net premiums collected | (202) | (76) | (6) | (149) | (433) |
| &nbsp;&nbsp;&nbsp;Derecognition (lapses) |  |  |  |  |  |
| Ending balance at original discount rate | $— | $774 | $59 | $1072 | $1905 |
| &nbsp;&nbsp;Effect of changes in discount rate assumptions |  | (37) | (6) | (15) | (58) |
| Balance at December 31, 2024 | $— | $737 | $53 | $1057 | $1847 |
| **Present Value of Future Policy Benefits:** |  |  |  |  |  |
| Balance at January 1, 2024 | $1164 | $1325 | $661 | $6561 | $9711 |
| Beginning balance at original discount rate | 1222 | 1291 | 621 | 6507 | 9641 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions | (24) | 67 | (61) | 58 | 40 |
| &nbsp;&nbsp;Effect of actual variances from expected experience | (8) | (16) | (25) | (48) | (97) |
| Adjusted beginning of year balance | $1190 | $1342 | $535 | $6517 | $9584 |
| &nbsp;&nbsp;Issuances | 201 | 63 | 9 |  | 273 |
| &nbsp;&nbsp;&nbsp;Interest accrual | 56 | 73 | 34 | 323 | 486 |
| &nbsp;&nbsp;&nbsp;Benefit payments | (158) | (125) | (43) | (432) | (758) |
| &nbsp;&nbsp;&nbsp;Derecognition (lapses) |  |  |  |  |  |
| Ending balance at original discount rate | $1289 | $1353 | $535 | $6408 | $9585 |
| &nbsp;&nbsp;Effect of changes in discount rate assumptions | (85) | (31) | 10 | (221) | (327) |
| Balance at December 31, 2024 | $1204 | $1322 | $545 | $6187 | $9258 |
| Adjustment due to reserve flooring | $— | $7 | $— | $— | $7 |
| Net liability for future policy benefits | $1204 | $592 | $492 | $5130 | $7418 |
| Less: reinsurance recoverable | 759 | 424 | 20 | 2591 | 3794 |
| Net liability for future policy benefits, after reinsurance recoverable | $445 | $168 | $472 | $2539 | $3624 |
| Discounted expected future gross premiums | $— | $1672 | $836 | $1247 | $3755 |
| Expected future gross premiums | $— | $2921 | $1196 | $1713 | $5830 |
| Expected future benefit payments | $1846 | $2286 | $899 | $10522 | $15553 |
| Weighted average interest accretion rate | 4.5% | 6.0% | 6.3% | 5.0% |  |
| Weighted average discount rate | 5.4% | 5.6% | 5.6% | 5.7% |  |
| Weighted average duration of liability (in years) | 6 | 7 | 7 | 8 |  |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2024 resulted in a net decrease in future policy benefit reserves, primarily due to decreased disability income insurance claim incidence rates.

The balances of and changes in additional liabilities related to insurance guarantees were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Other Life Insurance** | **Total,<br>All Products** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2025 | $1301 | $80 | $8 | $1389 |
| &nbsp;&nbsp;Interest accrual | 20 | 3 |  | 23 |
| &nbsp;&nbsp;Benefit accrual | 66 | 4 | 2 | 72 |
| &nbsp;&nbsp;Benefit payments | (44) | (10) | (2) | (56) |
| &nbsp;&nbsp;Effect of actual variances from expected experience | (2) | 1 |  | (1) |
| &nbsp;&nbsp;Impact of change in net unrealized (gains) losses on securities | 4 |  |  | 4 |
| Balance at June 30, 2025 | $1345 | $78 | $8 | $1431 |
| Weighted average interest accretion rate | 2.9% | 7.0% | 4.0% |  |
| Weighted average discount rate | 3.2% | 7.1% | 4.1% |  |
| Weighted average duration of reserves (in years) | 9 | 8 | 6 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Other Life Insurance** | **Total,<br>All Products** |
| | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** | **(in millions, except percentages)** |
| Balance at January 1, 2024 | $1225 | $81 | $15 | $1321 |
| &nbsp;&nbsp;Interest accrual | 37 | 6 | 1 | 44 |
| &nbsp;&nbsp;Benefit accrual | 133 | 8 | 3 | 144 |
| &nbsp;&nbsp;Benefit payments | (69) | (13) | (5) | (87) |
| &nbsp;&nbsp;Effect of actual variances from expected experience | (2) | (1) | (1) | (4) |
| &nbsp;&nbsp;Impact of change in net unrealized (gains) losses on securities | (23) | (1) | (5) | (29) |
| Balance at December 31, 2024 | $1301 | $80 | $8 | $1389 |
| Weighted average interest accretion rate | 3.0% | 7.0% | 3.9% |  |
| Weighted average discount rate | 3.2% | 7.1% | 4.0% |  |
| Weighted average duration of reserves (in years) | 10 | 8 | 6 |  |

---

The amount of revenue and interest recognized in the Statements of Income was as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| | **2025** | **2025** |
| | **Gross Premiums** | **Interest Expense** |
| | **(in millions)** | **(in millions)** |
| Life contingent payout annuities | $74 | $29 |
| Term and whole life insurance | 86 | 17 |
| Disability income insurance | 58 | 14 |
| Long term care insurance | 83 | 133 |
| &nbsp;&nbsp;Total | $301 | $193 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2024** | **2024** |
| | **Gross Premiums** | **Interest Expense** |
| | **(in millions)** | **(in millions)** |
| Life contingent payout annuities | $226 | $55 |
| Term and whole life insurance | 172 | 35 |
| Disability income insurance | 119 | 31 |
| Long term care insurance | 179 | 268 |
| &nbsp;&nbsp;Total | $696 | $389 |

---

The following tables summarize the balances of and changes in unearned revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Universal Life Insurance** | **Variable Universal Life Insurance** | **Indexed Universal Life Insurance** | **Total,<br>All Products** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $26 | $249 | $295 | $570 |
| &nbsp;&nbsp;Deferral of revenue | 1 | 38 | 24 | 63 |
| &nbsp;&nbsp;Amortization | (1) | (9) | (12) | (22) |
| Balance at June 30, 2025 | $26 | $278 | $307 | $611 |
| Balance at January 1, 2024 | $27 | $196 | $266 | $489 |
| &nbsp;&nbsp;Deferral of revenue |  | 70 | 51 | 121 |
| &nbsp;&nbsp;Amortization | (1) | (17) | (22) | (40) |
| Balance at December 31, 2024 | $26 | $249 | $295 | $570 |

---

**9. Separate Account Assets and Liabilities**

The fair value of separate account assets is invested exclusively in mutual funds.

The balances of and changes in separate account liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Annuities** | **Variable Universal Life** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $65737 | $9839 | $75576 |
| &nbsp;&nbsp;Premiums and deposits | 455 | 264 | 719 |
| &nbsp;&nbsp;Policy charges | (641) | (159) | (800) |
| &nbsp;&nbsp;Surrenders and other benefits | (3506) | (188) | (3694) |
| &nbsp;&nbsp;Investment return | 3729 | 660 | 4389 |
| &nbsp;&nbsp;Net transfer from (to) general account | 16 | 20 | 36 |
| Balance at June 30, 2025 | $65790 | $10436 | $76226 |
| Cash surrender value | $64554 | $9774 | $74328 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Variable Annuities** | **Variable Universal Life** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $65839 | $8795 | $74634 |
| &nbsp;&nbsp;Premiums and deposits | 933 | 500 | 1433 |
| &nbsp;&nbsp;Policy charges | (1365) | (307) | (1672) |
| &nbsp;&nbsp;Surrenders and other benefits | (6990) | (412) | (7402) |
| &nbsp;&nbsp;Investment return | 7293 | 1199 | 8492 |
| &nbsp;&nbsp;Net transfer from (to) general account | 27 | 64 | 91 |
| Balance at December 31, 2024 | $65737 | $9839 | $75576 |
| Cash surrender value | $64411 | $9220 | $73631 |

---

**10. Market Risk Benefits**

Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.

The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract.

The Company has the following primary GMDB provisions:

&nbsp;&nbsp;&nbsp;&nbsp;• Return of premium – provides purchase payments minus adjusted partial surrenders.

&nbsp;&nbsp;&nbsp;&nbsp;• Reset – provides that the value resets to the account value at specified contract anniversary intervals minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered.

&nbsp;&nbsp;&nbsp;&nbsp;• Ratchet – provides that the value ratchets up to the maximum account value at specified anniversary intervals, plus subsequent purchase payments less adjusted partial surrenders.

The variable annuity contracts with GMWB riders typically have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased annually to the account value (a "step-up") in the case of favorable market performance or by a benefit credit if the contract includes this provision.

The Company has GMWB riders in force, which contain one or more of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.

&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawals at a specified rate per year for the life of the contractholder ("GMWB for life").

&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawals at a specified rate per year for joint contractholders while either is alive.

&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawals based on performance of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawals based on the age withdrawals begin.

&nbsp;&nbsp;&nbsp;&nbsp;• Credits are applied annually for a specified number of years to increase the guaranteed amount as long as withdrawals have not been taken.

Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make the contract value equal to the guarantee value.

Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB 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.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following tables summarize the balances of and changes in market risk benefits:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in millions, except age)** | **(in millions, except age)** | **(in millions, except age)** | **(in millions, except age)** |
| Balance at beginning of period | $(114) | $(629) | $(919) | $335 |
| &nbsp;&nbsp;Issuances | 6 | 7 | 11 | 12 |
| &nbsp;&nbsp;Interest accrual and time decay | (31) | (15) | (49) | (25) |
| &nbsp;&nbsp;Reserve increase from attributed fees collected | 186 | 195 | 367 | 379 |
| &nbsp;&nbsp;Reserve release for benefit payments and derecognition | (3) | (3) | (5) | (7) |
| &nbsp;&nbsp;Effect of changes in interest rates and bond markets | (129) | (245) | 140 | (772) |
| &nbsp;&nbsp;Effect of changes in equity markets and subaccount performance | (711) | (152) | (389) | (882) |
| &nbsp;&nbsp;Effect of changes in equity index volatility | 15 | 15 | 40 | 54 |
| &nbsp;&nbsp;Actual policyholder behavior different from expected behavior | 13 | 10 | 38 | 41 |
| &nbsp;&nbsp;Effect of changes in other future expected assumptions |  |  | (1) |  |
| &nbsp;&nbsp;Effect of changes in the instrument-specific credit risk on market risk benefits | (1) | (13) | (2) | 35 |
| Balance at end of period | $(769) | $(830) | $(769) | $(830) |
| Reconciliation of the gross balances in an asset or liability position: |  |  |  |  |
| &nbsp;&nbsp;Asset position | $2095 | $2082 | $2095 | $2082 |
| &nbsp;&nbsp;Liability position | (1326) | (1252) | (1326) | (1252) |
| &nbsp;&nbsp;&nbsp;Net asset (liability) position | $769 | $830 | $769 | $830 |
| Guaranteed benefit amount in excess of current account balances (net amount at risk): |  |  |  |  |
| &nbsp;&nbsp;Death benefits | $325 | $530 | $325 | $530 |
| &nbsp;&nbsp;Living benefits | $2201 | $2317 | $2201 | $2317 |
| &nbsp;&nbsp;Composite (greater of) | $2497 | $2775 | $2497 | $2775 |
| Weighted average attained age of contractholders | 69 | 69 | 69 | 69 |
| Changes in unrealized (gains) losses in net income relating to liabilities held at end of period | $(855) | $(402) | $(253) | $(1588) |
| Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period  | $— | $(11) | $— | $40 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | |
|:---|:---|
| | **Year Ended December 31,** |
| | **2024** |
| | **(in millions, except age)** |
| Balance at beginning of period | $335 |
| &nbsp;&nbsp;Issuances | 24 |
| &nbsp;&nbsp;Interest accrual and time decay | (66) |
| &nbsp;&nbsp;Reserve increase from attributed fees collected | 790 |
| &nbsp;&nbsp;Reserve release for benefit payments and derecognition | (11) |
| &nbsp;&nbsp;Effect of changes in interest rates and bond markets | (1078) |
| &nbsp;&nbsp;Effect of changes in equity markets and subaccount performance | (1228) |
| &nbsp;&nbsp;Effect of changes in equity index volatility | 59 |
| &nbsp;&nbsp;Actual policyholder behavior different from expected behavior | 71 |
| &nbsp;&nbsp;Effect of changes in other future expected assumptions | 106 |
| &nbsp;&nbsp;Effect of changes in the instrument-specific credit risk on market risk benefits | 79 |
| Balance at end of period | $(919) |
| Reconciliation of the gross balances in an asset or liability position: |  |
| &nbsp;&nbsp;Asset position | $2182 |
| &nbsp;&nbsp;Liability position | (1263) |
| &nbsp;&nbsp;&nbsp;Net asset (liability) position | $919 |
| Guaranteed benefit amount in excess of current account balances (net amount at risk): |  |
| &nbsp;&nbsp;Death benefits | $462 |
| &nbsp;&nbsp;Living benefits | $2429 |
| &nbsp;&nbsp;Composite (greater of) | $2829 |
| Weighted average attained age of contractholders | 69 |
| Changes in unrealized (gains) losses in net income relating to liabilities held at end of period | $(2111) |
| Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period | $85 |

---

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Fair Value** | **Valuation Technique** | **Significant Inputs and Assumptions** | **Range** | **Range** | **Weighted <br> Average** |
| | **(in millions)** | | | | | |
| Market risk benefits | $(769) | Discounted cash flow | Utilization of guaranteed withdrawals <sup>(1)</sup>  | 0.0% | 52.8% | 11.9% |
|  |  |  | Surrender rate <sup>(2)</sup> | 0.4% | 75.0% | 3.3% |
|  |  |  | Market volatility <sup>(3)</sup> | 0.0% | 25.7% | 10.8% |
|  |  |  | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
|  |  |  | Mortality rate <sup>(5)</sup> | 0.0% | 41.6% | 1.7% |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Valuation Technique** | **Significant Inputs and Assumptions** | **Range** | **Range** | **Weighted <br> Average** |
| | **(in millions)** | | | | | |
| Market risk benefits | $(919) | Discounted cash flow | Utilization of guaranteed withdrawals <sup>(1)</sup> | 0.0% | 52.8% | 11.9% |
|  |  |  | Surrender rate <sup>(2)</sup> | 0.4% | 75.0% | 3.3% |
|  |  |  | Market volatility <sup>(3)</sup> | 0.0% | 24.6% | 10.3% |
|  |  |  | Nonperformance risk <sup>(4)</sup> | 65 bps | 65 bps | 65 bps |
|  |  |  | Mortality rate <sup>(5)</sup> | 0.0% | 41.6% | 1.7% |

---

<sup>(1)</sup> The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.

<sup>(2)</sup> The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

<sup>(3)</sup> Market volatility represents the implied volatility of each contractholder's mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

<sup>(4)</sup> The nonperformance risk is the spread added to the U.S. Treasury curve.

<sup>(5)</sup> The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.

**Changes to Significant Inputs and Assumptions:**

During the year ended December 31, 2024, the Company updated inputs and assumptions based on management's review of experience studies. These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:

Year ended December 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of $15 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Updates to surrender assumptions resulted in a decrease to pretax income of $83 million.

Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market, volatility and nonperformance risk assumptions.

**Uncertainty of Fair Value Measurements**

Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value.

Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Significant increases (decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases) in mortality rates used in the fair value measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.

Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the contractholder, calendar year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.

**Determination of Fair Value**

The Company values market risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility, contractholder behavior assumptions that include margins for risk, and the Company's nonperformance risk. These measurements are classified as Level 3.

**11. Debt**

*Short-Term Borrowings*

RiverSource Life Insurance Company is a member of the Federal Home Loan Bank ("FHLB") of Des Moines which provides access to collateralized borrowings. The Company has accessed collateralized borrowings from the FHLB and has pledged (granted a lien on) certain investments as collateral, primarily commercial mortgage backed securities and residential mortgage backed securities, with an aggregate fair value of $1.1 billion and $964 million as of June 30, 2025 and December 31, 2024, respectively. The amount of the Company's liability including accrued interest was $201 million as of both June 30, 2025 and December 31, 2024. The remaining maturity of outstanding FHLB advances was less than three months as of both June 30, 2025 and December 31, 2024. The weighted average annualized interest rate on the FHLB advances held as of June 30, 2025 and December 31, 2024 was 4.5% and 4.6%,

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

respectively.

*Long-Term Debt*

The Company has a $500 million unsecured 3.5% surplus note due December 31, 2050 to Ameriprise Financial. The outstanding balance was $500 million as of both June 30, 2025 and December 31, 2024 and is recorded in Long-term debt.

**12. 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:

Level 1&nbsp;&nbsp;&nbsp;&nbsp;Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

Level 2&nbsp;&nbsp;&nbsp;&nbsp;Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3&nbsp;&nbsp;&nbsp;&nbsp;Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis (See Note 4 for the balances of assets and liabilities for consolidated investment entities):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | |
| | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | |
| **Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Available-for-Sale securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | $— | $14029 | $703 | $14732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage backed securities |  | 4605 |  | 4605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage backed securities |  | 2067 |  | 2067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal obligations |  | 597 |  | 597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities |  | 1197 | 892 | 2089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds and obligations |  | 7 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and agency obligations | 2 |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;Total Available-for-Sale securities | 2 | 22502 | 1595 | 24099 |  |
| &nbsp;&nbsp;&nbsp;Cash equivalents | 1051 | 1445 |  | 2496 |  |
| &nbsp;&nbsp;&nbsp;Market risk benefits |  |  | 2095 | 2095 | (1) |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  | , |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity ceded embedded derivatives |  |  | 57 | 57 |  |
| &nbsp;&nbsp;&nbsp;Other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivative contracts | 3 | 221 |  | 224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivative contracts | 213 | 9940 |  | 10153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange derivative contracts |  | 26 |  | 26 |  |
| &nbsp;&nbsp;&nbsp;Total other assets | 216 | 10187 |  | 10403 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets at net asset value ("NAV") |  |  |  | 76226 | (2) |
| Total assets at fair value | $1269 | $34134 | $3747 | $115376 |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholder account balances, future policy benefits and claims: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity embedded derivatives | $— | $— | $56 | $56 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IUL embedded derivatives |  |  | 999 | 999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured variable annuity embedded derivatives |  |  | 2879 | 2879 |  |
| &nbsp;&nbsp;Total policyholder account balances, future policy benefits and claims |  |  | 3934 | 3934 | (3) |
| &nbsp;&nbsp;&nbsp;Market risk benefits |  |  | 1326 | 1326 | (1) |
| &nbsp;&nbsp;&nbsp;Other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivative contracts | 1 | 234 |  | 235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivative contracts | 285 | 6270 |  | 6555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange derivative contracts | 2 | 1 |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit derivative contracts |  | 43 |  | 43 |  |
| &nbsp;&nbsp;&nbsp;Total other liabilities | 288 | 6548 |  | 6836 |  |
| Total liabilities at fair value | $288 | $6548 | $5260 | $12096 |  |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | |
| | **Level 1** | **Level 2** | **Level 3** | **Total** | |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | |
| **Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Available-for-Sale securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | $— | $12721 | $572 | $13293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage backed securities |  | 4039 |  | 4039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage backed securities |  | 2100 |  | 2100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal obligations |  | 636 |  | 636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset backed securities |  | 1302 | 881 | 2183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds and obligations |  | 7 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and agency obligations | 1 |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Total Available-for-Sale securities | 1 | 20805 | 1453 | 22259 |  |
| &nbsp;&nbsp;&nbsp;Cash equivalents | 1215 | 1227 |  | 2442 |  |
| &nbsp;&nbsp;&nbsp;Market risk benefits |  |  | 2182 | 2182 | (1) |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity ceded embedded derivatives |  |  | 55 | 55 |  |
| &nbsp;&nbsp;&nbsp;Other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivative contracts |  | 179 |  | 179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivative contracts | 114 | 8829 |  | 8943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange derivative contracts | 2 | 40 |  | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit derivative contracts |  | 59 |  | 59 |  |
| &nbsp;&nbsp;&nbsp;Total other assets | 116 | 9107 |  | 9223 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets at NAV |  |  |  | 75576 | (2) |
| Total assets at fair value | $1332 | $31139 | $3690 | $111737 |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholder account balances, future policy benefits and claims: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity embedded derivatives | $— | $— | $53 | $53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IUL embedded derivatives |  |  | 1002 | 1002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured variable annuity embedded derivatives |  |  | 2461 | 2461 |  |
| &nbsp;&nbsp;Total policyholder account balances, future policy benefits and claims |  |  | 3516 | 3516 | (3) |
| &nbsp;&nbsp;&nbsp;Market risk benefits |  |  | 1263 | 1263 | (1) |
| &nbsp;&nbsp;&nbsp;Other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivative contracts | 1 | 323 |  | 324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivative contracts | 172 | 5159 |  | 5331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange derivative contracts |  | 7 |  | 7 |  |
| &nbsp;&nbsp;&nbsp;Total other liabilities | 173 | 5489 |  | 5662 |  |
| Total liabilities at fair value | $173 | $5489 | $4779 | $10441 |  |

---

<sup>(1)</sup> See Note 10 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

<sup>(2)</sup> Amounts are comprised of financial instruments 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.

<sup>(3)</sup> The Company's adjustment for nonperformance risk resulted in a $215 million and $211 million cumulative decrease to the embedded derivatives as of June 30, 2025 and December 31, 2024, respectively.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following tables provide a summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | | **Receivables** |
| | **Corporate Debt Securities** | **Asset Backed Securities** | **Total** | | **Fixed Deferred Indexed Annuity Ceded Embedded Derivatives** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at April 1, 2025 | $617 | $882 | $1499 |  | $53 |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 1 |  | 1 | (1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 5 | 10 | 15 |  |  |
| &nbsp;&nbsp;Purchases | 82 |  | 82 |  |  |
| &nbsp;&nbsp;Settlements | (2) |  | (2) |  | (1) |
| Balance at June 30, 2025 | $703 | $892 | $1595 |  | $57 |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at June 30, 2025  | $5 | $10 | $15 |  | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** |
| | **Fixed Deferred Indexed Annuity Embedded Derivatives** | | **IUL Embedded Derivatives** | | **Structured Variable Annuity Embedded Derivatives** | | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at April 1, 2025 | $51 |  | $969 |  | $1841 |  | $2861 |
| &nbsp;&nbsp;Total (gains) losses included in: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 5 | (2) | 67 | (2) | 1086 | (3) | 1158 |
| &nbsp;&nbsp;Issues |  |  | 3 |  | 39 |  | 42 |
| &nbsp;&nbsp;Settlements |  |  | (40) |  | (87) |  | (127) |
| Balance at June 30, 2025 | $56 |  | $999 |  | $2879 |  | $3934 |
| Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2025  | $— | (2) | $66 | (2) | $1086 | (3) | $1152 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | | **Receivables** |
| | **Corporate Debt Securities** | **Residential Mortgage Backed Securities** | **Asset Backed Securities** | **Total** | | **Fixed Deferred Indexed Annuity Ceded Embedded Derivatives** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at April 1, 2024 | $488 | $25 | $560 | $1073 |  | $54 |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  | (1) | 2 |
| &nbsp;&nbsp;Purchases | 50 | 25 | 333 | 408 |  |  |
| &nbsp;&nbsp;Settlements | (7) | (1) |  | (8) |  | (1) |
| &nbsp;&nbsp;Transfers out of Level 3 |  | (25) |  | (25) |  |  |
| Balance at June 30, 2024 | $531 | $24 | $893 | $1448 |  | $55 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** |
| | **Fixed Deferred Indexed Annuity Embedded Derivatives** | | **IUL Embedded Derivatives** | | **Structured Variable Annuity Embedded Derivatives** | | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at April 1, 2024 | $52 |  | $888 |  | $1620 |  | $2560 |
| &nbsp;&nbsp;Total (gains) losses included in: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 1 | (2) | 91 | (2) | 325 | (3) | 417 |
| &nbsp;&nbsp;Issues |  |  | 8 |  | 39 |  | 47 |
| &nbsp;&nbsp;Settlements | (1) |  | (43) |  | (88) |  | (132) |
| Balance at June 30, 2024 | $52 |  | $944 |  | $1896 |  | $2892 |
| Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2024  | $— | (2) | $91 | (2) | $325 | (3) | $416 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | | **Receivables** |
| | **Corporate Debt Securities** | **Asset Backed Securities** | **Total** | | **Fixed Deferred Indexed Annuity Ceded Embedded Derivatives** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $572 | $881 | $1453 |  | $55 |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 1 |  | 1 | (1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 14 | 11 | 25 |  |  |
| &nbsp;&nbsp;Purchases | 131 |  | 131 |  |  |
| &nbsp;&nbsp;Settlements | (15) |  | (15) |  | (3) |
| Balance at June 30, 2025 | $703 | $892 | $1595 |  | $57 |
| Changes in unrealized gains (losses) in net income relating to assets held at June 30, 2025  | $1 | $— | $1 | (1) | $— |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at June 30, 2025  | $14 | $11 | $25 |  | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** |
| | **Fixed Deferred Indexed Annuity Embedded Derivatives** | | **IUL Embedded Derivatives** | | **Structured Variable Annuity Embedded Derivatives** | | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2025 | $53 |  | $1002 |  | $2461 |  | $3516 |
| &nbsp;&nbsp;Total (gains) losses included in: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 5 | (2) | 72 | (2) | 538 | (3) | 615 |
| &nbsp;&nbsp;Issues |  |  | 2 |  | 52 |  | 54 |
| &nbsp;&nbsp;Settlements | (2) |  | (77) |  | (172) |  | (251) |
| Balance at June 30, 2025 | $56 |  | $999 |  | $2879 |  | $3934 |
| Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2025  | $— | (2) | $71 | (2) | $538 | (3) | $609 |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | | **Receivables** |
| | **Corporate Debt Securities** | **Residential Mortgage Backed Securities** | **Asset Backed Securities** | **Total** | | **Fixed Deferred Indexed Annuity Ceded Embedded Derivatives** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $452 | $— | $555 | $1007 |  | $51 |
| &nbsp;&nbsp;Total gains (losses) included in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  | (1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | (3) |  | 5 | 2 |  |  |
| &nbsp;&nbsp;Purchases | 102 | 50 | 333 | 485 |  |  |
| &nbsp;&nbsp;Settlements | (20) | (1) |  | (21) |  | (2) |
| &nbsp;&nbsp;Transfers out of Level 3 |  | (25) |  | (25) |  |  |
| Balance at June 30, 2024 | $531 | $24 | $893 | $1448 |  | $55 |
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at June 30, 2024 | $(3) | $— | $5 | $2 |  | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** | **Policyholder Account Balances, Future Policy Benefits and Claims** |
| | **Fixed Deferred Indexed Annuity Embedded Derivatives** | | **IUL Embedded Derivatives** | | **Structured Variable Annuity Embedded Derivatives** | | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at January 1, 2024 | $49 |  | $873 |  | $1011 |  | $1933 |
| &nbsp;&nbsp;Total (gains) losses included in: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 5 | (2) | 133 | (2) | 953 | (3) | 1091 |
| &nbsp;&nbsp;Issues |  |  | 14 |  | 76 |  | 90 |
| &nbsp;&nbsp;Settlements | (2) |  | (76) |  | (144) |  | (222) |
| Balance at June 30, 2024 | $52 |  | $944 |  | $1896 |  | $2892 |
| Changes in unrealized (gains) losses in net income relating to liabilities held at June 30, 2024  | $— | (2) | $133 | (2) | $953 | (3) | $1086 |

---

<sup>(1)</sup> Included in Net investment income.

<sup>(2)</sup> Included in Interest credited to fixed accounts.

<sup>(3)</sup> Included in Benefits, claims, losses and settlement expenses.

The increase (decrease) to pretax income of the Company's adjustment for nonperformance risk on the fair value of its embedded derivatives was $17 million and $19 million, net of the reinsurance accrual, for the three months ended June 30, 2025 and 2024, respectively.

The increase (decrease) to pretax income of the Company's adjustment for nonperformance risk on the fair value of its embedded derivatives was $1 million and $19 million, net of the reinsurance accrual, for the six months ended June 30, 2025 and 2024, 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 or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single non-binding broker quote.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Range** | **Weighted Average** |
|  | **(in millions)** | | | | | |
| Corporate debt securities (private placements) | $642 | Discounted cash flow | Yield/spread to U.S. Treasuries <sup>(1)</sup> | 0.9% | 1.6% | 1.1% |
| Asset backed securities | $892 | Discounted cash flow | Annual default rate <sup>(2)</sup> | 2.5% | 5.6% | 4.5% |
|  |  |  | Loss severity | 25.0% | 25.0% | 25.0% |
|  |  |  | Constant prepayment rate <sup>(2)</sup> | 0.0% | 1.0% | 0.4% |
|  |  |  | Yield/spread to U.S. Treasuries <sup>(3)</sup> | 190 bps | 360 bps | 205 bps |
| Fixed deferred indexed annuity ceded embedded derivatives | $57 | Discounted cash flow | Surrender rate <sup>(4)</sup> | 0.0% | 89.1% | 9.5% |
| Fixed deferred indexed annuity embedded derivatives | $56 | Discounted cash flow | Surrender rate <sup>(4)</sup> | 0.0% | 89.1% | 9.5% |
|  |  |  | Nonperformance risk <sup>(5)</sup> | 65 bps | 65 bps | 65 bps |
| IUL embedded derivatives | $999 | Discounted cash flow | Nonperformance risk <sup>(5)</sup> | 65 bps | 65 bps | 65 bps |
| Structured variable annuity embedded derivatives | $2879 | Discounted cash flow | Surrender rate <sup>(4)</sup> | 0.5% | 75.0% | 2.0% |
|  |  |  | Nonperformance risk <sup>(5)</sup> | 65 bps | 65 bps | 65 bps |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Range** | **Weighted Average** |
| | **(in millions)** | | | | | |
| Corporate debt securities (private placements) | $572 | Discounted cash flow | Yield/spread to U.S. Treasuries <sup>(1)</sup> | 0.8% | 1.7% | 1.2% |
| Asset backed securities | $881 | Discounted cash flow | Annual default rate <sup>(2)</sup> | 2.2% | 4.4% | 3.6% |
|  |  |  | Loss severity | 25.0% | 25.0% | 25.0% |
|  |  |  | Constant prepayment rate <sup>(2)</sup> | 0.0% | 1.0% | 0.4% |
|  |  |  | Yield/spread to U.S. Treasuries <sup>(3)</sup> | 190 bps | 360 bps | 205 bps |
| Fixed deferred indexed annuity ceded embedded derivatives | $55 | Discounted cash flow | Surrender rate <sup>(4)</sup> | 0.0% | 89.1% | 10.6% |
| Fixed deferred indexed annuity embedded derivatives | $53 | Discounted cash flow | Surrender rate <sup>(4)</sup> | 0.0% | 89.1% | 10.6% |
|  |  |  | Nonperformance risk <sup>(5)</sup> | 65 bps | 65 bps | 65 bps |
| IUL embedded derivatives | $1002 | Discounted cash flow | Nonperformance risk <sup>(5)</sup> | 65 bps | 65 bps | 65 bps |
| Structured variable annuity embedded derivatives | $2461 | Discounted cash flow | Surrender rate <sup>(4)</sup> | 0.5% | 75.0% | 1.7% |
|  |  |  | Nonperformance risk <sup>(5)</sup> | 65 bps | 65 bps | 65 bps |

---

<sup>(1)</sup> The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security's market value as a percentage of the aggregate market value of the securities.

<sup>(2)</sup> The weighted average for both the annual default rate and the constant prepayment rate for asset backed securities are weighted based on the balances of each security.

<sup>(3)</sup> The weighted average for the yield/spread to U.S. Treasuries for asset backed securities is calculated as the sum of each tranche's balance multiplied by its spread to U.S. Treasuries divided by the aggregate balances of the tranches.

<sup>(4)</sup> The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

<sup>(5)</sup> The nonperformance risk is the spread added to the U.S. Treasury curve.

Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.

**Uncertainty of Fair Value Measurements**

Significant increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities and asset backed securities in isolation would have resulted in a significantly lower (higher) fair value measurement.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

Significant increases (decreases) in the annual default rate, loss severity, and constant prepayment rate used in the fair value measurement of Level 3 asset backed securities in isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss severity in isolation would have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in the surrender assumption used in the fair value measurement of the fixed deferred indexed annuity ceded embedded derivatives in isolation would have resulted 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 have resulted in a significantly lower (higher) fair value measurement.

Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.

**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**

*Available-for-Sale 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, state and municipal obligations, asset backed securities 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. The fair value of securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.

Level 3 securities primarily include certain corporate bonds, non-agency residential mortgage backed securities and asset backed securities with fair value 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 affiliated 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 the affiliated asset backed securities is classified as Level 3.

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.

*Cash Equivalents*

Cash equivalents include time deposits and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also 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.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

*Receivables*

The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.

*Other Assets*

Derivatives that are measured using quoted prices in active markets, such as 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. The counterparties' nonperformance risk associated with uncollateralized derivative assets was immaterial as of both June 30, 2025 and December 31, 2024. See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral.

*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.

**Liabilities**

*Policyholder Account Balances, Future Policy Benefits and Claims*

There is no active market for the transfer of the Company's embedded derivatives attributable to the provisions of fixed deferred indexed annuity, structured variable annuity and IUL products.

The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index levels and significant unobservable surrender rates and the estimate of the Company's nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity, structured variable annuity and 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.

*Other Liabilities*

Derivatives that are measured using quoted prices in active markets, such as 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. The Company's nonperformance risk associated with uncollateralized derivative liabilities was immaterial as of both June 30, 2025 and December 31, 2024. See Note 13 and Note 14 for further information on the credit risk of derivative instruments and related collateral.

**Fair Value on a Nonrecurring Basis**

The Company assesses its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments. Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance of affordable housing partnerships measured at fair value on a nonrecurring basis was $21 million and $27 million as of June 30, 2025 and December 31, 2024, respectively, and is classified as Level 3 in the fair value hierarchy.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

**Assets and Liabilities 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Carrying Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
|  | **Carrying Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Financial Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Mortgage loans, net | $1864 | $— | $— | $1784 | $1784 |
| &nbsp;&nbsp;&nbsp;Policy loans | 1019 |  | 1019 |  | 1019 |
| &nbsp;&nbsp;&nbsp;Other investments | 61 |  | 42 | 20 | 62 |
| &nbsp;&nbsp;&nbsp;Receivables | 5575 |  |  | 4672 | 4672 |
| **Financial Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Policyholder account balances, future policy benefits and claims | $21609 | $— | $— | $18504 | $18504 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 201 |  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 500 |  | 324 |  | 324 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 5 |  |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities — investment contracts | 352 |  | 352 |  | 352 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| | **Carrying Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Financial Assets** | | | | | |
| &nbsp;&nbsp;&nbsp;Mortgage loans, net | $1797 | $— | $— | $1675 | $1675 |
| &nbsp;&nbsp;&nbsp;Policy loans | 982 |  | 982 |  | 982 |
| &nbsp;&nbsp;&nbsp;Other investments | 55 |  | 36 | 19 | 55 |
| &nbsp;&nbsp;&nbsp;Receivables | 5834 |  |  | 4795 | 4795 |
| **Financial Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;Policyholder account balances, future policy benefits and claims | $20097 | $— | $— | $16826 | $16826 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 201 |  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 500 |  | 312 |  | 312 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 5 |  |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities — investment contracts | 364 |  | 364 |  | 364 |

---

Other investments include syndicated loans and the Company's membership in the FHLB. Receivables include deposit receivables. See Note 6 for additional information on mortgage loans, policy loans, syndicated loans and deposit receivables.

Policyholder account balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 8 for additional information on these liabilities. Short-term borrowings include FHLB borrowings. Long-term debt includes the surplus note with Ameriprise Financial. See Note 11 for further information on short-term borrowings and long-term debt. Other liabilities include future funding commitments to affordable housing partnerships and other real estate partnerships. Separate account liabilities are related to certain annuity products that are classified as investment contracts.

**13. Offsetting Assets and Liabilities** 

Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company's derivative instruments are subject to master netting 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. The Company's policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following tables present the gross and net information about the Company's assets subject to master netting arrangements:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the <br>Consolidated Balance Sheets** | **Amounts of Assets Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Net Amount** |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the <br>Consolidated Balance Sheets** | **Amounts of Assets Presented in the Consolidated Balance Sheets** | **Financial Instruments** <sup>(1)</sup> | **Cash Collateral** | **Securities Collateral** | **Net Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC | $10132 | $— | $10132 | $(6668) | $(1370) | $(2073) | $21 |
| &nbsp;&nbsp;&nbsp;OTC cleared | 72 |  | 72 | (24) |  |  | 48 |
| &nbsp;&nbsp;&nbsp;Exchange-traded | 199 |  | 199 | (48) |  |  | 151 |
| Total | $10403 | $— | $10403 | $(6740) | $(1370) | $(2073) | $220 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the <br>Consolidated Balance Sheets** | **Amounts of Assets Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Net Amount** |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the <br>Consolidated Balance Sheets** | **Amounts of Assets Presented in the Consolidated Balance Sheets** | **Financial Instruments** <sup>(1)</sup> | **Cash Collateral** | **Securities Collateral** | **Net Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC | $9111 | $— | $9111 | $(5555) | $(1550) | $(1970) | $36 |
| &nbsp;&nbsp;&nbsp;OTC cleared | 10 |  | 10 | (10) |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-traded | 102 |  | 102 | (17) |  |  | 85 |
| Total | $9223 | $— | $9223 | $(5582) | $(1550) | $(1970) | $121 |

---

<sup>(1)</sup> 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.

The following tables present the gross and net information about the Company's liabilities subject to master netting arrangements:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the <br>Consolidated Balance Sheets** | **Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Net Amount** |
| | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the <br>Consolidated Balance Sheets** | **Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Financial Instruments** <sup>(1)</sup> | **Cash Collateral** | **Securities Collateral** | **Net Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC | $6761 | $— | $6761 | $(6668) | $— | $(93) | $— |
| &nbsp;&nbsp;&nbsp;OTC cleared | 24 |  | 24 | (24) |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-traded | 51 |  | 51 | (48) |  |  | 3 |
| Total | $6836 | $— | $6836 | $(6740) | $— | $(93) | $3 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the <br>Consolidated Balance Sheets** | **Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Net Amount** |
| | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the <br>Consolidated Balance Sheets** | **Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Financial Instruments** <sup>(1)</sup> | **Cash Collateral** | **Securities Collateral** | **Net Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC | $5622 | $— | $5622 | $(5555) | $— | $(67) | $— |
| &nbsp;&nbsp;&nbsp;OTC cleared | 18 |  | 18 | (10) |  |  | 8 |
| &nbsp;&nbsp;&nbsp;Exchange-traded | 22 |  | 22 | (17) |  |  | 5 |
| Total | $5662 | $— | $5662 | $(5582) | $— | $(67) | $13 |

---

<sup>(1)</sup> 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.

In the tables above, the amount of assets or liabilities presented 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.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

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. See Note 14 for additional disclosures related to the Company's derivative instruments.

**14. 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 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.

Certain of the Company's freestanding derivative instruments are 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 13 for additional information regarding the estimated fair value of the Company's freestanding derivatives after considering the effect of master netting arrangements and collateral.

Generally, 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Notional** | **Gross Fair Value** | **Gross Fair Value** | **Notional** | **Gross Fair Value** | **Gross Fair Value** |
| | **Notional** | **Assets** <sup>(1)</sup> | **Liabilities** <sup>(2)</sup> | **Notional** | **Assets** <sup>(1)</sup> | **Liabilities** <sup>(2)</sup> |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Derivatives not designated as hedging instruments** | | | | | | |
| &nbsp;&nbsp;Interest rate contracts | $37782 | $224 | $235 | $39082 | $179 | $324 |
| &nbsp;&nbsp;Equity contracts | 120348 | 10153 | 6555 | 108205 | 8943 | 5331 |
| &nbsp;&nbsp;Credit contracts | 3561 |  | 43 | 2914 | 59 |  |
| &nbsp;&nbsp;Foreign exchange contracts | 3077 | 26 | 3 | 2938 | 42 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-designated hedges | 164768 | 10403 | 6836 | 153139 | 9223 | 5662 |
| **Embedded derivatives** |  |  |  |  |  |  |
| &nbsp;&nbsp;IUL | N/A |  | 999 | N/A |  | 1002 |
| &nbsp;&nbsp;&nbsp;Fixed deferred indexed annuities and deposit receivables | N/A | 57 | 56 | N/A | 55 | 53 |
| &nbsp;&nbsp;Structured variable annuities <sup>(3)</sup> | N/A |  | 2879 | N/A |  | 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total embedded derivatives | N/A | 57 | 3934 | N/A | 55 | 3516 |
| Total derivatives | $164768 | $10460 | $10770 | $153139 | $9278 | $9178 |

---

N/A Not applicable.

<sup>(1)</sup> The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded embedded derivative assets related to deposit receivables is included in Receivables.

<sup>(2)</sup> The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims.

<sup>(3)</sup> The fair value of the structured variable annuity embedded derivatives as of June 30, 2025 included $2.9 billion of individual contracts in a liability position and $3 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2024 included $2.5 billion of individual contracts in a liability position and $3 million of individual contracts in an asset position.

See Note 12 for additional information regarding the Company's fair value measurement of derivative instruments.

As of June 30, 2025 and December 31, 2024, investment securities with a fair value of $1.7 billion and $1.5 billion, respectively, were pledged to meet contractual obligations under derivative contracts, of which $150 million and $84 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of June 30, 2025 and December 31, 2024, investment securities with a fair value of $2.6 billion and $2.2 billion, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $2.3 billion and $2.0 billion, respectively, may be sold, pledged or rehypothecated by the Company. As of both June 30, 2025 and December 31, 2024, the Company had sold, pledged or rehypothecated none of these securities. In addition, as of both June 30,

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

2025 and December 31, 2024, non-cash collateral accepted was held in separate custodial accounts and was not included in the Company's Consolidated Balance Sheets.

The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated Statements of Income:

---

| | | | |
|:---|:---|:---|:---|
| | **Benefits, Claims, Losses and Settlement Expenses** | **Interest Credited to Fixed Accounts** | **Change in Fair Value of Market Risk Benefits** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| **Three Months Ended June 30, 2025** | | | |
| &nbsp;&nbsp;Interest rate contracts | $— | $— | $(52) |
| &nbsp;&nbsp;Equity contracts | 1094 | 71 | (533) |
| &nbsp;&nbsp;Credit contracts |  |  | (6) |
| &nbsp;&nbsp;Foreign exchange contracts |  |  | (53) |
| &nbsp;&nbsp;&nbsp;IUL embedded derivatives |  | (27) |  |
| &nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity and deposit receivables embedded derivatives |  | 11 |  |
| &nbsp;&nbsp;&nbsp;Structured variable annuity embedded derivatives | (1086) |  |  |
| Total gain (loss) | $8 | $55 | $(644) |
| **Three Months Ended June 30, 2024** |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | $— | $— | $(188) |
| &nbsp;&nbsp;Equity contracts | 252 | 15 | (169) |
| &nbsp;&nbsp;Credit contracts |  |  | 34 |
| &nbsp;&nbsp;Foreign exchange contracts |  |  | 23 |
| &nbsp;&nbsp;&nbsp;IUL embedded derivatives |  | (48) |  |
| &nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity and deposit receivables embedded derivatives |  | 11 |  |
| &nbsp;&nbsp;&nbsp;Structured variable annuity embedded derivatives | (325) |  |  |
| Total gain (loss) | $(73) | $(22) | $(300) |

---

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Benefits, Claims, Losses and Settlement Expenses** | **Interest Credited to Fixed Accounts** | **Change in Fair Value of Market Risk Benefits** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| **Six Months Ended June 30, 2025** | | | |
| &nbsp;&nbsp;Interest rate contracts | $2 | $— | $68 |
| &nbsp;&nbsp;Equity contracts | 420 | 42 | (286) |
| &nbsp;&nbsp;Credit contracts |  |  | (54) |
| &nbsp;&nbsp;Foreign exchange contracts |  |  | (63) |
| &nbsp;&nbsp;&nbsp;IUL embedded derivatives |  | 5 |  |
| &nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity and deposit receivables embedded derivatives |  | 10 |  |
| &nbsp;&nbsp;&nbsp;Structured variable annuity embedded derivatives | (538) |  |  |
| Total gain (loss) | $(116) | $57 | $(335) |
| **Six Months Ended June 30, 2024** |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | $(8) | $— | $(721) |
| &nbsp;&nbsp;Equity contracts | 850 | 47 | (728) |
| &nbsp;&nbsp;Credit contracts |  |  | 99 |
| &nbsp;&nbsp;Foreign exchange contracts |  |  | 57 |
| &nbsp;&nbsp;&nbsp;IUL embedded derivatives |  | (57) |  |
| &nbsp;&nbsp;&nbsp;Fixed deferred indexed annuity and deposit receivables embedded derivatives |  | 10 |  |
| &nbsp;&nbsp;&nbsp;Structured variable annuity embedded derivatives | (953) |  |  |
| Total gain (loss) | $(111) | $— | $(1293) |

---

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.

The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the 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, 2025:

---

| | | |
|:---|:---|:---|
| | **Premiums Payable** | **Premiums Receivable** |
| | **(in millions)** | **(in millions)** |
| 2025 <sup>(1)</sup> | $83 | $15 |
| 2026 | 248 | 88 |
| 2027 | 21 |  |
| 2028 | 31 |  |
| 2029 | 135 |  |
| 2030 - 2031 | 233 |  |
| &nbsp;&nbsp;Total | $751 | $103 |

---

<sup>(1)</sup> 2025 amounts represent the amounts payable and receivable for the period from July 1, 2025 to December 31, 2025.

Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to the full premium being paid or received.

Structured variable annuity and IUL 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 structured variable annuity and IUL products will positively or negatively impact earnings over the life of these products. The equity components of structured variable annuity and IUL 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 interest rate swaps, index options and futures contracts.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

As discussed in Note 10, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.

**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 and collateral arrangements whenever practical. See Note 13 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 financial strength rating (or based on the debt rating of the Company's parent, Ameriprise Financial). Additionally, certain of the Company's derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company does not maintain a specific financial strength rating or Ameriprise Financial's debt does not maintain a specific credit rating (generally an investment grade 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, 2025 and December 31, 2024, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $93 million and $67 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of June 30, 2025 and December 31, 2024 was $93 million and $67 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of June 30, 2025 and December 31, 2024 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 nil as of both June 30, 2025 and December 31, 2024.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

**15. Shareholder's Equity**

The following table presents the amounts related to each component of other comprehensive income (loss) ("OCI"):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Pretax** | **Income Tax Benefit (Expense)** | **Net of Tax** | **Pretax** | **Income Tax Benefit (Expense)** | **Net of Tax** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net unrealized gains (losses) on securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net unrealized gains (losses) on securities arising during the period <sup>(1)</sup> | $130 | $(28) | $102 | $(167) | $37 | $(130) |
| &nbsp;&nbsp;Reclassification of net (gains) losses on securities included in net income <sup>(2)</sup> | 15 | (3) | 12 | (1) |  | (1) |
| &nbsp;&nbsp;Impact of benefit reserves and reinsurance recoverables | 2 | (1) | 1 | 6 | (1) | 5 |
| Net unrealized gains (losses) on securities | 147 | (32) | 115 | (162) | 36 | (126) |
| Effect of changes in discount rate assumptions on certain long-duration contracts | (15) | 3 | (12) | 79 | (17) | 62 |
| Effect of changes in instrument-specific credit risk on MRBs | 1 |  | 1 | 13 | (4) | 9 |
| Total other comprehensive income (loss) | $133 | $(29) | $104 | $(70) | $15 | $(55) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Pretax** | **Income Tax Benefit (Expense)** | **Net of Tax** | **Pretax** | **Income Tax Benefit (Expense)** | **Net of Tax** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net unrealized gains (losses) on securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net unrealized gains (losses) on securities arising during the period <sup>(1)</sup> | $399 | $(85) | $314 | $(383) | $83 | $(300) |
| &nbsp;&nbsp;Reclassification of net (gains) losses on securities included in net income <sup>(2)</sup> | 14 | (3) | 11 | (1) |  | (1) |
| &nbsp;&nbsp;Impact of benefit reserves and reinsurance recoverables | (2) |  | (2) | 14 | (3) | 11 |
| Net unrealized gains (losses) on securities | 411 | (88) | 323 | (370) | 80 | (290) |
| Effect of changes in discount rate assumptions on certain long-duration contracts | (53) | 11 | (42) | 167 | (36) | 131 |
| Effect of changes in instrument-specific credit risk on MRBs | 2 |  | 2 | (35) | 7 | (28) |
| Total other comprehensive income (loss) | $360 | $(77) | $283 | $(238) | $51 | $(187) |

---

<sup>(1)</sup> Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period.

<sup>(2)</sup> Reclassification amounts are recorded in Net realized investment gains (losses).

Other comprehensive income (loss) related to net unrealized gains (losses) on securities 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 losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as 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.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The following table presents the changes in the balances of each component of AOCI, net of tax:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Unrealized Gains (Losses) on Securities** | **Effect of Changes in Discount Rate Assumptions on Certain Long-Duration Contracts** | **Effect of Changes in Instrument-Specific Credit Risk on MRBs** | **Other** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Balance at April 1, 2025 | $(550) | $(3) | $(146) | $(1) | $(700) |
| &nbsp;&nbsp;OCI before reclassifications | 103 | (12) | 1 |  | 92 |
| &nbsp;&nbsp;Amounts reclassified from AOCI | 12 |  |  |  | 12 |
| Total OCI | 115 | (12) | 1 |  | 104 |
| Balance at June 30, 2025 | $(435) | $(15) | $(145) | $(1) | $(596) |
| Balance at April 1, 2024 | $(646) | $(57) | $(122) | $(1) | $(826) |
| &nbsp;&nbsp;OCI before reclassifications | (125) | 62 | 9 |  | (54) |
| &nbsp;&nbsp;Amounts reclassified from AOCI | (1) |  |  |  | (1) |
| Total OCI | (126) | 62 | 9 |  | (55) |
| Balance at June 30, 2024 | $(772) | $5 | $(113) | $(1) | $(881) |
| Balance at January 1, 2025 | $(758) | $27 | $(147) | $(1) | $(879) |
| &nbsp;&nbsp;OCI before reclassifications | 312 | (42) | 2 |  | 272 |
| &nbsp;&nbsp;Amounts reclassified from AOCI | 11 |  |  |  | 11 |
| Total OCI | 323 | (42) | 2 |  | 283 |
| Balance at June 30, 2025 | $(435) | $(15) | $(145) | $(1) | $(596) |
| Balance at January 1, 2024 | $(482) | $(126) | $(85) | $(1) | $(694) |
| &nbsp;&nbsp;OCI before reclassifications | (289) | 131 | (28) |  | (186) |
| &nbsp;&nbsp;Amounts reclassified from AOCI | (1) |  |  |  | (1) |
| Total OCI | (290) | 131 | (28) |  | (187) |
| Balance at June 30, 2024 | $(772) | $5 | $(113) | $(1) | $(881) |

---

**16. Income Taxes**

The Company's effective tax rate was 13.2% and 12.7% for the three months ended June 30, 2025 and 2024, respectively. The Company's effective tax rate was 11.9% and 14.1% for the six months ended June 30, 2025 and 2024, respectively.

The effective tax rate for the three months ended June 30, 2025 was lower than the statutory rate as a result of tax preferred items including the dividends received deduction and low income housing tax credits. The effective tax rate for the six months ended June 30, 2025 was lower than the statutory rate as a result of tax preferred items including foreign tax credits, net of addback, the dividends received deduction, low income housing tax credits, prior year audit adjustments, and state income taxes, net of federal benefit, partially offset by the impact of projected pretax income for the full year ending December 31, 2025 relative to actual year-to-date pretax income.

The effective tax rate for the three months ended June 30, 2024 was lower than the statutory rate as a result of tax preferred items including the dividends received deduction and low income housing tax credits, partially offset by an increase in state income taxes, net of federal benefit. The effective tax rate for the six months ended June 30, 2024 was lower than the statutory rate as a result of tax preferred items including foreign tax credits, net of addback, the dividends received deduction, and low income housing tax credits.

The increase in the effective tax rate for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily due to higher pretax income in the current period compared to the prior period and the related impact on tax preferred items.

The decrease in the effective tax rate for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to lower pretax income in the current period compared to the prior period and the related impact on tax preferred items.

Included in the Company's deferred income tax assets are tax benefits related to state net operating losses of $35 million, net of federal benefit, which will expire beginning December 31, 2025.

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

The Company is required to establish a valuation allowance for any portion of its 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 carryforward; (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 as of June 30, 2025, management believes it is more likely than not that the Company will not realize certain state net operating losses of $30 million and state deferred tax assets of $2 million, both net of federal benefit; therefore, a valuation allowance has been established. The valuation allowance was $32 million, net of federal benefit, as of both June 30, 2025 and December 31, 2024.

As of June 30, 2025 and December 31, 2024, the Company had $21 million and $22 million, respectively, of gross unrecognized tax benefits. If recognized, approximately $17 million, net of federal tax benefits, of unrecognized tax benefits as of both June 30, 2025 and December 31, 2024, 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 approximately $1 million in the next 12 months primarily due to state statutes of limitations expirations.

The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision. The Company recognized a net increase of $1 million in interest and penalties for the three and six months ended June 30, 2025, and 2024. As of June 30, 2025 and December 31, 2024, the Company had a payable of $14 million and $13 million, respectively, related to accrued interest and penalties.

The Company files income tax returns as part of its inclusion in the consolidated federal income tax return of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. The federal statutes of limitations are closed on years through 2018, except for two issues for 2016 which were claimed on an amended return. During the second quarter of 2025, the Internal Revenue Service ("IRS") finalized the audit of Ameriprise Financial's U.S. income tax returns for tax years 2019 and 2020, except for one issue for 2020, which Ameriprise Financial has appealed. Also during the second quarter of 2025, Ameriprise Financial was notified the IRS will begin the examination of Ameriprise Financial's U.S. income tax returns for tax years 2021 through 2023. The state income tax returns of Ameriprise Financial or its subsidiaries, including the Company, are currently under examination by various jurisdictions for years ranging from 2017 through 2023.

The legislation commonly referred to as the One Big Beautiful Bill Act ("OBBBA") was enacted on July 4, 2025. The Company does not expect a material impact to the consolidated financial statements due to corporate tax law changes resulting from the OBBBA.&nbsp;&nbsp;&nbsp;&nbsp;

**17. Contingencies** 

***Contingencies***

The Company and its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. 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 legal proceedings arising out of its general business activities, such as its investments, contracts 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 insurance industry generally.

As with other insurance companies, the level of regulatory activity concerning the Company's businesses remains elevated. From time to time, the Company and its affiliates, including AFS and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates are cooperating with the applicable regulators. The Company and its affiliates typically have numerous pending matters that include information requests, exams, inquiries or disputes regarding their business activities and practices and other subjects, including from time to time: sales and distribution of, and disclosure practices related to, various products, including the Company's insurance and annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors, Inc.'s wholesalers; administration of insurance and annuity claims; security of client information; and transaction monitoring systems and controls.

These pending matters 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 that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations, adverse

------

<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>

**RIVERSOURCE LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued)**

publicity or reputational damage, each of which 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. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to the Company's consolidated financial statements and, where feasible, an estimate of the possible loss. 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 reasonably 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.

***Guaranty Fund Assessments***

RiverSource Life Insurance Company and RiverSource Life of NY are required by law to be a member of the guaranty fund association in every state where they are 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 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, 2025 and December 31, 2024, the estimated liability was $10 million and $11 million, respectively. As of June 30, 2025 and December 31, 2024, the related premium tax asset was $8 million and $9 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**ITEM 2. MANAGEMENT'S NARRATIVE ANALYSIS** 

***Overview***

RiverSource Life Insurance Company ("RiverSource Life") and its subsidiaries are referred to collectively in this Form 10-Q as the "Company". The following discussion and management's narrative analysis of the financial condition and results of operations should be read in conjunction with the "Forward-Looking Statements" that follow, the Consolidated Financial Statements and Notes presented in Item 1 and its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission ("SEC") on February 20, 2025 ("2024 10-K"), as well as its quarterly reports on Form 10-Q and any current reports on Form 8-K.

The Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Management's narrative analysis is presented pursuant to General Instructions H(2)(a) of Form 10-Q in lieu of Management's Discussion and Analysis of Financial Condition and Results of Operations.

See Note 1 to the Consolidated Financial Statements for additional information.

The Company operates its business in the broader context of the macroeconomic forces around it, including the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on the Company's operating and performance results. The Company's success may be affected by the factors discussed in Item 1A, "Risk Factors" in the Company's 2024 10-K and other factors as discussed herein.

The Company consolidates certain variable interest entities for which it provides investment management services. These entities are defined as consolidated investment entities ("CIEs"). While the consolidation of the CIEs impacts the Company's balance sheet and income statement, the exposure to these entities is unchanged and there is no impact to the underlying business results. For further information on CIEs, see Note 4 to the Consolidated Financial Statements. Changes in the fair value of assets and liabilities related to the CIEs, primarily syndicated loans and debt, are reflected in Net investment income.

**Critical Accounting Estimates**

The accounting and reporting policies that the Company uses affect its Consolidated Financial Statements. Certain of the Company's accounting and reporting policies are critical to an understanding of the Company's financial condition and results of operations. In some cases, the application of these policies can be significantly affected by the estimates, judgments and assumptions made by management during the preparation of the Consolidated Financial Statements. These accounting policies are discussed in detail in "Management's Narrative Analysis — Critical Accounting Estimates" in the Company's 2024 10-K.

**Recent Accounting Pronouncements**

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

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**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**Consolidated Results of Operations for the Six Months Ended June 30, 2025 and 2024**

The following table presents the Company's consolidated results of operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Change** | **Change** |
| | **2025** | **2024** | **Change** | **Change** |
| | **(in millions)** | **(in millions)** | **(in millions)** | |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums | $192 | $239 | $(47) | (20)% |
| &nbsp;&nbsp;&nbsp;Net investment income | 830 | 751 | 79 | 11 |
| &nbsp;&nbsp;&nbsp;Policy and contract charges | 995 | 1012 | (17) | (2) |
| &nbsp;&nbsp;&nbsp;Other revenues | 286 | 290 | (4) | (1) |
| &nbsp;&nbsp;&nbsp;Net realized investment gains (losses) | (50) | (41) | (9) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 2253 | 2251 | 2 |  |
| **Benefits and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits, claims, losses and settlement expenses | 636 | 626 | 10 | 2 |
| &nbsp;&nbsp;&nbsp;Interest credited to fixed accounts | 225 | 317 | (92) | (29) |
| &nbsp;&nbsp;&nbsp;Remeasurement (gains) losses of future policy benefit reserves | (13) | (12) | (1) | (8) |
| &nbsp;&nbsp;&nbsp;Change in fair value of market risk benefits | 487 | 92 | 395 | NM |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 117 | 118 | (1) | (1) |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | 93 | 94 | (1) | (1) |
| &nbsp;&nbsp;&nbsp;Other insurance and operating expenses | 358 | 363 | (5) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 1903 | 1598 | 305 | 19 |
| Pretax income (loss) | 350 | 653 | (304) | (47) |
| Income tax provision (benefit) | 42 | 92 | (50) | (54) |
| Net income (loss) | $308 | $561 | $(253) | (45)% |
| NM Not Meaningful. | NM Not Meaningful. | NM Not Meaningful. | NM Not Meaningful. | NM Not Meaningful. |

---

*Overall*

Net income decreased $253 million, or 45%, for the six months ended June 30, 2025 compared to the prior year period. Pretax income decreased $304 million, or 47%, for the six months ended June 30, 2025 compared to the prior year period.

The following impacts were significant drivers of the period-over-period change in pretax income:

• The market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and universal life ("UL") insurance contracts), net of hedges and the reinsurance accrual was an expense of $241 million for the six months ended June 30, 2025 compared to a benefit of $80 million for the prior year period.

• The favorable impact of higher average balances due to the growth in structured variable annuities ("SVA") and higher investment portfolio yields.

Variable annuity account balances increased 4% to $87.8 billion as of June 30, 2025 compared to the prior year period due to market appreciation, partially offset by net outflows of $4.1 billion. Variable annuity sales decreased 9% for the six months ended June 30, 2025 compared to the prior year period primarily reflecting a very strong level of sales of SVAs in the prior year period. Account values with living benefit riders declined to 48% as of June 30, 2025 compared to 52% a year ago reflecting management's actions to optimize the Company's business mix. This trend is expected to continue and meaningfully shift the mix of business away from products with living benefit guarantees over time.

Fixed deferred annuity account balances declined 9% to $5.4 billion as of June 30, 2025 compared to the prior year period as policies continue to lapse.

*Revenues*

Premiums decreased $47 million, or 20%, for the six months ended June 30, 2025 compared to the prior year period primarily due to lower sales of life contingent payout annuities.

Net investment income increased $79 million, or 11%, for the six months ended June 30, 2025 compared to the prior year period reflecting higher average balances due to the growth in SVAs, along with the favorable impact of higher investment portfolio yields.

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

*Benefits and Expenses*

Benefits, claims, losses and settlement expenses increased $10 million, or 2%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting a $45 million increase in expense from market impacts on SVA embedded derivative, net of hedging activity. This increase was primarily the result of an unfavorable $420 million change in the market impact on derivatives hedging the SVA embedded derivative and a favorable $375 million change in the market impact on SVA embedded derivative. The increase in expense also reflects the impact of increased volume in SVAs, partially offset by lower sales of life contingent payout annuities and favorable life claims.

Interest credited to fixed accounts decreased $92 million, or 29%, for the six months ended June 30, 2025 compared to the prior year period primarily reflecting the following items:

• An $81 million decrease in expense from other market impacts on indexed universal life ("IUL") benefits, net of hedges, which was a benefit of $69 million for the six months ended June 30, 2025 compared to an expense of $12 million for the prior year period. The decrease in expense was primarily due to a decrease in the IUL embedded derivative in the current period, which reflected more discounting due to higher forward rates.

• A $6 million decrease in expense from the unhedged nonperformance credit spread risk adjustment on IUL benefits. The unfavorable impact of the nonperformance credit spread was $6 million for the six months ended June 30, 2025 compared to an unfavorable impact of $12 million for the prior year period.

Change in fair value of market risk benefits increased $395 million for the six months ended June 30, 2025 compared to the prior year period primarily reflecting the following items:

• A $371 million increase in expense from market impacts on variable annuity guaranteed benefits, net of hedges. This increase was the result of an unfavorable $1.4 billion change in the market impact on variable annuity guaranteed benefits reserves and a favorable $958 million change in the market impact on derivatives hedging the variable annuity guaranteed benefits. The main market drivers contributing to these changes are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity market impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower benefit for the six months ended June 30, 2025 compared to the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate and bond impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in an expense for the six months ended June 30, 2025 compared to a benefit for the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility impact on the variable annuity guaranteed benefits liability net of the impact on the corresponding hedge assets resulted in a lower expense for the six months ended June 30, 2025 compared to the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other unhedged items, including the difference between the assumed and actual underlying separate account investment performance, transaction costs and various behavioral items, were a lower net expense for the six months ended June 30, 2025 compared to the prior year period.

*Income Taxes*

The Company's effective tax rate was 11.9% for the six months ended June 30, 2025 compared to 14.1% for the prior year period. The decrease in the effective tax rate for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to lower pretax income in the current period compared to the prior period and the related impact on tax preferred items. See Note 16 to the Consolidated Financial Statements for additional discussion on income taxes.

**Market Risk**

The Company's primary market risk exposures are interest rate, equity price and credit risk. Equity price and interest rate fluctuations can have a significant impact on the Company's results of operations, primarily due to the effects they have on asset-based fees and expenses, the spread income generated on the fixed portion of its variable annuities and variable insurance contracts, fixed annuity and insurance contracts, the value of market risk benefits and other liabilities associated with its variable annuities and the value of derivatives held to hedge related benefits.

Market risk benefits continue to be managed by utilizing a hedging program which attempts to match the sensitivity of the assets with the sensitivity of the benefits. This approach works with the premise that matched sensitivities will produce a highly effective hedging result. The Company's comprehensive hedging program focuses mainly on first order sensitivities of assets and liabilities: Equity Market Level (Delta), Interest Rate Level (Rho) and Volatility (Vega). Additionally, various second order sensitivities are managed. The Company uses various options, swaptions, swaps and futures to manage risk exposures. The exposures are measured and monitored daily, and adjustments to the hedge portfolio are made as necessary.

To evaluate interest rate and equity price risk, the Company performs sensitivity testing which measures the impact on pretax income from the sources listed below for a 12-month period following a hypothetical 100 basis point increase in interest rates or a hypothetical 10% decline in equity prices. The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months. The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months. In estimating the values of variable annuities, indexed annuities, indexed

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

universal life ("IUL") insurance and the associated hedging instruments, the Company assumed no change in implied market volatility despite the 10% drop in equity prices.

The following tables present the Company's estimate of the impact on pretax income from the above defined hypothetical market movements as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Equity Price Decline 10%** | **Equity Price Exposure to Pretax Income** | **Equity Price Exposure to Pretax Income** | **Equity Price Exposure to Pretax Income** |
| **Equity Price Decline 10%** | **Before Hedge Impact** | **Hedge Impact** | **Net Impact** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Asset-based fees and expenses <sup>(1)</sup> | $(59) | $— | $(59) |
| Variable annuity and structured variable annuity benefits: |  |  |  |
| &nbsp;&nbsp;Market risk benefits | (855) | 707 | (148) |
| &nbsp;&nbsp;Indexing feature for structured variable annuities | 1195 | (1180) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total variable annuity and structured variable annuity benefits | 340 | (473) | (133) |
| IUL insurance | 80 | (75) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $361 | $(548) | $(187) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest Rate Increase 100 Basis Points** | **Interest Rate Exposure to Pretax Income** | **Interest Rate Exposure to Pretax Income** | **Interest Rate Exposure to Pretax Income** |
| **Interest Rate Increase 100 Basis Points** | **Before Hedge Impact** | **Hedge Impact** | **Net Impact** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| Asset-based fees and expenses <sup>(1)</sup> | $(13) | $— | $(13) |
| Variable annuity and structured variable annuity benefits: |  |  |  |
| &nbsp;&nbsp;Market risk benefits | 1051 | (810) | 241 |
| &nbsp;&nbsp;Indexing feature for structured variable annuities | (34) | 193 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total variable annuity and structured variable annuity benefits | 1017 | (617) | 400 |
| Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products | 40 |  | 40 |
| IUL insurance | 15 | 2 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1059 | $(615) | $444 |

---

<sup>(1)</sup> Excludes incentive income which is impacted by market and fund performance during the period and cannot be readily estimated.

The above results compare to an estimated negative net impact to pretax income of $220 million related to a 10% equity price decline and an estimated positive net impact to pretax income of $477 million related to a 100 basis point increase in interest rates as of December 31, 2024.

Net impacts shown in the above tables from market risk benefits result largely from differences between the liability valuation basis and the hedging basis. Liabilities are valued using fair value accounting principles, with risk margins incorporated in contractholder behavior assumptions. The Company's hedging is based on its determination of economic risk, which excludes certain items in the liability valuation.

Actual results could and likely will differ materially from those illustrated above as fair values have a number of estimates and assumptions. For example, the illustration above includes assuming that implied market volatility does not change when equity prices fall by 10% and that the 100 basis point increase in interest rates is a parallel shift of the yield curve. Furthermore, the Company has not tried to anticipate changes in client preferences for different types of assets or other changes in client behavior, nor has the Company tried to anticipate all strategic actions management might take to increase revenues or reduce expenses in these scenarios.

The selection of a 100 basis point interest rate increase as well as a 10% equity price decline should not be construed as a prediction of future market events. Impacts of larger or smaller changes in interest rates or equity prices will not be proportional to those shown for a 100 basis point increase in interest rates or a 10% decline in equity prices.

***Fixed Annuities, Fixed Insurance and Fixed Portion of Variable Annuities and Variable Insurance Contracts***

The Company's earnings from fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts are based upon the spread between rates earned on assets held and the rates at which interest is credited to accounts. The Company primarily invests in fixed rate securities to fund the rate credited to clients. The Company guarantees an interest rate to the holders of these products. Investment assets and client liabilities generally differ as it relates to basis, repricing or maturity characteristics. Rates credited to clients' accounts generally reset at shorter intervals than the yield on the underlying investments. Therefore, in an increasing interest rate environment, higher interest rates may be reflected in crediting rates to clients

------

**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

As a result of the current market environment, reinvestment yields are becoming more aligned with the current portfolio yield. The carrying value and weighted average yield of non-structured fixed maturity securities and commercial mortgage loans that may generate proceeds to reinvest through June 30, 2027 due to prepayment, maturity or call activity at the option of the issuer, excluding securities with a make-whole provision, were $828 million and 4.5%, respectively, as of June 30, 2025. In addition, residential mortgage backed securities, which can be subject to prepayment risk under a low interest rate environment, totaled $4.6 billion and had a weighted average yield of 4.6% as of June 30, 2025. While these amounts represent investments that could be subject to reinvestment risk, it is also possible that these investments will be used to fund liabilities or may not be prepaid and will remain invested at their current yields. In addition to the interest rate environment, the mix of benefit payments versus product sales as well as the timing and volumes associated with such mix may impact the Company's investment yield. Furthermore, reinvestment activities and the associated investment yield may also be impacted by corporate strategies implemented at management's discretion. The average yield for investment purchases during the six months ended June 30, 2025 was approximately 5.5%.

The reinvestment of proceeds from maturities, calls and prepayments at rates above the current portfolio yields will create potential upside impact to future operating results. In this volatile rate environment, the Company assesses reinvestment risk in its investment portfolio and monitors this risk in accordance with its asset/liability management framework. In addition, the Company may update the crediting rates on its fixed products when warranted, subject to guaranteed minimums.

See Note 8 to the Consolidated Financial Statements for more information on the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of GMIRs and the range of the difference between rates credited to policyholders and contractholders as of June 30, 2025 and December 31, 2024 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated.

**Fair Value Measurements**

The Company reports certain assets and liabilities at fair value; specifically, separate account assets, derivatives, market risk benefits, embedded derivatives, and most investments and cash equivalents. Fair value assumes the exchange of assets or liabilities occurs in orderly transactions and is not the result of a forced liquidation or distressed sale. The Company includes actual market prices, or observable inputs, in its fair value measurements to the extent available. Broker quotes are obtained when quotes from pricing services are not available. The Company validates prices obtained from third parties through a variety of means such as: price variance analysis, subsequent sales testing, stale price review, price comparison across pricing vendors and due diligence reviews of vendors. See Note 12 to the Consolidated Financial Statements for additional information on the Company's fair value measurements.

*Fair Value of Liabilities and Nonperformance Risk*

Companies are required to measure the fair value of liabilities at the price that would be received to transfer the liability to a market participant (an exit price). Since there is not a market for the Company's obligations of its market risk benefits, fixed deferred indexed annuities, structured variable annuities, and IUL insurance, the Company considers the assumptions participants in a hypothetical market would make to reflect an exit price. As a result, the Company adjusts the valuation of market risk benefits, fixed deferred indexed annuities, structured variable annuities, and IUL insurance by updating certain contractholder assumptions, adding explicit margins to provide for risk, and adjusting the rates used to discount expected cash flows to reflect a current market estimate of the Company's nonperformance risk. The nonperformance risk adjustment is based on observable market data adjusted to estimate the risk of the Company not fulfilling these liabilities. Consistent with general market conditions, this estimate resulted in a spread over the U.S. Treasury curve as of June 30, 2025. As the Company's estimate of this spread widens or tightens, the liability will decrease or increase, respectively. If this nonperformance credit spread moves to a zero spread over the U.S. Treasury curve, the reduction to future total equity would be approximately $493 million, net of the reinsurance accrual and income taxes (calculated at the statutory tax rate of 21%), based on June 30, 2025 credit spreads.

**Liquidity and Capital Resources**

*Liquidity Strategy*

The liquidity requirements of the Company are generally met by funds provided by investment income, maturities and periodic repayments of investments, premiums and proceeds from sales of investments, fixed annuity and fixed insurance deposits as well as capital contributions from its parent, Ameriprise Financial Inc. ("Ameriprise Financial"). Other liquidity sources the Company has established are short-term borrowings and available lines of credit with Ameriprise Financial aggregating $875 million.

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**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

The Company enters into short-term borrowings, which may include repurchase agreements and Federal Home Loan Bank ("FHLB") advances to reduce reinvestment risk. Short-term borrowings allow the Company to receive cash to reinvest in longer-duration assets, while maintaining the flexibility to pay back the short-term debt with cash flows generated by the fixed income portfolio. RiverSource Life Insurance Company is a member of the FHLB of Des Moines, which provides RiverSource Life Insurance Company access to collateralized borrowings. As of June 30, 2025 and December 31, 2024, the Company had estimated maximum borrowing capacity of $4.1 billion and $3.7 billion, respectively, under the FHLB facility, of which $201 million was outstanding as of both June 30, 2025 and December 31, 2024 and is collateralized with commercial mortgage backed securities and residential mortgage backed securities.

There have been no material changes to the Company's contractual obligations disclosed in the Company's 2024 10-K.

See Note 11 to the Consolidated Financial Statements for further information about the Company's long-term debt.

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. The Company routinely reviews its sources and uses of funds in order to meet its ongoing obligations, including reinsurance arrangements. The Company believes these cash flows will be sufficient to fund its short-term and long-term operating liquidity needs and dividends to Ameriprise Financial. Specific to reinsurance counterparties, in 2009, the Company established an agreement to protect its exposure to Genworth Life Insurance Company ("GLIC") for its reinsured LTC. In 2016, substantial enhancements to this reinsurance protection agreement were finalized. The terms of these confidential provisions within the agreement have been shared, in the normal course of regular reviews, with the Company's domiciliary regulator and rating agencies. GLIC is domiciled in Delaware, so in the event GLIC were subjected to rehabilitation or insolvency proceedings, such proceedings would be located in (and governed by) Delaware laws. Delaware courts have a long tradition of respecting commercial and reinsurance affairs as well as contracts among sophisticated parties. Similar credit protections to what the Company has with GLIC have been tested and respected in Delaware and elsewhere in the United States, and as a result the Company believes its credit protections would be respected even in the unlikely event that GLIC becomes subject to rehabilitation or insolvency proceedings in Delaware. Accordingly, while no credit protections are perfect, the Company believes the correct way to think about the risks represented by its counterparty credit exposure to GLIC is not the full amount of the gross liability that GLIC reinsures, but a much smaller net exposure to GLIC (if any that might exist after taking into account the Company's credit protections). Thus, management believes that this agreement and offsetting non-LTC legacy arrangements with Genworth Financial, Inc. will enable the Company to recover on all net exposure in all material respects in the event of a rehabilitation or insolvency of GLIC.

**Capital Activity**

Cash dividends or distributions paid and received by RiverSource Life Insurance Company were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
|  | **(in millions)** | **(in millions)** |
| Dividends paid to Ameriprise Financial | $400 | $400 |

---

For dividends or distributions from the life insurance companies, notifications to state insurance regulators were made in advance of payments in excess of statutorily defined thresholds.

**Regulatory Capital**

RiverSource Life Insurance Company and RiverSource Life of NY are subject to regulatory capital requirements. Actual capital, determined on a statutory basis, and regulatory capital requirements for each of the life insurance entities were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Actual Capital** <sup>(1)</sup> | **Actual Capital** <sup>(1)</sup> | **Regulatory Capital Requirements** <sup>(2)</sup> |
| | **June 30, 2025** | **December 31,<br>2024** | **December 31,<br>2024** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| RiverSource Life Insurance Company | $2846 | $2700 | $489 |
| RiverSource Life of NY | 261 | 219 | 38 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Regulatory capital requirement is the company action level and is based on the statutory risk-based capital filing. The regulatory capital requirement is only required to be calculated annually.

In October 2023, the Federal Reserve Board ("FRB") issued its final rule establishing a consolidated capital framework termed the "Building Block Approach" for savings and loan holding companies like Ameriprise Financial that are significantly engaged in insurance activities. The rule was effective January 1, 2024, with reporting to the FRB beginning in 2025. This rule does not impact the Company's statutory risk-based capital requirements.

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**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**Forward-Looking Statements**

This report contains forward-looking statements that reflect the Company's plans, estimates and beliefs. The Company's actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include:

• statements of the Company's plans, intentions, expectations, objectives, or goals, including those related to the introduction, cessation, terms or pricing of new or existing products and services and the consolidated tax rate;

• statements about the expected trend in the shift to lower-risk products, including the exit from variable annuities with living benefit riders;

• other statements about future economic performance, the performance of equity and bond markets and interest rate variations and the economic performance of the United States and of global markets; and

• statements of assumptions underlying such statements.

The words "believe," "expect," "anticipate," "optimistic," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "forecast," "on track," "project," "continue," "able to remain," "resume," "deliver," "develop," "evolve," "drive," "enable," "flexibility," "scenario," "case", "appear", "expand" 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.

Such factors include, but are not limited to:

• market fluctuations and general economic and political factors, including volatility in the U.S. and global market conditions, client behavior and volatility in the markets for the Company's products;

• changes in interest rates;

• adverse capital and credit market conditions or any downgrade in the Company's credit ratings;

• effects of competition and the Company's larger competitors' economies of scale;

• the Company's and its affiliates' ability to compete in attracting and retaining talent, including AFS attracting and retaining financial advisors;

• impairment, negative performance or default by financial institutions or other counterparties;

• poor performance of the Company's variable products;

• declines in the Company's investment management performance;

• changes in valuation of securities and investments included in the Company's assets;

• the determination of the amount of allowances taken on loans and investments;

• the illiquidity of some of the Company's investments;

• failures or defaults by counterparties to the Company's reinsurance arrangements;

• failures by other insurers that lead to higher assessments the Company owes to state insurance guaranty funds;

• inadequate reserves for future policy benefits and claims or for future redemptions and maturities;

• deviations from the Company's assumptions regarding morbidity, mortality and persistency affecting the Company's profitability;

• damage to the Company's or its affiliates' reputation arising from employee or agent misconduct or otherwise;

• direct or indirect effects of or responses to climate change;

• interruptions or other failures in the Company's operating systems and networks, including errors or failures caused by third-party service providers, interference or third-party attacks;

• interruptions or other errors in the Company's telecommunications or data processing systems;

• identification and mitigation of risk exposure in market environments, new products, vendors and other types of risk;

• occurrence of natural or man-made disasters and catastrophes;

• legal and regulatory actions brought against the Company;

• changes to laws and regulations that govern operation of the Company's business;

• changes in corporate tax laws and regulations and interpretations and determinations of tax laws impacting the Company's products;

• protection of the Company's intellectual property and claims the Company infringes the intellectual property of others; and

• changes in and the adoption of new accounting standards.

The Company cautions the reader that the foregoing list of factors is not exhaustive. There may also be other risks that the Company 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. The Company undertakes no obligation to update publicly or revise any forward-looking statements. The foregoing list of factors should be read in conjunction with the "Risk Factors" discussion included in Part I, Item 1A of the Company's 2024 10-K.

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**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**ITEM 4. CONTROLS AND PROCEDURES** 

**Disclosure Controls and Procedures**

The Company 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 in and pursuant to Securities and Exchange Commission ("SEC") regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding the required disclosure. It should be noted that, because of inherent limitations, the Company'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.

The Company's management, under the supervision and with the participation of the Company's principal executive officer and principal 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, the Company's principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures were effective at a reasonable level of assurance as of June 30, 2025.

**Changes in Internal Control over Financial Reporting**

There have not been any changes to RiverSource Life Insurance Company'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 second fiscal quarter of the year to which this report relates that have materially affected, or are reasonably likely to materially affect, RiverSource Life Insurance Company's internal control over financial reporting.

**PART II. OTHER INFORMATION** 

**ITEM 1. LEGAL PROCEEDINGS** 

The information set forth in Note 17 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 Insurance Company's 2024 Annual Report.

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**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**ITEM 6. EXHIBITS** 

The following exhibits are filed as part of this Quarterly Report:

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/727892/0000820027-94-000185.txt)</u>  | Copy of Certificate of Incorporation of IDS Life Insurance Company, filed as Exhibit 3.1 to Post-Effective Amendment No. 5 to Registration Statement No. 33-28976, is incorporated by reference.  |
| <u>[3.1.1](https://www.sec.gov/Archives/edgar/data/727892/000106880007000093/idsl_ex3p1.txt)</u> | Copy of Certificate of Amendment of Certificate of Incorporation of IDS Life Insurance Company dated June 22, 2006, filed as Exhibit 3.1 to Form 8-K filed on January 5, 2007, is incorporated by reference. |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exfp2.txt)</u> | Copy of Amended and Restated By-Laws of RiverSource Life Insurance Company dated June 22, 2006, filed as Exhibit 27(f)(2) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777, is incorporated by reference. |
| <u>[31.1](rvsexhibit311-x63025xuse.htm)</u>\* | Certification of Gumer C. Alvero, Chairman and President, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |
| <u>[31.2](rvsexhibit312-x63025xuse.htm)</u>\* | Certification of Brian E. Hartert, Chief Financial Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |
| <u>[32](rvsexhibit32-x63025xuse.htm)</u>\* | Certification of Gumer C. Alvero, Chairman and President and Brian E. Hartert, Chief Financial Officer, 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 RiverSource Life Insurance Company's Quarterly Report on Form 10-Q for the period ended June 30, 2025 are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at June 30, 2025 and December 31, 2024; (ii) Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024; (iv) Consolidated Statements of Shareholder's Equity for the three and six months ended June 30, 2025 and 2024; (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024; and (vi) Notes to the Consolidated Financial Statements. |
| 104 | The cover page from RiverSource Life Insurance Company's Quarterly Report on Form 10-Q for the period ended June 30, 2025 is formatted in iXBRL and contained in Exhibit 101. |
| *\* Filed electronically herewithin.* | *\* Filed electronically herewithin.* |

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**<u>[Index](#ia76de20ec2bb48b9b90ac99115b6e867_7)</u>**

**RIVERSOURCE LIFE INSURANCE COMPANY**

**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 <br> (Registrant)

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| | | | |
|:---|:---|:---|:---|
| Date: | August 5, 2025 | By: | /s/ Gumer C. Alvero |
| Date: |  | By: | Gumer C. Alvero<br>Chairman and President<br>(Principal Executive Officer) |

---

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| | | | |
|:---|:---|:---|:---|
| Date: | August 5, 2025 | By: | /s/ Brian E. Hartert |
| Date: |  | By: | Brian E. Hartert<br>Director, Chief Financial Officer<br>(Principal Financial Officer) |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Gumer C. Alvero, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Quarterly Report on Form 10-Q of RiverSource Life Insurance Company;

2.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;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.

5.&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | | | |
|:---|:---|:---|:---|
| Date: | August 5, 2025 | By: | /s/ Gumer C. Alvero |
| Date: |  | By: | Gumer C. Alvero<br>President |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Brian E. Hartert, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Quarterly Report on Form 10-Q of RiverSource Life Insurance Company;

2.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;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.

5.&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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 5, 2025 | By: | /s/ Brian E. Hartert |
| Date: |  | By: | Brian E. Hartert<br>Chief Financial Officer |

---

## Ex-32

**Exhibit 32**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of RiverSource Life Insurance Company (the "Company") for the quarterly period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Gumer C. Alvero, as President, and Brian E. Hartert, Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | | |
|:---|:---|:---|:---|
| Date: | August 5, 2025 | By: | /s/ Gumer C. Alvero |
| Date: |  | By: | Gumer C. Alvero<br>President |

---

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| | | | |
|:---|:---|:---|:---|
| Date: | August 5, 2025 | By: | /s/ Brian E. Hartert |
| Date: |  | By: | Brian E. Hartert<br>Chief Financial Officer |

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