Form 485BPOS RIVERSOURCE LIFE INSURAN

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September 25, 2025 5:10 PM EDT

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As filed with the Securities and Exchange Commission on September 25, 2025

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT

UNDER
THE SECURITIES ACT OF 1933

	Pre-Effective Amendment No.	[]
	Post-Effective Amendment No. 2 (File No. 333-286519)	[X]

RIVERSOURCE LIFE INSURANCE COMPANY

(Insurance Company)

70100 Ameriprise Financial Center, Minneapolis, MN 55474

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

Insurance Company’s Telephone Number, including Area Code (612) 678-5337

Nicole D. Wood, 50605 Ameriprise Financial Center, Minneapolis, MN 55474

(Name and Address of Agent for Service)

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

[X]	immediately upon filing pursuant to paragraph (b) of Rule 485
[]	on [date] pursuant to paragraph (b) of Rule 485
[]	60 days after filing pursuant to paragraph (a)(1) of Rule 485
[]	on [date] pursuant to paragraph (a)(1) of Rule 485

If appropriate, check the following box:

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

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)

PART A.

September 22, 2025

RiverSource®

Group Variable Annuity Contract

This wrapper contains a prospectus.

Issued by: RiverSource Life Insurance Company

PRO9064_12_D02_(09/25)

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Gumer C. Alvero
President
Insurance and Annuities
RiverSource Life Insurance Company

From the President

Thank you for choosing a RiverSource® variable annuity to help you work toward your financial goals and a more confident retirement.

Your variable annuity can be a powerful tool through all the phases of your life, including growing money for your retirement, creating income in retirement and protecting your money for those you leave behind.

Consult with your financial advisor periodically to help ensure your coverage continues to provide the benefits you need as your life changes.

At RiverSource Life Insurance Company (RiverSource Life), we want to communicate with you in the most efficient and convenient way possible. That’s why we’re pleased to offer e-delivery for many of your financial documents, including this prospectus. If you haven’t yet registered for e-delivery, please consider switching in order to take advantage of these benefits:

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Protect your financial documents from fraud, fire and other unexpected events

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Securely store, organize and access your documents

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Reduce the paper mail you receive from us

To learn more or to sign up for e-delivery, go to ameriprise.com/e-delivery.

Thank you for your business. By choosing RiverSource Life, you can be confident we’ll be here for you today — and tomorrow. RiverSource Life was founded in 1957, and, as a subsidiary of Ameriprise Financial, Inc., we trace our roots to 1894. We are proud of our long heritage of meeting our commitments to clients and look forward to continuing to serve you.

Sincerely,

Gumer C. Alvero
President RiverSource Insurance and Annuities
RiverSource Life Insurance Company

The guarantees offered by RiverSource annuities are backed by the strength and soundness of RiverSource Life Insurance Company and are subject to its claims-paying ability. These guarantees do not apply to the investments in the annuity, which will vary with market conditions.

Variable annuities are insurance products that are complex, long-term investment vehicles that are subject to market risk, including the potential loss of principal invested.

RiverSource Distributors, Inc. (Distributor), Member FINRA. Issued by RiverSource Life Insurance Company, Minneapolis, Minnesota. Affiliated with Ameriprise Financial Services, LLC.

This page is not part of the prospectus.

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Prospectus

September 22, 2025

RiverSource®

Group Variable Annuity Contract

Group Unallocated Deferred Combination Fixed/Variable Annuity

Issued by:	RiverSource Life Insurance Company (RiverSource Life)
	70100 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-862-7919 (Service Center) ameriprise.com/variableannuities RiverSource Account F

This prospectus contains information that you should know before investing in the RiverSource Group Variable Annuity, Contract, a group unallocated deferred combination fixed/variable annuity (the Contract), issued by RiverSource Life Insurance Company (“RVS Life”, “we”, “us” and “our”). This Contract is designed to fund employer group retirement plans that qualify as retirement programs under Sections 401 (including 401(k)) and 457 of the Internal Revenue Code of 1986, as amended (the Code). All material terms and conditions of the contract are described in this prospectus.

The Contract allows you to invest your money in (i) available subaccounts investing in shares of underlying funds, each of which has a particular investment objective, investment strategies, fees and expenses; or (ii) the fixed account which earns fixed interest at rates that we adjust periodically and declare when you make an allocation to that account. Additional information regarding each investment option is provided in Appendix A – Investment Options Available 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 withdrawal charges, taxes, and tax penalties. You could lose up to 100% of the amount withdrawn as a result of a negative market value adjustment (“MVA”). Withdrawals from the contract could also reduce the amount of certain optional benefits by more than the dollar amount of the withdrawal, and such reduction could be significant An investment in the Contract is subject to the risks related to RVS Life. Any obligations under the Contract as subject to our financial strength and claims-paying ability.

The contract is no longer available for new purchases. The contract is no longer being sold and this prospectus is designed for current contract owners.

Additional information about certain investment products, including variable annuities and 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.

RiverSource Group Variable Annuity Contract — Prospectus 1

Table of Contents

Key Terms	3
Overview of the Contract	5
Important Information You Should Consider About the Contract	7
Fee Table and Examples	10
Transaction Expenses	10
Adjustments	10
Annual Contract Expenses	10
Annual Fund Expenses	10
Principal Risks of Investing in the Contract	12
The Variable Account and the Funds	13
The General Account	16
The Fixed Account	16
Buying Your Contract	16
How to Make Purchase Payments	17
Charges and Adjustments	17
Transaction Expenses	17
Withdrawal Charge	17
Adjustments	19
Market Value Adjustment	19
Annual Contract Expenses	20
Base Contract Expenses	20
Contract Administrative Charge	20
Mortality and Expense Risk Fee	20
Fund Fees and Expenses	20
Premium Taxes	21
Valuing Your Investment	21
The Fixed Account	21
Subaccounts	21
Withdrawals, Loans and Conversions	22
Withdrawal Policies	22
Special Withdrawal Provisions	22
Receiving Withdrawal Payments	22
Loans	22
Conversion	23
Contract Transfer, Market Value Adjustment and Contract Termination	23
Transferring Among Accounts	23
How to Request a Transfer or Withdrawal	25
Adjustments	25
Market Value Adjustment	25
Benefits Available Under the Contract	28
Changing Ownership	28
The Annuity Payout Period	28
Annuity Payout Plans	28

Taxes	29
Voting Rights	31
Substitution of Investments	32
Other Contractual Provisions	32
Modification	32
Proof of Condition or Event	32
Recordkeeping Services	32
About the Service Providers	32
Principal Underwriter	32
Issuer	34
Investments by RiverSource Life	34
Legal Proceedings	34
Financial Statements	35
Appendix A : Investment Options Available Under the Contract	36

2 RiverSource Group Variable Annuity Contract — Prospectus

Key Terms

These terms can help you understand details about your contract.

Accumulation unit: A measure of the value of each subaccount before annuity payouts begin.

Annuity payouts: A fixed amount paid at regular intervals.

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

Close of business: The time the New York Stock Exchange (NYSE) closes (4 p.m. Eastern time unless the NYSE closes earlier).

Contract: A deferred annuity contract that permits you to accumulate money for retirement by making one or more purchase payments. It provides for lifetime or other forms of payouts beginning at a specified time in the future.

Contract anniversary: An anniversary of the effective date of this contract.

Contract value: The total value of your contract before we deduct any applicable charges.

Contract year: A period of 12 months, starting on the effective date of your contract and on each anniversary of the effective date.

Fixed account: Part of our general account to which you may allocate purchase payments. Amounts you allocate to this account earn interest at rates that we declare periodically.

Funds: A portfolio of an open-end management investment company that is registered with the Securities and Exchange Commission (the "SEC") in which the Subaccounts invest. May also be referred to as an underlying Fund.

Good order: We cannot process your transaction request relating to the contract until we have received the request in good order at our Service Center. “Good order” means the actual receipt of the requested transaction in writing, along with all information, forms and supporting legal documentation necessary to effect the transaction. To be in “good order,” your instructions must be sufficiently clear so that we do not need to exercise any discretion to follow such instructions. This information and documentation generally includes your completed request; the contract number; the transaction amount (in dollars); the names of and allocations to and/or from the subaccounts and the fixed account affected by the requested transaction; Social Security Number or Taxpayer Identification Number; and any other information, forms or supporting documentation that we may require. For certain transactions, at our option, we may require the signature of all contract owners for the request to be in good order. With respect to purchase requests, “good order” also generally includes receipt of sufficient payment by us to effect the purchase. We may,

in our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time.

Owner (you, your): The plan sponsor or trustee of the plan.

Participant: An eligible employee or other person who is entitled to benefits under the plan.

Plan: The retirement plan under which the contract is issued and which meets the requirements of Code Sections 401 (including 401(k)) or 457. The contract will not provide any necessary or additional tax deferral because it is used to fund a retirement plan that is already tax deferred.

Retirement date: The date when annuity payouts are scheduled to begin.

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.

Subaccount: A division of the Variable Account, each of which invests in one Fund.

Valuation date: Any normal business day, Monday through Friday, on which the NYSE is open, up to the time it closes. At the NYSE close, the next valuation date begins. We calculate the accumulation unit value of each subaccount on each valuation date. If we receive your purchase payment or any transaction request (such as a transfer or withdrawal request) in good order at our Service Center before the close of business, we will process your payment or transaction using the accumulation unit value we calculate on the valuation date we received your payment or transaction request. On the other hand, if we receive your purchase payment or transaction request in good order at our Service Center at or after the close of business, we will process your payment or transaction using the accumulation unit value we calculate on the next valuation date. If you make a transaction request by telephone (including by fax), you must have completed your transaction by the close of business in order for us to process it using the accumulation unit value we calculate on that valuation date. If you were not able to complete your transaction before the close of business for any reason, including telephone service interruptions or delays due to high call volume, we will process your transaction using the accumulation unit value we calculate on the next valuation date.

RiverSource Group Variable Annuity Contract — Prospectus 3

Variable Account: Refers to the RiverSource Account F, a Separate Account established to hold contract owners’ assets allocated to the Subaccounts, each of which invests in a particular Fund.

Withdrawal value: The amount you are entitled to receive if you make a full withdrawal from your contract. It is the contract value minus any applicable charges.

4 RiverSource Group Variable Annuity Contract — Prospectus

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 one or more purchase payments.

We no longer offer new contracts. However, you have the option of making additional purchase payments in the future, subject to certain limitations.

The contract is designed to fund employer group retirement plans that meet the requirements of Code Sections 401 (including 401(k)) and 457. The contract offers various benefits that may help you achieve financial goals.

It 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 in excess of free amount. If you plan to manage your investment in the contract by frequent or short-term trading, the contract is not suitable for you.

Phases of the Contract:

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

Accumulation Phase. During the Accumulation Phase, you make purchase payments by investing in: available subaccounts, each of which has a particular investment objective, investment strategies, fees and expenses and the Fixed Account) which earns interest at rates that we adjust periodically and declare when you make an allocation to that account. These accounts, in turn, may earn returns that increase the value of the contract. If the contract value goes to zero due to underlying fund’s performance or deduction of fees, the contract will no longer be in force and the contract will terminate.

Subject to certain restrictions, you currently may redistribute contract value among accounts while the contract is in force. (see “Contract Transfer and Contract Termination”)

You may direct us to withdraw the total contract value and transfer that value to another funding agent. (see “Withdrawals by owner for transfer of Funds”)

If the value of the fixed account is canceled due to total withdrawal, contract transfer or contract termination, we may impose a market value adjustment in addition to applicable contract charges. The amount of the market value adjustment approximates the gain or loss resulting from our sale of assets we purchased with the purchase payments. (see “Market Value Adjustment”)

Under certain circumstances, we may terminate the contract. (see “Contract Termination”)

A list of funds and additional information regarding each fund in which you can invest is provided in the Appendix – Investment Options Available Under the Contract.

An MVA applies only when we pay out the fixed account value in a lump sum when: (i) you withdraw the total contract value to transfer that value to another funding vehicle; (ii) you make a total withdrawal of the fixed account contract value; or (iii) we terminate the contract as described below. (See “Contract Termination.”). An MVA may increase the death benefit but will not decrease it. You may transfer money between investment options during the Accumulation Phase, subject to certain restrictions. Your contract value impacts the value of your contract’s benefits during the Accumulation Phase, as well as the amount available for withdrawal and annuitization.

Income Phase. The Income Phase begins when you (or your beneficiary) choose to annuitize the contract. You can apply your contract value(less any applicable premium tax and/or other charges) to an annuity payout plan that begins on the retirement date or any other date you elect. You may choose from a variety of plans that can help meet your retirement or other income needs. We can make payouts on a fixed or variable basis, or both. You cannot take withdrawals of contract value or surrender the contract during the Income Phase unless you elect an option that provides guaranteed payments.

Contract features:

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Withdrawals, loans and conversions: You may withdraw all or part of the contract’s value at any time during the Accumulation Phase. Withdrawals may be subject to charges and income taxes (including an IRS penalty that may apply if you withdraw prior to reaching age 59½) and may have other tax consequences. Total withdrawals may be subject to a market value adjustment. (see “Withdrawals, Loans and Conversions”).

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You also may request a withdrawal for the purpose of funding loans for participants. A withdrawal for a loan is not subject to withdrawal charges. However, we reserve the right to deduct withdrawal charges from the remaining contract value if there are any unpaid loans at the time of a total withdrawal, contract transfer or termination. (see “Withdrawals, Loans and Conversions”)

RiverSource Group Variable Annuity Contract — Prospectus 5

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If a participant terminates employment, you may direct us to withdraw a part of the contract value so that the participant can purchase an individual deferred annuity from us. Withdrawal charges will not apply at the time of withdrawal for this conversion. (see “Withdrawals, Loans and Conversions”)

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Certain withdrawals from the fixed account are subject to an MVA and could result in a significant negative contract adjustment.

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Prohibited investments: You cannot offer under the plan any of the following funding vehicles to which future contributions may be made:

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guaranteed investment contracts;

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bank investment contracts;

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annuity contracts with fixed and/or variable accounts; or

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funding vehicles providing a guarantee of principal. (see “Contract Termination”)

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Tax Treatment: You can transfer money between subaccounts and the Fixed Account without tax implications, and earnings (if any) on your investments are generally tax-deferred. 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.

6 RiverSource Group Variable Annuity Contract — Prospectus

Important Information You Should Consider About the Contract

	FEES, EXPENSES, AND ADJUSTMENTS			Location in Statutory Prospectus
Are There Charges or Adjustments for Early Withdrawals?	Yes. If you withdraw money during the first 7 years from the date of each purchase payment, you may be assessed a withdrawal charge of up to 6% of the purchase payment withdrawn. For example, if you make an early withdrawal, you could pay a withdrawal charge of up to $6,000 on a $100,000 investment. This loss will be greater if there is a negative MVA, taxes, or tax penalties.			Fee Table and Examples Charges and Adjustments – Transaction Expenses – Withdrawal Charge
Are There Transaction Charges?	No. Other than withdrawal charges and negative MVAs, we do not assess any transaction charges.
Are There Ongoing Fees and Expenses?	Yes. The table below describes the current fees and expenses that you may pay each year, depending on the investment options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.			Fee Table and Examples Charges and Adjustments – Annual Contract Expenses Appendix: Investment Options Available Under the Contract
	Annual Fee	Minimum	Maximum
	Base Contract(1)	1.03%	1.03%
	Fund options (Funds fees and expenses)(2)	0.51%	1.03%
	Optional benefits available for an additional charge	N/A	N/A
	(1) As a percentage of average daily contract value in the variable account. Includes the Mortality and Expense Fee and contract administrative charge. (2) As a percentage of Fund net assets. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add withdrawal charges and negative MVAs that substantially increase costs.
	Lowest Annual Cost: $1,380	Highest Annual Cost: $2,165
	Assumes: •Investment of $100,000 •5% annual appreciation •Least expensive combination of Contract features and Fund fees and expenses •No sales charge •No additional purchase payments, transfers or withdrawals	Assumes: •Investment of $100,000 •5% annual appreciation •Most expensive combination of Contract features and Fund fees and expenses •No additional purchase payments, transfers or withdrawals •No sales charge
	RISKS
Is There a Risk of Loss from Poor Performance?	Yes. You can lose money by investing in this Contract including loss of principal.			Principal Risks of Investing in the Contract

RiverSource Group Variable Annuity Contract — Prospectus 7

	RISKS	Location in Statutory Prospectus
Is this a Short-Term Investment?	No. •The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contract has withdrawal charges which may reduce the value of your Contract if you withdraw money during the surrender charge period. •Withdrawals may also reduce or terminate Contract guarantees. •Withdrawals may also be subject to taxes and tax penalties. •The benefits of tax deferral and long-term income mean the contract is generally more beneficial to investors with a long term investment horizon.	Principal Risks of Investing in the Contract Charges and Adjustments – Transaction Expenses – Withdrawal Charge
What Are the Risks Associated with the Investment Options?	•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including any fixed account investment options, has its own unique risks. •You should review the investment options before making any investment decisions.	Principal Risks of Investing in the Contract The Variable Account and the Funds The Fixed Account
What Are the Risks Related to the Insurance Company?	An investment in the Contract is subject to the risks related to us. Any obligations (including under the Fixed Account) or guarantees and benefits of the Contract that exceed the assets of the Separate Account are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. More information about RiverSource Life, including our financial strength ratings, is available by contacting us at 1-800-862-7919.	Principal Risks of Investing in the Contract The General Account
	RESTRICTIONS
Are There Restrictions on the Investment Options?	Yes. •Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement date, and once per contract year after the retirement date. •The Fixed Account is subject to certain restrictions. •We reserve the right to modify, restrict or suspend your transfer privileges if we determine that your transfer activity constitutes market timing. •We reserve the right to add, remove or substitute funds as investment options. We also reserve the right, upon notification to you, to close or restrict any funds.	Contract Transfer and Contract Termination – Transferring Among Accounts Substitution of Investments
Are There any Restrictions on Contract Benefits?	No. There are no optional benefits are offered under this Contract.
	TAXES
What Are the Contract’s Tax Implications?	•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract. •If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit. •Earnings under your Contract are taxed at ordinary income tax rates generally when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59½.	Taxes

8 RiverSource Group Variable Annuity Contract — Prospectus

	CONFLICTS OF INTEREST	Location in Statutory Prospectus
How Are Investment Professionals Compensated?	Your investment professional may receive compensation for selling this Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less.	About the Service Providers
Should I Exchange My Contract?	If you already own an annuity or insurance Contract, some investment professionals may have a financial incentive to offer you a new Contract in place of the one you own. You should only exchange a Contract you already own if you determine, after comparing the features, fees, and risks of both Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract.	Buying Your Contract–Contract Exchanges

RiverSource Group Variable Annuity Contract — Prospectus 9

Fee Table and Examples

The following tables describe the fees, expenses and adjustments that you will pay when buying, owning and making a withdrawal from an investment option or from the Contract. Please refer to your Contract specifications 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 paid at the time that you bought the Contract and will pay when you make a withdrawal from the Contract. State premium taxes also may be deducted.

Transaction Expenses

Withdrawal Charges

Withdrawal charges (as a percentage of purchase payments surrendered)
Maximum	6 %

Contract year	Withdrawal charge percentage
1	6 %
2	6
3	5
4	4
5	3
6	2
7	1
Thereafter	0

The next table describes the fees and expenses that you will pay each year during the time that you own the contract (not including funds fees and expenses).

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 an investment option before the expiration of a specified period.

Adjustments

MVA Maximum Potential Loss (as a percentage of amount withdrawn from a GPA)(1)

100%

(1)

The following transactions, which we refer to as "early withdrawals," are subject to an MVA when they occur more than 30 days prior to the end of the guarantee period, unless an exception applies: (i) withdrawals (including full and partial withdrawals, systematic withdrawals, and required minimum distributions), (ii) transfers, and (iii) annuitization. We will not apply a negative MVA to the payment of the death benefit. An MVA may increase the death benefit but will not decrease it.

Annual Contract Expenses

Administrative Expenses

Annual Contract Administrative charge	Guaranteed:	$1,000 ($250 per quarter)
	Current:	$500 ($125 per quarter)

Base Contract Expenses

(As a percentage of average daily contract value in the variable account)

Mortality and expense risk fee

The next table shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of investment options available under the contract, including their annual expenses, may be found in the Appendix A.

Annual Fund Expenses(1)

Minimum and maximum annual operating expenses for the funds

(Including management, distribution (12b-1) and/or service fees and other expenses)(1)

Total Annual Fund Expenses	Minimum(%)	Maximum(%)
(expenses deducted from the Fund assets, including management fees, distribution and/or service (12b-1) fees and other expenses)	0.51	1.03

(1)

Total annual fund operating expenses are deducted from amounts that are allocated to the fund. They include management fees and other expenses and may include distribution (12b-1) fees. Other expenses may include service fees that may be used to compensate service providers, including us and our affiliates, for administrative and contract owner services provided on behalf of the fund. The amount of these payments will vary by fund and may be significant. See “The Variable Account and the Funds” for additional information, including potential

10 RiverSource Group Variable Annuity Contract — Prospectus

conflicts of interest these payments may create. Distribution (12b-1) fees are used to finance any activity that is primarily intended to result in the sale of fund shares. Because 12b-1 fees are paid out of fund assets on an ongoing basis, you may pay more if you select subaccounts investing in funds that have adopted 12b-1 plans than if you select subaccounts investing in funds that have not adopted 12b-1 plans. For a more complete description of each fund’s fees and expenses and important disclosure regarding payments the fund and/or its affiliates make, please review the fund’s prospectus and SAI.

Examples

These examples are intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. These costs include Transaction Expenses, Annual Contract Expenses, and Annual Fund expenses.

These examples assume that you invest $100,000 in the contract for the time periods indicated. These examples also assume that your investment has a 5% return each year. The “Maximum” example further assumes the most expensive combination of Annual Contract Expenses and Annual Fund Expenses. The “Minimum” example further assumes the least expensive combination of Annual Contract Expenses and Annual Fund Expenses. Although your actual costs may be higher or lower, based on these assumptions your maximum and minimum costs would be:

Maximum Expenses. This example assumes the maximum fees and expenses of any of the funds before fee waivers and/or expense reimbursements. Although your actual costs may be lower, based on this assumption your costs would be:

If you surrender your contract at the end of the applicable time period:				If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period:
1 year	3 years	5 years	10 years	1 year	3 years	5 years	10 years
$9,196	$14,813	$18,415	$28,758	$2,581	$7,895	$13,422	$28,258

Minimum Expenses. This example assumes the minimum fees and expenses of any of the funds before fee waivers and/or expense reimbursements. Although your actual costs may be higher, based on this assumption your costs would be:

If you surrender your contract at the end of the applicable time period:				If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period:
1 year	3 years	5 years	10 years	1 year	3 years	5 years	10 years
$8,225	$11,918	$13,512	$18,617	$1,548	$4,805	$8,292	$18,117

THE EXAMPLES ARE ILLUSTRATIVE ONLY. YOU SHOULD NOT CONSIDER THESE EXAMPLES AS A REPRESENTATION OF PAST OR FUTURE EXPENSES. ACTUAL EXPENSES WILL BE HIGHER OR LOWER THAN THOSE SHOWN IF YOU ALLOCATE CONTRACT VALUE TO ANY OTHER AVAILABLE SUBACCOUNTS.

RiverSource Group Variable Annuity Contract — Prospectus 11

Principal Risks of Investing in the Contract

Risk of Loss. Variable annuities involve risks, including possible loss of principal. Your losses could be significant. This contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. This contract is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.

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

Withdrawal Risk. You should carefully consider the risks associated with withdrawals under the contract. Withdrawals may be subject to a significant withdrawal charge up to 7%. If you make a withdrawal prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A withdrawal may reduce the value of your benefits.

Subaccount Risk. Amounts that you invest in the subaccounts are subject to the risk of poor investment performance. You assume the investment risk. Generally, if the subaccounts that you select make money, your contract value goes up, and if they lose money, your contract value goes down. Each subaccount’s performance depends on the performance of its underlying Fund. Each underlying Fund has its own investment risks, and you are exposed to the Fund’s investment risks when you invest in a subaccount. You are responsible for selecting Subaccounts that are appropriate for you based on your own individual circumstances, investment goals, financial situation, and risk tolerance. For risks associated with any Fixed Account options, see Financial Strength and Claims-Paying Ability Risk below.

Purchase Payment Risk. There is no guarantee that you will always be permitted to make purchase payments. Also, our prior approval may be required before accepting certain purchase payments. We reserve the right to limit certain annuity features (for example, investment options) if prior approval is required. There is no guarantee that you will always be permitted to make purchase payments.

Contract Changes Risk. We reserve the right to make certain changes in the future, subject to applicable law. We reserve the right to (i) limit transfers to the fixed account or (ii) change the percentage allowed to be transferred from the fixed account. During the annuity payout period, we reserve the right to limit the number of subaccounts in which you may invest. We reserve the right to add, remove or substitute approved investment options at any time and in our sole discretion. We reserve the right to close or restrict approved investment options in our sole discretion. For certain optional living benefits, we also reserve the right to add, remove or modify allocation plans and requirements in our sole discretion.

Financial Strength and Claims-Paying Ability Risk. All guarantees under the contract that are paid from our general account (including under any Fixed Account option) are subject to our financial strength and claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you.

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. The risk of cyberattacks may be higher during periods of geopolitical turmoil. 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.

Potential Adverse Tax Consequences. Tax considerations vary by individual facts and circumstances. Tax rules may change without notice. Earnings under your contract are generally taxed at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59 ½. 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.

The Variable Account and the Funds

The Variable Account: The variable account was established under Minnesota law on Aug. 23, 1995. The variable account, consisting of subaccounts, is registered together as a single unit investment trust under the Investment Company Act of 1940 (the 1940 Act). This registration does not involve any supervision of our management or investment practices and policies by the SEC. All obligations arising under the contracts are general obligations of RiverSource Life.

The variable account meets the definition of a separate account under federal securities laws. Income, gains, and losses credited to or charged against the variable account reflect the variable account’s own investment experience and not the investment experience of RiverSource Life’s other assets. The variable account’s assets are held separately from RiverSource Life’s assets and are not chargeable with liabilities incurred in any other business of RiverSource Life. RiverSource Life is obligated to pay all amounts promised to contract owners under the contracts. The variable account includes other subaccounts that are available under contracts that are not described in this prospectus.

The IRS has issued guidance on investor control but may issue additional guidance in the future. We reserve the right to modify the contract or any investments made under the terms of the contract so that the investor control rules do not apply to treat the contract owner as the owner of the subaccount assets rather than the owner of an annuity contract. If the contract is not treated as an annuity contract for tax purposes, the owner may be subject to current taxation on any current or accumulated income credited to the contract.

We intend to comply with all federal tax laws so that the contract qualifies as an annuity for federal tax purposes. We reserve the right to modify the contract as necessary in order to qualify the contract as an annuity for federal tax purposes.

The Funds: The contract currently offers subaccounts investing in shares of the Funds. Contract value allocated to a Subaccount will vary based on the investment experience of the corresponding Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested. Information regarding each Fund, including (i) its name, (ii) its investment objective, (iii) its investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance may be found in the Appendix to this prospectus.

Please read the Funds’ prospectuses carefully for facts you should know before investing. These prospectuses containing more detailed information about the Funds are available by contacting us at 70100 Ameriprise Financial Center, Minneapolis, MN 55474, telephone: 1-800-862-7919, website: Ameriprise.com/variableannuities.

•

Investment objectives: The investment managers and advisers cannot guarantee that the Funds will meet their investment objectives.

•

Fund name and management: An underlying Fund in which a subaccount invests may have a name, portfolio manager, objectives, strategies and characteristics that are the same or substantially similar to those of a publicly-traded retail mutual fund. Despite these similarities, an underlying fund is not the same as any publicly-traded retail mutual fund. Each underlying fund will have its own unique portfolio holdings, fees, operating expenses and operating results. The results of each underlying fund may differ significantly from any publicly-traded retail mutual fund.

•

Eligible purchasers: All Funds are available to serve as the underlying investment options for variable annuities and variable life insurance policies. The Funds are not available to the public (see “Fund Name and Management” above). Some Funds also are available to serve as investment options for tax-deferred retirement plans. It is possible that in the future for tax, regulatory or other reasons, it may be disadvantageous for variable annuity accounts and variable life insurance accounts and/or tax-deferred retirement plans to invest in the available Funds simultaneously. Although we and the Funds’ providers do not currently foresee any such disadvantages, the boards of directors or trustees of each Fund will monitor events in order to identify any material conflicts between annuity owners, policy owners and tax-deferred retirement plans and to determine what action, if any, should be taken in response to a conflict. If a board were to conclude that it should establish separate Fund providers for the variable annuity, variable life insurance and tax-deferred retirement plan accounts, you would not bear any expenses associated with establishing separate Funds. Please refer to the Funds’ prospectuses for risk disclosure regarding simultaneous investments by variable annuity, variable life insurance and tax-deferred retirement plan accounts. Each Fund intends to comply with the diversification requirements under Section 817(h) of the Code.

•

Funds available under the contract: We seek to provide a broad array of underlying funds taking into account the fees and charges imposed by each fund and the contract charges we impose. We select the underlying funds in which the subaccounts initially invest and when there is substitution (see “Substitution of Investments”). We also make all decisions regarding which funds to retain in a contract, which funds to add to a contract and which funds will no longer be offered in a contract. In making these decisions, we may consider various objective and subjective factors. Objective factors include, but are not limited to fund performance, fund expenses, classes of fund shares available, size of the fund and investment objectives and investing style of the fund. Subjective factors include, but are not limited to, investment sub-styles and process, management skill and history at other funds and portfolio

RiverSource Group Variable Annuity Contract — Prospectus 13

concentration and sector weightings. We also consider the levels and types of revenue, including but not limited to expense payments and non-cash compensation of a fund, its distributor, investment adviser, subadviser, transfer agent or their affiliates pay us and our affiliates. This revenue includes but is not limited to compensation for administrative services provided with respect to the fund and support of marketing and distribution expenses incurred with respect to the fund.

•

Money Market fund yield: In low interest rate environments, money market fund yields may decrease to a level where the deduction of fees and charges associated with your contract could result in negative net performance, resulting in a corresponding decrease in your contract value.

•

Revenue we receive from the funds and potential conflicts of interest:

Expenses We May Incur on Behalf of the Funds

When a subaccount invests in a fund, the fund holds a single account in the name of the variable account. As such, the variable account is actually the shareholder of the fund. We, through our variable account, aggregate the transactions of numerous contract owners and submit net purchase and redemption requests to the funds on a daily basis. In addition, we track individual contract owner transactions and provide confirmations, periodic statements, and other required mailings. These costs would normally be borne by the fund, but we incur them instead.

Besides incurring these administrative expenses on behalf of the funds, we also incur distributions expenses in selling our contracts. By extension, the distribution expenses we incur benefit the funds we make available due to contract owner elections to allocate purchase payments to the funds through the subaccounts. In addition, the funds generally incur lower distribution expenses when offered through our variable account in contrast to being sold on a retail basis.

A complete list of why we may receive this revenue, as well as sources of revenue, is described in detail below.

Payments the Funds May Make to Us

We or our affiliates may receive from each of the funds, or their affiliates, compensation including but not limited to expense payments. These payments are designed in part to compensate us for the expenses we may incur on behalf of the funds. In addition to these payments, the funds may compensate us for wholesaling activities or to participate in educational or marketing seminars sponsored by the funds.

We or our affiliates may receive revenue derived from the 12b-1 fees charged by the funds. These fees are deducted from the assets of the funds. This revenue and the amount by which it can vary may create conflicts of interest. The amount, type, and manner in which the revenue from these sources is computed vary by fund.

Conflicts of Interest These Payments May Create

When we determined the charges to impose under the contracts, we took into account anticipated payments from the funds. If we had not taken into account these anticipated payments, the charges under the contract would have been higher. Additionally, the amount of payment we receive from a fund or its affiliate may create an incentive for us to include that fund as an investment option and may influence our decision regarding which funds to include in the variable account as subaccount options for contract owners. Funds that offer lower payments or no payments may also have corresponding expense structures that are lower, resulting in decreased overall fees and expenses to shareholders.

We offer funds managed by our affiliates Columbia Management Investment Advisers, LLC (Columbia Management) and Columbia Wanger Asset Management, LLC (Columbia Wanger). We have additional financial incentive to offer our affiliated funds because additional assets held by them generally results in added revenue to us and our parent company, Ameriprise Financial, Inc. Additionally, employees of Ameriprise Financial, Inc. and its affiliates, including our employees, may be separately incented to include the affiliated funds in the products, as employee compensation and business unit operating goals at all levels are tied to the success of the company. Currently, revenue received from our affiliated funds comprises the greatest amount and percentage of revenue we derive from payments made by the funds.

The Amount of Payments We Receive from the Funds

We or our affiliates receive revenue which ranges up to 0.65% of the average daily net assets invested in the funds through this and other contracts we and our affiliates issue.

Why revenues are paid to us: In accordance with applicable laws, regulations and the terms of the agreements under which such revenue is paid, we or our affiliates may receive revenue, including, but not limited to expense payments and non-cash compensation, for various purposes:

•

Compensating, training and educating investment professionals who sell the contracts.

•

Granting access to our employees whose job it is to promote sales of the contracts by authorized selling firms and their investment professionals, and granting access to investment professionals of our affiliated selling firms.

•

Activities or services we or our affiliates provide that assist in the promotion and distribution of the contracts including promoting the funds available under the contracts to contract owners, authorized selling firms and investment professionals.

•

Providing sub-transfer agency and shareholder servicing to contract owners.

14 RiverSource Group Variable Annuity Contract — Prospectus

•

Promoting, including and/or retaining the fund’s investment portfolios as underlying investment options in the contracts.

•

Advertising, printing and mailing sales literature, and printing and distributing prospectuses and reports.

•

Furnishing personal services to contract owners, including education of contract owners regarding the funds, answering routine inquiries regarding a fund, maintaining accounts or providing such other services eligible for service fees as defined under the rules of the Financial Industry Regulatory Authority (FINRA).

•

Subaccounting services, transaction processing, recordkeeping and administration.

•

Sources of revenue received from affiliated funds: The affiliated funds are managed by Columbia Management or Columbia Wanger. The sources of revenue we receive from these affiliated funds, or the funds’ affiliates, may include, but are not necessarily limited to, the following:

•

Assets of the fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate of these. The revenue resulting from these sources may be based either on a percentage of average daily net assets of the fund or on the actual cost of certain services we provide with respect to the fund. We may receive this revenue either in the form of a cash payment or it may be allocated to us.

•

Compensation paid out of 12b-1 fees that are deducted from fund assets.

•

Sources of revenue received from unaffiliated funds: The unaffiliated funds are not managed by an affiliate of ours. The sources of revenue we receive from these unaffiliated funds, or the funds’ affiliates, may include, but are not necessarily limited to, the following:

•

Assets of the fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate of these. The revenue resulting from these sources may be based either on a percentage of average daily net assets of the fund or on the actual cost of certain services we provide with respect to the fund. We receive this revenue in the form of a cash payment.

•

Compensation paid out of 12b-1 fees that are deducted from fund assets.

RiverSource Group Variable Annuity Contract — Prospectus 15

The General Account

The general account includes all assets owned by RiverSource Life, other than those in the Variable Account and our other 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. 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. The fixed account is supported by our general account that we make available under the contract.

The Fixed Account

You also may allocate purchase payments and transfer contract value to the fixed account. Amounts allocated to the fixed account are part of our general account. The guaranteed minimum interest rate on amounts invested in the fixed account will be shown on your Contract specifications page and will not be lower than the minimum allowed under state law. We back the principal and interest guarantees relating to the fixed account. These guarantees are subject to the creditworthiness and continued claims-paying ability of the company. The value of the fixed account increases as we credit interest to the account. We credit and compound interest daily based on a 365-day year so as to produce the annual effective rate which we declare. We do not credit interest on leap days (Feb. 29). The interest rate we apply to each purchase payment or transfer to the fixed account is guaranteed for one year. Thereafter, we will change the rates from time to time at our discretion. Interest rates credited in excess of the guaranteed rate generally will be based on various factors related to future investment earnings. Information regarding the fixed account option, including its historical minimum guaranteed interest rates may be found in Appendix A to this prospectus.

Because of exemptive and exclusionary provisions, we have not registered interests in the fixed account as securities under the Securities Act of 1933 nor have any of these accounts been registered as investment companies under the Investment Company Act of 1940. Accordingly, neither the fixed account nor any interests in the fixed account are subject to the provisions of these Acts.

The fixed account has not been registered with the SEC. Disclosures regarding the fixed account, however, are subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in a prospectus.

In addition, a market value adjustment is imposed on the fixed account if the owner cancels the value of the fixed account due to total withdrawal, contract transfer or contract termination. The amount of the market value adjustment approximates the gain or loss resulting from sale by RiverSource Life of assets purchased with purchase payments. (See “Charges and Adjustments – Adjustments – Market Value Adjustment.”)

Buying Your Contract

New contracts are not currently being offered.

We applied your initial purchase payment to the accounts you selected within two business days after we received it at our Service Center. We will credit additional eligible purchase payments you make to your accounts on the valuation date we receive them. If we receive an additional purchase payment at our Service Center before the close of business, we will credit any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on the valuation date we received the payment. If we receive an additional purchase payment at our Service Center at or after the close of business, we will credit any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on the next valuation date after we received the payment.

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.

Contract Exchanges

16 RiverSource Group Variable Annuity Contract — Prospectus

You should only exchange a contract you already own if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.
Generally, you can exchange one annuity for another or for a qualified long-term care policy in a “tax-free” exchange under Section 1035 of the Code. You can also do a partial exchange from one annuity contract to another annuity contract, subject to Internal Revenue Service (IRS) rules. You also generally can exchange a life insurance policy for an annuity. However, before making an exchange, you should compare both contracts carefully because the features and benefits may be different. Fees and charges may be higher or lower on your old contract than on the new contract. You may have to pay a withdrawal charge when you exchange out of your old contract and a new withdrawal charge period may begin when you exchange into the new contract. If the exchange does not qualify for Section 1035 treatment, you also may have to pay federal income tax on the distribution. State income taxes may also apply. You should not exchange your old contract for the new contract or buy the new contract in addition to your old contract, unless you determine it is in your best interest. (See “Taxes – 1035 Exchanges.”)

How to Make Purchase Payments

1 By letter

Send your check along with your name and contract number to:

RiverSource Life Insurance Company
70200 Ameriprise Financial Center
Minneapolis, MN 55474

2 By scheduled payment plan

A sales representative can help set up participant salary reduction.

Limitations on use of contracts: if mandated by applicable law, including but not limited to, federal anti-money laundering laws, we may be required to reject a purchase payment. We may also be required to block an owner’s access to contract values or to satisfy other statutory obligations. Under these circumstances we may refuse to implement requests for transfers, withdrawals or death benefits, until instructions are received from the appropriate governmental authority or a court of competent jurisdiction.

Charges and Adjustments

Transaction Expenses

Withdrawal Charge

If the owner withdraws part or all of the contract, a withdrawal charge may apply. The withdrawal charge helps Us cover sales and distribution expenses. This withdrawal charge represents a percentage of the amount withdrawn as follows:

Contract year	Withdrawal charge percentage
1	6 %
2	6
3	5
4	4
5	3
6	2
7	1
Thereafter	0

For a partial withdrawal that is subject to a withdrawal charge, the amount We actually deduct from Your contract value will be the amount You request plus any applicable withdrawal charge. The withdrawal charge percentage is applied to this total amount. We pay You the amount You requested.

RiverSource Group Variable Annuity Contract — Prospectus 17

Example

Assume You requested a withdrawal of $1,000 and there is a withdrawal charge of 6%. The total amount We actually deduct from Your contract is $1,063.83. We determine this amount as follows:

Amount requested	or	$1,000	=	$1,063.83
1.00 – withdrawal charge		.94

By applying the 6% withdrawal charge to $1,063.83, the withdrawal charge is $63.83. We pay You the $1,000 You requested.

Waiver of withdrawal charge

We do not assess withdrawal charges for withdrawals on behalf of a participant if the participant:

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attains age 59 ½;

•

purchases an immediate annuity under the annuity payout plans of this contract after separation from service;

•

retires under the plan after age 55;

•

becomes disabled (as defined by the Code);

•

dies;

•

encounters financial hardship as permitted under the plan and the Code;

•

receives a loan as requested by the owner; or

•

converts contract value to an IRA or other qualified annuity offered by Us as requested by the owner.

Liquidation charge under Variable Annuity Payout Plan E — Payouts for a specified period: Under this annuity payout plan, you can choose to withdraw those payments. The amount that you can surrender is the present value of any remaining variable payouts. The liquidation charge equals the present value of the remaining payouts using the assumed investment rate minus the present value of the remaining payouts using the discount rate.

Fixed Payouts: Withdrawal 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 withdraw any portion of the underlying value of remaining guaranteed payouts, a withdrawal charge may apply.

A withdrawal charge will be assessed against the present value of any remaining guaranteed payouts withdrawn. 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 withdrawn, the present value determined will be multiplied by the withdrawal 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	Withdrawal charge percentage
0	Not applicable*
1	5%
2	4
3	3
4	2
5	1
6 and thereafter	0

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

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

Possible group reductions: In some cases we may incur lower sales and administrative expenses due to the size of the group, the average contribution and the use of group enrollment procedures. In such cases, we may be able to reduce or eliminate the contract administrative and withdrawal charges. However, we expect this to occur infrequently.

18 RiverSource Group Variable Annuity Contract — Prospectus

Adjustments

Market Value Adjustment

A Market Value Adjustment (MVA) applies only when we pay out the fixed account value in a lump sum when:

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you withdraw the total contract value to transfer that value to another funding vehicle;

•

you make a total withdrawal of the fixed account contract value; or

•

we terminate the contract as described below. (See “Contract Termination.”)

We will apply the MVA to the contract value withdrawn from the fixed account after deducting any applicable contract administrative charge and withdrawal charge. (See “Charges and Adjustments.”)

The MVA will reflect the relationship between the current interest rate credited to new purchase payments allocated to the fixed account and the rate credited to all prior purchase payments. We calculate the MVA as follows:

MVA = fixed account value × (A – B) x C

Where:

A	=	the weighted average interest rate (in decimal form) credited to all fixed account purchase payments made by you at the time of termination, rounded to four decimal places;
B	=	the interest rate (in decimal form) credited to new purchase payments to the contract at the time of termination or total withdrawal, rounded to four decimal places; and
C	=	the annuity factor, which represents the relationship between the contract year and the average duration of underlying investments from the following table:

Contract year	Annuity factor
1–3	6.0
4–6	5.0
7 +	4.0

The following examples show a downward and upward MVA.

Assume: contract effective date of Oct. 1, 1993
contract termination date of July 1, 1998
contract year at termination is five

Year	Purchase payments	Initial rate	Current rate	Accumulation account value
1	$10,000	6.50 %	6.25 %	$12,560
2	8,000	6.00	6.25	9,870
3	12,000	6.25	6.25	13,960
4	15,000	7.50	6.75	16,660
5	20,000	6.50	6.50	20,640

Total accumulation account value	=	$73,690
Withdrawal charge = .03 × 73,690	=	2,211
Fixed account value = 73,690 – 2,211	=	71,479
Weighted average interest rate	=	6.433%
Interest rate on new purchase payments	=	6.750
MVA = $71,479 × (.06433 – .06750) × 5.0	=	$(1,132.94)
Market value = 71,479 – 1,132.94	=	70,346.06

Assume: contract effective date of Jan. 15, 1994
contract termination date of Sept. 20, 1996
contract year at termination is three

Year	Purchase payments	Initial rate	Current rate	Accumulation account value
1	$15,000	7.00 %	6.25 %	$17,710
2	20,000	6.50	6.00	22,140
3	25,000	5.50	5.50	25,910

RiverSource Group Variable Annuity Contract — Prospectus 19

Total accumulation account value	=	$65,760
Withdrawal charge = .05 × 65,760	=	3,288
Fixed account value = 65,760 – 3,288	=	62,472
Weighted average interest rate	=	5.870%
Interest rate on new purchase payments	=	5.250
MVA = $62,472 × (.05870 – .05250) × 6	=	$2,323.96
Market value = 62,472 + 2,323.96	=	64,795.96

No MVA applies if:

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you make a partial withdrawal of the fixed account contract value;

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we pay you installment payments when you withdraw the total contract value and transfer that value to another funding vehicle or we terminate the contract; or

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you transfer contract values from the fixed account to the variable accounts. (See “Transferring Money Between Accounts.”)

Annual Contract Expenses

Base Contract Expenses

Base Contract Expenses consist of the contract administrative charge and mortality and expense risk fee.

Contract Administrative Charge

We charge this fee for establishing and maintaining your records. We deduct $125 from the contract value at the end of each contract quarter (each three-month period measured from the effective date of your contract). This equates to an annual charge of $500. We prorate this charge among the subaccounts and the fixed account in the same proportion your interest in each account bears to your total contract value. We reserve the right to increase the contract administrative charge in the future, but we guarantee that it will never exceed $250 per quarter ($1,000 per year).

Mortality and Expense Risk Fee

We charge this fee daily to your subaccounts as a percentage of the daily contract value in the variable account. The unit values of your subaccounts reflect this fee and it totals 1% of the subaccounts’ average daily net assets on an annual basis. This fee covers the mortality risk and expense risk that we assume. This fee does not apply to the fixed account.

Mortality risk arises because of our guarantee to make annuity payouts according to the terms of the contract, no matter how long a specific participant lives and no matter how long our entire group of annuitants live. If, as a group, annuitants outlive the life expectancy we assumed in our actuarial tables, then we must take money from our general assets to meet our obligations. If, as a group, annuitants do not live as long as expected, we could profit from the mortality risk fee. We deduct the mortality risk fee from the subaccounts during the annuity payout period even if the annuity payout plan does not involve a life contingency.

Expense risk arises because we cannot increase the contract administrative charge above $1,000 per year and this charge may not cover our expenses. We would have to make up any deficit from our general assets. We could profit from the expense risk fee if future expenses are less than expected.

The subaccounts pay us the mortality and expense risk fee they accrued as follows:

•

first, to the extent possible, the subaccounts pay this fee from any dividends distributed from the funds in which they invest;

•

then, if necessary, the funds redeem shares to cover any remaining fees payable.

We may use any profits we realize from the subaccounts’ payment to us of the mortality and expense risk fee for any proper corporate purpose, including, among others, payment of distribution (selling) expenses. We do not expect that the withdrawal charge, discussed in the following paragraphs, will cover sales and distribution expenses.

Fund Fees and Expenses

There are deductions from and expenses paid out of the assets of the funds that are described in the prospectuses for those funds.

20 RiverSource Group Variable Annuity Contract — Prospectus

Premium Taxes

Currently, there are no premium taxes under this contract. However, a charge will be made by us against the contract value for any state and local premium taxes to the extent the taxes are payable in connection with the purchase of a contract under the annuity payout plans.

Valuing Your Investment

We value your accounts as follows:

The Fixed Account

We value the amounts you allocate to the fixed account directly in dollars. The value of the fixed account equals:

•

the sum of your purchase payments and transfer amounts allocated to the fixed account;

•

plus interest credited;

•

minus the sum of amounts withdrawn (including any applicable withdrawal charges) and amounts transferred out; and

•

minus any prorated portion of the contract administrative charge.

Subaccounts

We convert amounts you allocated to the subaccounts into accumulation units. Each time you make a purchase payment or transfer amounts into one of the subaccounts, we credit a certain number of accumulation units to your contract for that subaccount. Conversely, we subtract a certain number of accumulation units from your contract each time you take a partial withdrawal; transfer amounts out of a subaccount; or we assess a contract administrative charge or a withdrawal charge.

The accumulation units are the true measure of investment value in each subaccount during the accumulation period. They are related to, but not the same as, the net asset value of the fund in which the subaccount invests. The dollar value of each accumulation unit can rise or fall daily depending on the variable account expenses, performance of the fund and on certain fund expenses.

Here is how we calculate accumulation unit values:

Number of units: To calculate the number of accumulation units for a particular subaccount, we divide your investment by the current accumulation unit value.

Accumulation unit value: The current accumulation unit value for each subaccount equals the last value times the subaccount’s current net investment factor.

We determine the net investment factor by:

•

adding the fund’s current net asset value per share, plus the per share amount of any accrued income or capital gain dividends to obtain a current adjusted net asset value per share; then

•

dividing that sum by the previous adjusted net asset value per share; and

•

subtracting the percentage factor representing the mortality and expense risk fee and the contract administrative charge from the result.

Because the net asset value of the fund may fluctuate, the accumulation unit value may increase or decrease. You bear all the investment risk in a subaccount.

Factors that affect subaccount accumulation units: accumulation units may change in two ways — in number and in value.

The number of accumulation units you own may fluctuate due to:

•

additional purchase payments you allocate to the subaccounts;

•

transfers into or out of the subaccounts;

•

partial withdrawals;

•

withdrawal charges;

and a deduction of:

•

a prorated portion of the contract administrative charge.

Accumulation unit values will fluctuate due to:

•

changes in fund net asset value;

•

fund dividends distributed to the subaccounts;

RiverSource Group Variable Annuity Contract — Prospectus 21

•

fund capital gains or losses;

•

fund operating expenses; and

•

mortality and expense risk fee and the contract administrative charge.

Withdrawals, Loans and Conversions

Withdrawal Policies

•

If you request a total withdrawal, payment will equal the total contract value less the contract administrative charge, any applicable premium tax and withdrawal charge.

•

You or the recordkeeper must state the reason for a partial withdrawal.

•

If the contract has a balance in more than one account and you request a partial withdrawal, we will withdraw money from all your accounts in the same proportion as your value in each account correlates to your total contract value, unless requested otherwise.

•

A market value adjustment may apply to total withdrawals from the fixed account. (See “Contract Transfer and Contract Termination.”)

Special Withdrawal Provisions

•

The rights of any person to benefits under the plans in which these contracts are issued will be subject to the terms and conditions of the plans themselves, regardless of the terms and conditions of the contract.

•

We reserve the right to defer withdrawal payments from the fixed account for a period not to exceed six months from the date we receive the withdrawal request.

•

Since contracts offered will be issued in connection with retirement plans you should refer to the terms of the particular plan for any further limitations or restrictions on withdrawals.

•

You may pay withdrawal charges (see “Charges and Adjustments – Transaction Expenses – Withdrawal Charge”) and IRS taxes and penalties (see “Taxes”).

Receiving Withdrawal Payments

You may receive withdrawal payments by regular or express mail:

•

payable to you.

•

mailed to address of record.

NOTE: We will charge you a fee if you request express mail delivery.

Normally, we will send the payment within seven days after receiving your request in good order. However, we may postpone the payment if:

•

the NYSE is closed, except for normal holiday and weekend closings;

•

trading on the NYSE is restricted, according to SEC rules;

•

an emergency, as defined by SEC rules, makes it impractical to sell securities or value the net assets of the accounts; or

•

the SEC permits us to delay payment for the protection of security holders.

We may also postpone payment of the amount attributable to a purchase payment as part of the total withdrawal amount until cleared from the originating financial institution.

Withdrawals you are required to take to satisfy RMDs under the Code may reduce the value of certain death benefits (see “Taxes — Required minimum distributions”).

Loans

You may request withdrawals to fund loans for participants. You must specify from which accounts to make withdrawals at the time of the loan request. Loan amounts and terms must comply with the applicable requirements of the plan and Code. We assume no responsibility for the validity or compliance of the loan.

Withdrawals to fund loans under the plan will not be subject to withdrawal charges when the loan is made. However, we reserve the right to deduct withdrawal charges from the remaining contract value if there is an unpaid loan balance at the time of a total withdrawal, contract transfer or termination (see “Charges and Adjustments – Transaction Expenses – Withdrawal Charge”).

22 RiverSource Group Variable Annuity Contract — Prospectus

Conversion

You may transfer on the participant’s behalf part of the contract value to an individual deferred annuity contract offered by us in the event of:

•

the termination of participant’s employment; or

•

other reasons which are acceptable to us and meet the requirements of the plan and the Code.

This individual contract will qualify as an individual retirement annuity under Section 408 or another applicable section of the Code. Withdrawal charges will not apply at the time of conversion.

Contract Transfer, Market Value Adjustment and Contract Termination

Transferring Among Accounts

You may transfer contract value from any one subaccount to another account while the contract is in force. You also may transfer contract values from the fixed account to one or more subaccounts once during each of two transfer periods: within 60 days after each plan year anniversary and within 60 days after the first day of the seventh month in each plan year. However, if you made a transfer from the fixed account to the subaccounts, you may not make a transfer from any subaccount back to the fixed account until the next transfer period. We will not accept requests for transfers from the fixed account at any other time.

When your request to transfer will be processed depends on when we receive it:

•

If we receive your transfer request in good order at our Service Center before the close of business, we will process your transfer using the accumulation unit value we calculate on the valuation date we received your transfer request.

•

If we receive your transfer request in good order at our Service Center at or after the close of business, we will process your transfer using the accumulation unit value we calculate on the next valuation date after we received your transfer request.

There is no charge for transfers. Before making a transfer, you should consider the risks involved in changing investments.

We may suspend or modify transfer privileges at any time. Any restrictions imposed by the plan will apply.

Market Timing

Market timing can reduce the value of your investment in the contract. If market timing causes the returns of an underlying fund to suffer, contract value you have allocated to a subaccount that invests in that underlying fund will be lower too. Market timing can cause you, any joint owner of the contract and your beneficiary(ies) under the contract a financial loss.

We seek to prevent market timing. Market timing is frequent or short-term trading activity. We do not accommodate short-term trading activities. Do not buy a contract if you wish to use short-term trading strategies to manage your investment. The market timing policies and procedures described below apply to transfers among the subaccounts within the contract. The underlying funds in which the subaccounts invest have their own market timing policies and procedures. The market timing policies of the underlying funds may be more restrictive than the market timing policies and procedures we apply to transfers among the subaccounts of the contract, and may include redemption fees. We reserve the right to modify our market timing policies and procedures at any time without prior notice to you.

Market timing may hurt the performance of an underlying fund in which a subaccount invests in several ways, including but not necessarily limited to:

•

diluting the value of an investment in an underlying fund in which a subaccount invests;

•

increasing the transaction costs and expenses of an underlying fund in which a subaccount invests; and,

•

preventing the investment adviser(s) of an underlying fund in which a subaccount invests from fully investing the assets of the fund in accordance with the fund’s investment objectives.

Funds available as investment options under the contract that invest in securities that trade in overseas securities markets may be at greater risk of loss from market timing, as market timers may seek to take advantage of changes in the values of securities between the close of overseas markets and the close of U.S. markets. Also, the risks of market timing may be greater for underlying funds that invest in securities such as small cap stocks, high yield bonds, or municipal securities, that may be traded infrequently.

RiverSource Group Variable Annuity Contract — Prospectus 23

In order to help protect you and the underlying funds from the potentially harmful effects of market timing activity, we apply the following market timing policy to discourage frequent transfers of contract value among the subaccounts of the variable account:

We try to distinguish market timing from transfers that we believe are not harmful, such as periodic rebalancing for purposes of an asset allocation, dollar-cost averaging and asset rebalancing program that may be described in this prospectus. There is no set number of transfers that constitutes market timing. Even one transfer in related accounts may be market timing. We seek to restrict the transfer privileges of a contract owner who makes more than three subaccount transfers in any 90-day period. We also reserve the right to refuse any transfer request, if, in our sole judgment, the dollar amount of the transfer request would adversely affect unit values.

If we determine, in our sole judgment, that your transfer activity constitutes market timing, we may modify, restrict or suspend your transfer privileges to the extent permitted by applicable law, which may vary based on the state law that applies to your contract and the terms of your contract. These restrictions or modifications may include, but not be limited to:

•

requiring transfer requests to be submitted only by first-class U.S. mail;

•

not accepting hand-delivered transfer requests or requests made by overnight mail;

•

not accepting telephone or electronic transfer requests;

•

requiring a minimum time period between each transfer;

•

not accepting transfer requests of an agent acting under power of attorney;

•

limiting the dollar amount that you may transfer at any one time;

•

suspending the transfer privilege; or

•

modifying instructions under an automated transfer program to exclude a restricted fund if you do not provide new instructions.

Subject to applicable state law and the terms of each contract, we will apply the policy described above to all contract owners uniformly in all cases. We will notify you in writing after we impose any modification, restriction or suspension of your transfer rights.

Because we exercise discretion in applying the restrictions described above, we cannot guarantee that we will be able to identify and restrict all market timing activity. In addition, state law and the terms of some contracts may prevent us from stopping certain market timing activity. Market timing activity that we are unable to identify and/or restrict may impact the performance of the underlying funds and may result in lower contract values.

In addition to the market timing policy described above, which applies to transfers among the subaccounts within your contract, you should carefully review the market timing policies and procedures of the underlying funds. The market timing policies and procedures of the underlying funds may be materially different than those we impose on transfers among the subaccounts within your contract and may include mandatory redemption fees as well as other measures to discourage frequent transfers. As an intermediary for the underlying funds, we are required to assist them in applying their market timing policies and procedures to transactions involving the purchase and exchange of fund shares. This assistance may include, but not be limited to, providing the underlying fund upon request with your Social Security Number, Taxpayer Identification Number or other United States government-issued identifier, and the details of your contract transactions involving the underlying fund. An underlying fund, in its sole discretion, may instruct us at any time to prohibit you from making further transfers of contract value to or from the underlying fund, and we must follow this instruction. We reserve the right to administer and collect on behalf of an underlying fund any redemption fee imposed by an underlying fund. Market timing policies and procedures adopted by underlying funds may affect your investment in the contract in several ways, including but not limited to:

•

Each fund may restrict or refuse trading activity that the fund determines, in its sole discretion, represents market timing.

•

Even if we determine that your transfer activity does not constitute market timing under the market timing policies described above which we apply to transfers you make under the contract, it is possible that the underlying fund’s market timing policies and procedures, including instructions we receive from a fund may require us to reject your transfer request. For example, while we will attempt to execute transfers permitted under any asset allocation, dollar-cost averaging and asset rebalancing programs that may be described in this prospectus, we cannot guarantee that an underlying fund’s market timing policies and procedures will do so. Orders we place to purchase fund shares for the variable account are subject to acceptance by the fund. We reserve the right to reject without prior notice to you any transfer request if the fund does not accept our order.

•

Each underlying fund is responsible for its own market timing policies, and we cannot guarantee that we will be able to implement specific market timing policies and procedures that a fund has adopted. As a result, a fund’s returns might be adversely affected, and a fund might terminate our right to offer its shares through the variable account.

24 RiverSource Group Variable Annuity Contract — Prospectus

•

Funds that are available as investment options under the contract may also be offered to other intermediaries who are eligible to purchase and hold shares of the fund, including without limitation, separate accounts of other insurance companies and certain retirement plans. Even if we are able to implement a fund’s market timing policies, we cannot guarantee that other intermediaries purchasing that same fund’s shares will do so, and the returns of that fund could be adversely affected as a result.

For more information about the market timing policies and procedures of an underlying fund, the risks that market timing pose to that fund, and to determine whether an underlying fund has adopted a redemption fee, see that fund’s prospectus.

How to Request a Transfer or Withdrawal

You can request a transfer or withdrawal by letter or any other method we agree to. Send the plan name, contract number, Social Security Number or Taxpayer Identification Number* and signed request for a transfer or withdrawal to:

RiverSource Life Insurance Company
70200 Ameriprise Financial Center
Minneapolis, MN 55474

Failure to provide Social Security Number or Taxpayer Identification Number may result in mandatory tax withholding on the taxable portion of the distribution.

You may withdraw all or part of the contract value at any time. We will process your withdrawal request on the valuation date we receive it. If we receive your withdrawal request at our Service Center before the close of business, we will process your withdrawal using the accumulation unit value we calculate on the valuation date we received your withdrawal request. If we receive your withdrawal request at our Service Center at or after the close of business, we will process your withdrawal using the accumulation unit value we calculate on the next valuation date after we received your withdrawal request. We may ask you to return the contract. You may have to pay withdrawal charges (see “Charges and Adjustments – Transaction Expenses – Withdrawal Charge”) and IRS taxes and penalties (see “Taxes”).

Withdrawals by owner for transfer of funds

You may direct us to withdraw the total contract value and transfer that value to another funding agent. You will pay all applicable contract charges including withdrawal charges, and we will deduct them from the first payout unless you transfer the total contract value to a plan offered by us or our affiliates. (See “Charges and Adjustments.”) You must provide us with a written request to make such a withdrawal. This written request must be sent to our Service Center and must specify the initial withdrawal date and payee to whom the payouts are to be made.

At your option, we will pay the contract value, less any applicable charges, in annual installments or in a lump sum as follows:

We may pay the contract value in five annual installments beginning on the initial withdrawal date and then on each of the next four anniversaries of such date as follows:

Installment payment	Percentage of then remaining contract value balance
1	20 %
2	25
3	33
4	50
5	100

We will not allow additional withdrawals for benefits or other transfers of contract values and we will not accept additional purchase payments after we make the first withdrawal payment. We will continue to credit interest to any contract value balance remaining after an installment payment at the interest rate then in effect for the fixed account.

We may pay the contract value in a lump sum. We will base any contract value attributable to the fixed account on market value. We will determine the market value by applying the formula described in “Market Value Adjustment”. We will make lump sum payments according to the withdrawal provisions (see “Withdrawals, Loans and Conversions – Receiving Withdrawal Payments”).

Adjustments

Market Value Adjustment

A Market Value Adjustment (MVA) applies only when we pay out the fixed account value in a lump sum when:

•

you withdraw the total contract value to transfer that value to another funding vehicle;

•

you make a total withdrawal of the fixed account contract value; or

RiverSource Group Variable Annuity Contract — Prospectus 25

•

we terminate the contract as described below. (See “Contract Termination.”)

We will apply the MVA to the contract value withdrawn from the fixed account after deducting any applicable contract administrative charge and withdrawal charge. (See “Charges and Adjustments.”)

MVA = fixed account value × (A – B) x C

Where:

A	=	the weighted average interest rate (in decimal form) credited to all fixed account purchase payments made by you at the time of termination, rounded to four decimal places;
B	=	the interest rate (in decimal form) credited to new purchase payments to the contract at the time of termination or total withdrawal, rounded to four decimal places; and
C	=	the annuity factor, which represents the relationship between the contract year and the average duration of underlying investments from the following table:

Contract year	Annuity factor
1–3	6.0
4–6	5.0
7 +	4.0

The following examples show a downward and upward MVA.

Assume: contract effective date of Oct. 1, 1993
contract termination date of July 1, 1998
contract year at termination is five

Year	Purchase payments	Initial rate	Current rate	Accumulation account value
1	$10,000	6.50 %	6.25 %	$12,560
2	8,000	6.00	6.25	9,870
3	12,000	6.25	6.25	13,960
4	15,000	7.50	6.75	16,660
5	20,000	6.50	6.50	20,640

Total accumulation account value	=	$73,690
Withdrawal charge = .03 × 73,690	=	2,211
Fixed account value = 73,690 – 2,211	=	71,479
Weighted average interest rate	=	6.433%
Interest rate on new purchase payments	=	6.750
MVA = $71,479 × (.06433 – .06750) × 5.0	=	$(1,132.94)
Market value = 71,479 – 1,132.94	=	70,346.06

Assume: contract effective date of Jan. 15, 1994
contract termination date of Sept. 20, 1996
contract year at termination is three

Year	Purchase payments	Initial rate	Current rate	Accumulation account value
1	$15,000	7.00 %	6.25 %	$17,710
2	20,000	6.50	6.00	22,140
3	25,000	5.50	5.50	25,910

Total accumulation account value	=	$65,760
Withdrawal charge = .05 × 65,760	=	3,288
Fixed account value = 65,760 – 3,288	=	62,472
Weighted average interest rate	=	5.870%
Interest rate on new purchase payments	=	5.250
MVA = $62,472 × (.05870 – .05250) × 6	=	$2,323.96
Market value = 62,472 + 2,323.96	=	64,795.96

No MVA applies if:

•

you make a partial withdrawal of the fixed account contract value;

26 RiverSource Group Variable Annuity Contract — Prospectus

•

we pay you installment payments when you withdraw the total contract value and transfer that value to another funding vehicle or we terminate the contract; or

•

you transfer contract values from the fixed account to the variable accounts. (See “Transferring Money Between Accounts.”)

Contract Termination

We reserve the right, upon at least 30 days’ written notice, to declare a contract termination date.

We may declare a contract termination date if:

•

you adopt an amendment to the plan that causes the plan to be materially different from the original plan (to be “materially different,” the amendment must cause a substantial change in the level of the dollar amounts of purchase payments or contract benefits paid by us);

•

the plan fails to qualify or becomes disqualified under the appropriate sections of the Code;

•

while the contract is in force, and prior to any withdrawal or contract termination, you offer under the plan a prohibited investment as a funding vehicle to which future contributions may be made (prohibited investments include: guaranteed investment contracts, bank investment contracts, annuity contracts with fixed and/or variable accounts, and funding vehicles providing a guarantee of principal); or

•

you change to a record-keeper not approved by us.

If we waive our rights to terminate the contract under any provision of this section at any time, such waiver will not be considered a precedent and will not prohibit us from exercising the right to terminate this contract, for the reasons noted above, at any future time.

Procedures at contract termination

On the contract termination date, we will withdraw any outstanding charges, including any contract administrative charge, from the contract value. A withdrawal charge may apply on account of any termination under this provision. We will deduct it from the first termination payment. (See “Charges and Adjustments.”)

At your option, we will pay the contract value in a lump sum or in annual installment payouts according to the table under “Withdrawals by owner for transfer of funds” above. A lump sum payout will be subject to an applicable MVA to the fixed account value. If you do not select an option, we will pay the contract value to you under the installment option.

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 a contract matures or we determine a death benefit is payable, we will use our best efforts to locate you or designated beneficiaries. If we are unable to locate you or a beneficiary, proceeds 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 address or 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.

RiverSource Group Variable Annuity Contract — Prospectus 27

Benefits Available Under the Contract

The following table summarizes information about the benefits available under the Contract.

Name of Benefit	Purpose	Maximum Fee	Current Fee	Brief Description of Restrictions/ Limitations
Loans	Allows withdrawals to fund loans without assessing a withdrawal charge	No charge	N/A	•Loan amounts and terms must comply with the plan requirements and Code
Annuity Payout Plans	Allows participants to select one of the annuity payout plans	No charge	N/A	•Withdrawal charges may apply when electing liquidity features under certain fixed annuity payout options. The plan must comply with IRS regulations governing RMDs

Changing Ownership

You may not transfer ownership of the contract except to:

•

a trustee or successor trustee of a pension or profit sharing trust that is qualified under the Code; or

•

as otherwise permitted by laws and regulations governing the plans under which the contract is issued.

Subject to the provisions above, you may not sell, assign, transfer, discount or pledge your contract as collateral for a loan or as a security for the performance of an obligation or for any other purpose except as required or permitted by the Code.

The Annuity Payout Period

When a plan participant reaches his or her retirement date, you may select one of the annuity payout plans outlined below or we may mutually agree on other payout arrangements. Currently, we make annuity payments on a monthly, quarterly, semi-annually and annual basis. Assuming the initial payment is on the same date, more frequent payments will generally result in higher total payments over the year. As discussed below, certain annuity payout options have a “guaranteed period,” during which payments are guaranteed to continue. Longer guaranteed periods will generally result in lower monthly annuity payment amounts.

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. We do not deduct any withdrawal charges upon retirement, but withdrawal charges may apply when electing to exercise liquidity features we may make available under certain fixed annuity payout options. Special rules apply for partial annuitization of your annuity contract, see “Taxes”.

We will make retirement payouts on a fixed basis under a supplemental fixed immediate annuity in the form customarily offered by us at the time of purchase.

Annuity Payout Plans

We make available variable annuity payouts where payout amounts will vary based on the performance of the variable account. We may also make fixed annuity payouts available where payments of a fixed amount are made for the period specified in the plan, subject to any surrender we may permit. You may choose any one of these annuity payout plans by giving us written instructions at least 30 days before the retirement date. Generally, you may select one of the Plans A through E below or another plan agreed to by us.

•

Plan A – Life annuity – no refund: We make monthly payouts until the annuitant’s death. Payouts end with the last payout before the annuitant’s death. We will not make any further payouts. This means that if the annuitant dies after we made only one monthly payout, we will not make any more payouts.

•

Plan B – Life annuity with five, ten or 15 years certain: We make monthly payouts for a guaranteed payout period of five, ten or 15 years that you elect. This election will determine the length of the payout period in the event the annuitant dies before the elected period expires. We calculate the guaranteed payout period from the retirement date. If the annuitant outlives the elected guaranteed payout period, we will continue to make payouts until the annuitant’s death.

•

Plan C – Life annuity – installment refund: We make monthly payouts until the annuitant’s death, with our guarantee that payouts will continue for some period of time. We will make payouts for at least the number of months determined by dividing the amount applied under this option by the first monthly payout, whether or not the annuitant is living.

28 RiverSource Group Variable Annuity Contract — Prospectus

•

Plan D – Joint and last survivor life annuity – no refund: We make monthly payouts while both the annuitant and a joint annuitant are living. If either annuitant dies, we will continue to make monthly payouts at the full amount until the death of the surviving annuitant. Payouts end with the death of the second annuitant.

•

Plan E — Payouts for a specified period: We make monthly payouts for a specific payout period of ten to 30 years that you elect. We will make payouts only for the number of years specified whether the annuitant is living or not. Depending on the selected time period, it is foreseeable that an annuitant can outlive the payout period selected. During the payout period, you can elect to have us determine the present value of any remaining payouts and pay it to you in a lump sum.

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.

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, term certain installment plans with varying durations, and liquidity features allowing access under certain circumstances to a withdrawal 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 withdraw the underlying value of remaining payouts may result in the assessment of a withdrawal charge (See “Charges and Adjustments – Withdrawal Charge”) or a 10% IRS penalty tax. (See “Taxes.”).

Restrictions on payout options: If you elect an annuity payout plan, it must comply with certain IRS regulations governing RMDs. In general, your annuity payout plan will meet these regulations if payouts are made:

•

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

•

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

If monthly payouts would be less than $20: We will calculate the amount of monthly payouts at the time the immediate annuity is purchased to provide retirement payouts. If the calculations show that monthly payouts would be less than $20, we have the right to pay the contract value to the owner in a lump sum.

Taxes

RiverSource Life’s tax status: We are taxed as a life insurance company under the Code. For federal income tax purposes, the subaccounts are considered a part of our company, although their operations are treated separately in accounting and financial statements. Investment income is reinvested in the fund in which each subaccount invests and becomes part of that subaccount’s value. This investment income, including realized capital gains, is not subject to any withholding for federal or state income taxes. We reserve the right to make such a charge in the future if there is a change in the tax treatment of variable annuities or in our tax status as we then understand it.

The company includes in its taxable income the net investment income derived from the investment of assets held in its subaccounts because the company is considered the owner of these assets under federal income tax law. The company may claim certain tax benefits associated with this investment income. These benefits, which may include foreign tax credits and the corporate dividend received deduction, are not passed on to you since the company is the owner of the assets under federal tax law and is taxed on the investment income generated by the assets.

Taxation of annuities in general: Generally, there is no tax to a participant on contributions made to the contract or on any increases in the value of the contract. However, when a taxable distribution (or deemed distribution) to a participant occurs, the distribution will be subject to taxation (except contributions that were made with after-tax dollars).

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.

Tax-deferred retirement plans: This contract is used to fund retirement plans that are already tax deferred under the Code. The contract will not provide any necessary or additional tax deferral for the retirement plan.

RiverSource Group Variable Annuity Contract — Prospectus 29

Required minimum distributions: Retirement plans (except for Roth IRAs) are subject to required withdrawals 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. You should consult your tax advisor for an explanation of the potential tax implications to you.

Mandatory withholding: If the participant receives a distribution from the plan, mandatory 20% federal income tax withholding (and possibly state income tax withholding) generally will be imposed at the time of the payout. Any withholding represents a prepayment of the participant’s tax due for the year and the participant will take credit for these amounts when filing an annual income tax return. This mandatory withholding will not be imposed if instead of receiving the distribution check, the participant elects to roll the distribution over directly to an IRA or another eligible plan.

In the below situations, the distribution is subject to optional withholding instead of mandatory 20% withholding. We will withhold 10% of the distribution amount unless you elect otherwise when:

•

the payout is one in a series of substantially equal periodic payouts, made at least annually, over the participant’s life or life expectancy (or the joint lives or life expectancies of the participant and designated beneficiary) or over a specified period of ten years or more;

•

the payout is an RMD as defined under the Code;

•

the payout is a 457 non-governmental plan distribution;

•

the payout is made on account of an eligible hardship; or

•

the payout is a corrective distribution.

Payouts 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.

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

Elective withholding: If the distribution from the plan is not subject to mandatory withholding as described above, the participant can elect not to have any withholding occur. To do this the participant must provide a valid Social Security Number or Taxpayer Identification Number.

If the participant does not make this election and if the payout is part of an annuity payout plan, the amount of withholding generally is computed using payroll tables. If a distribution is made to the participant under a Section 457 plan, withholding is computed using payroll methods, depending upon the type of payment. Participants may complete our Form W-4P to use in calculating the withholding if they want withholding other than the default (single filing status with no adjustments). If the distribution is any other type of payment (such as a partial or full withdrawal), withholding is computed using 10% of the taxable portion unless participant elects a different percentage via our Form W-4R or another acceptable method.

The withholding requirements differ if we deliver the payment outside the United States and/or to a non-resident alien.

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

Penalties: If participants receive a distribution from the plan before reaching age 59 ½, they may have to pay a 10% IRS penalty on the amount includable in their ordinary income. However, this penalty generally will not apply to any amount received by the participant or designated beneficiary:

•

because of the participant’s death;

•

because the participant becomes disabled (as defined in the Code);

•

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

•

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

•

if the payout is a 457 plan distribution.

Other exceptions may apply if you withdraw from the contract before your plan specifies that payouts can be made.

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 the contract.

30 RiverSource Group Variable Annuity Contract — Prospectus

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 withdrawal charge schedule for an annuity contract, or other product rules as applicable.

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 to the contrary. 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.

Voting Rights

As a contract owner with investments in the subaccounts, you may vote on important fund policies until annuity payouts begin. Once they begin, the person receiving them has voting rights. We will vote fund shares according to the instructions of the person with voting rights.

The number of votes is determined by applying the percentage interest in each subaccount to the total number of votes allowed to the subaccount.

We calculate votes separately for each subaccount. We will send notice of shareholders’ meetings, proxy materials and a statement of the number of votes to which the voter is entitled. We are the legal owner of all fund shares and therefore hold all voting rights. However, to the extent required by law, we will vote the shares of each fund according to instructions we receive from contract owners. We will vote shares for which we have not received instructions and shares that we or our affiliates own in our own names in the same proportion as the votes for which we received instructions. As a result of this proportional voting, in cases when a small number of contract owners vote, their votes will have a greater impact and may even control the outcome.

To the extent that voting rights created under applicable federal securities laws are revised or alter the voting rights described herein, we reserve the right to proceed in accordance with those laws and regulatory guidance.

RiverSource Group Variable Annuity Contract — Prospectus 31

Substitution of Investments

We may substitute the Funds in which the subaccounts invest if:

•

laws or regulations change;

•

the existing funds become unavailable; or

•

in our judgment, the funds no longer are suitable (or no longer the most suitable) for the Subaccounts.

If any of these situations occur, we have the right to substitute a Fund currently listed in this prospectus (existing fund) for another Fund (new Fund), provided we obtain any required SEC and state insurance law approval. The new Fund may have higher fees and/or operating expenses than the existing Fund. Also, the new Fund may have investment objectives and policies and/or investment advisers which differ from the existing Fund.

We may also:

•

add new Subaccounts;

•

combine any two or more Subaccounts;

•

transfer assets to and from the Subaccounts or the Variable Account; and

•

eliminate or close any Subaccounts.

We will notify you of any substitution or change and obtain your approval if required.

In certain limited circumstances permitted by applicable law, we may amend the contract and take whatever action is necessary and appropriate without your consent or approval. We will obtain any required prior approval of the SEC or state insurance department before making any substitution or change.

Other Contractual Provisions

Modification

We may modify the contract upon notice to you, if such modification:

•

is necessary to make the contract or the subaccounts comply with any law or regulation issued by a governmental agency to which we or the subaccounts are subject;

•

is necessary to assure continued qualification of the contract under the Code or other federal or state laws relating to retirement annuities or annuity contracts;

•

is necessary to reflect a change in the subaccounts; or

•

provides additional accumulation options for the subaccounts.

In the event of any such modification, we may make appropriate endorsement to the contract to reflect such modification.

Proof of Condition or Event

Where any payments under the contract depend on the recipient being alive and/or being a certain age on a given date, or depend on the occurrence of a specific event, we may require satisfactory proof that such a condition has been met prior to making the payment.

Recordkeeping Services

We provide a contract to fund plans that meet the requirements of Code Sections 401 (including 401(k)) and 457. We do not provide any administrative or recordkeeping services in connection with the plan. We will rely on information and/or instructions provided by the plan administrator and/or recordkeeper in order to properly administer the contract. For this reason, we must approve any person or entity authorized by the owner to administer recordkeeping services for the plan and participants.

About the Service Providers

Principal Underwriter

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.

32 RiverSource Group Variable Annuity Contract — Prospectus

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 5.00% each time a purchase payment is made. We may also pay ongoing trail commissions of up to 0.5% 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:

•

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;

•

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

•

providing service to contract owners; and

•

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 withdrawal from the contract (see “Fee Table and Examples”);

•

compensation we or an affiliate receive from the underlying funds in the form of distribution and services fees (see “The Variable Account and the Funds – The Funds”);

•

compensation we or an affiliate receive from a fund’s investment adviser, subadviser, distributor or an affiliate of any of these (see “The Variable Account and the Funds – The Funds”); and

•

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

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 withdrawal charges; and

•

fees and expenses charged by the underlying subaccount funds in which you invest, to the extent we or one of our affiliates receive revenue from the funds or an affiliated person.

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.

RiverSource Group Variable Annuity Contract — Prospectus 33

•

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.

Issuer

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 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 registered indexed linked 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.

Investments by RiverSource Life

RiverSource Life must invest its assets in its general account in accordance with requirements established by applicable state laws regarding the nature and quality of investments that life insurance companies may make and the percentage of their assets that they may commit to any particular type of investment. In general, these laws permit investments, within specified limits and subject to certain qualifications, in federal, state, and municipal obligations, corporate bonds, asset-backed securities, preferred and common stocks, real estate mortgages, real estate and certain other investments. All claims by purchasers of the contracts, and other general account products, will be funded by 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

34 RiverSource Group Variable Annuity Contract — Prospectus

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 financial statements for the RiverSource Account F, as well as the consolidated financial statements of RVS Life, are in the Statement of Additional Information. A current Statement of Additional Information may be obtained, without charge, by calling us at 1-800-862-7919, or can be found online at www.ameriprise.com/variableannuities.

RiverSource Group Variable Annuity Contract — Prospectus 35

Appendix A: Investment Options Available Under the Contract

The following is a list of funds available under the contract. More information about the funds is available in the prospectuses for the funds, which may be amended from time to time and can be found online at riversource.com. You can also request this information at no cost by calling 1-800-862-7919 or by sending an email request to [email protected].

The current expenses and performance information below reflects fee and expenses of the funds, but do not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance.

Investment Objective	Fund and Adviser/Sub-Adviser	Current Expenses Ratio [NET]	Average Annual Total Returns (as of 12/31/2024)
Investment Objective	Fund and Adviser/Sub-Adviser	Current Expenses Ratio [NET]	1 Year	5 Year	10 Year
Seeks maximum total investment return through a combination of capital growth and current income.	Columbia Variable Portfolio - Balanced Fund (Class 3) Columbia Management Investment Advisers, LLC	0.88%	14.43%	4.92%	9.28%
Seeks to provide shareholders with high total return through income and growth of capital.	Columbia Variable Portfolio - Corporate Bond Fund (Class 3) (previously Columbia Variable Portfolio - Global Strategic Income Fund (Class 3)) Columbia Management Investment Advisers, LLC	0.60%1	3.25%	(0.69%)	0.73%
Seeks to provide shareholders with capital appreciation.	Columbia Variable Portfolio - Disciplined Core Fund (Class 3) Columbia Management Investment Advisers, LLC	0.80%	25.89%	8.28%	13.92%
Seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal.	Columbia Variable Portfolio - Government Money Market Fund (Class 3) Columbia Management Investment Advisers, LLC	0.49%1	4.84%	3.53%	2.16%
Seeks to provide shareholders with high current income as its primary objective and, as its secondary objective, capital growth.	Columbia Variable Portfolio - High Yield Bond Fund (Class 3) Columbia Management Investment Advisers, LLC	0.77%1	6.95%	2.29%	3.64%
Seeks to provide shareholders with a high level of current income while attempting to conserve the value of the investment for the longest period of time.	Columbia Variable Portfolio - Intermediate Bond Fund (Class 3) Columbia Management Investment Advisers, LLC	0.65%	1.85%	(3.60%)	0.08%
Seeks to provide shareholders with capital appreciation.	Columbia Variable Portfolio - Overseas Core Fund (Class 3) Columbia Management Investment Advisers, LLC	0.92%	3.35%	0.55%	4.00%
Seeks to provide shareholders with growth of capital.	Columbia Variable Portfolio - Select Mid Cap Growth Fund (Class 3) Columbia Management Investment Advisers, LLC	0.95%1	23.52%	2.20%	10.94%

36 RiverSource Group Variable Annuity Contract — Prospectus

This Fund and its investment adviser and/or affiliates have entered into a temporary expense reimbursement arrangement and/or fee waiver. The Fund’s annual expenses reflect temporary fee reductions. Please see the Fund’s prospectus for additional information.

The following fixed option is currently available under the Contract: (i) the fixed account, which has a minimum guaranteed interest rate of 4%.

Note: We will apply a contract adjustment only when we pay out the fixed account value in a lump sum when:

•

you withdraw the total contract value to transfer that value to another funding vehicle;

•

you make a total withdrawal of the fixed account contract value; or

•

we terminate the contract.

RiverSource Group Variable Annuity Contract — Prospectus 37

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

PRO9064_12_D02_(09/25)

Reports and other information about RiverSource Variable Account 10 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: [email protected].

EDGAR Contract Identifier: C000009756

PART B

STATEMENT OF ADDITIONAL INFORMATION

FOR

RIVERSOURCE^® GROUP VARIABLE ANNUITY CONTRACT

RIVERSOURCE ACCOUNT F

September 22, 2025

RiverSource Account F is a separate account established and maintained 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 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.

RiverSource Life Insurance Company

70100 Ameriprise Financial Center

Minneapolis, MN 55474

1-800-862-7919

SAI9050_12_D01_(09/25)

Table of Contents


Company	p.	3

Non-Principal Risk of Investing in the Contracts	p.	3

Services	p.	3

Contract Adjustment	p.	5

Calculating Annuity Payouts

Rating Agencies	p.	8

Principal Underwriter	p.	8

Independent Registered Public Accounting Firm	p.	8

Custodian	p.	8

Financial Statements



2		∎ RIVERSOURCE ACCOUNT F

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.

Non-Principal Risks of Investing in the Contracts

Fund of Funds Risk. Funds that are “funds of funds” (or “feeder funds”) invest substantially all of their assets in other funds and will therefore bear a pro-rata share of fees and expenses incurred by both funds. This will reduce your investment return.

Money Market Fund Sub-Account Delay of Payment Risk. If, pursuant to SEC rules, a Fund that is a money market fund suspends payment of redemption proceeds in connection with a liquidation of such Fund, we will delay payment of any transfer, partial withdrawal, full surrender, or death benefit from the corresponding Subaccount until the Fund is liquidated.

Mixed and Shared Funding Risk. Fund shares may be sold to our insurance company affiliates or other unaffiliated insurance companies to serve as an underlying investment for variable annuity contracts and variable life insurance policies, pursuant to a practice known as mixed and shared funding. As a result, there is a possibility that a material conflict may arise between the interests of Owners, and other Owners investing in these Funds. If a material conflict arises, we will consider what action may be appropriate, including removing the Fund from the Variable Account or replacing the Fund with another underlying Fund.

BUSINESS CONTINUITY/DISASTER RECOVERY

Disruptive events, including natural or man-made disasters and public health crises may adversely affect our ability to conduct business, including if our employees, the employees of intermediaries or service providers are unable to perform their responsibilities as a result of any such event. Such disruptions to our business operations could interfere with processing of transactions (including the issuance of contracts). Also, disruptions may interfere with our ability to receive, pick up and process mail and messages, impact our ability to calculate values, or cause other operational or system issues. Furthermore, these disruptions may persist even if our employees, the employees of intermediaries or service providers are able to work remotely. These events may also impact the issuers of securities in which the Funds invest, which may cause the Funds to lose value. There can be no assurance that RiverSource Life, the Funds, or our service providers will avoid losses affecting your policy due to a disaster or other catastrophe.

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	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



RIVERSOURCE ACCOUNT F ∎			3

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 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.



4		∎ RIVERSOURCE ACCOUNT F

Contract Adjustment

Market Value Adjustment

A Market Value Adjustment (MVA) applies only when we pay out the fixed account value in a lump sum when:

•

you withdraw the total contract value to transfer that value to another funding vehicle;

•

you make a total withdrawal of the fixed account contract value; or

•

we terminate the contract as described below. (See “Contract Termination.”)

We will apply the MVA to the contract value withdrawn from the fixed account after deducting any applicable contract administrative charge and withdrawal charge. (See “Charges and Adjustments.”)

MVA = fixed account value × (A – B) x C



RIVERSOURCE ACCOUNT F ∎			5

Where:


A	=	the weighted average interest rate (in decimal form) credited to all fixed account purchase payments made by you at the time of termination, rounded to four decimal places;

B	=	the interest rate (in decimal form) credited to new purchase payments to the contract at the time of termination or total withdrawal, rounded to four decimal places; and

C	=	the annuity factor, which represents the relationship between the contract year and the average duration of underlying investments from the following table:


Contract year	Annuity factor
1–3		6.0

4–6		5.0

7+		4.0

The following examples show a downward and upward MVA.


1.		Assume: contract effective date of Oct. 1, 1993		contract termination date of July 1, 1998 contract year at termination is five



Year	Purchase payments	Initial rate			Current rate			Accumulation account value
1	$10,000		6.50	%		6.25	%		$12,560

2	8,000		6.00			6.25			9,870

3	12,000		6.25			6.25			13,960

4	15,000		7.50			6.75			16,660

5	20,000		6.50			6.50			20,640


Total accumulation account value	=	$73,690
Withdrawal charge = .03 × 73,690	=	2,211
Fixed account value = 73,690 – 2,211	=	71,479
Weighted average interest rate	=	6.433%
Interest rate on new purchase payments	=	6.750
MVA = $71,479 × (.06433 – .06750) × 5.0	=	$(1,132.94)
Market value = 71,479 – 1,132.94	=	70,346.06


2.		Assume: contract effective date of Jan. 15, 1994		contract termination date of Sept. 20, 1996 contract year at termination is three



Year	Purchase payments	Initial rate			Current rate			Accumulation account value
1	$15,000		7.00	%		6.25	%		$17,710

2	20,000		6.50			6.00			22,140

3	25,000		5.50			5.50			25,910


Total accumulation account value	=	$65,760
Withdrawal charge = .05 × 65,760	=	3,288
Fixed account value = 65,760 – 3,288	=	62,472
Weighted average interest rate	=	5.870%
Interest rate on new purchase payments	=	5.250
MVA = $62,472 × (.05870 – .05250) × 6	=	$2,323.96
Market value = 62,472 + 2,323.96	=	64,795.96

No MVA applies if:

•

you make a partial withdrawal of the fixed account contract value;

•

we pay you installment payments when you withdraw the total contract value and transfer that value to another funding vehicle or we terminate the contract; or

•

you transfer contract values from the fixed account to the variable accounts. (See “Transferring Money Between Accounts.”)



6		∎ RIVERSOURCE ACCOUNT F

Calculating Annuity Payouts

THE VARIABLE ACCOUNTS

We do the following calculations separately for each of the variable accounts. The separate monthly payouts, added together, make up your total variable annuity payout.

Initial Payout: To compute your first monthly payment, we:

•

determine the dollar value of your contract or certificate on the valuation date and deduct any applicable premium tax; then

•

apply the result to the annuity table contained in the contract or certificate, or another table at least as favorable.

The annuity table shows the amount of the first monthly payment for each $1,000 of value which depends on factors built into the table, as described below.

Annuity Units: We then convert the value of your variable account to annuity units. To compute the number of units credited to you, we divide the first monthly payment by the annuity unit value (see below) on the valuation date that falls on (or closest to the valuation date that falls before) the seventh calendar day before the retirement date. The number of units in your variable account is fixed. The value of the units fluctuates with the performance of the underlying fund.

Subsequent Payouts: To compute later payouts, we multiply:

•

the annuity unit value on the valuation date by;

•

the fixed number of annuity units credited to you.

Annuity Unit Values: We originally set this value at $1 for each variable account. To calculate later values we multiply the last annuity value by the product of:

•

the net investment factor; and

•

the neutralizing factor.

The purpose of the neutralizing factor is to offset the effect of the assumed rate built into the annuity table. With an assumed investment rate of 5%, the neutralizing factor is 0.999866 for a one day valuation period.

Net Investment Factor: We determine the net investment factor by:

•

adding the fund’s current net asset value per share plus the per share amount of any accrued income or capital gain dividends to obtain a current adjusted net asset value per share; then

•

dividing that sum by the previous adjusted net asset value per share; and

•

subtracting the percentage factor representing the mortality and expense risk fee from the result.

Because the net asset value of the fund may fluctuate, the net investment factor may be greater or less than one, and the annuity unit value may increase or decrease. You bear this investment risk in a variable account.

THE FIXED ACCOUNT

We guarantee your fixed annuity payout amounts. Once calculated, your payout will remain the same and never change. To calculate your annuity payouts we:

•

take the value of your fixed account at the retirement date or the date you selected to begin receiving your annuity payouts; then

•

using an annuity table, we apply the value according to the annuity payout plan you select.

The annuity payout table we use will be the one in effect at the time you choose to begin your annuity payouts. The values in the table will be equal to or greater than the table in your contract or certificate.



RIVERSOURCE ACCOUNT F ∎			7

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 fixed account and not to the variable accounts. This information generally does not relate to the management or performance of the variable accounts.

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. Best			www.ambest.com

Moody’s			www.moodys.com

Standard & Poor’s			www.standardandpoors.com

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), our affiliate, serves as principal underwriter for the contracts, which are offered on a continuous basis. Its offices are located at 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). 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 for the variable accounts 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 and the financial statements of each of the divisions of RiverSource Account F as of December 31, 2024 and for the period then ended and the statement of changes in net assets for each of the two 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.

Custodian

RiverSource Life is the custodian of the assets of RiverSource Account F. RiverSource Life holds these assets for safekeeping, maintains records and accounts relating to the variable account including purchase and redemption transactions, and is responsible for administration of the contracts. RiverSource Life’s principal offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474.



8		∎ RIVERSOURCE ACCOUNT F

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS OF RIVERSOURCE LIFE INSURANCE COMPANY AND

THE CONTRACT OWNERS OF RIVERSOURCE ACCOUNT F

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the divisions of RiverSource Account F, as indicated in Note 1, as of December 31, 2024, and the related statements of operations and of changes in net assets for each of the periods indicated in Note 1, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of RiverSource Account F as of December 31, 2024, and the results of each of their operations and the changes in each of their net assets for each of the periods indicated in Note 1 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the RiverSource Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of the RiverSource Account F 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 each of the divisions of the RiverSource Account F 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 financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the 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 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 financial statements. Our procedures included confirmation of investments owned as of December 31, 2024, by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 24, 2025

We have served as the auditor of one or more of the divisions of RiverSource Account F since 2010.



RIVERSOURCE ACCOUNT F ∎			9

Statements of Assets and Liabilities


December 31, 2024	AB VPS Relative Val, Cl B		Allspg VT Sm Cap Gro, Cl 2		Col VP Bal, Cl 3		Col VP Disciplined Core, Cl 3		Col VP Divd Opp, Cl 3
Assets
Investments, at fair value^(1),(2)	$	29,841,934	$	20,663,246	$	342,359,016	$	579,898,921	$	76,285,120
Dividends receivable		—		—		—		—		—
Receivable for share redemptions		38,631		37,387		398,008		599,831		70,196
Total assets		29,880,565		20,700,633		342,757,024		580,498,752		76,355,316

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		26,324		18,264		301,092		510,737		67,386
Contract terminations		12,307		19,123		96,916		89,094		2,810
Total liabilities		38,631		37,387		398,008		599,831		70,196
Net assets applicable to contracts in accumulation period		29,486,842		20,549,308		339,486,338		574,530,642		75,576,742
Net assets applicable to contracts in payment period		355,092		113,938		2,872,678		5,368,279		708,378
Total net assets	$	29,841,934	$	20,663,246	$	342,359,016	$	579,898,921	$	76,285,120
⁽¹⁾ Investment shares		966,697		2,214,710		7,089,646		5,231,856		1,716,201
⁽²⁾ Investments, at cost	$	24,693,290	$	19,708,987	$	105,680,173	$	123,568,408	$	21,433,215

December 31, 2024 (continued)	Col VP Global Strategic Inc, Cl 3		Col VP Govt Money Mkt, Cl 3		Col VP Hi Yield Bond, Cl 3		Col VP Inter Bond, Cl 3		Col VP Lg Cap Gro, Cl 3
Assets
Investments, at fair value^(1),(2)	$	4,641,121	$	14,988,594	$	15,276,840	$	61,978,464	$	40,213,946
Dividends receivable		—		1,681		—		—		—
Receivable for share redemptions		6,843		13,425		18,693		73,916		44,012
Total assets		4,647,964		15,003,700		15,295,533		62,052,380		40,257,958

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		4,076		13,247		13,497		54,490		35,297
Contract terminations		2,767		178		5,196		19,426		8,715
Total liabilities		6,843		13,425		18,693		73,916		44,012
Net assets applicable to contracts in accumulation period		4,621,828		14,956,929		15,016,459		61,500,422		39,542,007
Net assets applicable to contracts in payment period		19,293		33,346		260,381		478,042		671,939
Total net assets	$	4,641,121	$	14,990,275	$	15,276,840	$	61,978,464	$	40,213,946
⁽¹⁾ Investment shares		600,404		14,988,594		2,488,085		7,422,571		835,701
⁽²⁾ Investments, at cost	$	5,776,813	$	14,988,361	$	16,061,554	$	77,508,234	$	8,462,505

See accompanying notes to financial statements.



10		∎ RIVERSOURCE ACCOUNT F

Statements of Assets and Liabilities


December 31, 2024 (continued)	Col VP Overseas Core, Cl 3		Col VP Select Mid Cap Gro, Cl 3
Assets
Investments, at fair value^(1),(2)	$	71,794,194	$	150,782,016
Dividends receivable		—		—
Receivable for share redemptions		81,521		148,679
Total assets		71,875,715		150,930,695

Liabilities
Payable to RiverSource Life for:
Mortality and expense risk fee		63,225		133,163
Contract terminations		18,296		15,516
Total liabilities		81,521		148,679
Net assets applicable to contracts in accumulation period		71,239,418		149,519,617
Net assets applicable to contracts in payment period		554,776		1,262,399
Total net assets	$	71,794,194	$	150,782,016
⁽¹⁾ Investment shares		5,455,486		2,735,027
⁽²⁾ Investments, at cost	$	60,413,194	$	32,703,637

See accompanying notes to financial statements.



RIVERSOURCE ACCOUNT F ∎			11

Statements of Operations


Year ended December 31, 2024	AB VPS Relative Val, Cl B			Allspg VT Sm Cap Gro, Cl 2			Col VP Bal, Cl 3			Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 3
Investment income
Dividend income	$	392,162		$	—		$	—		$	—		$	—
Variable account expenses		316,424			213,354			3,492,970			5,747,368			794,410
Investment income (loss) — net		75,738			(213,354	)		(3,492,970	)		(5,747,368	)		(794,410	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		4,336,781			3,264,395			43,236,758			73,943,002			11,320,337
Cost of investments sold		3,552,906			3,271,371			13,994,603			17,096,096			3,310,184
Net realized gain (loss) on sales of investments		783,875			(6,976	)		29,242,155			56,846,906			8,010,153
Distributions from capital gains		1,103,459			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,497,979			3,630,579			17,408,962			72,618,550			3,147,140
Net gain (loss) on investments		3,385,313			3,623,603			46,651,117			129,465,456			11,157,293
Net increase (decrease) in net assets resulting from operations	$	3,461,051		$	3,410,249		$	43,158,147		$	123,718,088		$	10,362,883

Year ended December 31, 2024 (continued)	Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 3			Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 3
Investment income
Dividend income	$	164,784		$	723,675		$	956,168		$	3,009,226		$	—
Variable account expenses		49,368			153,250			166,178			647,699			387,809
Investment income (loss) — net		115,416			570,425			789,990			2,361,527			(387,809	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales		803,155			3,921,103			3,484,708			7,162,263			5,866,952
Cost of investments sold		1,013,257			3,921,034			3,687,967			8,852,888			1,309,815
Net realized gain (loss) on sales of investments		(210,102	)		69			(203,259	)		(1,690,625	)		4,557,137
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		201,799			(70	)		359,469			(114,103	)		5,735,679
Net gain (loss) on investments		(8,303	)		(1	)		156,210			(1,804,728	)		10,292,816
Net increase (decrease) in net assets resulting from operations	$	107,113		$	570,424		$	946,200		$	556,799		$	9,905,007

Year ended December 31, 2024 (continued)										Col VP Overseas Core, Cl 3			Col VP Select Mid Cap Gro, Cl 3
Investment income
Dividend income										$	3,338,158		$	—
Variable account expenses											777,855			1,469,412
Investment income (loss) — net											2,560,303			(1,469,412	)

Realized and unrealized gain (loss) on investments — net
Realized gain (loss) on sales of investments:
Proceeds from sales											10,023,224			20,552,417
Cost of investments sold											8,260,522			4,931,276
Net realized gain (loss) on sales of investments											1,762,702			15,621,141
Distributions from capital gains											—			—
Net change in unrealized appreciation (depreciation) of investments											(2,387,318	)		15,164,761
Net gain (loss) on investments											(624,616	)		30,785,902
Net increase (decrease) in net assets resulting from operations										$	1,935,687		$	29,316,490

See accompanying notes to financial statements.



12		∎ RIVERSOURCE ACCOUNT F

Statements of Changes in Net Assets


Year ended December 31, 2024	AB VPS Relative Val, Cl B			Allspg VT Sm Cap Gro, Cl 2			Col VP Bal, Cl 3			Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 3
Operations
Investment income (loss) — net	$	75,738		$	(213,354	)	$	(3,492,970	)	$	(5,747,368	)	$	(794,410	)
Net realized gain (loss) on sales of investments		783,875			(6,976	)		29,242,155			56,846,906			8,010,153
Distributions from capital gains		1,103,459			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		1,497,979			3,630,579			17,408,962			72,618,550			3,147,140
Net increase (decrease) in net assets resulting from operations		3,461,051			3,410,249			43,158,147			123,718,088			10,362,883

Contract transactions
Contract purchase payments		60,426			56,356			789,684			1,111,814			214,703
Net transfers⁽¹⁾		(539,126	)		(455,006	)		1,332,343			(4,194,530	)		(1,113,537	)
Transfers for policy loans		7,912			8,073			70,016			135,862			28,858
Adjustments to net assets allocated to contracts in payment period		(44,774	)		(117,822	)		(897,308	)		(1,437,855	)		(232,080	)
Contract charges		(11,345	)		(8,058	)		(158,600	)		(267,121	)		(32,035	)
Contract terminations:
Surrender benefits		(2,901,159	)		(2,167,245	)		(32,864,760	)		(52,979,070	)		(7,690,932	)
Death benefits		(565,750	)		(312,519	)		(7,309,879	)		(10,464,773	)		(1,539,248	)
Increase (decrease) from transactions		(3,993,816	)		(2,996,221	)		(39,038,504	)		(68,095,673	)		(10,364,271	)
Net assets at beginning of year		30,374,699			20,249,218			338,239,373			524,276,506			76,286,508
Net assets at end of year	$	29,841,934		$	20,663,246		$	342,359,016		$	579,898,921		$	76,285,120

Accumulation unit activity
Units outstanding at beginning of year		8,621,154			5,396,832			25,645,769			15,295,118			19,208,214
Units purchased		18,017			15,609			153,573			32,408			56,745
Units redeemed		(1,052,660	)		(705,766	)		(2,851,395	)		(1,737,196	)		(2,407,610	)
Units outstanding at end of year		7,586,511			4,706,675			22,947,947			13,590,330			16,857,349

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE ACCOUNT F ∎			13

Statements of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 3			Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 3
Operations
Investment income (loss) — net	$	115,416		$	570,425		$	789,990		$	2,361,527		$	(387,809	)
Net realized gain (loss) on sales of investments		(210,102	)		69			(203,259	)		(1,690,625	)		4,557,137
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		201,799			(70	)		359,469			(114,103	)		5,735,679
Net increase (decrease) in net assets resulting from operations		107,113			570,424			946,200			556,799			9,905,007

Contract transactions
Contract purchase payments		16,349			37,036			57,908			291,482			107,827
Net transfers⁽¹⁾		53,538			2,458,030			(197,624	)		2,580,700			(132,169	)
Transfers for policy loans		1,469			13,209			483			18,380			16,707
Adjustments to net assets allocated to contracts in payment period		(7,744	)		(13,500	)		(39,546	)		(228,802	)		(112,654	)
Contract charges		(2,257	)		(8,592	)		(6,856	)		(36,836	)		(12,679	)
Contract terminations:
Surrender benefits		(536,682	)		(3,422,875	)		(2,384,842	)		(5,972,540	)		(3,430,095	)
Death benefits		(108,036	)		(320,929	)		(542,650	)		(1,661,935	)		(975,919	)
Increase (decrease) from transactions		(583,363	)		(1,257,621	)		(3,113,127	)		(5,009,551	)		(4,538,982	)
Net assets at beginning of year		5,117,371			15,677,472			17,443,767			66,431,216			34,847,921
Net assets at end of year	$	4,641,121		$	14,990,275		$	15,276,840		$	61,978,464		$	40,213,946

Accumulation unit activity
Units outstanding at beginning of year		2,801,056			5,251,304			4,907,993			6,682,330			9,142,209
Units purchased		38,981			829,356			15,985			293,700			28,530
Units redeemed		(352,196	)		(1,241,014	)		(867,384	)		(775,215	)		(1,040,366	)
Units outstanding at end of year		2,487,841			4,839,646			4,056,594			6,200,815			8,130,373

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



14		∎ RIVERSOURCE ACCOUNT F

Statements of Changes in Net Assets


Year ended December 31, 2024 (continued)	Col VP Overseas Core, Cl 3			Col VP Select Mid Cap Gro, Cl 3
Operations
Investment income (loss) — net	$	2,560,303		$	(1,469,412	)
Net realized gain (loss) on sales of investments		1,762,702			15,621,141
Distributions from capital gains		—			—
Net change in unrealized appreciation (depreciation) of investments		(2,387,318	)		15,164,761
Net increase (decrease) in net assets resulting from operations		1,935,687			29,316,490

Contract transactions
Contract purchase payments		405,697			460,188
Net transfers⁽¹⁾		(1,238,913	)		(1,859,625	)
Transfers for policy loans		30,406			34,999
Adjustments to net assets allocated to contracts in payment period		(79,155	)		(399,955	)
Contract charges		(42,264	)		(74,756	)
Contract terminations:
Surrender benefits		(7,161,208	)		(14,816,922	)
Death benefits		(1,062,380	)		(2,045,315	)
Increase (decrease) from transactions		(9,147,817	)		(18,701,386	)
Net assets at beginning of year		79,006,324			140,166,912
Net assets at end of year	$	71,794,194		$	150,782,016

Accumulation unit activity
Units outstanding at beginning of year		24,556,958			34,721,712
Units purchased		132,207			113,371
Units redeemed		(2,875,687	)		(4,249,974	)
Units outstanding at end of year		21,813,478			30,585,109

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE ACCOUNT F ∎			15

Statements of Changes in Net Assets


Year ended December 31, 2023	AB VPS Relative Val, Cl B			Allspg VT Sm Cap Gro, Cl 2			Col VP Bal, Cl 3			Col VP Disciplined Core, Cl 3			Col VP Divd Opp, Cl 3
Operations
Investment income (loss) — net	$	81,732		$	(215,865	)	$	(3,258,666	)	$	(5,032,254	)	$	(774,272	)
Net realized gain (loss) on sales of investments		394,653			(499,799	)		21,900,943			37,998,047			6,698,497
Distributions from capital gains		2,407,407			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		121,364			1,355,614			40,631,962			70,356,944			(3,164,317	)
Net increase (decrease) in net assets resulting from operations		3,005,156			639,950			59,274,239			103,322,737			2,759,908

Contract transactions
Contract purchase payments		72,034			59,043			886,882			1,141,832			243,784
Net transfers⁽¹⁾		(554,590	)		(666,880	)		(781,042	)		(3,822,876	)		(940,956	)
Transfers for policy loans		12,919			10,317			94,112			180,415			44,662
Adjustments to net assets allocated to contracts in payment period		59,987			(19,537	)		(686,918	)		(1,043,764	)		(121,635	)
Contract charges		(12,276	)		(9,092	)		(170,977	)		(278,006	)		(35,728	)
Contract terminations:
Surrender benefits		(2,372,804	)		(1,956,684	)		(25,688,626	)		(37,602,215	)		(6,851,190	)
Death benefits		(542,964	)		(300,701	)		(5,867,927	)		(7,453,444	)		(1,281,199	)
Increase (decrease) from transactions		(3,337,694	)		(2,883,534	)		(32,214,496	)		(48,878,058	)		(8,942,262	)
Net assets at beginning of year		30,707,237			22,492,802			311,179,630			469,831,827			82,468,862
Net assets at end of year	$	30,374,699		$	20,249,218		$	338,239,373		$	524,276,506		$	76,286,508

Accumulation unit activity
Units outstanding at beginning of year		9,671,448			6,181,571			28,289,093			16,841,600			21,570,579
Units purchased		26,192			18,758			82,982			43,389			77,252
Units redeemed		(1,076,486	)		(803,497	)		(2,726,306	)		(1,589,871	)		(2,439,617	)
Units outstanding at end of year		8,621,154			5,396,832			25,645,769			15,295,118			19,208,214

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



16		∎ RIVERSOURCE ACCOUNT F

Statements of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Global Strategic Inc, Cl 3			Col VP Govt Money Mkt, Cl 3			Col VP Hi Yield Bond, Cl 3			Col VP Inter Bond, Cl 3			Col VP Lg Cap Gro, Cl 3
Operations
Investment income (loss) — net	$	110,418		$	530,431		$	758,139		$	793,310		$	(315,515	)
Net realized gain (loss) on sales of investments		(225,736	)		74			(302,786	)		(1,870,970	)		2,619,464
Distributions from capital gains		—			—			—			—			—
Net change in unrealized appreciation (depreciation) of investments		540,346			(73	)		1,357,078			4,381,104			8,390,915
Net increase (decrease) in net assets resulting from operations		425,028			530,432			1,812,431			3,303,444			10,694,864

Contract transactions
Contract purchase payments		20,936			59,847			63,664			263,776			116,437
Net transfers⁽¹⁾		184,361			2,991,328			218,720			1,900,875			412,799
Transfers for policy loans		2,536			10,305			1,222			10,065			19,805
Adjustments to net assets allocated to contracts in payment period		(8,007	)		(15,411	)		(39,535	)		(103,818	)		29,045
Contract charges		(2,612	)		(9,284	)		(8,038	)		(42,562	)		(12,241	)
Contract terminations:
Surrender benefits		(472,437	)		(3,002,779	)		(1,987,022	)		(5,389,403	)		(2,746,701	)
Death benefits		(153,306	)		(68,844	)		(392,952	)		(1,732,960	)		(399,876	)
Increase (decrease) from transactions		(428,529	)		(34,838	)		(2,143,941	)		(5,094,027	)		(2,580,732	)
Net assets at beginning of year		5,120,872			15,181,878			17,775,277			68,221,799			26,733,789
Net assets at end of year	$	5,117,371		$	15,677,472		$	17,443,767		$	66,431,216		$	34,847,921

Accumulation unit activity
Units outstanding at beginning of year		3,044,219			5,261,156			5,548,691			7,209,989			9,949,440
Units purchased		120,791			1,043,968			84,681			229,693			161,567
Units redeemed		(363,954	)		(1,053,820	)		(725,379	)		(757,352	)		(968,798	)
Units outstanding at end of year		2,801,056			5,251,304			4,907,993			6,682,330			9,142,209

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



RIVERSOURCE ACCOUNT F ∎			17

Statements of Changes in Net Assets


Year ended December 31, 2023 (continued)	Col VP Overseas Core, Cl 3			Col VP Select Mid Cap Gro, Cl 3
Operations
Investment income (loss) — net	$	641,453		$	(1,346,165	)
Net realized gain (loss) on sales of investments		946,999			9,875,641
Distributions from capital gains		—			—
Net change in unrealized appreciation (depreciation) of investments		8,767,315			19,847,902
Net increase (decrease) in net assets resulting from operations		10,355,767			28,377,378

Contract transactions
Contract purchase payments		420,407			503,921
Net transfers⁽¹⁾		(676,317	)		(1,319,413	)
Transfers for policy loans		51,657			79,478
Adjustments to net assets allocated to contracts in payment period		(82,780	)		(180,353	)
Contract charges		(48,173	)		(79,498	)
Contract terminations:
Surrender benefits		(5,836,634	)		(9,886,633	)
Death benefits		(1,191,464	)		(1,555,992	)
Increase (decrease) from transactions		(7,363,304	)		(12,438,490	)
Net assets at beginning of year		76,013,861			124,228,024
Net assets at end of year	$	79,006,324		$	140,166,912

Accumulation unit activity
Units outstanding at beginning of year		27,002,506			38,094,490
Units purchased		158,168			161,697
Units redeemed		(2,603,716	)		(3,534,475	)
Units outstanding at end of year		24,556,958			34,721,712

⁽¹⁾	Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.

See accompanying notes to financial statements.



18		∎ RIVERSOURCE ACCOUNT F

Notes to Financial Statements

1. ORGANIZATION

RiverSource Account F (the Account) was established under Minnesota law as a segregated asset account of RiverSource Life Insurance Company (RiverSource Life). The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended (the 1940 Act) and exists in accordance with the rules and regulations of the Insurance Division, Department of Commerce of the State of Minnesota.

The Account is used as a funding vehicle for individual variable annuity contracts issued by RiverSource Life. The following is a list of each variable annuity product funded through the Account.

RiverSource^® Employee Benefit Annuity*

RiverSource^® Flexible Annuity

RiverSource^® Group Variable Annuity Contract

RiverSource^® Variable Retirement and Combination Retirement Annuities

*	New contracts are no longer being issued for this product. As a result, an annual contract prospectus and statement of additional information are no longer distributed. An annual report for this product is distributed to all current contract holders.

The Account is comprised of various divisions. Each division invests exclusively in shares of the following funds or portfolios (collectively, the Funds), which are registered under the 1940 Act as open-end management investment companies. The name of each Fund and the corresponding division name are provided below. Each division is comprised of subaccounts. Individual variable annuity accounts invest in subaccounts. For each division, the financial statements are comprised of a statement of assets and liabilities as of December 31, 2024, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month period.


Division		Fund
AB VPS Relative Val, Cl B		AB VPS Relative Value Portfolio (Class B)
Allspg VT Sm Cap Gro, Cl 2		Allspring VT Small Cap Growth Fund – Class 2
Col VP Bal, Cl 3		Columbia Variable Portfolio – Balanced Fund (Class 3)
Col VP Disciplined Core, Cl 3		Columbia Variable Portfolio – Disciplined Core Fund (Class 3)
Col VP Divd Opp, Cl 3		Columbia Variable Portfolio – Dividend Opportunity Fund (Class 3)
Col VP Global Strategic Inc, Cl 3		Columbia Variable Portfolio – Global Strategic Income Fund (Class 3)
		(renamed to Columbia Variable Portfolio – Corporate Bond Fund (Class 3) effective sometime during the second quarter of 2025)
Col VP Govt Money Mkt, Cl 3		Columbia Variable Portfolio – Government Money Market Fund (Class 3)
Col VP Hi Yield Bond, Cl 3		Columbia Variable Portfolio – High Yield Bond Fund (Class 3)
Col VP Inter Bond, Cl 3		Columbia Variable Portfolio – Intermediate Bond Fund (Class 3)
Col VP Lg Cap Gro, Cl 3		Columbia Variable Portfolio – Large Cap Growth Fund (Class 3)
Col VP Overseas Core, Cl 3		Columbia Variable Portfolio – Overseas Core Fund (Class 3)
Col VP Select Mid Cap Gro, Cl 3		Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 3)

The assets of each division of the Account are not chargeable with liabilities arising out of the business conducted by any other segregated asset account or by RiverSource Life.

RiverSource Life serves as issuer of the contracts.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in the Funds

Investment transactions are accounted for on the trade date the shares are purchased and sold. Realized gains and losses on the sales of investments are computed using the average cost method. Income from dividends and gains from realized capital gain distributions are reinvested in additional shares of the Funds and are recorded as income by the divisions on the ex-dividend date.

Unrealized appreciation or depreciation of investments in the accompanying financial statements represents the division’s share of the Funds’ undistributed net investment income, undistributed realized gain or loss and the unrealized appreciation or depreciation on their investment securities.

The Account categorizes its fair value measurements according to a three-level hierarchy. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the fair value measurement. 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.



RIVERSOURCE ACCOUNT F ∎			19

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.

The Funds in the Accounts have been measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are therefore not categorized in the fair value hierarchy. There were no transfers between levels in the period ended December 31, 2024.

Variable Payout

Net assets allocated to contracts in the payout period are periodically compared to a computation which uses the Annuity 2000 Basic Mortality Table and which assumes future mortality improvement. The assumed investment return is 3.5% or 5% based on the annuitant’s election, or as regulated by the laws of the respective states. The mortality risk is fully borne by RiverSource Life and may result in additional amounts being transferred into the variable annuity account by RiverSource Life to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the insurance company.

Federal Income Taxes

RiverSource Life is taxed as a life insurance company. The Account is treated as part of RiverSource Life for federal income tax purposes. Under existing federal income tax law, no income taxes are payable with respect to any investment income of the Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Account for federal income taxes. RiverSource Life will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Subsequent Events

Management has evaluated Account related events and transactions that occurred through the date the financial statements were issued. Management noted there were no items requiring adjustments or additional disclosures in the Account’s financial statements.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.

Segment Reporting

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. 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 standard was adopted on January 1, 2024. The adoption of the standard did not have an impact on the statement of assets and liabilities, the statement of operations or the statement of changes in net assets, as the standard is disclosure-related only.

The Chairman and President of RiverSource Life Insurance Company acts as the Account’s chief operating decision maker (“CODM”) in assessing performance and making decisions about resource allocation. The CODM has determined that the Account has a single operating segment because the CODM monitors net income, investment performance and overall operating results of the Account as a whole in making decisions about resource allocation. The financial information provided to and reviewed by the CODM is consistent with that presented within the Account’s financial statements.

3. VARIABLE ACCOUNT EXPENSES

RiverSource Life deducts a daily mortality and expense risk fee equal, on an annual basis, to 1.00% of the average daily net assets of each subaccount.

4. CONTRACT CHARGES

RiverSource Life deducts a contract administrative charge of $20 to $500 per year on the contract anniversary depending upon the product selected. This charge reimburses RiverSource Life for expenses incurred in establishing and maintaining the annuity records. Certain products may waive this charge based upon the underlying contract value.

5. SURRENDER (WITHDRAWAL) CHARGES

RiverSource Life may assess a surrender (withdrawal) charge to help it recover certain expenses related to the sale of the annuity. Such charges are not treated as a separate expense of the divisions as they are ultimately deducted from contract surrender benefits paid by RiverSource Life. Charges by RiverSource Life for surrenders are not identified on an individual division basis.



20		∎ RIVERSOURCE ACCOUNT F

6. RELATED PARTY TRANSACTIONS

RiverSource Life is a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).

The following table reflects fees paid by certain affiliated funds to Ameriprise Financial and its affiliates.


Fee Agreement:		Fees Paid To:
Management Agreement		Columbia Management Investment Advisers, LLC
Shareholder Services Agreement		Columbia Management Investment Services Corp.
Plan and Agreement of Distribution		Columbia Management Investment Distributors, Inc.
Investment Advisory Agreement		Columbia Wanger Asset Management, LLC
Administrative Services Agreement		Columbia Wanger Asset Management, LLC

7. INVESTMENT TRANSACTIONS

The divisions’ purchases of Funds’ shares, including reinvestment of dividend distributions, for the year ended December 31, 2024 were as follows:


Division	Purchases
AB VPS Relative Val, Cl B	$	1,522,162
Allspg VT Sm Cap Gro, Cl 2		54,820
Col VP Bal, Cl 3		705,284
Col VP Disciplined Core, Cl 3		99,961
Col VP Divd Opp, Cl 3		161,656
Col VP Global Strategic Inc, Cl 3		335,208
Col VP Govt Money Mkt, Cl 3		3,234,338
Col VP Hi Yield Bond, Cl 3		1,161,571
Col VP Inter Bond, Cl 3		4,514,239
Col VP Lg Cap Gro, Cl 3		940,161
Col VP Overseas Core, Cl 3		3,435,710
Col VP Select Mid Cap Gro, Cl 3		381,619

8. FINANCIAL HIGHLIGHTS

The table below shows certain financial information regarding the divisions.


	At December 31						For the year ended December 31
	Units (000s)		Accumulation unit value		Net assets (000s)		Investment income ratio⁽¹⁾			Expense ratio⁽²⁾			Total return⁽³⁾
AB VPS Relative Val, Cl B
2024		7,587		$3.89		$29,842		1.25	%		1.00	%		11.64	%
2023		8,621		$3.48		$30,375		1.28	%		1.00	%		10.61	%
2022		9,671		$3.15		$30,707		1.10	%		1.00	%		(5.37	%)
2021		10,392		$3.33		$34,849		0.64	%		1.00	%		26.57	%
2020		11,312		$2.63		$30,045		1.32	%		1.00	%		1.45	%
Allspg VT Sm Cap Gro, Cl 2
2024		4,707		$4.37		$20,663		—			1.00	%		17.52	%
2023		5,397		$3.72		$20,249		—			1.00	%		3.07	%
2022		6,182		$3.60		$22,493		—			1.00	%		(35.07	%)
2021		6,850		$5.55		$38,389		—			1.00	%		6.57	%
2020		7,653		$5.21		$40,241		—			1.00	%		56.22	%
Col VP Bal, Cl 3
2024		22,948		$14.79		$342,359		—			1.00	%		13.29	%
2023		25,646		$13.06		$338,239		—			1.00	%		20.03	%
2022		28,289		$10.88		$311,180		—			1.00	%		(17.57	%)
2021		30,985		$13.20		$413,806		—			1.00	%		13.59	%
2020		33,583		$11.62		$395,235		—			1.00	%		16.42	%
Col VP Disciplined Core, Cl 3
2024		13,590		$42.27		$579,899		—			1.00	%		24.64	%
2023		15,295		$33.92		$524,277		—			1.00	%		23.00	%
2022		16,842		$27.58		$469,832		—			1.00	%		(19.64	%)
2021		18,248		$34.31		$633,914		—			1.00	%		31.25	%
2020		19,999		$26.14		$529,834		—			1.00	%		12.85	%



RIVERSOURCE ACCOUNT F ∎			21


	At December 31						For the year ended December 31
	Units (000s)		Accumulation unit value		Net assets (000s)		Investment income ratio⁽¹⁾			Expense ratio⁽²⁾			Total return⁽³⁾
Col VP Divd Opp, Cl 3
2024		16,857		$4.48		$76,285		—			1.00	%		14.12	%
2023		19,208		$3.93		$76,287		—			1.00	%		3.91	%
2022		21,571		$3.78		$82,469		—			1.00	%		(2.22	%)
2021		22,524		$3.87		$88,324		—			1.00	%		24.76	%
2020		24,809		$3.10		$78,135		—			1.00	%		0.02	%
Col VP Global Strategic Inc, Cl 3
2024		2,488		$1.86		$4,641		3.34	%		1.00	%		2.22	%
2023		2,801		$1.82		$5,117		3.20	%		1.00	%		8.72	%
2022		3,044		$1.67		$5,121		3.37	%		1.00	%		(14.46	%)
2021		3,324		$1.95		$6,544		3.95	%		1.00	%		0.14	%
2020		3,699		$1.95		$7,277		5.12	%		1.00	%		3.64	%
Col VP Govt Money Mkt, Cl 3
2024		4,840		$3.09		$14,990		4.73	%		1.00	%		3.82	%
2023		5,251		$2.98		$15,677		4.51	%		1.00	%		3.56	%
2022		5,261		$2.87		$15,182		1.26	%		1.00	%		0.16	%
2021		4,029		$2.87		$11,642		0.01	%		1.00	%		(0.97	%)
2020		4,260		$2.90		$12,404		0.20	%		1.00	%		(0.72	%)
Col VP Hi Yield Bond, Cl 3
2024		4,057		$3.70		$15,277		5.77	%		1.00	%		5.88	%
2023		4,908		$3.50		$17,444		5.36	%		1.00	%		10.97	%
2022		5,549		$3.15		$17,775		5.12	%		1.00	%		(11.59	%)
2021		6,161		$3.56		$22,339		4.95	%		1.00	%		3.82	%
2020		6,639		$3.43		$23,317		5.66	%		1.00	%		5.49	%
Col VP Inter Bond, Cl 3
2024		6,201		$9.92		$61,978		4.65	%		1.00	%		0.83	%
2023		6,682		$9.84		$66,431		2.20	%		1.00	%		5.14	%
2022		7,210		$9.36		$68,222		3.08	%		1.00	%		(17.99	%)
2021		7,899		$11.41		$91,208		3.16	%		1.00	%		(1.34	%)
2020		8,589		$11.56		$100,587		2.76	%		1.00	%		11.33	%
Col VP Lg Cap Gro, Cl 3
2024		8,130		$4.86		$40,214		—			1.00	%		29.88	%
2023		9,142		$3.74		$34,848		—			1.00	%		41.53	%
2022		9,949		$2.65		$26,734		—			1.00	%		(32.13	%)
2021		11,162		$3.90		$44,253		—			1.00	%		27.26	%
2020		12,123		$3.06		$37,810		—			1.00	%		33.23	%
Col VP Overseas Core, Cl 3
2024		21,813		$3.27		$71,794		4.31	%		1.00	%		2.31	%
2023		24,557		$3.19		$79,006		1.83	%		1.00	%		14.32	%
2022		27,003		$2.79		$76,014		0.80	%		1.00	%		(15.65	%)
2021		29,545		$3.31		$98,637		1.18	%		1.00	%		8.79	%
2020		32,061		$3.04		$98,534		1.56	%		1.00	%		7.84	%
Col VP Select Mid Cap Gro, Cl 3
2024		30,585		$4.89		$150,782		—			1.00	%		22.29	%
2023		34,722		$4.00		$140,167		—			1.00	%		23.84	%
2022		38,094		$3.23		$124,228		—			1.00	%		(31.61	%)
2021		41,373		$4.72		$197,564		—			1.00	%		15.25	%
2020		45,504		$4.10		$188,621		—			1.00	%		33.89	%

⁽¹⁾

These amounts represent the dividends, excluding distributions of capital gains, received by the division from the underlying fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude variable account expenses that result in direct reductions in the unit values. The recognition of investment income by the division is affected by the timing of the declaration of dividends by the underlying fund in which the division invests. These ratios are annualized for periods less than one year.

⁽²⁾

These ratios represent the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

⁽³⁾

These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period.



22		∎ RIVERSOURCE ACCOUNT F

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.

F-23

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 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-24

RiverSource Life Insurance Company

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts)


December 31,	2024			2023
Assets
Investments:
Available-for-Sale:
Fixed maturities, at fair value (amortized cost: 2024, $23,127; 2023, $19,871; allowance for credit losses: 2024, $1; 2023, $2)	$	22,259		$	19,374
Mortgage loans, at amortized cost (allowance for credit losses: 2024, $10; 2023, $10)		1,797			1,725
Policy loans		982			912
Other investments (allowance for credit losses: 2024, nil; 2023, nil)		115			165
Total investments		25,153			22,176
Investments of consolidated investment entities, at fair value		2,387			2,099
Cash and cash equivalents		2,483			2,598
Cash of consolidated investment entities, at fair value		373			87
Market risk benefits		2,182			1,427
Reinsurance recoverables (allowance for credit losses: 2024, $20; 2023, $27)		4,046			4,284
Receivables		6,042			6,702
Receivables of consolidated investment entities, at fair value		31			28
Accrued investment income		216			176
Deferred acquisition costs		2,661			2,696
Other assets		10,482			6,977
Other assets of consolidated investment entities, at fair value		2			1
Separate account assets		75,576			74,634
Total assets	$	131,634		$	123,885

Liabilities and Shareholder’s Equity
Liabilities:
Policyholder account balances, future policy benefits and claims	$	41,863		$	37,535
Market risk benefits		1,263			1,762
Short-term borrowings		201			201
Long-term debt		500			500
Debt of consolidated investment entities, at fair value		2,429			2,155
Other liabilities		8,298			5,896
Other liabilities of consolidated investment entities, at fair value		314			45
Separate account liabilities		75,576			74,634
Total liabilities		130,444			122,728
Shareholder’s equity:
Common stock, $30 par value; 100,000 shares authorized, issued and outstanding		3			3
Additional paid-in capital		2,466			2,466
Accumulated deficit		(400	)		(618	)
Accumulated other comprehensive income (loss), net of tax		(879	)		(694	)
Total shareholder’s equity		1,190			1,157
Total liabilities and shareholder’s equity	$	131,634		$	123,885

See Notes to Consolidated Financial Statements.

F-25

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		1,546			1,304			827
Policy and contract charges		2,060			2,020			2,078
Other revenues		578			590			644
Net realized investment gains (losses)		(81	)		(70	)		(100	)
Total revenues		4,575			4,292			3,755

Benefits and expenses
Benefits, claims, losses and settlement expenses		1,299			1,348			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
Total benefits and expenses		3,654			3,908			2,244
Pretax income (loss)		921			384			1,511
Income tax provision (benefit)		103			(10	)		209
Net income	$	818		$	394		$	1,302

See Notes to Consolidated Financial Statements.

F-26

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


Years Ended December 31,	2024			2023			2022

Net income	$	818		$	394		$	1,302
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities		(276	)		509			(2,035	)
Effect of changes in discount rate assumptions on certain long-duration contracts		153			(54	)		861
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-27

RiverSource Life Insurance Company

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(in millions)


	Common Shares		Additional Paid-In Capital		Retained Earnings (Deficit)			Accumulated Other Comprehensive Income (Loss)			Total
Balances at January 1, 2022	$	3	$	2,466	$	(1,114	)	$	(317	)	$	1,038
Net income		—		—		1,302			—			1,302
Other comprehensive loss, net of tax		—		—		—			(767	)		(767	)
Cash dividends to Ameriprise Financial, Inc.		—		—		(600	)		—			(600	)

Balances at December 31, 2022		3		2,466		(412	)		(1,084	)		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		2,466		(618	)		(694	)		1,157
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	$	2,466	$	(400	)	$	(879	)	$	1,190

See Notes to Consolidated Financial Statements.

F-28

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		$	1,302
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net		(195	)		(205	)		(201	)
Deferred income tax (benefit) expense		404			100			154
Contractholder and policyholder charges, non-cash		(407	)		(403	)		(395	)
Loss from equity method investments		28			26			48
Net realized investment (gains) losses		12			46			(3	)
Impairments and provision for loan losses		(1	)		(20	)		91
Net losses (gains) of consolidated investment entities		(13	)		23			17
Changes in operating assets and liabilities:
Deferred acquisition costs		35			63			62
Policyholder account balances, future policy benefits and claims, and market risk benefits, net		4,238			3,474			1,013
Derivatives, net of collateral		(1,669	)		(666	)		311
Reinsurance recoverables		89			100			84
Receivables		291			333			279
Accrued investment income		(40	)		(31	)		(21	)
Current income tax, net		(15	)		(323	)		72
Other operating assets and liabilities of consolidated investment entities		1			(5	)		2
Other, net		92			134			136
Net cash provided by (used in) operating activities		3,668			3,040			2,951

Cash Flows from Investing Activities
Available-for-Sale securities:
Proceeds from sales		1,106			617			1,309
Maturities, sinking fund payments and calls		1,775			963			1,563
Purchases		(6,039	)		(4,187	)		(5,600	)
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		(1,125	)		(427	)		(961	)
Proceeds from sales, maturities and repayments of investments by consolidated investment entities		1,117			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	)		(1,034	)
Repayment from Ameriprise Financial, Inc. on line of credit		450			850			1,034
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		(2,776	)		(1,664	)		(2,994	)

Cash Flows from Financing Activities
Policyholder account balances:
Deposits and other additions		1,470			1,476			1,169
Net transfers from (to) separate accounts		(176	)		(132	)		(162	)
Surrenders and other benefits		(1,765	)		(2,102	)		(1,459	)
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		1,273			—			341
Repayments of debt by consolidated investment entities		(1,004	)		(275	)		(4	)
Cash dividends to Ameriprise Financial, Inc.		(600	)		(600	)		(600	)
Net cash provided by (used in) financing activities		(721	)		(1,435	)		(534	)
Net increase (decrease) in cash and cash equivalents		171			(59	)		(577	)
Cash and cash equivalents at beginning of period		2,685			2,744			3,321
Cash and cash equivalents at end of period	$	2,856		$	2,685		$	2,744

Supplemental Disclosures:
Income taxes paid (received), net	$	(286	)	$	215		$	(17	)
Interest paid excluding consolidated investment entities		38			28			3
Interest paid by consolidated investment entities		176			177			75

See Notes to Consolidated Financial Statements.

F-29

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-30

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 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.

F-31

RiverSource Life Insurance Company

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

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.

F-32

RiverSource Life Insurance Company

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

F-33

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.

F-34

RiverSource Life Insurance Company

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.

F-35

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.

F-36

RiverSource Life Insurance Company

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.

F-37

RiverSource Life Insurance Company

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-38

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,
(in millions)	2024		2023		2022
Policy and contract charges
Affiliated (from Columbia Management Investment Distributors, Inc.)	$	158	$	152	$	164
Unaffiliated		16		14		14
Total		174		166		178
Other revenues
Administrative fees
Affiliated (from Columbia Management Investment Services, Corp.)		41		39		42
Unaffiliated		19		17		18
		60		56		60
Other fees
Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”) and Columbia Wanger Asset Management, LLC)		320		307		334
Unaffiliated		5		4		4
		325		311		338
Total		385		367		398
Total revenue from contracts with customers		559		533		576
Revenue from other sources⁽¹⁾		4,016		3,759		3,179
Total revenues	$	4,575	$	4,292	$	3,755

⁽¹⁾	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-39

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-40

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
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	50	$	—	$	50
Common stocks		—		2		1		3
Syndicated loans		—		2,216		118		2,334
Total investments		—		2,268		119		2,387
Receivables		—		31		—		31
Other assets		—		2		—		2
Total assets at fair value	$	—	$	2,301	$	119	$	2,420

Liabilities
Debt⁽¹⁾	$	—	$	2,429	$	—	$	2,429
Other liabilities		—		314		—		314
Total liabilities at fair value	$	—	$	2,743	$	—	$	2,743

	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Investments:
Corporate debt securities	$	—	$	40	$	—	$	40
Common stocks		—		5		—		5
Syndicated loans		—		1,991		63		2,054
Total investments		—		2,036		63		2,099
Receivables		—		28		—		28
Other assets		—		1		—		1
Total assets at fair value	$	—	$	2,065	$	63	$	2,128

Liabilities
Debt⁽¹⁾	$	—	$	2,155	$	—	$	2,155
Other liabilities		—		45		—		45
Total liabilities at fair value	$	—	$	2,200	$	—	$	2,200

⁽¹⁾	The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 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 Stocks			Syndicated Loans
Balance at January 1, 2024	$	—		$	63
Total gains (losses) included in:
Net income		(1	)⁽¹⁾		(7	)⁽¹⁾
Purchases		—			168
Sales		(1	)		—
Settlements		—			(5	)
Transfers into Level 3		4			103
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	$	—	⁽¹⁾	$	—	⁽¹⁾

F-41

RiverSource Life Insurance Company


(in millions)				Syndicated Loans			Other Assets
Balance at January 1, 2023				$	125		$	1
Total gains (losses) included in:
Net income					(4	)⁽¹⁾		—
Purchases					45			—
Sales					(10	)		—
Settlements					(16	)		—
Transfers into Level 3					122			—
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	)⁽¹⁾	$	—

(in millions)	Common Stocks			Syndicated Loans			Other Assets
Balance at January 1, 2022	$	—		$	64		$	3
Total gains (losses) included in:
Net income		—			(11	)⁽¹⁾		—
Purchases		—			69			—
Sales		—			(4	)		—
Settlements		—			(8	)		—
Transfers into Level 3		2			218			1
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	)⁽¹⁾	$	—

⁽¹⁾	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-42

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,
(in millions)	2024			2023
Syndicated loans
Unpaid principal balance	$	2,406		$	2,190
Excess unpaid principal over fair value		(72	)		(136	)
Fair value	$	2,334		$	2,054
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 Debt		5			40
Unpaid principal balance	$	2,633		$	2,362
Excess unpaid principal over fair value		(204	)		(207	)
Carrying value⁽¹⁾	$	2,429		$	2,155

⁽¹⁾	The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.4 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				Weighted Average Interest Rate
	December 31,				December 31,
(in millions)	2024		2023		2024			2023
Debt of consolidated CLOs due 2030-2038	$	2,429	$	2,155		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
Description of Securities (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Fixed maturities:
Corporate debt securities	$	13,803	$	199	$	(709	)	$	—		$	13,293
Residential mortgage backed securities		4,302		15		(278	)		—			4,039
Commercial mortgage backed securities		2,211		3		(114	)		—			2,100
State and municipal obligations		627		29		(19	)		(1	)		636
Asset backed securities		2,176		15		(8	)		—			2,183
Foreign government bonds and obligations		7		—		—			—			7
U.S. government and agency obligations		1		—		—			—			1
Total	$	23,127	$	261	$	(1,128	)	$	(1	)	$	22,259

F-43

RiverSource Life Insurance Company


	December 31, 2023
Description of Securities (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses			Fair Value
Fixed maturities:
Corporate debt securities	$	10,828	$	405	$	(497	)	$	(1	)	$	10,735
Residential mortgage backed securities		3,886		20		(264	)		—			3,642
Commercial mortgage backed securities		2,784		6		(193	)		—			2,597
State and municipal obligations		717		61		(19	)		(1	)		758
Asset backed securities		1,545		7		(21	)		—			1,531
Foreign government bonds and obligations		12		—		—			—			12
U.S. government and agency obligations		99		—		—			—			99
Total	$	19,871	$	499	$	(994	)	$	(2	)	$	19,374

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, 2023
Ratings (in millions, except percentages)	Amortized Cost		Fair Value		Percent of Total Fair Value			Amortized Cost		Fair Value		Percent of Total Fair Value
AAA	$	4,416	$	4,284		19	%	$	4,558	$	4,337		22	%
AA		4,455		4,256		19			3,961		3,799		20
A		2,689		2,650		12			2,213		2,279		12
BBB		11,279		10,786		49			8,813		8,633		44
Below investment grade		288		283		1			326		326		2
Total fixed maturities	$	23,127	$	22,259		100	%	$	19,871	$	19,374		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-44

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
(in millions, except number of securities)	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
Corporate debt securities		275	$	5,272	$	(177	)		277	$	3,975	$	(532	)		552	$	9,247	$	(709	)
Residential mortgage backed securities		75		1,245		(25	)		189		1,633		(253	)		264		2,878		(278	)
Commercial mortgage backed securities		16		265		(5	)		166		1,589		(109	)		182		1,854		(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		—
Total		392	$	6,895	$	(210	)		693	$	7,409	$	(918	)		1,085	$	14,304	$	(1,128	)


	December 31, 2023
(in millions, except number of securities)	Less than 12 months							12 months or more							Total
Description of Securities	Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses			Number of Securities		Fair Value		Unrealized Losses
Corporate debt securities		43	$	410	$	(8	)		340	$	4,735	$	(489	)		383	$	5,145	$	(497	)
Residential mortgage backed securities		30		389		(4	)		204		2,114		(260	)		234		2,503		(264	)
Commercial mortgage backed securities		20		264		(4	)		196		2,062		(189	)		216		2,326		(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		—
Total		104	$	1,194	$	(17	)		821	$	9,738	$	(977	)		925	$	10,932	$	(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 Securities			State and Municipal Obligations			Total
Balance at January 1, 2022	$	—		$	1		$	1
Additions for which credit losses were not previously recorded		20			—			20
Additional increases (decreases) on securities that had an allowance recorded in a previous period		—			1			1
Balance at December 31, 2022		20			2			22
Additions for which credit losses were not previously recorded		1			—			1
Reductions for securities sold during the period (realized)		(20	)		(1	)		(21	)
Balance at December 31, 2023		1			1			2
Reductions for securities sold during the period (realized)		(1	)		—			(1	)
Balance at December 31, 2024	$	—		$	1		$	1

F-45

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,
(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	)
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		2,362		2,300
Due after five years through 10 years		5,507		5,216
Due after 10 years		6,273		6,127
		14,438		13,937
Residential mortgage backed securities		4,302		4,039
Commercial mortgage backed securities		2,211		2,100
Asset backed securities		2,176		2,183
Total	$	23,127	$	22,259

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,
(in millions)	2024		2023		2022
Fixed maturities	$	1,026	$	830	$	615
Mortgage loans		73		69		73
Other investments		473		431		159
		1,572		1,330		847
Less: investment expenses		26		26		20
Total	$	1,546	$	1,304	$	827

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


	Years Ended December 31,
(in millions)	2024			2023			2022
Fixed maturities	$	(11	)	$	(27	)	$	(88	)
Mortgage loans		(1	)		1			(1	)
Other investments		(69	)		(44	)		(11	)
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-46

RiverSource Life Insurance Company

Allowance for Credit Losses

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


(in millions)	Commercial Loans
Balance at January 1, 2022	$	12
Provisions		1
Charge-offs		(2	)
Balance at December 31, 2022		11
Provisions		(1	)
Balance at December 31, 2023		10
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
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
Total	$	183	$	68	$	99	$	170	$	99	$	1,188	$	1,807


	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
Total	$	69	$	103	$	178	$	102	$	189	$	1,094	$	1,735

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-47

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				Percentage
	December 31,				December 31,
(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
Total	$	1,807	$	1,735		100	%		100	%

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


	Loans				Percentage
	December 31,				December 31,
(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
Total	$	1,807	$	1,735		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
Internal Risk Rating (in millions)	2024		2023		2022		2021		2020		Prior		Total
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4		—		—		—		—		—		—		—
Risk 3		—		—		—		4		—		—		4
Risk 2		10		1		—		1		—		5		17
Risk 1		11		1		—		2		1		—		15
Total	$	21	$	2	$	—	$	7	$	1	$	5	$	36

	December 31, 2023
Internal Risk Rating (in millions)	2023		2022		2021		2020		2019		Prior		Total
Risk 5	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk 4		—		—		—		—		—		—		—
Risk 3		—		—		7		—		1		1		9
Risk 2		6		1		9		2		6		—		24
Risk 1		6		2		9		1		5		1		24
Total	$	12	$	3	$	25	$	3	$	12	$	2	$	57

F-48

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 Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Universal Life Insurance			Variable Universal Life Insurance
Balance at January 1, 2024	$	1,481		$	208		$	35		$	5		$	110		$	534
Capitalization of acquisition costs		24			98			—			—			—			64
Amortization		(117	)		(30	)		(7	)		(1	)		(7	)		(45	)
Balance at December 31, 2024	$	1,388		$	276		$	28		$	4		$	103		$	553

(in millions)	Indexed Universal Life Insurance			Other Life Insurance			Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Total, All Products
Balance at January 1, 2024	$	223		$	2		$	6		$	17		$	75		$	2,696
Capitalization of acquisition costs		3			—			5			2			3			199
Amortization		(16	)		—			(1	)		(2	)		(8	)		(234	)
Balance at December 31, 2024	$	210		$	2		$	10		$	17		$	70		$	2,661

(in millions)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Universal Life Insurance			Variable Universal Life Insurance
Balance at January 1, 2023	$	1,582		$	149		$	45		$	6		$	118		$	521
Capitalization of acquisition costs		23			83			—			—			—			57
Amortization		(124	)		(24	)		(10	)		(1	)		(8	)		(44	)
Balance at December 31, 2023	$	1,481		$	208		$	35		$	5		$	110		$	534

(in millions)	Indexed Universal Life Insurance			Other Life Insurance			Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Total, All Products
Balance at January 1, 2023	$	236		$	3		$	2		$	18		$	79		$	2,759
Capitalization of acquisition costs		4			—			4			1			4			176
Amortization		(17	)		(1	)		—			(2	)		(8	)		(239	)
Balance at December 31, 2023	$	223		$	2		$	6		$	17		$	75		$	2,696

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


(in millions)	Variable Annuities			Fixed Annuities	Total, All Products
Balance at January 1, 2024	$	134		$12	$	146
Amortization		(13	)	(2)		(15	)
Balance at December 31, 2024	$	121		$10	$	131


(in millions)	Variable Annuities			Fixed Annuities	Total, All Products
Balance at January 1, 2023	$	149		$16	$	165
Amortization		(15	)	(4)		(19	)
Balance at December 31, 2023	$	134		$12	$	146

F-49

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,
(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-50

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, 2024		December 31, 2023
Policyholder account balances
Policyholder account balances	$	32,542	$	27,947
Future policy benefits
Reserve for future policy benefits		7,418		7,763
Deferred profit liability		118		81
Additional liabilities for insurance guarantees		1,389		1,321
Other insurance and annuity liabilities		192		213
Total future policy benefits		9,117		9,378
Policy claims and other policyholders’ funds		204		210
Total policyholder account balances, future policy benefits and claims	$	41,863	$	37,535

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-51

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 Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
Balance at January 1, 2024	$	4,173		$	10,742		$	5,982		$	307		$	444
Contract deposits		56			4,005			39			—			101
Policy charges		(14	)		(3	)		—			—			—
Surrenders and other benefits		(628	)		(383	)		(856	)		(16	)		(110	)
Net transfer from (to) separate account liabilities		(32	)		—			—			—			—
Variable account index-linked adjustments		—			1,968			—			—			—
Interest credited		125			1			204			14			12
Balance at December 31, 2024	$	3,680		$	16,330		$	5,369		$	305		$	447
Weighted-average crediting rate		3.3	%		1.9	%		3.7	%		2.0	%		N/A
Cash surrender value⁽¹⁾	$	3,658		$	15,467		$	5,365		$	279			N/A

(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2024	$	1,474		$	1,569		$	2,755		$	501		$	27,947
Contract deposits		117			333			181			—			4,832
Policy charges		(173	)		(93	)		(124	)		—			(407	)
Surrenders and other benefits		(62	)		(80	)		(79	)		(52	)		(2,266	)
Net transfer from (to) separate account liabilities		—			(145	)		—			—			(177	)
Variable account index-linked adjustments		—			—			—			—			1,968
Interest credited		49			63			161			16			645
Balance at December 31, 2024	$	1,405		$	1,647		$	2,894		$	465		$	32,542
Weighted-average crediting rate		3.6	%		3.9	%		2.3	%		4.0	%
Net amount at risk	$	8,312		$	57,473		$	13,593		$	130
Cash surrender value⁽¹⁾	$	1,280		$	1,092		$	2,447		$	298

(in millions, except percentages)	Variable Annuities			Structured Variable Annuities			Fixed Annuities			Fixed Indexed Annuities			Non-Life Contingent Payout Annuities
Balance at January 1, 2023	$	4,752		$	6,410		$	6,799		$	312		$	471
Contract deposits		73			3,084			47			—			91
Policy charges		(10	)		—			—			—			—
Surrenders and other benefits		(759	)		(156	)		(1,086	)		(10	)		(127	)
Net transfer from (to) separate account liabilities		(25	)		—			—			—			—
Variable account index-linked adjustments		—			1,403			—			—			—
Interest credited		142			1			222			5			9
Balance at December 31, 2023	$	4,173		$	10,742		$	5,982		$	307		$	444
Weighted-average crediting rate		3.3	%		1.8	%		3.6	%		2.0	%		N/A
Cash surrender value⁽¹⁾	$	4,146		$	10,129		$	5,974		$	278			N/A

F-52

RiverSource Life Insurance Company


(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2023	$	1,544		$	1,520		$	2,654		$	524		$	24,986
Contract deposits		123			272			193			1			3,884
Policy charges		(176	)		(94	)		(121	)		—			(401	)
Surrenders and other benefits		(69	)		(78	)		(53	)		(44	)		(2,382	)
Net transfer from (to) separate account liabilities		—			(107	)		—			—			(132	)
Variable account index-linked adjustments		—			—			—			—			1,403
Interest credited		52			56			82			20			589
Balance at December 31, 2023	$	1,474		$	1,569		$	2,755		$	501		$	27,947
Weighted-average crediting rate		3.6	%		3.9	%		2.0	%		4.0	%
Net amount at risk	$	8,740		$	57,291		$	14,407		$	141
Cash surrender value⁽¹⁾	$	1,330		$	1,065		$	2,271		$	326

⁽¹⁾

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
	Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates		At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
Fixed accounts of variable annuities		1% – 1.99%	$	24	$	95	$	65	$	17	$	—	$	201
		2% – 2.99%		112		—		—		—		—		112
		3% – 3.99%		1,894		7		—		1		—		1,902
		4% – 5.00%		1,412		—		—		—		—		1,412
		Total	$	3,442	$	102	$	65	$	18	$	—	$	3,627
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%		2,410		—		—		—		—		2,410
		4% – 5.00%		2,331		—		—		—		—		2,331
		Total	$	4,848	$	251	$	154	$	89	$	14	$	5,356
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	$	1,344	$	8	$	19	$	6	$	—	$	1,377

F-53

RiverSource Life Insurance Company


	December 31, 2024
	Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates		At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
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%		5,262		8		6		19		—		5,295
		4% – 5.00%		5,048		25		—		—		—		5,073
		Total	$	10,625	$	544	$	262	$	143	$	67	$	11,641
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		—
Total				100.0%		100.0%		100.0%		100.0%		100.0%		100.0%

	December 31, 2023
	Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates		At Guaranteed Minimum		1-49 bps above Guaranteed Minimum		50-99 bps above Guaranteed Minimum		100-150 bps above Guaranteed Minimum		Greater than 150 bps above Guaranteed Minimum		Total
Fixed accounts of variable annuities		1% – 1.99%	$	43	$	131	$	52	$	15	$	2	$	243
		2% – 2.99%		137		1		—		—		—		138
		3% – 3.99%		2,214		—		—		1		—		2,215
		4% – 5.00%		1,514		—		—		—		—		1,514
		Total	$	3,908	$	132	$	52	$	16	$	2	$	4,110
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%		2,816		1		—		—		—		2,817
		4% – 5.00%		2,339		—		—		—		—		2,339
		Total	$	5,298	$	392	$	184	$	93	$	—	$	5,967

F-54

RiverSource Life Insurance Company


	December 31, 2023
	Account Values with Crediting Rates
(in millions, except percentages)	Range of Guaranteed Minimum Crediting Rates		At Guaranteed Minimum			1-49 bps above Guaranteed Minimum			50-99 bps above Guaranteed Minimum			100-150 bps above Guaranteed Minimum			Greater than 150 bps above Guaranteed Minimum			Total
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	$	1,423		$	5		$	13		$	4		$	—		$	1,445
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		$	1,085
		2% – 2.99%		376			30			10			1			8			425
		3% – 3.99%		6,036			4			7			11			—			6,058
		4% – 5.00%		5,273			7			—			—			—			5,280
		Total	$	11,836		$	571		$	272		$	135		$	34		$	12,848
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			—			—			—
Total				100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

F-55

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 Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
Present Value of Expected Net Premiums:
Balance at January 1, 2024	$	—		$	703		$	104		$	1,146		$	1,953
Beginning balance at original discount rate		—			708			105			1,137			1,950
Effect of changes in cash flow assumptions		—			57			(39	)		55			73
Effect of actual variances from expected experience		—			(16	)		(13	)		(26	)		(55	)
Adjusted beginning of year balance	$	—		$	749		$	53		$	1,166		$	1,968
Issuances		201			63			9			—			273
Interest accrual		1			38			3			55			97
Net premiums collected		(202	)		(76	)		(6	)		(149	)		(433	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	774		$	59		$	1,072		$	1,905
Effect of changes in discount rate assumptions		—			(37	)		(6	)		(15	)		(58	)
Balance at December 31, 2024	$	—		$	737		$	53		$	1,057		$	1,847
Present Value of Future Policy Benefits:
Balance at January 1, 2024	$	1,164		$	1,325		$	661		$	6,561		$	9,711
Beginning balance at original discount rate		1,222			1,291			621			6,507			9,641
Effect of changes in cash flow assumptions		(24	)		67			(61	)		58			40
Effect of actual variances from expected experience		(8	)		(16	)		(25	)		(48	)		(97	)
Adjusted beginning of year balance	$	1,190		$	1,342		$	535		$	6,517		$	9,584
Issuances		201			63			9			—			273
Interest accrual		56			73			34			323			486
Benefit payments		(158	)		(125	)		(43	)		(432	)		(758	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,289		$	1,353		$	535		$	6,408		$	9,585
Effect of changes in discount rate assumptions		(85	)		(31	)		10			(221	)		(327	)
Balance at December 31, 2024	$	1,204		$	1,322		$	545		$	6,187		$	9,258
Adjustment due to reserve flooring	$	—		$	7		$	—		$	—		$	7
Net liability for future policy benefits	$	1,204		$	592		$	492		$	5,130		$	7,418
Less: reinsurance recoverable		759			424			20			2,591			3,794
Net liability for future policy benefits, after reinsurance recoverable	$	445		$	168		$	472		$	2,539		$	3,624
Discounted expected future gross premiums	$	—		$	1,672		$	836		$	1,247		$	3,755
Expected future gross premiums	$	—		$	2,921		$	1,196		$	1,713		$	5,830
Expected future benefit payments	$	1,846		$	2,286		$	899		$	10,522		$	15,553
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-56

RiverSource Life Insurance Company


(in millions, except percentages)	Life Contingent Payout Annuities			Term and Whole Life Insurance			Disability Income Insurance			Long Term Care Insurance			Total, All Products
Present Value of Expected Net Premiums:
Balance at January 1, 2023	$	—		$	686		$	134		$	1,207		$	2,027
Beginning balance at original discount rate		—			708			137			1,220			2,065
Effect of changes in cash flow assumptions		—			(19	)		(19	)		19			(19	)
Effect of actual variances from expected experience		—			(2	)		(18	)		(3	)		(23	)
Adjusted beginning of year balance	$	—		$	687		$	100		$	1,236		$	2,023
Issuances		177			55			12			—			244
Interest accrual		1			36			5			59			101
Net premiums collected		(178	)		(70	)		(12	)		(158	)		(418	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	—		$	708		$	105		$	1,137		$	1,950
Effect of changes in discount rate assumptions		—			(5	)		(1	)		9			3
Balance at December 31, 2023	$	—		$	703		$	104		$	1,146		$	1,953
Present Value of Future Policy Benefits:
Balance at January 1, 2023	$	1,065		$	1,319		$	696		$	6,439		$	9,519
Beginning balance at original discount rate		1,155			1,313			669			6,569			9,706
Effect of changes in cash flow assumptions		—			(18	)		(25	)		9			(34	)
Effect of actual variances from expected experience		(10	)		(1	)		(29	)		5			(35	)
Adjusted beginning of year balance	$	1,145		$	1,294		$	615		$	6,583		$	9,637
Issuances		177			56			11			—			244
Interest accrual		50			73			37			329			489
Benefit payments		(150	)		(132	)		(42	)		(405	)		(729	)
Derecognition (lapses)		—			—			—			—			—
Ending balance at original discount rate	$	1,222		$	1,291		$	621		$	6,507		$	9,641
Effect of changes in discount rate assumptions		(58	)		34			40			54			70
Balance at December 31, 2023	$	1,164		$	1,325		$	661		$	6,561		$	9,711
Adjustment due to reserve flooring	$	—		$	5		$	—		$	—		$	5
Net liability for future policy benefits	$	1,164		$	627		$	557		$	5,415		$	7,763
Less: reinsurance recoverable		880			440			22			2,738			4,080
Net liability for future policy benefits, after reinsurance recoverable	$	284		$	187		$	535		$	2,677		$	3,683
Discounted expected future gross premiums	$	—		$	1,764		$	904		$	1,325		$	3,993
Expected future gross premiums	$	—		$	2,938		$	1,269		$	1,786		$	5,993
Expected future benefit payments	$	1,726		$	2,166		$	1,068		$	10,850		$	15,810
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 Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2024	$	1,225		$	81		$	15		$	1,321
Interest accrual		37			6			1			44
Benefit accrual		133			8			3			144
Benefit payments		(69	)		(13	)		(5	)		(87	)
Effect of actual variances from expected experience		(2	)		(1	)		(1	)		(4	)
Impact of change in net unrealized (gains) losses on securities		(23	)		(1	)		(5	)		(29	)
Balance at December 31, 2024	$	1,301		$	80		$	8		$	1,389
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-57

RiverSource Life Insurance Company


(in millions, except percentages)	Universal Life Insurance			Variable Universal Life Insurance			Other Life Insurance			Total, All Products
Balance at January 1, 2023	$	1,100		$	74		$	12		$	1,186
Interest accrual		35			5			1			41
Benefit accrual		128			8			2			138
Benefit payments		(50	)		(18	)		(4	)		(72	)
Effect of actual variances from expected experience		(13	)		11			(2	)		(4	)
Impact of change in net unrealized (gains) losses on securities		25			1			6			32
Balance at December 31, 2023	$	1,225		$	81		$	15		$	1,321
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,
	2024				2023
(in millions)	Gross Premiums		Interest Expense		Gross Premiums		Interest 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 Insurance			Variable Universal Life Insurance			Indexed Universal Life Insurance			Total, All Products
Balance at January 1, 2024	$	27		$	196		$	266		$	489
Deferral of revenue		—			70			51			121
Amortization		(1	)		(17	)		(22	)		(40	)
Balance at December 31, 2024	$	26		$	249		$	295		$	570
Balance at January 1, 2023	$	27		$	150		$	233		$	410
Deferral of revenue		1			59			52			112
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 Annuities			Variable Universal Life			Total
Balance at January 1, 2024	$	65,839		$	8,795		$	74,634
Premiums and deposits		933			500			1,433
Policy charges		(1,365	)		(307	)		(1,672	)
Surrenders and other benefits		(6,990	)		(412	)		(7,402	)
Investment return		7,293			1,199			8,492
Net transfer from (to) general account		27			64			91
Balance at December 31, 2024	$	65,737		$	9,839		$	75,576
Cash surrender value	$	64,411		$	9,220		$	73,631

F-58

RiverSource Life Insurance Company


(in millions)	Variable Annuities			Variable Universal Life			Total
Balance at January 1, 2023	$	63,223		$	7,653		$	70,876
Premiums and deposits		835			459			1,294
Policy charges		(1,343	)		(292	)		(1,635	)
Surrenders and other benefits		(5,378	)		(317	)		(5,695	)
Investment return		8,477			1,250			9,727
Net transfer from (to) general account		25			42			67
Balance at December 31, 2023	$	65,839		$	8,795		$	74,634
Cash surrender value	$	64,280		$	8,263		$	72,543

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-59

RiverSource Life Insurance Company

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


	Years Ended December 31,
(in millions, except age)	2024			2023			2022
Balance at beginning of period	$	335		$	1,103		$	2,901
Issuances		24			17			27
Interest accrual and time decay		(66	)		(53	)		(237	)
Reserve increase from attributed fees collected		790			788			810
Reserve release for benefit payments and derecognition		(11	)		(35	)		(29	)
Effect of changes in interest rates and bond markets		(1,078	)		(367	)		(4,193	)
Effect of changes in equity markets and subaccount performance		(1,228	)		(1,267	)		2,258
Effect of changes in equity index volatility		59			(67	)		205
Actual policyholder behavior different from expected behavior		71			5			17
Effect of changes in other future expected assumptions		106			128			(139	)
Effect of changes in the instrument-specific credit risk on market risk benefits		79			83			(517	)
Balance at end of period	$	(919	)	$	335		$	1,103
Reconciliation of the gross balances in an asset or liability position:
Asset position	$	2,182		$	1,427		$	1,015
Liability position		(1,263	)		(1,762	)		(2,118	)
Net asset (liability) position	$	919		$	(335	)	$	(1,103	)
Guaranteed benefit amount in excess of current account balances (net amount at risk):
Death benefits	$	462		$	913		$	2,781
Living benefits	$	2,429		$	2,513		$	3,364
Composite (greater of)	$	2,829		$	3,308		$	5,830
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	$	(2,111	)	$	(1,551	)	$	(2,044	)
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
	Fair Value			Valuation Technique	Significant Inputs and Assumptions	Range				Weighted Average
	(in millions)
Market risk benefits	$	(919	)	Discounted cash flow	Utilization of guaranteed withdrawals⁽¹⁾		0.0%	–	52.8%		11.9	%
					Surrender rate⁽²⁾		0.4%	–	75.0%		3.3	%
					Market volatility⁽³⁾		0.0%	–	24.6%		10.3	%
					Nonperformance risk⁽⁴⁾		65 bps				65 bps
					Mortality rate⁽⁵⁾		0.0%	–	41.6%		1.7	%

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

⁽¹⁾

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.

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

⁽³⁾	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.

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

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

F-60

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-61

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-62

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
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	12,721	$	572	$	13,293
Residential mortgage backed securities		—		4,039		—		4,039
Commercial mortgage backed securities		—		2,100		—		2,100
State and municipal obligations		—		636		—		636
Asset backed securities		—		1,302		881		2,183
Foreign government bonds and obligations		—		7		—		7
U.S. government and agency obligations		1		—		—		1
Total Available-for-Sale securities		1		20,805		1,453		22,259
Cash equivalents		1,215		1,227		—		2,442
Market risk benefits		—		—		2,182		2,182	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		55		55
Other assets:
Interest rate derivative contracts		—		179		—		179
Equity derivative contracts		114		8,829		—		8,943
Foreign exchange derivative contracts		2		40		—		42
Credit derivative contracts		—		59		—		59
Total other assets		116		9,107		—		9,223
Separate account assets at net asset value (“NAV”)								75,576	⁽²⁾
Total assets at fair value	$	1,332	$	31,139	$	3,690	$	111,737

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	—	$	53	$	53
IUL embedded derivatives		—		—		1,002		1,002
Structured variable annuity embedded derivatives		—		—		2,461		2,461
Total policyholder account balances, future policy benefits and claims		—		—		3,516		3,516	⁽³⁾
Market risk benefits		—		—		1,263		1,263	⁽¹⁾
Other liabilities:
Interest rate derivative contracts		1		323		—		324
Equity derivative contracts		172		5,159		—		5,331
Foreign exchange derivative contracts		—		7		—		7
Total other liabilities		173		5,489		—		5,662
Total liabilities at fair value	$	173	$	5,489	$	4,779	$	10,441

F-63

RiverSource Life Insurance Company


	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Total
Assets
Available-for-Sale securities:
Corporate debt securities	$	—	$	10,283	$	452	$	10,735
Residential mortgage backed securities		—		3,642		—		3,642
Commercial mortgage backed securities		—		2,597		—		2,597
State and municipal obligations		—		758		—		758
Asset backed securities		—		976		555		1,531
Foreign government bonds and obligations		—		12		—		12
U.S. government and agency obligations		99		—		—		99
Total Available-for-Sale securities		99		18,268		1,007		19,374
Cash equivalents		558		2,012		—		2,570
Market risk benefits		—		—		1,427		1,427	⁽¹⁾
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives		—		—		51		51
Other assets:
Interest rate derivative contracts		1		184		—		185
Equity derivative contracts		65		4,945		—		5,010
Foreign exchange derivative contracts		1		20		—		21
Credit derivative contracts		—		1		—		1
Total other assets		67		5,150		—		5,217
Separate account assets at NAV								74,634	⁽²⁾
Total assets at fair value	$	724	$	25,430	$	2,485	$	103,273

Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives	$	—	$	3	$	49	$	52
IUL embedded derivatives		—		—		873		873
Structured variable annuity embedded derivatives		—		—		1,011		1,011
Total policyholder account balances, future policy benefits and claims		—		3		1,933		1,936	⁽³⁾
Market risk benefits		—		—		1,762		1,762	⁽¹⁾
Other liabilities:
Interest rate derivative contracts		1		304		—		305
Equity derivative contracts		95		3,355		—		3,450
Foreign exchange derivative contracts		1		3		—		4
Credit derivative contracts		—		106		—		106
Total other liabilities		97		3,768		—		3,865
Total liabilities at fair value	$	97	$	3,771	$	3,695	$	7,563

⁽¹⁾	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.

⁽²⁾	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.

⁽³⁾	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-64

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												Receivables
(in millions)	Corporate Debt Securities			Residential Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2024	$	452		$	—		$	555		$	1,007		$	51
Total gains (losses) included in:
Net income		1			—			—			1	⁽¹⁾		8
Other comprehensive income (loss)		1			—			15			16			—
Purchases		227			64			334			625			—
Settlements		(109	)		(1	)		—			(110	)		(4	)
Transfers out of Level 3		—			(63	)		(23	)		(86	)		—
Balance at December 31, 2024	$	572		$	—		$	881		$	1,453		$	55
Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2024	$	1		$	—		$	—		$	1	⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2024	$	(2	)	$	—		$	15		$	13		$	—


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2024	$	49		$	873$1,011					$	1,933
Total (gains) losses included in:
Net income		8	⁽²⁾		255	⁽²⁾		1,670	⁽³⁾		1,933
Issues		—			23			114			137
Settlements		(4	)		(149	)		(334	)		(487	)
Balance at December 31, 2024	$	53		$	1,002		$	2,461		$	3,516
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2024	$	—		$	255	(2)	$	1,670	(3)	$	1,925


	Available-for-Sale Securities								Receivables
(in millions)	Corporate Debt Securities			Asset Backed Securities		Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2023	$	395		$	545	$	940		$	48
Total gains (losses) included in:
Net income		—			—		—	⁽¹⁾		6
Other comprehensive income (loss)		12			10		22			—
Purchases		110			—		110			—
Settlements		(65	)		—		(65	)		(3	)
Balance at December 31, 2023	$	452		$	555	$	1,007		$	51
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2023	$	11		$	10	$	21		$	—

F-65

RiverSource Life Insurance Company


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives			Structured Variable Annuity Embedded Derivatives			Total
Balance at January 1, 2023		$ 44			$ 739			$ (137)	⁽⁴⁾		$ 646
Total (gains) losses included in:
Net income		8	²⁾		198	⁽²⁾		1,166	⁽³⁾		1,372
Issues		—			59			104			163
Settlements		(3)			(123)			(122)			(248)
Balance at December 31, 2023		$ 49			$ 873			$1,011			$1,933
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2023		$ —			$ 198	⁽²⁾		$1,166	⁽³⁾		$1,364


	Available-for-Sale Securities												Receivables
(in millions)	Corporate Debt Securities			Commercial Mortgage Backed Securities			Asset Backed Securities			Total			Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
Balance at January 1, 2022	$	496		$	—		$	291		$	787		$	59
Total gains (losses) included in:
Net income		(1	)		—			—			(1	)⁽¹⁾		(8	)
Other comprehensive income (loss)		(44	)		—			(25	)		(69	)		—
Purchases		29			30			564			623			—
Settlements		(85	)		—			(285	)		(370	)		(3	)
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)⁽¹⁾	$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at December 31, 2022	$		(42)	$	—		$		(21)	$		(63)	$	—


	Policyholder Account Balances, Future Policy Benefits and Claims
(in millions)	Fixed Deferred Indexed Annuity Embedded Derivatives			IUL Embedded Derivatives		Structured Variable Annuity Embedded Derivatives		Total
Balance at January 1, 2022		$56			$ 905		$ 406		$1,367
Total (gains) losses included in:
Net income		(9)	⁽²⁾		(105)⁽²⁾		(633)⁽³⁾		(747)
Issues		—			51		90		141
Settlements		(3)			(112)		—		(115)
Balance at December 31, 2022		$44			$ 739		$(137)⁽⁴⁾		$ 646
Changes in unrealized (gains) losses in net income relating to liabilities held at December 31, 2022		$—			$(105)⁽²⁾		$(633)⁽³⁾		$ (738)

⁽¹⁾	Included in Net investment income.

⁽²⁾	Included in Interest credited to fixed accounts.

⁽³⁾	Included in Benefits, claims, losses and settlement expenses.

⁽⁴⁾	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-66

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
	Fair Value		Valuation Technique	Unobservable Input	Range			Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	572	Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾	0.8%	–	1.7%		1.2	%
Asset backed securities	$	881	Discounted cash flow	Annual default rate⁽²⁾	2.2%	–	4.4%		3.6	%
				Loss severity	25.0%				25.0	%
				Constant prepayment rate⁽²⁾	0.0%	–	1.0%		0.4	%
				Yield/spread to U.S. Treasuries⁽³⁾	190 bps	–	360 bps		205 bps
Fixed deferred indexed annuity ceded embedded derivatives	$	55	Discounted cash flow	Surrender rate⁽⁴⁾	0.0%	–	89.1%		10.6	%
Fixed deferred indexed annuity embedded derivatives	$	53	Discounted cash flow	Surrender rate⁽⁴⁾	0.0%	–	89.1%		10.6	%
				Nonperformance risk⁽⁵⁾	65 bps				65 bps
IUL embedded derivatives	$	1,002	Discounted cash flow	Nonperformance risk⁽⁵⁾	65 bps				65 bps
Structured variable annuity embedded derivatives	$	2,461	Discounted cash flow	Surrender rate⁽⁴⁾	0.5%	–	75.0%		1.7	%
				Nonperformance risk⁽⁵⁾	65 bps				65 bps

	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range			Weighted Average
	(in millions)
Corporate debt securities (private placements)	$	451	Discounted cash flow	Yield/spread to U.S. Treasuries⁽¹⁾	1.0%	–	2.4%		1.2	%
Asset backed securities	$	555	Discounted cash flow	Annual default rate⁽²⁾	3.1%				3.1	%
				Loss severity	25.0%				25.0	%
				Yield/spread to U.S. Treasuries⁽³⁾	275 bps	–	515 bps		284 bps
Fixed deferred indexed annuity ceded embedded derivatives	$	51	Discounted cash flow	Surrender rate⁽⁴⁾	0.0%	–	66.8%		1.4	%
Fixed deferred indexed annuity embedded derivatives	$	49	Discounted cash flow	Surrender rate⁽⁴⁾	0.0%	–	66.8%		1.4	%
				Nonperformance risk⁽⁵⁾	85 bps				85 bps
IUL embedded derivatives	$	873	Discounted cash flow	Nonperformance risk⁽⁵⁾	85 bps				85 bps
Structured variable annuity embedded derivatives	$	1,011	Discounted cash flow	Surrender rate⁽⁴⁾	0.5%	–	75.0%		2.6	%
				Nonperformance risk⁽⁵⁾	85 bps				85 bps

⁽¹⁾	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.

⁽²⁾	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.

⁽³⁾	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.

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

⁽⁵⁾	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-67

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-68

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-69

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
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,797	$	—	$	—	$	1,675	$	1,675
Policy loans		982		—		982		—		982
Other investments		55		—		36		19		55
Receivables		5,834		—		—		4,795		4,795

Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	20,097	$	—	$	—	$	16,826	$	16,826
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		312		—		312
Other liabilities		5		—		—		4		4
Separate account liabilities — investment contracts		364		—		364		—		364

	December 31, 2023
	Carrying Value		Fair Value
(in millions)	Carrying Value		Level 1		Level 2		Level 3		Total
Financial Assets
Mortgage loans, net	$	1,725	$	—	$	—	$	1,599	$	1,599
Policy loans		912		—		912		—		912
Other investments		76		—		54		22		76
Receivables		6,514		—		—		5,566		5,566

Financial Liabilities
Policyholder account balances, future policy benefits and claims	$	16,641	$	—	$	—	$	14,243	$	14,243
Short-term borrowings		201		—		201		—		201
Long-term debt		500		—		339		—		339
Other liabilities		5		—		—		5		5
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-70

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,
(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-71

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,
(in millions)	2024			2023		2022
Statutory net gain from operations	$	1,097		$	1,331	$	1,615
Statutory net income (loss)		(91	)		845		1,769

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
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount

Derivatives:
OTC	$	9,111	$	—	$	9,111	$	(5,555	)	$	(1,550	)	$	(1,970	)	$	36
OTC cleared		10		—		10		(10	)		—			—			—
Exchange-traded		102		—		102		(17	)		—			—			85
Total	$	9,223	$	—	$	9,223	$	(5,582	)	$	(1,550	)	$	(1,970	)	$	121

	December 31, 2023
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount

Derivatives:
OTC	$	5,170	$	—	$	5,170	$	(3,694	)	$	(1,101	)	$	(357	)	$	18
OTC cleared		9		—		9		(9	)		—			—			—
Exchange-traded		38		—		38		(18	)		—			—			20
Total	$	5,217	$	—	$	5,217	$	(3,721	)	$	(1,101	)	$	(357	)	$	38

⁽¹⁾	Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

F-72

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
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount

Derivatives:
OTC	$	5,622	$	—	$	5,622	$	(5,555	)	$	—		$	(67	)	$	—
OTC cleared		18		—		18		(10	)		—			—			8
Exchange-traded		22		—		22		(17	)		—			—			5
Total	$	5,662	$	—	$	5,662	$	(5,582	)	$	—		$	(67	)	$	13

	December 31, 2023
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets									Net Amount
(in millions)	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments⁽¹⁾			Cash Collateral			Securities Collateral			Net Amount

Derivatives:
OTC	$	3,812	$	—	$	3,812	$	(3,694	)	$	(34	)	$	(78	)	$	6
OTC cleared		35		—		35		(9	)		—			—			26
Exchange-traded		18		—		18		(18	)		—			—			—
Total	$	3,865	$	—	$	3,865	$	(3,721	)	$	(34	)	$	(78	)	$	32

⁽¹⁾	Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar arrangements that management elects not to offset on the Consolidated Balance Sheets.

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-73

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, 2023
	Notional		Gross Fair Value				Notional		Gross Fair Value
(in millions)	Notional		Assets⁽¹⁾		Liabilities⁽²⁾		Notional		Assets⁽¹⁾		Liabilities⁽²⁾
Derivatives not designated as hedging instruments
Interest rate contracts	$	39,082	$	179	$	324	$	42,516	$	185	$	305
Equity contracts		108,205		8,943		5,331		81,905		5,010		3,450
Credit contracts		2,914		59		—		3,375		1		106
Foreign exchange contracts		2,938		42		7		2,952		21		4
Total non-designated hedges		153,139		9,223		5,662		130,748		5,217		3,865
Embedded derivatives
IUL		N/A		—		1,002		N/A		—		873
Fixed deferred indexed annuities and deposit receivables		N/A		55		53		N/A		51		52
Structured variable annuities (3)		N/A		—		2,461		N/A		—		1,011
Total embedded derivatives		N/A		55		3,516		N/A		51		1,936
Total derivatives	$	153,139	$	9,278	$	9,178	$	130,748	$	5,268	$	5,801

N/A Not applicable.

⁽¹⁾	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.

⁽²⁾	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.

⁽³⁾

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, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits
Year Ended December 31, 2024
Interest rate contracts	$	(10	)	$	—		$	(1,128	)
Equity contracts		1,419			71			(1,021	)
Credit contracts		—			—			124
Foreign exchange contracts		—			—			64
IUL embedded derivatives		—			(106	)		—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—			16			—
Structured variable annuity embedded derivatives		(1,670	)		—			—
Total gain (loss)	$	(261	)	$	(19	)	$	(1,961	)

F-74

RiverSource Life Insurance Company


(in millions)	Benefits, Claims, Losses and Settlement Expenses			Interest Credited to Fixed Accounts			Change in Fair Value of Market Risk Benefits
Year Ended December 31, 2023
Interest rate contracts	$	(5	)	$	—		$	(422	)
Equity contracts		770			79			(1,239	)
Credit contracts		—			—			7
Foreign exchange contracts		—			—			5
IUL embedded derivatives		—			(75	)		—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—			(3	)		—
Structured variable annuity embedded derivatives		(1,166	)		—			—
Total gain (loss)	$	(401	)	$	1		$	(1,649	)

Year Ended December 31, 2022
Interest rate contracts	$	(26	)	$	—		$	(2,874	)
Equity contracts		(164	)		(126	)		899
Credit contracts		—			—			279
Foreign exchange contracts		—			—			105
IUL embedded derivatives		—			217			—
Fixed deferred indexed annuity and deposit receivables embedded derivatives		—			4			—
Structured variable annuity embedded derivatives		633			—			—
Total gain (loss)	$	443		$	95		$	(1,591	)

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 Payable		Premiums Receivable
2025	$	119	$	20
2026		246		88
2027		19		—
2028		29		—
2029		135		—
2030-2031		234		—
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-75

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
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	(383	)	$	82		$	(301	)
Reclassification of net (gains) losses on securities included in net income⁽²⁾		11			(2	)		9
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
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	652		$	(144	)	$	508
Reclassification of net (gains) losses on securities included in net income⁽²⁾		27			(7	)		20
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

F-76

RiverSource Life Insurance Company


	Year Ended December 31, 2022
(in millions)	Pretax			Income Tax Benefit (Expense)			Net of Tax
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) on securities arising during the period⁽¹⁾	$	(2,784	)	$	595		$	(2,189	)
Reclassification of net (gains) losses on securities included in net income⁽²⁾		88			(19	)		69
Impact of benefit reserves and reinsurance recoverables		103			(18	)		85
Net unrealized gains (losses) on securities		(2,593	)		558			(2,035	)
Effect of changes in discount rate assumptions on certain long-duration contracts		1,095			(234	)		861
Effect of changes in instrument-specific credit risk on MRBs		517			(110	)		407
Total other comprehensive income (loss)	$	(981	)	$	214		$	(767	)

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

⁽²⁾	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 Gains (Losses) on Securities			Effect of Changes in Discount Rate Assumptions			Effect of Changes in Instrument- Specific Credit Risk on MRBs			Other			Total
Balance at January 1, 2022	$	1,044		$	(933	)	$	(427	)	$	(1	)	$	(317	)
OCI before reclassifications		(2,104	)		861			407			—			(836	)
Amounts reclassified from AOCI		69			—			—			—			69
Total OCI		(2,035	)		861			407			—			(767	)
Balance at December 31, 2022		(991	)		(72	)		(20	)		(1	)		(1,084	)
OCI before reclassifications		489			(54	)		(65	)		—			370
Amounts reclassified from AOCI		20			—			—			—			20
Total OCI		509			(54	)		(65	)		—			390
Balance at December 31, 2023		(482	)		(126	)		(85	)		(1	)		(694	)
OCI before reclassifications		(285	)		153			(62	)		—			(194	)
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,
(in millions)	2024			2023			2022
Current income tax
Federal	$	(297	)	$	(112	)	$	57
State		(4	)		2			(2	)
Total current income tax		(301	)		(110	)		55
Deferred income tax
Federal		402			98			150
State		2			2			4
Total deferred income tax		404			100			154
Total income tax provision (benefit)	$	103		$	(10	)	$	209

F-77

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,
	2024			2023			2022
Tax at U.S. statutory rate		21.0	%		21.0	%		21.0	%
Changes in taxes resulting from:
Dividends received deduction		(3.4	)		(8.2	)		(2.3	)
Low income housing tax credits		(2.7	)		(8.0	)		(2.9	)
Foreign tax credit, net of addback		(2.2	)		(7.0	)		(1.7	)
Audit adjustments		(1.0	)		(3.4	)		—
Unrecognized tax benefits		—			1.6			—
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,
(in millions)	2024		2023
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges	$	801	$	1,244
Investments including net unrealized on Available-for-Sale securities		177		118
Net operating loss		35		28
Other		4		2
Gross deferred income tax assets		1,017		1,392
Less: valuation allowance		32		30
Total deferred income tax assets		985		1,362
Deferred income tax liabilities
Deferred acquisition costs		355		380
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
Reductions for tax positions related to the current year		(3	)		(3	)		(1	)
Additions for tax positions of prior years		—			65			1
Reductions for tax positions of prior years		—			(71	)		—
Reductions due to lapse of statutes of limitations		(2	)		(1	)		—
Balance at December 31	$	22		$	27		$	37

F-78

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-79

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-80

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SAI9050_12_D01_(09/25)

PART C – OTHER INFORMATION

Item 27. Exhibits

(a)	(i)	Resolution of the Executive Committee of the Board of Directors of IDS Life adopted May 13, 1981, filed electronically as Exhibit 1.1 to Post-Effective Amendment No. 2 to Registration Statement No. 33-47302, is incorporated by reference.
	(ii)	Resolution of the Executive Committee of the Board of Directors of IDS Life establishing Account N on April 17, 1985, filed electronically as Exhibit 1.2 to Post-Effective Amendment No. 2 to Registration Statement No. 33-47302, is incorporated by reference.
	(iii)	Resolution of the Board of Directors of IDS Life establishing Accounts IZ and JZ on September 20, 1991, filed electronically as Exhibit 1.3 to Post-Effective Amendment No. 2 to Registration Statement No. 33-47302, is incorporated by reference.
	(iv)	Consent in Writing in Lieu of Meeting of Board of Directors establishing Accounts MZ, KZ and LZ on April 2, 1996, filed electronically as Exhibit 1.4 to Post-Effective Amendment No. 6 to Registration Statement No. 33-47302, is incorporated by reference.
	(v)	Unanimous Written Consent of the Board of Directors In Lieu of a Meeting for IDS Life Insurance Company, adopted December 8, 2006 for the Re-designation of the Separate Accounts to Reflect Entity Consolidation and Rebranding filed electronically as Exhibit 27(a)(6) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is incorporated by reference.
	(vi)	Unanimous Consent in Writing effective Jan. 2, 2007 of the Board of Directors of IDS Life Insurance Company (now known as RiverSource Life Insurance Company) renaming IDS Life Accounts F, G, H, IZ, JZ, KZ, LZ, MZ, N, PZ, QZ, RZ, SZ, TZ to the new name RiverSource Account F filed electronically as Exhibit 1.6 to Post-Effective Amendment No. 27 to Registration Statement No. 33-4173 is incorporated by reference.
(b)		Not applicable.
(c)		Form of Principal Underwriter Agreement for RiverSource Life Insurance Company Variable Annuities and Variable Life Insurance filed electronically as Exhibit 3.1 to the Initial Registration Statement on Form N-4 for RiverSource Variable Annuity Account (previously American Enterprise Variable Annuity Account), RiverSource Signature(SM) Select Variable Annuity and RiverSource Signature(SM) Variable Annuity, on or about Jan. 2, 2007, is incorporated by reference.
(d)	(i)	CForm of Group Deferred Variable Annuity Contract (form 34660) dated April, 1992, filed electronically as Exhibit 4 to Post-Effective Amendment No. 2 to Registration Statement No. 33-47302, is incorporated by reference.See Exhibit 4. to Registration Statement No. 33-47302 filed on 4/27/1994.
	(ii)	Copy of Company name change endorsement (Form 131115) for RiverSource Life Insurance Company, filed as Exhibit 4.32 to Post-Effective Amendment No. 41 to Registration Statement No. 333-79311 filed on or about Jan. 2, 2007 is incorporated by reference.
(e)		Copy of Variable Group Deferred Annuity Contract Application (form 34661) dated May, 1992, filed electronically as Exhibit 5 to Post-Effective Amendment No. 2 to Registration Statement No. 33-47302, is incorporated by reference.
(f)	(i)	Copy of Certificate of Incorporation of IDS Life, filed electronically as Exhibit 6.1 to Post-Effective Amendment No. 2 to Registration Statement No. 33-47302, is incorporated by reference.See Exhibit 6.1 to Registration Statement No. 33-47302 filed on 4/27/1994.
	(ii)	Copy of Certificate of Amendment of Certificate of Incorporation of IDS Life Insurance Company dated June 22, 2006, filed electronically as Exhibit 27(f)(1) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is incorporated by reference.
	(iii)	Copy of Amended and Restated By-Laws of RiverSource Life Insurance Company filed electronically as Exhibit 27(f)(2) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is incorporated by reference.
(g)		Not applicable.
(h)		Copy of Participation Agreement dated Jan. 1, 2007 by and among RiverSource Life Insurance Company, RiverSource Life Insurance Co. of New York and RiverSource Distributors, Inc. filed electronically as Exhibit 8.24 to Post-Effective Amendment No. 42 to Registration Statement No. 333-79311 is incorporated herein by reference.
(i)		Not Applicable.
(j)		Not applicable.
(k)		Opinion of counsel and consent to its use as the legality of the securities being registered is filed electronically herewith.
(l)		Consent of Independent Registered Public Accounting Firm is filed electronically herewith.

(m)		Not applicable.
(n)		Not applicable.
(o)		Not applicable
(p)		Power of Attorney to sign Amendment to this Registration Statement, dated Sept. 08, 2025, is filed electronically herewith.

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 With Depositor
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		Director, Senior Vice President – National Sales Manager - Insurance
Stephen R. Wolfrath		Director, Senior Vice President – Insurance and Annuities Product Development and Management
Brian E. Hartert		Director, Chief Financial Officer
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
Threadneedle Portfolio Services Hong Kong Limited	Hong Kong
Columbia Threadneedle Investments Japan Co., Ltd.	Japan
Columbia Threadneedle Malaysia Sdn Bhd.	Malaysia
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
Investors Syndicate Development Corporation	Nevada
Ameriprise Holdings, Inc.	Delaware

Parent Company /Subsidiary Name	Jurisdiction
Ameriprise Installment Financing, LLC	Delaware
Ameriprise India LLP1	India
Ameriprise India Partner, LLC	Delaware
Ameriprise Trust Company	Minnesota
AMPF Holding, LLC	Michigan
American Enterprise Investment Services Inc.2	Minnesota
Ameriprise Financial Services, LLC2	Delaware
AMPF Property Corporation	Michigan
Investment Professionals, Inc.2	Texas
Columbia Management Investment Advisers, LLC	Minnesota
Advisory Capital Strategies Group Inc.	Minnesota
Columbia Wanger Asset Management, LLC	Delaware
Emerging Global Advisors, LLC	Delaware
GA Legacy, LLC	Delaware
J. & W. Seligman & Co. Incorporated	Delaware
Columbia Management Investment Distributors, Inc.2	Delaware
Seligman Partners, LLC3	Delaware
Lionstone BBP GP, LLC	Delaware
Lionstone BBP Limited Partner, LLC	Delaware
Lionstone CREAD Partners Two, LLC	Delaware
Lionstone CREAD GP, LLC	Delaware
Lionstone LORE Two, LLC	Delaware
Lionstone Partners, LLC	Texas
Cash Flow Asset Management GP, LLC	Texas
Cash Flow Asset Management, L.P.4	Texas
Lionstone Advisory Services, LLC	Texas
Lionstone CFRE II Real Estate Advisory, LLC	Delaware
Lionstone Development Services, LLC	Texas
LPL 1111 Broadway GP, LLC	Texas
LPL 1111 Broadway, L.P.5	Texas
Lionstone Raleigh Development Partners GP, LLC	Delaware
Lionstone RDP Channel House Investors, L.P.	Delaware
Lionstone RDP PCS Phase I Investors, L.P.	Delaware
Lionstone RDP Platform Investors, L.P.	Delaware
Lionstone RDP Tower V Investors GP, LLC	Delaware
Lionstone RDP St. Albans Investors GP, LLC	Delaware
Lionstone RDP Co-Investment Fund I GP, LLC	Delaware
Lionstone VA Five, LLC	Delaware

Parent Company /Subsidiary Name	Jurisdiction
RiverSource CDO Seed Investments, LLC	Minnesota
Columbia Management Investment Services Corp.	Minnesota
Columbia Threadneedle Investments UK International Limited	England & Wales
Columbia Threadneedle (Europe) Limited	England & Wales
Columbia Threadneedle AM (Holdings) Limited	Scotland
Astraeus III GP LLP
Astraeus III FP LP
Columbia Threadneedle Capital (Group) Limited	Cayman Islands
Columbia Threadneedle Capital (Holdings) Limited	Cayman Islands
Columbia Threadneedle Capital (UK) Limited	England & Wales
Columbia Threadneedle Multi-Manager LLP	England & Wales
Thames River Capital LLP	England & Wales
Columbia Threadneedle Group (Holdings) Limited	England & Wales
Columbia Threadneedle Group (Management) Limited	England & Wales
Columbia Threadneedle Holdings Limited	England & Wales
Columbia Threadneedle Management Limited	England & Wales
FCEM Holdings (UK) Limited	England & Wales
Columbia Threadneedle Netherlands B.V.	Netherlands
F&C Alternative Investments (Holdings) Limited	England & Wales
Columbia Threadneedle Treasury Limited	England & Wales
WAM Holdings Ltd	England & Wales
Columbia Threadneedle Fund Management Limited	England & Wales
Columbia Threadneedle Managers Limited	England & Wales
Columbia Threadneedle (Services) Limited	Scotland
Columbia Threadneedle Management (Swiss) GmbH‡	Switzerland
Columbia Threadneedle Investment Business Limited	Scotland
Columbia Threadneedle PE Co-Investment GP LLP	Scotland
FCIT PE FP LP6	Scotland

Parent Company /Subsidiary Name	Jurisdiction
Columbia Threadneedle PE Co-Investment FP LP6	Scotland
Columbia Threadneedle Real Estate Partners LLP7	England & Wales
CT UK Residential Real Estate FCP-RAIF (Associate)	England & Wales
REIT Asset Management Limited	England & Wales
Columbia Threadneedle Real Estate Partners S.à.r.l.	Luxembourg
CT Real Estate Partners GmbH & Co. KG, München	Germany
CT Real Estate Partners Verwaltungsgesellschaft mbH, München (General Partner)	Germany
Columbia Threadneedle Real Estate Partners Asset Management Limited	England & Wales
Columbia Threadneedle REP Property Management Limited	England & Wales
Castle Mount Impact Partners GP LLP
Castle Mount Impact Partners FP LP
F&C Aurora (GP) Limited	Scotland
LPE II (Founding Partner) LP	Scotland
The Aurora Fund (Founder Partner) LP6	Scotland
F&C Climate Opportunity Partners (GP) Limited	Scotland
F&C Climate Opportunity Partners (GP) LP	Scotland
F&C Climate Opportunity Partners (Founder Partner) LP6	Scotland
F&C Equity Partners Holdings Limited	England & Wales
F&C European Capital Partners (Founder Partner) LP6	Scotland
F&C European Capital Partners II (GP) Limited	Scotland
F&C European Capital Partners II (Founder Partner) LP6	Scotland
F&C European Capital Partners II (GP) LP	Scotland
F&C Group ESOP Trustee Limited	Scotland
F&C Investment Manager Limited	England & Wales
FP Asset Management Holdings Limited	England & Wales
Columbia Threadneedle Asset Managers Limited	England & Wales
Ivory & Sime Limited	Scotland
Columbia Threadneedle (EM) Investments Limited	England & Wales
Pyrford International Limited	England & Wales
RiverSource Distributors, Inc.2	Delaware
RiverSource Life Insurance Company	Minnesota

Parent Company /Subsidiary Name	Jurisdiction
Columbia Cent CLO Advisers, LLC	Delaware
RiverSource Life Insurance Co. of New York	New York
RiverSource NY REO, LLC	New York
RiverSource REO 1, LLC	Minnesota
RiverSource Tax Advantaged Investments, Inc.	Delaware
AEXP Affordable Housing Portfolio, LLC8	Delaware
TAM UK International Holdings Limited	England & Wales
Columbia Threadneedle Investments (ME) Limited	Dubai
CTM Holdings Limited	Malta
TAM Investment Limited	England & Wales
Threadneedle Asset Management Oversight Limited	England & Wales
Ameriprise International Holdings GmbH	Switzerland
Threadneedle EMEA Holdings 1, LLC	Minnesota, USA
Threadneedle Holdings Limited	England & Wales
TAM UK Holdings Limited	England & Wales
Threadneedle Asset Management Holdings Limited**	England & Wales
Columbia Threadneedle Foundation	England & Wales
TC Financing Limited	England & Wales
Threadneedle Asset Management Limited	England & Wales
Threadneedle Investment Services Limited	England & Wales
Threadneedle Asset Management (Nominees) Limited	England & Wales
Sackville TIPP Property (GP) Limited	England & Wales
Threadneedle Asset Management Finance Limited	England & Wales
TMS Investment Limited	Jersey
Threadneedle International Limited	England & Wales
Threadneedle Investments (Channel Islands) Limited	Jersey
Threadneedle Investments Limited	England & Wales
Threadneedle Management Services Limited	England & Wales

Parent Company /Subsidiary Name	Jurisdiction
Threadneedle Pension Trustees Limited	England & Wales
Threadneedle Navigator ISA Manager Limited	England & Wales
Threadneedle Pensions Limited	England & Wales
Threadneedle Portfolio Services AG	Switzerland
Threadneedle Portfolio Services Limited	England & Wales
Threadneedle Property Investments Limited	England & Wales
Sackville (CTESIF) 2&3 GP Sàrl	Luxembourg
Sackville LCW (GP) Limited	England & Wales
Sackville LCW Sub LP 1 (GP) Limited	England & Wales
Sackville LCW Nominee 1 Limited	England & Wales
Sackville LCW Nominee 2 Limited	England & Wales
Sackville LCW Sub LP 2 (GP) Limited	England & Wales
Sackville LCW Nominee 3 Limited	England & Wales
Sackville LCW Nominee 4 Limited	England & Wales
Sackville Property Atlantic (Jersey GP) Limited	Jersey
Sackville Property Curtis (Jersey GP) Limited	Jersey
Sackville Property Farnborough (Jersey GP) Limited	Jersey
Sackville Property Hayes (Jersey GP) Limited	Jersey
Sackville UKPEC6 Hayes Nominee 1 Limited	Jersey
Sackville UKPEC6 Hayes Nominee 2 Limited	Jersey
Sackville TSP Property (GP) Limited	England & Wales
Sackville UK Property Select II (GP) Limited	England & Wales
Sackville UK Property Select II (GP) No. 3 Limited	England & Wales
Sackville UK Property Select II Nominee (3) Limited	England & Wales
Sackville UK Property Select III (GP) No. 1 Limited	England & Wales
Sackville UK Property Select III Nominee (1) Limited	England & Wales

Parent Company /Subsidiary Name	Jurisdiction
Sackville UK Property Select III Nominee (2) Limited	England & Wales
Sackville UK Property Select III (GP) No. 2 Limited	England & Wales
Sackville UK Property Select III Nominee (3) Ltd	England & Wales
Sackville UK Property Select III Nominee (4) Ltd	England & Wales
Sackville UK Property Select III (GP) No. 3 Limited	England & Wales
Sackville UK Property Select III Nominee (5) Ltd	England & Wales
Sackville UK Property Select III Nominee (6) Ltd	England & Wales
Sackville UK Property Select III (GP) S.à r.l.	Luxembourg
Sackville UK Property Select IV (GP) S.à.r.l.	Luxembourg
Sackville UK Property Select IV (GP) No. 1 Limited	England
Sackville UK Property Select IV Nominee (1) Limited	England
Sackville UK Property Select IV Nominee (2) Limited	England
Sackville UK Property Select IV Nominee (7) Limited	England
Sackville UK Property Select IV Nominee (8) Limited	England
Sackville UK Property Select IV (GP) No. 2 Limited	England
Sackville UK Property Select IV Nominee (3) Limited	England
Sackville UK Property Select IV Nominee (4) Limited	England
Sackville UK Property Select IV (GP) No. 3 Limited	England
Sackville UK Property Select IV Nominee (5) Limited	England
Sackville UK Property Select IV Nominee (6) Limited	England
Sackville UKPEC1 Leeds (GP) Limited	England & Wales
Threadneedle Property Execution 1 Limited	England & Wales
Threadneedle Property Execution 2 Limited	England & Wales
Threadneedle UK Property Select IV Feeder SA SICAV-RAIF	Luxembourg
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

†

Regulated by Luxembourg Authority

‡

FINMA Authorized Representative office of BMO Asset Management Ltd.

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

Registered broker-dealer

Managed by members of onshore hedge fund feeders

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

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

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

Columbia ThreadneedleTreasury Limited holds 1 unit

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

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

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

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

Name and Principal Business Address*		Positions and Offices with Underwriter
Kara D. Sherman		Director
Janz, Sara S.		Director

Name and Principal Business Address*		Positions and Offices with Underwriter
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 UNDERWRITER	NET UNDERWRITING DISCOUNTS AND COMMISSIONS	COMPENSATION ON REDEMPTION	BROKERAGE COMMISSIONS	COMPENSATION
RiverSource Distributors, Inc.	$439,655,537	None	None	None

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 Attributable to the Index and/or Fixed Option Subject to an Adjustment	Number of Contracts Sold During the Prior Calendar Year	Gross Premiums Received During the Prior Calendar Year	Amount of Contract Value Redeemed During the Prior Calendar Year	Combination Contract (Yes/No)
RiverSource Fixed Account Interests	2	2,288,862	0	465,297	764,202	Yes

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 25, 2025.

	RiverSource Account F
	(Registrant)
	By:	/s/ Gumer C. Alvero
		Gumer C. Alvero Chairman of the Board and President

As required by the Securities Act of 1933, this Amended Registration Statement has been signed by the Depositor on September 25, 2025.

	RiverSource Life insurance Company
	(Depositor)
	By:	/s/ Gumer C. Alvero
		Gumer C. Alvero Chairman of the Board and President

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 25, 2025.

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

Signed pursuant to Power of Attorney to sign Amendment to this Registration Statement, dated Sept. 08, 2025, is filed electronically herewith.

/s/ Nicole D. Wood
Nicole D. Wood Assistant General Counsel and Assistant Secretary

CONTENTS OF POST-EFFECTIVE AMENDMENT NO. 2

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

The Cover Page.

PART A.

The prospectus for:

RiverSource Group Variable Annuity Contract

PART B.

The combined Statement of Additional Information and Financial Statements for RiverSource Account F dated September 22, 2025 is filed electronically herewith.

Part C.

Other Information.

The signatures.

Exhibits.

Exhibit Index

(k)	Opinion of counsel and consent to its use as to the legality of the securities being registered
(l)	Consent of Independent Registered Public Accounting Firm
(p)	Power of Attorney

ATTACHMENTS / EXHIBITS

EX-99.K

EX-99.L

EX-99.P

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1. QCOM
2. CBRS
3. FDX
4. USO
5. MU

6. SPY
7. KBH
8. HTZ
9. HON
10. JPM

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