# EDGAR Filing Document

**Accession Number:** 0000727892
**File Stem:** 0001193125-25-209886
**Filing Date:** 2025-9
**Character Count:** 466248
**Document Hash:** d7e14caf76d428cb33685c21e2b09965
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-209886.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001193125-25-209886

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250922

**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:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-99999
- **FILM NUMBER:** 251328333

**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
**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:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-286516
- **FILM NUMBER:** 251328332

**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

## Series and Classes Contracts Data

### RIVERSOURCE LIFE INSURANCE CO (Series ID: S000091107)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000263335 | Guaranteed Term Annuity |  |

##### [**Table of Contents**](#toc)

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**File No. 333-286516**

**As filed with the Securities and Exchange Commission on September 19, 2025**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM N-4**

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**REGISTRATION STATEMENT**

***UNDER*** <br>***THE SECURITIES ACT OF 1933*** 

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| | |
|:---|:---|
| **Pre-Effective Amendment No.**  | [ ] |
| **Post-Effective Amendment No. 3 (File No. 333-286516)** | [X] |

---

**(Check appropriate box or boxes)**

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**RIVERSOURCE LIFE INSURANCE COMPANY**

**(Name of Insurance Company)**

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**70100 Ameriprise Financial Center, Minneapolis, MN 55474**

**(Address of Insurance Company's Principal Executive Offices) (Zip Code)**

**(612) 678-5337** <br>**(Insurance Company's Telephone Number, including Area Code)** 

**Nicole D. Wood** <br> **50605 Ameriprise Financial Center** <br>**Minneapolis, MN 55474**

**(Name and Address of Agent for Service)**

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**Approximate Date of Proposed Public Offering: Continuously after the registration statement becomes effective.**

**It is proposed that this filing will become effective (check appropriate box):** 

[ ] immediately upon filing pursuant to paragraph (b) 

[X] on September 22, 2025 pursuant to paragraph (b) 

[ ] 60 days after filing pursuant to paragraph (a)(1) 

[ ] on [date] pursuant to paragraph (a)(1) of Rule 485 under the Securities Act of 1933 ("Securities Act")

**If appropriate, check the following box:** 

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

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**Check each box that appropriately characterize the Registrant:** 

[ ] New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing) 

[ ] Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act"))

[ ] 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 7(a)(2)(B) of Securities Act 

[X] Insurance Company relying on Rule 12h-7 under the Exchange Act

[ ] Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)

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PART A.

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##### [**Table of Contents**](#toc)
Prospectus

September 22, 2025

*RiverSource*<sup>®</sup>

Guaranteed Term Annuity

**Group and Individual Market Value Annuity Contracts** 

---

| | |
|:---|:---|
| **Issued by:** | **RiverSource Life Insurance Company (RiverSource Life)** |
|  | &nbsp;&nbsp; 70100 Ameriprise Financial Center <br> Minneapolis, MN 55474 <br> Telephone: 1-800-862-7919 <br> (Service Center) <br> ameriprise.com/variableannuities <br> RiverSource Account MGA<br>|

---

This prospectus contains information that you should know about the Guaranteed Term Annuity contract ("Contract"), individual and group market value annuity contracts issued by RiverSource Life Insurance Company ("RVS Life", "we", "us" and "our"). The information in this prospectus applies to all contracts unless stated otherwise. All material terms and conditions of the contracts, including material state variations and distribution channels, are described in this prospectus.

The Contract allows you to invest your money in a guarantee period that earns a guaranteed rate of interest for a specified period of time. Additional information regarding the guarantee periods is provided in Appendix A – Investment Options Under the Contract.

The Contract is a complex investment and involves risks, including loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes, and tax penalties. If you remove money from the Contract before the end of the guarantee period, we will apply a market value adjustment ("MVA"), which may be positive or negative. **You could lose up to 100% of the amount withdrawn as a result of a negative MVA.**

An investment in the Contract is subject to the risks related to RVS Life. Any obligations under the Contract are subject to our financial strength and claims-paying ability.

**The Contracts are no longer available for new purchases.** However, existing contracts are eligible for renewal guarantee periods. This prospectus is designed for current contract owners.

Additional information about certain investment products, including market value adjusted annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

**The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.**

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*RiverSource* Guaranteed Term Annuity — Prospectus 1

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Key Terms](#xx_250e3f8e-d517-42c3-8d92-b70ff4e7c3f2_1) | 3  |
| [Overview of the](#xx_60d55a6b-55bf-4dc3-8034-fca26bc755d5_1)[Contract](#xx_60d55a6b-55bf-4dc3-8034-fca26bc755d5_1) | 5  |
| &nbsp;&nbsp;&nbsp; [Important Information You Should Consider About the](#xx_ceed3aa7-17ff-401c-9265-caafc98e36f5_1)<br> [Contract](#xx_ceed3aa7-17ff-401c-9265-caafc98e36f5_1)<br>| 6  |
| [Fee Table and Examples](#xx_f5f31787-73a5-4817-a65c-a0c1ae62d653_1) | 9  |
| &nbsp;&nbsp;&nbsp; [Transaction Expenses](#xx_f5f31787-73a5-4817-a65c-a0c1ae62d653_1) | 9  |
| &nbsp;&nbsp;&nbsp; [Adjustments](#xx_f5f31787-73a5-4817-a65c-a0c1ae62d653_1) | 9  |
| [Principal Risks of Investing in the Contract](#xx_a624368c-373c-4c2f-9882-23c1e540c0fd_1) | 10  |
| [Guarantee Periods](#xx_31f4a430-473c-457f-98c5-e833cbd747d4_1) | 11  |
| [Buying Your Contract](#xx_6c56d226-8910-432a-884c-ffbec960ef20_1) | 13  |
| &nbsp;&nbsp;&nbsp; [Right to Cancel](#xx_6c56d226-8910-432a-884c-ffbec960ef20_1) | 13  |
| [Charges](#xx_d18411b2-3c56-4001-8430-572f7924fdde_1)[and Adjustments](#xx_d18411b2-3c56-4001-8430-572f7924fdde_1) | 14  |
| &nbsp;&nbsp;&nbsp; [Surrender Charge](#xx_d18411b2-3c56-4001-8430-572f7924fdde_1) | 14  |
| &nbsp;&nbsp;&nbsp; [Market Value Adjustments](#xx_d18411b2-3c56-4001-8430-572f7924fdde_3) | 16  |
| &nbsp;&nbsp;&nbsp; [Premium Taxes](#xx_d18411b2-3c56-4001-8430-572f7924fdde_4) | 17  |
| [Surrenders](#xx_fe9ddd67-70fd-49bb-8442-1e5b07187301_1) | 18  |
| [Benefits Available Under the](#xx_324db3cf-bb85-4a58-bcf5-a06f8e09cf44_1)[Contract](#xx_324db3cf-bb85-4a58-bcf5-a06f8e09cf44_1) | 20  |
| &nbsp;&nbsp;&nbsp; [Death Benefit Prior to Settlement](#xx_324db3cf-bb85-4a58-bcf5-a06f8e09cf44_1) | 20  |
| [The Annuity Payment Period](#xx_9033a1db-a394-4d10-9862-99172f9b299d_1) | 22  |
| &nbsp;&nbsp;&nbsp; [The Settlement Date](#xx_9033a1db-a394-4d10-9862-99172f9b299d_1) | 22  |
| &nbsp;&nbsp;&nbsp; [Annuity Payment Plans](#xx_9033a1db-a394-4d10-9862-99172f9b299d_1) | 22  |
| &nbsp;&nbsp;&nbsp; [Amendment, Distribution and Assignment of](#xx_310997f0-30cf-40dc-b6da-46bd3c77d674_1)<br> [Contracts](#xx_310997f0-30cf-40dc-b6da-46bd3c77d674_1)<br>| 24  |
| &nbsp;&nbsp;&nbsp; [Amendment of Contracts](#xx_310997f0-30cf-40dc-b6da-46bd3c77d674_1) | 24  |
| &nbsp;&nbsp;&nbsp; [Distribution of Contracts](#xx_310997f0-30cf-40dc-b6da-46bd3c77d674_1) | 24  |
| &nbsp;&nbsp;&nbsp; [Assignment of Contracts](#xx_310997f0-30cf-40dc-b6da-46bd3c77d674_2) | 25  |
| [Taxes](#xx_fc2f1a8a-704a-4b07-a5f2-553940135204_1) | 26  |
| &nbsp;&nbsp;&nbsp; [Nonqualified Annuities](#xx_fc2f1a8a-704a-4b07-a5f2-553940135204_1) | 26  |
| &nbsp;&nbsp;&nbsp; [Qualified Annuities](#xx_fc2f1a8a-704a-4b07-a5f2-553940135204_2) | 27  |
| &nbsp;&nbsp;&nbsp; [Other](#xx_fc2f1a8a-704a-4b07-a5f2-553940135204_4) | 29  |
| [The Company](#xx_e4a4220f-4b77-4921-a741-1e6cde1fbe42_1) | 30  |
| &nbsp;&nbsp;&nbsp; [Business](#xx_e4a4220f-4b77-4921-a741-1e6cde1fbe42_1) | 30  |
| &nbsp;&nbsp;&nbsp; [The General Account](#xx_e4a4220f-4b77-4921-a741-1e6cde1fbe42_1) | 30  |
| &nbsp;&nbsp;&nbsp; [Legal Proceedings](#xx_e4a4220f-4b77-4921-a741-1e6cde1fbe42_1) | 30  |
| &nbsp;&nbsp;&nbsp; [Financial Statements](#xx_e4a4220f-4b77-4921-a741-1e6cde1fbe42_1) | 30  |
| &nbsp;&nbsp;&nbsp; [Appendix A – Investment Options Available Under the](#xx_9ba94264-42fe-4c32-a745-2fa08ee59c84_1)<br> [Contract](#xx_9ba94264-42fe-4c32-a745-2fa08ee59c84_1)<br>| 31 |

---

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2 RiverSource Guaranteed Term Annuity — Prospectus

------

Key Terms

*These terms can help you understand details about your contract.*

**Accumulation value:** The value of the purchase payment plus interest credited, adjusted for any surrenders and surrender charges.

**Annuitant:** The person on whose life monthly annuity payments depend.

**Annuity:** A contract purchased from an insurance company that offers tax-deferred growth of the purchase payment until earnings are withdrawn.

**Beneficiary:** The person you designate to receive benefits in case of the owner's or annuitant's death while the contract is in force.

**Cash surrender value:** The market adjusted value less any applicable surrender charge. On the last day of a guarantee period, the cash surrender value is the accumulation value.

**Code:** The Internal Revenue Code of 1986, as amended.

**Contract:** A deferred annuity contract, or a certificate showing your interest under a group annuity contract, that permits you to accumulate money for retirement or a similar long-term goal by making a purchase payment. A contract provides for a lifetime or other forms of payments beginning at a specified time in the future.

**Contract anniversary:** The same day and month as the contract date each year that the contract remains in force.

**Contract date:** The effective date of the contract as designated in the contract.

**Current interest rate:** The applicable interest rate contained in a schedule of rates established by us at our discretion from time to time for various guarantee periods.

**Early surrender:** A full or partial surrender or the election of an annuity payout plan before the renewal date. A MVA applies to early surrenders.

**Initial guarantee period:** The period during which the initial guarantee rate will be credited.

**Initial guarantee rate:** The rate of interest credited to the purchase payment during the initial guarantee period.

**Market adjusted value:** The accumulation value increased or decreased by the market adjusted value formula, on any date before the end of the guarantee period.

**Market value adjustment:** The market adjusted value minus the accumulation value.

**Owner (you, your):** The person or persons identified in the contract as owners(s) of the contract, who has or have the right to control the contract (to decide on investment allocations, transfers, payout options, etc.). For group contracts, the term owner is intended to be the

employee participant/group contract certificate holder. Usually, but not always, the owner is also the annuitant. During the owner's life, the owner is responsible for taxes, regardless of whether he or she receives the contract's benefits. The owner or any joint owner may be a non-natural person (e.g. irrevocable trust or corporation) or a revocable trust. If any owner is a non-natural person or revocable trust, the annuitant will be deemed to be the owner for contract provisions that are based on the age or life of the owner. When the contract is owned by a revocable trust or irrevocable grantor trust, the annuitant selected should be the grantor of the trust to assure compliance with Section 72(s) of the Code. Any contract provisions that are based on the age of the owner will be based on the age of the oldest owner. Any ownership change, including continuation of the contract by your spouse under the spousal continuation provision of the contract, redefines "owner", "you" and "your".

**Purchase payment:** Payment made to RiverSource Life for a contract.

**Qualified annuity:** A contract that you purchase to fund one of the following tax-deferred retirement plans that is subject to applicable federal law and any rules of the plan itself:

• Individual Retirement Annuities (IRAs) under Section 408(b) of the Code

• Roth IRAs under Section 408A of the Code

• Simplified Employee Pension IRA (SEP) plans under Section 408(k) of the Code

• Plans under Section 401(k) of the Code

• Custodial and investment only plans under Section 401(a) of the Code

• Tax-Sheltered Annuities (TSAs) under Section 403(b) of the Code

A qualified annuity will not provide any necessary or additional tax deferral if it is used to fund a retirement plan that is already tax deferred.

All other contracts are considered **nonqualified annuities.**

**Renewal date:** The first day of a renewal guarantee period. It will always be on a contract anniversary.

**Renewal guarantee period:** A renewal guarantee period will begin at the end of each guarantee period.

**Renewal guarantee rate:** The rate of interest credited to the renewal value during the renewal guarantee period as set at our discretion.

**Renewal value:** The accumulation value at the end of the current guarantee period.

**RiverSource Life:** In this prospectus, "we," "us" and "RiverSource Life" refer to RiverSource Life Insurance Company and "you" and "yours" refer to an owner who has been issued a contract.

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*RiverSource* Guaranteed Term Annuity — Prospectus 3

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**Service Center:** Our department that processes all transaction and service requests for the contracts. We consider all transaction and service requests received when they arrive in good order at the service center. Any transaction or service requests sent or directed to any location other than our service center may end up delayed or not processed. Our service center address and telephone number are listed on the first page of the prospectus.

**Settlement:** The application of contract value to provide annuity payments. If the settlement date is not the last day of a guarantee period, we apply the market adjusted value of the contract. On the last day of a guarantee period, we apply the accumulation value of the contract.

**Settlement date:** The date on which annuity payments are to begin.

**Written request:** A request in writing signed by you and delivered to us at our home office.

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4 *RiverSource* Guaranteed Term Annuity — Prospectus

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Overview of the Contract

**Purpose:** The purpose of the Contract is to allow you to accumulate money for retirement or a similar long-term goal. You do this by making a purchase payment.

We no longer offer new Contracts. However, you have the option to apply your contract value to renewal guarantee periods.

The Contract may be appropriate for you if you have a long-term investment horizon and your financial goals are consistent with the terms and conditions of the contract.

It is not intended for investors whose liquidity needs require frequent withdrawals.

**Phases of the Contract:**

The contract has two phases: the Accumulation Phase and the Income Phase.

**Accumulation Phase.** During the Accumulation Phase, you grow your Contract Value and its benefits by investing your purchase payment in a guarantee period from among those durations that we offered when we received your application and payment. During this guarantee period, the purchase payment earns interest at the interest rate that we guaranteed for that duration. At the end of each guarantee period, a renewal guarantee period of one year will begin earning interest at the then applicable renewal guaranteed interest rate, unless you chose a different duration from among those we offered at that time. **A list of guarantee periods and additional information regarding each guarantee period available under the Contract is provided in Appendix A – Investment Options Available Under the Contract.**

A positive or negative MVA is assessed if any portion of the value is removed from the Contract before the end of the guarantee period. You could lose a significant amount of money as a result of a negative MVA. The following transactions, which we refer to as "early surrenders," are subject to an MVA when they occur prior to the end of the guarantee period: (i) surrenders (including full and partial surrenders and required minimum distributions) and (ii) annuitization.

**Income Phase.** The Income Phase begins when you (or your beneficiary) choose to annuitize the contract. You can apply your market adjusted value (less any applicable premium tax) to an annuity payment plan that begins on the settlement date. You may choose from a variety of plans that can help meet your retirement or other income needs. All annuity payments are made on a fixed basis. During the Income Phase, you will be unable to make full or partial surrenders (unless the annuity payment plan you select provides otherwise) and all contract benefits will terminate.

**Contract features:**

• **Death Benefits.** If the annuitant or owner dies during the Accumulation Phase, we will pay a death benefit to the owner or beneficiary. There is no additional charge for the death benefit, and no MVA will apply to the death benefit payment.

• **Surrenders.** You may surrender all or part of your contract value at any time during the Accumulation Phase. If you request a full surrender, the contract will terminate. Surrenders may be subject to charges and income taxes (including an IRS penalty that may apply if you surrender prior to reaching age 59½) and may have other tax consequences. Early surrenders of contract value are subject to an MVA and could result in a significant negative contract adjustment. Throughout this prospectus when we use the term "Surrender" it includes the term "Withdrawal".

• **Tax Treatment.** Generally, earnings are not taxed until they are distributed, which may occur when making a withdrawal, upon receiving an annuity payment, or upon payment of the death benefit.

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*RiverSource* Guaranteed Term Annuity — Prospectus 5

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Important Information You Should Consider About the Contract

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| | | |
|:---|:---|:---|
|  | **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp; **Location in** <br> **Statutory** <br> **Prospectus**<br>|
| **Are There Charges** <br> **or Adjustments for** <br> **Early** <br> **Withdrawals?**<br>| &nbsp;&nbsp; **Yes.** If you withdraw money prior to the eighth contract anniversary, you may <br> be assessed a surrender charge of up to 8% of the market adjusted value <br> withdrawn, unless the surrender occurs on the last day of a guarantee <br> period.<br> For example, if you make an early withdrawal, you could pay a surrender <br> charge of up to $8,000 on a $100,000 investment. This loss will be greater <br> if there is a negative MVA, taxes, or tax penalties.<br> A positive or negative MVA is assessed if any portion of the value is removed <br> from the Contract before the end of a guarantee period. You could lose up to <br> 100% of the amount withdrawn as a result of a negative MVA.<br> For example, if you select a 3-year guarantee period and later withdraw the <br> entire amount before the 3 years have ended, you could lose up to <br> $100,000 of your investment. This loss will be greater if you also have to pay <br> a surrender charge, taxes, and tax penalties.<br> The following transactions, which we refer to as "early surrenders," are <br> subject to an MVA when they occur more than 30 days prior to the end of the <br> guarantee period, unless an exception applies: (i) surrenders (including full <br> and partial surrenders, and required minimum distributions) and <br> (ii) annuitization. We will not apply an MVA to the payment of the death <br> benefit.<br>| &nbsp;&nbsp; **Fee Table and** <br> **Examples**<br> **Charges and** <br> **Adjustments –** <br> **Surrender** <br> **Charge**<br> **Charges and** <br> **Adjustments –** <br> **Market Value** <br> **Adjustments**<br>|
| **Are There** <br> **Transaction** <br> **Charges?**<br>| &nbsp;&nbsp; **No.** Other than surrender charges and negative MVAs, we do not assess any <br> transaction charges.<br>|  |
| **Are There Ongoing** <br> **Fees and** <br> **Expenses?**<br>| **No.** We do not assess any ongoing fees and expenses.  |  |
|  | **RISKS** |  |
| **Is There a Risk of** <br> **Loss from Poor** <br> **Performance?**<br>| &nbsp;&nbsp; **No.** We guarantee the contract value allocated to the guarantee period, <br> including interest credited, if you do not make any early surrenders before <br> the end of the guarantee period. However, an early surrender may result in <br> the loss of principal due to a negative MVA, and an investment in the <br> Contract is subject to other risks described in this prospectus.<br>| &nbsp;&nbsp; **Principal Risks** <br> **of Investing in** <br> **the Contract**<br>|
| **Is this a** <br> **Short-Term** <br> **Investment?**<br>| &nbsp;&nbsp;&nbsp; **No.**<br> •The Contract is not a short-term investment and is not appropriate for an <br> investor who needs ready access to cash.<br> •The Contract has surrender charges that may apply for the first eight years <br> after your Contract date. The surrender charges may reduce the value of <br> your Contract if you withdraw money during the surrender charge period.<br> •Surrenders may also be subject to taxes and tax penalties. <br> •Surrenders prior to the end of the guarantee period may also result in a <br> negative MVA. At the end of any guarantee period, a renewal guarantee <br> period will begin. During the 30-day period before the end of the guarantee <br> period, you may elect in writing a renewal guarantee period of a different <br> duration from among those we offer at that time. You may also choose to <br> apply the contract value to an annuity payment plan or surrender the <br> contract (subject to applicable surrender and annuitization provisions) at <br> the end of the guarantee period. If you do not make an election, we will <br> automatically apply the renewal value to a guarantee period of one year.<br> •The benefits of tax deferral mean the Contract is generally more beneficial <br> to investors with a long term investment horizon.<br>| &nbsp;&nbsp; **Principal** <br> **Risks of** <br> **Investing in** <br> **the Contract**<br> **Charges and** <br> **Adjustments –** <br> **Surrender** <br> **Charge**<br> **Charges and** <br> **Adjustments –** <br> **Market Value** <br> **Adjustments**<br>|

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6 *RiverSource* Guaranteed Term Annuity — Prospectus

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| | | |
|:---|:---|:---|
|  | **RISKS** |  |
| **What Are the** <br> **Risks Associated** <br> **with the** <br> **Investment** <br> **Options?**<br>| &nbsp;&nbsp; We guarantee the contract value allocated to the guaranteed period, including <br> interest credited, if you do not make any early surrenders before the end of <br> the guarantee period. You should carefully consider the risks associated with <br> withdrawals under the Contract. Withdrawals may be subject to a significant <br> surrender charge. If you make a withdrawal prior to age 59½, there may be <br> adverse tax consequences, including a 10% IRS penalty tax. A positive or <br> negative MVA is assessed if any portion of the value is removed from the <br> Contract before the end of the guarantee period. You could lose up to 100% <br> of the amount withdrawn as a result of a negative MVA. Because an early <br> surrender may result in a loss of principal due to the MVA, there is limited <br> liquidity. You bear the risk of loss of principal due to a negative MVA.<br> Each guarantee period pays an interest rate declared by us when you make <br> an allocation to that account and is fixed for the guarantee period you <br> choose. We will periodically change the declared interest rate for future <br> allocations to these accounts at our discretion based, in part, on various <br> factors including, but not limited to, the interest rate environment, returns <br> earned on investments backing these annuities, the rates currently in effect <br> for new and existing RiverSource Life annuities, product design, competition, <br> and RiverSource Life's revenues and expenses.<br>| &nbsp;&nbsp; **Principal Risks** <br> **of Investing in** <br> **the Contract**<br>|
| **What Are the** <br> **Risks Related to** <br> **the Insurance** <br> **Company?**<br>| &nbsp;&nbsp; An investment in the Contract is subject to the risks related to RiverSource <br> Life Insurance Company. Any obligations, guarantees, or benefits of the <br> Contract are subject to our claims-paying ability. If we experience financial <br> distress, we may not be able to meet our obligations to you. More <br> information about RiverSource Life, including our financial strength ratings, is <br> available by contacting us at 1-800-862-7919.<br>| &nbsp;&nbsp; **Principal Risks** <br> **of Investing in** <br> **the Contract**<br>|
|  | **RESTRICTIONS** |  |
| **Are There** <br> **Restrictions on** <br> **the Investment** <br> **Options?**<br>| &nbsp;&nbsp;&nbsp; **Yes.**<br> •Renewal guarantee periods may not extend beyond the Settlement date in <br> effect for the Contract. For example, if the annuitant is age 82 at the end <br> of a guarantee period and the Settlement date for the annuitant is age 85, <br> a three-year guarantee period is the maximum guarantee period that you <br> may choose under the Contract.<br> •Interest rates for renewal guarantee periods may be higher or lower than <br> the previous guaranteed interest rate, subject to the minimum guaranteed <br> renewal interest rate of 3%.<br> •We do not permit any additional purchase payments under the Contract. <br>| &nbsp;&nbsp; **Guarantee** <br> **Periods –** <br> **Renewal** <br> **Guarantee** <br> **Periods**<br> **Principal** <br> **Risks of** <br> **Investing in** <br> **the Contract**<br>|
| **Are There any** <br> **Restrictions on** <br> **Contract** <br> **Benefits?**<br>| **No.** |  |
|  | **TAXES** |  |
| **What Are the** <br> **Contract's Tax** <br> **Implications?**<br>| &nbsp;&nbsp;&nbsp; •Consult with a tax advisor to determine the tax implications of an <br> investment in and payments and withdrawals received under this Contract.<br> •If you purchase the Contract through a tax-qualified plan or individual <br> retirement account, you do not get any additional tax benefit.<br> •Earnings under your Contract are taxed at ordinary income tax rates <br> generally when withdrawn. You may have to pay a tax penalty if you take a <br> withdrawal before age 59½.<br>| **Taxes** |

---

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*RiverSource* Guaranteed Term Annuity — Prospectus 7

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---

| | | |
|:---|:---|:---|
|  | **CONFLICTS OF INTEREST** |  |
| **How Are** <br> **Investment** <br> **Professionals** <br> **Compensated?**<br>| &nbsp;&nbsp; Your investment professional may receive compensation for selling this <br> Contract to you, in the form of commissions, additional cash benefits (e.g., <br> bonuses), and non-cash compensation. This financial incentive may influence <br> your investment professional to recommend this Contract over another <br> investment for which the investment professional is not compensated or <br> compensated less.<br>| &nbsp;&nbsp; **Amendment,** <br> **Distribution and** <br> **Assignment of** <br> **Contracts –** <br> **Distribution of** <br> **Contracts**<br>|
| **Should I Exchange** <br> **My Contract?**<br>| &nbsp;&nbsp; If you already own an annuity or insurance contract, some investment <br> professionals may have a financial incentive to offer you a new contract in <br> place of the one you own. You should only exchange a contract you already <br> own if you determine, after comparing the features, fees, and risks of both <br> contracts, and any fees or penalties to terminate the existing contract, that it <br> is better for you to purchase the new contract rather than continue to own <br> your existing contract.<br>| **Taxes** |

---

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8 *RiverSource* Guaranteed Term Annuity — Prospectus

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Fee Table and Examples

**The following tables describe the fees, expenses and adjustments that you will pay when buying, owning, surrendering, or making withdrawals from an investment option or from the Contract. Please refer to your Contract Data page for information about the specific fees you will pay each year based on the options you have elected.**

**The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract. State premium taxes may also be deducted.**

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**Transaction Expenses**

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**<u>Surrender Charges</u>** 

---

| | |
|:---|:---|
| **Surrender charges** (as a percentage of market adjusted value surrendered)<sup>(1)</sup> <br>| 8% |

---

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<sup>(1)</sup>

We will base the amount of the surrender charge on the length of the guarantee period. For renewal guarantee periods, we will base the surrender charge on the lesser of (i) the length of the new guarantee period or (ii) the number of years remaining until the eighth contract anniversary. See "Charges and Adjustments – Surrender Charge" for more information.

**Surrender charge percentage:** <br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** |
| <br>**Guarantee period** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** |
| 1 year | &nbsp;&nbsp;&nbsp; 1% |  |  |  |  |  |  |  |
| 2 years | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |  |  |  |  |
| 3 years | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |  |  |  |
| 4 years | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |  |  |
| 5 years | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |  |
| 6 years | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |
| 7 years | &nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |
| 8 years | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |
| 9 years | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |
| 10 years | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |

---

There will never be any surrender charges after the eighth contract anniversary.

**The next table describes the adjustments, in addition to any transaction expenses, that apply if all or a portion of contract value is removed from the Contract before the expiration of a specified period.**

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**Adjustments**

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---

| | |
|:---|:---|
| **MVA Maximum Potential Loss** (as a percentage of amount withdrawn)<sup>(1)</sup> <br>| 100% |

---

<sup>(1)</sup>

The following transactions, which we refer to as "early surrenders," are subject to an MVA when they occur prior to the end of the guarantee period: (i) surrenders (including full and partial surrenders and required minimum distributions) and (ii) annuitization.

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*RiverSource* Guaranteed Term Annuity — Prospectus 9

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Principal Risks of Investing in the Contract

**Short-Term Investment Risk.** This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. The benefits of tax deferral mean that this Contract is more beneficial to investors with a long-term investment horizon.

**Withdrawal Risk.** We guarantee the contract value allocated to the guaranteed period, including interest credited, if you do not make any early surrenders before the end of the guarantee period. You should carefully consider the risks associated with withdrawals under the Contract. Withdrawals may be subject to a significant surrender charge. If you make a withdrawal prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A positive or negative MVA is assessed if any portion of the value is removed from the Contract before the end of the guarantee period. You could lose up to 100% of the amount withdrawn as a result of a negative MVA. Because an early surrender may result in a loss of principal due to the MVA, there is limited liquidity. You bear the risk of loss of principal due to a negative MVA.

**Interest Rate Risk.** Each guarantee period pays an interest rate declared by us when a guarantee period starts and is fixed for the guarantee period you choose. We will periodically change the declared interest rate for future allocations to these accounts at our discretion based, in part, on various factors including, but not limited to, the interest rate environment, returns earned on investments backing these annuities, the rates currently in effect for new and existing RiverSource Life annuities, product design, competition, and RiverSource Life's revenues and expenses.

**Financial Strength.** All guarantees are subject to the creditworthiness and continued claims-paying ability of RiverSource Life. If we experience financial distress, we may not be able to meet our obligations to you. The assets held in our general account support the guarantees under your contract. You should be aware that our general account is exposed to many of the same risks normally associated with a portfolio of fixed-income securities including interest rate, option, liquidity and credit risk. You should also be aware that we issue other types of annuities and financial instruments and products as well, and these obligations are satisfied from the assets in our general account. Our general account is not segregated or insulated from the claims of our creditors.

**Cybersecurity Risk.** Increasingly, businesses are dependent on the continuity, security, and effective operation of various technology systems. The nature of our business depends on the continued effective operation of our systems and those of our business partners.

This dependence makes us susceptible to operational and information security risks from cyber-attacks. These risks may include the following:

• the corruption or destruction of data;

• theft, misuse or dissemination of data to the public, including your information we hold; and

• denial of service attacks on our website or other forms of attacks on our systems and the software and hardware we use to run them.

These attacks and their consequences can negatively impact your contract, your privacy, your ability to conduct transactions on your contract, or your ability to receive timely service from us. There can be no assurance that we, the underlying funds in your contract, or our other business partners will avoid losses affecting your contract due to any successful cyber-attacks or information security breaches. There may be an increased risk of cyber-attacks during periods of geo-political or military conflict (such as Russia's invasion of Ukraine and the resulting response by the United States and other countries).

**Potential Adverse Tax Consequences.** Tax considerations vary by individual facts and circumstances. Tax rules may change without notice. Generally, earnings under your Contract are taxed at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59½. If you purchase a qualified annuity to fund a retirement plan that is tax-deferred, your contract will not provide any necessary or additional tax deferral beyond what is provided in that retirement plan. Consult a tax professional.

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10 *RiverSource* Guaranteed Term Annuity — Prospectus

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Guarantee Periods

The Contracts earn interest at a rate guaranteed by RiverSource Life for the duration of the guarantee period you selected when we received your application and payment or at the time of renewal, as applicable. The guarantee periods range from 1 to 10 years. Information regarding each guarantee period, including its term and its minimum guaranteed interest rate may be found in Appendix A to this prospectus.

**Initial Guarantee Period.** You selected the duration of the initial guarantee period from among those durations we offered when we received your application and payment. The duration selected determined the guaranteed interest rate and the purchase payment (less surrenders made and less applicable premium taxes, if any) earned interest at this guaranteed interest rate during the entire guarantee period.

**Renewal Guarantee Periods:** At the end of any guarantee period, a renewal guarantee period will begin. We will notify you in writing about the renewal guarantee periods available before the renewal date. This written notification will not specify the interest rate for the renewal value. You may elect in writing, during the 30-day period before the end of the guarantee period, a renewal guarantee period of a different duration from among those we offer at that time. You may also choose to apply the contract value to an annuity payment plan or surrender the contract (subject to applicable surrender and annuitization provisions) at the end of the guarantee period. If you do not make an election, we will automatically apply the renewal value to a guarantee period of one year. In no event may renewal guarantee periods extend beyond the Settlement date then in effect for the contract. For example, if the annuitant is age 82 at the end of a guarantee period and the Settlement date for the annuitant is age 85, a three-year guarantee period is the maximum guarantee period that you may choose under the contract. The renewal value will then earn interest at a guaranteed interest rate that we have declared for this duration. We may declare new schedules of guaranteed interest rates as often as daily.

At the beginning of any renewal guarantee period, the renewal value will be the accumulation value at the end of the guarantee period just ending. We guarantee the renewal value with our general assets. This amount will earn interest for the renewal guarantee period at the then applicable guaranteed interest rate for the period selected. This rate may be higher or lower than the previous guaranteed interest rate.

At your written request, we will notify you of the renewal guarantee rates for the periods then available. You also may call us to ask about renewal guarantee rates.

**Establishment of guaranteed interest rates:** You will know the guaranteed interest rate for a chosen guarantee period at the time we receive a purchase payment or you renew an accumulation value. We will send a confirmation that will show the amount and the applicable guaranteed interest rate. The minimum guaranteed interest rate for renewal values is 3% per year. The rate on renewal values will be equal to or greater than the rate credited on new comparable purchase payments at that time.

The interest rates that RiverSource Life will declare as guaranteed rates in the future are determined by us at our discretion. We will determine the rates based on various factors including, but not limited to the interest rate environment, returns earned on investments backing these annuities, product design, competition, and RiverSource Life's revenues and expenses. We cannot predict nor can we guarantee future guaranteed interest rates above the 3% rate.

**Interest Crediting.** Interest is credited to your annuity daily. All interest rates we quote are effective annual interest rates. This refers to the rate that results after interest has compounded daily for a full year. In other words, the interest you earn each day earns interest itself the next day, assuming you do not withdraw it. (At the end of a year, assuming you have made no withdrawals, your interest earnings will equal your guaranteed rate multiplied by your contract value at the beginning of the year.) We credit interest based on a 365-day year. We do not pay interest on leap days (Feb. 29).

The example below shows how we credit interest during the guarantee period. For the purpose of this example, we have made the assumptions as indicated.

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*RiverSource* Guaranteed Term Annuity — Prospectus 11

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**Example of Guaranteed Rate of Accumulation** 

---

| | |
|:---|:---|
| Beginning account value: | $50000 |
| Guaranteed period: | 10 years |
| Guaranteed rate: | 4% annual effective rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Interest credited to the**<br> **account during year**<br>| **Cumulative interest**<br> **credited to the account**<br>| **Accumulation**<br> **value**<br>|
| 1 | &nbsp;&nbsp;&nbsp; $2000.00 | &nbsp;&nbsp;&nbsp; $2000.00 | &nbsp;&nbsp;&nbsp; $52000.00 |
| 2 | &nbsp;&nbsp;&nbsp; 2080.00 | &nbsp;&nbsp;&nbsp; 4080.00 | &nbsp;&nbsp;&nbsp; 54080.00 |
| 3 | &nbsp;&nbsp;&nbsp; 2163.20 | &nbsp;&nbsp;&nbsp; 6243.20 | &nbsp;&nbsp;&nbsp; 56243.20 |
| 4 | &nbsp;&nbsp;&nbsp; 2249.73 | &nbsp;&nbsp;&nbsp; 8492.93 | &nbsp;&nbsp;&nbsp; 58492.93 |
| 5 | &nbsp;&nbsp;&nbsp; 2339.72 | &nbsp;&nbsp;&nbsp; 10832.65 | &nbsp;&nbsp;&nbsp; 60832.65 |
| 6 | &nbsp;&nbsp;&nbsp; 2433.31 | &nbsp;&nbsp;&nbsp; 13265.95 | &nbsp;&nbsp;&nbsp; 63265.95 |
| 7 | &nbsp;&nbsp;&nbsp; 2530.64 | &nbsp;&nbsp;&nbsp; 15796.59 | &nbsp;&nbsp;&nbsp; 65796.59 |
| 8 | &nbsp;&nbsp;&nbsp; 2631.86 | &nbsp;&nbsp;&nbsp; 18428.45 | &nbsp;&nbsp;&nbsp; 68428.45 |
| 9 | &nbsp;&nbsp;&nbsp; 2737.14 | &nbsp;&nbsp;&nbsp; 21165.59 | &nbsp;&nbsp;&nbsp; 71165.59 |
| 10 | &nbsp;&nbsp;&nbsp; 2846.62 | &nbsp;&nbsp;&nbsp; 24012.21 | &nbsp;&nbsp;&nbsp; 74012.21 |

---

Guaranteed accumulation value at the end of 10 years is:

$50,000 + $24,012.21 = $74,012.21

**Note: This example assumes no early surrenders of any amount during the entire ten-year period. An MVA applies and a surrender charge may apply to any early surrender. The hypothetical interest rates are only illustrations. They do not predict future interest rates to be declared under the Contract. Actual interest rates declared for any given time may be more or less than those shown.**

**Early Surrenders.** A positive or negative MVA is assessed if any portion of the value is removed from the Contract before the end of the guarantee period. You could lose up to 100% of the amount withdrawn as a result of a negative MVA. The following transactions, which we refer to as "early surrenders," are subject to an MVA when they occur prior to the end of the guarantee period: (i) surrenders (including full and partial surrenders and required minimum distributions) and (ii) annuitization. For more information about the MVA, see "Charges and Adjustments – Market Value Adjustments."

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12 *RiverSource* Guaranteed Term Annuity — Prospectus

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Buying Your Contract

**We no longer offer new contracts. Information about applying for the Contract, crediting the purchase payment, and issuing the Contract is provided for informational purposes only.** 

For individuals age 90 and younger, the maximum purchase payment is $1,000,000 without prior approval. This limit applies in total to all RiverSource Life annuities you own. Once we apply a purchase payment to a contract, we do not permit any additional purchase payment under the contract.

We will return an improperly completed application, along with the corresponding purchase payment, five business days after we receive it.

A payment is credited to a contract on the date we receive a properly completed application at our Service Center along with the purchase payment. Interest is earned the next day. RiverSource Life then issues a contract and confirms the purchase payment in writing.

**Householding and delivery of certain documents** 

With your prior consent, RiverSource Life and its affiliates may use and combine information concerning accounts owned by members of the same household and provide a single paper or electronic copy of certain documents to that household. This householding of documents may include prospectuses, supplements, annual reports, semiannual reports and proxies. Your authorization remains in effect unless we are notified otherwise. If you wish to continue receiving multiple copies of these documents, you can opt out of householding by calling us at 1.866.273.7429. Multiple mailings will resume within 30 days after we receive your opt out request.

Right to Cancel

State or federal law may have given you the right to cancel the contract within a specific period of time after receipt of the contract and receive a refund of the entire purchase payment. For revocation to be effective, mailing or delivery of notice of cancellation must have been made in writing to our Service Center.

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*RiverSource* Guaranteed Term Annuity — Prospectus 13

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Charges and Adjustments

Surrender Charge

We may assess a surrender charge on any total or partial surrender taken prior to the eighth contract anniversary unless the surrender occurs on the last day of a guarantee period. We will base the amount of the surrender charge on the length of the guarantee period. The surrender charge helps Us cover sales and distribution expenses. The table below shows the maximum amount of the surrender charge.

**Surrender charge percentage:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** | **Contract years as measured from the beginning of a guarantee period** |
| <br>**Guarantee period** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** |
| 1 year | &nbsp;&nbsp;&nbsp; 1% |  |  |  |  |  |  |  |
| 2 years | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |  |  |  |  |
| 3 years | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |  |  |  |
| 4 years | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |  |  |
| 5 years | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |  |
| 6 years | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |  |
| 7 years | &nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |  |
| 8 years | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |
| 9 years | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |
| 10 years | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 1% |

---

To determine the surrender charge on the initial guarantee period, in the "Guarantee period" column find the number of years for the guarantee period you have chosen. The row that period is in reflects the schedule of surrender charges during that period. For example, a 5-year guarantee period has a 5% surrender charge in the first contract year, a 4% charge in the second, a 3% charge in the third, a 2% charge in the fourth, and a 1% charge in the fifth.

For renewal guarantee periods, we will base the surrender charge on the lesser of:

• the length of the new guarantee period; or

• the number of years remaining until the eighth contract anniversary.

In our example, if a contract owner chose an initial guarantee period of five years and later a renewal guarantee period of four years, the surrender charge schedule for that renewal guarantee period would be three years long. That is because there are only three years remaining until the eighth contract anniversary (8 – 5 = 3), and three years is less than the four-year length of the new guarantee period. The surrender charge percentages would be:

---

| | |
|:---|:---|
| **Contract year** | **Surrender charge** |
| 1 | &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| 2 | &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| 3 | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 4 | &nbsp;&nbsp;&nbsp; 2<br> %<br>|
| 5 | &nbsp;&nbsp;&nbsp; 1<br> %\*<br>|
| 6 | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 7 | &nbsp;&nbsp;&nbsp; 2<br> %<br>|
| 8 | &nbsp;&nbsp;&nbsp; 1<br> %<br>|
| 9+ | &nbsp;&nbsp;&nbsp; 0<br> %<br>|

---

\*

0% on last day of fifth contract year.

There will never be any surrender charges after the eighth contract anniversary.

Also, after the first contract anniversary, surrender charges will not apply to surrenders of amounts totaling up to 10% of the accumulation value as of the last contract anniversary.

**Surrender charge calculation:** If there is a surrender charge, we calculate it as:

**(A – B) × P** 

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14 *RiverSource* Guaranteed Term Annuity — Prospectus

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---

| | |
|:---|:---|
| where: A | market adjusted value surrendered |
| B | the lesser of A or 10% of accumulation value on last contract anniversary not already taken as a partial <br> surrender this contract year. (Before the first contract anniversary, B does not apply.)<br>|
| P | applicable surrender charge percentage |

---

For an illustration of a partial surrender and applicable surrender charges, including an MVA, see the Statement of Additional Information.

**Waiver of surrender charge:** We will assess no surrender charge:

• on the last day of a guarantee period;

• after the eighth contract anniversary;

• after the first contract anniversary for surrenders of amounts totaling up to 10% of the contract accumulation value as of the last contract anniversary;

• to the extent that they exceed the 10% of the contract value on the prior contract anniversary (available after the first anniversary), required minimum distributions from a qualified annuity. The amount on which surrender charges are waived can be no greater than the RMD amount calculated under your specific contract currently in force;

• upon the death of the annuitant or owner; or

• upon the application of the contract value to provide annuity payments under an annuity payment plan. However, if the contract value is applied to an annuity payment plan allowing surrenders of the present value of the remaining guaranteed payments, a surrender charge will be applied to the surrender of the present value of the remaining guaranteed payments as described below. (Please note that if the contract value is applied to an annuity payment plan on a renewal date, there will be no surrender charge or market value adjustment and the full accumulation value will be applied under the chosen annuity payment plan. Otherwise, the application of contract value to an annuity payment plan is an early surrender subject to a MVA and the market adjusted value will be applied under the chosen annuity payment plan.)

In some cases, such as when an employer makes this annuity available to employees, we may expect to incur lower sales and administrative expenses or perform fewer services due to the size of the group, the average contribution and the use of group enrollment procedures. Then we may be able to reduce or eliminate surrender charges. However, we expect this to occur infrequently.

**Fixed Payouts: Surrender charge under annuity payout plans allowing surrenders of the present value of remaining guaranteed payouts:** If you elect an annuity payout plan and the plan we make available provides a liquidity feature permitting you to surrender any portion of the underlying value of remaining guaranteed payouts(such as Annuity Payment Plan E), a surrender charge may apply.

A surrender charge will be assessed against the present value of any remaining guaranteed payouts surrendered. The discount rate we use in determining present values varies based on: (1) the contract value originally applied to the fixed annuitization; (2) the remaining years of guaranteed payouts; (3) the annual effective interest rate and periodic payment amount for new immediate annuities of the same duration as the remaining years of guaranteed payouts; and (4) the interest spread (currently 1.50%). If we do not currently offer immediate annuities, we will use rates and values applicable to new annuitizations to determine the discount rate.

Once the discount rate is applied and we have determined the present value of the remaining guaranteed payouts you are surrendering, the present value determined will be multiplied by the surrender charge percentage in the table below and deducted from the present value to determine the net present value you will receive.

---

| | |
|:---|:---|
| **Number of Completed Years Since Annuitization** | **Surrender charge percentage** |
| 0 | Not applicable\* |
| 1 | 5% |
| 2 | 4 |
| 3 | 3 |
| 4 | 2 |
| 5 | 1 |
| 6 and thereafter | 0 |

---

\*We do not permit surrenders in the first year after annuitization.

We will provide a quoted present value (which includes the deduction of any surrender charge). You must then formally elect, in a form acceptable to us, to receive this value. The remaining guaranteed payouts following surrender will be reduced, possibly to zero.

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*RiverSource* Guaranteed Term Annuity — Prospectus 15

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Market Value Adjustments

We guarantee the accumulation value, including the interest credited, if you do not make any surrenders from the Contract until the end of the guarantee period. However, we will apply an MVA if an early surrender occurs prior to the end of the guarantee period. The market adjusted value also affects Settlements under all annuity payment plans occurring at any time other than the last day of a guarantee period. We refer to each of these transactions as "early surrenders."

The market adjusted value is your accumulation value (purchase payment plus interest credited minus surrenders and surrender charges) adjusted by a formula. The market adjusted value reflects the relationship between the guaranteed interest rate on your contract and the interest rate we are crediting on new or renewal Guaranteed Term Annuity contracts with guarantee periods that are the same as the time remaining in your guarantee period.

The market adjusted value is sensitive to changes in current interest rates. The difference between your accumulation value and market adjusted value on any day will depend on our current schedule of guaranteed interest rates on that day, the time remaining in your guarantee period and your guaranteed interest rate.

Upon early surrender your market adjusted value may be greater than your contract's accumulation value, equal to it or less than it depending on how the guaranteed interest rate on your contract compares to the interest rate of a new Guaranteed Term Annuity for the same number of years as the guarantee period remaining on your contract. If interest rates have increased, the MVA will generally be negative and the market adjusted value will be less than your accumulation value; if interest rates have decreased, the MVA will generally be positive and the market adjusted value will be greater than your accumulation value.

**Relationship between your contract's guaranteed rate and new guarantee period for the same number of years as the guarantee period remaining on your contract:** 

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| | |
|:---|:---|
| **If your annuity rate is:** | **Your market adjusted value will be:** |
| less than the new annuity rate +.25% | less than your accumulation value |
| equal to the new annuity rate +.25% | equal to your accumulation value |
| greater than the new annuity rate +.25% | greater than your accumulation value |

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**General Examples**

**Assume:**

• You purchase a contract and choose a guarantee period of 10 years.

• We guarantee an interest rate of 4.5% annually for your 10-year guarantee period.

• After three years you decide to surrender your contract. In other words, you decide to surrender your contract when you have seven years left in your guarantee period.

Remember that your market adjusted value depends partly on the interest rate of a new Guaranteed Term Annuity for the same number of years as the guarantee period remaining on your contract. In this case, that is seven years.

**Example 1:** Remember that your contract is earning 4.5%. Assume that new contracts that we offer with a seven-year guarantee period are earning 5.0%. We add 0.25% to the 5.0% rate to get 5.25%. Your contract's 4.5% rate is less than the 5.25% rate and, as reflected in the table above, your market adjusted value will be less than your accumulation value.

**Example 2:** Remember again that your contract is earning 4.5%, and assume that new contracts that we offer with a seven-year guarantee period are earning 4.0%. We add 0.25% to the 4.0% rate we are paying on new contracts, which equals 4.25%, and compare that number to the 4.5% you are earning on your contract. In this example, your contract's 4.5% rate is greater than the 4.25% rate, and, as reflected in the table above, your market adjusted value will be greater than your accumulation value. To determine that adjustment precisely, you will have to use the formula described below.

As shown in the table headed "Surrender charge percentage," when your guarantee period is 10 years and you have begun your fourth contract year from the beginning of the guarantee period, your surrender charge percentage is 5%. In either of our two examples, a 5% surrender charge would be deducted from the market adjusted value.

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16 *RiverSource* Guaranteed Term Annuity — Prospectus

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The precise market adjusted value formula is as follows:

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| |
|:---|
| **Market Adjusted Value =** |
| **Market Adjusted Value =**<br> **(1 + iMvi)** <sup>(N + t)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Renewal value | The accumulation value at the end of the current guarantee period |
| iMvi | The current interest rate offered for a new Guaranteed Term Annuity +.0025 |
| N | The number of complete contract years to the end of the current guarantee period |
| t | The fraction of the contract year remaining to the end of the contract year (for example, if <br> 180 days remain in a 365-day contract year, it would be .493)<br>|

---

The current interest rate we offer on the Guaranteed Term Annuity will change periodically at our discretion. It is the rate we are then paying on purchase payments and renewals paid under this class of contracts for guarantee period durations equaling the remaining guarantee period of the contract to which the formula is being applied. If the remaining guarantee period is a number of complete years, we will use the specific complete year guarantee rate. If the remaining guarantee period is less than one year, we will use the one year guarantee rate. If the remaining guarantee period is a number of complete years plus fractional years, we will determine the rate by straight line interpolation between the two years' rates. For example, if the remaining guarantee period duration is 8.5 years, and the current guaranteed interest rate for eight years is 4% and nine years is 5%, RiverSource Life will use a guaranteed interest rate of 4.5%.

**Market value adjustment formula:**

Market value adjustment = Market adjusted value less accumulation value

A surrender charge may also apply to an early surrender. We will deduct any applicable surrender charge after applying the MVA. Please note that when you request the net check amount you wish to receive, we surrender an amount that will give you the net amount you requested after we apply the MVA and any applicable surrender charge.

You could lose up to 100% of the amount withdrawn as a result of a negative MVA.

Contact our Service Center at the number listed on the cover page of this prospectus for a quote of the impact an early surrender would have on your contract value. Values fluctuate daily and the actual MVA applied at the time an early surrender is processed may be more or less than the values quoted at the time of your call. Additional information about MVAs, including MVA examples, is located in the Statement of Additional Information ("SAI").

The MVA is intended to protect us from losses on the investments we hold to support our guaranteed interest rates when we must pay out amounts that are removed from the Contract early.

Premium Taxes

Certain state and local governments impose premium taxes on us (up to 3.5%). These taxes depend upon your state of residence or the state in which the contract was issued. Currently, we deduct any applicable premium tax when annuity payments begin, but we reserve the right to deduct this tax at other times such as when you make purchase payments or when you make a full surrender from your contract.

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*RiverSource* Guaranteed Term Annuity — Prospectus 17

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Surrenders

**General:** Subject to certain tax law and retirement plan restrictions noted below, you may make total and partial surrenders under a contract at any time.

For all surrenders, we will reduce the accumulation value by the amount surrendered on the surrender date and that amount will be payable to the owner. We will also reduce the accumulation value by any applicable surrender charge. We will either reduce or increase the accumulation value by any market value adjustment applicable to an early surrender. RiverSource Life will, on request, inform you of the amount payable in a total or partial surrender.

Any total or partial surrender may be subject to income tax, including a 10% additional tax if you are under age 59½. Surrenders from certain tax qualified annuities also may be subject to 20% income tax withholding (see "Taxes").

**Tax-Sheltered Annuities:** The contract is not intended for use in connection with an employer sponsored 403(b) plan that is subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA). In the event that the employer either by affirmative election or inadvertent action causes contributions under a plan that is subject to ERISA to be made to this contract, we will not be responsible for any obligations and requirements under ERISA and the regulations thereunder. You should consult with your employer to determine whether your 403(b) plan is subject to ERISA.

The employer must comply with certain nondiscrimination requirements for certain types of contributions under a TSA contract to be excluded from taxable income. You should consult your employer to determine whether the nondiscrimination rules apply to you.

The Code imposes certain restrictions on your right to receive early distributions from a TSA:

• Distributions attributable to salary reduction contributions (plus earnings) made after Dec. 31, 1988, or to transfers or rollovers from other contracts, may be made from the TSA only if:

–

you are at least age 59½;

–

you are disabled as defined in the Code;

–

you severed employment with the employer who purchased the contract;

–

the distribution is because of your death;

–

the distribution is due to plan termination; or

–

you are a military reservist.

If you encounter a financial hardship (as provided by the Code), you may be eligible to receive a distribution of all contract values attributable to salary reduction contributions made after Dec. 31, 1988, but not the earnings on them.

Even though a distribution may be permitted under the above rules, it may be subject to IRS taxes and penalties (see "Taxes").

The above restrictions on distributions do not affect the availability of the amount credited to the contract as of Dec. 31, 1988. The restrictions also do not apply to transfers or exchanges of contract value within the contract, or to another registered variable annuity contract or investment vehicle available through the employer.

**Partial surrenders:** Unless we agree otherwise, the minimum amount you may surrender is $250. You cannot make a partial surrender if it would reduce the accumulation value of your annuity to less than $2,000.

You may request the net check amount you wish to receive. We will determine how much accumulation value needs to be surrendered to yield the net check amount after any applicable market value adjustments and surrender charge deductions.

You may make a partial surrender request not exceeding $100,000 by telephone. We have the authority to honor any telephone partial surrender request believed to be authentic and will use reasonable procedures to confirm that they are. This includes asking identifying questions and tape recording calls. As long as reasonable procedures are followed, neither RiverSource Life nor its affiliates will be liable for any loss resulting from fraudulent requests. At times when the volume of telephone requests is unusually high, we will take special measures to ensure that your call is answered as promptly as possible. We will not allow a telephone surrender request within 30 days of a phoned-in address change.

**Total surrenders:** We will compute the value of your contract as of the business day we receive your request (if it's before close of business). Otherwise, on the next business day.

**Payment on surrender:** We may defer payment of any partial or total surrender for a period not exceeding six months from the date we receive your notice of surrender or the period permitted by state insurance law, if less. Only under extraordinary circumstances will we defer a surrender payment more than seven days, and if we defer payment for more than 30 days, we will pay annual interest of at least 3% on the amount deferred. While all circumstances under which

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18 *RiverSource* Guaranteed Term Annuity — Prospectus

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we could defer payment upon surrender may not be foreseeable at this time, such circumstances could include, for example, our inability to liquidate assets due to a general financial crisis. If we intend to withhold payment more than 30 days, we will notify you in writing.

**NOTE:** We will charge you a fee if you request express mail delivery or that payment be wired to your bank. For instructions, please contact your sales representative.

Any partial surrenders you take under your contract will reduce your accumulation value. As a result, the value of your death benefit will also be reduced. In addition, surrenders you are required to take to satisfy RMDs under the Code may reduce the value of your death benefit (see "Taxes – Qualified Annuities – Required Minimum Distributions").

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*RiverSource* Guaranteed Term Annuity — Prospectus 19

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Benefits Available Under the Contract

The following table summarizes information about the standard death benefit available under the Contract.

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Maximum Fee** | **Brief Description of Restrictions/** <br> **Limitations**<br>|
| **Standard Death** <br> **Benefit**<br>| Provides a minimum death benefit equal <br> to the accumulation value <br>| N/A  | &nbsp;&nbsp;&nbsp; •Annuitizing the Contract terminates <br> the benefit<br>|

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Death Benefit Prior to Settlement

If you or the annuitant die before the Settlement date, the death benefit payable to the beneficiary will equal the accumulation value. We will determine the accumulation value as of the date our death claim requirements are fulfilled. We pay interest, if any, at a rate no less than required by law. If requested, we will mail payment to the named beneficiary within seven days after our death claim requirements are fulfilled. If there is no named beneficiary, then the default provisions of your contract will apply.

**Nonqualified annuities**

If your spouse is sole beneficiary and you die before the Settlement date, your spouse may keep the contract as owner with the contract value equal to the death benefit that would otherwise have been paid. To do this your spouse must, within 60 days after our death claim requirements are fulfilled, give us written instructions to continue the contract as owner.

If your beneficiary is not your spouse, we will pay the beneficiary in a lump sum unless you give us other written instructions. Generally, we must fully distribute the death benefit within five years of your death. However, the beneficiary may receive payments under any annuity payment plan available under this contract if:

• the beneficiary elects in writing, and payouts begin no later than one year after your death, or other date permitted by the IRS; and

• the payment period does not extend beyond the beneficiary's life or life expectancy.

**Qualified annuities**

The information below has been revised to reflect proposed regulations issued by the Internal Revenue Service that describe the requirements for required minimum distributions when a person or entity inherit assets held in an IRA, 403(b) or qualified retirement plan. This proposal is not final and may change. Contract owners are advised to work with a tax professional to understand their required minimum distribution obligations under the proposed regulations and federal law. The proposed regulations can be found in the Federal Register, Vol. 87, No. 37, dated Thursday, February 24, 2022.

• **Spouse beneficiary:** If you have not elected an annuity payout plan, and if your spouse is the sole primary beneficiary, your spouse may either elect to treat the contract as his/her own (spousal continuation), so long as he or she is eligible to do so or elect an annuity payout plan or another plan agreed to by us. If your spouse elects a payout option, the payouts must begin no later than the year in which you would have reached age 73. If you attained age 73 at the time of death, payouts must begin no later than Dec. 31 of the year following the year of your death. Your spouse may elect to assume ownership of the contract with the contract value equal to the death benefit that would otherwise have been paid. To do this your spouse must, on the date our death claim requirements are fulfilled, give us written instructions to continue the contract as owner. <br>

• **Non-spouse beneficiary:** If you have not elected an annuity payout plan, the beneficiary is required to withdraw his or her entire inherited interest by December 31 of the 10th year following your date of death unless they qualify as an "eligible designated beneficiary." Your beneficiary may be required to take distributions during the 10-year period if you died after your Required Beginning Date, as defined by the Code. Eligible designated beneficiaries may continue to take proceeds out over your life expectancy if you died prior to your Required Beginning Date or over the greater of your life expectancy or their life expectancy if you died after your Required Beginning Date. Eligible designated beneficiaries include:

&nbsp;&nbsp;&nbsp;&nbsp;• the surviving spouse;

&nbsp;&nbsp;&nbsp;&nbsp;• a lawful child of the owner under the age of 21 (remaining amount must be withdrawn by the earlier of the end of the year the minor turns 31 or end of the 10th year following the minor's death);

&nbsp;&nbsp;&nbsp;&nbsp;• disabled within the meaning of Code section 72(m)(7);

&nbsp;&nbsp;&nbsp;&nbsp;• chronically ill within the meaning of Code section 7702B(c)(2);

&nbsp;&nbsp;&nbsp;&nbsp;• any other person who is not more than 10 years younger than the owner.

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20 *RiverSource* Guaranteed Term Annuity — Prospectus

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However, non-natural beneficiaries, such as estates and charities, are subject to a five-year rule to distribute the IRA if you died prior to your Required Beginning Date. <br>We will pay the beneficiary in a single sum unless the beneficiary elects to receive payouts under a payout plan available under this contract and:

&nbsp;&nbsp;&nbsp;&nbsp;• the beneficiary elects in writing, and payouts begin, no later than one year following the year of your death; and

&nbsp;&nbsp;&nbsp;&nbsp;• the payout period does not extend beyond December 31 of the 10th year following your death or the applicable life expectancy for an eligible designated beneficiary.

**Annuity payment plan:** If you elect an annuity payment plan, the payments to your beneficiary will continue pursuant to the annuity payment plan you elect.

**Death benefit payment in a lump sum:** We may pay all or part of the death benefit to your beneficiary in a lump sum under either a nonqualified or qualified annuity. We pay all proceeds by check (unless the beneficiary has chosen to have death benefit proceeds directly deposited into another Ameriprise Financial, Inc. account).

**How we handle contracts under unclaimed property laws**

Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of one to five years from either 1) the contract's maturity date (the latest day on which income payments may begin under the contract) or 2) the date the death benefit is due and payable. If we determine that the death benefit has become payable, we will use our best efforts to locate all designated beneficiaries. If we are unable to locate a beneficiary, the death benefit will be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or you last resided, as shown in our books and records, or to our state of domicile. Generally, this surrender of property to the state is commonly referred to as "escheatment". To avoid escheatment, and ensure an effective process for your beneficiaries, it is important that your personal address and beneficiary designations are up to date, including complete names, date of birth, current addresses and phone numbers, and taxpayer identification numbers for each beneficiary. Updates to your beneficiary designations should be sent to our Service Center.

Escheatment may also be required by law if a known beneficiary fails to demand or present an instrument or document to claim the death benefit in a timely manner, creating a presumption of abandonment. If your beneficiary steps forward (with the proper documentation) to claim escheated annuity proceeds, the state is obligated to pay any such proceeds it is holding.

For nonqualified annuities, non-spousal death benefits are generally required to be distributed and taxed within five years from the date of death of the owner/annuitant or the unclaimed death benefits will be presumed abandoned and subject to escheatment.

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*RiverSource* Guaranteed Term Annuity — Prospectus 21

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The Annuity Payment Period

The Settlement Date

Annuity payouts are scheduled to begin on the Settlement date. This means that the contract will be annuitized (converted to a stream of monthly payments) and the first payment will be sent on the Settlement date. If your contract is annuitized, the contract goes into payout mode and only the annuity payout provisions continue. You will no longer have access to your contract value. In addition, the death benefit and any optional benefits you have elected will end. When we processed your application, we established the Settlement date as the maximum age (or contract anniversary, if applicable). We have established a new maximum age (or contract anniversary) as described below. You also can change the Settlement date, provided you send us written instructions at least 30 days before annuitization payments begin.

Generally, the Settlement date must be no later than the later of the annuitant's 95th birthday or the tenth contract anniversary. If the annuitant was age 95 or older and past the tenth contract anniversary when the new maximum was established, the new Settlement date was set to a birthday later than age 95. You can also choose to delay the annuitization of your contract beyond age 95 indefinitely, to the extent allowed by applicable tax laws.

Six months prior to your Settlement date, we will contact you with your options, including the option to postpone your annuitization start date to a future date. If you do not make an election, annuity payouts, using the contract's default option of Plan B-Life annuity with 10 years certain, will begin on the Settlement date, and monthly annuity payments will continue for as long as the annuitant lives. If the annuitant does not survive 10 years, payments will continue until 10 years of payments have been made.

Generally, if you own a qualified annuity (for example, an IRA) and tax laws require that you take distributions from your annuity prior to your Settlement date, your contract will not be automatically annuitized (subject to state requirements). However, if you choose, you can elect to request annuitization or take partial surrenders to meet your required minimum distributions.

Annuity Payment Plans

There are different ways to receive annuity payments. We call these plans. You may select one of these plans, or another payment arrangement to which we agree, by giving us written notice at least 30 days before the Settlement date.

You may ask us to apply the market adjusted value (less applicable premium taxes, if any) on the Settlement date under any of the annuity plans described below, but in the absence of an election, we will apply the market adjusted value on the Settlement date under Plan B to provide a life annuity with 120 monthly payments certain. Additionally, we currently allow you to use part of the amount available to purchase payouts, leaving any remaining contract value to accumulate on a tax-deferred basis. Special rules apply for partial annuitization of your annuity contract, see "Taxes **–** Nonqualified Annuities **–** Annuity Payments" and "Taxes **–** Qualified Annuities **–** Annuity Payments."

If the amount to be applied to an annuity plan is not at least $2,000 or if payments are to be made to other than a natural person, we have the right to make a lump sum payment of the cash surrender value. If a lump sum payment is from a qualified annuity (except an IRA, Roth IRA or SEP), 20% income tax withholding may apply.

• **Plan A:** This provides monthly annuity payments for the lifetime of the annuitant. We will not make payments after the annuitant dies.

• **Plan B:** This provides monthly annuity payments for the lifetime of the annuitant with a guarantee by us that payments will be made for a period of at least five, ten or 15 years. You must select the period.

• **Plan C**: This provides monthly annuity payments for the lifetime of the annuitant with a guarantee by us that payments will be made for a certain number of months. We determine the number of months by dividing the market adjusted value applied under this plan by the amount of the monthly annuity payment.

• **Plan D:** We call this a joint and survivor life annuity. Monthly payments will be paid while both the annuitant and a joint annuitant are living. When either the annuitant or joint annuitant dies, we will continue to make monthly payments until the death of the surviving annuitant. We will not make payments after the death of the second annuitant.

• **Plan E:** This provides monthly fixed dollar annuity payments for a period of years that you elect. The period of years may be no less than 10 nor more than 30.

For Plan A, if the annuitant dies before the initial payment, no payments will be made. For Plan B, if the annuitant dies before the initial payment, the payments will continue for the guaranteed payout period. For Plan C, if the annuitant dies before the initial payment, the payments will continue for the installment refund period. For Plan D, if both annuitants die before the initial payment, no payments will be made; however, if one annuitant dies before the initial payment, the payments will continue until the death of the surviving annuitant.

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22 *RiverSource* Guaranteed Term Annuity — Prospectus

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Other annuity payment plan options may be available.

The contract provides for annuity payment plans on a fixed basis only. The amount of the annuity payment will depend on:

• the market adjusted value (less any applicable premium tax not previously deducted) on the Settlement date;

• the annuity table we are then using for annuity Settlements (never less than the table guaranteed in the contract);

• the annuitant's age; and

• the annuity payment plan selected.

The tables for Plans A, B, C and D are based on the "1983 Individual Annuitant Mortality Table A" and an assumed rate of 4% per year. The table for Plan E is based on an interest rate of 4%. RiverSource Life may, at our discretion, if mortality appears more favorable and interest rates justify, apply other tables that will result in higher monthly payments.

In addition to the annuity payout plans described above, we may offer additional payout plans. These plans may include cash refund features providing a guarantee of receiving at least a return of the Settlement amount (less any annuity payments made and premium tax paid) in the event of the annuitant's death, and liquidity features allowing access under certain circumstances to a surrender of the underlying value of remaining payouts. Terms and conditions of annuity payout plans will be disclosed at the time of election, including any associated fees or charges. It is important to remember that the election and use of liquidity features may either reduce the amount of future payouts you would otherwise receive or result in payouts ceasing.

**Utilizing a liquidity feature to surrender the underlying value of remaining payouts (available only on plans other than Plans A and D and only applicable to remaining guaranteed payments) may result in the assessment of a surrender charge (see "Charges and Adjustments – Surrender Charge").** 

**Annuity payment plan requirements for qualified annuities:** If you elect an annuity payment plan from your qualified annuity, it must comply with certain IRS regulations governing RMDs. In general, your annuity payment plan will meet these regulations if it meets the incidental distribution benefit requirements, if any, and the payments are made:

• in equal or substantially equal payments over a period not longer than the life expectancy of the annuitant or over the life expectancy of the annuitant and designated beneficiary; or

• over a period certain not longer than the life expectancy of the annuitant or over the life expectancy of the annuitant and designated beneficiary.

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*RiverSource* Guaranteed Term Annuity — Prospectus 23

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Amendment, Distribution and Assignment of Contracts

Amendment of Contracts

We reserve the right to amend the contracts to meet the requirements of applicable federal or state laws or regulations. We will notify you in writing of any such amendments.

Distribution of Contracts

RiverSource Distributors, Inc. ("RiverSource Distributors"), our affiliate, serves as the principal underwriter and general distributor of the contract. Its offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474. RiverSource Distributors is a wholly-owned subsidiary of Ameriprise Financial, Inc.

RiverSource Distributors is not required to sell any specific number or dollar amount of securities, but will use its best efforts to sell the securities offered.

**Sales of the Contract**

**New contracts are not currently being offered.**

• Only securities broker-dealers ("selling firms") registered with the SEC and members of the FINRA may sell the contract.

• The contracts are continuously offered to the public through authorized selling firms. We and RiverSource Distributors have a sales agreement with the selling firm. The sales agreement authorizes the selling firm to offer the contracts to the public. RiverSource Distributors pays the selling firm (or an affiliated insurance agency) for contracts its investment professionals sell. The selling firm may be required to return sales commissions under certain circumstances including but not limited to when contracts are returned under the free look period.

**Payments We May Make to Selling Firms**

• We may use compensation plans which vary by selling firm. For example, some of these plans pay selling firms a commission of up to 6.00% each time a purchase payment is made. We may also pay ongoing trail commissions of up to 1.25% of the contract value. We do not pay or withhold payment of trail commissions based on which investment options you select.

• We may pay selling firms an additional sales commission of up to 1.00% of purchase payments for a period of time we select. For example, we may offer to pay an additional sales commission to get selling firms to market a new or enhanced contract or to increase sales during the period.

• In addition to commissions, we may, in order to promote sales of the contracts, and as permitted by applicable laws and regulation, pay or provide selling firms with other promotional incentives in cash, credit or other compensation. We generally (but may not) offer these promotional incentives to all selling firms. The terms of such arrangements differ between selling firms. These promotional incentives may include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sponsorship of marketing, educational, due diligence and compliance meetings and conferences we or the selling firm may conduct for investment professionals, including subsidy of travel, meal, lodging, entertainment and other expenses related to these meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing support related to sales of the contract including for example, the creation of marketing materials, advertising and newsletters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing service to contract owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• funding other events sponsored by a selling firm that may encourage the selling firm's sales representatives to sell the contract.

These promotional incentives or reimbursements may be calculated as a percentage of the selling firm's aggregate, net or anticipated sales and/or total assets attributable to sales of the contract, and/or may be a fixed dollar amount. As noted below this additional compensation may cause the selling firm and its sales representatives to favor the contracts.

**Sources of Payments to Selling Firms**

When we pay the commissions and other compensation described above from our assets. Our assets may include:

• revenues we receive from fees and expenses that you will pay when buying, owning and making a surrender from the contract (see "Fee Table and Examples");

• compensation we or an affiliate receive from the underlying funds of our variable annuities in the form of distribution and services fees;

• compensation we or an affiliate receive from a fund's investment adviser, subadviser, distributor or an affiliate of any of these; and

• revenues we receive from other contracts we sell that are not securities and other businesses we conduct.

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24 *RiverSource* Guaranteed Term Annuity — Prospectus

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You do not directly pay the commissions and other compensation described above as the result of a specific charge or deduction under the contract. However, you may pay part or all of the commissions and other compensation described above indirectly through fees and expenses we collect from contract owners, including surrender charges.

**Potential Conflicts of Interest**

Compensation payment arrangements made with selling firms can potentially:

• give selling firms a heightened financial incentive to sell the contract offered in this prospectus over another investment with lower compensation to the selling firm.

• cause selling firms to encourage their sales representatives to sell you the contract offered in this prospectus instead of selling you other alternative investments that may result in lower compensation to the selling firm.

• cause selling firms to grant us access to its sales representatives to promote sales of the contract offered in this prospectus, while denying that access to other firms offering similar contracts or other alternative investments which may pay lower compensation to the selling firm.

**Payments to Investment Professionals**

• The selling firm pays its sales representatives. The selling firm decides the compensation and benefits it will pay its sales representatives.

• To inform yourself of any potential conflicts of interest, ask the sales representative before you buy, how the selling firm and its sales representatives are being compensated and the amount of the compensation that each will receive if you buy the contract.

Assignment of Contracts

You may change ownership of your annuity at any time by completing a change of ownership form we approve and sending it to our Service Center. No change of ownership will be binding on us until we receive and record it. If you have a qualified annuity, the contract may not be sold, assigned, transferred, discounted or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose except as required or permitted by the Code; provided, however, that if the owner is a trust or custodian, or an employer acting in a similar capacity, ownership of a contract may be transferred to the annuitant.

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*RiverSource* Guaranteed Term Annuity — Prospectus 25

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Taxes

Under current law, your contract has a tax-deferral feature. Generally, this means you do not pay income tax until there is a taxable distribution (or deemed distribution) from the contract. We will send a tax information reporting form for any year in which we made a taxable or reportable distribution according to our records.

Nonqualified Annuities

Generally, only the increase in the value of a non-qualified annuity contract over the investment in the contract is taxable. Certain exceptions apply. Federal tax law requires that all nonqualified deferred annuity contracts issued by the same company (and possibly its affiliates) to the same owner during a calendar year be taxed as a single, unified contract when distributions are taken from any one of those contracts.

**Annuity payments:** Generally, unlike surrenders described below, the income taxation of annuity payouts are subject to exclusion ratios (for fixed annuity payouts) or annual excludable amounts (for variable annuity payouts). In other words, a portion of each payment will be ordinary income and subject to tax, and a portion of each payment will be considered a return of part of your investment in the contract and will not be taxed. All amounts you receive after your investment in the contract is fully recovered will be subject to tax. Under Annuity Payment Plan A: Life annuity — no refund, where the annuitant dies before your investment in the contract is fully recovered, the remaining portion of the unrecovered investment may be available as a federal income tax deduction to the owner for the last taxable year. Under all other annuity payment plans, where the annuity payments end before your investment in the contract is fully recovered, the remaining portion of the unrecovered investment may be available as a federal income tax deduction to the taxpayer for the tax year in which the payments end. (See "The Annuity Payment Period — Annuity Payment Plans.")

Federal tax law permits taxpayers to annuitize a portion of their nonqualified annuity while leaving the remaining balance to continue to grow tax-deferred. Under the partial annuitization rules, the portion annuitized must be received as an annuity for a period of 10 years or more, or for the lives of one or more individuals. If this requirement is met, the annuitized portion and the tax-deferred balance will generally be treated as two separate contracts for income tax purposes only. If a contract is partially annuitized, the investment in the contract is allocated between the deferred and the annuitized portions on a pro rata basis.

**Surrenders:** Generally, if you surrender all or part of your nonqualified annuity before your annuity payments begin, your surrender will be taxed to the extent that the contract value immediately before the surrender exceeds the investment in the contract. Application of surrender charges may alter the manner in which we tax report the surrender. Different rules may apply if you exchange another contract into this contract.

You also may have to pay a 10% IRS penalty for surrenders of taxable income you make before reaching age 59½ unless certain exceptions apply.

**Withholding:** If you receive taxable income as a result of an annuity payment or surrender, we may deduct federal, and in some cases state, withholding against the payment. Any withholding represents a prepayment of your income tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer Identification Number and you have a valid U.S. address, you may be able to elect not to have federal income tax withholding occur.

If the payment is part of an annuity payment plan, we generally compute the amount of federal income tax withholding using payroll tables. You may provide us with a statement of how many exemptions to use in calculating the withholding. If the distribution is any other type of payment (such as partial or full surrender) we compute federal income tax withholding using 10% of the taxable portion.

The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a non-resident alien.

Some states also may impose income tax withholding requirements similar to the federal withholding described above. If this should be the case, we may deduct state income tax withholding from the payment.

Federal and state tax withholding rules are subject to change. Annuity payouts and surrenders are subject to the tax withholding rules in effect at the time that they are made, which may differ from the rules described above.

**Death benefits to beneficiaries:** The death benefit under a nonqualified contract is not exempt from estate (federal or state) taxes. In addition, for income tax purposes, any amount your beneficiary receives that exceeds the remaining investment in the contract is taxable as ordinary income to the beneficiary in the year he or she receives the payments. (See also "Death Benefit Prior to Settlement").

**Net Investment Income Tax (also known as Medicare contribution tax):** Effective for taxable years beginning on or after January 1, 2013, certain high-income individuals (as well as estates and trusts) are subject to a new 3.8% net investment income tax (as an addition to income taxes). For individuals, the 3.8% tax applies to the lesser of (1) the amount by which the taxpayer's modified adjusted gross income exceeds $200,000 ($250,000 for married filing jointly

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26 *RiverSource* Guaranteed Term Annuity — Prospectus

------

and surviving spouses; $125,000 for married filing separately) or (2) the taxpayer's "net investment income." Net investment income includes taxable income from nonqualified annuities. Annuity holders are advised to consult their tax advisor regarding the possible implications of this additional tax.

**Annuities owned by corporations, partnerships or irrevocable trusts:** For nonqualified annuities, any annual increase in the value of annuities held by such entities (nonnatural persons) generally will be treated as ordinary income received during that year. However, if the trust was set up for the benefit of a natural person(s) only, the income may generally remain tax-deferred until surrendered or paid out.

**Penalties:** If you receive amounts from your nonqualified annuity before reaching age 59½, you may have to pay a 10% IRS penalty on the amount includable in your ordinary income. However, this penalty will not apply to any amount received:

• because of your death or in the event of nonnatural ownership, the death of the annuitant;

• because you become disabled (as defined in the Code);

• if the distribution is part of a series of substantially equal periodic payments, made at least annually, over your life or life expectancy (or joint lives or life expectancies of you and your beneficiary);

• if it is allocable to an investment before Aug. 14, 1982; or

• if annuity payments are made under immediate annuities as defined by the Code.

**Transfer of ownership:** Generally, if you transfer ownership of a nonqualified annuity without receiving adequate consideration, the transfer may be taxed as a surrender for federal income tax purposes. If the transfer is a currently taxable event for income tax purposes, the original owner will be taxed on the amount of deferred earnings at the time of the transfer and also may be subject to the 10% IRS penalty discussed earlier. In this case, the new owner's investment in the contract will be equal to the investment in the contract at the time of the transfer plus any earnings included in the original owner's taxable income as a result of the transfer. In general, this rule does not apply to transfers between spouses or former spouses. Similar rules apply if you transfer ownership for full consideration. Please consult your tax advisor for further details.

**1035 Exchanges:** Section 1035 of the Code permits nontaxable exchanges of certain insurance policies, endowment contracts annuity contracts and qualified long-term care insurance contracts. while providing for continued tax deferral of earnings. In addition, Section 1035 permits the carryover of the investment in the contract from the old policy or contract to the new policy or contract. In a 1035 exchange one policy or contract is exchanged for another policy or contract. The following can qualify as nontaxable exchanges: (1) the exchange of a life insurance policy for another life insurance policy or for an endowment, annuity or qualified long-term care insurance contract, (2) the exchange of an endowment contract for an annuity or qualified long-term care insurance contract, or for an endowment contract under which payments will begin no later than payments would have begun under the contract exchanged, (3) the exchange of an annuity contract for another annuity contract or for a qualified long-term care insurance contract and (4) the exchange of a qualified long-term care insurance contract for a qualified long-term care insurance contract. Additionally, other tax rules apply. However, if the life insurance policy has an outstanding loan, there may be tax consequences. Depending on the issue date of your original policy or contract, there may be tax or other benefits that are given up to gain the benefits of the new policy or contract. Consider whether the features and benefits of the new policy or contract outweigh any tax or other benefits of the old contract.

For a partial exchange of an annuity contract for another annuity contract, the 1035 exchange is generally tax-free. The investment in the original contract and the earnings on the contract will be allocated proportionately between the original and new contracts. However, per IRS Revenue Procedure 2011-38, if surrenders are taken from either contract within the 180-day period following an exchange, the IRS will apply general tax principles to determine the appropriate tax treatment of the exchange and subsequent surrender. As a result, there may be unexpected tax consequences. You should consult your tax advisor before taking any surrender from either contract during the 180-day period following a partial exchange. Different IRS limitations on surrenders apply to partial exchanges completed prior to October 24, 2011.

**Assignment:** If you assign or pledge your contract as collateral for a loan, earnings on purchase payments you made after Aug. 13, 1982 will be taxed as a deemed distribution and you may have to pay a 10% IRS penalty on the taxable portion.

Qualified Annuities

Adverse tax consequences may result if you do not ensure that contributions, distributions and other transactions under the contract comply with the law. Qualified annuities have minimum distribution rules that govern the timing and amount of distributions. You should refer to your retirement plan's Summary Plan Description, your IRA disclosure statement, or consult a tax advisor for additional information about the distribution rules applicable to your situation.

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*RiverSource* Guaranteed Term Annuity — Prospectus 27

------

When you use your contract to fund a retirement plan or IRA that is already tax-deferred under the Code, the contract will not provide any necessary or additional tax deferral. If your contract is used to fund an employer sponsored plan, your right to benefits may be subject to the terms and conditions of the plan regardless of the terms of the contract.

**Annuity payments:** Under a qualified annuity, except a Roth IRA, Roth 401(k) or Roth 403(b), the entire payment generally is includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or (3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to fund a retirement plan and you direct such payout to be directly rolled over to another eligible retirement plan such as an IRA. We may permit partial annuitizations of qualified annuity contracts. If we accept partial annuitizations, please remember that your contract will still need to comply with other requirements such as required minimum distributions and the payment of taxes. Prior to considering a partial annuitization on a qualified contract, you should discuss your decision and any implications with your tax adviser. Because we cannot accurately track certain after tax funding sources, we will generally report any payments on partial annuitizations as ordinary income except in the case of a qualified distribution from a Roth IRA.

**Annuity payments from Roth IRAs:** In general, the entire payment from a Roth IRA can be free from income and penalty taxes if you have attained age 59½ and meet the five year holding period.

**Surrenders:** Under a qualified annuity, except a Roth IRA, Roth 401(k) or Roth 403(b), the entire surrender will generally be includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or (3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to fund a retirement plan and you direct such surrender to be directly rolled over to another eligible retirement plan such as an IRA.

**Surrenders from Roth IRAs:** In general, the entire payment from a Roth IRA can be free from income and penalty taxes if you have attained age 59½ and meet the five year holding period or another qualifying event such as death or disability.

**Required Minimum Distributions:** Retirement plans (except for Roth IRAs) are subject to required surrenders called required minimum distributions ("RMDs") beginning at age 73. RMDs are based on the fair market value of your contract at year-end divided by the life expectancy factor. Certain death benefits may be considered in determining the fair market value of your contract for RMD purposes. This may cause your RMD to be higher. Inherited IRAs (including inherited Roth IRAs) are subject to special RMD rules. You should consult your tax advisor prior to making a purchase for an explanation of the potential tax implications to you.

**Withholding for IRAs, Roth IRAs, SEPs and SIMPLE IRAs:** If you receive taxable income as a result of an annuity payment or a surrender, we may deduct withholding against the payment. Any withholding represents a prepayment of your tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer Identification Number, you can elect not to have any withholding occur.

If the payment is part of an annuity payment plan, we generally compute the amount of federal income tax withholding using payroll tables. You may provide us with a statement of how many exemptions to use in calculating the withholding. If the distribution is any other type of payment (such as a partial or full surrender) we compute federal income tax withholding using 10% of the taxable portion.

The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a non-resident alien.

Some states also may impose income tax withholding requirements similar to the federal withholding described above. If this should be the case, we may deduct state income tax withholding from the payment.

**Withholding for all other qualified annuities:** If you receive directly all or part of the contract value from a qualified annuity, mandatory 20% federal income tax withholding (and possibly state income tax withholding) generally will be imposed at the time the payment is made from the plan. Any withholding represents a prepayment of your tax due for the year. You take credit for these amounts on your annual income tax return. This mandatory withholding will not be imposed if instead of receiving the distribution check, you elect to have the distribution rolled over directly to an IRA or another eligible plan;

In the below situations, the distribution is subject to an optional 10% withholding. We will withhold 10% of the distribution amount unless you elect otherwise.

• the payment is one in a series of substantially equal periodic payments, made at least annually, over your life or life expectancy (or the joint lives or life expectancies of you and your designated beneficiary) or over a specified period of 10 years or more;

• the payment is a RMD as defined under the Code;

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28 *RiverSource* Guaranteed Term Annuity — Prospectus

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• the payment is made on account of an eligible hardship; or

• the payment is a corrective distribution.

Payments made to a surviving spouse instead of being directly rolled over to an IRA are subject to mandatory 20% income tax withholding.

State withholding also may be imposed on taxable distributions.

**Penalties:** If you receive amounts from your qualified contract before reaching age 59½, you may have to pay a 10% IRS penalty on the amount includable in your ordinary income. However, this penalty generally will not apply to any amount received:

• because of your death;

• because you become disabled (as defined in the Code);

• if the distribution is part of a series of substantially equal periodic payments made at least annually, over your life or life expectancy (or joint lives or life expectancies of you and your beneficiary);

• if the distribution is made following severance from employment during or after the calendar year in which you attain age 55 (Qualified annuities funding 401(a) plans and 403(b) plans only);

• to pay certain medical or education expenses (IRAs only); or

• if the distribution is made from an inherited IRA.

**Death benefits to beneficiaries:** The entire death benefit generally is taxable as ordinary income to the beneficiary in the year he/she receives the payments from the qualified annuity. If you made non-deductible contributions to a traditional IRA, the portion of any distribution from the contract that represents after-tax contributions is not taxable as ordinary income to your beneficiary. You are responsible for keeping all records tracking your non-deductible contributions to an IRA. Death benefits under a Roth IRA generally are not taxable as ordinary income to the beneficiary if certain distribution requirements are met.

**Change of retirement plan type:** IRS regulations allow for rollovers of certain retirement plan distributions. In some circumstances, you may be able to have an intra-contract rollover, keeping the same features and conditions. If the annuity contract you have does not support an intra-contract rollover, you are able to request an IRS approved rollover to another annuity contract or other investment product that you choose. If you choose another annuity contract or investment product, you will be subject to new rules, including a new surrender charge schedule for an annuity contract, or other product rules as applicable.

**Assignment:** You may not assign or pledge your qualified contract as collateral for a loan.

Other

**Important:** Our discussion of federal tax laws is based upon our understanding of current interpretations of these laws. Federal tax laws or current interpretations of them may change. For this reason and because tax consequences are complex and highly individual and cannot always be anticipated, you should consult a tax advisor if you have any questions about taxation of your contract.

**RiverSource Life's tax status:** We are taxed as a life insurance company under the Code.

**Tax qualification:** We intend that the contract qualify as an annuity for federal income tax purposes. To that end, the provisions of the contract are to be interpreted to ensure or maintain such tax qualification, in spite of any other provisions of the contract. We reserve the right to amend the contract to reflect any clarifications that may be needed or are appropriate to maintain such qualification or to conform the contract to any applicable changes in the tax qualification requirements. We will send you a copy of any amendments.

**Spousal status:** When it comes to your marital status and the identification and naming of any spouse as a beneficiary or party to your contract, we will rely on the representations you make to us. Based on this reliance, we will issue and administer your contract in accordance with these representations. If you represent that you are married and your representation is incorrect or your marriage is deemed invalid for federal or state law purposes, then the benefits and rights under your contract may be different.

If you have any questions as to the status of your relationship as a marriage, then you should consult an appropriate tax or legal advisor.

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*RiverSource* Guaranteed Term Annuity — Prospectus 29

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The Company

Business

We issue the contracts. We are a stock life insurance company organized in 1957 under the laws of the state of Minnesota and are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474. We are a wholly-owned subsidiary of Ameriprise Financial, Inc.

We conduct a conventional life insurance business. We are licensed to do business in 49 states, the District of Columbia and American Samoa. Our primary products currently include fixed and variable annuity contracts and life insurance policies.

We rely on the exemption from the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), provided by Rule 12h-7 under the 1934 Act.

We are obligated to pay all amounts promised to you under the Contract, subject to our financial strength and claims-paying ability.

The General Account

The general account includes all assets owned by RiverSource Life, other than those in our separate accounts. Subject to applicable state law, we have sole discretion to decide how assets of the general account will be invested. The assets held in our general account support the guarantees under your contract including the guaranteed interest rates for guarantee periods and the death benefit. These guarantees are subject to the claims-paying ability and financial strength of RiverSource Life. You should be aware that our general account is exposed to many of the same risks normally associated with a portfolio of fixed-income securities including interest rate, option, liquidity and credit risk. You should also be aware that we issue other types of annuities and financial instruments and products as well, and these obligations are satisfied from the assets in our general account. Our general account is not segregated or insulated from the claims of our creditors. The financial statements contained in the SAI include a further discussion of the risks inherent within the investments of the general account.

Legal Proceedings

RiverSource Life is 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 and inquiry concerning the Company's businesses remains elevated. From time to time, the Company and its affiliates, including Ameriprise Financial Services, LLC ("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 typically have numerous pending matters, which includes information requests, exams or inquiries regarding their business activities and practices and other subjects, including from time to time: sales and distribution of various products, including the Company's life insurance and variable 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. The Company and its affiliates have cooperated and will continue to cooperate with the applicable regulators.

These legal proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss. The Company cannot predict with certainty if, how or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a loss or range of loss can be reasonably estimated for any proceeding. An adverse outcome in one or more proceedings could eventually result in adverse judgments, settlements, fines, penalties or other sanctions, in addition to further claims, examinations or adverse publicity that could have a material adverse effect on the Company's consolidated financial condition, results of operations or liquidity.

Financial Statements

The Statement of Additional Information (SAI) includes additional information about the Contract. The SAI, dated the same date as this prospectus, is incorporated by reference into this prospectus. The SAI is available, without charge, upon request. For a free copy of the SAI, or for more information about the Contract, call us at 1-800-862-7919, visit our website at riversource.com/annuities or write to us at: 70100 Ameriprise Financial Center Minneapolis, MN 55474.

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30 *RiverSource* Guaranteed Term Annuity — Prospectus

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Appendix A – Investment Options Available Under the Contract

The following is a list of guarantee periods currently available for renewals. We may discontinue offering certain existing guarantee periods in the future. We will provide you with written notice before doing so. See "Guarantee Periods" in the prospectus for more information about the guarantee periods.

**Note: A positive or negative MVA is assessed if any portion of the value is removed from the Contract before the end of the guarantee period. This may result in a significant reduction in your contract value. See "Charges and Adjustments – Market Value Adjustments" in the prospectus for more information about the MVA.** 

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| | |
|:---|:---|
| **<u>Guarantee Period Term</u>** | **<u>Minimum Guaranteed Interest Rate</u>** |
| 1 Year | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 2 Years | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 3 Years | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 4 Years | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 5 Years | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 6 Years | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 7 Years | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 8 Years | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 9 Years | &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 10 Years | &nbsp;&nbsp;&nbsp; 3<br> %<br>|

---

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*RiverSource* Guaranteed Term Annuity — Prospectus 31

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The Statement of Additional Information (SAI) includes additional information about the Contract. The SAI, dated the same date as this prospectus, is incorporated by reference into this prospectus. The SAI is available, without charge, upon request. For a free copy of the SAI, or for more information about the Contract, call us at 1-800-862-7919, visit our website at riversource.com/annuities or write to us at: 70100 Ameriprise Financial Center Minneapolis, MN 55474.

![(RiverSource Annuity Logo)](g784161imgd07117b51.jpg)

RiverSource Life Insurance Company <br>70100 Ameriprise Financial Center <br>Minneapolis, MN 55474 <br>1-800-862-7919

PRO9065_12_D02_(09/25)

Reports and other information about RiverSource Life Insurance Company are available on the SEC's website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EDGAR Contract Identifier: C000263335© 2008-2025 RiverSource Life Insurance Company. All rights reserved.

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##### [**Table of Contents**](#toc)
PART C – OTHER INFORMATION

**Item 27. Exhibits** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) [Unanimous Written Consent of the Board of Directors In Lieu of a Meeting for IDS Life Insurance Company, adopted](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exap6.txt) [December 8, 2006 for the Re-designation of the Separate Accounts to Reflect Entity Consolidation and Rebranding filed](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exap6.txt) [electronically as Exhibit 27(a)(6) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exap6.txt) [incorporated by reference.](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exap6.txt)

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) [Form of Principal Underwriter Agreement for RiverSource Life Insurance Company Variable Annuities and Variable Life](https://www.sec.gov/Archives/edgar/data/926266/000106880007000037/ex3p1_pua.txt) [Insurance filed electronically as Exhibit 3.1 to the Initial Registration Statement on Form N-4 for RiverSource Variable](https://www.sec.gov/Archives/edgar/data/926266/000106880007000037/ex3p1_pua.txt) [Annuity Account (previously American Enterprise Variable Annuity Account), RiverSource Signature(SM) Select Variable](https://www.sec.gov/Archives/edgar/data/926266/000106880007000037/ex3p1_pua.txt) [Annuity and RiverSource Signature(SM) Variable Annuity, on or about Jan. 2, 2007, is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/926266/000106880007000037/ex3p1_pua.txt)

&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) [Form of Group Deferred Variable Annuity Contract, Form 34660, filed as Exhibit 4.1 to Post-Effective Amendment No. 2 to](https://www.sec.gov/Archives/edgar/data/727892/0000820027-94-000183.txt) [the Registration Statement on Form S-1 for RiverSource Life Insurance Company , File No. 33-48701 on April 6, 1994, is](https://www.sec.gov/Archives/edgar/data/727892/0000820027-94-000183.txt) [incorporated by reference.](https://www.sec.gov/Archives/edgar/data/727892/0000820027-94-000183.txt) (See Exhibit 4.1 to Form S-1
Registration Statement filed with the SEC on 4/6/1994.)

&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) [Certificate of Incorporation of IDS Life dated July 24, 1957, filed electronically as Exhibit 6.1 to Registrant's Initial](https://www.sec.gov/Archives/edgar/data/1000191/0000820027-95-000446.txt) [Registration Statement No. 33-62407 is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1000191/0000820027-95-000446.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Copy of Certificate of Amendment of Certificate of Incorporation of IDS Life Insurance Company dated June 22, 2006,](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exfp1.txt) [filed electronically as Exhibit 27(f)(1) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exfp1.txt) [incorporated by reference.](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exfp1.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Copy of Amended and Restated By-Laws of RiverSource Life Insurance Company filed electronically as Exhibit 27(f)(2) to](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exfp2.txt) [Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/768836/000106880007000043/vul3-4_exfp2.txt)

&nbsp;&nbsp;&nbsp;&nbsp;(g) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(k) [Opinion of counsel and consent to its use as the legality of the securities being registered is filed electronically herewith](d926112dex99k.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;(l) [Consent of Independent Registered Public Accounting Firm is filed electronically herewith](d926112dex99l.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;(m) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(p) [Power of Attorney to sign Amendment to this Registration Statement, dated Sept. 8, 2025, is filed electronically herewith.](d926112dex99p.htm)

**Item 28. Directors and Officers of the Depositor** The following are the Officers and Directors who are engaged directly or indirectly in activities relating to the Registrant or the variable annuity contracts offered by the Registrant and the executive officers of the Company:

---

| | | |
|:---|:---|:---|
| **Name** | **Principal Business Address\*** | **Position and Offices**<br> **With Depositor**<br>|
| Gumer C. Alvero |  | Chairman of the Board and President  |
| Michael J. Pelzel |  | Senior Vice President – Corporate Tax |
| Kevin L Kehn |  | Director, Senior Vice President and Chief Actuary |
| Shweta Jhanji |  | Senior Vice President and Treasurer |
| Gene R. Tannuzzo |  | Director |
| Kara D Sherman |  | &nbsp;&nbsp; Director, Senior Vice President – National Sales <br> Manager - Insurance<br>|
| Stephen R. Wolfrath |  | &nbsp;&nbsp; Director, Senior Vice President – Insurance and <br> Annuities Product Development and Management<br>|
| Brian E. Hartert |  | Director, Chief Financial Officer |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | **Principal Business Address\*** | **Position and Offices**<br> **With Depositor**<br>|
| Paula J. Minella |  | Secretary |
| Gregg L. Ewing |  | Vice President and Controller |

---

\*

The business address is 70100 Ameriprise Financial Center, Minneapolis, MN 55474.

**Item 29. Persons Controlled by or Under Common Control with the Depositor or the Registrant**

The following is the list of subsidiaries of Ameriprise Financial, Inc:

SUBSIDIARIES AND AFFILIATES OF AMERIPRISE FINANCIAL, INC.

---

| | |
|:---|:---|
| **Parent Company /Subsidiary Name** | **Jurisdiction** |
| Ameriprise Financial, Inc.\* | Delaware |
| Ameriprise Advisor Capital, LLC | Delaware |
| Ameriprise Advisor Financing 2, LLC | Delaware |
| Ameriprise Asset Management Holdings Singapore (Pte.) Ltd. | Singapore |
| &nbsp;&nbsp;&nbsp; Threadneedle Portfolio Services Hong Kong Limited | Hong Kong |
| &nbsp;&nbsp;&nbsp; Columbia Threadneedle Investments Japan Co., Ltd. | Japan |
| &nbsp;&nbsp;&nbsp; Columbia Threadneedle Malaysia Sdn Bhd. | Malaysia |
| &nbsp;&nbsp;&nbsp; Threadneedle Investments Singapore (Pte.) Ltd. | Singapore |
| Ameriprise Bank, FSB | Federal |
| Ameriprise Capital Trust I | Delaware |
| Ameriprise Capital Trust II | Delaware |
| Ameriprise Capital Trust III | Delaware |
| Ameriprise Capital Trust IV | Delaware |
| Ameriprise Captive Insurance Company | Vermont |
| Ameriprise Certificate Company | Delaware |
| &nbsp;&nbsp;&nbsp; Investors Syndicate Development Corporation | Nevada |
| Ameriprise Holdings, Inc. | Delaware |
| Ameriprise Installment Financing, LLC | Delaware |
| Ameriprise India LLP<sup>1</sup> <br>| India |
| Ameriprise India Partner, LLC | Delaware |
| Ameriprise Trust Company | Minnesota |
| AMPF Holding, LLC | Michigan |
| &nbsp;&nbsp;&nbsp; American Enterprise Investment Services Inc.<sup>2</sup> <br>| Minnesota |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial Services, LLC<sup>2</sup> <br>| Delaware |
| &nbsp;&nbsp;&nbsp; AMPF Property Corporation | Michigan |
| &nbsp;&nbsp;&nbsp; Investment Professionals, Inc.<sup>2</sup> <br>| Texas |
| Columbia Management Investment Advisers, LLC | Minnesota |
| &nbsp;&nbsp;&nbsp; Advisory Capital Strategies Group Inc. | Minnesota |
| &nbsp;&nbsp;&nbsp; Columbia Wanger Asset Management, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; Emerging Global Advisors, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; GA Legacy, LLC | Delaware |

---

------

---

| | |
|:---|:---|
| **Parent Company /Subsidiary Name** | **Jurisdiction** |
| &nbsp;&nbsp;&nbsp; J. & W. Seligman & Co. Incorporated | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Management Investment Distributors, Inc.<sup>2</sup> <br>| Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seligman Partners, LLC<sup>3</sup> <br>| Delaware |
| &nbsp;&nbsp;&nbsp; Lionstone BBP GP, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; Lionstone BBP Limited Partner, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; Lionstone CREAD Partners Two, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; Lionstone CREAD GP, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; Lionstone LORE Two, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; Lionstone Partners, LLC | Texas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Flow Asset Management GP, LLC | Texas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Flow Asset Management, L.P.<sup>4</sup> <br>| Texas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionstone Advisory Services, LLC | Texas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionstone CFRE II Real Estate Advisory, LLC | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionstone Development Services, LLC | Texas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL 1111 Broadway GP, LLC | Texas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL 1111 Broadway, L.P.<sup>5</sup> <br>| Texas |
| &nbsp;&nbsp;&nbsp; Lionstone Raleigh Development Partners GP, LLC | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionstone RDP Channel House Investors, L.P. | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionstone RDP PCS Phase I Investors, L.P. | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionstone RDP Platform Investors, L.P. | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionstone RDP Tower V Investors GP, LLC | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionstone RDP St. Albans Investors GP, LLC | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lionstone RDP Co-Investment Fund I GP, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; Lionstone VA Five, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; RiverSource CDO Seed Investments, LLC | Minnesota |
| Columbia Management Investment Services Corp. | Minnesota |
| Columbia Threadneedle Investments UK International Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp; Columbia Threadneedle (Europe) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle AM (Holdings) Limited | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astraeus III GP LLP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astraeus III FP LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Capital (Group) Limited | &nbsp;&nbsp; Cayman <br> Islands<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Capital (Holdings) Limited | &nbsp;&nbsp; Cayman <br> Islands<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Capital (UK) Limited | &nbsp;&nbsp; England & <br> Wales<br>|

---

------

---

| | |
|:---|:---|
| **Parent Company /Subsidiary Name** | **Jurisdiction** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Multi-Manager LLP | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thames River Capital LLP | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Group (Holdings) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Group (Management) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Holdings Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Management Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FCEM Holdings (UK) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Netherlands B.V. | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C Alternative Investments (Holdings) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Treasury Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WAM Holdings Ltd | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Fund Management Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Managers Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle (Services) Limited | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Management (Swiss) GmbH<sup>‡</sup> <br>| Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Investment Business Limited | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle PE Co-Investment GP LLP | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FCIT PE FP LP<sup>6</sup> <br>| Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle PE Co-Investment FP LP<sup>6</sup> <br>| Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Real Estate Partners LLP<sup>7</sup> <br>| &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT UK Residential Real Estate FCP-RAIF (Associate) | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REIT Asset Management Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Real Estate Partners S.à.r.l. | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Real Estate Partners GmbH & Co. KG, München | Germany |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Real Estate Partners Verwaltungsgesellschaft mbH, München (General Partner) | Germany |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Real Estate Partners Asset Management Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle REP Property Management Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Mount Impact Partners GP LLP |  |

---

------

---

| | |
|:---|:---|
| **Parent Company /Subsidiary Name** | **Jurisdiction** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Mount Impact Partners FP LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C Aurora (GP) Limited | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPE II (Founding Partner) LP | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Aurora Fund (Founder Partner) LP<sup>6</sup> <br>| Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C Climate Opportunity Partners (GP) Limited | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C Climate Opportunity Partners (GP) LP | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C Climate Opportunity Partners (Founder Partner) LP<sup>6</sup> <br>| Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C Equity Partners Holdings Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C European Capital Partners (Founder Partner) LP<sup>6</sup> <br>| Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C European Capital Partners II (GP) Limited | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C European Capital Partners II (Founder Partner) LP<sup>6</sup> <br>| Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C European Capital Partners II (GP) LP | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C Group ESOP Trustee Limited | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&C Investment Manager Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FP Asset Management Holdings Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Asset Managers Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivory & Sime Limited | Scotland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle (EM) Investments Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pyrford International Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| RiverSource Distributors, Inc.<sup>2</sup> <br>| Delaware |
| RiverSource Life Insurance Company | Minnesota |
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Advisers, LLC | Delaware |
| &nbsp;&nbsp;&nbsp; RiverSource Life Insurance Co. of New York | New York |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RiverSource NY REO, LLC | New York |
| &nbsp;&nbsp;&nbsp; RiverSource REO 1, LLC | Minnesota |
| &nbsp;&nbsp;&nbsp; RiverSource Tax Advantaged Investments, Inc. | Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AEXP Affordable Housing Portfolio, LLC<sup>8</sup> <br>| Delaware |
| TAM UK International Holdings Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp; Columbia Threadneedle Investments (ME) Limited | Dubai |
| &nbsp;&nbsp;&nbsp; CTM Holdings Limited | Malta |
| &nbsp;&nbsp;&nbsp; TAM Investment Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp; Threadneedle Asset Management Oversight Limited | &nbsp;&nbsp; England & <br> Wales<br>|

---

------

---

| | |
|:---|:---|
| **Parent Company /Subsidiary Name** | **Jurisdiction** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise International Holdings GmbH | Switzerland |
| &nbsp;&nbsp;&nbsp; Threadneedle EMEA Holdings 1, LLC | &nbsp;&nbsp; Minnesota, <br> USA<br>|
| &nbsp;&nbsp;&nbsp; Threadneedle Holdings Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAM UK Holdings Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Asset Management Holdings Limited\*\* | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Threadneedle Foundation | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TC Financing Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Asset Management Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Investment Services Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Asset Management (Nominees) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville TIPP Property (GP) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Asset Management Finance Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TMS Investment Limited | Jersey |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle International Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Investments (Channel Islands) Limited | Jersey |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Investments Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Management Services Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Pension Trustees Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Navigator ISA Manager Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Pensions Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Portfolio Services AG | Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Portfolio Services Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Property Investments Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville (CTESIF) 2&3 GP Sàrl | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville LCW (GP) Limited | &nbsp;&nbsp; England & <br> Wales<br>|

---

------

---

| | |
|:---|:---|
| **Parent Company /Subsidiary Name** | **Jurisdiction** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville LCW Sub LP 1 (GP) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville LCW Nominee 1 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville LCW Nominee 2 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville LCW Sub LP 2 (GP) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville LCW Nominee 3 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville LCW Nominee 4 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville Property Atlantic (Jersey GP) Limited | Jersey |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville Property Curtis (Jersey GP) Limited | Jersey |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville Property Farnborough (Jersey GP) Limited | Jersey |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville Property Hayes (Jersey GP) Limited | Jersey |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UKPEC6 Hayes Nominee 1 Limited | Jersey |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UKPEC6 Hayes Nominee 2 Limited | Jersey |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville TSP Property (GP) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select II (GP) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select II (GP) No. 3 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select II Nominee (3) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III (GP) No. 1 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III Nominee (1) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III Nominee (2) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III (GP) No. 2 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III Nominee (3) Ltd | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III Nominee (4) Ltd | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III (GP) No. 3 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III Nominee (5) Ltd | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III Nominee (6) Ltd | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select III (GP) S.à r.l. | Luxembourg |

---

------

---

| | |
|:---|:---|
| **Parent Company /Subsidiary Name** | **Jurisdiction** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV (GP) S.à.r.l. | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV (GP) No. 1 Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV Nominee (1) Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV Nominee (2) Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV Nominee (7) Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV Nominee (8) Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV (GP) No. 2 Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV Nominee (3) Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV Nominee (4) Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV (GP) No. 3 Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV Nominee (5) Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UK Property Select IV Nominee (6) Limited | England |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sackville UKPEC1 Leeds (GP) Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Property Execution 1 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Property Execution 2 Limited | &nbsp;&nbsp; England & <br> Wales<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle UK Property Select IV Feeder SA SICAV-RAIF | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Threadneedle Management Luxembourg S.A. | Luxembourg |

---

------

Unless otherwise indicated all ownership interests are 100%

\*

Publicly-traded company (NYSE: AMP)

\*\*

The company has non-voting shares held by third parties

<sup>†</sup>

Regulated by Luxembourg Authority

<sup>‡</sup>

FINMA Authorized Representative office of BMO Asset Management Ltd.

<sup>1</sup>

Owned by: Ameriprise Financial, Inc. 100% profit sharing ratio with capital contribution of 124,078,760 INR (Indian currency=rupees) & 10 INR owned each by Columbia Management Investment Advisers, LLC & Ameriprise India Partner, LLC

<sup>2</sup>

Registered broker-dealer

<sup>3</sup>

Managed by members of onshore hedge fund feeders

<sup>4</sup>

Owned by: Lionstone Partners, LLC (99%) & Cash Flow Asset Management GP, LLC (1%)

<sup>5</sup>

Owned by: Lionstone Partners, LLC (99.9%) & LPL 1111 Broadway GP, LLC (0.1%)

<sup>6</sup>

Columbia Threadneedle AM (Holdings) plc owns a percentage of the entity

<sup>7</sup>

Columbia ThreadneedleTreasury Limited holds 1 unit

<sup>8</sup>

One-third of this entity is owned by American Express Travel Related Services

**Item 30. Indemnification**

The amended and restated By-Laws of the depositor provide that the depositor will indemnify, to the fullest extent now or hereafter provided for or permitted by law, each person involved in, or made or threatened to be made a party to, any action, suit, claim or proceeding, whether civil or criminal, including any investigative, administrative, legislative, or other proceeding, and including any action by or in the right of the depositor or any other corporation, or any partnership, joint venture, trust, employee benefit plan, or other enterprise (any such entity, other than the depositor, being hereinafter referred to as an "Enterprise"), and including appeals therein (any such action or process being hereinafter referred to as a "Proceeding"), by reason of the fact that such person, such person's testator or intestate (i) is or was a director or officer of the depositor, or (ii) is or was serving, at the request of the depositor, as a director, officer, or in any other capacity, or any other Enterprise, against any and all judgments, amounts paid in settlement, and expenses, including attorney's fees, actually and reasonably incurred as a result of or in connection with any Proceeding, except as provided below.

No indemnification will be made to or on behalf of any such person if a judgment or other final adjudication adverse to such person establishes that such person's acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that such person personally gained in fact a financial profit or other advantage to which such person was not legally entitled. In addition, no indemnification will be made with respect to any Proceeding initiated by any such person against

------

the depositor, or a director or officer of the depositor, other than to enforce the terms of this indemnification provision, unless such Proceeding was authorized by the Board of Directors of the depositor. Further, no indemnification will be made with respect to any settlement or compromise of any Proceeding unless and until the depositor has consented to such settlement or compromise.

The depositor may, from time to time, with the approval of the Board of Directors, and to the extent authorized, grant rights to indemnification, and to the advancement of expenses, to any employee or agent of the depositor or to any person serving at the request of the depositor as a director or officer, or in any other capacity, of any other Enterprise, to the fullest extent of the provisions with respect to the indemnification and advancement of expenses of directors and officers of the depositor.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to directors, officers and controlling persons of the depositor or the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. Principal Underwriter** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) RiverSource Distributors Inc. acts as principal underwriter for:

RiverSource Variable Annuity Account 1 <br>RiverSource Variable Annuity Account <br>RiverSource Account F <br>RiverSource Variable Annuity Fund A <br>RiverSource Variable Annuity Fund B <br>RiverSource Variable Account 10 <br>RiverSource Account SBS <br>RiverSource MVA Account <br>RiverSource Account MGA <br>RiverSource Account for Smith Barney <br>RiverSource Variable Life Separate Account <br>RiverSource Variable Life Account <br>RiverSource of New York Variable Annuity Account 1 <br>RiverSource of New York Variable Annuity Account 2 <br>RiverSource of New York Account 4 <br>RiverSource of New York Account 7 <br>RiverSource of New York Account 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As to each director, officer or partner of the principal underwriter:

---

| | |
|:---|:---|
| **Name and Principal**<br> **Business Address\***<br>| **Positions and Offices**<br> **with Underwriter**<br>|
| Kara D. Sherman | Director |
| Janz, Sara S. | Director |
| Gumer C. Alvero | Chairman of the Board and Chief Executive Officer  |
| Shweta Jhanji | Senior Vice President and Treasurer |
| Paula J. Minella | Secretary |
| Jason S. Bartylla | Chief Financial Officer |

---

\*

The business address is 70100 Ameriprise Financial Center, Minneapolis, MN 55474.

(c) RiverSource Distributors Inc., the principal underwriter during Registrant's last fiscal year, was paid the following commissions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAME OF PRINCIPAL**<br> **UNDERWRITER**<br>| **NET**<br> **UNDERWRITING**<br> **DISCOUNTS AND**<br> **COMMISSIONS**<br>| **COMPENSATION ON**<br> **REDEMPTION**<br>| &nbsp;&nbsp; **BROKERAGE**<br> **COMMISSIONS**<br>| **COMPENSATION** |
| RiverSource Distributors, Inc. | &nbsp;&nbsp; $439655537<br>|  |  |  |

---

------

**Item 31A. Information about Contracts with Indexed-Linked Options and Fixed Options Subject to a Contract Adjustment**

(a) ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of the Contract**  | **Number of Contracts Outstanding** | **Total Value**<br> **Attributable**<br> **to the Index**<br> **and/or Fixed**<br> **Option**<br> **Subject to an**<br> **Adjustment**<br>| &nbsp;&nbsp; **Number of**<br> **Contracts**<br> **Sold During**<br> **the Prior**<br> **Calendar**<br> **Year**<br>| &nbsp;&nbsp; **Gross**<br> **Premiums**<br> **Received**<br> **During the**<br> **Prior**<br> **Calendar**<br> **Year**<br>| &nbsp;&nbsp; **Amount of**<br> **Contract**<br> **Value**<br> **Redeemed**<br> **During the**<br> **Prior Calendar**<br> **Year**<br>| &nbsp;&nbsp; **Combination**<br> **Contract**<br> **(Yes/No)**<br>|
| &nbsp;&nbsp;&nbsp; RiverSource Guaranteed <br> Term Annuity<br>| &nbsp;&nbsp; 141 | 10022408 | 0 | 0 | 765500 | No |

---

**Item 32. Location of Accounts and Records**

Not applicable

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

RiverSource Life Insurance Company undertakes to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement to include any prospectus required by section 10(a)(3) of the Securities Act; and that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**Additional Representations**

RiverSource Life Insurance Company is relying on the November 28, 1988 no-action letter (Ref. No. IP-6-88) relating to variable annuity contracts offered as funding vehicles for retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code. Registrant further represents that it will comply with the provisions of paragraphs (1)-(4) of that letter.

------

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, RiverSource Life Insurance Company, on behalf of the Registrant, certifies that it meets all of the requirements of Securities Act Rule 485(b) for effectiveness of this Amendment to its Registration Statement and has caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Minneapolis, and State of Minnesota, on September 19, 2025.

---

| | |
|:---|:---|
| RiverSource Variable Account 10 | RiverSource Variable Account 10 |
| &nbsp;&nbsp;&nbsp; (Registrant) | &nbsp;&nbsp;&nbsp; (Registrant) |
| By: | /s/ Gumer C. Alvero |
|  | &nbsp;&nbsp; Gumer C. Alvero<br> Chairman of the Board and President<br>|

---

As required by the Securities Act of 1933, this Amended Registration Statement has been signed by the Depositor on September 19, 2025.

---

| | |
|:---|:---|
| RiverSource Life Insurance Company | RiverSource Life Insurance Company |
| &nbsp;&nbsp;&nbsp; (Depositor) | &nbsp;&nbsp;&nbsp; (Depositor) |
| By: | /s/ Gumer C. Alvero |
|  | &nbsp;&nbsp; Gumer C. Alvero<br> Chairman of the Board and President<br>|

---

As required by the Securities Act of 1933, Amendment to this Registration Statement has been signed by the following persons in the capacities indicated on September 19, 2025.

---

| | |
|:---|:---|
| Signature | Title |
| /s/ Gumer C. Alvero | &nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and President<br> (Chief Executive Officer) |
| Gumer C. Alvero | &nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and President<br> (Chief Executive Officer) |
| /s/ Michael J. Pelzel | Senior Vice President – Corporate Tax |
| Michael J. Pelzel | Senior Vice President – Corporate Tax |
| /s/ Kevin L Kehn | Director, Senior Vice President and Chief Actuary |
| Kevin L Kehn | Director, Senior Vice President and Chief Actuary |
| /s/ Shweta Jhanji | Senior Vice President and Treasurer |
| Shweta Jhanji | Senior Vice President and Treasurer |
| /s/ Brian E. Hartert | &nbsp;&nbsp;&nbsp;&nbsp; Director, Chief Financial Officer<br> (Chief Financial Officer) |
| Brian E. Hartert | &nbsp;&nbsp;&nbsp;&nbsp; Director, Chief Financial Officer<br> (Chief Financial Officer) |
| /s/ Gene R. Tannuzzo | Director |
| Gene R. Tannuzzo | Director |
| /s/ Gregg L. Ewing | &nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller<br> (Principal Accounting Officer) |
| Gregg L. Ewing | &nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller<br> (Principal Accounting Officer) |
| /s/ Stephen R. Wolfrath | &nbsp;&nbsp;&nbsp;&nbsp; Director, Senior Vice President-Insurance and Annuities Product <br> Development and Management |
| Stephen R. Wolfrath | &nbsp;&nbsp;&nbsp;&nbsp; Director, Senior Vice President-Insurance and Annuities Product <br> Development and Management |
| /s/ Kara D Sherman | &nbsp;&nbsp;&nbsp;&nbsp; Director, Senior Vice President – National Sales Manager - <br> Insurance |
| Kara D Sherman | &nbsp;&nbsp;&nbsp;&nbsp; Director, Senior Vice President – National Sales Manager - <br> Insurance |

---

[Signed pursuant to Power of Attorney to sign Amendment to this Registration Statement, dated Sept. 8, 2025 filed electronically as](d926112dex99p.htm)[Exhibit (p) to RiverSource Life Insurance Company's Post-Effective Amendment No. 3 to Registration Statement on Form N-4, File](d926112dex99p.htm)[No. 333-286516, is filed electronically herewith.](d926112dex99p.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| /s/ Nicole D. Wood |
| Nicole D. Wood<br> Assistant General Counsel and Assistant Secretary<br>|

---

------

CONTENTS OF Post-Effective Amendment No. 3

This Registration Statement is comprised of the following papers and documents:

The Cover Page.

PART A.

The prospectus for:

*RiverSource* Guaranteed Term Annuity

PART B.

The Statement of Additional Information and Financial Statements for RiverSource Life Insurance Company is filed electronically herewith.

Part C.

Other Information.

The signatures.

Exhibits.

------

Exhibit Index

&nbsp;&nbsp;&nbsp;&nbsp;(k) Opinion of counsel and consent to its use as to the legality of the securities being registered

&nbsp;&nbsp;&nbsp;&nbsp;(l) Consent of Independent Registered Public Accounting
Firm

&nbsp;&nbsp;&nbsp;&nbsp;(p) Power of Attorney

------

##### [**Table of Contents**](#toc)

## STATEMENT OF ADDITIONAL INFORMATION

## FOR

## RIVERSOURCE<sup>®</sup> GUARANTEED TERM ANNUITY

## Individual and Group Market Value Adjustment Contracts

## Issued by RIVERSOURCE LIFE INSURANCE COMPANY

## September 22, 2025
**RiverSource Guaranteed Term Annuity (the "Contract") is an individual and group market value adjustment annuity contract offered by RiverSource Life Insurance Company ("RiverSource Life").** 

This Statement of Additional Information (SAI) is not a prospectus. It should be read together with the prospectus for the Contract (the "Prospectus") dated the same date as this SAI, which may be obtained from your sales representative, or by writing or calling us at the address and telephone number below. Terms used in this SAI have the same meanings as in the Prospectus, and some additional terms are defined particularly for this SAI. This SAI is incorporated by reference into the Contract's Prospectus.

RiverSource Life Insurance Company

70100 Ameriprise Financial Center

Minneapolis, MN 55474

1-800-862-7919

SAI9045_12_D02_(09/25)

------

##### [**Table of Contents**](#toc)

## **Table of Contents**

---

| | | |
|:---|:---|:---|
|  [Company](#sai926112_1) | p. | 3 |
|  [Services](#sai926112_2) | p. | 4 |
|  [Contract Adjustment](#sai926112_3) | p. | 4 |
|  [Rating Agencies](#sai926112_4) | p. | 11 |
|  [Principal Underwriter](#sai926112_5) | p. | 11 |
|  [Independent Registered Public Accounting Firm](#sai926112_6) | p. | 11 |
|  [Changes in and Disagreements with Accountants](#sai926112_7) | p. | 70 |
|  Financial Statements |  |  |

---

---

| | |
|:---|:---|
| **2** | ∎ **RIVERSOURCE® GUARANTEED TERM ANNUITY** |

---

------

##### [**Table of Contents**](#toc)

## Company
We are RiverSource Life insurance Company (the "Company", "we", "our" and "us"). We are a stock life insurance company organized in 1957 under the laws of the state of Minnesota and are located at 829 Ameriprise Financial Center, Minneapolis, MN 55474. We are a wholly-owned subsidiary of Ameriprise Financial, Inc. We conduct a conventional life insurance business. We are licensed to do business in 49 states, the District of Columbia and American Samoa. Our primary products currently include fixed and variable annuity contracts (including indexed linked annuity contracts) and life insurance policies.

**RIVERSOURCE® GUARANTEED TERM ANNUITY** ∎<sub>3</sub>

------

##### [**Table of Contents**](#toc)

## Services
Our Service Center performs certain administrative services on the contracts and policies we issue. The address and telephone number of our Service Center are listed on the first page of the prospectus.

We also have entered into agreements with the following entities to provide the identified services in connection with the contracts and policies we issue. The entities engaged by RiverSource Life may change over time. We may modify, terminate, or enter into new arrangements with service providers at any time.

Entities that provide a significant amount of services to RiverSource Life are listed in the table below, along with a description of the services provided and the basis for compensation paid.

---

| | | | |
|:---|:---|:---|:---|
| **Name of Service Provider** | **Services Provided** | **Principal Business Address** | **Basis for Compensation Paid** |
| Ameriprise Financial, Inc. ("AFI")\* | Business affairs management and administrative support related to new business and servicing of existing contracts and policies<br>| 901 Third Avenue South Minneapolis, MN 55402 USA | Expense allocation based primarily on policies in force, secondarily on policies issued or cash sales (for acquisition expenses) |
| Ameriprise India LLP ("Amp India")\* | Administrative support related to new business and servicing of existing contracts and policies | Plot No. 14, Sector 18 Udyog Vihar Gurugram, Haryana – 122 015 India | Expense allocation based on number of service provider employees dedicated to performing services |
| Foundever Asia, Inc. ("Foundever Asia") (previously known as Sykes Enterprises Incorporated) | Administrative support related to new business and servicing of existing contracts and policies | 10th Floor, Glorietta BPO 1 Office Tower Makati City 1224 Metro Manila Philippines | Expense allocation based on number of contacts made or received from customers |

---

\* Affiliated Entities

The aggregate dollar amount paid to AFI by RiverSource Life for the services provided in 2024 was $17,461,314, in 2023 was $20,661,758, and in in 2022 was $20,635,581.

The aggregate dollar amount paid to Amp India by RiverSource Life for the services provided in 2024 was $5,050,412, in 2023 was $4,115,930 and in 2022 was $3,629,759.

The aggregate dollar amount paid to Foundever Asia by RiverSource Life for the services provided in 2024 was $1,510,481, in 2023 was $1,334,367 and in 2022 was $1,497,395.

Our Service Center performs certain administrative services on the contracts and policies we issue. The address and telephone number of our Service Center are listed on the first page of the Prospectus.

We also have entered into agreements with the following affiliated entities to provide the identified services in connection with the contracts and policies we issue. The entities engaged by RiverSource Life may change over time. We may modify, terminate, or enter into new arrangements with third party service providers at any time.

Affiliated entities that provide significant services to RiverSource Life are listed in the table below, along with a description of the services provided and the basis for remuneration.

## Contract Adjustment
**Market Value Adjustment (MVA)** 

**As the examples below demonstrate, the application of an MVA may result in either a gain or a loss of principal. We refer to all of the transactions described below as "early surrenders." The examples may show hypothetical contract values. Actual contract values may be more or less than those shown.** 

The precise market adjusted value formula is as follows:

[tbl:cal2,6,,0]

---

| |
|:---|
| **Market Adjusted Value =** |
| **Market Adjusted Value =** |
| **(1 + iMvi) <sup>(N + t)</sup>** |

---

[tbl:cal3_i,3,,0]

---

| | |
|:---|:---|
| Renewal value | The accumulation value at the end of the current guarantee period |
| &nbsp;&nbsp; iMvi | The current interest rate offered for a new Guaranteed Term Annuity +.0025 |
| &nbsp;&nbsp;&nbsp; N | The number of complete contract years to the end of the current guarantee period |
| &nbsp;&nbsp;&nbsp; t | The fraction of the contract year remaining to the end of the contract year (for example, if 180 days remain in a 365-day contract year, it would be .493) |

---

---

| | |
|:---|:---|
| **4** | ∎ **RIVERSOURCE® GUARANTEED TERM ANNUITY** |

---

------

##### [**Table of Contents**](#toc)
The current interest rate we offer on the Guaranteed Term Annuity will change periodically at our discretion. It is the rate we are then paying on purchase payments and renewals paid under this class of contracts for guarantee period durations equaling the remaining guarantee period of the contract to which the formula is being applied. If the remaining guarantee period is a number of complete years, we will use the specific complete year guarantee rate. If the remaining guarantee period is less than one year, we will use the one year guarantee rate. If the remaining guarantee period is a number of complete years plus fractional years, we will determine the rate by straight line interpolation between the two years' rates. For example, if the remaining guarantee period duration is 8.5 years, and the current guaranteed interest rate for eight years is 4% and nine years is 5%, RiverSource Life will use a guaranteed interest rate of 4.5%.

**Market value adjustment formula:** 

Market value adjustment = Market adjusted value less accumulation value

**The examples below show how the MVA may affect your contract values.** 

[tbl:2col,3,,1,]

---

| | |
|:---|:---|
|  **Annuity assumptions** |  |
| Single payment | $10000 |
| Guarantee period | 10 years |
| Guarantee rate(ig) | 4% effective annual yield |

---

[tbl:2col_p,6,,1]

---

| | | |
|:---|:---|:---|
| **Contract year** | **Surrender<br>charge%** | **End of contract year<br>accumulation values<br>if no surrenders** |
| 1 | 8% | $10400.00 |
| 2 | 7 | 10816.00 |
| 3 | 6 | 11248.64 |
| 4 | 5 | 11698.59 |
| 5 | 4 | 12166.53 |
| 6 | 3 | 12653.19 |
| 7 | 2 | 13159.32 |
| 8 | 1 | 13685.69 |
| 9 | 0 | 14233.12 |
| 10 | 0 | 14802.44 |

---

On the first day of your fourth contract year, you request a partial surrender of:

Example 1 — $2,000 of your accumulation value

Example 2 — A $2,000 net surrender check

You may surrender 10% of $11,248.64 (end of third contract year accumulation value) without surrender charge but subject to a market value adjustment — this is $1,124.86

The excess market adjusted value surrendered is subject to both a 5% (fourth contract year) surrender charge and a market value adjustment.

**Example 1A —$2000 of accumulation value surrendered – Positive MVA** 

**Assume:** 

• The current rate applicable for new sales and renewals = 3%

• The current rate applicable for new sales and renewals +.0025 (iMvi) = 3.25%

• The number of full years left in your guarantee period (N) = 7

• The number of fractional years left in your guarantee period (t) = 0

**What will be your market value adjustment amount?** 

**RIVERSOURCE® GUARANTEED TERM ANNUITY** ∎<sub>5</sub>

------

##### [**Table of Contents**](#toc)
The market adjusted value of your $2,000 partial surrender will be:

[tbl:value,6,,1]

Renewal value of accumulation value surrendered

---

| |
|:---|
| (1 + iMvi) <sup>(N + t)</sup> |
| $2,000 (1 + ig)<sup>7</sup> |
| (1 + iMvi)<sup>7</sup> |
| $2000 (1.04)<sup>7</sup> |
| (1.0325)<sup>7</sup> |
| $2103.94 |

---

The market value adjustment = the market adjusted value surrendered less the accumulation value surrendered

$2,103.94 – $2,000 = $103.94

The MVA as a percentage of accumulation value surrendered is 5.20%

**(NOTE: This market value adjustment is positive. See Example 1B for an example of a market value adjustment that is negative.)** 

**What will be your surrender charge amount?** 

The surrender charge will be 5% multiplied by the excess of the market adjusted value over the accumulation value that may be surrendered without surrender charge:

($2,103.94 – $1,124.86) × .05 = $48.95

**What net amount will you receive?** 

Your contract's accumulation value will decrease by $2,000 and we will send you a check for:

[tbl:benefit2,6,,0]

---

| | |
|:---|:---|
|  Accumulation value surrendered | $2000.00 |
|  Market value adjustment | 103.94 |
|  Less surrender charge | (48.95) |
|  Net surrender amount | $2054.99 |

---

**Example 1B — $2000 of accumulation value surrendered – Negative MVA** 

**Assume:** 

• The current rate applicable for new sales and renewals = 5%

• The current rate applicable for new sales and renewals +.0025 (iMvi) = 5.25%

• The number of full years left in your guarantee period (N) = 7

• The number of fractional years left in your guarantee period (t) = 0

**What will be your market value adjustment amount?** 

The market adjusted value of your $2,000 partial surrender will be:

[tbl:value,6,,1]

Renewal value of accumulation value surrendered

---

| |
|:---|
| = $2,000 (1 + ig)<sup>7</sup> |
| (1 + iMvi)<sup>7</sup> |
| = $2000 (1.04)<sup>7</sup> |
| (1.0525)<sup>7</sup> |

---

---

| | |
|:---|:---|
| **6** | ∎ **RIVERSOURCE® GUARANTEED TERM ANNUITY** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| = | $1839.54 |

---

The market value adjustment = the market adjusted value surrendered less the accumulation value surrendered

$1,839.54 – $2,000 = -$160.46

The MVA as a percentage of accumulation value surrendered is -8.02%

**What will be your surrender charge amount?** 

The surrender charge will be 5% multiplied by the excess of the market adjusted value over the accumulation value that may be surrendered without surrender charge:

($1,839.54 – $1,124.86) × .05 = $35.73

**What net amount will you receive?** 

Your contract's accumulation value will decrease by $2,000 and we will send you a check for:

[tbl:benefit2,6,,0]

---

| | |
|:---|:---|
|  Accumulation value surrendered | $2000.00 |
|  Market value adjustment | (160.46) |
|  Less surrender charge | (35.73) |
|  Net surrender amount | $1803.81 |

---

**Example 2A — $2,000 net surrender check requested – Positive MVA** 

**Assume:** 

• The current rate applicable for new sales and renewals = 3%

• The current rate applicable for new sales and renewals +.0025 (iMvi) = 3.25%

• The number of full years left in your guarantee period (N) = 7

• The number of fractional years left in your guarantee period (t) = 0

**What will be the accumulation value surrendered?** 

Tell us if you want a specific net surrender check amount. We will work backwards using an involved formula to determine how much accumulation value must be surrendered to result in a net check to you for a specific amount. For a $2,000 net check to you, the formula results in $1,944.98 of accumulation value to be surrendered.

**What will be your market value adjustment amount?** 

The market adjusted value is:

[tbl:value,6,,1]

Renewal value of accumulation value surrendered

---

| |
|:---|
| (1 + iMvi) <sup>(N + t)</sup> |
| $1,944.98 (1 + ig)<sup>7</sup> |
| (1 + iMvi)<sup>7</sup> |
| $1,944.98 (1.04)<sup>7</sup> |
| (1.0325)<sup>7</sup> |
| $2046.06 |

---

The market value adjustment = the market adjusted value surrendered less the accumulation value surrendered

$2,046.06 – $1,944.98 = $101.08

The MVA as a percentage of accumulation value surrendered is 5.20%

**(NOTE: This market value adjustment is positive. See Example 2B for an example of a market value adjustment that is negative.)** 

**RIVERSOURCE® GUARANTEED TERM ANNUITY** ∎<sub>7</sub>

------

##### [**Table of Contents**](#toc)
**What will be your surrender charge amount?** 

The surrender charge will be 5% multiplied by the excess of the market adjusted value over the accumulation value that may be surrendered without surrender charge:

($2,046.06 – $1,124.86) × .05 = $46.06

**What net amount will you receive?** 

Your contract's accumulation value will decrease by $1,944.98 and we will send you a check for:

[tbl:benefit2,6,,0]

---

| | |
|:---|:---|
|  Accumulation value surrendered | $1944.98 |
|  Market value adjustment | 101.08 |
|  Less surrender charge | (46.06) |
|  Net surrender amount | $2000.00 |

---

**Example 2B — $2,000 net surrender check requested – Negative MVA** 

**Assume:** 

• The current rate applicable for new sales and renewals = 5%

• The current rate applicable for new sales and renewals +.0025 (iMvi) = 5.25%

• The number of full years left in your guarantee period (N) = 7

• The number of fractional years left in your guarantee period (t) = 0

**What will be the accumulation value surrendered?** 

Tell us if you want a specific net surrender check amount. We will work backwards using an involved formula to determine how much accumulation value must be surrendered to result in a net check to you for a specific amount. For a $2,000 net check to you, the formula results in $2,224.54 of accumulation value to be surrendered.

**What will be your market value adjustment amount?** 

The market adjusted value is:

[tbl:value,6,,1]

Renewal value of accumulation value surrendered

---

| |
|:---|
| (1 + iMvi) <sup>(N + t)</sup> |
| $2,224.54 (1 + ig)<sup>7</sup> |
| (1 + iMvi)<sup>7</sup> |
| $2,224.54 (1.04)<sup>7</sup> |
| (1.0525)<sup>7</sup> |
| $2046.06 |

---

The market value adjustment = the market adjusted value surrendered less the accumulation value surrendered

$2,046.06 – $2,224.54 = -$178.48

The MVA as a percentage of accumulation value surrendered is -8.02%

**What will be your surrender charge amount?** 

The surrender charge will be 5% multiplied by the excess of the market adjusted value over the accumulation value that may be surrendered without surrender charge:

($2,046.06 – $$1,124.86) × .05 = $46.06

**What net amount will you receive?** 

Your contract's accumulation value will decrease by $2,224.54 and we will send you a check for:

---

| | |
|:---|:---|
| **8** | ∎ **RIVERSOURCE® GUARANTEED TERM ANNUITY** |

---

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[tbl:benefit2,6,,0]

---

| | |
|:---|:---|
|  Accumulation value surrendered | $2224.54 |
|  Market value adjustment | (178.48) |
|  Less surrender charge | (46.06) |
|  Net surrender amount | $2000.00 |

---

**RIVERSOURCE® GUARANTEED TERM ANNUITY** ∎<sub>9</sub>

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---

| | |
|:---|:---|
| **10** | ∎ **RIVERSOURCE® GUARANTEED TERM ANNUITY** |

---

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## Rating Agencies
We receive ratings from independent rating agencies. These agencies evaluate the creditworthiness and claims-paying ability of insurance companies based on a number of different factors. The ratings reflect each agency's estimation of our ability to meet our contractual obligations such as making annuity payouts and paying death benefits and other distributions. As such, the ratings relate to our General Account as well as the Separate Account.

For detailed information on the agency ratings given to RiverSource Life, see "Investor Relations — Financial Information — Credit Ratings" on our website at ameriprise.com or contact your sales representative. You also may view our current ratings by visiting the agency websites directly at:

---

| | |
|:---|:---|
| A.M. | www.ambest.co |
| Moody's | www.ambest.co |
| Standard & | www.standardandpoors.co |

---

A.M. Best — Rates insurance companies for their financial strength.

Moody's — Rates insurance companies for their financial strength.

Standard & Poor's — Rates insurance companies for their financial strength.

## Principal Underwriter
RiverSource Distributors, Inc. (RiverSource Distributors) serves as principal underwriter for the contracts, which are offered on a continuous basis. Its principal business address is 70100 Ameriprise Financial Center, Minneapolis, MN 55474. RiverSource Distributors is registered with the Securities and Exchange Commission under the Securities Act of 1934 as a broker dealer and is a member of the Financial Industry Regulatory Authority (FINRA). RiverSource Distributors is not required to sell any specific number or dollar amount of securities, but will use its best efforts to sell the securities offered. The contracts are offered to the public through certain securities broker-dealers that have entered into sales agreements with RiverSource Life and RiverSource Distributors and whose personnel are legally authorized to sell annuity and life insurance products. RiverSource Distributors is a wholly-owned subsidiary of Ameriprise Financial, Inc. The aggregate dollar amount of underwriting commissions paid to RiverSource Distributors by RiverSource Life in 2024 was $439,655,537, in 2023 was $394,275,424 and; in 2022 was $408,452,683. RiverSource Distributors retained no underwriting commissions from the sale of the contracts.

## Independent Registered Public Accounting Firm
The consolidated financial statements of RiverSource Life Insurance Company and its subsidiaries as of December 31, 2024 and December 31, 2023 and for each of the three years in the period ended December 31, 2024 included in this Statement of Additional Information have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

**RIVERSOURCE® GUARANTEED TERM ANNUITY** ∎<sub>11</sub>

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**TO THE BOARD OF DIRECTORS AND SHAREHOLDER OF** 

**RIVERSOURCE LIFE INSURANCE COMPANY** 

***Opinion on the Financial Statements***

We have audited the accompanying consolidated balance sheets of RiverSource Life Insurance Company and its subsidiaries (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of income, of comprehensive income, of shareholder's equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Valuation of market risk benefits* 

As described in Notes 2 and 12 to the consolidated financial statements, 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

**F-12** 

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other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee structure of the contract. The significant assumptions used by management to develop the fair value measurements of market risk benefits include utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and mortality rate. As of December 31, 2024, the market risk benefits asset was $2,182 million and the market risk benefits liability was $1,263 million.

The principal considerations for our determination that performing procedures relating to the valuation of market risk benefits is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the market risk benefits, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to management's significant assumptions related to utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and mortality rate (collectively, the significant market risk benefit assumptions), and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to market risk benefits, including controls over the reasonableness of the significant market risk benefit assumptions. These procedures also included, among others, (i) evaluating management's process for developing the fair value estimate of the market risk benefits, (ii) testing, on a sample basis, the completeness and accuracy of data used in the estimate, and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of the significant market risk benefit assumptions based on industry knowledge and data as well as historical Company data and experience, and the continued appropriateness of unchanged assumptions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 20, 2025

We have served as the Company's auditor since 2010.

**F-13** 

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*RiverSource Life Insurance Company* 

**CONSOLIDATED BALANCE SHEETS** 

**(in millions, except share amounts)** 

---

| | | |
|:---|:---|:---|
| **December 31,** | **2024** | **2023** |
| **Assets** |  |  |
|  Investments: |  |  |
|  Available-for-Sale: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturities, at fair value (amortized cost: 2024, $23,127; 2023, $19,871; allowance for credit losses: 2024, $1; 2023, $2) | $22259 | $19374 |
|  Mortgage loans, at amortized cost (allowance for credit losses: 2024, $10; 2023, $10) | 1797 | 1725 |
|  Policy loans | 982 | 912 |
|  Other investments (allowance for credit losses: 2024, nil; 2023, nil) | 115 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 25153 | 22176 |
|  Investments of consolidated investment entities, at fair value | 2387 | 2099 |
|  Cash and cash equivalents | 2483 | 2598 |
|  Cash of consolidated investment entities, at fair value | 373 | 87 |
|  Market risk benefits | 2182 | 1427 |
|  Reinsurance recoverables (allowance for credit losses: 2024, $20; 2023, $27) | 4046 | 4284 |
|  Receivables | 6042 | 6702 |
|  Receivables of consolidated investment entities, at fair value | 31 | 28 |
|  Accrued investment income | 216 | 176 |
|  Deferred acquisition costs | 2661 | 2696 |
|  Other assets | 10482 | 6977 |
|  Other assets of consolidated investment entities, at fair value | 2 | 1 |
|  Separate account assets | 75576 | 74634 |
|  Total assets | $131634 | $123885 |
| **Liabilities and Shareholder's Equity** |  |  |
|  Liabilities: |  |  |
|  Policyholder account balances, future policy benefits and claims | $41863 | $37535 |
|  Market risk benefits | 1263 | 1762 |
|  Short-term borrowings | 201 | 201 |
|  Long-term debt | 500 | 500 |
|  Debt of consolidated investment entities, at fair value | 2429 | 2155 |
|  Other liabilities | 8298 | 5896 |
|  Other liabilities of consolidated investment entities, at fair value | 314 | 45 |
|  Separate account liabilities | 75576 | 74634 |
|  Total liabilities | 130444 | 122728 |
|  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 | (400) | (618) |
|  Accumulated other comprehensive income (loss), net of tax | (879) | (694) |
|  Total shareholder's equity | 1190 | 1157 |
|  Total liabilities and shareholder's equity | $131634 | $123885 |

---

See Notes to Consolidated Financial Statements.

**F-14** 

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*RiverSource Life Insurance Company* 

**CONSOLIDATED STATEMENTS OF INCOME** 

**(in millions)** 

---

| | | | |
|:---|:---|:---|:---|
| **Years Ended December 31,** | **2024** | **2023** | **2022** |
| **Revenues** |  |  |  |
|  Premiums | $472 | $448 | $306 |
|  Net investment income | 1546 | 1304 | 827 |
|  Policy and contract charges | 2060 | 2020 | 2078 |
|  Other revenues | 578 | 590 | 644 |
|  Net realized investment gains (losses) | (81) | (70) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 4575 | 4292 | 3755 |
| **Benefits and expenses** |  |  |  |
|  Benefits, claims, losses and settlement expenses | 1299 | 1348 | 236 |
|  Interest credited to fixed accounts | 616 | 654 | 665 |
|  Remeasurement (gains) losses of future policy benefit reserves | (44) | (20) | 1 |
|  Change in fair value of market risk benefits | 628 | 798 | 311 |
|  Amortization of deferred acquisition costs | 234 | 239 | 241 |
|  Interest and debt expense | 192 | 192 | 108 |
|  Other insurance and operating expenses | 729 | 697 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 3654 | 3908 | 2244 |
|  Pretax income (loss) | 921 | 384 | 1511 |
|  Income tax provision (benefit) | 103 | (10) | 209 |
|  Net income | $818 | $394 | $1302 |

---

See Notes to Consolidated Financial Statements.

**F-15** 

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*RiverSource Life Insurance Company* 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** 

**(in millions)** 

---

| | | | |
|:---|:---|:---|:---|
| **Years Ended December 31,** | **2024** | **2023** | **2022** |
|  Net income | $818 | $394 | $1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on securities | (276) | 509 | (2035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions on certain long-duration contracts | 153 | (54) | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in instrument-specific credit risk on market risk benefits | (62) | (65) | 407 |
|  Total other comprehensive income (loss), net of tax | (185) | 390 | (767) |
|  Total comprehensive income (loss) | $633 | $784 | $535 |

---

See Notes to Consolidated Financial Statements.

**F-16** 

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*RiverSource Life Insurance Company* 

**CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY** 

**(in millions)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common<br>Shares** | **Additional<br>Paid-In<br>Capital** | **Retained<br>Earnings<br>(Deficit)** | **Accumulated Other<br>Comprehensive<br>Income (Loss)** | **Total** |
|  **Balances at January 1, 2022** | $3 | $2466 | $(1114) | $(317) | $1038 |
|  Net income |  |  | 1302 |  | 1302 |
|  Other comprehensive loss, net of tax |  |  |  | (767) | (767) |
|  Cash dividends to Ameriprise Financial, Inc. |  |  | (600) |  | (600) |
|  **Balances at December 31, 2022** | 3 | 2466 | (412) | (1084) | 973 |
|  Net income |  |  | 394 |  | 394 |
|  Other comprehensive income, net of tax |  |  |  | 390 | 390 |
|  Cash dividends to Ameriprise Financial, Inc. |  |  | (600) |  | (600) |
|  **Balances at December 31, 2023** | 3 | 2466 | (618) | (694) | 1157 |
|  Net income |  |  | 818 |  | 818 |
|  Other comprehensive loss, net of tax |  |  |  | (185) | (185) |
|  Cash dividends to Ameriprise Financial, Inc. |  |  | (600) |  | (600) |
|  **Balances at December 31, 2024** | $3 | $2466 | $(400) | $(879) | $1190 |

---

See Notes to Consolidated Financial Statements.

**F-17** 

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*RiverSource Life Insurance Company* 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(in millions)** 

---

| | | | |
|:---|:---|:---|:---|
| **Years Ended December 31,** | **2024** | **2023** | **2022** |
| **Cash Flows from Operating Activities** |  |  |  |
|  Net income | $818 | $394 | $1302 |
|  Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and accretion, net | (195) | (205) | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax (benefit) expense | 404 | 100 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractholder and policyholder charges, non-cash | (407) | (403) | (395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from equity method investments | 28 | 26 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized investment (gains) losses | 12 | 46 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairments and provision for loan losses | (1) | (20) | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net losses (gains) of consolidated investment entities | (13) | 23 | 17 |
|  Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 35 | 63 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder account balances, future policy benefits and claims, and market risk benefits, net | 4238 | 3474 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives, net of collateral | (1669) | (666) | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverables | 89 | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables | 291 | 333 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued investment income | (40) | (31) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax, net | (15) | (323) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating assets and liabilities of consolidated investment entities | 1 | (5) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 92 | 134 | 136 |
|  **Net cash provided by (used in) operating activities** | 3668 | 3040 | 2951 |
| **Cash Flows from Investing Activities** |  |  |  |
|  Available-for-Sale securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales | 1106 | 617 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturities, sinking fund payments and calls | 1775 | 963 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | (6039) | (4187) | (5600) |
|  Proceeds from sales, maturities and repayments of mortgage loans | 123 | 118 | 141 |
|  Funding of mortgage loans | (196) | (74) | (124) |
|  Proceeds from sales and collections of other investments | 34 | 29 | 24 |
|  Purchase of other investments | (14) | (15) | (46) |
|  Purchase of investments by consolidated investment entities | (1125) | (427) | (961) |
|  Proceeds from sales, maturities and repayments of investments by consolidated investment entities | 1117 | 643 | 615 |
|  Purchase of equipment and software | (10) | (10) | (13) |
|  Change in policy loans, net | (70) | (65) | (13) |
|  Cash paid for deposit receivable | (33) | (39) | (45) |
|  Cash received for deposit receivable | 592 | 774 | 550 |
|  Advance on line of credit to Ameriprise Financial, Inc. | (450) | (850) | (1034) |
|  Repayment from Ameriprise Financial, Inc. on line of credit | 450 | 850 | 1034 |
|  Cash paid for written options with deferred premiums | (57) | (59) | (619) |
|  Cash received from written options with deferred premiums | 22 | 43 | 204 |
|  Other, net | (1) | 25 | 21 |
|  **Net cash provided by (used in) investing activities** | (2776) | (1664) | (2994) |
| **Cash Flows from Financing Activities** |  |  |  |
|  Policyholder account balances: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits and other additions | 1470 | 1476 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers from (to) separate accounts | (176) | (132) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other benefits | (1765) | (2102) | (1459) |
|  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 | (148) | (53) | (197) |
|  Cash received for purchased options with deferred premiums | 229 | 251 | 378 |
|  Borrowings by consolidated investment entities | 1273 |  | 341 |
|  Repayments of debt by consolidated investment entities | (1004) | (275) | (4) |
|  Cash dividends to Ameriprise Financial, Inc. | (600) | (600) | (600) |
|  Net cash provided by (used in) financing activities | (721) | (1435) | (534) |
|  Net increase (decrease) in cash and cash equivalents | 171 | (59) | (577) |
|  Cash and cash equivalents at beginning of period | 2685 | 2744 | 3321 |
|  Cash and cash equivalents at end of period | $2856 | $2685 | $2744 |
|  **Supplemental Disclosures:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid (received), net | $(286) | $215 | $(17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid excluding consolidated investment entities | 38 | 28 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid by consolidated investment entities | 176 | 177 | 75 |

---

See Notes to Consolidated Financial Statements.

**F-18** 

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*RiverSource Life Insurance Company* 

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**1. NATURE OF BUSINESS AND 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 and 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 accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP") which vary in certain respects from reporting practices prescribed or permitted by state insurance regulatory authorities as described in Note 16.

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.

The Company's operations constitute a single operating segment, and therefore a single reportable segment, as the chief operating decision maker ("CODM") manages the business activities using information of the Company as a whole. As its CODM, the Company's Chairman and President utilizes the Consolidated Statements of Income and its net income metric to allocate resources and assess performance of the Company. The accounting policies used to measure the profit and loss of the segment are the same as those described in Note 2.

The Company's principal products are variable annuities, structured variable annuities, universal life ("UL") insurance, including indexed universal life ("IUL") and variable universal life ("VUL") insurance, which are issued primarily to individuals. Waiver of premium and accidental death benefit riders are generally available with UL products, in addition to other benefit riders.

Variable annuity contract purchasers can choose to add an optional guaranteed minimum death benefit ("GMDB") rider to their contract.

The Company also offers payout annuities, term life insurance and disability income ("DI") insurance.

The Company's business is sold through the advisor network of Ameriprise Financial Services, LLC ("AFS"), a subsidiary of Ameriprise Financial. RiverSource Distributors, Inc., a subsidiary of Ameriprise Financial, serves as the principal underwriter and distributor of variable annuity and life insurance products issued by the Company.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

**Principles of Consolidation** 

A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive voting rights, the obligation to absorb the entity's losses, or the rights to receive the entity's returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities.

Voting interest entities ("VOEs") are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50% voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less than a 20% voting interest and does not exercise significant influence. Under the measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar investments of the same issuer.

**F-19** 

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*RiverSource Life Insurance Company* 

A VIE is consolidated by the reporting entity that determines it has both:

• the power to direct the activities of the VIE that most significantly impact the VIE's economic
performance; and

• the obligation to absorb potentially significant losses or the right to receive potentially significant benefits
to the VIE.

All VIEs are assessed for consolidation under this framework. When evaluating entities for consolidation, the Company considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. In determining whether the Company has this power, it considers whether it is acting in a role that enables it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in an agent role.

In determining whether the Company has the obligation to absorb potential significant losses of the VIE or the right to receive potential significant benefits from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as investment returns and its obligation to absorb losses associated with any investment in the VIE in conjunction with other qualitative factors. Management and incentive fees that are at market and commensurate with the level of services provided, and where the Company does not hold other interests in the VIE that would absorb more than an insignificant amount of the VIE's expected losses or receive more than an insignificant amount of the VIE's expected residual returns, are not considered a variable interest and are excluded from the analysis.

The consolidation guidance has a scope exception for reporting entities with interests in registered money market funds which do not have an explicit support agreement.

**Amounts Based on Estimates and Assumptions** 

Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments, valuation of derivative instruments, litigation reserves, future policy benefits, market risk benefits, and income taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.

**Investments** 

*Available-for-Sale Securities* 

Available-for-Sale securities are carried at fair value with unrealized gains (losses) recorded in accumulated other comprehensive income (loss) ("AOCI"), net of impacts to benefit reserves, reinsurance recoverables and income taxes. Gains and losses are recognized on a trade date basis in the Consolidated Statements of Income upon disposition of the securities.

Available-for-Sale securities are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, the Company first assesses whether or not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist, the Company recognizes an impairment by reducing the book value of the security for the difference between the investment's amortized cost and its fair value with a corresponding charge to earnings.

Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (loss) ("OCI"), while subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.

For securities that do not meet the above criteria, the Company determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a related charge to Net realized investment gains (losses). The allowance for credit losses is limited to the amount by which the security's amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is recognized in OCI.

Factors the Company considers in determining whether declines in the fair value of fixed maturity securities are due to credit- related factors include: (i) the extent to which the market value is below amortized cost; (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iii) market events that could impact credit ratings, economic and business climate, litigation and government actions, and similar external business factors.

If through subsequent evaluation there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.

In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be collected discounted at the security's effective interest rate is compared to the amortized cost basis of the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and the Company's position in the debtor's overall capital structure. When assessing potential credit- related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed

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*RiverSource Life Insurance Company* 

securities and asset backed securities), the Company also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections.

Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as earned in Accrued investment income. Available-for- Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier based on management's evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Net investment income.

*Other Investments* 

Other investments primarily reflect the Company's interests in affordable housing partnerships and syndicated loans. Affordable housing partnerships are accounted for under the equity method.

**Financing Receivables** 

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

*Commercial Loans* 

Commercial loans include commercial mortgage loans and syndicated loans and are recorded at amortized cost less the allowance for credit losses. Commercial mortgage loans are recorded within Mortgage loans and syndicated loans are recorded within Other investments. Commercial mortgage loans are loans on commercial properties that are originated by the Company. Syndicated loans represent the Company's investment in loan syndications originated by unrelated third parties.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Net investment income.

*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.

Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on policy loans is recorded in Net investment income.

*Deposit Receivables* 

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability related to insurance risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits made and any related embedded derivatives are included in Receivables. As amounts are received, consistent with the underlying contracts, deposit receivables are adjusted. Deposit receivables are accreted using the interest method and the accretion is reported in Other revenues.

See Note 7 for additional information on financing receivables.

***Allowance for Credit Losses***

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset's expected life, considering past events, current conditions and reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and management's expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased. The methods and information used to develop the allowance for credit losses for each class of financing receivable are discussed below.

*Commercial Loans* 

The allowance for credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net realized investment gains (losses) and is reduced/increased by net charge-offs/recoveries.

Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience, and other pertinent factors, including when applicable, internal risk ratings, loan-to-value ("LTV") ratios, and occupancy rates, along with reasonable and supportable forecasts of economic and market conditions. This evaluation

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is inherently subjective as it requires estimates, which may be susceptible to significant change. While the Company may attribute portions of the allowance to specific loan pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.

*Deposit Receivables* 

The allowance for credit losses is calculated on an individual reinsurer basis. Deposit receivables are collateralized by underlying trust arrangements. Management evaluates the terms of the reinsurance and trust agreements, the nature of the underlying assets, and the potential for changes in the collateral value when considering the need for an allowance for credit losses.

***Nonaccrual Loans***

Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due or is otherwise considered doubtful of collection. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans and syndicated loans.

***Loan Modifications***

A loan is modified when the Company makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the loan being returned to accrual status at the time of the modification or after a performance period. If the borrower's ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.

***Charge-off and Foreclosure***

Charge-offs are recorded when the Company concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the loan, and the borrower's estimated future ability to pay based on property type and geographic location. Factors used by the Company to determine whether all amounts due on syndicated loans will be collected, include but are not limited to the borrower's financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.

If it is determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned within Other assets.

**Cash and Cash Equivalents** 

Cash equivalents include highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less.

**Reinsurance** 

The Company cedes insurance risk to other insurers under reinsurance agreements.

Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Reinsurance premiums paid for traditional life, long term care ("LTC") and DI insurance and life contingent payout annuities, net of the change in any prepaid reinsurance asset, are reported as a reduction of Premiums. Reinsurance recoveries are reported as components of Benefits, claims, losses and settlement expenses.

UL and VUL reinsurance premiums are reported as a reduction of Policy and contract charges. In addition, for UL and VUL insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the reinsurer and the Company, is classified as an asset and amortized based on estimated gross profits ("EGPs") over the period the reinsurance policies are in force. Changes in the net cost of reinsurance are reflected as a component of Policy and contract charges.

Insurance liabilities are reported before the effects of reinsurance. Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Reinsurance recoverables, net of the allowance for credit losses. The Company evaluates the financial condition of its reinsurers prior to entering into new reinsurance contracts and on a periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data including insurer ratings, default and loss severity data to the Company's reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the

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*RiverSource Life Insurance Company* 

Company's data. Such differences include that the Company has no actual history of significant losses and that industry data may contain non-life insurers. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.

The Company also assumes life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within Policyholder account balances, future policy benefits and claims.

See Note 9 for additional information on reinsurance.

**Land, Buildings, Equipment and Software** 

Land, buildings, equipment and internally developed software are carried at cost less accumulated depreciation or amortization and are reflected within Other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from three to 39 years.

As of December 31, 2024 and 2023, land, buildings, equipment and software were $113 million and $117 million, net of accumulated depreciation of $258 million and $244 million as of December 31, 2024 and 2023, respectively. Depreciation and amortization expense for the years ended December 31, 2024, 2023 and 2022 was $14 million, $15 million and $13 million, respectively.

**Derivative Instruments and Hedging Activities** 

Freestanding derivative instruments are recorded at fair value and are reflected in Other assets or Other liabilities. The Company's policy is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments ("fair value hedges") or (ii) hedges of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability ("cash flow hedges").

Derivative instruments that are entered into for hedging purposes are designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting.

For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Income based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the Consolidated Statements of Income with the corresponding change in the hedged asset or liability.

For derivative instruments that qualify as fair value hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into earnings over the remaining life of the hedged item.

For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Income with the hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of Net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately.

The equity component of indexed annuity, structured variable annuity and IUL obligations are considered embedded derivatives. Additionally, certain annuities contain guaranteed minimum accumulation benefits ("GMAB") and guaranteed minimum withdrawal benefits ("GMWB") provisions accounted for as market risk benefits.

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See Note 14 for information regarding the Company's fair value measurement of derivative instruments and Note 18 for the impact of derivatives on the Consolidated Statements of Income.

**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. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits include GMDB, guaranteed minimum income benefit ("GMIB"), GMWB and GMAB. If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.

Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach dependent upon the fee structure of the contract. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the instrument-specific credit risk, which is recognized in OCI.

**Deferred Acquisition Costs** 

The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts, medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to Ameriprise Financial's advisors and employees and third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance policy or annuity contract are expensed as incurred. The deferred acquisition costs ("DAC") associated with insurance policies or annuity contracts that are significantly modified or internally replaced with another contract are accounted for as write-offs. These transactions are anticipated in establishing amortization periods and other valuation assumptions.

The Company monitors other DAC amortization assumptions, such as persistency, mortality, morbidity, and variable annuity benefit utilization each quarter and, when assessed independently, each could impact the Company's DAC balances. Unamortized DAC is reduced for actual experience in excess of expected experience.

The analysis of DAC balances and the corresponding amortization considers all relevant factors and assumptions described previously. Unless the Company's management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year.

DAC is amortized on a constant-level basis for the grouped contracts over the expected contract term to approximate straight-line amortization. Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability for future policy benefits. DAC related to all long-duration product types (except for life contingent payout annuities) is grouped on a calendar-year annual basis for each legal entity. Further disaggregation is reported for any contracts that include an additional liability for death or other insurance benefit. DAC related to life contingent payout annuities is grouped on a calendar-year annual basis for each legal entity for policies issued prior to 2021 and on a quarterly basis for each legal entity thereafter.

DAC related to annuity products (including variable deferred annuities, structured variable annuities, fixed deferred annuities, and life contingent payout annuities) is amortized based on initial premium. DAC related to life insurance products (including UL insurance, VUL insurance, IUL insurance, term life insurance, and whole life insurance) is amortized based on original specified amount (i.e., face amount). DAC related to DI insurance is amortized based on original monthly benefit.

The accounting contract term for annuity products (except for life contingent payout annuities) is the projected accumulation period. Life contingent payout annuities are amortized over the period which annuity payments are expected to be paid. The accounting contract term for life insurance products is the projected life of the contract. DI insurance is amortized over the projected life of the contract, including the claim paying period.

**Deferred Sales Inducement Costs** 

Deferred sales inducements are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy. Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on similar contracts without the applicable feature. The amounts capitalized are amortized on a constant level basis using the same methodology and assumptions used to amortize DAC. Deferred sales inducement costs ("DSIC") is recorded in Other assets and amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.

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*RiverSource Life Insurance Company* 

**Separate Account Assets and Liabilities** 

Separate account assets represent funds held for the benefit of, and Separate account liabilities represent the obligation to, the variable annuity contractholders and variable life insurance policyholders who have a contractual right to receive the benefits of their contract or policy and bear the related investment risk. Gains and losses on separate account assets accrue directly to the contractholder or policyholder and are not reported in the Company's Consolidated Statements of Income. Separate account assets are recorded at fair value and Separate account liabilities are equal to the assets recognized.

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

The Company establishes reserves to cover the benefits associated with non-traditional and traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration products include term life, whole life, DI and LTC insurance products and life contingent payout annuity products.

*Non-Traditional Long-Duration Products* 

The liabilities for non-traditional long-duration products include fixed account values on variable and fixed annuities and UL and VUL policies, non-life contingent payout annuities, liabilities for guaranteed benefits associated with variable annuities (including structured variable annuities), and embedded derivatives for structured variable annuities, indexed annuities and IUL products.

Liabilities for fixed account values on variable annuities, structured variable annuities, fixed deferred annuities, and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. The liability for non-life contingent payout annuities is recognized as the present value of future payments using the effective yield at inception of the contract.

A portion of the Company's UL and VUL policies have product features that result in profits followed by losses from the insurance component of the contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined at the reporting date by estimating the death benefits in excess of account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 10 for information regarding the liability for contracts with secondary guarantees. Liabilities for fixed deferred indexed annuity, structured variable annuity and IUL products are equal to the accumulation of host contract values, guaranteed benefits, and the fair value of embedded derivatives.

See Note 12 for information regarding variable annuity guarantees.

*Embedded Derivatives* 

The fair value of embedded derivatives related to structured variable annuities, indexed annuities and IUL fluctuate based on equity markets and interest rates and the estimate of the Company's nonperformance risk and is recorded in Policyholder account balances, future policy benefits and claims. See Note 14 for information regarding the fair value measurement of embedded derivatives.

*Traditional Long-Duration Products* 

The liabilities for traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI, LTC, and life contingent payout annuity policies as claims are incurred in the future. The claim liability (also referred to as disabled life reserve) is presented together as one liability for future policy benefits.

A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. Expected insurance benefits are accrued over the life of the contract in proportion to premium revenue recognized (referred to as the net premium approach). The net premium ratio reflects cash flows from contract inception to contract termination (i.e., through the claim paying period) and cannot exceed 100%.

Assumptions utilized in the net premium approach, including mortality, morbidity, and terminations, are reviewed as part of experience studies at least annually or more frequently if suggested by evidence. Expense assumptions and actual expenses are updated within the net premium calculation consistent with other policyholder assumptions.

The updated cash flows used in the calculation are discounted using a forward rate curve. The discount rate represents an upper- medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability. Discount rates are locked in annually, at the end of each year for all products, except life contingent payout annuities, and calculated as the monthly average discount rate curves for the year. For life contingent payout annuities, the discount rates are locked in quarterly at the end of each quarter based on the average of the three months for the quarter.

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The liability for future policy benefits will be updated for actual experience at least on an annual basis and concurrent with changes to cash flow assumptions. When net premiums are updated for cash flow changes, the estimated cash flows over the entire life of a group of contracts are updated using historical experience and updated future cash flow assumptions.

The revised net premiums are used to calculate an updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original locked in rate (i.e., contract issuance rate). The updated liability for future policy benefits as of the beginning of the reporting period is then compared with the carrying amount of the liability as of that date prior to updating cash flow assumptions to determine the current period remeasurement gain or loss reflected in current period earnings. The revised net premiums are then applied as of the beginning of the quarter to calculate the benefit expense for the current reporting period.

The difference between the updated carrying amount of the liability for future policy benefits measured using the current discount rate assumption and the original discount rate assumption is recognized in OCI. The interest accretion rate remains the original discount rate used at contract issue date.

If the updating of cash flow assumptions results in the present value of future benefits and expenses exceeding the present value of future gross premiums, a charge to net income is recorded for the current reporting period such that net premiums are set equal to gross premiums. In subsequent periods, the liability for future policy benefits is accrued with net premiums set equal to gross premiums.

Contracts (except for life contingent payout annuities sold subsequent to December 31, 2020) are grouped into cohorts by contract type and issue year, as well as by legal entity and reportable segment. Life contingent payout annuities sold in periods beginning in 2021 are grouped into quarterly cohorts.

See Note 10 for information regarding the liabilities for traditional long-duration products.

*Deferred Profit Liability* 

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability ("DPL"). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.

The DPL is amortized and recognized as premium revenue in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or credit to premium revenue.

DPL is recorded in Policyholder account balances, future policy benefits and claims and included as a reconciling item within Note 10.

**Unearned Revenue Liability** 

The Company's UL and VUL policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods. These charges are deferred as unearned revenue and amortized using the same assumptions and factors used to amortize DAC. The unearned revenue liability is recorded in Other liabilities and the amortization is recorded in Policy and contract charges.

**Income Taxes** 

The Company qualifies as a life insurance company for federal income tax purposes. As such, the Company is subject to the Internal Revenue Code provisions applicable to life insurance companies.

The Company's taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The Company provides for income taxes on a separate return basis, except that, under an agreement between Ameriprise Financial and the Company, tax benefits are recognized for losses to the extent they can be used in the consolidated return. It is the policy of Ameriprise Financial that it will reimburse its subsidiaries for any tax benefits recorded. The controlled group for which the Company is a member is an applicable corporation with regard to the corporate alternative minimum tax ("CAMT") and is therefore required to compute the CAMT. In accordance with the tax sharing agreement, Ameriprise Financial will be liable for any CAMT liability and expense.

The Company's provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.

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In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.

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 carryforwards; (ii) future reversals of existing taxable temporary differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and reduce the likelihood of the establishment of a valuation allowance with respect to such assets. See Note 20 for additional information on the Company's valuation allowance.

Changes in tax rates and tax law are accounted for in the period of enactment. Deferred tax assets and liabilities are adjusted for the effect of a change in tax laws or rates and the effect is included in net income.

**Revenue Recognition** 

Premiums on traditional life, DI and LTC insurance products and life contingent payout annuities are net of reinsurance ceded and are recognized as revenue when due.

Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively.

Mortality and expense risk fees are generally calculated as a percentage of the fair value of assets held in separate accounts and recognized when assessed. Variable annuity guaranteed benefit rider charges and cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities and UL and VUL insurance are recognized as revenue when assessed. These fees and charges are recorded in Policy and contract charges.

Realized gains and losses on the sale of securities, other than equity method investments, are recognized using the specific identification method on a trade date basis.

Fees received under marketing support and distribution services arrangements are recognized as revenue when earned. See Note 4 for further discussion of accounting policies on revenue from contracts with customers.

**3. RECENT ACCOUNTING PRONOUNCEMENTS** 

**Adoption of New Accounting Standards** 

*Segment Reporting — Improvements to Reportable Segment Disclosures* 

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, *Improvements to Reportable Segment Disclosures*, updating reportable segment disclosure requirements in accordance with Topic 280, *Segment Reporting* ("Topic 280"), primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements. The amendments also expand Topic 280 disclosures to public entities with one reportable segment. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company adopted the standard on January 1, 2024. The adoption of the standard did not have an impact on the Company's consolidated financial condition and results of operations as the standard is disclosure-related only.

**Future Adoption of New Accounting Standards** 

*Income Taxes — Improvements to Income Tax Disclosures* 

In December 2023, the FASB issued 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.

**F-27** 

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*RiverSource Life Insurance Company* 

*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.

**4. 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:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2022** |
|  Policy and contract charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated (from Columbia Management Investment Distributors, Inc.) | $158 | $152 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated | 16 | 14 | 14 |
|  Total | 174 | 166 | 178 |
|  Other revenues |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated (from Columbia Management Investment Services, Corp.) | 41 | 39 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated | 19 | 17 | 18 |
|  | 60 | 56 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated (from Columbia Management Investment Advisers, LLC ("CMIA") and Columbia Wanger Asset Management, LLC) | 320 | 307 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated | 5 | 4 | 4 |
|  | 325 | 311 | 338 |
|  Total | 385 | 367 | 398 |
|  **Total revenue from contracts with customers** | 559 | 533 | 576 |
|  Revenue from other sources<sup>(1)</sup> | 4016 | 3759 | 3179 |
|  Total revenues | $4575 | $4292 | $3755 |

---

<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, 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

**F-28** 

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*RiverSource Life Insurance Company* 

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.

**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 were $50 million and $49 million as of December 31, 2024 and 2023, respectively.

**5. 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 $2 million and $24 million as of December 31, 2024 and 2023, respectively.

See Note 2 for further discussion of the Company's accounting policy on consolidation.

*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 6 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 $46 million and $70 million as of December 31, 2024 and 2023, respectively. The Company's liability related to original purchase commitments not yet remitted to the VIEs was not material as of December 31, 2024 and 2023, respectively. 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 14 for the definition of the three levels of the fair value hierarchy.

**F-29** 

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*RiverSource Life Insurance Company* 

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| <br>**(in millions)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate debt securities | $— | $40 | $— | $40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syndicated loans |  | 1991 | 63 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments |  | 2036 | 63 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables |  | 28 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets |  | 1 |  | 1 |
|  Total assets at fair value | $— | $2065 | $63 | $2128 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt<sup>(1)</sup> | $— | $2155 | $— | $2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  | 45 |  | 45 |
|  Total liabilities at fair value | $— | $2200 | $— | $2200 |

---

<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 $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, respectively. 

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:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Common<br>Stocks** | **Syndicated<br>Loans** |
|  Balance at January 1, 2024 | $— | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gains (losses) included in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | (1)<sup>(1)</sup> | (7)<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3 | 4 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 | (1) | (204) |
|  Balance at December 31, 2024 | $1 | $118 |
|  Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2024 | $—<sup>(1)</sup> | $—<sup>(1)</sup> |

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*RiverSource Life Insurance Company* 

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| | | |
|:---|:---|:---|
| **(in millions)** | **Syndicated<br>Loans** | **Other<br>Assets** |
|  Balance at January 1, 2023 | $125 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gains (losses) included in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | (4)<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3 | 122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 | (199) | (1) |
|  Balance at December 31, 2023 | $63 | $— |
|  Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2023 | $(1)<sup>(1)</sup> | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Common<br>Stocks** | **Syndicated<br>Loans** | **Other<br>Assets** |
|  Balance at January 1, 2022 | $— | $64 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gains (losses) included in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  | (11)<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 69 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales |  | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements |  | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers into Level 3 | 2 | 218 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 | (2) | (203) | (3) |
|  Balance at December 31, 2022 | $— | $125 | $1 |
|  Changes in unrealized gains (losses) included in net income relating to assets held at December 31, 2022 | $— | $(10)<sup>(1)</sup> | $— |

---

<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 December 31, 2024 and 2023 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 14 for a description of the Company's determination of the fair value of corporate debt securities, common stocks and other investments.

*Receivables* 

For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible. The fair value of these receivables is classified as Level 2.

**Liabilities** 

*Debt* 

The fair value of the CLOs' assets, typically syndicated bank loans, is more observable than the fair value of the CLOs' debt tranches for which market activity is limited and less transparent. As a result, the fair value of the CLOs' debt is set equal to the fair value of the CLOs' assets 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.

**F-31** 

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*RiverSource Life Insurance Company* 

**Fair Value Option** 

The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.

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

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| <br>**(in millions)** | **2024** | **2023** |
|  **Syndicated loans** |  |  |
|  Unpaid principal balance | $2406 | $2190 |
|  Excess unpaid principal over fair value | (72) | (136) |
|  Fair value | $2334 | $2054 |
|  Fair value of loans more than 90 days past due | $1 | $— |
|  Fair value of loans in nonaccrual status | 1 | 13 |
|  Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | 5 | 40 |
|  **Debt** |  |  |
|  Unpaid principal balance | $2633 | $2362 |
|  Excess unpaid principal over fair value | (204) | (207) |
|  Carrying value<sup>(1)</sup> | $2429 | $2155 |

---

<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 $2.4 billion and $2.1 billion as of December 31, 2024 and 2023, respectively. 

During 2024, the Company launched two new CLOs that issued debt of $816 million in total.

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 the years ended December 31, 2024, 2023 and 2022.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Carrying Value** | **Carrying Value** | **Weighted<br>Average<br>Interest Rate** | **Weighted<br>Average<br>Interest Rate** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **(in millions)** | **2024** | **2023** | **2024** | **2023** |
|  Debt of consolidated CLOs due 2030 — 2038 | $2429 | $2155 | 5.9% | 6.6% |

---

The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 14.8%. The interest rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.

**6. INVESTMENTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Description of Securities (in millions)** | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Allowance<br>for Credit<br>Losses** | **Fair<br>Value** |
|  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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $23127 | $261 | $(1128) | $(1) | $22259 |

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*RiverSource Life Insurance Company* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| <br>**Description of Securities (in millions)** | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Allowance<br>for Credit<br>Losses** | **Fair<br>Value** |
|  Fixed maturities: |  |  |  |  |  |
|  Corporate debt securities | $10828 | $405 | $(497) | $(1) | $10735 |
|  Residential mortgage backed securities | 3886 | 20 | (264) |  | 3642 |
|  Commercial mortgage backed securities | 2784 | 6 | (193) |  | 2597 |
|  State and municipal obligations | 717 | 61 | (19) | (1) | 758 |
|  Asset backed securities | 1545 | 7 | (21) |  | 1531 |
|  Foreign government bonds and obligations | 12 |  |  |  | 12 |
|  U.S. government and agency obligations | 99 |  |  |  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $19871 | $499 | $(994) | $(2) | $19374 |

---

As of December 31, 2024 and 2023, accrued interest of $208 million and $168 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 December 31, 2024 and 2023, fixed maturity securities comprised approximately 88% and 87%, 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 December 31, 2024 and 2023, $497 million and $265 million, respectively, of securities were internally rated by CMIA, an affiliate of the Company, using criteria similar to those used by NRSROs.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| <br>**Ratings (in millions, except percentages)** | **Amortized<br>Cost** | **Fair<br>Value** | **Percent of<br>Total Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** | **Percent of<br>Total Fair<br>Value** |
|  AAA | $4416 | $4284 | 19% | $4558 | $4337 | 22% |
|  AA | 4455 | 4256 | 19 | 3961 | 3799 | 20 |
|  A | 2689 | 2650 | 12 | 2213 | 2279 | 12 |
|  BBB | 11279 | 10786 | 49 | 8813 | 8633 | 44 |
|  Below investment grade | 288 | 283 | 1 | 326 | 326 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $23127 | $22259 | 100% | $19871 | $19374 | 100% |

---

As of December 31, 2024 and 2023, approximately 55% and 61%, respectively, of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. As of December 31, 2024, the Company had holdings in Ameriprise Advisor Financing 2, LLC ("AAF 2"), an affiliate of the Company, totaling $567 million that was 48% of the Company's total shareholder's equity. During June of 2024, the Company invested $310 million in new asset backed securities issued by Ameriprise Installment Financing, LLC. The asset backed securities are collateralized by a portfolio of loans issued to advisors affiliated with AFS, an affiliated broker dealer. As of December 31, 2024, the fair value of these asset backed securities was $312 million which represents 26% of the Company's total shareholder's equity. Also, the Company had an additional 47 issuers with holdings totaling $8.7 billion that individually were between 10% and 27% of the Company's total shareholder's equity as of December 31, 2024. As of December 31, 2023, the Company had holdings in AAF 2 totaling $554 million that was 48% of the Company's total shareholder's equity. Also, the Company had an additional 34 issuers with holdings totaling $5.8 billion that individually were between 10% and 23% of the Company's total shareholder's equity as of December 31, 2023. There were no other holdings of any other issuer greater than 10% of the Company's total shareholder's equity as of December 31, 2024 and 2023.

**F-33** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

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:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| <br>**(in millions, except number 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<br>Securities** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number of<br>Securities** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number of<br>Securities** | **Fair<br>Value** | **Unrealized<br>Losses** |
|  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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 392 | $6895 | $(210) | 693 | $7409 | $(918) | 1085 | $14304 | $(1128) |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **(in millions, except number 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<br>Securities** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number of<br>Securities** | **Fair<br>Value** | **Unrealized<br>Losses** | **Number of<br>Securities** | **Fair<br>Value** | **Unrealized<br>Losses** |
|  Corporate debt securities | 43 | $410 | $(8) | 340 | $4735 | $(489) | 383 | $5145 | $(497) |
|  Residential mortgage backed securities | 30 | 389 | (4) | 204 | 2114 | (260) | 234 | 2503 | (264) |
|  Commercial mortgage backed securities | 20 | 264 | (4) | 196 | 2062 | (189) | 216 | 2326 | (193) |
|  State and municipal obligations | 5 | 29 | (1) | 47 | 137 | (18) | 52 | 166 | (19) |
|  Asset backed securities | 5 | 102 |  | 32 | 684 | (21) | 37 | 786 | (21) |
|  U.S. government and agency obligations | 1 |  |  |  |  |  | 1 |  |  |
|  Foreign government bonds and obligations |  |  |  | 2 | 6 |  | 2 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 104 | $1194 | $(17) | 821 | $9738 | $(977) | 925 | $10932 | $(994) |

---

As part of the Company's ongoing monitoring process, management determined that the increase in gross unrealized loss on its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2024 is primarily attributable to higher interest rates. 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 December 31, 2024 and 2023, approximately 96% and 94%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered investment grade.

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

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Corporate Debt**<br> **Securities** | **State and<br>Municipal**<br> **Obligations** | **Total** |
|  Balance at January 1, 2022 | $— | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions for which credit losses were not previously recorded | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional increases (decreases) on securities that had an allowance recorded in a previous period |  | 1 | 1 |
|  Balance at December 31, 2022 | 20 | 2 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions for which credit losses were not previously recorded | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reductions for securities sold during the period (realized) | (20) | (1) | (21) |
|  Balance at December 31, 2023 | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reductions for securities sold during the period (realized) | (1) |  | (1) |
|  Balance at December 31, 2024 | $— | $1 | $1 |

---

**F-34** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

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:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2022** |
|  Gross realized investment gains | $34 | $11 | $28 |
|  Gross realized investment losses | (46) | (57) | (25) |
|  Credit reversals (losses) | 1 | 20 | (21) |
|  Other impairments |  | (1) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(11) | $(27) | $(88) |

---

Credit losses recorded during the year ended December 31, 2022 and subsequently reversed due to sale of the security during the year ended December 31, 2023 relate to a corporate debt security in the communications industry. Other impairments for the years ended December 31, 2023 and 2022 related to Available-for-Sale securities which the Company intended to sell.

See Note 19 for a rollforward of net unrealized investment gains (losses) included in AOCI. Available-for-Sale securities by contractual maturity as of December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Amortized Cost** | **Fair Value** |
|  Due within one year | $296 | $294 |
|  Due after one year through five years | 2362 | 2300 |
|  Due after five years through 10 years | 5507 | 5216 |
|  Due after 10 years | 6273 | 6127 |
|  | 14438 | 13937 |
|  Residential mortgage backed securities | 4302 | 4039 |
|  Commercial mortgage backed securities | 2211 | 2100 |
|  Asset backed securities | 2176 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $23127 | $22259 |

---

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:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2022** |
|  Fixed maturities | $1026 | $830 | $615 |
|  Mortgage loans | 73 | 69 | 73 |
|  Other investments | 473 | 431 | 159 |
|  | 1572 | 1330 | 847 |
|  Less: investment expenses | 26 | 26 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1546 | $1304 | $827 |

---

Net realized investment gains (losses) are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2022** |
|  Fixed maturities | $(11) | $(27) | $(88) |
|  Mortgage loans | (1) | 1 | (1) |
|  Other investments | (69) | (44) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(81) | $(70) | $(100) |

---

**7. FINANCING RECEIVABLES** 

Financing receivables are comprised of commercial loans, policy loans and deposit receivables. See Note 2 for information regarding the Company's accounting policies related to financing receivables and the allowance for credit losses.

**F-35** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

**Allowance for Credit Losses** 

The following table presents a rollforward of the allowance for credit losses:

---

| | |
|:---|:---|
| **(in millions)** | **Commercial<br>Loans** |
|  Balance at January 1, 2022 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-offs | (2) |
|  Balance at December 31, 2022 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | (1) |
|  Balance at December 31, 2023 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  |
|  Balance at December 31, 2024 | $10 |

---

As of December 31, 2024 and 2023, accrued interest on commercial loans was $17 million and $15 million, respectively, and is recorded in Accrued investment income and excluded from the amortized cost basis of commercial loans.

**Purchases and Sales** 

During the years ended December 31, 2024, 2023 and 2022, the Company purchased $3 million, $1 million and $42 million, respectively, of syndicated loans, and sold $2 million, $1 million and nil, respectively, of syndicated loans.

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 December 31, 2024 and 2023. 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 December 31, 2024 and 2023. 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 December 31, 2024 and 2023.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Loan-to-Value Ratio (in millions)** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
|  > 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $183 | $68 | $99 | $170 | $99 | $1188 | $1807 |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **Loan-to-Value Ratio (in millions)** | **2023** | **2022** | **2021** | **2020** | **2019** | **Prior** | **Total** |
|  > 100% | $— | $— | $— | $— | $2 | $20 | $22 |
|  80% — 100% |  |  |  | 2 | 11 | 49 | 62 |
|  60% — 80% | 55 | 26 | 6 | 14 | 40 | 102 | 243 |
|  40% — 60% | 7 | 46 | 129 | 49 | 65 | 343 | 639 |
|  < 40% | 7 | 31 | 43 | 37 | 71 | 580 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $69 | $103 | $178 | $102 | $189 | $1094 | $1735 |

---

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 year ended December 31, 2024, write-offs of commercial mortgage loans were not material.

**F-36** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

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** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2024** | **2023** |
|  East North Central | $177 | $180 | 10% | 10% |
|  East South Central | 40 | 47 | 2 | 3 |
|  Middle Atlantic | 118 | 97 | 7 | 6 |
|  Mountain | 149 | 130 | 8 | 8 |
|  New England | 24 | 21 | 1 | 1 |
|  Pacific | 602 | 595 | 33 | 34 |
|  South Atlantic | 477 | 452 | 26 | 26 |
|  West North Central | 117 | 105 | 7 | 6 |
|  West South Central | 103 | 108 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1807 | $1735 | 100% | 100% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Loans** | **Loans** | **Percentage** | **Percentage** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2024** | **2023** |
|  Apartments | $494 | $454 | 27% | 26% |
|  Hotel | 33 | 13 | 2 | 1 |
|  Industrial | 337 | 293 | 19 | 17 |
|  Mixed use | 58 | 54 | 3 | 3 |
|  Office | 208 | 230 | 12 | 13 |
|  Retail | 533 | 546 | 29 | 32 |
|  Other | 144 | 145 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1807 | $1735 | 100% | 100% |

---

*Syndicated Loans* 

The investment in syndicated loans as of December 31, 2024 and 2023 was $36 million and $57 million, respectively. The Company's syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans past due as of both December 31, 2024 and 2023. 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 year ended December 31, 2024, 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Internal Risk Rating (in millions)** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 5 | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 4 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 3 |  |  |  | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 2 | 10 | 1 |  | 1 |  | 5 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 1 | 11 | 1 |  | 2 | 1 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $21 | $2 | $— | $7 | $1 | $5 | $36 |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| **Internal Risk Rating (in millions)** | **2023** | **2022** | **2021** | **2020** | **2019** | **Prior** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 5 | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 4 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 3 |  |  | 7 |  | 1 | 1 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 2 | 6 | 1 | 9 | 2 | 6 |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk 1 | 6 | 2 | 9 | 1 | 5 | 1 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $12 | $3 | $25 | $3 | $12 | $2 | $57 |

---

**F-37** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

***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 $5.8 billion and $6.5 billion as of December 31, 2024 and 2023, 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 December 31, 2024 and 2023.

**Modifications with Borrowers Experiencing Financial Difficulty** 

Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material for the years ended December 31, 2024 and 2023.

**8. DEFERRED ACQUISITION COSTS AND DEFERRED SALES INDUCEMENT COSTS** 

The following tables summarize the balances of and changes in DAC:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Variable<br>Annuities** | **Structured<br>Variable<br>Annuities** | **Fixed<br>Annuities** | **Fixed<br>Indexed<br>Annuities** | **Universal Life<br>Insurance** | **Variable<br>Universal Life<br>Insurance** |
|  Balance at January 1, 2024 | $1481 | $208 | $35 | $5 | $110 | $534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization of acquisition costs | 24 | 98 |  |  |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (117) | (30) | (7) | (1) | (7) | (45) |
|  Balance at December 31, 2024 | $1388 | $276 | $28 | $4 | $103 | $553 |
| **(in millions)** | **Indexed<br>Universal Life<br>Insurance** | **Other Life<br>Insurance** | **Life<br>Contingent<br>Payout<br>Annuities** | **Term and<br>Whole Life<br>Insurance** | **Disability<br>Income<br>Insurance** | **Total,<br>All Products** |
|  Balance at January 1, 2024 | $223 | $2 | $6 | $17 | $75 | $2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization of acquisition costs | 3 |  | 5 | 2 | 3 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (16) |  | (1) | (2) | (8) | (234) |
|  Balance at December 31, 2024 | $210 | $2 | $10 | $17 | $70 | $2661 |
| **(in millions)** | **Variable<br>Annuities** | **Structured<br>Variable<br>Annuities** | **Fixed<br>Annuities** | **Fixed<br>Indexed<br>Annuities** | **Universal Life<br>Insurance** | **Variable<br>Universal Life<br>Insurance** |
|  Balance at January 1, 2023 | $1582 | $149 | $45 | $6 | $118 | $521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization of acquisition costs | 23 | 83 |  |  |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (124) | (24) | (10) | (1) | (8) | (44) |
|  Balance at December 31, 2023 | $1481 | $208 | $35 | $5 | $110 | $534 |
| **(in millions)** | **Indexed<br>Universal Life<br>Insurance** | **Other Life<br>Insurance** | **Life<br>Contingent<br>Payout<br>Annuities** | **Term and<br>Whole Life<br>Insurance** | **Disability<br>Income<br>Insurance** | **Total,<br>All Products** |
|  Balance at January 1, 2023 | $236 | $3 | $2 | $18 | $79 | $2759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization of acquisition costs | 4 |  | 4 | 1 | 4 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (17) | (1) |  | (2) | (8) | (239) |
|  Balance at December 31, 2023 | $223 | $2 | $6 | $17 | $75 | $2696 |

---

The following tables summarize the balances of and changes in DSIC:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Variable Annuities** | **Fixed Annuities** | **Total,<br>All Products** |
|  Balance at January 1, 2024 | $134 | $12 | $146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (13) | (2) | (15) |
|  Balance at December 31, 2024 | $121 | $10 | $131 |
| **(in millions)** | **Variable Annuities** | **Fixed Annuities** | **Total,<br>All Products** |
|  Balance at January 1, 2023 | $149 | $16 | $165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (15) | (4) | (19) |
|  Balance at December 31, 2023 | $134 | $12 | $146 |

---

**F-38** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

**9. REINSURANCE** 

The Company reinsures a portion of its insurance risks through reinsurance agreements with unaffiliated reinsurance companies. The Company reinsures 100% of its insurance risk associated with its life contingent payout annuity policies in force as of June 30, 2021 through a reinsurance agreement with Global Atlantic Financial Group's subsidiary Commonwealth Annuity and Life Insurance Company. Policies issued on or after July 1, 2021 and policies issued by RiverSource Life of NY are not subject to this reinsurance agreement.

Reinsurance contracts do not relieve the Company from its primary obligation to policyholders.

The Company generally reinsures 90% of the death benefit liability for new term life insurance policies beginning in 2001 (RiverSource Life of NY began in 2002) and new individual UL and VUL insurance policies beginning in 2002 (2003 for RiverSource Life of NY). Policies issued prior to these dates are not subject to these same reinsurance levels.

For IUL policies issued after September 1, 2013 and VUL policies issued after January 1, 2014, the Company generally reinsures 50% of the death benefit liability. Similarly, the Company reinsures 50% of the death benefit and morbidity liabilities related to its UL product with LTC benefits.

The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual. Risk on UL and VUL policies is reinsured on a yearly renewable term basis. Risk on most term life policies starting in 2001 (2002 for RiverSource Life of NY) is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all material risks and premiums associated with a policy.

The Company also has life insurance and fixed annuity risk previously assumed under reinsurance arrangements with unaffiliated insurance companies.

For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to subsidiaries of Genworth Financial, Inc. ("Genworth") and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are about 90% of the total RiverSource Life of NY in force policies. Under these agreements, the Company has the right, but never the obligation, to recapture some, or all, of the risk ceded to Genworth.

Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 (2010 for RiverSource Life of NY) and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold prior to 2007 (2010 for RiverSource Life of NY). The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.

As of December 31, 2024 and 2023, traditional life and UL insurance policies in force were $198.1 billion and $198.8 billion, respectively, of which $143.5 billion and $144.7 billion as of December 31, 2024 and 2023 were reinsured at the respective year ends.

The effect of reinsurance on premiums for traditional long-duration products was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2022** |
|  Direct premiums | $696 | $674 | $530 |
|  Reinsurance ceded | (224) | (226) | (224) |
|  Net premiums | $472 | $448 | $306 |

---

Policy and contract charges are presented on the Consolidated Statements of Income net of $188 million, $180 million and $165 million of reinsurance ceded for non-traditional long-duration products for the years ended December 31, 2024, 2023 and 2022, respectively.

The amount of claims recovered through reinsurance on all contracts was $466 million, $438 million and $435 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Reinsurance recoverables include approximately $2.6 billion and $2.8 billion related to LTC risk ceded to Genworth as of December 31, 2024 and 2023, respectively.

Policyholder account balances, future policy benefits and claims include $351 million and $376 million related to previously assumed reinsurance arrangements as of December 31, 2024 and 2023, respectively.

**F-39** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

**10. POLICYHOLDER ACCOUNT BALANCES, FUTURE POLICY BENEFITS AND CLAIMS** 

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

---

| | | |
|:---|:---|:---|
| **(in millions)** | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
|  **Policyholder account balances** |  |  |
|  Policyholder account balances | $32542 | $27947 |
|  **Future policy benefits** |  |  |
|  Reserve for future policy benefits | 7418 | 7763 |
|  Deferred profit liability | 118 | 81 |
|  Additional liabilities for insurance guarantees | 1389 | 1321 |
|  Other insurance and annuity liabilities | 192 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total future policy benefits | 9117 | 9378 |
|  Policy claims and other policyholders' funds | 204 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total policyholder account balances, future policy benefits and claims | $41863 | $37535 |

---

*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 GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See Note 2 and Note 12 for information regarding the Company's variable annuity guarantees. See Note 14 and Note 18 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 18 for additional information regarding the Company's derivative instruments used to hedge the risk related to indexed accounts.

*Insurance Liabilities* 

UL policies accumulate cash value that increases by a fixed interest rate. Purchasers of 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.

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

**F-40** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in millions, except percentages)** | **Variable<br>Annuities** | **Structured<br>Variable**<br> **Annuities** | **Fixed Annuities** | **Fixed Indexed<br>Annuities** | **Non-Life<br>Contingent**<br> **Payout Annuities** |
|  Balance at January 1, 2024 | $4173 | $10742 | $5982 | $307 | $444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract deposits | 56 | 4005 | 39 |  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy charges | (14) | (3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other benefits | (628) | (383) | (856) | (16) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) separate account liabilities | (32) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable account index-linked adjustments |  | 1968 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| **(in millions, except percentages)** | **Universal Life<br>Insurance** | **Variable<br>Universal Life<br>Insurance** | **Indexed<br>Universal Life<br>Insurance** | **Other Life<br>Insurance** | **Total,<br>All Products** |
|  Balance at January 1, 2024 | $1474 | $1569 | $2755 | $501 | $27947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract deposits | 117 | 333 | 181 |  | 4832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy charges | (173) | (93) | (124) |  | (407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other benefits | (62) | (80) | (79) | (52) | (2266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) separate account liabilities |  | (145) |  |  | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable account index-linked adjustments |  |  |  |  | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |  |
| **(in millions, except percentages)** | **Variable<br>Annuities** | **Structured<br>Variable<br>Annuities** | **Fixed Annuities** | **Fixed Indexed<br>Annuities** | **Non-Life<br>Contingent<br>Payout Annuities** |
|  Balance at January 1, 2023 | $4752 | $6410 | $6799 | $312 | $471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract deposits | 73 | 3084 | 47 |  | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy charges | (10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other benefits | (759) | (156) | (1086) | (10) | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) separate account liabilities | (25) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable account index-linked adjustments |  | 1403 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest credited | 142 | 1 | 222 | 5 | 9 |
|  Balance at December 31, 2023 | $4173 | $10742 | $5982 | $307 | $444 |
|  Weighted-average crediting rate | 3.3% | 1.8% | 3.6% | 2.0% | N/A |
|  Cash surrender value<sup>(1)</sup> | $4146 | $10129 | $5974 | $278 | N/A |

---

**F-41** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in millions, except percentages)** | **Universal Life<br>Insurance** | **Variable<br>Universal Life**<br> **Insurance** | **Indexed<br>Universal Life**<br> **Insurance** | **Other Life<br>Insurance** | **Total,<br>All Products** |
|  Balance at January 1, 2023 | $1544 | $1520 | $2654 | $524 | $24986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract deposits | 123 | 272 | 193 | 1 | 3884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy charges | (176) | (94) | (121) |  | (401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other benefits | (69) | (78) | (53) | (44) | (2382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) separate account liabilities |  | (107) |  |  | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable account index-linked adjustments |  |  |  |  | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest credited | 52 | 56 | 82 | 20 | 589 |
|  Balance at December 31, 2023 | $1474 | $1569 | $2755 | $501 | $27947 |
|  Weighted-average crediting rate | 3.6% | 3.9% | 2.0% | 4.0% |  |
|  Net amount at risk | $8740 | $57291 | $14407 | $141 |  |
|  Cash surrender value<sup>(1)</sup> | $1330 | $1065 | $2271 | $326 |  |

---

<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 12 for the net amount at risk for market risk benefits 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.

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 December 31, 2024 and 2023 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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| <br>**(in millions, except percentages)** |<br>**Range of<br>Guaranteed<br>Minimum<br>Crediting<br>Rates** | **At<br>Guaranteed<br>Minimum** | **1-49 bps above<br>Guaranteed<br>Minimum** | **50-99 bps above<br>Guaranteed<br>Minimum** | **100-150 bps above<br>Guaranteed<br>Minimum** | **Greater than<br>150 bps above<br>Guaranteed<br>Minimum** | **Total** |
|  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 | $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 | $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 | $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 | $— | $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 | $1344 | $8 | $19 | $6 | $— | $1377 |

---

**F-42** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** |
| <br>**(in millions, except percentages)** |<br>**Range of<br>Guaranteed<br>Minimum<br>Crediting<br>Rates** | **At<br>Guaranteed<br>Minimum** | **1-49 bps above<br>Guaranteed<br>Minimum** | **50-99 bps above<br>Guaranteed<br>Minimum** | **100-150 bps above<br>Guaranteed<br>Minimum** | **Greater than<br>150 bps above<br>Guaranteed<br>Minimum** | **Total** |
|  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 | $679 | $36 | $6 | $14 | $53 | $788 |
|  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 | $— | $125 | $4 | $2 | $— | $131 |
|  Other life insurance | 1% –1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% – 2.99% |  |  |  |  |  |  |
|  | 3% – 3.99% | 28 |  |  |  |  | 28 |
|  | 4% – 5.00% | 268 |  |  |  |  | 268 |
|  | 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 | $10625 | $544 | $262 | $143 | $67 | $11641 |
|  **Percentage of total account values that reset in:** |  |  |  |  |  |  |  |
|  Next 12 months |  | 100.0% | 100.0% | 99.9% | 100.0% | 99.8% | 100.0% |
|  > 12 months to 24 months |  |  |  |  |  |  |  |
|  > 24 months |  |  |  | 0.1 |  | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
|  |  |  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  |  | **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** |
| **(in millions, except percentages)** | **Range of<br>Guaranteed<br>Minimum<br>Crediting<br>Rates** | **At<br>Guaranteed<br>Minimum** | **1-49 bps above<br>Guaranteed<br>Minimum** | **50-99 bps above<br>Guaranteed<br>Minimum** | **100-150 bps above<br>Guaranteed<br>Minimum** | **Greater than<br>150 bps above<br>Guaranteed<br>Minimum** | **Total** |
|  Fixed accounts of variable annuities | 1% – 1.99% | $43 | $131 | $52 | $15 | $2 | $243 |
|  | 2% – 2.99% | 137 | 1 |  |  |  | 138 |
|  | 3% – 3.99% | 2214 |  |  | 1 |  | 2215 |
|  | 4% – 5.00% | 1514 |  |  |  |  | 1514 |
|  | Total | $3908 | $132 | $52 | $16 | $2 | $4110 |
|  Fixed accounts of structured variable annuities | 1% – 1.99% | $1 | $18 | $7 | $2 | $— | $28 |
|  | 2% – 2.99% | 11 |  |  |  |  | 11 |
|  | 3% – 3.99% |  |  |  |  |  |  |
|  | 4% – 5.00% |  |  |  |  |  |  |
|  | Total | $12 | $18 | $7 | $2 | $— | $39 |
|  Fixed annuities | 1% – 1.99% | $107 | $377 | $183 | $93 | $— | $760 |
|  | 2% – 2.99% | 36 | 14 | 1 |  |  | 51 |
|  | 3% – 3.99% | 2816 | 1 |  |  |  | 2817 |
|  | 4% – 5.00% | 2339 |  |  |  |  | 2339 |
|  | Total | $5298 | $392 | $184 | $93 | $— | $5967 |

---

**F-43** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| | | **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** |
| <br>**(in millions, except percentages)** |<br>**Range of**<br> **Guaranteed<br>Minimum<br>Crediting**<br> **Rates** | **At<br>Guaranteed<br>Minimum** | **1-49 bps above<br>Guaranteed<br>Minimum** | **50-99 bps above<br>Guaranteed<br>Minimum** | **100-150 bps above<br>Guaranteed<br>Minimum** | **Greater than<br>150 bps above<br>Guaranteed**<br> **Minimum** | **Total** |
|  Non-indexed accounts of fixed indexed annuities | 1% – 1.99% | $— | $2 | $7 | $13 | $— | $22 |
|  | 2% – 2.99% |  |  |  |  |  |  |
|  | 3% – 3.99% |  |  |  |  |  |  |
|  | 4% – 5.00% |  |  |  |  |  |  |
|  | Total | $— | $2 | $7 | $13 | $— | $22 |
|  Universal life insurance | 1% – 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% – 2.99% | 51 | 3 | 9 |  |  | 63 |
|  | 3% – 3.99% | 854 | 1 | 4 | 4 |  | 863 |
|  | 4% – 5.00% | 518 | 1 |  |  |  | 519 |
|  | Total | $1423 | $5 | $13 | $4 | $— | $1445 |
|  Fixed accounts of variable universal life insurance | 1% – 1.99% | $— | $2 | $4 | $— | $24 | $30 |
|  | 2% – 2.99% | 13 | 12 |  | 1 | 8 | 34 |
|  | 3% – 3.99% | 122 | 2 | 3 | 6 |  | 133 |
|  | 4% – 5.00% | 607 | 6 |  |  |  | 613 |
|  | Total | $742 | $22 | $7 | $7 | $32 | $810 |
|  Non-indexed accounts of indexed universal life insurance | 1% – 1.99% | $— | $— | $2 | $— | $— | $2 |
|  | 2% – 2.99% | 128 |  |  |  |  | 128 |
|  | 3% – 3.99% |  |  |  |  |  |  |
|  | 4% – 5.00% |  |  |  |  |  |  |
|  | Total | $128 | $— | $2 | $— | $— | $130 |
|  Other life insurance | 1% – 1.99% | $— | $— | $— | $— | $— | $— |
|  | 2% – 2.99% |  |  |  |  |  |  |
|  | 3% – 3.99% | 30 |  |  |  |  | 30 |
|  | 4% – 5.00% | 295 |  |  |  |  | 295 |
|  | Total | $325 | $— | $— | $— | $— | $325 |
|  Total | 1% – 1.99% | $151 | $530 | $255 | $123 | $26 | $1085 |
|  | 2% – 2.99% | 376 | 30 | 10 | 1 | 8 | 425 |
|  | 3% – 3.99% | 6036 | 4 | 7 | 11 |  | 6058 |
|  | 4% – 5.00% | 5273 | 7 |  |  |  | 5280 |
|  | Total | $11836 | $571 | $272 | $135 | $34 | $12848 |
|  **Percentage of total account values that reset in:** |  |  |  |  |  |  |  |
|  Next 12 months |  | 99.9% | 99.5% | 99.3% | 100.0% | 100.0% | 99.9% |
|  > 12 months to 24 months |  | 0.1 | 0.5 | 0.6 |  |  | 0.1 |
|  > 24 months |  |  |  | 0.1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |

---

**F-44** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in millions, except percentages)** | **Life Contingent<br>Payout**<br> **Annuities** | **Term and<br>Whole Life**<br> **Insurance** | **Disability<br>Income**<br> **Insurance** | **Long Term<br>Care Insurance** | **Total,<br>All Products** |
|  **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions |  | 57 | (39) | 55 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual variances from expected experience |  | (16) | (13) | (26) | (55) |
|  Adjusted beginning of year balance | $— | $749 | $53 | $1166 | $1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | 201 | 63 | 9 |  | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 1 | 38 | 3 | 55 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums collected | (202) | (76) | (6) | (149) | (433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derecognition (lapses) |  |  |  |  |  |
|  Ending balance at original discount rate | $— | $774 | $59 | $1072 | $1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions |  | (37) | (6) | (15) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions | (24) | 67 | (61) | 58 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | 201 | 63 | 9 |  | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 56 | 73 | 34 | 323 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (158) | (125) | (43) | (432) | (758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derecognition (lapses) |  |  |  |  |  |
|  Ending balance at original discount rate | $1289 | $1353 | $535 | $6408 | $9585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions | (85) | (31) | 10 | (221) | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 |  |

---

**F-45** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in millions, except percentages)** | **Life Contingent<br>Payout**<br> **Annuities** | **Term and<br>Whole Life**<br> **Insurance** | **Disability<br>Income**<br> **Insurance** | **Long Term<br>Care Insurance** | **Total,<br>All Products** |
|  **Present Value of Expected Net Premiums:** |  |  |  |  |  |
|  Balance at January 1, 2023 | $— | $686 | $134 | $1207 | $2027 |
|  Beginning balance at original discount rate |  | 708 | 137 | 1220 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions |  | (19) | (19) | 19 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual variances from expected experience |  | (2) | (18) | (3) | (23) |
|  Adjusted beginning of year balance | $— | $687 | $100 | $1236 | $2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | 177 | 55 | 12 |  | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 1 | 36 | 5 | 59 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums collected | (178) | (70) | (12) | (158) | (418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derecognition (lapses) |  |  |  |  |  |
|  Ending balance at original discount rate | $— | $708 | $105 | $1137 | $1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions |  | (5) | (1) | 9 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2023 | $— | $703 | $104 | $1146 | $1953 |
|  **Present Value of Future Policy Benefits:** |  |  |  |  |  |
|  Balance at January 1, 2023 | $1065 | $1319 | $696 | $6439 | $9519 |
|  Beginning balance at original discount rate | 1155 | 1313 | 669 | 6569 | 9706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions |  | (18) | (25) | 9 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual variances from expected experience | (10) | (1) | (29) | 5 | (35) |
|  Adjusted beginning of year balance | $1145 | $1294 | $615 | $6583 | $9637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | 177 | 56 | 11 |  | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 50 | 73 | 37 | 329 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (150) | (132) | (42) | (405) | (729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derecognition (lapses) |  |  |  |  |  |
|  Ending balance at original discount rate | $1222 | $1291 | $621 | $6507 | $9641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions | (58) | 34 | 40 | 54 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2023 | $1164 | $1325 | $661 | $6561 | $9711 |
|  Adjustment due to reserve flooring | $— | $5 | $— | $— | $5 |
|  Net liability for future policy benefits | $1164 | $627 | $557 | $5415 | $7763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: reinsurance recoverable | 880 | 440 | 22 | 2738 | 4080 |
|  Net liability for future policy benefits, after reinsurance recoverable | $284 | $187 | $535 | $2677 | $3683 |
|  Discounted expected future gross premiums | $— | $1764 | $904 | $1325 | $3993 |
|  Expected future gross premiums | $— | $2938 | $1269 | $1786 | $5993 |
|  Expected future benefit payments | $1726 | $2166 | $1068 | $10850 | $15810 |
|  Weighted average interest accretion rate | 4.2% | 6.2% | 6.1% | 5.0% |  |
|  Weighted average discount rate | 4.9% | 5.1% | 5.1% | 5.1% |  |
|  Weighted average duration of liability (in years) | 7 | 7 | 8 | 8 |  |

---

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 annual review of policy benefit reserves assumptions in the third quarter of 2023 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate increase assumptions.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions, except percentages)** | **Universal Life**<br> **Insurance** | **Variable<br>Universal Life**<br> **Insurance** | **Other Life**<br> **Insurance** | **Total,**<br> **All Products** |
|  Balance at January 1, 2024 | $1225 | $81 | $15 | $1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 37 | 6 | 1 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit accrual | 133 | 8 | 3 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (69) | (13) | (5) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual variances from expected experience | (2) | (1) | (1) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |  |

---

**F-46** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions, except percentages)** | **Universal Life<br>Insurance** | **Variable<br>Universal Life**<br> **Insurance** | **Other Life<br>Insurance** | **Total,<br>All Products** |
|  Balance at January 1, 2023 | $1100 | $74 | $12 | $1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 35 | 5 | 1 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit accrual | 128 | 8 | 2 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (50) | (18) | (4) | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual variances from expected experience | (13) | 11 | (2) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impact of change in net unrealized (gains) losses on securities | 25 | 1 | 6 | 32 |
|  Balance at December 31, 2023 | $1225 | $81 | $15 | $1321 |
|  Weighted average interest accretion rate | 3.0% | 6.9% | 4.0% |  |
|  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 Statement of Income was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2024** | **2024** | **2023** | **2023** |
| <br>**(in millions)** | **Gross<br>Premiums** | **Interest<br>Expense** | **Gross<br>Premiums** | **Interest<br>Expense** |
|  Life contingent payout annuities | $226 | $55 | $196 | $49 |
|  Term and whole life insurance | 172 | 35 | 169 | 37 |
|  Disability income insurance | 119 | 31 | 124 | 32 |
|  Long term care insurance | 179 | 268 | 185 | 270 |
|  Total | $696 | $389 | $674 | $388 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Universal Life<br>Insurance** | **Variable<br>Universal Life**<br> **Insurance** | **Indexed<br>Universal Life**<br> **Insurance** | **Total,<br>All Products** |
|  Balance at January 1, 2024 | $27 | $196 | $266 | $489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferral of revenue |  | 70 | 51 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (1) | (17) | (22) | (40) |
|  Balance at December 31, 2024 | $26 | $249 | $295 | $570 |
|  Balance at January 1, 2023 | $27 | $150 | $233 | $410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferral of revenue | 1 | 59 | 52 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (1) | (13) | (19) | (33) |
|  Balance at December 31, 2023 | $27 | $196 | $266 | $489 |

---

**11. 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:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Variable**<br> **Annuities** | **Variable**<br> **Universal Life** | **Total** |
|  Balance at January 1, 2024 | $65839 | $8795 | $74634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums and deposits | 933 | 500 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy charges | (1365) | (307) | (1672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other benefits | (6990) | (412) | (7402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment return | 7293 | 1199 | 8492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |

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**F-47** 

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*RiverSource Life Insurance Company* 

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Variable**<br> **Annuities** | **Variable**<br> **Universal Life** | **Total** |
|  Balance at January 1, 2023 | $63223 | $7653 | $70876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums and deposits | 835 | 459 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy charges | (1343) | (292) | (1635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders and other benefits | (5378) | (317) | (5695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment return | 8477 | 1250 | 9727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfer from (to) general account | 25 | 42 | 67 |
|  Balance at December 31, 2023 | $65839 | $8795 | $74634 |
|  Cash surrender value | $64280 | $8263 | $72543 |

---

**12. 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:

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

• 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.

• 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:

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

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

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

• Withdrawals based on performance of the contract.

• Withdrawals based on the age withdrawals begin.

• 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.

**F-48** 

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*RiverSource Life Insurance Company* 

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

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| <br>**(in millions, except age)** | **2024** | **2023** | **2022** |
|  Balance at beginning of period | $335 | $1103 | $2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | 24 | 17 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual and time decay | (66) | (53) | (237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve increase from attributed fees collected | 790 | 788 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve release for benefit payments and derecognition | (11) | (35) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in interest rates and bond markets | (1078) | (367) | (4193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in equity markets and subaccount performance | (1228) | (1267) | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in equity index volatility | 59 | (67) | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual policyholder behavior different from expected behavior | 71 | 5 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in other future expected assumptions | 106 | 128 | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in the instrument-specific credit risk on market risk benefits | 79 | 83 | (517) |
|  Balance at end of period | $(919) | $335 | $1103 |
|  Reconciliation of the gross balances in an asset or liability position: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset position | $2182 | $1427 | $1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability position | (1263) | (1762) | (2118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset (liability) position | $919 | $(335) | $(1103) |
|  Guaranteed benefit amount in excess of current account balances (net amount at risk): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Death benefits | $462 | $913 | $2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Living benefits | $2429 | $2513 | $3364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Composite (greater of) | $2829 | $3308 | $5830 |
|  Weighted average attained age of contractholders | 69 | 69 | 68 |
|  Changes in unrealized (gains) losses in net income relating to liabilities held at end of period | $(2111) | $(1551) | $(2044) |
|  Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at end of period | $85 | $84 | $(505) |

---

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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Valuation Technique** | **Significant Inputs and Assumptions** | **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 |
|  |  |  | Mortality rate<sup>(5)</sup> | 0.0% – 41.6% | 1.7% |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Fair Value** | **Valuation Technique** | **Significant Inputs and Assumptions** | **Range** | **Weighted<br>Average** |
|  | **(in millions)** |  |  |  |  |
|  Market risk benefits | $335 | Discounted cash flow | Utilization of guaranteed withdrawals<sup>(1)</sup> | 0.0% – 48.0% | 11.6% |
|  |  |  | Surrender rate<sup>(2)</sup> | 0.3% – 75.0% | 3.7% |
|  |  |  | Market volatility<sup>(3)</sup> | 0.0% – 25.2% | 10.6% |
|  |  |  | Nonperformance risk<sup>(4)</sup> | 85 bps | 85 bps |
|  |  |  | Mortality rate<sup>(5)</sup> | 0.0% – 41.6% | 1.6% |

---

<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.

**F-49** 

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*RiverSource Life Insurance Company* 

**Changes to Significant Inputs and Assumptions:** 

During the years ended December 31, 2024 and 2023, 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

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

• Updates to surrender assumptions resulted in a decrease to pretax income of $83 million. Year ended
December 31, 2023

• Updates to utilization of guaranteed withdrawal assumptions resulted in a decrease to pretax income of
$18 million.

• Updates to surrender assumptions resulted in a decrease to pretax income of $110 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.

**13. 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 $964 million and $1.1 billion as of December 31, 2024 and 2023, respectively. The amount of the Company's liability including accrued interest was $201 million as of both December 31, 2024 and 2023. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2024 and 2023. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2024 and 2023 was 4.6% and 5.6%, respectively.

*Lines of Credit* 

RiverSource Life Insurance Company, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed 3% of RiverSource Life Insurance Company's statutory admitted assets (excluding separate accounts) as of the prior year end. The interest rate under the agreement is a Daily Simple Secured Overnight Financing Rate plus 0.1% ("Adjusted Daily Simple SOFR") plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit as of both December 31, 2024 and 2023.

RiverSource Life of NY, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed the lesser of $25 million or 3% of RiverSource Life of NY's statutory admitted assets (excluding separate accounts) as of the prior year end. The interest rate under the agreement is an Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt

**F-50** 

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*RiverSource Life Insurance Company* 

of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. The credit agreement is amended to extend the maturity on an annual basis with Ameriprise Financial, subject to the New York Department of Financial Services' non-disapproval. There were no amounts outstanding on this line of credit as of both December 31, 2024 and 2023.

RTA, as the borrower, has a revolving credit agreement with Ameriprise Financial as the lender not to exceed $100 million. The interest rate under the agreement is an Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit as of both December 31, 2024 and 2023.

*Long-Term Debt* 

The Company has a $500 million unsecured 3.5% surplus note due December 31, 2050 to Ameriprise Financial. The surplus note is subordinate in right of payment to the prior payment in full of the Company's obligations to policyholders, claimants and beneficiaries and all other creditors. No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life Insurance Company's statutory surplus. Interest payments, which commenced on June 30, 2021, are due semiannually in arrears on June 30 and December 31. Subject to the preceding conditions, the Company may prepay all or a portion of the principal at any time. The outstanding balance was $500 million as of both December 31, 2024 and 2023 and is recorded in Long-term debt.

**14. 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 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.

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

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

**F-51** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis (See Note 5 for the balances of assets and liabilities for consolidated investment entities):

---

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

---

**F-52** 

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*RiverSource Life Insurance Company* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| <br>**(in millions)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-Sale securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate debt securities | $— | $10283 | $452 | $10735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage backed securities |  | 3642 |  | 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage backed securities |  | 2597 |  | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and municipal obligations |  | 758 |  | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset backed securities |  | 976 | 555 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign government bonds and obligations |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government and agency obligations | 99 |  |  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Available-for-Sale securities | 99 | 18268 | 1007 | 19374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash equivalents | 558 | 2012 |  | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits |  |  | 1427 | 1427<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed deferred indexed annuity ceded embedded derivatives |  |  | 51 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate derivative contracts | 1 | 184 |  | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity derivative contracts | 65 | 4945 |  | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange derivative contracts | 1 | 20 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit derivative contracts |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other assets | 67 | 5150 |  | 5217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets at NAV |  |  |  | 74634<sup>(2)</sup> |
|  Total assets at fair value | $724 | $25430 | $2485 | $103273 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder account balances, future policy benefits and claims: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed deferred indexed annuity embedded derivatives | $— | $3 | $49 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IUL embedded derivatives |  |  | 873 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured variable annuity embedded derivatives |  |  | 1011 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total policyholder account balances, future policy benefits and claims |  | 3 | 1933 | 1936<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits |  |  | 1762 | 1762<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate derivative contracts | 1 | 304 |  | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity derivative contracts | 95 | 3355 |  | 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange derivative contracts | 1 | 3 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit derivative contracts |  | 106 |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other liabilities | 97 | 3768 |  | 3865 |
|  Total liabilities at fair value | $97 | $3771 | $3695 | $7563 |

---

<sup>(1)</sup> See Note 12 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 $211 million and $195 million cumulative decrease to the embedded derivatives as of December 31, 2024 and 2023, respectively. 

**F-53** 

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*RiverSource Life Insurance Company* 

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** | **Available-for-Sale Securities** | **Receivables** |
| <br>**(in millions)** | **Corporate<br>Debt<br>Securities** | **Residential<br>Mortgage<br>Backed<br>Securities** | **Asset<br>Backed<br>Securities** | **Total** | **Fixed Deferred<br>Indexed Annuity<br>Ceded Embedded<br>Derivatives** |
|  Balance at January 1, 2024 | $452 | $— | $555 | $1007 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gains (losses) included in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 1 |  |  | 1<sup>(1)</sup> | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) | 1 |  | 15 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 227 | 64 | 334 | 625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements | (109) | (1) |  | (110) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 |  | (63) | (23) | (86) |  |
|  Balance at December 31, 2024 | $572 | $— | $881 | $1453 | $55 |
|  Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024 | $1 | $— | $— | $1<sup>(1)</sup> | $— |
|  Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024 | $(2) | $— | $15 | $13 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** |
| <br>**(in millions)** | **Fixed<br>Deferred<br>Indexed<br>Annuity<br>Embedded<br>Derivatives** | **IUL<br>Embedded<br>Derivatives** | **Structured<br>Variable<br>Annuity<br>Embedded<br>Derivatives** | **Total** |
|  Balance at January 1, 2024 | $49 | $873 | $1011 | $1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (gains) losses included in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 8<sup>(2)</sup> | 255<sup>(2)</sup> | 1670<sup>(3)</sup> | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues |  | 23 | 114 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements | (4) | (149) | (334) | (487) |
|  Balance at December 31, 2024 | $53 | $1002 | $2461 | $3516 |
|  Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2024 | $— | $255<sup>(2)</sup> | $1670<sup>(3)</sup> | $1925 |
|  | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Receivables** |
| **(in millions)** | **Corporate<br>Debt<br>Securities** | **Asset<br>Backed<br>Securities** | **Total** | **Fixed Deferred<br>Indexed Annuity<br>Ceded Embedded<br>Derivatives** |
|  Balance at January 1, 2023 | $395 | $545 | $940 | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gains (losses) included in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  | —<sup>(1)</sup> | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) | 12 | 10 | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 110 |  | 110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements | (65) |  | (65) | (3) |
|  Balance at December 31, 2023 | $452 | $555 | $1007 | $51 |
|  Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023 | $11 | $10 | $21 | $— |

---

**F-54** 

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*RiverSource Life Insurance Company* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** |
| <br>**(in millions)** | **Fixed<br>Deferred<br>Indexed<br>Annuity<br>Embedded<br>Derivatives** | **IUL<br>Embedded<br>Derivatives** | **Structured<br>Variable<br>Annuity<br>Embedded<br>Derivatives** | **Total** |
|  Balance at January 1, 2023 | $44 | $739 | $(137)<sup>(4)</sup> | $646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (gains) losses included in: | 8<sup>(2)</sup> | 198<sup>(2)</sup> | 1166<sup>(3)</sup> | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues |  | 59 | 104 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements | (3) | (123) | (122) | (248) |
|  Balance at December 31, 2023 | $49 | $873 | $1011 | $1933 |
|  Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023 | $— | $198<sup>(2)</sup> | $1166<sup>(3)</sup> | $1364 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Available-for-Sale Securities** | **Receivables** |
| <br>**(in millions)** | **Corporate<br>Debt<br>Securities** | **Commercial<br>Mortgage<br>Backed<br>Securities** | **Asset**<br> **Backed**<br> **Securities** | **Total** | **Fixed Deferred<br>Indexed Annuity<br>Ceded Embedded<br>Derivatives** |
|  Balance at January 1, 2022 | $496 | $— | $291 | $787 | $59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gains (losses) included in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | (1) |  |  | (1)<sup>(1)</sup> | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) | (44) |  | (25) | (69) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 29 | 30 | 564 | 623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements | (85) |  | (285) | (370) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers out of Level 3 |  | (30) |  | (30) |  |
|  Balance at December 31, 2022 | $395 | $— | $545 | $940 | $48 |
|  Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022 | $(1) | $— | $— | $(1)<sup>(1)</sup> | $— |
|  Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022 | $(42) | $— | $(21) | $(63) | $— |
|  |  | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** | **Policyholder Account Balances,**<br>**Future Policy Benefits and Claims** |
| **(in millions)** | **(in millions)** | **Fixed<br>Deferred<br>Indexed<br>Annuity<br>Embedded<br>Derivatives** | **IUL<br>Embedded<br>Derivatives** | **Structured<br>Variable<br>Annuity<br>Embedded<br>Derivatives** | **Total** |
|  Balance at January 1, 2022 | Balance at January 1, 2022 | $56 | $905 | $406 | $1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (gains) losses included in: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (gains) losses included in: | (9)<sup>(2)</sup> | (105)<sup>(2)</sup> | (633)<sup>(3)</sup> | (747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issues |  | 51 | 90 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlements | (3) | (112) |  | (115) |
|  Balance at December 31, 2022 | Balance at December 31, 2022 | $44 | $739 | $(137)<sup>(4)</sup> | $646 |
|  Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022 | Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022 | $— | $(105)<sup>(2)</sup> | $(633)<sup>(3)</sup> | $(738) |

---

<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.

<sup>(4)</sup> The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and December 31, 2022 and the amounts are presented as contra liabilities. 

The increase to pretax income of the Company's adjustment for nonperformance risk on the fair value of its embedded derivatives was $14 million, $51 million and $45 million, net of the reinsurance accrual, for the years ended December 31, 2024, 2023 and 2022, respectively.

**F-55** 

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*RiverSource Life Insurance Company* 

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.

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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **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<br>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 | % |
|  |  |  | 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 |
|  IUL embedded derivatives | $1002 | Discounted cash flow | Nonperformance risk<sup>(5)</sup> | 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 |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range** | **Range** |  | **Weighted<br>Average** |  |
|  | **(in millions)** |  |  |  |  |  |  |  |
|  Corporate debt securities (private placements) | $451 | Discounted cash flow | Yield/spread to U.S. Treasuries<sup>(1)</sup> | 1.0% | 2.4% |  | 1.2 | % |
|  Asset backed securities | $555 | Discounted cash flow | Annual default rate<sup>(</sup><sup>2)</sup> | 3.1% |  |  | 3.1 | % |
|  |  |  | Loss severity | 25.0% |  |  | 25 | % |
|  |  |  | Yield/spread to U.S. Treasuries<sup>(3)</sup> | 275 bps | 515 | bps | 284 | bps |
|  Fixed deferred indexed annuity ceded embedded derivatives | $51 | Discounted cash flow | Surrender rate<sup>(4)</sup> | 0.0% | 66.8% |  | 1.4 | % |
|  Fixed deferred indexed annuity embedded derivatives | $49 | Discounted cash flow | Surrender rate<sup>(4)</sup> | 0.0% | 66.8% |  | 1.4 | % |
|  |  |  | Nonperformance risk<sup>(5)</sup> | 85 | bps |  | 85 | bps |
|  IUL embedded derivatives | $873 | Discounted cash flow | Nonperformance risk<sup>(5)</sup> | 85 | bps |  | 85 | bps |
|  Structured variable annuity embedded derivatives | $1011 | Discounted cash flow | Surrender rate<sup>(4)</sup> | 0.5% | 75.0% |  | 2.6 | % |
|  |  |  | Nonperformance risk<sup>(5)</sup> | 85 | bps |  | 85 | 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 or fair values estimated based on a transaction near the balance sheet date.

**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.

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.

**F-56** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

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, commercial 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.

*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.

**F-57** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

*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 December 31, 2024 and 2023. See Note 17 and Note 18 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 a discounted cash flow model to determine the fair value of the embedded derivatives associated with the provisions of its equity index annuity product. The projected cash flows generated by this model are based on significant observable inputs related to interest rates, volatilities and equity index levels and, therefore, are classified as Level 2.

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 structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity market exposure and a fixed account. Each indexed account includes a protection option (a buffer or a floor). If the index has a negative return, contractholder losses will be reduced by a buffer or limited to a floor. The portion allocated to an indexed account is accounted for as an embedded derivative. 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 December 31, 2024 and 2023. See Note 17 and Note 18 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 $27 million and $41 million as of December 31, 2024 and 2023, respectively, and is classified as Level 3 in the fair value hierarchy.

**F-58** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

**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:

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| | **Carrying**<br> **Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| <br>**(in millions)** | **Carrying**<br> **Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans, net | $1725 | $— | $— | $1599 | $1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | 912 |  | 912 |  | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments | 76 |  | 54 | 22 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables | 6514 |  |  | 5566 | 5566 |
|  **Financial Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder account balances, future policy benefits and claims | $16641 | $— | $— | $14243 | $14243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | 201 |  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 500 |  | 339 |  | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 5 |  |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities — investment contracts | 332 |  | 332 |  | 332 |

---

Other investments include syndicated loans and the Company's membership in the FHLB. Receivables include deposit receivables. See Note 7 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 10 for additional information on these liabilities. Short- term borrowings include FHLB borrowings. Long-term debt includes the surplus note with Ameriprise Financial. See Note 13 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.

**15. RELATED PARTY TRANSACTIONS** 

*Revenues* 

See Note 4 for information about revenues from contracts with customers earned by the Company from related party transactions with affiliates.

The Company is the lessor of one real estate property which it leases to Ameriprise Financial under an operating lease that expires November 30, 2029. The Company earned $5 million in rental income for each of the years ended December 31, 2024, 2023 and 2022, which is reflected in Other revenues. The Company expects to earn $5 million in each year of the next four annual periods and $4 million in the period ending November 30, 2029.

*Expenses* 

Charges by Ameriprise Financial and affiliated companies to the Company for use of joint facilities, technology support, marketing services and other services aggregated $352 million, $338 million and $320 million for the years ended December 31, 2024, 2023 and 2022, respectively. Certain of these costs are included in DAC. Expenses allocated to the Company may not be reflective of expenses that would have been incurred by the Company on a stand-alone basis.

**F-59** 

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*RiverSource Life Insurance Company* 

*Income Taxes* 

The Company's taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The net amount due from Ameriprise Financial for federal income taxes was $277 million and $269 million as of December 31, 2024 and 2023, respectively, which is reflected in Other assets.

*Investments* 

In June of 2024, the Company invested $310 million in AA, A and BBB rated asset backed securities issued by Ameriprise Installment Financing, LLC. The asset backed securities are collateralized by a portfolio of loans issued to advisors affiliated with AFS, an affiliated broker dealer. As of December 31, 2024, the fair value of these asset backed securities was $312 million. The fair value of these asset backed securities is reported in Investments: Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $10 million for the year ending December 31, 2024 and is reported in Net investment income.

In September of 2022, the Company redeemed the outstanding AA and A rated securities issued by Ameriprise Advisor Financing, LLC ("AAF") at par and invested $564 million in new AA, A and BBB rated asset backed securities issued by AAF 2. As of December 31, 2024 and 2023, the fair value of these asset backed securities was $567 million and $554 million, respectively. The fair value of these asset backed securities is reported in Investments: Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $34 million, $34 million and $17 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is reported in Net investment income.

*Lines of Credit* 

RiverSource Life Insurance Company, as the lender, has a revolving credit agreement with Ameriprise Financial as the borrower. This line of credit is not to exceed 3% of RiverSource Life Insurance Company's statutory admitted assets as of the prior year end. The interest rate under the agreement is an Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In the event of default, an additional 1% interest will accrue during such period of default. There were no amounts outstanding on this revolving credit agreement as of both December 31, 2024 and 2023. See Note 13 for information about additional lines of credit with an affiliate.

*Long-Term Debt* 

See Note 13 for information about a surplus note to an affiliate.

*Dividends, Return of Capital, or Distributions* 

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

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2022** |
|  Dividends paid to Ameriprise Financial | $600 | $600 | $600 |
|  Dividend received from RiverSource Life of NY | 50 | 50 | 63 |
|  Return of capital received from RTA | 40 | 75 | 80 |

---

For dividends and other distributions from the life insurance companies, advance notification was provided to state insurance regulators prior to payments. See Note 16 for additional information.

**16. REGULATORY REQUIREMENTS** 

The National Association of Insurance Commissioners ("NAIC") defines Risk-Based Capital ("RBC") requirements for insurance companies. The RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company. The Company has met its minimum RBC requirements.

Insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, classifying surplus notes as a component of statutory surplus rather than debt, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.

**F-60** 

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*RiverSource Life Insurance Company* 

State insurance statutes contain limitations as to the amount of dividends and other distributions that insurers may make without providing prior notification to state regulators. For RiverSource Life Insurance Company, payments in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of Commerce ("MN DOC"), RiverSource Life Insurance Company's primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company's statutory unassigned deficit was $736 million and $582 million as of December 31, 2024 and 2023, respectively.

In addition, dividends or distributions whose fair market value, together with that of other dividends or distributions made within the preceding 12 months, exceed the greater of the previous year's statutory net gain from operations or 10% of the previous year- end statutory capital and surplus are referred to as "extraordinary dividends." Extraordinary dividends also require advance notice to the MN DOC, and are subject to potential disapproval. Statutory capital and surplus was $2.7 billion and $3.1 billion as of December 31, 2024 and 2023, respectively.

Statutory net gain from operations and net income for RiverSource Life Insurance Company are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2022** |
|  Statutory net gain from operations | $1097 | $1331 | $1615 |
|  Statutory net income (loss) | (91) | 845 | 1769 |

---

Government debt securities of $4 million as of both December 31, 2024 and 2023 were on deposit with various states as required by law.

**17. 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.

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

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| | **Gross**<br>**Amounts of**<br>**Recognized**<br>**Assets** | **Gross Amounts**<br>**Offset in the**<br>**Consolidated**<br>**Balance Sheets** | **Amounts of Assets**<br>**Presented in**<br>**the Consolidated**<br>**Balance Sheets** | **Gross Amounts Not Offset**<br>**in the Consolidated Balance Sheets** | **Gross Amounts Not Offset**<br>**in the Consolidated Balance Sheets** | **Gross Amounts Not Offset**<br>**in the Consolidated Balance Sheets** | |
| <br>**(in millions)** | **Gross**<br>**Amounts of**<br>**Recognized**<br>**Assets** | **Gross Amounts**<br>**Offset in the**<br>**Consolidated**<br>**Balance Sheets** | **Amounts of Assets**<br>**Presented in**<br>**the Consolidated**<br>**Balance Sheets** | **Financial<br>Instruments<sup>(1)</sup>** | **Cash<br>Collateral** | **Securities<br>Collateral** |<br>**Net<br>Amount** |
|  Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC | $5170 | $— | $5170 | $(3694) | $(1101) | $(357) | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC cleared | 9 |  | 9 | (9) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded | 38 |  | 38 | (18) |  |  | 20 |
|  Total | $5217 | $— | $5217 | $(3721) | $(1101) | $(357) | $38 |

---

<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. 

**F-61** 

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*RiverSource Life Insurance Company* 

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

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| | **Gross<br>Amounts of**<br>**Recognized<br>Liabilities** | **Gross Amounts<br>Offset in the**<br>**Consolidated<br>Balance Sheets** | **Amounts of Liabilities<br>Presented in**<br>**the Consolidated<br>Balance Sheets** | **Gross Amounts Not Offset in the<br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the<br>Consolidated Balance Sheets** | **Gross Amounts Not Offset in the<br>Consolidated Balance Sheets** | |
| <br>**(in millions)** | **Gross<br>Amounts of**<br>**Recognized<br>Liabilities** | **Gross Amounts<br>Offset in the**<br>**Consolidated<br>Balance Sheets** | **Amounts of Liabilities<br>Presented in**<br>**the Consolidated<br>Balance Sheets** | **Financial<br>Instruments<sup>(1)</sup>** | **Cash<br>Collateral** | **Securities<br>Collateral** |<br>**Net<br>Amount** |
|  Derivatives: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC | $3812 | $— | $3812 | $(3694) | $(34) | $(78) | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC cleared | 35 |  | 35 | (9) |  |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded | 18 |  | 18 | (18) |  |  |  |
|  Total | $3865 | $— | $3865 | $(3721) | $(34) | $(78) | $32 |

---

<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.

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 18 for additional disclosures related to the Company's derivative instruments and Note 5 for information related to derivatives held by consolidated investment entities.

**18. 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 17 for additional information regarding the estimated fair value of the Company's freestanding derivatives after considering the effect of master netting arrangements and collateral.

**F-62** 

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*RiverSource Life Insurance Company* 

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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| | | **Gross Fair Value** | **Gross Fair Value** | | **Gross Fair Value** | **Gross Fair Value** |
| <br>**(in millions)** |<br>**Notional** | **Assets<sup>(1)</sup>** | **Liabilities<sup>(2)</sup>** |<br>**Notional** | **Assets<sup>(1)</sup>** | **Liabilities<sup>(2)</sup>** |
|  **Derivatives not designated as hedging instruments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $39082 | $179 | $324 | $42516 | $185 | $305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | 108205 | 8943 | 5331 | 81905 | 5010 | 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit contracts | 2914 | 59 |  | 3375 | 1 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts | 2938 | 42 | 7 | 2952 | 21 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-designated hedges | 153139 | 9223 | 5662 | 130748 | 5217 | 3865 |
|  **Embedded derivatives** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IUL | N/A |  | 1002 | N/A |  | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed deferred indexed annuities and deposit receivables | N/A | 55 | 53 | N/A | 51 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured variable annuities (3) | N/A |  | 2461 | N/A |  | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total embedded derivatives | N/A | 55 | 3516 | N/A | 51 | 1936 |
|  Total derivatives | $153139 | $9278 | $9178 | $130748 | $5268 | $5801 |

---

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 December 31, 2024 included $2.5 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, 2023 included $1.0 billion of individual contracts in a liability position and $15 million of individual contracts in an asset position. 

See Note 14 for additional information regarding the Company's fair value measurement of derivative instruments.

As of both December 31, 2024 and 2023, investment securities with a fair value of $1.5 billion were pledged to meet contractual obligations under derivative contracts, of which $84 million and $145 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2024 and 2023, investment securities with a fair value of $2.2 billion and $376 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $2.0 billion and $314 million, respectively, may be sold, pledged or rehypothecated by the Company. As of both December 31, 2024 and 2023, the Company had sold, pledged, or rehypothecated none of these securities. In addition, as of both December 31, 2024 and 2023, 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:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Benefits,<br>Claims,<br>Losses and<br>Settlement**<br> **Expenses** | **Interest<br>Credited to<br>Fixed<br>Accounts** | **Change in Fair<br>Value of<br>Market Risk**<br> **Benefits** |
|  **Year Ended December 31, 2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $(10) | $— | $(1128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | 1419 | 71 | (1021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit contracts |  |  | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts |  |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IUL embedded derivatives |  | (106) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed deferred indexed annuity and deposit receivables embedded derivatives |  | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured variable annuity embedded derivatives | (1670) |  |  |
|  Total gain (loss) | $(261) | $(19) | $(1961) |

---

**F-63** 

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*RiverSource Life Insurance Company* 

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Benefits,<br>Claims,<br>Losses and<br>Settlement**<br> **Expenses** | **Interest<br>Credited to<br>Fixed<br>Accounts** | **Change in Fair<br>Value of<br>Market Risk**<br> **Benefits** |
|  **Year Ended December 31, 2023** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $(5) | $— | $(422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | 770 | 79 | (1239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit contracts |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IUL embedded derivatives |  | (75) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed deferred indexed annuity and deposit receivables embedded derivatives |  | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured variable annuity embedded derivatives | (1166) |  |  |
|  Total gain (loss) | $(401) | $1 | $(1649) |
|  **Year Ended December 31, 2022** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate contracts | $(26) | $— | $(2874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | (164) | (126) | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit contracts |  |  | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange contracts |  |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IUL embedded derivatives |  | 217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed deferred indexed annuity and deposit receivables embedded derivatives |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured variable annuity embedded derivatives | 633 |  |  |
|  Total gain (loss) | $443 | $95 | $(1591) |

---

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 December 31, 2024:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Premiums**<br> **Payable** | **Premiums**<br> **Receivable** |
| 2025 | $119 | $20 |
| 2026 | 246 | 88 |
| 2027 | 19 |  |
| 2028 | 29 |  |
| 2029 | 135 |  |
| 2030-2031 | 234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $782 | $108 |

---

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.

As discussed in Note 12, 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.

**F-64** 

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*RiverSource Life Insurance Company* 

**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 17 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 December 31, 2024 and 2023, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $67 million and $62 million, respectively. The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2024 and 2023 was $67 million and $55 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of both December 31, 2024 and 2023 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 and $7 million as of December 31, 2024 and 2023, respectively.

**19. SHAREHOLDER'S EQUITY** 

The following tables present the amounts related to each component of OCI:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**(in millions)** | **Pretax** | **Income Tax<br>Benefit<br>(Expense)** | **Net of Tax** |
|  Net unrealized gains (losses) on securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on securities arising during the period<sup>(1)</sup> | $(383) | $82 | $(301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification of net (gains) losses on securities included in net income<sup>(2)</sup> | 11 | (2) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impact of benefit reserves and reinsurance recoverables | 20 | (4) | 16 |
|  Net unrealized gains (losses) on securities | (352) | 76 | (276) |
|  Effect of changes in discount rate assumptions on certain long-duration contracts | 194 | (41) | 153 |
|  Effect of changes in instrument-specific credit risk on market risk benefits ("MRBs") | (79) | 17 | (62) |
|  Total other comprehensive income (loss) | $(237) | $52 | $(185) |
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| **(in millions)** | **Pretax** | **Income Tax<br>Benefit<br>(Expense)** | **Net of Tax** |
|  Net unrealized gains (losses) on securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on securities arising during the period<sup>(1)</sup> | $652 | $(144) | $508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification of net (gains) losses on securities included in net income<sup>(2)</sup> | 27 | (7) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impact of benefit reserves and reinsurance recoverables | (24) | 5 | (19) |
|  Net unrealized gains (losses) on securities | 655 | (146) | 509 |
|  Effect of changes in discount rate assumptions on certain long-duration contracts | (69) | 15 | (54) |
|  Effect of changes in instrument-specific credit risk on MRBs | (83) | 18 | (65) |
|  Total other comprehensive income (loss) | $503 | $(113) | $390 |

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**F-65** 

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*RiverSource Life Insurance Company* 

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| <br>**(in millions)** | **Pretax** | **Income Tax<br>Benefit<br>(Expense)** | **Net of<br>Tax** |
|  Net unrealized gains (losses) on securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on securities arising during the period<sup>(1)</sup> | $(2784) | $595 | $(2189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification of net (gains) losses on securities included in net income<sup>(2)</sup> | 88 | (19) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impact of benefit reserves and reinsurance recoverables | 103 | (18) | 85 |
|  Net unrealized gains (losses) on securities | (2593) | 558 | (2035) |
|  Effect of changes in discount rate assumptions on certain long-duration contracts | 1095 | (234) | 861 |
|  Effect of changes in instrument-specific credit risk on MRBs | 517 | (110) | 407 |
|  Total other comprehensive income (loss) | $(981) | $214 | $(767) |

---

<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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Net Unrealized<br>Gains (Losses)<br>on Securities** | **Effect of<br>Changes in<br>Discount Rate**<br> **Assumptions** | **Effect of<br>Changes in<br>Instrument-<br>Specific Credit**<br> **Risk on MRBs** | **Other** | **Total** |
|  **Balance at January 1, 2022** | $1044 | $(933) | $(427) | $(1) | $(317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCI before reclassifications | (2104) | 861 | 407 |  | (836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts reclassified from AOCI | 69 |  |  |  | 69 |
|  Total OCI | (2035) | 861 | 407 |  | (767) |
|  **Balance at December 31, 2022** | (991) | (72) | (20) | (1) | (1084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCI before reclassifications | 489 | (54) | (65) |  | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts reclassified from AOCI | 20 |  |  |  | 20 |
|  Total OCI | 509 | (54) | (65) |  | 390 |
|  **Balance at December 31, 2023** | (482) | (126) | (85) | (1) | (694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OCI before reclassifications | (285) | 153 | (62) |  | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts reclassified from AOCI | 9 |  |  |  | 9 |
|  Total OCI | (276) | 153 | (62) |  | (185) |
|  **Balance at December 31, 2024** | $(758) | $27 | $(147) | $(1) | $(879) |

---

**20. INCOME TAXES** 

The components of income tax provision (benefit) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| <br>**(in millions)** | **2024** | **2023** | **2022** |
|  **Current income tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $(297) | $(112) | $57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | (4) | 2 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current income tax | (301) | (110) | 55 |
|  **Deferred income tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | 402 | 98 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 2 | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred income tax | 404 | 100 | 154 |
|  Total income tax provision (benefit) | $103 | $(10) | $209 |

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**F-66** 

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*RiverSource Life Insurance Company* 

The principal reasons that the aggregate income tax provision (benefit) is different from that computed by using the U.S. statutory rate of 21% were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2024** | **2023** | **2022** |
|  Tax at U.S. statutory rate | 21.0% | 21.0% | 21.0% |
|  Changes in taxes resulting from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received deduction | (3.4) | (8.2) | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low income housing tax credits | (2.7) | (8.0) | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax credit, net of addback | (2.2) | (7.0) | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit adjustments | (1.0) | (3.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrecognized tax benefits |  | 1.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | (0.5) | 1.5 | (0.3) |
|  Income tax provision (benefit) | 11.2% | (2.5)% | 13.8% |

---

The increase in the Company's effective tax rate for the year ended December 31, 2024 compared to 2023 is primarily due to higher pretax income in the current year and the related impact on tax preferred items, a decrease in foreign tax credits, net of addback, and a decrease in low income housing tax credits, partially offset by a decrease in unrecognized tax benefits and a decrease in state income taxes, net of federal benefit, which is included in Other, net.

The decrease in the Company's effective tax rate for the year ended December 31, 2023 compared to 2022 is primarily due to lower pretax income.

Deferred income tax assets and liabilities result from temporary differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2024 and 2023. The significant components of the Company's deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| <br>**(in millions)** | **2024** | **2023** |
|  **Deferred income tax assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance and annuity benefits including corresponding hedges | $801 | $1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments including net unrealized on Available-for-Sale securities | 177 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating loss | 35 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 4 | 2 |
|  Gross deferred income tax assets | 1017 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: valuation allowance | 32 | 30 |
|  Total deferred income tax assets | 985 | 1362 |
|  **Deferred income tax liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 355 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 57 | 56 |
|  Gross deferred income tax liabilities | 412 | 436 |
|  Net deferred income tax assets | $573 | $926 |

---

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. Based on analysis of the Company's tax position as of December 31, 2024, 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 of $32 million has been established.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **2024** | **2023** | **2022** |
|  Balance at January 1 | $27 | $37 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reductions for tax positions related to the current year | (3) | (3) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions for tax positions of prior years |  | 65 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reductions for tax positions of prior years |  | (71) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reductions due to lapse of statutes of limitations | (2) | (1) |  |
|  Balance at December 31 | $22 | $27 | $37 |

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**F-67** 

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*RiverSource Life Insurance Company* 

If recognized, approximately $17 million, $19 million and $20 million, net of federal tax benefits, of unrecognized tax benefits as of December 31, 2024, 2023 and 2022, respectively, would affect the effective tax rate.

It is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by 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 $2 million, $8 million and nil in interest and penalties for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the Company had a payable of $13 million and $11 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 Internal Revenue Service ("IRS") is currently auditing Ameriprise Financial's U.S. income tax returns for 2019 and 2020. 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.

**21. COMMITMENTS AND CONTINGENCIES** 

*Commitments* 

The following table presents the Company's funding commitments as of December 31:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2024** | **2023** |
|  Commercial mortgage loans | $58 | $15 |

---

*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 typically have numerous pending matters, that include information requests, exams, 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. The Company and its affiliates are cooperating with the applicable regulators.

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 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.

**F-68** 

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##### [**Table of Contents**](#toc)
*RiverSource Life Insurance Company* 

*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 December 31, 2024 and 2023, the estimated liability was $11 million and $34 million, respectively. As of December 31, 2024 and 2023, the related premium tax asset was $9 million and $29 million, respectively. The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.

**F-69** 

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##### [**Table of Contents**](#toc)

## Changes in and Disagreements with Accountants
None.

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| | |
|:---|:---|
| **70** | ∎ **RIVERSOURCE® GUARANTEED TERM ANNUITY** |

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SAI9045_12_D02_(09/25)

## Ex-99.(K)

September 19, 2025

RiverSource Life Insurance Company <br>70100 Ameriprise Financial Center <br>Minneapolis, MN 55474

Re:

RiverSource Life Insurance Company <br> on behalf of RiverSource Account MGA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post-Effective Amendment No. 3 on Form N-4 <br> File number 333-286516 <br>RiverSource<sup>®</sup> Guaranteed Term Annuity

Ladies and Gentlemen:

I am familiar with the establishment of the RiverSource Account MGA ("Account"), which is a separate account of RiverSource Life Insurance Company (the "Company") established by the Company's Board of Directors according to applicable insurance law. I also am familiar with the above-referenced Registration Statement filed by the Company on behalf of the Account with the Securities and Exchange Commission.

I have made such examination of law and examined such documents and records as in my judgment are necessary and appropriate to enable me to give the following opinion:

1. The Company is duly incorporated, validly existing and in good standing under applicable state law and is duly licensed or qualified to do business in each jurisdiction where it transacts business. The Company has all corporate powers required to carry on its business and to issue the Group and Individual Market Value Annuity Contracts and Interests therein.

2. The Account is a validly created and existing separate account of the Company and is duly authorized to issue the securities registered.

3. The Group and Individual Market Value Annuity Contracts and Interests therein issued by the Company, when offered and sold in accordance with the prospectus contained in the Registration Statement and in compliance with applicable law, will be legally issued and represent binding obligations of the Company in accordance with their terms.

I hereby consent to the filing of this opinion as an exhibit to the Registration Statement.

Sincerely,

---

| |
|:---|
| /s/ Nicole D. Wood |
| Nicole D. Wood<br> Assistant General Counsel and Assistant Secretary<br>|

---

------

## Ex-99.(L)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Post-Effective Amendment No. 3 to the Registration Statement on Form N-4 (No.333-286516) (the "Registration Statement") for RiverSource® Guaranteed Term Annuity of our report dated February 20, 2025, which appears in RiverSource Life Insurance Company's Annual Report on Form 10-K. We also consent to the reference to us under the heading "Independent Registered Public Accounting Firm" in such registration statement.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 19, 2025

------

## Ex-99.(P)

**<u>POWER OF ATTORNEY</u>**

**<u>RIVERSOURCE LIFE INSURANCE COMPANY</u>**

---

| | |
|:---|:---|
| Gumer C. Alvero | Shweta Jhanji |
| Michael J. Pelzel | Brian E. Hartert |
| Kevin L. Kehn | Gregg L. Ewing |
| Gene R. Tannuzzo | Stephen R. Wolfrath |
|  | Kara D. Sherman |

---

Do hereby jointly and severally authorize Nicole D. Wood and Paula J. Minella to sign as their attorneys-in-fact and agents any and all documents (i.e., Registration Statement, pre-effective amendment, post-effective amendment and any application for exemptive relief) on behalf of the registrants reflected in the attached list that have been filed with the Securities and Exchange Commission by RiverSource Life Insurance Company pursuant to the Securities Act of 1933 and/or the Investment Company Act of 1940, as amended, by means of the Security and Exchange Commission's electronic disclosure system known as EDGAR or otherwise; and to file the same, with any amendments thereto and all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, and do hereby ratify such signatures heretofore made by such persons.

It is expressly understood by the undersigned that all to whom this Power of Attorney is presented are hereby authorized to accept a copy, photocopy or facsimile of this authorization with the same validity as the original.

This Power of Attorney may be executed in any number of counterpart copies, each of which shall be deemed an original and all of which, together, shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney for the purpose herein set forth.

Dated: Sept. 8, 2025

---

| | |
|:---|:---|
| /s/ Gumer C. Alvero | /s/ Shweta Jhanji |
| Gumer C. Alvero | Shweta Jhanji |
| Chairman of the Board and President | Senior Vice President and Treasurer |
| /s/ Michael J. Pelzel | /s/ Brian E. Hartert |
| Michael J. Pelzel | Brian E. Hartert |
| Senior Vice President – Corporate Tax | Director, Chief Financial Officer |
| /s/ Kevin L. Kehn | /s/ Gregg L. Ewing |
| Kevin L. Kehn | Gregg L. Ewing |
| Director, Senior Vice President and Chief Actuary | Vice President and Controller |
| /s/ Gene R. Tannuzzo | /s/ Stephen R. Wolfrath |
| Gene R. Tannuzzo | Stephen R. Wolfrath |
| Director | Director, Senior Vice President-Insurance and |
|  | Annuities Product Development & Management |
| /s/ Kara D. Sherman |  |
| Kara D. Sherman |  |
| Director, Senior Vice President – Insurance & Annuities Product Development & Management |  |

---

------

**RIVERSOURCE LIFE INSURANCE COMPANY REGISTERED VARIABLE ANNUITY/LIFE INSURANCE PRODUCTS** 

---

| | | |
|:---|:---|:---|
|  | **1933 Act No.** | **1940 Act No.** |
| **Registration Statements filed on Form N-4** |  |  |
| **RiverSource Variable Annuity Account 1** |  | **811-07247** |
| **Privileged Assets Select Annuity** | **333-139768** |  |
| **RiverSource Variable Annuity Account** |  | **811-7195** |
| **RiverSource Personal Portfolio Plus 2/RiverSource Personal Portfolio Plus/RiverSource Personal Portfolio** | **333-139757** |  |
| **RiverSource Preferred Variable Annuity** | **333-139758** |  |
| **Evergreen Essential Variable Annuity** | **333-139763** |  |
| **Evergreen New Solutions Variable Annuity** | **333-139763** |  |
| **Evergreen New Solutions Select Variable Annuity** | **333-139759** |  |
| **Evergreen Pathways Variable Annuity** | **333-139759** |  |
| **Evergreen Pathways Select Variable Annuity** | **333-139759** |  |
| **Evergreen Privilege Variable Annuity** | **333-139759** |  |
| **RiverSource AccessChoice Select Variable Annuity** | **333-139759** |  |
| **RiverSource Endeavor Select Variable Annuity** | **333-139763** |  |
| **RiverSource FlexChoice Variable Annuity** | **333-139759** |  |
| **RiverSource FlexChoice Select Variable Annuity** | **333-139759** |  |
| **RiverSource Galaxy Premier Variable Annuity** | **333-139761** |  |
| **RiverSource Innovations Variable Annuity** | **333-139763** |  |
| **RiverSource Innovations Classic Variable Annuity** | **333-139763** |  |
| **RiverSource Innovations Classic Select Variable Annuity** | **333-139763** |  |
| **RiverSource Innovations Select Variable Annuity** | **333-139763** |  |
| **RiverSource New Solutions Variable Annuity** | **333-139763** |  |

---

------

---

| | | |
|:---|:---|:---|
|  | **1933 Act No.** | **1940 Act No.** |
| **RiverSource Pinnacle Variable Annuity** | **333-139761** |  |
| **RiverSource Platinum Variable Annuity** | **333-139760** |  |
| **RiverSource Signature Variable Annuity** | **333-139762** |  |
| **RiverSource Signature One Variable Annuity** | **333-139762** |  |
| **RiverSource Signature One Select Variable Annuity** | **333-139762** |  |
| **RiverSource Signature Select Variable Annuity** | **333-139760** |  |
| **Wells Fargo Advantage Variable Annuity** | **333-139762** |  |
| **Wells Fargo Advantage Builder Variable Annuity** | **333-139762** |  |
| **RiverSource Builder Select Variable Annuity** | **333-139762** |  |
| **Wells Fargo Advantage Choice Select Variable Annuity** | **333-139759** |  |
| **Wells Fargo Advantage Choice Variable Annuity** | **333-139759** |  |
| **Wells Fargo Advantage Select Variable Annuity** | **333-139763** |  |
| **RiverSource Account F** |  | **811-3217** |
| **RiverSource Variable Retirement & Combination Retirement Annuities** | **2-73114** |  |
| **RiverSource Employee Benefit Annuity** | **33-52518** |  |
| **RiverSource Flexible Annuity** | **33-4173** |  |
| **RiverSource Group Variable Annuity Contract** | **33-47302** |  |
| **RiverSource Variable Annuity Fund A** |  | **811-1653** |
| **RiverSource Variable Annuity Fund A** | **2-29081** |  |
| **RiverSource Variable Annuity Fund B** |  | **811-1674** |
| **RiverSource Variable Annuity Fund B - Individual** | **2-29358** |  |
| **RiverSource Variable Annuity Fund B - Group** | **2-47430** |  |

---

------

---

| | | |
|:---|:---|:---|
|  | **1933 Act No.** | **1940 Act No.** |
| **RiverSource Variable Account 10** |  | **811-07355** |
| **RiverSource Flexible Portfolio Annuity** | **33-62407** |  |
| **RiverSource Retirement Advisor Variable Annuity** | **333-79311** |  |
| **RiverSource Retirement Advisor Variable Annuity – Band 3** | **333-79311** |  |
| **RiverSource Retirement Advisor Advantage Variable Annuity/RiverSource Retirement Advisor Select Plus Variable Annuity** | **333-79311** |  |
| **RiverSource Retirement Advisor Advantage Variable Annuity – Band 3** | **333-79311** |  |
| **RiverSource Retirement Advisor Advantage Plus Variable Annuity/RiverSource Retirement Advisor Select Plus Variable Annuity** | **333-79311** |  |
| **RiverSource Retirement Advisor 4 Advantage Plus Variable Annuity/RiverSource Retirement Advisor 4 Select Plus Variable Annuity/RiverSource Retirement Advisor 4 Access Variable Annuity** | **333-79311** |  |
| **RiverSource RAVA 5 Advantage Variable Annuity/RAVA 5 Select Variable Annuity/RAVA 5 Access Variable Annuity (Offered for contract applications signed prior to 4/30/2012)** | **333-79311** |  |
| **RiverSource RAVA 5 Advantage Variable Annuity/RAVA 5 Select Variable Annuity/RAVA 5 Access Variable Annuity (Offered for contract applications signed on or after 4/30/2012 but prior to April 29, 2013)** | **333-179358** |  |
| **RiverSource RAVA 5 Advantage Variable Annuity/RAVA 5 Select Variable Annuity/RAVA 5 Access Variable Annuity (Offered for contract applications signed on or after 4/29/2013 but prior to May 1, 2017)** | **333-188218** |  |
| **RiverSource RAVA 5 Choice Variable Annuity** | **333-229360** |  |
| **RiverSource RAVA 5 Advantage Variable Annuity (Offered for contract applications signed on or after April 29, 2019)** | **333-230376** |  |
| **RiverSource RAVA 5 Access Variable Annuity (Offered for contract applications signed on or after June 22, 2020)** | **333-237302** |  |
| **RiverSource Retirement Group Variable Annuity Contract I** | **333-177380** |  |
| **RiverSource Retirement Group Variable Annuity Contract II** | **333-177381** |  |
| **RiverSource RAVA Apex Variable Annuity** | **333-262312** |  |

---

------

---

| | | |
|:---|:---|:---|
|  | **1933 Act No.** | **1940 Act No.** |
| **RiverSource RAVA Vista Variable Annuity** | **333-262313** |  |
| **RiverSource Account SBS** |  | **811-06315** |
| **RiverSource Symphony Annuity** | **33-40779** |  |
| **Registration Statements initally filed on Form S-3** |  |  |
| **RiverSource Guaranteed Term Annuity/GPAs Offered Under Certain Variable Annuity Contracts** | **333-263038** |  |
| **GPAs Offered Under Certain Variable Annuity Contracts** | **333-263041** |  |
| **RiverSource Fixed Account Interests Offered Under the Group Variable Annuity Contract** | **333-263022** |  |
| **RiverSource Structured Solutions annuity** | **333-265678** |  |
| **RiverSource Structured Solutions 2 annuity** | **333-273966** |  |

---

*Form S-3 registration statements was filed as necessary, for the Individual Limited Flexible Purchase Payments Deferred Index-Linked Annuity Contract including but not limited to any registration statements filed to continue the offering of, and/or register additional registration units offered by the registration statements identified above.* 

------

---

| | | |
|:---|:---|:---|
|  | **1933 Act No.** | **1940 Act No.** |
| **Registration Statements filed on Form N-6** |  |  |
| **RiverSource Variable Life Separate Account** |  | **811-4298** |
| **RiverSource Single Premium Variable Life Insurance** | **333-83456** |  |
| **RiverSource Variable Universal Life IV/RiverSource Variable Universal Life IV – Estate Series** | **333-69777** |  |
| **RiverSource Variable Universal Life 5/RiverSource Variable Universal Life 5 – Estate Series** | **333-182361** |  |
| **RiverSource Variable Second-To-Die Life Insurance** | **33-62457** |  |
| **RiverSource Variable Universal Life Insurance** | **33-11165** |  |
| **RiverSource Variable Universal Life Insurance III** | **333-69777** |  |
| **RiverSource Succession Select Variable Life Insurance** | **33-62457** |  |
| **RiverSource Single Premium Variable Life Insurance Policy** | **2-97637** |  |
| **RiverSource Variable Universal Life 6 Insurance** | **333-227506** |  |
| **RiverSource Variable Universal Life 6 Insurance v3** | **333-227506** |  |
| **RiverSource Survivorship Variable Universal Life Insurance** | **333-260175** |  |
| **RiverSource Variable Life Account** |  | **811-09515** |
| **RiverSource Signature Variable Universal Life Insurance** | **333-139766** |  |
| **RiverSource Account for Smith Barney** |  | **811-4652** |
| **Salomon Smith Barney Life Vest Single Premium Variable Life Insurance Policy** | **33-5210** |  |

---